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 (Invesco Tax-Exempt Funds)*

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 2500 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Philip A. Taylor 11 Greenway Plaza, Suite 2500 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: 2/28

Date of reporting period: 8/31/10

* Funds included are: Invesco High Income Municipal Fund, Invesco Tax-Exempt Cash Fund and Invesco Tax-Free Intermediate Fund.

Item 1. Reports to Stockholders.

Invesco High Income Municipal Fund
Semiannual Report to Shareholders  §  August 31, 2010

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

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

Unless otherwise noted, all data provided by Invesco.

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

Performance summary

Fund vs. Indexes

Cumulative total returns, 2/28/10 to 8/31/10, 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	7.49	%
Class B Shares	7.23
Class C Shares	7.23
Class Y Shares	7.75
Institutional Class Shares	7.75
Barclays Capital Municipal Bond Index▼ (Broad Market Index)	5.42
Barclays Capital High Yield Municipal Bond Index■ (Style-Specific Index)	8.14
Lipper High Yield Municipal Debt Funds Index▼ (Peer Group Index)	6.94

^▼Lipper Inc.; ^■Invesco, Barclays Capital

The Barclays Capital Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.

     The Barclays Capital High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

     The Lipper High Yield Municipal Debt Funds Index is an unmanaged index considered representative of high yield municipal debt funds tracked by Lipper.

     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, if applicable, reflects fund expenses; performance of a market index does not.

2 Invesco High Income Municipal Fund

Average Annual Total Returns

As of 8/31/10, including maximum applicable sales charges

							After Taxes on
	Before			After Taxes on			Distributions and
	Taxes			Distributions			Sale of Fund Shares
Class A Shares
Inception (1/2/98)		3.64	%		3.64	%		3.86	%
10 Years		4.62			4.62			4.77
5 Years		2.06			2.06			2.50
1 Year		14.13			14.13			11.35
Class B Shares
Inception (1/2/98)		3.52	%		3.52	%		3.72	%
10 Years		4.48			4.48			4.59
5 Years		1.97			1.97			2.34
1 Year		13.94			13.94			11.03
Class C Shares
Inception (1/2/98)		3.25	%		3.25	%		3.45	%
10 Years		4.34			4.34			4.44
5 Years		2.29			2.29			2.61
1 Year		17.94			17.94			13.64
Class Y Shares
10 Years		5.19	%		5.19	%		5.29	%
5 Years		3.17			3.17			3.48
1 Year		20.08			20.08			15.41
Institutional Class Shares
10 Years		5.25	%		5.25	%		5.35	%
5 Years		3.30			3.30			3.60
1 Year		20.25			20.25			15.53

Average Annual Total Returns

As of 6/30/10, the most recent calendar quarter-end, including maximum applicable sales charges

							After Taxes on
	Before			After Taxes on			Distributions and
	Taxes			Distributions			Sale of Fund Shares
Class A Shares
Inception (1/2/98)		3.38	%		3.38	%		3.65	%
10 Years		4.35			4.35			4.55
5 Years		1.59			1.59			2.11
1 Year		14.85			14.85			11.89
Class B Shares
Inception (1/2/98)		3.26	%		3.26	%		3.50	%
10 Years		4.24			4.24			4.39
5 Years		1.50			1.50			1.96
1 Year		14.71			14.71			11.62
Class C Shares
Inception (1/2/98)		2.99	%		2.99	%		3.23	%
10 Years		4.06			4.06			4.21
5 Years		1.82			1.82			2.22
1 Year		18.74			18.74			14.24
Class Y Shares
10 Years		4.92	%		4.92	%		5.06	%
5 Years		2.69			2.69			3.08
1 Year		20.86			20.86			16.01
Institutional Class Shares
10 Years		4.96	%		4.96	%		5.11	%
5 Years		2.79			2.79			3.18
1 Year		20.89			20.89			16.02

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Institutional Class shares incepted on July 31, 2006. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance 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, Class Y and Institutional Class shares was 0.80%, 1.55%, 1.55%, 0.55% 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, Class Y and Institutional Class shares was 0.98%, 1.73%, 1.73%, 0.73% and 0.78%, 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 and Institutional Class 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 adviser not waived fees and/or reimbursed expenses, performance would have been lower.

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

3 Invesco High Income Municipal Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

Although the global markets have improved since their lows of 2009, they remain challenging as governments around the world work to ensure the recovery remains on track. In this volatile environment, it’s comforting to know that your Board is committed to putting your interests first. We realize you have many choices when selecting a money manager, and your Board is working hard to ensure you feel you’ve made the right choice.

     To that end, I’m pleased to share the news that Invesco has completed its acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. This acquisition greatly expands the breadth and depth of investment strategies we can offer you. As a result of this combination, Invesco gained investment talent for a number of investment strategies, including U.S. value equity, U.S. small cap growth equity, tax-free municipals, bank loans and others. Another key advantage of this combination is the highly complementary nature of our cultures. This is making it much easier to bring our organizations together while ensuring that our investment teams remain focused on managing your money.

     We view this addition as an excellent opportunity for you, our shareholders, to have access to an even broader range of well-diversified mutual funds. Now that the acquisition has closed, Invesco is working to bring the full value of the combined organization to shareholders. The key goals of this effort are to ensure that we have deeply resourced and focused investment teams, a compelling line of products and enhanced efficiency, which will benefit our shareholders now and over the long term.

     It might interest you to know that the mutual funds of the combined organization are overseen by a single fund Board composed of 17 current members, including four new members who joined us from Van Kampen/Morgan Stanley. This expanded Board will continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we have always maintained.

     As always, you are welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving your interests.

Sincerely,

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

Philip Taylor

Dear Shareholders:

I’m pleased to present this report on your Fund’s performance for the period covered by this report. Whether you’re a long-time Invesco client or a shareholder who joined us as a result of our June 1 acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, I’m glad you’re part of the Invesco family.

     At Invesco, we’re committed to providing you with timely information about market conditions, answering questions you may have about your investments and offering outstanding customer service. At our website, invesco.com/us, you can obtain unique market perspectives, useful investor education information and your Fund’s most recent quarterly commentary.

     I believe Invesco, as a leading global investment manager, is uniquely positioned to serve your needs.

     First, we are committed to investment excellence. We believe the best investment insights come from specialized investment teams with discrete investment perspectives, each operating under a disciplined philosophy and process with strong risk oversight and quality controls.

     Second, we offer you a broad range of investment products that can be tailored to your needs and goals. These products include single-country, regional and global investment options spanning major equity, fixed income and alternative asset classes.

     And third, we have just one focus: investment management. At Invesco, we believe that focus brings success, and that’s why investment management is all we do.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, please email me directly at phil@invesco.com.

     Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4 Invesco High Income Municipal Fund

Schedule of Investments

August 31, 2010

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–98.47%
Alaska–0.36%
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.);
Series 2007, Community Provider IDR		5.70	%		12/01/17	$	1,000	$	841,950
Series 2007, Community Provider IDR		6.00	%		12/01/36		3,000		1,795,590
									2,637,540
Arizona–3.01%
Centerra Community Facilities District; Series 2005, Unlimited Tax GO		5.50	%		07/15/29		358		303,187
Pima (County of) Industrial Development Authority (Acclaim Charter School); Series 2006, Educational Facilities IDR		5.70	%		12/01/26		2,200		1,926,672
Pima (County of) Industrial Development Authority (Choice Education & Development Corp.);
Series 2006, Educational Facilities IDR		6.25	%		06/01/26		1,000		920,930
Series 2006, Educational Facilities IDR		6.38	%		06/01/36		1,000		880,080
Pima (County of) Industrial Development Authority (Coral Academy Science);
Series 2008 A, Educational Facilities IDR		7.13	%		12/01/28		2,120		2,167,064
Series 2008 A, Educational Facilities IDR		7.25	%		12/01/38		1,100		1,112,386
Pima (County of) Industrial Development Authority (Desert Heights Charter School); Series 2003, Educational Facilities IDR		7.25	%		08/01/19		830		865,142
Pima (County of) Industrial Development Authority (Legacy Traditional School); Series 2009, Educational Facilities IDR		8.50	%		07/01/39		1,750		1,904,875
Pima (County of) Industrial Development Authority (P.L.C. Charter Schools);
Series 2006, Educational Facilities IDR		6.50	%		04/01/26		1,000		965,790
Series 2006, Educational Facilities IDR		6.75	%		04/01/36		1,000		947,090
Pima (County of) Industrial Development Authority (Paradise Education Center);
Series 2006, Ref. Educational Facilities IDR		5.88	%		06/01/22		535		477,798
Series 2006, Ref. Educational Facilities IDR		6.00	%		06/01/36		830		677,562
Pima (County of) Industrial Development Authority (Tucson Electric Power Co. San Juan); Series 2009 A, IDR		4.95	%		10/01/20		1,000		1,061,950
Pima (County of) Industrial Development Authority (Valley Academy); Series 2008, Educational Facilities IDR		6.50	%		07/01/38		2,815		2,861,250
Pinal (County of) Electrical District No. 4; Series 2008, RB		6.00	%		12/01/38		1,650		1,720,620
Tucson (City of) Industrial Development Authority (Arizona AgriBusiness & Equine Center, Inc.); Series 2004 A, Educational Facilities IDR		6.13	%		09/01/34		500		495,350
University Medical Center Corp.;
Series 2005, Hospital RB		5.00	%		07/01/35		1,800		1,759,806
Series 2009, Hospital RB		6.25	%		07/01/29		500		550,145
Series 2009, Hospital RB		6.50	%		07/01/39		500		548,125
									22,145,822
California–3.07%
Abag Finance Authority for Non-profit Corps. (Hamlin School); Series 2007, RB		5.00	%		08/01/37		3,000		2,747,220
California (State of) Educational Facilities Authority (Fresno Pacific University); Series 2000 A, RB		6.75	%		03/01/19		1,000		1,010,550
California (State of) Educational Facilities Authority (University of Southern California); Series 2009 A, RB		5.00	%		10/01/38		2,000		2,151,920
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2009, RB		5.00	%		08/15/34		1,000		1,021,700
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County); Series 2009, RB		6.50	%		11/01/38		3,000		3,269,820
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2006 A, Education RB		5.25	%		06/01/36		1,150		1,061,530
California (State of) Municipal Finance Authority (King/Chavez); Series 2009 A, Educational Facilities RB		8.50	%		10/01/29		1,000		1,184,600

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

5        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
California (State of) Statewide Communities Development Authority (Drew School); Series 2007, RB		5.30	%		10/01/37	$	500	$	410,355
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2007 A, RB(a)		5.13	%		04/01/37		2,000		1,879,840
California (State of) Statewide Communities Development Authority (Hospice of Napa Valley); Series 2004 A, RB		7.00	%		01/01/34		900		848,754
California (State of) Statewide Communities Development Authority (Huntington Park Charter School); Series 2007 A, Educational Facilities RB		5.25	%		07/01/42		1,500		1,173,060
California (State of) Statewide Communities Development Authority (Notre Dame de Namur University); Series 2003, RB		6.50	%		10/01/23		1,000		987,810
California (State of);
Series 2009, Various Purpose Unlimited Tax GO		6.00	%		04/01/35		1,500		1,683,075
Series 2010, Various Purpose Unlimited Tax GO		5.50	%		03/01/40		1,000		1,075,410
Eden (Township of) Healthcare District; Series 2010, COP		6.13	%		06/01/34		1,000		1,027,580
Orange (City of) Community Facilities District No 06-1 (Del Rio Public Improvements);
Series 2010, Special Tax RB		5.50	%		10/01/28		540		547,906
Series 2010, Special Tax RB		6.00	%		10/01/40		500		508,290
									22,589,420
Colorado–8.60%
Antelope Heights Metropolitan District; Series 2003, Limited Tax GO(b)(c)		8.00	%		12/01/13		500		620,510
Arista Metropolitan District; Series 2005, Special Limited Tax GO		6.75	%		12/01/35		2,000		1,509,540
Beacon Point Metropolitan District; Series 2005 A, Limited Tax GO		6.25	%		12/01/35		1,500		1,412,940
Bradburn Metropolitan District No. 3; Series 2010, Ref. Limited Tax GO		7.50	%		12/01/39		550		560,615
Bromley Park Metropolitan District No. 2;
Series 2002 B, Limited Tax GO(b)(c)		8.05	%		12/01/12		500		595,470
Series 2003, Limited Tax GO(b)(c)		8.05	%		12/01/12		534		635,962
Buckhorn Valley Metropolitan District No. 2; Series 2003, Limited Tax GO		7.00	%		12/01/23		60		60,156
Castle Oaks Metropolitan District;
Series 2005, Limited Tax GO		6.00	%		12/01/25		500		423,620
Series 2005, Limited Tax GO		6.13	%		12/01/35		750		596,333
Colorado (State of) Educational & Cultural Facilities Authority (Banning Lewis Ranch Academy); Series 2006, Charter School RB(a)		6.13	%		12/15/35		2,925		2,707,673
Colorado (State of) Educational & Cultural Facilities Authority (Brighton Charter School); Series 2006, RB		6.00	%		11/01/36		1,685		1,071,744
Colorado (State of) Educational & Cultural Facilities Authority (Carbon Valley Academy); Series 2006, Charter School RB		5.63	%		12/01/36		1,080		920,851
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);
Series 2008, Charter School RB		6.25	%		07/01/28		650		626,945
Series 2008, Charter School RB		6.50	%		07/01/38		1,000		951,860
Colorado (State of) Educational & Cultural Facilities Authority (Denver Academy); Series 2003 A, Ref. RB		7.00	%		11/01/23		500		526,065
Colorado (State of) Educational & Cultural Facilities Authority (Denver School of Science & Technology); Series 2004, RB		5.00	%		12/01/13		545		553,077
Colorado (State of) Educational & Cultural Facilities Authority (Excel Academy); Series 2003, Charter School RB(b)(c)		7.30	%		12/01/11		500		543,485
Colorado (State of) Educational & Cultural Facilities Authority (Flagstaff Academy);
Series 2008 A, Charter School RB		6.75	%		08/01/28		1,215		1,248,971
Series 2008 A, Charter School RB		7.00	%		08/01/38		1,500		1,539,210
Colorado (State of) Educational & Cultural Facilities Authority (Knowledge Quest Academy); Series 2005, Charter School RB		6.50	%		05/01/36		895		856,238

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

6        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Colorado–(continued)
Colorado (State of) Educational & Cultural Facilities Authority (Monument Academy);
Series 2007, Charter School RB		5.88	%		10/01/27	$	2,500	$	2,507,750
Series 2007, Charter School RB		6.00	%		10/01/37		1,635		1,615,494
Series 2008 A, Charter School RB		7.25	%		10/01/39		500		516,125
Colorado (State of) Educational & Cultural Facilities Authority (New Vision Charter School); Series 2008, RB(a)		6.75	%		04/01/40		1,860		1,835,243
Colorado (State of) Educational & Cultural Facilities Authority (North Star Academy); Series 2008 A, Ref. & Improvement RB(a)		8.25	%		11/01/39		3,000		3,255,030
Colorado (State of) Educational & Cultural Facilities Authority (Northeast Academy); Series 2007, Charter School RB(a)		5.75	%		05/15/37		2,515		2,177,688
Colorado (State of) Educational & Cultural Facilities Authority (Peak to Peak Charter School); Series 2001, RB(b)(c)		7.63	%		08/15/11		500		534,970
Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2008 A, Charter School RB		7.40	%		12/01/38		2,000		2,322,500
Colorado (State of) Educational & Cultural Facilities Authority (Union Colony Charter School); Series 2007, RB(a)		5.75	%		12/01/37		1,650		1,400,339
Colorado (State of) Educational & Cultural Facilities Authority (Vail Christian High School); Series 2007, Independent School Improvement RB(a)(d)		5.50	%		06/01/37		2,000		1,191,900
Colorado (State of) Educational & Cultural Facilities Authority (Windsor Academy); Series 2007, Charter School RB		5.70	%		05/01/37		1,575		1,427,249
Colorado (State of) Health Facilities Authority (Christian Living Campus);
Series 2004 A, RB		6.13	%		01/01/25		250		247,160
Series 2004 A, RB		6.25	%		01/01/33		550		545,369
Colorado (State of) Health Facilities Authority (Christian Living Communities);
Series 2009 A, RB		8.25	%		01/01/24		375		405,064
Series 2009 A, RB		9.00	%		01/01/34		750		813,908
Colorado Springs (City of) Urban Renewal Authority (University Village Colorado); Series 2008 A, Tax Increment Allocation RB		7.00	%		12/01/29		3,000		2,784,810
Confluence Metropolitan District; Series 2007, Tax Supported RB		5.25	%		12/01/17		790		705,715
Conservatory Metropolitan District (Arapahoe County); Series 2005, Limited Tax GO(b)(c)		6.75	%		12/01/13		810		958,489
Copperleaf Metropolitan District No. 2;
Series 2006, Limited Tax GO		5.85	%		12/01/26		1,000		773,790
Series 2006, Limited Tax GO		5.95	%		12/01/36		1,750		1,244,775
Country Club Village Metropolitan District; Series 2006, Limited Tax GO		6.00	%		12/01/34		600		435,432
Fitzsimons Village Metropolitan District No 1; Series 2010, A, Tax Increment Allocation RB		7.50	%		03/01/40		1,500		1,551,405
Grandby Ranch Metropolitan District; Series 2006, Limited Tax GO		6.75	%		12/01/36		3,000		2,593,470
Jordan Crossing Metropolitan District; Series 2006, Limited Tax GO		5.75	%		12/01/36		1,415		928,240
Liberty Ranch Metropolitan District; Series 2006, Limited Tax GO		6.25	%		12/01/36		1,645		1,289,384
Montrose (County of) (The Homestead at Montrose, Inc.);
Series 2003 A, Health Care Facilities RB		5.75	%		02/01/15		250		250,710
Series 2003 A, Health Care Facilities RB		6.75	%		02/01/22		300		301,083
Series 2003 A, Health Care Facilities RB		7.00	%		02/01/25		800		803,040
Northwest Metropolitan District No. 3;
Series 2005, Limited Tax GO		6.13	%		12/01/25		1,000		858,330
Series 2005, Limited Tax GO		6.25	%		12/01/35		1,000		808,540
Piney Creek Metropolitan District; Series 2005, Limited Tax GO		5.50	%		12/01/35		1,190		1,031,325
Reata South Metropolitan District; Series 2007 A, Limited Tax GO		7.25	%		06/01/37		1,000		904,420
Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activities RB		6.00	%		01/15/34		500		530,545
Riverdale Peaks II Metropolitan District; Series 2005, Limited Tax GO		6.50	%		12/01/35		1,000		769,800
Silver Peaks Metropolitan District No. 2; Series 2006, Limited Tax GO		5.75	%		12/01/36		1,000		730,620
Southglenn Metropolitan District; Series 2007, VRD Special RB (LOC–BNP Paribas)(e)(f)(g)		0.31	%		12/01/30		450		450,000

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

7        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Colorado–(continued)
Southlands Metropolitan District No. 1; Series 2004, Unlimited Tax GO(b)(c)		7.13	%		12/01/14	$	500	$	627,370
Table Rock Metropolitan District; Series 2003, Limited Tax GO(b)(c)		7.00	%		12/01/13		700		820,533
University of Northern Colorado (Auxiliary Facilities System); Series 2001, Ref. & Improvement RB (INS–Ambac Assurance Corp.)(h)		5.00	%		06/01/23		1,000		1,011,270
Valagua Metropolitan District; Series 2008, Limited Tax GO		7.75	%		12/01/37		1,000		942,810
Wyndham Hill Metropolitan District No. 2;
Series 2005, Limited Tax GO		6.25	%		12/01/25		85		72,213
Series 2005, Limited Tax GO		6.38	%		12/01/35		500		399,715
									63,334,888
Connecticut–0.54%
Hamden (Town of) (Whitney Center); Series 2009 A, RB		7.63	%		01/01/30		700		756,560
Harbor Point Infrastructure Improvement District; Series 2010 A, Special Obligation Tax Allocation RB		7.88	%		04/01/39		3,000		3,248,940
									4,005,500
Delaware–0.48%
New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB		5.00	%		09/01/30		1,610		1,489,186
Sussex (County of) (Cadbury at Lewes);
Series 2006 A, First Mortgage RB		5.45	%		01/01/16		865		841,982
Series 2006 A, First Mortgage RB		5.90	%		01/01/26		750		705,270
Series 2006 A, First Mortgage RB		6.00	%		01/01/35		600		514,158
									3,550,596
District of Columbia–0.86%
District of Columbia (Medlantic/Helix); Series 1998 B, RB (INS–Assured Guaranty Municipal Corp.)(h)		5.00	%		08/15/38		3,000		3,082,350
District of Columbia (National Public Radio, Inc.); Series 2010 A, RB		5.00	%		04/01/43		1,000		1,025,460
District of Columbia (Sibley Memorial Hospital); Series 2009, Hospital RB		6.38	%		10/01/39		2,000		2,200,240
									6,308,050
Florida–4.57%
Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR		5.88	%		11/15/36		3,000		2,751,450
Brevard (County of) Health Facilities Authority (Health First, Inc.); Series 2009, RB		7.00	%		04/01/39		2,100		2,372,895
Cory Lakes Community Development District;
Series 2001 A, Special Assessment RB		8.38	%		05/01/17		300		314,964
Series 2001 B, Special Assessment RB		8.38	%		05/01/17		150		157,482
Cypress Lakes Community Development District; Series 2004 A, Special Assessment RB		6.00	%		05/01/34		525		526,003
East Homestead Community Development District; Series 2005, Special Assessment RB		5.45	%		05/01/36		570		522,200
Florida (State of) Development Finance Corp. (Palm Bay Academy, Inc.);
Series 2006 A, RB		6.00	%		05/15/36		2,130		1,718,846
Series 2007 A, RB		6.13	%		05/15/37		1,855		1,516,833
Florida (State of) Development Finance Corp. (Sculptor Charter School); Series 2008 A, RB		7.25	%		10/01/38		2,710		2,861,272
Gramercy Farms Community Development District; Series 2007 B, Special Assessment RB		5.10	%		05/01/14		1,000		439,400
Hillsborough (County of) Industrial Development Authority (Healthcare Facilities); Series 2008 B, IDR		8.00	%		08/15/32		1,000		1,170,960
Lee (County of) Industrial Development Authority (Cypress Cove at HealthPark); Series 2002 A, Health Care Facilities IDR		6.75	%		10/01/32		1,250		1,105,525
Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center);
Series 2001 A, Hospital RB		6.70	%		11/15/19		1,000		1,026,840
Series 2004, Ref. Hospital RB(a)		6.75	%		11/15/29		500		512,950

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

8        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB		6.00	%		05/01/24	$	905	$	905,208
Series 2004 A, Special Assessment RB		6.25	%		05/01/37		1,000		997,320
Mount Dora (City of) Health Facilities Authority (Waterman Village); Series 2004 A, Ref. RB		5.75	%		08/15/18		750		750,270
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
Series 2005, Ref. RB		5.38	%		07/01/20		1,100		1,067,319
Series 2007, First Mortgage RB		5.50	%		07/01/32		1,000		890,520
Orange (County of) Health Facilities Authority (The Nemours Foundation); Series 2009 A, RB		5.00	%		01/01/39		1,000		1,042,480
Orlando (City of) Urban Community Development District; Series 2004, Capital Improvement Special Assessment RB		6.25	%		05/01/34		1,000		915,920
Poinciana Community Development District; Series 2000 A, Special Assessment RB		7.13	%		05/01/31		500		500,160
Port St. Lucie (City of) (Southwest Annexation District No. 1); Series 2007 B, Special Assessment RB (INS–National Public Finance Guarantee Corp.)(h)		5.00	%		07/01/40		1,500		1,491,840
Reunion East Community Development District; Series 2002 A, Special Assessment RB		7.38	%		05/01/33		1,000		755,380
Sarasota (County of) Health Facilities Authority (Village on the Isle);
Series 2007, Ref. Retirement Facilities RB		5.00	%		01/01/17		1,500		1,552,545
Series 2007, Ref. Retirement Facilities RB		5.50	%		01/01/27		1,500		1,442,070
Series 2007, Ref. Retirement Facilities RB		5.50	%		01/01/32		1,500		1,417,170
St. Johns (County of) Industrial Development Authority (Glenmoor);
Series 2006 A, Health Care IDR		5.25	%		01/01/26		1,000		859,690
Series 2006 A, Health Care IDR		5.38	%		01/01/40		1,000		796,320
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		171,051
Series 2009 A, Ref. RB		6.50	%		11/15/39		1,000		1,133,970
									33,686,853
Georgia–2.54%
Atlanta (City of) (Atlantic Station);
Series 2001, Tax Allocation RB(b)(c)		7.75	%		12/01/11		455		491,569
Series 2001, Tax Allocation RB(b)(c)		7.90	%		12/01/11		750		828,825
Atlanta (City of) (Eastside);
Series 2005 B, Tax Allocation RB		5.40	%		01/01/20		1,000		1,056,060
Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		2,000		2,033,640
Atlanta (City of) (Princeton Lakes); Series 2006, Tax Allocation RB(a)		5.50	%		01/01/31		630		584,854
DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc);
Series 2010, RAC		6.00	%		09/01/30		700		738,773
Series 2010, RAC		6.13	%		09/01/40		1,000		1,039,790
Fulton (County of) Residential Care Facilities for the Elderly Authority (Canterbury Court);
Series 2004 A, RB		6.13	%		02/15/26		500		481,960
Series 2004 A, RB		6.13	%		02/15/34		200		186,978
Medical Center Hospital Authority (Columbus Regional Healthcare System, Inc.) Series 2010, RAC (INS–Assured Guaranty Municipal Corp)(h)		5.00	%		08/01/45		500		507,205
Richmond (County of) Development Authority (MCG Health, Inc.); Series 2008 A, VRD RB (LOC–UBS AG)(e)(f)(g)		0.24	%		07/01/37		6,430		6,430,000
Rockdale (County of) Development Authority (Visy Paper); Series 2007 A, RB(i)		6.13	%		01/01/34		4,500		4,364,370
									18,744,024

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

9        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Hawaii–0.40%
Hawaii (State of) Department of Budget & Finance (15 Craigside);
Series 2009 A, Special Purpose RB		8.75	%		11/15/29	$	850	$	997,569
Series 2009 A, Special Purpose RB		9.00	%		11/15/44		1,250		1,455,250
Hawaii (State of) Department of Budget & Finance (Pacific Health Obligated Group); Series 2010 B, Special Purpose RB		5.75	%		07/01/40		500		513,560
									2,966,379
Idaho–0.94%
Idaho (State of) Housing & Finance Association (Liberty Charter School); Series 2008 A, Non-profit Facilities RB		6.00	%		06/01/38		750		762,450
Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2009 A, Non-profit Facilities RB		9.00	%		07/01/21		150		176,983
Series 2009 A, Non-profit Facilities RB		9.25	%		07/01/29		1,000		1,174,360
Series 2009 A, Non-profit Facilities RB		9.50	%		07/01/39		2,005		2,356,837
Idaho (State of) Housing & Finance Association (Victory Charter School, Inc.); Series 2009 A, Non-profit Facilities RB		8.25	%		07/01/39		745		847,952
Idaho (State of) Housing & Finance Association; Series 2008 A, Non-profit Facilities RB		6.13	%		07/01/38		1,580		1,591,060
									6,909,642
Illinois–7.68%
Belleville (City of) (Frank Scott Parkway Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.70	%		05/01/36		1,000		851,180
Chicago (City of) (Chatham Ridge Redevelopment);
Series 2002, Tax Increment Allocation RB		5.95	%		12/15/12		275		282,353
Series 2002, Tax Increment Allocation RB		6.05	%		12/15/13		475		489,768
Chicago (City of) (Lake Shore East);
Series 2003, Special Assessment RB		6.63	%		12/01/22		500		503,140
Series 2003, Special Assessment RB		6.75	%		12/01/32		500		497,085
Du Page (County of) Special Service Area No. 31 (Monarch Landing); Series 2006, Special Tax RB		5.40	%		03/01/16		245		240,779
Hillside (Village of) (Mannheim Redevelopment);
Series 2008, Sr. Lien Tax Increment Allocation RB		6.55	%		01/01/20		1,000		954,290
Series 2008, Sr. Lien Tax Increment Allocation RB		7.00	%		01/01/28		5,000		4,735,850
Illinois (State of) Finance Authority (Beacon Hill);
Series 2005 A, Ref. RB		5.15	%		02/15/13		655		655,210
Series 2005 A, Ref. RB		5.25	%		02/15/14		300		300,069
Series 2005 A, Ref. RB		5.35	%		02/15/15		225		225,000
Illinois (State of) Finance Authority (Clare Oaks);
Series 2006 A, RB		6.00	%		11/15/27		1,000		780,860
Series 2006 A, RB		6.00	%		11/15/39		3,500		2,446,885
Illinois (State of) Finance Authority (Fairview Obligated Group);
Series 2008 A, Ref. RB		6.13	%		08/15/28		1,000		953,650
Series 2008 A, Ref. RB		6.25	%		08/15/35		1,000		948,660
Series 2008 A, Ref. RB		6.25	%		08/15/40		1,000		941,510
Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB		5.70	%		08/15/28		500		433,750
Series 2006 A, RB		6.00	%		08/15/26		850		767,533
Series 2006 A, RB		6.00	%		08/15/39		1,460		1,258,987
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 A, RB		8.00	%		05/15/30		1,300		1,301,482
Series 2010, RB,		6.25	%		08/15/15		550		553,195
Series 2010, RB,		7.00	%		11/15/15		550		553,652
Illinois (State of) Finance Authority (Provena Health); Series 2010 A, RB		6.00	%		05/01/28		1,230		1,278,327

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

10        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group);
Series 2009 A, RB		7.25	%		11/01/30	$	1,865	$	2,182,908
Series 2009 A, RB		7.25	%		11/01/38		2,000		2,302,860
Illinois (State of) Finance Authority (Sedgebrook, Inc. Facility);
Series 2007 A, RB(d)		5.63	%		11/15/17		1,345		338,940
Series 2007 A, RB(d)		6.00	%		11/15/27		2,000		504,000
Series 2007 A, RB(d)		6.00	%		11/15/37		2,000		504,000
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Centers);
Series 2009, RB		6.88	%		08/15/38		6,000		6,546,060
Series 2009, RB		7.00	%		08/15/44		1,000		1,093,530
Illinois (State of) Finance Authority (Smith Village);
Series 2005 A, RB		5.70	%		11/15/20		500		468,670
Series 2005 A, RB		6.13	%		11/15/25		1,000		915,460
Series 2005 A, RB		6.25	%		11/15/35		1,500		1,321,785
Illinois (State of) Finance Authority (Three Crowns Park Plaza);
Series 2006 A, RB		5.88	%		02/15/26		1,000		1,001,580
Series 2006 A, RB		5.88	%		02/15/38		1,500		1,432,230
Illinois (State of) Health Facilities Authority (Bethesda Home & Retirement Center); Series 1999 A, RB		6.25	%		09/01/14		500		502,950
Illinois (State of) Health Facilities Authority (Lutheran Senior Ministries Obligated Group); Series 2001 A, RB(b)(c)		7.38	%		08/15/11		1,000		1,077,880
Illinois (State of) Health Facilities Authority (Villa St. Benedict); Series 2003 A-1, RB(d)		6.90	%		11/15/33		2,000		765,200
Illinois (State of) Health Facilities Authority; Series 2003 A, RB		7.00	%		11/15/32		800		800,112
Lincolnshire (Village of) Special Service Area No. 1 (Sedgebrook);
Series 2004, Special Tax RB		5.00	%		03/01/11		175		174,311
Series 2004, Special Tax RB		6.25	%		03/01/34		750		688,012
Lombard (City of) Public Facilities Corp. (Lombard Conference Center & Hotel);
Series 2005 A-1, First Tier RB		6.38	%		01/01/15		750		663,397
Series 2005 A-1, First Tier RB		7.13	%		01/01/36		2,500		2,039,975
Malta (Village of) (Prairie Springs); Series 2006, Tax Increment Allocation RB(a)		5.75	%		12/30/25		2,000		1,318,080
Southwestern Illinois Development Authority (City of Collinsville Limited Incremental Sales Tax); Series 2007, Local Government Program RB		5.35	%		03/01/31		1,000		795,200
Southwestern Illinois Development Authority (Eden Retirement Center, Inc.);
Series 2006, Senior Care Facilities RB		5.50	%		12/01/26		800		686,600
Series 2006, Senior Care Facilities RB		5.85	%		12/01/36		3,000		2,556,060
St. Charles (City of) (Zylstra);
Series 2008, Sr. Lien Limited Incremental Sales Tax RB		6.95	%		01/01/21		2,000		1,976,440
Series 2008, Sr. Lien Limited Incremental Sales Tax RB		6.95	%		01/01/25		2,000		1,939,700
									56,549,155
Indiana–1.13%
Indiana (State of) Finance Authority (Irvington Community School);
Series 2009 A, Educational Facilities RB		7.75	%		07/01/23		290		341,028
Series 2009 A, Educational Facilities RB		8.00	%		07/01/29		1,385		1,619,259
Series 2009 A, Educational Facilities RB		9.00	%		07/01/39		1,000		1,214,760

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

11        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Indiana–(continued)
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	$	3,092,430
Series 2007, Hospital RB		5.50	%		03/01/37		1,000		1,004,330
Petersburg (City of) (Indianapolis Power & Light Co.); Series 1991, Ref. PCR		5.75	%		08/01/21		1,000		1,027,200
									8,299,007
Iowa–1.34%
Des Moines (City of) (Luther Park Apartments, Inc.); Series 2004, Senior Housing RB		6.00	%		12/01/23		500		460,450
Iowa (State of) Finance Authority (Bethany Life Communities);
Series 2006 A, Ref. Senior Housing RB		5.45	%		11/01/26		345		327,557
Series 2006 A, Ref. Senior Housing RB		5.55	%		11/01/41		795		700,292
Iowa (State of) Finance Authority (Boys & Girls Home & Family Services, Inc.); Series 2007, Community Provider RB		5.80	%		12/01/22		1,000		754,270
Iowa (State of) Finance Authority (Friendship Haven); Series 2004 A, Retirement Community RB		6.13	%		11/15/32		500		464,350
Marion (City of) (Village Place at Marion);
Series 2005 A, MFH RB		5.65	%		09/01/25		155		144,462
Series 2005 A, MFH RB		6.00	%		09/01/35		400		369,432
Polk (County of) (Luther Park Health Center, Inc.);
Series 2004, Health Care Facilities RB		6.00	%		10/01/24		290		267,684
Series 2004, Health Care Facilities RB		6.15	%		10/01/36		600		532,362
Scott (County of) (Ridgecrest Village);
Series 2000 A, RB(b)(c)		7.25	%		11/15/10		750		768,075
Series 2004, Ref. RB		4.75	%		11/15/12		575		587,397
Series 2004, Ref. RB		5.63	%		11/15/18		2,000		2,033,520
Series 2006, Ref. RB		5.25	%		11/15/21		1,000		926,270
Washington (City of) (United Presbyterian Home); Series 2006 A, Ref. Senior Housing RB		5.60	%		12/01/36		1,615		1,574,964
									9,911,085
Kansas–1.82%
Kansas (State of) Development Finance Authority (Adventist Health System); Series 2009, Hospital RB		5.75	%		11/15/38		1,900		2,116,657
Labette (County of);
Series 2007 A, Ref. & Improvement Hospital RB		5.75	%		09/01/29		750		755,580
Series 2007 A, Ref. & Improvement Hospital RB		5.75	%		09/01/37		900		891,477
Olathe (City of) (Aberdeen Village, Inc); Series 2005 A, Ref. Senior Living Facilities RB		5.60	%		05/15/28		1,500		1,292,100
Olathe (City of) (Catholic Care Campus, Inc.);
Series 2006 A, Senior Living Facilities RB		6.00	%		11/15/26		1,000		980,620
Series 2006 A, Senior Living Facilities RB		6.00	%		11/15/38		2,000		1,856,680
Olathe (City of) (West Village Center);
Series 2007, Special Obligation Tax Increment Allocation RB		5.30	%		09/01/17		500		402,305
Series 2007, Special Obligation Tax Increment Allocation RB		5.45	%		09/01/22		1,160		833,773
Series 2007, Special Obligation Tax Increment Allocation RB		5.50	%		09/01/26		1,000		671,850
Overland Park (City of) Transportation Development District (Grass Creek); Series 2006, Special Assessment RB		5.13	%		09/01/28		1,466		1,198,147
Roeland Park (City of) (Roeland Park Redevelopment, LLC); Series 2005, Special Obligation Tax Increment Allocation RB		5.75	%		08/01/24		920		735,531

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

12        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Kansas–(continued)
Roeland Park (City of) Transportation Development District (TDD #1);
Series 2005, Sales Tax RB		5.75	%		12/01/25	$	445	$	308,083
Series 2006 A, Sales Tax RB		5.88	%		12/01/25		975		684,635
Roeland Park (City of) Transportation Development District (TDD #2); Series 2006 B, Sales Tax RB		5.88	%		12/01/25		1,000		698,500
									13,425,938
Kentucky–0.77%
Louisville & Jefferson (Counties of) Metropolitan Government (Bellarmie University Inc.); Series 2009, College Improvement RB		6.13	%		05/01/39		1,820		1,907,560
Louisville & Jefferson (Counties of) Metropolitan Government (Jewish Hospital & St. Mary’s Healthcare); Series 2008, Health Facilities RB		6.13	%		02/01/37		3,500		3,766,000
									5,673,560
Louisiana–1.25%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.);
Series 2007, RB		6.75	%		11/01/32		1,500		1,573,935
Series 2009 A, RB		6.50	%		08/01/29		3,000		3,135,570
St. John Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB		5.13	%		06/01/37		4,500		4,508,775
									9,218,280
Maine–0.07%
Maine (State of) Turnpike Authority; Series 2003, RB (INS–Ambac Assurance Corp.)(h)		5.00	%		07/01/33		500		513,915
Maryland–1.30%
Annapolis (City of) (Park Place); Series 2005 A, Special Obligation Tax Allocation RB		5.35	%		07/01/34		1,900		1,708,841
Anne Arundel (County of) (National Business Park-North);
Series 2010, Special Obligation Tax Allocation RB		5.63	%		07/01/25		1,000		1,022,650
Series 2010, Special Obligation Tax Allocation RB		6.10	%		07/01/40		1,000		1,022,150
Baltimore (City of) (Strathdale Manor); Series 2003, Special Obligation Tax Allocation RB		7.00	%		07/01/33		965		1,003,475
Maryland (State of) Health & Higher Educational Facilities Authority (Washington County Hospital);
Series 2008, RB		5.75	%		01/01/38		500		511,655
Series 2008, RB		6.00	%		01/01/43		2,750		2,843,555
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		1,504,080
									9,616,406
Massachusetts–1.83%
Massachusetts (State of) Development Finance Agency (Briarwood Retirement Community); Series 2001 B, RB(b)(c)		7.50	%		12/01/10		500		513,990
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility); Series 2007 A, RB		5.00	%		11/15/14		1,000		1,012,780
Massachusetts (State of) Development Finance Agency (New England Conservatory of Music); Series 2008, RB		5.25	%		07/01/38		2,705		2,723,800
Massachusetts (State of) Development Finance Agency (Sabis International Charter School);
Series 2009 A, RB		6.85	%		04/15/23		745		828,015
Series 2009 A, RB		6.90	%		04/15/25		895		989,816
Series 2009 A, RB		8.00	%		04/15/31		1,000		1,165,630
Series 2009 A, RB		8.00	%		04/15/39		1,000		1,152,520

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

13        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Massachusetts–(continued)
Massachusetts (State of) Development Finance Agency (The Groves in Lincoln);
Series 2009 A, Senior Living Facilities RB		7.50	%		06/01/29	$	1,430	$	1,525,167
Series 2009 A, Senior Living Facilities RB		7.75	%		06/01/39		1,000		1,066,810
Series 2009 B-1, Senior Living Facilities RB		7.25	%		06/01/16		2,000		2,020,440
Massachusetts (State of) Health & Educational Facilities Authority (Christopher House, Inc.); Series 1999 A, Ref. RB		6.88	%		01/01/29		500		500,845
									13,499,813
Michigan–1.30%
Advanced Technology Academy; Series 2008, Public School Academy RB		6.00	%		11/01/37		1,000		952,380
Chandler Park Academy; Series 2005, Public School Academy RB		5.13	%		11/01/30		1,050		950,093
Detroit (City of) Community High School;
Series 2005, Public School Academy RB		5.65	%		11/01/25		1,485		1,319,645
Series 2005, Public School Academy RB		5.75	%		11/01/30		1,000		865,910
Gaylord (City of) Hospital Finance Authority (Otsego Memorial Hospital Association); Series 2004, Ref. Limited Obligation RB		6.50	%		01/01/31		700		636,930
Gogebic (County of) Hospital Finance Authority (Grand View Health System, Inc.); Series 1999, Ref. RB		5.88	%		10/01/16		920		918,408
Mecosta (County of) General Hospital; Series 1999, Ref. RB		6.00	%		05/15/18		460		456,044
Michigan (State of) Hospital Finance Authority (McLaren Health Care Corp.); Series 2008 B-3, Ref. VRD RB (LOC–JPMorgan Chase Bank, N.A.)(b)(e)(f)(j)		0.28	%		10/15/38		470		470,000
Michigan (State of) Hospital Finance Authority (Presbyterian Villages of Michigan Obligated Group);
Series 2005, Ref. RB		4.88	%		11/15/16		685		665,320
Series 2005, Ref. RB		5.25	%		11/15/25		450		406,611
Michigan (State of) Municipal Bond Authority (YMCA Service Learning Academy);
Series 2001, Public School Academy Facilities Program RB		7.63	%		10/01/21		700		706,216
Series 2001, Public School Academy Facilities Program RB		7.75	%		10/01/31		500		503,055
Michigan (State of) Strategic Fund (Detroit Edison Pollution Control); Series 2001 C, Ref. Limited Obligation PCR		5.45	%		09/01/29		725		730,778
									9,581,390
Minnesota–9.86%
Alexandria (City of) (Knute Nelson Senior Living Campus, LLC) Series 2010, Senior Housing RB		6.20	%		07/01/45		2,000		2,054,660
Anoka (County of) Housing & Redevelopment Authority (Fridley Medical Center);
Series 2010, A RB,		6.63	%		05/01/30		500		516,140
Series 2010, A RB,		6.88	%		05/01/40		1,000		1,031,910
Apple Valley (City of) Economic Development Authority (Evercare Senior Living, LLC);
Series 2005 A, Health Care RB		6.00	%		12/01/25		500		498,460
Series 2005 A, Health Care RB		6.13	%		06/01/35		2,240		2,196,410
Baytown (Town of) (St. Croix Preparatory Academy);
Series 2008 A, Lease RB		6.75	%		08/01/28		1,000		1,024,200
Series 2008 A, Lease RB		7.00	%		08/01/38		700		716,135
Becker (City of) (Shepherd of Grace);
Series 2006, Senior Housing RB		5.88	%		05/01/29		1,000		969,510
Series 2006, Senior Housing RB		6.00	%		05/01/41		1,000		972,600
Brooklyn Park (City of) (Prairie Seeds Academy);
Series 2009 A, Lease RB		9.00	%		03/01/29		2,620		2,971,971
Series 2009 A, Lease RB		9.25	%		03/01/39		750		848,205
Series 2009 A, Lease RB,		8.38	%		03/01/23		100		110,655
Carlton (City of) (Inter-Faith Care Center); Series 2006, Ref. Health Care & Housing Facilities RB		5.70	%		04/01/36		1,500		1,382,715

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

14        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Minnesota–(continued)
Cold Spring (City of) (Assumption Home, Inc.);
Series 2005, Nursing Home & Senior Housing RB		5.50	%		03/01/25	$	425	$	408,187
Series 2005, Nursing Home & Senior Housing RB		5.75	%		03/01/35		600		561,912
Series 2008, Health Care Facilities RB		7.50	%		03/01/38		1,000		1,081,440
Dakota (County of) Community Development Agency (Highview Hills Senior Housing); Series 2008 A, MFH RB		7.00	%		08/01/45		2,000		2,022,800
Eveleth (City of) (Manor House & Woodland Homes);
Sr. Series 2006 A-1, MFH RB		5.50	%		10/01/25		510		486,351
Sr. Series 2006 A-1, MFH RB		5.70	%		10/01/36		3,000		2,742,210
Fairmont (City of) (Goldfinch Estates-Governmental & Educational Assistance Corp.); Series 2005 A, Housing Facilities RB		6.25	%		10/01/25		2,500		2,481,775
Fairmont (City of) (Homestead-Governmental & Educational Assistance Corp.); Series 2002 A-1, Housing Facilities RB		7.25	%		04/01/22		915		929,210
Falcon Heights (City of) (Kaleidoscope Charter School);
Series 2007 A, Lease RB		6.00	%		11/01/27		400		376,304
Series 2007 A, Lease RB		6.00	%		11/01/37		550		492,640
Fergus Falls (City of) Health Care Facilities (Lake Region Healthcare);
Series 2010, Health Care Facilities RB		5.15	%		08/01/35		1,000		986,140
Series 2010, Health Care Facilities RB		5.40	%		08/01/40		1,000		999,950
Glencoe (City of) (Glencoe Regional Health Services);
Series 2001, Health Care Facilities RB(b)(c)		7.40	%		04/01/11		250		262,763
Series 2001, Health Care Facilities RB(b)(c)		7.50	%		04/01/11		500		525,820
Hopkins (City of) Housing & Redevelopment Authority (Excelsior Crossings); Series 2009, Tax Increment Allocation RB		5.63	%		02/01/30		320		326,800
Maple Grove (City of) (Maple Grove Hospital Corp.); Series 2007, Health Care System RB		5.25	%		05/01/37		1,000		1,014,520
Maplewood (City of) (Ecumen Headquarters and The Seasons at Maplewood); Series 2010, Housing & Health Care RB		6.38	%		03/01/40		1,000		1,024,810
Maplewood (City of) (Volunteers of America Care Center);
Series 2005 A, Ref. Health Care Facilities RB		5.00	%		10/01/13		775		780,905
Series 2005 A, Ref. Health Care Facilities RB		5.25	%		10/01/19		1,250		1,242,812
Series 2005 A, Ref. Health Care Facilities RB		5.38	%		10/01/24		2,500		2,391,600
Minneapolis (City of) (Grant Park); Series 2006, Tax Increment Allocation RB		5.35	%		02/01/30		1,450		1,264,574
Minneapolis (City of) (Village at St. Anthony Falls); Series 2004, Ref. Tax Increment Allocation RB		5.75	%		02/01/27		595		570,581
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas); Series 2009 6-X, RB		5.25	%		04/01/39		500		529,170
Monticello (City of) (FiberNet Monticello); Series 2008, Telecommunications RB		6.75	%		06/01/31		1,650		1,615,383
North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.); Series 2007, Senior Housing RB		6.25	%		10/01/47		1,400		1,414,000
Northwest Multi-County Housing & Redevelopment Authority (Pooled Housing Program);
Series 2005 A, Ref. Governmental Housing RB		5.35	%		07/01/15		70		70,320
Series 2005 A, Ref. Governmental Housing RB		6.20	%		07/01/30		2,000		1,964,000
Oak Park Heights (City of) (Oakgreen Commons);
Series 2010, Housing RB		6.75	%		08/01/31		1,500		1,524,255
Series 2010, Housing RB		7.00	%		08/01/45		1,000		1,016,340
Oakdale (City of) (Oak Meadows); Series 2004, Ref. Senior Housing RB		6.00	%		04/01/24		1,000		967,510
Oronoco (City of) (Wedum Shorewood Campus); Series 2006, Ref. MFH RB		5.25	%		06/01/26		1,600		1,528,864
Owatonna (City of) (Senior Living); Series 2006 A, Senior Housing RB		5.80	%		10/01/29		800		789,960
Perham Hospital District (Perham Memorial Hospital and Home); Series 2010, Health Care Facilities RB		6.35	%		03/01/35		2,000		2,077,420
Pine City (City of) (Lakes International Language Academy);
Series 2006 A, Lease RB		5.75	%		05/01/16		100		101,486
Series 2006 A, Lease RB		6.00	%		05/01/26		530		509,669
Series 2006 A, Lease RB		6.25	%		05/01/35		1,550		1,467,989

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

15        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Minnesota–(continued)
Ramsey (City of) (Pact Charter School);
Series 2004 A, Lease RB		6.50	%		12/01/22	$	925	$	942,159
Series 2004 A, Lease RB		6.75	%		12/01/33		150		150,722
Rochester (City of) (Mayo Clinic); Series 2006, Health Care Facilities RB		5.00	%		11/15/36		2,760		2,882,213
Rochester (City of) (Olmsted Medical Center); Series 2010, Health Care Facilities RB		5.88	%		07/01/30		500		516,350
Rochester (City of) (Samaritan Bethany, Inc.);
Series 2009 A, Ref. Health Care & Housing RB		7.38	%		12/01/41		1,000		1,064,260
Series 2009 B, Ref. Health Care & Housing RB		7.38	%		12/01/36		1,555		1,677,410
Saint Paul (City of) Housing & Redevelopment Authority (Community of Peace Academy); Series 2001 A, Lease RB(b)(c)		7.38	%		12/01/10		900		933,795
Saint Paul (City of) Housing & Redevelopment Authority (Emerald Gardens);
Series 2010, Ref. Tax Increment Allocation RB		5.63	%		03/01/20		705		739,524
Series 2010, Ref. Tax Increment Allocation RB		6.50	%		03/01/29		1,000		1,037,270
Saint Paul (City of) Housing & Redevelopment Authority (Hmong Academy);
Series 2006 A, Lease RB		5.75	%		09/01/26		300		280,935
Series 2006 A, Lease RB		6.00	%		09/01/36		390		359,740
Saint Paul (City of) Housing & Redevelopment Authority (New Spirit Charter School); Series 2002 A, Lease RB		7.50	%		12/01/31		890		912,855
Saint Paul (City of) Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus);
Series 2007 A, RB		5.05	%		10/01/27		1,750		1,539,685
Series 2007 A, RB		5.15	%		10/01/42		275		225,206
Sartell (City of) (Country Manor Campus LLC); Series 2010 A, Health Care Facilities RB		6.25	%		09/01/36		925		940,697
Vadnais Heights (City of) (Agriculture & Food Sciences Academy);
Series 2004 A, Lease RB		6.38	%		12/01/24		900		726,399
Series 2004 A, Lease RB		6.60	%		12/01/34		275		212,176
Washington (County of) Housing & Redevelopment Authority (Birchwood & Woodbury);
Series 2007 A, Health Care & Housing RB		5.00	%		12/01/14		1,000		1,000,680
Series 2007 A, Health Care & Housing RB		5.63	%		06/01/37		1,000		938,260
Woodbury (City of) (Math & Science Academy);
Series 2002 A, Ref. Lease RB		7.38	%		12/01/24		250		259,360
Series 2002 A, Ref. Lease RB		7.50	%		12/01/31		750		772,035
Worthington (City of) (Ecumen Corp. Guaranty-Meadows); Series 2009 A, Housing & Health Care RB(b)		6.38	%		05/01/19		650		677,807
									72,633,579
Missouri–4.17%
370/Missouri Bottom Road/Tussig Road Transportation Development District (Hazelwood);
Series 2002, RB		7.00	%		05/01/22		750		756,952
Series 2002, RB		7.20	%		05/01/33		500		500,025
Arnold Retail Corridor Transportation Development District; Series 2010, Transportation Sales Tax RB		6.65	%		05/01/38		2,000		2,053,560
Branson (City of) Industrial Development Authority (Branson Landing-Retail); Series 2005, Tax Increment Allocation IDR		5.25	%		06/01/21		1,210		1,090,694
Branson Hills Infrastructure Facilities Community Improvement District;
Series 2007 A, Special Assessment RB		5.00	%		04/01/11		550		548,262
Series 2007 A, Special Assessment RB		5.00	%		04/01/13		300		292,206
Series 2007 A, Special Assessment RB		5.00	%		04/01/15		500		470,840
Cass (County of);
Series 2007, Hospital RB		5.00	%		05/01/16		1,000		1,062,710
Series 2007, Hospital RB		5.63	%		05/01/38		1,300		1,236,144
Chillicothe (City of) (South U.S. 65); Series 2006, Tax Increment Allocation RB		5.50	%		04/01/21		1,000		939,560
Des Peres (City of) (West County Center); Series 2002 A, Ref. Tax Increment Allocation RB		5.75	%		04/15/20		1,000		991,920

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

16        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–(continued)
Desloge (City of) (U.S. Highway 67/State Street Redevelopment); Series 2005, Ref. Tax Increment Allocation RB		5.20	%		04/15/20	$	360	$	338,850
Grandview (City of) Industrial Development Authority (Grandview Crossing); Series 2006, Tax Increment Allocation IDR		5.75	%		12/01/28		1,250		497,625
Grundy (County of) Industrial Development Authority (Wright Memorial Hospital);
Series 2009, Health Facilities RB		6.45	%		09/01/29		1,000		1,052,240
Series 2009, Health Facilities RB		6.75	%		09/01/34		1,250		1,326,962
Kansas City (City of) Tax Increment Financing Commission (Maincor); Series 2007 A, Tax Increment Allocation RB		5.25	%		03/01/18		500		506,490
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights);
Series 2010 A, Retirement Community RB		8.00	%		05/15/29		2,000		2,069,120
Series 2010 A, Retirement Community RB		8.25	%		05/15/39		1,000		1,057,230
Manchester (City of) (Highway 141/Manchester Road);
Series 2010, Ref. Transportation Tax Increment RB		6.00	%		11/01/25		1,000		1,033,350
Series 2010, Ref. Transportation Tax Increment RB		6.88	%		11/01/39		1,500		1,546,560
Maplewood (City of) (Maplewood South Redevelopment Area); Series 2005, Ref. Tax Increment RB		5.75	%		11/01/26		1,350		1,231,848
Platte (County of) Industrial Development Authority (Zona Rosa Phase II Retail); Series 2007, Transportation IDR		6.85	%		04/01/29		3,500		3,234,140
Polk (County of) Industrial Development Authority (Citizens Memorial Health Care Foundation); Series 2008, Health Facilities IDR		6.50	%		01/01/33		2,000		1,900,580
Richmond Heights (City of) (Francis Place Redevelopment); Series 2005, Ref. & Improvement Tax Increment & Transportation Sales Tax RB		5.63	%		11/01/25		750		691,987
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		513,295
Series 2005 A, Tax Increment Allocation IDR		5.50	%		11/01/27		750		706,260
Series 2005 B, Tax Increment Allocation IDR		5.50	%		11/01/27		1,000		941,680
St. Louis (City of) Industrial Development Authority (Confluence Academy); Series 2007 A, IDR		5.35	%		06/15/32		750		637,793
St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors); Series 2007 A, Sr. Living Facilities RB		6.38	%		12/01/41		1,000		891,870
Strother Interchange Transportation Development District (Lees Summit); Series 2006, RB		5.00	%		05/01/24		675		566,312
									30,687,065
Montana–0.09%
Montana (State of) Facility Finance Authority (St. John’s Lutheran Ministries); Series 2006 A, Senior Living RB		6.13	%		05/15/36		750		659,415
Nebraska–0.14%
Gage (County of) Hospital Authority No. 1 (Beatrice Community Hospital and Health Center); Series 2010 B, Health Care Facilities RB		6.75	%		06/01/35		1,000		1,038,930
Nevada–0.07%
University and Community College System of Nevada; Series 2002 A, RB (INS–Financial Guaranty Insurance Co.)(h)		5.40	%		07/01/31		500		515,105
New Hampshire–0.49%
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB		6.88	%		10/01/39		2,000		2,067,860
New Hampshire (State of) Health & Education Facilities Authority (The Huntington at Nashua);
Series 2003 A, RB		6.88	%		05/01/23		750		763,837
Series 2003 A, RB		6.88	%		05/01/33		750		754,148
									3,585,845
New Jersey–1.60%
Burlington (County of) Bridge Commission (The Evergreens); Series 2007, Economic Development RB		5.63	%		01/01/38		2,400		2,169,648
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		546,445

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

17        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facilities RB(i)		6.25	%		09/15/29	$	1,010	$	981,114
Series 2000, Special Facilities RB(i)		7.00	%		11/15/30		565		567,825
Series 2000, Special Facilities RB(i)		7.20	%		11/15/30		425		428,094
Series 2003, Special Facilities RB(i)		9.00	%		06/01/33		500		531,650
New Jersey (State of) Economic Development Authority (Lions Gate);
Series 2005 A, First Mortgage RB		5.00	%		01/01/15		825		826,534
Series 2005 A, First Mortgage RB		5.75	%		01/01/25		710		674,067
Series 2005 A, First Mortgage RB		5.88	%		01/01/37		1,360		1,200,622
New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center);
Series 2001, First Mortgage RB(b)(c)		8.00	%		04/01/11		800		851,320
Series 2001, First Mortgage RB(b)(c)		8.00	%		04/01/11		500		532,075
Series 2006, First Mortgage RB		5.30	%		11/01/26		1,100		995,555
Series 2006, First Mortgage RB		5.38	%		11/01/36		700		592,081
New Jersey (State of) Transportation Trust Fund Authority; Series 2005 B, RB (INS–Ambac Assurance Corp.)(h)		5.25	%		12/15/23		750		899,287
									11,796,317
New Mexico–0.34%
Mariposa East Public Improvement District; Series 2006, Unlimited Tax GO		5.75	%		09/01/21		500		437,275
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB		6.13	%		07/01/40		2,000		2,055,540
									2,492,815
New York–1.50%
Broome (County of) Industrial Development Agency (Good Shepherd Village);
Series 2008 A, Continuing Care Retirement IDR		6.15	%		07/01/18		500		506,920
Series 2008 A, Continuing Care Retirement IDR		6.75	%		07/01/28		600		587,760
Series 2008 A, Continuing Care Retirement IDR		6.88	%		07/01/40		1,000		943,660
East Rochester (City of) Housing Authority (Woodland Village); Series 2006, Ref. Senior Living RB		5.50	%		08/01/33		1,700		1,509,821
Erie (County of) Industrial Development Agency (Orchard Park CCRC, Inc.); Series 2006 A, IDR		6.00	%		11/15/26		1,100		1,022,395
Monroe (County of) Industrial Development Agency (Woodland Village); Series 2000, Civic Facilities IDR(b)(c)		8.55	%		11/15/10		1,000		1,036,490
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement IDR		6.50	%		01/01/27		1,000		1,030,400
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		353,679
Series 2001 A, First Mortgage IDR		7.38	%		03/01/31		500		495,570
Ulster (County of) Industrial Development Agency;
Series 2007 A, Civic Facilities IDR		6.00	%		09/15/27		2,000		1,884,080
Series 2007 A, Civic Facilities IDR		6.00	%		09/15/37		2,000		1,711,620
									11,082,395
North Carolina–0.67%
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); Series 2005 A, Health Care Facilities RB		6.13	%		10/01/35		1,300		1,094,301
North Carolina (State of) Medical Care Commission (Southminister); Series 2007 A, First Mortgage Retirement Facilities RB		5.75	%		10/01/37		1,500		1,376,475

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

18        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
North Carolina–(continued)
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	$	960,250
Series 2006 B, Ref. First Mortgage Health Care Facilities RB		5.20	%		10/01/21		1,500		1,509,570
									4,940,596
North Dakota–0.61%
Grand Forks (City of) (4000 Valley Square);
Series 2006, Ref. Senior Housing RB		5.13	%		12/01/21		1,315		1,194,638
Series 2006, Ref. Senior Housing RB		5.30	%		12/01/34		855		688,942
Traill (County of) (Hillsboro Medical Center);
Series 2007, Health Care RB		5.25	%		05/01/20		500		461,180
Series 2007, Health Care RB		5.50	%		05/01/26		1,520		1,363,592
Series 2007, Health Care RB		5.50	%		05/01/42		1,000		810,930
									4,519,282
Ohio–2.53%
Adams (County of); Series 2005, Hospital Facilities Improvement RB		5.75	%		09/01/10		395		395,000
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion);
Series 2007 A, Health Care RB		5.75	%		11/01/22		1,000		998,180
Series 2007 A, Health Care RB		6.00	%		11/01/27		2,000		1,935,360
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		1,947,386
Cleveland-Cuyahoga (County of) Port Authority; Series 2001, Special Assessment Tax Increment RB		7.35	%		12/01/31		1,000		1,012,140
Cuyahoga (County of) (Canton, Inc.); Series 2000, Hospital Facilities RB		7.50	%		01/01/30		750		758,310
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		1,000		953,980
Series 2007 A, Health Care & Independent Living Facilities RB		6.00	%		05/15/37		1,000		938,100
Hickory Chase Community Authority;
Series 2008, Infrastructure Improvement RB		6.75	%		12/01/27		2,000		1,305,900
Series 2008, Infrastructure Improvement RB		7.00	%		12/01/38		1,500		979,575
Lucas (County of) (Sunset Retirement Communities);
Series 2000 A, Ref. & Improvement Health Care Facilities RB		6.50	%		08/15/20		920		930,451
Series 2000 A, Ref. & Improvement Health Care Facilities RB		6.55	%		08/15/24		500		505,490
Montgomery (County of) Health Care & Multifamily Housing (St.Leonard); Series 2010, Ref. Improvement Health Care MFH RB		6.63	%		04/01/40		1,500		1,543,260
Norwood (City of) (Cornerstone at Norwood);
Series 2006, Tax Increment Financing RB		5.25	%		12/01/15		1,080		1,031,713
Series 2006, Tax Increment Financing RB		5.75	%		12/01/20		1,300		1,165,697
Toledo-Lucas (County of) Port Authority (St. Mary Woods);
Series 2004 A, RB		6.00	%		05/15/24		1,750		1,291,798
Series 2004 A, RB		6.00	%		05/15/34		1,500		950,940
									18,643,280
Oklahoma–1.27%
Cleveland (County of) Justice Authority (Detention Facility); Series 2009 B, Sales Tax RB		5.75	%		03/01/29		1,400		1,492,316
Oklahoma (County of) Finance Authority (Epworth Villa);
Series 2005 A, Ref. RB		5.00	%		04/01/15		1,025		1,008,497
Series 2005 A, Ref. RB		5.70	%		04/01/25		2,500		2,376,400
Oklahoma (State of) Development Finance Authority (Comanche County Hospital); Series 2002 B, RB		6.60	%		07/01/31		825		851,021

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

19        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Oklahoma–(continued)
Tulsa (County of) Industrial Authority (Montereau, Inc);
Series 2010 A, Senior Living Community RB		7.13	%		11/01/30	$	1,250	$	1,309,200
Series 2010 A, Senior Living Community RB		7.25	%		11/01/40		2,250		2,295,045
									9,332,479
Oregon–0.95%
Clackamas (County of) Hospital Facilities Authority (Odd Fellows Home-Friendship Health Center); Series 1998 A, Ref. RB		5.88	%		09/15/21		230		212,600
Clackamas (County of) Hospital Facilities Authority (Willamette Falls Hospital); Series 2005, Ref. Gross RB		5.13	%		04/01/26		1,000		946,820
Oregon (State of) Health & Science University;
Series 2009 A, RB		5.75	%		07/01/39		1,175		1,262,385
Series 2009 A, RB		5.88	%		07/01/33		2,500		2,720,550
Yamhill (County of) Hospital Authority (Friendsview Retirement Community); Series 2003, RB(b)(c)		7.00	%		12/01/13		1,555		1,869,919
									7,012,274
Pennsylvania–5.25%
Allegheny (County of) Hospital Development Authority (Villa St. Joseph of Baden, Inc.); Series 1998, Health Care Facilities RB		6.00	%		08/15/28		500		455,970
Allegheny (County of) Industrial Development Authority (Propel Charter-Montour); Series 2010 A, Charter School RB		6.38	%		08/15/35		1,220		1,243,351
Allegheny (County of) Industrial Development Authority (Propel Charter-McKeesport); Series 2010 B, Charter School RB		6.75	%		08/15/35		1,250		1,277,037
Allegheny (County of) Industrial Development Authority (Propel Schools-Homestead); Series 2004 A, Charter School IDR		7.00	%		12/15/15		605		642,976
Blair (County of) Industrial Development Authority (Village of Pennsylvania State);
Series 2002 A, IDR		6.90	%		01/01/22		500		402,985
Series 2002 A, IDR		7.00	%		01/01/34		500		403,180
Butler (County of) Hospital Authority (Butler Health System);
Series 2009, RB		7.13	%		07/01/29		2,145		2,493,713
Series 2009, RB		7.25	%		07/01/39		1,590		1,844,034
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);
Series 1999, Ref. First Mortgage IDR		6.38	%		12/01/19		1,000		1,010,610
Series 2006, Ref. First Mortgage IDR		5.13	%		12/01/12		500		500,465
Series 2006, Ref. First Mortgage IDR		5.25	%		12/01/13		500		505,235
Series 2006, Ref. First Mortgage IDR		5.25	%		12/01/15		260		262,291
Series 2006, Ref. First Mortgage IDR		5.38	%		12/01/16		500		500,875
Series 2006, Ref. First Mortgage IDR		5.75	%		12/01/22		935		947,622
Chester (County of) Industrial Development Authority (Avon Grove Charter School);
Series 2007 A, IDR		6.25	%		12/15/27		1,000		1,010,360
Series 2007 A, IDR		6.38	%		12/15/37		1,500		1,504,140
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB		6.00	%		07/01/35		1,000		977,200
Cumberland (County of) Municipal Authority (Presbyterian Homes Obligated Group);
Series 2008 A, RB		5.00	%		01/01/17		2,000		2,080,160
Series 2008 A, RB		5.35	%		01/01/20		515		522,395
Series 2008 A, RB		5.45	%		01/01/21		885		897,691
Cumberland (County of) Municipal Authority (Wesley Affiliated Services, Inc.); Series 2002 A, Retirement Community RB(b)(c)		7.13	%		01/01/13		700		808,654
Erie (County of) Hospital Authority (St. Vincent Health Center); Series 2010 A, RB		7.00	%		07/01/27		1,000		1,031,180
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital IDR		5.88	%		07/01/31		1,500		1,361,940
Lancaster (County of) Hospital Authority (St. Anne’s Home for the Aged, Inc.); Series 1999, Health Center RB		6.63	%		04/01/28		500		493,330

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

20        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
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	$	1,102,280
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Home Inc.);
Series 2001, First Mortgage RB		7.63	%		11/01/21		250		258,475
Series 2001, First Mortgage RB		7.75	%		11/01/33		750		769,035
Moon Industrial Development Authority (Providence Point); Series 2007, VRD First Mortgage RB (LOC–Lloyds TSB Bank PLC)(e)(f)(j)		0.30	%		07/01/38		6,215		6,215,000
Pennsylvania (State of) Economic Development Financing Authority (Northwestern Human Services, Inc.); Series 1998 A, RB		5.25	%		06/01/14		1,000		995,380
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		510,735
Series 2000 A, Student Housing RB		6.75	%		09/01/32		320		326,666
Philadelphia (City of) Industrial Development Authority (Cathedral Village); Series 2003 A, IDR		6.88	%		04/01/34		500		495,525
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, IDR		6.00	%		08/01/35		500		518,500
Philadelphia (City of) Industrial Development Authority (Russell Byers Charter School);
Series 2007 A, IDR		5.15	%		05/01/27		1,000		923,620
Series 2007 A, IDR		5.25	%		05/01/37		1,000		877,940
Philadelphia (City of) Industrial Development Authority; Series 2007 A, IDR		5.50	%		09/15/37		2,700		2,489,994
									38,660,544
Puerto Rico–0.34%
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.; First Sub. Series 2009 A, RB		5.50	%		08/01/28		2,250		2,483,190
Rhode Island–0.70%
Rhode Island (State of) Health & Educational Building Corp. (Lifespan Obligated Group);
Series 2009 A, Hospital Financing RB		7.00	%		05/15/39		2,500		2,845,400
Series 2009 A, Hospital Financing RB (INS–AGC)(h)		6.25	%		05/15/30		2,000		2,287,600
									5,133,000
South Carolina–1.63%
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		1,041,469
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.38	%		05/01/21		1,500		1,452,000
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.50	%		05/01/28		1,100		1,002,540
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		832,224
Series 2003 A, Ref. Hospital Facilities RB		6.13	%		08/01/23		1,500		1,582,050
Series 2003 A, Ref. Hospital Facilities RB		6.25	%		08/01/31		1,570		1,625,154
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		734,407
Series 2004 A, Residential Care Facilities RB		6.38	%		05/15/32		1,250		1,170,150
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman); Series 2007 A, RB		6.00	%		11/15/37		2,000		1,511,280
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		717,962
Series 2000, First Mortgage Health Facilities RB(b)(c)		8.00	%		10/01/10		300		307,758
									11,976,994

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

21        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
South Dakota–0.23%
Sioux Falls (City of); Series 2008 A, Tax Increment Allocation RB		5.75	%		01/15/28	$	1,300	$	1,160,757
South Dakota (State of) Health & Educational Facilities Authority (Westhills Village Retirement Community); Series 2003, RB		5.65	%		09/01/23		500		515,425
									1,676,182
Tennessee–0.49%
Blount (County of) Health & Educational Facilities Board (Asbury, Inc.); Series 2007 A, Ref. RB		5.13	%		04/01/23		1,690		1,507,497
Davidson and Williamson (Counties of) Harpeth Valley Utilities District; Series 2004, Utilities Improvement RB (INS–National Public Finance Guarantee Corp.)(h)		5.00	%		09/01/34		1,000		1,035,130
Johnson City (City of) Health & Educational Facilities Board (Appalachian Christian Village);
Series 2004 A, Retirement Facilities RB		6.00	%		02/15/24		500		499,980
Series 2004 A, Retirement Facilities RB		6.25	%		02/15/32		600		595,776
									3,638,383
Texas–10.57%
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		2,228,976
Atlanta (City of) Hospital Authority; Series 1999, RB		6.70	%		08/01/19		435		438,441
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		685,155
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		2,376,200
Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, RB		6.13	%		12/01/40		2,970		3,052,714
Corpus Christi (Port of) Industrial Development Corp. (Valero); Series 1997 C, Ref. IDR		5.40	%		04/01/18		550		550,028
Dallas-Fort Worth (Cities of) International Airport Facilities Improvement Corp.; Series 2000 A-3, Ref. RB(i)		9.13	%		05/01/29		500		519,845
Decatur (City of) Hospital Authority (Wise Regional Health System);
Series 2004 A, RB		5.63	%		09/01/13		1,335		1,406,102
Series 2004 A, RB		7.00	%		09/01/25		3,260		3,307,466
Series 2004 A, RB		7.13	%		09/01/34		905		918,711
Gulf Coast Waste Disposal Authority (Valero Energy Corp.); Series 2001, RB(i)		6.65	%		04/01/32		900		913,320
Harris (County of) Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. Hospital RB		7.20	%		12/01/28		1,000		1,100,860
HFDC of Central Texas, Inc.;
Series 2006 A, Retirement Facilities RB		5.50	%		11/01/31		500		430,575
Series 2006 A, Retirement Facilities RB		5.63	%		11/01/26		750		682,905
Series 2006 A, Retirement Facilities RB		5.75	%		11/01/36		1,000		850,830
Hidalgo (County of) Health Services Corp. (Mission Hospital, Inc.);
Series 2005, Hospital RB		5.00	%		08/15/15		500		524,920
Series 2005, Hospital RB		5.00	%		08/15/19		700		714,168
Hopkins (County of) Hospital District;
Series 2008, RB		6.00	%		02/15/33		1,000		1,010,130
Series 2008, RB		6.00	%		02/15/38		1,000		1,001,750
Houston (City of) (Continental Airlines, Inc. Terminal E); Series 2001, Airport System Special Facilities RB(i)		6.75	%		07/01/29		500		502,495
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		363,483
Series 2004 A, Retirement Facilities RB(b)(c)		7.00	%		02/15/14		750		908,708
Series 2004 A, Retirement Facilities RB(b)(c)		7.13	%		02/15/14		450		546,957
La Vernia Higher Education Finance Corp. (Amigos Por Vida/Friends for Life); Series 2008, RB		6.38	%		02/15/37		1,635		1,532,142
La Vernia Higher Education Finance Corp. (Kipp Inc.); Series 2009 A, RB		6.25	%		08/15/39		250		262,210

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

22        Invesco 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	$	1,381,303
Series 2008 A, RB		7.13	%		02/15/38		2,000		2,161,360
Lufkin (City of) Health Facilities Development Corp. (Memorial Health System of East Texas);
Series 2007, RB		5.50	%		02/15/37		1,000		968,830
Series 2009, Ref. RB		6.25	%		02/15/37		2,000		2,068,860
Matagorda (County of) Navigation District No. 1 (Central Power & Light Co.); Series 2001 A, Ref. PCR		6.30	%		11/01/29		1,000		1,114,660
Meadow Parc Development, Inc. (Meadow Parc Apartments); Series 1998, MFH RB		6.50	%		12/01/30		1,060		935,333
Mesquite (City of) Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2005, Retirement Facilities RB		5.63	%		02/15/35		945		910,366
Midlothian (City of) Development Authority;
Series 2001, Tax Increment Contract Allocation RB(b)(c)		7.88	%		05/15/11		1,000		1,071,800
Series 2004, Tax Increment Contract Allocation RB(a)		6.20	%		11/15/29		1,000		1,003,340
North Central Texas Health Facilities Development Corp. (Children’s Medical Center of Dallas); Series 2009, Hospital RB		5.75	%		08/15/39		1,500		1,608,345
Pearland (City of) Development Authority; Series 2009, Tax Increment Contract Allocation RB		5.88	%		09/01/29		805		862,203
Pharr (City of) Higher Education Finance Authority (Idea Public Schools);
Series 2009 A, RB		6.25	%		08/15/29		570		604,861
Series 2009 A, RB		6.50	%		08/15/39		2,320		2,462,054
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		1,432,260
Series 2007, Retirement Facilities RB		5.75	%		11/15/37		3,500		3,263,050
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		1,096,088
Series 2007, Retirement Facilities RB		5.75	%		02/15/25		1,500		1,390,230
Series 2007, Retirement Facilities RB		5.75	%		02/15/29		1,600		1,418,656
Series 2009 A, Retirement Facilities RB		8.00	%		02/15/38		1,350		1,438,317
Tarrant (County of) Cultural Education Facilities Finance Corp. (Mirador);
Series 2010 A, Retirement Facilities RB		8.00	%		11/15/29		1,500		1,589,235
Series 2010 A, Retirement Facilities RB		8.13	%		11/15/39		1,000		1,049,170
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		1,234,236
Series 2006 A, Retirement Facilities RB		6.00	%		11/15/36		2,000		1,994,540
Tarrant (County of) Cultural Education Facilities Finance Corp. (Strayton at Museum Way);
Series 2009 A, Retirement Facilities RB		8.25	%		11/15/29		2,135		2,206,757
Series 2009 A, Retirement Facilities RB		8.25	%		11/15/39		1,000		1,020,440
Texas (State of) Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.);
Series 2010 A, Educational RB		6.88	%		02/15/30		1,455		1,542,242
Series 2010 A, Educational RB		7.13	%		02/15/40		1,810		1,932,772
Travis (County of) Health Facilities Development Corp. (Querencia Barton Creek);
Series 2005, Retirement Facilities RB		5.50	%		11/15/25		1,650		1,554,184
Series 2005, Retirement Facilities RB		5.65	%		11/15/35		1,250		1,092,537
Travis (County of) Health Facilities Development Corp. (Westminster Manor); Series 2010, Retirement Facilities RB		7.00	%		11/01/30		2,500		2,621,975
University of Houston (Consolidated System); Series 2009 A, Ref. RB		5.00	%		02/15/34		2,000		2,163,880

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

23        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Uptown Development Authority (Infrastructure Improvement Facilities Allocation);
Series 2009, Tax Incremental Contract Allocation RB		5.38	%		09/01/25	$	465	$	482,289
Series 2009, Tax Incremental Contract Allocation RB		5.50	%		09/01/29		2,250		2,340,652
Woodhill Public Facilities Corp. (Woodhill Apartments); Series 1999, MFH RB		7.50	%		12/01/29		1,000		1,006,910
									77,852,826
Utah–2.99%
Provo (City of) (Freedom Academy Foundation); Series 2007, Charter School RB		5.50	%		06/15/37		1,450		1,195,829
Utah (County of) (Lakeview Academy); Series 2007 A, Charter School RB		5.63	%		07/15/37		2,200		1,870,770
Utah (County of) (Renaissance Academy);
Series 2007 A, Charter School RB		5.35	%		07/15/17		900		875,259
Series 2007 A, Charter School RB		5.63	%		07/15/37		1,350		1,147,973
Utah (County of) (Ronald Wilson Reagan Academy);
Series 2007 A, Charter School RB		5.75	%		02/15/22		340		323,826
Series 2007 A, Charter School RB		6.00	%		02/15/38		2,710		2,420,409
Utah (State of) Charter School Finance Authority (Channing Hall);
Series 2007 A, RB(a)		5.88	%		07/15/27		780		724,394
Series 2007 A, RB(a)		6.00	%		07/15/37		2,100		1,881,873
Utah (State of) Charter School Finance Authority (George Washington Academy);
Series 2008 A, RB		6.75	%		07/15/28		1,340		1,351,645
Series 2008 A, RB		7.00	%		07/15/40		1,690		1,699,937
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, RB		6.38	%		07/15/40		1,500		1,539,630
Utah (State of) Charter School Finance Authority (Rockwell Charter High School); Series 2008 A, RB		7.00	%		08/15/38		2,000		1,528,400
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, RB		5.80	%		06/15/38		3,800		3,642,984
West Valley City (City of) (Monticello Academy); Series 2007, Ref. Charter School RB(a)		6.38	%		06/01/37		1,975		1,818,580
									22,021,509
Virginia–1.81%
Chesterfield (County of) Health Center Commission (Lucy Corr Village);
Series 2008 A, Residential Care Facilities RB		6.13	%		12/01/30		2,000		2,018,320
Series 2008 A, Residential Care Facilities RB		6.25	%		12/01/38		2,000		1,991,860
Henrico (County of) Economic Development Authority (Virginia United Methodist Homes); Series 2002 A, Ref. Residential Care Facilities RB		6.50	%		06/01/22		750		761,648
Lexington (City of) Industrial Development Authority (Kendall at Lexington);
Series 2007 A, Residential Care Facilities Mortgage IDR		5.25	%		01/01/21		895		865,152
Series 2007 A, Residential Care Facilities Mortgage IDR		5.38	%		01/01/22		780		753,932
Series 2007 A, Residential Care Facilities Mortgage IDR		5.38	%		01/01/23		425		406,321
Series 2007 A, Residential Care Facilities Mortgage IDR		5.38	%		01/01/28		500		460,495
Series 2007 A, Residential Care Facilities Mortgage IDR		5.50	%		01/01/37		1,300		1,136,980
Lynchburg (City of) Industrial Development Authority (The Summit); Series 2002 A, Residential Care Facilities Mortgage IDR		6.25	%		01/01/28		500		500,010
Norfolk (City of) Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc.-Harbor’s Edge); Series 2004 A, First Mortgage RB		6.00	%		01/01/25		500		473,740
Peninsula Ports Authority (Virginia Baptist Homes);
Series 2003 A, Residential Care Facilities RB(b)(c)		7.38	%		12/01/13		500		603,185
Series 2006 C, Ref. Residential Care Facilities RB		5.38	%		12/01/26		1,000		681,120
Series 2006 C, Ref. Residential Care Facilities RB		5.40	%		12/01/33		1,000		683,140

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

24        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Virginia–(continued)
Peninsula Town Center Community Development Authority;
Series 2007, Special Obligations RB		6.35	%		09/01/28	$	1,000	$	1,011,800
Series 2007, Special Obligations RB		6.45	%		09/01/37		1,000		1,001,110
									13,348,813
Washington–1.27%
Klickitat (County of) Public Hospital District No. 2 (Skyline Hospital); Series 2007, RB		6.50	%		12/01/38		2,000		1,881,980
Skagit (County of) Public Hospital District No. 1 (Skagit Valley Hospital); Series 2007, RB		5.75	%		12/01/28		1,250		1,291,738
Washington (State of) Health Care Facilities Authority (Multi-Care Health System); Series 2007 B, RB (INS–Assured Guaranty Municipal Corp.)(h)		5.00	%		08/15/41		1,000		1,026,040
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB		7.38	%		03/01/38		500		569,165
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2009 A, RB		6.50	%		11/15/33		1,500		1,593,585
Washington (State of) Health Care Facilities Authority; Series 2007 C, RB (INS–Radian Asset Assurance, Inc.)(h)		5.50	%		08/15/42		3,000		3,005,070
									9,367,578
West Virginia–1.22%
Harrison (County of) Commission (Charles Pointe No. 2);
Series 2008 A, Ref. Tax Increment Allocation RB		7.00	%		06/01/35		1,500		1,381,320
Series 2008 B, Ref. Tax Increment Allocation RB		7.00	%		06/01/28		1,000		885,230
West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, RB		6.50	%		10/01/38		5,000		5,052,800
Series 2008, RB		6.75	%		10/01/43		1,650		1,682,753
									9,002,103
Wisconsin–3.33%
Milwaukee (City of) Redevelopment Authority (Academy of Learning & Leadership, Inc.); Series 2007 A, Education RB		5.50	%		08/01/22		300		272,124
Milwaukee (City of) Redevelopment Authority (Milwaukee Science Education Consortium, Inc.); Series 2005 A, RB		5.75	%		08/01/35		1,815		1,749,787
Wisconsin (State of) Health & Educational Facilities Authority (AE Nursing Centers);
Series 2008, RB		7.15	%		06/01/28		1,075		1,059,971
Series 2008, RB		7.25	%		06/01/38		1,000		960,700
Wisconsin (State of) Health & Educational Facilities Authority (Beaver Dam Community Hospitals, Inc.);
Series 2004 A, RB		6.50	%		08/15/26		250		253,808
Series 2004 A, RB		6.75	%		08/15/34		1,480		1,502,422
Wisconsin (State of) Health & Educational Facilities Authority (Community Memorial Hospital, Inc.); Series 2003, RB		7.13	%		01/15/22		945		954,289
Wisconsin (State of) Health & Educational Facilities Authority (Community Rehabilitation Providers Facilities Acquisition Program); Series 1998, RB		6.88	%		12/01/23		200		194,396
Wisconsin (State of) Health & Educational Facilities Authority (Eastcastle Place, Inc.);
Series 2004, RB		6.00	%		12/01/24		500		480,525
Series 2004, RB		6.13	%		12/01/34		1,000		894,380
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert & Community Health Inc. Obligated Group); Series 2009, RB		5.00	%		04/01/34		2,000		2,074,800
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic); Series 2001 B, RB		6.00	%		02/15/25		2,000		2,032,680
Wisconsin (State of) Health & Educational Facilities Authority (New Castle Place); Series 2001 A, RB		7.00	%		12/01/31		250		251,248
Wisconsin (State of) Health & Educational Facilities Authority (Southwest Health Center);
Series 2004 A, RB		6.13	%		04/01/24		260		264,529
Series 2004 A, RB		6.25	%		04/01/34		1,025		1,028,833
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community Inc.);
Series 2009 A, RB		7.25	%		09/15/29		2,000		2,099,220
Series 2009 A, RB		7.63	%		09/15/39		1,000		1,064,150

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

25        Invesco High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wisconsin–(continued)
Wisconsin (State of) Health & Educational Facilities Authority (Tomah Memorial Hospital, Inc.);
Series 2003, RB		6.00	%		07/01/15	$	100	$	102,391
Series 2003, RB		6.13	%		07/01/16		150		152,856
Series 2003, RB		6.63	%		07/01/28		750		757,598
Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois Senior Housing, Inc.);
Series 2006, Ref. RB		5.50	%		08/01/16		2,020		2,024,828
Series 2006, Ref. RB		5.80	%		08/01/29		2,400		2,319,696
Series 2010, RB		7.00	%		08/01/33		2,000		2,015,060
									24,510,291
Wyoming–0.49%
Gillette (City of) (Pacificorp); Series 1988, Ref. VRD PCR (LOC–Barclays Bank PLC)(e)(f)(g)		0.29	%		01/01/18		3,070		3,070,000
Teton (County of) Hospital District (St. John’s Medical Center); Series 2002, RB		6.75	%		12/01/22		500		506,915
									3,576,915
TOTAL INVESTMENTS(g)--98.47% (Cost $742,672,156)									725,354,968
OTHER ASSETS LESS LIABILITIES–1.53%									11,288,034
NET ASSETS–100.00%								$	736,643,002

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
COP	– Certificates of Participation
GO	– General Obligation Bonds
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
MFH	– Multi-Family Housing
PCR	– Pollution Control Revenue Bonds
RAC	– Revenue Anticipation Certificates
RB	– Revenue Bonds
Ref	– Refunding
Sr.	– Senior
VRD	– Variable Rate Demand

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 August 31, 2010 was $22,291,784, which represented 3.03% of the Fund’s Net Assets.
(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(c)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(d)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at August 31, 2010 was $3,304,040, which represented 0.45% of the Fund’s Net Assets.
(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)	Security is considered a cash and cash equivalent.
(g)	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%.
(h)	Principal and/or interest payments are secured by the bond insurance company listed.
(i)	Security subject to the alternative minimum tax.
(j)	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 August 31, 2010.

Portfolio Composition

By credit quality

as of September 30, 2010

Pre-refunded	3.15	%
AAA	1.17
AA	4.88
A	7.27
BBB	20.09
BB	4.12
B	0.42
Other	0.07
Not rated	58.83

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

26        Invesco High Income Municipal Fund

Statement of Assets and Liabilities

August 31, 2010

(Unaudited)

Assets:
Investments, at value (Cost $742,672,156)	$	725,354,968
Receivables for:
Investments sold		847,520
Fund shares sold		3,269,029
Interest		12,174,226
Fund expenses absorbed		10,293
Investment for trustee deferred compensation and retirement plans		30,112
Other assets		47,620
Total assets		741,733,768
Liabilities:
Payables for:
Investments purchased		2,769,988
Fund shares reacquired		481,853
Amount due custodian		50,027
Dividends		1,339,183
Accrued fees to affiliates		326,892
Accrued other operating expenses		49,906
Trustee deferred compensation and retirement plans		72,917
Total liabilities		5,090,766
Net assets applicable to shares outstanding	$	736,643,002
Net assets consist of:
Shares of beneficial interest	$	812,639,155
Undistributed net investment income		676,999
Undistributed net realized gain (loss)		(59,355,964	)
Unrealized appreciation (depreciation)		(17,317,188	)
	$	736,643,002
Net Assets:
Class A	$	406,202,065
Class B	$	19,900,199
Class C	$	162,628,401
Class Y	$	89,679,040
Institutional Class	$	58,233,297
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		51,072,158
Class B		2,499,242
Class C		20,439,180
Class Y		11,259,758
Institutional Class		7,320,074
Class A:
Net asset value per share	$	7.95
Maximum offering price per share
(Net asset value of $7.95 divided by 95.25%)	$	8.35
Class B:
Net asset value and offering price per share	$	7.96
Class C:
Net asset value and offering price per share	$	7.96
Class Y:
Net asset value and offering price per share	$	7.96
Institutional Class:
Net asset value and offering price per share	$	7.96

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

27        Invesco High Income Municipal Fund

Statement of Operations

For the six months ended August 31, 2010

(Unaudited)

Investment income:
Interest	$	21,826,244
Expenses:
Advisory fees		2,014,702
Administrative services fees		99,145
Custodian fees		13,951
Distribution fees:
Class A		490,585
Class B		99,111
Class C		770,968
Transfer agent fees		137,788
Transfer agent fees — Institutional		24,668
Trustees’ and officers’ fees and benefits		17,438
Other		145,330
Total expenses		3,813,686
Less: Fees waived and expenses reimbursed		(529,391	)
Net expenses		3,284,295
Net investment income		18,541,949
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(4,241,468	)
Change in net unrealized appreciation of investment securities		35,768,706
Net realized and unrealized gain		31,527,238
Net increase in net assets resulting from operations	$	50,069,187

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

28        Invesco High Income Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2010, the period April 1, 2009 through February 28, 2010 and the year ended March 31, 2009

(Unaudited)

	Six			Eleven
	months			months			Year
	ended			ended			ended
	August 31,			February 28,			March 31,
	2010			2010			2009
Operations:
Net investment income	$	18,541,949		$	32,247,861		$	34,271,334
Net realized gain (loss)		(4,241,468	)		(9,898,657	)		(26,973,935	)
Change in net unrealized appreciation (depreciation)		35,768,706			101,796,800			(119,029,870	)
Net increase (decrease) in net assets resulting from operations		50,069,187			124,146,004			(111,732,471	)
Distributions to shareholders from net investment income:
Class A		(11,135,925	)		(20,281,892	)		(21,958,475	)
Class B		(490,736	)		(982,546	)		(1,195,315	)
Class C		(3,814,102	)		(6,093,451	)		(5,260,406	)
Class Y		(1,894,914	)		(2,169,403	)		(470,291	)
Institutional Class		(1,659,251	)		(2,985,252	)		(4,890,134	)
Total distributions from net investment income		(18,994,928	)		(32,512,544	)		(33,774,621	)
Share transactions–net:
Class A		2,855,225			16,393,034			17,990,381
Class B		(1,170,928	)		(832,204	)		(4,140,540	)
Class C		8,982,761			36,379,832			19,165,107
Class Y		36,860,490			30,377,248			16,445,547
Institutional Class		2,604,746			(5,514,332	)		(17,187,361	)
Net increase in net assets resulting from share transactions		50,132,294			76,803,578			32,273,134
Net increase (decrease) in net assets		81,206,553			168,437,038			(113,233,958	)
Net assets:
Beginning of period		655,436,449			486,999,411			600,233,369
End of period (includes undistributed net investment income of $676,999, $1,129,978 and $1,394,612 respectively)	$	736,643,002		$	655,436,449		$	486,999,411

Notes to Financial Statements

August 31, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco High Income Municipal Fund, formerly AIM High Income Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), formerly 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 eleven 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 total return, comprised of substantially federal tax-exempt income and taxable capital appreciation.

  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 waived 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.

29        Invesco High Income Municipal 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 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 investment adviser.
	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 adviser 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.

30        Invesco 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 Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser 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 between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  Effective July 1, 2010 the Adviser 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 0.83%, 1.58%, 1.58%, 0.58% and 0.58% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. 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.

  For the six months ended August 31, 2010, the Adviser waived advisory fees $366,935 and reimbursed class level expenses of $85,733, $4,330, $33,683, $14,042 and $24,668 of Class A, Class B, Class C, Class Y and Institutional Class shares, respectively.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco 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 August 31, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $0.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2010, 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 Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS 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 August 31, 2010, 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 Distributors, Inc. (“IDI”) 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 Class A, Class B and Class C shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI 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

31        Invesco High Income Municipal Fund

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 August 31, 2010, 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 August 31, 2010, IDI advised the Fund that IDI retained $48,211 in front-end sales commissions from the sale of Class A shares and $5,847, $14,275 and $10,344 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, IIS and/or IDI.

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, yield curves, loss severities, default rates, discount rates, volatilities 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 August 31, 2010. 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		—	$	708,719,968		—	$	708,719,968
Short Term Investments		—	$	16,635,000		—	$	16,635,000
Total		—	$	725,354,968		—	$	725,354,968

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 adviser (or affiliated investment advisers), 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 August 31, 2010, the Fund engaged in securities purchases of $4,550,623.

NOTE 5—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 Invesco 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 August 31, 2010, the Fund paid legal fees of $2,820 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 6—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 (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and

32        Invesco High Income Municipal Fund

Invesco, 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 7—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 February 28, 2010 which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 28, 2011	$	972,821
February 28, 2012		1,072,111
February 28, 2013		2,599,981
February 28, 2014		376,854
February 28, 2015		622,423
February 28, 2016		4,837,280
February 28, 2017		14,375,305
February 28, 2018		28,280,343
Total capital loss carryforward	$	53,137,118

*  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 8—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 August 31, 2010 was $63,846,966 and $13,144,141, 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	$	25,162,666
Aggregate unrealized (depreciation) of investment securities		(42,403,627	)
Net unrealized appreciation (depreciation) of investment securities	$	(17,240,961	)
Cost of investments for tax purposes is $742,595,929.

33        Invesco High Income Municipal Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Eleven months ended						Year ended
	August 31, 2010(a)						February 28, 2010						March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		9,350,366		$	72,295,081			15,665,759		$	111,585,560			21,013,893		$	154,988,660
Class B		191,365			1,486,249			528,387			3,795,101			511,324			3,827,007
Class C		2,435,107			18,849,327			7,220,821			51,964,893			6,263,920			47,412,934
Class Y(b)		5,387,094			42,009,450			5,082,023			35,289,246			2,270,249			17,140,130
Institutional Class		1,143,393			8,820,094			2,200,792			15,873,775			2,581,337			19,166,377
Issued as reinvestment of dividends:
Class A		977,522			7,589,641			1,723,011			12,440,687			1,842,877			13,353,674
Class B		38,773			301,573			75,850			558,255			75,025			539,333
Class C		321,262			2,493,650			550,311			3,988,501			487,859			3,498,074
Class Y		152,296			1,181,361			176,185			1,292,432			47,741			308,996
Institutional Class		206,999			1,605,672			405,440			2,902,117			478,320			3,444,464
Automatic conversion of Class B shares to Class A shares:
Class A		146,373			1,130,902			334,518			2,386,335			441,071			3,200,774
Class B		(146,184	)		(1,130,902	)		(334,075	)		(2,386,335	)		(440,494	)		(3,200,774	)
Reacquired:
Class A(b)		(10,109,939	)		(78,160,399	)		(15,372,357	)		(110,019,548	)		(21,943,013	)		(153,552,727	)
Class B		(236,647	)		(1,827,848	)		(383,640	)		(2,799,225	)		(712,799	)		(5,306,106	)
Class C		(1,598,105	)		(12,360,216	)		(2,690,568	)		(19,573,562	)		(4,425,111	)		(31,746,901	)
Class Y		(819,898	)		(6,330,321	)		(888,140	)		(6,204,430	)		(147,792	)		(1,003,579	)
Institutional Class		(1,010,793	)		(7,821,020	)		(3,488,041	)		(24,290,224	)		(6,179,096	)		(39,798,202	)
Net increase in share activity		6,428,984		$	50,132,294			10,806,276		$	76,803,578			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 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco 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	)

Effective November 30, 2010, all Invesco funds will be closing their Class B shares. Shareholders with investments in Class B shares may continue to hold such shares until they convert to Class A shares, but no additional investments will be accepted in Class B shares on or after November 30, 2010. Any dividends or capital gains distributions may continue to be reinvested in Class B shares until conversion. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert.

34        Invesco High Income Municipal 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
						Net gains																to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends										net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)			unrealized)			operations			income			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 08/31/10	$	7.61	$	0.22	(c)	$	0.34		$	0.56		$	(0.22	)	$	7.95		7.49	%	$	406,202		0.81	%(d)		0.96	%(d)		5.55	%(d)		2	%
Eleven months ended 02/28/10		6.46		0.40	(c)		1.16			1.56			(0.41	)		7.61		24.65			385,638		0.80			0.98			6.14			8
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
Class B
Six months ended 08/31/10		7.61		0.19	(c)		0.35			0.54			(0.19	)		7.96		7.23			19,900		1.56	(d)		1.71	(d)		4.80	(d)		2
Eleven months ended 02/28/10		6.47		0.36	(c)		1.14			1.50			(0.36	)		7.61		23.64			20,193		1.55			1.73			5.39			8
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
Class C
Six months ended 08/31/10		7.61		0.19	(c)		0.35			0.54			(0.19	)		7.96		7.23			162,628		1.56	(d)		1.71	(d)		4.80	(d)		2
Eleven months ended 02/28/10		6.47		0.36	(c)		1.14			1.50			(0.36	)		7.61		23.64			146,707		1.55			1.73			5.39			8
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
Class Y
Six months ended 08/31/10		7.61		0.23	(c)		0.35			0.58			(0.23	)		7.96		7.75			89,679		0.56	(d)		0.71	(d)		5.80	(d)		2
Eleven months ended 02/28/10		6.47		0.43	(c)		1.13			1.56			(0.42	)		7.61		24.72			49,800		0.55			0.73			6.39			8
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			0.78	(f)		6.31	(f)		22
Institutional Class
Six months ended 08/31/10		7.61		0.23	(c)		0.35			0.58			(0.23	)		7.96		7.75			58,233		0.56	(d)		0.76	(d)		5.80	(d)		2
Eleven months ended 02/28/10		6.46		0.42	(c)		1.15			1.57			(0.42	)		7.61		24.92			53,099		0.55			0.78			6.39			8
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			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 $389,267, $19,661, $152,937, $63,759 and $55,569 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.

35        Invesco 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 March 1, 2010 through August 31, 2010.

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	(03/01/10)		(08/31/10)1		Period2		(08/31/10)		Period2		Ratio
A	$	1,000.00	$	1,074.90	$	4.24	$	1,021.02	$	4.13		0.81	%
B		1,000.00		1,072.30		8.15		1,017.34		7.93		1.56
C		1,000.00		1,072.30		8.15		1,017.34		7.93		1.56
Y		1,000.00		1,077.50		2.93		1,022.38		2.85		0.56
Institutional		1,000.00		1,077.50		2.93		1,022.38		2.85		0.56

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2010 through August 31, 2010, 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 184/365 to reflect the most recent fiscal half year.

36        Invesco High Income Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco High Income Municipal Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) 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 Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 15-16, 2010, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 85% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2010. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided and 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 Advisers 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, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco 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 to review the performance, investment objective(s), policies, strategies, limitations and investment risk of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses, and other matters related to all their assigned funds. Each Sub-Committee recommends to the Investment Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer, which is prepared as part of his responsibility to manage the process by which the Invesco 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. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board considered the information provided to them as part of the contract renewal process as well as information provided at their meetings throughout the year as part of their ongoing oversight of the Fund, and did not identify any information that was controlling. One Trustee may weigh a particular piece of information differently than another Trustee. The Trustees recognized that the advisory arrangements and resulting advisory fees for the Fund and the other Invesco Funds are the result of years of review and negotiation between the Trustees and Invesco Advisers, 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 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, this information is current as of June 16, 2010, and may not reflect consideration of factors that became known to the Board after that date, including, for example, 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 Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services. The Board’s review of the qualifications of Invesco Advisers to provide these services included the Board’s consideration of Invesco Advisers’ portfolio and product review process, various back office support functions provided by Invesco Advisers and its affiliates, and Invesco Advisers’ 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 Advisers are appropriate and that Invesco Advisers 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 or sub-advisory contracts, as applicable.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ 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 Advisers and its affiliates continue to take to improve the quality and efficiency of the services they provide to the Invesco Funds in the areas of investment performance, product line diversification, distribution, fund operations, shareholder services and compliance. The Board considered Invesco Advisers’ independent credit analysis and investment risk management procedures as they apply to the Fund and the other Invesco Funds. The Board also considered the acquisition by Invesco Ltd. of the retail mutual fund business of Morgan Stanley and how that is expected to affect product line diversification. The Board also considered assurances from Invesco Advisers that it does not expect the acquisition to diminish the quality of services provided to the Invesco Funds and that it plans to increase staffing. The Board concluded that the quality and efficiency of the services Invesco Advisers and its affiliates provide to the Invesco Funds support the Board’s approval of the continuance of the Fund’s investment advisory agreement.

  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 located in financial centers around the world, can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the additional resources and talents of the Affiliated Sub-Advisers in managing the Fund.

37        Invesco High Income Municipal Fund

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser 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 Advisers or an Affiliated Sub-Adviser and against the Lipper High Yield Municipal Debt Funds Index. The Board noted that the performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and five year periods, and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the performance of Class A shares of the Fund was below the performance of the Index for the one year period and above for the 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 Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  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 Advisers or an Affiliated Sub-Adviser, at a common asset level. The Board noted that the contractual advisory fee rate for Class A shares of the Fund 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 comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts in a manner substantially similar to the management of the Fund.

  The Board noted that Invesco Advisers 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 Advisers 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 considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers 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 Advisers to the Affiliated Sub-Advisers.

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

D.  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 Fund would share in economies of scale as the Fund’s net assets exceeded the breakpoints. 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 Invesco Funds and other clients advised by Invesco Advisers.

E.  Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit with respect to the services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board also noted that Invesco Advisers continues to support the Invesco Funds with spending on regulatory compliance, attribution systems, global trading initiatives and a focus on building out the product line-up for the benefit of all shareholders of the Invesco Funds. The Board concluded that the Fund’s fees are fair and reasonable, and that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive in light of the nature, quality and extent of the services provided and the support provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts and concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

F.  Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates resulting from the relationship with the Fund, including the fees received by Invesco Advisers and its affiliates for their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed by Invesco Advisers 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 Advisers and its affiliates are providing these services 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 Advisers 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 Advisers and the Affiliated Sub-Advisers to the funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through at least June 30, 2011, the advisory fees payable by the Fund in an amount equal to 100% of the net advisory fee Invesco Advisers 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.

38        Invesco High Income Municipal Fund

Invesco mailing information

Send general correspondence to Invesco, P.O. Box 4739, Houston, TX 77210-4739.

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 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 invesco.com/completeqtrholdings. 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 202 551 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 811-05460 and 033-19862.

     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 at invesco.com/proxyguidelines. 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, 2010, is available at our website, invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

HIM-SAR-1 Invesco Distributors, Inc.

Invesco Tax-Exempt Cash Fund
Semiannual Report to Shareholders § August 31, 2010

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

For the most recent month-end performance, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Fund Information

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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.

Team managed by Invesco Advisers, Inc.

2 Invesco Tax-Exempt Cash Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

Although the global markets have improved since their lows of 2009, they remain challenging as governments around the world work to ensure the recovery remains on track. In this volatile environment, it’s comforting to know that your Board is committed to putting your interests first. We realize you have many choices when selecting a money manager, and your Board is working hard to ensure you feel you’ve made the right choice.

     To that end, I’m pleased to share the news that Invesco has completed its acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. This acquisition greatly expands the breadth and depth of investment strategies we can offer you. As a result of this combination, Invesco gained investment talent for a number of investment strategies, including U.S. value equity, U.S. small cap growth equity, tax-free municipals, bank loans and others. Another key advantage of this combination is the highly complementary nature of our cultures. This is making it much easier to bring our organizations together while ensuring that our investment teams remain focused on managing your money.

     We view this addition as an excellent opportunity for you, our shareholders, to have access to an even broader range of well-diversified mutual funds. Now that the acquisition has closed, Invesco is working to bring the full value of the combined organization to shareholders. The key goals of this effort are to ensure that we have deeply resourced and focused investment teams, a compelling line of products and enhanced efficiency, which will benefit our shareholders now and over the long term.

     It might interest you to know that the mutual funds of the combined organization are overseen by a single fund Board composed of 17 current members, including four new members who joined us from Van Kampen/Morgan Stanley. This expanded Board will continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we have always maintained.

     As always, you are welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving your interests.

Sincerely,


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

Philip Taylor

Dear Shareholders:

I’m pleased to present this report on your Fund’s performance for the period covered by this report. Whether you’re a long-time Invesco client or a shareholder who joined us as a result of our June 1 acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, I’m glad you’re part of the Invesco family.

     At Invesco, we’re committed to providing you with timely information about market conditions, answering questions you may have about your investments and offering outstanding customer service. At our website, invesco.com/us, you can obtain unique market perspectives, useful investor education information and your Fund’s most recent quarterly commentary.

     I believe Invesco, as a leading global investment manager, is uniquely positioned to serve your needs.

     First, we are committed to investment excellence. We believe the best investment insights come from specialized investment teams with discrete investment perspectives, each operating under a disciplined philosophy and process with strong risk oversight and quality controls.

     Second, we offer you a broad range of investment products that can be tailored to your needs and goals. These products include single-country, regional and global investment options spanning major equity, fixed income and alternative asset classes.

     And third, we have just one focus: investment management. At Invesco, we believe that focus brings success, and that’s why investment management is all we do.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, please email me directly at phil@invesco.com.

     Thank you for investing with us.

Sincerely,


Philip Taylor
Senior Managing Director, Invesco

3 Invesco Tax-Exempt Cash Fund

Schedule of Investments

August 31, 2010

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–99.60%
Alabama–1.62%
Gardendale (City of) (Woodbrook Apartments); Series 2002 D, Ref. VRD MFH RB (CEP–FHLMC)(a)		0.39	%		10/01/32	$	895	$	895,000
Alaska–0.73%
Fairbanks North Star (Borough of); Series 2010 N, Ref. Unlimited Tax GO		2.00	%		11/01/10		400		400,990
Colorado–4.11%
Colorado (State of) Educational & Cultural Facilities Authority (National Jewish Federation Bond); Series 2008 F-1, VRD RB (LOC–Northern Trust Co.)(b)		0.26	%		09/01/32		200		200,000
Colorado (State of) Housing & Finance Authority (Winridge Apartments); Series 1998, Ref. VRD Multi-Family RB (CEP–FNMA)(a)		0.30	%		02/15/28		1,565		1,565,000
Douglas (County of); Series 2010, Road Improvement Sales & Use Tax RB		3.00	%		10/15/10		500		501,527
									2,266,527
Florida–6.44%
Broward (County of) Educational Facilities Authority (City College, Inc.); Series 2004, VRD RB (LOC–Citibank, N.A.)(a)(b)		0.28	%		11/01/31		600		600,000
Dade (County of) Industrial Development Authority (Spectrum Programs, Inc.); Series 1996, VRD IDR (LOC–Bank of America, N.A.)(a)(b)		0.50	%		10/01/16		730		730,000
Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)		0.33	%		11/01/36		675		675,000
Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co.)(a)(b)		0.29	%		07/01/32		800		800,000
Volusia (County of) Housing Finance Authority (The Anatole Apartments); Series 2002, Ref. VRD MFH RB (CEP–FNMA)(a)		0.29	%		10/15/32		750		750,000
									3,555,000
Georgia–5.90%
DeKalb (County of) Development Authority (Atlanta Jewish Federation, Inc.); Series 1996, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.39	%		08/01/21		100		100,000
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health Systems Project); Series 2008B, VRD RAN (LOC–Branch Banking & Trust Co.)(a)(b)		0.29	%		08/01/38		1,000		1,000,000
Lowndes (County of) School District; Series 2007, Unlimited GO		5.00	%		02/01/11		350		356,676
Marietta (City of) Housing Authority (Wood Knoll Apartments); Series 1994, Ref. VRD MFH RB (CEP–FHLMC)(a)		0.30	%		07/01/24		1,200		1,200,000
Private Colleges and Universities Authority (Emory University); Series 2005B-2, VRD RB(a)		0.24	%		09/01/35		600		600,000
									3,256,676
Illinois–8.61%
Illinois (State of) Development Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–Bank of America; N.A.)(a)(b)(c)		0.36	%		10/01/17		900		900,000
Illinois (State of) Development Finance Authority (United Way/Crusades of Mercy, Inc.); Series 2002, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.50	%		04/01/27		415		415,000
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A-2, RB(a)		0.35	%		11/01/30		200		200,000
Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–Harris N.A.)(a)(b)(d)		0.30	%		02/01/42		1,900		1,900,000
Illinois (State of) Finance Authority (Northwestern University); Series 2008 B, RB(a)		0.32	%		12/01/46		200		200,000
West Chicago (City of) (Liquid Container, LP); Series 1991, Ref. VRD IDR (LOC–Bank of America, N.A.)(a)(b)		0.33	%		03/01/15		1,135		1,135,000
									4,750,000

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

4        Invesco Tax-Exempt Cash Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Iowa–1.63%
Iowa (State of) Finance Authority (YMCA & Rehabilitation Center); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.45	%		04/01/25	$	900	$	900,000
Kansas–0.72%
Wichita (City of);
Series 2010-238, Renewal & Improvement Unlimited Tax Temporary GO		0.50	%		08/18/11		200		200,191
Series 2010-240, Improvement Unlimited Tax Temporary GO		0.45	%		09/15/11		200		200,094
									400,285
Michigan–2.93%
Grand Rapids (City of) Economic Development Corp. (Amway Hotel Corp.); Series 1991 A, Ref. VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.74	%		08/01/17		130		130,000
Michigan (State of) Hospital Finance Authority (McLaren Health Care Corp.); Series 2008 B-2, Ref. VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)		0.28	%		10/15/30		490		490,000
Michigan (State of) Housing Development Authority (Parks of Taylor Apartments); Series 2002 A, VRD MFH Limited Obligation RB (CEP–FNMA)(a)		0.31	%		08/15/32		500		500,000
Southfield (City of) Economic Development Corp. (Lawrence Technological University); Series 2001, VRD Limited Obligation RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)		0.30	%		10/01/31		500		500,000
									1,620,000
Minnesota–1.99%
Minnesota (State of) Tax & Aid Anticipation Borrowing Program (Minnesota School District Credit Enhancement Program);
Series 2009, COP		2.00	%		09/10/10		250		250,091
Series 2009 B, COP		2.00	%		09/10/10		500		500,209
Series 2010 A, COP		2.00	%		09/10/10		350		350,148
									1,100,448
Missouri–0.91%
St. Louis (County of) Industrial Development Authority (Friendship Village of South County); Series 2002 B, VRD RB (LOC–Bank of America, N.A.)(a)(b)(d)		0.38	%		09/01/22		500		500,000
New Hampshire–4.08%
New Hampshire (State of) Business Finance Authority (Foundation for Seacoast Health); Series 1998 A, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.39	%		06/01/28		2,250		2,250,000
New Jersey–1.63%
New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(a)(b)		0.30	%		02/01/28		900		900,000
New Mexico–0.37%
New Mexico (State of); Series 2010, TRAN		2.00	%		06/30/11		200		202,802
New York–0.65%
Monroe (County of) Fairport Central School District; Series 2010, School District (Serial) GO		2.00	%		06/15/11		355		358,884
North Carolina–2.94%
Board of Governors of The University of North Carolina (Chapel Hill); Series 2002B, Ref. RB		5.00	%		12/01/10		100		101,164
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB		0.25	%		12/01/21		900		900,000
North Carolina Capital Facilities Finance Agency (Thompson Children’s Home); Series 2000, VRD Educational Facilities RB (LOC–Bank of America N.A.)(a)(b)		0.50	%		12/01/20		620		620,000
									1,621,164

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

5        Invesco Tax-Exempt Cash Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
North Dakota–3.62%
Fargo (City of) (Case Oil Co.); Series 1984, VRD Commercial Development RB (LOC–U.S. Bank, N.A.)(a)(b)		0.42	%		12/01/14	$	2,000	$	2,000,000
Ohio–9.06%
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(a)(b)		0.29	%		11/01/40		2,800		2,800,000
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2005-B, Ref. VRD PCR (LOC–Barclays Bank PLC)(a)(b)(d)		0.28	%		01/01/34		2,000		2,000,000
Princeton City School District; Series 2010, School Improvement BAN		2.00	%		11/24/10		200		200,734
									5,000,734
Oregon–2.87%
Oregon (State of) Health, Housing, Educational and Cultural Facilities Authority (Sacred Heart Medical Center Foundation); Series 1998 A, VRD RB (LOC– U.S. Bank N.A.)(a)(b)		0.22	%		11/01/28		970		970,000
Portland (City of) Housing Authority (New Market West Project); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.39	%		04/01/34		615		615,000
									1,585,000
Pennsylvania–3.76%
Derry (Township of,) Industrial and Commercial Development Authority (Arena Project, Hershey, Pennsylvania); Series 2000A, VRD Hotel Tax RB (LOC–PNC Bank, N.A.)(a)(b)		0.29	%		11/01/30		675		675,000
Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)		0.29	%		10/15/25		800		800,000
Moon (Township of), Industrial Development Authority (Providence Point); Series 2007, VRD First Mortgage RB (LOC–Lloyds TSB Bank PLC)(a)(b)		0.30	%		07/01/38		500		500,000
Pennsylvania (State of) Economic Development Financing Authority (Pennsylvania Treasury Department Hospital Enhancement Loan Program-Indiana Regional Medical Center); Series 2006 A-2, VRD RB (LOC–PNC Bank, N.A.)(a)(b)		0.32	%		06/01/11		100		100,000
									2,075,000
Rhode Island–0.36%
East Greenwich (Town of); Series 2010, Unlimited Tax GO BAN		1.50	%		02/16/11		200		201,045
South Carolina–6.48%
Greenwood (County of) School District No. 50; Series 2010, Unlimited Tax GO		2.00	%		04/01/11		750		756,929
South Carolina (State of) Jobs-Economic Development Authority (John Ancrum Society for Prevention of Cruelty to Animals); Series 2007, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.50	%		08/01/27		2,820		2,820,000
									3,576,929
Tennessee–6.39%
Clarksville (City of) Public Building Authority (Tennessee Municipal Bond Fund); Series 1994, VRD Pooled Financing RB (LOC– Bank of America, N.A.)(a)(b)		0.33	%		06/01/24		600		600,000
Hawkins (County of) Industrial Development Board (Leggett & Platt Inc.); Series 1988 B, Ref. VRD IDR (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.49	%		10/01/27		1,750		1,750,000
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board (Vanderbilt University); Series 2000A, VRD RB(a)		0.24	%		10/01/30		675		675,000
Shelby (County of) Health, Educational and Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA)(a)		0.30	%		12/15/42		500		500,000
									3,525,000
Texas–10.41%
Bexar (County of);
Series 2010, Limited Tax GO		3.00	%		06/15/11		215		219,470
Series 2010, Ref. Limited Tax GO		2.00	%		06/15/11		300		303,756

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

6        Invesco Tax-Exempt Cash Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Harris (County of); Series 2010, Unlimited TAN		1.50	%		02/28/11	$	300	$	301,711
Hockley (County of) Industrial Development Corp. (BP PLC);
Series 1983, PCR(a)(d)		0.45	%		03/01/14		500		500,000
Series 1985, PCR(a)(d)		0.40	%		11/01/19		440		440,000
Houston (City of);
Series 2004 B-6, Ref. VRD Combined Utility System First Lien RB (LOC–Bank of Nova Scotia)(a)(b)(d)		0.25	%		05/15/34		800		800,000
Series 2009 H-2, General Obligation Commercial Paper Notes		0.30	%		12/02/10		500		500,000
JPMorgan Chase PUTTERs (Frisco Independent School District); Series 2009-3373, VRD Unlimited Tax School Building GO (CEP–Texas Permanent School Fund)(a)(c)(e)		0.33	%		08/15/16		1,750		1,750,000
Southlake (City of) Tarrant & Denton Counties; Series 2010, Limited Tax & Waterworks & Sewer System Revenue Obligation Ctfs.		3.00	%		02/15/11		720		728,298
Texas (State of); Series 2010, TRAN		2.00	%		08/31/11		200		203,319
									5,746,554
Utah–0.91%
Utah (County of) (IHC Health Services, Inc.); Series 2002B, VRD Hospital RB (CEP–US Bank, N.A.)(a)		0.25	%		05/15/35		500		500,000
Vermont–2.26%
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 B, VRD Mortgage RB (LOC–Banco Santander S.A.)(a)(b)(d)		0.49	%		05/01/29		1,250		1,250,000
Washington–4.99%
King (County of);
Series 2002, Various Purpose Limited Tax GO		5.00	%		12/01/10		130		131,444
Series 2010, Limited Tax GO BAN		2.00	%		06/15/11		715		724,039
Seattle (Port of), Washington Industrial Development Corp. (Sysco Food Services of Seattle, Inc.); Series 1994, Ref. VRD RB(a)		0.35	%		11/01/25		1,550		1,550,000
Washington (State of) Housing Finance Commission (District Council No. 5 Apprenticeship and Training Trust Fund); Series 2006, VRD Non-profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.39	%		11/01/32		350		350,000
									2,755,483
Wisconsin–2.94%
Madison (City of) Community Development Authority (Hamilton Point Apartments); Series 1997 A, Ref. VRD MFH RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(c)		0.45	%		10/01/22		725		725,000
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)		0.39	%		08/15/34		900		900,000
									1,625,000
Wyoming–0.29%
Gillette (City of), (Pacificorp); Series 1988, Ref. VRD PCR (LOC–Barclays Bank PLC)(a)(b)(d)		0.29	%		08/13/10		160		160,000
TOTAL INVESTMENTS(f)(g)–99.60% (Cost $54,978,521)									54,978,521
OTHER ASSETS LESS LIABILITIES–0.40%									219,831
NET ASSETS–100.00%								$	55,198,352

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

7        Invesco Tax-Exempt Cash Fund

Investment Abbreviations:

BAN	– Bond Anticipation Note
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
FHLMC	– Federal Home Loan Mortgage Corp.
FNMA	– Federal National Mortgage Association
GO	– General Obligation Bonds
IDR	– Industrial Development Revenue Bonds
LOC	– Letter of Credit
MFH	– Multi-Family Housing
PCR	– Pollution Control Revenue Bonds
PUTTERs	– Putable Tax-Exempt Receipts
RAN	– Revenue Anticipation Notes
RB	– Revenue Bonds
TAN	– Tax Anticipation Notes
TRAN	– Tax and Revenue 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 August 31, 2010.
(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)	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 August 31, 2010 was $3,375,000, which represented 6.11% of the Fund’s Net Assets.
(d)	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: 6.52%; other countries less than 5% each: 7.16%.
(e)	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.
(f)	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
Bank of America, N.A.		19.9	%
PNC Bank, N.A.		9.6	%
FNMA		6.0	%
U.S. Bank, N.A.		5.4	%
Wells Fargo Bank, N.A.		5.1	%

^(g) Also represents cost for federal income tax purposes.

Portfolio Composition*

Number of days to maturity

as of August 31, 2010

1-7	84.5	%
8-30	2.0
31-90	2.8
91-180	4.0
181+	6.7

*  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.

8        Invesco Tax-Exempt Cash Fund

Statement of Assets and Liabilities

August 31, 2010

(Unaudited)

Assets:
Investments, at value (Cost $54,978,521)	$	54,978,521
Receivables for:
Investments sold		310,000
Fund shares sold		130,761
Interest		67,948
Fund expenses absorbed		6,913
Investment for trustee deferred compensation and retirement plans		42,110
Other assets		28,679
Total assets		55,564,932
Liabilities:
Payables for:
Investments purchased		200,094
Fund shares reacquired		10,239
Dividends		34
Accrued fees to affiliates		15,692
Accrued other operating expenses		94,207
Trustee deferred compensation and retirement plans		46,314
Total liabilities		366,580
Net assets applicable to shares outstanding	$	55,198,352
Net assets consist of:
Shares of beneficial interest	$	55,223,272
Undistributed net investment income		(20,328	)
Undistributed net realized gain (loss)		(4,592	)
	$	55,198,352
Net Assets:
Class A	$	32,815,217
Class Y	$	11,698,900
Investor Class	$	10,684,235
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		32,845,933
Class Y		11,702,834
Investor Class		10,694,807
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.

9        Invesco Tax-Exempt Cash Fund

Statement of Operations

For the six months ended August 31, 2010

(Unaudited)

Investment income:
Interest	$	88,330
Expenses:
Advisory fees		90,858
Administrative services fees		25,206
Custodian fees		952
Distribution fees — Class A		13,203
Transfer agent fees		18,953
Trustees’ and officers’ fees and benefits		10,489
Registration and filing fees		18,321
Professional services fees		16,690
Other		7,662
Total expenses		202,334
Less: Fees waived and expenses reimbursed		(127,953	)
Net expenses		74,381
Net investment income		13,949
Net realized gain (loss) from investment securities		(4,592	)
Net increase in net assets resulting from operations	$	9,357

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

10        Invesco Tax-Exempt Cash Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2010, for the period April 1,2009 to February 28, 2010 and the year ended March 31, 2009

(Unaudited)

	August 31,			February 28,			March 31,
	2010			2010			2009
Operations:
Net investment income	$	13,949		$	31,888		$	489,070
Net realized gain (loss)		(4,592	)		—			—
Net increase in net assets resulting from operations		9,357			31,888			489,070
Distributions to shareholders from net investment income:
Class A		(7,940	)		(14,543	)		(294,652	)
Class Y		(3,239	)		(9,514	)		(39,367	)
Investor Class		(2,770	)		(7,831	)		(155,051	)
Total distributions from net investment income		(13,949	)		(31,888	)		(489,070	)
Share transactions–net:
Class A		13,810,423			160,249			(12,952,536	)
Class Y		(5,082,339	)		5,615,810			11,169,363
Investor Class		(1,274,838	)		(680,782	)		(1,333,818	)
Net increase (decrease) in net assets resulting from share transactions		7,453,246			5,095,277			(3,116,991	)
Net increase (decrease) in net assets		7,448,654			5,095,277			(3,116,991	)
Net assets:
Beginning of period		47,749,698			42,654,421			45,771,412
End of period (includes undistributed net investment income of $(20,328), $(20,328) and $23,329, respectively)	$	55,198,352		$	47,749,698		$	42,654,421

Notes to Financial Statements

August 31, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Tax-Exempt Cash Fund, formerly AIM Tax-Exempt Cash Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), formerly 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 eleven 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.

11        Invesco Tax-Exempt Cash Fund

	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 investment adviser.
	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 adviser 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 (“GAAP”) 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.
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 Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser at the annual rate of 0.35% of the Fund’s average daily net assets.

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

  Invesco and/or Invesco Distributors, Inc. (“IDI”) 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 August 31, 2010, the Adviser waived advisory fees of $90,859 and class level expenses of $25,354, $5,278 and $6,462 of Class A, Class Y and Investor Class shares, respectively.

12        Invesco Tax-Exempt Cash Fund

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2010, 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 Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS 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 August 31, 2010, 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 IDI 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”). The Fund, pursuant to the Plans, pays IDI compensation up to a maximum annual rate of 0.10% 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. For the six months ended August 31, 2010, 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 and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2010, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A 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, IIS and/or IDI.

NOTE 3—Additional Valuation Information

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, yield curves, loss severities, default rates, discount rates, volatilities 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 August 31, 2010. 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.

  During the six months ended August 31, 2010, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	54,978,521	$	—	$	54,978,521

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 adviser (or affiliated investment advisers), 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 August 31, 2010, the Fund engaged in securities purchases of $20,566,229 and securities sales of $26,024,074, which resulted in net realized gains (losses) of $0.

NOTE 5—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

13        Invesco Tax-Exempt Cash Fund

deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco 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 August 31, 2010, the Fund paid legal fees of $1,837 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 6—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 7—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 February 28, 2010.

NOTE 8—Share Information

	Summary of Share Activity
	Six months ended						Eleven months ended						Year ended
	August 31, 2010(a)						February 28, 2010						March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		7,345,050		$	7,345,050			35,068,354		$	35,068,354			49,518,290		$	49,518,290
Class Y(b)		25,221,535			25,221,535			23,693,810			23,693,810			23,067,011			23,067,011
Investor Class		1,005,634			1,005,634			4,488,403			4,488,403			9,681,443			9,681,443
Issued as reinvestment of dividends:
Class A		7,402			7,402			14,167			14,167			268,124			268,124
Class Y		3,229			3,229			9,500			9,500			39,292			39,292
Investor Class		2,710			2,710			7,560			7,560			148,375			148,375
Issued in connection with acquisitions:(c)
Class A		18,893,024			18,870,018			—			—			—			—
Reacquired:
Class A(b)		(12,412,047	)		(12,412,047	)		(34,922,272	)		(34,922,272	)		(62,738,950	)		(62,738,950	)
Class Y		(30,307,103	)		(30,307,103	)		(18,087,500	)		(18,087,500	)		(11,936,940	)		(11,936,940	)
Investor Class(b)		(2,283,182	)		(2,283,182	)		(5,176,745	)		(5,176,745	)		(11,163,636	)		(11,163,636	)
Net increase (decrease) in share activity		7,476,252		$	7,453,246			5,095,277		$	5,095,277			(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 and owns 26% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco 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 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 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	)

^(c) As of the open of business on June 1, 2010, the Fund acquired all the net assets of Van Kampen Tax Free Money Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on December 8, 2009 and by the shareholders of Van Kampen Tax Free Money Fund on May 11, 2010. The acquisition as accomplished by a tax-free exchange of 18,893,024 shares of the Fund for 18,893,024 shares outstanding of Van Kampen Tax Free Money Fund as of the close of business on May 28, 2010. The single class of Van Kampen Tax Free Money Fund was exchanged for a like class of shares of the Fund based on the relative net asset value of Van Kampen Tax Free Money Fund to the net asset value of the Fund on the close of business, May 28, 2010. Van Kampen Tax Free Money Fund’s net assets at that date of $18,870,018 were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $44,076,341.

14        Invesco Tax-Exempt Cash Fund

NOTE 9—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 08/31/10	$	1.00	$	0.00	(b)	$	(0.00	)	$	1.00		0.03	%	$	32,815		0.29	%(c)		0.83	%(c)		0.05	%(c)
Eleven months ended 02/28/10		1.00		0.00	(b)		(0.00	)		1.00		0.07			19,008		0.36	(d)		1.07	(d)		0.08	(d)
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
Class Y
Six months ended 08/31/10		1.00		0.00	(b)		(0.00	)		1.00		0.03			11,699		0.29	(c)		0.83	(c)		0.05	(c)
Eleven months ended 02/28/10		1.00		0.00	(b)		(0.00	)		1.00		0.07			16,782		0.36	(d)		0.93	(d)		0.08	(d)
Year ended 03/31/09(e)		1.00		0.00	(b)		(0.00	)		1.00		0.27			11,169		0.94	(d)		1.01	(d)		1.09	(d)
Investor Class
Six months ended 08/31/10		1.00		0.00	(b)		(0.00	)		1.00		0.03			10,684		0.29	(c)		0.83	(c)		0.05	(c)
Eleven months ended 02/28/10		1.00		0.00	(b)		(0.00	)		1.00		0.07			11,960		0.36	(d)		0.93	(d)		0.08	(d)
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

(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)	Calculated using average shares outstanding.
(c)	Ratios are annualized and based on average daily net assets (000’s omitted) of $26,191, $13,928 and $11,376 for Class A, Class Y and Investor Class shares, respectively.
(d)	Annualized.
(e)	Commencement date of October 3, 2008.

15        Invesco 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 March 1, 2010 through August 31, 2010.

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	(03/01/10)		(08/31/10)1		Period2		(08/31/10)		Period2		Ratio
A	$	1,000.00	$	1,000.30	$	1.46	$	1,023.74	$	1.48		0.29	%
Y		1,000.00		1,000.30		1.46		1,023.74		1.48		0.29
Investor		1,000.00		1,000.30		1.46		1,023.74		1.48		0.29

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2010 through August 31, 2010, 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 184/365 to reflect the most recent fiscal half year.

16        Invesco Tax-Exempt Cash Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Tax-Exempt Cash Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) 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 Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 15-16, 2010, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 85% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2010. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided and 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 Advisers 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, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco 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 to review the performance, investment objective(s), policies, strategies, limitations and investment risk of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses, and other matters related to all their assigned funds. Each Sub-Committee recommends to the Investment Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer, which is prepared as part of his responsibility to manage the process by which the Invesco 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. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board considered the information provided to them as part of the contract renewal process as well as information provided at their meetings throughout the year as part of their ongoing oversight of the Fund, and did not identify any information that was controlling. One Trustee may weigh a particular piece of information differently than another Trustee. The Trustees recognized that the advisory arrangements and resulting advisory fees for the Fund and the other Invesco Funds are the result of years of review and negotiation between the Trustees and Invesco Advisers, 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 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, this information is current as of June 16, 2010, and may not reflect consideration of factors that became known to the Board after that date, including, for example, 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 Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services. The Board’s review of the qualifications of Invesco Advisers to provide these services included the Board’s consideration of Invesco Advisers’ portfolio and product review process, various back office support functions provided by Invesco Advisers and its affiliates, and Invesco Advisers’ 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 Advisers are appropriate and that Invesco Advisers 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 or sub-advisory contracts, as applicable.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ 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 Advisers and its affiliates continue to take to improve the quality and efficiency of the services they provide to the Invesco Funds in the areas of investment performance, product line diversification, distribution, fund operations, shareholder services and compliance. The Board considered Invesco Advisers’ independent credit analysis and investment risk management procedures as they apply to the Fund and the other Invesco Funds. The Board also considered the acquisition by Invesco Ltd. of the retail mutual fund business of Morgan Stanley and how that is expected to affect product line diversification. The Board also considered assurances from Invesco Advisers that it does not expect the acquisition to diminish the quality of services provided to the Invesco Funds and that it plans to increase staffing. The Board concluded that the quality and efficiency of the services Invesco Advisers and its affiliates provide to the Invesco Funds support the Board’s approval of the continuance of the Fund’s investment advisory agreement.

  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 located in financial centers around the world, can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the additional resources and talents of the Affiliated Sub-Advisers in managing the Fund.

17        Invesco Tax-Exempt Cash Fund

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser 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 Advisers or an Affiliated Sub-Adviser and against the Lipper Tax-Exempt Money Market Funds Index. The Board noted that the performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth 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 performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. Invesco Advisers advised the Board that the Fund has historically been priced consistent with its role as a conduit to and from other Invesco Advisers 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 Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  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 Advisers or an Affiliated Sub-Adviser, at a common asset level. The Board noted that the contractual advisory fee rate for Class A shares of the Fund 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 comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  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 mutual funds advised by Invesco Advisers and it affiliates with investment strategies comparable to those of the Fund, including one mutual fund advised by Invesco Advisers. The Board noted that the Fund’s effective fee rate was above the effective fee rate for the other mutual fund.

  Other than the mutual fund described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not advise other client accounts with investment strategies comparable to those of the Fund.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers 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 Advisers to the Affiliated Sub-Advisers.

  After taking account of the Fund’s contractual advisory and sub-advisory fee rates, 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.

D.  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 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 Invesco Funds and other clients advised by Invesco Advisers.

E.  Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit with respect to the services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board also noted that Invesco Advisers continues to support the Invesco Funds with spending on regulatory compliance, attribution systems, global trading initiatives and a focus on building out the product line-up for the benefit of all shareholders of the Invesco Funds. The Board concluded that the Fund’s fees are fair and reasonable, and that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive in light of the nature, quality and extent of the services provided and the support provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts and concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

F.  Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates resulting from the relationship with the Fund, including the fees received by Invesco Advisers and its affiliates for their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed by Invesco Advisers 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 Advisers and its affiliates are providing these services 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 Advisers 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 Advisers and the Affiliated Sub-Advisers to the funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through at least June 30, 2011, the advisory fees payable by the Fund in an amount equal to 100% of the net advisory fee Invesco Advisers 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.

18        Invesco Tax-Exempt Cash Fund

Invesco mailing information

Send general correspondence to Invesco, P.O. Box 4739, Houston, TX 77210-4739.

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 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 invesco.com/completeqtrholdings. 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 202 551 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 at invesco.com/proxyguidelines. 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, 2010, is available at our website, invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

TEC-SAR-1 Invesco Distributors, Inc.

Invesco Tax-Free Intermediate Fund
Semiannual Report to Shareholders § August 31, 2010

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
37	Financial Statements
39	Notes to Financial Statements
45	Financial Highlights
46	Fund Expenses
47	Approval of Investment Advisory and Sub-Advisory Agreements

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

Unless otherwise noted, all data provided by Invesco.

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

Performance summary

Fund vs. Indexes

Cumulative total returns, 2/28/10 to 8/31/10, 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	4.89	%
Class A2 Shares	5.02
Class Y Shares	5.02
Institutional Class Shares	5.13
Barclays Capital Municipal Bond Index▼ (Broad Market Index)	5.42
BofA Merrill Lynch 3-7 Year Municipal Index▼ (Style-Specific Index)	3.71
Lipper Intermediate Municipal Debt Funds Index▼ (Peer Group Index)	4.50

^▼ Lipper Inc.

The Barclays Capital Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.

     The BofA Merrill Lynch 3-7 Year Municipal Index consists of bonds with an outstanding par greater than or equal to $25 million and a maturity range between three and seven years.

     The Lipper Intermediate Municipal Debt Funds Index is an unmanaged index considered representative of intermediate municipal debt funds tracked by Lipper.

     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, if applicable, reflects fund expenses; performance of a market index does not.

2 Invesco Tax-Free Intermediate Fund

Average Annual Total Returns
As of 8/31/10, including maximum applicable sales charges
Class A Shares
10 Years	4.34	%
5 Years	4.34
1 Year	6.06
Class A2 Shares
Inception (5/11/87)	5.50	%
10 Years	4.83
5 Years	4.95
1 Year	7.96
Class Y Shares
10 Years	4.93	%
5 Years	5.13
1 Year	9.05
Institutional Class Shares
10 Years	4.93	%
5 Years	5.15
1 Year	9.16

On February 1, 2010, the Fund’s former Class A shares were renamed Class A2 shares, and the Fund’s former Class A3 shares were renamed Class A shares. Please see the prospectus for more information.

     Class A shares incepted on October 31, 2002. Performance shown prior to that date is that of Class A2 shares, restated to reflect the higher 12b-1 fees applicable to Class A shares. Class A2 shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A2 shares and includes the 12b-1 fees applicable to Class A2 shares. Class A2 shares performance reflects any applicable fee waivers or expense reimbursements.

     Institutional Class shares incepted on July 30, 2004. Performance shown prior to that date is that of Class A2 shares and includes the 12b-1 fees applicable to Class A2 shares. Class A2 shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance.

Average Annual Total Returns
As of 6/30/10, the most recent calendar quarter-end including maximum applicable sales charges.
Class A Shares
10 Years	4.21	%
5 Years	3.60
1 Year	4.63
Class A2 Shares
Inception (5/11/87)	5.37	%
10 Years	4.69
5 Years	4.19
1 Year	6.52
Class Y Shares
10 Years	4.79	%
5 Years	4.37
1 Year	7.61
Institutional Class Shares
10 Years	4.79	%
5 Years	4.39
1 Year	7.73

Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum applicable sales charge unless otherwise stated. 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 A2, Class Y and Institutional Class shares was 0.63%, 0.38%, 0.38% and 0.37%, 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 2.50% sales charge. Class A2 share performance reflects the maximum 1.00% sales charge. Class Y and Institutional Class 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 adviser not waived fees and/or reimbursed expenses in the past, performance would have been lower.

3 Invesco Tax-Free Intermediate Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

Although the global markets have improved since their lows of 2009, they remain challenging as governments around the world work to ensure the recovery remains on track. In this volatile environment, it’s comforting to know that your Board is committed to putting your interests first. We realize you have many choices when selecting a money manager, and your Board is working hard to ensure you feel you’ve made the right choice.

     To that end, I’m pleased to share the news that Invesco has completed its acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. This acquisition greatly expands the breadth and depth of investment strategies we can offer you. As a result of this combination, Invesco gained investment talent for a number of investment strategies, including U.S. value equity, U.S. small cap growth equity, tax-free municipals, bank loans and others. Another key advantage of this combination is the highly complementary nature of our cultures. This is making it much easier to bring our organizations together while ensuring that our investment teams remain focused on managing your money.

     We view this addition as an excellent opportunity for you, our shareholders, to have access to an even broader range of well-diversified mutual funds. Now that the acquisition has closed, Invesco is working to bring the full value of the combined organization to shareholders. The key goals of this effort are to ensure that we have deeply resourced and focused investment teams, a compelling line of products and enhanced efficiency, which will benefit our shareholders now and over the long term.

     It might interest you to know that the mutual funds of the combined organization are overseen by a single fund Board composed of 17 current members, including four new members who joined us from Van Kampen/Morgan Stanley. This expanded Board will continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we have always maintained.

     As always, you are welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving your interests.

Sincerely,

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

Philip Taylor

Dear Shareholders:

I’m pleased to present this report on your Fund’s performance for the period covered by this report. Whether you’re a long-time Invesco client or a shareholder who joined us as a result of our June 1 acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, I’m glad you’re part of the Invesco family.

     At Invesco, we’re committed to providing you with timely information about market conditions, answering questions you may have about your investments and offering outstanding customer service. At our website, invesco.com/us, you can obtain unique market perspectives, useful investor education information and your Fund’s most recent quarterly commentary.

     I believe Invesco, as a leading global investment manager, is uniquely positioned to serve your needs. First, we are committed to investment excellence. We believe the best investment insights come from specialized investment teams with discrete investment perspectives, each operating under a disciplined philosophy and process with strong risk oversight and quality controls.

     Second, we offer you a broad range of investment products that can be tailored to your needs and goals. These products include single-country, regional and global investment options spanning major equity, fixed income and alternative asset classes.

     And third, we have just one focus: investment management. At Invesco, we believe that focus brings success, and that’s why investment management is all we do.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, please email me directly at phil@invesco.com.

     Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4 Invesco Tax-Free Intermediate Fund

Schedule of Investments

August 31, 2010

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–99.72%
Alabama–2.29%
Alabama (State of) Public School & College Authority;
Series 2009 A, Ref. Capital Improvement RB		5.00	%		05/01/15	$	1,000	$	1,169,410
Series 2009 A, Ref. Capital Improvement RB		5.00	%		05/01/18		1,000		1,203,240
Series 2009 A, Ref. Capital Improvement RB		5.00	%		05/01/19		1,000		1,207,970
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		2,203,440
Birmingham (City of) Special Care Facilities Financing Authority (Children’s Hospital);
Series 2009, Health Care Facility RB (INS–AGC)(b)		4.50	%		06/01/18		990		1,041,866
Series 2009, Health Care Facility RB (INS–AGC)(b)		4.63	%		06/01/19		750		788,648
Series 2009, Health Care Facility RB (INS–AGC)(b)		5.00	%		06/01/21		525		556,652
Series 2009, Health Care Facility RB (INS–AGC)(b)		5.25	%		06/01/24		1,000		1,056,440
Series 2009, Health Care Facility RB (INS–AGC)(b)		5.75	%		06/01/29		2,000		2,115,260
Birmingham (City of) Waterworks Board; Series 2009 A, Water RB (INS–AGC)(b)		5.00	%		01/01/20		2,500		2,925,425
Birmingham (City of) Airport Authority;
Series 2003 A, Ref. Airport RB (INS–AGM)(b)		4.00	%		07/01/15		1,930		2,079,324
Series 2003 A, Ref. Airport RB (INS–AGM)(b)		4.00	%		07/01/16		2,335		2,523,294
Series 2003 A, Ref. Airport RB (INS–AGM)(b)		4.00	%		07/01/17		2,465		2,657,270
Series 2003 A, Ref. Airport RB (INS–AGM)(b)		4.00	%		07/01/18		1,985		2,140,565
Series 2003 A, Ref. Airport RB (INS–AGM)(b)		4.00	%		07/01/19		1,410		1,512,986
Series 2003 A, Ref. Airport RB (INS–AGM)(b)		4.50	%		07/01/20		1,375		1,507,110
Chatom (Town of) Industrial Development Board; Series 2007 A, VRD IDR(c)(d)		1.20	%		08/01/31		2,000		2,000,000
Huntsville (City of) Health Care Authority;
Series 2010 A, RB		4.50	%		06/01/15		2,545		2,762,394
Series 2010 A, RB		5.00	%		06/01/18		2,740		3,026,522
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System, Inc.); Series 2010 A, RB		5.00	%		02/01/12		410		428,917
Mobile (City of) Industrial Development Board (Alabama Power Co. Barry Plant); Series 2007 C, PCR(a)		5.00	%		03/19/15		2,150		2,422,083
Mobile (City of); Series 2009 A, Ref. Unlimited Tax General Obligation Wts.		5.00	%		02/15/22		2,500		2,877,600
									40,206,416
Alaska–0.52%
Alaska (State of) International Airports System; Series 2006 B, Ref. RB (INS–NATL)(b)		5.00	%		10/01/27		1,135		1,190,093
Alaska (State of) Industrial Development & Export Authority (Greater Fairbanks Community Hospital Foundation);
Series 2004 A, RB (INS–AGM)(b)		5.13	%		04/01/19		1,000		1,129,840
Series 2009 C, Ref. RB		4.00	%		04/01/13		545		570,059
Series 2009 C, Ref. RB		4.25	%		04/01/15		1,025		1,092,814
Alaska (State of) Industrial Development & Export Authority;
Series 2010 A, Ref. Revolving Fund RB		5.00	%		04/01/13		1,750		1,936,585
Series 2010 A, Ref. Revolving Fund RB		5.25	%		04/01/21		755		887,510
Alaska (State of) Municipal Bond Bank Authority; Series 2009 1, RB		5.63	%		09/01/29		250		274,885
North Slope (Borough of); Series 2008 A, Unlimited Tax GO		5.50	%		06/30/19		1,000		1,240,540
Southeast Alaska Power Agency; Series 2009, Ref. Electric RB (INS–AGC)(b)		5.13	%		06/01/24		650		723,645
									9,045,971

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

5        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Arizona–3.52%
Arizona (State of);
Series 2010 A, COP (INS–AGM)(b)		5.00	%		10/01/13	$	1,660	$	1,857,341
Series 2010 A, COP (INS–AGM)(b)		5.00	%		10/01/14		3,000		3,431,010
Series 2010 A, COP (INS–AGM)(b)		5.00	%		10/01/15		2,000		2,305,860
Series 2010 A, COP (INS–AGM)(b)		5.00	%		10/01/16		3,000		3,498,450
Series 2010 A, COP (INS–AGM)(b)		5.00	%		10/01/18		2,000		2,344,680
Series 2010 A, COP (INS–AGM)(b)		5.00	%		10/01/19		1,000		1,171,150
Series 2010 B, COP (INS–AGM)(b)		5.00	%		10/01/21		2,000		2,282,100
Series 2010 B, COP (INS–AGM)(b)		5.00	%		10/01/22		2,000		2,253,700
Series 2010 B, COP (INS–AGM)(b)		5.00	%		10/01/23		2,000		2,232,060
Maricopa (County of) Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 B, Ref. PCR(a)		5.50	%		05/01/12		2,500		2,605,600
Mesa (City of);
Series 2009, Highway Project Advancement Unlimited Tax RN		3.50	%		07/01/15		5,000		5,249,400
Series 2010, Highway Project Advancement Unlimited Tax RN		3.25	%		07/01/16		5,000		5,237,950
Mohave (County of) Kingman Unified School District No. 20; Series 2009 C, School Improvement Unlimited Tax GO (INS–AGC)(b)		5.00	%		07/01/23		1,500		1,711,845
Phoenix (City of) Civic Improvement Corp.; Series 2001, Ref. Jr. Lien Wastewater System RB (INS–NATL)(b)		5.25	%		07/01/11		3,000		3,124,140
Pima (County of) Amphitheater Unified School District No. 10; Series 2009 B, School Improvement Unlimited Tax GO (INS–AGC)(b)		4.00	%		07/01/18		1,250		1,398,175
Pima (County of) Metropolitan Domestic Water Improvement District; Series 2009, Ref. Sr. Lien Water RB (INS–AGM)(b)		3.00	%		01/01/14		1,000		1,059,140
Pima (County of);
Series 2010, COP		3.50	%		06/01/14		2,130		2,273,008
Series 2010, COP		3.50	%		06/01/15		1,200		1,276,044
Series 2010, Sewer System RB (INS–AGM)(b)		5.00	%		07/01/22		2,500		2,858,825
Series 2010, Sewer System RB (INS–AGM)(b)		5.00	%		07/01/23		1,500		1,697,775
Salt River Agricultural Improvement & Power District;
Series 2009 B, Electric System RB		3.00	%		01/01/14		5,000		5,387,650
Series 2009 B, Electric System RB		4.00	%		01/01/15		5,000		5,631,100
Yuma (City of) Municipal Property Corp.; Series 2007 D, Municipal Facilities RB (INS–XLCA)(b)		5.00	%		07/01/24		750		822,592
									61,709,595
Arkansas–0.40%
Arkansas (State of) Development Finance Authority; Series 2009 A, Correctional Facilities Construction RB		4.88	%		05/15/28		705		753,680
Bentonville (City of);
Series 2009, Sales & Use Tax RB		4.50	%		11/01/22		1,010		1,140,098
Series 2009, Sales & Use Tax RB		4.50	%		11/01/23		1,000		1,114,310
Conway (City of) Health Facilities Board (Conway Regional Medical Center); Series 2009, Ref. Hospital RB		5.25	%		08/01/24		1,855		1,918,998
University of Arkansas;
Series 2009, Auxiliary Enterprises RB		4.38	%		10/01/29		1,000		1,047,320
Series 2009, Capital Improvement RB		4.00	%		10/01/29		1,000		1,013,530
									6,987,936
California–9.44%
ABAG Finance Authority for Non-Profit Corps. (Casa de las Campanas, Inc.);
Series 2010, RB (INS–Cal-Mortgage)(b)		3.00	%		09/01/12		390		399,508
Series 2010, RB (INS–Cal-Mortgage)(b)		4.00	%		09/01/15		1,000		1,056,390
Albany Unified School District (Election of 2008); Series 2009 A, Unlimited Tax GO (INS–AGC)(b)		5.00	%		08/01/25		1,520		1,676,636

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

6        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Alhambra Unified School District (Election of 2004); Series 2009 B, Unlimited Tax GO (INS–AGC)(b)		5.25	%		08/01/28	$	1,350	$	1,493,599
California (State of);
Series 2008 B-5, Economic Recovery Unlimited Tax GO(a)(e)		5.00	%		03/01/11		10,000		10,238,100
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO		5.00	%		07/01/22		1,200		1,331,916
Series 2009 B, Ref. Economic Recovery Unlimited Tax GO(a)		5.00	%		07/01/14		1,000		1,136,090
California (State of) Department of Veterans Affairs; Series 2002 A, Home Purchase RB (INS–AMBAC)(b)		5.35	%		12/01/27		4,070		4,178,303
California (State of);
Series 2005 B-5, VRD Unlimited Tax GO (LOC–DEPFA BANK PLC)(c)(d)(f)		1.00	%		05/01/40		10,000		10,000,000
Series 2009, Various Purpose Unlimited Tax GO		5.00	%		10/01/20		1,900		2,178,160
Series 2009, Various Purpose Unlimited Tax GO		5.25	%		10/01/20		1,150		1,340,934
Series 2009, Various Purpose Unlimited Tax GO		5.25	%		10/01/21		3,500		4,032,700
Series 2009, Various Purpose Unlimited Tax GO		5.25	%		10/01/25		3,000		3,322,410
Series 2009, Various Purpose Unlimited Tax GO		5.00	%		10/01/29		2,000		2,094,320
Series 2010, Various Purpose Unlimited Tax GO		5.00	%		03/01/27		2,000		2,134,780
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center);
Series 2009, RB		5.00	%		08/15/11		1,000		1,035,110
Series 2009, RB		5.00	%		08/15/12		1,500		1,601,730
Series 2009, RB		5.00	%		08/15/13		2,500		2,728,100
California (State of) Health Facilities Financing Authority (St. Joseph Health System);
Series 2009 C, Ref. RB(a)		5.00	%		10/16/14		3,000		3,365,580
Series 2009 D, Ref. RB(a)		5.00	%		10/18/16		6,000		6,860,340
California (State of) Health Facilities Financing Authority (The Episcopal Home);
Series 2002 B, RB		5.10	%		02/01/19		1,000		1,066,730
Series 2002 B, RB		5.50	%		02/01/24		1,250		1,310,788
California (State of) Pollution Control Financing Authority (BP West Coast Products LLC); Series 2009, Ref. Environmental Improvement RB(a)		2.60	%		09/02/14		4,650		4,552,303
California Statewide Communities Development Authority (Enloe Medical Center);
Series 2008 A, RB (INS–Cal-Mortgage)(b)		5.00	%		08/15/17		385		428,663
Series 2008 A, RB (INS–Cal-Mortgage)(b)		5.25	%		08/15/19		325		358,943
California Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2007 B, RB (INS–AMBAC)(b)		5.05	%		10/01/28		1,500		1,549,170
California Statewide Communities Development Authority (Kaiser Permanente); Series 2002 E, RB(a)		4.00	%		05/02/11		1,000		1,022,210
California Statewide Communities Development Authority (Southern California Edison Co.); Series 2006 A, Ref. PCR (INS–XLCA)(a)(b)		4.10	%		04/01/13		1,575		1,689,991
California Statewide Communities Development Authority (State of California Proposition 1A Receivables Program);
Series 2009, RB		4.00	%		06/15/13		2,500		2,685,525
Series 2009, RB		5.00	%		06/15/13		3,000		3,304,560
Corona-Norca Unified School District (Election of 2006, Capital Appreciation); Series 2009 C, Unlimited Tax GO (INS–AGM)(b)(g)		5.74	%		08/01/21		1,500		947,580
Evergreen Elementary School District (Election of 2006, Capital Appreciation); Series 2009 B, Unlimited Tax GO (INS–AGC)(b)(g)		6.06	%		08/01/25		3,000		1,434,030
Evergreen Elementary School District (Election of 2006, Capital Appreciation); Series 2009 B, Unlimited Tax GO (INS–AGC)(b)(g)		6.34	%		08/01/28		1,000		388,990
Fresno (City of); Series 2008 A, Sewer System RB (INS–AGC)(b)		5.00	%		09/01/25		2,040		2,260,157
Hayward Unified School District (Election of 2008, Capital Appreciation);
Series 2010 A, Unlimited Tax GO (INS–AGM)(b)(g)		4.28	%		08/01/17		1,000		789,850
Series 2010 A, Unlimited Tax GO (INS–AGM)(b)(g)		5.22	%		08/01/20		1,000		661,620
Kern Community College District; Series 2010, Ref. COP		4.00	%		04/01/14		2,000		2,099,240

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

7        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Lake Tahoe (City of) Unified School District (Election of 2008); Series 2009, Unlimited Tax GO (INS–AGM)(b)		5.00	%		08/01/24	$	1,000	$	1,124,040
Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2008 C, Sub. RB		5.00	%		05/15/28		1,000		1,068,430
Series 2009 A, Sr. RB		5.25	%		05/15/29		1,000		1,115,200
Los Angeles (City of) Harbor Department; Series 2009 C, Ref. RB		5.00	%		08/01/21		2,000		2,419,320
Los Angeles (City of) Unified School District (Election of 2004, Measure R); Series 2009 I, Unlimited Tax GO		5.00	%		07/01/26		670		740,136
Lynwood Utility Authority; Series 2009 A, Ref. Enterprise RB (INS–AGC)(b)		5.00	%		06/01/29		500		528,255
Madera Irrigation District; Series 2008, Ref. Water RB		5.00	%		01/01/23		2,250		2,396,812
Monrovia (City of) Financing Authority (Library); Series 2007, Lease RB (INS–AMBAC)(b)		4.63	%		12/01/32		1,000		1,011,920
Monterey (County of) (2009 Refinancing);
Series 2009, COP (INS–AGM)(b)		5.00	%		08/01/16		1,000		1,158,790
Series 2009, COP (INS–AGM)(b)		5.00	%		08/01/19		2,360		2,763,867
New Haven Unified School District;
Series 2009, Ref. Unlimited Tax GO (INS–AGC)(b)		5.00	%		08/01/20		3,030		3,552,705
Series 2009, Ref. Unlimited Tax GO (INS–AGC)(b)		5.00	%		08/01/21		1,290		1,495,755
Newport Beach (City of) (Hoag Memorial Hospital Presbyterian); Series 2009 D, RB(a)		5.00	%		02/07/13		1,000		1,092,550
Northern California Power Agency;
Series 2010 A, Ref. Capital Facilities RB		4.00	%		08/01/14		1,000		1,106,690
Series 2010 A, Ref. Capital Facilities RB		4.00	%		08/01/16		1,000		1,105,830
Series 2010 A, Ref. Capital Facilities RB		5.00	%		08/01/20		1,000		1,149,010
Series 2010 A, Ref. Capital Facilities RB		5.00	%		08/01/21		1,000		1,134,790
Rancho Mirage (City of) Joint Powers Financing Authority (Eisenhower Medical Center); Series 2007 A, RB		5.00	%		07/01/21		1,000		1,032,040
Redlands (City of) Unified School District (Election of 2008); Series 2008, Unlimited Tax GO (INS–AGM)(b)		5.00	%		07/01/25		1,000		1,101,590
Rowland Unified School District (Election of 2006); Series 2009 B, Capital Appreciation Unlimited Tax GO(g)		5.92	%		08/01/23		1,300		706,966
Sacramento (County of);
Series 2009 B, Sr. Airport System RB		5.00	%		07/01/18		1,000		1,160,230
Series 2009 D, Sub. Airport System RB (INS–AGC)(b)		5.13	%		07/01/25		1,500		1,660,260
Series 2010, Sr. Airport System RB		5.00	%		07/01/23		500		554,455
Series 2010, Ref. COP		5.00	%		02/01/14		6,000		6,460,020
Series 2010, Ref. COP		5.00	%		02/01/16		4,665		5,099,078
Series 2010, Ref. COP		5.00	%		02/01/17		4,000		4,355,000
Series 2010, Ref. COP		5.25	%		02/01/18		3,000		3,304,200
Series 2010, Ref. COP		5.25	%		02/01/19		1,500		1,647,210
San Diego (City of) Public Facilities Financing Authority;
Series 2009 B, Ref. Sr. Sewer RB		5.00	%		05/15/13		1,000		1,117,500
Series 2009 B, Ref. Sr. Sewer RB		5.00	%		05/15/14		500		574,360
San Francisco (City & County of) Airport Commission (San Francisco International Airport); Series 2009 E, Second Series RB		5.50	%		05/01/26		2,000		2,239,540
Santa Ana (City of) (Local Street Improvement); Series 2007, Gas Tax Revenue COP (INS–NATL)(b)		4.38	%		01/01/24		1,000		981,120
Santa Monica (City of) Community College District (Election of 2002); Series 2010 E, Unlimited Tax GO(g)		5.70	%		08/01/26		1,000		468,560
Torrance (City of) Unified School District (Election of 2008, Measure Z, Capital Appreciation);
Series 2009 B-1, Unlimited Tax GO(g)		6.13	%		08/01/22		1,900		1,099,663
Series 2009 B-1, Unlimited Tax GO(g)		6.20	%		08/01/23		2,000		1,087,640
Twin Rivers Unified School District (School Facility Bridge Program); Series 2007, COP (INS–AGM)(a)(b)		3.50	%		05/31/13		4,250		4,250,595
Val Verde Unified School District; Series 2009 A, Ref. COP (INS–AGC)(b)		5.00	%		03/01/29		2,040		2,115,766

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

8        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Vernon (City of);
Series 2009 A, Electric System RB		5.50	%		08/01/15	$	525	$	597,224
Series 2009 A, Electric System RB		5.13	%		08/01/21		4,600		4,976,510
West Contra Costa Unified School District (Election of 2005); Series 2008 B, Unlimited Tax GO		6.00	%		08/01/27		1,000		1,158,790
West Sacramento Area Flood Control Agency; Series 2008, Special Assessment RB		5.13	%		09/01/23		1,075		1,129,997
Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax GO (INS–AGM)(b)		5.00	%		08/01/28		2,710		2,944,930
									165,542,400
Colorado–2.49%
Adams State College;
Series 2009 A, Auxiliary Facilities Improvement RB (CEP–State of Colorado Intercept Program)		5.20	%		05/15/27		340		380,868
Series 2009 A, Auxiliary Facilities Improvement RB (CEP–State of Colorado Intercept Program)		5.00	%		05/15/29		450		491,427
Aurora (City of) (The Children’s Hospital Association); Series 2004 D, RB (INS–AGM)(b)		5.00	%		12/01/20		1,000		1,123,950
Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2008 A, Charter School RB		6.75	%		12/01/23		975		1,158,739
Colorado (State of) Health Facilities Authority (NCMC, Inc.);
Series 2003 A, Hospital RB (INS–AGM)(b)		5.00	%		05/15/15		1,000		1,118,690
Series 2003 A, Hospital RB (INS–AGM)(b)		5.25	%		05/15/26		1,000		1,086,860
Colorado (State of) Health Facilities Authority (Sisters of Charity of Leavenworth Health System); Series 2010 B, RB		5.00	%		01/01/19		2,795		3,158,154
Colorado (State of) School of Mines; Series 2009 A, Ref. & Improvement Enterprise RB (CEP–State of Colorado Intercept Program)		5.00	%		12/01/29		500		545,635
Denver (City & County of) School District No. 1; Series 2009 A, Unlimited Tax GO		5.00	%		12/01/28		1,000		1,114,960
E-470 Public Highway Authority;
Subseries 2007 C-2, Sr. RB (INS–NATL)(a)(b)		5.00	%		09/02/13		3,300		3,542,352
Subseries 2007 D-2, Sr. RB (INS–NATL)(a)(b)		5.00	%		09/02/13		14,755		15,772,800
Glenwood Springs (City of);
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/12		1,040		1,087,289
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/13		1,125		1,195,267
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/14		1,005		1,074,797
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/15		1,000		1,061,290
Northern Colorado Water Conservancy District; Series 2007 J, Ref. RB (INS–AMBAC)(b)		5.00	%		12/01/14		1,300		1,501,318
Northwest Parkway Public Highway Authority (Current Interest); Series 2001 A, Sr. RB(e)		5.00	%		06/15/11		1,000		1,033,230
Public Authority for Colorado Energy;
Series 2008, Natural Gas Purchase RB		6.13	%		11/15/23		1,525		1,704,142
Series 2008, Natural Gas Purchase RB		6.25	%		11/15/28		2,915		3,298,060
Saddle Rock Metropolitan District; Series 2010, Ref. Unlimited Tax GO (INS–AGM)(b)		4.50	%		12/01/31		750		772,958
University of Colorado Hospital Authority; Series 1997 A, Ref. RB (INS–AMBAC)(b)		5.25	%		11/15/22		1,470		1,471,367
									43,694,153
Connecticut–0.51%
Connecticut (State of) (Transportation Infrastructure Purposes); Series 2009 A, Special Tax Obligation RB		5.00	%		12/01/16		2,000		2,404,320
Connecticut (State of) Health & Educational Facilities Authority (Yale University);
Series 2010 A-3, RB(a)		4.00	%		02/07/13		3,375		3,661,774
Series 2010 A-4, RB(a)		5.00	%		02/12/15		1,500		1,756,125
New Haven (City of) Solid Waste & Recycling Authority; Series 2008, RB		5.13	%		06/01/23		1,000		1,120,440
									8,942,659

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

9        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Delaware–0.31%
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center);
Series 2009 A, RB		5.00	%		07/01/17	$	1,500	$	1,669,350
Series 2009 A, RB		5.00	%		07/01/18		1,540		1,715,976
Series 2009 A, RB		4.05	%		07/01/22		1,000		1,016,310
Series 2009 A, RB		4.15	%		07/01/23		1,000		1,015,120
									5,416,756
District of Columbia–0.36%
District of Columbia (Georgetown University);
Series 2001 C, RB(a)		5.25	%		04/01/23		3,730		4,015,830
Series 2009 A, Ref. RB		5.00	%		04/01/15		2,000		2,260,180
									6,276,010
Florida–6.03%
Broward (County of); Series 2009 O, Ref. Airport System RB		5.00	%		10/01/14		1,490		1,692,625
Citizens Property Insurance Corp.;
Series 2008 A-1, Sr. Sec. High Risk RB		5.00	%		06/01/11		2,240		2,291,699
Series 2009 A-1, Sr. Sec. High Risk RB (INS–AGC)(b)		4.00	%		06/01/12		2,000		2,066,240
Series 2009 A-1, Sr. Sec. High Risk RB (INS–AGC)(b)		5.00	%		06/01/16		2,000		2,182,560
Series 2009 A-1, Sr. Sec. High Risk RB (INS–AGC)(b)		5.50	%		06/01/16		3,000		3,351,930
Series 2010 A-1, Sr. Sec. High Risk RB (INS–AGM)(b)		5.00	%		06/01/14		2,500		2,702,075
Series 2010 A-1, Sr. Sec. High Risk RB (INS–AGM)(b)		5.00	%		06/01/15		5,000		5,436,400
Series 2010 A-1, Sr. Sec. High Risk RB (INS–AGM)(b)		5.00	%		06/01/17		2,000		2,175,220
Series 2010 A-2, Sr. Sec. High Risk RN		2.00	%		04/21/11		3,000		3,017,610
Florida (State of) Department of Education; Series 2006 A, Community College Capital Improvement RB (INS–NATL)(b)		5.00	%		07/01/18		1,335		1,513,383
Florida (State of) Department of Environmental Protection;
Series 2002 B, Florida Forever RB (INS–NATL)(b)		5.25	%		07/01/22		3,000		3,223,290
Series 2003 C, Florida Forever RB (INS–AMBAC)(b)		5.00	%		07/01/19		3,525		3,777,778
Florida (State of) (Board of Education);
Series 2009 A, Lottery RB		5.00	%		07/01/23		2,000		2,302,240
Series 2009 A, Lottery RB		5.25	%		07/01/24		1,640		1,903,827
Florida (State of) Hurricane Catastrophe Fund Finance Corp.;
Series 2006 A, RB (INS–NATL)(b)		5.00	%		07/01/11		4,000		4,119,840
Series 2008 A, RB		5.00	%		07/01/13		1,760		1,901,398
Series 2010 A, RB		5.00	%		07/01/15		5,000		5,527,200
Gulf Breeze (City of);
Series 2010 A, Capital Funding RB (INS–AGM)(b)		5.00	%		10/01/15		1,590		1,803,712
Series 2010 A, Capital Funding RB (INS–AGM)(b)		5.00	%		10/01/16		1,495		1,704,225
Gulf Breeze (City of) (Local Government Loan Program);
Series 1985 J, RB(a)		4.20	%		12/01/17		2,000		2,088,220
Series 1985 J, RB(e)		4.50	%		12/01/20		3,000		3,268,530
Highlands (County of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2005 I, Hospital RB		4.50	%		11/15/15		2,000		2,239,140
Series 2005 I, Hospital RB		5.00	%		11/15/16		2,000		2,284,440
Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); Series 2007 B, Ref. PCR(a)		5.15	%		09/01/13		550		600,793
Jacksonville (City of) (Better Jacksonville); Series 2003, Sales Tax RB (INS–NATL)(b)		5.25	%		10/01/16		3,000		3,328,110
JEA (St. Johns River Power Park System); Issue Two, Series 2003 Nineteen, Ref. RB		4.25	%		10/01/13		2,000		2,005,480

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

10        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
JEA; Series 2009 Three A, Electric System RB		5.00	%		10/01/26	$	1,125	$	1,237,601
Kissimmee (City of) Utility Authority;
Series 2003, Ref. Electric System RB (INS–AGM)(b)		5.25	%		10/01/15		1,500		1,747,515
Series 2003, Ref. Electric System RB (INS–AGM)(b)		5.25	%		10/01/16		1,500		1,770,555
Series 2003, Ref. Electric System RB (INS–AGM)(b)		5.00	%		10/01/17		1,900		2,222,962
Miami (City of) (Homeland Defense); Series 2007, Ref. Limited Tax GO (INS–AGM)(b)		5.00	%		01/01/16		1,000		1,124,870
Miami (City of); Series 2009, Ref. Parking System RB (INS–AGC)(b)		5.00	%		10/01/28		750		794,895
Miami-Dade (County of) (Double-Barreled Aviation); Series 2010, Unlimited Tax GO		5.00	%		07/01/17		500		589,225
Miami-Dade (County of) (Jackson Health System);
Series 2009, Public Facilities RB (INS–AGC)(b)		5.00	%		06/01/18		1,000		1,132,830
Series 2009, Public Facilities RB (INS–AGC)(b)		5.50	%		06/01/29		2,325		2,559,453
Miami-Dade (County of) (Miami International Airport);
Series 2009 A, Aviation RB (INS–AGC)(b)		5.00	%		10/01/27		120		129,203
Series 2009 B, Aviation RB (INS–AGC)(b)		5.00	%		10/01/26		1,000		1,085,420
Series 2009 B, Aviation RB (INS–AGC)(b)		5.00	%		10/01/29		1,000		1,064,910
Miami-Dade (County of);
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(b)		5.50	%		10/01/20		1,500		1,800,735
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(b)		5.00	%		10/01/24		1,500		1,679,595
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(b)		5.13	%		10/01/25		1,500		1,685,445
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2006 A-2, Hospital RB (INS–NATL)(a)(b)		4.55	%		08/01/13		500		528,360
Orange (County of); Series 2005, Ref. Tourist Development Tax RB (INS–AMBAC)(b)		5.00	%		10/01/12		1,095		1,184,713
Orange (County of) Health Facilities Authority (Orlando Health, Inc.); Series 2009, Hospital RB		5.00	%		10/01/14		2,085		2,295,043
Pasco (County of);
Series 2009 A, Water & Sewer System RB		5.00	%		10/01/16		750		881,310
Series 2009 A, Water & Sewer System RB		4.00	%		10/01/17		500		558,725
Port St. Lucie (City of) Master Lease Project (Municipal Complex); Series 2008, Ref. COP (INS–AGC)(b)		6.25	%		09/01/27		500		572,400
Tampa (City of) (BayCare Health System);
Series 2010, Health System RB		5.00	%		11/15/16		1,000		1,137,300
Series 2010, Health System RB		5.00	%		11/15/19		1,500		1,712,460
Village Center Community Development District; Series 1998 A, Ref. Recreational RB (INS–NATL)(b)		5.50	%		11/01/10		1,105		1,109,895
Winter Park (City of);
Series 2009, Ref. & Improvement Water & Sewer System RB		4.25	%		12/01/24		750		796,343
Series 2009 A, Ref. Electric RB (INS–AGM)(b)		4.00	%		10/01/19		500		549,290
Series 2009 A, Ref. Electric RB (INS–AGM)(b)		4.38	%		10/01/22		325		350,896
Series 2009 A, Ref. Electric RB (INS–AGM)(b)		5.00	%		10/01/29		4,695		5,025,481
									105,835,395
Georgia–5.00%
Atlanta (City of);
Series 2003RF C-2, Ref. VRD Airport General RB (INS–NATL)(b)(c)(d)		2.30	%		01/01/30		21,925		21,925,000
Series 2003RF C-3, Ref. VRD Airport General RB (INS–NATL)(b)(c)(d)		2.30	%		01/01/30		9,300		9,300,000
Series 2009 B, Water & Wastewater RB (INS–AGM)(b)		4.00	%		11/01/15		1,000		1,095,420
Series 2009 B, Water & Wastewater RB (INS–AGM)(b)		5.00	%		11/01/17		1,500		1,742,580
Series 2009 B, Water & Wastewater RB (INS–AGM)(b)		4.13	%		11/01/19		970		1,055,311
Series 2009 B, Water & Wastewater RB (INS–AGM)(b)		5.00	%		11/01/20		1,500		1,709,910
Series 2009 B, Water & Wastewater RB (INS–AGM)(b)		5.00	%		11/01/21		1,500		1,690,365
Series 2009 B, Water & Wastewater RB (INS–AGM)(b)		5.25	%		11/01/27		2,000		2,284,040

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

11        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Georgia–(continued)
Burke (County of) Development Authority (Georgia Power Co.–Plant Vogtle); Fourth Series 1995, PCR(a)		3.75	%		01/12/12	$	4,000	$	4,143,960
Carroll City-County Hospital Authority (Tanner Medical Center, Inc.); Series 2010, RAC		5.00	%		07/01/25		1,000		1,108,910
DeKalb County Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC		5.25	%		09/01/20		1,500		1,588,560
Fayette (County of) Hospital Authority (Fayette Community Hospital);
Series 2009 A, RAC		4.38	%		06/15/20		2,500		2,701,500
Series 2009 A, RAC		4.50	%		06/15/21		2,500		2,664,225
Fulton (County of) Development Authority (Catholic Health East); Series 2010, Health System RB		4.00	%		11/15/16		2,460		2,634,685
Fulton (County of) Development Authority (Piedmont Healthcare, Inc.); Series 2009 A, RB		5.00	%		06/15/29		3,605		3,793,253
Gainesville (City of) & Hall (County of) Hospital Authority (Northeast Georgia Health System, Inc.);
Series 2010 A, RAC		5.00	%		02/15/16		1,245		1,367,794
Series 2010 A, RAC		5.00	%		02/15/19		1,500		1,628,880
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System);
Series 2008 A, RAC		5.00	%		08/01/20		1,000		1,060,290
Series 2008 A, RAC		5.25	%		08/01/23		1,000		1,055,310
Gwinnett (County of) Hospital Authority (Gwinnett Hospital System, Inc.);
Series 2007 D, RAC (INS–AGM)(b)		5.00	%		07/01/24		2,000		2,143,640
Series 2007 D, RAC (INS–AGM)(b)		5.25	%		07/01/29		2,000		2,111,940
Macon-Bibb (County of) Hospital Authority (Medical Center of Central Georgia, Inc.);
Series 2009, RAC		4.00	%		08/01/19		635		678,701
Series 2009, RAC		4.00	%		08/01/20		710		744,187
Series 2009, RAC		5.00	%		08/01/24		1,260		1,360,548
Medical Center Hospital Authority (Columbus Regional Healthcare System, Inc.);
Series 2010, RAC (INS–AGM)(b)		3.50	%		08/01/20		2,000		2,014,160
Series 2010, RAC (INS–AGM)(b)		5.00	%		08/01/21		1,500		1,664,280
Richmond (County of) Development Authority (MCG Health, Inc.); Series 2008 A, VRD RB (LOC–UBS AG)(c)(d)(f)		0.24	%		07/01/37		2,470		2,470,000
Richmond (County of) Hospital Authority (University Health Services, Inc.);
Series 2009, RAC		5.50	%		01/01/24		2,490		2,679,190
Series 2009, RAC		5.25	%		01/01/29		2,500		2,595,475
South Regional Joint Development Authority (Valdosta State University Parking & Health Center);
Series 2007, RB (INS–XLCA)(b)		5.00	%		08/01/20		1,385		1,576,019
Series 2007, RB (INS–XLCA)(b)		5.00	%		08/01/21		1,490		1,677,204
Series 2007, RB (INS–XLCA)(b)		5.00	%		08/01/22		605		674,472
Thomasville (City of) Hospital Authority (John D. Archbold Memorial Hospital, Inc.); Series 2010, RAC		4.75	%		11/01/25		750		764,505
									87,704,314
Guam–0.09%
Guam (Government of);
Series 2009 A, Limited Obligation RB		5.00	%		12/01/12		480		509,016
Series 2009 A, Limited Obligation RB		5.00	%		12/01/15		1,000		1,087,620
									1,596,636
Idaho–0.73%
Caldwell (City of) Urban Renewal Agency; Series 2008, Tax Allocation RB		4.00	%		09/01/19		1,205		1,262,177
Idaho (State of) Health Facilities Authority (Trinity Health Credit Group); Series 2008 B, Ref. RB		5.63	%		12/01/19		1,000		1,180,120
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2009 A, Grant & Revenue Anticipation RB		5.25	%		07/15/25		500		573,410
Idaho (State of) Housing & Finance Association;
Series 2008 D, Class III, Single Family Mortgage RB		5.35	%		01/01/29		535		561,889
Series 2009 B, Class III, Single Family Mortgage RB		5.65	%		07/01/26		1,455		1,552,805

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

12        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Idaho–(continued)
University of Idaho;
Series 2007 B, RB (INS–AGM)(a)(b)		4.50	%		04/01/18	$	1,760	$	1,907,752
Series 2010 B, RB		5.00	%		04/10/26		1,270		1,423,937
Series 2011, Ref. RB(a)		5.25	%		04/01/21		4,000		4,397,320
									12,859,410
Illinois–4.87%
Bolingbrook (Village of); Series 2010 A, Ref. Unlimited Tax GO (INS–AGM)(b)		5.00	%		01/01/23		1,260		1,409,323
Chicago (City of) (Chicago O’ Hare International Airport); Series 2008 A, Ref. Passenger Facility Charge RB (INS–AGM)(b)		5.00	%		01/01/16		1,400		1,580,404
Chicago (City of) (Chicago O’Hare International Airport); Series 2010 C, General Airport Third Lien RB (INS–AGC)(b)		5.25	%		01/01/21		1,000		1,162,480
Chicago (City of) Transit Authority (Federal Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds); Series 2008 A, Capital Grant Receipts RB (INS–AGC)(b)		5.25	%		06/01/23		2,500		2,819,225
Cook (County of) School District No. 144 (Prairie-Hills);
Series 2010 A, Limited Tax GO (INS–AGM)(b)		4.00	%		12/01/16		960		1,038,998
Series 2010 A, Limited Tax GO (INS–AGM)(b)		4.25	%		12/01/20		630		672,500
Series 2010 A, Limited Tax GO (INS–AGM)(b)		5.00	%		12/01/23		2,520		2,757,359
Cook (County of);
Series 2004 A, Ref. Unlimited Tax GO (INS–AMBAC)(b)		5.00	%		11/15/17		5,000		5,553,450
Series 2009 A, Ref. Unlimited Tax GO		5.00	%		11/15/19		2,000		2,351,240
Series 2009 C, Ref. Unlimited Tax GO		5.00	%		11/15/20		7,500		8,766,150
DeKalb (County of) Community Unit School District No. 428 (DeKalb);
Series 2010, School Building Capital Appreciation Unlimited Tax GO(g)		4.12	%		01/01/19		1,000		736,140
Series 2010, School Building Capital Appreciation Unlimited Tax GO(g)		4.44	%		01/01/20		1,000		697,970
Dolton (Village of);
Series 2009 A, Unlimited Tax GO (INS–AGC)(b)		4.25	%		12/01/21		1,000		1,121,390
Series 2009 A, Unlimited Tax GO (INS–AGC)(b)		4.25	%		12/01/22		1,000		1,111,980
Illinois (State of) (Illinois FIRST);
Series 2001, Ref. Unlimited Tax GO (INS–AGM)(b)		5.25	%		10/01/11		1,790		1,867,883
Series 2002, Unlimited Tax GO (INS–NATL)(b)		5.25	%		10/01/21		1,500		1,604,055
Illinois (State of);
Series 2003 B, VRD Unlimited Tax GO(c)(d)		2.78	%		10/01/33		830		830,000
Series 2010, Ref. Unlimited Tax GO		5.00	%		01/01/12		2,000		2,089,040
Series 2010, Ref. Unlimited Tax GO		5.00	%		01/01/15		3,500		3,875,340
Series 2010, Ref. Unlimited Tax GO (INS–AGM)(b)		5.00	%		01/01/16		1,000		1,118,240
Series 2010, Ref. Unlimited Tax GO (INS–AGM)(b)		5.00	%		01/01/19		1,000		1,130,710
Series 2010, Ref. Unlimited Tax GO (INS–AGM)(b)		5.00	%		01/01/21		2,000		2,225,220
Illinois (State of) Educational Facilities Authority (University of Chicago); Series 1998 B, RB(a)		3.38	%		02/03/14		1,000		1,070,170
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2010 D, Ref. RB		5.00	%		04/01/20		1,025		1,151,044
Illinois (State of) Finance Authority (Children’s Memorial Hospital); Series 2008 A, RB (INS–AGC)(b)		5.25	%		08/15/33		1,000		1,054,800
Illinois (State of) Finance Authority (NorthShore University HealthSystem); Series 2010, Ref. RB		5.00	%		05/01/21		1,250		1,406,637
Illinois (State of) Finance Authority (Resurrection Health Care); Series 1999 A, RB (INS–AGM)(b)		5.00	%		05/15/17		2,000		2,184,060
Illinois (State of) Finance Authority (Southern Illinois Healthcare Enterprises, Inc.);
Series 2005, RB (INS–AGM)(b)		5.25	%		03/01/22		1,250		1,425,725
Series 2005, RB (INS–AGM)(b)		5.25	%		03/01/23		1,500		1,696,740

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

13        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (University of Chicago Medical Center);
Series 2009 B, Ref. RB		5.00	%		08/15/22	$	1,000	$	1,119,180
Series 2009 C, RB		5.25	%		08/15/29		2,000		2,072,080
Illinois (State of) Health Facilities Authority (Advocate Health Care Network); Series 2003 A, RB(a)		4.38	%		07/01/14		915		972,316
Illinois (State of) Student Assistance Commission; Series 2009, Student Loan RB (INS–AGC)(b)		3.15	%		05/01/14		2,000		2,004,720
Kane & De Kalb (Counties of) Community Unit School District No. 302; Series 2008, School Building Unlimited Tax GO (INS–AGM)(b)		5.50	%		02/01/28		1,500		1,721,445
Kendall (County of) Forest Preserve District; Series 2007, Unlimited Tax GO (INS–NATL)(b)		5.25	%		01/01/23		4,000		4,569,960
Kendall, Kane & Will (Counties of) Community Unit School District No. 308;
Series 2007, Unlimited Tax GO (INS–AGC)(b)		5.00	%		02/01/23		5,795		6,471,450
Series 2007 A, Ref. Unlimited Tax GO (INS–NATL)(b)		4.38	%		10/01/21		1,000		1,076,350
Lake (County of) Community Unit School District No. 60 (Waukegan); Series 2010 C, Ref. Unlimited Tax GO		1.00	%		12/01/10		830		830,515
Madison & St. Clair (Counties of) Community Unit School District No. 10 (Collinsville); Series 2001, School Building Unlimited Tax GO (INS–NATL)(b)		5.00	%		02/01/11		1,150		1,164,720
Northern Illinois Municipal Power Agency (Prairie St. Power); Series 2007 A, RB (INS–NATL)(b)		5.00	%		01/01/19		1,000		1,132,140
Southern Illinois University; Series 2006 A, Housing & Auxiliary Facilities System RB (INS–NATL)(b)		5.25	%		04/01/19		1,000		1,144,300
St. Clair (County of) (Alternative Revenue Source);
Series 2009, Ref. Unlimited Tax GO		5.00	%		10/01/19		1,000		1,195,990
Series 2009, Ref. Unlimited Tax GO		5.00	%		10/01/21		1,480		1,721,077
Will, Grundy, & Etc. (Counties of) Community College District No. 525 (Joliet Jr. College); Series 2008, Alternative Revenue Source Unlimited Tax GO		5.75	%		06/01/27		1,435		1,657,683
									85,362,199
Indiana–2.18%
Clark-Pleasant Middle School Building Corp.; Series 2009, First Mortgage RB		5.00	%		07/15/22		1,000		1,144,520
Indiana (State of) Health Facility Financing Authority (Ascension Health Subordinate Credit Group); Series 2005 A-6, RB(a)		5.00	%		06/01/14		3,500		3,934,350
Indiana (State of) Health Facility Financing Authority (Community Foundation of Northwest Indiana Obligated Group); Series 2004 A, Hospital RB		5.38	%		03/01/19		1,000		1,053,770
Indianapolis (City of) Local Public Improvement Bond Bank (Waterworks);
Series 2002 A, RB (INS–NATL)(b)		5.50	%		01/01/14		2,000		2,161,720
Series 2009 A, RB (INS–AGC)(b)		5.25	%		01/01/29		1,040		1,180,577
Monroe (County of) Community 1996 School Building Corp.; Series 2008, First Mortgage RB (INS–AGM)(b)		5.13	%		01/15/24		2,285		2,635,473
Portage (City of) Redevelopment District; Series 2008, Ref. Tax Increment Allocation RB (INS–CIFG)(b)		5.00	%		01/15/22		2,470		2,586,559
Rockport (City of) (Indiana Michigan Power Co.);
Series 2009 A, Ref. PCR(a)		6.25	%		06/02/14		1,000		1,127,210
Series 2009 B, Ref. PCR(a)		6.25	%		06/02/14		500		563,605
University of Southern Indiana; Series 2009 J, Student Fee RB (INS–AGC)(b)		5.00	%		10/01/23		400		448,644
Whiting (City of) (BP Products North America Inc.); Series 2009, Environmental Facilities Commercial Paper RN		0.95	%		09/01/10		20,000		20,000,000
Zionsville (Town of) Community Schools Building Corp.; Series 2002, First Mortgage RB(e)		5.00	%		07/15/11		1,420		1,459,334
									38,295,762
Iowa–1.45%
Coralville (City of) (Urban Renewal); Series 2009 D, Annual Appropriation Unlimited Tax General Obligation BAN		4.00	%		05/01/11		1,000		1,015,670
Iowa (State of) Finance Authority (Iowa Health System);
Series 2005 A, Health Facilities RB (INS–AGC)(b)		5.00	%		02/15/13		1,500		1,636,740
Series 2005 A, Health Facilities RB (INS–AGC)(b)		5.00	%		02/15/18		1,000		1,161,770
Series 2005 A, Health Facilities RB (INS–AGC)(b)		5.00	%		02/15/19		500		584,065
Series 2009 F, Health Facilities RB(a)		5.00	%		08/15/12		1,000		1,074,900

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

14        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Iowa–(continued)
Iowa Student Loan Liquidity Corp.;
Series 2009-1, Student Loan RB		4.00	%		12/01/13	$	1,500	$	1,584,585
Series 2009-1, Student Loan RB		5.00	%		12/01/15		2,500		2,775,450
Series 2009-1, Student Loan RB		5.00	%		12/01/16		2,525		2,807,547
Series 2009-1, Student Loan RB		5.25	%		12/01/17		2,500		2,811,425
Series 2009-1, Student Loan RB		5.25	%		12/01/18		2,500		2,817,700
Series 2009-2, Student Loan RB		5.40	%		12/01/23		2,500		2,715,425
Series 2009-3, Student Loan RB		5.00	%		12/01/19		2,500		2,768,175
Washington Community School District; Series 2009, School Infrastructure Sales, Services & Use Tax RB		5.00	%		07/01/28		1,500		1,600,260
									25,353,712
Kansas–0.60%
Dodge City (City of); Series 2009, Sales Tax RB (INS–AGC)(b)		5.00	%		06/01/21		1,000		1,179,250
Johnson (County of) Water District No. 1; Series 2001, Ref. RB		5.00	%		06/01/11		1,770		1,833,012
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2009 C, Hospital RB		5.00	%		11/15/16		1,000		1,167,240
Series 2009 D, Hospital RB		3.00	%		11/15/11		700		720,153
Series 2009 D, Hospital RB		5.00	%		11/15/24		1,585		1,735,179
Unified Government of Wyandote County/Kansas City; Series 2010 A, Ref. Utility System RB		4.00	%		09/01/11		1,000		1,032,450
Wichita (City of) (Via Christi Health System, Inc.); Series 2009 III-A, Ref. & Improvement Hospital Facilities RB		4.50	%		11/15/12		1,000		1,067,300
Wyandotte (County of) Unified School District No. 500; Series 2001, Unlimited Tax GO (INS–AGM)(b)		5.50	%		09/01/11		1,750		1,842,032
									10,576,616
Kentucky–3.02%
Christian (County of) (Jennie Stuart Medical Center, Inc.); Series 2006, Ref. Hospital RB (INS–AGC)(b)		5.25	%		02/01/28		2,530		2,691,895
Kentucky (State of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2004 D, RB(a)		3.50	%		11/10/10		1,000		1,005,650
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Sub. Series 2008 A-1, RB (INS–AGC)(b)		5.75	%		12/01/28		550		613,365
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital RB		5.00	%		06/01/16		855		916,073
Series 2010 A, Hospital RB		5.00	%		06/01/17		5,455		5,821,140
Series 2010 A, Hospital RB		5.00	%		06/01/18		1,000		1,064,640
Kentucky (State of) Economic Development Finance Authority (St. Elizabeth Medical Center, Inc.); Series 2009 A, Ref. & Improvement Hospital Facilities RB		5.13	%		05/01/29		1,000		1,073,320
Kentucky (State of) Municipal Power Agency (Prairie State);
Series 2010 A, Power System RB (INS–AGM)(b)		4.00	%		09/01/16		800		888,896
Series 2010 A, Power System RB (INS–AGM)(b)		5.00	%		09/01/21		5,860		6,812,719
Series 2010 A, Power System RB (INS–AGM)(b)		5.00	%		09/01/22		4,560		5,236,658
Series 2010 A, Power System RB (INS–AGM)(b)		5.00	%		09/01/23		1,000		1,136,770
Louisville & Jefferson (Counties of) Metropolitan Sewer District (Commonwealth of Kentucky);
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/14		2,500		2,874,775
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/15		2,500		2,925,700
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/20		10,000		11,946,900
Louisville & Jefferson (Counties of) Metropolitan Government (Jewish Hospital & St. Mary’s HealthCare, Inc.); Series 2008, Health Facilities RB		6.00	%		02/01/22		1,000		1,045,080

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

15        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Kentucky–(continued)
Newport (City of) (Kentucky League of Cities Funding Trust); Series 2002, VRD Lease Program RB (LOC–U.S. Bank, N.A.)(c)(d)(f)		0.29	%		04/01/32	$	4,715	$	4,715,000
Paducah (City of) Electric Plant Board; Series 2009 A, RB (INS–AGC)(b)		5.00	%		10/01/24		2,000		2,268,280
									53,036,861
Louisiana–3.05%
East Baton Rouge Sewerage Commission; Series 2009 A, RB		4.50	%		02/01/22		1,000		1,103,380
Greater New Orleans Expressway Commission;
Series 2009, Ref. RB (INS–AGC)(b)		2.75	%		11/01/13		600		629,382
Series 2009, Ref. RB (INS–AGC)(b)		2.75	%		11/01/14		600		631,074
Series 2009, Ref. RB (INS–AGC)(b)		3.00	%		11/01/15		1,000		1,053,670
Jefferson (Parish of) Hospital Service District No. 1 (West Jefferson Medical Center); Series 1998 B, RB (INS–AGM)(b)		5.25	%		01/01/28		1,000		1,100,020
Louisiana (State of) Citizens Property Insurance Corp.;
Series 2006 B, Assessment RB (INS–AMBAC)(b)		5.25	%		06/01/14		1,280		1,407,706
Series 2006 B, Assessment RB (INS–AMBAC)(b)		5.00	%		06/01/16		1,000		1,096,780
Series 2009 C-3, Assessment RB (INS–AGC)(b)		6.13	%		06/01/25		1,500		1,722,240
Louisiana (State of) Energy & Power Authority; Series 2000, Ref. Power Project RB (INS–AGM)(b)		5.75	%		01/01/11		2,500		2,543,250
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Caddo-Bossier Parishes Port Commission);
Series 2010, Ref. RB (INS–AGM)(b)		4.00	%		04/01/17		1,520		1,680,922
Series 2010, Ref. RB (INS–AGM)(b)		4.00	%		04/01/18		1,600		1,766,928
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (City of Lake Charles Public Improvement); Series 2010, RB (INS–AGC)(b)		3.00	%		05/01/14		1,000		1,064,260
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Jefferson Parish); Series 2009 A, Ref. RB		5.00	%		04/01/18		1,000		1,162,700
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Lake Charles);
Series 2009, Ref. RB (INS–AGC)(b)		4.00	%		04/01/16		1,435		1,592,534
Series 2009, Ref. RB (INS–AGC)(b)		4.00	%		04/01/17		1,000		1,110,710
Series 2009, Ref. RB (INS–AGC)(b)		4.00	%		04/01/18		1,555		1,729,953
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Community & Technical College System Facilities Corp.); Series 2009 B, RB (INS–AGC)(b)		5.00	%		10/01/26		1,500		1,637,130
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Monroe Regional Airport Terminal); Series 2009, Airport RB (INS–AGC)(b)		5.00	%		02/01/29		1,000		1,080,240
Louisiana (State of) Offshore Terminal Authority (LOOP LLC); Series 2010 B-1, Deepwater Port RB(a)		1.88	%		10/01/13		1,000		1,001,930
Louisiana (State of) Public Facilities Authority (Baton Rouge General Medical Center); Series 2004, Mortgage RB (INS–NATL)(b)		5.00	%		07/01/14		1,000		1,117,990
Louisiana (State of) Public Facilities Authority (Black & Gold Facilities); Series 2007 A, RB (INS–CIFG)(b)		5.00	%		07/01/22		500		524,580
Louisiana (State of) Public Facilities Authority (CHRISTUS Health);
Series 2008 B, Ref. RB (INS–AGC)(b)		5.75	%		07/01/18		900		972,342
Series 2009 A, Ref. RB		5.00	%		07/01/13		1,500		1,629,375
Series 2009 A, Ref. RB		5.00	%		07/01/15		1,000		1,105,920
Series 2009 A, Ref. RB		5.00	%		07/01/16		1,000		1,097,840
Series 2009 A, Ref. RB		5.25	%		07/01/20		1,000		1,109,330
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program); Series 2007, RB (INS–AMBAC)(b)		5.00	%		06/01/18		1,000		1,131,390
Louisiana (State of) Public Facilities Authority (Nineteenth Judicial District Court Building); Series 2007, RB (INS–FGIC)(b)		4.50	%		06/01/21		1,000		1,079,010

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

16        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Louisiana–(continued)
Louisiana State University & Agricultural & Mechanical College, Board of Supervisors; Series 2010 A, Ref. & Auxiliary RB		5.00	%		07/01/23	$	1,000	$	1,138,120
Monroe (City of) (Economic Development–Garret Rd.);
Series 2008, Ref. & Sales Tax Increment RB (INS–AGC)(b)		5.25	%		03/01/22		1,300		1,363,609
Series 2008, Ref. & Sales Tax Increment RB (INS–AGC)(b)		5.38	%		03/01/24		1,000		1,046,270
New Orleans (City of); Series 2009, Ref. Sewage Service RB (INS–AGC)(b)		6.25	%		06/01/29		1,000		1,099,150
New Orleans (City of) Aviation Board (Consolidated Rental Car);
Series 2009 A, Gulf Opportunity Zone RB		5.00	%		01/01/16		1,250		1,357,863
Series 2009 A, Gulf Opportunity Zone RB		5.13	%		01/01/17		1,730		1,885,804
Series 2009 A, Gulf Opportunity Zone RB		5.25	%		01/01/18		1,575		1,725,696
Series 2009 A, Gulf Opportunity Zone RB		5.50	%		01/01/19		1,100		1,222,067
Series 2009 A, Gulf Opportunity Zone RB		5.75	%		01/01/20		1,890		2,110,261
Series 2009 A, Gulf Opportunity Zone RB		6.00	%		01/01/25		1,000		1,094,120
New Orleans (City of) Aviation Board;
Series 2009 A-1, Ref. & Restructuring RB (INS–AGC)(b)		5.00	%		01/01/19		500		556,265
Series 2009 A-1, Ref. & Restructuring RB (INS–AGC)(b)		6.00	%		01/01/23		1,000		1,180,480
Plaquemines Parish Law Enforcement District;
Series 2009, Limited Tax GO		4.00	%		09/01/14		1,200		1,280,856
Series 2009, Limited Tax GO		4.50	%		09/01/17		1,350		1,472,809
									53,415,956
Maine–0.34%
Lewiston (City of) (UBS Financial Services, Inc.);
Series 2008 B, School Unlimited Tax GO (INS–AGM)(b)		5.00	%		12/15/19		750		861,757
Series 2008 B, School Unlimited Tax GO (INS–AGM)(b)		5.00	%		12/15/20		870		989,199
Series 2008 B, School Unlimited Tax GO (INS–AGM)(b)		5.50	%		12/15/23		950		1,087,256
Maine (State of) Governmental Facilities Authority; Series 2010 A, Ref. Lease Rental RB		2.50	%		10/01/10		500		500,760
Maine (State of) Housing Authority; Series 2009 B, Mortgage Purchase RB		5.00	%		11/15/29		2,500		2,612,875
									6,051,847
Maryland–0.64%
Baltimore (City of) (Water); Series 2009 A, Sub. Project RB		5.13	%		07/01/29		250		276,723
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health);
Series 2008, RB		5.00	%		07/01/18		1,000		1,117,460
Series 2008, RB (INS–AGC)(b)		5.00	%		07/01/20		1,000		1,129,620
Series 2008, RB (INS–AGC)(b)		5.00	%		07/01/22		1,005		1,119,439
Maryland (State of) Health & Higher Educational Facilities Authority (The Johns Hopkins Health System Obligated Group);
Series 2008 B, RB(a)		5.00	%		05/15/13		1,000		1,093,780
Series 2008 B, RB(a)		5.00	%		05/15/15		715		807,800
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System);
Series 2008 F, RB		5.00	%		07/01/17		500		557,750
Series 2008 F, RB		4.50	%		07/01/20		500		527,660
Series 2010, RB		5.00	%		07/01/16		610		681,047
Series 2010, RB		5.00	%		07/01/18		680		761,688
Series 2010, RB		5.00	%		07/01/19		400		453,360
Series 2010, RB		5.00	%		07/01/20		1,000		1,109,870

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

17        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Maryland–(continued)
Maryland (State of) Health & Higher Educational Facilities Authority (Washington County Hospital); Series 2008, RB		5.00	%		01/01/20	$	500	$	527,900
Montgomery (County of) Housing Opportunities Commission; Series 2009 A, Single Family Mortgage RB		3.38	%		07/01/16		1,000		1,046,640
									11,210,737
Massachusetts–0.98%
Massachusetts (Commonwealth of) (Construction Loan); Series 2001 D, Limited Tax GO(a)(e)		5.25	%		11/01/11		2,500		2,644,350
Massachusetts (State of) Department of Transportation;
Series 2010 B, Sr. Metropolitan Highway System RB		5.00	%		01/01/22		1,000		1,150,300
Series 2010 B, Sr. Metropolitan Highway System RB		5.00	%		01/01/23		2,000		2,276,280
Massachusetts (State of) Development Finance Agency (Boston University); Series 2009 V-1, RB		5.00	%		10/01/29		1,000		1,075,500
Massachusetts (State of) Health & Educational Facilities Authority (Baystate Medical Center); Series 2009 K-1, RB(a)		5.00	%		07/01/13		2,500		2,702,300
Massachusetts (State of) Health & Educational Facilities Authority (Cape Cod Healthcare Obligated Group); Series 2004 D, RB (INS–AGC)(b)		4.00	%		11/15/17		730		780,823
Massachusetts (State of) Health & Educational Facilities Authority (Lesley University); Series 2009 A, RB (INS–AGC)(b)		5.00	%		07/01/23		1,095		1,252,373
Massachusetts (State of) Health & Educational Facilities Authority (Northeastern University); Series 2008 T-2, RB(a)		4.10	%		04/19/12		1,485		1,551,097
Massachusetts (State of) Health & Educational Facilities Authority (Suffolk University); Series 2009 A, Ref. RB		6.00	%		07/01/24		1,500		1,672,830
Worcester (City of); Series 2009, Limited Tax GO (INS–AGC)(b)		4.00	%		11/01/16		1,860		2,108,013
									17,213,866
Michigan–5.11%
Adrian (City of) School District; Series 2007, Ref. Unlimited Tax GO (INS–AGM)(b)		5.50	%		05/01/15		755		884,618
Avondale School District; Series 2009, Ref. Unlimited Tax GO (INS–AGC)(b)		4.00	%		05/01/19		1,000		1,058,310
Battle Creek (City of); Series 2008, Ref. Downtown Development Limited Tax GO (INS–AMBAC)(b)		5.00	%		05/01/15		1,110		1,255,887
Central Michigan University Board of Trustees;
Series 2009, Ref. General RB		5.00	%		10/01/11		1,170		1,222,334
Series 2009, Ref. General RB		5.00	%		10/01/13		1,430		1,599,998
Series 2009, Ref. General RB		5.00	%		10/01/14		1,510		1,726,942
Detroit (City of);
Series 2009 C, Limited Tax General Obligation TAN(h)		10.00	%		10/01/10		5,000		4,998,700
Series 2010, Distributable State Aid Limited Tax GO		5.00	%		11/01/14		1,445		1,635,119
Series 2010, Distributable State Aid Limited Tax GO		5.00	%		11/01/16		1,000		1,144,350
Series 2010, Distributable State Aid Limited Tax GO		5.00	%		11/01/19		1,000		1,133,480
Series 2010, Distributable State Aid Limited Tax GO		5.00	%		11/01/20		1,000		1,131,090
Hartland Consolidated Schools District; Series 2001, Ref. Unlimited Tax GO (CEP–Michigan School Bond Loan Fund)		5.50	%		05/01/11		1,000		1,030,170
Hastings Area School System; Series 2009, Ref. Unlimited Tax GO (INS–AGC)(b)		3.25	%		05/01/15		1,475		1,561,258
Michigan (State of) Building Authority (Facilities Program);
Series 2003 I, Ref. RB (INS–AGM)(b)		5.25	%		10/15/16		4,315		4,788,097
Series 2009 I, Ref. RB (INS–AGC)(b)		5.00	%		10/15/23		7,150		7,992,342
Series 2009 I, Ref. RB (INS–AGC)(b)		5.25	%		10/15/24		1,040		1,170,572
Series 2009 II, RB		4.00	%		10/15/15		1,000		1,099,810
Series 2009 II, RB		4.00	%		10/15/16		1,950		2,153,034
Series 2009 II, RB (INS–AGM)(b)		5.00	%		10/15/21		1,180		1,344,339
Series 2009 II, RB (INS–AGM)(b)		5.00	%		10/15/22		1,020		1,148,999

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

18        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Michigan–(continued)
Michigan (State of);
Series 2009, Ref. & State Trunk Line Fund RB		5.00	%		11/01/19	$	3,000	$	3,581,340
Series 2009, Ref. & State Trunk Line Fund RB		5.00	%		11/01/20		1,000		1,174,620
Series 2009, Ref. & State Trunk Line Fund RB		5.00	%		11/01/23		2,000		2,274,940
Michigan (State of) Municipal Bond Authority (Clean Water Revolving Fund); Series 2002, Ref. RB		5.25	%		10/01/21		1,300		1,415,037
Michigan (State of) Municipal Bond Authority (Downtown Development Local);
Series 2009 A, Local Government Loan Program RB		5.00	%		05/01/21		1,515		1,696,421
Series 2009 A, Local Government Loan Program RB		5.13	%		05/01/23		800		884,888
Series 2009 A, Local Government Loan Program RB		5.25	%		05/01/24		500		553,860
Michigan (State of) Municipal Bond Authority;
Series 2009 C, Local Government Loan Program RB (CEP–Michigan School Bond Loan Fund)		5.00	%		05/01/15		1,850		2,088,743
Series 2009 C, Local Government Loan Program RB (CEP–Michigan School Bond Loan Fund)		5.00	%		05/01/16		1,860		2,115,155
Series 2010 B, State Aid RN		5.00	%		03/21/11		2,000		2,001,720
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group); Series 2010 F-3, Ref. & Project RB(a)		2.63	%		06/30/14		2,250		2,326,545
Michigan (State of) Hospital Finance Authority (Henry Ford Health System);
Series 2009, Ref. RB		4.00	%		11/15/13		540		562,837
Series 2009, Ref. RB		4.00	%		11/15/14		655		685,372
Series 2009, Ref. RB		5.50	%		11/15/18		1,000		1,111,370
Series 2009, Ref. RB		5.00	%		11/15/19		1,500		1,611,255
Michigan (State of) Hospital Finance Authority (McLaren Health Care); Series 2008 A, Ref. RB		5.25	%		05/15/18		1,100		1,235,289
Michigan (State of) Strategic Fund (Detroit Edison Co. Pollution Control Bonds); Series 1995 CC, Ref. Limited Obligation RB (INS–AMBAC)(a)(b)		4.85	%		09/01/11		2,025		2,067,059
Royal Oak (City of) Hospital Finance Authority (William Beaumont Hospital Obligated Group);
Series 2009 W, Ref. RB		5.00	%		08/01/15		1,000		1,085,430
Series 2009 W, Ref. RB		5.25	%		08/01/16		3,000		3,277,440
Series 2009 W, Ref. RB		5.25	%		08/01/17		2,000		2,182,500
Series 2009 W, Ref. RB		5.50	%		08/01/19		1,775		1,969,877
Ypsilanti (City of) School District;
Series 2009, Ref. Unlimited Tax GO (INS–AGC)(b)		4.00	%		05/01/12		2,270		2,382,342
Series 2009, Ref. Unlimited Tax GO (INS–AGC)(b)		4.00	%		05/01/14		1,985		2,150,648
Series 2009, Ref. Unlimited Tax GO (INS–AGC)(b)		5.00	%		05/01/18		1,270		1,459,255
Southgate Community School District; Series 2005, Ref. Unlimited Tax GO (INS–NATL)(b)		5.00	%		05/01/18		1,710		1,893,637
Taylor (City of); Series 2001, COP (INS–AMBAC)(b)		5.00	%		02/01/11		495		503,796
Troy (City of) Downtown Development Authority; Series 2001, Ref. & Development Tax Allocation RB (INS–NATL)(b)		5.00	%		11/01/10		1,265		1,269,516
Wayne State University;
Series 2007 A, General RB (INS–NATL)(b)		5.00	%		11/15/12		1,190		1,293,375
Series 2009 A, Ref. General RB		5.00	%		11/15/17		2,000		2,367,700
Wyandotte (City of); Series 2009 A, Ref. & Electric System RB (INS–AGC)(b)		5.25	%		10/01/28		250		274,123
									89,575,539
Minnesota–2.55%
Duluth (City of) Independent School District No. 709;
Series 2009 B, COP		4.00	%		03/01/12		1,050		1,099,350
Series 2009 B, COP		4.00	%		03/01/13		1,325		1,424,640
Series 2009 B, COP		4.00	%		03/01/14		1,360		1,488,860
Series 2009 B, COP		4.00	%		03/01/15		1,400		1,541,106

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

19        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Minnesota–(continued)
Minneapolis & St. Paul (Cities of) Housing & Redevelopment Authority (Children’s Health Care);
Series 1995 B, Health Care Facilities RB (INS–AGM)(b)		5.00	%		08/15/19	$	1,400	$	1,599,892
Series 1995 B, Health Care Facilities RB (INS–AGM)(b)		5.00	%		08/15/21		1,350		1,508,854
Series 2010 A, Health Care Facilities RB		5.00	%		08/15/20		730		816,162
Series 2010 A, Health Care Facilities RB		5.00	%		08/15/21		1,635		1,810,632
Minneapolis & St. Paul (Cities of) Metropolitan Airports Commission;
Series 2007 B, Sub. Ref. RB (INS–NATL)(b)		5.00	%		01/01/19		2,930		3,338,090
Series 2009 A, Sr. Ref. RB		4.00	%		01/01/16		730		812,884
Series 2009 A, Sr. Ref. RB		5.00	%		01/01/20		1,000		1,168,950
Minnesota (State of); Series 2009 D, Various Purpose Unlimited Tax GO		4.00	%		08/01/23		3,360		3,733,027
Minnesota (State of) Agricultural & Economic Development Board (Essentia Health Obligated Group);
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(b)		4.00	%		02/15/14		1,000		1,082,570
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(b)		5.00	%		02/15/16		570		646,135
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(b)		4.00	%		02/15/20		1,500		1,599,750
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(b)		5.00	%		02/15/21		1,500		1,699,275
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas);
Series 2009 Seven-A, RB		4.00	%		10/01/15		1,000		1,101,290
Series 2009 Seven-A, RB		4.00	%		10/01/16		1,000		1,101,050
Series 2009 Seven-A, RB		4.50	%		10/01/20		880		987,598
Series 2009 Seven-A, RB		4.50	%		10/01/22		1,000		1,095,960
Series 2009 Six-X, RB		5.00	%		04/01/24		500		548,830
Minnesota (State of) Housing Finance Agency;
Series 2009 A, Residential Housing Finance RB		5.20	%		01/01/23		935		1,009,763
Series 2009 B, Residential Housing Finance RB		5.45	%		07/01/24		885		961,216
St. Cloud (City of) (CentraCare Health System);
Series 2010 A, Health Care RB		5.00	%		05/01/15		500		558,695
Series 2010 A, Health Care RB		5.00	%		05/01/25		1,000		1,038,380
Series 2010 B, Health Care RB		5.00	%		05/01/12		955		1,012,682
Series 2010 B, Health Care RB		5.00	%		05/01/13		595		646,081
Series 2010 B, Health Care RB		5.00	%		05/01/16		1,000		1,121,570
St. Paul (City of) Housing & Redevelopment Authority (Gillette Children’s Specialty Healthcare);
Series 2009, Health Care RB		5.00	%		02/01/16		1,470		1,603,888
Series 2009, Health Care RB		5.00	%		02/01/19		1,755		1,903,859
Series 2009, Health Care RB		5.25	%		02/01/21		2,175		2,349,848
Series 2009, Health Care RB		5.00	%		02/01/27		1,000		1,023,410
Western Minnesota Municipal Power Agency (Transmission); Series 2001 A, Ref. RB (INS–AMBAC)(b)		5.50	%		01/01/11		1,300		1,320,852
									44,755,149
Mississippi–0.56%
Alcorn State University Educational Building Corp. (Student Housing); Series 2009 A, RB		4.63	%		09/01/26		1,695		1,830,261
Mississippi (State of) Development Bank (Jackson County Limited Tax Note); Series 2009, Special Obligation RB (INS–AGC)(b)		5.00	%		07/01/24		1,000		1,119,540
Mississippi (State of) Development Bank (Lowndes County Industrial Development); Series 2007, Special Obligation IDR (INS–AGM)(b)		5.00	%		07/01/19		1,160		1,318,839
Mississippi (State of) Development Bank (Mississippi Power Co.); Series 2007 A, Special Obligation RB (INS–AMBAC)(b)		5.00	%		07/01/16		1,000		1,135,170

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

20        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Mississippi–(continued)
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care); Series 2004 B-2, RB		5.00	%		09/01/23	$	2,475	$	2,731,360
Rankin (County of) School District; Series 2001, Unlimited Tax GO (INS–AGM)(b)		5.00	%		10/01/11		1,625		1,704,723
									9,839,893
Missouri–1.45%
Cape Girardeau (County of) Industrial Development Authority (St. Francis Medical Center); Series 2009 A, Health Facilities IDR		5.50	%		06/01/29		250		264,930
Cass (County of); Series 2007, Hospital RB		5.00	%		05/01/17		500		526,220
Kansas City (City of);
Series 2008 A, Ref. General Improvement Airport RB		4.00	%		09/01/14		1,000		1,107,510
Series 2010 B, Ref. Special Obligation Tax Allocation RB		4.13	%		01/01/21		2,000		2,124,920
Ladue (City of) School District; Series 2007, Ref. & Improvement Unlimited Tax GO		5.00	%		03/01/25		1,250		1,410,413
Missouri (State of) Development Finance Board (Missouri Association Municipal Utilities); Series 1999, VRD Lease RB(c)(d)(h)		5.50	%		12/01/22		555		555,000
Missouri (State of) Environmental Improvement & Energy Resources Authority (State Revolving Funds);
Series 2001, Drinking Water & Water PCR(a)(e)		5.00	%		07/01/11		885		920,391
Series 2001, Drinking Water & Water PCR		5.00	%		07/01/23		115		119,071
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care);
Series 2010 B, Health Facilities RB		5.00	%		06/01/19		1,000		1,148,720
Series 2010 B, Health Facilities RB		5.00	%		06/01/21		4,645		5,224,278
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.);
Series 2004 A, Health Facilities RB (INS–AGM)(b)		5.00	%		11/15/18		1,260		1,447,866
Series 2010 A, Health Facilities RB		5.00	%		11/15/20		1,000		1,108,710
Series 2010 A, Health Facilities RB		5.25	%		11/15/25		250		269,930
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital); Series 2009, Health Facilities RB		5.25	%		05/15/29		2,000		2,083,500
Missouri (State of) Health & Educational Facilities Authority (University of Missouri–Columbia Arena); Series 2001, Educational Facilities RB		5.00	%		11/01/19		2,540		2,666,238
Missouri (State of) Health & Educational Facilities Authority (Webster University); Series 2001, Educational Facilities RB (INS–NATL)(b)		5.00	%		04/01/11		1,075		1,098,338
Missouri (State of) Housing Development Commission (Homeownership Loan Program); Series 2008 B-2, Single Family Mortgage RB (CEP–GNMA/FNMA/FHLMC)		5.10	%		03/01/28		385		406,337
St. Louis (City of) (Lambert-St. Louis International Airport); Series 2007 A, Ref. Airport RB (INS–AGM)(b)		5.00	%		07/01/20		1,125		1,271,565
St. Louis (City of) Municipal Finance Corp. (Convention Center Capital Improvement); Series 2008, Leasehold RB (INS–AGC)(b)		5.00	%		07/15/21		1,500		1,666,260
									25,420,197
Montana–0.58%
Gallatin (County of) Airport Authority (PFC Supported); Series 2009, RB		4.38	%		06/01/29		3,515		3,591,768
Helena (City of); Series 2009, COP		5.00	%		01/01/29		400		432,804
Montana (State of) Facility Finance Authority (Master Loan Program–Glendive Medical Center, Inc.);
Series 2008 A, Health Care Facilities RB		4.63	%		07/01/18		1,010		1,144,128
Series 2008 A, Health Care Facilities RB		4.75	%		07/01/28		1,000		1,042,100
Montana (State of) Facility Finance Authority (Sisters of Charity of Leavenworth Health System);
Series 2010 B, Ref. RB		5.00	%		01/01/19		2,500		2,908,200
Series 2010 B, Ref. RB		4.00	%		01/01/20		1,000		1,084,240
									10,203,240

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

21        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Nebraska–0.11%
Douglas (County of) School District No. 10 (Elkhorn Public Schools); Series 2009, Unlimited Tax GO		5.45	%		06/15/22	$	500	$	541,635
(State of) Municipal Energy Agency; Series 2009 A, Ref. & Power Supply System RB (INS–BHAC)(b)		5.13	%		04/01/29		250		278,418
Nebraska (State of) Elementary & Secondary School Finance Authority (Boys Town); Series 2008, Educational Facilities RB		4.75	%		09/01/28		1,000		1,061,110
									1,881,163
Nevada–2.17%
Clark (County of); Series 2006, Limited Tax GO (INS–AMBAC)(b)		5.00	%		11/01/21		5,235		5,836,449
Clark (County of);
Series 2009 C, Airport System Sub. Lien RB (INS–AGM)(b)		5.00	%		07/01/22		1,000		1,123,190
Series 2009 C, Airport System Sub. Lien RB (INS–AGM)(b)		5.00	%		07/01/23		4,000		4,444,320
Series 2009 C, Airport System Sub. Lien RB (INS–AGM)(b)		5.00	%		07/01/24		2,000		2,199,840
Series 2009 C, Airport System Sub. Lien RB (INS–AGM)(b)		5.00	%		07/01/25		1,500		1,636,860
Sr. Series 2010 D, Airport System RB		5.00	%		07/01/15		2,950		3,367,543
Sr. Series 2010 D, Airport System RB		5.00	%		07/01/16		1,000		1,156,920
Sr. Series 2010 D, Airport System RB		4.00	%		07/01/17		2,000		2,197,220
Sr. Series 2010 D, Airport System RB		5.00	%		07/01/17		1,500		1,741,830
Clark (County of) School District; Series 2004 A, Ref. Limited Tax GO (INS–AGM)(b)		5.00	%		06/15/16		5,000		5,681,500
Humboldt (County of) (Idaho Power Co.); Series 2003, Ref. PCR		5.15	%		12/01/24		4,000		4,318,760
Las Vegas (City of) Valley Water District; Series 2009 D, Ref. Limited Tax GO		5.00	%		06/01/16		500		584,600
Reno (City of) (Washoe Medical Center);
Series 2004 C, Hospital RB (INS–AGM)(b)		5.00	%		06/01/15		750		835,237
Series 2004 C, Hospital RB (INS–AGM)(b)		5.00	%		06/01/17		1,365		1,519,955
Series 2005 A, Hospital RB (INS–AGM)(b)		5.25	%		06/01/17		1,300		1,465,529
									38,109,753
New Hampshire–0.27%
Manchester (City of);
Series 2009 A, Ref. General Airport RB		5.00	%		01/01/15		1,750		1,909,372
Series 2009 A, Ref. General Airport RB		5.00	%		01/01/17		500		554,685
New Hampshire (State of) Housing Finance Authority;
Series 2008 E, Single Family Mortgage Acquisition RB		5.05	%		07/01/23		470		503,234
Series 2008 E, Single Family Mortgage Acquisition RB		5.30	%		07/01/28		235		249,178
Series 2009 A, Single Family Mortgage Acquisition RB		5.13	%		07/01/29		1,495		1,571,977
									4,788,446
New Jersey–1.90%
New Jersey (State of) Economic Development Authority (Montclair State University Student Housing);
Series 2010 A, RB		5.25	%		06/01/20		1,295		1,393,122
Series 2010 A, RB		5.00	%		06/01/21		1,500		1,567,005
New Jersey (State of) Economic Development Authority;
Series 2004, Cigarette Tax RB		5.50	%		06/15/16		1,805		1,905,376
Series 2010 DD-1, Ref. School Facilities Construction RB		5.00	%		12/15/16		630		738,184
Series 2010 DD-1, Ref. School Facilities Construction RB		5.00	%		12/15/17		1,550		1,818,646
New Jersey (State of) Health Care Facilities Financing Authority (Bayonne Hospital Obligated Group); Series 1994, RB (INS–AGM)(b)		6.25	%		07/01/12		1,030		1,030,258
New Jersey (State of) Turnpike Authority;
Series 2009 H, RB		5.00	%		01/01/20		2,000		2,331,400
Series 2009 H, RB		5.00	%		01/01/21		3,500		4,020,940

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

22        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Jersey–(continued)
Newark (City of) Housing Authority (South Ward Police Facility);
Series 2009 A, City-Secured Police Facility RB (INS–AGC)(b)		5.00	%		12/01/21	$	1,130	$	1,286,833
Series 2009 A, City-Secured Police Facility RB (INS–AGC)(b)		5.38	%		12/01/26		500		555,750
Newark (City of);
Series 2010 A, Ref. Qualified General Improvement Unlimited Tax GO		4.00	%		10/01/16		3,710		4,059,890
Series 2010 H, General Obligation Unlimited TAN		4.00	%		03/15/11		2,500		2,514,925
Paterson (City of);
Series 2009, General Improvement Unlimited Tax GO (INS–AGM)(b)		4.25	%		06/15/12		1,600		1,672,688
Series 2009, General Improvement Unlimited Tax GO (INS–AGM)(b)		5.00	%		06/15/16		200		224,948
Perth Amboy (City of) Board of Education;
Series 2010, Ref. COP (INS–AGC)(b)		3.00	%		12/15/10		1,000		1,005,260
Series 2010, Ref. COP (INS–AGC)(b)		4.00	%		06/15/12		1,135		1,185,269
Series 2010, Ref. COP (INS–AGC)(b)		4.00	%		12/15/12		1,285		1,356,215
Series 2010, Ref. COP (INS–AGC)(b)		4.00	%		06/15/15		1,345		1,452,533
Series 2010, Ref. COP (INS–AGC)(b)		4.00	%		12/15/15		1,395		1,509,529
South Jersey Port Corp.; Series 2009 P-2, Marine Terminal RB		4.00	%		01/01/16		1,505		1,661,339
									33,290,110
New York–2.54%
Amherst (Town of) Development Corp. (UBF Faculty-Student Housing Corp.–Greiner & Hadley Projects at SUNY Buffalo); Series 2010 A, Student Housing Facility RB (INS–AGM)(b)		4.00	%		10/01/16		1,000		1,105,670
Babylon (Town of) Industrial Development Agency (Covanta Babylon, Inc.);
Series 2009 A, Resource Recovery IDR		5.00	%		01/01/14		560		622,905
Series 2009 A, Resource Recovery IDR		5.00	%		01/01/18		445		507,896
Series 2009 A, Resource Recovery IDR		5.00	%		01/01/19		365		417,013
Nassau (County of) Industrial Development Agency (New York Institute of Technology);
Series 2000 A, Ref. Civic Facility IDR		5.25	%		03/01/17		930		1,046,371
Series 2000 A, Ref. Civic Facility IDR		5.25	%		03/01/19		1,585		1,787,040
New York (City of); Sub. Series 2008 J-1, Unlimited Tax GO		5.00	%		08/01/17		750		893,850
New York (State of) Dormitory Authority (Consolidated Service Contract); Series 2009 A, Ref. RB		5.00	%		07/01/18		2,000		2,366,120
New York (State of) Dormitory Authority (Mount Sinai Hospital Obligated Group);
Series 2010 A, RB		5.00	%		07/01/19		500		564,650
Series 2010 A, RB		5.00	%		07/01/26		1,160		1,243,242
New York (State of) Dormitory Authority (Mount Sinai School of Medicine of New York University); Series 2009, RB		5.50	%		07/01/22		2,925		3,284,482
New York (State of) Dormitory Authority (School District Revenue Bond Financing Program); Series 2008 D, RB (INS–AGC)(b)		5.75	%		10/01/24		1,000		1,171,780
New York (State of) Dormitory Authority (St. Lawrence University); Series 2008, RB		5.00	%		07/01/14		2,000		2,242,300
New York (State of) Dormitory Authority (State University Educational Facilities); Series 2002 B, Third General Resolution RB(a)		5.25	%		05/15/12		3,170		3,405,531
New York (State of) Dormitory Authority (Yeshiva University); Series 2009, RB		5.00	%		09/01/22		2,635		3,071,013
New York (City of) Housing Development Corp.;
Series 2009 C-2, MFH RB		3.50	%		05/01/13		1,085		1,094,819
Series 2009 L-2, MFH RB(a)		2.00	%		09/16/13		3,720		3,752,587
New York (City of) Transitional Finance Authority;
Series 2009 S-5, Building Aid RB		5.00	%		01/15/16		2,000		2,311,640
Series 2009 S-5, Building Aid RB		5.00	%		01/15/17		1,875		2,185,519
Series 2010 D, Future Tax Sec. Sub. RB		5.00	%		11/01/17		2,500		3,029,600
New York (State of) Energy Research & Development Authority (New York State Electric & Gas Corp.); Series 1994 C, Ref. PCR(a)		3.00	%		06/03/13		5,000		5,063,400

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

23        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (State of) Housing Finance Agency; Series 2009 B, Affordable Housing RB		1.45	%		11/01/11	$	1,000	$	1,001,060
Niagara Falls Bridge Commission; Series 1993 A, Toll Bridge System RB (INS–AGC)(b)		4.00	%		10/01/19		1,000		1,121,460
Yonkers (City of);
Series 2010 A, Unlimited Tax GO (INS–AGM)(b)		5.00	%		11/15/20		655		753,728
Series 2010 A, Unlimited Tax GO (INS–AGM)(b)		5.00	%		11/15/22		500		560,360
									44,604,036
North Carolina–0.91%
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System);
Series 2007 A, Ref. Health Care RB		5.00	%		01/15/19		1,000		1,123,820
Series 2008 A, Ref. Health Care RB		4.63	%		01/15/26		1,005		1,048,959
Series 2009 A, Ref. Health Care RB		5.00	%		01/15/20		3,500		3,986,955
Series 2009 A, Ref. Health Care RB		5.00	%		01/15/26		1,665		1,804,577
North Carolina (State of) Eastern Municipal Power Agency;
Series 2008 C, Power System RB (INS–AGC)(b)		6.00	%		01/01/19		330		379,111
Series 2009 B, Ref. Power System RB		5.00	%		01/01/17		500		572,780
Series 2009 D, Power System RB		5.00	%		01/01/19		900		1,037,547
Series 2009 D, Power System RB		5.00	%		01/01/20		1,000		1,136,190
Series 2009 D, Power System RB		5.00	%		01/01/21		1,095		1,229,608
Series 2009 D, Power System RB		5.00	%		01/01/22		1,060		1,179,685
Oak Island (Town of) (Waste Water);
Series 2008 A, Enterprise System RB (INS–NATL)(b)		5.00	%		06/01/20		1,065		1,204,813
Series 2008 A, Enterprise System RB (INS–NATL)(b)		5.00	%		06/01/23		1,210		1,328,156
									16,032,201
North Dakota–0.12%
Fargo (City of) (MeritCare Obligated Group); Series 2000 A, Health System RB (INS–AGM)(b)		5.60	%		06/01/21		2,000		2,023,680
Ohio–4.81%
Akron (City of);
Series 2009, Ref. & Improvement Waterworks System Mortgage RB (INS–AGC)(b)		5.00	%		03/01/16		2,675		3,118,140
Series 2009, Ref. & Improvement Waterworks System Mortgage RB (INS–AGC)(b)		5.00	%		03/01/18		2,010		2,379,016
Allen (County of) (Catholic Healthcare Partners);
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/16		1,000		1,136,100
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/18		2,000		2,279,580
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/20		2,670		3,005,486
American Municipal Power, Inc. (Hydroelectric); Series 2009 C, RB		5.00	%		02/15/23		2,850		3,190,347
Buckeye Tobacco Settlement Financing Authority;
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/12		930		963,182
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/16		1,430		1,466,508
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/17		1,985		1,999,550
Series 2007 A-2, Sr. Asset-Backed Turbo Term RB		5.38	%		06/01/24		1,595		1,416,041
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(c)(d)(f)		0.29	%		11/01/40		3,940		3,940,000

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

24        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ohio–(continued)
Cleveland (City of);
Series 2006 A, Airport System RB (INS–AMBAC)(b)		5.25	%		01/01/21	$	3,980	$	4,511,051
Series 2009 C, Airport System RB (INS–AGC)(b)		5.00	%		01/01/18		2,000		2,330,880
Series 2009 C, Airport System RB (INS–AGC)(b)		5.00	%		01/01/19		2,000		2,341,960
Series 2009 C, Airport System RB (INS–AGC)(b)		5.00	%		01/01/20		4,000		4,622,520
Series 2009 C, Airport System RB (INS–AGC)(b)		5.00	%		01/01/23		3,000		3,356,040
Series 2009 C, Airport System RB (INS–AGC)(b)		5.00	%		01/01/27		2,000		2,157,360
Franklin (County of) (Nationwide Children’s Hospital); Series 2009, Hospital Improvement RB		5.00	%		11/01/18		1,000		1,136,890
Ohio (State of) (Cleveland Clinic Health System Obligated Group);
Series 2009 B-1, Hospital RB		4.75	%		01/01/20		3,000		3,367,980
Series 2009 B-1, Hospital RB		4.75	%		01/01/21		2,000		2,214,300
Series 2009 B-1, Hospital RB		5.00	%		01/01/22		1,000		1,102,240
Series 2009 B-1, Hospital RB		5.00	%		01/01/23		3,000		3,284,100
Series 2009 B-1, Hospital RB		5.00	%		01/01/25		3,000		3,239,370
Series 2009 B-1, Hospital RB		5.00	%		01/01/26		3,000		3,226,080
Series 2009 B-1, Hospital RB		5.00	%		01/01/27		1,000		1,069,490
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 C, Hospital RB(a)		4.88	%		07/15/15		2,525		2,750,937
Ohio (State of); Series 2009 A-II, Parks & Recreation Capital Facilities RB		5.00	%		12/01/19		1,825		2,172,243
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);
Series 2009 A, RB		5.70	%		08/01/20		10,120		11,445,720
Series 2009 C, Ref. PCR		5.63	%		06/01/18		3,200		3,633,472
Toledo (City of) (Special Obligations); Series 2009, City Services Special Assessment RN		4.00	%		06/01/11		1,500		1,519,650
									84,376,233
Oklahoma–1.45%
Cleveland (County of) Justice Authority (Detention Facility); Series 2009 A, Sales Tax RB		5.00	%		03/01/22		1,000		1,066,950
Oklahoma (County of) Finance Authority (Western Heights Public Schools); Series 2009, Educational Facilities Lease RB		4.50	%		09/01/19		2,000		2,167,740
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		1,094,960
Series 2009 A, Master Real Property Lease RB		4.10	%		06/01/21		1,000		1,084,310
Series 2009 A, Master Real Property Lease RB		4.20	%		06/01/22		1,000		1,080,270
Series 2009 A, Master Real Property Lease RB		4.25	%		06/01/23		1,000		1,075,350
Oklahoma (State of) Industries Authority (Oklahoma Medical Research Foundation); Series 2008, RB		5.50	%		07/01/29		1,280		1,369,728
Oklahoma (State of) Municipal Power Authority;
Series 2008 A, Power Supply System RB		5.25	%		01/01/18		300		360,519
Series 2008 A, Power Supply System RB		5.38	%		01/01/19		250		298,525
Series 2008 A, Power Supply System RB		5.88	%		01/01/28		250		284,802
Okmulgee (City of) Municipal Authority; Series 2009 A, Utility System & Sales Tax RB		4.00	%		12/01/19		2,165		2,375,698
Tulsa (City of) Airports Improvement Trust;
Series 2009 A, General RB		4.00	%		06/01/15		670		713,396
Series 2009 A, General RB		5.38	%		06/01/24		1,750		1,835,680
Tulsa (County of) Industrial Authority (Jenks Public Schools); Series 2009, Educational Facilities Lease RB		4.00	%		09/01/14		2,000		2,244,320

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

25        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Oklahoma–(continued)
Tulsa (County of) Industrial Authority;
Series 2003 A, Capital Improvements RB		4.00	%		05/15/16	$	5,000	$	5,604,500
Series 2005 A, Capital Improvements RB		4.00	%		05/15/17		1,000		1,120,370
Tulsa (City of) Industrial Authority (University of Tulsa); Series 2009, Ref. RB		5.00	%		10/01/23		1,500		1,616,805
									25,393,923
Oregon–0.67%
Clackamas (County of) Hospital Facility Authority (Legacy Health System); Series 2009 B, RB(a)		5.00	%		07/15/12		1,000		1,049,190
Lane (County of) (Full Faith & Credit Obligations); Series 2009 A, Limited Tax GO		4.00	%		11/01/16		1,000		1,119,160
Oregon (State of) Department of Administrative Services; Series 2009 A, State Lottery RB		5.00	%		04/01/28		500		564,865
Oregon (State of) Facilities Authority (Legacy Health System); Series 2010 A, Ref. RB		5.00	%		03/15/16		1,490		1,655,629
Oregon (State of) Facilities Authority (PeaceHealth);
Series 2009 A, Ref. RB		5.00	%		11/01/14		720		817,128
Series 2009 A, Ref. RB		5.00	%		11/01/15		660		765,151
Series 2009 A, Ref. RB		5.00	%		11/01/16		1,880		2,178,431
Oregon (State of) Facilities Authority (Samaritan Health Services); Series 2010 A, Ref. RB		4.00	%		10/01/16		1,415		1,515,479
Oregon (State of) Facilities Authority (Willamette University); Series 2010 A, Ref. RB		4.00	%		10/01/24		500		519,365
Salem-Keizer School District No. 24J; Series 2009 B, Capital Appreciation Unlimited Tax GO (CEP–Oregon School Bond Guaranty)(g)		5.26	%		06/15/23		2,500		1,582,250
									11,766,648
Pennsylvania–4.02%
Adams (County of) Industrial Development Authority (Gettysburg College); Series 2010, IDR		5.00	%		08/15/22		500		572,215
Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center);
Series 2010 A, RB		3.00	%		05/15/11		490		498,075
Series 2010 A, RB		5.00	%		05/15/19		580		667,313
Bethel Park (City of) School District;
Series 2009, Limited Tax GO		3.00	%		08/01/13		500		526,955
Series 2009, Limited Tax GO		4.00	%		08/01/17		800		889,040
Series 2009, Limited Tax GO		5.00	%		08/01/29		1,000		1,078,240
Delaware (County of) Authority (Villanova University); Series 2010, RB		4.00	%		12/01/16		500		560,150
Erie (County of) Hospital Authority (St. Vincent Health Center); Series 2010 A, RB		4.50	%		07/01/12		600		612,252
Lancaster (County of) Solid Waste Management Authority; Series 2009 B, Resource Recovery System RB		4.00	%		12/15/12		2,000		2,113,500
Moon (Township of) Industrial Development Authority (Providence Point); Series 2007, VRD First Mortgage RB (LOC–Lloyds TSB Bank PLC)(c)(d)(f)		0.30	%		07/01/38		305		305,000
Pennsylvania (State of) Economic Development Financing Authority (Exelon Generation Co., LLC); Series 2009 A, Ref. Exempt Facilities RB(a)		5.00	%		06/01/12		1,000		1,057,710
Pennsylvania (State of) Higher Educational Facilities Authority (Carnegie Mellon University);
Series 2009, RB		5.00	%		08/01/17		1,000		1,203,900
Series 2009, RB		4.25	%		08/01/19		3,000		3,453,720
Series 2009, RB		5.00	%		08/01/21		775		913,431
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System); Series 2008 B, RB		5.00	%		08/15/13		1,100		1,230,042
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pittsburgh Medical Center);
Series 2010 E, RB		5.00	%		05/15/19		1,025		1,184,398
Series 2010 E, RB		5.00	%		05/15/21		5,000		5,696,300

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

26        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Pennsylvania (State of) Turnpike Commission;
Series 2008 C-1, Sub. RB (INS–AGC)(b)		6.00	%		06/01/23	$	500	$	591,735
Series 2009 B, Sub. RB		5.00	%		06/01/21		3,500		3,997,700
Series 2009 B, Sub. RB		5.25	%		06/01/24		2,500		2,835,225
Philadelphia (City of) School District; Series 2010 C, Ref. Unlimited Tax GO		5.00	%		09/01/14		1,000		1,129,700
Philadelphia (City of);
Series 2008 B, Limited Tax GO (INS–AGC)(b)		5.75	%		07/15/17		1,000		1,177,640
Series 2008 B, Limited Tax GO (INS–AGC)(b)		6.00	%		07/15/18		1,000		1,177,820
Series 2008 B, Limited Tax GO (INS–AGC)(b)		6.25	%		07/15/23		2,000		2,283,180
Series 2009 A, Ref. Unlimited Tax GO (INS–AGC)(b)		4.50	%		08/01/20		2,000		2,250,960
Series 2009 A, Ref. Unlimited Tax GO (INS–AGC)(b)		5.25	%		08/01/21		2,500		2,930,750
Series 2009 A, Ref. Unlimited Tax GO (INS–AGC)(b)		5.25	%		08/01/22		5,000		5,776,950
Series 2009 A, Water & Wastewater RB		5.00	%		01/01/27		250		270,133
Series 2010 A, Ref. Water & Wastewater RB (INS–AGM)(b)		5.00	%		06/15/19		1,000		1,185,810
Series 2010 A, Unlimited Tax General Obligation Revenue & TAN		2.00	%		06/30/11		1,250		1,263,862
Pittsburgh (City of) School District;
Series 2009 A, Limited Tax GO (INS–AGC)(b)		3.00	%		09/01/12		1,300		1,360,905
Series 2009 A, Limited Tax GO (INS–AGC)(b)		4.00	%		09/01/19		3,105		3,471,638
Pittsburgh (City of) Water & Sewer Authority; Series 2008 C-1D, Ref. Sub. Water & Sewer System RB (INS–AGM)(a)(b)		2.63	%		09/01/12		1,000		1,011,560
Reading (City of); Series 2008, Unlimited Tax GO (INS–AGM)(b)		5.63	%		11/01/23		1,500		1,730,160
South Fork (Borough of) Municipal Authority (Conemaugh Valley Memorial Hospital); Series 2005 A, Ref. Hospital RB (INS–AGC)(b)		6.00	%		07/01/26		500		569,910
Southeastern Pennsylvania Transportation Authority; Series 1999 B, Ref. Special RB (INS–NATL)(b)		5.25	%		03/01/17		3,000		3,022,320
St. Mary Hospital Authority (Catholic Health East);
Series 2010 A, Health System RB		4.00	%		11/15/15		1,445		1,550,731
Series 2010 A, Health System RB		5.00	%		11/15/18		2,645		2,969,832
University of Pittsburgh–Of the Commonwealth System of Higher Education (University Capital);
Series 2002 B, Ref. RB(a)		5.50	%		09/15/13		1,000		1,123,080
Series 2005 A, RB(a)		5.50	%		09/15/13		1,000		1,123,080
West Mifflin Area School District; Series 2009, Limited Tax GO (INS–AGM)(b)		5.50	%		04/01/24		500		584,815
York (City of) Sewer Authority;
Series 2010, Gtd. Sewer RB (INS–AGC)(b)		5.00	%		12/01/22		750		826,635
Series 2010, Gtd. Sewer RB (INS–AGC)(b)		5.00	%		12/01/23		1,620		1,770,433
									70,548,805
Puerto Rico–0.81%
Government Development Bank for Puerto Rico; Series 1985, Ref. RB (INS–NATL)(b)		4.75	%		12/01/15		1,000		1,044,080
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2010 ZZ, Power RB		5.25	%		07/01/19		1,000		1,155,360
Series 2010 ZZ, Power RB		5.25	%		07/01/22		2,000		2,265,840
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2004 K, Ref. Government Facilities RB (INS–AGM)(b)		5.25	%		07/01/27		2,450		2,679,687
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.;
First Sub. Series 2009 A, RB(a)(e)		5.00	%		08/01/11		3,000		3,131,100
First Sub. Series 2009 A, RB		5.00	%		08/01/19		3,000		3,475,440
First Sub. Series 2010 A, RB		3.38	%		08/01/16		500		523,525
									14,275,032

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

27        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Rhode Island–0.84%
North Providence (Town of); Series 2010, Deficit Unlimited Tax GO (INS–AGM)(b)		3.00	%		07/15/12	$	1,835	$	1,857,772
Rhode Island (State of) Health & Educational Building Corp. (Lifespan Obligated Group Issue);
Series 2006 A, Ref. Hospital Financing RB (INS–AGM)(b)		5.00	%		05/15/15		1,000		1,124,390
Series 2009 A, Hospital Financing RB (INS–AGC)(b)		6.13	%		05/15/27		500		576,435
Rhode Island (State of) Health & Educational Building Corp. (Public Schools Financing Program–City of Woonsocket);
Series 2009 E, RB (INS–AGC)(b)		5.00	%		05/15/19		2,145		2,513,039
Series 2009 E, RB (INS–AGC)(b)		5.00	%		05/15/20		1,000		1,153,270
Series 2009 E, RB (INS–AGC)(b)		5.00	%		05/15/22		2,535		2,854,157
Rhode Island (State of) Health & Educational Building Corp. (Public Schools Financing Program–Pooled); Series 2007 B, RB (INS–AMBAC)(b)		5.00	%		05/15/21		1,000		1,109,980
Rhode Island (State of) Health & Educational Building Corp. (University of Rhode Island– Auxiliary Enterprise); Series 2009 B, Higher Education Facilities RB (INS–AGC)(b)		5.25	%		09/15/29		1,250		1,370,500
Rhode Island (State of) Student Loan Authority; Sr. Series 2009 A, Program RB		4.75	%		12/01/15		1,150		1,246,336
Woonsocket (City of); Series 2000, Unlimited Tax GO (INS–NATL)(b)		5.25	%		10/01/10		840		843,158
									14,649,037
South Carolina–2.33%
Charleston (City of); Series 2001, Ref. Waterworks & Sewer System RB (INS–NATL)(b)		5.25	%		01/01/13		1,385		1,419,791
South Carolina (State of) Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning (Furman University); Series 2010, Educational Facilities RB		4.00	%		10/01/10		200		200,558
Oconee (County of) (Duke Energy Carolinas); Series 1993, Ref. Pollution Control Facilities RB		3.60	%		02/01/17		2,650		2,818,381
Piedmont (City of) Municipal Power Agency;
Series 2009 A-3, Ref. Electric RB		5.00	%		01/01/16		2,100		2,400,573
Series 2009 A-3, Ref. Electric RB		5.00	%		01/01/17		1,000		1,148,400
Series 2009 A-4, Ref. Electric RB		5.00	%		01/01/20		2,000		2,311,980
Rock Hill (City of);
Series 2009 C, Ref. Combined Utility System RB (INS–AGC)(b)		4.00	%		01/01/13		2,210		2,376,612
Series 2009 C, Ref. Combined Utility System RB (INS–AGC)(b)		4.00	%		01/01/14		2,315		2,544,092
Series 2009 C, Ref. Combined Utility System RB (INS–AGC)(b)		4.00	%		01/01/15		2,405		2,669,670
South Carolina (State of); Series 2001 B, Capital Improvement Unlimited Tax GO		5.50	%		04/01/11		1,000		1,030,610
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health);
Series 2010, Ref. Hospital RB		5.00	%		02/01/13		790		853,413
Series 2010, Ref. Hospital RB		5.00	%		02/01/15		1,000		1,115,480
Series 2010, Ref. Hospital RB		5.00	%		02/01/16		1,140		1,276,219
Series 2010, Ref. Hospital RB		5.00	%		02/01/18		1,000		1,121,480
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health);
Series 2005 A, Ref. Hospital RB (INS–AGM)(b)		4.00	%		08/01/17		1,500		1,617,435
Series 2009, Ref. & Improvement Hospital RB		3.00	%		08/01/11		1,000		1,010,490
Series 2009, Ref. & Improvement Hospital RB		5.00	%		08/01/15		500		545,575
Series 2009, Ref. & Improvement Hospital RB		5.00	%	��	08/01/17		1,000		1,079,930
Series 2009, Ref. & Improvement Hospital RB		5.00	%		08/01/18		500		540,320
South Carolina (State of) Education Assistance Authority; Series 2009 I, Student Loan RB		4.40	%		10/01/18		1,000		1,097,550
South Carolina (State of) Transportation Infrastructure Bank;
Series 2001 A, RB (INS–AMBAC)(b)		5.00	%		10/01/23		1,500		1,555,695
Series 2004 A, RB (INS–AMBAC)(b)		5.25	%		10/01/22		1,390		1,523,315

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

28        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
South Carolina–(continued)
Spartanburg (County of) Regional Health Services District, Inc.;
Series 2008 A, Ref. Hospital RB (INS–AGC)(b)		4.50	%		04/15/27	$	1,735	$	1,774,836
Series 2008 D, Ref. Hospital RB (INS–AGC)(b)		5.25	%		04/15/20		1,000		1,139,320
Spartanburg (City of) Sanitary Sewer District;
Series 2009 B, Ref. Sewer System Convertible RB (INS–AGC)(b)		4.00	%		03/01/16		1,110		1,235,486
Series 2009 B, Ref. Sewer System Convertible RB (INS–AGC)(b)		4.50	%		03/01/17		1,160		1,328,258
York (County of); Series 2000 B-1, VRD PCR(c)(d)		0.88	%		09/15/24		3,150		3,150,000
									40,885,469
South Dakota–0.52%
Rapid City (City of);
Series 2009, Water RB		5.00	%		11/01/21		1,170		1,361,576
Series 2009, Water RB		5.00	%		11/01/24		1,620		1,834,877
Series 2009, Water RB		5.00	%		11/01/25		1,650		1,854,963
South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2010, RB		5.00	%		09/01/21		1,000		1,107,840
South Dakota (State of) Health & Educational Facilities Authority (Sanford Health);
Series 2009, RB		5.00	%		11/01/16		500		559,660
Series 2009, RB		5.00	%		11/01/17		430		479,201
Series 2009, RB		5.00	%		11/01/24		1,000		1,058,730
Series 2009, RB		5.25	%		11/01/29		500		526,345
South Dakota (State of) Housing Development Authority (Homeownership Mortgage); Series 2008 G, RB		5.10	%		05/01/18		250		270,527
									9,053,719
Tennessee–0.90%
Chattanooga (City of)–Hamilton (County of) Hospital Authority (Erlanger Health System); Series 2004, Ref. RB (INS–AGM)(b)		4.50	%		10/01/16		2,500		2,747,150
Greater Dickson Gas Authority;
Series 2010, Ref. & Improvement Gas System RB (INS–AGC)(b)		4.00	%		01/01/17		1,115		1,240,348
Series 2010, Ref. & Improvement Gas System RB (INS–AGC)(b)		4.00	%		01/01/18		1,110		1,237,839
Jackson (City of) (Jackson-Madison County General Hospital); Series 2008, Ref. & Improvement Hospital RB		5.25	%		04/01/23		1,000		1,065,010
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance);
Series 2010 A, Ref. Hospital RB		5.00	%		07/01/16		2,855		3,046,456
Series 2010 A, Ref. Hospital RB		5.38	%		07/01/25		1,340		1,383,818
Sevierville (City of) Public Building Authority; Series 2009, Local Government Public Improvement RB		4.00	%		06/01/14		2,500		2,781,600
Shelby (County of) Health, Educational & Housing Facilities Board (Baptist Memorial Health Care);
Series 2004, RB		5.00	%		09/01/18		500		577,190
Series 2004, RB		5.00	%		09/01/19		500		576,235
Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, RB (INS–AGM)(b)		5.00	%		09/01/17		1,000		1,145,260
									15,800,906
Texas–8.27%
Aldine Independent School District; Series 2003, School Building Unlimited Tax GO (CEP–Texas Permanent School Fund)		3.00	%		02/15/15		500		545,070
Austin (City of); Series 2001, Limited Tax Ctfs. of Obligation		5.00	%		09/01/11		1,900		1,990,174
Beaumont (City of) Independent School District; Series 2009, School Building Unlimited Tax GO (INS–AGC)(b)		5.00	%		02/15/24		1,500		1,677,000

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

29        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Bexar (County of) Metropolitan Water District;
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/16	$	1,295	$	1,455,697
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/19		2,500		2,855,425
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/20		2,500		2,816,375
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/21		2,500		2,808,950
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/22		2,500		2,769,275
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/29		2,500		2,624,425
Corpus Christi (City of) Independent School District; Series 2009, School Building Unlimited Tax GO		5.00	%		08/15/22		1,500		1,754,985
Dallas (City of) (Civic Center Convention Complex); Series 2009, Ref. & Improvement RB (INS–AGC)(b)		5.00	%		08/15/26		585		638,551
Dallas (County of) Utility & Reclamation District;
Series 2005 A, Ref. Unlimited Tax GO (INS–AMBAC)(b)		5.00	%		02/15/19		1,200		1,305,420
Series 2005 A, Ref. Unlimited Tax GO (INS–AMBAC)(b)		5.15	%		02/15/21		3,000		3,231,300
Dallas-Fort Worth International Airport Public Facilities Improvement Corp.; Series 2001, Airport Hotel RB (INS–AGM)(b)		5.50	%		01/15/18		1,250		1,253,087
Dallas-Fort Worth International Airport; Series 2009 A, Ref. Joint RB		4.00	%		11/01/14		2,000		2,221,400
Garland (City of); Series 2001, Combination Tax & Revenue Limited Tax Ctfs. of Obligation (INS–NATL)(b)		5.25	%		02/15/11		2,435		2,489,934
Gulf Coast Waste Disposal Authority (BP Products North America Inc.); Series 2006, Environmental Facilities RB(a)		2.30	%		09/03/13		2,500		2,430,900
Harris (County of) Cultural Education Facilities Finance Corp. (Baylor College of Medicine); Series 2008 D, Ref. Medical Facilities RB		5.13	%		11/15/23		750		765,810
Harris (County of) Cultural Education Facilities Finance Corp. (St. Luke’s Episcopal Health System);
Series 2009, Ref. RB		5.00	%		02/15/14		2,000		2,230,060
Series 2009, Ref. RB		5.00	%		02/15/17		1,700		1,920,524
Series 2009, Ref. RB		5.00	%		02/15/18		2,000		2,276,880
Series 2009, Ref. RB		5.00	%		02/15/19		1,000		1,139,560
Series 2009, Ref. RB		5.63	%		02/15/25		2,500		2,788,975
Harris (County of) Cultural Education Facilities Finance Corp. (TECO); Series 2009 A, Thermal Utility RB		5.00	%		11/15/19		485		576,495
Harris (County of) Cultural Education Facilities Finance Corp. (Texas Children’s Hospital);
Series 2009, Hospital RB		3.50	%		10/01/13		750		803,235
Series 2009, Hospital RB		5.00	%		10/01/24		1,750		1,889,055
Harris (County of) Cultural Education Facilities Finance Corp. (Texas Medical Center); Series 2009 A, Ref. Special Facilities RB (INS–AGC)(b)		5.00	%		05/15/23		1,500		1,667,640
Harris (County of) Cultural Education Facilities Finance Corp. (The Methodist Hospital System); Series 2009 B-1, Ref. RB(a)		5.00	%		06/01/12		1,630		1,742,209
Harris (County of) Industrial Development Corp. (Deer Park Refining Limited Partnership);
Series 2006, Solid Waste Disposal IDR		5.00	%		02/01/23		4,000		4,291,120
Series 2008, Solid Waste Disposal IDR		4.70	%		05/01/18		7,220		7,830,740
Houston (City of) Convention & Entertainment Facilities Department;
Series 2001 A, Ref. Hotel Occupancy & Special Tax RB (INS–AMBAC)(b)		5.50	%		09/01/10		1,000		1,000,000
Series 2001 A, Ref. Hotel Occupancy & Special Tax RB (INS–AMBAC)(b)		5.50	%		09/01/11		4,500		4,703,985
Series 2001 B, Hotel Occupancy & Special Tax RB (INS–AMBAC)(b)		5.25	%		09/01/10		1,000		1,000,000
Series 2001 B, Hotel Occupancy & Special Tax RB (INS–AMBAC)(b)		5.25	%		09/01/11		2,360		2,461,126
Series 2001 B, Hotel Occupancy & Special Tax RB (INS–AMBAC)(b)		5.50	%		09/01/11		2,860		2,989,644

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

30        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Houston (City of);
Series 2009 A, Ref. Airport System Sr. Lien RB		5.00	%		07/01/15	$	325	$	377,357
Series 2009 A, Ref. Airport System Sr. Lien RB		5.00	%		07/01/16		250		294,332
Series 2009 A, Ref. Airport System Sr. Lien RB		5.00	%		07/01/17		340		402,808
Series 2009 A, Ref. Airport System Sr. Lien RB		5.00	%		07/01/18		500		597,040
Series 2009 A, Ref. Airport System Sr. Lien RB		5.00	%		07/01/19		250		294,690
Humble (City of) Independent School District; Series 2009, School Building Unlimited Tax GO		3.00	%		02/15/15		1,190		1,287,128
La Vernia Higher Education Finance Corp. (KIPP, Inc.); Series 2009 A, RB		5.75	%		08/15/24		365		383,484
Lake Worth (City of); Series 2008, Combination Tax & Revenue Limited Tax Ctfs. of Obligation (INS–AGC)(b)		5.00	%		10/01/27		1,230		1,359,347
Live Oak (City of); Series 2004, Unlimited Tax GO (INS–NATL)(b)		5.00	%		08/01/16		390		433,563
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2010, Ref. & Improvement Transmission Contract RB		5.00	%		05/15/23		1,000		1,140,600
Lower Colorado River Authority;
Series 1999 A, Ref. RB (INS–AGM)(b)		5.88	%		05/15/14		415		416,722
Series 2009, Ref. RB		5.25	%		05/15/29		500		550,555
Lubbock (City of) Health Facilities Development Corp. (St. Joseph Health System); Series 2008 A, Ref. RB(a)		3.05	%		10/16/12		2,935		2,997,897
Lufkin (City of) Health Facilities Development Corp. (Memorial Health System of East Texas);
Series 2009, Ref. & Improvement RB		5.00	%		02/15/13		1,675		1,758,783
Series 2009, Ref. & Improvement RB		5.00	%		02/15/14		1,270		1,340,282
Series 2009, Ref. & Improvement RB		5.50	%		02/15/15		1,875		2,024,419
Series 2009, Ref. & Improvement RB		5.50	%		02/15/16		1,505		1,616,927
Series 2009, Ref. & Improvement RB		5.50	%		02/15/17		2,100		2,244,354
Mansfield (City of); Series 2008, Limited Tax Ctfs. of GO		6.13	%		02/15/26		500		583,180
North Fort Bend Water Authority; Series 2009, Water System RB (INS–AGC)(b)		5.00	%		12/15/24		2,000		2,293,440
North Texas Municipal Water District; Series 2001, Water System RB (INS–NATL)(b)		5.00	%		09/01/11		1,040		1,088,859
North Texas Tollway Authority; Series 2009 A, First Tier System RB		5.00	%		01/01/13		2,445		2,620,038
North Texas Tollway Authority;
Series 2008 E-3, Ref. First Tier System RB(a)		5.75	%		01/01/16		2,410		2,791,551
Series 2008 H-2, Ref. First Tier System RB(a)		5.00	%		01/01/13		3,380		3,645,736
Series 2008 L-2, Ref. First Tier System RB(a)		6.00	%		01/01/13		1,000		1,100,720
North Texas Tollway Authority; Series 2005 C, Dallas North Tollway System RB		5.38	%		01/01/21		2,000		2,281,340
Parker (County of); Series 2009, Road Unlimited Tax GO (INS–AGC)(b)		5.25	%		02/15/26		1,000		1,140,070
Sachse (City of); Series 2009, Ref. & Improvement Limited Tax GO (INS–AGC)(b)		5.00	%		02/15/24		500		568,705
San Antonio (City of);
Series 1994 A, Ref. Electric & Gas Systems RB(e)		5.00	%		02/01/12		35		37,319
Series 1994 A, Ref. Electric & Gas Systems RB		5.00	%		02/01/12		2,340		2,493,013
Tarrant (County of) Cultural Education Facilities Finance Corp. (Hendrick Medical Center);
Series 2009 A, Hospital RB (INS–AGC)(b)		5.00	%		09/01/13		500		548,800
Series 2009 A, Hospital RB (INS–AGC)(b)		3.75	%		09/01/14		1,000		1,068,580
Series 2009 A, Hospital RB (INS–AGC)(b)		5.00	%		09/01/22		500		546,250
Series 2009 A, Hospital RB (INS–AGC)(b)		5.00	%		09/01/24		1,280		1,377,446
Series 2009 B, Hospital RB (INS–AGC)(b)		5.25	%		09/01/28		1,000		1,074,530
Tarrant (County of)Cultural Education Facilities Finance Corp. (Texas Health Resources System); Series 2007 A, Ref. RB		5.00	%		02/15/19		4,405		4,853,297

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

31        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Tarrant (County of)Health Facilities Development Corp. (Cook Children’s Medical Center);
Series 2010 A, Hospital RB		5.00	%		12/01/13	$	1,000	$	1,116,740
Series 2010 A, Hospital RB		5.00	%		12/01/15		525		608,785
Series 2010 A, Hospital RB		5.00	%		12/01/17		1,250		1,432,787
Texas Woman’s University; Series 2008, Financing System RB		5.13	%		07/01/26		1,500		1,624,500
Trinity River Authority (Tarrant County Water); Series 2005, Ref. & Improvement RB (INS–NATL)(b)		5.00	%		02/01/24		4,240		4,767,583
Uptown Development Authority (Infrastructure Improvement Facilities);
Series 2009, Tax Increment Allocation Contract RB		5.00	%		09/01/13		1,160		1,239,843
Series 2009, Tax Increment Allocation Contract RB		5.00	%		09/01/22		900		924,282
Series 2009, Tax Increment Allocation Contract RB		5.10	%		09/01/23		1,455		1,495,158
Series 2009, Tax Increment Allocation Contract RB		5.38	%		09/01/25		450		466,731
West Harris (County of) Regional Water Authority;
Series 2005, Water System RB (INS–AGM)(b)		5.00	%		12/15/17		1,000		1,141,440
Series 2009, Water System RB		5.00	%		12/15/16		1,000		1,171,080
Series 2009, Water System RB		5.00	%		12/15/22		2,215		2,503,238
									145,070,355
Utah–0.42%
Intermountain Power Agency; Series 2009 B, Ref. Sub. Power Supply RB		4.00	%		07/01/18		1,945		2,078,096
Local Building Authority of Salt Lake (City of) Valley Fire Service Area; Series 2008, Lease RB		5.00	%		04/01/22		500		568,635
Riverton (City of) (IHC Health Services, Inc.);
Series 2009, Hospital RB		5.00	%		08/15/15		590		682,760
Series 2009, Hospital RB		5.00	%		08/15/18		1,310		1,528,469
South Valley Sewer District; Series 2009 A, RB		4.00	%		01/01/15		600		671,130
Tooele (County of) School District; Series 2001, School Building Unlimited Tax GO (CEP–Utah School Bond Guaranty Program)		4.50	%		06/01/11		1,075		1,109,271
Utah (State of) Housing Corp.; Series 2009 C-1, Class III, Single Family Mortgage RB		4.50	%		07/01/23		620		645,662
									7,284,023
Vermont–0.15%
University of Vermont & State Agricultural College; Series 2009, RB		5.00	%		10/01/28		1,500		1,633,515
Vermont (State of) Educational & Health Buildings Financing Agency (Fletcher Allen Heath Care); Series 2004 B, Hospital RB (INS–AGM)(b)		5.00	%		12/01/22		1,000		1,085,230
									2,718,745
Virgin Islands–0.81%
Virgin Islands Public Finance Authority (Virgin Islands Matching Fund Loan Notes–Diageo); Series 2009 A, Sub. RB		6.75	%		10/01/19		1,500		1,732,950

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

32        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Virgin Islands–(continued)
Virgin Islands Public Finance Authority (Virgin Islands Matching Fund Loan Notes);
Series 2009 A-1, Ref. Sr. Lien Capital Projects RB		4.13	%		10/01/18	$	1,875	$	1,999,425
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/15		1,000		1,110,200
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/16		1,000		1,121,360
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/17		1,000		1,126,750
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/18		1,000		1,130,180
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/25		500		530,705
Series 2009 C, Ref. Sub. Lien RB		5.00	%		10/01/11		1,000		1,034,050
Series 2010 A, Sr. Lien Working Capital RB		5.00	%		10/01/15		500		555,525
Series 2010 A, Sr. Lien Working Capital RB		5.00	%		10/01/16		345		385,745
Series 2010 B, Sub. Lien Working Capital RB		5.00	%		10/01/25		750		779,482
Series 2010 B, Sub. Lien Working Capital RB		5.25	%		10/01/29		500		518,205
Virgin Islands Water & Power Authority;
Series 2010 A, Ref. Electric System RB		4.00	%		07/01/14		1,000		1,065,650
Series 2010 B, Electric System RB (INS–AGM)(b)		5.00	%		07/01/22		1,000		1,126,500
									14,216,727
Virginia–0.72%
Chesterfield (County of) Economic Development Authority (Virginia Electric & Power Co.); Series 2009 A, Ref. PCR		5.00	%		05/01/23		500		555,235
Norton (City of) Industrial Development Authority (Norton Community Hospital, Inc.); Series 2001, Ref. & Improvement Hospital IDR (INS–ACA)(b)		5.13	%		12/01/10		675		677,012
Smyth (County of) Industrial Development Authority (Mountain States Health Alliance);
Series 2010 B, Ref. Hospital IDR		5.00	%		07/01/15		1,095		1,180,027
Series 2010 B, Ref. Hospital IDR		4.00	%		07/01/16		1,985		2,037,940
Series 2010 B, Ref. Hospital IDR		5.00	%		07/01/16		2,090		2,234,670
Series 2010 B, Ref. Hospital IDR		5.00	%		07/01/18		1,255		1,331,680
Virginia (State of) Housing Development Authority; Series 2010 A, Homeownership Mortgage RB		0.75	%		09/01/11		1,000		1,003,520
Virginia (State of) Resources Authority (State Revolving Fund); Sub. Series 2008, Clean Water RB		5.00	%		10/01/29		1,315		1,482,886
York (County of) Economic Development Authority (Virginia Electric & Power Co.); Series 2009 A, Ref. PCR(a)		4.05	%		05/01/14		2,000		2,138,280
									12,641,250
Washington–2.51%
Clark (County of) Public Utility District No. 1;
Series 2009, Ref. Electric System RB		5.00	%		01/01/26		500		549,230
Series 2009, Ref. Electric System RB		5.00	%		01/01/27		215		234,393
Series 2009, Ref. Electric System RB		5.00	%		01/01/28		300		324,825
Cowlitz (County of) (Cowlitz Sewer Operating Board–Wastewater Treatment); Series 2002, Ref. Special Sewer RB (INS–NATL)(b)		5.50	%		11/01/19		2,500		2,874,250
Energy Northwest (No. 3); Series 2001 A, Ref. Electric RB (INS–AGM)(b)		5.50	%		07/01/11		7,500		7,825,950
King (County of) Housing Authority (YWCA Family Village at Issaquah–Phase II); Series 2009, Housing RB		2.40	%		01/01/13		1,450		1,468,792
Pend Oreille (County of) Public Utility District No. 1; Series 2009 A, Box Canyon Production System RB		5.00	%		01/01/11		1,000		1,012,800
Seattle (City of);
Series 2000, Municipal Light & Power RB(a)(e)		5.63	%		12/01/10		2,120		2,148,641
Series 2001, Ref. Municipal Light & Power RB(e)		5.25	%		03/01/11		2,145		2,197,745
Series 2001, Ref. Municipal Light & Power RB (INS–AGM)(b)		5.25	%		03/01/11		855		876,384
Snohomish (County of);
Series 2001, Limited Tax GO(e)		5.25	%		12/01/11		300		318,024
Series 2001, Limited Tax GO(e)		5.25	%		12/01/11		2,385		2,533,252

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

33        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Washington–(continued)
Washington (State of) (Department of Ecology–State Office Building); Series 2001, Ref. COP (INS–AMBAC)(b)		4.75	%		04/01/11	$	5,310	$	5,320,620
Washington (State of); Series 2001 R-A, Ref. Various Purpose Unlimited Tax GO		5.00	%		09/01/10		1,745		1,745,000
Washington (State of) Health Care Facilities Authority (Highline Medical Center); Series 2008, Mortgage RB (CEP–FHA)		5.25	%		08/01/23		1,000		1,086,190
Washington (State of) Health Care Facilities Authority (MultiCare Health System); Series 2008 A, RB (INS–AGC)(b)		5.75	%		08/15/29		450		501,075
Washington (State of) Higher Education Facilities Authority (Gonzaga University);
Series 2009, Ref. RB		5.38	%		04/01/20		1,050		1,210,828
Series 2010 A, Ref. RB		5.00	%		04/01/15		2,955		3,332,383
Series 2010 A, Ref. RB		4.50	%		04/01/16		3,095		3,429,260
Series 2010 A, Ref. RB		4.50	%		04/01/17		2,725		3,017,229
Series 2010 A, Ref. RB		5.00	%		04/01/19		1,810		2,064,450
									44,071,321
West Virginia–0.14%
West Virginia (State of) Hospital Finance Authority (Charleston Area Medical Center, Inc.); Series 2009 A, Ref. & Improvement RB		5.00	%		09/01/13		1,000		1,086,200
West Virginia (State of) Hospital Finance Authority (West Virginia United Health Systems, Inc.); Series 2003 D, Improvement RB (INS–AGM)(b)		5.38	%		06/01/28		1,200		1,312,692
									2,398,892
Wisconsin–2.51%
Manitowoc (City of); Series 2009, Ref. Electric Power System RB (INS–AGC)(b)		4.25	%		10/01/15		1,510		1,695,564
Wisconsin (State of); Series 1993 2, Ref. Unlimited Tax GO		5.13	%		11/01/11		2,000		2,111,760
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.);
Series 2009 B, RB(a)		4.75	%		08/15/14		1,000		1,077,580
Series 2009 B, RB(a)		5.13	%		08/15/16		2,000		2,206,320
Wisconsin (State of) Health & Educational Facilities Authority (Bay Area Medical Center, Inc.); Series 2008, VRD RB (LOC–M&I Marshall & Ilsley Bank)(c)(d)(f)		1.65	%		02/01/38		19,500		19,500,000
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital of Wisconsin, Inc.); Series 2008 B, RB		5.50	%		08/15/29		3,000		3,296,790
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert & Community Health, Inc. Obligated Group);
Series 2009 C, RB		4.00	%		04/01/15		2,060		2,220,330
Series 2009 C, RB		5.00	%		04/01/19		750		841,035
Series 2009 C, RB		5.00	%		04/01/20		750		828,082
Wisconsin (State of) Health & Educational Facilities Authority (Marquette University);
Series 2008 B-1, Ref. RB		3.50	%		10/01/16		1,005		1,080,898
Series 2008 B-1, Ref. RB		3.75	%		10/01/18		880		950,004
Series 2008 B-3, RB		3.75	%		10/01/18		1,125		1,214,494
Series 2008 B-3, RB		4.00	%		10/01/19		1,145		1,249,893
Wisconsin (State of) Health & Educational Facilities Authority (Oakwood Village); Series 2000 B, VRD RB (LOC–M&I Marshall & Ilsley Bank)(c)(d)(f)		1.28	%		08/15/30		4,765		4,765,000
Wisconsin (State of) Health & Educational Facilities Authority (ThedaCare, Inc.); Series 2005, RB (INS–AMBAC)(b)		5.00	%		12/15/16		855		924,751
									43,962,501

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

34        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wyoming–0.75%
Campbell (County of) Hospital District (Campbell County Memorial Hospital);
Series 2009, Hospital RB		3.00	%		12/01/12	$	1,000	$	1,032,960
Series 2009, Hospital RB		4.00	%		12/01/15		1,285		1,379,306
Series 2009, Hospital RB		5.00	%		12/01/17		1,170		1,290,124
Series 2009, Hospital RB		5.00	%		12/01/18		545		594,137
Gillette (City of) (Pacificorp); Series 1988, Ref. VRD PCR (LOC–Barclays Bank PLC)(c)(d)(f)		0.29	%		01/01/18		4,810		4,810,000
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR		5.25	%		07/15/26		2,675		2,920,753
Wyoming (State of) Municipal Power Agency; Series 2008 A, Power Supply System RB		5.38	%		01/01/25		1,000		1,107,340
									13,134,620
TOTAL INVESTMENTS(i)–99.72% (Cost $1,647,900,347)									1,749,106,820
OTHER ASSETS LESS LIABILITIES–0.28%									4,981,918
NET ASSETS–100.00%								$	1,754,088,738

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– Ambac Assurance Corp.
BAN	– Bond Anticipation Note
BHAC	– Berkshire Hathaway Assurance Corp.
CEP	– Credit Enhancement Provider
CIFG	– CIFG Assurance North America, Inc.
COP	– Certificates of Participation
Ctfs.	– Certificates
FGIC	– Financial Guaranty Insurance Co.
FHA	– Federal Housing Administration
FHLMC	– Federal Home Loan Mortgage Corp.
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
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RAC	– Revenue Anticipation Certificates
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
TAN	– Tax Anticipation Notes
VRD	– Variable Rate Demand
Wts.	– Warrants
XLCA	– XL Capital Assurance Inc.

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)	Security is considered a cash equivalent.
(d)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is re-determined periodically. Rate shown is the rate in effect on August 31, 2010.
(e)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(f)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)	Zero coupon bonds issued at a discount. The interest rate shown represents the yield to maturity at time of purchase.

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

35        Invesco Tax-Free Intermediate Fund

(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 aggregate value of these securities at August 31, 2010 was $5,553,700, which represented 0.32% 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.

Entity	Percentage
Assured Guaranty Municipal Corp.		13.1	%
Assured Guaranty Corp.		12.6	%
National Public Finance Guarantee Corp.		6.4	%

Portfolio Composition

(By Credit Quality)

S&P Rating:
AAA%	26.65	%
AA%	26.32	%
A%	25.38	%
BBB%	5.67	%
NR%	14.45	%
PreRe/ETM%	1.53	%

Moody’s Rating:
AAA%	5.50	%
AA%	44.36	%
A%	24.04	%
Baa%	8.04	%
Ba%	0.11	%
NR%	16.43	%
PreRe/ETM%	1.52	%

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

36        Invesco Tax-Free Intermediate Fund

Statement of Assets and Liabilities

August 31, 2010

(Unaudited)

Assets:
Investments, at value (Cost $1,647,900,347)	$	1,749,106,820
Cash		11,406
Receivables for:
Investments sold		3,325,000
Fund shares sold		2,386,171
Interest		18,800,323
Investment for trustee deferred compensation and retirement plans		42,906
Other assets		100,954
Total assets		1,773,773,580
Liabilities:
Payables for:
Investments purchased		15,795,460
Fund shares reacquired		2,710,667
Dividends		566,132
Accrued fees to affiliates		445,191
Accrued other operating expenses		71,742
Trustee deferred compensation and retirement plans		95,650
Total liabilities		19,684,842
Net assets applicable to shares outstanding	$	1,754,088,738
Net assets consist of:
Shares of beneficial interest	$	1,650,227,211
Undistributed net investment income		3,128,586
Undistributed net realized gain (loss)		(473,532	)
��
Unrealized appreciation		101,206,473
	$	1,754,088,738
Net Assets:
Class A	$	1,434,788,201
Class A2	$	107,971,200
Class Y	$	205,616,997
Institutional Class	$	5,712,340
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		123,862,298
Class A2		9,317,526
Class Y		17,760,296
Institutional Class		493,502
Class A
Net asset value and offering per share	$	11.58
Maximum offering price per share (Net asset value of $11.58 divided by 97.50%)	$	11.88
Class A2
Net asset value and offering price per share	$	11.59
Maximum offering price per share (Net asset value of $11.59 divided by 99.00%)	$	11.71
Class Y:
Net asset value and offering price per share	$	11.58
Institutional Class:
Net asset value and offering price per share	$	11.58

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

37        Invesco Tax-Free Intermediate Fund

Statement of Operations

For the six months ended August 31, 2010

(Unaudited)

Investment income:
Interest	$	31,409,322
Expenses:
Advisory fees		2,101,564
Administrative services fees		202,766
Custodian fees		46,098
Distribution Fees — Class A3		1,817,783
Transfer agent fees — A, A2 and Y		391,253
Transfer agent fees — Institutional		704
Trustees’ and officers’ fees and benefits		33,264
Other		290,831
Total expenses		4,884,263
Less: Expenses reimbursed and expense offset arrangement(s)		(510	)
Net expenses		4,883,753
Net investment income		26,525,569
Net realized gain (loss) from investment securities		(7,882	)
Change in net unrealized appreciation of investment securities		55,256,344
Net realized and unrealized gain		55,248,462
Net increase in net assets resulting from operations	$	81,774,031

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

38        Invesco Tax-Free Intermediate Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2010 and the year ended February 28, 2010

(Unaudited)

	August 31,			February 28,			March 31,
	2010			2010			2009
Operations:
Net investment income	$	26,525,569		$	30,483,497		$	12,875,673
Net realized gain (loss)		(7,882	)		30,740			(430,404	)
Change in net unrealized appreciation		55,256,344			40,355,636			52,804
Net increase in net assets resulting from operations		81,774,031			70,869,873			12,498,073
Distributions to shareholders from net investment income:
Class A		(19,513,718	)		(26,106,489	)		(4,711,061	)
Class A2		(1,553,774	)		(3,831,138	)		(6,057,714	)
Class Y		(2,287,031	)		(1,864,363	)		(713,178	)
Institutional Class		(90,553	)		(111,331	)		(49,518	)
Total distributions from net investment income		(23,445,076	)		(31,913,321	)		(11,531,471	)
Distributions to shareholders from net realized gains:
Class A		—			—			(75,207	)
Class A2		—			—			(64,720	)
Class Y		—			—			(19,457	)
Institutional Class		—			—			(572	)
Total distributions from net realized gains		—			—			(159,956	)
Share transactions–net:
Class A		(165,739,042	)		1,296,582,949			185,907,926
Class A2		(4,946,905	)		(11,967,935	)		(49,919,830	)
Class Y		91,141,249			75,525,830			28,736,255
Institutional Class		(2,404,664	)		5,503,854			1,450,963
Net increase (decrease) in net assets resulting from share transactions		(81,949,362	)		1,365,644,698			166,175,314
Net increase (decrease) in net assets		(23,620,407	)		1,404,601,250			166,981,960
Net assets:
Beginning of period		1,777,709,145			373,107,895			206,125,935
End of period (includes undistributed net investment income of $3,128,586, $48,093 and $1,446,176, respectively)	$	1,754,088,738		$	1,777,709,145		$	373,107,895

Notes to Financial Statements

August 31, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Tax-Free Intermediate Fund, formerly AIM Tax-Free Intermediate Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), formerly 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 eleven 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

39        Invesco Tax-Free Intermediate Fund

circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class A3, Class Y and Institutional 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 — 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 (net of withholding tax, if any) 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 investment adviser.
	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 adviser 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 (“GAAP”) 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

40        Invesco Tax-Free Intermediate Fund

	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.
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 Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser 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 between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco 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 August 31, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $279.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2010, 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 Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS 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 August 31, 2010, 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 Distributors, Inc. (“IDI”) 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 IDI 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 August 31, 2010, 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 and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2010, IDI advised the Fund that IDI retained $785 and $87,536 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively. Also, $5,226 from Class A shares for CDSC imposed upon redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of Invesco, IIS and/or IDI.

NOTE 3—Supplemental Information

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

41        Invesco Tax-Free Intermediate Fund

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, yield curves, loss severities, default rates, discount rates, volatilities 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 August 31, 2010. 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.

  During the six months ended August 31, 2010, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3
Municipal Obligations	$	—	$	1,643,950,820	$	—
Short-Term Investments		—		105,156,000		—
Total Investments	$	—	$	1,749,106,820	$	—

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 adviser (or affiliated investment advisers), 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 August 31, 2010, the Fund engaged in securities purchases of $163,091,750 and securities sales of $7,175,047, which resulted in net realized gains (losses) of $0.

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 August 31, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $231.

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 Invesco 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 August 31, 2010, the Fund paid legal fees of $4,457 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 (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, 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

42        Invesco Tax-Free Intermediate Fund

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 February 28, 2010 which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 28, 2017	$	269,784
February 28, 2018		195,867
Total capital loss carryforward	$	465,651

*  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 August 31, 2010 was $256,545,259 and $149,229,519, 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	$	101,436,854
Aggregate unrealized (depreciation) of investment securities		(230,381	)
Net unrealized appreciation of investment securities	$	101,206,473
Cost of investments for tax purposes is $1,647,900,347.

NOTE 10—Share Information

	Summary of Share Activity
							For the eleven
	Six months ended						months ended						Year ended
	August 31, 2010(a)(b)						February 28, 2010(b)						March 31, 2009(b)
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		17,507,261		$	197,011,114			153,718,083		$	1,693,613,564			24,041,565		$	255,830,915
Class A2		408,133			4,614,831			1,288,021			14,124,433			1,958,933			20,915,557
Class Y(c)		12,120,287			135,545,477			9,771,916			107,429,180			3,779,870			39,435,685
Institutional Class		561,700			6,288,374			720,191			7,959,473			200,126			2,117,885
Issued as reinvestment of dividends:
Class A		1,500,624			16,926,478			1,905,176			21,064,987			363,056			3,838,583
Class A2		84,610			954,691			174,958			1,919,802			232,541			2,460,308
Class Y		141,107			1,597,721			59,251			643,144			11,451			121,044
Institutional Class		6,472			73,029			8,799			96,856			4,324			45,765
Reacquired:
Class A(c)		(33,884,474	)		(379,676,634	)		(37,835,905	)		(418,095,602	)		(6,990,938	)		(73,761,572	)
Class A2(c)		(940,368	)		(10,516,427	)		(2,559,222	)		(28,012,170	)		(6,966,468	)		(73,295,695	)
Class Y		(4,105,479	)		(46,001,949	)		(3,010,923	)		(32,546,494	)		(1,007,184	)		(10,820,474	)
Institutional Class		(789,351	)		(8,766,067	)		(233,317	)		(2,552,475	)		(67,711	)		(712,687	)
Net increase (decrease) in share activity		(7,389,478	)	$	(81,949,362	)		124,007,028		$	1,365,644,698			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 63% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco 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 February 1, 2010, the shares of Class A and Class A3 were re-designated as Class A2 and Class A shares, respectively.

43        Invesco Tax-Free Intermediate Fund

^(c) Effective upon the commencement date of Class Y shares, October 3, 2008, the following shares were converted from Class A and Class A2 into Class Y shares of the Fund:

Class	Shares			Amount
Class Y		3,420,676		$	35,643,445
Class A		(188,179	)		(1,960,829	)
Class A2		(3,232,497	)		(33,682,616	)

44        Invesco 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
																											expenses			expenses
						Net gains																					to average			to average net			Ratio of net
	Net asset		Net			(losses) on					Dividends			Distributions													net assets			assets without			investment
	value,		investment			securities (both			Total from		from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment		investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)			unrealized)			operations		income			gains			Distributions			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 08/31/10	$	11.19	$	0.17	(c)	$	0.37		$	0.54	$	(0.15	)	$	—		$	(0.15	)	$	11.58		4.89	%	$	107,971		0.36	%(d)		0.36	%(d)		3.29	%(d)		9	%
Eleven months ended 02/28/10		10.72		0.33	(c)		0.49			0.82		(0.35	)		—			(0.35	)		11.19		8.14			109,342		0.38	(f)		0.38	(f)		3.48	(f)		8
Year ended 03/31/09		10.70		0.46	(c)		(0.02	)		0.44		(0.41	)		(0.01	)		(0.42	)		10.72		4.44			116,422		0.44			0.44			4.57			22
Year ended 03/31/08		10.76		0.43	(c)		0.02			0.45		(0.43	)		(0.08	)		(0.51	)		10.70		4.50			167,381		0.48			0.48			4.18			19
Year ended 03/31/07		10.92		0.46			(0.12	)		0.34		(0.45	)		(0.05	)		(0.50	)		10.76		3.49			145,563		0.50			0.50			4.24			11
Year ended 03/31/06		11.21		0.42			(0.24	)		0.18		(0.47	)		—			(0.47	)		10.92		1.87			194,526		0.46			0.46			4.16			9
Class A2
Six months ended 08/31/10		11.20		0.19	(c)		0.37			0.56		(0.17	)		—			(0.17	)		11.59		5.02			1,434,788		0.61	(d)		0.61	(d)		3.04	(d)		9
Eleven months ended 02/28/10		10.72		0.35	(c)		0.51			0.86		(0.38	)		—			(0.38	)		11.20		7.80			1,552,931		0.63	(f)		0.63	(f)		3.23	(f)		8
Year ended 03/31/09		10.70		0.48	(c)		(0.02	)		0.46		(0.43	)		(0.01	)		(0.44	)		10.72		4.18			224,508		0.69			0.69			4.32			22
Year ended 03/31/08		10.76		0.45	(c)		0.02			0.47		(0.45	)		(0.08	)		(0.53	)		10.70		4.24			37,865		0.73			0.73			3.93			19
Year ended 03/31/07		10.92		0.46			(0.09	)		0.37		(0.48	)		(0.05	)		(0.53	)		10.76		3.23			38,156		0.75			0.75			3.99			11
Year ended 03/31/06		11.21		0.47			(0.26	)		0.21		(0.50	)		—			(0.50	)		10.92		1.57			128,946		0.73			0.73			3.89			9
Class Y
Six months ended 08/31/10		11.19		0.19	(c)		0.37			0.56		(0.17	)		—			(0.17	)		11.58		5.02			205,617		0.36	(d)		0.36	(d)		3.29	(d)		9
Eleven months ended 02/28/10		10.72		0.35	(c)		0.50			0.85		(0.38	)		—			(0.38	)		11.19		8.05			107,447		0.38	(f)		0.38	(f)		3.48	(f)		8
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 08/31/10		11.18		0.19	(c)		0.38			0.57		(0.17	)		—			(0.17	)		11.58		5.13			5,712		0.33	(d)		0.33	(d)		3.32	(d)		9
Eleven months ended 02/28/10		10.70		0.35	(c)		0.51			0.86		(0.38	)		—			(0.38	)		11.18		8.14			7,990		0.37	(f)		0.37	(f)		3.49	(f)		8
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

(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.
(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 $1,442,372, $105,119, $155,859 and $6,082 for Class A, Class A2, Class Y and Institutional Class shares, respectively.
(e)	Commencement date of October 3, 2008 for Class Y shares.
(f)	Annualized.

45        Invesco 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 March 1, 2010 through August 31, 2010.

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	(03/01/10)		(08/31/10)1		Period2		(08/31/10)		Period2		Ratio
A	$	1,000.00	$	1,048.90	$	3.15	$	1,022.13	$	3.11		0.61	%
A2		1,000.00		1,050.20		1.86		1,023.39		1.84		0.36
Y		1,000.00		1,050.20		1.86		1,023.39		1.84		0.36
Institutional		1,000.00		1,051.30		1.71		1,023.54		1.68		0.33

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2010 through August 31, 2010, 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 184/365 to reflect the most recent fiscal half year.

46        Invesco Tax-Free Intermediate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Tax-Free Intermediate Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) 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 Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 15-16, 2010, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 85% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2010. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided and 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 Advisers 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, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco 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 to review the performance, investment objective(s), policies, strategies, limitations and investment risk of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses, and other matters related to all their assigned funds. Each Sub-Committee recommends to the Investment Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer, which is prepared as part of his responsibility to manage the process by which the Invesco 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. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board considered the information provided to them as part of the contract renewal process as well as information provided at their meetings throughout the year as part of their ongoing oversight of the Fund, and did not identify any information that was controlling. One Trustee may weigh a particular piece of information differently than another Trustee. The Trustees recognized that the advisory arrangements and resulting advisory fees for the Fund and the other Invesco Funds are the result of years of review and negotiation between the Trustees and Invesco Advisers, 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 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, this information is current as of June 16, 2010, and may not reflect consideration of factors that became known to the Board after that date, including, for example, 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 Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services. The Board’s review of the qualifications of Invesco Advisers to provide these services included the Board’s consideration of Invesco Advisers’ portfolio and product review process, various back office support functions provided by Invesco Advisers and its affiliates, and Invesco Advisers’ 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 Advisers are appropriate and that Invesco Advisers 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 or sub-advisory contracts, as applicable.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ 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 Advisers and its affiliates continue to take to improve the quality and efficiency of the services they provide to the Invesco Funds in the areas of investment performance, product line diversification, distribution, fund operations, shareholder services and compliance. The Board considered Invesco Advisers’ independent credit analysis and investment risk management procedures as they apply to the Fund and the other Invesco Funds. The Board also considered the acquisition by Invesco Ltd. of the retail mutual fund business of Morgan Stanley and how that is expected to affect product line diversification. The Board also considered assurances from Invesco Advisers that it does not expect the acquisition to diminish the quality of services provided to the Invesco Funds and that it plans to increase staffing. The Board concluded that the quality and efficiency of the services Invesco Advisers and its affiliates provide to the Invesco Funds support the Board’s approval of the continuance of the Fund’s investment advisory agreement.

  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 located in financial centers around the world, can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the additional resources and talents of the Affiliated Sub-Advisers in managing the Fund.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve

47        Invesco Tax-Free Intermediate Fund

the investment advisory agreement. The Board did not view Fund performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser 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 Advisers or an Affiliated Sub-Adviser and against the Lipper Intermediate Municipal Debt Funds Index. The Board noted that the performance of Class A2 shares was in the third quintile of its performance universe for the one year period and in the first 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 performance of Class A2 shares of the Fund was below the performance of the Index for the one year period and above for the 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 Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  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 Advisers or an Affiliated Sub-Adviser, at a common asset level. The Board noted that the contractual advisory fee rate for Class A2 shares of the Fund 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 comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not advise other mutual funds with investment strategies comparable to those of the Fund.

  The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients based upon policies reviewed with the Board. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to other client accounts, including provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended. Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets managed for other client accounts and noted that advance notice of redemptions affecting management assets is often provided to Invesco Advisers by institutional clients. Although the Board noted that the fees charged to other client accounts were often lower than the advisory fee charged by Invesco Advisers to the Fund and other Invesco Funds, the Board did note that sub-advisory fees charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts were more comparable. In light of this information, the Board concluded that the aggregate services provided to the Invesco Funds were sufficiently different from services provided to other client accounts and accordingly, the Board did not place significant weight on these fee comparisons.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers 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 Advisers to the Affiliated Sub-Advisers.

  After taking account of the Fund’s contractual advisory and sub-advisory fee rates, 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.

D.  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, and that the Fund would share in economies of scale as the Fund’s net assets exceeded the breakpoints. 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 Invesco Funds and other clients advised by Invesco Advisers.

E.  Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit with respect to the services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board also noted that Invesco Advisers continues to support the Invesco Funds with spending on regulatory compliance, attribution systems, global trading initiatives and a focus on building out the product line-up for the benefit of all shareholders of the Invesco Funds. The Board concluded that the Fund’s fees are fair and reasonable, and that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive in light of the nature, quality and extent of the services provided and the support provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts and concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

F.  Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates resulting from the relationship with the Fund, including the fees received by Invesco Advisers and its affiliates for their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed by Invesco Advisers 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 Advisers and its affiliates are providing these services 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 Advisers 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 Advisers and the Affiliated Sub-Advisers to the funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through at least June 30, 2011, the advisory fees payable by the Fund in an amount equal to 100% of the net advisory fee Invesco Advisers 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.

48        Invesco Tax-Free Intermediate Fund

Invesco mailing information

Send general correspondence to Invesco, P.O. Box 4739, Houston, TX 77210-4739.

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 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 invesco.com/completeqtrholdings. 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 202 551 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 at invesco.com/proxyguidelines. 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, 2010, is available at our website, invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

TFI-SAR-1                Invesco Distributors, Inc.

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the Registrant had adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). The Code was amended in June, 2010, to (i) add an individual to Exhibit A and (ii) update the names of certain legal entities. 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 16, 2010, 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 16, 2010, 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 (Invesco Tax-Exempt Funds)

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

Date: November 8, 2010

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: November 8, 2010

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

Date: November 8, 2010

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.