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: 8/31/11

Item 1. Reports to Stockholders.

Invesco High Income Municipal Fund
Semiannual Report to Shareholders § August 31, 2011
Nasdaq:
A: AHMAX § B: AHMBX § C: AHMCX § Y: AHMYX § Institutional: AHMIX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
26	Financial Statements
28	Notes to Financial Statements
34	Financial Highlights
35	Fund Expenses
36	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, 2/28/11 to 8/31/11, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	6.39	%
Class B Shares	5.99
Class C Shares	5.85
Class Y Shares	6.51
Institutional Class Shares	6.52
Barclays Capital Municipal Bond Index▼ (Broad Market Index)	6.39
Barclays Capital High Yield Municipal Bond Index■ (Style-Specific Index)	6.90
Lipper High Yield Municipal Debt Funds Index▼ (Peer Group Index)	6.71

^▼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 index(es) defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

     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 8/31/11, including maximum applicable sales charges

									After Taxes
						After Taxes			on Distributions
			Before			on			and Sale of
			Taxes			Distributions			Fund Shares
Class A Shares
Inception (1/2/98)				3.40	%		3.40	%		3.67	%
	10	Years		3.72			3.72			3.98
	5	Years		1.01			1.01			1.62
	1	Year		–4.36			–4.36			–0.94
Class B Shares
Inception (1/2/98)				3.30	%		3.29	%		3.53	%
	10	Years		3.61			3.61			3.82
	5	Years		0.91			0.91			1.46
	1	Year		–5.04			–5.04			–1.55
Class C Shares
Inception (1/2/98)				2.98	%		2.98	%		3.22	%
	10	Years		3.44			3.44			3.66
	5	Years		1.22			1.22			1.72
	1	Year		–1.38			–1.38			0.83
Class Y Shares
	10	Years		4.31	%		4.31	%		4.52	%
	5	Years		2.15			2.15			2.63
	1	Year		0.70			0.70			2.53
Institutional Class Shares
	10	Years		4.36	%		4.36	%		4.57	%
	5	Years		2.24			2.24			2.73
	1	Year		0.57			0.57			2.45

Average Annual Total Returns

As of 6/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

									After Taxes
						After Taxes			on Distributions
			Before			on			and Sale of
			Taxes			Distributions			Fund Shares
Class A Shares
Inception (1/2/98)				3.26	%		3.26	%		3.55	%
	10	Years		3.79			3.79			4.06
	5	Years		1.05			1.05			1.67
	1	Year		–3.10			–3.10			–0.05
Class B Shares
Inception (1/2/98)				3.15	%		3.15	%		3.42	%
	10	Years		3.68			3.68			3.90
	5	Years		0.95			0.95			1.51
	1	Year		–3.77			–3.77			–0.66
Class C Shares
Inception (1/2/98)				2.84	%		2.84	%		3.11	%
	10	Years		3.51			3.51			3.73
	5	Years		1.24			1.24			1.75
	1	Year		0.07			0.07			1.83
Class Y Shares
	10	Years		4.38	%		4.38	%		4.59	%
	5	Years		2.18			2.18			2.68
	1	Year		2.05			2.05			3.48
Institutional Class Shares
	10	Years		4.43	%		4.42	%		4.64	%
	5	Years		2.28			2.28			2.77
	1	Year		2.05			2.05			3.48

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 share 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 share 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. Before tax 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 0.85%, 1.60%, 1.60%, 0.60% and 0.60%, 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 0.95%, 1.70%, 1.70%, 0.70% and 0.74%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 4.75% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y 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. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

     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 and/or distributor. 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:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

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

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance and its holdings as of the close of the reporting period.

     In light of economic uncertainty and market volatility, I suggest you check the timely market updates and commentary from many of our fund managers and other investment professionals at invesco.com/us. On our website, you also can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Invesco offers a broad array of traditional mutual funds, as well as other investment products, including single-country, sector, regional and global investments spanning equity, fixed income and alternative asset classes. Across our product line, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals. It also means that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

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

     All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco High Income Municipal Fund

Schedule of Investments

August 31, 2011

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–98.36%
Alaska–0.38%
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.);
Series 2007, Community Provider RB		5.70	%		12/01/17	$	1,000	$	648,850
Series 2007, Community Provider RB		6.00	%		12/01/36		3,000		1,946,550
									2,595,400
Arizona–3.54%
Centerra Community Facilities District; Series 2005, Unlimited Tax GO Bonds		5.50	%		07/15/29		345		282,924
Pima (County of) Industrial Development Authority (Acclaim Charter School); Series 2006, Education Facility RB		5.70	%		12/01/26		2,200		1,822,590
Pima (County of) Industrial Development Authority (Choice Education & Development Corp.);
Series 2006, Education Facility RB		6.25	%		06/01/26		1,000		863,840
Series 2006, Education Facility RB		6.38	%		06/01/36		1,050		854,238
Pima (County of) Industrial Development Authority (Coral Academy Science);
Series 2008 A, Education Facilities RB		7.13	%		12/01/28		2,120		2,004,905
Series 2008 A, Education Facilities RB		7.25	%		12/01/38		1,100		1,023,143
Pima (County of) Industrial Development Authority (Desert Heights Charter School); Series 2003, Education Facility RB		7.25	%		08/01/19		830		853,315
Pima (County of) Industrial Development Authority (Legacy Traditional School); Series 2009, Education RB		8.50	%		07/01/39		1,750		1,821,522
Pima (County of) Industrial Development Authority (P.L.C. Charter Schools);
Series 2006, Education Facility RB		6.50	%		04/01/26		1,000		904,760
Series 2006, Education Facility RB		6.75	%		04/01/36		1,000		874,550
Pima (County of) Industrial Development Authority (Paradise Education Center);
Series 2006, Ref. Education RB		5.88	%		06/01/22		535		504,623
Series 2006, Ref. Education RB		6.00	%		06/01/36		830		719,859
Series 2010, Education RB		6.10	%		06/01/45		1,400		1,219,750
Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR		5.25	%		10/01/40		3,900		3,540,303
Pinal (County of) Electrical District No. 4; Series 2008, Electrical System RB		6.00	%		12/01/38		1,650		1,685,756
University Medical Center Corp.;
Series 2005, Hospital RB		5.00	%		07/01/35		1,800		1,585,602
Series 2009, Hospital RB		6.25	%		07/01/29		500		522,915
Series 2009, Hospital RB		6.50	%		07/01/39		500		517,915
Series 2011, Hospital RB		6.00	%		07/01/39		2,600		2,609,308
									24,211,818
California–1.88%
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County); Series 2009, RB		6.50	%		11/01/38		3,000		3,217,380
California (State of) Municipal Finance Authority (King/Chavez); Series 2009 A, Educational Facilities RB		8.50	%		10/01/29		1,000		1,064,050
California (State of) Municipal Finance Authority (Literacy First); Series 2010 A, Charter School Lease RB		6.00	%		09/01/30		1,085		1,017,318
California (State of) Statewide Communities Development Authority (Hospice of Napa Valley); Series 2004 A, RB		7.00	%		01/01/34		900		707,886
California (State of) Statewide Communities Development Authority (Huntington Park Charter School); Series 2007 A, Educational Facilities RB		5.25	%		07/01/42		1,500		1,121,880
California (State of) Statewide Communities Development Authority (Notre Dame de Namur University); Series 2003, RB		6.50	%		10/01/23		750		723,240
Eden (Township of) Healthcare District (Eden Hospital Health Services Corp.); Series 2010, COP		6.13	%		06/01/34		1,000		988,400
Orange (City of) Community Facilities District No. 06-1 (Del Rio Public Improvements);
Series 2010, Special Tax RB		5.50	%		10/01/28		540		523,125
Series 2010, Special Tax RB		6.00	%		10/01/40		500		495,890

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)
San Buenaventura (City of) (Community Memorial Health System);
Series 2011, RB		7.50	%		12/01/41	$	2,000	$	1,985,460
Series 2011, RB		8.00	%		12/01/31		1,000		1,045,320
									12,889,949
Colorado–8.36%
Antelope Heights Metropolitan District; Series 2003, Limited Tax GO Bonds(a)(b)		8.00	%		12/01/13		500		587,520
Arista Metropolitan District; Series 2005, Special Limited Tax GO Bonds		6.75	%		12/01/35		2,000		1,478,680
Beacon Point Metropolitan District; Series 2005 A, Limited Tax GO Bonds		6.25	%		12/01/35		1,500		1,374,270
Bradburn Metropolitan District No. 3; Series 2010, Ref. Limited Tax GO Bonds		7.50	%		12/01/39		550		551,089
Bromley Park Metropolitan District No. 2;
Series 2002 B, Limited Tax GO Bonds(a)(b)		8.05	%		12/01/12		500		561,105
Series 2003, Limited Tax GO Bonds(a)(b)		8.05	%		12/01/12		534		599,260
Buckhorn Valley Metropolitan District No. 2; Series 2003, Limited Tax GO Bonds		7.00	%		12/01/23		60		59,631
Castle Oaks Metropolitan District;
Series 2005, Limited Tax GO Bonds		6.00	%		12/01/25		500		419,540
Series 2005, Limited Tax GO Bonds		6.13	%		12/01/35		750		582,615
Colorado (State of) Educational & Cultural Facilities Authority (Banning Lewis Ranch Academy); Series 2006, Charter School RB(c)		6.13	%		12/15/35		2,880		2,482,762
Colorado (State of) Educational & Cultural Facilities Authority (Brighton Charter School); Series 2006, Charter School RB		6.00	%		11/01/36		1,675		1,184,761
Colorado (State of) Educational & Cultural Facilities Authority (Carbon Valley Academy); Series 2006, Charter School RB		5.63	%		12/01/36		1,060		766,369
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);
Series 2008, Charter School RB		6.25	%		07/01/28		650		583,232
Series 2008, Charter School RB		6.50	%		07/01/38		1,000		874,690
Colorado (State of) Educational & Cultural Facilities Authority (Denver Academy); Series 2003 A, Ref. RB		7.00	%		11/01/23		500		507,430
Colorado (State of) Educational & Cultural Facilities Authority (Denver School of Science & Technology); Series 2004, RB		5.00	%		12/01/13		425		426,254
Colorado (State of) Educational & Cultural Facilities Authority (Flagstaff Academy); Series 2008 A, Charter School RB		7.00	%		08/01/38		1,500		1,423,575
Colorado (State of) Educational & Cultural Facilities Authority (Knowledge Quest Academy); Series 2005, Charter School RB		6.50	%		05/01/36		885		779,800
Colorado (State of) Educational & Cultural Facilities Authority (Monument Academy);
Series 2007, Charter School RB		5.88	%		10/01/27		2,500		2,338,275
Series 2007, Charter School RB		6.00	%		10/01/37		1,635		1,467,020
Series 2008 A, Charter School RB		7.25	%		10/01/39		500		511,740
Colorado (State of) Educational & Cultural Facilities Authority (New Vision Charter School); Series 2008, RB(c)		6.75	%		04/01/40		1,860		1,663,658
Colorado (State of) Educational & Cultural Facilities Authority (North Star Academy); Series 2008 A, Ref. & Improvement RB(c)		8.25	%		11/01/39		2,980		3,071,784
Colorado (State of) Educational & Cultural Facilities Authority (Northeast Academy); Series 2007, Charter School RB(c)		5.75	%		05/15/37		2,500		1,877,150
Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2008 A, Charter School RB		7.40	%		12/01/38		2,000		2,238,380
Colorado (State of) Educational & Cultural Facilities Authority (Union Colony Charter School); Series 2007, RB(c)		5.75	%		12/01/37		1,620		1,302,739
Colorado (State of) Educational & Cultural Facilities Authority (Windsor Academy); Series 2007, Charter School RB		5.70	%		05/01/37		1,000		861,810
Colorado (State of) Health Facilities Authority (Christian Living Campus);
Series 2004 A, RB		6.13	%		01/01/25		250		245,008
Series 2004 A, RB		6.25	%		01/01/33		550		525,954

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) Health Facilities Authority (Christian Living Communities);
Series 2009 A, RB		8.25	%		01/01/24	$	375	$	391,016
Series 2009 A, RB		9.00	%		01/01/34		750		790,020
Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group),
Series 2010 A, RB		6.00	%		11/15/30		900		922,932
Series 2010 A, RB		6.25	%		11/15/40		800		811,640
Colorado Springs (City of) Urban Renewal Authority (University Village Colorado); Series 2008 A, Tax Increment Allocation RB		7.00	%		12/01/29		3,000		2,669,490
Conservatory Metropolitan District (Arapahoe County); Series 2005, Limited Tax GO Bonds(a)(b)		6.75	%		12/01/13		810		926,114
Copperleaf Metropolitan District No. 2;
Series 2006, Limited Tax GO Bonds		5.85	%		12/01/26		1,000		764,430
Series 2006, Limited Tax GO Bonds		5.95	%		12/01/36		1,750		1,218,280
Country Club Village Metropolitan District; Series 2006, Limited Tax GO Bonds		6.00	%		12/01/34		600		426,624
Fitzsimons Village Metropolitan District No. 1; Series 2010 A, Tax Increment Allocation Public Improvement RB		7.50	%		03/01/40		1,500		1,510,275
Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. Tax Supported Limited Tax GO Bonds		7.25	%		12/01/40		1,000		980,810
Grandby Ranch Metropolitan District; Series 2006, Limited Tax GO Bonds		6.75	%		12/01/36		3,000		2,749,440
Jordan Crossing Metropolitan District; Series 2006, Limited Tax GO Bonds		5.75	%		12/01/36		1,400		900,186
Liberty Ranch Metropolitan District; Series 2006, Limited Tax GO Bonds		6.25	%		12/01/36		1,629		1,247,504
Montrose (County of) (The Homestead at Montrose, Inc.);
Series 2003 A, Health Care Facilities RB		5.75	%		02/01/15		210		210,036
Series 2003 A, Health Care Facilities RB		6.75	%		02/01/22		300		300,075
Series 2003 A, Health Care Facilities RB		7.00	%		02/01/25		800		800,120
Northwest Metropolitan District No. 3;
Series 2005, Limited Tax GO Bonds		6.13	%		12/01/25		1,000		890,350
Series 2005, Limited Tax GO Bonds		6.25	%		12/01/35		1,000		848,420
Piney Creek Metropolitan District; Series 2005, Limited Tax GO Bonds		5.50	%		12/01/35		1,179		1,020,507
Reata South Metropolitan District; Series 2007 A, Limited Tax GO Bonds		7.25	%		06/01/37		1,000		855,790
Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB		6.00	%		01/15/34		500		503,375
Riverdale Peaks II Metropolitan District; Series 2005, Limited Tax GO Bonds		6.50	%		12/01/35		1,000		753,330
Silver Peaks Metropolitan District No. 2; Series 2006, Limited Tax GO Bonds		5.75	%		12/01/36		1,000		714,280
Southlands Metropolitan District No. 1; Series 2004, Unlimited Tax GO Bonds(a)(b)		7.13	%		12/01/14		500		604,570
Table Rock Metropolitan District; Series 2003, Limited Tax GO Bonds(a)(b)		7.00	%		12/01/13		700		791,098
Valagua Metropolitan District; Series 2008, Limited Tax GO Bonds		7.75	%		12/01/37		1,000		813,080
Wyndham Hill Metropolitan District No. 2;
Series 2005, Limited Tax GO Bonds		6.25	%		12/01/25		85		71,519
Series 2005, Limited Tax GO Bonds		6.38	%		12/01/35		500		390,680
									57,222,092
Connecticut–0.59%
Hamden (Town of) (Whitney Center); Series 2009 A, RB		7.63	%		01/01/30		700		731,661
Harbor Point Infrastructure Improvement District (Harbor Point); Series 2010 A, Special Obligation Tax Allocation RB		7.88	%		04/01/39		3,000		3,282,930
									4,014,591

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
Delaware–0.49%
New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB		5.00	%		09/01/30	$	1,610	$	1,428,939
Sussex (County of) (Cadbury at Lewes);
Series 2006 A, First Mortgage RB		5.45	%		01/01/16		865		826,698
Series 2006 A, First Mortgage RB		5.90	%		01/01/26		750		622,913
Series 2006 A, First Mortgage RB		6.00	%		01/01/35		600		475,560
									3,354,110
District of Columbia–1.45%
District of Columbia (Center for Strategic & International Studies);
Series 2011, RB		6.38	%		03/01/31		2,000		2,015,440
Series 2011, RB		6.63	%		03/01/41		1,150		1,164,777
District of Columbia (Gallaudet University);
Series 2011, University RB		5.50	%		04/01/34		500		516,905
Series 2011, University RB		5.50	%		04/01/41		3,000		3,085,350
District of Columbia (National Public Radio, Inc.); Series 2010 A, RB		5.00	%		04/01/43		1,000		1,007,290
District of Columbia (Sibley Memorial Hospital); Series 2009, Hospital RB		6.38	%		10/01/39		2,000		2,143,840
									9,933,602
Florida–4.75%
Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR		5.88	%		11/15/36		3,000		2,368,200
Brevard (County of) Health Facilities Authority (Health First, Inc.); Series 2009, Health Care Facilities RB		7.00	%		04/01/39		2,100		2,305,317
Capital Trust Agency (Miami Community Charter School); Series 2010 A, RB		7.00	%		10/15/40		1,500		1,376,940
Cory Lakes Community Development District;
Series 2001 A, Special Assessment RB		8.38	%		05/01/17		255		261,569
Series 2001 B, Special Assessment RB		8.38	%		05/01/17		125		128,220
Cypress Lakes Community Development District; Series 2004 A, Special Assessment RB		6.00	%		05/01/34		525		498,797
East Homestead Community Development District; Series 2005, Special Assessment RB		5.45	%		05/01/36		570		485,743
Florida Development Finance Corp. (Palm Bay Academy, Inc.);
Series 2006 A, RB		6.00	%		05/15/36		2,130		1,673,882
Series 2007 A, RB		6.13	%		05/15/37		1,855		1,476,172
Florida Development Finance Corp. (Sculptor Charter School); Series 2008 A, RB		7.25	%		10/01/38		2,710		2,752,384
Gramercy Farms Community Development District; Series 2007 B, Special Assessment RB(d)		5.10	%		05/01/14		1,000		350,400
Hillsborough (County of) Industrial Development Authority (Healthcare Facilities); Series 2008 B, IDR(a)(b)		8.00	%		08/15/19		1,000		1,420,290
Lee (County of) Industrial Development Authority (Cypress Cove at Health Park); Series 2002 A, Health Care Facilities RB		6.75	%		10/01/32		1,250		930,162
Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center);
Series 2001 A, Hospital RB		6.70	%		11/15/19		1,500		1,512,825
Series 2004, Ref. Hospital RB(c)		6.75	%		11/15/29		500		503,585
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital);
Series 2010 A, Ref. Hospital RB		6.00	%		08/01/30		500		521,700
Series 2010 A, Ref. Hospital RB		6.13	%		08/01/42		250		259,632
Series 2011, Ref. Hospital RB		6.00	%		08/01/46		1,000		1,014,040
Mount Dora (City of) Health Facilities Authority (Waterman Village); Series 2004 A, Ref. RB		5.75	%		08/15/18		750		630,750
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
Series 2005, Ref. Health Care Facilities RB		5.38	%		07/01/20		1,100		1,026,047
Series 2007, First Mortgage RB		5.50	%		07/01/32		1,000		838,630
Orange (County of) Health Facilities Authority (The Nemours Foundation); Series 2009 A, RB		5.00	%		01/01/39		2,000		2,005,340
Orlando (City of) Urban Community Development District; Series 2004, Capital Improvement Special Assessment RB		6.25	%		05/01/34		1,000		869,490
Poinciana Community Development District; Series 2000 A, Special Assessment RB		7.13	%		05/01/31		400		399,968

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)
Reunion East Community Development District; Series 2002 A, Special Assessment RB		7.38	%		05/01/33	$	1,000	$	694,800
Sarasota (County of) Health Facilities Authority (Village on the Isle);
Series 2007, Ref. Retirement Facilities RB		5.00	%		01/01/17		1,500		1,524,030
Series 2007, Ref. Retirement Facilities RB		5.50	%		01/01/27		1,000		931,270
Series 2007, Ref. Retirement Facilities RB		5.50	%		01/01/32		1,000		904,650
St. Johns (County of) Industrial Development Authority (Glenmoor);
Series 2006 A, Health Care RB		5.25	%		01/01/26		1,000		842,350
Series 2006 A, Health Care RB		5.38	%		01/01/40		1,000		759,450
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		166,745
Series 2009 A, Ref. RB		6.50	%		11/15/39		1,000		1,105,520
									32,538,898
Georgia–1.04%
Atlanta (City of) (Atlantic Station);
Series 2001, Tax Allocation RB(a)(b)		7.75	%		12/01/11		355		364,553
Series 2001, Tax Allocation RB(a)(b)		7.90	%		12/01/11		750		771,983
Atlanta (City of) (Eastside);
Series 2005 B, Tax Allocation RB		5.40	%		01/01/20		1,000		1,027,050
Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		2,000		1,986,240
Atlanta (City of) (Princeton Lakes); Series 2006, Tax Allocation RB(c)		5.50	%		01/01/31		630		583,997
DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc);
Series 2010, RAC		6.00	%		09/01/30		700		715,617
Series 2010, RAC		6.13	%		09/01/40		1,000		1,005,840
Fulton (County of) Residential Care Facilities for the Elderly Authority (Canterbury Court);
Series 2004 A, RB		6.13	%		02/15/26		500		463,250
Series 2004 A, RB		6.13	%		02/15/34		200		177,484
									7,096,014
Hawaii–0.41%
Hawaii (State of) Department of Budget & Finance (15 Craigside);
Series 2009 A, Special Purpose RB		8.75	%		11/15/29		850		943,424
Series 2009 A, Special Purpose RB		9.00	%		11/15/44		1,250		1,393,925
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2010 B, Special Purpose RB		5.75	%		07/01/40		500		486,245
									2,823,594
Idaho–1.05%
Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.) Series 2010 A, Non-profit Facilities RB		6.25	%		07/01/40		1,000		908,620
Idaho (State of) Housing & Finance Association (Liberty Charter School); Series 2008 A, Non-profit Facilities RB		6.00	%		06/01/38		750		696,382
Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2009 A, Non-profit Facilities RB		9.00	%		07/01/21		150		156,368
Series 2009 A, Non-profit Facilities RB		9.25	%		07/01/29		1,000		1,044,370
Series 2009 A, Non-profit Facilities RB		9.50	%		07/01/39		2,005		2,110,543
Idaho (State of) Housing & Finance Association (Victory Charter School, Inc.); Series 2009 A, Non-profit Facilities RB		8.25	%		07/01/39		745		806,530
Idaho (State of) Housing & Finance Association; Series 2008 A, Non-profit Facilities RB		6.13	%		07/01/38		1,580		1,436,457
									7,159,270

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
Illinois–9.19%
Belleville (City of) (Frank Scott Parkway Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.70	%		05/01/36	$	1,000	$	823,980
Chicago (City of) (Chatham Ridge Redevelopment);
Series 2002, Tax Increment Allocation RB(a)		5.95	%		12/15/12		275		281,199
Series 2002, Tax Increment Allocation RB(a)		6.05	%		12/15/13		475		492,271
Chicago (City of) (Lakeshore East);
Series 2003, Special Assessment Improvement Bonds		6.63	%		12/01/22		500		514,385
Series 2003, Special Assessment Improvement Bonds		6.75	%		12/01/32		500		511,160
Chicago (City of);
Series 2011, Tax Increment COP		7.13	%		05/01/21		1,000		1,030,650
Series 2011, Tax Increment COP		7.13	%		05/01/25		1,000		1,019,450
Cook (County of) (Navistar International Corp.); Series 2010, Recovery Zone Facility RB		6.50	%		10/15/40		250		251,340
Du Page (County of) Special Service Area No. 31 (Monarch Landing); Series 2006, Special Tax RB		5.40	%		03/01/16		155		150,668
Hillside (Village of) (Mannheim Redevelopment);
Series 2008, Sr. Lien Tax Increment Allocation RB		6.55	%		01/01/20		1,000		936,490
Series 2008, Sr. Lien Tax Increment Allocation RB		7.00	%		01/01/28		5,000		4,552,050
Illinois (State of) Finance Authority (Beacon Hill);
Series 2005 A, Ref. RB		5.15	%		02/15/13		655		655,138
Series 2005 A, Ref. RB		5.25	%		02/15/14		300		300,039
Series 2005 A, Ref. RB		5.35	%		02/15/15		225		225,014
Illinois (State of) Finance Authority (Bethesda Home & Retirement Center); Series 1999 A, RB		6.25	%		09/01/14		445		442,788
Illinois (State of) Finance Authority (Fairview Obligated Group);
Series 2008 A, Ref. RB(d)		6.13	%		08/15/28		1,000		494,880
Series 2008 A, Ref. RB(d)		6.25	%		08/15/35		1,000		494,880
Series 2008 A, Ref. RB(d)		6.25	%		08/15/40		1,000		494,880
Illinois (State of) Finance Authority (Ingalls Memorial Hospital); Series 1985 B, VRD RB (LOC–Northern Trust Co.)(e)(f)		0.13	%		01/01/16		2,550		2,550,000
Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB		5.70	%		08/15/28		500		401,345
Series 2006 A, RB		6.00	%		08/15/26		850		719,584
Series 2006 A, RB		6.00	%		08/15/39		1,460		1,125,134
Illinois (State of) Finance Authority (Navistar International); Series 2010, Recovery Zone Facility RB		6.50	%		10/15/40		2,195		2,206,765
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 A, RB		8.00	%		05/15/30		1,300		1,266,629
Series 2010 D-2, (TEMPS-65sm) RB		7.00	%		11/15/15		550		545,595
Series 2010 D-3, (TEMPS-50sm) RB		6.25	%		08/15/15		550		536,861
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group);
Series 2009 A, RB		7.25	%		11/01/30		1,865		2,103,011
Series 2009 A, RB		7.25	%		11/01/38		2,000		2,197,340
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Centers);
Series 2009, RB		6.88	%		08/15/38		6,000		6,254,880
Series 2009, RB		7.00	%		08/15/44		1,000		1,047,050
Illinois (State of) Finance Authority (Smith Crossing); Series 2003 A, Health Facilities RB		7.00	%		11/15/32		800		735,560
Illinois (State of) Finance Authority (Smith Village);
Series 2005 A, RB		5.70	%		11/15/20		500		452,215
Series 2005 A, RB		6.13	%		11/15/25		1,000		893,950
Series 2005 A, RB		6.25	%		11/15/35		1,500		1,270,605

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 (The Admiral at the Lake);
Series 2010 A, RB		7.25	%		05/15/20	$	1,000	$	1,000,480
Series 2010 D-1, (TEMPS-75sm) RB		7.00	%		05/15/18		1,000		1,000,420
Series 2010 D-2, (TEMPS-65sm) RB		6.38	%		05/15/17		1,000		998,600
Illinois (State of) Finance Authority (The Children’s Memorial Hospital); Series 2008 C, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(e)(f)		0.18	%		08/15/25		835		835,000
Illinois (State of) Finance Authority (Three Crowns Park Plaza);
Series 2006 A, RB		5.88	%		02/15/26		1,000		953,650
Series 2006 A, RB		5.88	%		02/15/38		1,500		1,330,680
Illinois (State of) Finance Authority (University of Chicago Medical Center); Series 2011 C, RB		5.50	%		08/15/41		2,000		2,076,860
Illinois (State of) Finance Authority (Villa St. Benedict); Series 2003 A-1, Health Facilities RB(d)		6.90	%		11/15/33		2,000		700,000
Lincolnshire (Village of) Special Service Area No. 1 (Sedgebrook); Series 2004, Special Tax RB		6.25	%		03/01/34		750		654,697
Lombard Public Facilities Corp.;
Series 2005 A-1, First Tier Conference Center & Hotel RB		6.38	%		01/01/15		750		524,955
Series 2005 A-1, First Tier Conference Center & Hotel RB		7.13	%		01/01/36		2,500		1,706,650
Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB		7.50	%		01/01/30		1,500		1,461,945
Malta (Village of) (Prairie Springs); Series 2006, Tax Increment Allocation RB(c)		5.75	%		12/30/25		2,000		1,294,940
Pingree Grove (Village of) (Cambridge Lakes Learning Center); Series 2011, RB		8.50	%		06/01/41		1,290		1,311,904
Southwestern Illinois Development Authority (City of Collinsville Limited Incremental Sales Tax); Series 2007, Local Government Program RB		5.35	%		03/01/31		1,000		771,400
Southwestern Illinois Development Authority (Eden Retirement Center, Inc.);
Series 2006, Senior Care Facilities RB		5.50	%		12/01/26		800		566,400
Series 2006, Senior Care Facilities RB		5.85	%		12/01/36		3,000		1,978,740
St. Charles (City of) (Zylstra);
Series 2008, Sr. Lien Limited Incremental Sales Tax RB		6.95	%		01/01/21		2,000		1,950,300
Series 2008, Sr. Lien Limited Incremental Sales Tax RB		6.95	%		01/01/25		2,000		1,908,000
Upper Illinois River Valley Development Authority (Pleasant View Luther Home);
Series 2010, RB		7.00	%		11/15/30		1,000		954,270
Series 2010, RB		7.25	%		11/15/40		1,000		957,870
									62,915,547
Indiana–0.44%
Indiana (State of) Finance Authority (Irvington Community School);
Series 2009 A, Educational Facilities RB		7.75	%		07/01/23		290		326,427
Series 2009 A, Educational Facilities RB		8.00	%		07/01/29		1,385		1,542,211
Series 2009 A, Educational Facilities RB		9.00	%		07/01/39		1,000		1,155,410
									3,024,048
Iowa–0.95%
Des Moines (City of) (Luther Park Apartments, Inc.); Series 2004, Senior Housing RB		6.00	%		12/01/23		500		441,970
Iowa (State of) Finance Authority (Bethany Life Communities);
Series 2006 A, Ref. Senior Housing RB		5.45	%		11/01/26		345		314,392
Series 2006 A, Ref. Senior Housing RB		5.55	%		11/01/41		795		666,456
Iowa (State of) Finance Authority (Boys & Girls Home & Family Services, Inc.); Series 2007, Community Provider RB		5.80	%		12/01/22		1,000		648,850
Iowa (State of) Finance Authority (Friendship Haven); Series 2004 A, Retirement Community RB		6.13	%		11/15/32		500		475,330
Marion (City of) (Village Place at Marion);
Series 2005 A, MFH RB		5.65	%		09/01/25		155		140,495
Series 2005 A, MFH RB		6.00	%		09/01/35		400		352,140

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
Iowa–(continued)
Polk (County of) (Luther Park Health Center, Inc.);
Series 2004, Health Care Facilities RB		6.00	%		10/01/24	$	290	$	253,237
Series 2004, Health Care Facilities RB		6.15	%		10/01/36		600		493,056
Scott (County of) (Ridgecrest Village);
Series 2004, Ref. RB		4.75	%		11/15/12		390		391,599
Series 2006, Ref. RB		5.25	%		11/15/21		1,000		917,490
Washington (City of) (United Presbyterian Home); Series 2006 A, Ref. Senior Housing RB		5.60	%		12/01/36		1,615		1,418,325
									6,513,340
Kansas–1.95%
Kansas (State of) Development Finance Authority (Adventist Health); Series 2009, Hospital RB		5.75	%		11/15/38		1,900		2,039,726
Labette (County of);
Series 2007 A, Ref. & Improvement Hospital RB		5.75	%		09/01/29		750		719,738
Series 2007 A, Ref. & Improvement Hospital RB		5.75	%		09/01/37		900		842,535
Olathe (City of) (Aberdeen Village, Inc); Series 2005 A, Ref. Senior Living Facilities RB		5.60	%		05/15/28		1,500		1,228,410
Olathe (City of) (Catholic Care Campus, Inc.);
Series 2006 A, Senior Living Facility RB		6.00	%		11/15/26		1,000		949,270
Series 2006 A, Senior Living Facility RB		6.00	%		11/15/38		2,500		2,219,550
Olathe (City of) (West Village Center);
Series 2007, Special Obligation Tax Increment Allocation RB		5.30	%		09/01/17		500		384,320
Series 2007, Special Obligation Tax Increment Allocation RB		5.45	%		09/01/22		1,160		793,092
Series 2007, Special Obligation Tax Increment Allocation RB		5.50	%		09/01/26		1,000		651,670
Overland Park (City of) Transportation Development District (Grass Creek); Series 2006, Special Assessment RB		5.13	%		09/01/28		1,466		1,160,119
Roeland Park (City of) (Roeland Park Redevelopment, LLC); Series 2005, Special Obligation Tax Increment Allocation RB		5.75	%		08/01/24		920		718,998
Roeland Park (City of) (TDD #1);
Series 2005, Transportation Development District Sales Tax RB		5.75	%		12/01/25		445		305,973
Series 2006 A, Transportation Development District Sales Tax RB		5.88	%		12/01/25		950		662,179
Roeland Park (City of) (TDD #2); Series 2006 B, Transportation Development District Sales Tax RB		5.88	%		12/01/25		1,000		684,810
									13,360,390
Kentucky–0.61%
Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II);
Series 2011, RB		7.00	%		05/15/30		750		756,187
Series 2011, RB		7.25	%		05/15/41		1,300		1,282,632
Series 2011, RB		7.38	%		05/15/46		250		249,648
Louisville & Jefferson (Counties of) Metropolitan Government (Bellarmie University Inc.); Series 2009, College Improvement RB		6.13	%		05/01/39		1,820		1,880,570
									4,169,037
Louisiana–1.80%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.);
Series 2007, RB		6.75	%		11/01/32		2,690		2,772,341
Series 2009 A, RB		6.50	%		08/01/29		3,000		3,085,560
Series 2010 A-2, RB		6.50	%		11/01/35		1,000		1,024,140
Louisiana (State of) Public Facilities Authority (Belle Chasse Educational Foundation); Series 2011, RB		6.75	%		05/01/41		3,000		3,101,760
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB		5.13	%		06/01/37		2,425		2,313,159
									12,296,960

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
Maine–0.15%
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB		6.75	%		07/01/36	$	500	$	502,790
Maine (State of) Turnpike Authority; Series 2003, RB (INS–AMBAC)(g)		5.00	%		07/01/33		500		507,445
									1,010,235
Maryland–1.47%
Annapolis (City of) (Park Place); Series 2005 A, Special Obligation Tax Allocation Bonds		5.35	%		07/01/34		1,900		1,684,920
Anne Arundel (County of) (National Business Park-North);
Series 2010, Special Obligation Tax Allocation RB		5.63	%		07/01/25		1,000		984,350
Series 2010, Special Obligation Tax Allocation RB		6.10	%		07/01/40		1,000		970,870
Baltimore (City of) (Strathdale Manor); Series 2003, Special Obligation Tax Allocation RB		7.00	%		07/01/33		961		981,834
Maryland Economic Development Corp. (CNX Marine Terminals Inc. Port of Baltimore Facility); Series 2010, Ref. Port Facilities RB		5.75	%		09/01/25		1,000		987,530
Maryland (State of) Health & Higher Education Facilities Authority (Adventist Healthcare);
Series 2011 A, RB		5.13	%		01/01/23		1,000		993,560
Series 2011 A, RB		6.13	%		01/01/36		1,500		1,483,950
Maryland (State of) Health & Higher Educational Facilities Authority (Washington County Hospital); Series 2008, RB		5.75	%		01/01/38		500		486,735
Maryland (State of) Industrial Development Financing Authority (Our Lady of Good Counsel High School Facility); Series 2005 A, Economic Development RB		6.00	%		05/01/35		1,500		1,504,245
									10,077,994
Massachusetts–2.26%
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility); Series 2007 A, RB		5.00	%		11/15/14		1,000		668,050
Massachusetts (State of) Development Finance Agency (New England Conservatory of Music); Series 2008, RB		5.25	%		07/01/38		2,705		2,655,147
Massachusetts (State of) Development Finance Agency (Sabis International Charter School);
Series 2009 A, RB		6.85	%		04/15/23		745		807,930
Series 2009 A, RB		6.90	%		04/15/25		895		961,445
Series 2009 A, RB		8.00	%		04/15/31		1,000		1,127,000
Series 2009 A, RB		8.00	%		04/15/39		1,000		1,111,380
Massachusetts (State of) Development Finance Agency (The Groves in Lincoln);
Series 2009 A, Senior Living Facilities RB		7.50	%		06/01/29		1,430		1,439,838
Series 2009 A, Senior Living Facilities RB		7.75	%		06/01/39		1,000		1,009,940
Series 2009 B-1, Senior Living Facilities (TEMPS-85sm) RB		7.25	%		06/01/16		2,000		2,000,380
Massachusetts (State of) Development Finance Agency (Tufts Medical Center);
Series 2011 I, RB		6.75	%		01/01/36		1,000		1,058,020
Series 2011 I, RB		6.88	%		01/01/41		2,000		2,120,520
Massachusetts (State of) Health & Educational Facilities Authority (Christopher House, Inc.); Series 1999 A, Ref. RB		6.88	%		01/01/29		500		474,060
									15,433,710
Michigan–1.67%
Chandler Park Academy; Series 2005, Public School Academy RB		5.13	%		11/01/30		1,050		871,878
Detroit Community High School;
Series 2005, Public School Academy RB		5.65	%		11/01/25		1,485		1,245,321
Series 2005, Public School Academy RB		5.75	%		11/01/30		1,000		801,900
Gogebic (County of) Hospital Finance Authority (Grand View Health System, Inc.); Series 1999, Ref. RB		5.88	%		10/01/16		920		919,963
Mecosta (County of) General Hospital; Series 1999, Ref. RB		6.00	%		05/15/18		415		415,116
Michigan (State of) Hospital Finance Authority (McLaren Health Care Corp.); Series 2008 B-3, Ref. VRD RB (LOC–JPMorgan Chase Bank, N.A.)(e)(f)		0.16	%		10/15/38		4,225		4,225,000

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
Michigan–(continued)
Michigan (State of) Hospital Finance Authority (Presbyterian Villages of Michigan Obligated Group);
Series 2005, Ref. RB		4.88	%		11/15/16	$	685	$	649,743
Series 2005, Ref. RB		5.25	%		11/15/25		450		379,427
Michigan (State of) Municipal Bond Authority (YMCA Service Learning Academy);
Series 2001, Public School Academy RB		7.63	%		10/01/21		700		700,217
Series 2001, Public School Academy RB		7.75	%		10/01/31		500		499,920
Michigan (State of) Strategic Fund (Detroit Edison Pollution Control); Series 2001 C, Ref. Limited Obligation RB		5.45	%		09/01/29		725		727,682
									11,436,167
Minnesota–8.15%
Anoka (County of) Housing & Redevelopment Authority (Fridley Medical Center);
Series 2010 A, RB		6.63	%		05/01/30		500		500,755
Series 2010 A, RB		6.88	%		05/01/40		1,000		1,004,070
Apple Valley (City of) Economic Development Authority (Evercare Senior Living, LLC); Series 2005 A, Health Care RB		6.13	%		06/01/35		1,440		1,332,763
Baytown (Township of) (St. Croix Preparatory Academy);
Series 2008 A, Lease RB		6.75	%		08/01/28		1,000		986,550
Series 2008 A, Lease RB		7.00	%		08/01/38		700		692,419
Becker (City of) (Shepherd of Grace);
Series 2006, Senior Housing RB		5.88	%		05/01/29		1,000		913,170
Series 2006, Senior Housing RB		6.00	%		05/01/41		1,000		893,780
Bloomington (City of) Port Authority (Radisson Blu Mall of America, LLC); Series 2010, Recovery Zone Facility RB		8.00	%		12/01/25		1,625		1,667,039
Brooklyn Park (City of) (Prairie Seeds Academy);
Series 2009 A, Lease RB		8.38	%		03/01/23		100		109,549
Series 2009 A, Lease RB		9.00	%		03/01/29		2,620		2,899,318
Series 2009 A, Lease RB		9.25	%		03/01/39		750		830,430
Carlton (City of) (Inter-Faith Care Center); Series 2006, Ref. Health Care & Housing Facilities RB		5.70	%		04/01/36		1,500		1,295,835
Cold Spring (City of) (Assumption Home, Inc.);
Series 2005, Nursing Home & Senior Housing RB		5.50	%		03/01/25		425		382,942
Series 2005, Nursing Home & Senior Housing RB		5.75	%		03/01/35		600		518,442
Series 2008, Health Care Facilities RB		7.50	%		03/01/38		1,000		1,020,680
Dakota (County of) Community Development Agency (Highview Hills Senior Housing); Series 2008 A, MFH RB		7.00	%		08/01/45		2,000		1,946,840
Eveleth (City of) (Manor House & Woodland Homes); Sr. Series 2006 A-1, MFH RB		5.50	%		10/01/25		510		406,317
Fairmont (City of) (Goldfinch Estates-Governmental & Educational Assistance Corp.); Series 2005 A, Housing Facilities RB		6.25	%		10/01/25		2,500		2,328,325
Fairmont (City of) (Homestead-Governmental & Educational Assistance Corp.); Series 2002 A-1, Housing Facilities RB		7.25	%		04/01/22		915		916,107
Falcon Heights (City of) (Kaleidoscope Charter School);
Series 2007 A, Lease RB		6.00	%		11/01/27		400		363,756
Series 2007 A, Lease RB		6.00	%		11/01/37		550		474,969
Fergus Falls (City of)(Lake Region Healthcare Corp.);
Series 2010, Health Care Facilities RB		5.15	%		08/01/35		1,000		954,340
Series 2010, Health Care Facilities RB		5.40	%		08/01/40		1,000		942,180
Hopkins (City of) Housing & Redevelopment Authority (Excelsior Crossings); Series 2009, Tax Increment Allocation RB		5.63	%		02/01/30		320		325,504
Maplewood (City of) (Ecumen Headquarters & The Seasons at Maplewood); Series 2010, Housing & Health Care RB		6.38	%		03/01/40		1,045		1,070,070
Maplewood (City of) (Volunteers of America Care Center); Series 2005 A, Ref. Health Care Facilities RB		5.00	%		10/01/13		530		527,705
Minneapolis (City of) (Grant Park); Series 2006, Tax Increment Allocation RB		5.35	%		02/01/30		1,450		1,256,961
Minneapolis (City of) (Village at St. Anthony Falls); Series 2004, Ref. Tax Increment Allocation RB		5.75	%		02/01/27		595		547,573
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas); Series 2009 6-X, RB		5.25	%		04/01/39		500		514,210

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)
Northwest Multi-County Housing & Redevelopment Authority (Pooled Housing Program);
Series 2005 A, Ref. Governmental Housing RB		5.35	%		07/01/15	$	70	$	70,283
Series 2005 A, Ref. Governmental Housing RB		6.20	%		07/01/30		2,000		1,887,540
Oak Park Heights (City of) (Oakgreen Commons);
Series 2010, Housing RB		6.75	%		08/01/31		1,500		1,471,740
Series 2010, Housing RB		7.00	%		08/01/45		1,000		992,230
Oakdale (City of) (Oak Meadows); Series 2004, Ref. Senior Housing RB		6.00	%		04/01/24		1,000		950,000
Oronoco (City of) (Wedum Shorewood Campus); Series 2006, Ref. MFH RB		5.25	%		06/01/26		1,600		1,431,488
Owatonna (City of) (Senior Living); Series 2006 A, Senior Housing RB		5.80	%		10/01/29		800		753,848
Perham (City of) Hospital District (Perham Memorial Hospital & Home); Series 2010, Health Care Facilities Gross RB		6.35	%		03/01/35		2,000		2,084,580
Pine City (City of) (Lakes International Language Academy);
Series 2006 A, Lease RB		5.75	%		05/01/16		100		101,955
Series 2006 A, Lease RB		6.00	%		05/01/26		530		490,049
Series 2006 A, Lease RB		6.25	%		05/01/35		1,550		1,399,836
Ramsey (City of) (Pact Charter School);
Series 2004 A, Lease RB		6.50	%		12/01/22		925		927,118
Series 2004 A, Lease RB		6.75	%		12/01/33		150		144,881
Rochester (City of) (Samaritan Bethany, Inc.);
Series 2009 A, Ref. Health Care & Housing RB		7.38	%		12/01/41		1,000		1,016,170
Series 2009 B, Ref. Health Care & Housing RB		7.38	%		12/01/36		1,555		1,584,996
St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens);
Series 2010, Ref. Tax Increment Allocation RB		5.63	%		03/01/20		705		716,661
Series 2010, Ref. Tax Increment Allocation RB		6.50	%		03/01/29		1,000		1,000,320
St. Paul (City of) Housing & Redevelopment Authority (Hmong Academy);
Series 2006 A, Lease RB		5.75	%		09/01/26		300		270,144
Series 2006 A, Lease RB		6.00	%		09/01/36		390		340,139
St. Paul (City of) Housing & Redevelopment Authority (New Spirit Charter School); Series 2002 A, Lease RB		7.50	%		12/01/31		890		901,570
St. Paul (City of) Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus);
Series 2007 A, RB		5.05	%		10/01/27		1,750		1,514,782
Series 2007 A, RB		5.15	%		10/01/42		275		219,868
Sartell (City of) (Country Manor Campus LLC); Series 2010 A, Health Care Facilities RB		6.25	%		09/01/36		925		940,928
Vadnais Heights (City of) (Agriculture & Food Sciences Academy);
Series 2004 A, Lease RB		6.38	%		12/01/24		900		704,520
Series 2004 A, Lease RB		6.60	%		12/01/34		275		201,220
Washington (County of) Housing & Redevelopment Authority (Birchwood & Woodbury);
Series 2007 A, Health Care & Housing RB		5.00	%		12/01/14		1,000		999,630
Series 2007 A, Health Care & Housing RB		5.63	%		06/01/37		1,000		871,580
Winsted (City of) (St. Mary’s Care Center);
Series 2010 A, Health Care RB		6.25	%		09/01/30		500		484,095
Series 2010 A, Health Care RB		6.88	%		09/01/42		2,000		2,008,760
Woodbury (City of) (Math & Science Academy);
Series 2002 A, Ref. Lease RB		7.38	%		12/01/24		250		254,295
Series 2002 A, Ref. Lease RB		7.50	%		12/01/31		750		758,662
Worthington (City of) (Ecumen Corp. Guaranty-Meadows); Series 2009 A, Housing & Health Care RB(b)(h)		6.38	%		05/01/19		650		674,648
									55,791,135

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
Missouri–4.20%
370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood);
Series 2002, RB		7.00	%		05/01/22	$	750	$	750,712
Series 2002, RB		7.20	%		05/01/33		500		480,785
Arnold Retail Corridor Transportation Development District; Series 2010, Transportation Sales Tax RB		6.65	%		05/01/38		2,000		1,999,760
Branson (City of) Industrial Development Authority (Branson Landing-Retail); Series 2005, Tax Increment Allocation RB		5.25	%		06/01/21		1,135		1,029,025
Branson Hills Infrastructure Facilities Community Improvement District;
Series 2007 A, Special Assessment RB		5.00	%		04/01/13		300		292,659
Series 2007 A, Special Assessment RB		5.00	%		04/01/15		500		463,240
Cass (County of);
Series 2007, Hospital RB		5.00	%		05/01/16		1,000		1,053,880
Series 2007, Hospital RB		5.63	%		05/01/38		1,300		1,168,739
Chillicothe (City of) (South U.S. 65); Series 2006, Tax Increment Allocation RB		5.50	%		04/01/21		1,000		925,400
Des Peres (City of) (West County Center); Series 2002 A, Ref. Tax Increment Allocation RB		5.75	%		04/15/20		1,000		1,000,050
Desloge (City of) (U.S. Highway 67/State Street Redevelopment); Series 2005, Ref. Tax Increment Allocation RB		5.20	%		04/15/20		190		176,459
Grandview (City of) Industrial Development Authority (Grandview Crossing); Series 2006, Tax Increment Allocation RB		5.75	%		12/01/28		1,250		312,750
Grundy (County of) Industrial Development Authority (Wright Memorial Hospital);
Series 2009, Health Facilities RB		6.45	%		09/01/29		1,000		1,013,700
Series 2009, Health Facilities RB		6.75	%		09/01/34		1,250		1,272,375
Kansas City (City of) Tax Increment Financing Commission (Maincor); Series 2007 A, Tax Increment Allocation RB		5.25	%		03/01/18		500		491,375
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights);
Series 2010 A, Retirement Community RB		8.00	%		05/15/29		2,000		2,069,180
Series 2010 A, Retirement Community RB		8.25	%		05/15/39		1,000		1,037,440
Manchester (City of) (Highway 141/Manchester Road);
Series 2010, Ref. Transportation Tax Increment Allocation RB		6.00	%		11/01/25		1,000		1,011,670
Series 2010, Ref. Transportation Tax Increment Allocation RB		6.88	%		11/01/39		1,500		1,535,025
Maplewood (City of) (Maplewood South Redevelopment Area); Series 2005, Ref. Tax Increment RB		5.75	%		11/01/26		1,350		1,190,241
Platte (County of) Industrial Development Authority (Zona Rosa Phase II Retail); Series 2007, Transportation RB		6.85	%		04/01/29		3,420		3,425,096
Polk (County of) Industrial Development Authority (Citizens Memorial Health Care Foundation); Series 2008, Health Facilities RB		6.50	%		01/01/33		2,000		1,802,200
Richmond Heights (City of) (Francis Place Redevelopment); Series 2005, Ref. & Improvement Tax Increment Allocation & Transportation Sales Tax RB		5.63	%		11/01/25		750		683,287
St. Joseph (City of) Industrial Development Authority (The Shoppes at North Village);
Series 2005 A, Tax Increment Allocation RB		5.25	%		11/01/13		500		514,495
Series 2005 A, Tax Increment Allocation RB		5.50	%		11/01/27		750		676,958
Series 2005 B, Tax Increment Allocation RB		5.50	%		11/01/27		1,000		888,840
St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors); Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/41		1,000		892,830
Strother Interchange Transportation Development District (Lees Summit); Series 2006, RB		5.00	%		05/01/24		675		565,765
									28,723,936
Montana–0.10%
Montana (State of) Facility Finance Authority (St. John’s Lutheran Ministries); Series 2006 A, Senior Living RB		6.13	%		05/15/36		750		655,253
Nebraska–0.15%
Gage (County of) Hospital Authority No. 1 (Beatrice Community Hospital & Health Center); Series 2010 B, Health Care Facilities RB		6.75	%		06/01/35		1,000		1,005,430
Nevada–0.07%
University & Community College System of Nevada; Series 2002 A, University RB (INS–NATL)(g)		5.40	%		07/01/31		500		501,410

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
New Hampshire–0.52%
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB		6.88	%		10/01/39	$	2,000	$	2,069,920
New Hampshire (State of) Health & Education Facilities Authority (The Huntington at Nashua);
Series 2003 A, RB		6.88	%		05/01/23		750		753,870
Series 2003 A, RB		6.88	%		05/01/33		750		747,143
									3,570,933
New Jersey–0.60%
New Jersey (State of) Economic Development Authority (Lions Gate);
Series 2005 A, First Mortgage RB		5.75	%		01/01/25		710		654,592
Series 2005 A, First Mortgage RB		5.88	%		01/01/37		1,360		1,173,789
New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center);
Series 2006, First Mortgage RB		5.30	%		11/01/26		1,100		882,673
Series 2006, First Mortgage RB		5.38	%		11/01/36		700		512,932
New Jersey (State of) Transportation Trust Fund Authority; Series 2005 B, Transportation System RB (INS–AMBAC)(g)		5.25	%		12/15/23		750		850,342
									4,074,328
New Mexico–0.29%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB		6.13	%		07/01/40		2,000		1,993,080
New York–1.33%
Broome (County of) Industrial Development Agency (Good Shepherd Village);
Series 2008 A, Continuing Care Retirement Community RB		6.15	%		07/01/18		500		496,515
Series 2008 A, Continuing Care Retirement Community RB		6.75	%		07/01/28		600		576,642
Series 2008 A, Continuing Care Retirement Community RB		6.88	%		07/01/40		1,000		941,260
East Rochester (Village of) Housing Authority (Woodland Village, Inc.); Series 2006, Ref. Senior Living RB		5.50	%		08/01/33		1,700		1,407,991
Erie (County of) Industrial Development Agency (Orchard Park CCRC, Inc.); Series 2006 A, RB		6.00	%		11/15/26		1,100		879,494
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement Community RB		6.50	%		01/01/27		1,000		963,310
Syracuse (City of) Industrial Development Agency (Jewish Home of Central New York, Inc.);
Series 2001 A, First Mortgage RB		7.38	%		03/01/21		350		324,898
Series 2001 A, First Mortgage RB		7.38	%		03/01/31		500		432,475
Ulster (County of) Industrial Development Agency;
Series 2007 A, Civic Facility RB		6.00	%		09/15/27		2,000		1,605,120
Series 2007 A, Civic Facility RB		6.00	%		09/15/37		2,000		1,488,880
									9,116,585
North Carolina–1.03%
North Carolina (State of) Capital Facilities Finance Agency (St. Mary’s School); Series 2006, VRD RB (LOC–Wachovia Bank, N.A.)(e)(f)		0.24	%		09/01/27		360		360,000
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); Series 2005 A, Health Care Facilities RB		6.13	%		10/01/35		1,300		1,059,188
North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB		5.75	%		10/01/37		1,500		1,270,260
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		868,280
Series 2006 B, Ref. First Mortgage Health Care Facilities RB		5.20	%		10/01/21		1,500		1,436,355
North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, First Mortgage Retirement Facilities RB		7.75	%		03/01/31		2,000		2,056,760
									7,050,843

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
North Dakota–0.67%
Grand Forks (City of) (4000 Valley Square);
Series 2006, Ref. Senior Housing RB		5.13	%		12/01/21	$	1,315	$	1,222,016
Series 2006, Ref. Senior Housing RB		5.30	%		12/01/34		855		713,968
Traill (County of) (Hillsboro Medical Center);
Series 2007, Health Care RB		5.25	%		05/01/20		500		467,840
Series 2007, Health Care RB		5.50	%		05/01/26		1,520		1,377,515
Series 2007, Health Care RB		5.50	%		05/01/42		1,000		821,250
									4,602,589
Ohio–2.52%
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion);
Series 2007 A, Health Care RB		5.75	%		11/01/22		1,000		955,890
Series 2007 A, Health Care RB		6.00	%		11/01/27		2,000		1,831,480
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		1,753,701
Cleveland-Cuyahoga (County of) Port Authority; Series 2001, Special Assessment Tax Increment RB		7.35	%		12/01/31		1,000		1,001,860
Cuyahoga (County of) (Canton, Inc.); Series 2000, Hospital Facilities RB		7.50	%		01/01/30		740		744,026
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		1,000		903,510
Series 2007 A, Health Care & Independent Living Facilities RB		6.00	%		05/15/37		1,000		880,310
Hickory Chase Community Authority (Hickory Chase);
Series 2008, Infrastructure Improvement RB		6.75	%		12/01/27		2,000		1,299,800
Series 2008, Infrastructure Improvement RB		7.00	%		12/01/38		1,500		975,000
Lucas (County of) (Sunset Retirement Communities);
Series 2000 A, Ref. & Improvement Health Care Facilities RB		6.50	%		08/15/20		920		921,362
Series 2000 A, Ref. & Improvement Health Care Facilities RB		6.55	%		08/15/24		500		500,435
Montgomery (County of) (St. Leonard); Series 2010, Ref. & Improvement Health Care MFH RB		6.63	%		04/01/40		1,500		1,493,220
Norwood (City of) (Cornerstone at Norwood);
Series 2006, Tax Increment Allocation Financing RB		5.25	%		12/01/15		1,080		1,076,252
Series 2006, Tax Increment Allocation Financing RB		5.75	%		12/01/20		1,300		1,202,214
Toledo-Lucas (County of) Port Authority (St. Mary Woods);
Series 2004 A, RB		6.00	%		05/15/24		1,750		927,500
Series 2004 A, RB		6.00	%		05/15/34		1,500		795,000
									17,261,560
Oklahoma–1.32%
Cleveland (County of) Justice Authority (Detention Facility); Series 2009 B, Sales Tax RB		5.75	%		03/01/29		1,400		1,475,852
Oklahoma (County of) Finance Authority (Epworth Villa);
Series 2005 A, Ref. RB		5.00	%		04/01/15		840		821,671
Series 2005 A, Ref. RB		5.70	%		04/01/25		2,500		2,266,300
Oklahoma (State of) Development Finance Authority (Comanche County Hospital); Series 2002 B, RB		6.60	%		07/01/31		825		852,984
Tulsa (County of) Industrial Authority (Montereau, Inc.);
Series 2010 A, Senior Living Community RB		7.13	%		11/01/30		1,250		1,283,763
Series 2010 A, Senior Living Community RB		7.25	%		11/01/40		2,250		2,306,317
									9,006,887

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
Oregon–0.43%
Clackamas (County of) Hospital Facilities Authority (Odd Fellows Home-Friendship Health Center); Series 1998 A, Ref. RB		5.88	%		09/15/21	$	230	$	205,700
Clackamas (County of) Hospital Facilities Authority (Willamette Falls Hospital); Series 2005, Ref. Gross RB		5.13	%		04/01/26		1,000		934,120
Yamhill (County of) Hospital Authority (Friendsview Retirement Community); Series 2003, RB(a)(b)		7.00	%		12/01/13		1,555		1,788,297
									2,928,117
Pennsylvania–5.44%
Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, Charter School RB		6.38	%		08/15/35		1,220		1,169,468
Allegheny (County of) Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, Charter School RB		6.75	%		08/15/35		1,250		1,138,012
Allegheny (County of) Industrial Development Authority (Propel Schools-Homestead); Series 2004 A, Charter School RB		7.00	%		12/15/15		520		541,060
Blair (County of) Industrial Development Authority (Village of Pennsylvania State);
Series 2002 A, First Mortgage RB(d)		6.90	%		01/01/22		500		294,690
Series 2002 A, First Mortgage RB(d)		7.00	%		01/01/34		500		294,690
Butler (County of) Hospital Authority (Butler Health System);
Series 2009 B, Hospital RB		7.13	%		07/01/29		2,145		2,380,028
Series 2009 B, Hospital RB		7.25	%		07/01/39		1,590		1,739,603
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);
Series 1999, Ref. First Mortgage RB		6.38	%		12/01/19		1,000		1,000,180
Series 2006, Ref. First Mortgage RB		5.13	%		12/01/12		500		500,950
Series 2006, Ref. First Mortgage RB		5.25	%		12/01/13		500		500,905
Series 2006, Ref. First Mortgage RB		5.25	%		12/01/15		260		257,252
Series 2006, Ref. First Mortgage RB		5.38	%		12/01/16		500		491,780
Series 2006, Ref. First Mortgage RB		5.75	%		12/01/22		935		889,914
Chester (County of) Industrial Development Authority (Avon Grove Charter School);
Series 2007 A, RB		6.25	%		12/15/27		1,000		910,500
Series 2007 A, RB		6.38	%		12/15/37		1,500		1,315,755
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB		6.00	%		07/01/35		1,000		929,450
Cumberland (County of) Municipal Authority (Presbyterian Homes Obligated Group);
Series 2008 A, RB		5.00	%		01/01/17		2,000		2,124,700
Series 2008 A, RB		5.35	%		01/01/20		515		521,237
Series 2008 A, RB		5.45	%		01/01/21		885		894,673
Cumberland (County of) Municipal Authority (Wesley Affiliated Services, Inc.); Series 2002 A, Retirement Community RB(a)(b)		7.13	%		01/01/13		700		769,398
Erie (County of) Hospital Authority (St. Vincent Health Center); Series 2010 A, RB		7.00	%		07/01/27		1,000		1,014,910
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital RB		5.88	%		07/01/31		1,500		1,313,820
Lancaster (County of) Hospital Authority (St. Anne’s Home for the Aged, Inc.); Series 1999, Health Center RB		6.63	%		04/01/28		500		475,395
Lawrence (County of) Industrial Development Authority (Shenango Presbyterian Senior Care Obligated Group); Series 2001 B, Senior Health & Housing Facilities RB(a)(b)		7.50	%		11/15/11		1,000		1,034,330
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Home Inc.);
Series 2001, First Mortgage RB		7.63	%		11/01/21		250		254,180
Series 2001, First Mortgage RB		7.75	%		11/01/33		750		756,090
Moon Industrial Development Authority (Providence Point); Series 2007, VRD First Mortgage RB (LOC–Bank of Scotland)(e)(f)		0.17	%		07/01/38		6,080		6,080,000
Pennsylvania (State of) Economic Development Financing Authority (Northwestern Human Services, Inc.); Series 1998 A, RB		5.25	%		06/01/14		1,000		983,380

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
Pennsylvania–(continued)
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	$	465	$	470,259
Series 2000 A, Student Housing RB		6.75	%		09/01/32		320		322,803
Philadelphia (City of) Industrial Development Authority (Cathedral Village); Series 2003 A, RB		6.88	%		04/01/34		500		501,480
Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB		6.38	%		11/15/40		1,000		943,220
Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB		5.50	%		09/15/37		2,700		2,259,900
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB		6.00	%		08/01/35		500		516,160
Philadelphia (City of) Industrial Development Authority (Russell Byers Charter School);
Series 2007 A, RB		5.15	%		05/01/27		1,000		865,450
Series 2007 A, RB		5.25	%		05/01/37		1,000		807,790
									37,263,412
Rhode Island–0.72%
Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group);
Series 2009 A, Hospital Financing RB		7.00	%		05/15/39		2,500		2,722,850
Series 2009 A, Hospital Financing RB (INS–AGC)(g)		6.25	%		05/15/30		2,000		2,192,200
									4,915,050
South Carolina–1.61%
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		1,016,981
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.38	%		05/01/21		1,500		1,367,565
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.50	%		05/01/28		1,100		927,586
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance);
Series 2003 A, Ref. Hospital Facilities RB		6.13	%		08/01/23		1,500		1,541,025
Series 2003 A, Ref. Hospital Facilities RB		6.25	%		08/01/31		1,570		1,594,194
Series 2011 A, Ref. Hospital RB (INS–AGM)(g)		6.50	%		08/01/39		1,800		1,964,844
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		699,277
Series 2004 A, Residential Care Facilities RB		6.38	%		05/15/32		1,250		1,112,362
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman); Series 2007 A, RB(d)		6.00	%		11/15/37		2,000		796,900
									11,020,734
South Dakota–0.24%
Sioux Falls (City of); Series 2008 A, Tax Increment Allocation RB		5.75	%		01/15/28		1,300		1,122,537
South Dakota (State of) Health & Educational Facilities Authority (Westhills Village Retirement Community); Series 2003, RB		5.65	%		09/01/23		500		509,445
									1,631,982
Tennessee–0.52%
Blount (County of) Health & Educational Facilities Board (Asbury, Inc.); Series 2007 A, Ref. RB		5.13	%		04/01/23		1,690		1,514,882
Davidson & Williamson (Counties of) Harpeth Valley Utilities District; Series 2004, Utilities Improvement RB (INS–NATL)(g)		5.00	%		09/01/34		1,000		1,019,930
Johnson City (City of) Health & Educational Facilities Board (Appalachian Christian Village);
Series 2004 A, Retirement Facilities RB		6.00	%		02/15/24		500		469,925
Series 2004 A, Retirement Facilities RB		6.25	%		02/15/32		600		549,300
									3,554,037

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
Texas–11.80%
Abilene Health Facilities Development Corp. (Sears Methodist Retirement System Obligated Group); Series 2003 A, Retirement Facilities RB		7.00	%		11/15/33	$	2,400	$	2,085,456
Arlington Higher Education Finance Corp. (Arlington Classics Academy); Series 2010 B, Ref. Education RB		7.65	%		08/15/40		2,500		2,534,550
Atlanta (City of) Hospital Authority; Series 1999, Hospital Facilities RB		6.70	%		08/01/19		400		399,984
Central Texas Regional Mobility Authority; Series 2011, Sr. Lien RB		6.00	%		01/01/41		5,000		4,805,800
Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB		6.13	%		12/01/40		2,970		2,850,873
Decatur (City of) Hospital Authority (Wise Regional Health System);
Series 2004 A, RB		5.63	%		09/01/13		915		921,057
Series 2004 A, RB		7.00	%		09/01/25		3,260		3,267,824
Series 2004 A, RB		7.13	%		09/01/34		905		892,728
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. Hospital RB		7.20	%		12/01/28		1,000		1,066,680
Harrison County Health Facilities Development Corp. (Good Shepherd Health System) Series 2010, Hospital RB		5.25	%		07/01/28		1,500		1,386,165
HFDC of Central Texas, Inc. (Legacy at Willow Bend);
Series 2006 A, Retirement Facilities RB		5.50	%		11/01/31		500		407,505
Series 2006 A, Retirement Facilities RB		5.63	%		11/01/26		750		652,718
Series 2006 A, Retirement Facilities RB		5.75	%		11/01/36		1,000		817,590
Hidalgo County Health Services Corp. (Mission Hospital, Inc.);
Series 2005, Hospital RB		5.00	%		08/15/15		500		522,890
Series 2005, Hospital RB		5.00	%		08/15/19		700		712,516
Hopkins (County of) Hospital District;
Series 2008, RB		6.00	%		02/15/33		1,000		924,090
Series 2008, RB		6.00	%		02/15/38		1,000		908,040
Houston Health Facilities Development Corp. (Buckingham Senior Living Community);
Series 2004 A, Retirement Facilities RB(a)(b)		7.00	%		02/15/14		300		349,524
Series 2004 A, Retirement Facilities RB(a)(b)		7.00	%		02/15/14		750		872,408
Series 2004 A, Retirement Facilities RB(a)(b)		7.13	%		02/15/14		450		524,691
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);
Series 2011 A, RB		6.50	%		05/15/31		500		517,760
Series 2011 A, RB		6.88	%		05/15/41		790		824,665
La Vernia Higher Education Finance Corp. (Amigos Por Vida/Friends for Life); Series 2008, Education RB		6.38	%		02/15/37		1,635		1,438,179
La Vernia Higher Education Finance Corp. (Cosmos Foundation);
Series 2008 A, Education RB		6.25	%		02/15/17		1,245		1,333,183
Series 2008 A, Education RB		7.13	%		02/15/38		2,000		2,080,980
Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2009, Ref. Health System RB		6.25	%		02/15/37		2,000		1,872,220
Matagorda (County of) Navigation District No. 1 (Central Power & Light Co.); Series 2001 A, Ref. PCR		6.30	%		11/01/29		1,000		1,074,990
Meadow Parc Development, Inc. (Meadow Parc Apartments); Series 1998, MFH RB		6.50	%		12/01/30		1,060		942,923
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2005, Retirement Facilities RB		5.63	%		02/15/35		1,500		1,361,445
Midlothian (City of) Development Authority; Series 2004, Tax Increment Contract Allocation RB(c)		6.20	%		11/15/29		1,000		1,000,290
North Central Texas Health Facilities Development Corp. (Children’s Medical Center of Dallas); Series 2009, Hospital RB		5.75	%		08/15/39		1,500		1,577,070
Pearland (City of) Development Authority; Series 2009, Tax Increment Contract Allocation RB		5.88	%		09/01/29		805		848,116
Pharr (City of) Higher Education Finance Authority (Idea Public Schools);
Series 2009 A, Education RB		6.25	%		08/15/29		570		578,527
Series 2009 A, Education RB		6.50	%		08/15/39		2,320		2,350,044
Port Corpus Christi Industrial Development Corp. (Valero); Series 1997 C, Ref. RB		5.40	%		04/01/18		495		495,074
San Juan (City of) Higher Education Finance Authority (Idea Public Schools); Series 2010 A, Education RB		6.70	%		08/15/40		1,000		1,027,290
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care); Series 2011 A, Hospital RB		5.00	%		11/15/30		1,000		1,037,170

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
Texas–(continued)
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);
Series 2007, Retirement Facility RB		5.63	%		11/15/27	$	1,500	$	1,396,500
Series 2007, Retirement Facility RB		5.75	%		11/15/37		3,500		3,115,175
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, Retirement Facility RB		5.25	%		02/15/17		1,150		1,062,922
Series 2007, Retirement Facility RB		5.75	%		02/15/25		1,500		1,293,015
Series 2007, Retirement Facility RB		5.75	%		02/15/29		1,600		1,320,944
Series 2009 A, Retirement Facility RB		8.00	%		02/15/38		1,350		1,358,951
Tarrant County Cultural Education Facilities Finance Corp. (Mirador);
Series 2010 A, Retirement Facility RB		8.00	%		11/15/29		1,500		1,509,015
Series 2010 A, Retirement Facility RB		8.13	%		11/15/39		1,000		1,005,610
Tarrant County Cultural Education Facilities Finance Corp. (Northwest Senior Housing Corp.-Edgemere);
Series 2006 A, Retirement Facility RB		6.00	%		11/15/26		1,200		1,185,744
Series 2006 A, Retirement Facility RB		6.00	%		11/15/36		2,000		1,893,160
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way);
Series 2009 A, Retirement Facility RB		8.25	%		11/15/29		2,135		2,203,747
Series 2009 A, Retirement Facility RB		8.25	%		11/15/39		1,000		1,020,050
Texas State Public Finance Authority Charter School Finance Corp. (New Frontiers Charter School); Series 2010 A, Education RB		5.80	%		08/15/40		1,000		899,610
Texas State Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.);
Series 2010 A, Educational RB		6.88	%		02/15/30		1,455		1,477,451
Series 2010 A, Educational RB		7.13	%		02/15/40		1,810		1,840,643
Travis County Health Facilities Development Corp. (Querencia Barton Creek);
Series 2005, Retirement Facility RB		5.50	%		11/15/25		1,650		1,477,146
Series 2005, Retirement Facility RB		5.65	%		11/15/35		1,250		1,050,050
Travis County Health Facilities Development Corp. (Westminster Manor); Series 2010, RB		7.00	%		11/01/30		2,500		2,565,925
University of Houston (Consolidated System); Series 2009 A, Ref. Texas University RB		5.00	%		02/15/34		2,000		2,106,060
Uptown Development Authority (Infrastructure Improvement Facilities);
Series 2009, Tax Increment Allocation Contract RB		5.38	%		09/01/25		465		478,234
Series 2009, Tax Increment Allocation Contract RB		5.50	%		09/01/29		2,250		2,299,635
Woodhill Public Facilities Corp. (Woodhill Apartments); Series 1999, MFH RB		7.50	%		12/01/29		1,000		970,880
									80,793,482
Utah–2.47%
Provo (City of) (Freedom Academy Foundation); Series 2007, Charter School RB		5.50	%		06/15/37		1,450		1,119,704
Utah (County of) (Lakeview Academy); Series 2007 A, Charter School RB		5.63	%		07/15/37		2,200		1,761,100
Utah (County of) (Renaissance Academy);
Series 2007 A, Charter School RB		5.35	%		07/15/17		780		755,906
Series 2007 A, Charter School RB		5.63	%		07/15/37		1,350		1,074,168
Utah (County of) (Ronald Wilson Reagan Academy); Series 2007 A, Charter School RB		5.75	%		02/15/22		315		283,541
Utah (State of) Charter School Finance Authority (Channing Hall);
Series 2007 A, Charter School RB©		5.88	%		07/15/27		780		683,756
Series 2007 A, Charter School RB©		6.00	%		07/15/37		2,100		1,771,539
Utah (State of) Charter School Finance Authority (George Washington Academy);
Series 2008 A, Charter School RB		6.75	%		07/15/28		1,340		1,258,515
Series 2008 A, Charter School RB		7.00	%		07/15/40		1,690		1,570,010
Utah (State of) Charter School Finance Authority (Navigator Pointe Academy), Series 2010 A, Charter School RB		5.38	%		07/15/30		1,650		1,477,723
Series 2010 A, Charter School RB		5.63	%		07/15/40		710		621,960

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
Utah–(continued)
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, Charter School RB		6.38	%		07/15/40	$	1,500	$	1,415,190
Utah (State of) Charter School Finance Authority (Rockwell Charter High School); Series 2008 A, Charter School RB		7.00	%		08/15/38		2,000		1,450,180
West Valley City (City of) (Monticello Academy); Series 2007, Ref. Charter School RB(c)		6.38	%		06/01/37		1,950		1,653,522
									16,896,814
Virginia–1.58%
Chesterfield (County of) Health Center Commission (Lucy Corr Village);
Series 2008 A, Residential Care Facilities RB		6.13	%		12/01/30		2,000		1,835,960
Series 2008 A, Residential Care Facilities RB		6.25	%		12/01/38		2,000		1,787,280
Henrico (County of) Economic Development Authority (Virginia United Methodist Homes); Series 2002 A, Ref. Residential Care Facilities RB		6.50	%		06/01/22		685		690,144
Lexington (City of) Industrial Development Authority (Kendall at Lexington);
Series 2007 A, Residential Care Facilities Mortgage RB		5.25	%		01/01/21		395		368,144
Series 2007 A, Residential Care Facilities Mortgage RB		5.38	%		01/01/22		780		725,455
Series 2007 A, Residential Care Facilities Mortgage RB		5.38	%		01/01/23		425		391,676
Series 2007 A, Residential Care Facilities Mortgage RB		5.38	%		01/01/28		500		437,785
Series 2007 A, Residential Care Facilities Mortgage RB		5.50	%		01/01/37		1,300		1,086,098
Lynchburg (City of) Industrial Development Authority (The Summit); Series 2002 A, Residential Care Facilities Mortgage RB		6.25	%		01/01/28		500		476,380
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		464,410
Peninsula Ports Authority (Virginia Baptist Homes); Series 2003 A, Residential Care Facilities RB(a)(b)		7.38	%		12/01/13		500		574,795
Peninsula Town Center Community Development Authority;
Series 2007, Special Obligation RB		6.35	%		09/01/28		1,000		998,970
Series 2007, Special Obligation RB		6.45	%		09/01/37		1,000		991,290
									10,828,387
Washington–1.91%
Klickitat (County of) Public Hospital District No. 2 (Skyline Hospital); Series 2007, Hospital RB		6.50	%		12/01/38		2,000		1,733,840
Skagit (County of) Public Hospital District No. 1 (Skagit Valley Hospital);
Series 2007, RB		5.75	%		12/01/28		1,250		1,258,337
Series 2010, RB		5.75	%		12/01/35		2,000		1,943,780
Washington (State of) Health Care Facilities Authority (Kadlec Regional Medical Center); Series 2010, RB		5.50	%		12/01/39		2,400		2,243,568
Washington (State of) Health Care Facilities Authority (Multi-Care Health System); Series 2007 B, RB (INS–AGM)(g)		5.00	%		08/15/41		1,000		1,003,760
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB		7.38	%		03/01/38		500		552,785
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2009 A, RB		6.50	%		11/15/33		1,500		1,573,440
Washington (State of) Health Care Facilities Authority; Series 2007 C, RB (INS–Radian Asset Assurance, Inc.)(g)		5.50	%		08/15/42		3,000		2,782,080
									13,091,590
West Virginia–1.24%
Harrison (County of) Commission (Charles Pointe No. 2);
Series 2008 A, Ref. Tax Increment Allocation RB		7.00	%		06/01/35		1,500		1,326,945
Series 2008 B, Ref. Tax Increment Allocation RB		7.00	%		06/01/28		1,000		858,390
West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, Hospital RB		6.50	%		10/01/38		5,000		4,715,150
Series 2008, Hospital RB		6.75	%		10/01/43		1,650		1,592,332
									8,492,817

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
Wisconsin–3.59%
Milwaukee (City of) Redevelopment Authority (Academy of Learning & Leadership, Inc.); Series 2007 A, Education RB		5.50	%		08/01/22	$	300	$	89,997
Wisconsin (State of) Health & Educational Facilities Authority (AE Nursing Centers);
Series 2008, RB		7.15	%		06/01/28		1,050		1,055,124
Series 2008, RB		7.25	%		06/01/38		1,000		982,470
Wisconsin (State of) Health & Educational Facilities Authority (Beaver Dam Community Hospitals, Inc.);
Series 2004 A, RB		6.50	%		08/15/26		250		248,105
Series 2004 A, RB		6.75	%		08/15/34		1,600		1,584,288
Wisconsin (State of) Health & Educational Facilities Authority (Community Memorial Hospital, Inc.); Series 2003, RB		7.13	%		01/15/22		890		873,642
Wisconsin (State of) Health & Educational Facilities Authority (Community Rehabilitation Providers Facilities Acquisition Program); Series 1998, RB		6.88	%		12/01/23		200		186,208
Wisconsin (State of) Health & Educational Facilities Authority (Eastcastle Place, Inc.);
Series 2004, RB		6.00	%		12/01/24		500		337,335
Series 2004, RB		6.13	%		12/01/34		1,000		660,130
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic); Series 2006 A, RB		5.13	%		02/15/26		500		492,220
Wisconsin (State of) Health & Educational Facilities Authority (New Castle Place); Series 2001 A, RB		7.00	%		12/01/31		250		198,885
Wisconsin (State of) Health & Educational Facilities Authority (Reedsburg Area Medical Center, Inc.),
Series 2010 A, Ref. RB		6.00	%		06/01/27		1,000		996,360
Series 2010 A, Ref. RB		6.10	%		06/01/28		800		797,000
Wisconsin (State of) Health & Educational Facilities Authority (Southwest Health Center);
Series 2004 A, RB		6.13	%		04/01/24		260		256,337
Series 2004 A, RB		6.25	%		04/01/34		1,025		968,779
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community, Inc.);
Series 2009 A, RB		7.25	%		09/15/29		4,000		4,115,440
Series 2009 A, RB		7.63	%		09/15/39		1,000		1,029,350
Wisconsin (State of) Health & Educational Facilities Authority (Tomah Memorial Hospital, Inc.);
Series 2003, RB		6.00	%		07/01/15		100		100,110
Series 2003, RB		6.13	%		07/01/16		150		149,965
Series 2003, RB		6.63	%		07/01/28		750		746,902
Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois Senior Housing, Inc.);
Series 2006, Ref. RB		5.50	%		08/01/16		2,020		1,990,892
Series 2006, Ref. RB		5.80	%		08/01/29		2,400		2,138,160
Series 2010, RB		7.00	%		08/01/33		2,000		1,934,720
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch);
Series 2011 A, Continuing Care Retirement Community RB		7.00	%		06/01/20		650		645,300
Series 2011 A, Continuing Care Retirement Community RB		7.75	%		06/01/28		2,000		1,992,220
									24,569,939
Wyoming–1.43%
Gillette (City of) (Pacificorp); Series 1988, Ref. VRD PCR (LOC–Barclays Bank PLC)(e)(f)		0.15	%		01/01/18		5,405		5,405,000
Teton (County of) Hospital District (St. John’s Medical Center);
Series 2002, RB(a)(b)		6.75	%		06/01/12		500		528,580
Series 2011 B, RB		5.50	%		12/01/27		1,000		1,013,990
Series 2011 B, RB		6.00	%		12/01/36		2,840		2,870,019
									9,817,589
TOTAL INVESTMENTS(i)–98.36% (Cost $712,867,593)									673,234,685
OTHER ASSETS LESS LIABILITIES–1.64%									11,212,293
NET ASSETS–100.00%								$	684,446,978

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

24        Invesco High Income Municipal Fund

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
COP	– Certificates of Participation
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
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
Sr.	– Senior
TEMPS	– Tax-Exempt Mandatory Paydown Securities
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(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, 2011 was $17,889,722, which represented 2.61% of the Fund’s Net Assets.
(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, 2011 was $3,921,320, which represented 0.57% 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)	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, 2011.
(g)	Principal and/or interest payments are secured by the bond insurance company listed.
(h)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
(i)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5%.

Portfolio Composition

By credit sector, based on Net Assets
as of August 31, 2011

Revenue Bonds	90.7	%
General Obligation Bonds	2.8
Pre-refunded Bonds	2.0
Other	2.9
Other Assets Less Liabilities	1.6

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

25        Invesco High Income Municipal Fund

Statement of Assets and Liabilities

August 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $712,867,593)	$	673,234,685
Receivable for:
Investments sold		1,780,590
Fund shares sold		2,274,715
Interest		11,688,083
Fund expenses absorbed		25,600
Investment for trustee deferred compensation and retirement plans		37,387
Other assets		49,039
Total assets		689,090,099
Liabilities:
Payable for:
Amount due to custodian		93,143
Investments purchased		2,470,100
Fund shares reacquired		436,250
Dividends		1,208,396
Accrued fees to affiliates		293,991
Accrued other operating expenses		53,976
Trustee deferred compensation and retirement plans		87,265
Total liabilities		4,643,121
Net assets applicable to shares outstanding	$	684,446,978
Net assets consist of:
Shares of beneficial interest	$	799,745,477
Undistributed net investment income		179,172
Undistributed net realized gain (loss)		(75,844,763	)
Unrealized appreciation (depreciation)		(39,632,908	)
	$	684,446,978
Net Assets:
Class A	$	355,236,193
Class B	$	14,307,485
Class C	$	127,674,933
Class Y	$	109,813,303
Institutional Class	$	77,415,064
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		47,167,259
Class B		1,897,484
Class C		16,945,117
Class Y		14,560,664
Institutional Class		10,277,817
Class A:
Net asset value per share	$	7.53
Maximum offering price per share
(Net asset value of $7.53 ¸ 95.25%)	$	7.91
Class B:
Net asset value and offering price per share	$	7.54
Class C:
Net asset value and offering price per share	$	7.53
Class Y:
Net asset value and offering price per share	$	7.54
Institutional Class:
Net asset value and offering price per share	$	7.53

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

26        Invesco High Income Municipal Fund

Statement of Operations

For the six months ended August 31, 2011

(Unaudited)

Investment income:
Interest	$	21,192,560
Expenses:
Advisory fees		1,871,845
Administrative services fees		93,131
Custodian fees		8,350
Distribution fees:
Class A		405,427
Class B		75,741
Class C		624,102
Transfer agent fees — A, B, C and Y		129,421
Transfer agent fees — Institutional		33,658	��
Trustees’ and officers’ fees and benefits		16,834
Other		167,200
Total expenses		3,425,709
Less: Fees waived and expenses reimbursed		(455,723	)
Net expenses		2,969,986
Net investment income		18,222,574
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(2,817,402	)
Change in net unrealized appreciation of investment securities		23,815,493
Net realized and unrealized gain		20,998,091
Net increase in net assets resulting from operations	$	39,220,665

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

27        Invesco High Income Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2011 and the year ended February 28, 2011

(Unaudited)

	August 31,			February 28,
	2011			2011
Operations:
Net investment income	$	18,222,574		$	37,416,975
Net realized gain (loss)		(2,817,402	)		(18,885,686	)
Change in net unrealized appreciation (depreciation)		23,815,493			(10,362,507	)
Net increase in net assets resulting from operations		39,220,665			8,168,782
Distributions to shareholders from net investment income:
Class A		(9,540,728	)		(21,643,707	)
Class B		(391,073	)		(951,659	)
Class C		(3,209,846	)		(7,577,680	)
Class Y		(3,005,868	)		(4,599,438	)
Institutional Class		(2,211,834	)		(3,458,522	)
Total distributions from net investment income		(18,359,349	)		(38,231,006	)
Share transactions–net:
Class A		40,711,297			(66,476,926	)
Class B		(2,187,536	)		(3,433,878	)
Class C		(2,677,301	)		(13,844,062	)
Class Y		17,330,949			44,338,656
Institutional Class		13,071,598			11,378,640
Net increase (decrease) in net assets resulting from share transactions		66,249,007			(28,037,570	)
Net increase (decrease) in net assets		87,110,323			(58,099,794	)
Net assets:
Beginning of period		597,336,655			655,436,449
End of period (includes undistributed net investment income of $179,172 and $315,947, respectively)	$	684,446,978		$	597,336,655

Notes to Financial Statements

August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco High Income Municipal Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco 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 seven 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 C shares are sold with a CDSC. Class Y and Institutional Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. 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. 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. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

  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.

28        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 (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 net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized 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 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.

29        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 Daily 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 Canada 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, 2011, the Adviser has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class Y and Institutional Class shares to 0.85%, 1.60%, 1.60%, 0.60% and 0.60% of average daily net assets, respectively. Prior to July 1, 2011, the Adviser had voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (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 fund annual fund operating expenses after fee waiver and/or reimbursement 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. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time.

  For the six months ended August 31, 2011, the Adviser waived advisory fees $292,644 and reimbursed class level expenses of $74,599, $3,484, $28,709, $22,629 and $33,658 of Class A, Class B, Class C, Class Y, and Institutional Class shares, respectively.

  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, 2011, 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, 2011, 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 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, 2011, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

30        Invesco High Income Municipal Fund

  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, 2011, IDI advised the Fund that IDI retained $25,558 in front-end sales commissions from the sale of Class A shares and $22,696, $9,222 and $7,866 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 the Adviser, Invesco Ltd., 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, 2011. 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, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	673,234,685	$	—	$	673,234,685

NOTE 4—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, 2011, the Fund paid legal fees of $1,585 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 5—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 6—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.

31        Invesco High Income Municipal Fund

  The Fund had a capital loss carryforward as of February 28, 2011 which expires as follows:

	Capital Loss
Expiration	Carryforward*
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		28,280,344
February 28, 2019		9,402,186
Total capital loss carryforward	$	61,566,484

*  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 7—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, 2011 was $66,573,636 and $19,978,695, 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	$	13,955,708
Aggregate unrealized (depreciation) of investment securities		(53,457,938	)
Net unrealized appreciation (depreciation) of investment securities	$	(39,502,230	)
Cost of investments for tax purposes is $712,736,915.

32        Invesco High Income Municipal Fund

NOTE 8—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2011(a)						February 28, 2011
	Shares			Amount			Shares			Amount
Sold:
Class A		9,761,873		$	72,403,166			19,723,009		$	151,974,863
Class B		29,901			224,467			310,870			2,413,542
Class C		1,783,465			13,234,410			4,617,015			35,540,699
Class Y		3,761,071			27,834,245			8,470,818			65,341,422
Institutional Class		2,006,060			14,666,582			2,362,748			18,014,215
Issued as reinvestment of dividends:
Class A		727,544			5,386,645			1,727,410			13,165,655
Class B		25,478			188,828			66,865			512,530
Class C		261,583			1,934,116			613,405			4,707,886
Class Y		273,091			2,027,936			365,377			2,804,215
Institutional Class		258,456			1,910,529			413,871			3,164,950
Automatic conversion of Class B shares to Class A shares:
Class A		160,926			1,190,885			264,734			2,021,806
Class B		(160,709	)		(1,190,885	)		(264,388	)		(2,021,806	)
Reacquired:
Class A		(5,170,432	)		(38,269,399	)		(30,735,641	)		(233,639,250	)
Class B		(191,377	)		(1,409,946	)		(571,091	)		(4,338,144	)
Class C		(2,422,931	)		(17,845,827	)		(7,188,336	)		(54,092,647	)
Class Y		(1,695,057	)		(12,531,232	)		(3,154,902	)		(23,806,981	)
Institutional Class		(472,689	)		(3,505,513	)		(1,271,104	)		(9,800,525	)
Net increase (decrease) in share activity		8,936,253		$	66,249,007			(4,249,340	)	$	(28,037,570	)

^(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.

33        Invesco High Income Municipal 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
						Net gains																expenses			expenses
						(losses)																to average			to average net			Ratio of net
	Net asset					on securities						Dividends										net assets			assets without			investment
	value,		Net			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income			unrealized)			operations			income			of period		return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 08/31/11	$	7.29	$	0.21		$	0.25		$	0.46		$	(0.22	)	$	7.53		6.39	%	$	355,236		0.84	%(d)		0.98	%(d)		5.84	%(d)		3	%
Year ended 02/28/11		7.61		0.43	(c)		(0.31	)		0.12			(0.44	)		7.29		1.48			303,901		0.82			0.95			5.64			18
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	(f)		0.98	(f)		6.14	(f)		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
Class B
Six months ended 08/31/11		7.30		0.18			0.25			0.43			(0.19	)		7.54		5.99			14,307		1.59	(d)		1.73	(d)		5.09	(d)		3
Year ended 02/28/11		7.61		0.38	(c)		(0.30	)		0.08			(0.39	)		7.30		0.87			16,015		1.57			1.70			4.89			18
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	(f)		1.73	(f)		5.39	(f)		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
Class C
Six months ended 08/31/11		7.29		0.18			0.25			0.43			(0.19	)		7.53		5.85			127,675		1.59	(d)		1.73	(d)		5.09	(d)		3
Year ended 02/28/11		7.61		0.38	(c)		(0.31	)		0.07			(0.39	)		7.29		0.73			126,337		1.57			1.70			4.89			18
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	(f)		1.73	(f)		5.39	(f)		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
Class Y
Six months ended 08/31/11		7.30		0.22			0.25			0.47			(0.23	)		7.54		6.51			109,813		0.59	(d)		0.73	(d)		6.09	(d)		3
Year ended 02/28/11		7.61		0.45	(c)		(0.30	)		0.15			(0.46	)		7.30		1.87			89,212		0.57			0.70			5.89			18
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	(f)		0.78	(f)		6.31	(f)		22
Institutional Class
Six months ended 08/31/11		7.29		0.22			0.25			0.47			(0.23	)		7.53		6.52			77,415		0.59	(d)		0.77	(d)		6.09	(d)		3
Year ended 02/28/11		7.61		0.45	(c)		(0.31	)		0.14			(0.46	)		7.29		1.74			61,871		0.57			0.74			5.89			18
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	(f)		0.78	(f)		6.39	(f)		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	(f)		0.77	(f)		5.24	(f)		10

(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $322,579, $15,066, $124,142, $97,849 and $71,881 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.

34        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, 2011 through August 31, 2011.

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	(03/01/11)		(08/31/11)1		Period2,3		(08/31/11)		Period2,4		Ratio2
A	$	1,000.00	$	1,063.90	$	4.36	$	1,020.91	$	4.27		0.84	%
B		1,000.00		1,059.90		8.23		1,017.14		8.06		1.59
C		1,000.00		1,058.50		8.23		1,017.14		8.06		1.59
Y		1,000.00		1,065.10		3.06		1,022.17		3.00		0.59
Institutional		1,000.00		1,000.00		2.97		1,022.17		3.00		0.59

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2011 through August 31, 2011, 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 184/366 to reflect the most recent fiscal half year. Effective July 1, 2011, the Fund’s Adviser has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expense of Class A, Class B, Class C, Class Y and Institutional Class shares to 0.85%, 1.60%, 1.60%, 0.60% and 0.60% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.85%, 1.60%, 1.60%, 0.60% and 0.60% for Class A, Class B, Class C, Class Y and Institutional Class shares, respectively.
3	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.41, $8.28, $8.28, $3.11 and $3.02 for Class A, Class B, Class C, Class Y and Institutional Class, respectively.
4	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.32, $8.11, $8.11, $3.05 and $3.05 for Class A, Class B, Class C, Class Y and Institutional Class shares, respectively.

35        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 Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% 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, 2011. 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. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements 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 Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks 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 their assigned Invesco Funds. Each Sub-Committee recommends to the Investments 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 Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation 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 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 Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. 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. One Trustee may have weighed a particular piece of information differently than another Trustee.

  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 15, 2011, 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, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  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 services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms 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 sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

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

36        Invesco High Income Municipal Fund

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 funds in the Lipper performance universe and against the Lipper High Yield Municipal Debt Funds Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of the performance universe for the one year period and the third 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 performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the 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 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 the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, 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 and including only one fund per investment adviser. 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 advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was: above the rate of one mutual fund with comparable investment strategies.

  Other than the mutual fund described above, 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 Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also 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.

  Based upon the information and considerations described above, 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 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 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 from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services 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.

  The Board 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 from the relationship with the Fund, including the fees received 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 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; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 Invesco 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 receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is 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.

37        Invesco High Income Municipal Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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, 2011, is available at 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, 2011

Nasdaq:
A: ACSXX § Investor: TEIXX

2	Fund Information
3	Letters to Shareholders
4	Schedule of Investments
9	Financial Statements
11	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	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 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, you may 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:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

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

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance and its holdings as of the close of the reporting period.

     In light of economic uncertainty and market volatility, I suggest you check the timely market updates and commentary from many of our fund managers and other investment professionals at invesco.com/us. On our website, you also can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Invesco offers a broad array of traditional mutual funds, as well as other investment products, including single-country, sector, regional and global investments spanning equity, fixed income and alternative asset classes. Across our product line, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals. It also means that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

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

     All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

3 Invesco Tax-Exempt Cash Fund

Schedule of Investments

August 31, 2011

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–98.46%
Alabama–1.65%
Gardendale (City of) (Woodbrook Apartments); Series 2002 D, Ref. VRD MFH RB (CEP–FHLMC)(a)		0.29	%		10/01/32	$	895	$	895,000
Colorado–4.59%
Boulder (City of); Series 2011, Ref. Water & Sewer RB		2.00	%		12/01/11		240		240,897
Colorado (State of) Educational & Cultural Facilities Authority (National Jewish Federation Bond Fund); Series 2008 F-1, VRD RB (LOC–Northern Trust Co.)(a)(b)		0.14	%		09/01/32		200		200,000
Colorado (State of) Housing & Finance Authority (Winridge Apartments); Series 1998, Ref. VRD Multi-Family RB (CEP–FNMA)(a)		0.16	%		02/15/28		465		465,000
Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a)		0.23	%		02/01/31		1,585		1,585,000
									2,490,897
Connecticut–0.93%
Newtown (Town of); Series 2011, Unlimited Tax GO BAN		1.50	%		02/22/12		500		502,515
District of Columbia–2.61%
District of Columbia (Hogar Hispano, Inc.); Series 2005, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.38	%		03/01/30		1,420		1,420,000
Florida–5.35%
Broward (County of) Educational Facilities Authority (City College,Inc.); Series 2004, VRD RB (LOC–Citibank, N.A.)(a)(b)		0.19	%		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)		0.61	%		10/01/16		830		830,000
Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)		0.21	%		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)		0.19	%		07/01/32		800		800,000
									2,905,000
Georgia–5.15%
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC–Branch Banking & Trust Co.)(a)(b)		0.20	%		08/01/38		1,000		1,000,000
Marietta (City of) Housing Authority (Wood Knoll Apartments); Series 1994, Ref. VRD MFH RB (CEP–FHLMC)(a)		0.22	%		07/01/24		1,200		1,200,000
Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)		0.17	%		09/01/35		600		600,000
									2,800,000
Idaho–0.93%
Idaho (State of); Series 2011, Unlimited Tax GO TAN		2.00	%		06/29/12		500		507,156
Illinois–4.33%
Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–Harris, N.A.)(a)(b)(c)		0.20	%		10/01/17		500		500,000
Illinois (State of) Finance Authority (Ingalls Memorial Hospital); Series 1985 B, VRD RB (LOC–Northern Trust Co.)(a)(b)		0.13	%		01/01/16		1,225		1,225,000
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 A, RB		0.43	%		03/01/12		300		300,000
Illinois (State of) Finance Authority (United Way/Crusade of Mercy, Inc.); Series 2002, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.43	%		04/01/27		330		330,000
									2,355,000

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–3.04%
Iowa (State of) Finance Authority (YMCA & Rehabilitation Center); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.31	%		04/01/25	$	900	$	900,000
Iowa (State of) Higher Education Loan Authority (Graceland University); Series 2003, VRD Private College Facility RB (LOC–Bank of America, N.A.)(a)(b)		0.30	%		02/01/33		650		650,000
Sioux (City of); Series 2009 B, Urban Renewal Unlimited Tax GO Bonds		2.25	%		06/01/12		100		101,302
									1,651,302
Kansas–1.01%
Johnson (County of) Public Building Commission; Series 2003 A, Lease Purchase RB(d)(e)		4.20	%		09/01/11		350		350,000
Wichita (City of); Series 2010-240, Improvement Unlimited Tax GO Temporary Notes		0.45	%		09/15/11		200		200,004
									550,004
Kentucky–0.83%
Breckinridge (County of) (Kentucky Association of Counties Leasing Trust); Series 1999, VRD Lease Program RB (LOC–U.S. Bank, N.A.)(a)(b)		0.15	%		12/01/29		450		450,000
Maryland–0.19%
Maryland (State of), (State & Local Facilities Loan of 2003); First Series 2003 A-G, Capital Improvement Unlimited Tax GO Bonds		5.25	%		03/01/12		100		102,500
Michigan–7.05%
Grand Rapids (City of) Economic Development Corp. (Amway Hotel Corp.); Series 1991 A, Ref. VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.28	%		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)		0.16	%		10/15/30		110		110,000
Series 2008 B-3, Ref. VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)		0.16	%		10/15/38		2,690		2,690,000
Michigan (State of) Housing Development Authority (Parks of Taylor Apartments); Series 2002 A, VRD Limited Obligation MFH RB (CEP–FNMA)(a)		0.22	%		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)		0.18	%		10/01/31		400		400,000
									3,830,000
Minnesota–0.55%
Minnesota (State of) Tax & Aid Anticipation Borrowing Program (Minnesota School District Credit Enhancement Program); Series 2011 A, COP		2.00	%		09/01/11		300		300,000
Missouri–0.92%
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)		0.25	%		09/01/22		500		500,000
New Hampshire–13.58%
New Hampshire (State of) Business Finance Authority (Foundation for Seacoast Health); Series 1998 A, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.29	%		06/01/28		2,250		2,250,000
New Hampshire (State of) Business Finance Authority (Wheelabrator Concord Co., L.P.); Series 1997 A, Ref. VRD Resource Recovery RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.18	%		01/01/18		2,475		2,475,000
New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b)		0.21	%		09/01/37		2,655		2,655,000
									7,380,000
New Jersey–1.66%
New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(a)(b)		0.22	%		02/01/28		900		900,000

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 Carolina–4.35%
Durham (City of); Series 2005 D, Ref. Unlimited Tax GO Bonds		5.00	%		04/01/12	$	500	$	513,967
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(a)		0.14	%		12/01/21		900		900,000
North Carolina (State of) Capital Facilities Finance Agency (Warren Wilson College); Series 2006, VRD Educational Facilities RB (LOC–Bank of America, N.A.)(a)(b)		0.32	%		06/01/31		950		950,000
									2,363,967
North Dakota–3.68%
Fargo (City of) (Cass Oil Co.); Series 1984, VRD Commercial Development RB (LOC–U.S. Bank, N.A.)(a)(b)		0.32	%		12/01/14		2,000		2,000,000
Ohio–0.37%
Ohio State University (The); Series 2009 A, General Receipts RB		4.00	%		12/01/11		200		201,796
Oregon–2.89%
Oregon (State of) Health, Housing, Educational & Cultural Facilities Authority (Sacred Heart Medical Center Foundation); Series 1998 A, VRD RB (LOC–U.S. Bank N.A.)(a)(b)		0.15	%		11/01/28		970		970,000
Portland (City of) Housing Authority (New Market West); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.29	%		04/01/34		600		600,000
									1,570,000
Pennsylvania–9.01%
Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)		0.21	%		11/01/30		675		675,000
Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)		0.21	%		03/01/30		1,200		1,200,000
Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)		0.21	%		10/15/25		700		700,000
Moon (Township of) Industrial Development Authority (Providence Point); Series 2007, VRD First Mortgage RB (LOC–Lloyds TSB Bank PLC)(a)(b)(f)		0.17	%		07/01/38		2,322		2,322,000
									4,897,000
South Carolina–4.82%
South Carolina (State of) Jobs-Economic Development Authority (John Ancrum SPCA); Series 2007, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.43	%		08/01/27		2,120		2,120,000
South Carolina (State of) Jobs-Economic Development Authority (YMCA of Columbia, South Carolina); Series 2006, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.30	%		10/01/28		500		500,000
									2,620,000
Tennessee–4.47%
Clarksville (City of) Public Building Authority (Tennessee Municipal Bond Fund); Series 1994, VRD Pooled Financing RB (LOC–Bank of America, N.A.)(a)(b)(c)		0.38	%		06/01/24		1,255		1,255,000
Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Vanderbilt University); Series 2000 A, VRD RB(a)		0.14	%		10/01/30		675		675,000
Shelby (County of) Health, Educational & Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA)(a)		0.20	%		12/15/42		500		500,000
									2,430,000
Texas–7.36%
Alvarado Independent School District; Series 2011, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)		2.00	%		02/15/12		350		352,539
Austin (City of); Series 2001, Limited Tax GO Ctfs.		5.00	%		09/01/11		150		150,000
Collin (County of); Series 2006, Limited Tax GO Bonds		4.00	%		02/15/12		200		203,348
Dallas (City of); Series 2010 A, Ref. & Improvement Limited Tax GO Bonds		5.00	%		02/15/12		250		255,317
Harris (County of); Series 2008A, Ref. & Permanent Improvement Limited Tax GO Bonds		5.00	%		10/01/11		225		225,850

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)
Houston (City of);
Series 2004 B-6, Ref. VRD Combined Utility System First Lien RB (LOC–Bank of Nova Scotia)(a)(b)(f)		0.15	%		05/15/34	$	800	$	800,000
Series 2009 H-2, Commercial Paper GO Notes		0.16	%		11/03/11		500		500,000
Series 2009 H-2, Commercial Paper GO Notes		0.18	%		09/06/11		500		500,000
Series 2009 H-2, Commercial Paper GO Notes		0.22	%		10/18/11		500		500,000
Lubbock (City of); Series 2009, Tax & Waterworks System Surplus Revenue Limited Tax Ctfs. of Obligation		5.00	%		02/15/12		500		510,768
									3,997,822
Utah–2.23%
Jordan School District Board of Education (Utah School Bond Guaranty Program); Series 2007, School Building Unlimited Tax GO Bonds (CEP–Utah School Bond Guaranty Program)		4.00	%		06/15/12		200		205,756
Nebo School District; Series 2011, School Building Unlimited Tax GO Bonds (CEP–Utah School Bond Guaranty Program)		2.00	%		07/01/12		500		507,211
Utah (County of) (IHC Health Services, Inc.); Series 2002 B, VRD Hospital RB(a)		0.17	%		05/15/35		500		500,000
									1,212,967
Washington–2.14%
King (County of);
Series 2011 A, Limited Tax GO BAN		2.75	%		03/01/12		300		303,521
Series 2011 B, Limited Tax GO BAN		3.00	%		06/13/12		500		510,635
Washington (State of) Housing Finance Commission (District Council No. 5 Apprenticeship & Training Trust Fund); Series 2006, VRD Non-profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.29	%		11/01/32		350		350,000
									1,164,156
Wisconsin–1.35%
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)		0.29	%		08/15/34		735		735,000
Wyoming–1.42%
Gillette (City of) (PacifiCorp); Series 1988, Ref. VRD PCR (LOC–Barclays Bank PLC)(a)(b)(f)		0.15	%		01/01/18		770		770,000
TOTAL INVESTMENTS(g)(h)–98.46% (Cost $53,502,082)									53,502,082
OTHER ASSETS LESS LIABILITIES–1.54%									836,837
NET ASSETS–100.00%								$	54,338,919

Investment Abbreviations:

BAN	– Bond Anticipation Notes
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
FHLMC	– Federal Home Loan Mortgage Corp.
FNMA	– Federal National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
LOC	– Letter of Credit
MFH	– Multi-Family Housing
PCR	– Pollution Control Revenue Bonds
RAN	– Revenue Anticipation Notes
RB	– Revenue Bonds
Ref	– Refunding
TAN	– Tax Anticipation Notes
VRD	– Variable Rate Demand

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

7        Invesco Tax-Exempt Cash Fund

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, 2011.
(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, 2011 was $1,755,000, which represented 3.23% of the Trust’s Net Assets.
(d)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(e)	Security subject to crossover refunding.
(f)	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: 5.7%; other countries less than 5% each: 1.5%
(g)	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
Bank of America, N.A.		22.1	%
JP Morgan Chase Bank, N.A.		7.4
TD Bank, N.A.		7.2
Wells Fargo Bank, N.A.		6.4
US Bank, N.A.		6.4
FNMA		5.7
Northern Trust Co.		5.4

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

Portfolio Composition*

By number of days to maturity, based on Total Investments

as of August 31, 2011

1-7	87.4	%
8-30	0.4
31-60	1.4
61-90	0.9
91-180	4.2
181+	5.7

* 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, 2011

(Unaudited)

Assets:
Investments, at value (Cost $53,502,082)	$	53,502,082
Cash		29,254
Receivable for:
Investments sold		860,035
Fund shares sold		48,368
Interest		65,128
Investment for trustee deferred compensation and retirement plans		46,442
Other assets		21,786
Total assets		54,573,095
Liabilities:
Payable for:
Fund shares reacquired		97,028
Dividends		83
Accrued fees to affiliates		11,152
Accrued other operating expenses		74,700
Trustee deferred compensation and retirement plans		51,213
Total liabilities		234,176
Net assets applicable to shares outstanding	$	54,338,919
Net assets consist of:
Shares of beneficial interest	$	54,380,709
Undistributed net investment income		(20,315	)
Undistributed net realized gain (loss)		(21,475	)
	$	54,338,919
Net Assets:
Class A	$	32,628,009
Class Y	$	11,634,638
Investor Class	$	10,076,272
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		32,657,749
Class Y		11,638,205
Investor Class		10,086,420
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, 2011

(Unaudited)

Investment income:
Interest	$	74,426
Expenses:
Advisory fees		106,375
Administrative services fees		25,137
Custodian fees		2,599
Distribution fees — Class A		18,879
Transfer agent fees		41,418
Trustees’ and officers’ fees and benefits		8,370
Registration and filing fees		20,002
Professional services fees		23,078
Other		17,761
Total expenses		263,619
Less: fees waived and expenses reimbursed		(208,217	)
Net expenses		55,402
Net investment income		19,024
Net realized gain from investment securities		1,755
Net increase in net assets resulting from operations	$	20,779

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, 2011 and the year ended February 28, 2011

(Unaudited)

	August 31,			February 28,
	2011			2011
Operations:
Net investment income	$	19,024		$	27,900
Net realized gain (loss)		1,755			(4,593	)
Net increase in net assets resulting from operations		20,779			23,307
Distributions to shareholders from net investment income:
Class A		(12,085	)		(16,393	)
Class Y		(3,732	)		(6,010	)
Investor Class		(3,194	)		(5,497	)
Total distributions from net investment income		(19,011	)		(27,900	)
Share transactions–net:
Class A		(3,797,634	)		17,419,873
Class Y		(830,136	)		(4,316,832	)
Investor Class		313,592			(2,196,817	)
Net increase (decrease) in net assets resulting from share transactions		(4,314,178	)		10,906,224
Net increase (decrease) in net assets		(4,312,410	)		10,901,631
Net assets:
Beginning of period		58,651,329			47,749,698
End of period (includes undistributed net investment income of $(20,315) and $(20,328), respectively)	$	54,338,919		$	58,651,329

Notes to Financial Statements

August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Tax-Exempt Cash Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco 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 seven 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 net realized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized 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 Advisor at the annual rate of 0.35% of the Fund’s average daily net assets.

  Under the terms of a master sub-advisory agreement 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 Canada 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”) has 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 of Trustees without further notice to investors.

  For the six months ended August 31, 2011, the Adviser waived advisory fees of $106,375 and reimbursed Fund expenses of $82,911.

12        Invesco Tax-Exempt Cash Fund

  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, 2011, Invesco Ltd. reimbursed expenses of the Fund in the amount of $52.

  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, 2011, 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, 2011, 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. Pursuant to the Plans, for the six months ended August 31, 2011, the Class A shares paid $0 after IDI waived Plan fees of $18,879.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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, 2011. 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, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	53,502,082	$	—	$	53,502,082

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, 2011, the Fund engaged in securities purchases of $1,200,175 and securities sales of $310,025, which did not result in any net realized gains (losses).

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

13        Invesco Tax-Exempt Cash Fund

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, 2011, the Fund paid legal fees of $1,008 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner 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.

  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, 2011 which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 28, 2012	$	4,652
February 28, 2013		101
February 28, 2017		10,203
February 28, 2018		3,681
February 28, 2019		4,593
Total capital loss carryforward	$	23,230

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

14        Invesco Tax-Exempt Cash Fund

NOTE 8—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2011(a)						February 28, 2011
	Shares			Amount			Shares			Amount
Sold:
Class A		38,379,859		$	38,379,859			49,260,858		$	49,260,858
Class Y		7,537,080			7,537,080			40,843,360			40,843,360
Investor Class		3,995,539			3,995,539			2,261,635			2,261,635
Issued as reinvestment of dividends:
Class A		10,018			10,018			14,409			14,409
Class Y		3,732			3,732			5,999			5,999
Investor Class		3,166			3,166			5,405			5,405
Issued in connection with acquisitions:(b)
Class A		—			—			18,893,024			18,870,018
Reacquired:
Class A		(42,187,511	)		(42,187,511	)		(50,725,412	)		(50,725,412	)
Class Y		(8,370,948	)		(8,370,948	)		(45,166,191	)		(45,166,191	)
Investor Class		(3,685,113	)		(3,685,113	)		(4,463,857	)		(4,463,857	)
Net increase (decrease) in share activity		(4,314,178	)	$	(4,314,178	)		10,929,230		$	10,906,224

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 11% 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)

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.

15        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 to
	beginning		investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			average
	of period		income			income			of period		return(a)			(000’s omitted)		absorbed			absorbed			net assets
Class A
Six months ended 08/31/11	$	1.00	$	0.00	(b)	$	(0.00	)	$	1.00		0.03	%	$	32,628		0.19	%(c)		0.91	%(c)		0.06	%(c)
Year ended 02/28/11		1.00		0.00	(b)		(0.00	)		1.00		0.05			36,425		0.29			0.82			0.05
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 08/31/11		1.00		0.00	(b)		(0.00	)		1.00		0.03			11,635		0.19	(c)		0.81	(c)		0.06	(c)
Year ended 02/28/11		1.00		0.00	(b)		(0.00	)		1.00		0.05			12,464		0.29			0.72			0.05
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 08/31/11		1.00		0.00	(b)		(0.00	)		1.00		0.03			10,076		0.19	(c)		0.81	(c)		0.06	(c)
Year ended 02/28/11		1.00		0.00	(b)		(0.00	)		1.00		0.05			9,762		0.29			0.72			0.05
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) of $37,450, $12,409 and $10,596 for Class A, Class Y and Investor Class shares, respectively.
(d)	Annualized.
(e)	Commencement date of October 3, 2008.

16        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, 2011 through August 31, 2011.

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	(03/01/11)		(08/31/11)1		Period2		(08/31/11)		Period2		Ratio
A	$	1,000.00	$	1,000.30	$	0.96	$	1,024.18	$	0.97		0.19	%
Y		1,000.00		1,000.30		0.96		1,024.18		0.97		0.19
Investor		1,000.00		1,000.30		0.96		1,024.18		0.97		0.19

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2011 through August 31, 2011, 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 184/366 to reflect the most recent fiscal half year

17        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 Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% 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, 2011. 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. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements 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 Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks 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 their assigned Invesco Funds. Each Sub-Committee recommends to the Investments 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 Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation 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 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 Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. 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. One Trustee may have weighed a particular piece of information differently than another Trustee.

  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 15, 2011, 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, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  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 services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms 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 sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

18        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 funds in the Lipper performance universe and against the Lipper Tax-Exempt Money Market Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of the 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 performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the Index for the three and five year periods. Invesco Advisers advised the Board that the Fund is viewed as a convenience vehicle for exchanges into other Invesco Funds and is priced accordingly. 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 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 the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, 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 and including only one fund per investment adviser. 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 advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was above the rate of one mutual fund with comparable investment strategies.

  Other than the mutual fund described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not advise other funds or 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 Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also 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.

  Based upon the information and considerations described above, 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 noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share directly in economies of scale through lower fees charged by third party service providers based on the combined size 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 from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services 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. The Board 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 from the relationship with the Fund, including the fees received 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 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; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 Invesco 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 receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is 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.

19        Invesco Tax-Exempt Cash Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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. 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, 2011, is available at 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, 2011
Nasdaq:
A: ATFAX § A2: AITFX § Y: ATFYX § Institutional: ATFIX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
30	Financial Statements
32	Notes to Financial Statements
37	Financial Highlights
38	Fund Expenses
39	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, 2/28/11 to 8/31/11, 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	5.54	%
Class A2 Shares	5.67
Class Y Shares	5.67
Institutional Class Shares	5.65
Barclays Capital Municipal Bond Index▼ (Broad Market Index)	6.39
BofA Merrill Lynch 3–7 Year Municipal Index▼ (Style-Specific Index)	5.06
Lipper Intermediate Municipal Debt Funds Index▼ (Peer Group Index)	5.21

^▼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 index(es) defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

     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 8/31/11, including maximum applicable sales charges

							After Taxes
				After Taxes			on Distributions
	Before			on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
10 Years		3.81	%		3.79	%		3.78	%
5  Years		4.58			4.54			4.42
1  Year		0.14			0.14			1.11
Class A2 Shares
Inception (5/11/87)		5.39	%		5.38	%		5.32	%
10 Years		4.28			4.26			4.23
5  Years		5.16			5.12			4.96
1  Year		1.84			1.84			2.33
Class Y Shares
10 Years		4.37	%		4.35	%		4.31	%
5  Years		5.35			5.31			5.13
1  Year		2.90			2.89			3.02
Institutional Class Shares
10 Years		4.37	%		4.31	%		4.27	%
5  Years		5.33			5.29			5.11
1  Year		2.87			2.87			2.99

Average Annual Total Returns

As of 6/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

							After Taxes
				After Taxes			on Distributions
	Before			on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
10 Years		3.81	%		3.79	%		3.79	%
5  Years		4.37			4.33			4.25
1  Year		1.43			1.43			1.94
Class A2 Shares
Inception (5/11/87)		5.33	%		5.32	%		5.27	%
10 Years		4.29			4.27			4.25
5  Years		4.95			4.91			4.79
1  Year		3.29			3.29			3.25
Class Y Shares
10 Years		4.38	%		4.36	%		4.33	%
5  Years		5.14			5.10			4.96
1  Year		4.31			4.30			3.92
Institutional Class Shares
10 Years		4.38	%		4.32	%		4.29	%
5  Years		5.15			5.11			4.96
1  Year		4.29			4.29			3.91

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 share 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 share 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 share 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 applicable sales charge unless otherwise stated. Before tax performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class A2, Class Y and Institutional Class shares was 0.60%, 0.35%, 0.35% and 0.35%, 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.

     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. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

     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:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

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

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance and its holdings as of the close of the reporting period.

     In light of economic uncertainty and market volatility, I suggest you check the timely market updates and commentary from many of our fund managers and other investment professionals at invesco.com/us. On our website, you also can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Invesco offers a broad array of traditional mutual funds, as well as other investment products, including single-country, sector, regional and global investments spanning equity, fixed income and alternative asset classes. Across our product line, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals. It also means that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

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

     All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor Senior Managing Director, Invesco Ltd.

4 Invesco Tax-Free Intermediate Fund

Schedule of Investments

August 31, 2011

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–98.38%
Alabama–2.86%
Alabama (State of) Public School & College Authority;
Series 2009 A, Ref. Capital Improvement RB		5.00	%		05/01/15	$	1,000	$	1,154,790
Series 2009 A, Ref. Capital Improvement RB		5.00	%		05/01/18		1,000		1,203,080
Alabama (State of) Special Care Facilities Financing Authority of Birmingham (Ascension Health Senior Credit Group); Series 2006 C-1, RB(a)(b)		4.10	%		11/03/16		2,000		2,212,720
Birmingham (City of) Airport Authority;
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/15		1,930		2,082,470
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/16		2,335		2,539,523
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/17		2,465		2,678,420
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/18		1,985		2,152,732
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/19		1,410		1,525,141
Series 2003 A, Ref. RB (INS–AGM)(c)		4.50	%		07/01/20		1,375		1,510,424
Birmingham (City of) Special Care Facilities Financing Authority (Children’s Hospital);
Series 2009, Health Care Facility RB (INS–AGC)(c)		4.50	%		06/01/18		990		1,038,955
Series 2009, Health Care Facility RB (INS–AGC)(c)		4.63	%		06/01/19		750		783,623
Series 2009, Health Care Facility RB (INS–AGC)(c)		5.00	%		06/01/21		525		548,646
Series 2009, Health Care Facility RB (INS–AGC)(c)		5.25	%		06/01/24		1,000		1,036,250
Series 2009, Health Care Facility RB (INS–AGC)(c)		5.75	%		06/01/29		2,000		2,073,520
Chatom (Town of) Industrial Development Board (PowerSouth Energy Cooperative);
Series 2010 A, Ref. Gulf Opportunity Zone RB (INS–AGC)(c)		4.25	%		08/01/18		3,540		4,031,210
Series 2010 A, Ref. Gulf Opportunity Zone RB (INS–AGC)(c)		4.25	%		08/01/19		3,535		4,006,887
Huntsville (City of) Health Care Authority;
Series 2010 A, RB		4.50	%		06/01/15		1,970		2,146,512
Series 2010 A, RB		5.00	%		06/01/18		2,740		3,065,019
Mobile (City of) Industrial Development Board (Alabama Power Co.–Barry Plant); Series 2007 C, PCR(a)(b)		5.00	%		03/19/15		2,150		2,420,233
Mobile (City of) Infirmary Health System Special Care Facilities Financing Authority (Infirmary Health System, Inc.);
Series 2010 A, RB		5.00	%		02/01/12		410		416,650
									38,626,805
Alaska–0.52%
Alaska (State of) (International Airports System); Series 2006 B, RB (INS–NATL)(c)		5.00	%		10/01/27		1,135		1,184,849
Alaska (State of) Industrial Development & Export Authority (Greater Fairbanks Community Hospital Foundation);
Series 2004 A, RB (INS–AGM)(c)		5.13	%		04/01/19		1,000		1,142,060
Series 2009 C, Ref. RB		4.00	%		04/01/13		545		563,279
Series 2009 C, Ref. RB		4.25	%		04/01/15		1,025		1,090,989
Alaska (State of) Industrial Development & Export Authority; Series 2010 A, Ref. Revolving Fund RB		5.25	%		04/01/21		755		879,462
Alaska (State of) Municipal Bond Bank Authority; Series 2009 One, RB		5.63	%		09/01/29		250		272,283
North Slope (Borough of); Series 2008 A, Unlimited Tax GO Bonds		5.50	%		06/30/19		1,000		1,243,230
Southeast Alaska Power Agency; Series 2009, Ref. Electric RB (INS–AGC)(c)		5.13	%		06/01/24		650		706,128
									7,082,280

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–2.82%
Amphitheater Unified School District No. 10; Series 2009 B, School Improvement Unlimited Tax GO Bonds (INS–AGC)(c)		4.00	%		07/01/18	$	1,250	$	1,403,475
Arizona (State of);
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/13		1,660		1,791,173
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/14		3,000		3,333,420
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/15		2,000		2,276,480
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/16		3,000		3,454,380
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/18		2,000		2,317,780
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/19		1,000		1,157,200
Series 2010 B, COP (INS–AGM)(c)		5.00	%		10/01/21		2,000		2,243,860
Series 2010 B, COP (INS–AGM)(c)		5.00	%		10/01/22		2,000		2,207,140
Series 2010 B, COP (INS–AGM)(c)		5.00	%		10/01/23		2,000		2,184,260
Kingman Unified School District No. 20; Series 2009 C, School Improvement Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		07/01/23		1,500		1,673,595
Maricopa County Pollution Control Corp. (Arizona Public Service Co.–Palo Verde); Series 2009 B, Ref. PCR(a)(b)		5.50	%		05/01/12		2,500		2,563,350
Mesa (City of); Series 2009, Highway Project Advancement RN		3.50	%		07/01/15		5,000		5,245,150
Pima (County of) Metropolitan Domestic Water Improvement District; Series 2009, Ref. Sr. Lien Water RB (INS–AGM)(c)		3.00	%		01/01/14		1,000		1,048,490
Pima (County of);
Series 2010, COP		3.50	%		06/01/14		2,130		2,240,483
Series 2010, COP		3.50	%		06/01/15		1,200		1,276,008
University Medical Center Corp.;
Series 2011, Hospital RB		3.00	%		07/01/12		395		399,061
Series 2011, Hospital RB		4.00	%		07/01/13		500		516,710
Yuma Municipal Property Corp.; Series 2007 D, Municipal Facilities RB (INS–SGI)(c)		5.00	%		07/01/24		750		804,562
									38,136,577
California–8.97%
Albany Unified School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		08/01/25		1,520		1,649,595
Alhambra Unified School District (Election of 2004); Series 2009 B, Unlimited Tax GO Bonds (INS–AGC)(c)		5.25	%		08/01/28		1,350		1,455,421
Association of Bay Area Governments Finance Authority for Non-profit Corps. (Casa de las Campanas, Inc.);
Series 2010, RB (INS–Cal-Mortgage)(c)		3.00	%		09/01/12		200		203,058
Series 2010, RB (INS–Cal-Mortgage)(c)		4.00	%		09/01/15		1,000		1,066,980
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2009, RB		5.00	%		08/15/12		1,500		1,561,110
California (State of) Health Facilities Financing Authority (St. Joseph Health System);
Series 2009 C, Ref. RB(a)(b)		5.00	%		10/16/14		3,000		3,315,150
Series 2009 D, Ref. RB(a)(b)		5.00	%		10/18/16		6,000		6,868,680
California (State of) Health Facilities Financing Authority (The Episcopal Home);
Series 2002 B, RB (INS–Cal-Mortgage)(c)		5.10	%		02/01/19		920		987,234
Series 2002 B, RB (INS–Cal-Mortgage)(c)		5.50	%		02/01/24		1,250		1,300,025
California (State of) Municipal Finance Authority (Republic Services, Inc.); Series 2010, Ref. Solid Waste RB(a)(b)		1.10	%		10/03/11		2,200		2,200,308
California (State of) Pollution Control Financing Authority (BP West Coast Products LLC); Series 2009, Ref. Environmental Improvement RB(a)(b)		2.60	%		09/02/14		4,650		4,748,673
California (State of) Pollution Control Financing Authority (Republic Services, Inc.); Series 2010 B, Ref. Solid Waste RB(a)(b)		1.13	%		11/01/11		750		750,000
California (State of) Statewide Communities Development Authority (Enloe Medical Center);
Series 2008 A, RB (INS–Cal-Mortgage)(c)		5.00	%		08/15/17		385		428,078
Series 2008 A, RB (INS–Cal-Mortgage)(c)		5.25	%		08/15/19		325		356,892
California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital);
Series 2007 B, RB (INS–AMBAC)(c)		5.05	%		10/01/28		1,500		1,502,595

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)
California (State of) Statewide Communities Development Authority (Southern California Edison Co.); Series 2006 A, Ref. PCR (INS–SGI)(a)(b)(c)		4.10	%		04/01/13	$	1,575	$	1,651,120
California (State of) Statewide Communities Development Authority (State of California Proposition 1A Receivables Program); Series 2009, RB		5.00	%		06/15/13		3,000		3,227,100
California (State of);
Series 2009, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/20		1,900		2,189,617
Series 2009 B, Ref. Economic Recovery Unlimited Tax GO Bonds(a)(b)		5.00	%		07/01/14		1,095		1,227,681
Corona-Norca Unified School District (Election of 2006); Series 2009 C, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(f)		0.00	%		08/01/21		1,500		945,165
Evergreen Elementary School District (Election of 2006);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(f)		0.00	%		08/01/25		3,000		1,386,810
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(f)		0.00	%		08/01/28		1,000		366,040
Fresno (City of); Series 2008 A, Sewer System RB (INS–AGC)(c)		5.00	%		09/01/25		2,040		2,200,283
Hayward Unified School District (Election of 2008);
Series 2010 A, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(f)		0.00	%		08/01/17		1,000		811,430
Series 2010 A, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(f)		0.00	%		08/01/20		1,000		665,120
Inland Valley Development Agency;
Series 2011 A, Tax Allocation RB(a)(b)		4.00	%		03/01/14		4,000		4,105,360
Series 2011 B, Tax Allocation RB(a)(b)		4.25	%		03/01/15		2,500		2,589,625
Series 2011 C, Tax Allocation RB(a)(b)		4.50	%		03/01/16		2,500		2,610,675
Kern Community College District; Series 2010, Ref. COP		4.00	%		04/01/14		2,000		2,075,080
Lake Tahoe Unified School District (Election of 2008); Series 2009, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		08/01/24		1,000		1,098,990
Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2008 C, Sub. RB		5.00	%		05/15/28		1,000		1,047,760
Series 2009 A, Sr. RB		5.25	%		05/15/29		1,000		1,076,290
Los Angeles (City of) Harbor Department; Series 2009 C, Ref. RB		5.00	%		08/01/21		2,000		2,413,860
Los Angeles Unified School District (Election of 2004); Measure R, Series 2009 I, Unlimited Tax GO Bonds		5.00	%		07/01/26		670		724,230
Lynwood (City of) Utility Authority; Series 2009 A, Ref. Enterprise RB (INS–AGC)(c)		5.00	%		06/01/29		500		526,705
Madera (City of) Irrigation District; Series 2008, Ref. Water RB		5.00	%		01/01/23		2,250		2,375,955
Monrovia (City of) Financing Authority (Library); Series 2007, Lease RB (INS–AMBAC)(c)		4.63	%		12/01/32		1,000		912,690
Monterey (County of) (2009 Refinancing);
Series 2009, COP (INS–AGM)(c)		5.00	%		08/01/16		1,000		1,134,880
Series 2009, COP (INS–AGM)(c)		5.00	%		08/01/19		2,360		2,671,874
New Haven Unified School District; Series 2009, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		08/01/20		2,530		2,951,043
Newport Beach (City of) (Hoag Memorial Hospital Presbyterian); Series 2009 D, RB(a)(b)		5.00	%		02/07/13		1,000		1,063,640
Northern California Power Agency;
Series 2010 A, Ref. Capital Facilities RB		4.00	%		08/01/14		1,000		1,082,440
Series 2010 A, Ref. Capital Facilities RB		4.00	%		08/01/16		1,000		1,105,400
Series 2010 A, Ref. Capital Facilities RB		5.00	%		08/01/20		1,000		1,139,860
Series 2010 A, Ref. Capital Facilities RB		5.00	%		08/01/21		1,000		1,123,310
Rowland Unified School District (Election of 2006); Series 2009 B, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/23		1,300		697,710

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)
Sacramento (County of);
Series 2009 B, Sr. Airport System RB		5.00	%		07/01/18	$	1,000	$	1,138,260
Series 2009 D, Sub. & PFC/Grant Airport System RB (INS–AGC)(c)		5.13	%		07/01/25		1,500		1,615,740
Series 2010, Ref. COP		5.00	%		02/01/14		6,000		6,413,220
Series 2010, Ref. COP		5.00	%		02/01/16		4,665		5,155,058
Series 2010, Ref. COP		5.00	%		02/01/17		4,000		4,420,080
Series 2010, Ref. COP		5.25	%		02/01/18		3,000		3,353,730
Series 2010, Ref. COP		5.25	%		02/01/19		1,500		1,671,270
Series 2010, Sr. Airport System RB		5.00	%		07/01/23		500		546,015
San Diego (City of) Public Facilities Financing Authority;
Series 2009 B, Ref. Sr. Sewer RB		5.00	%		05/15/13		1,000		1,079,030
Series 2009 B, Ref. Sr. Sewer RB		5.00	%		05/15/14		500		560,745
San Francisco (City & County of) Airport Commission (San Francisco International Airport); Series 2009 E, Second Series RB		5.50	%		05/01/26		2,000		2,173,580
Santa Ana (City of) (Local Street Improvement); Series 2007, Gas Tax Revenue COP (INS–NATL)(c)		4.38	%		01/01/24		1,000		985,890
Santa Monica Community College District (Election of 2002); Series 2010 E, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/26		1,000		450,350
Torrance Unified School District (Election of 2008);
Measure Y, Series 2009 B-1, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/22		1,900		1,094,001
Measure Y, Series 2009 B-1, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/23		2,000		1,073,400
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS–AGM)(a)(b)(c)		3.50	%		05/31/13		500		500,405
Val Verde Unified School District; Series 2009 A, Ref. COP (INS–AGC)(c)		5.00	%		03/01/29		2,040		2,035,288
Vernon (City of);
Series 2009 A, Electric System RB		5.13	%		08/01/21		4,600		4,848,630
Series 2009 A, Electric System RB		5.50	%		08/01/15		525		557,571
West Contra Costa Unified School District (Election of 2005); Series 2008 B, Unlimited Tax GO Bonds		6.00	%		08/01/27		1,000		1,137,250
West Sacramento Area Flood Control Agency; Series 2008, Special Assessment RB		5.13	%		09/01/23		1,075		1,114,280
Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		08/01/28		1,500		1,595,865
									121,111,200
Colorado–3.67%
Adams State College;
Series 2009 A, Auxiliary Facilities Improvement RB (CEP–Colorado Higher Education Intercept Program)		5.00	%		05/15/29		450		480,946
Series 2009 A, Auxiliary Facilities Improvement RB (CEP–Colorado Higher Education Intercept Program)		5.20	%		05/15/27		340		371,875
Aurora (City of) (The Children’s Hospital Association); Series 2004 D, Hospital RB (INS–AGM)(c)		5.00	%		12/01/20		1,000		1,110,690
Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2008 A, Charter School RB		6.75	%		12/01/23		930		1,052,611
Colorado (State of) Health Facilities Authority (North Colorado Medical Center, Inc.);
Series 2003 A, Hospital RB (INS–AGM)(c)		5.00	%		05/15/15		1,000		1,118,040
Series 2003 A, Hospital RB (INS–AGM)(c)		5.25	%		05/15/26		1,000		1,061,750
Colorado (State of) Health Facilities Authority (Sisters of Charity of Leavenworth Health System); Series 2010 B, RB		5.00	%		01/01/19		2,795		3,178,139
Colorado School of Mines Board of Trustees; Series 2009 A, Ref. & Improvement Enterprise RB (CEP–Colorado Higher Education Intercept Program)		5.00	%		12/01/29		500		530,685
Denver School District No. 1; Series 2009 A, Unlimited Tax GO Bonds		5.00	%		12/01/28		1,000		1,101,350
E-470 Public Highway Authority;
Series 2007 C-2, Sr. RB (INS–NATL)(a)(b)(c)		5.00	%		09/02/13		3,300		3,498,759
Series 2007 D-2, Sr. RB (INS–NATL)(a)(b)(c)		5.00	%		09/02/13		14,755		15,643,694

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
Colorado–(continued)
Glenwood Springs (City of);
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/13	$	100	$	104,466
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/14		1,005		1,062,818
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/15		1,000		1,070,360
Northern Colorado Water Conservancy District; Series 2007 J, Ref. RB (INS–AMBAC)(c)		5.00	%		12/01/14		1,300		1,462,916
Public Authority for Colorado Energy;
Series 2008, Natural Gas Purchase RB		6.13	%		11/15/23		1,525		1,570,048
Series 2008, Natural Gas Purchase RB		6.25	%		11/15/28		2,000		2,066,840
Southglenn Metropolitan District; Series 2007, VRD Special RB (LOC–BNP Paribas)(d)(g)		0.36	%		12/01/30		11,550		11,550,000
University of Colorado Hospital Authority; Series 1997 A, Ref. RB (INS–AMBAC)(c)		5.25	%		11/15/22		1,470		1,471,411
									49,507,398
Connecticut–0.26%
Connecticut (State of) (Transportation Infrastructure Purposes); Series 2009 A, Special Tax Obligation RB		5.00	%		12/01/16		2,000		2,397,480
New Haven (City of) Solid Waste & Recycling Authority; Series 2008, RB		5.13	%		06/01/23		1,000		1,101,440
									3,498,920
Delaware–0.20%
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center);
Series 2009 A, RB		4.05	%		07/01/22		1,000		1,012,020
Series 2009 A, RB		5.00	%		07/01/18		1,540		1,726,432
									2,738,452
District of Columbia–0.65%
District of Columbia (Center for Strategic & International Studies, Inc.); Series 2011, RB		4.75	%		03/01/17		2,035		2,084,430
District of Columbia (Georgetown University);
Series 2001 C, University RB(a)(b)		5.25	%		04/01/23		2,000		2,176,600
Series 2009 A, Ref. University RB		5.00	%		04/01/15		2,000		2,245,380
Series 2011, University RB(a)(b)		5.00	%		04/01/21		2,000		2,252,480
									8,758,890
Florida–5.52%
Broward (County of); Series 2009 O, Ref. Airport System RB		5.00	%		10/01/14		1,490		1,652,350
Citizens Property Insurance Corp. (Coastal Account);
Series 2011 A-1, Sr. Sec. RB		5.00	%		06/01/20		1,000		1,050,830
Series 2011 A-2, Sr. Sec. RB		2.00	%		06/01/12		1,000		1,011,030
Citizens Property Insurance Corp. (High Risk Account);
Series 2009 A-1, Sr. Sec. RB (INS–AGC)(c)		4.00	%		06/01/12		2,000		2,052,700
Series 2009 A-1, Sr. Sec. RB (INS–AGC)(c)		5.00	%		06/01/16		2,000		2,194,620
Series 2010 A-1, Sr. Sec. RB (INS–AGM)(c)		5.00	%		06/01/14		2,500		2,690,775
Series 2010 A-1, Sr. Sec. RB (INS–AGM)(c)		5.00	%		06/01/17		2,000		2,189,360
Florida (State of) Board of Education;
Series 2009 A, Lottery RB		5.00	%		07/01/23		2,000		2,232,140
Series 2009 A, Lottery RB		5.25	%		07/01/24		1,640		1,836,029
Florida (State of) Department of Education; Series 2006 A, Community College Capital Improvement RB (INS–NATL)(c)		5.00	%		07/01/18		1,335		1,494,292
Florida (State of) Department of Environmental Protection;
Series 2002 B, Florida Forever RB (INS–NATL)(c)		5.25	%		07/01/22		3,000		3,121,230
Series 2003 C, Florida Forever RB (INS–AMBAC)(c)		5.00	%		07/01/19		3,525		3,758,567

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
Florida–(continued)
Florida (State of) Municipal Power Agency (St. Lucie);
Series 2011 A, RB		4.00	%		10/01/16	$	500	$	550,440
Series 2011 A, RB		4.00	%		04/01/17		500		546,430
Florida Hurricane Catastrophe Fund Finance Corp.;
Series 2008 A, RB		5.00	%		07/01/13		1,730		1,853,107
Series 2010 A, RB		5.00	%		07/01/15		5,250		5,881,890
Gulf Breeze (City of) (2010 A Loan Program–Loans to City of Pensacola);
Series 2010 A, Capital Funding RB (INS–AGM)(c)		5.00	%		10/01/15		1,590		1,796,795
Series 2010 A, Capital Funding RB (INS–AGM)(c)		5.00	%		10/01/16		1,495		1,705,840
Gulf Breeze (City of) (Local Government Loan Program); Series 1985 J, RB(h)		4.50	%		12/01/20		3,000		3,281,070
Highlands (County of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2005 I, Hospital RB		4.50	%		11/15/15		2,000		2,242,140
Series 2005 I, Hospital RB		5.00	%		11/15/16		2,000		2,298,360
Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); Series 2007 B, Ref. PCR(a)(b)		5.15	%		09/01/13		550		594,869
Jacksonville (City of) (Better Jacksonville); Series 2003, Sales Tax RB (INS–NATL)(c)		5.25	%		10/01/16		3,000		3,232,440
JEA; Series 2009 Three A, Electric System RB		5.00	%		10/01/26		1,125		1,159,425
Kissimmee (City of) Utility Authority;
Series 2003, Ref. Electric System RB (INS–AGM)(c)		5.00	%		10/01/17		1,900		2,219,352
Series 2003, Ref. Electric System RB (INS–AGM)(c)		5.25	%		10/01/15		1,500		1,733,115
Series 2003, Ref. Electric System RB (INS–AGM)(c)		5.25	%		10/01/16		1,500		1,759,200
Lakeland (City of) (Lakeland Regional Health Systems); Series 2011, Ref. Hospital RB		4.00	%		11/15/14		585		622,885
Miami (City of) (Homeland Defense); Series 2007, Ref. Limited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/16		1,000		1,123,020
Miami (City of); Series 2009, Ref. Parking System RB (INS–AGC)(c)		5.00	%		10/01/28		750		782,640
Miami-Dade (County of) (Double-Barreled Aviation); Series 2010, Unlimited Tax GO Bonds		5.00	%		07/01/17		500		581,590
Miami-Dade (County of) (Jackson Health System);
Series 2009, Public Facilities RB (INS–AGC)(c)		5.00	%		06/01/18		1,000		1,129,620
Series 2009, Public Facilities RB (INS–AGC)(c)		5.50	%		06/01/29		2,455		2,567,365
Miami-Dade (County of) (Miami International Airport);
Series 2009 A, Aviation RB (INS–AGC)(c)		5.00	%		10/01/27		120		126,898
Series 2009 B, Aviation RB (INS–AGC)(c)		5.00	%		10/01/26		1,000		1,064,540
Series 2009 B, Aviation RB (INS–AGC)(c)		5.00	%		10/01/29		1,000		1,042,820
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2008 A-2, Hospital RB (INS–NATL)(a)(b)(c)		4.55	%		08/01/13		500		524,845
Miami-Dade (County of);
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(c)		5.00	%		10/01/24		1,500		1,641,015
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(c)		5.13	%		10/01/25		1,525		1,670,226
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(c)		5.50	%		10/01/20		1,500		1,768,575
Orange (County of) Health Facilities Authority (Orlando Health, Inc.); Series 2009, Hospital RB		5.00	%		10/01/14		1,085		1,176,585
Orange (County of); Series 2005, Ref. Tourist Development Tax RB (INS–AMBAC)(c)		5.00	%		10/01/12		1,095		1,144,625
Pasco (County of); Series 2009 A, Water & Sewer RB		5.00	%		10/01/16		750		887,280
Port St. Lucie (City of) (Municipal Complex); Series 2008, Ref. Master Lease Project COP (INS–AGC)(c)		6.25	%		09/01/27		500		545,310
									74,538,235

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
Georgia–2.99%
Atlanta (City of);
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		4.13	%		11/01/19	$	970	$	1,058,260
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		5.00	%		11/01/17		1,500		1,734,645
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		5.00	%		11/01/20		1,500		1,701,045
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		5.00	%		11/01/21		1,500		1,676,970
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		5.25	%		11/01/27		2,000		2,255,860
Burke (County of) Development Authority (Georgia Power Co.–Plant Vogtle); Fourth Series 1995, PCR(a)(b)		3.75	%		01/12/12		1,000		1,011,510
DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC		5.25	%		09/01/20		1,500		1,572,315
Fayette (County of) Hospital Authority (Fayette Community Hospital);
Series 2009 A, RAC		4.38	%		06/15/20		2,500		2,708,175
Series 2009 A, RAC		4.50	%		06/15/21		2,500		2,683,150
Fulton (County of) Development Authority (Catholic Health East); Series 2010, Health System RB		4.00	%		11/15/16		2,460		2,682,310
Fulton (County of) Development Authority (Piedmont Healthcare, Inc.); Series 2009 A, RB		5.00	%		06/15/29		2,830		2,905,080
Gainesville (City of) & Hall (County of) Hospital Authority (Northeast Georgia Health System, Inc.); Series 2010 A, RAC		5.00	%		02/15/16		1,245		1,378,663
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System);
Series 2008 A, RAC		5.00	%		08/01/20		1,000		1,068,280
Series 2008 A, RAC		5.25	%		08/01/23		1,000		1,048,050
Gwinnett (County of) Hospital Authority (Gwinnett Hospital System, Inc.); Series 2007 D, RAC (INS–AGM)(c)		5.25	%		07/01/29		2,000		2,066,620
Macon-Bibb (County of) Hospital Authority (Medical Center of Central Georgia, Inc.);
Series 2009, RAC		4.00	%		08/01/19		635		678,980
Series 2009, RAC		5.00	%		08/01/24		1,260		1,340,338
Medical Center Hospital Authority (Columbus Regional Healthcare System, Inc.);
Series 2010, RAC (INS–AGM)(c)		3.50	%		08/01/20		2,000		2,031,420
Series 2010, RAC (INS–AGM)(c)		5.00	%		08/01/21		1,500		1,675,035
Richmond (County of) Hospital Authority (University Health Services, Inc.); Series 2009, RAC		5.25	%		01/01/29		2,500		2,507,350
South Regional Joint Development Authority (Valdosta State University Parking & Health Center);
Series 2007, RB (INS–SGI)(c)		5.00	%		08/01/20		1,385		1,559,413
Series 2007, RB (INS–SGI)(c)		5.00	%		08/01/21		1,490		1,658,221
Series 2007, RB (INS–SGI)(c)		5.00	%		08/01/22		605		664,502
Thomasville (City of) Hospital Authority (John D. Archbold Memorial Hospital, Inc.); Series 2010, RAC		4.75	%		11/01/25		750		754,403
									40,420,595
Guam–0.12%
Guam (Government of) (Section 30);
Series 2009 A, Limited Obligation RB		5.00	%		12/01/12		480		496,877
Series 2009 A, Limited Obligation RB		5.00	%		12/01/15		1,000		1,083,770
									1,580,647
Idaho–0.75%
Idaho (State of) Health Facilities Authority (Trinity Health Credit Group); Series 2008 B, Ref. RB		5.63	%		12/01/19		1,000		1,179,840
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2009 A, Grant & RAB		5.25	%		07/15/25		500		556,640
Idaho (State of) Housing & Finance Association;
Series 2008 D, Class III, Single Family Mortgage RB		5.35	%		01/01/29		505		522,362
Series 2009 B, Class III, Single Family Mortgage RB		5.65	%		07/01/26		1,295		1,348,911
University of Idaho Regents;
Series 2007 B, RB (INS–AGM)(a)(b)(c)		4.50	%		04/01/18		1,760		1,955,817
Series 2011, Ref. RB(a)(b)		5.25	%		04/01/21		4,000		4,621,320
									10,184,890

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
Illinois–6.43%
Bolingbrook (Village of); Series 2010 A, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/23	$	1,260	$	1,377,898
Chicago (City of) (Chicago O’Hare International Airport);
Series 2008 A, Ref. Passenger Facility Charge RB (INS–AGM)(c)		5.00	%		01/01/16		1,400		1,586,228
Series 2010 C, General Airport Third Lien RB (INS–AGC)(c)		5.25	%		01/01/21		1,025		1,169,945
Chicago (City of) Transit Authority (Federal Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds); Series 2008 A, Capital Grant Receipts RB (INS–AGC)(c)		5.25	%		06/01/23		2,500		2,685,875
Cook (County of);
Series 2004 A, Ref. Unlimited Tax GO Bonds (INS–AMBAC)(c)		5.00	%		11/15/17		5,000		5,383,750
Series 2009 A, Ref. Unlimited Tax GO Bonds		5.00	%		11/15/19		2,015		2,309,109
Series 2009 C, Ref. Unlimited Tax GO Bonds		5.00	%		11/15/20		5,000		5,632,450
Cook County School District No. 144 (Prairie-Hills);
Series 2010 A, Limited Tax GO Bonds (INS–AGM)(c)		4.00	%		12/01/16		960		1,042,829
Series 2010 A, Limited Tax GO Bonds (INS–AGM)(c)		4.25	%		12/01/20		630		670,572
DeKalb Community Unit School District No. 428;
Series 2010, School Building Unlimited Tax CAB GO Bonds(f)		0.00	%		01/01/19		1,000		726,230
Series 2010, School Building Unlimited Tax CAB GO Bonds(f)		0.00	%		01/01/20		1,000		679,000
Dolton (Village of);
Series 2009 A, Unlimited Tax GO Bonds (INS–AGC)(c)		4.25	%		12/01/21		1,000		1,080,690
Series 2009 A, Unlimited Tax GO Bonds (INS–AGC)(c)		4.25	%		12/01/22		1,000		1,066,740
Illinois (State of) (Illinois Fund for Infrastructure, Roads, Schools & Transit);
Series 2001, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.25	%		10/01/11		1,790		1,797,142
Series 2002, Unlimited Tax GO Bonds (INS–NATL)(c)		5.25	%		10/01/21		1,000		1,016,840
Illinois (State of) Finance Authority (Advocate Health Care Network);
Series 2003 A, RB(a)(b)		4.38	%		07/01/14		830		896,782
Series 2010 D, Ref. RB		5.00	%		04/01/20		1,200		1,333,296
Illinois (State of) Finance Authority (Children’s Memorial Hospital);
Series 2008 A, RB (INS–AGC)(c)		5.25	%		08/15/33		665		678,759
Series 2008 C, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(d)(g)		0.18	%		08/15/25		10,850		10,850,000
Illinois (State of) Finance Authority (Ingalls Memorial Hospital); Series 1985 B, VRD RB (LOC–Northern Trust Co.)(d)(g)		0.13	%		01/01/16		9,200		9,200,000
Illinois (State of) Finance Authority (Resurrection Health Care); Series 1999 A, RB (INS–AGM)(c)		5.00	%		05/15/17		2,000		2,172,480
Illinois (State of) Finance Authority (Southern Illinois Healthcare Enterprises, Inc.);
Series 2005, RB (INS–AGM)(c)		5.25	%		03/01/22		1,275		1,402,577
Series 2005, RB (INS–AGM)(c)		5.25	%		03/01/23		1,500		1,623,765
Illinois (State of) Finance Authority (University of Chicago Medical Center); Series 2009 C, RB		5.25	%		08/15/29		2,000		2,039,920
Illinois (State of) Finance Authority (University of Chicago); Series 1998 B, RB(a)(b)		3.38	%		02/03/14		1,000		1,058,670
Illinois (State of) Student Assistance Commission; Series 2009, Student Loan RB (INS–AGC)(c)		3.15	%		05/01/14		2,000		2,005,220
Illinois (State of);
Series 2010, Ref. Unlimited Tax GO Bonds		5.00	%		01/01/12		2,000		2,029,080
Series 2010, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/16		1,000		1,117,950
Series 2010, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/17		800		902,448
Kane & DeKalb Counties Community Unit School District No. 302; Series 2008, School Building Unlimited Tax GO Bonds (INS–AGM)(c)		5.50	%		02/01/28		1,500		1,661,460
Kendall (County of) Forest Preserve District; Series 2007, Unlimited Tax GO Bonds (INS–NATL)(c)		5.25	%		01/01/23		4,000		4,448,360
Kendall, Kane & Will Counties Community Unit School District No. 308;
Series 2007, Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		02/01/23		5,795		6,297,542
Series 2007 A, Ref. Unlimited Tax GO Bonds (INS–NATL)(c)		4.38	%		10/01/21		1,020		1,075,529
Northern Illinois Municipal Power Agency (Prairie State Power); Series 2007 A, RB (INS–NATL)(c)		5.00	%		01/01/19		1,000		1,111,800
Railsplitter Tobacco Settlement Authority; Series 2010, RB		5.50	%		06/01/23		1,000		1,055,510

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
Illinois–(continued)
St. Clair (County of) (Alternative Revenue Source);
Series 2009, Ref. Unlimited Tax GO Bonds		5.00	%		10/01/19	$	1,000	$	1,184,500
Series 2009, Ref. Unlimited Tax GO Bonds		5.00	%		10/01/21		1,480		1,694,689
Valley View Community Unit School District No. 365-U; Series 2011 B, Ref. Unlimited Tax GO Bonds		5.00	%		11/01/17		1,060		1,212,693
Will, Grundy, etc. Counties Community College District No. 525 (Joliet Jr. College); Series 2008, Alternative Revenue Source Unlimited Tax GO Bonds		5.75	%		06/01/27		1,435		1,583,508
									86,861,836
Indiana–1.07%
Clark-Pleasant Middle School Building Corp.; Series 2009, First Mortgage RB		5.00	%		07/15/22		1,000		1,129,320
Indiana (State of) Health Facility Financing Authority (Ascension Health Subordinate Credit Group); Series 2005 A-6, RB(a)(b)		5.00	%		06/01/14		3,500		3,877,545
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		1,047,110
Indianapolis (City of) Local Public Improvement Bond Bank (Waterworks); Series 2009 A, RB (INS–AGC)(c)		5.25	%		01/01/29		1,040		1,118,094
Monroe County Community 1996 School Building Corp.; Series 2008, First Mortgage RB (INS–AGM)(c)		5.13	%		01/15/24		2,285		2,559,474
Portage (City of) Redevelopment District; Series 2008, Ref. Tax Increment Allocation RB (INS–AGC)(c)		5.00	%		01/15/22		2,470		2,581,743
Rockport (City of) (Indiana Michigan Power Co.);
Series 2009 A, Ref. PCR(a)(b)		6.25	%		06/02/14		1,000		1,113,610
Series 2009 B, Ref. PCR(a)(b)		6.25	%		06/02/14		500		556,805
University of Southern Indiana; Series 2009 J, Student Fee RB (INS–AGC)(c)		5.00	%		10/01/23		400		438,816
									14,422,517
Iowa–1.81%
Des Moines (City of); Series 2011 A, Unlimited Tax GO Bonds		3.00	%		06/01/17		3,050		3,345,393
Iowa (State of) Finance Authority (Iowa Health System);
Series 2005 A, Health Facilities RB (INS–AGC)(c)		5.00	%		02/15/18		1,000		1,147,400
Series 2005 A, Health Facilities RB (INS–AGC)(c)		5.00	%		02/15/19		500		572,825
Series 2009 F, Health Facilities RB(a)(b)		5.00	%		08/15/12		1,300		1,351,779
Iowa Student Loan Liquidity Corp.;
Series 2009 1, RB		4.00	%		12/01/13		1,500		1,567,845
Series 2009 1, RB		5.00	%		12/01/15		2,500		2,775,700
Series 2009 1, RB		5.00	%		12/01/16		2,525		2,803,861
Series 2009 1, RB		5.25	%		12/01/17		2,500		2,788,250
Series 2009 1, RB		5.25	%		12/01/18		2,500		2,752,975
Series 2009 2, RB		5.40	%		12/01/23		2,500		2,664,975
Series 2009 3, RB		5.00	%		12/01/19		2,500		2,693,900
									24,464,903
Kansas–0.43%
Dodge City (City of); Series 2009, Sales Tax RB (INS–AGC)(c)		5.00	%		06/01/21		1,000		1,161,950
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2009 C, Hospital RB		5.00	%		11/15/16		1,000		1,157,770
Series 2009 D, Hospital RB		5.00	%		11/15/24		1,585		1,694,603
Wyandotte County Unified School District No. 500; Series 2001, Unlimited Tax GO Bonds (INS–AGM)(c)		5.50	%		09/01/11		1,750		1,750,000
									5,764,323
Kentucky–2.53%
Christian (County of) (Jennie Stuart Medical Center, Inc.); Series 2006, Ref. Hospital RB (INS–AGC)(c)		5.25	%		02/01/28		1,030		1,046,480

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
Kentucky–(continued)
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2008 A-1, RB (INS–AGC)(c)		5.75	%		12/01/28	$	550	$	588,274
Kentucky (State of) Municipal Power Agency (Prairie State);
Series 2010 A, Power System RB (INS–AGM)(c)		4.00	%		09/01/16		800		890,888
Series 2010 A, Power System RB (INS–AGM)(c)		5.00	%		09/01/21		5,860		6,749,489
Series 2010 A, Power System RB (INS–AGM)(c)		5.00	%		09/01/22		4,560		5,161,282
Series 2010 A, Power System RB (INS–AGM)(c)		5.00	%		09/01/23		1,000		1,115,930
Louisville (City of) & Jefferson (County of) Metropolitan Sewer District;
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/14		1,500		1,671,045
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/15		2,500		2,871,700
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/20		10,000		11,822,800
Paducah (City of) Electric Plant Board; Series 2009 A, RB (INS–AGC)(c)		5.00	%		10/01/24		2,000		2,206,220
									34,124,108
Louisiana–3.51%
Greater New Orleans Expressway Commission; Series 2009, Ref. RB (INS–AGC)(c)		2.75	%		11/01/14		600		627,912
Jefferson (Parish of) Hospital Service District No. 1 (West Jefferson Medical Center); Series 1998 B, RB (INS–AGM)(c)		5.25	%		01/01/28		1,000		1,060,950
Lafayette (City of); Series 2010, Utilities RB		5.00	%		11/01/26		2,500		2,703,100
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Caddo/Bossier Parishes Port Commission); Series 2010, Ref. RB (INS–AGM)(c)		4.00	%		04/01/18		1,600		1,770,416
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (City of Lake Charles Public Improvement); Series 2010, RB (INS–AGC)(c)		3.00	%		05/01/14		1,000		1,050,570
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (City of Lake Charles);
Series 2009, Ref. RB (INS–AGC)(c)		4.00	%		04/01/16		1,435		1,598,030
Series 2009, Ref. RB (INS–AGC)(c)		4.00	%		04/01/18		1,555		1,735,349
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Jefferson Parish); Series 2009 A, Ref. RB		5.00	%		04/01/18		1,000		1,153,820
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Community & Technical College System Facilities Corp.); Series 2009 B, RB (INS–AGC)(c)		5.00	%		10/01/26		1,500		1,591,515
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Monroe Regional Airport Terminal); Series 2009, Airport RB (INS–AGC)(c)		5.00	%		02/01/29		1,000		1,058,740
Louisiana (State of) Public Facilities Authority (Baton Rouge General Medical Center); Series 2004, FHA Insured Mortgage RB (INS–NATL)(c)		5.00	%		07/01/14		1,000		1,093,210
Louisiana (State of) Public Facilities Authority (Black & Gold Facilities); Series 2007 A, RB (INS–AGC)(c)		5.00	%		07/01/22		500		522,450
Louisiana (State of) Public Facilities Authority (CHRISTUS Health);
Series 2008 B, Ref. RB (INS–AGC)(c)		5.75	%		07/01/18		795		858,815
Series 2009 A, Ref. RB		5.00	%		07/01/13		1,500		1,598,790
Series 2009 A, Ref. RB		5.00	%		07/01/15		1,000		1,103,910
Series 2009 A, Ref. RB		5.00	%		07/01/16		1,000		1,110,230
Series 2009 A, Ref. RB		5.25	%		07/01/20		1,000		1,120,640
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program); Series 2007, RB (INS–AMBAC)(c)		5.00	%		06/01/18		1,000		1,108,430
Louisiana (State of) Public Facilities Authority (Nineteenth Judicial District Court Building); Series 2007, RB (INS–NATL)(c)		4.50	%		06/01/21		1,000		1,059,920
Louisiana Citizens Property Insurance Corp.;
Series 2006 B, Assessment RB (INS–AMBAC)(c)		5.00	%		06/01/16		1,000		1,074,760
Series 2006 B, Assessment RB (INS–AMBAC)(c)		5.25	%		06/01/14		1,280		1,364,672
Series 2006 C-3, Assessment RB (INS–AGC)(c)		6.13	%		06/01/25		1,550		1,724,452

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
Louisiana–(continued)
Monroe (City of) (Economic Development–Garret Rd.);
Series 2008, Ref. & Sales Tax Increment RB (INS–AGC)(c)		5.25	%		03/01/22	$	1,300	$	1,337,414
Series 2008, Ref. & Sales Tax Increment RB (INS–AGC)(c)		5.38	%		03/01/24		1,000		1,025,360
New Orleans (City of) Aviation Board (Consolidated Rental Car);
Series 2009 A, Gulf Opportunity Zone CFC RB		5.00	%		01/01/16		1,250		1,366,250
Series 2009 A, Gulf Opportunity Zone CFC RB		5.13	%		01/01/17		1,730		1,900,024
Series 2009 A, Gulf Opportunity Zone CFC RB		5.25	%		01/01/18		1,575		1,734,973
Series 2009 A, Gulf Opportunity Zone CFC RB		5.50	%		01/01/19		1,100		1,224,597
Series 2009 A, Gulf Opportunity Zone CFC RB		5.75	%		01/01/20		1,890		2,107,199
Series 2009 A, Gulf Opportunity Zone CFC RB		6.00	%		01/01/25		1,000		1,075,930
New Orleans (City of) Aviation Board;
Series 2009 A-1, Ref. & Restructuring RB (INS–AGC)(c)		5.00	%		01/01/19		500		556,665
Series 2009 A-1, Ref. & Restructuring RB (INS–AGC)(c)		6.00	%		01/01/23		1,025		1,185,833
New Orleans (City of); Series 2009, Ref. Sewage Service RB (INS–AGC)(c)		6.25	%		06/01/29		1,000		1,078,740
Plaquemines (Parish of) Law Enforcement District;
Series 2009, Limited Tax GO Bonds		4.00	%		09/01/14		1,200		1,270,080
Series 2009, Limited Tax GO Bonds		4.50	%		09/01/17		1,350		1,483,151
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB		5.13	%		06/01/37		1,000		953,880
Terrebonne (Parish of) Hospital Service District No. 1 (Terrebonne General Medical Center); Series 2010, Ref. RB		4.00	%		04/01/20		1,000		1,027,420
									47,418,197
Maine–0.40%
Lewiston (City of) (UBS Financial Services, Inc.);
Series 2008 B, Unlimited Tax GO School Bonds (INS–AGM)(c)		5.00	%		12/15/19		750		846,728
Series 2008 B, Unlimited Tax GO School Bonds (INS–AGM)(c)		5.00	%		12/15/20		870		970,241
Series 2008 B, Unlimited Tax GO School Bonds (INS–AGM)(c)		5.50	%		12/15/23		950		1,056,856
Maine (State of) Housing Authority; Series 2009 B, Mortgage Purchase RB		5.00	%		11/15/29		2,500		2,585,475
									5,459,300
Maryland–0.40%
Baltimore (City of) (Water); Series 2009 A, Sub. Project RB		5.13	%		07/01/29		250		272,548
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health);
Series 2008, RB		5.00	%		07/01/18		1,000		1,101,480
Series 2008, RB (INS–AGC)(c)		5.00	%		07/01/20		1,000		1,099,800
Maryland (State of) Health & Higher Educational Facilities Authority (The Johns Hopkins Health System Obligated Group);
Series 2008 B, RB(a)(b)		5.00	%		05/15/13		1,000		1,075,450
Series 2008 B, RB(a)(b)		5.00	%		05/15/15		715		809,587
Montgomery (County of) Housing Opportunities Commission; Series 2009 A, Single Family Mortgage RB		3.38	%		07/01/16		1,000		1,067,080
									5,425,945
Massachusetts–0.73%
Massachusetts (State of) Development Finance Agency (Baystate Medical Center); Series 2009 K-1, RB(a)(b)		5.00	%		07/01/13		2,500		2,661,125
Massachusetts (State of) Development Finance Agency (Cape Cod Healthcare Obligated Group); Series 2004 D, RB (INS–AGC)(c)		4.00	%		11/15/17		730		798,759
Massachusetts (State of) Development Finance Agency (Lesley University); Series 2009 A, RB (INS–AGC)(c)		5.00	%		07/01/23		1,095		1,193,703
Massachusetts (State of) Development Finance Agency (Northeastern University); Series 2008 T-2, RB(a)(b)		4.10	%		04/19/12		1,485		1,520,373
Massachusetts (State of) Development Finance Agency (Suffolk University); Series 2009 A, Ref. RB		6.00	%		07/01/24		1,500		1,610,190

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
Massachusetts–(continued)
Worcester (City of); Series 2009, Limited Tax GO Bonds (INS–AGC)(c)		4.00	%		11/01/16	$	1,860	$	2,108,942
									9,893,092
Michigan–6.09%
Adrian City School District; Series 2007, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.50	%		05/01/15		755		868,816
Battle Creek (City of); Series 2008, Ref. Downtown Development Limited Tax GO Bonds (INS–AMBAC)(c)		5.00	%		05/01/15		1,110		1,253,423
Central Michigan University Board of Trustees;
Series 2009, Ref. General RB		5.00	%		10/01/13		1,430		1,544,443
Series 2009, Ref. General RB		5.00	%		10/01/14		1,510		1,680,343
Detroit (City of);
Series 2010, Distributable State Aid Limited Tax GO Bonds		5.00	%		11/01/14		1,445		1,593,864
Series 2010, Distributable State Aid Limited Tax GO Bonds		5.00	%		11/01/16		1,000		1,137,060
Series 2010, Distributable State Aid Limited Tax GO Bonds		5.00	%		11/01/19		1,000		1,132,110
Series 2010, Distributable State Aid Limited Tax GO Bonds		5.00	%		11/01/20		1,000		1,129,940
Hastings Area School System; Series 2009, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		3.25	%		05/01/15		1,475		1,555,329
Michigan (State of) Building Authority (Facilities Program);
Series 2003 I, Ref. RB (INS–AGM)(c)		5.25	%		10/15/16		4,315		4,677,676
Series 2009 I, Ref. RB (INS–AGC)(c)		5.00	%		10/15/23		7,150		7,881,016
Series 2009 I, Ref. RB (INS–AGC)(c)		5.25	%		10/15/24		1,040		1,153,381
Series 2009 II, RB		4.00	%		10/15/15		1,000		1,091,510
Series 2009 II, RB		4.00	%		10/15/16		1,950		2,125,246
Series 2009 II, RB (INS–AGM)(c)		5.00	%		10/15/21		1,180		1,333,884
Series 2009 II, RB (INS–AGM)(c)		5.00	%		10/15/22		520		579,847
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group); Series 2010 F-3, Ref. & Project RB(a)(b)		2.63	%		06/30/14		2,700		2,826,495
Michigan (State of) Hospital Finance Authority (Henry Ford Health System);
Series 2009, Ref. RB		4.00	%		11/15/13		540		563,571
Series 2009, Ref. RB		4.00	%		11/15/14		655		689,263
Series 2009, Ref. RB		5.00	%		11/15/19		1,500		1,631,850
Series 2009, Ref. RB		5.50	%		11/15/18		1,000		1,130,020
Michigan (State of) Hospital Finance Authority (McLaren Health Care Corp.);
Series 2008 A, Ref. RB		5.25	%		05/15/18		1,100		1,246,344
Series 2008 B-3, Ref. VRD RB (LOC–JPMorgan Chase Bank, N.A.)(d)(g)		0.16	%		10/15/38		13,600		13,600,000
Michigan (State of) Municipal Bond Authority (Local Government Loan Program);
Series 2009 A, City of Grand Rapids Downtown Development Limited Tax GO Bonds		5.00	%		05/01/21		1,515		1,713,223
Series 2009 A, City of Grand Rapids Downtown Development Limited Tax GO Bonds		5.13	%		05/01/23		300		333,348
Series 2009 A, City of Grand Rapids Downtown Development Limited Tax GO Bonds		5.25	%		05/01/24		500		553,230
Series 2009 C, State Qualified School Limited Obligation Bonds (CEP–Michigan School Bond Loan Fund)		5.00	%		05/01/15		1,850		2,054,166
Series 2009 C, State Qualified School Limited Obligation Bonds (CEP–Michigan School Bond Loan Fund)		5.00	%		05/01/16		1,860		2,086,381
Michigan (State of);
Series 2009, Ref. & State Trunk Line Fund RB		5.00	%		11/01/19		3,000		3,553,980
Series 2009, Ref. & State Trunk Line Fund RB		5.00	%		11/01/23		1,500		1,680,945
Royal Oak (City of) Hospital Finance Authority (William Beaumont Hospital Obligated Group);
Series 2009 W, Ref. RB		5.00	%		08/01/15		1,000		1,093,410
Series 2009 W, Ref. RB		5.25	%		08/01/16		3,000		3,342,630
Series 2009 W, Ref. RB		5.25	%		08/01/17		2,000		2,230,540
Series 2009 W, Ref. RB		5.50	%		08/01/19		1,775		1,991,301
Southgate Community School District; Series 2005, Ref. Unlimited Tax GO Bonds (INS–NATL)(c)		5.00	%		05/01/18		1,710		1,890,268

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
Michigan–(continued)
Wayne State University;
Series 2007 A, General RB (INS–NATL)(c)		5.00	%		11/15/12	$	1,190	$	1,250,083
Series 2009 A, Ref. General RB		5.00	%		11/15/17		2,000		2,262,220
Wyandotte (City of); Series 2009 A, Ref. & Electric System RB (INS–AGC)(c)		5.25	%		10/01/28		250		267,308
Ypsilanti School District;
Series 2009, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		4.00	%		05/01/14		1,985		2,109,340
Series 2009, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		05/01/18		1,270		1,441,691
									82,279,495
Minnesota–2.21%
Duluth Independent School District No. 709;
Series 2009 B, COP		4.00	%		03/01/13		1,325		1,392,575
Series 2009 B, COP		4.00	%		03/01/14		1,360		1,469,521
Series 2009 B, COP		4.00	%		03/01/15		1,400		1,545,684
Minneapolis & St. Paul (Cities of) Housing & Redevelopment Authority (Children’s Health Care);
Series 1995 B, Health Care RB (INS–AGM)(c)		5.00	%		08/15/19		1,400		1,625,862
Series 1995 B, Health Care RB (INS–AGM)(c)		5.00	%		08/15/21		1,350		1,543,442
Series 2010 A, Health Care Facilities RB		5.00	%		08/15/20		730		836,682
Minneapolis & St. Paul (Cities of) Metropolitan Airports Commission;
Series 2007 B, Ref. Sub. RB (INS–NATL)(c)		5.00	%		01/01/19		2,930		3,229,622
Series 2009 A, Ref. Sr. RB		4.00	%		01/01/16		135		149,076
Series 2009 A, Ref. Sr. RB		5.00	%		01/01/20		1,000		1,156,740
Minnesota (State of) Agricultural & Economic Development Board (Essentia Health Obligated Group);
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(c)		4.00	%		02/15/14		1,000		1,064,290
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(c)		4.00	%		02/15/20		1,500		1,606,635
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(c)		5.00	%		02/15/16		570		647,702
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(c)		5.00	%		02/15/21		1,500		1,696,725
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas);
Series 2009 Seven-A, RB		4.00	%		10/01/15		1,000		1,104,720
Series 2009 Seven-A, RB		4.00	%		10/01/16		1,000		1,113,610
Series 2009 Seven-A, RB		4.50	%		10/01/22		1,000		1,087,840
Series 2009 Six-X, RB		5.00	%		04/01/24		500		535,445
Minnesota (State of) Housing Finance Agency;
Series 2009 A, Residential RB		5.20	%		01/01/23		855		898,648
Series 2009 B, Residential RB		5.45	%		07/01/24		750		800,550
St. Cloud (City of) (CentraCare Health System);
Series 2010 A, Health Care RB		5.00	%		05/01/15		500		556,705
Series 2010 B, Health Care RB		5.00	%		05/01/13		595		632,669
Series 2010 B, Health Care RB		5.00	%		05/01/16		1,000		1,131,430
St. Paul (City of) Housing & Redevelopment Authority (Gillette Children’s Specialty Healthcare);
Series 2009, Health Care RB		5.00	%		02/01/16		1,470		1,624,041
Series 2009, Health Care RB		5.25	%		02/01/21		2,175		2,363,486
									29,813,700
Mississippi–0.68%
Alcorn State University Educational Building Corp. (Student Housing); Series 2009 A, RB		4.63	%		09/01/26		1,695		1,792,496
Mississippi (State of) Development Bank (Jackson County Limited Tax Note); Series 2009, Special Obligation RB (INS–AGC)(c)		5.00	%		07/01/24		1,000		1,096,560
Mississippi (State of) Development Bank (Lowndes County Industrial Development); Series 2007, Special Obligation RB (INS–AGM)(c)		5.00	%		07/01/19		1,160		1,303,724

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
Mississippi–(continued)
Mississippi (State of) Development Bank (Mississippi Power Co.); Series 2007 A, Special Obligation RB (INS–AMBAC)(c)		5.00	%		07/01/16	$	1,000	$	1,129,650
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care); Series 2004 B-2, RB		5.00	%		09/01/23		1,975		2,165,726
Rankin County School District; Series 2001, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		10/01/11		1,625		1,631,565	��
									9,119,721
Missouri–1.22%
Cass (County of); Series 2007, Hospital RB		5.00	%		05/01/17		500		519,790
Kansas City (City of);
Series 2008 A, Ref. General Improvement Airport RB		4.00	%		09/01/14		1,000		1,085,720
Series 2010 B, Ref. Special Obligation Tax Allocation RB		4.13	%		01/01/21		2,000		2,114,060
Ladue School District; Series 2007, Ref. & Improvement Unlimited Tax GO Bonds		5.00	%		03/01/25		1,250		1,369,913
Missouri (State of) Development Finance Board (Missouri Association of Municipal Utilities Lease Pool Program); Series 1999, VRD Lease RB(d)(e)		3.50	%		12/01/22		510		510,000
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care);
Series 2010 B, Health Facilities RB		5.00	%		06/01/19		1,000		1,151,520
Series 2010 B, Health Facilities RB		5.00	%		06/01/21		4,645		5,278,485
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Episcopal-Presbyterian Hospitals);
Series 2011, Health Facilities RB		3.00	%		12/01/12		200		204,654
Series 2011, Health Facilities RB		5.00	%		12/01/13		200		215,684
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.); Series 2010 A, Health Facilities RB		5.00	%		11/15/20		1,000		1,126,180
St. Louis (City of) (Lambert-St. Louis International Airport); Series 2007 A, Ref. Airport RB (INS–AGM)(c)		5.00	%		07/01/20		1,125		1,207,451
St. Louis Municipal Finance Corp. (Convention Center Capital Improvement); Series 2008, Leasehold RB (INS–AGC)(c)		5.00	%		07/15/21		1,500		1,640,535
									16,423,992
Montana–0.55%
Gallatin (County of) Airport Authority (Passenger Facility Charges Supported); Series 2009, RB		4.38	%		06/01/29		1,500		1,511,205
Helena (City of); Series 2009, COP		5.00	%		01/01/29		400		430,316
Montana (State of) Facility Finance Authority (Kalispell Regional Medical Center Obligated Group); Series 2010, Health Care Facilities RB		5.00	%		07/01/30		400		413,540
Montana (State of) Facility Finance Authority (Master Loan Program–Glendive Medical Center, Inc.); Series 2008 A, Health Care Facilities RB (CEP–State of Montana Board of Investments)		4.63	%		07/01/18		1,010		1,157,672
Montana (State of) Facility Finance Authority (Sisters of Charity of Leavenworth Health System);
Series 2010 B, Ref. RB		4.00	%		01/01/20		1,000		1,064,860
Series 2010 B, Ref. RB		5.00	%		01/01/19		2,500		2,848,025
									7,425,618
Nebraska–0.04%
Douglas County School District No. 10 (Elkhorn Public Schools); Series 2009, Unlimited Tax GO Bonds		5.45	%		06/15/22		500		528,145
Nevada–2.31%
Clark (County of) (Bond Bank); Series 2006, Limited Tax GO Bonds (INS–AMBAC)(c)		5.00	%		11/01/21		5,235		5,712,275
Clark (County of);
Series 2009 C, Sub. Lien Airport System RB (INS–AGM)(c)		5.00	%		07/01/22		1,000		1,097,280
Series 2009 C, Sub. Lien Airport System RB (INS–AGM)(c)		5.00	%		07/01/23		4,000		4,344,960
Series 2009 C, Sub. Lien Airport System RB (INS–AGM)(c)		5.00	%		07/01/24		1,855		1,988,913
Series 2009 C, Sub. Lien Airport System RB (INS–AGM)(c)		5.00	%		07/01/25		1,500		1,589,595
Sr. Series 2010 D, Airport System RB		4.00	%		07/01/17		2,000		2,235,520
Clark County School District; Series 2004 A, Ref. Limited Tax GO Bonds (INS–AGM)(c)		5.00	%		06/15/16		5,000		5,454,050

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
Nevada–(continued)
Humboldt (County of) (Idaho Power Co.); Series 2003, Ref. PCR		5.15	%		12/01/24	$	4,100	$	4,401,637
Las Vegas (City of) Valley Water District; Series 2009 D, Ref. Limited Tax GO Bonds		5.00	%		06/01/16		500		581,005
Reno (City of) (Washoe Medical Center);
Series 2004 C, Hospital RB (INS–AGM)(c)		5.00	%		06/01/15		750		830,445
Series 2004 C, Hospital RB (INS–AGM)(c)		5.00	%		06/01/17		1,365		1,535,065
Series 2005 A, Hospital RB (INS–AGM)(c)		5.25	%		06/01/17		1,300		1,479,192
									31,249,937
New Hampshire–0.41%
Manchester (City of);
Series 2009 A, Ref. General Airport RB		5.00	%		01/01/15		1,750		1,904,840
Series 2009 A, Ref. General Airport RB		5.00	%		01/01/17		500		557,535
New Hampshire (State of) Health & Education Facilities Authority (Concord Hospital);
Series 2011, RB		5.25	%		10/01/25		525		548,945
Series 2011, RB		5.50	%		10/01/26		510		536,587
New Hampshire (State of) Housing Finance Authority;
Series 2008 E, Single Family Mortgage Acquisition RB		5.05	%		07/01/23		440		465,850
Series 2008 E, Single Family Mortgage Acquisition RB		5.30	%		07/01/28		315		329,723
Series 2009 A, Single Family Mortgage Acquisition RB		5.13	%		07/01/29		1,185		1,229,248
									5,572,728
New Jersey–1.97%
New Jersey (State of) Economic Development Authority (Montclair State University Student Housing);
Series 2010 A, RB		5.00	%		06/01/21		1,500		1,508,340
Series 2010 A, RB		5.25	%		06/01/20		1,295		1,345,518
New Jersey (State of) Economic Development Authority;
Series 2004, Cigarette Tax RB		5.50	%		06/15/16		1,805		1,945,465
Series 2010 DD-1, Ref. School Facilities Construction RB		5.00	%		12/15/16		630		724,116
Series 2010 DD-1, Ref. School Facilities Construction RB		5.00	%		12/15/17		1,550		1,777,059
New Jersey (State of) Educational Facilities Authority (Seton Hall University); Series 2011 A, Ref. RB		2.00	%		07/01/14		1,000		1,021,650
New Jersey (State of) Health Care Facilities Financing Authority (Bayonne Hospital Obligated Group); Series 1994, RB (INS–AGM)(c)		6.25	%		07/01/12		530		530,233
New Jersey (State of) Turnpike Authority;
Series 2009 H, RB		5.00	%		01/01/20		2,000		2,291,940
Series 2009 H, RB		5.00	%		01/01/21		2,000		2,262,180
Newark (City of) Housing Authority (South Ward Police Facility);
Series 2009 A, City-Secured Police Facility RB (INS–AGC)(c)		5.00	%		12/01/21		1,130		1,257,769
Series 2009 A, City-Secured Police Facility RB (INS–AGC)(c)		5.38	%		12/01/26		500		543,660
Newark (City of); Series 2010 A, Ref. Qualified General Improvement Unlimited Tax GO Bonds		4.00	%		10/01/16		3,710		4,068,200
Paterson (City of); Series 2009, General Improvement Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		06/15/16		200		223,386
Perth Amboy (City of) Board of Education;
Series 2010, Ref. COP (INS–AGC)(c)		4.00	%		06/15/12		1,135		1,157,825
Series 2010, Ref. COP (INS–AGC)(c)		4.00	%		12/15/12		1,285		1,325,246
Series 2010, Ref. COP (INS–AGC)(c)		4.00	%		06/15/15		1,345		1,446,830
Series 2010, Ref. COP (INS–AGC)(c)		4.00	%		12/15/15		1,395		1,509,753
South Jersey Port Corp.; Series 2009 P-2, Marine Terminal RB		4.00	%		01/01/16		1,505		1,653,288
									26,592,458

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
New York–3.14%
Amherst Development Corp. (UBF Faculty-Student Housing Corp.–Greiner & Hadley Projects at SUNY Buffalo); Series 2010 A, Student Housing Facility RB (INS–AGM)(c)		4.00	%		10/01/16	$	1,000	$	1,094,780
Babylon (Town of) Industrial Development Agency (Covanta Babylon, Inc.);
Series 2009 A, Resource Recovery RB		5.00	%		01/01/14		560		606,446
Series 2009 A, Resource Recovery RB		5.00	%		01/01/18		445		505,168
Series 2009 A, Resource Recovery RB		5.00	%		01/01/19		365		413,618
Metropolitan Transportation Authority (Dedicated Tax Fund); Series 2008 B-3b, Ref. RB(a)(b)		0.76	%		11/01/13		2,000		2,000,000
Nassau (County of) Industrial Development Agency (New York Institute of Technology);
Series 2000 A, Ref. Civic Facility RB		5.25	%		03/01/17		930		1,050,919
Series 2000 A, Ref. Civic Facility RB		5.25	%		03/01/19		1,585		1,785,724
New York (City of) Transitional Finance Authority;
Series 2009 S-5, Building Aid RB		5.00	%		01/15/16		2,000		2,300,540
Series 2009 S-5, Building Aid RB		5.00	%		01/15/17		1,875		2,178,600
New York (City of); Subseries 2008 J-1, Unlimited Tax GO Bonds		5.00	%		08/01/17		750		896,063
New York (State of) Dormitory Authority (Mount Sinai Hospital Obligated Group); Series 2010 A, RB		5.00	%		07/01/19		500		565,415
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		3,270,559
New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2008 D, RB (INS–AGC)(c)		5.75	%		10/01/24		1,000		1,139,370
New York (State of) Dormitory Authority (St. Lawrence University); Series 2009, RB		5.00	%		07/01/14		2,000		2,192,840
New York (State of) Dormitory Authority (Yeshiva University); Series 2009, RB		5.00	%		09/01/22		2,635		2,960,502
New York (State of) Energy Research & Development Authority (New York State Electric & Gas Corp.); Series 1994 C, Ref. PCR(a)(b)		3.00	%		06/03/13		4,000		4,091,880
New York City Housing Development Corp.;
Series 2009 C-2, MFH RB		3.50	%		05/01/13		970		971,406
Series 2009 L-2, MFH RB(a)(b)		2.00	%		09/16/13		3,220		3,272,454
Niagara Falls Bridge Commission; Series 1993 A, Toll Bridge System RB (INS–AGC)(c)		4.00	%		10/01/19		1,000		1,079,110
Salina (Town of); Series 2011, Unlimited Tax GO BAN		1.25	%		01/20/12		1,000		1,000,580
Tobacco Settlement Financing Corp.;
Series 2011 A, Asset-Backed RB		3.00	%		06/01/16		3,000		3,204,540
Series 2011 A, Asset-Backed RB		4.00	%		06/01/17		4,000		4,466,720
Yonkers (City of);
Series 2010 A, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		11/15/20		655		749,687
Series 2010 A, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		11/15/22		500		554,450
									42,351,371
North Carolina–1.07%
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System);
Series 2007 A, Ref. Health Care RB		5.00	%		01/15/19		1,000		1,106,890
Series 2009 A, Ref. Health Care RB		5.00	%		01/15/20		3,500		3,944,990
North Carolina (State of) Capital Facilities Finance Agency (St. Mary’s School); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(d)(g)		0.24	%		09/01/27		7,795		7,795,000
North Carolina (State of) Eastern Municipal Power Agency; Series 2008 C, Power System RB (INS–AGC)(c)		6.00	%		01/01/19		420		476,272
Oak Island (Town of) (Waste Water); Series 2008 A, Enterprise System RB (INS–NATL)(c)		5.00	%		06/01/20		1,065		1,178,390
									14,501,542
Ohio–4.53%
Akron (City of);
Series 2009, Ref. & Improvement Waterworks System Mortgage RB (INS–AGC)(c)		5.00	%		03/01/16		2,675		3,105,220
Series 2009, Ref. & Improvement Waterworks System Mortgage RB (INS–AGC)(c)		5.00	%		03/01/18		2,010		2,360,042

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
Ohio–(continued)
Allen (County of) (Catholic Healthcare Partners);
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/16	$	1,000	$	1,128,860
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/18		2,000		2,257,600
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/20		2,920		3,239,010
American Municipal Power, Inc. (Hydroelectric); Series 2009 C, RB		5.00	%		02/15/23		2,850		3,096,382
Buckeye Tobacco Settlement Financing Authority;
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/12		930		949,939
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/16		1,430		1,510,724
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/17		1,985		2,062,157
Series 2007 A-2, Sr. Asset-Backed RB		5.38	%		06/01/24		1,595		1,279,222
Cleveland (City of);
Series 2006 A, Airport System RB (INS–AMBAC)(c)		5.25	%		01/01/21		3,980		4,271,097
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/18		2,000		2,194,000
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/19		2,000		2,185,700
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/20		4,000		4,304,480
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/23		2,000		2,073,140
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/27		1,000		1,007,870
Franklin (County of) (OhioHealth Corp.); Series 2011 D, Ref. Hospital Facilities RB(a)(b)		4.00	%		08/01/16		2,500		2,743,700
Hancock (County of) (Blanchard Valley Regional Health Center);
Series 2011 A, Hospital Facilities RB		4.00	%		12/01/16		250		261,063
Series 2011 A, Hospital Facilities RB		5.00	%		12/01/18		170		183,841
Series 2011 A, Hospital Facilities RB		5.75	%		12/01/26		250		258,265
Ohio (State of) (Cleveland Clinic Health System Obligated Group);
Series 2009 B-1, Hospital RB		4.75	%		01/01/20		3,000		3,366,270
Series 2009 B-1, Hospital RB		4.75	%		01/01/21		1,000		1,108,840
Series 2009 B-1, Hospital RB		5.00	%		01/01/22		1,000		1,116,780
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);
Series 2009 A, RB		5.70	%		08/01/20		6,120		6,621,534
Series 2009 C, Ref. PCR		5.63	%		06/01/18		3,200		3,599,744
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 C, Hospital RB(a)(b)		4.88	%		07/15/15		2,525		2,799,922
Ohio (State of); Series 2009 A II, Parks & Recreation Capital Facilities RB		5.00	%		12/01/19		1,825		2,155,106
									61,240,508
Oklahoma–1.52%
Cleveland (County of) Justice Authority (Detention Facility); Series 2009 A, Sales Tax RB		5.00	%		03/01/22		1,000		1,061,600
Oklahoma (County of) Finance Authority (Western Heights Public Schools); Series 2009, Educational Facilities Lease RB		4.50	%		09/01/19		2,000		2,222,480
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		1,100,240
Oklahoma (State of) Industries Authority (Oklahoma Medical Research Foundation); Series 2008, RB		5.50	%		07/01/29		1,280		1,342,976
Oklahoma (State of) Municipal Power Authority;
Series 2008 A, Power Supply System RB		5.25	%		01/01/18		300		357,033
Series 2008 A, Power Supply System RB		5.38	%		01/01/19		250		294,333
Series 2008 A, Power Supply System RB		5.88	%		01/01/28		250		276,940
Okmulgee (City of) Municipal Authority; Series 2009 A, Utility System & Sales Tax RB		4.00	%		12/01/19		2,165		2,380,872
Tulsa (City of) Airports Improvement Trust;
Series 2009 A, General RB		4.00	%		06/01/15		670		707,245
Series 2009 A, General RB		5.38	%		06/01/24		1,750		1,788,710

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
Oklahoma–(continued)
Tulsa (County of) Industrial Authority (Jenks Public Schools); Series 2009, Educational Facilities Lease RB		4.00	%		09/01/14	$	2,000	$	2,197,800
Tulsa (County of) Industrial Authority;
Series 2003 A, Capital Improvements RB		4.00	%		05/15/16		5,000		5,607,650
Series 2005 A, Capital Improvements RB		4.00	%		05/15/17		1,000		1,122,980
									20,460,859
Oregon–0.82%
Clackamas (County of) Hospital Facility Authority (Legacy Health System); Series 2009 B, RB(a)(b)		5.00	%		07/15/12		1,000		1,036,060
Lane (County of); Series 2009 A, Limited Tax GO Bonds		4.00	%		11/01/16		1,000		1,147,480
Oregon (State of) Department of Administrative Services; Series 2009 A, Lottery RB		5.00	%		04/01/28		500		550,785
Oregon (State of) Facilities Authority (Legacy Health System); Series 2010 A, Ref. RB		5.00	%		03/15/16		1,490		1,670,633
Oregon (State of) Facilities Authority (PeaceHealth);
Series 2009 A, Ref. RB		5.00	%		11/01/15		660		761,620
Series 2009 A, Ref. RB		5.00	%		11/01/16		1,880		2,186,590
Oregon (State of) Facilities Authority (Samaritan Health Services); Series 2010 A, Ref. RB		4.00	%		10/01/16		1,000		1,074,880
Portland (City of); Series 2011 B, Central Eastside Urban Renewal & Redevelopment Tax Allocation RB		5.25	%		06/15/29		1,000		1,040,300
Salem-Keizer School District No. 24J; Series 2009 B, Unlimited Tax CAB GO Bonds (CEP–Oregon School Bond Guaranty)(f)		0.00	%		06/15/23		2,500		1,562,475
									11,030,823
Pennsylvania–5.31%
Bethel Park School District; Series 2009, Limited Tax GO Bonds		4.00	%		08/01/17		800		911,800
Delaware (County of) Authority (Villanova University); Series 2010, RB		4.00	%		12/01/16		500		561,985
Erie (County of) Hospital Authority (St. Vincent Health Center); Series 2010 A, RB		4.50	%		07/01/12		600		608,172
Lancaster (County of) Solid Waste Management Authority; Series 2009 B, Resource Recovery System RB		4.00	%		12/15/12		2,000		2,072,380
Moon (Township of) Industrial Development Authority (Providence Point); Series 2007, VRD First Mortgage RB (LOC–Lloyds TSB Bank PLC)(d)(g)		0.17	%		07/01/38		9,140		9,140,000
Pennsylvania (State of) Economic Development Financing Authority (Exelon Generation Co., LLC); Series 2009 A, Ref. Exempt Facilities RB(a)(b)		5.00	%		06/01/12		1,000		1,029,950
Pennsylvania (State of) Economic Development Financing Authority (PPL Electric Utilities Corp.); Series 2008, Ref. PCR		4.00	%		10/01/23		500		493,615
Pennsylvania (State of) Higher Educational Facilities Authority (Carnegie Mellon University);
Series 2009, RB		4.25	%		08/01/19		3,000		3,436,590
Series 2009, RB		5.00	%		08/01/17		1,000		1,188,150
Series 2009, RB		5.00	%		08/01/21		775		894,683
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System); Series 2008 B, RB		5.00	%		08/15/13		1,100		1,189,683
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pittsburgh Medical Center); Series 2010 E, RB		5.00	%		05/15/21		5,000		5,699,300
Pennsylvania (State of) Turnpike Commission;
Series 2008 C-1, Sub. RB (INS–AGC)(c)		6.00	%		06/01/23		500		578,180
Series 2009 B, Sub. RB		5.00	%		06/01/21		3,500		3,865,750
Series 2009 B, Sub. RB		5.25	%		06/01/24		2,500		2,708,050
Series 2011 A, RB		5.00	%		12/01/22		1,500		1,764,510
Series 2011 A, RB		5.00	%		12/01/23		1,500		1,750,545

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
Pennsylvania–(continued)
Philadelphia (City of);
Series 2008 B, Limited Tax GO Bonds (INS–AGC)(c)		5.75	%		07/15/17	$	1,000	$	1,143,050
Series 2008 B, Limited Tax GO Bonds (INS–AGC)(c)		6.00	%		07/15/18		1,000		1,139,430
Series 2008 B, Limited Tax GO Bonds (INS–AGC)(c)		6.25	%		07/15/23		2,000		2,216,340
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		4.50	%		08/01/20		2,000		2,155,560
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		5.25	%		08/01/21		2,500		2,785,700
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		5.25	%		08/01/22		5,000		5,496,150
Series 2010 A, Ref. Water & Wastewater RB (INS–AGM)(c)		5.00	%		06/15/19		1,000		1,161,690
Philadelphia School District; Series 2010 C, Ref. Unlimited Tax GO Bonds		5.00	%		09/01/14		1,000		1,104,220
Pittsburgh (City of) Water & Sewer Authority; Series 2008 C-1D, Ref. Sub. RB (INS–AGC)(a)(b)(c)		2.63	%		09/01/12		1,000		1,013,170
Pittsburgh School District; Series 2009 A, Limited Tax GO Bonds (INS–AGC)(c)		4.00	%		09/01/19		3,105		3,391,809
Reading (City of); Series 2008, Unlimited Tax GO Bonds (INS–AGM)(c)		5.63	%		11/01/23		1,500		1,686,960
South Fork (Borough of) Municipal Authority (Conemaugh Valley Memorial Hospital); Series 2005 A, Ref. Hospital RB (INS–AGC)(c)		6.00	%		07/01/26		500		555,675
St. Mary Hospital Authority (Catholic Health East);
Series 2010 A, Health System RB		4.00	%		11/15/15		1,445		1,558,433
Series 2010 A, Health System RB		5.00	%		11/15/18		2,645		2,993,452
University of Pittsburgh–Of the Commonwealth System of Higher Education (University Capital);
Series 2002 B, Ref. RB(a)(b)		5.50	%		09/15/13		1,000		1,093,380
Series 2005 A, RB(a)(b)		5.50	%		09/15/13		1,000		1,093,380
West Mifflin Area School District; Series 2009, Limited Tax GO Bonds (INS–AGM)(c)		5.50	%		04/01/24		500		568,050
York (City of) Sewer Authority;
Series 2010, Gtd. Sewer RB (INS–AGC)(c)		5.00	%		12/01/22		750		827,580
Series 2010, Gtd. Sewer RB (INS–AGC)(c)		5.00	%		12/01/23		1,620		1,783,361
									71,660,733
Puerto Rico–0.38%
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2004 K, Ref. Gtd. Government Facilities RB (INS–AGM)(c)		5.25	%		07/01/27		1,200		1,240,764
Puerto Rico Sales Tax Financing Corp.;
First Series 2009 A, RB		5.00	%		08/01/19		3,000		3,417,900
First Series 2010 A, RB		3.38	%		08/01/16		500		527,850
									5,186,514
Rhode Island–0.91%
North Providence (Town of); Series 2010, Deficit Unlimited Tax GO Bonds (INS–AGM)(c)		3.00	%		07/15/12		1,835		1,850,084
Rhode Island (State of) Student Loan Authority; Sr. Series 2009 A, Student Loan Program RB		4.75	%		12/01/15		1,150		1,273,545
Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group);
Series 2006 A, Ref. Hospital Financing RB (INS–AGM)(c)		5.00	%		05/15/15		1,000		1,120,720
Series 2009 A, Hospital Financing RB (INS–AGC)(c)		6.13	%		05/15/27		500		557,365
Rhode Island Health & Educational Building Corp. (Public Schools Financing Program–City of Woonsocket);
Series 2009 E, RB (INS–AGC)(c)		5.00	%		05/15/19		2,145		2,375,823
Series 2009 E, RB (INS–AGC)(c)		5.00	%		05/15/20		1,000		1,089,840
Series 2009 E, RB (INS–AGC)(c)		5.00	%		05/15/22		2,535		2,721,880
Rhode Island Health & Educational Building Corp. (University of Rhode Island–Auxiliary Enterprise); Series 2009 B, Higher Education Facility RB (INS–AGC)(c)		5.25	%		09/15/29		1,265		1,357,927
									12,347,184
South Carolina–1.77%
Oconee (County of) (Duke Energy Carolinas LLC); Series 1993, Ref. Pollution Control Facilities RB		3.60	%		02/01/17		1,000		1,077,260

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
South Carolina–(continued)
Piedmont Municipal Power Agency;
Series 2009 A-3, Ref. Electric RB		5.00	%		01/01/16	$	2,225	$	2,538,947
Series 2009 A-4, Ref. Electric RB		5.00	%		01/01/20		2,000		2,287,380
Rock Hill (City of);
Series 2009 C, Ref. Combined Utility System RB (INS–AGC)(c)		4.00	%		01/01/13		2,210		2,312,500
Series 2009 C, Ref. Combined Utility System RB (INS–AGC)(c)		4.00	%		01/01/15		2,405		2,649,685
South Carolina (State of) Education Assistance Authority; Series 2009 I, Student Loan RB		4.40	%		10/01/18		880		972,259
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health);
Series 2010, Ref. Hospital RB		5.00	%		02/01/13		790		834,335
Series 2010, Ref. Hospital RB		5.00	%		02/01/15		1,000		1,109,810
Series 2010, Ref. Hospital RB		5.00	%		02/01/16		1,140		1,284,381
Series 2010, Ref. Hospital RB		5.00	%		02/01/18		1,000		1,133,270
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health);
Series 2005 A, Ref. Hospital RB (INS–AGM)(c)		4.00	%		08/01/17		1,500		1,606,710
Series 2009, Ref. & Improvement Hospital RB		5.00	%		08/01/15		500		539,290
South Carolina (State of) Transportation Infrastructure Bank; Series 2004 A, RB (INS–AMBAC)(c)		5.25	%		10/01/22		1,390		1,522,008
Spartanburg (County of) Sanitary Sewer District; Series 2009 B, Ref. Conv. Sewer System RB (INS–AGC)(c)		4.00	%		03/01/16		1,110		1,238,982
Spartanburg Regional Health Services District, Inc.;
Series 2008 A, Ref. Hospital RB (INS–AGC)(c)		4.50	%		04/15/27		1,735		1,738,366
Series 2008 D, Ref. Hospital RB (INS–AGC)(c)		5.25	%		04/15/20		1,000		1,117,630
									23,962,813
South Dakota–0.67%
Rapid City (City of);
Series 2009, Water RB		5.00	%		11/01/21		1,170		1,367,215
Series 2009, Water RB		5.00	%		11/01/24		1,620		1,826,178
Series 2009, Water RB		5.00	%		11/01/25		1,650		1,841,169
South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2010, RB		5.00	%		09/01/21		1,000		1,103,010
South Dakota (State of) Health & Educational Facilities Authority (Sanford Health);
Series 2009, RB		5.00	%		11/01/16		500		569,840
Series 2009, RB		5.00	%		11/01/17		430		491,675
Series 2009, RB		5.00	%		11/01/24		1,000		1,068,820
Series 2009, RB		5.25	%		11/01/29		500		522,580
South Dakota (State of) Housing Development Authority (Homeownership Mortgage); Series 2008 G, RB		5.10	%		05/01/18		250		273,650
									9,064,137
Tennessee–0.84%
Chattanooga (City of) & Hamilton (County of) Hospital Authority (Erlanger Health System); Series 2004, Ref. RB (INS–AGM)(c)		4.50	%		10/01/16		2,500		2,800,625
Jackson (City of) (Jackson-Madison County General Hospital); Series 2008, Ref. & Improvement Hospital RB		5.25	%		04/01/23		1,000		1,069,600
Memphis (City of) & Shelby (County of) Airport Authority; Series 2011 D, Ref. RB		5.00	%		07/01/22		2,165		2,421,639
Sevierville (City of) Public Building Authority; Series 2009, Local Government Public Improvement RB		4.00	%		06/01/14		2,500		2,717,775
Shelby (County of) Health, Educational & Housing Facility Board (Baptist Memorial Health Care);
Series 2004 A, RB		5.00	%		09/01/18		500		578,670
Series 2004 A, RB		5.00	%		09/01/19		500		575,260
Shelby (County of) Health, Educational & Housing Facility Board (Methodist Healthcare); Series 2004 B, RB (INS–AGM)(c)		5.00	%		09/01/17		1,000		1,154,030
									11,317,599

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
Texas–9.42%
Austin (City of); Series 2001, Limited Tax GO Ctfs.		5.00	%		09/01/11	$	1,900	$	1,900,000
Beaumont Independent School District; Series 2009, School Building Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		02/15/24		1,500		1,671,405
Bexar (County of) Metropolitan Water District;
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/16		1,295		1,463,233
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/19		2,500		2,834,400
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/20		2,500		2,780,150
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/21		2,500		2,748,200
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/22		2,500		2,712,500
Corpus Christi Independent School District; Series 2009, School Building Unlimited Tax GO Bonds		5.00	%		08/15/22		1,100		1,289,046
Dallas & Fort Worth (Cities of) (Dallas/Fort Worth International Airport); Series 2009 A, Ref. Joint RB		4.00	%		11/01/14		1,500		1,633,185
Dallas (County of) Utility & Reclamation District;
Series 2005 A, Ref. Unlimited Tax GO Bonds (INS–AMBAC)(c)		5.00	%		02/15/19		1,200		1,301,448
Series 2005 A, Ref. Unlimited Tax GO Bonds (INS–AMBAC)(c)		5.15	%		02/15/21		3,000		3,221,640
Harris County Cultural Education Facilities Finance Corp. (St. Luke’s Episcopal Health System);
Series 2009, Ref. RB		5.00	%		02/15/14		2,000		2,185,280
Series 2009, Ref. RB		5.00	%		02/15/17		1,700		1,932,186
Series 2009, Ref. RB		5.00	%		02/15/18		2,000		2,273,100
Series 2009, Ref. RB		5.00	%		02/15/19		1,000		1,132,710
Series 2009, Ref. RB		5.63	%		02/15/25		2,500		2,756,400
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital);
Series 2009, Hospital RB		3.50	%		10/01/13		750		795,120
Series 2009, Hospital RB		5.00	%		10/01/24		1,750		1,881,057
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Services Corp.); Series 2009 A, Thermal Utility RB		5.00	%		11/15/19		485		582,437
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center); Series 2009 A, Ref. Special Facilities RB (INS–AGC)(c)		5.00	%		05/15/23		1,500		1,632,765
Harris County Cultural Education Facilities Finance Corp. (The Methodist Hospital System); Series 2009 B-1, Ref. RB(a)(b)		5.00	%		06/01/12		1,630		1,686,088
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership);
Series 2006, Solid Waste Disposal RB		5.00	%		02/01/23		4,000		4,265,440
Series 2008, Solid Waste Disposal RB		4.70	%		05/01/18		7,320		7,985,242
Harrison County Health Facilities Development Corp. (Good Shepherd Health System); Series 2010, Hospital RB		3.00	%		07/01/12		750		748,875
Houston (City of) (Convention & Entertainment Facilities Department);
Series 2001 A, Ref. Hotel Occupancy Tax & Special RB (INS–AMBAC)(c)		5.50	%		09/01/11		2,500		2,500,000
Series 2001 B, Hotel Occupancy Tax & Special RB (INS–AMBAC)(c)		5.25	%		09/01/11		2,360		2,360,000
Series 2001 B, Hotel Occupancy Tax & Special RB (INS–AMBAC)(c)		5.50	%		09/01/11		1,600		1,600,000
Series 2011 A, Ref. Hotel Occupancy Tax & Special RB		5.00	%		09/01/13		1,000		1,080,670
Series 2011 A, Ref. Hotel Occupancy Tax & Special RB		5.00	%		09/01/14		745		827,874
Series 2011 A, Ref. Hotel Occupancy Tax & Special RB		5.00	%		09/01/15		1,000		1,130,940
Houston (City of);
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/15		325		370,734
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/16		250		289,883
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/17		340		397,929
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/18		500		588,185
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/19		250		291,590
La Vernia Higher Education Finance Corp. (Knowledge is Power Program, Inc.); Series 2009 A, RB		5.75	%		08/15/24		365		380,589
Lake Worth (City of); Series 2008, Combination Tax & Revenue Limited Tax GO Ctfs. (INS–AGC)(c)		5.00	%		10/01/27		1,230		1,322,053
Live Oak (City of); Series 2004, Unlimited Tax GO Bonds (INS–NATL)(c)		5.00	%		08/01/16		390		427,483

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
Texas–(continued)
Love Field Airport Modernization Corp. (Southwest Airlines Co.–Love Field Modernization Program); Series 2010, Special Facilities RB		5.25	%		11/01/40	$	500	$	471,530
Lower Colorado River Authority;
Series 1999 A, Ref. RB (INS–AGM)(c)		5.88	%		05/15/14		415		416,822
Series 2009, Ref. RB(a)(i)		5.25	%		05/15/19		10		12,403
Series 2009, Ref. RB		5.25	%		05/15/29		490		527,382
Lubbock Health Facilities Development Corp. (St. Joseph Health System); Series 2008 A, Ref. RB(a)(b)		3.05	%		10/16/12		955		974,358
Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas);
Series 2009, Ref. & Improvement RB		5.00	%		02/15/13		1,675		1,708,182
Series 2009, Ref. & Improvement RB		5.00	%		02/15/14		1,270		1,301,788
Series 2009, Ref. & Improvement RB		5.50	%		02/15/15		1,875		1,955,662
Series 2009, Ref. & Improvement RB		5.50	%		02/15/16		1,505		1,571,912
Series 2009, Ref. & Improvement RB		5.50	%		02/15/17		2,100		2,166,717
Mansfield (City of); Series 2008, Limited Tax GO Ctfs.		6.13	%		02/15/26		500		566,630
Mansfield Independent School District; Series 1996, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(d)		1.50	%		08/15/21		2,300		2,300,000
Matagorda (County of) Navigation District No. 1 (AEP Texas Central Co.); Series 2008, Ref. PCR(a)(b)		1.13	%		06/01/12		1,000		1,001,820
Midtown Redevelopment Authority; Series 2011, Ref. Tax Increment Contract RB		3.00	%		01/01/13		500		510,060
North Fort Bend Water Authority; Series 2009, Water System RB (INS–AGC)(c)		5.00	%		12/15/24		2,000		2,203,080
North Texas Municipal Water District; Series 2001, Water System RB (INS–NATL)(c)		5.00	%		09/01/11		1,040		1,040,000
North Texas Tollway Authority;
Series 2005 C, Dallas North Tollway System RB		5.38	%		01/01/21		2,000		2,241,280
Series 2008 E-3, Ref. First Tier System RB(a)(b)		5.75	%		01/01/16		2,410		2,784,900
Series 2008 H-2, Ref. First Tier System RB(a)(b)		5.00	%		01/01/13		3,380		3,571,342
Series 2008 L-2, Ref. First Tier System RB(a)(b)		6.00	%		01/01/13		1,045		1,113,939
Series 2009 A, First Tier System RB		5.00	%		01/01/13		2,445		2,570,331
Parker (County of); Series 2009, Road Unlimited Tax GO Bonds (INS–AGC)(c)		5.25	%		02/15/26		1,000		1,108,760
Sachse (City of); Series 2009, Ref. & Improvement Limited Tax GO Bonds (INS–AGC)(c)		5.00	%		02/15/24		500		553,640
San Antonio (City of);
Series 1994 A, Ref. Electric & Gas Systems RB(i)		5.00	%		02/01/12		35		35,709
Series 1994 A, Ref. Electric & Gas Systems RB		5.00	%		02/01/12		2,340		2,387,104
San Jacinto River Authority (Groundwater Reduction Plan Division); Series 2011, Special Project RB (INS–AGM)(c)		4.50	%		10/01/27		1,000		1,006,370
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center);
Series 2009 A, Hospital RB (INS–AGC)(c)		3.75	%		09/01/14		1,000		1,063,490
Series 2009 A, Hospital RB (INS–AGC)(c)		5.00	%		09/01/13		500		536,110
Series 2009 A, Hospital RB (INS–AGC)(c)		5.00	%		09/01/22		595		640,964
Series 2009 A, Hospital RB (INS–AGC)(c)		5.00	%		09/01/24		1,280		1,361,664
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System); Series 2007 A, Ref. RB		5.00	%		02/15/19		4,405		4,856,909
Tarrant County Health Facilities Development Corp. (Cook Children’s Medical Center);
Series 2010 A, Hospital RB		5.00	%		12/01/13		1,000		1,092,680
Series 2010 A, Hospital RB		5.00	%		12/01/15		525		606,464
Series 2010 A, Hospital RB		5.00	%		12/01/17		1,250		1,443,812
Texas Woman’s University; Series 2008, Financing System RB		5.13	%		07/01/26		1,500		1,587,990
Trinity River Authority (Tarrant County Water); Series 2005, Ref. & Improvement RB (INS–NATL)(c)		5.00	%		02/01/24		4,240		4,638,390

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
Texas–(continued)
Uptown Development Authority (Infrastructure Improvement Facilities);
Series 2009, Tax Increment Allocation Contract RB		5.00	%		09/01/13	$	1,160	$	1,221,178
Series 2009, Tax Increment Allocation Contract RB		5.00	%		09/01/22		900		922,050
Series 2009, Tax Increment Allocation Contract RB		5.10	%		09/01/23		1,455		1,487,592
Series 2009, Tax Increment Allocation Contract RB		5.38	%		09/01/25		450		462,807
West Harris County Regional Water Authority;
Series 2005, Water System RB (INS–AGM)(c)		5.00	%		12/15/17		1,000		1,113,420
Series 2009, Water System RB		5.00	%		12/15/16		1,000		1,167,980
									127,285,058
Utah–0.36%
Intermountain Power Agency; Series 2009 B, Ref. Sub. Power Supply RB		4.00	%		07/01/18		1,945		2,063,645
Riverton (City of) (IHC Health Services, Inc.);
Series 2009, Hospital RB		5.00	%		08/15/15		645		741,563
Series 2009, Hospital RB		5.00	%		08/15/18		1,310		1,521,329
Salt Lake Valley Fire Service Area Local Building Authority; Series 2008, Lease RB		5.00	%		04/01/22		500		559,735
									4,886,272
Vermont–0.08%
Vermont (State of) Educational & Health Buildings Financing Agency (Fletcher Allen Heath Care); Series 2004 B, Hospital RB (INS–AGM)(c)		5.00	%		12/01/22		1,000		1,077,090
Virgin Islands–0.95%
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Notes–Diageo United States Virgin Islands, Inc.); Series 2009 A, Sub. Special Limited Obligation RB		6.75	%		10/01/19		1,500		1,660,935
Virgin Islands (Government of) 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		1,946,719
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/15		1,000		1,095,840
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/16		1,000		1,102,150
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/17		1,000		1,102,540
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/18		1,000		1,092,700
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/25		500		501,130
Series 2010 A, Sr. Lien Working Capital RB		5.00	%		10/01/15		500		547,920
Series 2010 A, Sr. Lien Working Capital RB		5.00	%		10/01/16		345		380,242
Series 2010 B, Sub. Lien Working Capital RB		5.00	%		10/01/25		750		748,312
Series 2010 B, Sub. Lien Working Capital RB		5.25	%		10/01/29		570		567,013
Virgin Islands (Government of) Water & Power Authority;
Series 2010 A, Ref. Electric System RB		4.00	%		07/01/14		1,000		1,044,390
Series 2010 B, Electric System RB (INS–AGM)(c)		5.00	%		07/01/22		1,000		1,085,370
									12,875,261
Virginia–0.66%
Chesterfield (County of) Economic Development Authority (Virginia Electric & Power Co.); Series 2009 A, Ref. PCR		5.00	%		05/01/23		500		551,085
Smyth (County of) Industrial Development Authority (Mountain States Health Alliance);
Series 2010 B, Ref. Hospital RB		5.00	%		07/01/15		1,095		1,185,261
Series 2010 B, Ref. Hospital RB		5.00	%		07/01/16		2,090		2,272,750
Series 2010 B, Ref. Hospital RB		5.00	%		07/01/18		1,255		1,352,262
Virginia (State of) Resources Authority (Clean Water State Revolving Fund); Series 2008, Sub. RB		5.00	%		10/01/29		1,315		1,446,855
York (County of) Economic Development Authority (Virginia Electric & Power Co.); Series 2009 A, Ref. PCR(a)(b)		4.05	%		05/01/14		2,000		2,130,200
									8,938,413

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
Washington–1.65%
Clark (County of) Public Utility District No. 1;
Series 2009, Ref. Electric System RB		5.00	%		01/01/26	$	500	$	529,685
Series 2009, Ref. Electric System RB		5.00	%		01/01/28		300		313,935
Cowlitz (County of) (Cowlitz Sewer Operating Board–Wastewater Treatment); Series 2002, Ref. Special Sewer RB (INS–NATL)(c)		5.50	%		11/01/19		2,500		2,827,900
King (County of) Housing Authority (Young Women’s Christian Association Family Village at Issaquah–Phase II); Series 2009, RB		2.40	%		01/01/13		1,450		1,455,365
Snohomish (County of);
Series 2001, Limited Tax GO Bonds(i)		5.25	%		12/01/11		2,385		2,415,504
Series 2001, Limited Tax GO Bonds(i)		5.25	%		12/01/11		300		303,702
Washington (State of) Health Care Facilities Authority (Highline Medical Center); Series 2008, Mortgage RB (CEP–FHA)		5.25	%		08/01/23		985		1,049,833
Washington (State of) Health Care Facilities Authority (MultiCare Health System); Series 2008 A, RB (INS–AGC)(c)		5.75	%		08/15/29		450		488,354
Washington (State of) Higher Education Facilities Authority (Gonzaga University);
Series 2009, Ref. RB		5.38	%		04/01/20		1,050		1,190,564
Series 2010 A, Ref. RB		4.50	%		04/01/16		3,095		3,393,760
Series 2010 A, Ref. RB		4.50	%		04/01/17		2,725		3,001,342
Series 2010 A, Ref. RB		5.00	%		04/01/15		2,955		3,258,419
Series 2010 A, Ref. RB		5.00	%		04/01/19		1,810		2,032,974
									22,261,337
West Virginia–0.17%
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		1,058,990
West Virginia (State of) Hospital Finance Authority (West Virginia University Hospitals, Inc.); Series 2003 D, Hospital Improvement RB (INS–AGM)(c)		5.38	%		06/01/28		1,200		1,275,312
									2,334,302
Wisconsin–1.23%
Manitowoc (City of); Series 2009, Ref. Electric Power System RB (INS–AGC)(c)		4.25	%		10/01/15		1,510		1,686,579
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.);
Series 2009 B, RB(a)(b)		4.75	%		08/15/14		1,000		1,088,450
Series 2009 B, RB(a)(b)		5.13	%		08/15/16		2,130		2,437,444
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert & Community Health, Inc. Obligated Group);
Series 2009 C, RB		4.00	%		04/01/15		2,060		2,236,357
Series 2009 C, RB		5.00	%		04/01/19		750		857,603
Series 2009 C, RB		5.00	%		04/01/20		750		845,085
Wisconsin (State of) Health & Educational Facilities Authority (Marquette University);
Series 2008 B-1, Ref. RB		3.50	%		10/01/16		1,005		1,092,827
Series 2008 B-1, Ref. RB		3.75	%		10/01/18		880		958,443
Series 2008 B-3, RB		3.75	%		10/01/18		1,125		1,225,282
Series 2008 B-3, RB		4.00	%		10/01/19		1,145		1,254,428
Wisconsin (State of) Health & Educational Facilities Authority (ThedaCare, Inc.); Series 2005, RB (INS–AMBAC)(c)		5.00	%		12/15/16		855		936,755
Wisconsin (State of); Series 1993 2, Ref. Unlimited Tax GO Bonds		5.13	%		11/01/11		2,000		2,016,640
									16,635,893

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
Wyoming–0.78%
Campbell (County of) Hospital District (Campbell County Memorial Hospital);
Series 2009, RB		3.00	%		12/01/12	$	1,000	$	1,025,320
Series 2009, RB		4.00	%		12/01/15		1,285		1,391,964
Series 2009, RB		5.00	%		12/01/17		1,170		1,312,459
Series 2009, RB		5.00	%		12/01/18		545		602,132
Gillette (City of) (PacifiCorp); Series 1988, Ref. VRD PCR (LOC–Barclays Bank PLC)(d)(g)		0.15	%		01/01/18		3,780		3,780,000
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR		5.25	%		07/15/26		1,200		1,293,876
Wyoming (State of) Municipal Power Agency; Series 2008 A, Power Supply System RB		5.38	%		01/01/25		1,000		1,092,270
									10,498,021
TOTAL INVESTMENTS(j)(k)–98.38% (Cost $1,254,026,938)									1,328,940,634
OTHER ASSETS LESS LIABILITIES–1.62%									21,866,001
NET ASSETS–100.00%								$	1,350,806,635

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAN	– Bond Anticipation Notes
BHAC	– Berkshire Hathaway Assurance Corp.
CAB	– Capital Appreciation Bonds
CEP	– Credit Enhancement Provider
Conv.	– Convertible
COP	– Certificates of Participation
Ctfs.	– Certificates
FHA	– Federal Housing Administration
GO	– General Obligation
Gtd.	– Guaranteed
INS	– Insurer
Jr.	– Junior
LOC	– Letter of Credit
MFH	– Multi-Family Housing
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RAB	– Revenue Anticipation Bonds
RAC	– Revenue Anticipation Certificates
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
Sec.	– Secured
SGI	– Syncora Guarantee, Inc.
Sr.	– Senior
Sub.	– Subordinated
VRD	– Variable Rate Demand

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)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
(c)	Principal and/or interest payments are secured by the bond insurance company listed.
(d)	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, 2011.
(e)	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, 2011 was $1,260,000, which represented 0.09% of the Fund’s Net Assets.
(f)	Zero coupon bond issued at a discount.
(g)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(h)	Security subject to crossover refunding.
(i)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(j)	This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Corp.		14.4	%
Assured Guaranty Municipal Corp.		13.0

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

Portfolio Composition

By credit sector, based on Net Assets

as of August 31, 2011

Revenue Bonds	80.2	%
General Obligation Bonds	12.4
Pre-Refunded Bonds	0.5
Other	6.9

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

29        Invesco Tax-Free Intermediate Fund

Statement of Assets and Liabilities

August 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $1,254,026,938)	$	1,328,940,634
Cash		8,169
Receivable for:
Investments sold		9,340,000
Fund shares sold		2,620,782
Interest		14,227,267
Investment for trustee deferred compensation and retirement plans		53,974
Other assets		98,636
Total assets		1,355,289,462
Liabilities:
Payable for:
Investments purchased		1,421,704
Fund shares reacquired		966,393
Dividends		1,460,330
Accrued fees to affiliates		428,382
Accrued other operating expenses		83,511
Trustee deferred compensation and retirement plans		122,507
Total liabilities		4,482,827
Net assets applicable to shares outstanding	$	1,350,806,635
Net assets consist of:
Shares of beneficial interest	$	1,270,570,973
Undistributed net investment income		7,601,073
Undistributed net realized gain (loss)		(2,279,107	)
Unrealized appreciation		74,913,696
	$	1,350,806,635
Net Assets:
Class A	$	1,000,187,813
Class A2	$	105,912,776
Class Y	$	229,954,177
Institutional Class	$	14,751,869
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		86,677,490
Class A2		9,175,075
Class Y		19,938,062
Institutional Class		1,279,260
Class A
Net asset value and offering price per share	$	11.54
Maximum offering price per share (Net asset value of $11.54 divided by 97.50%)	$	11.84
Class A2
Net asset value and offering price per share	$	11.54
Maximum offering price per share (Net asset value of $11.54 divided by 99.00%)	$	11.66
Class Y:
Net asset value and offering price per share	$	11.53
Institutional Class:
Net asset value and offering price per share	$	11.53

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

30        Invesco Tax-Free Intermediate Fund

Statement of Operations

For the six months ended August 31, 2011

(Unaudited)

Investment income:
Interest	$	24,869,454
Expenses:
Advisory fees		1,660,361
Administrative services fees		162,663
Custodian fees		37,728
Distribution fees — Class A		1,245,853
Transfer agent fees — A, A2 and Y		190,922
Transfer agent fees — Institutional		4,902
Trustees’ and officers’ fees and benefits		29,033
Other		200,072
Total expenses		3,531,534
Less: Expenses reimbursed and expense offset arrangement(s)		(288	)
Net expenses		3,531,246
Net investment income		21,338,208
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(610,503	)
Change in net unrealized appreciation of investment securities		47,887,300
Net realized and unrealized gain		47,276,797
Net increase in net assets resulting from operations	$	68,615,005

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

31        Invesco Tax-Free Intermediate Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2011 and the year ended February 28, 2011

(Unaudited)

	August 31,			February 28,
	2011			2011
Operations:
Net investment income	$	21,338,208		$	52,634,509
Net realized gain (loss)		(610,503	)		(1,202,954	)
Change in net unrealized appreciation (depreciation)		47,887,300			(18,923,733	)
Net increase in net assets resulting from operations		68,615,005			32,507,822
Distributions to shareholders from net investment income:
Class A		(16,737,260	)		(36,428,800	)
Class A2		(1,771,378	)		(3,078,278	)
Class Y		(3,193,201	)		(4,820,679	)
Institutional Class		(209,280	)		(180,861	)
Total distributions from net investment income		(21,911,119	)		(44,508,618	)
Share transactions–net:
Class A		(69,953,626	)		(509,805,901	)
Class A2		5,319,876			(11,559,102	)
Class Y		91,731,583			26,196,482
Institutional Class		6,933,069			(467,981	)
Net increase (decrease) in net assets resulting from share transactions		34,030,902			(495,636,502	)
Net increase (decrease) in net assets		80,734,788			(507,637,298	)
Net assets:
Beginning of period		1,270,071,847			1,777,709,145
End of period (includes undistributed net investment income of $7,601,073 and $8,173,984, respectively)	$	1,350,806,635		$	1,270,071,847

Notes to Financial Statements

August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Tax-Free Intermediate Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco 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 seven 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 federal tax-exempt current income.

  The Fund currently consists of four different classes of shares: Class A, Class A2, Class Y and Institutional Class.

  As of the close of business on October 30, 2002, Class A2 shares are closed to new investors. Class A and Class A2 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 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.

32        Invesco Tax-Free Intermediate Fund

	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 net realized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized 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 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.

33        Invesco Tax-Free Intermediate Fund

    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 Daily 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 Canada 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, 2011, Invesco Ltd. reimbursed expenses of the Fund in the amount of $147.

  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, 2011, 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, 2011, 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 A2, 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 shares (collectively the “Plans”). 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 A shares. Of the Rule 12b-1 payment, up to 0.25% of the average daily net assets of the Class A shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A 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, 2011, 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, 2011, IDI advised the Fund that IDI retained $165,571 and $372 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively. Also, $52,592 in CDSC were imposed upon Class A share redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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.

34        Invesco Tax-Free Intermediate Fund

  The following is a summary of the tiered valuation input levels, as of August 31, 2011. 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, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	1,328,940,634	$	—	$	1,328,940,634

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, 2011, the Fund engaged in securities purchases of $536,612.

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, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $141.

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, 2011, the Fund paid legal fees of $2,320 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner 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 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, 2011 which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 28, 2017	$	176,146
February 28, 2018		195,867
Total capital loss carryforward	$	372,013

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

35        Invesco Tax-Free Intermediate Fund

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, 2011 was $59,764,828 and $96,165,265, 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	$	75,278,110
Aggregate unrealized (depreciation) of investment securities		(364,414	)
Net unrealized appreciation of investment securities	$	74,913,696
Cost of investments is the same for tax and financial statement purposes.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2011(a)						February 28, 2011
	Shares			Amount			Shares			Amount
Sold:
Class A		11,464,959		$	129,661,500			29,111,924		$	327,753,888
Class A2		930,912			10,690,502			933,334			10,515,835
Class Y		10,792,148			122,344,339			16,259,700			182,567,330
Institutional Class		794,464			8,962,939			906,922			10,145,242
Issued as reinvestment of dividends:
Class A		1,026,835			11,639,103			2,550,373			28,730,987
Class A2		78,700			892,382			153,113			1,724,713
Class Y		132,596			1,506,055			252,987			2,860,122
Institutional Class		12,480			141,860			12,689			142,757
Reacquired:
Class A		(18,794,495	)		(211,254,229	)		(77,420,993	)		(866,290,776	)
Class A2		(555,579	)		(6,263,008	)		(2,130,556	)		(23,799,650	)
Class Y		(2,854,196	)		(32,118,811	)		(14,249,554	)		(159,230,970	)
Institutional Class		(193,320	)		(2,171,730	)		(968,656	)		(10,755,980	)
Net increase (decrease) in share activity		2,835,504		$	34,030,902			(44,588,717	)	$	(495,636,502	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and, in the aggregate, own 57% 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.

36        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
						Net gains																					expenses			expenses
						(losses)																��					to average			to average net			Ratio of net
	Net asset					on securities					Dividends			Distributions													net assets			assets without			investment
	value,		Net			(both			Total from		from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			realized and			investment		investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income			unrealized)			operations		income			gains			Distributions			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 08/31/11	$	11.12	$	0.19	(c)	$	0.42		$	0.61	$	(0.19	)	$	—		$	(0.19	)	$	11.54		5.54	%	$	1,000,188		0.61	%(d)		0.61	%(d)		3.27	%(d)		5	%
Year ended 02/28/11		11.19		0.36	(c)		(0.13	)		0.23		(0.30	)		—			(0.30	)		11.12		2.10			1,033,795		0.60			0.60			3.20			18
Eleven months ended 02/28/10		10.72		0.33	(c)		0.49			0.82		(0.35	)		—			(0.35	)		11.19		7.80			1,552,931		0.63	(e)		0.63	(e)		3.23	(e)		8
Year ended 03/31/09		10.70		0.46	(c)		(0.02	)		0.44		(0.41	)		(0.01	)		(0.42	)		10.72		4.18			224,508		0.69			0.69			4.32			22
Year ended 03/31/08		10.76		0.43	(c)		0.02			0.45		(0.43	)		(0.08	)		(0.51	)		10.70		4.24			37,865		0.73			0.73			3.93			19
Year ended 03/31/07		10.92		0.46			(0.12	)		0.34		(0.45	)		(0.05	)		(0.50	)		10.76		3.23			38,156		0.75			0.75			3.99			11
Class A2
Six months ended 08/31/11		11.12		0.20	(c)		0.42			0.62		(0.20	)		—			(0.20	)		11.54		5.67			105,913		0.36	(d)		0.36	(d)		3.52	(d)		5
Year ended 02/28/11		11.20		0.39	(c)		(0.14	)		0.25		(0.33	)		—			(0.33	)		11.12		2.26			96,998		0.35			0.35			3.45			18
Eleven months ended 02/28/10		10.72		0.35	(c)		0.51			0.86		(0.38	)		—			(0.38	)		11.20		8.14			109,342		0.38	(e)		0.38	(e)		3.48	(e)		8
Year ended 03/31/09		10.70		0.48	(c)		(0.02	)		0.46		(0.43	)		(0.01	)		(0.44	)		10.72		4.44			116,422		0.44			0.44			4.57			22
Year ended 03/31/08		10.76		0.45	(c)		0.02			0.47		(0.45	)		(0.08	)		(0.53	)		10.70		4.50			167,381		0.48			0.48			4.18			19
Year ended 03/31/07		10.92		0.46			(0.09	)		0.37		(0.48	)		(0.05	)		(0.53	)		10.76		3.49			145,563		0.50			0.50			4.24			11
Class Y
Six months ended 08/31/11		11.11		0.20	(c)		0.42			0.62		(0.20	)		—			(0.20	)		11.53		5.67			229,954		0.36	(d)		0.36	(d)		3.52	(d)		5
Year ended 02/28/11		11.19		0.39	(c)		(0.14	)		0.25		(0.33	)		—			(0.33	)		11.11		2.26			131,884		0.35			0.35			3.45			18
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	(e)		0.38	(e)		3.48	(e)		8
Year ended 03/31/09(f)		10.42		0.24	(c)		0.28			0.52		(0.21	)		(0.01	)		(0.22	)		10.72		5.01			29,834		0.45	(e)		0.45	(e)		4.56	(e)		22
Institutional Class
Six months ended 08/31/11		11.11		0.20	(c)		0.42			0.62		(0.20	)		—			(0.20	)		11.53		5.65			14,752		0.41	(d)		0.41	(d)		3.47	(d)		5
Year ended 02/28/11		11.18		0.39	(c)		(0.13	)		0.26		(0.33	)		—			(0.33	)		11.11		2.36			7,395		0.35			0.35			3.45			18
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	(e)		0.37	(e)		3.49	(e)		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

(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) of $991,266, $97,682, $175,712 and $11,677 for Class A, Class A2, Class Y and Institutional Class shares, respectively.
(e)	Annualized.
(f)	Commencement date of October 3, 2008 for Class Y shares.

37        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, 2011 through August 31, 2011.

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	(03/01/11)		(08/31/11)1		Period2		(08/31/11)		Period2		Ratio
A	$	1,000.00	$	1,055.40	$	3.15	$	1,022.07	$	3.10		0.61	%
A2		1,000.00		1,056.70		1.86		1,023.33		1.83		0.36
Y		1,000.00		1,056.70		1.86		1,023.33		1.83		0.36
Institutional		1,000.00		1,056.50		2.12		1,023.08		2.08		0.41

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2011 through August 31, 2011, 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 184/366 to reflect the most recent fiscal half year.

38        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 Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% 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, 2011. 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. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements 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 Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks 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 their assigned Invesco Funds. Each Sub-Committee recommends to the Investments 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 Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation 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 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 Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. 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. One Trustee may have weighed a particular piece of information differently than another Trustee.

  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 15, 2011, 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, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  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 services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms 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 sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

39        Invesco Tax-Free Intermediate 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 funds in the Lipper performance universe and against the Lipper Intermediate Municipal Debt Funds Index. The Board noted that performance of Class A2 shares of the Fund was in the first quintile of the performance universe for the one, 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 performance of Class A2 shares of the Fund was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the 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 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 the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, 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 and including only one fund per investment adviser. 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 advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the rate of one mutual fund with comparable investment strategies.

  Other than the mutual fund described above, 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 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 Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also 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.

  Based upon the information and considerations described above, 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 economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. 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 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 from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services 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. The Board 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 from the relationship with the Fund, including the fees received 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 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; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 Invesco 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 receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is 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.

40        Invesco Tax-Free Intermediate Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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, 2011, is available at 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.

Invesco Van Kampen High Yield Municipal Fund
Semiannual Report to Shareholders § August 31, 2011
Nasdaq:
A: ACTHX § B: ACTGX § C: ACTFX § Y: ACTDX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
44	Financial Statements
46	Notes to Financial Statements
53	Financial Highlights
54	Fund Expenses
55	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, 2/28/11 to 8/31/11, 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	7.32	%
Class B Shares	7.42
Class C Shares	6.94
Class Y Shares	7.33
Barclays Capital High Yield Municipal Bond Index ▼ (Broad Market Index)	6.90
Custom IVK High Yield Municipal Index § (Style-Specific Index)	6.70

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

The Barclays Capital High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade bonds.

     The Custom IVK High Yield Municipal Index, created by Invesco to serve as a benchmark for Invesco Van Kampen High Yield Municipal Fund, is composed of the following indexes: Barclays Capital High Yield Municipal Bond Index (60%) and Barclays Capital Municipal Bond Index (40%).

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

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

     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 Van Kampen High Yield Municipal Fund

Average Annual Total Returns

As of 8/31/11, including maximum applicable sales charges

							After Taxes
				After Taxes			on Distributions
	Before			on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
Inception (1/2/86)		5.70	%		5.69	%		5.80	%
10 Years		3.89			3.88			4.14
5  Years		1.30			1.29			1.90
1  Year		-3.37			-3.38			-0.23
Class B Shares
Inception (7/20/92)		5.06	%		5.05	%		5.17	%
10 Years		3.77			3.76			3.97
5  Years		1.28			1.27			1.81
1  Year		-3.75			-3.75			-0.55
Class C Shares
Inception (12/10/93)		4.32	%		4.32	%		4.46	%
10 Years		3.62			3.61			3.83
5  Years		1.50			1.50			1.99
1  Year		-0.29			-0.29			1.62
Class Y Shares
Inception (3/1/06)		3.03	%		3.02	%		3.43	%
5  Years		2.54			2.53			3.01
1  Year		1.59			1.58			3.18

Average Annual Total Returns

As of 6/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

							After Taxes
				After Taxes			on Distributions
	Before			on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
Inception (1/2/86)		5.63	%		5.62	%		5.74	%
10 Years		3.90			3.89			4.16
5  Years		1.26			1.25			1.88
1  Year		-2.00			-2.00			0.72
Class B Shares
Inception (7/20/92)		4.95	%		4.95	%		5.09	%
10 Years		3.76			3.76			3.98
5  Years		1.21			1.20			1.76
1  Year		-2.45			-2.46			0.30
Class C Shares
Inception (12/10/93)		4.21	%		4.21	%		4.37	%
10 Years		3.62			3.62			3.84
5  Years		1.46			1.45			1.97
1  Year		1.19			1.18			2.62
Class Y Shares
Inception (3/1/06)		2.63	%		2.62	%		3.10	%
5  Years		2.51			2.51			3.00
1  Year		3.19			3.19			4.29

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Van Kampen High Yield Municipal Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco Van Kampen High Yield Municipal Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Van Kampen High Yield Municipal Fund. Share class returns will differ from the predecessor fund because of different expenses.

     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. Before tax performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or

sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.90%, 1.45%, 1.65% and 0.65%, 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. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 4% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year.

The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

     After-tax returns are calculated using the historical highest individual federal marginal income tax rate. They do not reflect the effect of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in tax- deferred accounts such as 401(k)s or IRAs. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

     A redemption fee of 2% will be imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus.

3 Invesco Van Kampen High Yield Municipal Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

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

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance and its holdings as of the close of the reporting period.

     In light of economic uncertainty and market volatility, I suggest you check the timely market updates and commentary from many of our fund managers and other investment professionals at invesco.com/us. On our website, you also can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Invesco offers a broad array of traditional mutual funds, as well as other investment products, including single-country, sector, regional and global investments spanning equity, fixed income and alternative asset classes. Across our product line, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals. It also means that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

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

     All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen High Yield Municipal Fund

Schedule of Investments

August 31, 2011

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–107.89%
Alabama–0.72%
Colbert (County of) Northwest Alabama Health Care Authority; Series 2003, Health Care Facilities RB		5.75	%		06/01/27	$	5,500	$	5,432,185
Huntsville (City of)–Redstone Village Special Care Facilities Financing Authority (Redstone Village);
Series 2002 A, RB(a)(b)		8.13	%		12/01/12		4,000		4,427,360
Series 2002 A, RB(a)(b)		8.25	%		12/01/12		7,750		8,589,557
Series 2007, RB		5.50	%		01/01/28		1,000		811,710
Series 2007, Retirement Facilities RB		5.50	%		01/01/43		13,170		9,626,348
Series 2008 A, RB		6.88	%		01/01/43		4,470		3,978,926
Mobile (City of) Industrial Development Board (Mobile Energy Services Co.); Series 1995, Ref. Solid Waste Disposal RB		6.95	%		01/01/20		3		—
Valley (City of) Lanier Memorial Hospital Special Care Facilities Financing Authority (Lanier Memorial Hospital); Series 1997 A, RB		5.65	%		11/01/22		1,750		1,535,520
									34,401,606
Alaska–0.40%
Alaska (State of) Industrial Development & Export Authority (Lake Dorothy Hydroelectric); Series 2006, RB (INS–AMBAC)(d)(e)		5.25	%		12/01/26		3,690		3,468,268
Alaska (State of) Industrial Development & Export Authority (Upper Lynn Canal Regional Power Supply System);
Series 1997, Power RB(d)		5.80	%		01/01/18		830		817,210
Series 1997, Power RB(d)		5.88	%		01/01/32		2,945		2,645,729
Juneau (City & Borough of) (St. Ann’s Care Center); Series 1999, Nonrecourse RB		6.88	%		12/01/25		12,020		11,678,872
Northern Tobacco Securitization Corp.; Series 2006 C, Second Sub. Asset-Backed CAB  RB(f)		0.00	%		06/01/46		20,860		511,696
									19,121,775
Arizona–4.59%
Casa Grande (City of) Industrial Development Authority (Casa Grande Regional Medical Center);
Series 2001 A, Hospital RB		7.25	%		12/01/19		6,850		6,720,261
Series 2001 A, Hospital RB		7.63	%		12/01/29		11,750		11,178,715
Series 2002 A, Hospital RB		7.13	%		12/01/24		3,000		2,873,370
Cochise (County of) Industrial Development Authority (Sierra Vista Community Hospital); Series 1996 A, RB		6.75	%		12/01/26		5,085		5,085,254
Cochise (County of) Industrial Development Authority (Sierra Vista Regional Health Center); Series 2001, Hospital RB		7.75	%		12/01/30		2,555		2,608,221
Flagstaff (City of) Industrial Development Authority (Senior Living Community Northern Arizona);
Series 2003, RB(a)(b)		7.50	%		03/01/13		6,515		7,332,632
Series 2007, Ref. IDR		5.70	%		07/01/42		13,830		11,172,151
Maricopa (County of) Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 A, Ref. PCR(b)(g)		6.00	%		05/01/14		9,775		10,760,711
Maricopa (County of) Pollution Control Corp. (El Paso Electric Co.); Series 2009 A, RB		7.25	%		02/01/40		2,000		2,257,400
Peoria (City of) Industrial Development Authority (Sierra Winds Life Care Community);
Series 1999 A, RB		6.38	%		08/15/29		9,700		8,997,623
Series 1999 A, RB		6.50	%		08/15/31		3,500		3,281,110
Phoenix (City of) Civic Improvement Corp.;
Series 2008 A, Sr. Lien Airport RB(h)		5.00	%		07/01/22		3,500		3,836,525
Series 2008 A, Sr. Lien Airport RB(h)		5.00	%		7/01/24		5,000		5,368,750
Series 2008 A, Sr. Lien Airport RB(h)		5.00	%		07/01/26		5,000		5,297,650
Series 2009 A, Jr. Lien Water System RB(h)		5.00	%		07/01/27		8,935		9,907,217
Series 2009 A, Jr. Lien Water System RB(h)		5.00	%		07/01/28		6,785		7,479,173
Series 2009 A, Jr. Lien Water System RB(h)		5.00	%		07/01/29		5,500		6,023,215

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

5        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Arizona–(continued)
Pima (County of) Industrial Development Authority (Acclaim Charter School); Series 2006, Education Facilities RB		5.80	%		12/01/36	$	4,385	$	3,364,128
Pima (County of) Industrial Development Authority (Choice Education & Development Corp.);
Series 2006, Education Facility RB		6.25	%		06/01/26		2,525		2,181,196
Series 2006, Education Facility RB		6.38	%		06/01/36		3,840		3,124,070
Pima (County of) Industrial Development Authority (Constellation Schools); Series 2008, Lease RB		7.00	%		01/01/38		12,000		11,261,280
Pima (County of) Industrial Development Authority (Desert Heights Charter School); Series 2003, Education Facility RB		7.50	%		08/01/33		4,345		4,348,954
Pima (County of) Industrial Development Authority (Excalibur Charter School); Series 2003, Education RB		7.75	%		08/01/33		2,905		2,418,790
Pima (County of) Industrial Development Authority (Global Water Resources, LLC);
Series 2006, Water & Wastewater RB(d)(i)		5.60	%		12/01/22		2,000		1,791,400
Series 2006, Water & Wastewater RB(d)(i)		5.75	%		12/01/32		7,120		6,028,718
Series 2007, Water & Wastewater RB(d)		6.55	%		12/01/37		1,000		902,040
Series 2008, Water & Wastewater RB(d)		7.50	%		12/01/38		10,000		10,053,600
Pima (County of) Industrial Development Authority (Milestones Charter School District);
Series 2003, Education Facility RB		7.50	%		11/01/33		3,030		2,257,289
Series 2005, Education Facility RB		6.75	%		11/01/33		2,865		1,950,693
Pima (County of) Industrial Development Authority (P.L.C. Charter Schools);
Series 2006, Education Facility RB		6.50	%		04/01/26		1,590		1,438,568
Series 2006, Education Facility RB		6.75	%		04/01/36		2,805		2,453,113
Pima (County of) Industrial Development Authority (Premier & Air Co.); Series 2005, Education Facility RB(j)		7.00	%		09/01/35		5,092		2,545,542
Pima (County of) Industrial Development Authority (Riverbend Prep); Series 2010, Education Facility RB		7.00	%		09/01/37		3,358		3,159,878
Pima (County of) Industrial Development Authority (Skyline Technical High School); Series 2004, Educational Facility RB		7.50	%		02/01/34		4,300		3,457,286
Quechan Indian Tribe of Fort Yuma (Indian Reservation California and Governmental Projects); Series 2008, RB		7.00	%		12/01/27		5,310		4,951,097
Red Hawk Canyon Community Facilities District No. 2; Series 1998 A, Assessment RB		6.50	%		12/01/12		1,575		1,537,924
Sundance Community Facilities District (Assessment District No. 2); Series 2003, Special Assessment RB(i)		7.13	%		07/01/27		2,609		2,545,210
Sundance Community Facilities District (Assessment District No. 3); Series 2004, Special Assessment RB		6.50	%		07/01/29		496		448,944
Sundance Community Facilities District; Series 2004, Unlimited Tax GO Bonds(a)(b)(i)		6.25	%		07/15/14		1,000		1,157,810
Tucson (City of) Industrial Development Authority (Catalina Assisted Living Apartments); Series 2000 A, Housing RB(d)		6.50	%		07/01/31		4,660		2,516,540
University Medical Center Corp.;
Series 2005, Hospital RB		5.00	%		07/01/35		11,480		10,112,617
Series 2009, Hospital RB		6.25	%		07/01/29		1,150		1,202,705
Series 2009, Hospital RB		6.50	%		07/01/39		1,600		1,657,328
Verrado Community Facilities District No. 1;
Series 2003, Unlimited Tax GO Bonds		6.50	%		07/15/27		7,600		7,148,484
Series 2006, Unlimited Tax GO Bonds		5.35	%		07/15/31		5,915		4,714,492

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

6        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Arizona–(continued)
Vistancia Community Facilities District; Series 2002, Unlimited Tax GO Bonds		6.75	%		07/15/22	$	4,000	$	4,100,000
Yavapai (County of) Industrial Development Authority (Yavapai Regional Medical Center); Series 2003 A, Hospital Facilities RB		6.00	%		08/01/33		4,000		4,006,920
									219,016,594
California–9.13%
Agua Mansa Industrial Growth Association (Community Facilities District No. 2002-1); Series 2003, Special Tax Bonds (LOC–American Express Co.)(k)		6.50	%		09/01/33		6,975		7,012,595
Alameda (County of) Corridor Transportation Authority; Series 2004 A, Sub. Lien CAB RB (INS–AMBAC)(e)(f)		0.00	%		10/01/24		3,190		2,756,894
Alhambra (City of) (Atherton Baptist Homes);
Series 2010 A, RB		7.63	%		01/01/40		4,340		4,481,397
Series 2010 B, RB		6.63	%		01/01/17		2,000		2,000,840
Bakersfield (City of); Series 2007 A, Wastewater RB (INS–AGM)(e)(h)		5.00	%		09/15/32		14,990		15,410,170
Bay Area Toll Authority (San Francisco Bay Area); Series 2009 F-1, Toll Bridge RB(h)		5.13	%		04/01/39		22,295		23,323,914
Beaumont (City of) Financing Authority;
Series 2003 A, Local Agency RB(a)(b)		7.00	%		09/01/13		4,935		5,668,983
Series 2004 D, Special Tax Local Agency RB		5.80	%		09/01/35		2,875		2,674,871
Blythe (City of) Redevelopment Agency (Redevelopment Project No. 1); Series 2004, Tax Allocation Bonds		5.75	%		05/01/34		4,000		3,399,400
California (County of) Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 Sub. Series D, CAB RB(f)		0.00	%		06/01/55		20,000		107,400
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2006 A, Education RB		5.25	%		06/01/26		1,000		884,180
California (State of) Municipal Finance Authority (High Tech High-Chula Vista);
Series 2008 B, Educational Facility RB(i)		6.13	%		07/01/38		2,860		2,549,147
Series 2008 B, Educational Facility RB(i)		6.13	%		07/01/43		2,000		1,761,720
Series 2008 B, Educational Facility RB(i)		6.13	%		07/01/48		3,840		3,343,718
California (State of) Municipal Finance Authority (High Tech High-Media Arts);
Series 2008 A, Educational Facility RB(i)		6.00	%		07/01/38		670		587,134
Series 2008 A, Educational Facility RB(i)		6.13	%		07/01/48		2,415		2,102,885
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB		6.25	%		10/01/39		2,000		2,016,260
California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2007 A, RB		5.50	%		11/01/38		6,500		5,515,185
Series 2011, RB		7.25	%		11/01/31		1,500		1,583,130
Series 2011, RB		7.50	%		11/01/41		5,500		5,803,325
California (State of) Statewide Communities Development Authority (CHF–Irvine-LLC-UCI East Campus); Series 2008, RB		6.00	%		05/15/40		5,000		4,853,050
California (State of) Statewide Communities Development Authority (Elder Care Alliance); Series 2002 A, RB(a)(b)		8.00	%		11/15/12		4,000		4,434,920
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2007 A, RB(i)		5.13	%		04/01/37		5,000		4,115,750
California (State of) Statewide Communities Development Authority (Hospice of Napa Valley); Series 2004 A, RB		7.00	%		01/01/34		3,220		2,532,659
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
Series 2007, RB		5.40	%		06/01/17		3,100		3,093,676
Series 2007, RB		5.63	%		06/01/33		4,940		4,240,249
California (State of) Statewide Communities Development Authority (Notre Dame de Namur University); Series 2003, RB		6.50	%		10/01/23		1,985		1,914,175
Series 2003, RB		6.63	%		10/01/33		2,500		2,301,250
California (State of) Statewide Communities Development Authority (San Francisco Art Institute); Series 2002, RB (Acquired 07/05/02; Cost $5,250,000)(i)		7.38	%		04/01/32		5,250		4,793,250

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

7        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
California (State of) Statewide Communities Development Authority (Senior Living Southern California);
Series 2009, RB		7.00	%		11/15/29	$	1,745	$	1,888,265
Series 2009, RB		7.25	%		11/15/41		3,500		3,761,030
California (State of) Statewide Communities Development Authority (Thomas Jefferson School of Law);
Series 2008 A, RB(i)		7.25	%		10/01/32		2,000		2,015,740
Series 2008 A, RB(i)		7.25	%		10/01/38		15,000		15,019,200
California (State of) Statewide Communities Development Authority Community Facilities District 2007-1 (Orinda);
Series 2007, Special Tax RB		6.00	%		09/01/37		6,185		5,173,258
Series 2007, Special Tax RB		6.00	%		09/01/29		2,735		2,419,326
California (State of) Statewide Communities Development Authority; Series 2008 A, Special Assessment Bonds		6.63	%		09/02/38		7,610		6,933,243
Carlsbad (City of) Community Facilities District 3 (Improvement Area 2);
Series 2008, Special Tax RB		6.10	%		09/01/28		2,615		2,485,139
Series 2008, Special Tax RB		6.20	%		09/01/38		5,960		5,445,414
Contra Costa (County of); Series 1999 C, MFH RB(d)(i)		6.75	%		12/01/30		2,725		2,415,931
Desert Community College District (Election 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/46		25,000		2,487,000
Fairfield (City of) Community Facilities District No. 2007-1 (Fairfield Commons);
Series 2008, Special Tax Bonds		6.50	%		09/01/23		1,435		1,424,410
Series 2008, Special Tax Bonds		6.75	%		09/01/28		2,950		2,871,648
Series 2008, Special Tax Bonds		6.88	%		09/01/38		5,140		4,966,011
Fontana (City of) Community Facilities District No. 11; Series 1999 B, Special Tax Bonds		6.50	%		09/01/28		1,730		1,733,529
Fontana (City of) Community Facilities District No. 22 (Sierra Hills South); Series 2004, Special Tax Bonds		6.00	%		09/01/34		5,000		4,801,500
Foothill/Eastern Transportation Corridor Agency; Series 1999, Ref. Toll Road CAB RB (INS–NATL)(e)(f)		0.00	%		01/15/18		2,300		1,581,480
Golden State Tobacco Securitization Corp.;
Series 2005 A, Enhanced Asset-Backed RB (INS–BHAC)(e)(h)		5.00	%		06/01/45		40,380		37,821,523
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/33		5,000		3,500,300
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/47		20,135		12,992,713
Hawthorne (City of) Community Facilities District No. 2006-1;
Series 2006, Special Tax RB		5.00	%		09/01/36		2,000		1,374,900
Series 2006, Special Tax RB		5.00	%		09/01/30		3,000		2,224,860
Hesperia Public Financing Authority (Redevelopment & Housing); Series 2007 A, Tax Allocation RB (INS–SGI)(e)		5.00	%		09/01/31		1,495		1,055,754
Imperial Beach Public Finance Authority (Palm Avenue/Commercial Redevelopment);
Series 2003 A, Tax Allocation RB		5.85	%		06/01/28		1,000		902,060
Series 2003 A, Tax Allocation RB		6.00	%		06/01/33		3,000		2,648,790
Indio (City of) Redevelopment Agency (Merged Project Area); Series 2004 B, Sub. Tax Allocation Bonds(a)(b)		6.38	%		08/15/14		3,500		4,087,860
Series 2004 B, Sub. Tax Allocation Bonds(a)(b)		6.50	%		08/15/14		1,380		1,562,615
La Verne (City of) (Brethren Hillcrest Home); Series 2003 B, RB COP		6.63	%		02/15/25		4,500		4,517,640
Lee Lake Water District Community Facilities District No. 1 (Sycamore Creek); Series 2003, Special Tax Bonds		6.00	%		09/01/33		1,000		995,170
Los Angeles (City of) Community Facilities District No. 3 (Cascades Business Park); Series 1997, Special Tax Bonds		6.40	%		09/01/22		655		658,701
Morongo Band of Mission Indians (Enterprise Casino); Series 2008, Enterprise RB(i)		6.50	%		03/01/28		5,515		5,188,677
Murrieta (City of) Community Facilities District No. 2 (The Oaks Improvement Area);
Series 2004 B, Special Tax Bonds		6.00	%		09/01/27		1,000		975,930
Series 2004 B, Special Tax Bonds		6.00	%		09/01/34		2,000		1,872,440
National City Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation Bonds		7.00	%		08/01/32		3,750		3,929,888
NorthStar (City of) Community Services District; Series 2005, Special Tax Bonds		5.45	%		09/01/28		1,000		790,750

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

8        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Oakley (City of) Public Finance Authority;
Series 2004, RB		6.00	%		09/02/28	$	935	$	906,931
Series 2004, RB		6.00	%		09/02/34		935		875,366
Orange (City of) Community Facilities District No. 06-1 (Del Rio Public Improvements); Series 2010, Special Tax RB		6.00	%		10/01/40		3,000		2,975,340
Perris (City of) Community Facilities District No. 01-2; Series 2002 A, Special Tax Bonds		6.38	%		09/01/32		5,000		5,030,400
Perris (City of) Public Financing Authority;
Series 1995 D, Special Tax Local Agency RB		7.88	%		09/01/25		1,595		1,597,472
Series 2006, Tax Allocation RB		5.35	%		10/01/36		2,350		1,843,481
Placentia (City of) Public Financing Authority (Working Capital Financing); Series 2009, Lease RB		7.50	%		06/01/19		4,315		4,328,981
Rancho Cordova (City of) Community Facilities District No. 2003-1 (Sunridge Antolia); Series 2003, Special Tax Bonds		6.00	%		09/01/28		1,045		1,018,948
Rancho Cordova (City of) Community Facilities District No. 2003-1 (Sunridge Antolia); Series 2005, Special Tax Bonds		5.50	%		09/01/37		2,000		1,723,860
Riverside (County of) Redevelopment Agency (Mid County Redevelopment); Series 2010 C, Tax Allocation RB		6.25	%		10/01/40		1,780		1,643,848
Roseville (City of) Fountains Community Facilities District No. 1; Series 2008, Special Tax Bonds		6.13	%		09/01/38		1,000		978,700
Sacramento (County of) Community Facilities District No. 05-2 (North Vineyard Station No. 1); Series 2007 A, Special Tax Bonds		6.00	%		09/01/37		11,110		9,022,209
San Bernardino (City of) Unified School District;
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/36		7,650		1,470,254
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/37		13,130		2,361,824
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/38		13,515		2,263,492
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/39		13,895		2,177,624
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/40		14,280		2,088,450
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/41		14,080		1,921,216
San Buenaventura (City of) (Community Memorial Health System);
Series 2011, RB		8.00	%		12/01/31		8,875		9,277,215
Series 2011, RB		7.50	%		12/01/41		8,000		7,941,840
San Francisco (City & County of) Redevelopment Agency (Mission Bay South Redevelopment);
Series 2009 D, Tax Allocation Bonds		6.25	%		08/01/28		1,000		1,007,370
Series 2009 D, Tax Allocation Bonds		6.50	%		08/01/30		1,000		1,017,230
Series 2009 D, Tax Allocation Bonds		6.63	%		08/01/39		1,000		1,018,950
San Gorgonio (City of) Memorial Health Care District (Election 2006); Series 2006 C, Unlimited Tax GO Bonds		7.20	%		08/01/39		13,000		14,061,580
San Jose (City of) (Helzer Courts Apartments); Series 1999 A, MFH RB(d)		6.40	%		12/01/41		14,123		11,161,407
San Jose (City of) Community Facilities District (No. 9 Bailey/Hwy 101);
Series 2003, Special Tax Bonds		6.60	%		09/01/27		2,000		2,002,220
Series 2003, Special Tax Bonds		6.65	%		09/01/32		2,630		2,537,897
Santa Cruz (County of) Redevelopment Agency (Live Oak/Soquel Community Improvement); Series 2009 A, Tax Allocation Bonds		7.00	%		09/01/36		3,500		3,881,500
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, Tobacco Settlement CAB RB(f)		0.00	%		06/01/41		15,395		741,423

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

9        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Southern California Logistics Airport Authority;
Series 2007, Tax Allocation Bonds		6.15	%		12/01/43	$	4,400	$	2,615,976
Series 2008 A, Tax Allocation Bonds		6.00	%		12/01/33		1,475		877,138
Series 2008 A, Tax Allocation CAB Bonds(f)		0.00	%		12/01/45		18,085		886,888
Series 2008 A, Tax Allocation CAB Bonds(f)		0.00	%		12/01/46		18,085		810,208
Series 2008 A, Tax Allocation CAB Bonds(f)		0.00	%		12/01/47		18,085		740,038
Series 2008 A, Tax Allocation CAB Bonds(f)		0.00	%		12/01/48		18,085		675,656
Series 2008 A, Tax Allocation CAB Bonds(f)		0.00	%		12/01/49		18,085		617,060
Series 2008 A, Tax Allocation CAB Bonds(f)		0.00	%		12/01/50		18,085		564,614
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/46		12,190		7,754,668
Series 2006, Tobacco Settlement First Sub. RB(f)		0.00	%		06/01/46		35,000		790,650
Series 2006, Tobacco Settlement Second Sub. RB(f)		0.00	%		06/01/46		27,200		584,800
Series 2006, Tobacco Settlement Second Sub. RB(f)		0.00	%		06/01/46		47,000		931,070
Sweetwater Union High School District (Election 2000); Series 2004 C, Unlimited Tax GO Bonds (INS–AGM)(e)(h)		5.00	%		08/01/29		15,160		15,445,311
Turlock (City of) (Emanuel Medical Center, Inc.); Series 2004, Health Facilities COP		5.38	%		10/15/34		1,600		1,367,392
Upland Unified School District (Election 2008); Series 2008 B, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/39		15,000		2,379,600
Val Verde Unified School District Financing Authority;
Series 2003, Ref. Jr. Lien Special Tax RB		6.00	%		10/01/21		535		541,324
Series 2003, Ref. Jr. Lien Special Tax RB		6.25	%		10/01/28		7,115		6,975,688
Vallejo (City of) Public Financing Authority (Hiddenbrooke Improvement District); Series 2004 A, Local Agency RB		5.80	%		09/01/31		4,105		3,615,068
Woodland (City of) Community Facilities District 1; Series 2004, Special Tax Bonds		6.25	%		09/01/34		4,900		4,345,565
Yuba (City of) Redevelopment Agency (Housing Set-Aside);
Series 2004 B, Tax Allocation Bonds		6.00	%		09/01/31		1,060		951,011
Series 2004 B, Tax Allocation Bonds		6.00	%		09/01/39		1,880		1,615,898
Yuba (City of) Redevelopment Agency (Redevelopment); Series 2004, Tax Allocation Bonds		6.00	%		09/01/31		1,800		1,614,924
									435,362,397
Colorado–3.35%
Antelope Heights Metropolitan District; Series 2003, Limited Tax GO Bonds(a)(b)		8.00	%		12/01/13		2,156		2,533,386
Arvada (City of) (Arvada Nightingale); Series 1998, Ref. MFH RB (Acquired 04/16/99; Cost $1,025,000)(d)(i)		6.25	%		12/01/18		1,025		1,025,287
Beacon Point Metropolitan District;
Series 2005 A, Limited Tax GO Bonds		6.13	%		12/01/25		2,045		1,939,642
Series 2005 A, Limited Tax GO Bonds		6.25	%		12/01/35		2,010		1,841,522
Bradburn Metropolitan District No. 3; Series 2010, Ref. Limited Tax GO Bonds		7.50	%		12/01/39		2,025		2,029,010
Briargate Center Business Improvement District; Series 2002 A, Limited Tax GO Bonds		7.45	%		12/01/32		1,765		1,666,248
Bromley Park Metropolitan District No. 2;
Series 2002 B, Limited Tax GO Bonds(a)(b)		8.05	%		12/01/12		3,000		3,366,630
Series 2003, Limited Tax GO Bonds(a)(b)		8.05	%		12/01/12		3,500		3,927,735
Broomfield (Village of) Metropolitan District No. 2; Series 2003, Ref. Improvement Limited Tax GO Bonds		6.25	%		12/01/32		4,320		3,552,768
Castle Oaks Metropolitan District;
Series 2005, Limited Tax GO Bonds		6.00	%		12/01/25		500		419,540
Series 2005, Limited Tax GO Bonds		6.13	%		12/01/35		536		416,376
Colorado (State of) Educational & Cultural Facilities Authority (Brighton Charter School); Series 2006, Charter School RB		6.00	%		11/01/36		1,670		1,181,224
Colorado (State of) Educational & Cultural Facilities Authority (Denver Academy);
Series 2003 A, Ref. RB		7.13	%		11/01/28		810		817,752
Series 2003 A, Ref. RB		7.00	%		11/01/23		1,005		1,019,934

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

10        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Colorado–(continued)
Colorado (State of) Educational & Cultural Facilities Authority (Montessori School of Denver); Series 2002, RB		7.50	%		06/01/22	$	1,690	$	1,721,147
Colorado (State of) Health Facilities Authority (American Baptist Homes); Series 2009 A, RB		7.75	%		08/01/39		6,375		6,421,091
Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group), Series 2010 A, RB		6.00	%		11/15/30		700		717,836
Series 2010 A, RB		6.25	%		11/15/40		3,950		4,007,472
Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, RB		5.20	%		07/01/22		1,000		916,690
Series 2007 A, RB		5.30	%		07/01/37		6,930		5,421,478
Series 2007 A, RB		5.25	%		07/01/27		3,875		3,311,149
Colorado (State of) Housing & Finance Authority; Series 1999, Single Family Program Sr. RB(d)		6.80	%		04/01/30		55		56,436
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB		6.00	%		01/15/41		10,935		10,941,561
Copperleaf Metropolitan District No. 2; Series 2006, Limited Tax GO Bonds		5.95	%		12/01/36		7,250		5,047,160
Cross Creek Metropolitan District No. 2; Series 2006, Ref. Limited Tax GO Bonds		6.13	%		12/01/37		2,790		2,036,505
Denver (City & County of) (United Airlines); Series 2007 A, Ref. Special Facilities Airport RB		5.25	%		10/01/32		2,000		1,653,380
Denver (City of) Convention Center Hotel Authority;
Series 2006, Ref. Sr. RB (INS–SGI)(e)		5.13	%		12/01/26		3,350		3,087,762
Series 2006, Ref. Sr. RB (INS–SGI)(e)		5.00	%		12/01/35		6,365		5,448,122
Elbert (County of) & Highway 86 Commercial Metropolitan District; Series 2008 A, Public Improvement Fee RB		7.50	%		12/01/32		5,000		3,563,200
Fitzsimons Village Metropolitan District No. 1; Series 2010 A, Tax Increment Allocation Public Improvement RB		7.50	%		03/01/40		4,000		4,027,400
High Plains Metropolitan District;
Series 2005 A, Limited Tax GO Bonds		6.13	%		12/01/25		2,280		1,903,048
Series 2005 A, Limited Tax GO Bonds		6.25	%		12/01/35		4,000		3,074,520
Lafayette (City of) Industrial Development (Rocky Mountain Instrument);
Series 1998 A, RB(d)		7.00	%		10/01/18		4,595		3,451,764
Series 1999 A, RB		6.75	%		10/01/14		315		236,628
Lake Creek Affordable Housing Corp.; Series 1998 A, MFH RB		6.25	%		12/01/23		9,470		9,655,233
Lincoln Park Metropolitan District;
Series 2008, Ref. Improvement Unlimited Tax GO Bonds		6.13	%		12/01/30		6,250		6,328,437
Series 2008, Ref. Improvement Unlimited Tax GO Bonds		6.20	%		12/01/37		5,550		5,574,975
Montezuma (County of) Hospital District (Health Facilities Enterprise); Series 2007, Ref. RB		5.90	%		10/01/37		6,705		5,507,286
Montrose (County of) Health Care Facilities (Homestead at Montrose); Series 2003 A, RB		7.00	%		02/01/38		6,200		6,039,544
Montrose (County of) Memorial Hospital;
Series 2003, RB		6.00	%		12/01/28		4,185		4,171,189
Series 2003, RB		6.00	%		12/01/33		5,500		5,400,065
Neu Towne Metropolitan District; Series 2004, Limited Tax GO Bonds(m)		1.80	%		12/01/34		1,500		450,300
Northwest Metropolitan District No. 3;
Series 2005, Limited Tax GO Bonds		6.13	%		12/01/25		3,500		3,116,225
Series 2005, Limited Tax GO Bonds		6.25	%		12/01/35		6,450		5,472,309
Rendezvous Residential Metropolitan District; Series 2002, Limited Tax GO Bonds(a)(b)		8.00	%		12/01/13		1,630		1,857,662
Serenity Ridge Metropolitan District No. 2; Series 2004, Limited Tax GO Bonds(m)		3.75	%		12/01/34		2,000		960,400
Snowmass Village (Town of); Series 1992 A, MFH RB		8.00	%		09/01/14		335		335,137
Southlands Metropolitan District No. 1;
Series 2004, Unlimited Tax GO Bonds(a)(b)		7.00	%		12/01/14		1,000		1,205,490
Series 2004, Unlimited Tax GO Bonds(a)(b)		7.13	%		12/01/14		2,000		2,418,280
Tallgrass Metropolitan District; Series 2007, Ref. & Improvement Limited Tax GO Bonds		5.25	%		12/01/37		5,938		4,937,269
Tallyns Reach Metropolitan District No. 2; Series 2004, Limited Tax GO Bonds		6.38	%		12/01/23		637		647,096

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

11        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Colorado–(continued)
Tallyns Reach Metropolitan District No. 3;
Series 2004, Limited Tax GO Bonds		6.63	%		12/01/23	$	925	$	950,974
Series 2004, Limited Tax GO Bonds		6.75	%		12/01/33		1,000		1,016,910
Vista Ridge Metropolitan District; Series 2006 B, Ref. Sub. Limited Tax GO Bonds(m)		3.98	%		12/01/40		1,000		743,220
									159,569,404
Connecticut–0.65%
Connecticut (State of) Development Authority (Cargo BDL LLC); Series 2000, IDR(d)(m)		8.00	%		04/01/30		2,955		1,967,794
Connecticut (State of) Development Authority (The Elm Park Baptist Inc.); Series 2003, RB		5.85	%		12/01/33		2,950		2,963,245
Connecticut (State of) Health & Educational Facility Authority (St. Mary’s Hospital Issue); Series 1997 E, RB		5.88	%		07/01/22		3,660		3,394,284
Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds(i)(j)		5.13	%		10/01/36		4,405		2,165,630
Greenwich (Town of) Housing Authority; Series 1997 B, RB		7.50	%		09/01/27		1,355		1,230,110
Hamden (Town of) (Whitney Center);
Series 2009 A, Facility RB		7.75	%		01/01/43		10,995		11,409,182
Series 2009 A, Facility RB		7.63	%		01/01/30		2,180		2,278,601
Series 2009 C, Facility RB(b)(g)		7.25	%		01/01/16		2,000		2,054,100
Manchester (Town of) Connecticut (Bennet Housing Development); Series 1993, MFH Mortgage RB (Acquired 09/20/99; Cost $755,595)(i)		7.20	%		12/01/18		815		818,195
New Britain (City of) Housing Authority (Franklin Square Manor); Series 2002, RB(d)		7.00	%		07/01/21		2,369		2,476,552
									30,757,693
Delaware–0.08%
Wilmington (City of) (Electra Arms Sr. Association); Series 1998, MFH Rental RB(d)		6.25	%		06/01/28		4,480		3,904,051
District of Columbia–1.65%
District of Columbia (Center for Strategic & International Studies); Series 2011, RB		6.63	%		03/01/41		4,000		4,051,400
District of Columbia (Cesar Chavez Charter School); Series 2011, RB		7.88	%		11/15/40		7,000		7,186,480
District of Columbia (Methodist Home Issue); Series 1999, RB		6.00	%		01/01/29		2,545		2,233,594
District of Columbia (Sibley Memorial Hospital); Series 2009, Hospital RB		6.50	%		10/01/29		5,000		5,493,450
District of Columbia Tobacco Settlement Financing Corp.; Series 2006 C, Asset-Backed CAB RB(f)		0.00	%		06/15/55		130,320		1,187,215
District of Columbia; Series 2009 B, Ref. Sec. Income Tax RB(h)		5.00	%		12/01/25		16,165		18,168,328
Metropolitan Washington Airports Authority; Series 2006 B, System RB (INS–AGM)(d)(e)(h)		5.00	%		10/01/36		40,695		40,205,846
									78,526,313
Florida–12.30%
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR		5.88	%		11/15/36		7,500		5,920,500
Series 2007, IDR		5.88	%		11/15/42		19,000		14,569,960
Anthem Park Community Development District; Series 2004, Capital Improvement Special Assessment RB(c)		5.80	%		05/01/36		8,540		4,735,515
Baineridge Community Development District; Series 2007, Special Assessment Bonds		5.50	%		05/01/38		1,945		1,159,026
Bartram Park Community Development District; Series 2006, Special Assessment Bonds		5.40	%		05/01/37		9,565		4,786,326
Bay Laurel Center Community Development District (Candler); Series 2006, Special Assessment Bonds		5.45	%		05/01/37		1,260		1,052,024
Beacon Lakes Community Development District; Series 2003 A, Special Assessment Bonds		6.90	%		05/01/35		3,230		3,247,474
Bloomingdale (Villages of) Community Development District; Series 2004, Special Assessment RB		5.88	%		05/01/36		4,010		3,495,798
Bluewaters Community Development District; Series 2004, Special Assessment Bonds		6.00	%		05/01/35		2,740		2,655,663
Boca Raton (City of) Housing Authority (Banyan Place Sr. Apartments);
Series 2006, Ref. 1st Lien Mortgage Housing RB (Acquired 03/23/06-11/12/09; Cost $3,143,749)(i)		5.80	%		10/01/26		3,215		2,318,047
Series 2006, Ref. 1st Lien Mortgage Housing RB (Acquired 03/23/06-11/12/09; Cost $4,641,040)(i)		5.90	%		10/01/36		4,705		3,041,924

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

12        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Bonnet Creek Resort Community Development District;
Series 2002, Special Assessment Bonds		7.38	%		05/01/34	$	3,000	$	2,749,380
Series 2002, Special Assessment Bonds		7.50	%		05/01/34		7,500		6,969,300
Brevard (County of) Health Facilities Authority (Buena Vida Estates, Inc.); Series 2008, Residential Care Facility RB		6.75	%		01/01/37		11,640		10,320,140
Brevard (County of) Health Facilities Authority (Health First, Inc.);
Series 2009, Health Care Facilities RB		7.00	%		04/01/33		1,960		2,173,483
Series 2009, Health Care Facilities RB		7.00	%		04/01/39		1,865		2,047,341
Broward (County of) (Civic Arena);
Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS–AGM)(e)(h)		5.00	%		09/01/25		7,910		8,329,388
Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS–AGM)(e)(h)		5.00	%		09/01/24		7,555		8,004,900
Buckeye Park Community Development District; Series 2008, Capital Improvement Special Assessment RB		7.88	%		05/01/38		4,900		2,164,722
Capital Trust Agency (Fort Lauderdale); Series 2003, Sr. RB(d)		5.75	%		01/01/32		3,200		2,487,520
Capital Trust Agency (Million Air One LLC); Series 2011, RB(d)		7.75	%		01/01/41		6,000		5,910,300
Capital Trust Agency (Orlando); Series 2003, RB(d)		6.75	%		01/01/32		2,500		2,192,125
Caribe Palm Community Development District; Series 2005 A, Special Assessment Bonds		5.85	%		05/01/35		720		682,884
Championsgate Community Development District; Series 1998, Capital Improvement Special Assessment RB		6.25	%		05/01/20		2,695		2,438,167
Citrus (County of) Hospital Board (Citrus Memorial Hospital);
Series 2002, RB		6.25	%		08/15/23		3,295		2,929,321
Series 2002, RB		6.38	%		08/15/32		5,840		4,845,273
Collier County Industrial Development Authority (Arlington Naples); Series 2011, Continuing Care Community BAN		14.00	%		05/15/15		4,500		4,483,485
Connerton West Community Development District;
Series 2004 A-2, Capital Improvement Special Assessment RB		5.95	%		05/01/36		1,945		1,382,992
Series 2006 A-1, Capital Improvement Special Assessment RB(j)		5.38	%		05/01/37		4,950		1,984,455
Series 2007 B, Capital Improvement Special Assessment RB(j)		5.13	%		05/01/16		2,825		1,132,543
Cutler Cay Community Development District; Series 2004, Special Assessment Bonds		6.13	%		05/01/24		3,795		3,839,819
Double Branch Development District; Series 2002 A, Special Assessment Bonds		6.70	%		05/01/34		7,490		7,655,379
Escambia (County of) (International Paper Co.); Series 2006 A, Ref. Environmental Improvement RB(d)		5.00	%		08/01/26		5,690		5,380,578
Escambia (County of); Series 2003 A, Environmental Improvement RB(d)		5.75	%		11/01/27		9,250		9,318,357
Florida (State of) Development Finance Corp. (Renaissance Charter School, Inc.); Series 2010 A, Educational Facilities RB		6.00	%		09/15/40		8,840		8,115,474
Florida (State of) Housing Finance Corp. (Beacon Hill Apartments); Series 1998 C, RB(b)(d)		6.61	%		07/01/28		7,930		6,607,593
Florida (State of) Housing Finance Corp. (Westbrook Apartments); Series 1998 U-1, RB(b)(d)		6.45	%		01/01/29		10,935		10,098,363
Florida (State of) Housing Finance Corp. (Westchase Apartments); Series 1998 B, RB(b)(d)		6.61	%		07/01/28		9,945		6,964,583
Florida (State of) Housing Finance Corp. (Whistler’s Cove Apartments); Series 2009, MFH RB(b)(g)		0.00	%		07/01/28		6,810		1,838,564
Florida (State of) Housing Finance Corp. (Whistler’s Cove Apartments); Series 2009, MFH RB(b)(g)		6.00	%		07/01/28		6,975		6,121,957
Gramercy Farms Community Development District;
Series 2007 A-1, Special Assessment Bonds(j)		5.25	%		05/01/39		2,450		858,480
Series 2007 A-2, Special Assessment Bonds(j)		5.25	%		05/01/39		3,110		1,089,744
Series 2007 B, Special Assessment Bonds(j)		5.10	%		05/01/14		7,000		2,452,800
Greyhawk Landing Community Development District; Series 2002 A, Special Assessment RB		7.00	%		05/01/33		1,940		1,940,039
Hammock Bay Community Development District; Series 2004 A, Special Assessment RB		6.13	%		05/01/35		2,420		2,344,907
Harbour Isles Community Development District; Series 2004, Special Assessment RB		6.13	%		05/01/35		1,360		1,204,661
Heritage Harbor Community Development District; Series 1997, Recreational RB		7.75	%		05/01/23		430		261,866
Islands at Doral III Community Development District; Series 2004 A, Special Assessment RB		5.90	%		05/01/35		3,655		3,350,319
Islands at Doral Northwest Community Development District; Series 2004, Special Assessment RB		6.25	%		05/01/34		985		944,645
Islands at Doral Southwest Community Development District; Series 2003, Special Assessment RB(a)(b)		6.38	%		05/01/13		1,710		1,874,724

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

13        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Jacksonville (City of) Economic Development Commission (Proton Therapy Institution); Series 2007 A, Health Care Facilities RB(i)		6.25	%		09/01/27	$	13,000	$	12,954,500
Kendall Breeze Community Development District;
Series 2002, Special Assessment Bonds		6.70	%		11/01/23		1,995		2,146,201
Series 2002, Special Assessment Bonds		6.63	%		11/01/33		3,190		3,461,469
Series 2004, Special Assessment Bonds		5.88	%		05/01/34		1,390		1,290,657
Lakeland (City of) (Carpenter’s Home Estates); Series 2008, Ref. Retirement Community First Mortgage RB(i)		6.38	%		01/01/43		2,250		2,090,858
Lakeside Landings Community Development District;
Series 2007 A, Special Assessment Bonds(j)		5.50	%		05/01/38		1,000		410,000
Series 2007 B, Special Assessment Bonds(j)		5.25	%		05/01/13		1,940		795,400
Lee (County of) Industrial Development Authority; Series 2007 A, IDR		5.25	%		06/15/27		3,000		2,530,650
Lee (County of) Industrial Development Authority (Lee County Community Charter Schools, LLC); Series 2007 A, RB		5.38	%		06/15/37		5,000		3,980,650
Lee (County of) Industrial Development Authority (Cypress Cove Health Park);
Series 1997 A, Health Care Facilities RB		6.38	%		10/01/25		8,725		6,828,621
Series 2002 A, Health Care Facilities RB		6.75	%		10/01/32		8,000		5,953,040
Leon (County of) Educational Facilities Authority (Southgate Residence Hall); Series 1998 A, RB		6.75	%		09/01/28		8,205		6,649,496
Marshall Creek Community Development District; Series 2000 A, Special Assessment Bonds		7.65	%		05/01/32		2,655		2,640,955
Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center);
Series 1998, Hospital RB		5.38	%		11/15/18		95		93,353
Series 2001 A, Hospital RB		6.80	%		11/15/31		3,465		3,469,574
Series 2004, Ref. Hospital RB(i)		6.75	%		11/15/29		5,500		5,539,435
Miami-Dade (County of) (Building Better Communities Program); Series 2008, Unlimited Tax GO Bonds (INS–AGM)(e)(h)		5.00	%		07/01/30		15,210		15,948,446
Miami-Dade (County of) (Miami International Airport); Series 2008 A, Aviation RB (INS–AGM)(d)(e)(h)		5.25	%		10/01/33		16,500		16,586,460
Miami-Dade (County Of) School Board; Series 2008 B, COP (INS–AGM)(e)(h)		5.25	%		05/01/26		5,000		5,354,750
Series 2008 B, COP (INS–AGM)(e)(h)		5.25	%		05/01/27		10,000		10,649,300
Miami-Dade (County of); Sub–Series 2009, Special Obligation CAB RB(f)		0.00	%		10/01/42		43,870		5,505,246
Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB		7.25	%		10/01/40		14,000		14,215,600
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB		6.00	%		05/01/24		1,755		1,745,611
Series 2004 A, Special Assessment RB		6.25	%		05/01/37		8,445		8,223,234
Miromar Lakes Community Development District; Series 2000 B, Capital Improvement Special Assessment RB		7.25	%		05/01/12		4,440		4,410,208
Mount Dora (City of) Health Facilities Authority (Waterman Village);
Series 2002 A, Health Facilities RB		6.75	%		08/15/25		3,000		2,386,800
Series 2004 A, Ref. Health Facilities RB		5.25	%		08/15/13		1,075		1,021,293
Series 2004 A, Ref. Health Facilities RB		5.75	%		08/15/18		3,000		2,523,000
Northern Palm Beach (County of) Improvement District Unit of Development No. 16;
Series 1999, Ref. Water Control & Improvement RB		7.50	%		08/01/24		2,645		2,647,513
Series 2002, Water Control & Improvement RB		7.00	%		08/01/32		2,500		2,528,575
Northern Palm Beach (County of) Improvement District Unit of Development No. 2A; Series 2002, Water Control & Improvement RB		6.40	%		08/01/33		3,995		3,939,190
Oak Creek Community Development District; Series 2004, Special Assessment Bonds		5.80	%		05/01/35		1,620		1,360,670

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

14        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
Series 2005, Ref. Health Care Facility RB		5.38	%		07/01/20	$	2,200	$	2,052,094
Series 2005, Ref. Health Care Facility RB		5.70	%		07/01/26		4,000		3,564,360
Series 2007, First Mortgage RB		5.50	%		07/01/32		2,750		2,306,233
Series 2007, First Mortgage RB		5.50	%		07/01/38		7,450		6,036,064
Orange (County of) Health Facilities Authority (Westminster Community Care);
Series 1999, RB		6.50	%		04/01/12		130		130,047
Series 1999, RB		6.60	%		04/01/24		4,000		3,899,200
Series 1999, RB		6.75	%		04/01/34		2,500		2,352,675
Orange (County of) Housing Finance Authority (Alhambra Trace Apartments); Series 1998 C, RB		7.00	%		04/01/28		1,905		1,836,230
Orange (County of) Housing Finance Authority (Governors Manor Apartments); Series 2001 F-4, RB		7.25	%		10/01/31		3,785		3,798,096
Orange (County of) Housing Finance Authority (H.A.N.D.S., Inc.);
Series 1995 A, Mortgage RB(i)		7.00	%		10/01/15		1,005		1,028,507
Series 1995 A, Mortgage RB(i)		7.00	%		10/01/25		2,535		2,589,908
Orange (County of) Housing Finance Authority (Lake Davis Apartments); Series 2001 F-1, RB		7.25	%		10/01/31		790		792,733
Orange (County of) Housing Finance Authority (Lake Jennie Phase I); Series 2001 F-2, RB		7.25	%		10/01/31		220		220,761
Orange (County of) Housing Finance Authority (Lake Jennie Phase II); Series 2001 F-3, RB		7.25	%		10/01/31		790		792,733
Orange (County of) Housing Finance Authority (Mellonville Trace Apartments); Series 2001 F-5, RB		7.25	%		10/01/31		315		316,090
Overoaks Community Development District;
Series 2004 A, Capital Improvement Special Assessment RB		6.13	%		05/01/35		410		4
Series 2010 A-2, Capital Improvement CAB RB(f)		0.00	%		05/01/35		435		279,357
Series 2010 B, Capital Improvement CAB RB(f)		0.00	%		05/01/17		1,000		849,460
Palm Beach (County of) Housing Finance Authority (Lake Delray Apartments); Series 1999 A, MFH RB(d)		6.40	%		01/01/31		8,785		7,731,151
Palm Coast Park Community Development District; Series 2006, Special Assessment RB		5.70	%		05/01/37		4,715		2,849,605
Parklands Lee Community Development District; Series 2004 A, Special Assessment Bonds(j)		5.80	%		05/01/35		2,720		1,414,128
Parklands West Community Development District; Series 2001 A, Special Assessment RB		6.90	%		05/01/32		3,540		3,411,498
Pentathlon Community Development District; Series 2003, Special Assessment RB		6.75	%		11/01/33		1,690		1,692,214
Pier Park Community Development District; Series 2002 1, Capital Improvement RB		7.15	%		05/01/34		14,570		13,970,299
Pine Air Lakes Community Development District; Series 2002, Special Assessment RB		7.25	%		05/01/33		2,800		2,803,052
Pine Ridge Plantation Community Development District; Series 2006 A, Capital Improvement Special Assessment RB		5.40	%		05/01/37		1,615		1,028,028
Pinellas (County of) Health Facilities Authority (Clearwater Christian College); Series 2001 A, RB(i)		7.25	%		09/01/31		7,015		6,252,189
Pinellas (County of) Health Facilities Authority (The Oaks of Clearwater); Series 2004, Health Care Facilities RB		6.25	%		06/01/34		5,580		5,655,107
Poinciana Community Development District; Series 2000 A, Special Assessment RB		7.13	%		05/01/31		6,885		6,884,449
Poinciana West Community Development District; Series 2007, Special Assessment Bonds		6.00	%		05/01/37		1,495		1,297,122
Port St. Lucie (City of) (Glassman Special Assessment District); Series 2003 C, Special Assessment RB		6.75	%		07/01/23		5,350		5,352,087
Reunion East Community Development District; Series 2005, Special Assessment RB(j)		5.80	%		05/01/36		4,300		2,108,591
Saddlebrook Community Development District; Series 2001 A, Special Assessment Bonds		6.90	%		05/01/33		4,460		4,468,340
Sausalito Bay Community Development District; Series 2003, Special Assessment Bonds		6.20	%		05/01/35		2,660		2,567,060
Seminole Indian Tribe; Series 2007 A, Special Obligation RB(i)		5.50	%		10/01/24		5,350		4,967,582
Seven Oaks Community Development District II; Series 2004 A, Special Assessment RB		5.88	%		05/01/35		2,640		1,904,179
Series 2003 A, Special Assessment RB		6.40	%		05/01/34		4,700		4,457,762
Silver Palms Community Development District; Series 2004, Special Assessment RB		5.90	%		05/01/34		1,790		1,671,359
Six Mile Creek Community Development District; Series 2007, Capital Improvement Special Assessment RB		5.88	%		05/01/38		5,000		1,624,500

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

15        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
South Lake (County of) Hospital District (South Lake Hospital, Inc.);
Series 2003, RB		6.38	%		10/01/28	$	2,115	$	2,144,610
Series 2003, RB		6.38	%		10/01/34		3,995		4,031,434
South-Dade Venture Community Development District;
Series 2002, Special Assessment RB		6.90	%		05/01/33		4,300		4,354,567
Series 2004, Special Assessment RB		6.13	%		05/01/34		1,300		1,261,169
St. Johns (County of) Industrial Development Authority (Glenmoor); Series 2006 A, Health Care RB		5.38	%		01/01/40		7,850		5,961,682
St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities);
Series 2004 A, RB		5.63	%		08/01/34		5,390		5,063,258
Series 2010 A, RB		6.00	%		08/01/45		4,000		4,010,680
Sterling Hill Community Development District (Hernando County); Series 2003 A, Capital Improvement Special Assessment RB		6.20	%		05/01/35		1,495		1,332,299
Stonebrier Community Development District; Series 2006, Special Assessment Bonds		5.50	%		05/01/37		2,820		2,392,516
Stonegate Community Development District; Series 2008, Special Assessment RB		8.13	%		05/01/39		4,730		4,915,132
Sweetwater Creek Community Development District; Series 2007 A, Capital Improvement Special Assessment RB		5.50	%		05/01/38		3,505		1,577,951
Tallahassee (City of) (Tallahassee Memorial Health Care, Inc.); Series 2000, Health Facilities RB		6.38	%		12/01/30		5,875		5,877,409
Tampa Bay Water; Series 2001 A, Ref. Utility System Improvement RB (INS–NATL)(e)(h)		6.00	%		10/01/29		13,440		16,865,990
Tolomato Community Development District;
Series 2007, Special Assessment RB		6.55	%		05/01/27		2,000		1,332,440
Series 2007, Special Assessment RB		6.65	%		05/01/40		13,195		8,111,098
Series 2007 A, Special Assessment RB		5.25	%		05/01/39		970		599,693
Town Center at Palm Coast Community Development District; Series 2005, Capital Improvement Special Assessment RB		6.00	%		05/01/36		11,635		7,893,998
Trails at Monterey Community Development District;
Series 2003, Special Assessment Bonds		6.50	%		05/01/23		1,000		997,460
Series 2003, Special Assessment Bonds		6.75	%		05/01/33		1,715		1,697,473
Treeline Preserve Community Development District; Series 2007 A, Special Assessment Bonds(j)		6.80	%		05/01/39		4,895		2,318,957
Turnbull Creek Community Development District;
Series 2005, Special Assessment Bonds		5.80	%		05/01/35		2,695		2,122,663
Series 2006, Special Assessment Bonds		5.25	%		05/01/37		3,610		2,312,927
University Square Community Development District; Series 2007 A-1, Capital Improvement RB		5.88	%		05/01/38		2,890		2,618,398
Venetian Isles Community Development District; Series 2002 A, Special Assessment Bonds		6.75	%		05/01/33		3,930		3,903,001
Verandah West Community Development District; Series 2003 A, Capital Improvement Special Assessment Bonds		6.63	%		05/01/33		4,360		4,197,241
Waterlefe Community Development District; Series 2001, Golf Course RB(i)		8.13	%		10/01/25		2,645		52,900
West Villages Improvement District (Unit of Development No. 3); Series 2006, Special Assessment RB		5.50	%		05/01/37		3,755		1,675,857
West Villages Improvement District; Series 2007, Special Assessment RB		5.50	%		05/01/38		9,500		4,433,365
Winter Garden Village at Fowler Groves Community Development District; Series 2006, Special Assessment Bonds		5.65	%		05/01/37		1,885		1,725,454
World Commerce Community Development District; Series 2004 A-2, Special Assessment Bonds		6.13	%		05/01/35		1,535		1,322,264
									586,412,323
Georgia–1.61%
Americus-Sumter (County of) Hospital Authority (Southgate Methodist); Series 1999 A, Ref. RB		6.38	%		05/15/29		5,250		4,684,522
Atlanta (City of) (Atlantic Station); Series 2001, Tax Allocation RB(a)(b)		7.75	%		12/01/11		1,285		1,319,579
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation Bonds		7.38	%		01/01/31		8,000		8,233,280
Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		1,500		1,489,680
Atlanta (City of) (Princeton Lakes); Series 2006, Tax Allocation RB(i)		5.50	%		01/01/31		3,140		2,910,717
Atlanta (City of) Urban Residential Finance Authority (John Eagan); Series 1998 A, MFH RB(c)(d)		6.75	%		07/01/30		5,380		3,777,298

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

16        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Georgia–(continued)
Clayton (County of) Development Authority (Delta Air Lines, Inc.); Series 2009 B, Special Facilities RB(d)		9.00	%		06/01/35	$	6,750	$	7,228,035
DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc); Series 2010, RB		6.00	%		09/01/30		1,500		1,533,465
Fulton (County of) Residential Care Facilities for the Elderly Authority (RHA Assisted Living);
Series 1999 A, Sr. Lien RB		6.90	%		07/01/19		4,390		3,314,143
Series 1999 A, Sr. Lien RB		7.00	%		07/01/29		8,310		6,273,468
Fulton (County of) Residential Care Facilities for the Elderly Authority (St. Anne’s Terrace); Series 2003, RB		7.63	%		12/01/33		3,345		3,366,007
Medical Center Hospital Authority (Spring Harbor Green Island); Series 2007, RB		5.25	%		07/01/27		2,500		2,186,900
Private Colleges & Universities Authority (Mercer Housing Corp.); Series 2001 A, Student Housing RB		6.00	%		06/01/21		905		909,507
Renaissance on Peachtree Unit Investment Trust; Series 2006, Ctfs.(j)		2.50	%		10/01/25		5,860		3,103,280
Richmond (County of) Development Authority (International Paper Co.); Series 2002 A, Environmental Improvement Ref. RB(d)		6.00	%		02/01/25		1,000		1,012,370
Rockdale (County of) Development Authority (Visy Paper); Series 2007 A, RB(d)		6.13	%		01/01/34		7,500		7,273,200
Savannah (City of) Economic Development Authority (Marshes of Skidaway);
Series 2003 A, RB		7.40	%		01/01/34		3,650		3,514,768
Series 2003 A, RB		6.25	%		01/01/12		425		425,077
Series 2003 A, RB		6.85	%		01/01/19		2,245		2,263,072
Series 2003 A, RB		7.40	%		01/01/24		920		908,914
Tax-Exempt Grantor Trust Senior Tier 1; Series 2006 A, COP(j)		6.00	%		10/01/25		20,685		10,954,155
									76,681,437
Hawaii–0.94%
Hawaii (State of) Department of Budget & Finance (15 Craigside); Series 2009 A, Special Purpose RB		9.00	%		11/15/44		5,280		5,887,939
Hawaii (State of) Department of Budget & Finance (Kahala Nui);
Series 2003 A, Special Purpose RB		7.40	%		11/15/17		5,300		5,539,507
Series 2003 A, Special Purpose RB		7.88	%		11/15/23		4,450		4,663,556
Series 2003 A, Special Purpose RB		8.00	%		11/15/33		10,000		10,431,700
Honolulu (City & County of); Series 2009 A, Unlimited Tax GO Bonds(h)		5.25	%		04/01/29		12,000		13,240,560
Kuakini Health System; Series 2002 A, Special Purpose RB		6.30	%		07/01/22		5,000		4,945,450
									44,708,712
Idaho–0.15%
Gooding (County of) Industrial Development Corp. (Intrepid Technology & Resources); Series 2006, Solid Waste Disposal RB (Acquired 11/03/06; Cost $7,640,000)(d)(i)(j)		7.50	%		11/01/24		7,640		276,568
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, RB		6.13	%		11/15/37		8,355		6,802,808
									7,079,376
Illinois–12.33%
Annawan (Village of) (Patriot Renewable Fuels, LLC); Series 2007, Tax Increment Allocation RB		5.63	%		01/01/18		4,155		3,470,796
Antioch (Village of) Special Service Area No. 1 (Deercrest); Series 2003, Special Tax Bonds		6.63	%		03/01/33		3,697		2,911,942
Aurora (City of) (East River Area TIF No. 6); Series 2008 A, Tax Increment Allocation RB		6.75	%		12/30/27		2,435		2,399,230
Aurora (City of) (River City TIF No. 3); Series 2008 B, Tax Increment Allocation RB		6.50	%		12/30/23		4,070		4,028,771
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB		5.60	%		01/01/23		5,000		4,310,100
Bolingbrook (Village of) (Forest City); Series 2005, Special Services Area No. 1 Special Tax Bonds		5.90	%		03/01/27		2,000		1,647,580
Bolingbrook (Village of);
Series 1999 B, Unlimited Tax CAB GO Bonds (INS–NATL)(e)(f)		0.00	%		01/01/29		910		311,056
Series 2005, Sales Tax RB		5.75	%		01/01/15		700		520,611
Series 2005, Sales Tax RB		6.25	%		01/01/24		6,000		3,999,660
Series 2005, Sales Tax RB		6.00	%		01/01/26		4,500		2,997,900

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

17        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Bradley (Village of) (Bradley Commons); Series 2007, Tax Increment Allocation RB		6.10	%		01/01/27	$	3,010	$	2,705,238
Chicago (City of) (Asphalt Operating Services); Series 2010, Recovery Zone Facility RB		6.13	%		12/01/18		8,000		8,243,600
Chicago (City of) (Diversey/Narragansett); Series 2006, Ref. Tax Increment Allocation COP		7.46	%		02/15/26		2,880		2,865,139
Chicago (City of) (Lakeshore East);
Series 2003, Special Assessment Improvement Bonds		6.63	%		12/01/22		3,999		4,114,051
Series 2003, Special Assessment Improvement Bonds		6.75	%		12/01/32		3,998		4,087,235
Chicago (City of) (O’Hare International Airport); Series 2008 A, General Airport Third Lien RB (INS–AGM)(e)(h)		5.00	%		01/01/33		14,000		14,284,480
Chicago (City of) (Read-Dunning); Series 1996 B, Tax Increment Allocation Bonds (INS–ACA)(e)		7.25	%		01/01/14		1,000		1,001,910
Chicago (City of) Board of Education; Series 2008 C, Ref. Unlimited Tax GO Bonds (INS–AGM)(e)(h)		5.00	%		12/01/32		13,050		13,102,592
Chicago (City of) Board of Education; Series 2006 B, Unlimited Tax GO Bonds (INS–AGM)(e)(h)		5.00	%		12/01/25		10,000		10,351,300
Chicago (City of); Series 2011 C, Tax Increment COP		7.13	%		05/01/25		9,700		9,888,665
Chicago (City of); Series 2011, Tax Increment COP		7.13	%		05/01/25		8,185		8,344,198
Cook (County of) (Navistar International Corp.); Series 2010, Recovery Zone Facility RB		6.50	%		10/15/40		8,800		8,847,168
Cook (County of); Series 2004 B, Capital Improvement Unlimited Tax GO Bonds (INS–NATL)(e)(h)		5.00	%		11/15/29		20,000		20,368,800
Cortland (Town of) (Sheaffer System); Series 2006, Special Tax RB(i)		5.50	%		03/01/17		3,439		2,226,718
Cortland (Town of) Special Service Area No. 1 (Neucort Lakes); Series 2002, Special Tax Bonds(a)(b)		6.88	%		03/01/12		4,806		5,054,951
Deerfield (Village of) (Chicagoland Jewish High School);
Series 2006, Educational Facility RB(j)		5.85	%		05/01/26		1,000		523,790
Series 2006, Educational Facility RB(j)		6.00	%		05/01/41		6,625		3,470,109
Gilberts (Village of) Special Service Area No. 19 (The Conservancy Project); Series 2006- 1, Special Tax RB(j)		5.38	%		03/01/16		2,500		1,127,000
Godfrey (Village of) (UTD Methodist Village); Series 1999, RB		5.88	%		11/15/29		4,000		2,250,320
Illinois (State of) Finance Authority (Chestnut Square at Glen); Series 2002 A, Health Facilities RB		6.63	%		08/15/24		2,365		2,222,225
Illinois (State of) Finance Authority (Chestnut Square at Glen); Series 2002 A, Health Facilities RB		7.00	%		08/15/29		3,255		3,069,725
Illinois (State of) Finance Authority (Christian Homes, Inc.);
Series 2007 A, Ref. RB		5.75	%		05/15/26		5,575		5,381,492
Series 2007 A, Ref. RB		5.75	%		05/15/31		2,825		2,602,899
Illinois (State of) Finance Authority (Clare Oaks); Series 2006 A, RB		6.00	%		11/15/39		14,950		8,949,817
Illinois (State of) Finance Authority (Clare Water Tower);
Series 2010 A-6, Ref. RB		6.00	%		05/15/28		1,400		419,832
Series 2010 A-7, Ref. RB		6.13	%		05/15/41		12,600		3,778,488
Series 2010 B, CAB RB(f)		0.00	%		05/15/50		6,000		19,740
Illinois (State of) Finance Authority (Clinic Altgeld); Series 1996, Community Facilities RB		8.00	%		11/15/16		2,175		2,130,456
Illinois (State of) Finance Authority (Covenant Retirement Communities, Inc.);
Series 2001, Health Facilities RB		5.88	%		12/01/31		1,250		1,251,300
Series 2002 B, Health Facilities RB		6.13	%		12/01/28		5,000		5,041,650
Illinois (State of) Finance Authority (Illinois Institute of Technology); Series 2006 A, RB		5.00	%		04/01/19		1,000		853,170
Illinois (State of) Finance Authority (Fairview Obligated Group);
Series 2008 A, Ref. RB(j)		0.00	%		08/15/35		2,500		1,237,200
Series 2008 A, Ref. RB(j)		0.00	%		08/15/40		4,500		2,226,960
Illinois (State of) Finance Authority (Franciscan Communities-St. Joseph); Series 2004 A, RB		6.00	%		05/15/34		2,500		2,098,375
Illinois (State of) Finance Authority (Friendship Village of Schaumburg);
Series 2005 A, RB		5.38	%		02/15/25		1,000		877,230
Series 2010, RB		7.25	%		02/15/45		7,400		7,298,842

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

18        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Greenfields of Geneva);
Series 2010 A, RB		7.90	%		02/15/25	$	3,285	$	3,298,896
Series 2010 A, RB		8.00	%		02/15/28		3,000		3,011,580
Series 2010 A, RB		8.25	%		02/15/46		15,000		14,722,050
Series 2010 C-2, TEMPS-65 RB		6.75	%		02/15/16		5,000		4,986,500
Illinois (State of) Finance Authority (Illinois Institute of Technology); Series 2006 A, RB		5.00	%		04/01/36		7,000		4,829,510
Illinois (State of) Finance Authority (Kewanee Hospital); Series 2006, RB		5.00	%		08/15/26		4,085		3,493,860
Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB		6.00	%		05/15/25		4,500		4,088,520
Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB		6.00	%		08/15/26		3,000		2,539,710
Series 2006 A, RB		6.00	%		08/15/39		9,000		6,935,760
Illinois (State of) Finance Authority (Montgomery Place);
Series 2006 A, RB		5.50	%		05/15/26		2,400		2,143,296
Series 2006 A, RB		5.75	%		05/15/38		3,000		2,539,710
Illinois (State of) Finance Authority (Navistar International); Series 2010, Recovery Zone Facility RB		6.50	%		10/15/40		10,000		10,053,600
Illinois (State of) Finance Authority (Norwegian American Hospital Inc.);
Series 2008, RB		7.63	%		09/15/28		2,000		1,800,880
Series 2008, RB		7.75	%		09/15/38		3,000		2,660,040
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 A, RB		8.13	%		05/15/40		6,250		6,096,437
Series 2010 A, RB		8.25	%		05/15/45		14,000		13,793,640
Series 2010 D-1, TEMPS-75 RB		7.25	%		08/15/16		8,000		7,960,320
Illinois (State of) Finance Authority (Provena Health); Series 2009 A, RB		7.75	%		08/15/34		11,300		12,558,707
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB		7.25	%		11/01/38		22,235		24,428,927
Illinois (State of) Finance Authority (Sherman Health Systems); Series 2007 A, RB		5.50	%		08/01/37		10,250		9,232,687
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Centers);
Series 2008, Ref. RB		5.50	%		08/15/30		5,000		4,576,300
Series 2009, RB		6.88	%		08/15/38		13,875		14,464,410
Series 2009, RB		7.00	%		08/15/44		3,880		4,062,554
Illinois (State of) Finance Authority (Smith Crossing); Series 2003 A, RB		7.00	%		11/15/32		2,650		2,436,543
Illinois (State of) Finance Authority (The Admiral at the Lake);
Series 2010 A, RB		7.25	%		05/15/20		905		905,434
Series 2010 D-2, TEMPS-65 RB		6.38	%		05/15/17		9,500		9,486,700
Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB		6.00	%		05/15/37		19,325		16,115,890
Illinois (State of) Finance Authority (Villa St. Benedict); Series 2003 A-1, RB(j)		6.90	%		11/15/33		6,750		2,362,500
Illinois (State of) Finance Authority (Waste Management Inc.); Series 2005 A, Solid Waste Disposal RB(d)		5.05	%		08/01/29		1,320		1,297,639
Illinois (State of) Finance Authority;
Series 2003 A, Ref. RB		6.20	%		08/15/23		1,000		929,000
Series 2003 A, Ref. RB		6.40	%		08/15/33		4,500		4,064,490
Illinois (State of) Financial Authority (Northern Illinois University); Series 2011, Student Housing RB		6.88	%		10/01/43		7,000		7,195,090
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2010 A, Dedicated State Tax RB(h)		5.50	%		06/15/50		18,000		18,261,360
Series 2010 B, Ref. Dedicated State Tax CAB RB (INS–AGM)(e)(f)		0.00	%		06/15/46		15,000		1,811,250
Illinois (State of) Real Estate Lease; Series 1998, Ctfs. RB (INS–ACA)(e)(i)		6.20	%		06/15/18		5,023		5,060,876
Illinois (State of) Regional Transportation Authority; Series 1994 B, RB (INS–AMBAC)(e)		8.00	%		06/01/17		2,095		2,620,049
Illinois (State of) Toll Highway Authority; Series 2008 B, RB(h)		5.50	%		01/01/33		29,000		30,296,590

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

19        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Lake, Cook, Kane & McHenry Counties Community Unit School District 220 (Barrington); Series 2000, Unlimited Tax GO Bonds (INS–NATL)(e)		5.75	%		12/01/19	$	80	$	80,298
Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB		7.50	%		01/01/30		1,950		1,900,529
Loves Park (City of) (Hoosier Care); Series 1999 A, RB		7.13	%		06/01/34		1,340		1,218,194
Manhattan (Village of) Special Service Area No. 04-1 (Brookstone Springs); Series 2005, Special Tax Bonds		6.10	%		03/01/35		4,308		3,980,334
Minooka (Village of) (Lakewood Trails Unit No. 2); Series 2004, Special Assessment Improvement Bonds		6.38	%		03/01/34		5,561		5,340,006
Minooka (Village of) (Lakewood Trails); Series 2003, Special Assessment Improvement Bonds		6.63	%		03/01/33		3,768		3,731,827
Minooka (Village of) (Prairie Ridge); Series 2003, Special Assessment Improvement Bonds		6.88	%		03/01/33		2,716		2,276,741
Pingree Grove (Village of) (Cambridge Lakes Learning Center);
Series 2007, RB		6.00	%		06/01/36		5,175		3,989,149
Series 2011, RB		8.50	%		06/01/41		2,000		2,033,960
Pingree Grove (Village of) Special Service Area No. 2 (Cambridge Lakes); Series 2005-2, Special Tax Bonds		6.00	%		03/01/35		7,072		6,359,567
Pingree Grove (Village of) Special Service Area No. 7 (Cambridge Lakes); Series 2006-1, Special Tax Bonds		6.00	%		03/01/36		5,396		4,785,227
Plano (City of) Special Service Area No. 1 (Lakewood Springs); Series 2004 A, Special Tax Bonds		6.20	%		03/01/34		4,121		4,009,074
Plano (City of) Special Service Area No. 10 (Lakewood Springs Club); Series 2007, Special Tax RB(j)		5.80	%		03/01/37		5,615		2,783,131
Quad Cities Regional Economic Development Authority (Heritage Woods Moline SLF); Series 2006, MFH RB(d)		6.00	%		12/01/41		1,340		1,033,569
Railsplitter Tobacco Settlement Authority; Series 2010, RB		6.00	%		06/01/28		19,900		20,399,689
Round Lake (Village of) Lakewood Grove Special Service Area No. 1; Series 2003, Special Tax Bonds(a)(b)		6.70	%		03/01/13		3,579		3,943,629
Round Lake (Village of) Lakewood Grove Special Service Area No. 4; Series 2003, Unlimited Tax GO Bonds(a)(b)		6.75	%		03/01/13		4,884		5,385,196
St. Charles (City of) Special Service Area No. 21; Series 1998, RB		6.63	%		03/01/28		2,950		2,809,551
Sterling (City of) (Hoosier Care); Series 1999 A, RB		7.13	%		06/01/34		870		790,917
United City of Yorkville (City of) (Raintree Village II); Series 2005, Special Tax Bonds		6.25	%		03/01/35		5,543		3,064,004
United City of Yorkville (Storm Water/Water Improvement);
Series 2007, Business District RB		6.00	%		01/01/26		3,380		2,122,065
Series 2007, Business District RB		6.00	%		01/01/27		285		175,258
United City of Yorkville Special Service Area No. 2003-100 (Raintree Village II); Series 2003, Special Tax Bonds		6.88	%		03/01/33		5,543		5,484,743
United City of Yorkville Special Service Area No. 2003-101 (Windett Ridge); Series 2003, Special Tax Bonds(i)		6.88	%		03/01/33		2,645		2,110,393
United City of Yorkville (City of) Special Service Area No. 2005-108 (Autumn Creek); Series 2006, Special Tax Bonds		6.00	%		03/01/36		3,323		2,558,776
United City of Yorkville (City of) (Cannonball/Beecher Road); Series 2007, Special Tax Bonds		5.75	%		03/01/28		4,385		3,993,200
Upper Illinois River Valley Development Authority (Living Springs McHenry SLF); Series 2007, MFH RB(d)		6.10	%		12/01/41		4,000		3,130,520
Upper Illinois River Valley Development Authority (Pleasant View Luther Home);
Series 2010, RB		7.00	%		11/15/30		1,000		954,270
Series 2010, RB		7.25	%		11/15/40		1,200		1,149,444
Volo (Village of) Special Service Area Number 3 (Symphony Meadows); Series 2006 1, Special Tax RB		6.00	%		03/01/36		3,836		3,055,105
Western Illinois Economic Development Authority (Carthage Memorial Hospital);
Series 2008 B, Hospital RB		7.00	%		06/01/33		2,295		2,244,579
Series 2008 B, Hospital RB		7.05	%		06/01/37		4,700		4,424,016
Wheeling (Village of) (N. Milwaukee/Lake-Cook TIF); Series 2005, Tax Allocation Bonds		6.00	%		01/01/25		9,005		8,319,538
Will-Kankakee Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB(d)		7.00	%		12/01/42		2,500		2,188,450
									587,860,565
Indiana–1.38%
Crown Point (City of) (Wittenberg Village);
Series 2009 A, Economic Development RB		8.00	%		11/15/29		3,100		3,174,896
Series 2009 A, Economic Development RB		8.00	%		11/15/39		9,000		9,187,740
Delaware (County of) Redevelopment District; Series 1997, Tax Increment Allocation Bonds		6.88	%		02/01/18		725		726,153

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

20        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Indiana–(continued)
Indiana (State of) Finance Authority (Hoosier Care); Series 1999 A, RB		7.13	%		06/01/34	$	3,940	$	3,581,854
Indiana (State of) Finance Authority (King’s Daughters Hospital & Health Services); Series 2010, Hospital RB		5.50	%		08/15/45		10,500		9,315,285
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana);
Series 2004 A, Hospital RB		6.25	%		03/01/25		1,500		1,559,040
Series 2004 A, Hospital RB		6.00	%		03/01/34		13,035		13,286,575
Indiana (State of) Finance Authority (Franciscan Communities, Inc.); Series 2003 A, Ref. RB		6.40	%		05/15/24		3,435		3,251,914
North Manchester (Town of) (Peabody Retirement Communities); Series 2002 A, RB(j)		7.25	%		07/01/33		3,000		1,044,750
Portage (City of) Special Improvement District (Marina Shoes); Series 2005, Special Assessment Bonds(j)		6.38	%		03/01/35		3,643		1,640,443
Reid Hospital & Health Care Service Inc. Series 2005 A, VRD Hospital Authority RB (INS–AGM)(e)(l)		0.14	%		01/01/40		2,000		2,000,000
St. Joseph (County of) Redevelopment District;
Series 1997, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/12		130		117,772
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/11		135		132,042
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/13		130		109,062
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/14		125		97,116
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/15		125		89,933
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/16		125		83,288
Vigo (County of) Hospital Authority (Union Hospital, Inc.);
Series 2007, RB(i)		5.70	%		09/01/37		8,000		7,099,920
Series 2007, RB(i)		5.80	%		09/01/47		4,645		4,114,495
Series 2007, RB(i)		5.75	%		09/01/42		5,780		5,107,555
									65,719,833
Iowa–1.00%
Altoona (City of);
Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		6.00	%		06/01/28		1,250		1,308,362
Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		6.00	%		06/01/39		5,000		5,078,650
Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		6.00	%		06/01/43		5,500		5,572,380
Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB		7.25	%		06/01/35		5,755		6,077,107
Des Moines (City of) (Luther Park Apartments, Inc.);
Series 2004, Sr. Housing RB		6.25	%		12/01/34		2,245		1,921,698
Series 2007 A, Ref. MFH RB(i)		5.30	%		12/01/36		3,625		2,863,424
Iowa (State of) Finance Authority (Bethany Life Communities);
Series 2006 A, Ref. Senior Housing RB		5.45	%		11/01/26		350		318,948
Series 2006 A, Ref. Senior Housing RB		5.55	%		11/01/41		3,000		2,514,930
Iowa (State of) Finance Authority (Madrid Home);
Series 2007, Ref. Health Care Facility RB		5.80	%		11/15/29		1,930		1,581,674
Series 2007, Ref. Health Care Facility RB		5.90	%		11/15/37		2,750		2,166,395
Jefferson (County of) Hospital; Series 2007 C, RB		5.95	%		08/01/37		3,935		3,586,634
Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN		5.60	%		09/01/32		7,415		6,408,488
Polk (County of) (Luther Park Health Center, Inc.);
Series 2004, Health Care Facilities RB		6.15	%		10/01/36		2,500		2,054,400
Series 2007 A, Health Care Facilities RB		5.30	%		04/01/37		4,895		3,529,687
Series 2007 C, Health Care Facilities RB		6.00	%		04/01/37		3,445		2,597,633
									47,580,410

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

21        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Kansas–0.11%
Lenexa (City of) (Lakeview Village, Inc.);
Series 2009, Health Care Facilities RB		7.13	%		05/15/29	$	500	$	475,615
Series 2009, Health Care Facilities RB		7.25	%		05/15/39		1,500		1,417,995
Olathe (City of) (Catholic Care Campus, Inc.);
Series 2006 A, Sr. Living Facility RB		6.00	%		11/15/26		1,000		949,270
Series 2006 A, Sr. Living Facility RB		6.00	%		11/15/38		2,500		2,219,550
Overland Park (City of) Transportation Development District (Grass Creek); Series 2006, Special Assessment RB		5.13	%		09/01/28		19		15,036
									5,077,466
Kentucky–0.22%
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); Series 2010 A, Hospital Facilities RB		6.50	%		03/01/45		6,000		6,135,660
Kentucky (State of) Economic Development Finance Authority (Masoninc Home Independent Living II);
Series 2011, RB		6.25	%		05/15/18		1,000		996,370
Series 2011, RB		7.00	%		05/15/30		750		756,187
Series 2011, RB		7.25	%		05/15/41		1,750		1,726,620
Series 2011, RB		7.38	%		05/15/46		750		748,943
									10,363,780
Louisiana–1.33%
Calcasieu (Parish of) Memorial Hospital Service District (Lake Charles Memorial Hospital); Series 1992 A, RB		6.50	%		12/01/18		4,530		4,701,461
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB(j)		5.25	%		07/01/17		14,685		7,348,374
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.);
Series 2007, RB		6.75	%		11/01/32		6,000		6,183,660
Series 2009 A, RB		6.50	%		08/01/29		8,000		8,228,160
Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB(i)		6.38	%		12/01/34		15,000		13,989,150
Louisiana (State of) Public Facilities Authority (Progressive Health Care); Series 1998, RB		6.38	%		10/01/28		2,000		1,577,900
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Eunice Student Housing Foundation); Series 2002, RB		7.38	%		09/01/33		3,035		2,517,806
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2010 A-1, RB		6.50	%		11/01/35		9,245		9,468,174
Louisiana (State of) Public Facilities Authority (Progressive Health Care); Series 1998, RB		6.38	%		10/01/20		2,500		2,209,775
Louisiana State University & Agricultural & Mechanical College (Master Lease M98362); Series 1998, RB (Acquired 11/30/98 Cost $2,028,454)(i)		5.75	%		10/30/18		2,028		1,994,457
New Orleans (City of) Aviation Board; Series 2009 A-2, General Airport RB (INS–AGM)(e)		6.00	%		01/01/23		3,000		3,470,730
St. Tammany (Parish of) Public Financing Authority (Christwood); Series 1998, Ref. RB		5.70	%		11/15/28		2,000		1,738,440
									63,428,087
Maine–0.24%
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center);
Series 2011, RB		7.50	%		07/01/32		2,500		2,703,775
Series 2011, RB		6.75	%		07/01/41		8,505		8,528,134
									11,231,909
Maryland–1.91%
Anne Arundel (County of) (Farmington Village); Series 1998 A, Special Tax Bonds		6.25	%		06/01/25		1,694		1,694,068
Anne Arundel (County of) (National Business Park-North); Series 2010, Special Obligation Tax Allocation RB		6.10	%		07/01/40		2,250		2,184,458
Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Tax Allocation RB		7.00	%		09/01/38		10,000		10,165,500
Brunswick (City of) (Brunswick Crossing); Series 2006, Special Obligation Tax Bonds		5.50	%		07/01/36		18,200		13,826,722

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

22        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Maryland–(continued)
Frederick (County of) (Uurbana Community Development Authority); Series 2010 B, Sub. Special Obligation Tax Bonds		5.50	%		07/01/40	$	7,520	$	7,026,086
Harford (County of) Series 2011, Special Obligation Tax Allocation RB		7.50	%		07/01/40		6,000		6,248,100
Maryland (State of) Economic Development Corp. (AFCO Cargo. BWI II, LLC); Series 1999, Air Cargo RB(d)		6.50	%		07/01/24		6,000		5,164,620
Series 2003, Ref. Air Cargo RB(d)		7.34	%		07/01/24		1,240		1,144,136
Maryland (State of) Economic Development Corp. (Chesapeake Bay); Series 2006 B, Sr. Lien RB		5.25	%		12/01/31		1,500		971,955
Maryland (State of) Economic Development Corp. (CNX Marine Terminals Inc. Port of Baltimore Facility); Series 2010, Ref. Port Facilities RB		5.75	%		09/01/25		7,000		6,912,710
Maryland (State of) Health & Higher Educational Facilities Authority (King Farm Presbyterian Retirement Community);
Series 2007 A, RB		5.25	%		01/01/27		4,475		3,690,353
Series 2007 A, RB		5.30	%		01/01/37		3,050		2,228,055
Maryland (State of) Health & Higher Educational Facilities Authority (Washington Christian Academy); Series 2006, RB(j)		5.50	%		07/01/38		1,500		599,325
Maryland (State of) Health & Higher Educational Facilities Authority (Washington County Hospital); Series 2008, RB		6.00	%		01/01/43		17,105		17,112,184
Montgomery (County of) (West Germantown Development District); Series 2004 B, Limited Tax GO Bonds		6.70	%		07/01/27		1,255		1,272,909
Prince George’s (County of) (Woodview Village Phase II-Subdistrict); Series 2002, Special Obligation RB(a)(b)		7.00	%		07/01/12		4,000		4,303,560
Salisbury (City of) (Villages at Aydelotte Farm); Series 2007, Special Obligation Tax Allocation Bonds		5.25	%		01/01/37		4,000		2,447,400
Westminster (City of) (Carroll Lutheran Village);
Series 2004 A, Economic Development RB		6.00	%		05/01/24		2,000		1,804,040
Series 2004 A, Economic Development RB		6.25	%		05/01/34		2,500		2,179,850
									90,976,031
Massachusetts–4.17%
Boston (City of) Industrial Development Financing Authority (Springhouse Inc.); Series 1998, Ref. First Mortgage RB		6.00	%		07/01/28		3,750		3,341,362
Massachusetts (Commonwealth of); Series 2004 A, Ref. Limited Obligation GO (INS–AMBAC)(e)(h)		5.50	%		08/01/30		32,040		39,710,696
Massachusetts (State of) Development Finance Agency (Alliance); Series 1999 A, RB		7.10	%		07/01/32		7,070		6,165,535
Massachusetts (State of) Development Finance Agency (Boston Architectural Center);
Series 1998, RB (INS–ACA)(e)		6.10	%		09/01/18		540		539,951
Series 1998, RB (INS–ACA)(e)		6.25	%		09/01/28		1,445		1,302,480
Massachusetts (State of) Development Finance Agency (Criterion Child Enrichment); Series 2003, RB		6.75	%		01/01/34		5,710		5,435,006
Massachusetts (State of) Development Finance Agency (Developmental Disabilities Inc.); Series 2003, RB(a)(b)		6.75	%		06/01/13		1,380		1,514,619
Massachusetts (State of) Development Finance Agency (Dimock Community Health Center);
Series 2003, RB		6.25	%		12/01/13		490		478,887
Series 2003, RB		6.75	%		12/01/33		7,565		6,382,288
Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.);
Series 2005, RB		5.00	%		01/01/24		250		231,700
Series 2005, RB		5.50	%		01/01/35		500		446,915
Massachusetts (State of) Development Finance Agency (Groves Lincoln); Series 2009 A, Sr. Living Facility RB		7.88	%		06/01/44		2,000		2,028,840
Massachusetts (State of) Development Finance Agency (Hampshire College); Series 2004, RB		5.70	%		10/01/34		1,500		1,492,290
Massachusetts (State of) Development Finance Agency (Hillcrest Educational Centers Inc.); Series 1999, RB		6.38	%		07/01/29		5,975		5,435,099
Massachusetts (State of) Development Finance Agency (Linden Ponds Inc.); Series 2007 A, RB(j)		5.75	%		11/15/42		1,375		732,944
Massachusetts (State of) Development Finance Agency (Loomis Communities); Series 2002 A, First Mortgage RB		6.90	%		03/01/32		2,000		2,030,220
Massachusetts (State of) Development Finance Agency (MCHSP Human Services Providers); Series 2009 A, RB		6.75	%		07/01/18		495		486,466
Massachusetts (State of) Development Finance Agency (New England Center for Children); Series 1998, RB		6.00	%		11/01/19		7,095		6,538,255

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

23        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Massachusetts–(continued)
Massachusetts (State of) Development Finance Agency (Overlook Communities);
Series 2004 A, First Mortgage RB(a)(b)		6.13	%		07/01/12	$	850	$	906,967
Series 2004 A, First Mortgage RB(a)(b)		6.25	%		07/01/12		4,620		4,934,437
Massachusetts (State of) Development Finance Agency (Reeds Landing-Accredited Investors); Series 2006, Ref. First Mortgage RB(j)		5.75	%		10/01/31		10,351		104
Massachusetts (State of) Development Finance Agency (Regis College); Series 1998, RB		5.50	%		10/01/28		5,865		4,959,620
Massachusetts (State of) Development Finance Agency (Sabis International Charter School); Series 2009 A, RB		8.00	%		04/15/39		3,850		4,278,813
Massachusetts (State of) Development Finance Agency (St. Memorial Medical Center); Series 1993 A, RB		6.00	%		10/01/23		3,660		3,129,703
Massachusetts (State of) Development Finance Agency (The Groves in Lincoln);
Series 2009 A, Sr. Living Facilities RB		7.75	%		06/01/39		1,000		1,009,940
Series 2009 B-1, Sr. Living Facilities (TEMPS-85sm) RB		7.25	%		06/01/16		14,100		14,102,679
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB		6.88	%		01/01/41		2,500		2,650,650
Massachusetts (State of) Development Finance Agency (Whitney Academy Issue); Series 2005, RB		7.50	%		09/01/30		2,690		2,436,279
Massachusetts (State of) Development Finance Agency (Baystate Medical Center); Series 2002 F, RB		5.50	%		07/01/22		720		727,776
Massachusetts (State of) Development Finance Agency (Christopher House, Inc.); Series 1999 A, Ref. RB		6.88	%		01/01/29		9,210		8,732,185
Massachusetts (State of) Development Finance Agency (Civic Investments); Series 2002 B, RB(a)(b)		9.15	%		12/15/12		2,900		3,275,898
Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB(h)		5.00	%		11/15/36		23,660		26,561,189
Massachusetts (State of) Development Finance Agency (Jordan Hospital);
Series 1998 C, RB		5.25	%		10/01/23		3,610		3,224,921
Series 1998 D, RB		5.38	%		10/01/28		1,465		1,254,143
Series 2003 E, RB		6.75	%		10/01/33		4,750		4,661,555
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(h)		5.50	%		07/01/32		14,495		18,151,219
Massachusetts (State of) Development Finance Agency (Quincy Medical Center); Series 2008 A, RB		5.85	%		01/15/18		5,565		4,534,807
Massachusetts (State of) Development Finance Agency (GF/Pilgrim, Inc.);
Series 1998, First Mortgage RB		6.50	%		10/01/15		685		672,965
Series 1998, First Mortgage RB		6.75	%		10/01/28		4,000		3,508,000
Massachusetts (State of) Development Finance Agency (Stone Institution & Newton); Series 1994, First Mortgage RB		7.70	%		01/01/14		645		628,759
									198,636,162
Michigan–1.13%
Chelsea (Village of) Economic Development Corp. (UTD Methodist Retirement);
Series 1998, Ref. Limited Obligation RB		5.40	%		11/15/18		1,000		1,000,640
Series 1998, Ref. Limited Obligation RB		5.40	%		11/15/27		6,215		5,980,757
Dearborn (City of) Economic Development Corp. (Henry Ford Village, Inc.);
Series 2008, Ref. Limited Obligation RB		7.00	%		11/15/28		5,500		5,287,040
Series 2008, Ref. Limited Obligation RB		7.13	%		11/15/43		7,700		7,157,073
East Lansing (City of) Economic Development Corp. (Burcham Hills); Series 2007 B-1, First Mortgage Limited Obligation RB		5.25	%		07/01/37		1,695		1,288,742
Grand Blanc Academy; Series 2000, COP		7.75	%		02/01/30		1,590		1,470,130
Iron River (County of) Hospital Finance Authority (Iron County Community Hospitals);
Series 2008, Ref. Hospital RB		6.50	%		05/15/33		3,000		2,731,080
Series 2008, Ref. Hospital RB		6.50	%		05/15/40		3,380		2,986,872
John Tolfree Health System Corp.; Series 1999, Ref. Mortgage RB		6.00	%		09/15/23		2,845		2,398,591
Kalamazoo (City of) Economic Development Corp. (Heritage Community); Series 2007, Ref. Limited Obligation RB		5.13	%		05/15/37		900		653,607
Michigan (State of) Strategic Fund (Detroit Edison Co.); Series 2002 C, Ref. Limited Obligation RB (INS–SGI)(d)(e)		5.45	%		12/15/32		2,325		2,313,189
Michigan (State of) Strategic Fund (Dow Chemical); Series 2003, Ref. Limited Obligation RB		6.25	%		06/01/14		10,000		11,068,600
Michigan (State of) Strategic Fund (Genesee Power Station); Series 1994, Ref. Solid Waste Disposal RB(d)		7.50	%		01/01/21		3,070		2,875,853
Star International Academy; Series 2003, COP		8.00	%		03/01/33		3,000		3,082,380

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

24        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Michigan–(continued)
Wenonah Park Properties, Inc. (Bay City Hotel);
Series 2002, RB(m)		3.94	%		04/01/22	$	3,485	$	843,893
Series 2002, RB(m)		3.75	%		04/01/33		11,620		2,775,670
									53,914,117
Minnesota–3.93%
Albertville (City of) (Group for Affordable Housing); Series 2007, Ref. MFH RB		5.55	%		09/01/42		3,405		2,931,705
Apple Valley (City of) (Ecumen-Seasons at Apple Valley); Series 2010, Housing & Health Care RB		6.75	%		03/01/40		2,500		2,492,150
Bloomington (City of) Port Authority (Radisson Blu Moa LLC);
Series 2010, Recovery Zone Facility RB		6.25	%		12/01/16		1,900		1,930,723
Series 2010, Recovery Zone Facility RB		6.75	%		12/01/18		1,755		1,791,995
Series 2010, Recovery Zone Facility RB		9.00	%		12/01/35		7,000		7,172,690
Brooklyn Park (City of) (Prairie Seeds Academy); Series 2009 A, Lease RB		9.25	%		03/01/39		7,250		8,027,490
Cambridge (City of) (Grandview West);
Series 1998, Housing & Health Care Facilities RB		6.00	%		10/01/33		3,000		2,702,220
Series 1998 A, Housing & Health Care Facilities RB		6.00	%		10/01/28		1,410		1,287,654
Carlton (City of) (Inter-Faith Care Center); Series 2006, Ref. Health Care & Housing Facilities RB		5.70	%		04/01/36		5,400		4,665,006
Columbia Heights (City of) (Crest View Corp.); Series 2007 A, Ref. MFH & Health Care Facilities RB		5.70	%		07/01/42		5,000		3,779,500
Coon Rapids (City of) (Epiphany Sr. Citizens); Series 1998, Sr. Housing RB		6.00	%		11/01/28		3,000		2,781,600
Cuyuna (City of) (Crosby Sr. Services); Series 2007 B, Sr. Housing RB		6.10	%		10/01/47		4,600		4,090,366
Dakota (County of) Community Development Agency (Highview Hills Senior Housing); Series 2008 A, MFH RB		7.00	%		08/01/45		16,000		15,574,720
Detroit Lakes (City of) (CDL Homes);
Series 2004 B, Housing & Health Facilities RB		6.13	%		08/01/34		1,435		1,309,610
Series 2004 B, Housing & Health Facilities RB		6.00	%		08/01/24		840		811,432
Duluth (City of) Economic Development Authority (St. Luke’s Hospital);
Series 2002, Health Care Facilities RB		6.00	%		06/15/12		155		155,386
Series 2002, Health Care Facilities RB		7.25	%		06/15/22		2,500		2,513,275
Series 2002, Health Care Facilities RB		7.25	%		06/15/32		7,130		7,148,324
Lake Crystal (City of) (Ecumen-Second Century); Series 2006 A, Ref. Housing RB		5.70	%		09/01/36		2,000		1,826,080
Minneapolis & St. Paul (Cities of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2003 RB, RB		5.88	%		12/01/29		800		817,040
Minneapolis (City of) (Ivy Tower); Series 2005, Tax Increment Allocation RB		5.70	%		02/01/29		1,000		668,620
Minneapolis (City of) (Providence);
Series 2007 A, Ref. Housing Health Care Facilities RB		5.63	%		10/01/27		5,475		4,991,941
Series 2007 A, Ref. Housing & Health Care Facilities RB		5.75	%		10/01/37		7,345		6,392,574
Minneapolis (City of) (Riverton Community Housing);
Series 2006 A, Ref. Student Housing RB		5.60	%		08/01/26		1,400		1,285,732
Series 2006 A, Ref. Student Housing RB		5.70	%		08/01/40		3,100		2,622,941
Minnesota (State of) Agricultural & Economic Development Board (Evangelical); Series 2000, RB		6.63	%		08/01/25		1,060		1,072,052
Moorhead (City of) (Sheyenne Crossing); Series 2006, Sr. Housing RB		5.65	%		04/01/41		5,000		4,213,450
New Ulm (City of) Economic Development Authority (HADC Ridgeway); Series 2006, Ref. Housing Facilities RB		6.00	%		06/01/41		2,300		2,197,121
Northwest Multi-County Housing & Redevelopment Authority (Pooled Housing Program);
Series 2005, Ref. Governmental Housing RB		6.25	%		07/01/40		5,000		4,571,800
Series 2006, Ref. Governmental Housing RB		5.25	%		07/01/26		850		749,011
Series 2006, Ref. Governmental Housing RB		5.45	%		07/01/41		2,340		1,898,021
Oak Park Heights (City of) (Oakgreen Commons); Series 2010, Housing RB		7.00	%		08/01/45		2,000		1,984,460
Oakdale (City of) (Oak Meadows); Series 2004, Ref. Sr. Housing RB		6.25	%		04/01/34		3,500		3,231,900

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

25        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Minnesota–(continued)
Orono (City of) (Orono Woods Apartments); Series 2006 A, Ref. Sr. Housing RB		5.40	%		11/01/41	$	4,700	$	3,517,386
Oronoco (City of) (Wedum Shorewood Campus); Series 2006, MFH RB		5.40	%		06/01/41		7,500		6,235,500
Pine City (City of) (Lakes International Language Academy); Series 2006 A, Lease RB		6.25	%		05/01/35		1,100		993,432
Ramsey (City of) (Pact Charter School); Series 2004 A, Lease RB		6.75	%		12/01/33		2,850		2,752,729
St. Paul (City of) Housing & Redevelopment Authority (Hmong Academy);
Series 2006 A, Lease RB		5.75	%		09/01/26		400		360,192
Series 2006 A, Lease RB		6.00	%		09/01/36		3,000		2,616,450
St. Paul (City of) Housing & Redevelopment Authority (New Spirit Charter School); Series 2002 A, Lease RB		7.50	%		12/01/31		3,500		3,545,500
Sauk Rapids (City of) (Good Shepherd Lutheran Home); Series 2009, Health Care & Housing Facilities RB		7.50	%		01/01/39		7,000		7,091,490
St. Paul (City of) Housing & Redevelopment Authority (Achieve Language Academy); Series 2003 A, Ref. Lease RB		7.00	%		12/01/32		1,600		1,596,256
St. Paul (City of) Housing & Redevelopment Authority (Community Peace Academy); Series 2006 A, Lease RB		5.00	%		12/01/36		4,825		3,812,474
St. Paul (City of) Housing & Redevelopment Authority (HealthEast); Series 2005, Hospital RB		6.00	%		11/15/30		5,360		5,240,043
St. Paul (City of) Housing & Redevelopment Authority (Higher Ground Academy);
Series 2004 A, Lease RB		6.88	%		12/01/33		2,720		2,650,749
Series 2009, Lease RB		8.50	%		12/01/38		1,900		1,997,888
St. Paul (City of) Housing & Redevelopment Authority (Hope Community Academy); Series 2005 A, Lease RB		6.25	%		12/01/33		2,185		1,821,591
St. Paul (City of) Housing & Redevelopment Authority (Hope Community Academy); Series 2004 A, Lease RB		6.75	%		12/01/33		2,415		2,147,587
St. Paul (City of) Housing & Redevelopment Authority (Marian Center);
Series 2007, Ref. MFH RB		5.30	%		11/01/30		1,000		834,730
Series 2007 A, Ref. MFH RB		5.38	%		05/01/43		7,590		6,012,343
St. Paul (City of) Housing & Redevelopment Authority (Model Cities Health Center); Series 2001 A, Health Care RB(c)		7.25	%		11/01/26		4,035		3,741,212
St. Paul (City of) Housing & Redevelopment Authority (Rossy & Richard Shaller); Series 2007 A, RB		5.25	%		10/01/42		2,000		1,625,060
St. Paul (Port of) (HealthEast Midway Campus-03);
Series 2005 A, Lease RB		5.88	%		05/01/30		1,250		1,176,375
Series 2005 A, Lease RB		5.75	%		05/01/25		1,700		1,651,329
Series 2005 B, Lease RB		6.00	%		05/01/30		1,700		1,622,803
Vadnais Heights (City of) (Agriculture & Food Sciences Academy);
Series 2004 A, Lease RB		6.38	%		12/01/24		1,000		782,800
Series 2004 A, Lease RB		6.60	%		12/01/34		5,000		3,658,550
Vadnais Heights (City of) (Cottages Vadnais Heights); Series 1995, Ref. MFH RB(d)		7.00	%		12/01/31		4,385		4,305,325
Victoria (City of) (Holy Family Catholic High School);
Series 1999 A, Private School Facility RB		5.85	%		09/01/24		1,650		1,598,965
Series 1999 A, Private School Facility RB		5.88	%		09/01/29		4,500		4,195,080
									187,272,428
Mississippi–0.36%
Mississippi (State of) Business Finance Corp.; Series 2004, Air Cargo RB(d)		7.25	%		07/01/34		1,585		1,284,848
Mississippi (State of) Home Corp. (Cleveland Personal Care); Series 2006 6-A, RB(d)		6.25	%		12/01/35		4,600		3,722,458
Mississippi (State of) Home Corp. (Grove Apartments); Series 2007-1, RB(d)(m)		3.13	%		04/01/37		5,745		2,863,595
Mississippi (State of) Home Corp. (Kirkwood Apartments); Series 2003, RB(d)(m)		3.40	%		11/01/37		7,000		4,537,750
Mississippi (State of) Hospital Equipment & Facilities Authority (South Central); Series 2006, Ref. Improvement RB		5.25	%		12/01/31		1,965		1,900,627
Mississippi (State of) Hospital Equipment & Facilities Authority (South West Mississippi Medical Center);
Series 2003, Ref. Improvement RB		5.75	%		04/01/23		1,000		992,440
Series 2003, Ref. Improvement RB		5.75	%		04/01/29		2,000		1,867,840
									17,169,558

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

26        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–3.11%
370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood);
Series 2002, RB		7.00	%		05/01/22	$	1,000	$	1,000,950
Series 2002, RB		7.20	%		05/01/33		4,750		4,567,457
Arnold (City of) (Arnold Triangle Redevelopment Project);
Series 2009 B, Sales Tax Increment Allocation RB		6.50	%		05/01/20		3,940		4,176,361
Series 2009 A, Real Property Tax Increment Allocation Bonds		7.75	%		05/01/28		940		990,685
Ballwin (City of) (Ballwin Town Center); Series 2002 A, Ref. & Improvement Tax Increment Allocation RB		6.50	%		10/01/22		3,600		3,454,524
Branson (City of) Regional Airport Transportation Development District; Series 2007 B, Airport RB(d)		6.00	%		07/01/37		28,600		12,055,758
Branson Hills Infrastructure Facilities Community Improvement District;
Series 2007 A, Special Assessment RB		5.50	%		04/01/22		1,455		1,097,201
Series 2007 A, Special Assessment RB		5.50	%		04/01/27		1,500		1,009,650
Bridgeton (City of) Industrial Development Authority (Sarah Community); Series 1998, Sr. Housing RB		5.90	%		05/01/28		3,000		2,732,880
Cape Giradeau (County of) Industrial Development Authority (Southeast Missouri Hospital);
Series 2002, Health Care Facilities RB(a)(b)		5.75	%		06/01/12		30		31,208
Series 2002, Health Care Facilities RB		5.75	%		06/01/32		245		243,799
Cass (County of); Series 2007, Hospital RB		5.63	%		05/01/38		1,590		1,429,458
Cole (County of) Industrial Development Authority (Lutheran Senior Services-Heisinger); Series 2004, Sr. Living Facilities RB		5.50	%		02/01/35		130		122,652
Dardenne Town Square Transportation Development District; Series 2006 A, Transportation Sales Tax RB		5.00	%		05/01/36		3,190		1,650,825
Ellisville (City of) Industrial Development Authority (Gambrill Gardens Phase I); Series 2003, IDR		6.75	%		04/01/33		2,390		2,256,686
Ellisville (City of) Industrial Development Authority (Gambrill Gardens); Series 1999, Ref. Improvement IDR		6.20	%		06/01/29		2,755		2,480,740
Fenton (City of) (Gravois Bluffs); Series 2002, Ref. & Improvement Tax Increment Allocation RB(a)(b)		6.13	%		10/01/12		4,550		4,840,290
Ferguson (City of) (Crossing at Halls Ferry); Series 2005, Ref. Tax Increment Allocation RB		5.00	%		04/01/17		1,765		1,706,525
Good Shepherd Nursing Home District; Series 1998, Ref. Nursing Home Facilities RB		5.90	%		08/15/23		3,095		2,956,994
Joplin (City of) Industrial Development Authority (Christian Homes, Inc. Obligated Group); Series 2007 F, Ref. IDR		5.75	%		05/15/26		1,260		1,203,338
Kansas City (City of) Industrial Development Authority (Plaza Library); Series 2004, RB		5.90	%		03/01/24		5,000		4,986,900
Kansas City (City of) (Shoal Creek Parkway); Series 2011, Sales Tax Increment Allocation RB		6.50	%		06/01/25		3,000		3,010,530
Kansas City (City of) Industrial Development Authority (Brentwood Manor Apartments);
Series 2002 A, MFH RB(d)		6.95	%		04/15/15		264		268,348
Series 2002 B, MFH RB(d)		5.25	%		10/15/38		2,345		1,861,133
Kansas City (City of) Industrial Development Authority (Northwoods Apartments); Series 2004 A, MFH RB(d)		6.45	%		05/01/40		2,426		2,015,496
Kansas City (City of) Industrial Development Authority (Walnut Grove Apartments);
Series 2000 B, MFH RB(d)		7.55	%		06/15/12		65		65,779
Series 2000 B, MFH RB(d)		7.55	%		06/15/22		990		992,792
Series 2000 B, MFH RB(d)		7.55	%		06/15/35		3,430		3,342,672
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights);
Series 2010 A, Retirement Community RB		8.00	%		05/15/29		5,000		5,172,950
Series 2010 A, Retirement Community RB		8.25	%		05/15/39		2,500		2,593,600
Series 2010 A, Retirement Community RB		8.25	%		05/15/45		23,000		23,816,960
Missouri (State of) Development Finance Board (Branson Landing);
Series 2004 A, Infrastructure Facilities RB		5.50	%		12/01/24		1,000		1,040,480
Series 2004 A, Infrastructure Facilities RB		5.63	%		12/01/28		1,500		1,545,810
Missouri (State of) Health & Educational Facilities Authority (St. Francis Medical Center); Series 1996 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(k)(l)		0.09	%		06/01/26		1,435		1,435,000
Missouri (State of) Health & Educational Facilities Authority (St. Louis University); Series 2008 A-1, VRD RB (LOC–Wells Fargo Bank, N.A.)(k)(l)		0.13	%		10/01/35		2,300		2,300,000

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

27        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–(continued)
Missouri (State of) Health & Educational Facilities Authority (Washington University);
Series 2011 A, RB(h)		5.00	%		11/15/41	$	6,210	$	6,782,997
Series 2011 B, RB(h)		5.00	%		11/15/37		10,500		11,478,075
Nevada (City of) (Regional Medical Center); Series 2001, Hospital RB(a)(b)		6.75	%		10/01/11		20		20,306
Osage Beach (City of) (Prewitts Point); Series 2002, Tax Increment Allocation RB		6.75	%		05/01/23		2,540		2,509,495
St. Joseph (City of) Industrial Development Authority (Living Community St. Joseph); Series 2002, Health Care RB		7.00	%		08/15/32		6,750		6,068,925
St. Louis (County of) Industrial Development Authority (Grand Center Redevelopment); Series 2011, Tax Increment Allocation RB		6.38	%		12/01/25		3,500		3,514,035
St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2003 A, Health Care Facilities RB(a)(b)		6.63	%		11/15/13		4,600		5,211,202
St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors);
Series 2007 A, Sr. Living Facilities RB		6.38	%		12/01/30		3,270		3,064,088
Series 2007 A, Sr. Living Facilities RB		6.38	%		12/01/41		6,030		5,383,765
									148,489,319
Montana–0.14%
Forsyth (City of) (Pacificorp); Series 1988, VRD Ref. Customized Purchase PCR (LOC–BNP Paribas)(k)(l)		0.30	%		01/01/18		6,660		6,660,000
Nebraska–0.21%
Gage (County of) Hospital Authority No. 1 (Beatrice Community Hospital & Health Center);
Series 2010 B, Health Care Facilities RB		6.50	%		06/01/30		5,000		5,064,200
Series 2010 B, Health Care Facilities RB		6.75	%		06/01/35		5,000		5,027,150
									10,091,350
Nevada–1.04%
Boulder City (City of) (Boulder City Hospital Inc. Project); Series 1998, Ref. Hospital RB		5.85	%		01/01/22		3,000		2,691,630
Clark (County of) (Homestead Boulder City); Series 1997, Assisted Facility Living RB		6.50	%		12/01/27		4,950		4,823,577
Clark (County of) (Special Improvement District No. 142); Series 2003, Local Improvement Bonds		6.38	%		08/01/23		5,355		5,461,832
Clark (County of) (Special Improvement District No. 142); Series 2003, Local Improvement Bonds		6.10	%		08/01/18		1,835		1,888,123
Director of the State of Nevada Department of Business & Industry (Las Vegas Monorail); Series 2000, Second Tier RB(j)		7.38	%		01/01/40		8,000		12,000
Henderson (City of) Local Improvement District No. T-13;
Series 2002 A, Special Assessment Bonds		6.80	%		03/01/22		900		862,317
Series 2002 B, Special Assessment Bonds		6.90	%		03/01/22		2,870		2,770,554
Henderson (City of) Local Improvement District No. T-18; Series 2006, Special Assessment RB		5.30	%		09/01/35		7,185		3,757,899
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment RB		8.00	%		06/15/30		10,800		12,372,696
Las Vegas (City of) (Elkhorn Springs Special Improvement District No. 505); Series 1993, Special Assessment Bonds		8.00	%		09/15/13		145		149,586
Las Vegas (City of) (Special Improvement District No. 607);
Series 2004, Local Improvement Bonds		6.00	%		06/01/19		960		916,426
Series 2004, Local Improvement Bonds		6.25	%		06/01/24		1,340		1,279,847
Mesquite (City of) (Special Improvement District No. 07-01 -Anthem at Mesquite); Series 2007, Local Improvement Special Assessment Bonds		6.15	%		08/01/37		2,565		2,014,731
Reno (City of) Redevelopment Agency; Series 2007 C, Sub. Lien Tax Allocation Bonds		5.40	%		06/01/27		5,425		4,063,108
Reno (City of) Special Assessment District No. 4 (Somersett Parkway); Series 2003, Special Assessment Bonds		6.63	%		12/01/22		3,985		3,757,138
Sparks (City of) Local Improvement Districts No. 3 (Legends at Sparks Marina);
Series 2008, Limited Obligation Bonds		6.50	%		09/01/20		865		860,355
Series 2008, Limited Obligation Bonds		6.75	%		09/01/27		2,000		1,900,780
									49,582,599

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

28        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Hampshire–0.48%
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB		6.88	%		10/01/39	$	4,975	$	5,148,926
New Hampshire (State of) Business Finance Authority (Plymouth Cogeneration LP); Series 1993, Electric Facilities RB (Acquired 09/20/99; Cost $3,017,970)(d)(i)		7.75	%		06/01/14		1,250		1,237,213
New Hampshire (State of) Business Finance Authority (The United Illuminating Co.); Series 1997, PCR(b)(d)(g)		7.13	%		02/01/12		3,000		3,071,400
New Hampshire (State of) Health & Education Facilities Authority (Covenant Health Systems Obligated Group); Series 2004, Healthcare System RB		5.50	%		07/01/34		1,735		1,738,002
New Hampshire (State of) Health & Education Facilities Authority (Speare Memorial Hospital);
Series 2004, Hospital RB		5.50	%		07/01/25		1,055		1,043,353
Series 2004, Hospital RB		5.88	%		07/01/34		2,650		2,615,338
New Hampshire (State of) Health & Education Facilities Authority (The Huntington at Nashua);
Series 2003 A, RB		6.88	%		05/01/23		1,570		1,578,101
Series 2003 A, RB		6.88	%		05/01/33		6,290		6,266,035
New Hampshire (State of) Housing Finance Authority; Series 1997 D, Single Family RB(d)		5.90	%		07/01/28		130		130,088
									22,828,456
New Jersey–2.49%
Camden (County of) Improvement Authority (Health Care Redevelopment-Cooper Health); Series 2004 A, RB		5.75	%		02/15/34		2,000		1,929,140
New Jersey (State of) Economic Development Authority (Arbor); Series 1998 A, Sr. Mortgage RB		6.00	%		05/15/28		6,695		5,568,499
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facility RB(d)		6.25	%		09/15/19		5,500		5,354,525
Series 1999, Special Facility RB(d)		6.40	%		09/15/23		14,820		14,325,605
Series 1999, Special Facility RB(d)		6.25	%		09/15/29		35,045		32,795,462
New Jersey (State of) Economic Development Authority (Cranes Mill);
Series 2008, First Mortgage RB		5.88	%		07/01/28		1,500		1,478,595
Series 2008, First Mortgage RB		6.00	%		07/01/38		1,500		1,432,620
New Jersey (State of) Economic Development Authority (Franciscan Oaks);
Series 1997, First Mortgage RB		5.70	%		10/01/17		2,000		2,000,260
Series 1997, First Mortgage RB		5.75	%		10/01/23		2,355		2,349,795
New Jersey (State of) Economic Development Authority (Kullman Association, LLC);
Series 1998 A, RB(d)		6.13	%		06/01/18		2,005		1,724,721
Series 1999 A, RB(d)		6.75	%		07/01/19		670		577,647
New Jersey (State of) Economic Development Authority (Lions Gate);
Series 2005 A, First Mortgage RB		5.75	%		01/01/25		920		848,203
Series 2005 A, First Mortgage RB		5.88	%		01/01/37		1,230		1,061,588
New Jersey (State of) Economic Development Authority (Presbyterian Home at Montgomery);
Series 2001 A, First Mortgage RB		6.25	%		11/01/20		1,560		1,474,075
Series 2001 A, First Mortgage RB		6.38	%		11/01/31		1,500		1,318,305
New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center);
Series 2006, First Mortgage RB		5.30	%		11/01/26		750		601,823
Series 2006, First Mortgage RB		5.38	%		11/01/36		900		659,484
New Jersey (State of) Economic Development Authority (The Millhouse); Series 2008 A, First Mortgage RB		7.50	%		04/01/15		956		474,564
New Jersey (State of) Economic Development Authority (United Methodist Homes);
Series 1999, Economic Development RB		5.75	%		07/01/29		7,000		6,203,470
Series 2003 A-1, Economic Development RB		6.13	%		07/01/23		3,450		3,336,219
Series 2003 A-1, Economic Development RB		6.25	%		07/01/33		5,800		5,374,106
New Jersey (State of) Economic Development Authority (Winchester Gardens at Ward Homestead); Series 2004 A, Ref. First Mortgage RB		5.80	%		11/01/31		2,000		1,985,720

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

29        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Jersey–(continued)
New Jersey (State of) Health Care Facilities Financing Authority (Pasack Valley Hospital Association);
Series 2003, RB(j)		6.00	%		07/01/13	$	323	$	3
Series 2003, RB(j)		6.50	%		07/01/23		428		4
Series 2003, RB(j)		6.63	%		07/01/36		2,496		25
New Jersey (State of) Health Care Facilities Financing Authority (Raritan Bay Medical Center); Series 1994, RB		7.25	%		07/01/14		930		884,384
New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Health Care System); Series 2008, RB		6.63	%		07/01/38		11,880		11,681,129
New Jersey (State of) Tobacco Settlement Financing Corp.; Series 2007 1A, RB		5.00	%		06/01/41		20,000		13,257,000
									118,696,971
New Mexico–0.72%
Bernalillo (County of) (Solar Villas Apartments); Series 1997 F, Sr. MFH RB		7.25	%		10/15/22		1,245		1,264,297
Cabezon Public Improvement District;
Series 2005, Special Levy Tax RB		6.00	%		09/01/24		1,505		1,386,331
Series 2005, Special Levy Tax RB		6.30	%		09/01/34		1,495		1,308,618
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR		5.90	%		06/01/40		10,000		9,605,100
New Mexico (State of) Eastern Regional Housing Authority (Wildewood Apartments); Series 2000 A, MFH RB		7.50	%		12/01/30		2,135		2,154,578
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB		6.13	%		07/01/40		6,000		5,979,240
New Mexico (State of) Hospital Equipment Loan Council (Rehoboth); Series 2007 A, Hospital RB		5.25	%		08/15/26		2,000		1,660,740
New Mexico (State of) Income Housing Authority (Brentwood Gardens Apartments); Series 2001 A, MFH RB(d)		6.85	%		12/01/31		4,455		4,145,066
RHA Housing Development Corp. (Woodleaf Apartments); Series 1997 A, Ref. MFH Mortgage RB (INS–GNMA)(e)		7.13	%		12/15/27		2,440		2,440,000
San Juan (County of) (Apple Ridge Apartments); Series 2002 A, MFH RB(d)		7.25	%		12/01/31		3,110		3,059,307
Ventana West Public Improvement District; Series 2004, Special Levy RB		6.88	%		08/01/33		1,500		1,430,685
									34,433,962
New York–5.08%
Amherst (Town of) Industrial Development Agency (Shaary Zedek); Series 2006, Ref. Civic Facility RB		7.00	%		06/15/36		2,205		1,915,572
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, CAB RB(f)		0.00	%		07/15/31		3,890		1,153,852
Series 2009, CAB RB(f)		0.00	%		07/15/32		8,500		2,347,870
Series 2009, CAB RB(f)		0.00	%		07/15/33		3,915		1,006,038
Series 2009, CAB RB(f)		0.00	%		07/15/34		2,000		477,660
Series 2009, CAB RB(f)		0.00	%		07/15/44		23,805		2,898,021
Series 2009, CAB RB(f)		0.00	%		07/15/45		17,410		1,968,375
Dutchess (County of) Industrial Development Agency (St. Francis Hospital); Series 2004 A, Ref. Civic Facility RB		7.50	%		03/01/29		5,905		5,728,145
Monroe (County of) Industrial Development Agency (Cloverwood Senior Living);
Series 2003 A, Civic Facility RB(a)(b)		6.88	%		05/01/13		805		885,750
Series 2003 A, Civic Facility RB		6.75	%		05/01/23		2,000		1,915,840
Series 2003 A, Civic Facility RB		6.88	%		05/01/33		4,195		3,933,610
Mount Vernon (City of) Industrial Development Agency (Wartburg Senior Housing, Inc./Meadowview); Series 2009, Civic Facilities RB		6.20	%		06/01/29		1,000		897,780
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside);
Series 2007 A, Continuing Care Retirement Community RB		6.50	%		01/01/27		2,750		2,649,102
Series 2007 A, Continuing Care Retirement Community RB		6.70	%		01/01/43		29,700		27,935,226
New York (City of) Industrial Development Agency (7 World Trade Center, LLC); Series 2005 A, Liberty RB		6.25	%		03/01/15		20,000		20,078,400
Series 2005 A, Liberty RB		6.50	%		03/01/35		10,000		10,059,400
New York (City of) Industrial Development Agency (A Very Special Place Inc.); Series 2003 A, Civic Facility RB		7.00	%		01/01/33		2,650		2,380,495

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

30        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS–ACA)(e)		5.25	%		11/01/37	$	7,350	$	7,155,739
New York (City of) Industrial Development Agency (PSCH Inc.); Series 2003, RB		6.38	%		07/01/33		1,275		1,113,062
New York (City of) Industrial Development Agency (Queens Baseball Stadium);
Series 2006, PILOT Bonds (INS–AMBAC)(e)		5.00	%		01/01/26		5,000		4,869,900
Series 2006, PILOT Bonds (INS–AMBAC)(e)		5.00	%		01/01/31		2,750		2,507,972
New York (City of) Industrial Development Agency (Visy Paper Inc.); Series 1995, RB(d)		7.95	%		01/01/28		7,500		7,498,575
New York (City of) Industrial Development Agency; Series 2002 C, Civic Facility RB		6.80	%		06/01/28		5,000		5,170,850
New York (City of) Liberty Development Corp. (National Sports Museum); Series 2006 A, Liberty RB (Acquired 08/07/06; Cost $2,121,407)(i)(j)		6.13	%		02/15/19		2,500		25
New York (City of); Series 1993 A-8, VRD GO Bonds (LOC–JP Morgan Chase Bank)(k)(l)		0.10	%		08/01/17		315		315,000
New York (State of) Dormitory Authority (General Purpose); Series 2011 C, Personal Income Tax RB(h)		5.00	%		03/15/31		15,000		16,372,350
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2008, RB		6.50	%		12/01/21		10,100		10,609,949
Series 2008, RB		6.13	%		12/01/29		2,125		2,111,379
Series 2008, RB		6.25	%		12/01/37		9,275		9,069,280
New York (State of) Dormitory Authority (Winthrop South Nassau University Health System); Series 2003 B, RB		5.75	%		07/01/28		4,695		4,753,969
Series 2003 A, RB		5.50	%		07/01/23		4,000		4,057,400
New York (State of) Energy Research & Development Authority; Series 1993, RB(g)		12.20	%		04/01/20		2,500		2,524,100
New York (State of) Environmental Facilities Corp; Series 2009 A, State Clean Water & Drinking Water RB(h)		5.00	%		06/15/34		20,000		21,236,600
Orange (County of) Industrial Development Agency (Arden Hill Life Care Center); Series 2001 A, Civic Facility RB		7.00	%		08/01/31		4,000		3,331,880
Port Authority of New York & New Jersey (JFK International Air Terminal LLC); Series 2010, Special Obligation RB		6.00	%		12/01/42		12,500		12,709,750
Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, Solid Waste Disposal RB(b)(d)(g)(i)		6.63	%		10/01/13		9,270		9,294,102
Suffolk (County of) Industrial Development Agency (Eastern Long Island Hospital Association); Series 2007, Civic Facility RB(i)		5.50	%		01/01/37		2,500		1,915,600
Suffolk (County of) Industrial Development Agency (Gerwin Jewish-Phase II); Series 2004, Civic Facility RB		6.70	%		05/01/39		1,920		1,880,045
Suffolk (County of) Industrial Development Agency (Medford Hamlet Assisted Living); Series 2005, Assisted Living Facility RB(d)		6.38	%		01/01/39		7,680		5,884,339
Sullivan (County of) Industrial Development Agency (Hebrew Academy for Special Children); Series 2002, Civic Facility RB		7.50	%		06/01/32		4,190		4,015,570
Syracuse (City of) Industrial Development Agency (Jewish Home of Central New York, Inc.);
Series 2001 A, First Mortgage RB		7.38	%		03/01/21		1,350		1,253,178
Series 2001 A, First Mortgage RB		7.38	%		03/01/31		3,325		2,875,959
UTICA (City of) Industrial Development Agency (UTICA College Civic Facility);
Series 2001, Civic Facility RB		6.75	%		12/01/21		2,315		2,368,384
Series 2001, Civic Facility RB		6.85	%		12/01/31		3,750		3,802,875
Westchester (County of) Industrial Development Agency (Kendal on Hudson); Series 2003 A, Continuing Care Retirement Mortgage IDR		6.38	%		01/01/24		5,000		4,996,500
									241,925,468
North Carolina–0.84%
Halifax (County of) Industrial Facilities & Pollution Control Financing Authority (International Paper Co.); Series 2001 A, RB(d)		5.90	%		09/01/25		1,000		1,007,410
Johnston Memorial Hospital Authority (Johnston Memorial Hospital); Series 2008, RB (INS–AGM)(e)(h)		5.25	%		10/01/28		5,125		5,442,135
Series 2008, RB (INS–AGM)(e)(h)		5.25	%		10/01/36		8,000		8,244,080

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

31        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
North Carolina–(continued)
North Carolina (State of) Medical Care Commission (Arbor Acres Community); Series 2002, First Mortgage Health Care Facilities RB(a)(b)		6.25	%		03/01/12	$	1,000	$	1,039,770
North Carolina (State of) Medical Care Commission (Baptist Retirement); Series 2001-A, First Mortgage Health Care Facilities RB		6.40	%		10/01/31		7,050		6,462,312
North Carolina (State of) Medical Care Commission (Forest at Duke); Series 2002, First Mortgage Retirement Facilities RB(a)(b)		6.38	%		09/01/12		3,000		3,181,470
North Carolina (State of) Medical Care Commission (Galloway Ridge); Series 2010 A, First Mortgage Retirement Facilities RB		6.00	%		01/01/39		1,520		1,425,106
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); Series 2005 A, Health Care Facilities RB		6.13	%		10/01/35		7,150		5,825,534
North Carolina (State of) Medical Care Commission (Village at Brookwood); Series 2007, Ref. First Mortgage Retirement Facilities RB		5.25	%		01/01/32		9,650		7,455,783
									40,083,600
North Dakota–0.22%
Fargo (City of) (Trollwood Village);
Series 2001 A, Ref. MFH RB(d)		7.25	%		09/01/21		495		396,589
Series 2001 A, Ref. MFH RB(d)		7.40	%		09/01/26		765		574,798
Series 2001 A, Ref. MFH RB(d)		7.60	%		09/01/31		2,120		1,537,742
Grand Forks (City of) (4000 Valley Square);
Series 2006, Ref. Sr. Housing RB		5.30	%		12/01/34		2,400		2,004,120
Series 2006, Ref. Sr. Housing RB		5.20	%		12/01/26		1,545		1,364,621
Traill (County of) (Hillsboro Medical Center); Series 2007, Health Care RB		5.50	%		05/01/42		5,570		4,574,363
									10,452,233
Ohio–2.19%
Adams (County of) (Adams County Hospital); Series 2005, Facility Improvement RB		6.50	%		09/01/36		20,455		13,744,942
Akron, Bath & Copley (Joint Township of) Hospital District (Summa Hospital); Series 1998 A, Hospital Facilities RB		5.38	%		11/15/24		1,500		1,500,045
Athens (City of) (O’Bleness Memorial Hospital District);
Series 2003 A, Ref. & Improvement Hospital Facilities RB		7.13	%		11/15/33		12,650		12,506,422
Series 2003 A, Ref. & Improvement Hospital Facilities RB		6.90	%		11/15/23		4,000		4,002,840
Buckeye Tobacco Settlement Financing Authority; Series 2007 A-2, Sr. Asset-Backed Turbo RB		5.88	%		06/01/47		20,000		14,086,000
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion);
Series 2007 A, Health Care RB		5.75	%		11/01/22		1,000		955,890
Series 2007 A, Health Care RB		6.00	%		11/01/38		2,550		2,168,240
Cleveland-Cuyahoga (County of) Port Authority; Series 2001, Special Assessment Tax Increment RB		7.35	%		12/01/31		5,000		5,009,300
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent Living Facilities RB		6.00	%		05/15/37		5,000		4,401,550
Series 2007 A, Health Care & Independent Living Facilities RB		6.00	%		05/15/42		3,645		3,211,610
Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		1,355		1,224,256
Cuyahoga (County of) (Franciscan Community Inc.); Series 2004 C, Health Care Facilities RB		6.25	%		05/15/32		3,500		3,083,115
Hamilton (County of) (Garden Hill/Washington Park Apartments); Series 1996, MFH  RB(d)(j)		7.75	%		10/01/21		1,955		16,500
Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011, Hospital RB		6.25	%		12/01/34		5,850		6,078,618
Lorain (County of) Port Authority (U.S. Steel Corp. Project); Series 2010, Recovery Zone Facility RB		6.75	%		12/01/40		7,500		7,647,150
Lucas (County of) (Sunset Retirement Communities);
Series 2000 A, Ref. Improvement Health Care Facilities RB		6.63	%		08/15/30		500		500,295
Series 2000 A, Ref. & Improvement Health Care Facilities RB		6.50	%		08/15/20		1,500		1,502,220
Series 2000 A, Ref. & Improvement Health Care Facilities RB		6.55	%		08/15/24		1,000		1,000,870

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

32        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ohio–(continued)
Montgomery (County of) (St. Leonard);
Series 2010, Ref. & Improvement Health Care MFH RB		6.38	%		04/01/30	$	2,000	$	2,000,520
Series 2010, Ref. & Improvement Health Care MFH RB		6.63	%		04/01/40		5,000		4,977,400
Norwood (City of) (Cornerstone at Norwood); Series 2006, Tax Increment Allocation RB		6.20	%		12/01/31		7,340		6,198,850
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, RB		6.75	%		01/15/39		6,000		6,227,460
Pinnacle Community Infrastructure Financing Authority;
Series 2004 A, Facilities RB		6.00	%		12/01/22		829		743,638
Series 2004 A, Facilities RB		6.25	%		12/01/36		2,000		1,602,620
									104,390,351
Oklahoma–0.49%
Atoka (County of) Health Care Authority (Atoka Memorial Hospital); Series 2007, Hospital RB		6.63	%		10/01/37		3,405		2,850,053
Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB		6.50	%		09/01/16		2,470		2,363,049
Oklahoma (County of) Finance Authority (Concordia); Series 2005 A, Retirement Facility RB		6.00	%		11/15/38		2,000		1,764,580
Oklahoma (State of) Development Finance Authority (Great Plains Regional Medical Center);
Series 2007, Hospital RB		5.00	%		12/01/27		3,500		3,173,310
Series 2007, Hospital RB		5.13	%		12/01/36		9,430		7,922,897
Tulsa (County of) Industrial Authority (Montereau, Inc.);
Series 2010 A, Sr. Living Community RB		7.25	%		11/01/40		3,000		3,075,090
Series 2010 A, Sr. Living Community RB		7.25	%		11/01/45		2,000		2,050,060
									23,199,039
Oregon–0.97%
Clastop Care Center Health District;
Series 1998, Sr. Housing RB		6.00	%		08/01/14		500		488,770
Series 1998, Sr. Housing RB		6.88	%		08/01/28		6,145		5,580,705
Douglas (County of) Hospital Facility Authority (Elderly Housing-Forest Glen); Series 1997 A, RB(j)		7.50	%		09/01/27		1,600		797,360
Gillam (County of) (Waste Management); Series 2002, Solid Waste Disposal RB(d)		5.25	%		07/01/29		9,220		9,291,455
Multnomah (County of) Hospital Facilities Authority (Terwilliger Plaza); Series 1999, RB(i)		6.50	%		12/01/29		8,500		8,520,145
Oregon (State of) Health, Housing, Educational & Cultural Facilities Authority (St. Anthony Village Housing); Series 1998 A, RB(d)		7.25	%		06/01/28		7,655		7,089,142
Warm Springs Reservation Confederated Tribes (Pelton Round Butte); Series 2009 B, Tribal Economic Development RB(i)		6.38	%		11/01/33		3,000		3,031,590
Yamhill (County of) Hospital Authority (Friendsview Retirement Community); Series 2003, RB(a)(b)		7.00	%		12/01/13		9,925		11,414,048
									46,213,215
Pennsylvania–3.59%
Allegheny (County of) Hospital Development Authority (West Pennsylvania Health System); Series 2007 A, RB		5.38	%		11/15/40		6,250		5,249,375
Allegheny (County of) Industrial Development Authority (AFCO Cargo PIT, LLC);
Series 1999, Cargo Facilities Lease RB(d)		6.63	%		09/01/24		1,590		1,371,550
Series 2003, Cargo Facilities Lease RB(d)		7.75	%		09/01/31		6,420		5,965,336
Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB		5.60	%		07/01/23		1,500		1,407,240
Berks (County of) Industrial Development Authority (One Douglassville ); Series 2007 A, Ref. First Mortgage RB(d)		6.13	%		11/01/34		4,830		3,990,594
Blair (County of) Industrial Development Authority (Village of Pennsylvania State); Series 2002 A, First Mortgage RB(j)		7.00	%		01/01/34		4,275		2,519,600
Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility);
Series 2005 A, Retirement Community RB		6.13	%		01/01/25		1,500		1,430,910
Series 2005 A, Retirement Community RB		6.25	%		01/01/35		5,850		5,286,470

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

33        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Bucks (County of) Industrial Development Authority (Chandler);
Series 1999, First Mortgage Health Care Facilities RB		6.10	%		05/01/14	$	640	$	639,942
Series 1999, First Mortgage Health Care Facilities RB		6.20	%		05/01/19		1,900		1,824,874
Series 1999, First Mortgage Health Care Facilities RB		6.30	%		05/01/29		3,450		3,006,537
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);
Series 1999, Ref. First Mortgage RB		6.38	%		12/01/19		1,000		1,000,180
Series 1999, Ref. First Mortgage RB		6.38	%		12/01/24		2,500		2,476,125
Chester (County of) Health & Education Facilities Authority (Jenner’s Pond, Inc.);
Series 2002, Sr. Living Facility RB(a)(b)		7.25	%		07/01/12		2,250		2,423,835
Series 2002, Sr. Living Facility RB(a)(b)		7.63	%		07/01/12		2,200		2,376,726
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB		6.13	%		01/01/45		5,000		4,479,750
Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); Series 2007, RB		5.00	%		01/01/36		11,080		9,825,633
Dauphin (County of) General Authority (Riverfront Office); Series 1998, Office & Package RB		6.00	%		01/01/25		8,175		6,438,793
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center);
Series 2006, Hospital RB		5.88	%		07/01/31		2,500		2,189,700
Series 2006, Hospital RB		5.90	%		07/01/40		3,800		3,205,110
Geisinger Authority; Series 2005 A, VRD Health System RB(l)		0.08	%		05/15/35		12,200		12,200,000
Harrisburg (City of) Authority (Harrisburg University of Science); Series 2007 B, University RB		6.00	%		09/01/36		8,500		7,413,275
Hazelton (City of) Health Services Authority (St. Joseph Medical Center); Series 1996, Hospital RB		6.20	%		07/01/26		2,230		2,230,535
Indiana (County of) Industrial Development Authority (PSEG Power LLC); Series 2001, PCR(d)		5.85	%		06/01/27		2,200		2,219,756
Lancaster (County of) Hospital Authority (St. Anne’s Home for the Aged, Inc.); Series 1999, Health Center RB		6.63	%		04/01/28		1,000		950,790
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Home Inc.);
Series 2001, First Mortgage RB		7.63	%		11/01/21		1,200		1,220,064
Series 2001, First Mortgage RB		7.75	%		11/01/33		3,000		3,024,360
Series 1999 A, First Mortgage RB		6.00	%		12/15/23		2,000		1,827,480
Lehigh (County of) General Purpose Authority (KidsPeace Obligated Group); Series 1998, RB		6.00	%		11/01/23		9,085		5,461,993
Series 1998, RB		6.00	%		11/01/18		3,000		1,970,670
Series 1999, RB		6.20	%		11/01/14		2,950		2,265,423
Lehigh (County of) Industrial Development Authority (Lifepath, Inc.);
Series 1998, Health Facility RB		6.10	%		06/01/18		2,120		1,881,288
Series 1998, Health Facility RB		6.30	%		06/01/28		4,000		3,059,520
Montgomery (County of) (Adv. Geriatric); Series 1993 A, Health Care RB		8.38	%		07/01/23		2,650		2,651,829
Montgomery (County of) Higher Education & Health Authority (AHF/Montgomery Inc.); Series 2006, Ref. Improvement RB		6.88	%		04/01/36		8,185		7,605,175
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB		7.00	%		12/01/35		6,000		6,298,980
Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care);
Series 2005, Mortgage RB		6.13	%		02/01/28		1,500		1,305,720
Series 2005, Mortgage RB		6.25	%		02/01/35		9,505		7,965,665
Montgomery (County of) Industrial Development Authority (Wordsworth Academy); Series 1994, RB		7.75	%		09/01/14		1,195		1,195,657
Mt. Lebanon Hospital Authority (St. Clair Memorial Hospital); Series 2002 A, RB		5.63	%		07/01/32		1,600		1,605,216
Northeastern Pennsylvania Hospital & Education Authority (Oakwood Terrace);
Series 1999, Health Care RB		7.13	%		10/01/29		3,350		3,113,222
Series 2005, Health Care RB (Acquired 12/27/05; Cost $1,575,000)(i)		6.50	%		10/01/32		1,575		1,385,244
Pennsylvania (State of) Higher Educational Facilities Authority (Student Association, Inc. at California University of Pennsylvania); Series 2000 A, Student Housing RB		6.75	%		09/01/32		1,965		1,982,213

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

34        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Philadelphia (City of) Authority for Industrial Development (Baptist Home of Philadelphia);
Series 1998 A, Health Care Facility RB		5.50	%		11/15/18	$	1,950	$	779,981
Series 1998 A, Health Care Facility RB		5.60	%		11/15/28		5,485		2,193,945
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Centralized Company Human Services, Inc.);
Series 2002 A, RB		6.13	%		01/01/13		930		912,814
Series 2002 A, RB		7.25	%		01/01/21		4,000		3,812,240
Philadelphia (City of) Authority for Industrial Development; Series 1990, Commercial Development Remarketing RB(d)		7.75	%		12/01/17		11,550		11,559,586
Susquehanna Area Regional Airport Authority; Series 2008 A, Airport System RB(d)		6.50	%		01/01/38		4,300		4,138,320
									171,339,241
Puerto Rico–0.31%
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2004 I, RB(a)(b)		5.25	%		07/01/14		75		84,839
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.;
First Sub. Series 2010 C, Sales Tax CAB RB(f)		0.00	%		08/01/38		53,500		9,488,760
Series 2007 A, Sales Tax CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/01/47		5,000		514,800
Series 2010 A, Sales Tax CAB RB(f)		0.00	%		08/01/36		23,650		4,792,909
									14,881,308
Rhode Island–0.26%
Rhode Island (State of) Economic Development Corp. (Providence Place); Series 2000, Sub. Obligation RB		7.25	%		07/01/20		3,550		3,490,893
Tobacco Settlement Corp.; Series 2002 A, Asset-Backed RB		6.25	%		06/01/42		9,800		8,932,406
									12,423,299
South Carolina–0.89%
Lancaster (County of) (Sun City Carolina Lakes); Series 2006, Assessment RB		5.45	%		12/01/37		1,480		1,215,080
Lauren County School District No. 055; Series 2005, Installment Purchase RB		5.25	%		12/01/30		4,080		4,132,306
Myrtle Beach (City of) (Myrtle Beach Air Force Base);
Series 2006 A, Tax Increment RB		5.25	%		10/01/26		975		776,529
Series 2006 A, Tax Increment RB		5.30	%		10/01/35		1,250		921,287
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance);
Series 2003 A, Ref. Hospital Facilities RB		6.13	%		08/01/23		5,000		5,136,750
Series 2003 A, Ref. Hospital Facilities RB		6.25	%		08/01/31		14,700		14,926,527
Series 2003 C, Hospital Facilities RB(a)(b)		6.38	%		08/01/13		4,005		4,459,968
Series 2003 C, Hospital Facilities RB(a)(b)		6.38	%		08/01/13		495		551,232
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman); Series 2007 A, RB(j)		6.00	%		11/15/37		3,700		1,474,265
South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB		5.13	%		10/01/26		2,500		2,071,500
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
Series 2007 A, RB(j)		6.00	%		11/15/27		2,000		796,900
Series 2007 A, RB(j)		6.00	%		11/15/42		7,800		3,107,910
South Carolina Educational Facilities Authority (Furman University); Series 2006 B, VRD Private Nonprofit Institutions RB(l)		0.12	%		10/01/39		2,885		2,885,000
									42,455,254
South Dakota–0.21%
Keystone (Town of) (Water Quality Management Corp.); Series 1998 A, Economic Development RB(d)		6.00	%		12/15/18		870		842,560
Minnehaha (County of) (Bethany Lutheran Home); Series 2002 A, Health Care Facilities RB(a)(b)		7.00	%		12/01/12		3,750		4,045,837

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

35        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
South Dakota–(continued)
Sioux Falls (City of) (Dow Rummel Village);
Series 2002 A, Health Facilities RB(a)(b)		6.63	%		11/15/12	$	1,750	$	1,867,408
Series 2002 A, Health Facilities RB(a)(b)		6.75	%		11/15/12		3,250		3,472,918
									10,228,723
Tennessee–1.44%
Johnson City (City of) Health & Educational Facilities Board (Appalachian Christian Village);
Series 2004 A, Retirement Facilities RB		6.00	%		02/15/24		1,000		939,850
Series 2004 A, Retirement Facilities RB		6.25	%		02/15/32		2,950		2,700,725
Series 2004 A, Retirement Facilities RB		6.00	%		02/15/19		1,015		1,004,779
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance);
Series 2000 A, Ref. First Mortgage Hospital RB(a)(b)		7.50	%		07/01/12		5,000		5,384,250
Series 2000 A, Ref. First Mortgage Hospital RB(a)(b)		7.50	%		07/01/12		4,000		4,307,400
Knox (County of) Health & Educational Facilities Board (Baptist Health System East Tennessee); Series 2002, Hospital Facilities RB		6.50	%		04/15/31		2,500		2,582,625
Memphis (City of) Health Educational & Housing Facility Board (Hilldale Apartments); Series 2007, MFH RB(d)		6.70	%		11/01/37		4,445		3,418,205
Metropolitan Government of Nashville & Davidson (County of) Health & Educational Facilities Board (Blakeford at Green Hills); Series 1998, RB		5.65	%		07/01/24		4,650		4,397,923
Shelby (County of) Health Educational & Housing Facilities Board (Germantown Village);
Series 2003 A, Residential Care RB		6.38	%		12/01/13		1,100		1,092,003
Series 2003 A, Residential Care RB		7.00	%		12/01/23		3,650		3,457,353
Shelby (County of) Health Educational & Housing Facilities Board (Kirby Pines); Series 1997 A, Health Care Facility RB		6.38	%		11/15/25		3,700		3,473,856
Shelby (County of) Health Educational & Housing Facilities Board (The Village at Germantown);
Series 2003 A, Residential Care Facility Mortgage RB		7.25	%		12/01/34		14,800		13,967,796
Series 2006, Residential Care Facility Mortgage RB		6.25	%		12/01/34		750		634,815
Shelby (County of) Health Educational & Housing Facilities Board (Trezevant Manor);
Series 2006 A, RB		5.63	%		09/01/26		1,000		939,910
Series 2006 A, RB		5.75	%		09/01/37		2,000		1,756,440
Sullivain (County of) Health Educational & Housing Facilities Board (Wellmont Health System); Series 2002, Hospital RB(a)(b)		6.25	%		09/01/12		4,500		4,784,580
Trenton (City of) Health & Educational Facilities Board (RHA/Trenton MR, Inc.); Series 2009, RB		9.25	%		04/01/39		13,585		13,795,160
									68,637,670
Texas–11.98%
ABIA Development Corp. (Austin Belly Port Development, LLC); Series 1998 A, Airport Facilities RB(d)		6.50	%		10/01/23		6,195		5,332,656
Abilene (City of) Health Facilities Development Corp. (Sears Methodist Retirement System Obligated Group);
Series 2003 A, Retirement Facilities RB		6.75	%		11/15/28		2,000		1,734,740
Series 2003 A, Retirement Facilities RB		7.00	%		11/15/33		5,000		4,344,700
Alliance Airport Authority Inc. (American Airlines Inc.); Series 2007, Ref. Special Facilities RB(d)		5.25	%		12/01/29		6,750		4,487,197
Angelina & Neches River Authority (Aspen Power LLC); Series 2007 A, Industrial Development Corp. Environmental RB(c)(d)		6.50	%		11/01/29		9,480		5,832,286
Atlanta (City of) Hospital Authority;
Series 1999, Hospital Facility RB		6.70	%		08/01/19		790		789,968
Series 1999, Hospital Facility RB		6.75	%		08/01/29		3,735		3,398,589
Austin (City of) Convention Enterprises, Inc.; Series 2006 B, Ref. Convention Center Hotel Second Tier RB(i)		5.75	%		01/01/34		5,060		4,522,780
Austin-Bergstrom Landhost Enterprises Inc.; Series 1999 A, Sr. Airport & Hotel RB(m)		3.38	%		04/01/27		2,920		1,639,171

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

36        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Bexar (County of) Health Facilities Development Corp. (Army Retirement Residence);
Series 2002, RB(a)(b)		6.13	%		07/01/12	$	750	$	791,423
Series 2002, RB(a)(b)		6.30	%		07/01/12		1,000		1,056,680
Bexar (County of) Housing Finance Corp. (Woodland Ridge Apartments); Series 2002 A, MFH RB(d)		7.00	%		01/01/39		4,115		3,727,367
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB		6.13	%		04/01/45		7,465		7,657,224
Central Texas Regional Mobility Authority; Series 2011, Sub. Lien RB		6.75	%		01/01/41		14,500		13,877,370
Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB		6.25	%		12/01/45		5,000		4,861,950
Dallas (County of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds		7.25	%		04/01/32		9,445		9,634,372
Dallas-Fort Worth (Cities of) International Airport Facilities Improvement Corp. (American Airlines, Inc.);
Series 1995, RB		6.00	%		11/01/14		11,335		10,800,781
Series 1999, RB(d)		6.38	%		05/01/35		2,030		1,506,625
Series 2007, Ref. RB(d)		5.50	%		11/01/30		15,100		10,327,796
Decatur (City of) Hospital Authority (Wise Regional Health System);
Series 2004 A, Hospital RB		7.00	%		09/01/25		10,500		10,525,200
Series 2004 A, Hospital RB		7.13	%		09/01/34		7,250		7,151,690
Grand Prairie (City of) Housing Finance Corp. (Independent Senior Living Center);
Series 2003, Priority Lien RB		7.50	%		07/01/17		1,040		1,051,107
Series 2003, Priority Lien RB		7.63	%		01/01/20		655		665,002
Series 2003, Priority Lien RB		7.75	%		01/01/34		6,795		6,744,717
Series 2003, Sub. Lien RB		0.00	%		07/01/17		610		29,567
Series 2003, Sub. Lien RB		0.00	%		01/01/20		345		16,722
Series 2003, Sub. Lien RB		0.00	%		01/01/34		3,595		174,250
Grapevine (City of) Industrial Development Corp. (Air Cargo); Series 2002, Sr. RB(d)		6.50	%		01/01/24		1,850		1,637,343
Gregg (County of) Health Facilities Development Corp. (Good Shepherd);
Series 2002 A, Hospital RB(a)(b)		6.38	%		10/01/12		1,830		1,949,005
Series 2002 A, Hospital RB(a)(b)		6.50	%		10/01/12		1,220		1,300,984
Series 2002 A, Hospital RB		6.38	%		10/01/21		1,170		1,185,584
Series 2002 A, Hospital RB		6.50	%		10/01/26		2,070		2,083,145
Series 2002 A, Hospital RB		6.50	%		10/01/29		780		783,494
HFDC of Central Texas, Inc. (Legacy at Willow Bend);
Series 2006 A, Retirement Facilities RB		5.63	%		11/01/26		8,100		7,049,349
Series 2006 A, Retirement Facilities RB		5.75	%		11/01/36		3,155		2,579,496
HFDC of Central Texas, Inc. (Sears Tyler Methodist);
Series 2009 A, RB		7.75	%		11/15/29		4,910		4,780,523
Series 2009 A, RB		7.75	%		11/15/44		15,345		14,255,965
HFDC of Central Texas, Inc. (Village at Gleannloch Farms);
Series 2006 A, Retirement Facilities RB		5.50	%		02/15/27		4,300		3,417,210
Series 2006 A, Retirement Facilities RB		5.50	%		02/15/37		14,000		10,066,140
Hopkins (County of) Hospital District;
Series 2008, RB		6.00	%		02/15/33		1,500		1,386,135
Series 2008, RB		6.00	%		02/15/38		2,000		1,816,080
Houston (City of) (Continental Airlines, Inc. Terminal E);
Series 1998 C, Airport System Special Facilities RB(d)		5.70	%		07/15/29		4,730		4,211,687
Series 2001, Airport System Special Facilities RB(d)		7.38	%		07/01/22		1,100		1,103,388
Series 2001 E, Airport System Special Facilities RB(d)		6.75	%		07/01/29		6,000		5,898,060
Houston (City of) Health Facilities Development Corp. (Buckingham Senior Living Community); Series 2004 A, Retirement Facilities RB(a)(b)		7.00	%		02/15/14		500		582,540

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

37        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Houston (City of) Industrial Development Corp. (Air Cargo); Series 2002, Sr. RB(d)		6.38	%		01/01/23	$	3,960	$	3,491,096
Houston (City of);
Series 2009 A, Ref. Sr. Lien Airport System RB(h)		5.00	%		07/01/25		6,800		7,369,704
Series 2009 A, Ref. Sr. Lien Airport System RB(h)		5.00	%		07/01/23		6,580		7,290,903
Series 2009 A, Ref. Sr. Lien Airport System RB(h)		5.00	%		07/01/24		3,670		4,024,045
Series 2009 A, Ref. Sr. Lien Airport System RB(h)		5.00	%		07/01/26		3,000		3,228,750
Series 2011 A, Ref. First Lien Utility System RB(h)		5.25	%		11/15/31		18,360		20,148,815
La Vernia (City of) Higher Education Finance Corp. (Kipp, Inc.); Series 2009 A, RB		6.38	%		08/15/44		7,225		7,500,489
Series 2009 A, RB		6.25	%		08/15/39		1,210		1,250,487
Lone Star College System; Series 2009, Limited Tax GO Bonds(h)		5.00	%		08/15/34		23,200		25,203,320
Love Field Airport Modernization Corp. (Southwest Airlines Co.–Love Field Modernization Program); Series 2010, Special Facilities RB		5.25	%		11/01/40		7,700		7,261,562
Lubbock (City of) Health Facilities Development Corp. (Carillon Senior LifeCare Community); Series 2005 A, Ref. First Mortgage RB		6.63	%		07/01/36		9,000		8,228,430
Series 2005 A, Ref. First Mortgage RB		6.50	%		07/01/26		2,500		2,363,475
Lufkin (City of) Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2007, Health System RB		5.50	%		02/15/37		3,000		2,521,410
Meadow Parc Development, Inc. (Meadow Parc Apartments); Series 1998, MFH RB		6.50	%		12/01/30		10,405		9,255,768
Midlothian (City of) Development Authority; Series 2004, Tax Increment Contract Allocation RB(i)		6.20	%		11/15/29		3,500		3,501,015
North Texas Tollway Authority;
Series 2008 A, First Tier RB (INS–BHAC)(e)(h)		5.75	%		01/01/48		30,545		31,975,728
Series 2011 B, Special Project System CAB RB(f)		0.00	%		09/01/37		15,500		2,929,965
Orange (City of) Housing Development Corp. (Villages at Pine Hollow); Series 1998, MFH RB		8.00	%		03/01/28		3,335		3,019,476
Pharr (City of) Higher Education Finance Authority (Idea Public Schools); Series 2009 A, Education RB		6.50	%		08/15/39		4,000		4,051,800
San Antonio (City of) Convention Hotel Finance Corp. (Empowerment Zone); Series 2005 A, Contract RB (INS–AMBAC)(d)(e)		5.00	%		07/15/39		15,900		13,691,967
Tarrant (County of) Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2009, Retirement Facility RB		6.38	%		11/15/44		8,650		8,695,499
Tarrant (County of) Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2009 A, Retirement Facility RB		8.00	%		02/15/38		11,000		11,072,930
Series 2009 B-1, Retirement Facility RB		7.25	%		02/15/16		5,000		4,969,850
Tarrant (County of) Cultural Education Facilities Finance Corp. (Mirador);
Series 2010 A, Retirement Facility RB		8.13	%		11/15/39		8,500		8,547,685
Series 2010 A, Retirement Facility RB		8.25	%		11/15/44		9,000		9,070,020
Tarrant (County of) Cultural Education Facilities Finance Corp. (Stayton at Museum Way);
Series 2009 C-1, Retirement Facility RB		7.50	%		11/15/16		20,000		20,056,400
Series 2009 C-2, Retirement Facility RB		6.50	%		11/15/14		5,000		4,996,500
Texas (State of) Department Housing & Community Affairs (Linked SAVRS & RIBS); Series 1992 C, Home Mortgage RB (CEP–GNMA)(d)(e)		6.90	%		07/02/24		450		503,181
Texas (State of) Public Finance Authority (School Excellence Education); Series 2004 A, Charter School Finance Corp. RB(i)		7.00	%		12/01/34		3,575		3,342,017
Texas (State of) Student Housing Corp. (Midwestern State University);
Series 2002, RB(a)(b)		6.50	%		09/01/12		1,000		1,069,380
Series 2002, RB(a)(b)		6.50	%		09/01/12		5,875		6,282,607

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

38        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Texas (State of) Turnpike Authority (Central Texas Turnpike);
Series 2002, CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/15/33	$	28,165	$	6,973,936
Series 2002, CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/15/32		22,115		5,942,964
Series 2002, CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/15/36		19,000		3,704,240
Series 2002, CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/15/37		30,000		5,423,100
Texas (State of) Water Development Board; Series 2008 B, Sub. Lien State Revolving Fund RB(h)		5.00	%		07/15/28		11,425		12,349,168
Series 2008 B, Sub. Lien State Revolving Fund RB(h)		5.00	%		07/15/29		5,000		5,374,200
Series 2008 A, Sub. Lien State Revolving Fund RB(h)		5.00	%		07/15/25		15,000		16,467,300
Texas Private Activity Bond Surface Transportation Corp. (North Transit Express Mobility); Series 2009, Sr. Lien RB		6.88	%		12/31/39		18,100		18,713,771
Tomball (City of) Hospital Authority (Tomball Regional Hospital);
Series 1999, Hospital RB		6.00	%		07/01/25		3,650		3,484,107
Series 1999, Hospital RB		6.00	%		07/01/29		6,010		5,740,512
Tyler (City of) Health Facilities Development Corp. (Mother Frances Hospital); Series 2007, Ref. Hospital RB		5.00	%		07/01/33		10,540		9,466,501
University of Texas; Series 2004 D, Financing System RB(a)(b)(h)		5.00	%		08/15/14		1,000		11,318,600
Series 2004 D, Financing System RB(a)(b)(h)		5.00	%		08/15/14		15,000		16,977,900
Wichita (County of) Health Facilities Development Corp. (Rolling Meadows Facility); Series 1998 A, Ref. RB		6.25	%		01/01/28		7,790		6,817,730
Woodhill Public Facilities Corp. (Woodhill Apartments); Series 1999, MFH RB		7.50	%		12/01/29		7,000		6,796,160
									571,232,521
Utah–0.36%
Eagle Mountain (City of) (Special Improvement District No. 2000-1); Series 2006, Special Assessment Bonds		8.25	%		02/01/21		1,193		1,203,749
Tooele (County of) (Union Pacific); Series 1992, Hazardous Waste Treatment RB(d)		5.70	%		11/01/26		5,000		5,022,000
Utah (State of) Charter School Finance Authority (George Washington Academy); Series 2008 A, Charter School RB		7.00	%		07/15/40		5,000		4,645,000
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy);
Series 2010, Charter School RB		6.25	%		07/15/30		1,250		1,205,662
Series 2010, Charter School RB		6.38	%		07/15/40		1,000		943,460
Utah (State of) Housing Finance Agency (RHA Community Services); Series 1997 A, RB		6.88	%		07/01/27		4,240		3,983,141
									17,003,012
Vermont–0.20%
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 A, Mortgage RB		5.38	%		05/01/36		4,750		3,839,377
Vermont (State of) Educational & Health Buildings Financing Agency (Developmental & Mental Health);
Series 2002 A, RB		6.38	%		06/15/22		1,290		1,252,990
Series 2002 A, RB		6.50	%		06/15/32		2,170		2,005,015
Vermont (State of) Educational & Health Buildings Financing Agency (Vermont Council Development Mental Health);
Series 1999 A, RB		6.13	%		12/15/14		1,335		1,349,672
Series 1999 A, RB		6.25	%		12/15/19		885		882,637
									9,329,691
Virgin Islands–0.10%
Virgin Islands (Commonwealth of) (Matching Fund Loan Note-Diago); Series 2009 A, RB		6.75	%		10/01/37		4,500		4,778,415
Virginia–1.76%
Albemarle (County of) Industrial Development Authority (Covenant School, Inc.); Series 2001 A, Educational Facilities RB		7.75	%		07/15/32		4,000		3,873,200

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

39        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Virginia–(continued)
Bell Creek Community Development Authority;
Series 2003 A, Special Assessment Bonds		6.75	%		03/01/22	$	331	$	329,527
Series 2003 B, Special Assessment Bonds		7.00	%		03/01/32		1,710		1,631,494
Broad Street Community Development Authority; Series 2003, Special Assessment RB(a)(b)		7.50	%		06/01/13		7,483		8,485,498
Celebrate North Community Development Authority (Celebrate Virginia North);
Series 2003 B, Special Assessment RB		6.60	%		03/01/25		1,395		1,063,562
Series 2003 B, Special Assessment RB		6.75	%		03/01/34		7,745		5,424,056
Celebrate South Community Development Authority (Celebrate Virginia South); Series 2006, Special Assessment Bonds		6.25	%		03/01/37		9,700		6,081,221
Chesterfield (County of) Health Center Commission (Lucy Corr Village);
Series 2008 A, Residential Care Facilities RB		6.13	%		12/01/30		3,000		2,753,940
Series 2008 A, Residential Care Facilities RB		6.25	%		12/01/38		3,500		3,127,740
Dulles Town Center Community Development Authority (Dulles Town Center); Series 1998, Special Assessment Bonds		6.25	%		03/01/26		2,355		2,354,953
Fairfax (County of) Economic Development Authority (Lewinsville Retirement Village); Series 2007 A, Sr. Living RB		5.25	%		03/01/32		2,250		1,816,425
Henrico (County of) Economic Development Authority (United Methodist); Series 2002, Health Care Facility RB(a)(b)		6.70	%		06/01/12		795		832,373
Isle Wight (County of) Industrial Development Authority; Series 2003 A, Environment Improvement RB(d)		5.70	%		11/01/27		5,200		5,158,920
Lexington (City of) Industrial Development Authority (Kendall at Lexington); Series 2007 A, Residential Care Facilities Mortgage RB		5.50	%		01/01/37		2,050		1,712,693
New Port Community Development Authority;
Series 2006, Special Assessment Bonds		5.50	%		09/01/26		956		553,036
Series 2006, Special Assessment Bonds		5.60	%		09/01/36		2,500		1,364,825
Peninsula Town Center Community Development Authority;
Series 2007, Special Obligation RB		6.35	%		09/01/28		1,487		1,485,468
Series 2007, Special Obligation RB		6.45	%		09/01/37		4,219		4,182,253
The Farms of New Kent Community Development Authority;
Series 2006 B, Special Assessment Bonds		5.45	%		03/01/36		7,000		4,653,250
Series 2006 C, Special Assessment Bonds		5.80	%		03/01/36		7,250		5,072,607
Virginia (State of) Gateway Community Development Authority (Prince William City); Series 2003, Special Assessment Bonds		6.38	%		03/01/30		3,859		3,811,611
Virginia (State of) Gateway Community Development Authority; Series 1999, Special Assessment Bonds		6.25	%		03/01/26		1,645		1,635,706
Virginia (State of) Small Business Financing Authority Series 2008 A, Hospital RB		0.12	%		07/01/42		2,000		2,000,000
Virginia (State of) Small Business Financing Authority (Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC); Series 2009, RB(i)		9.00	%		07/01/39		8,300		8,732,762
Washington (County of) Industrial Development Authority (Mountain State Health Alliance); Series 2009 C, Hospital Facility RB		7.75	%		07/01/38		5,000		5,654,750
									83,791,870
Washington–3.31%
Kalispel Tribe of Indians; Series 2008, Priority District Washington RB		6.75	%		01/01/38		8,000		6,554,160
Kennewick (City of) Public Hospital District; Series 2001, Ref. Improvement RB		6.30	%		01/01/25		2,000		1,921,460
King (County of) Public Hospital District No. 4 (Snoqualmie Valley Hospital); Series 2009, Ref. Improvement Limited Tax GO Bonds		7.25	%		12/01/38		9,625		9,700,652
King (County of); Series 2011 B, Sewer RB(h)		5.00	%		01/01/34		38,540		40,730,614
Seattle (Port of) Industrial Development Corp. (Northwest Airlines, Inc.); Series 2001, Special Facilities RB(d)		7.25	%		04/01/30		24,060		24,093,684
Skagit (County of) Public Hospital District No. 1 (Skagit Valley Hospital);
Series 2004, Ref. RB		6.00	%		12/01/23		1,000		1,026,080
Series 2010, RB		6.00	%		12/01/30		3,160		3,240,801
Series 2010, RB		5.75	%		12/01/35		4,000		3,887,560

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

40        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Washington–(continued)
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB		7.00	%		07/01/39	$	9,145	$	9,415,418
Washington (State of) Health Care Facilities Authority (Kadlec Regional Medical Center); Series 2010, RB		5.50	%		12/01/39		3,500		3,271,870
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB		7.38	%		03/01/38		10,800		11,940,156
Washington (State of) Higher Education Facilities Authority (Whitworth University); Series 2009, Ref. RB		5.63	%		10/01/40		3,415		3,446,794
Washington (State of) Housing Finance Commission (Custodial Receipts Wesley Homes); Series 2008 A, Non-Profit RB(i)		6.20	%		01/01/36		19,025		17,997,460
Washington (State of); Series 2009 E, Various Purpose Unlimited Tax GO Bonds(h)		5.00	%		02/01/29		18,450		20,581,529
									157,808,238
West Virginia–0.54%
Harrison (County of) (Allegheny Energy); Series 2007 D, Ref. Solid Waste Disposal RB(d)		5.50	%		10/15/37		5,250		5,080,162
West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, Hospital RB		6.00	%		10/01/20		1,500		1,481,355
Series 2008, Hospital RB		6.50	%		10/01/38		8,000		7,544,240
Series 2008, Hospital RB		6.75	%		10/01/43		12,000		11,580,600
									25,686,357
Wisconsin–1.17%
Baldwin (Village of);
Series 1998 A, Hospital Mortgage RB		6.38	%		12/01/28		5,180		4,926,491
Series 1998 A, Hospital Mortgage RB		6.13	%		12/01/18		800		799,976
Hudson (City of) (Christian Community Home, Inc.); Series 2003, Health Care Facility RB		6.50	%		04/01/33		3,545		3,375,301
Milwaukee (City of) (Air Cargo);
Series 2002, Sr. RB(d)		6.50	%		01/01/25		1,440		1,266,811
Series 2002, Sub. RB(d)		7.50	%		01/01/25		2,250		2,148,165
Superior (City of) (Superior Water, Light & Power Company); Series 2007 B, Collateralized Utility RB(d)		5.75	%		11/01/37		4,000		4,022,280
Wisconsin (State of) Health & Educational Facilities Authority (Community Memorial Hospital, Inc.);
Series 2003, RB		7.13	%		01/15/22		935		917,815
Series 2003, RB		7.25	%		01/15/33		2,355		2,237,368
Wisconsin (State of) Health & Educational Facilities Authority (Divine Savior Health Care); Series 2002 C, RB(a)(b)		7.50	%		05/01/12		3,380		3,536,731
Wisconsin (State of) Health & Educational Facilities Authority (Eastcastle Place, Inc.);
Series 2004, RB		6.00	%		12/01/24		1,750		1,180,672
Series 2004, RB		6.13	%		12/01/34		4,400		2,904,572
Wisconsin (State of) Health & Educational Facilities Authority (Froedert & Community); Series 2001, RB		5.38	%		10/01/30		330		332,624
Wisconsin (State of) Health & Educational Facilities Authority (Middleton Glen, Inc.);
Series 1998, RB		5.75	%		10/01/18		1,115		1,040,183
Series 1998, RB		5.75	%		10/01/28		2,485		2,118,661
Series 1998, Special Term RB		5.90	%		10/01/28		335		290,485
Wisconsin (State of) Health & Educational Facilities Authority (New Castle Place); Series 2001 A, RB		7.00	%		12/01/31		2,750		2,187,735
Wisconsin (State of) Health & Educational Facilities Authority (Southwest Health Center);
Series 2004 A, RB		6.13	%		04/01/24		1,500		1,478,865
Series 2004 A, RB		6.25	%		04/01/34		1,750		1,654,012
Wisconsin (State of) Health & Educational Facilities Authority (Tomah Memorial Hospital, Inc.);
Series 2003, RB		6.50	%		07/01/23		1,200		1,202,112
Series 2003, RB		6.63	%		07/01/28		1,000		995,870

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

41        Invesco Van Kampen High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch);
Series 2011 A, Continuing Care Retirement Community RB		7.75	%		06/01/28	$	5,980	$	5,956,738
Series 2011 A, Continuing Care Retirement Community RB		8.00	%		06/01/35		10,150		10,155,684
Series 2011 A, Continuing Care Retirement Community RB		8.25	%		06/01/46		1,000		1,013,680
									55,742,831
Wyoming–0.11%
Teton (County of) Hospital District (St. John’s Medical Center);
Series 2002, RB(a)(b)		6.75	%		06/01/12		2,100		2,220,036
Series 2002, RB(a)(b)		6.75	%		06/01/12		835		882,729
Series 2002, RB(a)(b)		6.75	%		06/01/12		2,165		2,288,751
									5,391,516
TOTAL INVESTMENTS–107.89% (Cost $5,497,096,022)									5,142,548,536
FLOATING RATE NOTE OBLIGATIONS–(9.52)%
Notes with interest rates ranging from 0.12% to 0.31% at 08/31/11 and contractual maturities of collateral ranging from 07/01/22 to 06/15/50 (See Note 1M)(n)									(453,740,000	)
OTHER ASSETS LESS LIABILITIES–1.63%									77,767,842
NET ASSETS–100.00%								$	4,766,576,378

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAN	– Bond Anticipation Notes
BHAC	– Berkshire Hathaway Assurance Corp.
CAB	– Capital Appreciation Bonds
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
GNMA	– Government National Mortgage Association
GO	– General Obligation
Gtd.	– Guaranteed
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
PILOT	– Payment-in-Lieu-of-Tax
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
SGI	– Syncora Guarantee, Inc.
Sr.	– Senior
Sub.	– Subordinated
TEMPS	– Tax-Exempt Mandatory Paydown Securities
VRD	– Variable Rate Demand
Wts.	– Warrants

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

42        Invesco Van Kampen High Yield Municipal Fund

Notes to Schedule of Investments:

(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(c)	Defaulted security. Currently, the issuer is in default with respect to interest payments. The value of this security at August 31, 2011 represented 0.38% of the Fund’s Net Assets.
(d)	Security subject to the alternative minimum tax.
(e)	Principal and/or interest payments are secured by the bond insurance company listed.
(f)	Zero coupon bond issued at a discount.
(g)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
(h)	Underlying security related to Special Purpose Trusts entered into by the Trust. See Note 1M.
(i)	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, 2011 was $211,442,578, which represented 4.44% of the Trust’s Net Assets.
(j)	Defaulted security. Currently, the issuer is in default with respect to principal and interest payments. The value of these securities at August 31, 2011 represented 1.42% of the Fund’s Net Assets.
(k)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(l)	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, 2011.
(m)	The issuer is paying less than stated interest, but is not in default on principal, because scheduled principal payments have not yet begun.
(n)	Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2011. At August 31, 2011, the Trust’s investments with a value of $766,952,455 are held by Dealer Trusts and serve as collateral for the $453,740,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of August 31, 2011

Revenue Bonds	90.1	%
General Obligation Bonds	5.8
Pre-Refunded Bonds	4.1

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

43        Invesco Van Kampen High Yield Municipal Fund

Statement of Assets and Liabilities

August 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $5,497,096,022)	$	5,142,548,536
Cash		3,103,485
Receivable for:
Investments sold		61,588,906
Fund shares sold		7,526,188
Interest		92,258,847
Investment for trustee deferred compensation and retirement plans		19,710
Other assets		110,934
Total assets		5,307,156,606
Liabilities:
Floating rate note obligations		453,740,000
Payable for:
Investments purchased		66,048,715
Fund shares reacquired		15,202,814
Dividends		3,128,107
Accrued fees to affiliates		2,107,467
Accrued other operating expenses		283,070
Trustee deferred compensation and retirement plans		70,055
Total liabilities		540,580,228
Net assets applicable to shares outstanding	$	4,766,576,378
Net assets consist of:
Shares of beneficial interest	$	5,775,602,735
Undistributed net investment income		29,917,281
Undistributed net realized gain (loss)		(684,396,152	)
Unrealized appreciation (depreciation)		(354,547,486	)
	$	4,766,576,378
Net assets:
Class A	$	3,418,929,672
Class B	$	194,879,652
Class C	$	803,300,535
Class Y	$	349,466,519
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		371,393,371
Class B		21,135,885
Class C		87,439,641
Class Y		37,887,347
Class A:
Net asset value per share	$	9.21
Maximum offering price per share
(Net asset value of $9.21 divided by 95.25%)	$	9.67
Class B:
Net asset value and offering price per share	$	9.22
Class C:
Net asset value and offering price per share	$	9.19
Class Y:
Net asset value and offering price per share	$	9.22

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

44        Invesco Van Kampen High Yield Municipal Fund

Statement of Operations

For the six months ended August 31, 2011

(Unaudited)

Investment income:
Interest	$	180,217,535
Expenses:
Advisory fees		12,479,576
Administrative services fees		314,832
Custodian fees		89,014
Distribution fees:
Class A		4,239,049
Class B		280,929
Class C		4,006,816
Interest, facilities and maintenance fees		2,731,824
Transfer agent fees		1,092,940
Trustees’ and officers’ fees and benefits		85,871
Other		386,264
Total expenses		25,707,115
Less: Expense offset arrangement(s)		(730	)
Net expenses		25,706,385
Net investment income		154,511,150
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(56,992,347	)
Change in net unrealized appreciation of investment securities		242,447,794
Net realized and unrealized gain		185,455,447
Net increase in net assets resulting from operations	$	339,966,597

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

45        Invesco Van Kampen High Yield Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2011, the period December 1, 2010 to February 28, 2011 and the year ended November 30, 2010

(Unaudited)

	Six months			Three months
	ended			ended			Year ended
	August 31,			February 28,			November 30,
	2011			2011			2010*
Operations:
Net investment income	$	154,511,150		$	85,117,911		$	346,089,800
Net realized gain (loss)		(56,992,347	)		(35,964,962	)		(67,412,654	)
Change in net unrealized appreciation (depreciation)		242,447,794			(211,008,193	)		156,171,816
Net increase (decrease) in net assets resulting from operations		339,966,597			(161,855,244	)		434,848,962
Distributions to shareholders from net investment income:
Class A		(104,338,207	)		(55,109,686	)		(245,151,404	)
Class B		(6,596,680	)		(3,714,961	)		(17,941,996	)
Class C		(21,720,518	)		(11,743,704	)		(50,039,288	)
Class Y		(15,529,772	)		(8,221,257	)		(22,417,855	)
Total distributions from net investment income		(148,185,177	)		(78,789,608	)		(335,550,543	)
Share transactions-net*:
Class A		(113,491,101	)		(310,783,405	)		504,177,682
Class B		(64,496,591	)		(36,255,313	)		(24,383,594	)
Class C		(40,880,808	)		(99,837,695	)		137,515,032
Class Y		(187,767,657	)		17,942,908			242,027,701
Net increase (decrease) in net assets resulting from share transactions		(406,636,157	)		(428,933,505	)		859,336,821
Net increase (decrease) in net assets		(214,854,737	)		(669,578,357	)		958,635,240
Net assets:
Beginning of period		4,981,431,115			5,651,009,472			4,692,374,232
End of period (includes undistributed net investment income of $29,917,281, $23,591,308 and $17,610,939, respectively)	$	4,766,576,378		$	4,981,431,115		$	5,651,009,472

*  For the year ended November 30, 2010, proceeds from shares sold include $1,059,255,837 of proceeds from shares acquired through a merger. (See Note 9 in the Notes to Financial Statements for further information.)

Notes to Financial Statements

For the six months ended August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen High Yield Municipal Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco 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 seven 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 investors with as high a level of interest income exempt from federal income tax as is consistent with the investment policies of the Fund.

  The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. 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 C shares are sold with a CDSC. Class Y shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. 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. 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. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

46        Invesco Van Kampen High Yield 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 (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 net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized 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 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.	Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.
H.	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

47        Invesco Van Kampen High Yield Municipal 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.
I.	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.
J.	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.
K.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class. Effective January 1, 2012, the Fund will eliminate the 2% redemption fee, if applicable, assessed on shares of the Fund redeemed or exchanged within 31 days of purchase.
L.	Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.
M.	Floating Rate Note Obligations — The Fund invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Fund. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Fund, thereby collapsing the Dealer Trusts.
	TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
	The Fund accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
	The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Fund, the Fund will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Fund could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

48        Invesco Van Kampen High Yield Municipal Fund

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 Daily Net Assets	Rate
First $300 million		0	.60%
Next $300 million		0	.55%
Over $600 million		0	.50%

  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 Canada 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(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  The Adviser has contractually agreed through June 30, 2012, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 0.87%, 1.62%, 1.62% and 0.62%, respectively, of average daily net assets. 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 and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (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. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under the expense limitation.

  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, 2011, 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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets.

  With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

  For the six months ended August 31, 2011, expenses incurred under these agreements 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, 2011, IDI advised the Fund that IDI retained $215,504 in front-end sales commissions from the sale of Class A shares and $75,370, $117,729 and $32,325 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 the Adviser, Invesco Ltd., 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.

49        Invesco Van Kampen High Yield Municipal Fund

  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, 2011. 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, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	5,142,548,536	$	—	$	5,142,548,536

NOTE 4—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, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $730.

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, 2011, the Fund paid legal fees of $6,160 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company (“SSB”), 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.

  Inverse floating rate obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2011 were $441,095,714 and 1.23%, respectively.

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. Under these limitation rules, the Fund is limited to utilizing $511,954,188 of capital loss carryforward in the fiscal year ending February 29, 2012.

50        Invesco Van Kampen High Yield Municipal Fund

  The Fund had a capital loss carryforward as of February 28, 2011 which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 29, 2012	$	67,492,832
February 28, 2013		63,838,546
February 28, 2014		6,419,495
February 28, 2015		9,560,072
February 29, 2016		148,296,962
February 28, 2017		222,991,741
February 28, 2018		67,932,498
February 28, 2019		42,986,976
Total capital loss carryforward	$	629,519,122

*  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, 2011 was $411,548,306 and $883,982,021, 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	$	150,891,020
Aggregate unrealized (depreciation) of investment securities		(503,400,605	)
Net unrealized appreciation (depreciation) of investment securities	$	(352,509,585	)
Cost of investments for tax purposes is $5,495,058,121.

51        Invesco Van Kampen High Yield Municipal Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Three months ended						Year ended
	August 31, 2011(a)						February 28, 2011						November 30, 2010
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		19,408,850		$	175,623,335			11,067,478		$	98,744,642			159,484,468		$	1,470,723,912
Class B		123,117			1,118,762			50,693			451,927			9,571,549			88,254,998
Class C		4,208,062			38,008,311			1,820,038			16,121,041			34,710,957			320,856,895
Class Y		11,257,392			100,986,956			10,929,727			97,122,929			47,059,756			442,842,976
Issued as reinvestment of dividends:
Class A		5,728,356			51,825,131			3,055,163			27,081,228			21,225,505			198,809,177
Class B		386,228			3,496,101			218,318			1,933,741			1,574,692			14,726,724
Class C		1,430,386			12,891,551			723,422			6,393,532			3,989,962			37,310,791
Class Y		1,518,021			13,682,060			791,160			7,024,656			1,232,848			11,672,336
Automatic conversion of Class B shares to Class A shares:
Class A		5,299,283			47,747,767			1,637,526			14,490,241			4,275,266			40,397,281
Class B		(5,292,378	)		(47,747,767	)		(1,638,662	)		(14,490,241	)		(4,276,454	)		(40,397,281	)
Reacquired:(b)
Class A		(43,192,622	)		(388,687,334	)		(50,806,520	)		(451,099,516	)		(128,955,125	)		(1,205,752,688	)
Class B		(2,381,285	)		(21,363,687	)		(2,733,847	)		(24,150,740	)		(9,321,056	)		(86,968,035	)
Class C		(10,243,063	)		(91,780,670	)		(13,854,916	)		(122,352,268	)		(23,696,533	)		(220,652,654	)
Class Y		(33,315,516	)		(302,436,673	)		(9,717,872	)		(86,204,677	)		(22,859,317	)		(212,487,611	)
Net increase (decrease) in share activity		(45,065,169	)	$	(406,636,157	)		(48,458,292	)	$	(428,933,505	)		94,016,518		$	859,336,821

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% 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 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 this entity are also owned beneficially.

(b)

Net of redemption fees of $48,919, $505,719 and $82,826 allocated among the classes based on relative net assets of each class for the six months ended August 31, 2011, the period ended February 28, 2011 and the year ended November 30, 2010, respectively.

  On December 11, 2009, the Fund acquired all of the assets and liabilities of the Van Kampen Strategic Municipal Income Fund (“Strategic Municipal”) through a tax free reorganization approved by Strategic Municipal shareholders on October 21, 2009. The Fund issued 94,839,192, 6,046,154, 14,375,220 and 661,765 shares of Classes A, B, C and Y valued at $866,830,212, $55,261,850, $131,102,008 and $6,061,767, respectively, in exchange for Strategic Municipal’s net assets. The shares of Strategic Municipal were converted into Fund shares at a ratio 1.120 to 1, 1.120 to 1, 1.133 to 1 and 1.117 to 1 for Classes A, B, C and Y, respectively. Net unrealized depreciation of Strategic Municipal as of December 11, 2009 was $179,662,610. Shares issued in connection with this reorganization are included in proceeds from shares sold for the year ended November 30, 2010. Combined net assets on the day of reorganization were $5,731,523,519. Included in these net assets was a capital loss carryforward of $210,957,574, deferred compensation of $236,859 and deferred pension of $129,814.

52        Invesco Van Kampen High Yield Municipal Fund

NOTE 10—Financial Highlights

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

																								Supplemental
																								ratio of
																								expenses to
																								average net
					Net gains																			assets
					(losses)																			(excluding			Ratio of net
	Net asset				on securities						Dividends										Ratio of			interest,			investment
	value,		Net		(both			Total from			from net			Net asset					Net assets,		expenses			facilities and			income
	beginning		investment		realized and			investment			investment			value, end		Total			end of period		to average			maintenance			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			of period		return			(000s omitted)		net assets			fees)(b)			net assets			turnover(c)
Class A
Six months ended 08/31/11	$	8.85	$	0.29	$	0.35		$	0.64		$	(0.28	)	$	9.21		7.32	%(d)	$	3,418,930		0.95	%(e)		0.84	%(e)		6.39	%(e)		8	%
Three months ended 02/28/11		9.24		0.15		(0.40	)		(0.25	)		(0.14	)		8.85		(2.72	)(d)		3,399,724		0.84	(n)		0.76	(n)		6.80	(n)		3
Year ended 11/30/10		9.07		0.57		0.15			0.72			(0.55	)		9.24		8.07	(d)		3,875,386		0.91			0.84			6.10			20
Year ended 11/30/09		8.15		0.58		0.92			1.50			(0.58	)		9.07		19.33	(f)		3,294,547		0.97			0.87			6.90			16
Year ended 11/30/08		10.61		0.59		(2.48	)		(1.89	)		(0.57	)		8.15		(18.57	)(f)		2,662,943		1.21			0.86			5.96			49
Year ended 11/30/07		11.24		0.58		(0.64	)		(0.06	)		(0.57	)		10.61		(0.57	)(f)		3,185,041		1.55			0.84			5.23			26
Year ended 11/30/06		10.82		0.60		0.41			1.01			(0.59	)		11.24		9.63	(f)		3,217,606		1.37			0.85			5.44			27
Class B
Six months ended 08/31/11		8.85		0.29		0.35			0.64			(0.27	)		9.22		7.42	(d)(g)		194,880		0.95	(e)(g)		0.84	(e)(g)		6.39	(e)(g)		8
Three months ended 02/28/11		9.24		0.14		(0.41	)		(0.27	)		(0.12	)		8.85		(2.90	)(d)(g)		250,532		1.39	(g)(n)		1.31	(g)(n)		6.25	(g)(n)		3
Year ended 11/30/10		9.07		0.50		0.15			0.65			(0.48	)		9.24		7.27	(d)		299,439		1.66			1.59			5.35			20
Year ended 11/30/09		8.15		0.51		0.93			1.44			(0.52	)		9.07		18.46	(h)		316,094		1.72			1.62			6.15			16
Year ended 11/30/08		10.61		0.52		(2.49	)		(1.97	)		(0.49	)		8.15		(19.21	)(h)		329,752		1.96			1.61			5.19			49
Year ended 11/30/07		11.24		0.49		(0.63	)		(0.14	)		(0.49	)		10.61		(1.32	)(h)		505,758		2.30			1.59			4.48			26
Year ended 11/30/06		10.82		0.52		0.41			0.93			(0.51	)		11.24		8.81	(h)		632,074		2.12			1.60			4.69			27
Class C
Six months ended 08/31/11		8.83		0.26		0.35			0.61			(0.25	)		9.19		6.94	(d)		803,301		1.70	(e)		1.59	(e)		5.64	(e)		8
Three months ended 02/28/11		9.23		0.13		(0.41	)		(0.28	)		(0.12	)		8.83		(3.02	)(d)		813,001		1.59	(n)		1.51	(n)		6.05	(n)		3
Year ended 11/30/10		9.05		0.50		0.16			0.66			(0.48	)		9.23		7.40	(d)		953,475		1.66			1.59			5.35			20
Year ended 11/30/09		8.14		0.51		0.92			1.43			(0.52	)		9.05		18.36	(i)		799,982		1.72			1.62			6.09			16
Year ended 11/30/08		10.60		0.51		(2.48	)		(1.97	)		(0.49	)		8.14		(19.22	)(i)		584,835		1.96			1.61			5.22			49
Year ended 11/30/07		11.22		0.49		(0.62	)		(0.13	)		(0.49	)		10.60		(1.22	)(i)(j)		656,854		2.29	(j)		1.58	(j)		4.50	(j)		26
Year ended 11/30/06		10.81		0.52		0.40			0.92			(0.51	)		11.22		8.73	(i)(j)		654,233		2.11	(j)		1.59	(j)		4.70	(j)		27
Class Y(k)
Six months ended 08/31/11		8.87		0.29		0.34			0.63			(0.28	)		9.22		7.33	(d)		349,467		0.70	(e)		0.59	(e)		6.64	(e)		8
Three months ended 02/28/11		9.26		0.15		(0.40	)		(0.25	)		(0.14	)		8.87		(2.65	)(d)		518,173		0.59	(n)		0.51	(n)		7.05	(n)		3
Year ended 11/30/10		9.09		0.60		0.15			0.75			(0.58	)		9.26		8.33	(d)		522,709		0.66			0.59			6.35			20
Year ended 11/30/09		8.17		0.59		0.93			1.52			(0.60	)		9.09		19.57	(l)		281,752		0.72			0.62			6.94			16
Year ended 11/30/08		10.64		0.62		(2.50	)		(1.88	)		(0.59	)		8.17		(18.39	)(l)		55,427		0.99			0.64			6.70			49
Year ended 11/30/07		11.25		0.60		(0.61	)		(0.01	)		(0.60	)		10.64		(0.14	)(l)		1,557		1.30			0.59			5.49			26
Year ended 11/30/06(m)		10.98		0.47		0.26			0.73			(0.46	)		11.25		6.85	(l)		318		1.12			0.60			5.69			27

(a)	Calculated using average shares outstanding.
(b)	For the years ended November 30, 2010 and prior, ratio does not excluded facilities and maintenance fees.
(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)	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.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $3,372,808, $222,750, $797,008 and $482,135 for Class A, Class B, Class C and Class Y shares, respectively.
(f)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 4.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and services fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(g)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.25% and 0.80% for the six months ended August 31, 2011 and the period ended February 28, 2011, respectively.
(h)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 4%, charged on certain redemptions made within the first and second year of purchase and declining to 0% after the fifth year. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and services fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(i)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within the one year of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and services fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(j)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of less than 1%.
(k)	On June 1, 2010, Class I shares of the predecessor fund were reorganized into Class Y shares of the Fund.
(l)	Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.
(m)	Commencement date of March 1, 2006.
(n)	Annualized.

53        Invesco Van Kampen High Yield 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, 2011 through August 31, 2011.

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
Share	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(03/01/11)		(08/31/11)1		Period2		(08/31/11)		Period2		Ratio
A	$	1,000.00	$	1,073.20	$	4.95	$	1,020.36	$	4.82		0.95	%
B		1,000.00		1,074.20		4.95		1,020.36		4.82		0.95
C		1,000.00		1,069.40		8.84		1,016.59		8.62		1.70
Y		1,000.00		1,073.30		3.65		1,021.62		3.56		0.70

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2011 through August 31, 2011, 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 184/366 to reflect the most recent fiscal half year.

54        Invesco Van Kampen High Yield 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 Van Kampen High Yield 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 Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% 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, 2011. 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. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements 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 Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks 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 their assigned Invesco Funds. Each Sub-Committee recommends to the Investments 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 Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation 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 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 Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. 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. One Trustee may have weighed a particular piece of information differently than another Trustee.

  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 15, 2011, 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, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  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 services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms 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 sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

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

55        Invesco Van Kampen High Yield Municipal 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 funds in the Lipper performance universe and against the Lipper High Yield Municipal Debt Funds Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of the performance universe for the one year period and the third 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 performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the 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 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 the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, 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 and including only one fund per investment adviser. 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 advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the rate of one mutual fund with comparable investment strategies.

  Other than the mutual fund described above, 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 contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 also considered the effect this fee waiver would have on the Fund’s total estimated 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 Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also 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.

  Based upon the information and considerations described above, 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 economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. 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 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 from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services 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. The Board 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 from the relationship with the Fund, including the fees received 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 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; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 Invesco 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 receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is 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.

56        Invesco Van Kampen High Yield Municipal Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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, 2011, is available at 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.

VK-HYM-SAR-1 Invesco Distributors, Inc.

Invesco Van Kampen Intermediate Term Municipal Income Fund
Semiannual Report to Shareholders § August 31, 2011

Nasdaq:
A: VKLMX § B: VKLBX § C: VKLCX § Y: VKLIX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
19	Financial Statements
21	Notes to Financial Statements
27	Financial Highlights
28	Fund Expenses
29	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, 2/28/11 to 8/31/11, 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	5.18	%
Class B Shares	4.74
Class C Shares	4.80
Class Y Shares	5.32
Barclays Capital Municipal Bond Index6(Broad Market/Style-Specific Index)	6.39

^▼ Lipper Inc.

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

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

     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 Van Kampen Intermediate Term Municipal Income Fund

Average Annual Total Returns
As of 8/31/11, including maximum applicable sales charges

									After Taxes
						After Taxes			on Distributions
			Before			on			and Sale of
			Taxes			Distributions			Fund Shares
Class A Shares
Inception (5/28/93)				4.76	%		4.73	%		4.68	%
	10	Years		3.92			3.86			3.85
	5	Years		3.45			3.44			3.49
	1	Year		-2.58			-2.58			-0.37
Class B Shares
Inception (5/28/93)				4.71	%		4.67	%		4.61	%
	10	Years		4.21			4.15			4.08
	5	Years		3.67			3.67			3.63
	1	Year		-3.31			-3.31			-1.05
Class C Shares
Inception (10/19/93)				3.97	%		3.93	%		3.88	%
	10	Years		3.67			3.62			3.56
	5	Years		3.68			3.68			3.60
	1	Year		0.60			0.60			1.49
Class Y Shares
Inception (8/12/05)				4.51	%		4.49	%		4.43	%
	5	Years		4.69			4.69			4.61
	1	Year		2.51			2.51			3.08

Average Annual Total Returns

As of 6/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

									After Taxes
						After Taxes			on Distributions
			Before			on			and Sale of
			Taxes			Distributions			Fund Shares
Class A Shares
Inception (5/28/93)				4.69	%		4.65	%		4.61	%
	10	Years		3.97			3.91			3.91
	5	Years		3.48			3.48			3.52
	1	Year		-1.21			-1.21			0.55
Class B Shares
Inception (5/28/93)				4.63	%		4.59	%		4.54	%
	10	Years		4.23			4.18			4.11
	5	Years		3.74			3.74			3.70
	1	Year		-1.92			-1.92			-0.11
Class C Shares
Inception (10/19/93)				3.89	%		3.85	%		3.81	%
	10	Years		3.71			3.66			3.60
	5	Years		3.73			3.73			3.65
	1	Year		2.06			2.06			2.48
Class Y Shares
Inception (8/12/05)				4.26	%		4.23	%		4.22	%
	5	Years		4.74			4.74			4.66
	1	Year		4.00			4.00			4.10

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Van Kampen Intermediate Term Municipal Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco Van Kampen Intermediate Term Municipal Income Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Van Kampen Intermediate Term Municipal Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

     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. Before tax performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.76%, 1.51%, 1.51% and 0.51%, respectively. ^{1, 2} The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.90%, 1.65%, 1.65% and 0.65%, 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. For shares purchased prior to June 1, 2005, the CDSC on Class B shares declines from 3% at the time of purchase to 0% at the beginning of the fifth year. For shares purchased after June 1, 2005, and before June 1, 2010, the CDSC on Class B shares declines from 4% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of

purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

     After-tax returns are calculated using the historical highest individual federal marginal income tax rate. They do not reflect the effect of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in tax-deferred accounts such as 401(k)s or IRAs. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

1	Total annual Fund operating expenses after a contractual advisory fee waiver equal to 0.10% of the average daily net assets of the Fund by the adviser in effect through at least June 30, 2012. See current prospectus for more information.
2	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2013. See current prospectus for more information.

3 Invesco Van Kampen Intermediate Term Municipal Income Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

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

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance and its holdings as of the close of the reporting period.

     In light of economic uncertainty and market volatility, I suggest you check the timely market updates and commentary from many of our fund managers and other investment professionals at invesco.com/us. On our website, you also can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Invesco offers a broad array of traditional mutual funds, as well as other investment products, including single-country, sector, regional and global investments spanning equity, fixed income and alternative asset classes. Across our product line, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals. It also means that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

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

     All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen Intermediate Term Municipal Income Fund

Schedule of Investments

August 31, 2011

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–100.78%
Alabama–0.20%
Health Care Authority for Baptist Health (The); Series 2009 A, RB(a)(b)		6.13	%		05/15/12	$	1,000	$	1,028,730
Alaska–1.19%
Alaska (State of) Municipal Bond Bank Authority;
Series 2009 1, RB		5.00	%		09/01/22		250		276,948
Series 2009 1, RB		5.25	%		09/01/24		400		439,352
Alaska (State of) Railroad Corp. (FTA Section 5307 Urbanized Area Formula Funds & Section 5309 Fixed Guideway Modernization Formula Funds); Series 2007, Capital Grant Receipts RB (INS–NATL)(c)		5.00	%		08/01/15		2,680		3,050,590
Matanuska-Susitna (Borough of) (Goose Creek Correctional Center);
Series 2009, Lease RB (INS–AGC)(c)		5.00	%		09/01/19		1,000		1,190,470
Series 2009, Lease RB (INS–AGC)(c)		5.50	%		09/01/23		1,000		1,162,590
									6,119,950
Arizona–2.71%
Glendale (City of) Industrial Development Authority (Midwestern University); Series 2010, RB		5.00	%		05/15/26		2,000		2,093,240
Maricopa (County of) Industrial Development Authority (Catholic Healthcare West);
Series 2009 A, Health Facilities RB		5.00	%		07/01/14		500		541,250
Series 2009 C, Health Facilities RB(a)(b)		5.00	%		07/01/14		1,500		1,638,720
Maricopa (County of) Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 A, Ref. PCR(a)(b)		6.00	%		05/01/14		2,400		2,642,016
Navajo (County of) Pollution Control Corp.;
Series 2009 C, PCR(a)(b)		5.50	%		06/01/14		1,000		1,079,710
Series 2009 E, PCR(a)(b)		5.75	%		06/01/16		1,000		1,142,400
Phoenix (City of) Civic Improvement Corp.; Series 2008 B, Sr. Lien Airport RB(d)		5.00	%		07/01/13		1,000		1,066,160
Phoenix (City of) Industrial Development Authority (Career Success Schools Project); Series 2009, Education RB		6.13	%		01/01/20		500		480,885
Pima (County of) Industrial Development Authority (Global Water Resources LLC); Series 2008, Water & Wastewater RB(d)		6.38	%		12/01/18		500		492,885
Pinal (County of) Electric District No. 4; Series 2008, Electric System RB		5.25	%		12/01/18		500		544,215
Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric System RB		5.00	%		01/01/22		1,000		1,158,900
University Medical Center Corp.; Series 2009, Hospital RB		5.25	%		07/01/17		1,000		1,083,880
									13,964,261
California–10.86%
Adelanto (City of) Public Utility Authority (Utility System Project); Series 2009 A, Ref. RB		5.38	%		07/01/19		1,000		1,039,090
Alhambra (City of) (Atherton Baptist Homes); Series 2010 B, RB		6.63	%		01/01/17		1,450		1,450,609
California (State of) Department of Water Resources; Series 2002 A, Power Supply RB(b)(e)		5.38	%		05/01/12		1,500		1,566,825
California (State of) Health Facilities Financing Authority (Adventist Health System West); Series 2009 C, RB		5.00	%		03/01/14		500		540,870
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 F, RB(a)(b)		5.00	%		07/01/14		500		546,970
California (State of) Municipal Finance Authority (Community Hospitals Central California); Series 2007, COP		5.00	%		02/01/21		2,000		1,982,160
California (State of) Municipal Finance Authority (High Technology High Chula Vista); Series 2008 B, Educational Facility RB(f)		5.50	%		07/01/18		875		871,483
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB (INS–FHA)(c)		6.25	%		08/01/24		2,000		2,345,660
California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes); Series 2009, Senior Living RB		5.25	%		11/15/14		1,065		1,100,273
Series 2009, Senior Living RB		6.25	%		11/15/19		600		648,036
Desert Hot Springs (City of) Redevelopment Agency (Merged Redevelopment); Series 2008 A-2, Tax Allocation RB		5.00	%		09/01/23		1,000		792,300

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

5        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Fresno (City of); Series 2010 A-1, Water System RB		5.50	%		06/01/22	$	1,000	$	1,170,770
Indio (City of) Redevelopment Agency (Indio Merged Redevelopment); Series 2008 A, Sub. Tax Allocation Bonds		5.00	%		08/15/24		1,470		1,318,061
Los Angeles (City of) Department of Water & Power; Sub. Series 2001 B-2, VRD Water System RB(g)		0.05	%		07/01/35		3,000		3,000,000
Los Angeles (City of) Unified School District (Election of 2004); Series 2009 I, Unlimited Tax GO Bonds		5.25	%		07/01/22		3,200		3,714,944
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB(f)		5.50	%		03/01/18		165		160,665
Oakland (Port of);
Series 2002 L, RB(b)(d)(e)		5.00	%		11/01/12		170		178,952
Series 2002 L, RB (INS–NATL)(c)(d)		5.00	%		11/01/21		1,330		1,345,362
Palm Springs (City of) (Palm Springs International Airport); Series 2008, Ref. Sub RB(d)		5.30	%		07/01/13		215		215,355
Palomar Pomerado Health (Election of 2004); Series 2007 A, Unlimited Tax CAB GO Bonds (INS–NATL)(c)(h)		0.00	%		08/01/16		1,880		1,608,396
Perris (City of) Public Financing Authority; Series 2006, Tax Allocation RB		4.75	%		10/01/13		565		576,718
Richmond (City of) Joint Powers Financing Authority (Point Potrero); Series 2009 A, Lease RB		6.25	%		07/01/24		1,500		1,618,965
Riverside (County of) (Public Safety Communication and Refunding); Series 2007 A, COP (INS–AMBAC)(c)		5.00	%		11/01/14		3,500		3,842,720
Sacramento (County of) (PFC Grant); Series 2009 D, Sub. Airport System RB		5.38	%		07/01/26		2,000		2,137,000
San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB		6.25	%		12/01/20		1,000		981,000
San Francisco (City of) City & County Airports Commission; Series 2011, International Airport RB		5.00	%		05/01/23		2,000		2,099,000
San Francisco (City of) City & County Redevelopment Agency (Mission Bay South); Series 2011 D, Tax Allocation RB		6.63	%		08/01/27		500		520,375
San Francisco (City of) City & County Redevelopment Agency (Mission Bay South);
Series 2009 D, Tax Allocation RB		6.00	%		08/01/20		1,085		1,140,693
Series 2009 D, Tax Allocation RB		6.25	%		08/01/22		1,000		1,044,950
San Jose (City of); Series 2011, Airport RB		5.25	%		03/01/26		2,000		2,022,360
San Luis Obispo County Financing Authority (Lopez Dam Implant); Series 2011 A, Ref, RB (INS–AGM)(c)		5.50	%		08/01/26		3,195		3,538,494
Southern California Public Power Authority (Milford Wind Corridor Project); Series 2010 1, RB		5.00	%		07/01/24		2,000		2,217,420
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS–AGM)(a)(b)(c)		3.50	%		05/31/13		1,500		1,501,215
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN(h)		0.00	%		04/01/14		3,700		3,477,075
University of California;
Series 2009 O, RB(i)		5.75	%		05/15/23		795		965,035
Series 2009 O, RB(i)		5.75	%		05/15/25		1,185		1,407,116
West Contra Costa Unified School District (Election 2005); Series 2008 B, Unlimited Tax GO Bonds		6.00	%		08/01/23		1,000		1,174,050
									55,860,967
Colorado–1.56%
Colorado (State of) Health Facilities Authority (Christian Living Community’s Project); Series 2006 A, RB(b)		5.25	%		01/01/15		500		498,305
Colorado Springs (City of); Series 2003 A, Sub. Lien Utilities System Improvement RB(b)(e)		5.00	%		11/15/13		1,560		1,695,938
Denver (City & County of) (Justice System); Series 2008, Unlimited Tax GO Bonds(i)		5.00	%		08/01/25		500		564,795
Denver (City & County of) (Justice System);; Series 2008, Unlimited Tax GO Bonds(i)		5.00	%		08/01/24		2,000		2,278,940
Regional Transportation District (Denver Transit Partners);
Series 2010, Private Activity RB		5.25	%		07/15/19		1,000		1,062,140
Series 2010, Private Activity RB		5.00	%		01/15/22		750		751,553
University of Colorado; Series 2009 A, Enterprise System RB		5.50	%		06/01/25		1,000		1,150,560
									8,002,231
Connecticut–0.40%
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, RB		5.50	%		04/01/21		1,000		1,074,930
Hamden (Town of) (Whitney Center); Series 2009 B, Entrance Fee Principal Redemption RB		6.13	%		01/01/14		1,000		1,001,270
									2,076,200

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

6        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Delaware–0.09%
New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB		5.00	%		09/01/22	$	500	$	485,185
District of Columbia–1.21%
District of Columbia;
Series 2007 C, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		06/01/16		2,325		2,740,780
Series 2007 C, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		06/01/19		3,000		3,459,690
									6,200,470
Florida–9.01%
Brevard (County of) School District; Series 2004 B, Ref. COP (INS–NATL)(c)		5.00	%		07/01/20		1,000		1,058,550
Broward (County of); Series 1998 E, Ref. Airport Systems RB (INS–NATL)(c)(d)		5.38	%		10/01/13		1,000		1,003,180
Citizens Property Insurance Corp. (Coastal Account); Series 2011 A-1, Sr. Sec. RB		5.00	%		06/01/20		1,000		1,050,830
Citizens Property Insurance Corp.; Series 2010 A-1, Sr. Sec. High Risk Account RB		5.25	%		06/01/17		2,000		2,176,620
Florida (State of) Municipal Loan Council; Series 2007 A, RB (INS–NATL)(c)		5.00	%		10/01/13		1,630		1,722,307
Florida (State of) Municipal Power Agency (St Lucie Project); Series 2011 B, RB		5.00	%		10/01/26		2,000		2,107,640
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 A, Ref, RB		5.00	%		10/01/27		1,000		1,064,750
Florida (State of) Seminole Indian Tribe; Series 2007 A, Special Obligation RB(f)		5.75	%		10/01/22		750		749,347
Florida (State of) State Board of Education; Series 2005 A, Lottery RB (INS–AMBAC)(c)		5.00	%		07/01/19		2,500		2,760,400
Highlands (County of) Health Facilities Authority (Adventist Health Sunbelt); Series 2008 A, RB(a)(b)		6.50	%		11/17/15		3,000		3,616,230
Miami-Dade (County of);
Series 2007, Ref. Gtd. Entitlement RB (INS–NATL)(c)		5.00	%		08/01/12		4,655		4,826,444
Series 2007, Ref. Gtd. Entitlement RB (INS–NATL)(c)		5.00	%		08/01/13		1,810		1,931,505
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.); Series 2005, Ref. Health Care Facilities RB		5.38	%		07/01/20		500		466,385
Orange (County of) School Board; Series 2002 A, COP (INS–AMBAC)(c)		5.25	%		08/01/14		1,500		1,580,445
Osceola (County of);
Series 2007, Ref. Infrastructure Sales Surtax RB (INS–AMBAC)(c)		5.00	%		10/01/12		1,930		2,012,218
Series 2007, Ref. Infrastructure Sales Surtax RB (INS–AMBAC)(c)		5.00	%		10/01/13		3,140		3,376,505
Palm Beach School District;
Series 2007 D, Ref. COP (INS–NATL)(c)		5.00	%		08/01/12		3,545		3,681,234
Series 2007 D, Ref. COP (INS–NATL)(c)		5.00	%		08/01/13		3,735		4,007,020
Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INS–AMBAC)(a)(b)(c)		5.35	%		05/01/18		1,000		1,137,050
St. Lucie (County of); Series 2007, Transportation RB (INS–AMBAC)(c)		5.00	%		08/01/13		1,000		1,079,380
Tallahassee (City of) & Leon (County of) Blueprint 2000 Intergovernmental Agency;
Series 2007, Sales Tax RB (INS–NATL)(c)		5.00	%		10/01/13		1,605		1,725,889
Series 2007, Sales Tax RB (INS–NATL)(c)		5.00	%		10/01/14		1,500		1,657,695
Tampa (City of); Series 2010, Ref. RB (INS–AGM)(c)(d)		5.00	%		10/01/18		1,000		1,100,270
Tolomato Community Development District; Series 2007, Special Assessment RB		6.45	%		05/01/23		670		446,207
									46,338,101
Georgia–1.10%
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB		6.75	%		01/01/20		1,000		1,028,350
Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation Bonds		5.40	%		01/01/20		1,200		1,232,460
Atlanta (City of); Series 2009 A, Water & Wastewater RB		5.25	%		11/01/17		1,500		1,770,780
Fulton (County of) Development Authority (Robert Woodruff); Series 2009 B, Ref. RB		5.25	%		03/15/24		1,000		1,034,550
Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR		5.10	%		06/01/23		600		613,890
									5,680,030

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

7        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Guam–0.43%
Guam (Territory of) (Section 30);
Series 2009 A, Government Limited Obligation RB		5.25	%		12/01/17	$	1,000	$	1,098,780
Series 2009 A, Government Limited Obligation RB		5.50	%		12/01/18		1,000		1,102,720
									2,201,500
Hawaii–0.86%
Hawaii (State of) Department of Budget & Finance (Kahala Nui); Series 2003 A, Special Purpose RB		7.88	%		11/15/23		250		261,997
Hawaii (State of) Department of Budget & Finance; Series 2009 C-2, Special Purpose RB		6.40	%		11/15/14		2,000		2,002,940
Hawaii (State of); Series 2008 DK, Unlimited Tax GO Bonds(i)		5.00	%		05/01/23		1,875		2,136,675
									4,401,612
Idaho–0.27%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2008 A, RB		6.50	%		11/01/23		500		571,830
Idaho (State of) Housing & Finance Association; Series 2008 A, Single Family Mortgage RB(d)		5.00	%		07/01/17		800		840,984
									1,412,814
Illinois–9.45%
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB		5.60	%		01/01/23		1,000		862,020
Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, RB		5.13	%		11/01/25		1,500		1,488,705
Chicago (City of) (Metramarket Chicago Project); Series 2010 A, Tax Increment Allocation COP		6.87	%		02/15/24		1,309		1,364,439
Chicago (City of) (Metropolitan Water Reclamation District of Greater Chicago); Series 2011 B, Limited Tax GO Bonds(i)		5.00	%		12/01/24		3,000		3,454,410
Chicago (City of) (Roosevelt Square/ABLA Redevelopment Project); Series 2009 A, Ref. Tax Increment Allocation COP		7.13	%		03/15/22		960		962,957
Chicago (City of) Board of Education (Dedicated Revenues); Series 2007 D, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		12/01/17		1,010		1,154,844
Chicago (City of) Transit Authority (FTA Section 5309);
Series 2008, Capital Grant Receipts RB (INS–AGC)(c)		5.25	%		06/01/23		2,200		2,333,738
Series 2008, Capital Grant Receipts RB (INS–AGC)(c)		5.25	%		06/01/24		3,965		4,191,005
Chicago (City of); Series 2011, Tax Increment COP		7.13	%		05/01/21		750		772,988
Hodgkins (Village of); Series 2005, Ref. Sr. Lien Tax Allocation RB		5.00	%		01/01/14		500		528,495
Huntley (City of) Special Service Area No. 7; Series 2007, Ref. Special Tax RB (INS–AGC)(c)		4.60	%		03/01/17		921		995,398
Illinois (State of) Finance Authority (Advocate Healthcare Network); Series 2008 D, RB		6.13	%		11/01/23		1,000		1,176,840
Illinois (State of) Finance Authority (Amerencips); Series 2000 A, Ref. PCR(a)(b)		5.50	%		02/28/14		1,000		1,000,100
Illinois (State of) Finance Authority (Art Institute Chicago); Series 2009 A, RB		5.25	%		03/01/19		1,000		1,161,550
Illinois (State of) Finance Authority (Edward Hospital Obligated Group);
Series 2008 A, RB (INS–AMBAC)(c)		6.00	%		02/01/23		900		981,540
Series 2008 A, RB (INS–AMBAC)(c)		6.00	%		02/01/24		1,175		1,265,933
Series 2008 A, RB (INS–AMBAC)(c)		6.00	%		02/01/26		380		401,261
Illinois (State of) Finance Authority (Fairview Obligated Group); Series 2008 A, Ref. RB(j)		6.00	%		08/15/22		750		371,160
Illinois (State of) Finance Authority (Illinois Institute Technology); Series 2009, RB		6.25	%		02/01/19		1,635		1,544,127
Illinois (State of) Finance Authority (Landing at Plymouth); Series 2005 A, RB		5.25	%		05/15/14		500		488,165
Illinois (State of) Finance Authority (Northwestern Medical Faculty Foundation, Inc.); Series 1998, Ref. RB (INS–NATL)(c)		5.00	%		11/15/12		1,000		1,002,170
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB		5.00	%		08/15/16		1,890		2,172,593
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65sm RB		7.00	%		11/15/15		2,000		1,983,980
Illinois (State of) Finance Authority (Sherman Health System); Series 1997, Health Facilities RB (INS–AMBC)(c)		5.25	%		08/01/17		1,500		1,501,215
Illinois (State of) Finance AUthority (Sherman Health Systems); Series 1997, Health Facilities Authority RB (INS–AMBAC)(c)		5.25	%		08/01/22		1,000		999,920
Illinois (State of) Finance Authority (Silver Cross Hospital and Medical Center); Series 2008, Ref. RB		6.00	%		08/15/23		2,000		2,037,440

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

8        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)			Value
Illinois–(continued)
Illinois (State of) Municipal Electric Agency;
Series 2007 A, Power Supply System RB (INS–NATL)(c)		5.00	%		02/01/13	$	1,065		$	1,122,393
Series 2007 A, Power Supply System RB (INS–NATL)(c)		5.00	%		02/01/15		1,000			1,117,980
Lake (County of) (Community Consolidated School District No. 73); Series 2002, Unlimited Tax CAB GO Bonds(h)(k)		0.00	%		12/01/21		330			244,850
Madison & Jersey Community Unit School District No. 11; Series 2002, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(h)		0.00	%		12/01/20		2,900			1,912,956
Pingree Grove (Village of) (Cambridge Lakes Project); Series 2005, Special Tax RB		5.25	%		03/01/15		702			680,020
Railsplitter Tobacco Settlement Authority; Series 2010, RB		5.25	%		06/01/21		3,000			3,192,840
Round Lake Beach (Village of); Series 2003, Tax Allocation RB		4.65	%		12/15/13		460			460,598
University of Illinois (Auxiliary Facilities System); Series 2011 A, RB		5.00	%		04/01/26		3,425			3,665,743
										48,594,373
Indiana–6.14%
Allen (County of) Juvenile Justice Center Building Corp.; Series 2001, First Mortgage RB(b)(e)		5.50	%		01/01/12		1,000			1,027,690
Carmel (City of) Redevelopment Authority; Series 2006, RB (INS–NATL)(c)		5.00	%		07/01/22		1,000			1,083,230
Crown Point (City of) (Wittenberg Village); Series 2009 C-1, TEMPS-80sm Economic Development RB		7.25	%		11/15/14		880			880,009
Fort Wayne (City of) Hospital Authority (Parkview Health System, Inc.); Series 1998, RB (INS–NATL)(c)		4.70	%		11/15/11		520			521,596
Hobart Building Corp.; Series 2006, First Mortgage RB (INS–NATL)(c)		5.50	%		07/15/13		830			904,293
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana); Series 2007, Hospital RB		5.50	%		03/01/22		500			522,885
Indiana (State of) Finance Authority (Howard Regional Health System); Series 2005 B, VRD Hospital RB (LOC–Harris N.A.)(g)		0.12	%		01/01/35		700			700,000
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB		4.90	%		01/01/16		2,000			2,213,240
Indiana (State of) Finance Authority (Sisters of St. Francis Health Services);
Series 2006 E, Ref. Health System RB (INS–AGM)(c)		5.25	%		11/01/24		365			394,397
Series 2006 E, Ref. Health System RB (INS–AGM)(c)		5.25	%		11/01/25		200			214,250
Series 2006 E, Ref. Health System RB (INS–AGM)(c)		5.25	%		11/01/26		175			186,279
Indiana (State of) Municipal Power Agency; Series 2009 B, Power Supply System RB		5.25	%		01/01/24		500			550,535
Indiana (State of) Transportation Finance Authority; Series 1993 A, CAB Highway RB (INS–AMBAC)(c)(h)		0.00	%		12/01/16		1,695			1,513,737
Indianapolis (City of) Airport Authority (Fed Ex Corp.); Series 2004, Ref. RB(d)		5.10	%		01/15/17		760			849,414
Merrillville Multi-School Building Corp.;
Series 2008, First Mortgage RB		5.00	%		01/15/17		1,260			1,443,380
Series 2008, First Mortgage RB		5.00	%		07/15/17		1,285			1,484,149
Michigan City (City of) Area-Wide School Building Corp.;
Series 2002, First Mortgage CAB RB (INS–NATL)(c)(h)		0.00	%		01/15/17		2,000			1,741,220
Series 2002, First Mortgage CAB RB (INS–NATL)(c)(h)		0.00	%		01/15/18		3,000			2,490,090
Noblesville High School Building Corp.;
Series 1993, First Mortgage CAB RB (INS–AMBAC)(c)(h)		0.00	%		02/15/19		1,850			1,409,719
Series 2007, Ref. First Mortgage RB (INS–AMBAC)(c)		5.00	%		07/10/13		2,475			2,680,846
North Side High School Building Corp.; Series 2003, First Mortgage RB (INS–AGM)(c)		5.25	%		07/15/13		2,910			3,179,292
Northwest Allen School Building Corp.;								��
Series 2008, First Mortgage RB (INS–AGM)(c)		5.00	%		07/15/16		1,395			1,603,301
Series 2008, First Mortgage RB (INS–AGM)(c)		5.00	%		07/15/19		3,200			3,613,344
St Joseph (County of) (Holy Cross Village at Notre Dame); Series 2006 A, RB		5.75	%		05/15/13		400			402,636
										31,609,532

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

9        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Iowa–0.78%
Altoona (City of) (Annual Appropriation); Series 2008, Tax Allocation RB		5.63	%		06/01/23	$	1,000	$	1,049,360
Coralville (City of); Series 2006 D, COP		5.25	%		06/01/22		500		535,135
Iowa (State of) Finance Authority (Drake University); Series 2007, Private University RB (INS–CIFG)(c)		5.00	%		04/01/13		1,210		1,262,804
Iowa (State of) Finance Authority (Iowa Health System); Series 2005 A, Health Facilities RB (INS–AGC)(c)		5.00	%		02/15/19		1,000		1,145,650
									3,992,949
Kansas–1.12%
Harvey Unified School District No. 373; Series 2007, Ref. & Improvement Unlimited Tax GO Bonds (INS–NATL)(c)		5.00	%		09/01/19		2,630		3,053,851
Kansas (State of) Development Finance Authority (Adventist Health); Series 2009, Hospital RB		5.50	%		11/15/23		1,000		1,135,420
Kansas (State of) Development Finance Authority (Hays Medical Center Inc.); Series 2005 L, Health Facilities RB		5.25	%		11/15/16		500		561,240
Shawnee (County of) Unified School District No. 501 (Topeka); Series 2002, Unlimited Tax GO Bonds(b)(e)		5.00	%		02/01/12		1,000		1,020,260
									5,770,771
Kentucky–1.31%
Kentucky (State of) Asset/Liability Commission (Project Notes Federal Highway Trust Fund First Series); Series 2007, RB (INS–NATL)(c)		5.00	%		09/01/14		1,800		2,030,418
Kentucky (State of) Economic Development Finance Authority (Baptist Healthcare System);
Series 2009 A, Hospital Facilities RB		5.00	%		08/15/18		1,000		1,146,860
Series 2009 A, Hospital Facilities RB		5.38	%		08/15/24		1,000		1,083,380
Kentucky (State of) Housing Corp.; Series 2008 A, RB(d)		5.00	%		01/01/23		310		319,700
Louisville & Jefferson (County of) Regional Airport Authority; Series 2003 C, Airport Systems RB (INS–AGM)(c)(d)		5.50	%		07/01/17		1,000		1,055,330
Paducah (City of) Electric Plant Board; Series 2009 A, RB (INS–AGC)(c)		5.00	%		10/01/25		1,000		1,091,460
									6,727,148
Louisiana–1.59%
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB(j)		5.25	%		07/01/17		593		296,737
Louisiana (State of) Citizens Property Insurance Corp.;
Series 2006 B, Assessment RB (INS–AMBAC)(c)		5.00	%		06/01/20		1,000		1,022,260
Series 2009 C-1, Assessment RB (INS–AGC)(c)		5.88	%		06/01/23		1,000		1,104,910
Louisiana (State of) Local Government Environmental Facilities (Community Development Authority Bossier City Public Improvement);
Series 2007, RB (INS–AMBAC)(c)		5.00	%		11/01/13		1,320		1,427,237
Series 2007, RB (INS–AMBAC)(c)		5.00	%		11/01/15		1,200		1,369,524
New Orleans (City of) Aviation Board;
Series 2009 A-1, Ref. & Restructuring RB (INS–AGC)(c)		5.00	%		01/01/18		1,235		1,379,483
Series 2009 A-1, Ref. & Restructuring RB (INS–AGC)(c)		5.00	%		01/01/19		500		556,665
Rapides Finance Authority (Cleco Power LLC); Series 2007, RB(a)(b)(d)		5.25	%		11/01/37		1,000		1,039,640
									8,196,456
Maryland–2.67%
Maryland (State of) Economic Development Corp. (Transit Facilities Project); Series 2010 A, RB		5.13	%		06/01/20		2,250		2,277,202
Maryland (State of) Economic Development Corp. (University of Maryland College Park Projects);
Series 2003, Student Housing RB(k)		5.75	%		06/01/13		625		685,006
Series 2006, Ref. Student Housing RB (INS–CIFG)(c)		5.00	%		06/01/13		1,000		1,051,130
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare); Series 2011 A, RB		6.00	%		01/01/26		3,500		3,594,570
Maryland (State of) Health & Higher Educational Facilities Authority (Charlestown Community); Series 2010, RB		5.50	%		01/01/22		1,000		1,079,420
Maryland (State of) Health & Higher Educational Facilities Authority (Lifebridge Health);
Series 2011, RB		6.00	%		07/01/23		335		384,309
Series 2011, RB		6.00	%		07/01/25		200		222,520

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

10        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Maryland–(continued)
Maryland (State of) Health & Higher Educational Facilities Authority (The Johns Hopkins Health System Obligated Group); Series 2008 B, RB(a)(b)		5.00	%		05/15/15	$	500	$	566,145
Maryland (State of) Health & Higher Educational Facilities Authority (Washington County Hospital); Series 2008, RB		5.25	%		01/01/23		250		255,243
Maryland (State of) Transportation Authority; Series 2008, RB		5.25	%		03/01/20		3,000		3,635,220
									13,750,765
Massachusetts–1.18%
Massachusetts (State of) Development Finance Agency (Carleton Willard Village); Series 2010, RB		5.25	%		12/01/25		650		663,201
Massachusetts (State of) Development Finance Agency (Dominion Energy Brayton); Series 2009 1, Solid Waste Disposal RB(a)(b)		5.75	%		05/01/19		1,500		1,705,155
Massachusetts (State of) Development Finance Agency (Northeastern University); Series 2008 T-2, RB(a)(b)		4.10	%		04/19/12		1,000		1,023,820
Massachusetts (State of) Development Finance Agency (Sabis International Charter School); Series 2009 A, RB		6.70	%		04/15/21		500		545,125
Massachusetts (State of) Development Finance Agency; Series 2009 B-2, Senior Living Facility RB		6.25	%		06/01/14		245		243,844
Massachusetts (State of) Health & Educational Facilities Authority (Quincy Medical Center); Series 2008 A, RB		5.85	%		01/15/18		300		244,464
Massachusetts (State of) Health & Educational Facilities Authority (UMass Memorial); Series 1998 A, RB (INS–AMBAC)(c)		4.80	%		07/01/12		1,665		1,669,396
									6,095,005
Michigan–4.51%
Brandon School District;
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		05/01/16		1,425		1,642,555
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		05/01/18		1,410		1,636,347
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		05/01/19		1,395		1,588,779
Dearborn School District; Series 2007, Ref. Unlimited Tax GO Bonds (INS–NATL)(c)		5.00	%		05/01/16		2,480		2,858,622
Greenville Public Schools;
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		05/01/16		1,410		1,625,265
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		05/01/18		1,235		1,433,254
Kent Hospital Finance Authority (Spectrum Health System); Series 2008 A, RB(a)(b)		5.50	%		01/15/15		1,000		1,137,760
Lansing (City of) Board of Water & Light; Series 2008 A, Water Supply, Steam, Chilled Water and Electric Utility System RB		5.00	%		07/01/24		1,000		1,083,460
Michigan (State of) Strategic Fund (The Dow Chemical Co.); Series 2003 A-1, Ref. Limited Obligation RB(a)(b)(d)		6.75	%		06/02/14		2,000		2,237,700
Traverse City Area Public Schools;
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		05/01/17		2,300		2,684,238
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		05/01/18		2,280		2,662,858
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		05/01/19		2,260		2,590,254
									23,181,092
Minnesota–0.11%
Minneapolis (City of) (Fairview Health Services); Series 2008 A, Healthcare System RB		6.38	%		11/15/23		500		569,575
Mississippi–0.19%
Mississippi (State of) Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR		5.88	%		04/01/22		1,000		999,900
Missouri–4.08%
Cape Girardeau (County of) Industrial Development Authority (St. Francis Medical Center); Series 2009, Healthcare Facilities RB		5.00	%		06/01/21		525		568,496
Fenton (City of) (Gravois Bluffs Redevelopment Project); Series 2006, Ref. Tax Allocation RB		5.00	%		04/01/13		500		524,735
Ferguson (City of) (Crossing at Halls Ferrry); Series 2005, Ref. Tax Allocation RB		5.50	%		04/01/14		610		621,419
Kansas (City of) (Shoal Creek Parkway Project); Series 2011, Tax Allocation Bonds		5.00	%		06/01/21		1,000		1,008,750
Kansas (City of) Industrial Development Authority (City Downtown Redevelopment District); Series 2011 A, Ref, RB		5.50	%		09/01/23		1,000		1,146,610

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

11        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–(continued)
Kansas (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB		5.50	%		09/01/24	$	2,000	$	2,256,360
Series 2011 A, Ref. RB		5.50	%		09/01/28		2,000		2,162,980
Kansas (City of) Industrial Development Authority (Plaza Library Project); Series 2004, RB		6.00	%		03/01/16		1,175		1,206,173
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 C-1, TEMPS-75sm Retirement Community RB		7.50	%		11/15/16		1,000		1,009,770
Manchester (City of) (Highway 141/Manchester Road); Series 2010, Ref. Transportation Tax Increment Allocation RB		6.00	%		11/01/25		5,250		5,311,267
Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.50	%		09/01/18		190		184,424
Missouri (State of) Environmental Improvement & Energy Resources Authority (Kansas City Power & Light Co. Project); Series 2008, Environmental Improvement RB(a)(b)(d)		4.90	%		07/01/13		1,500		1,577,550
Raytown (City of) (Live Redevelopment Project); Series 2007, RB		5.00	%		12/01/16		500		558,255
St. Charles (City of); Series 2003 B, COP		5.50	%		05/01/18		2,000		2,079,700
St. Louis (County of) Industrial Development Authority (Friendship Village West County); Series 2007 A, Senior Living Facilities RB		5.25	%		09/01/17		250		259,725
St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB		5.00	%		11/15/22		540		486,945
									20,963,159
Nebraska–0.47%
Nebraska (State of) Municipal Energy Agency; Series 2009 A, Ref. Power Supply System RB (INS–BHAC)(c)		5.13	%		04/01/23		560		638,450
University of Nebraska Facilities Corp. (Deferred Maintenance); Series 2006, RB (INS–AMBAC)(c)		5.00	%		07/15/17		1,500		1,754,985
									2,393,435
Nevada–1.44%
Director of the State of Nevada Department of Business & Industry (Republic Services, Inc.); Series 2003, Solid Waste Disposal RB(a)(b)		5.63	%		06/01/18		1,100		1,204,654
Humboldt (County of) (Idaho Power Co.); Series 2003, Ref. PCR		5.15	%		12/01/24		1,800		1,932,426
Las Vegas (City of) Redevelopment Agency;
Series 2009 A, Tax Allocation RB		6.25	%		06/15/16		1,475		1,663,417
Series 2009 A, Tax Allocation RB		7.00	%		06/15/20		1,000		1,156,950
Washoe School District; Series 2008 A, School Improvement Limited Tax GO Bonds		4.75	%		06/01/26		1,405		1,462,914
									7,420,361
New Hampshire–0.22%
Manchester (City of); Series 2009 A, Ref. General Airport RB		5.00	%		01/01/17		1,000		1,115,070
New Jersey–1.04%
Monmouth (County of) Improvement Authority;
Series 2007, Governmental Loan RB (INS–AMBAC)(c)		5.00	%		12/01/16		1,010		1,121,544
Series 2007, Governmental Loan RB (INS–AMBAC)(c)		5.00	%		12/01/17		2,000		2,224,040
New Jersey (State of) Economic Development Authority (Presbyterian Home at Montgomery); Series 2001 A, First Mortgage RB		6.25	%		11/01/20		500		472,460
New Jersey (State of) Health Care Facilities Financing Authority (St. Clares Hospital Inc.) Series 2004 A, Ref. RB(k)		5.25	%		07/01/20		1,000		1,229,630
New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Healthcare System); Series 2008, RB		5.75	%		07/01/15		300		313,479
									5,361,153
New Mexico–1.71%
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 A, Ref. PCR(a)(b)		5.20	%		06/01/20		1,700		1,736,057
Jicarilla Apache Nation; Series 2003 A, RB(f)		5.50	%		09/01/23		1,000		1,045,230
New Mexico (State of) Finance Authority (Sr. Lien Public Project Revolving Fund); Series 2006 B, RB (INS–NATL)(c)		5.00	%		06/01/17		1,310		1,531,023

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

12        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Mexico–(continued)
New Mexico (State of) Finance Authority;
Series 2007 C, Sub. Lien Public Revolving Fund RB (INS–NATL)(c)		5.00	%		06/15/13	$	1,000	$	1,082,620
Series 2007 C, Sub. Lien Public Revolving Fund RB (INS–NATL)(c)		5.00	%		06/15/14		1,200		1,347,936
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena Project); Series 2010 A, First Mortgage RB		5.00	%		07/01/19		910		939,703
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare Services); Series 2008 A, Hospital RB		6.00	%		08/01/23		1,000		1,131,380
									8,813,949
New York–3.48%
Albany (City of) Industrial Development Agency (St. Peters Hospital Project); Series 2008 A, Civic Facilities RB		5.75	%		11/15/22		500		524,590
Brooklyn (City of) Arena Local Development Corp. (Barclays Center Project);
Series 2009, RB		5.75	%		07/15/17		1,000		1,105,600
Series 2009, RB		5.75	%		07/15/19		1,000		1,096,610
Long Island Power Authority; Series 2003 C, Electric System RB(b)(e)		5.50	%		09/01/13		1,000		1,103,570
Madison (County of) Industrial Development Agency (Oneida Health System Incorporated Project); Series 2007, RB		4.50	%		02/01/17		165		169,204
Metropolitan Transportation Authority; Series 2002 A, Ref. Service Contract RB		5.75	%		07/01/18		1,000		1,228,680
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement RB		5.88	%		01/01/18		1,125		1,113,086
New York (City of) Industrial Development Agency (7 World Trade Center); Series 2005 A, Liberty RB		6.25	%		03/01/15		1,500		1,505,880
New York (City of) Industrial Development Agency (Pilot Queens Baseball Stadium);
Series 2009, RB (INS–AGC)(c)		5.00	%		01/01/18		200		222,664
Series 2009, RB (INS–AGC)(c)		5.00	%		01/01/19		200		221,840
New York (City of) Transitional Finance Authority; Series 2009 S-3, Building Aid RB		5.00	%		01/15/21		1,000		1,134,340
New York (State of) Environmental Facilities Corp. (Municipal Water Financing); Series 2005 C, Clean Water & Drinking Revolving RB		5.00	%		06/15/21		2,000		2,265,940
New York City (City of); Subseries 1993 E-4, VRD Unlimited Tax GO Bonds (LOC–BNP Paribas)(g)		0.19	%		08/02/22		2,400		2,400,000
Niagara Falls (City of) (Public Improvement); Series 1994, Unlimited Tax GO Bonds(e)		6.90	%		03/01/20		5		5,012
Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, Solid Waste Disposal RB(a)(b)(d)(f)		6.63	%		10/01/13		1,000		1,002,600
Suffolk (County of) Industrial Development Agency (New York Institute Technology Project);
Series 2000, Civic Facilities RB		5.25	%		03/01/21		1,425		1,491,747
Series 2000 A, Ref. Civil Facility RB		5.00	%		03/01/26		1,300		1,324,622
									17,915,985
North Carolina–0.86%
North Carolina (State of) Eastern Municipal Power Agency;
Series 2008 C, Power System RB		6.75	%		01/01/24		1,000		1,194,260
Series 2008 C, Power System RB (INS–AGC)(c)		6.00	%		01/01/19		1,250		1,417,475
North Carolina (State of) Medical Care Commission (Salemtowne); Series 2006, Ref. First Mortgage Healthcare Facilities RB		5.00	%		10/01/15		500		497,065
North Carolina (State of) Medical Care Commission (South Minster Project); Series 2007 A, First Mortgage Retirement Facilities RB		5.30	%		10/01/19		250		243,582
North Carolina (State of) Municipal Power Agency No. 1 (Catawba); Series 2003 A, Electric RB (INS–NATL)(c)		5.25	%		01/01/19		1,000		1,051,340
									4,403,722
North Dakota–0.38%
Grand Forks (City of) (4000 Valley Square Project); Ref. Senior Housing RB		5.00	%		12/01/16		500		489,580
North Dakota (State of) Public Finance Authority (St. Revolving Federal Program); Series 2008 A, RB		5.50	%		10/01/19		1,195		1,473,925
									1,963,505

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

13        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ohio–2.41%
Adams (County of) (Adams County Hospital); Series 2005, Hospital Facility Improvement RB		6.25	%		09/01/20	$	500	$	389,665
American Municipal Power-Ohio Inc. (Hydroelectric Projects); Series 2009 C, RB		5.25	%		02/15/19		1,175		1,360,627
Athens (County of) (Improvement O’Bleness Memorial); Series 2003 A, Ref. RB		6.25	%		11/15/13		320		321,366
Cleveland (City of) (Bridges & Roadways Improvements); Series 2008 B, Sub. Lien Income Tax RB (INS–AGC)(c)		5.00	%		10/01/25		1,555		1,680,597
Cleveland (City of) (Cleveland Stadium Project); Series 2004, Ref. RB (INS–AMBAC)(c)		5.13	%		12/01/20		1,370		1,468,846
Montgomery (County of) (Miami Valley Hospital); Series 2009 B, RB(a)(b)		5.25	%		11/15/14		1,000		1,102,360
Montgomery (County of) (St. Leonard); Series 2010, Ref. Healthcare & MFH RB		6.00	%		04/01/20		1,000		1,049,130
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR		5.63	%		06/01/18		2,000		2,249,840
Ohio (State of) Municipal Electric Generation Agency (Joint Venture 5); Series 2004, Ref. Beneficial Interest Certificates (INS–AMBAC)(c)		5.00	%		02/15/21		750		786,623
Ohio (State of) State Water Development Authority (Allied Waste North America, Inc.); Series 2007 A, Solid Waste RB(d)		5.15	%		07/15/15		1,000		1,025,940
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR(a)(b)		5.88	%		06/01/16		865		972,571
									12,407,565
Oklahoma–0.58%
Chickasawa Nation (Health System); Series 2007, RB(f)		5.38	%		12/01/17		370		399,755
Citizen Potawatomi Nation; Series 2004 A, Obligation Tax RB		5.75	%		09/01/11		775		775,000
Tulsa (City of) Airports Improvement Trust; Series 2009 A, General RB		5.38	%		06/01/24		1,750		1,788,710
									2,963,465
Oregon–0.42%
Tri-County Metropolitan Transportation District; Series 2011 A, Cqapital Grant Receipt RB		5.00	%		10/01/27		2,000		2,168,880
Pennsylvania–4.53%
Allegheny (County of) Airport Authority (Pittsburgh International Airport); Series 2010 A, Airport RB (INS–AGM)(c)(d)		5.00	%		01/01/16		1,000		1,087,870
Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2008 A, RB		5.00	%		09/01/18		3,000		3,449,190
Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB		5.00	%		09/01/21		500		488,470
Allegheny (County of) Redevelopment Authority (Pittsburgh Mills Project); Series 2004, Tax Allocation RB		5.10	%		07/01/14		125		128,554
Cranberry (Township of); Series 2001 B, Unlimited Tax GO Bonds (INS–NATL)(c)		4.80	%		12/01/18		1,310		1,323,480
Delaware (County of) Authority (Elwyn Project); Series 2010, RB		5.00	%		06/01/20		1,980		2,050,844
Girard School District;
Series 1992 B, Unlimited Tax CAB GO Bonds (INS–NATL)(c)(h)		0.00	%		10/01/18		700		567,203
Series 1992 B, Unlimited Tax CAB GO Bonds (INS–NATL)(c)(h)		0.00	%		10/01/19		250		192,770
Monroe (County of) Hospital Authority (Pocono Medical Center); Series 2007, RB		5.00	%		01/01/17		500		546,605
Montour School District; Series 1993 B, Unlimited Tax CAB GO Bonds (INS–NATL)(c)(h)		0.00	%		01/01/13		300		291,297
Penn Hills Municipality;
Series 1995 B, Unlimited Tax CAB GO Bonds(h)(k)		0.00	%		06/01/12		1,615		1,574,092
Series 1995 B, Unlimited Tax CAB GO Bonds(h)		0.00	%		12/01/13		210		192,316
Pennsylvania (State of) Economic Development Financing Authority (Exelon Generation Co., LLC); Series 2009 A, Ref. Exempt Facilities RB(a)(b)		5.00	%		12/01/42		2,000		2,059,900
Pennsylvania (State of) Finance Authority (Aliquippa School District); Series 1994, RB(h)		0.00	%		06/01/12		685		676,896
Philadelphia (City of) Authority for Industrial Development (City of Philadelphia–One Benjamin Franklin Parkway); Series 2007 C, Ref. Lease RB (INS–AGM)(c)		5.00	%		02/15/15		2,150		2,451,215
Philadelphia (City of) Hospitals & Higher Education Facilties Authority (Childrens Hospital of Philadelphia); Series 2002 B, VRD RB(g)		0.13	%		07/01/25		1,200		1,200,000
Philadelphia (City of) Redevelopment Authority (Neighborhood Transformation); Series 2002 A, RB (INS–NATL)(c)		5.50	%		04/15/16		2,000		2,056,320
Philadelphia (City of); Series 2004, Gas Works RB (INS–AGC)(c)		5.25	%		08/01/18		750		805,508
Pittsburgh (City of) Water & Sewer Authority; Series 2007 A, Ref. First Lien Water & Sewer System RB (INS–AGM)(c)		5.00	%		09/01/13		1,000		1,074,770

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

14        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Washington (County of) Industrial Development Authority (Jefferson College); Series 2010, RB		5.00	%		11/01/25	$	1,000	$	1,069,930
									23,287,230
South Carolina–1.22%
Georgetown (County of) (International Paper Co.); Series 2000 A, Ref. Environmental Improvement RB		5.95	%		03/15/14		1,000		1,080,110
Piedmont (City of) Municipal Power Agency;
Series 2008 A 2, Electric RB		5.00	%		01/01/24		1,000		1,070,130
Series 2009 A 4, Ref. Electric RB		5.00	%		01/01/21		2,000		2,262,200
Richland (County of) (International Paper); Series 2003 A, Ref. Environmental Improvement RB		6.10	%		04/01/23		725		738,318
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2009 B, Ref. & Improvement Hospital RB (INS–AGC)(c)		5.00	%		02/01/19		1,000		1,141,000
									6,291,758
South Dakota–0.11%
South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2010, RB		5.00	%		09/01/22		500		544,180
Tennessee–0.79%
Chattanooga (City of) Health Educational & Housing Facility Board (CDFI Phase I LLC Project); Series 2005 A, Ref. RB		5.00	%		10/01/15		270		281,102
Franklin Special School District; Series 1999, Limited Tax CAB GO Bonds (INS–AGM)(c)(h)		0.00	%		06/01/15		700		670,887
Memphis (City of) & Shelby (County of) Sports Authority, Inc. (Memphis Area); Series 2007 C, Ref. RB (INS–NATL)(c)		5.00	%		11/01/13		1,410		1,515,821
Shelby (County of) Health Educational & Housing Facilities Board (Trezevant Manor Project); Series 2006 A, RB		5.25	%		09/01/16		500		490,965
Shelby (County of) Health Educational & Housing Facilities Board; Series 2008 C, RB		5.25	%		06/01/18		1,000		1,121,450
									4,080,225
Texas–9.48%
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB(d)		4.85	%		04/01/21		1,000		1,039,660
Amarillo (City of); Series 2007, Combination Limited Tax Ctfs. of GO Bonds (INS–NATL)(c)		5.00	%		05/15/13		1,020		1,099,866
Austin (City of); Series 2009, Water & Wastewater System RB		5.00	%		11/15/24		1,500		1,714,710
Bexar (County of); Series 2007, Combination Flood Control Limited Tax Ctfs. of GO Bonds (INS–AGM)(c)		5.00	%		06/15/14		1,330		1,497,474
Brownsville (City of); Series 2008 A, Ref. Utilities System Revenue RB (INS–AGM)(c)		5.00	%		09/01/23		1,240		1,364,459
Capital Area Cultural Education Facilities Finance Corp.(The Roman Catholic Diocese of Austin);
Series 2005 A, RB		5.50	%		04/01/23		1,670		1,729,986
Series 2005 A, RB		5.50	%		04/01/25		1,610		1,643,021
Dallas (City of) (Civic Center Convention Complex); Series 2009, Ref. & Improvement RB (INS–AGC)(c)		5.00	%		08/15/18		1,500		1,718,355
Dallas (City of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds		6.75	%		04/01/16		205		215,719
Dallas-Fort Worth (Cities of) International Airport Facilities Improvement Corp.;
Series 2002 C, Joint Airport RB (INS–NATL)(c)(d)		5.75	%		11/01/18		425		426,534
Series 2002 C, Joint Airport RB (INS–NATL)(c)(d)		6.00	%		11/01/23		425		426,624
Greenville (City of);
Series 2010, Ref. & Improvement Electric Utility System RB		5.00	%		02/15/25		2,355		2,518,790
Series 2010, Ref. & Improvement Electric Utility System RB		5.00	%		02/15/26		2,475		2,629,044
Harris (County of) Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB		7.00	%		12/01/27		500		563,375
Harris (County of) Health Facilities Development Corp. (TECO); Series 2008, Thermal Utility RB (INS–AGC)		5.25	%		11/15/24		1,950		2,139,930
Harris (County of) Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB		5.00	%		02/01/23		1,500		1,599,540
HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 B, RB		6.38	%		11/15/19		245		230,413

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

15        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Hidalgo (County of) Health Services Corp. (Mission Hospital, Inc.);
Series 2005, Hospital RB		5.00	%		08/15/13	$	500	$	521,590
Series 2005, Hospital RB		5.00	%		08/15/19		350		356,258
Hopkins (County of) Hospital District; Series 2008, Hospital RB		5.50	%		02/15/23		500		485,930
Houston (City of) (Airport System); Series 2011 A, Ref, Sub Lien RB		5.00	%		07/01/25		1,000		1,021,760
Houston (City of);
Series 2007 A, Ref. Public Improvement Limited Tax GO Bonds (INS–NATL)(c)		5.00	%		03/01/16		1,000		1,179,540
Series 2007 B, Ref. First Lien Combined Utility System RB (INS–NATL)(c)		5.00	%		11/15/13		1,000		1,100,510
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, Higher Education RB		5.88	%		05/15/21		1,000		1,040,020
Lubbock (City of); Series 2007 A, Waterworks System Surplus Ctfs. of Obligation Limited Tax (INS–AGM)(c)		5.00	%		02/15/14		1,355		1,504,687
Lufkin (City of) Health Facilities Development Corp. (Memorial Health System East Texas); Series 2007, RB		5.13	%		02/15/22		250		234,478
Mesquite (City of) Health Facility Development Corp. (Retirement Facility Christian Care); Series 2005, RB		5.00	%		02/15/15		840		869,803
Mission (City of) Economic Development Corp. (Allied Waste N.A. Incoporated Project); Series 2007 A, Solid Waste Disposal RB(d)		5.20	%		04/01/18		400		404,856
Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB(a)(b)(d)		6.00	%		08/01/13		500		541,255
North Texas Tollway Authority;
Series 2008 A, Ref. First Tier System RB		6.00	%		01/01/23		1,000		1,111,150
Series 2008 L-2, Ref. First Tier System RB(a)(b)		6.00	%		01/01/13		1,000		1,065,970
Sam Rayburn Municipal Power Agency; Series 2002 A, Ref. RB		6.00	%		10/01/21		650		662,447
Tarrant (County of) Cultural Education Facilities Finance Corp. (Baylor Healthcare System Project); Series 2009, Ref. RB		5.75	%		11/15/24		1,000		1,117,840
Tarrant (County of) Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility RB		5.00	%		11/15/17		500		547,410
Tarrant (County of) Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2009 B-2, Retirement Facility RB		6.50	%		02/15/14		1,000		990,840
Tarrant (County of) Cultural Education Facilities Finance Corp. (Christus Health); Series 2008 A, Ref. RB (INS–AGC)(c)		5.75	%		07/01/18		1,875		2,036,925
Tarrant (County of) Cultural Education Facilities Finance Corp. (Mirador); Series 2010 B-1, Retirement Facility TEMPS-75 RB		7.25	%		11/15/16		2,800		2,800,448
Texas (State of) Transportation Commission; Series 2006 A, First Tier RB		5.00	%		04/01/20		2,000		2,300,580
Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002 A, First Tier CAB RB (INS–AMBAC)(c)(h)		0.00	%		08/15/18		5,700		4,291,929
									48,743,726
Utah–0.82%
Intermountain Power Agency; Series 1993 A, Ref. Power Supply CAB RB(h)(k)		0.00	%		07/01/17		1,750		1,478,417
University of Utah;
Series 2007, COP (INS–AMBAC)(c)		5.00	%		12/01/12		1,545		1,635,182
Series 2007, COP (INS–AMBAC)(c)		5.00	%		12/01/13		1,000		1,101,170
									4,214,769
Virgin Islands–0.74%
Virgin Islands Public Finance Authority (Matching Fund Loan Note Diago Project); Series 2009 A, Sub. RB		6.00	%		10/01/14		500		545,835
Virgin Islands Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/17		1,000		1,102,540
Virgin Islands Public Finance Authority; Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/19		2,000		2,176,520
									3,824,895

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

16        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Virginia–1.14%
Fairfax (County of) Industrial Development Authority (Healthcare Inova Health System); Series 2009 A, RB		5.13	%		05/15/24	$	1,000	$	1,111,720
Virginia (State of) Small Business Financing Authority (Carilion Clinic Obligation); Series 2008 A, VRD RB(g)		0.12	%		07/01/42		1,500		1,500,000
Virginia (State of) Small Business Financing Authority (Hampton Roads Proton); Series 2009, RB(f)		8.00	%		07/01/19		1,000		1,046,590
Washington (County of) Industrial Development Authority (Mountain States Health Alliance); Series 2009 C, Hospital Facility RB		7.25	%		07/01/19		1,000		1,137,320
White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB		5.30	%		03/01/17		1,022		1,050,422
									5,846,052
Washington–3.50%
Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated RB		5.50	%		07/01/25		1,000		1,122,630
Clark (County of) (Camas School District No. 117); Series 2007, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		12/01/13		1,500		1,652,100
Clark (County of) Public Utility District No. 1; Series 2009, Ref. Electric System RB		5.00	%		01/01/23		1,000		1,087,130
FYI Properties (Washington St. District Project); Series 2009, Lease RB		5.25	%		06/01/26		2,000		2,171,300
Kalispel Tribe of Indians; Series 2008, RB		6.20	%		01/01/16		150		142,219
Seattle (City of);
Series 2007, Ref. Solid Waste RB		5.00	%		02/01/18		1,795		2,084,426
Series 2008, Ref. & Improvement Municipal Light & Power RB		5.75	%		04/01/23		1,725		2,064,997
Tes Properties; Series 2009, RB		5.00	%		12/01/24		1,000		1,095,310
Washington (State of) Higher Education Facilities Authority (Whitworth University Project); Series 2009, RB		5.13	%		10/01/24		1,500		1,540,365
Washington (State of);
Series 2004 A, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		07/01/20		3,000		3,295,410
Series 2005 C, Motor Vehicle Fuel Unlimited Tax CAB GO Bonds (INS–AMBAC)(c)(h)		0.00	%		06/01/16		1,885		1,748,319
									18,004,206
West Virginia–0.15%
Ohio (County of) (Fort Henry Centre Tax Increment Financing District); Series 2007 A, Tax Increment Allocation RB		5.63	%		06/01/22		250		254,083
West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB		6.00	%		10/01/20		500		493,785
									747,868
Wisconsin–2.06%
Badger Tobacco Asset Securitization Corp.; Series 2002, Asset-Backed RB(b)(e)		6.13	%		06/01/12		460		476,836
Milwaukee (County of);
Series 2010 B, Ref. Airport RB(d)		5.00	%		12/01/22		1,250		1,316,100
Series 2010 B, Ref. Airport RB(d)		5.00	%		12/01/23		1,000		1,040,160
Superior (City of) (Superior Water, Light & Power Co.); Series 2007 A, Ref. Collateralized Utility RB(d)		5.38	%		11/01/21		1,370		1,427,102
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.);
Series 2009 B, RB(a)(b)		4.75	%		08/15/14		1,000		1,088,450
Series 2009 B, RB(a)(b)		5.13	%		08/15/16		1,000		1,144,340
Wisconsin (State of) Health & Educational Facilities Authority (Beaver Dam Community Hospital, Inc.); Series 2004 A, RB		5.50	%		08/15/14		385		380,765
Wisconsin (State of) Health & Educational Facilities Authority (St. Johns Community, Inc.); Series 2009 C2, TEMPS RB		5.40	%		09/15/14		1,750		1,750,140
Wisconsin (State of) Housing & Economic Development Authority; Series 2008 A, Home Ownership RB(d)		5.30	%		09/01/23		1,875		1,967,681
									10,591,574

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

17        Invesco Van Kampen Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wyoming–0.21%
Wyoming (State of) Municipal Power Agency; Series 2008 A, Power Supply System RB		5.38	%		01/01/25	$	1,000	$	1,092,270
TOTAL INVESTMENTS(l)–100.78% (Cost $487,840,531)									518,418,619
FLOATING RATE NOTE OBLIGATIONS–(1.22)%
Notes with interest rates ranging from 0.21% to 0.27% at 08/31/11 and contractual maturities of collateral ranging from 05/01/23 to 08/01/25 (See Note 1K)(m)									(6,275,000	)
OTHER ASSETS LESS LIABILITIES–0.44%									2,265,610
NET ASSETS–100.00%								$	514,409,229

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAN	– Bond Anticipation Notes
BHAC	– Berkshire Hathaway Assurance Corp.
CAB	– Capital Appreciation Bonds
CIFG	– CIFG Assurance North America, Inc.
COP	– Certificates of Participation
FHA	– Federal Housing Administration
GO	– General Obligation
INS	– Insurer
LOC	– Letter of Credit
MFH	– Multi-Family Housing
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
Sr.	– Senior
Sub.	– Subordinated
TEMPS	– Tax-Exempt Mandatory Paydown Securities
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

(a)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(c)	Principal and/or interest payments are secured by the bond insurance company listed.
(d)	Security subject to the alternative minimum tax.
(e)	Advance refunded.
(f)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2011 was $5,275,670, which represented 1.03% of the Fund’s Net Assets.
(g)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
(h)	Zero coupon bond issued at a discount.
(i)	Underlying security related to Dealer Trusts entered into by the Fund. See Note 1K.
(j)	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, 2011 was $667,897, which represented 0.13% of the Fund’s Net Assets.
(k)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(l)	This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Corp.		5.12	%
Assured Guaranty Municipal Corp.		10.54
American Municipal Bond Assurance Corp.		9.29
National Public Finance Guarantee Corp.		11.72

^(m) Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2011. At August 31, 2011, the Fund’s investments with a value of $10,806,971 are held by Dealer Trusts and serve as collateral for the $6,275,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

Revenue Bonds	84.2	%
General Obligation Bonds	13.4
Pre-refunded Bonds	2.4

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

18        Invesco Van Kampen Intermediate Term Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $487,840,531)	$	518,418,619
Cash		593,596
Receivable for:
Investments sold		255,823
Fund shares sold		1,220,857
Interest		5,937,133
Fund expenses absorbed		49,065
Investment for trustee deferred compensation and retirement plans		6,051
Other assets		55,225
Total assets		526,536,369
Liabilities:
Floating rate note obligations		6,275,000
Payable for:
Investments purchased		3,594,570
Fund shares reacquired		1,508,889
Dividends		452,833
Accrued fees to affiliates		177,656
Accrued other operating expenses		105,208
Trustee deferred compensation and retirement plans		12,984
Total liabilities		12,127,140
Net assets applicable to shares outstanding	$	514,409,229
Net assets consist of:
Shares of beneficial interest	$	482,646,642
Undistributed net investment income		841,235
Undistributed net realized gain		343,264
Unrealized appreciation		30,578,088
	$	514,409,229
Net Assets:
Class A	$	304,440,611
Class B	$	11,729,424
Class C	$	59,840,189
Class Y	$	138,399,005
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		27,918,830
Class B		1,059,213
Class C		5,495,496
Class Y		12,703,406
Class A:
Net asset value per share	$	10.90
Maximum offering price per share (Net asset value of $10.90 divided by 95.25%)	$	11.44
Class B:
Net asset value and offering price per share	$	11.07
Class C:
Net asset value and offering price per share	$	10.89
Class Y:
Net asset value and offering price per share	$	10.89

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

19        Invesco Van Kampen Intermediate Term Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2011

(Unaudited)

Investment income:
Interest	$	9,591,848
Expenses:
Advisory fees		1,016,685
Administrative services fees		61,849
Custodian fees		9,565
Distribution fees:
Class A		321,707
Class B		61,321
Class C		282,302
Interest, facilities and maintenance fees expense		21,726
Transfer agent fees		106,306
Trustees’ and officers’ fees and benefits		13,031
Other		85,993
Total expenses		1,980,485
Less: Fees waived and/or expenses reimbursed		(252,396	)
Net expenses		1,728,089
Net investment income		7,863,759
Realized and unrealized gain from:
Net realized gain from investment securities		1,233,478
Change in net unrealized appreciation of investment securities		10,540,850
Net realized and unrealized gain		11,774,328
Net increase in net assets resulting from operations	$	19,638,087

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

20        Invesco Van Kampen Intermediate Term Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2011, five months ended February 28, 2011 and year ended September 30, 2010

(Unaudited)

	Six			Five			Year
	months ended			months ended			ended
	August 31,			February 28,			September 30,
	2011			2011			2010
Operations:
Net investment income	$	7,863,759		$	5,436,970		$	12,515,276
Net realized gain (loss)		1,233,478			(442,664	)		469,341
Change in net unrealized appreciation (depreciation)		10,540,850			(14,496,218	)		7,050,146
Net increase (decrease) in net assets resulting from operations		19,638,087			(9,501,912	)		20,034,763
Distributions to shareholders from net investment income:
Class A		(5,067,810	)		(3,980,039	)		(9,748,647	)
Class B		(196,944	)		(196,695	)		(471,679	)
Class C		(904,259	)		(783,642	)		(1,630,279	)
Class Y		(1,686,437	)		(217,686	)		(326,758	)
Total distributions from net investment income		(7,855,450	)		(5,178,062	)		(12,177,363	)
Share transactions–net:
Class A		74,511,700			(37,670,086	)		39,837,314
Class B		(1,732,770	)		(2,612,170	)		2,341,908
Class C		3,030,593			(3,958,915	)		21,238,149
Class Y		122,329,858			5,274,913			2,557,394
Net increase (decrease) in net assets resulting from share transactions		198,139,381			(38,966,258	)		65,974,765
Net increase (decrease) in net assets		209,922,018			(53,646,232	)		73,832,165
Net assets:
Beginning of period		304,487,211			358,133,443			284,301,278
End of period (includes undistributed net investment income of $841,235, $832,926 and $579,262, respectively)	$	514,409,229		$	304,487,211		$	358,133,443

Notes to Financial Statements

August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen Intermediate Term Municipal Income Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco 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 seven 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 investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.

  The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. 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 C shares are sold with a CDSC. Class Y shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. 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. 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. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

  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.

21        Invesco Van Kampen Intermediate Term Municipal Income Fund

	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 net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized 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 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.	Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.
H.	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.

22        Invesco Van Kampen Intermediate Term Municipal Income Fund

I.	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.
J.	Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.
K.	Floating Rate Note Obligations — The Fund invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Fund. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Fund, thereby collapsing the Dealer Trusts.
	TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
	The Fund accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
	The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Fund, the Fund will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Fund could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
L.	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 Daily Net Assets	Rate
First $500 million		0	.50%
Over $500 million		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,

23        Invesco Van Kampen Intermediate Term Municipal Income Fund

Inc. and Invesco Canada 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).

  The Adviser has contractually agreed, through June 30, 2013, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 0.75%, 1.50%, 1.50% and 0.50% 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 net annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (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. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2013. The Adviser did not waive fees and/or reimburse expenses during the period under this limitation.

  In addition, the Adviser has contractually agreed through at least June 30, 2012, to waive advisory fees equal to 0.10% of the Fund’s average daily net assets.

  Further, the Adviser has contractually agreed, through at least June 30, 2012, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended August 31, 2011, the Adviser waived advisory fees of $252,396.

  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, 2011, 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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets.

  With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

  For the six months ended August 31, 2011, expenses incurred under these agreements 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, 2011, IDI advised the Fund that IDI retained $33,639 in front-end sales commissions from the sale of Class A shares and $10,110, $7,516 and $5,972 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 the Adviser, Invesco Ltd., 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, 2011. 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.

24        Invesco Van Kampen Intermediate Term Municipal Income Fund

  During the six months ended August 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	518,418,619	$	—	$	518,418,619

NOTE 4—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, 2011, the Fund paid legal fees of $1,289 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 5—Cash Balances and Borrowing

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, 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.

  Inverse floating rate obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2011 were $4,851,429 and 0.89%, respectively.

NOTE 6—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, 2011 which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 28, 2017	$	240,371
February 28, 2018		123,974
Total capital loss carryforward	$	364,345

*  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 7—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, 2011 was $31,639,366 and $39,865,329, 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	$	32,838,609
Aggregate unrealized (depreciation) of investment securities		(1,988,378	)
Net unrealized appreciation of investment securities	$	30,850,231
Cost of investments for tax purposes is $487,568,388.

25        Invesco Van Kampen Intermediate Term Municipal Income Fund

NOTE 8—Share Information

	Summary of Share Activity
	Six months ended						Five months ended						Year ended
	August 31, 2011(a)						February 28, 2011						September 30, 2010
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		3,960,400		$	42,603,805			2,504,602		$	26,806,987			10,277,221		$	110,446,249
Class B		62,411			679,807			67,652			739,203			592,419			6,463,394
Class C		894,903			9,616,344			628,986			6,717,693			2,963,393			31,775,657
Class Y		552,259			6,050,599			835,597			8,980,902			458,457			4,925,585
Issued as reinvestment of dividends:
Class A		290,023			3,115,457			306,167			3,269,283			771,076			8,299,496
Class B		11,814			128,580			14,353			155,537			34,155			373,544
Class C		56,809			608,312			56,407			601,070			118,971			1,280,132
Class Y		125,471			1,353,800			11,905			126,471			14,257			153,824
Issued in connection with acquisitions:(b)
Class A		6,150,478			66,243,030			—			—			—			—
Class B		1,608			17,575			—			—			—			—
Class C		55,039			591,735			—			—			—			—
Class Y		13,698,418			147,344,953			—			—			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		142,077			1,519,303			108,821			1,159,680			127,482			1,384,033
Class B		(139,864	)		(1,519,303	)		(107,137	)		(1,159,680	)		(125,572	)		(1,384,033	)
Reacquired:
Class A		(3,645,329	)		(38,969,895	)		(6,441,832	)		(68,906,036	)		(7,478,946	)		(80,292,464	)
Class B		(95,861	)		(1,039,429	)		(216,134	)		(2,347,230	)		(285,541	)		(3,110,997	)
Class C		(729,184	)		(7,785,798	)		(1,063,047	)		(11,277,678	)		(1,100,898	)		(11,817,640	)
Class Y		(3,007,001	)		(32,419,494	)		(362,274	)		(3,832,460	)		(235,118	)		(2,522,015	)
Net increase (decrease) in share activity		18,384,471		$	198,139,381			(3,655,934	)	$	(38,966,258	)		6,131,356		$	65,974,765

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% 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)

As of the opening of business on June 6, 2011, the Fund acquired all of the net assets of Invesco Municipal Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of Invesco Municipal Fund on April 14, 2011. The acquisition was accomplished by a tax-free exchange of 19,905,543 shares of the Fund for 18,432,605 outstanding shares of Invesco Municipal Fund as of the close of business on June 3, 2011. Class A, Class B, Class C and Class Y shares of Invesco Municipal Fund were exchanged for Class A, Class B, Class C and Class Y shares of the Fund, respectively, based on the relative net asset value of Invesco Municipal Fund to the net asset value of the Fund on the close of business, June 3, 2011. Invesco Municipal Fund’s net assets at that date of $214,197,293, including $11,448,974 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $309,026,482. The net assets of the Fund immediately following the acquisition were $523,223,775.

26        Invesco Van Kampen Intermediate Term Municipal Income Fund

NOTE 10—Financial Highlights

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

																																				Supplemental
																																				ratio of			Supplemental
																																				expenses			ratio of
																											Ratio of									to average			expenses
																											expenses			Ratio of						net assets			to average net
																											to average			expenses						with fee			assets without
					Net gains																						net assets			to average						waivers			fee waivers
					(losses)																						with fee			net assets			Ratio of net			(excluding			(excluding
	Net asset				on securities						Dividends			Distributions													waivers			without fee			investment			interest,			interest,
	value,		Net		(both			Total from			from net			from net						Net asset					Net assets,		and/or			waivers and/or			income			facilities and			facilities and
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			maintenance			maintenance			Portfolio
	of period		income(a)		unrealized)			operations			income			gains			Distributions			of period		Return			(000s omitted)		absorbed			absorbed			net assets			fees)			fees)			turnover(b)
Class A
Six months ended 08/31/11	$	10.57	$	0.21	$	0.33		$	0.54		$	(0.21	)	$	—		$	(0.21	)	$	10.90		5.18	%(c)	$	304,441		0.78	%(d)		0.90	%(d)		3.94	%(d)		0.77	%(d)		0.89	%(d)		10	%
Period ended 02/28/11		11.03		0.19		(0.47	)		(0.28	)		(0.18	)		—			(0.18	)		10.57		(2.57	)(c)		222,214		0.81			0.91			4.19			0.80			0.90			4
Year ended 09/30/10		10.80		0.44		0.21			0.65			(0.42	)		—			(0.42	)		11.03		6.24	(c)		270,764		0.83			0.93			4.05			0.82			0.92			12
Year ended 09/30/09		10.05		0.42		0.76			1.18			(0.43	)		—			(0.43	)		10.80		12.16	(e)		225,086		0.93			1.03			4.16			0.90			1.00			23
Year ended 09/30/08		10.59		0.41		(0.55	)		(0.14	)		(0.40	)		—			(0.40	)		10.05		(1.42	)(e)		103,657		1.00			1.10			3.95			0.95			1.06			61
Year ended 09/30/07		10.68		0.38		(0.10	)		0.28			(0.37	)		—			(0.37	)		10.59		2.63	(e)		81,398		0.98			1.08			3.54			0.98			1.08			11
Year ended 09/30/06		10.69		0.37		0.04			0.41			(0.37	)		(0.05	)		(0.42	)		10.68		3.91	(e)		79,420		0.99			1.09			3.46			0.99			1.09			21
Class B
Six months ended 08/31/11		10.74		0.18		0.33			0.51			(0.18	)		—			(0.18	)		11.07		4.74	(c)		11,729		1.53	(d)		1.65	(d)		3.19	(d)		1.52	(d)		1.64	(d)		10
Period ended 02/28/11		11.20		0.16		(0.47	)		(0.31	)		(0.15	)		—			(0.15	)		10.74		(2.81	)(c)		13,089		1.56			1.66			3.44			1.55			1.65			4
Year ended 09/30/10		10.96		0.36		0.22			0.58			(0.34	)		—			(0.34	)		11.20		5.46	(c)		16,362		1.58			1.68			3.30			1.57			1.67			12
Year ended 09/30/09		10.19		0.36		0.77			1.13			(0.36	)		—			(0.36	)		10.96		11.42	(f)(g)		13,648		1.57	(g)		1.67	(g)		3.53	(g)		1.55	(g)		1.65	(g)		23
Year ended 09/30/08		10.73		0.41		(0.56	)		(0.15	)		(0.39	)		—			(0.39	)		10.19		(1.45	)(f)(g)		10,519		1.05	(g)		1.15	(g)		3.87	(g)		1.00	(g)		1.11	(g)		61
Year ended 09/30/07		10.82		0.38		(0.10	)		0.28			(0.37	)		—			(0.37	)		10.73		2.59	(f)(g)		11,105		0.98	(g)		1.08	(g)		3.55	(g)		0.98	(g)		1.08	(g)		11
Year ended 09/30/06		10.82		0.39		0.04			0.43			(0.38	)		(0.05	)		(0.43	)		10.82		4.13	(f)(g)		14,631		0.78	(g)		0.88	(g)		3.67	(g)		0.78	(g)		0.88	(g)		21
Class C
Six months ended 08/31/11		10.56		0.17		0.33			0.50			(0.17	)		—			(0.17	)		10.89		4.80	(c)		59,840		1.53	(d)		1.65	(d)		3.19	(d)		1.52	(d)		1.64	(d)		10
Period ended 02/28/11		11.02		0.15		(0.47	)		(0.32	)		(0.14	)		—			(0.14	)		10.56		(2.88	)(c)		55,088		1.56			1.66			3.44			1.55			1.65			4
Year ended 09/30/10		10.78		0.35		0.23			0.58			(0.34	)		—			(0.34	)		11.02		5.53	(c)		61,646		1.58			1.68			3.30			1.57			1.67			12
Year ended 09/30/09		10.03		0.34		0.77			1.11			(0.36	)		—			(0.36	)		10.78		11.35	(h)		38,649		1.68			1.78			3.41			1.66			1.76			23
Year ended 09/30/08		10.57		0.33		(0.55	)		(0.22	)		(0.32	)		—			(0.32	)		10.03		(2.17	)(h)		18,425		1.75			1.85			3.20			1.70			1.81			61
Year ended 09/30/07		10.66		0.30		(0.10	)		0.20			(0.29	)		—			(0.29	)		10.57		1.88	(h)(g)		13,010		1.72	(g)		1.82	(g)		2.81	(g)		1.72	(g)		1.82	(g)		11
Year ended 09/30/06		10.68		0.29		0.03			0.32			(0.29	)		(0.05	)		(0.34	)		10.66		3.04	(h)		14,714		1.74			1.84			2.71			1.74			1.84			21
Class Y(i)
Six months ended 08/31/11		10.56		0.23		0.33			0.56			(0.23	)		—			(0.23	)		10.89		5.32	(c)		138,399		0.53	(d)		0.65	(d)		4.19	(d)		0.52	(d)		0.64	(d)		10
Period ended 02/28/11		11.03		0.20		(0.48	)		(0.28	)		(0.19	)		—			(0.19	)		10.56		(2.56	)(c)		14,096		0.56			0.66			4.44			0.55			0.65			4
Year ended 09/30/10		10.79		0.46		0.23			0.69			(0.45	)		—			(0.45	)		11.03		6.56	(c)		9,361		0.58			0.68			4.30			0.57			0.67			12
Year ended 09/30/09		10.04		0.45		0.76			1.21			(0.46	)		—			(0.46	)		10.79		12.45	(j)		6,598		0.67			0.77			4.49			0.65			0.75			23
Year ended 09/30/08		10.59		0.45		(0.58	)		(0.13	)		(0.42	)		—			(0.42	)		10.04		(1.27	)(j)		883		0.73			0.83			4.33			0.69			0.79			61
Year ended 09/30/07		10.67		0.40		(0.09	)		0.31			(0.39	)		—			(0.39	)		10.59		2.98	(j)		231		0.72			0.82			3.79			0.72			0.82			11
Year ended 09/30/06		10.69		0.39		0.03			0.42			(0.39	)		(0.05	)		(0.44	)		10.67		4.08	(j)		901		0.72			0.82			3.73			0.72			0.82			21

(a)	Calculated using average shares outstanding.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending August 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $203,489,055 and sold of $18,506,495 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Municipal Fund into the Fund.
(c)	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.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $255,967, $12,198, $56,154 and $80,146 for Class A, Class B, Class C, and Class Y, respectively.
(e)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 4.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(f)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 4%, charged on certain redemptions made within one year of purchase and declining to 0% after the sixth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(g)	The total return, ratio of expense to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of less than 1%.
(h)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(i)	On June 1, 2010, Class I Shares of the predecessor fund were reorganized into Class Y Shares of the Fund.
(j)	Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.

27        Invesco Van Kampen Intermediate Term Municipal Income 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, 2011 through August 31, 2011.

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	(03/01/11)		(08/31/11)1		Period2,4		(08/31/11)		Period2,5		Ratio3
A	$	1,000.00	$	1,048.40	$	4.00	$	1,021.23	$	3.95		0.78	%
B		1,000.00		1,047.40		7.86		1,017.46		7.74		1.53
C		1,000.00		1,048.00		7.86		1,017.46		7.74		1.53
Y		1,000.00		1,053.20		2.72		1,022.49		2.68		0.53

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2011 through August 31, 2011, 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 184/366 to reflect the most recent fiscal half year.
3	Effective June 6, 2011, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expense of Class A, Class B, Class C and Class Y shares to 0.75%, 1.50%, 1.50%, and 0.50% of average daily net assets, respectively.
4	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $3.86, $7.72, $7.72 and $2.58 for Class A, Class B, Class C and Class Y shares, respectively.
5	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $3.81, $7.61, $7.61 and $2.54 for Class A, Class B, Class C and Class Y shares, respectively.

28        Invesco Van Kampen Intermediate Term Municipal Income 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 Van Kampen Intermediate Term Municipal Income 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 Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% 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, 2011. 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. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements 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 Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks 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 their assigned Invesco Funds. Each Sub-Committee recommends to the Investments 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 Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation 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 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 Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. 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. One Trustee may have weighed a particular piece of information differently than another Trustee.

  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 15, 2011, 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, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  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 services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms 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 sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

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

29        Invesco Van Kampen Intermediate Term Municipal Income 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 funds in the Lipper performance universe and against the Lipper Intermediate Municipal Debt Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of the performance universe for the one year period and the second 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 performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the 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 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 the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, 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 and including only one fund per investment adviser. 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 advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was above the rate of one mutual fund with comparable investment strategies.

  Other than the mutual fund described above, 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 contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2013 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 also considered the effect this fee waiver would have on the Fund’s total estimated 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 Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also 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.

  Based upon the information and considerations described above, 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 economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. 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 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 from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services 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. The Board 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 from the relationship with the Fund, including the fees received 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 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; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 Invesco 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 receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is 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.

30        Invesco Van Kampen Intermediate Term Municipal Income Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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, 2011, is available at 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.

VK-ITMI-SAR-1     Invesco Distributors, Inc.

Invesco Van Kampen Municipal Income Fund

Semiannual Report to Shareholders § August 31, 2011

Nasdaq:

A: VKMMX  §  B: VMIBX  §  C: VMICX  §  Y: VMIIX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
29	Financial Statements
31	Notes to Financial Statements
37	Financial Highlights
38	Fund Expenses
39	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, 2/28/11 to 8/31/11, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	6.56	%
Class B Shares	6.18
Class C Shares	6.10
Class Y Shares	6.78
Barclays Capital Municipal Bond Index ▼ (Broad Market/Style-Specific Index)	6.39

^▼Lipper Inc.

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

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

      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 Van Kampen Municipal Income Fund

Average Annual Total Returns
As of 8/31/11, including maximum applicable sales charges

							After Taxes
				After Taxes			on Distributions
	Before			on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
Inception (8/1/90)		4.92	%		4.90	%		4.98	%
10 Years		3.19			3.19			3.39
5 Years		1.66			1.66			2.11
1 Year		–3.75			–3.75			–0.81
Class B Shares
Inception (8/24/92)		4.15	%		4.13	%		4.24	%
10 Years		3.08			3.07			3.23
5 Years		1.56			1.56			1.94
1 Year		–4.49			–4.49			–1.46
Class C Shares
Inception (8/13/93)		3.34	%		3.33	%		3.47	%
10 Years		2.92			2.91			3.07
5 Years		1.88			1.88			2.21
1 Year		–0.66			–0.66			1.03
Class Y Shares
Inception (8/12/05)		3.31	%		3.30	%		3.56	%
5 Years		2.92			2.92			3.23
1 Year		1.40			1.40			2.71

Average Annual Total Returns
As of 6/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

							After Taxes
				After Taxes			on Distributions
	Before			on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
Inception (8/1/90)		4.83	%		4.81	%		4.91	%
10 Years		3.27			3.27			3.48
5 Years		1.69			1.69			2.15
1 Year		–2.64			–2.64			–0.02
Class B Shares
Inception (8/24/92)		4.05	%		4.03	%		4.15	%
10 Years		3.17			3.16			3.32
5 Years		1.59			1.59			1.98
1 Year		–3.39			–3.39			–0.69
Class C Shares
Inception (8/13/93)		3.23	%		3.22	%		3.38	%
10 Years		3.00			2.99			3.15
5 Years		1.91			1.90			2.25
1 Year		0.42			0.42			1.78
Class Y Shares
Inception (8/12/05)		2.93	%		2.93	%		3.25	%
5 Years		2.93			2.93			3.26
1 Year		2.49			2.49			3.49

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Van Kampen Municipal Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco Van Kampen Municipal Income Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Van Kampen Municipal Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

     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. Before tax performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or

sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.89%, 1.64%, 1.64% and 0.64%, 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. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 4% at the time of purchase to 0% at the beginning of the seventh year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year.

The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

     After-tax returns are calculated using the historical highest individual federal marginal income tax rate. They do not reflect the effect of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in tax-deferred accounts such as 401(k)s or IRAs. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

3 Invesco Van Kampen Municipal Income Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals - a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

      Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

      Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

      As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

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

   Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance and its holdings as of the close of the reporting period.

      In light of economic uncertainty and market volatility, I suggest you check the timely market updates and commentary from many of our fund managers and other investment professionals at invesco.com/us. On our website, you also can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

      Invesco offers a broad array of traditional mutual funds, as well as other investment products, including single-country, sector, regional and global investments spanning equity, fixed income and alternative asset classes. Across our product line, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus — investment management — that allows our fund managers to concentrate on doing what they do best: managing your money.

      Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals. It also means that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

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

      All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen Municipal Income Fund

Schedule of Investments

August 31, 2011

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–107.20%
Alabama–0.87%
Birmingham (City of) Water Works Board; Series 2004 A, Water & Sewer RB (INS–NATL)(a)		5.00	%		01/01/21	$	1,095	$	1,173,906
Courtland (City of) Industrial Development Board (International Paper Co.); Series 2005 A, Ref. Solid Waste Disposal RB(b)		5.20	%		06/01/25		2,500		2,388,850
Health Care Authority for Baptist Health (The); Series 2009 A, RB(c)(d)		6.13	%		11/15/12		2,000		2,057,460
Houston (County of) Health Care Authority; Series 2006 A, RB (INS–AMBAC)(a)		5.25	%		10/01/30		3,670		3,466,975
Huntsville-Redstone Village (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB		5.50	%		01/01/43		900		657,837
Mobile (City of) Industrial Development Board (Mobile Energy Services Co.); Series 1995, Ref. Solid Waste Disposal RB		6.95	%		01/01/20		3		—
Selma (City of) Industrial Development Board (Gulf Opportunity Zone); Series 2009 A, RB		6.25	%		11/01/33		4,100		4,300,039
University of Alabama (The); Series 2008 A, Hospital RB(c)(d)		5.75	%		09/01/18		3,000		3,341,010
									17,386,077
Alaska–1.28%
Alaska (State of) Industrial Development & Export Authority (Lake Dorothy Hydroelectric); Series 2006, RB (INS–AMBAC)(a)(b)		5.00	%		12/01/35		3,015		2,560,579
Alaska (State of) International Airports System;
Series 2006 B, Ref. RB (INS–NATL)(a)		5.00	%		10/01/24		6,525		6,917,674
Series 2006 D, Ref. RB (INS–NATL)(a)		5.00	%		10/01/24		9,570		10,145,923
Alaska (State of) Municipal Bond Bank Authority; Series 2009 1, RB		5.75	%		09/01/33		200		214,436
Matanuska-Susitna (Borough of) (Goose Creek Correctional Center); Series 2009, Lease RB (INS–AGC)(a)		6.00	%		09/01/28		5,000		5,765,750
									25,604,362
Arizona–2.39%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2008 D, RB (INS–BHAC)(a)		5.50	%		01/01/38		5,000		5,212,400
Arizona (State of);
Series 2008 A, COP (INS–AGM)(a)		5.00	%		09/01/24		2,375		2,536,809
Series 2008 A, COP (INS–AGM)(a)		5.00	%		09/01/26		2,420		2,543,178
Arizona State University (Research Infrastructure); Series 2004, COP (INS–AMBAC)(a)		5.25	%		09/01/24		885		926,303
Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network);
Series 2005, Ref. Hospital RB		5.00	%		12/01/35		1,655		1,435,299
Series 2005 B, Ref. Hospital RB		5.25	%		12/01/23		3,250		3,263,845
Series 2005 B, Ref. Hospital RB		5.25	%		12/01/25		2,250		2,178,337
Glendale (City of) Industrial Development Authority (Midwestern University);
Series 2010, RB		5.00	%		05/15/35		1,000		976,850
Series 2010, RB		5.13	%		05/15/40		2,150		2,100,851
Goodyear (City of) McDowell Road Commercial Corridor Improvement District; Series 2007, Special Assessment Improvement Bonds (INS–AMBAC)(a)		5.25	%		01/01/32		1,665		1,677,954
Maricopa County Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 A, Ref. PCR(c)(d)		6.00	%		05/01/14		1,000		1,100,840
Navajo County Pollution Control Corp.;
Series 2009 C, PCR(c)(d)		5.50	%		06/01/14		1,000		1,079,710
Series 2009 E, PCR(c)(d)		5.75	%		06/01/16		1,000		1,142,400
Phoenix (City of) Industrial Development Authority (Career Success Schools);
Series 2009, Education RB		7.00	%		01/01/39		600		549,114
Series 2009, Education RB		7.13	%		01/01/45		570		524,622

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

5        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Arizona–(continued)
Phoenix Civic Improvement Corp.;
Series 2002 B, Sr. Lien Airport RB (INS–NATL)(a)(b)		5.25	%		07/01/32	$	5,000	$	5,011,750
Series 2004, Jr. Lien Wastewater System RB (INS–NATL)(a)		5.00	%		07/01/27		2,000		2,120,100
Series 2008 B, Sr. Lien Airport RB(b)		5.25	%		07/01/19		1,000		1,114,820
Pima (County of) Industrial Development Authority (Global Water Resources LLC);
Series 2007, Water & Wastewater RB(b)		6.55	%		12/01/37		1,600		1,443,264
Series 2008, Water & Wastewater RB(b)		6.38	%		12/01/18		815		803,403
Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR		5.25	%		10/01/40		1,925		1,747,457
Pinal (County of) Electric District No. 4;
Series 2008, Electrical System RB		6.00	%		12/01/23		550		587,185
Series 2008, Electrical System RB		6.00	%		12/01/28		740		769,874
Salt River Project Agricultural Improvement & Power District;
Series 2009 A, Electric System RB(e)		5.00	%		01/01/25		3,000		3,341,010
Series 2009 A, Electric System RB(e)		5.00	%		01/01/28		2,000		2,180,980
University Medical Center Corp.; Series 2009, Hospital RB		6.00	%		07/01/24		1,250		1,320,975
									47,689,330
California–14.02%
Adelanto (City of) Public Utility Authority (Utility System); Series 2009 A, Ref. RB		6.75	%		07/01/39		2,000		2,073,500
Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, Lease RB (INS–AGM)(a)		5.00	%		12/01/25		4,535		4,815,535
Alvord Unified School District (Election of 2007);
Series 2008 A, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		08/01/25		375		399,739
Series 2008 A, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		08/01/26		3,025		3,203,293
Bay Area Governments Association (California Redevelopment Agency Pool); Series 2004 A, Tax Allocation RB (INS–SGI)(a)		5.25	%		09/01/35		3,780		2,936,606
Bell (City of) Community Housing Authority; Series 2005, Ref. Lease RB (INS–AMBAC)(a)		5.00	%		10/01/30		2,205		1,734,607
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/26		3,180		1,498,130
Series 2009, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/31		40		13,523
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2006, Tobacco Settlement Asset-Backed RB		5.45	%		06/01/28		3,000		2,483,280
California (State of) Department of Veterans Affairs;
Series 2007 A, Home Purchase RB(b)(e)		4.95	%		12/01/37		9,585		8,897,756
Series 2007 B, Home Purchase RB(b)		5.15	%		12/01/27		4,250		4,307,162
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 A, RB		6.00	%		07/01/39		5,000		5,300,450
California (State of) Health Facilities Financing Authority (Sutter Health); Series 1999 A, RB (INS–NATL)(a)		5.35	%		08/15/28		1,630		1,650,082
California (State of) Housing Finance Agency;
Series 1983 B, Home Mortgage CAB RB (CEP–FHA)		0.00	%		08/01/15		10		6,911
Series 2007 G, Home Mortgage RB(b)		5.05	%		02/01/29		6,470		6,032,757
Series 2008 K, Home Mortgage RB(b)		5.30	%		08/01/23		3,500		3,422,790
Series 2008 K, Home Mortgage RB(b)		5.45	%		08/01/28		4,000		4,002,400
California (State of) Statewide Communities Development Authority (Adventist Health System/West); Series 2005 A, Health Facility RB		5.00	%		03/01/30		5,000		5,001,600
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2007 A, RB		5.50	%		11/01/38		1,250		1,060,612
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB		5.00	%		08/15/32		7,000		6,928,110
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB (CEP–FHA)		6.25	%		08/01/24		2,000		2,345,660

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

6        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes);
Series 2009, Senior Living RB		6.25	%		11/15/19	$	500	$	540,030
Series 2009, Senior Living RB		6.63	%		11/15/24		2,000		2,179,140
California (State of) Statewide Communities Development Authority;
Series 2004 A, Water & Wastewater RB (INS–AGM)(a)		5.25	%		10/01/24		3,920		4,063,903
Series 2004 A, Water & Wastewater RB (INS–AGM)(a)		5.00	%		10/01/29		1,095		1,111,031
Series 2005 D, Water & Wastewater RB (INS–AGM)(a)		5.00	%		10/01/26		4,615		4,756,404
California (State of) Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2006, Tobacco Settlement Asset-Backed RB		5.25	%		06/01/21		1,835		1,673,538
California (State of); Series 2002, Unlimited Tax GO Bonds		6.00	%		04/01/19		3,500		4,355,855
Capistrano Unified School District; Series 2005, Community Facilities Special Tax RB (INS–NATL)(a)		5.00	%		09/01/25		5,000		4,906,300
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		08/01/29		1,585		551,485
Desert Hot Springs (City of) Redevelopment Agency (Merged Redevelopment);
Series 2008 A-2, Tax Allocation RB		5.00	%		09/01/23		1,610		1,275,603
Series 2008 A-2, Tax Allocation RB		5.25	%		09/01/28		2,000		1,477,280
Earlimart School District; Series 1994 1, Unlimited Tax GO Bonds (INS–AMBAC)(a)		6.70	%		08/01/21		425		511,470
El Segundo Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/32		5,030		1,360,514
Series 2009 A, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/33		4,185		1,061,107
Foothill-Eastern Transportation Corridor Agency; Series 1999, Ref. Toll Road CAB RB (INS–NATL)(a)(f)		0.00	%		01/15/17		3,000		2,193,390
Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB		5.00	%		06/01/45		1,500		1,325,010
Golden West Schools Financing Authority; Series 1999 A, Ref. RB (INS–NATL)(a)		5.75	%		08/01/19		265		308,216
Hawthorne (City of) Community Redevelopment Agency (Area No. 2); Series 2006, Tax Allocation RB (INS–SGI)(a)		5.25	%		09/01/36		7,000		6,358,170
Indio (City of) Redevelopment Agency (Indio Redevelopment Merged Project Area);
Series 2008 A, Sub. Tax Allocation Bonds		5.13	%		08/15/25		780		699,052
Series 2008 A, Sub. Tax Allocation Bonds		5.25	%		08/15/26		1,960		1,751,966
Lancaster (City of) Redevelopment Agency (Combined Redevelopment Project Areas Housing Programs); Series 2009, Tax Allocation RB		6.50	%		08/01/29		2,000		2,020,780
Loma Linda (City of) Redevelopment Agency; Series 2005 A, Sub. Tax Allocation RB (INS–SGI)(a)		5.25	%		07/01/30		3,360		3,182,794
Long Beach Unified School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds		5.75	%		08/01/33		5,000		5,529,600
Los Angeles (City of) Department of Water & Power; Subseries 2008 A-1, Power System RB(e)		5.25	%		07/01/38		2,000		2,115,600
Los Angeles (County of) Metropolitan Transportation Authority; Series 2005 A, Proposition A First Tier Sr. Sales Tax RB (INS–AMBAC)(a)		5.00	%		07/01/35		2,000		2,057,780
Los Angeles Unified School District; Series 2009 I, Unlimited Tax GO Bonds		5.00	%		07/01/29		3,000		3,182,280
Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds (INS–AGC)(a)(f)		0.00	%		08/01/35		3,260		705,203
Merced (City of) Irrigation District (Electric System); Series 2005, COP (INS–SGI)(a)		5.25	%		09/01/36		10,000		8,305,000
Metropolitan Water District of Southern California; Series 2005 A, RB (INS–AGM)(a)		5.00	%		07/01/35		2,000		2,059,200
Oakland (Port of);
Series 2002 L, RB(b)(c)(g)		5.00	%		11/01/12		530		557,910
Series 2002 L, RB (INS–NATL)(a)(b)		5.00	%		11/01/21		4,260		4,309,203
Series 2007 A, Ref. Intermediate Lien RB (INS–NATL)(a)(b)		5.00	%		11/01/29		4,000		3,865,360
Paramount Unified School District (Election of 2006); Series 2007, Unlimited Tax GO Bonds (INS–AGM)(a)		5.25	%		08/01/30		1,000		1,046,200

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

7        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Patterson Joint Unified School District (Election of 2008);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(f)		0.00	%		08/01/37	$	1,170	$	216,076
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(f)		0.00	%		08/01/38		4,770		814,621
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(f)		0.00	%		08/01/39		5,010		794,786
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(f)		0.00	%		08/01/40		5,260		781,163
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(f)		0.00	%		08/01/41		5,520		758,669
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(f)		0.00	%		08/01/44		145		16,176
Pittsburg Unified School District (Election of 2006); Series 2009 B, Unlimited Tax GO Bonds (INS–AGM)(a)		5.50	%		08/01/31		2,420		2,624,442
Poway Unified School District (Community Facilities District No. 6); Series 2007, Special Tax RB (INS–AMBAC)(a)		5.00	%		09/01/35		7,500		6,425,325
Regents of the University of California;
Series 2007 A, Medical Center Pooled RB (INS–BHAC)(a)		4.50	%		05/15/47		3,510		3,353,208
Series 2009 O, RB(e)		5.75	%		05/15/23		5,570		6,761,312
Series 2009 O, RB(e)		5.75	%		05/15/25		8,205		9,742,945
Richmond (City of) Joint Powers Financing Authority (Point Potrero); Series 2009 A, Lease RB		6.25	%		07/01/24		2,500		2,698,275
Riverside (City of); Series 2008 D, Electric RB (INS–AGM)(a)		5.00	%		10/01/38		6,335		6,430,975
Riverside (County of) Public Financing Authority (Air Force Village West, Inc.);
Series 1999, COP		5.75	%		05/15/19		1,680		1,466,321
Series 1999, COP		5.80	%		05/15/29		3,900		2,991,222
Sacramento (County of); Series 2010, Sr. Airport System RB		5.00	%		07/01/40		4,300		4,289,938
San Buenaventura (City of) (Community Memorial Health System);
Series 2011, RB		6.25	%		12/01/20		1,000		981,000
Series 2011, RB		6.50	%		12/01/21		2,000		1,979,160
Series 2011, RB		6.50	%		12/01/22		2,000		1,962,300
San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds(e)		5.25	%		08/01/33		7,500		8,059,425
San Francisco (City & County of) Airports Commission (San Francisco International Airport); Series 2011 C, Ref. Second Series RB(b)		5.00	%		05/01/23		10,000		10,495,000
San Francisco (City & County of) Airports Commission; Series 1999, Second Series RB (INS–AGM)(a)(b)		5.00	%		05/01/30		2,390		2,389,976
San Francisco (City & County of) Redevelopment Agency (Mission Bay South Redevelopment); Series 2009 D, Tax Allocation RB		6.00	%		08/01/24		1,000		1,014,390
San Jose (City of);
Series 2011 A-1, Airport RB(b)		5.25	%		03/01/26		2,730		2,760,521
Series 2011 A-1, Airport RB(b)		6.25	%		03/01/34		2,500		2,675,475
San Marcos (City of) Public Facilities Authority; Series 2006 A, Ref. Tax Increment Pass-Through RB (INS–AMBAC)(a)		5.00	%		10/01/31		5,140		4,729,982
South Orange (County of) Public Financing Authority (Ladera Ranch); Series 2005 A, Special Tax RB (INS–AMBAC)(a)		5.00	%		08/15/27		5,380		5,213,112
South Tahoe Joint Powers Financing Authority (Redevelopment Project Area No. 1); Series 2005 A, Ref. Lease RB (INS–AMBAC)(a)		5.00	%		10/01/35		2,000		1,673,360
Southern California Public Power Authority (Mead-Adelanto); Series 1994 A, RB (INS–AMBAC)(a)(h)		8.75	%		07/01/15		9,000		11,064,780
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.);
Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/37		1,000		677,850
Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/46		9,000		5,725,350
Turlock (City of) (Emanuel Medical Center, Inc.); Series 2004, Health Facilities COP		5.38	%		10/15/34		1,600		1,367,392
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS–AGM)(a)(c)(d)		3.50	%		05/01/13		2,000		2,001,620
Vernon (City of); Series 2009 A, Electric System RB		5.13	%		08/01/21		3,000		3,162,150
Washington Unified School District (New High School); Series 2007, COP (INS–AMBAC)(a)		5.00	%		08/01/30		2,840		2,716,006
West Contra Costa Unified School District (Election of 2002); Series 2003 B, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		08/01/26		5,000		5,051,800

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

8        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		08/01/27	$	7,865	$	2,707,684
Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(f)		0.00	%		08/01/24		3,570		1,726,738
									279,811,402
Colorado–2.64%
Colorado (State of) Educational & Cultural Facilities Authority (Aurora Academy); Series 2004, Charter School RB (INS–SGI)(a)		5.25	%		02/15/34		3,745		3,606,323
Colorado (State of) Educational & Cultural Facilities Authority (Bromley School); Series 2005, Ref. Charter School RB (INS–SGI)(a)		5.25	%		09/15/32		2,500		2,456,200
Colorado (State of) Educational & Cultural Facilities Authority (Challenge to Excellence Charter School); Series 2007, Ref. Charter School RB (INS–AGC)(a)		5.00	%		06/01/37		1,070		1,062,253
Colorado (State of) Health Facilities Authority (Evangelical Lutheran); Series 2004 A, RB		5.25	%		06/01/34		1,000		955,200
Colorado (State of) Housing & Finance Authority; Series 1998 A-2, Sr. Single Family Program RB		6.60	%		05/01/28		120		122,670
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB		6.50	%		01/15/30		2,400		2,530,344
Series 2010, Private Activity RB		6.00	%		01/15/41		2,650		2,651,590
Colorado Springs (City of);
Series 2002, Hospital RB (INS–AGM)(a)		5.25	%		12/15/20		3,375		3,816,788
Series 2002, Hospital RB (INS–AGM)(a)		5.25	%		12/15/21		3,530		3,955,294
Denver (City & County of) (Justice System);
Series 2008, Unlimited Tax GO Bonds(e)		5.00	%		08/01/24		1,500		1,709,205
Series 2008, Unlimited Tax GO Bonds(e)		5.00	%		08/01/25		6,000		6,777,540
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS–SGI)(a)		5.00	%		12/01/35		5,680		4,861,796
E-470 Public Highway Authority; Series 1997 B, Sr. CAB RB (INS–NATL)(a)(f)		0.00	%		09/01/14		20,000		17,749,000
Montezuma (County of) Hospital District (Health Facilities Enterprise); Series 2007, Ref. Hospital RB		5.90	%		10/01/37		500		410,685
									52,664,888
Connecticut–0.63%
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB(b)		5.50	%		04/01/21		3,000		3,224,790
Connecticut (State of) Health & Educational Facility Authority (Quinnipiac University); Series 2007 K-2, RB (INS–NATL)(a)		5.00	%		07/01/23		1,100		1,188,000
Connecticut (State of) Health & Educational Facility Authority (Western Connecticut Health Network); Series 2011��M, RB		5.38	%		07/01/41		4,000		4,093,240
Connecticut (State of) Housing Finance Authority; Subseries 2010 D-2, Housing Mortgage Finance Program RB(b)		5.00	%		05/15/31		1,945		1,975,731
Hamden (Town of) (Whitney Center);
Series 2009 B, Entrance Fee Principal Redemption RB		6.13	%		01/01/14		1,000		1,001,270
Series 2009 C, RB(c)(d)		7.25	%		01/01/16		1,000		1,027,050
									12,510,081
Delaware–0.03%
New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB		5.00	%		09/01/22		630		611,333
District of Columbia–2.79%
District of Columbia (Center for Strategic & International Studies);
Series 2011, RB		6.38	%		03/01/31		2,980		3,003,006
Series 2011, RB		6.63	%		03/01/41		1,100		1,114,135
District of Columbia (Gallery Place); Series 2002, Tax Increment Allocation RB (INS–AGM)(a)		5.25	%		07/01/27		5,150		5,207,216
District of Columbia (Sibley Memorial Hospital); Series 2009, Hospital RB		6.38	%		10/01/34		2,200		2,370,214
District of Columbia Water & Sewer Authority; Series 2007 A, Public Utility Sub. Lien RB (INS–AGM)(a)		5.50	%		10/01/41		4,000		4,299,760

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

9        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
District of Columbia–(continued)
District of Columbia;
Series 2006 B-1, Ballpark RB (INS–NATL)(a)		5.00	%		02/01/31	$	12,000	$	11,651,160
Series 2009 A, Sec. Income Tax RB(e)		5.00	%		12/01/23		10,715		12,313,464
Series 2009 A, Sec. Income Tax RB(e)		5.25	%		12/01/27		6,860		7,758,043
Series 2009 B, Ref. Sec. Income Tax RB(e)		5.00	%		12/01/24		4,285		4,866,774
Metropolitan Washington Airports Authority; Series 2002 A, Airport System RB (INS–NATL)(a)(b)		5.25	%		10/01/32		3,000		3,015,060
									55,598,832
Florida–7.24%
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR		5.25	%		11/15/17		1,000		942,250
Series 2007, IDR		5.88	%		11/15/36		1,000		789,400
Broward (County of); Series 2001 J-1, Airport System RB (INS–AMBAC)(a)(b)		5.25	%		10/01/26		5,000		5,021,150
Capital Trust Agency (Fort Lauderdale); Series 2003, Sr. RB(b)		5.75	%		01/01/32		1,000		777,350
Citizens Property Insurance Corp. (Coastal Account); Series 2011 A-1, Sr. Sec. RB		5.00	%		06/01/20		3,000		3,152,490
Escambia (County of) Health Facilities Authority (Florida Health Care Facility Loan Veterans Health Administration Program); Series 2000, RB (INS–AMBAC)(a)		5.95	%		07/01/20		520		542,063
Florida (State of) Board of Education (Capital Outlay); Series 2007 A, Ref. Public Education Unlimited Tax GO Bonds		5.00	%		06/01/19		3,715		4,255,867
Florida (State of) Board of Education; Series 2000, Housing RB (INS–NATL)(a)		5.75	%		07/01/14		750		752,797
Florida (State of) Department of Transportation;
Series 2008 A, Ref. Turnpike RB(e)		5.00	%		07/01/26		1,305		1,399,130
Series 2008 A, Ref. Turnpike RB(e)		5.00	%		07/01/27		1,325		1,414,835
Series 2008 A, Ref. Turnpike RB(e)		5.00	%		07/01/28		1,440		1,529,870
Series 2008 A, Ref. Turnpike RB(e)		5.00	%		07/01/32		2,500		2,618,350
Florida (State of) Municipal Loan Council; Series 2000 B, RB (INS–NATL)(a)		5.75	%		11/01/14		320		322,170
Florida Housing Finance Corp. (Homeowner Mortgage);
Series 2008 1, RB (CEP–GNMA)(b)		5.80	%		07/01/28		1,370		1,434,979
Series 2008 1, RB (CEP–GNMA)(b)		6.00	%		07/01/39		845		862,221
Gulf Breeze (City of) (Local Government Loan Program); Series 1985 E, RB (INS–FGIC)(a)(c)(d)		5.65	%		12/01/17		500		503,040
Gulf Breeze (City of) (Venice Local Government Loan Program); Series 2001 E, RB (INS–FGIC)(a)(c)(d)		5.15	%		12/01/15		1,340		1,344,556
Highlands (County of) Health Facilities Authority (Adventist Health);
Series 2006 C, RB(c)(g)		5.25	%		11/15/16		100		121,947
Series 2006 C, RB(c)(d)		5.25	%		11/15/16		3,900		3,942,120
Hillsborough (County of) Aviation Authority; Series 2008 A, RB (INS–AGC)(a)(b)		5.38	%		10/01/33		2,500		2,552,250
Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); Series 2006, Ref. PCR (INS–AMBAC)(a)(c)(d)		5.00	%		03/15/12		800		817,952
Jacksonville (City of); Series 2001, Transportation RB (INS–NATL)(a)		5.00	%		10/01/26		8,500		8,507,735
Key West (City of) Utility Board; Series 1985 D, Electricity CAB RB(f)(g)		0.00	%		10/01/13		1,000		973,020
Miami-Dade (County of) (Miami International Airport);
Series 2005, Aviation RB (INS–AGC)(a)(b)		5.00	%		10/01/38		16,100		15,298,059
Series 2010 A, Aviation RB		5.38	%		10/01/35		2,000		2,046,800
Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2008 A, RB (INS–BHAC)(a)		5.50	%		04/01/38		4,000		4,151,240
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB (INS–AGM)(a)		5.00	%		07/01/35		3,350		3,430,266
Miami-Dade (County Of) School Board; Series 2008 B, COP (INS–AGC)(a)		5.25	%		05/01/26		5,000		5,354,750
Miami-Dade (County of);
Series 2005 B, Sub. Special Obligation RB (INS–NATL)(a)		5.00	%		10/01/35		2,500		2,520,550
Series 2010, Water & Sewer System RB (INS–AGM)(a)		5.00	%		10/01/39		4,500		4,613,760

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

10        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Mid-Bay Bridge Authority;
Series 1991 A, RB(g)		6.88	%		10/01/22	$	2,500	$	3,351,525
Series 1993 A, Ref. RB (INS–AMBAC)(a)		5.85	%		10/01/13		2,415		2,419,999
Series 2008 A, Ref. RB (INS–AGC)(a)		5.00	%		10/01/27		1,840		1,862,908
Orlando (City of) Community Redevelopment Agency (Universal Blvd.); Series 2002, Ref. Tax Increment Allocation RB (INS–AMBAC)(a)		5.13	%		04/01/20		1,000		1,000,890
Palm Beach (County of) Health Facilities Authority (The Waterford);
Series 2007, RB		5.25	%		11/15/17		2,200		2,324,894
Series 2007, RB		5.88	%		11/15/37		800		775,504
Port St. Lucie (City of) (Utility Service Area No. 3 & 4); Series 1998 A, Special Assessment RB (INS–NATL)(a)		5.00	%		10/01/18		460		460,198
Port St. Lucie (City of); Series 2009, Ref. Utility System RB (INS–AGC)(a)		5.00	%		09/01/35		1,500		1,544,160
Putnam (County of) Development Authority (Seminole Electric Cooperative, Inc.); Series 2007 A, Ref. PCR (INS–AMBAC)(a)(c)(d)		5.35	%		05/01/18		5,200		5,912,660
Reunion East Community Development District; Series 2005, Special Assessment RB(i)		5.80	%		05/01/36		490		240,281
Seminole Indian Tribe;
Series 2007 A, Special Obligation RB(j)		5.75	%		10/01/22		500		499,565
Series 2007 A, Special Obligation RB(j)		5.25	%		10/01/27		3,500		3,089,590
Seven Oaks Community Development District II; Series 2003 A, Special Assessment RB		6.40	%		05/01/34		1,365		1,294,648
South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB(e)		5.00	%		08/15/42		18,000		17,638,560
St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities); Series 2004 A, First Mortgage RB		5.63	%		08/01/34		5,000		4,696,900
St. Johns (County of) Industrial Development Authority (Professional Golf); Series 2001, Ref. RB (INS–NATL)(a)		5.25	%		09/01/12		535		541,966
Sunrise (City of);
Series 1998, Ref. Utility System RB(c)(g)		5.20	%		10/01/20		1,725		2,059,150
Series 1998, Ref. Utility System RB (INS–AMBAC)(a)		5.20	%		10/01/22		2,275		2,522,179
Tallahassee (City of) (Tallahassee Memorial Regional Medical); Series 1994, Ref. Health Facilities RB (INS–NATL)(a)		6.63	%		12/01/13		4,840		4,857,279
Tampa Bay Water; Series 2001 A, Ref. & Improvement Utility System RB (INS–NATL)(a)		6.00	%		10/01/29		3,000		3,764,730
Tolomato Community Development District;
Series 2007, Special Assessment RB		6.55	%		05/01/27		400		266,488
Series 2007, Special Assessment RB		6.65	%		05/01/40		665		408,782
Village Center Community Development District; Series 2001 A, Recreational RB (INS–NATL)(a)		5.20	%		11/01/25		1,000		951,760
									144,477,583
Georgia–2.75%
Atlanta (City of) (Atlantic Station);
Series 2007, Ref. Tax Allocation RB (INS–AGC)(a)		5.25	%		12/01/21		1,370		1,468,407
Series 2007, Ref. Tax Allocation RB (INS–AGC)(a)		5.25	%		12/01/22		1,000		1,060,340
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB		7.38	%		01/01/31		2,500		2,572,900
Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		2,500		2,482,800
Atlanta (City of);
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INS–AGM)(a)		5.00	%		01/01/33		4,000		4,039,160
Series 2004 J, Airport Passenger Facility Charge & Sub. Lien General RB (INS–AGM)(a)		5.00	%		01/01/34		3,000		3,025,890
Series 2009 A, Water & Wastewater RB		6.00	%		11/01/27		1,000		1,125,500
Series 2009 A, Water & Wastewater RB		6.00	%		11/01/28		1,000		1,118,890
Augusta (City of); Series 2004, Water & Sewerage RB (INS–AGM)(a)		5.25	%		10/01/39		3,000		3,119,220
Bleckley-Cochran Development Authority (MGC Real Estate Foundation); Series 2005 A, Student Housing Facilities RB (INS–CIFG)(a)		5.00	%		07/01/25		4,390		4,557,786

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

11        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Georgia–(continued)
Fulton (County of); Series 1998, Water & Sewerage RB (INS–NATL)(a)		4.75	%		01/01/28	$	5,000	$	5,013,350
Gainesville & Hall (Counties of) Development Authority (Acts Retirement-Life Community); Series 2009 A-2, Retirement Community RB		6.38	%		11/15/29		700		737,576
Georgia (State of) Municipal Electric Authority;
Series 1998 Y, Power RB(g)		6.40	%		01/01/13		610		639,506
Series 1998 Y, Power RB(c)(g)		6.50	%		01/01/14		145		165,796
Series 1998 Y, Power RB(g)		6.50	%		01/01/17		410		474,509
Series 1998 Y, Power RB (INS–AMBAC)(a)		6.40	%		01/01/13		9,845		10,226,100
Series 1998 Y, Power RB (INS–NATL)(a)		6.50	%		01/01/17		9,445		10,960,545
Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR		5.10	%		06/01/23		2,000		2,046,300
									54,834,575
Hawaii–1.04%
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co.); Series 2009, Special Purpose RB		6.50	%		07/01/39		2,000		2,128,320
Hawaii (State of) Department of Budget & Finance;
Series 2009 C-1, Special Purpose Senior Living RB		7.50	%		11/15/15		2,000		2,024,160
Series 2009 C-2, Special Purpose Senior Living RB		6.40	%		11/15/14		1,000		1,001,470
Hawaii (State of); Series 2008 DK, Unlimited Tax GO Bonds(e)		5.00	%		05/01/23		5,125		5,840,245
Hawaii Housing Finance & Development Corp.; Series 1997 A, Single Family Mortgage Purchase RB (CEP–FNMA)(b)		5.75	%		07/01/30		330		332,544
Honolulu (City & County of);
Series 2009 A, Unlimited Tax GO Bonds(e)		5.25	%		04/01/29		4,120		4,545,926
Series 2011 A, Unlimited Tax GO Bonds		5.25	%		08/01/33		2,000		2,215,880
Series 2011 A, Unlimited Tax GO Bonds		5.25	%		08/01/34		2,355		2,594,975
									20,683,520
Idaho–0.85%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2008 A, RB		6.50	%		11/01/23		1,000		1,143,660
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB		6.13	%		11/15/27		615		522,166
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund);
Series 2008 A, Grant & RAB (INS–AGC)(a)		5.25	%		07/15/23		4,230		4,758,792
Series 2008 A, Grant & RAB (INS–AGC)(a)		5.25	%		07/15/24		3,485		3,870,929
Idaho (State of) Housing & Finance Association;
Series 2008 A-CL-I, Single Family Mortgage RB(b)		5.63	%		07/01/28		570		590,497
Series 2008 A-CL-I, Single Family Mortgage RB(b)		5.75	%		07/01/39		1,145		1,182,247
Series 2008 A-CL-II, Single Family Mortgage RB(b)		5.85	%		07/01/36		1,320		1,375,928
Series 2008 A-CL-III, Single Family Mortgage RB(b)		5.70	%		07/01/28		3,415		3,533,023
									16,977,242
Illinois–12.79%
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB		5.60	%		01/01/23		2,250		1,939,545
Bolingbrook (Village of); Series 2005, Sales Tax RB		6.25	%		01/01/24		1,500		999,915
Bourbonnais (Village of) (Olivet Nazarene University); Series 2007, Industrial Project RB (INS–Radian)(a)		5.13	%		11/01/37		3,755		3,511,263
Chicago (City of) (Diversey/Narragansett); Series 2006, COP		7.46	%		02/15/26		480		477,523
Chicago (City of) (Midway Airport);
Series 2004 B, Ref. Second Lien RB (INS–AMBAC)(a)		5.00	%		01/01/21		5,925		6,210,644
Series 2004 B, Ref. Second Lien RB (INS–AMBAC)(a)		5.00	%		01/01/22		6,220		6,478,006

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

12        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Chicago (City of) (O’Hare International Airport);
Series 2003 E, Ref. General Third Lien Airport RB (INS–AGC)(a)		5.25	%		01/01/21	$	2,840	$	2,966,834
Series 2003 E, Ref. General Third Lien Airport RB (INS–AGC)(a)		5.25	%		01/01/23		3,120		3,231,602
Series 2003 E, Ref. General Third Lien Airport RB (INS–AGC)(a)		5.25	%		01/01/24		1,430		1,475,960
Series 2003 E, Ref. General Third Lien Airport RB (INS–AGC)(a)		5.00	%		01/01/34		5,000		5,031,900
Series 2004 A, Ref. General Third Lien Airport RB (INS–AGC)(a)		5.00	%		01/01/29		1,000		1,020,690
Series 2005 A, General Airport Third Lien RB (INS–AGC)(a)		5.25	%		01/01/24		6,000		6,345,480
Series 2005 A, General Airport Third Lien RB (INS–AGC)(a)		5.25	%		01/01/26		3,855		4,033,062
Series 2005 A, General Airport Third Lien RB (INS–NATL)(a)		5.25	%		01/01/24		5,000		5,246,100
Series 2008 A, General Airport Third Lien RB (INS–AGM)(a)(e)		5.00	%		01/01/33		3,000		3,060,960
Chicago (City of) (Roosevelt Square/ABLA Redevelopment); Series 2009 A, COP		7.13	%		03/15/22		3,840		3,851,827
Chicago (City of) (San Drain & Ship Canal); Series 1997 A, Tax Increment Allocation RB		7.75	%		01/01/14		505		506,172
Chicago (City of) Board of Education (School Reform);
Series 1998 B-1, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		12/01/19		2,845		1,982,254
Series 1999 A, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		12/01/19		1,500		1,045,125
Series 1999 A, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		12/01/25		1,020		463,784
Chicago (City of) Park District; Series 2001 C, Limited Tax GO Bonds (INS–NATL)(a)		5.50	%		01/01/19		615		617,269
Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds); Series 2008, Capital Grant Receipts RB (INS–AGC)(a)		5.25	%		06/01/25		4,840		5,094,971
Chicago (City of);
Series 1995 A-2, Ref. Unlimited Tax GO Bonds (INS–AMBAC)(a)		6.25	%		01/01/14		3,000		3,316,920
Series 2000 C, Ref. Project Unlimited Tax GO Bonds (INS–NATL)(a)		5.75	%		01/01/16		1,200		1,204,752
Series 2001 A, Ref. Project Unlimited Tax GO Bonds (INS–NATL)(a)		5.38	%		01/01/17		2,000		2,273,400
Series 2002 A, Ref. Project Unlimited Tax GO Bonds (INS–AMBAC)(a)		5.63	%		01/01/39		145		145,944
Series 2008 A, Unlimited Tax GO Bonds (INS–AGC)(a)(e)		5.25	%		01/01/24		4,200		4,459,560
Series 2008 A, Unlimited Tax GO Bonds (INS–AGC)(a)(e)		5.25	%		01/01/25		4,400		4,646,796
Series 2011, COP		7.13	%		05/01/21		2,800		2,885,820
Chicago (City of) Metropolitan Water Reclamation District; Series 2011 B, Capital Improvement Limited Tax GO Bonds(e)		5.00	%		12/01/24		15,000		17,272,050
Cook County School District No. 100 (Berwyn South);
Series 1997, Unlimited Tax GO Bonds (INS–AGM)(a)		8.20	%		12/01/14		290		347,661
Series 1997, Unlimited Tax GO Bonds (INS–AGM)(a)		8.10	%		12/01/16		345		440,089
Cook County School District No. 122 (Ridgeland);
Series 2000, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		12/01/17		2,605		2,064,306
Series 2000, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		12/01/18		2,995		2,242,836
Series 2000, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		12/01/20		4,050		2,654,654
DeKalb County Community Unit School District No. 428;
Series 2008, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		01/01/26		2,600		2,782,338
Series 2008, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		01/01/27		990		1,054,261
Du Page County Community High School District No. 108; Series 2002, Unlimited Tax GO Bonds (INS–AGM)(a)		5.60	%		01/01/22		3,000		3,151,680
Gilberts (Village of) Special Service Area No. 19 (The Conservancy); Series 2006 1, Special Tax RB(i)		5.38	%		03/01/16		1,000		450,800
Huntley (Village of) Special Service Area No. 10; Series 2007, Ref. Special Tax RB (INS–AGC)(a)		5.10	%		03/01/29		3,000		3,092,010
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 D, RB		6.50	%		11/01/38		1,000		1,096,270
Illinois (State of) Finance Authority (Amerencips); Series 2000 A, Ref. PCR(c)(d)		5.50	%		02/28/14		5,050		5,050,505
Illinois (State of) Finance Authority (Art Institute of Chicago); Series 2009 A, RB		6.00	%		03/01/38		2,500		2,672,975
Illinois (State of) Finance Authority (Carle Foundation); Series 2011 A, RB		6.00	%		08/15/41		4,000		4,087,040

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

13        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Fairview Obligated Group);
Series 2008 A, Ref. RB(i)		5.50	%		08/15/18	$	1,000	$	494,880
Series 2008 A, Ref. RB(i)		6.00	%		08/15/22		250		123,720
Series 2008 A, Ref. RB(i)		6.13	%		08/15/28		1,500		742,320
Illinois (State of) Finance Authority (Kewanee Hospital); Series 2006, RB		5.10	%		08/15/31		445		365,803
Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 A, RB(e)		5.38	%		08/15/24		1,000		1,109,420
Series 2009 A, RB(e)		5.75	%		08/15/30		2,000		2,154,500
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65sm RB		7.00	%		11/15/15		1,500		1,487,985
Illinois (State of) Finance Authority (Resurrection Health Care);
Series 1999 A, RB (INS–AGM)(a)		5.50	%		05/15/24		12,000		12,486,240
Series 1999 B, RB (INS–AGM)(a)		5.00	%		05/15/15		4,700		5,085,635
Series 1999 B, RB (INS–AGM)(a)		5.00	%		05/15/17		5,100		5,539,824
Series 1999 B, RB (INS–AGM)(a)		5.00	%		05/15/18		5,050		5,456,676
Series 2009, Ref. RB		6.13	%		05/15/25		2,870		2,977,855
Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB		6.25	%		11/15/35		2,000		2,104,520
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB		5.40	%		04/01/27		1,000		1,000,430
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB		7.25	%		11/01/38		4,500		4,944,015
Illinois (State of) Finance Authority (Sherman Health Systems);
Series 1997, RB (INS–AMBAC)(a)		5.25	%		08/01/22		2,000		1,999,840
Series 2007 A, RB		5.50	%		08/01/37		3,500		3,152,625
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Center); Series 2008, Ref. RB		6.00	%		08/15/23		2,745		2,796,386
Illinois (State of) Medical District Commission; Series 2002, COP (INS–NATL)(a)		5.25	%		06/01/32		2,000		1,689,060
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, Dedicated State Tax RB (INS–NATL)(a)		5.25	%		06/15/42		6,000		5,972,280
Series 2002 B, Ref. Dedicated State Tax Conv. CAB RB (INS–NATL)(a)(f)		0.00	%		06/15/19		9,250		9,827,847
Series 2002 B, Ref. Dedicated State Tax Conv. CAB RB (INS–NATL)(a)(f)		0.00	%		06/15/22		20,000		16,652,400
Illinois (State of); Series 1991, Civic Center RB (INS–AMBAC)(a)		6.25	%		12/15/20		3,495		3,959,136
Lake County Community Unit School District No. 60 (Waukegan);
Series 1999 A, Unlimited Tax CAB GO Bonds(f)(g)		0.00	%		12/01/17		2,875		2,573,901
Series 1999 A, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(f)		0.00	%		12/01/17		3,915		3,102,403
McHenry & Kane Counties Community Consolidated School District No. 158 (Huntley); Series 2000, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		01/01/17		3,000		2,412,330
McHenry (County of) (Wonder Lake Dredging); Series 2010, Special Tax RB		6.50	%		03/01/30		3,820		3,992,244
McHenry County Community High School District No. 154; Series 2001, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(f)		0.00	%		01/01/16		1,330		1,172,994
Pingree Grove (Village of) (Cambridge Lakes); Series 2005, Special Tax RB		5.25	%		03/01/15		1,374		1,330,980
Plano (City of) Special Service Area No. 10 (Lakewood Springs Club); Series 2007, Special Tax RB(i)		5.80	%		03/01/37		1,500		743,490
Railsplitter Tobacco Settlement Authority;
Series 2010, RB		5.25	%		06/01/21		1,000		1,064,280
Series 2010, RB		6.00	%		06/01/28		10,000		10,251,100
University of Illinois; Series 2011 A, Auxiliary Facilities System RB		5.13	%		04/01/36		1,000		1,019,680
Volo (Village of) Special Service Area No. 3 (Symphony Meadows); Series 2006 1, Special Tax RB		6.00	%		03/01/36		548		436,444
Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB(b)		7.00	%		12/01/42		425		372,037
Woodland Community Consolidated School District No. 50; Series 2000 B, Unlimited Tax CAB GO Bonds(f)(g)		0.00	%		12/01/14		1,200		1,168,128

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

14        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Yorkville (United City of) (Raintree Village II); Series 2005, Special Tax RB		6.25	%		03/01/35	$	982	$	542,820
									255,289,781
Indiana–1.08%
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana); Series 2007, Hospital RB		5.50	%		03/01/22		500		522,885
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, Wastewater Utility Second Lien RB		5.00	%		10/01/41		10,000		9,945,600
Indiana (State of) Finance Authority (St. Francis); Series 2006 E, RB (INS–AGM)(a)		5.25	%		05/15/41		2,000		2,034,140
Indiana (State of) Health Facility Finance Authority (Hoosier Care); Series 1999 A, RB		7.13	%		06/01/34		1,740		1,581,834
Indiana (State of) Municipal Power Agency; Series 2009 B, Power Supply System RB		6.00	%		01/01/39		3,000		3,246,090
Indianapolis (City of) Airport Authority (Fed Ex Corp.); Series 2004, Ref. Special Facilities RB(b)		5.10	%		01/15/17		1,500		1,676,475
Indianapolis (City of) Local Public Improvement Bond Bank; Series 1992 D, RB(g)		6.75	%		02/01/14		365		388,911
St. Joseph (County of) Redevelopment District;
Series 1997 B, Tax Allocation CAB RB(f)		0.00	%		06/30/12		140		131,778
Series 1997 B, Tax Allocation CAB RB(f)		0.00	%		06/30/13		135		117,674
Series 1997 B, Tax Allocation CAB RB(f)		0.00	%		06/30/14		130		104,940
Series 1997 B, Tax Allocation CAB RB(f)		0.00	%		06/30/15		130		97,178
Series 1997 B, Tax Allocation CAB RB(f)		0.00	%		06/30/16		135		93,459
Series 1997 B, Tax Allocation CAB RB(f)		0.00	%		06/30/17		225		144,243
Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB(j)		5.50	%		09/01/27		1,500		1,382,970
									21,468,177
Iowa–1.37%
Altoona (City of); Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		6.00	%		06/01/34		1,860		1,896,958
Coralville (City of); Series 2006 D, COP		5.25	%		06/01/26		1,125		1,178,269
Iowa (State of) (IJOBS Program);
Series 2009 A, Special Obligation RB(e)(k)		5.00	%		06/01/25		5,815		6,512,451
Series 2009 A, Special Obligation RB(e)(k)		5.00	%		06/01/26		4,360		4,833,104
Series 2009 A, Special Obligation RB(e)(k)		5.00	%		06/01/27		9,300		10,235,952
Iowa (State of) Finance Authority; Series 2008 A, Health Facilities RB (INS–AGC)(a)		5.25	%		08/15/29		1,500		1,582,200
Washington (County of) Hospital; Series 2006, Hospital RB		5.50	%		07/01/32		1,275		1,090,380
									27,329,314
Kansas–0.32%
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB		5.50	%		11/15/29		1,500		1,630,815
Wyandotte (County of) & Kansas City (City of) Unified Government (Redevelopment Project Area B); Series 2005, Ref. Second Lien Sales Tax Special Obligation RB		5.00	%		12/01/20		2,490		2,577,424
Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System RB (INS–BHAC)(a)		5.00	%		09/01/29		2,000		2,137,180
									6,345,419
Kentucky–1.28%
Kentucky (Commonwealth of) State Property & Buildings Commission (No. 93); Series 2009, Ref. RB (INS–AGC)(a)		5.25	%		02/01/28		3,000		3,233,520
Kentucky (State of) Economic Development Finance Authority (Baptist Healthcare System);
Series 2009 A, Hospital RB		5.38	%		08/15/24		3,000		3,250,140
Series 2009 A, Hospital RB		5.63	%		08/15/27		1,000		1,076,420
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.);
Subseries 2008 A-1, RB (INS–AGC)(a)		6.00	%		12/01/33		4,000		4,238,160
Subseries 2008 A-1, RB (INS–AGC)(a)		6.00	%		12/01/38		4,000		4,198,400

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

15        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Kentucky–(continued)
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); Series 2010 A, Hospital RB		6.50	%		03/01/45	$	3,200	$	3,272,352
Paducah (City of) Electric Plant Board; Series 2009 A, RB (INS–AGC)(a)		5.25	%		10/01/35		6,000		6,284,220
									25,553,212
Louisiana–1.66%
Calcasieu (Parish of) Memorial Hospital Service District (Lake Charles Memorial Hospital);
Series 1992 A, Hospital RB (INS–Connie Lee)(a)		6.38	%		12/01/12		1,330		1,330,559
Series 1992 A, Hospital RB (INS–Connie Lee)(a)		6.50	%		12/01/18		5,530		5,739,310
Lafayette (City of) Consolidated Government; Series 2004, Utilities RB (INS–NATL)(a)		5.25	%		11/01/24		7,500		8,216,325
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB(i)		5.25	%		07/01/17		1,364		682,546
Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB		5.00	%		06/01/30		1,050		1,065,970
Louisiana (State of); Series 2006 A, Gas & Fuels Tax RB (INS–AGC)(a)		5.00	%		05/01/28		2,500		2,645,150
New Orleans (City of) Aviation Board; Series 2009 A-1, Ref. & Restructuring General Airport RB (INS–AGC)(a)		6.00	%		01/01/23		2,000		2,313,820
Rapides (Parish of) Finance Authority (Cleco Power LLC);
Series 2007, RB(b)(c)(d)		5.25	%		03/01/13		1,550		1,611,442
Series 2008, RB(b)(c)(d)		6.00	%		10/03/11		2,000		2,006,380
Regional Transit Authority; Series 2010, Sales Tax RB (INS–AGM)(a)		5.00	%		12/01/30		2,580		2,749,945
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB		5.13	%		06/01/37		5,000		4,769,400
									33,130,847
Maryland–1.29%
Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax Allocation RB		7.00	%		09/01/38		1,000		1,016,550
Baltimore (County of) (Oak Crest Village Inc. Facility); Series 2007 A, RB		5.00	%		01/01/37		2,500		2,310,775
Maryland (State of) Community Development Administration; Series 2007, RB(b)		5.05	%		09/01/32		2,105		2,105,505
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare);
Series 2011 A, RB		6.25	%		01/01/31		2,750		2,814,845
Series 2011 A, RB		6.13	%		01/01/36		4,000		3,957,200
Maryland (State of) Health & Higher Educational Facilities Authority (Charlestown Community); Series 2010, RB		6.13	%		01/01/30		4,250		4,498,752
Maryland (State of) Health & Higher Educational Facilities Authority (Lifebridge Health); Series 2011, RB		6.00	%		07/01/41		1,000		1,059,320
Maryland (State of) Health & Higher Educational Facilities Authority (Medstar Health); Series 2004, Ref. RB		5.50	%		08/15/33		3,000		3,021,030
Maryland (State of) Transportation Authority; Series 2008, Grant & RAB		5.25	%		03/01/20		2,000		2,423,480
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB		5.75	%		06/01/35		1,460		1,443,079
Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB		5.38	%		06/01/25		1,030		1,017,599
									25,668,135
Massachusetts–2.49%
Massachusetts (State of) College Building Authority; Series 2009 A, RB		5.50	%		05/01/39		1,000		1,078,620
Massachusetts (State of) Development Finance Agency (Boston College); Series 2008 M-2, RB		5.50	%		06/01/30		2,100		2,567,544
Massachusetts (State of) Development Finance Agency (Caregroup); Series 1998 B-2, RB (INS–NATL)(a)		5.38	%		02/01/27		2,000		2,035,120
Massachusetts (State of) Development Finance Agency (Dominion Energy Brayton); Series 2009 1, Ref. Solid Waste Disposal RB(c)(d)		5.75	%		05/01/19		2,000		2,273,540
Massachusetts (State of) Development Finance Agency (Harvard University);
Series 2009 A, RB(e)		5.50	%		11/15/36		20,955		23,524,502
Series 2010 A, RB		5.00	%		12/15/27		3,510		4,003,681
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc.); Series 2007 A, RB		5.75	%		11/15/35		2,400		1,339,320
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2009 O, RB(e)		5.50	%		07/01/36		6,680		7,440,318
Massachusetts (State of) Development Finance Agency (UMass Memorial); Series 2011 H, RB		5.50	%		07/01/31		1,000		1,010,510

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

16        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Massachusetts–(continued)
Massachusetts (State of) Housing Finance Agency; Series 2007 C, RB(b)		5.10	%		12/01/27	$	1,745	$	1,770,460
Massachusetts Municipal Wholesale Electric Co. (No. 6); Series 2001 A, Water Supply System RB (INS–NATL)(a)		5.25	%		07/01/16		175		178,630
Massachusetts Municipal Wholesale Electric Co. (Nuclear Mix No. 1); Series 2001 A, Water Supply System RB (INS–NATL)(a)		5.25	%		07/01/13		2,350		2,402,029
									49,624,274
Michigan–0.72%
Detroit (City of); Series 2003 B, Sewage Disposal System Sr. Lien RB (INS–AGM)(a)		7.50	%		07/01/33		5,750		6,808,863
Kent (County of) Hospital Finance Authority (Spectrum Health System);
Series 2008 A, RB(c)(d)		5.25	%		01/15/14		650		713,128
Series 2008 A, RB(c)(d)		5.50	%		01/15/15		375		426,660
Michigan (State of) Strategic Fund (Detroit Edison Co.); Series 2002 C, Ref. Limited Obligation RB (INS–SGI)(a)(b)		5.45	%		12/15/32		5,000		4,974,600
Michigan (State of) Strategic Fund (Genesee Power Station); Series 1994, Ref. Solid Waste Disposal RB(b)		7.50	%		01/01/21		1,545		1,447,294
									14,370,545
Minnesota–0.70%
Columbia Heights (City of) (Crest View Corp.); Series 2007 A, Ref. MFH & Health Care Facilities RB		5.70	%		07/01/42		1,000		755,900
Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB		6.75	%		11/15/32		3,000		3,321,720
Series 2008 B, Health Care System RB (INS–AGC)(a)		6.50	%		11/15/38		4,000		4,411,040
Minneapolis (City of) (Providence); Series 2007 A, Ref. Housing & Health Care Facilities RB		5.63	%		10/01/27		2,000		1,823,540
St. Paul (City of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2006, Health Care Facilities RB		5.25	%		05/15/36		3,800		3,622,844
									13,935,044
Mississippi–0.15%
Harrison (County of) Wastewater Management District; Series 1991 A, Ref. Wastewater Treatment Facilities RB(g)		8.50	%		02/01/13		1,000		1,069,780
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR		5.88	%		04/01/22		2,000		1,999,800
									3,069,580
Missouri–1.97%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District (Metrolink Cross County Extension); Series 2009, Mass Transit Sales Tax RB (INS–AGC)(a)		5.00	%		10/01/39		2,000		2,069,120
Cape Girardeau (County of) Industrial Development Authority (St. Francis Medical Center); Series 2009, Health Facilities RB		5.75	%		06/01/39		2,150		2,225,830
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB		5.50	%		09/01/24		5,990		6,757,798
Kansas City (City of) Industrial Development Authority (Plaza Library); Series 2004, RB		6.00	%		03/01/16		2,615		2,684,376
Kansas City (City of) Tax Increment Financing Commission (Maincor); Series 2007 A, Tax Increment Allocation RB		5.25	%		03/01/18		500		491,375
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 C-1, TEMPS-75sm Retirement Community RB		7.50	%		11/15/16		1,600		1,615,632
Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.50	%		09/01/18		525		509,591
Missouri (State of) Environmental Improvement & Energy Resources Authority (Kansas City Power & Light Co.); Series 2008, RB(b)(c)(d)		4.90	%		07/01/13		2,700		2,839,590
Missouri (State of) Health & Educational Facilities Authority (Barnes-Jewish Inc./Christian Health Services); Series 1993 A, RB		5.25	%		05/15/14		10,000		10,686,300
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2005 B, Ref. RB		5.13	%		02/01/27		1,200		1,143,984
Series 2010, Senior Living Facilities RB		5.50	%		02/01/42		950		883,890
Missouri (State of) Housing Development Commission (Homeownership Loan Program); Series 2000 B-1, Single Family Mortgage RB (CEP–GNMA)(b)		7.45	%		09/01/31		80		82,665
Raytown (City of) (Live Redevelopment Plan); Series 2007 1, Appropriation-Supported Tax RB		5.13	%		12/01/31		3,325		3,360,178

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

17        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–(continued)
St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement Tax Increment Allocation RB		5.75	%		11/01/27	$	450	$	413,960
St. Louis (County of) Industrial Development Authority (Friendship Village West Community); Series 2007 A, Senior Living Facilities RB		5.38	%		09/01/21		1,000		1,007,540
St. Louis (County of) Industrial Development Authority (Ranken Jordan); Series 2007, Ref. Health Facilities RB		5.00	%		11/15/35		1,300		1,017,536
St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors);
Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/30		500		468,515
Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/41		1,250		1,116,038
									39,373,918
Montana–0.14%
Forsyth (City of) (Portland General Electric Co.); Series 1998 A, Ref. PCR		5.00	%		05/01/33		2,600		2,706,912
Nebraska–1.07%
Nebraska (State of) Municipal Energy Agency; Series 2009 A, Ref. Power Supply System RB (INS–BHAC)(a)		5.38	%		04/01/39		4,000		4,260,960
Nebraska (State of) Public Power District; Series 2007 B, General RB (INS–BHAC)(a)		5.00	%		01/01/37		15,570		16,008,763
University of Nebraska (Lincoln); Series 2009 A, Student Fees & Facilities RB		5.25	%		07/01/39		1,000		1,072,470
									21,342,193
Nevada–1.56%
Clark (County of) (Las Vegas-McCarran International Airport);
Series 2010 A, Passenger Facility Charge RB		5.13	%		07/01/34		2,000		2,029,660
Series 2010 A, Passenger Facility Charge RB (INS–AGM)(a)		5.25	%		07/01/39		4,000		4,112,480
Clark (County of);
Series 1992 A, Transportation Improvement Limited Tax GO Bonds (INS–AMBAC)(a)		6.50	%		06/01/17		3,000		3,747,090
Series 2004 A-1, Airport System Sub. Lien RB (INS–NATL)(a)(b)		5.50	%		07/01/20		3,045		3,187,232
Series 2004 A-1, Airport System Sub. Lien RB (INS–NATL)(a)(b)		5.50	%		07/01/21		3,000		3,109,860
Series 2004 A-1, Airport System Sub. Lien RB (INS–NATL)(a)(b)		5.50	%		07/01/23		5,000		5,154,100
Clark County School District; Series 2007 C, Building Limited Tax GO Bonds		5.00	%		06/15/26		4,000		4,155,960
Mesquite (City of) (Special Improvement District No. 07-01-Anthem at Mesquite);
Series 2007, Special Assessment Local Improvement RB		5.85	%		08/01/18		600		576,252
Series 2007, Special Assessment Local Improvement RB		6.00	%		08/01/27		515		432,095
Nevada (State of) (Municipal Bond Bank Projects R9A Thru R13F); Series 2005, Limited Tax GO Bonds (INS–AGM)(a)		5.00	%		12/01/23		3,500		3,731,245
Reno (City of); Series 2002, Capital Improvement RB (INS–NATL)(a)		5.13	%		06/01/26		935		936,665
									31,172,639
New Hampshire–0.48%
Manchester (City of); Series 2009 A, Ref. General Airport RB (INS–AGM)(a)		5.13	%		01/01/30		4,500		4,690,890
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB		6.88	%		10/01/39		1,000		1,034,960
New Hampshire (State of) Business Finance Authority (Plymouth Cogeneration L.P.); Series 1993, Electric Facilities RB (Acquired 06/29/93, Cost $298,525)(b)(j)		7.75	%		06/01/14		305		301,880
New Hampshire (State of) Business Finance Authority (The United Illuminating Co.); Series 2009, PCR(b)(c)(d)		7.13	%		02/01/12		3,250		3,327,350
New Hampshire (State of) Housing Finance Authority; Series 2000 B, Single Family Mortgage Acquisition RB(b)		6.70	%		07/01/29		155		157,463
									9,512,543
New Jersey–2.62%
Landis Sewerage Authority; Series 1993, Complementary Auction Rate Securities Sewer RB (INS–NATL)(a)(d)(h)		9.77	%		09/19/19		2,050		2,453,891
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010, RB		5.75	%		06/01/31		3,020		3,027,912

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

18        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority (Seabrook Village, Inc. Facility); Series 2006, Ref. Retirement Community RB		5.25	%		11/15/26	$	750	$	658,905
New Jersey (State of) Economic Development Authority;
Series 2009 BB, School Facilities Construction RB		5.00	%		09/01/34		1,750		1,793,470
Series 2009 Z, School Facilities Construction RB (INS–AGC)(a)		5.50	%		12/15/34		1,000		1,063,080
Subseries 2005 N-1, Ref. School Facilities Construction RB (INS–AMBAC)(a)		5.50	%		09/01/24		3,885		4,464,875
New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Healthcare System); Series 2008, RB		5.75	%		07/01/15		1,695		1,771,156
New Jersey (State of) Higher Education Student Assistance Authority; Series 2009 A, Student Loan RB		5.63	%		06/01/30		1,000		1,060,760
New Jersey (State of) Housing & Mortgage Finance Agency;
Series 2008 AA, RB		6.38	%		10/01/28		3,695		3,994,960
Series 2008 X, SFH RB(b)		5.10	%		10/01/23		4,025		4,129,489
New Jersey (State of) Transportation Trust Fund Authority; Series 2006 C, CAB RB (INS–AGC)(a)(f)		0.00	%		12/15/26		10,000		4,328,900
New Jersey (State of) Turnpike Authority;
Series 1991 C, RB(g)		6.50	%		01/01/16		2,725		3,049,139
Series 1991 C, RB (INS–NATL)(a)		6.50	%		01/01/16		565		677,684
Series 2003 A, RB (INS–NATL)(a)		5.00	%		01/01/27		10,000		10,459,600
Passaic Valley Sewage Commissioners; Series 2003 F, Sewer System RB (INS–NATL)(a)		5.00	%		12/01/19		9,000		9,312,660
									52,246,481
New Mexico–0.47%
Farmington (City of) (Public Service Co. of New Mexico San Juan);
Series 2010 A, Ref. PCR(c)(d)		5.20	%		06/01/20		2,000		2,042,420
Series 2010 C, Ref. PCR		5.90	%		06/01/40		4,100		3,938,091
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB(e)		6.38	%		08/01/32		3,000		3,325,380
									9,305,891
New York–7.35%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, CAB RB(f)		0.00	%		07/15/35		5,000		1,108,750
Series 2009, PILOT RB		6.25	%		07/15/40		2,710		2,758,672
Series 2009, PILOT RB		6.38	%		07/15/43		1,130		1,157,097
Long Island Power Authority;
Series 2000 A, Electric System General CAB RB (INS–AGM)(a)(f)		0.00	%		06/01/17		5,000		4,425,000
Series 2008 A, Electric System General RB		6.00	%		05/01/33		5,000		5,610,500
Series 2008 A, Electric System General RB (INS–BHAC)(a)		5.50	%		05/01/33		5,000		5,447,650
Metropolitan Transportation Authority;
Series 2002 B, State Service Contract RB (INS–NATL)(a)		5.50	%		07/01/24		5,000		5,166,800
Series 2011 A, Transportation RB		5.00	%		11/15/41		2,000		2,027,000
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010, Special Obligation RB		6.00	%		12/01/42		3,000		3,050,340
New York (City of) Industrial Development Agency (7 World Trade Center, LLC); Series 2005 A, Liberty RB		6.25	%		03/01/15		9,000		9,035,280
New York (City of) Industrial Development Agency (Polytechnic University);
Series 2007, Ref. Civic Facility RB (INS–ACA)(a)		5.25	%		11/01/27		5,000		5,041,500
Series 2007, Ref. Civic Facility RB (INS–ACA)(a)		5.25	%		11/01/37		2,500		2,433,925
New York (City of) Industrial Development Agency (Queens Baseball Stadium); Series 2009, PILOT RB (INS–AGC)(a)		6.38	%		01/01/39		1,000		1,060,790

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

19        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (City of) Transitional Finance Authority;
Series 2003 D, Future Tax Sec. RB(c)(g)		5.25	%		02/01/13	$	4,440	$	4,754,929
Series 2009 S-3, Building Aid RB		5.25	%		01/15/39		2,000		2,119,500
Subseries 2010 A-1, Future Tax Sec. RB(e)		5.00	%		05/01/28		5,570		6,082,273
Subseries 2010 A-1, Future Tax Sec. RB(e)		5.00	%		05/01/29		4,455		4,836,749
Subseries 2010 A-1, Future Tax Sec. RB(e)		5.00	%		05/01/30		4,455		4,802,846
New York (City of); Subseries 2008 L-1, Unlimited Tax GO Bonds		5.00	%		04/01/27		2,225		2,397,949
New York (State of) Dormitory Authority (Brooklyn Law School); Series 2003 B, RB (INS–SGI)(a)		5.38	%		07/01/21		3,105		3,239,695
New York (State of) Dormitory Authority (General Purpose); Series 2011 A, Personal Income Tax RB(e)		5.00	%		03/15/31		21,885		23,887,259
New York (State of) Dormitory Authority (Suffolk County); Series 1986, Judicial Facilities Lease RB(g)		7.38	%		07/01/16		6,830		8,004,282
New York (State of) Dormitory Authority;
Series 1990 A, State University Educational Facilities RB		7.50	%		05/15/13		2,000		2,218,600
Series 1993 A, State University Educational Facilities RB		5.25	%		05/15/15		5,000		5,552,450
New York (State of) Energy, Research & Development Authority (Brooklyn Union Gas Co.); Series 1991 B, Gas Facility RB(b)(c)(d)(h)		12.67	%		07/01/26		3,000		3,010,980
New York (State of) Energy, Research & Development Authority; Series 1993, RB(c)(d)(h)		12.20	%		04/01/20		2,500		2,524,100
New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB(e)		5.00	%		03/15/28		2,000		2,193,780
New York City Health & Hospital Corp.; Series 2002 A, Health System RB(c)(g)		5.00	%		02/15/12		5,470		5,591,160
New York City Housing Development Corp. (Ruppert); Series 1978, MFH RB		6.50	%		11/15/18		2,414		2,540,620
New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB (Acquired 08/07/06; Cost $636,422)(i)(j)		6.13	%		02/15/19		750		8
New York State Environmental Facilities Corp. (Municipal Water Financing); Series 2005 C, Clean Water & Drinking Revolving Funds RB		5.00	%		06/15/21		1,545		1,750,439
Sales Tax Asset Receivable Corp.; Series 2004 A, RB (INS–AMBAC)(a)		5.00	%		10/15/29		10,000		10,596,700
Westchester Tobacco Asset Securitization Corp.; Series 2005, Tobacco Settlement Asset-Backed RB		5.13	%		06/01/38		3,000		2,166,120
									146,593,743
North Carolina–0.87%
Johnston (County of) Memorial Hospital Authority; Series 2008, RB (INS–AGM)(a)		5.25	%		10/01/24		6,000		6,563,340
North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, Retirement Facilities First Mortgage RB		5.63	%		10/01/27		1,000		908,800
North Carolina (State of) Medical Care Commission (WakeMed); Series 2009 A, Health Care Facilities RB (INS–AGC)(a)		5.63	%		10/01/38		2,200		2,257,992
North Carolina (State of) Municipal Power Agency No. 1; Series 1998 A, Catawba Electric RB (INS–NATL)(a)		5.50	%		01/01/15		4,750		5,463,307
North Carolina (State of) Turnkpike Authority; Series 2009 A, Triangle Expressway System RB (INS–AGC)(a)		5.13	%		01/01/24		2,000		2,196,300
									17,389,739
North Dakota–0.31%
Grand Forks (City of) (4000 Valley Square); Series 2006, Ref. Sr. Housing RB		5.20	%		12/01/26		1,000		883,250
McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB		5.15	%		07/01/40		2,000		2,036,800
Mercer (County of) (Antelope Valley Station); Series 1995, Ref. PCR (INS–AMBAC)(a)		7.20	%		06/30/13		2,215		2,325,905
Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facilities RB		5.13	%		07/01/29		1,000		977,640
									6,223,595
Ohio–2.56%
Adams (County of) (Adams County Hospital); Series 2005, Hospital Facility Improvement RB		6.25	%		09/01/20		3,340		2,602,962
Cleveland (City of); Series 2008 B-1, Public Power System CAB RB (INS–NATL)(a)(f)		0.00	%		11/15/25		2,895		1,445,966

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

20        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ohio–(continued)
Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Healthcare & Independent Living Facilities RB		5.75	%		05/15/27	$	500	$	451,755
Erie (County of) (Firelands Regional Medical Center); Series 2002 A, Hospital Facilities RB		5.63	%		08/15/32		3,000		2,908,410
Hamilton (County of) (Life Enriching Communities); Series 2006 A, Ref. Healthcare RB		5.00	%		01/01/37		4,750		3,978,315
Lorain (County of) (Catholic Healthcare Partners);
Series 2001 A, Ref. & Improvement Hospital Facilities RB		5.25	%		10/01/33		5,000		5,027,150
Series 2003 C-1, Ref. Hospital Facilities RB (INS–AGM)(a)		5.00	%		04/01/24		1,750		1,861,492
Series 2006 H, Hospital Facilities RB (INS–AGC)(a)		5.00	%		02/01/24		4,810		5,119,331
Montgomery (County of) (Miami Valley Hospital); Series 2009 A, RB		6.00	%		11/15/28		2,825		2,974,951
Ohio (State of) Air Quality Development Authority (Columbus Southern Power Co.); Series 2009 B, Ref. RB(c)(d)		5.80	%		12/01/19		3,000		3,165,330
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR		5.63	%		06/01/18		5,850		6,580,782
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, RB		6.75	%		01/15/39		4,000		4,151,640
Ohio (State of) Housing Finance Agency (Covenent House Apartments); Series 2008 C, MFH Mortgage RB (CEP–GNMA)(b)		6.10	%		09/20/49		2,845		3,030,978
Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program);
Series 2008 D, Residential Mortgage RB (CEP–GNMA)(b)(e)		5.30	%		09/01/28		1,647		1,690,201
Series 2008 D, Residential Mortgage RB (CEP–GNMA)(b)(e)		5.40	%		03/01/33		1,823		1,874,554
Ohio (State of) Water Development Authority (Allied Waste North America, Inc.); Series 2007 A, Solid Waste RB(b)		5.15	%		07/15/15		1,750		1,795,395
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR(c)(d)		5.88	%		06/01/16		2,140		2,406,130
									51,065,342
Oklahoma–1.08%
Grand River Dam Authority;
Series 2008 A, RB (INS–BHAC)(a)		5.00	%		06/01/21		3,735		4,308,509
Series 2008 A, RB (INS–BHAC)(a)		5.00	%		06/01/22		3,735		4,252,298
Series 2008 A, RB (INS–BHAC)(a)		5.00	%		06/01/23		6,350		7,147,814
McAlester (City of) Public Works Authority; Series 1999 A, Utility System CAB RB (INS–AGM)(a)(f)		0.00	%		02/01/30		4,320		1,538,568
Oklahoma (State of) Colleges Board Of Regents (University of Central Oklahoma); Series 2004 B, Student Facilities RB (INS–AMBAC)(a)		5.50	%		06/01/24		2,000		2,167,240
Oklahoma (State of) Housing Finance Agency; Series 1991 B, SFH Mortgage RB (CEP–GNMA)(b)		8.00	%		08/01/18		85		85,398
Tulsa (City of) Community College; Series 2002, RB (INS–AMBAC)(a)		5.50	%		07/01/22		2,000		2,065,320
									21,565,147
Oregon–0.18%
Warm Springs Reservation Confederated Tribes of Oregon (Pelton Round Butte Triabal); Series 2009 B, Tribal Economic Development Hydroelectric RB(j)		6.38	%		11/01/33		3,500		3,536,855
Pennsylvania–0.88%
Chester (County of) Industrial Development Authority (RHA/Pennsylvania Nursing Homes, Inc); Series 2002, First Mortgage RB		8.50	%		05/01/32		1,635		1,560,019
Pennsylvania (State of) Economic Development Financing Authority (Exelon Generation Co., LLC); Series 2009 A, Ref. Exempt Facilities RB(c)(d)		5.00	%		06/01/12		1,750		1,802,412
Pennsylvania (State of) Turnpike Commission;
Series 2009 A, Sub. RB (INS–AGC)(a)		5.00	%		06/01/39		1,850		1,876,566
Subseries 2009 A, Sub. RB (INS–AGC)(a)		5.00	%		06/01/24		4,000		4,350,200
Subseries 2010 B-2, Sub. Conv. CAB RB(f)		0.00	%		12/01/28		4,550		3,772,496
Subseries 2010 B-2, Sub. Conv. CAB RB(f)		0.00	%		12/01/34		2,750		2,185,315

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

21        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS–AGM)(a)		5.00	%		02/01/31	$	2,000	$	2,086,900
									17,633,908
Puerto Rico–2.29%
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 1989 O, CAB RB(f)(g)		0.00	%		07/01/17		15,000		12,738,600
Series 2008 WW, RB		5.25	%		07/01/33		2,000		1,970,460
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 1993 X, Ref. RB		5.50	%		07/01/15		10,000		10,970,700
Puerto Rico Electric Power Authority; Series 2010 CCC, RB		5.25	%		07/01/27		4,000		4,080,440
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, RB		5.38	%		08/01/39		4,600		4,640,066
First Subseries 2010 A, RB		5.50	%		08/01/42		4,400		4,463,404
First Subseries 2010 C, RB		5.25	%		08/01/41		6,950		6,913,304
									45,776,974
Rhode Island–0.09%
Rhode Island Economic Development Corp.; Series 2008 A, Airport RB (INS–AGC)(a)(b)		5.25	%		07/01/28		1,810		1,869,621
South Carolina–2.16%
Charleston Educational Excellence Financing Corp. (Charleston County School District); Series 2005, Installment Purchase RB		5.25	%		12/01/30		5,000		5,256,700
Easley (City of); Series 2005, Ref. & Improvement Utility System RB(c)(g)		5.00	%		12/01/15		5,170		6,050,916
Horry (County of); Series 2010 A, Airport RB		5.00	%		07/01/40		2,000		2,025,520
Piedmont (City of) Municipal Power Agency; Series 2008 A-2, Electric RB		5.00	%		01/01/24		2,000		2,140,260
Richland (County of) (International Paper Co.); Series 2007 A, Ref. Environmental Improvement RB		4.60	%		09/01/12		1,025		1,053,679
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health);
Series 2009 B, Ref. & Improvement Hospital RB (INS–AGC)(a)		5.00	%		02/01/19		1,000		1,141,000
Series 2009 B, Ref. & Improvement Hospital RB (INS–AGC)(a)		5.50	%		02/01/38		3,000		3,111,630
Series 2009 B, Ref.& Improvement Hospital RB (INS–AGC)(a)		5.38	%		02/01/29		2,000		2,118,940
South Carolina (State of) Jobs-Economic Development Authority (Electric & Gas Co.); Series 2002 A, IDR (INS–AMBAC)(a)		5.20	%		11/01/27		6,500		6,722,495
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health); Series 2009, Ref. & Improvement Hospital RB		5.75	%		08/01/39		1,000		993,070
South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB		5.13	%		10/01/26		500		414,300
South Carolina (State of) Jobs-Economic Development Authority (Woodlands at Furman); Series 2007 A, RB(i)		6.00	%		11/15/27		1,000		398,450
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2008 A, RB		5.50	%		01/01/38		2,000		2,169,740
South Carolina (State of) Transportation Infrastructure Bank; Series 2002 A, RB (INS–AMBAC)(a)		5.25	%		10/01/21		4,430		4,602,903
Spartanburg (County of) Regional Health Services District; Series 2008 D, Ref. RB (INS–AGC)(a)		5.25	%		04/15/22		4,465		4,898,775
									43,098,378
South Dakota–0.55%
Rapid City (City of); Series 2011 A, Ref. Airport RB		6.75	%		12/01/31		1,500		1,613,580
South Dakota (State of) Health & Educational Facilities Authority (Vocational Education Program); Series 2008, RB (INS–AGC)(a)		5.50	%		08/01/38		3,000		3,165,360

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

22        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
South Dakota–(continued)
South Dakota (State of);
Series 1993 A, Lease Revenue Trust Ctfs. (INS–AGM)(a)		6.63	%		09/01/12	$	1,415	$	1,451,960
Series 1993 A, Lease Revenue Trust Ctfs. (INS–AGM)(a)		6.70	%		09/01/17		4,000		4,744,640
									10,975,540
Tennessee–0.31%
Chattanooga (City of) Health, Educational & Housing Facility Board (Community Development Financial Institution Phase I LLC); Series 2005 A, Ref. Sr. RB		5.00	%		10/01/25		1,000		946,690
Elizabethton (City of) Health & Educational Facilities Board; Series 2000 B, Ref. & Improvement Hospital RB(c)(g)		7.75	%		07/01/12		4,000		4,315,280
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage Hospital RB		5.50	%		07/01/36		1,000		960,690
									6,222,660
Texas–11.48%
AllianceAirport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB(b)		4.85	%		04/01/21		3,615		3,758,371
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, Environmental RB(b)		6.50	%		11/01/29		440		270,697
Bexar County Health Facilities Development Corp. (St. Luke’s Lutheran Hospital); Series 1991, Hospital RB(g)		7.00	%		05/01/21		500		696,410
Brazoria (County of) Brazos River Harbor Navigation District (The Dow Chemical Co.); Series 2002 A, Environmental Facilities RB(b)(d)		5.95	%		05/15/33		1,100		1,135,387
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB		6.13	%		04/01/45		4,500		4,615,875
Central Texas Regional Mobility Authority; Series 2011, Sr. Lien RB		6.00	%		01/01/41		5,000		4,805,800
Dallas (City of); Series 2009, Ref. & Improvement Civic Center Convention Complex RB (INS–AGC)(a)		5.25	%		08/15/34		4,000		4,219,200
Dallas-Fort Worth International Airport Facilities Improvement Corp.;
Series 2001 A, Ref. & Improvement RB (INS–BHAC)(a)(b)		5.50	%		11/01/31		5,000		5,004,750
Series 2002 C, Joint RB (INS–NATL)(a)(b)		5.75	%		11/01/18		425		426,534
Series 2002 C, Joint RB (INS–NATL)(a)(b)		6.00	%		11/01/23		850		853,247
Series 2003 A, Joint RB (INS–AGM)(a)(b)		5.25	%		11/01/24		10,000		10,234,700
Series 2004 B, Joint RB (INS–AGM)(a)(b)		5.50	%		11/01/19		6,110		6,577,110
Series 2004 B, Joint RB (INS–AGM)(a)(b)		5.38	%		11/01/21		4,000		4,228,680
Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund)		5.00	%		02/15/26		2,840		3,103,921
Harris (County of);
Series 2007 C, Ref. Sub. Lien Toll Road Unlimited Tax GO Bonds (INS–AGM)(a)		5.25	%		08/15/31		6,665		7,838,173
Series 2009 A, Sr. Lien Toll Road RB		5.00	%		08/15/31		2,920		3,093,769
Series 2009 A, Sr. Lien Toll Road RB		5.00	%		08/15/38		1,000		1,038,870
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. Hospital RB		7.25	%		12/01/35		1,000		1,118,560
Harris County Health Facilities Development Corp. (TECO);
Series 2008, Thermal Utility RB (INS–AGC)(a)		5.00	%		11/15/26		3,860		4,115,532
Series 2008, Thermal Utility RB (INS–AGC)(a)		5.00	%		11/15/27		3,180		3,370,037
HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 B, RB		6.38	%		11/15/19		390		366,779
Hopkins (County of) Hospital District; Series 2008, RB		5.50	%		02/15/23		1,805		1,754,207
Houston (City of) Convention & Entertainment Facilities Department;
Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INS–AGM)(a)(f)		0.00	%		09/01/26		8,750		3,998,313
Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INS–AGM)(a)(f)		0.00	%		09/01/27		3,600		1,541,988

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

23        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Houston (City of);
Series 2004 A, Ref. First Lien Combined Utility System RB (INS–AGM)(a)		5.25	%		05/15/22	$	15,000	$	16,349,850
Series 2004 A, Ref. First Lien Combined Utility System RB (INS–BHAC)(a)		5.25	%		05/15/23		22,500		24,543,450
Series 2004 A, Ref. First Lien Combined Utility System RB (INS–NATL)(a)		5.25	%		05/15/25		5,000		5,449,950
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);
Series 2011 A, RB		6.50	%		05/15/31		1,740		1,801,805
Series 2011 A, RB		6.88	%		05/15/41		1,700		1,774,596
Houston Independent School District; Series 2008, Schoolhouse Limited Tax GO Bonds (CEP–Texas Permanent School Fund)		5.00	%		02/15/26		6,875		7,574,875
Lubbock Health Facilities Development Corp. (Carillon Senior LifeCare Community); Series 2005 A, Ref. First Mortgage RB		6.63	%		07/01/36		4,000		3,657,080
McLennan County Public Facility Corp.; Series 2009, RB		6.63	%		06/01/35		2,955		3,171,749
Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB(b)(c)(d)		6.00	%		08/01/13		5,000		5,412,550
North Texas Tollway Authority;
Series 2008 A, Ref. First Tier System RB		6.00	%		01/01/23		2,000		2,222,300
Series 2008 A, Ref. First Tier System RB		5.63	%		01/01/33		3,500		3,604,790
Series 2008 D, Ref. First Tier System CAB RB (INS–AGC)(a)(f)		0.00	%		01/01/28		12,800		4,928,128
Series 2008 D, Ref. First Tier System CAB RB (INS–AGC)(a)(f)		0.00	%		01/01/29		2,165		779,638
Series 2008 D, Ref. First Tier System CAB RB (INS–AGC)(a)(f)		0.00	%		01/01/31		4,710		1,471,263
Series 2008 F, Ref. Toll Second Tier System RB		6.13	%		01/01/31		4,000		4,131,400
Series 2008 L-2, Ref. First Tier System RB(c)(d)		6.00	%		01/01/13		2,000		2,131,940
Nueces River Authority (Corpus Christi);
Series 2005, Ref. Facilities RB (INS–AGM)(a)		5.00	%		07/15/25		2,750		2,954,985
Series 2005, Ref. Facilities RB (INS–AGM)(a)		5.00	%		03/01/27		2,000		2,060,640
San Antonio (City of); Series 2002, Ref. Water System RB (INS–AGM)(a)		5.00	%		05/15/28		5,000		5,118,000
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligation); Series 2009, Retirement Facility RB		6.13	%		11/15/29		2,000		2,028,720
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); Series 2007, Retirement Facility RB		5.75	%		11/15/37		345		307,067
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.);
Series 2007, Retirement Facility RB		5.00	%		11/15/17		500		547,410
Series 2007, Retirement Facility RB		5.25	%		11/15/37		4,000		3,751,080
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, Retirement Facility RB		5.75	%		02/15/25		2,200		1,896,422
Series 2007, Retirement Facility RB		5.75	%		02/15/29		1,500		1,238,385
Series 2009 B-2, Retirement Facility RB		6.50	%		02/15/14		2,000		1,981,680
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health);
Series 2008 A, Ref. RB (INS–AGC)(a)		5.75	%		07/01/18		3,045		3,307,966
Series 2008 A, Ref. RB (INS–AGC)(a)		6.50	%		07/01/37		4,250		4,570,875
Tarrant County Cultural Education Facilities Finance Corp.; Series 2007 A, Ref. Health Resources System RB		5.00	%		02/15/17		2,700		3,080,646
Tarrant County Health Facilities Development Corp.; Series 1987 B, RB(g)		5.00	%		09/01/15		1,750		1,927,398
Texas (State of) (Transportation Commission–Mobility Fund); Series 2008, Unlimited Tax GO Bonds(e)		5.00	%		04/01/28		4,000		4,368,400
Texas (State of) Department of Housing & Community Affairs; Series 1992 C-2, Home Mortgage RB (CEP–GNMA/FNMA/FHLMC)(b)(c)(d)(h)		12.95	%		07/02/24		475		587,271
Texas (State of) Transportation Commission; Series 2006 A, First Tier RB		5.00	%		04/01/20		2,000		2,300,580
Texas (State of) Turnpike Authority;
Series 2002, First Tier CAB RB (INS–BHAC)(a)(f)		0.00	%		08/15/27		1,000		429,340
Series 2002 A, First Tier RB (INS–AMBAC)(a)		5.50	%		08/15/39		10,000		10,022,700

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

24        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Texas A&M University System Board of Regents; Series 2009 A, Financing System RB		5.00	%		05/15/25	$	1,610	$	1,815,114
Texas Private Activity Bond Surface Transportation Corp. (North Transit Express Mobility Partners LLC North Tarrant Express Managed Lanes); Series 2009, Sr. Lien RB		6.88	%		12/31/39		5,460		5,645,149
Victoria Independent School District; Series 2008, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund)		5.00	%		02/15/23		1,790		2,026,262
									229,138,364
Utah–0.49%
Provo (City of); Series 1984 A, Electric RB(g)		10.38	%		09/15/15		310		370,961
Salt Lake City (City of) (IHC Hospitals, Inc.);
Series 1983, Ref. Hospital RB(g)		5.00	%		06/01/15		5,000		5,529,050
Series 1992, Hospital RB		6.15	%		02/15/12		1,300		1,329,913
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, RB		5.80	%		06/15/38		600		528,408
Utah Housing Corp.; Series 2008 C 1, Class III, Single Family Mortgage RB(b)		5.70	%		07/01/28		1,980		2,048,429
									9,806,761
Vermont–0.14%
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 A, Mortgage RB		5.38	%		05/01/36		3,550		2,869,429
Virgin Islands–0.18%
Virgin Islands Public Finance Authority (Virgin Islands Matching Fund Loan Note); Series 2010 A, Sr. Lien Working Capital RB		5.00	%		10/01/25		3,600		3,608,964
Virginia–0.35%
Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB		6.45	%		09/01/37		993		984,351
Tobacco Settlement Financing Corp.; Series 2005, Asset-Backed RB(g)		5.50	%		06/01/26		1,000		1,109,930
Virginia (State of) Small Business Financing Authority (Hampton Roads Proton); Series 2009, RB(j)		8.00	%		07/01/19		1,000		1,046,590
Washington (County of) Industrial Development Authority (Mountain States Health Alliance); Series 2009 C, Hospital Facility RB		7.50	%		07/01/29		2,000		2,274,700
White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB		5.30	%		03/01/17		1,431		1,470,796
									6,886,367
Washington–5.22%
Energy Northwest (No. 3) Series 2002 B, Ref. Electric RB (INS–AGM)(a)		6.00	%		07/01/16		5,000		5,230,950
Energy Northwest (Wind); Series 2003, RB (INS–AMBAC)(a)		5.00	%		07/01/23		1,365		1,382,226
Fife (City of); Series 2004, Water & Sewer RB (INS–NATL)(a)		5.13	%		04/01/24		685		687,055
FYI Properties (Washington State District); Series 2009, Lease RB		5.50	%		06/01/39		1,000		1,054,370
Grant (County of) Public Utility District No. 2;
Series 2001 H, Ref. Electric System RB (INS–AGM)(a)		5.38	%		01/01/18		5,000		5,072,700
Series 2005 A, Ref. Wanapum Hydroelectric Development RB (INS–NATL)(a)		5.00	%		01/01/38		2,500		2,523,875
Kalispel Tribe of Indians; Series 2008, Priority District RB		6.63	%		01/01/28		950		807,206
King (County of) Housing Authority (Egis Housing Program); Series 2007, Capital Fund Program RB (INS–AGM)(a)(b)		5.30	%		06/01/23		1,025		1,042,425
King (County of) Public Hospital District No. 1 Series 2008 A, Limited Tax GO Bonds (INS–AGC)(a)		5.25	%		12/01/28		3,575		3,851,097
Lynnwood (City of) Public Facilities District (Convention Center); Series 2005, RB (INS–AMBAC)(a)		5.00	%		12/01/34		4,140		4,175,480
Seattle (City of);
Series 2003, Ref. Water System RB (INS–NATL)(a)		5.00	%		09/01/20		10,000		10,736,400
Series 2003, Ref. Water System RB (INS–NATL)(a)		5.00	%		09/01/23		10,000		10,665,600
Series 2008, Drainage & Wastewater RB		5.00	%		06/01/25		2,450		2,703,648
Series 2008, Ref. & Improvement Municipal Light & Power RB		5.75	%		04/01/23		2,000		2,394,200

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

25        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Washington–(continued)
Snohomish (County of) Public Utility District No. 1; Series 2002, Electric RB (INS–AGM)(a)		5.50	%		12/01/23	$	2,565	$	2,700,919
Spokane (City of) Public Facilities District;
Series 2003, Hotel, Motel & Sales Tax Use RB (INS–NATL)(a)		5.75	%		12/01/25		2,000		2,163,440
Series 2003, Hotel, Motel & Sales Tax Use RB (INS–NATL)(a)		5.75	%		12/01/26		2,420		2,514,065
Series 2003, Hotel, Motel & Sales Tax Use RB (INS–NATL)(a)		5.25	%		09/01/33		3,000		3,043,260
Washington (State of) Health Care Facilities Authority (Multicare Health System);
Series 2004 A, RB (INS–AGM)(a)		5.25	%		08/15/28		1,000		1,052,580
Series 2008 B, RB (INS–AGC)(a)		6.00	%		08/15/39		2,000		2,152,860
Washington (State of) Health Care Facilities Authority (Providence Health); Series 2006 D, RB (INS–AGM)(a)		5.25	%		10/01/33		5,000		5,208,400
Washington (State of) Higher Education Facilities Authority (Whitworth University);
Series 2009, Ref. RB		5.38	%		10/01/29		500		506,350
Series 2009, Ref. RB		5.63	%		10/01/40		1,500		1,513,965
Washington (State of) Housing Finance Commission (Wesley Homes); Series 2008, Non-Profit Custodial Receipts RB(j)		6.00	%		01/01/27		1,100		1,051,105
Washington (State of);
Series 2007 B, Motor Vehicle Fuel Unlimited Tax GO Bonds		5.00	%		07/01/27		2,250		2,432,137
Series 2010 B, Motor Vehicle Fuel Unlimited Tax GO Bonds(e)		5.00	%		08/01/30		21,500		23,302,560
Wenatchee School District No. 246; Series 2002, Unlimited Tax GO Bonds(c)(g)		5.00	%		06/01/12		4,115		4,263,922
									104,232,795
West Virginia–0.18%
Harrison (County of) (Allegheny Energy); Series 2007 D, Ref. Solid Waste Disposal RB(b)		5.50	%		10/15/37		1,000		967,650
Ohio (County of) (Fort Henry Centre Financing District); Series 2007 A, Tax Increment Allocation RB		5.85	%		06/01/34		250		251,670
Pleasants (County of) Commission (Allegheny Energy Supply Co., LLC Pleasants Station); Series 2007 F, Ref. PCR		5.25	%		10/15/37		855		851,332
West Virginia (State of) Economic Development Authority (Correctional, Juvenile and Public Safety Facilities); Series 2002 A, Lease RB(c)(g)		5.50	%		06/01/12		1,530		1,605,184
									3,675,836
Wisconsin–1.45%
Superior (City of) (Superior Water, Light & Power Co.); Series 2007 A, Ref. Collateralized Utility RB(b)		5.38	%		11/01/21		2,000		2,083,360
Wisconsin (State of) Health & Educational Facilities Authority (Catholic Residential Services); Series 2007, Ref. RB		5.25	%		05/01/28		1,250		923,912
Wisconsin (State of) Health & Educational Facilities Authority (Meriter Hospital, Inc.);
Series 2011 A, RB		5.50	%		05/01/31		2,000		2,057,220
Series 2011 A, RB		5.75	%		05/01/35		1,000		1,030,560
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB		6.38	%		02/15/29		500		546,235
Series 2009, RB		6.63	%		02/15/39		1,000		1,073,700
Wisconsin (State of) Housing & Economic Development Authority;
Series 2007 C, Home Ownership RB(b)(e)		5.13	%		09/01/28		4,395		4,444,707
Series 2008 A, Home Ownership RB(b)		5.30	%		09/01/23		8,125		8,526,619
Wisconsin (State of);
Series 2009 A, General Fund Annual Appropriation RB		5.38	%		05/01/25		2,355		2,661,031
Series 2009 A, General Fund Annual Appropriation RB		5.63	%		05/01/28		5,000		5,628,250
									28,975,594

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

26        Invesco Van Kampen Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wyoming–0.39%
Campbell (County of) (Basin Electric Power Cooperative); Series 2009 A, Solid Waste Facilities RB		5.75	%		07/15/39	$	4,000	$	4,269,400
Wyoming (State of) Municipal Power Agency;
Series 2008 A, Power Supply RB		5.50	%		01/01/33		2,360		2,497,305
Series 2009 A, Power Supply RB		5.00	%		01/01/36		1,000		1,031,820
									7,798,525
TOTAL INVESTMENTS(l)–107.20% (Cost $2,062,706,398)									2,139,238,267
FLOATING RATE NOTE OBLIGATIONS–(8.03)%
Notes with interest rates ranging from 0.21% to 0.36% at 08/31/11 and contractual maturities of collateral ranging from 05/01/23 to 08/15/42 (See Note 1L)(m)									(160,175,000	)
OTHER ASSETS LESS LIABILITIES–0.83%									16,576,004
NET ASSETS–100.00%								$	1,995,639,271

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BHAC	– Berkshire Hathaway Assurance Corp.
CAB	– Capital Appreciation Bonds
CEP	– Credit Enhancement Provider
CIFG	– CIFG Assurance North America, Inc.
Connie Lee	– Connie Lee Insurance, Co.
Conv.	– Convertible
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
FTA	– Federal Transit Administration
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
Jr.	– Junior
MFH	– Multi-Family Housing
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
PILOT	– Payment-in-Lieu-of-Tax
RAB	– Revenue Anticipation Bonds
Radian	– Radian Asset Assurance, Inc.
RB	– Revenue Bonds
Ref.	– Refunding
Sec.	– Secured
SFH	– Single-Family Housing
SGI	– Syncora Guarantee, Inc.
Sr.	– Senior
Sub.	– Subordinated
TEMPS	– Tax-Exempt Mandatory Paydown Securities

Notes to Schedule of Investments:

(a)	Principal and/or interest payments are secured by the bond insurance company listed.
(b)	Security subject to the alternative minimum tax.
(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
(e)	Underlying security related to Dealer Trusts entered into by the Fund. See Note 1L.
(f)	Zero coupon bond issued at a discount.
(g)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

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

27        Invesco Van Kampen Municipal Income Fund

(h)	Current coupon rate for inverse floating rate municipal obligations. This rate resets periodically as the auction rate on the related security changes. Positions in inverse floating rate municipal obligations have a total vale of $19,641,022 which represents 0.98% of Net Assets.
(i)	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, 2011 was $3,876,495, which represented 0.19% of the Fund’s Net Assets
(j)	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, 2011 was $10,908,563, which represented 0.55% of the Fund’s Net Assets.
(k)	Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $13,050,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts.
(l)	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
National Public Finance Guarantee Corp.		12.9	%
Assured Guaranty Municipal Corp.		12.0
Assured Guaranty Corp.		8.8
American Municipal Bond Assurance Corp.		6.9

^(m) Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2011. At August 31, 2011, the Fund’s investments with a value of $275,569,292 are held by Dealer Trusts and serve as collateral for the $160,175,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments
As of August 31, 2011

Revenue Bonds	86.1	%
General Obligation Bonds	9.5
Pre-refunded Bonds	4.4

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

28        Invesco Van Kampen Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $2,062,706,398)	$	2,139,238,267
Receivable for:
Investments sold		4,379,254
Fund shares sold		544,858
Interest		26,098,023
Investment for trustee deferred compensation and retirement plans		9,858
Other assets		36,713
Total assets		2,170,306,973
Liabilities:
Floating rate note obligations		160,175,000
Payable for:
Investments purchased		6,739,525
Fund shares reacquired		2,250,628
Amount due custodian		1,420,342
Dividends		3,013,282
Accrued fees to affiliates		617,079
Accrued other operating expenses		320,883
Trustee deferred compensation and retirement plans		130,963
Total liabilities		174,667,702
Net assets applicable to shares outstanding	$	1,995,639,271
Net assets consist of:
Shares of beneficial interest	$	1,976,860,321
Undistributed net investment income		1,155,668
Undistributed net realized gain (loss)		(58,908,587	)
Unrealized appreciation		76,531,869
	$	1,995,639,271
Net assets:
Class A	$	1,436,732,782
Class B	$	25,583,713
Class C	$	65,334,405
Class Y	$	467,988,371
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		110,242,039
Class B		1,966,375
Class C		5,031,539
Class Y		35,922,815
Class A:
Net asset value per share	$	13.03
Maximum offering price per share
(Net asset value of $13.03 divided by 95.25%)	$	13.68
Class B:
Net asset value and offering price per share	$	13.01
Class C:
Net asset value and offering price per share	$	12.98
Class Y:
Net asset value and offering price per share	$	13.03

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

29        Invesco Van Kampen Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2011

(Unaudited)

Investment income:
Interest	$	34,989,199
Expenses:
Advisory fees		2,941,608
Administrative services fees		159,007
Custodian fees		15,306
Distribution fees:
Class A		1,189,819
Class B		108,912
Class C		258,705
Interest, facilities and maintenance fees		506,373
Transfer agent fees		364,006
Trustees’ and officers’ fees and benefits		21,648
Other		174,232
Total expenses		5,739,616
Less: Expense offset arrangement(s)		(400	)
Net expenses		5,739,216
Net investment income		29,249,983
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities (includes net gains from securities sold to affiliates of $42,323)		(10,527,990	)
Change in net unrealized appreciation of investment securities		52,699,422
Net realized and unrealized gain		42,171,432
Net increase in net assets resulting from operations	$	71,421,415

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

30        Invesco Van Kampen Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2011, the five months ended February 28, 2011 and the year ended September 30, 2010

(Unaudited)

	Six months			Five months
	ended			ended			Year ended
	August 31,			February 28,			September 30,
	2011			2011			2010
Operations:
Net investment income	$	29,249,983		$	13,145,712		$	34,814,733
Net realized gain (loss)		(10,527,990	)		(12,627,066	)		(12,985,380	)
Change in net unrealized appreciation (depreciation)		52,699,422			(37,333,612	)		21,283,630
Net increase (decrease) in net assets resulting from operations		71,421,415			(36,814,966	)		43,112,983
Distributions to shareholders from net investment income:
Class A		(23,618,080	)		(11,943,783	)		(30,699,296	)
Class B		(465,464	)		(372,740	)		(1,006,199	)
Class C		(1,102,446	)		(813,479	)		(2,048,414	)
Class Y		(5,792,337	)		(148,405	)		(195,465	)
Total distributions from net investment income		(30,978,327	)		(13,278,407	)		(33,949,374	)
Share transactions–net:
Class A		885,859,854			(56,460,731	)		(28,863,531	)
Class B		6,964,879			(3,546,068	)		612,789
Class C		24,100,076			(8,436,002	)		6,676,270
Class Y		455,838,570			3,378,829			(1,443,087	)
Net increase (decrease) in net assets resulting from share transactions		1,372,763,379			(65,063,972	)		(23,017,559	)
Net increase (decrease) in net assets		1,413,206,467			(115,157,345	)		(13,853,950	)
Net assets:
Beginning of period		582,432,804			697,590,149			711,444,099
End of period (includes undistributed net investment income of $1,155,668, $2,884,012 and $2,915,917, respectively)	$	1,995,639,271		$	582,432,804		$	697,590,149

Notes to Financial Statements

August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen Municipal Income Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco 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 seven 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 investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.

  The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. 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 C shares are sold with a CDSC. Class Y shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. 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. 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. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

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

31        Invesco Van Kampen Municipal Income Fund

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.
	Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (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 net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized 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 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.	Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.
H.	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.

32        Invesco Van Kampen Municipal Income Fund

I.	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.
J.	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.
K.	Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.
L.	Floating Rate Note Obligations — The Fund invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Fund. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Fund, thereby collapsing the Dealer Trusts.
	TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
	The Fund accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
	The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Fund, the Fund will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Fund could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

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 Daily Net Assets	Rate
First $500 million		0	.50%
Over $500 million		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 Canada 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).

33        Invesco Van Kampen Municipal Income Fund

  Effective June 6, 2011, the Adviser has contractually agreed, through at least June 30, 2013, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 0.83%, 1.58%, 1.58% and 0.58% of average daily net assets, respectively. Prior to June 6, 2011, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 0.90%, 1.65%, 1.65% and 0.65% 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 net annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2013. The Adviser did not waive fees and/or reimburse expenses during the period under this limitation.

  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, 2011, 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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets.

  With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

  For the six months ended August 31, 2011, expenses incurred under these agreements 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, 2011, IDI advised the Fund that IDI retained $32,826 in front-end sales commissions from the sale of Class A shares and $13,285, $26,446 and $1,376 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 the Adviser, Invesco Ltd., 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, 2011. 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, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	2,139,238,267	$	—	$	2,139,238,267

34        Invesco Van Kampen Municipal Income Fund

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, 2011, the Fund engaged in securities purchases of $0 and securities sales of $3,517,035, which resulted in net realized gains of $42,323.

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, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $400.

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, 2011, the Fund paid legal fees of $1,716 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, 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.

  Inverse floating rate obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2011 were $94,526,571 and 1.07%, respectively.

NOTE 8—Tax Information

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

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

  The Fund had a capital loss carryforward as of February 28, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 28, 2015	$	10,905,393
February 29, 2016		4,317,804
February 28, 2017		13,244,161
February 28, 2018		5,150,877
February 28, 2019		16,204,242
Total capital loss carryforward	$	49,822,477

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. To the extent that unrealized gains as of June 6, 2011, the date of reorganization of Invesco Van Kampen Insured Tax Free Fund and Invesco Tax Exempt Securities Fund into the Fund are realized on securities held in each fund at such date of reorganization, the capital loss carryforward may be further limited for up to five years from the date of the reorganization.

35        Invesco Van Kampen Municipal Income Fund

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, 2011 was $103,052,531 and $62,080,642, 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	$	126,437,721
Aggregate unrealized (depreciation) of investment securities		(49,743,758	)
Net unrealized appreciation of investment securities	$	76,693,963
Cost of investments for tax purposes is $2,062,544,304.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Five months ended						Year ended
	August 31, 2011(a)						February 28, 2011						September 30, 2010
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		1,619,279		$	22,628,014			1,154,740		$	14,866,397			5,645,097		$	74,086,501
Class B		33,072			514,370			29,318			389,134			497,955			6,491,487
Class C		200,940			2,785,674			206,809			2,659,483			1,139,787			14,915,406
Class Y		102,205			3,029,222			590,768			7,862,622			125,740			1,653,505
Issued as reinvestment of dividends:
Class A		1,071,411			13,746,727			537,459			6,880,937			1,976,582			25,977,065
Class B		19,682			251,176			16,460			210,446			59,436			779,430
Class C		51,969			662,179			41,003			523,695			131,538			1,723,734
Class Y		235,053			3,031,196			7,454			94,971			4,459			58,746
Automatic conversion of Class B shares to Class A shares:
Class A		168,475			2,156,184			75,712			977,656			118,987			1,583,578
Class B		(168,748	)		(2,156,184	)		(75,830	)		(977,656	)		(119,166	)		(1,583,578	)
Issued in connection with acquisitions:(b)
Class A		72,211,474			926,520,495			—			—			—			—
Class B		801,386			10,264,496			—			—			—			—
Class C		2,075,427			26,526,170			—			—			—			—
Class Y		36,300,580			465,539,882			—			—			—			—
Reacquired:
Class A		(6,190,879	)		(79,191,566	)		(6,198,924	)		(79,185,721	)		(9,930,943	)		(130,510,675	)
Class B		(149,805	)		(1,908,979	)		(251,605	)		(3,167,992	)		(388,137	)		(5,074,550	)
Class C		(461,922	)		(5,873,947	)		(913,424	)		(11,619,180	)		(759,623	)		(9,962,870	)
Class Y		(1,223,405	)		(15,761,730	)		(358,185	)		(4,578,764	)		(241,609	)		(3,155,338	)
Net increase (decrease) in share activity		106,696,194		$	1,372,763,379			(5,138,245	)	$	(65,063,972	)		(1,739,897	)	$	(23,017,559	)

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% 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)

As of the open of business on June 6, 2011, the Fund acquired all the net assets of Invesco Van Kampen Insured Tax Free Fund and Invesco Tax Exempt Securities Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of Invesco Van Kampen Insured Tax Free Fund and Invesco Tax Exempt Securities Fund, respectively on April 14, 2011. The acquisition was accomplished by a tax-free exchange of 111,388,867 shares of the Fund for 48,716,530 shares outstanding of Invesco Van Kampen Insured Tax Free Fund and 61,280,342 shares outstanding of Invesco Tax Exempt Securities Fund as of the close of business on June 3, 2011. Each class of shares of Invesco Van Kampen Insured Tax Free Fund and Invesco Tax Exempt Securities Fund, except for Class B and Class C shares of Invesco Tax Exempt Securities Fund, was exchanged for the like class of shares of the Fund based on the relative net asset value of Invesco Van Kampen Insured Tax Free Fund and Invesco Tax Exempt Securities Fund to the net asset value of the Fund on the close of business, June 3, 2011. Class B and Class C shares of Invesco Tax Exempt Securities Fund were exchanged for Class A shares of the Fund, based on the relative net asset value of Invesco Tax Exempt Securities Fund to the net asset value of the Fund on the close of business, June 3, 2011. Invesco Van Kampen Insured Tax Free Fund’s net assets as of the close of business on June 3, 2011 of $779,459,784 including $19,925,078 of unrealized appreciation and Invesco Tax Exempt Securities Fund’s net assets as of the close of business on June 3, 2011 of $649,391,259 including $29,511,747 of unrealized appreciation, were combined with the net assets of the Fund immediately before the acquisition of $575,797,324. The combined aggregate net assets of the Fund subsequent to the reorginization were $2,004,648,367.

36        Invesco Van Kampen Municipal Income Fund

NOTE 11—Financial Highlights

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

																											Supplemental
																											ratio of
																											expenses to
																					Ratio of			Ratio of			average net
					Net gains																expenses			expenses			assets
					(losses)																to average			to average net			(excluding			Ratio of net
	Net asset				on securities						Dividends										net assets			assets without			interest,			investment
	value,		Net		(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			facilities and			income
	beginning		investment		realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			maintenance			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			of period		Return			(000s omitted)		absorbed			absorbed			fees)(b)			net assets			turnover(c)
Class A
Six months ended 08/31/11	$	12.54	$	0.30	$	0.51		$	0.81		$	(0.32	)	$	13.03		6.56	%(d)	$	1,436,733		0.92	%(e)		0.92	%(e)		0.84	%(e)		4.67	%(e)		9	%
Period ended 02/28/11		13.52		0.27		(0.98	)		(0.71	)		(0.27	)		12.54		(5.25	)(d)		518,732		0.93	(f)		0.93	(f)		0.86	(f)		5.08	(f)		3
Year ended 09/30/10		13.34		0.68		0.16			0.84			(0.66	)		13.52		6.54	(d)		619,236		0.95			0.95			0.87			5.14			10
Year ended 09/30/09		12.45		0.66		0.96			1.62			(0.73	)		13.34		13.88	(g)		640,103		1.01			1.01			0.90			5.57			29
Year ended 09/30/08		14.29		0.69		(1.84	)		(1.15	)		(0.69	)		12.45		(8.31	)(g)		526,693		1.41			1.41			0.88			5.03			62
Year ended 09/30/07		14.84		0.62		(0.52	)		0.10			(0.65	)		14.29		0.66	(g)		625,934		1.28			1.28			0.87			4.21			28
Year ended 09/30/06		14.71		0.64		0.14			0.78			(0.65	)		14.84		5.46	(g)		613,616		1.11			1.11			0.89			4.40			16
Class B
Six months ended 08/31/11		12.52		0.25		0.51			0.76			(0.27	)		13.01		6.18	(d)		25,584		1.67	(e)		1.67	(e)		1.59	(e)		3.92	(e)		9
Period ended 02/28/11		13.50		0.23		(0.98	)		(0.75	)		(0.23	)		12.52		(5.57	)(d)		17,918		1.68	(f)		1.68	(f)		1.61	(f)		4.33	(f)		3
Year ended 09/30/10		13.32		0.57		0.17			0.74			(0.56	)		13.50		5.76	(d)		23,116		1.70			1.70			1.62			4.38			10
Year ended 09/30/09		12.43		0.57		0.96			1.53			(0.64	)		13.32		13.05	(h)		22,144		1.76			1.76			1.65			4.81			29
Year ended 09/30/08		14.27		0.59		(1.84	)		(1.25	)		(0.59	)		12.43		(9.02	)(h)		15,688		2.17			2.17			1.63			4.26			62
Year ended 09/30/07		14.82		0.51		(0.52	)		(0.01	)		(0.54	)		14.27		(0.09	)(h)		20,942		2.03			2.03			1.62			3.45			28
Year ended 09/30/06		14.69		0.53		0.14			0.67			(0.54	)		14.82		4.69	(h)		29,564		1.86			1.86			1.64			3.64			16
Class C
Six months ended 08/31/11		12.50		0.25		0.51			0.76			(0.28	)		12.98		6.10	(d)		65,334		1.67	(e)		1.67	(e)		1.59	(e)		3.92	(e)		9
Period ended 02/28/11		13.47		0.23		(0.97	)		(0.74	)		(0.23	)		12.50		(5.51	)(d)		39,563		1.68	(f)		1.68	(f)		1.61	(f)		4.33	(f)		3
Year ended 09/30/10		13.30		0.57		0.16			0.73			(0.56	)		13.47		5.69	(d)		51,613		1.70			1.70			1.62			4.38			10
Year ended 09/30/09		12.41		0.57		0.96			1.53			(0.64	)		13.30		13.08	(i)		44,133		1.76			1.76			1.65			4.79			29
Year ended 09/30/08		14.24		0.59		(1.83	)		(1.24	)		(0.59	)		12.41		(8.97	)(i)		18,293		2.17			2.17			1.63			4.31			62
Year ended 09/30/07		14.79		0.50		(0.51	)		(0.01	)		(0.54	)		14.24		(0.10	)(i)		17,390		2.04			2.04			1.62			3.46			28
Year ended 09/30/06		14.67		0.53		0.13			0.66			(0.54	)		14.79		4.62	(i)		14,271		1.86			1.86			1.64			3.65			16
Class Y(j)
Six months ended 08/31/11		12.53		0.32		0.52			0.84			(0.34	)		13.03		6.78	(d)		467,988		0.67	(e)		0.67	(e)		0.59	(e)		4.92	(e)		9
Period ended 02/28/11		13.51		0.28		(0.97	)		(0.69	)		(0.29	)		12.53		(5.16	)(d)		6,370		0.68	(f)		0.68	(f)		0.61	(f)		5.33	(f)		3
Year ended 09/30/10		13.33		0.71		0.16			0.87			(0.69	)		13.51		6.81	(d)		3,625		0.70			0.70			0.62			5.37			10
Year ended 09/30/09		12.45		0.70		0.94			1.64			(0.76	)		13.33		14.08	(k)		5,064		0.77			0.77			0.66			5.89			29
Year ended 09/30/08		14.29		0.72		(1.83	)		(1.11	)		(0.73	)		12.45		(8.07	)(k)		264		1.16			1.16			0.63			5.25			62
Year ended 09/30/07		14.83		0.65		(0.50	)		0.15			(0.69	)		14.29		0.98	(k)		392		1.03			1.03			0.62			4.42			28
Year ended 09/30/06		14.71		0.68		0.13			0.81			(0.69	)		14.83		5.65	(k)		1,387		0.86			0.86			0.64			4.67			16

(a)	Calculated using average shares outstanding.
(b)	For the years ended September 30, 2010 and prior, ratio does not exclude facilities and maintenance fees.
(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period August 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $1,346,611,089 and sold of $90,278,030 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Van Kampen Insured Tax Free Fund and Invesco Tax Exempt Securities Fund into the Fund.
(d)	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.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $946,682, $21,664, $51,460 and $224,914 for Class A, Class B, Class C and Class Y shares, respectively.
(f)	Annualized.
(g)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 4.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(h)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 4%, charged on certain redemptions made within one year of purchase and declining to 0% after the sixth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(i)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(j)	On June 1, 2010, Class I shares of the predecessor fund were reorganized into Class Y shares of the Fund.
(k)	Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.

37        Invesco Van Kampen Municipal Income 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, 2011 through August 31, 2011.

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	(03/01/11)		(08/31/11)1		Period2,4		(08/31/11)		Period2,5		Ratio3
A	$	1,000.00	$	1,065.70	$	4.78	$	1,020.51	$	4.67		0.92	%
B		1,000.00		1,061.80		8.66		1,016.74		8.47		1.67
C		1,000.00		1,061.10		8.65		1,016.74		8.47		1.67
Y		1,000.00		1,067.80		3.48		1,021.77		3.40		0.67

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2011 through August 31, 2011, 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 184/366 to reflect the most recent fiscal half year.
3	Effective June 6, 2011, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expense of Class A, Class B, Class C and Class Y shares to 0.83%, 1.58%, 1.58% and 0.58% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.91%, 1.66%, 1.66% and 0.66% for Class A, Class B, Class C and Class Y shares, respectively.
4	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.73, $8.60, $8.60 and $3.43 for Class A, Class B, Class C and Class Y shares, respectively.
5	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.62, $8.42, $8.42 and $3.35 for Class A, Class B, Class C and Class Y shares, respectively.

38        Invesco Van Kampen Municipal Income 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 Van Kampen Municipal Income 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 Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% 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, 2011. 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. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements 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 Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks 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 their assigned Invesco Funds. Each Sub-Committee recommends to the Investments 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 Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation 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 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 Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. 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. One Trustee may have weighed a particular piece of information differently than another Trustee.

  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 15, 2011, 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, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  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 services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms 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 sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

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

39        Invesco Van Kampen Municipal Income Fund

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 funds in the Lipper performance universe and against the Lipper General Municipal Debt Funds Index. The Board noted that performance of Class A share of the Fund was in the second quintile of the performance universe for the one year period and the fourth 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 performance of Class A shares of the Fund was above the performance of the Index for the one year period and below 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 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 the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, 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 and including only one fund per investment adviser. 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 advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was above the rate of one mutual fund advised by Invesco Advisers and below the total account level fee of one mutual fund sub-advised by Invesco Advisers with comparable investment strategies.

  Other than the mutual funds described above, 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 contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2013 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 noted that at the current expense ratio for the Fund, this expense waiver does not have any impact.

  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 Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also 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.

  Based upon the information and considerations described above, 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 economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. 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 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 from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services 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. The Board 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 from the relationship with the Fund, including the fees received 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 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; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 Invesco 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 receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is 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.

40        Invesco Van Kampen Municipal Income Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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, 2011, is available at 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.

VK-MINC-SAR-1 Invesco Distributors, Inc.

Invesco Van Kampen New York Tax Free Income Fund
Semiannual Report to Shareholders § August 31, 2011
Nasdaq:
A: VNYAX § B: VBNYX § C: VNYCX § Y: VNYYX

     

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
11	Financial Statements
13	Notes to Financial Statements
19	Financial Highlights
20	Fund Expenses
21	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, 2/28/11 to 8/31/11, 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	7.22	%
Class B Shares	7.50
Class C Shares	6.76
Class Y Shares	7.21
Barclays Capital Municipal Bond Index▼ (Broad Market Index)	6.39
Barclays Capital New York Municipal Index§ (Style-Specific Index)	6.09

^▼ Lipper Inc.; § Barclays Capital via FactSet Research Systems Inc.

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

     The Barclays Capital New York Municipal Index is an index of New York investment grade municipal bonds.

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

     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 Van Kampen New York Tax Free Income Fund

Average Annual Total Returns

As of 8/31/11, including maximum applicable sales charges
 

									After Taxes
						After Taxes			on Distributions
			Before			on			and Sale of
			Taxes			Distributions			Fund Shares
Class A Shares
Inception (7/29/94)				5.14	%		5.09	%		5.09	%
	10	Years		3.74			3.70			3.81
	5	Years		2.37			2.36			2.65
	1	Year		-2.95			-2.95			-0.39
Class B Shares
Inception (7/29/94)				5.07	%		5.03	%		5.00	%
	10	Years		3.81			3.77			3.83
	5	Years		2.84			2.83			3.04
	1	Year		-3.07			-3.07			-0.55
Class C Shares
Inception (7/29/94)				4.66	%		4.62	%		4.59	%
	10	Years		3.48			3.44			3.49
	5	Years		2.60			2.59			2.76
	1	Year		0.17			0.17			1.46
Class Y Shares
	10	Years		4.27	%		4.23	%		4.28	%
	5	Years		3.41			3.40			3.56
	1	Year		2.03			2.03			3.01

Average Annual Total Returns

As of 6/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

									After Taxes
						After Taxes			on Distributions
			Before			on			and Sale of
			Taxes			Distributions			Fund Shares
Class A Shares
Inception (7/29/94)				5.03	%		4.98	%		4.99	%
	10	Years		3.84			3.80			3.91
	5	Years		2.38			2.37			2.67
	1	Year		-2.20			-2.21			0.14
Class B Shares
Inception (7/29/94)				4.96	%		4.92	%		4.91	%
	10	Years		3.91			3.87			3.92
	5	Years		2.83			2.82			3.04
	1	Year		-2.43			-2.43			-0.11
Class C Shares
Inception (7/29/94)				4.56	%		4.51	%		4.50	%
	10	Years		3.59			3.55			3.60
	5	Years		2.63			2.62			2.79
	1	Year		1.02			1.02			2.04
Class Y Shares
	10	Years		4.38	%		4.34	%		4.39	%
	5	Years		3.42			3.41			3.59
	1	Year		2.88			2.88			3.62

Effective June 1, 2010, Class A, Class B and Class C shares of the predecessor fund, Van Kampen New York Tax-Free Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B and Class C shares, respectively, of Invesco Van Kampen New York Tax Free Income Fund. Returns shown above for Class A, Class B and Class C shares are blended returns of the predecessor fund and Invesco Van Kampen New York Tax Free Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

     Class Y shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A share 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. Before

tax performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.68%, 0.76%, 1.43% and 0.43%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.93%, 1.01%, 1.68% and 0.68%, 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. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 4% at the time of purchase to 0% at the beginning of the seventh year. For shares pur-

chased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

     After-tax returns are calculated using the historical highest individual federal marginal income tax rate. They do not reflect the effect of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in tax-deferred accounts such as 401(k)s or IRAs. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2012. See current prospectus for more information.

3 Invesco Van Kampen New York Tax Free Income Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

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

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance and its holdings as of the close of the reporting period.

     In light of economic uncertainty and market volatility, I suggest you check the timely market updates and commentary from many of our fund managers and other investment professionals at invesco.com/us. On our website, you also can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Invesco offers a broad array of traditional mutual funds, as well as other investment products, including single-country, sector, regional and global investments spanning equity, fixed income and alternative asset classes. Across our product line, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals. It also means that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

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

     All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen New York Tax Free Income Fund

Schedule of Investments

August 31, 2011

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–104.76%
New York–95.66%
Albany (City of) Industrial Development Agency (Albany College Pharmacy); Series 2004 A, Civic Facility RB		5.63	%		12/01/34	$	1,290	$	1,269,334
Albany (City of) Industrial Development Agency (Albany Law School University); Series 2007 A, Civic Facility RB		5.00	%		07/01/31		1,000		985,090
Albany (City of) Industrial Development Agency (St. Peter’s Hospital); Series 2008 D, Civic Facility RB		5.75	%		11/15/27		400		406,208
Albany (County of) Airport Authority; Series 2010 A, Ref. RB (INS–AGM)(a)		5.00	%		12/15/25		500		539,215
Albany Capital Resource Corp. (St. Peters Hospital); Series 2011, RB		6.25	%		11/15/38		1,000		1,030,920
Battery Park (City of) City Authority; Series 2009 B, RB		5.00	%		11/01/34		500		537,580
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB		6.25	%		07/15/40		475		483,531
Series 2009, CAB RB(b)		0.00	%		07/15/34		3,685		880,089
Series 2009, RB		6.38	%		07/15/43		475		486,390
Chautauqua (County of) Industrial Development Agency (NRG–Dunkirk Power); Series 2009, Exempt Facility RB		5.88	%		04/01/42		1,510		1,474,938
Dutchess (County of) Industrial Development Agency (Elant Fishkill, Inc.); Series 2007 A, Civic Facility RB		5.25	%		01/01/37		365		266,111
East Rochester (City of) Housing Authority (Senior Living Woodland Village); Series 2006, Ref. RB		5.50	%		08/01/33		1,000		828,230
Erie (County of) Industrial Development Agency (City of Buffalo School District); Series 2011 A, School Facility RB		5.25	%		05/01/30		2,850		3,108,067
Essex (County of) Industrial Development Agency (International Paper); Series 2005 A, Solid Waste Disposal Ref. RB(c)		5.20	%		12/01/23		1,100		1,086,965
Hempstead (Town of) Local Development Corp. (Molloy College); Series 2009, Corporate RB		5.75	%		07/01/39		1,340		1,383,336
Islip Resource Recovery Agency (1985 Facility); Series 2004 E, Resource Recovery RB (INS–AGM)(a)(c)		5.75	%		07/01/22		1,290		1,363,311
Livingston (County of) Industrial Development Agency (Nicholas H. Noyes Memorial Hospital); Series 2005, Civic Facility RB		6.00	%		07/01/30		1,000		904,830
Long Island (City of) Power Authority;
Series 2000 A, CAB RB (INS–AGM)(a)(b)		0.00	%		06/01/18		2,000		1,687,380
Series 2003 C, Electric System RB (INS–CIFG)(a)		5.25	%		09/01/29		405		449,368
Series 2008 A, Electric System RB (INS–BHAC)(a)		5.50	%		05/01/33		355		386,783
Series 2009 A, Electric System RB		5.00	%		04/01/23		700		773,066
Madison (County of) Industrial Development Agency (Colgate University);
Series 2003 B, RB		5.00	%		07/01/33		500		507,180
Series 2005 A, Civic Facility RB (INS–AMBAC)(a)		5.00	%		07/01/35		750		768,195
Metropolitan Transportation Authority;
Series 2009 B, Dedicated Tax Federal RB		5.00	%		11/15/34		1,500		1,569,225
Series 2009 B, Dedicated Tax Federal RB		5.25	%		11/15/27		615		675,731
Monroe (County of) Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB		5.50	%		10/01/41		370		374,840
Monroe (County of) Industrial Development Corp.; Series 2011 A, RB		5.00	%		07/01/36		875		902,029
Montgomery (County of) Industrial Development Agency (Hamilton Fulton Montgomery Board of Cooperative Educational Services); Series 2005 A, Lease RB (INS–SYNCORA)(a)		5.00	%		07/01/34		1,320		1,233,038
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside);
Series 2007 A, Continuing Care Retirement RB		6.70	%		01/01/43		1,250		1,175,725
Series 2007 A, Continuing Care Retirement RB		5.88	%		01/01/18		500		494,705
Nassau Tobacco Settlement Corp.; Series 2006 A-2, Sr. Conv. Asset-Backed RB		5.25	%		06/01/26		1,000		871,280
New York (State of) Dormitory Authority (Brooklyn Law School);
Series 2003 B, RB (INS–SYNCORA)(a)		5.38	%		07/01/23		1,000		1,036,030
Series 2009, Non State Supported Debt Ref. RB		5.75	%		07/01/33		660		706,715
New York (State of) Dormitory Authority (Catholic Health Services of Long Island–St. Francis Hospital); Series 2004, Obligated Group RB		5.00	%		07/01/27		2,000		2,016,680

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

5        Invesco Van Kampen New York Tax Free Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (State of) Dormitory Authority (City of New York Issue); Series 2005 A, Court Facilities Lease Non State Supported Debt RB (INS–AMBAC)(a)		5.50	%		05/15/30	$	750	$	863,235
New York (State of) Dormitory Authority (City University Systems Consolidation); Series 1996 B, RB		6.00	%		07/01/14		520		559,697
New York (State of) Dormitory Authority (City University); Series 1993 D, Ref. Special Obligation Bond (INS–AGM)(a)		5.75	%		07/01/12		235		242,607
New York (State of) Dormitory Authority (Columbia University); Series 2011, Non State Supported Debt RB		5.00	%		10/01/41		510		556,828
New York (State of) Dormitory Authority (Cornell University); Series 2006 A, Non State Supported Debt RB(f)		5.00	%		07/01/35		4,725		4,927,372
New York (State of) Dormitory Authority (Court Facilities Lease);
Series 2005 A, Non State Supported Debt RB (INS–AMBAC)(a)		5.50	%		05/15/27		710		824,672
Series 2005 A, Non State Supported Debt RB (INS–AMBAC)(a)		5.50	%		05/15/31		555		634,459
New York (State of) Dormitory Authority (Education); Series 2008 B, State Personal Income Tax RB		5.75	%		03/15/36		1,000		1,121,550
New York (State of) Dormitory Authority (FIT Student Housing Corp.); Series 2007, Non State Supported Debt RB (INS–NATL)(a)		5.25	%		07/01/28		935		990,932
New York (State of) Dormitory Authority (Fordham University);
Series 2008 B, Non State Supported Debt RB (INS–AGL)(a)		5.00	%		07/01/33		500		519,455
Series 2011 A, Non State Supported Debt RB		5.13	%		07/01/29		500		531,735
New York (State of) Dormitory Authority (Manhattan College); Series 2007 A, Non State Supported Debt RB (INS–RADIAN)(a)		5.00	%		07/01/41		1,150		1,036,610
New York (State of) Dormitory Authority (Manhattan Marymount); Series 2009, Non State Supported Debt RB		5.25	%		07/01/29		1,000		997,630
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer Center); Series 1998 C, RB (INS–NATL)(a)		5.50	%		07/01/23		1,250		1,473,837
New York (State of) Dormitory Authority (Mental Health Services Facilities Improvement);
Series 2007 A, State Supported Debt RB (INS–AGM)(a)		5.00	%		02/15/27		1,000		1,056,840
Series 2008 C, State Supported Debt RB (INS–AGM)(a)(c)		5.25	%		02/15/28		2,000		2,057,400
New York (State of) Dormitory Authority (Miriam Osborn Memorial Home); Series 2000 B, RB (INS–ACA)(a)		6.38	%		07/01/29		750		752,535
New York (State of) Dormitory Authority (Montefiore Hospital); Series 2004, FHA Insured Mortgage RB (INS–NATL)(a)		5.00	%		08/01/29		1,000		1,059,320
New York (State of) Dormitory Authority (Mount Sinai School of Medicine); Series 2009, Non State Supported Debt RB		5.13	%		07/01/39		1,250		1,272,100
New York (State of) Dormitory Authority (New York University Hospital Center); Series 2011 A, Non State Supported Debt RB		6.00	%		07/01/40		1,500		1,561,365
New York (State of) Dormitory Authority (New York University); Series 2001-1, RB (INS–BHAC/AMBAC)(a)		5.50	%		07/01/31		1,070		1,267,254
New York (State of) Dormitory Authority (North Shore–Long Island Jewish Obligated Group);
Series 2006 A, Non State Supported Debt RB		5.00	%		11/01/26		1,000		1,013,100
Series 2009 A, Non State Supported Debt RB		5.50	%		05/01/37		1,250		1,274,950
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2008, Non State Supported Debt RB		6.13	%		12/01/29		500		496,795
Series 2008, Non State Supported Debt RB		6.50	%		12/01/21		1,000		1,050,490
New York (State of) Dormitory Authority (Providence Rest); Series 2005, Non State Supported Debt RB (INS–ACA)(a)		5.25	%		07/01/25		2,000		1,629,880
New York (State of) Dormitory Authority (Rehab Association); Series 2001 A, RB (INS–AMBAC)(a)		5.50	%		07/01/15		960		982,829
New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2010, Non State Supported Debt RB		5.00	%		07/01/40		1,250		1,287,250
New York (State of) Dormitory Authority (Rockefeller University); Series 2010 A, RB		5.00	%		07/01/41		775		827,095
New York (State of) Dormitory Authority (School District Building Financing Program); Series 2008 C, Non State Supported Debt RB		7.50	%		04/01/39		2,000		2,354,400
New York (State of) Dormitory Authority (School District Financing Program); Series 2009 C, Non State Supported Debt RB (INS–AGL)(a)		5.00	%		10/01/24		1,500		1,640,595
New York (State of) Dormitory Authority (School District Revenue Bond Financing Program);
Series 2002 C, RB (INS–NATL)(a)		5.25	%		04/01/21		1,000		1,045,060
Series 2002 E, RB (INS–NATL)(a)		5.50	%		10/01/17		1,000		1,047,240
Series 2008 D, RB (INS–AGL)(a)		5.75	%		10/01/24		500		569,685
New York (State of) Dormitory Authority (St. Francis College); Series 2010, Non State Supported Debt RB		5.00	%		10/01/40		850		845,444
New York (State of) Dormitory Authority (St. Josephs College); Series 2010, Non State Supported Debt RB		5.25	%		07/01/35		500		513,115

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

6        Invesco Van Kampen New York Tax Free Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (State of) Dormitory Authority (State University Dormitory Facilities);
Series 2008 A, State Supported Debt Lease RB		5.00	%		07/01/25	$	1,000	$	1,078,120
Series 2010 A, Lease RB		5.00	%		07/01/35		400		417,832
New York (State of) Dormitory Authority (Suffolk County); Series 1986, Judicial Facilities Lease RB(g)		7.38	%		07/01/16		1,445		1,693,439
New York (State of) Dormitory Authority (The New School); Series 2010, Non State Supported Debt RB		5.50	%		07/01/40		1,245		1,305,233
New York (State of) Dormitory Authority (Vassar College); Series 2007, Non State Supported Debt RB		5.00	%		07/01/46		925		949,161
New York (State of) Dormitory Authority (Winthrop South Nassau University Health System Obligated Group); Series 2003 B, RB		5.50	%		07/01/23		750		764,857
New York (State of) Dormitory Authority; Series 1993 A, State University Educational Facilities RB		5.25	%		05/15/15		2,000		2,220,980
New York (State of) Energy Research & Development Authority (Brooklyn Union Gas Co.); Series 1991 B, Registered Residual Interest Gas Facility RB(c)(h)		12.67	%		07/01/26		1,200		1,204,392
New York (State of) Environmental Facilities Corp. (2010 Master Financing Program) ; Series 2005 B, State Revolving RB		5.50	%		04/15/35		310		379,809
New York (State of) Environmental Facilities Corp. (New York City Municipal Water); Series 2011, Revolving Funds State Cleaning Water & Drinking RB		5.00	%		06/15/31		1,430		1,561,160
New York (State of) Industrial Development Agency (7 World Trade Center, LLC); Series 2005 A, Liberty RB		6.25	%		03/01/15		925		928,626
New York (State of) Industrial Development Agency (IAC/Interactive Corp.); Series 2005, Liberty RB		5.00	%		09/01/35		1,515		1,341,139
New York (State of) Industrial Development Agency (New York Stock Exchange); Series 2009 A, Ref. Special Facility RB		5.00	%		05/01/25		500		535,945
New York (State of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS–ACA)(a)		5.25	%		11/01/37		1,500		1,460,355
New York (State of) Industrial Development Agency (Staten Island University Hospital); Series 2001 B, Civic Facility RB(i)(j)		6.38	%		07/01/12		1,095		1,099,413
New York (State of) Industrial Development Agency (Terminal One Group Association);
Series 2005, Special Facility RB(c)(h)(i)		5.50	%		01/01/20		2,000		2,119,780
Series 2005, Special Facility RB(c)(h)(i)		5.50	%		01/01/24		2,000		2,068,260
New York (State of) Thruway Authority;
Series 2007 H, RB (INS–NATL)(a)		5.00	%		01/01/29		1,000		1,055,120
Series 2008 B, Second General Highway and Bridge Trust Fund RB		5.00	%		04/01/25		500		551,790
Series 2009 B, Second General Highway and Bridge Trust Fund RB		5.00	%		04/01/29		500		540,735
New York (State of) Urban Development Corp. (Correctional Facility); Series 1994 A, Ref. RB		5.50	%		01/01/14		355		373,219
New York (State of) Urban Development Corp. (Service Contract); Series 2008 B, Ref. RB		5.25	%		01/01/24		750		829,837
New York City (City of);
Series 2008 F-1, Unlimited Tax GO Bonds		5.50	%		11/15/28		1,750		1,978,007
Subseries 1993 E2, VRD Unlimited Tax GO Bonds (LOC–JPMorgan Chase Bank, N.A.)(d)(e)		0.10	%		08/01/20		1,000		1,000,000
Subseries 2008 G-1, Unlimited Tax GO Bonds		6.25	%		12/15/35		400		461,716
Subseries 2008 I-1, Unlimited Tax GO Bonds		5.00	%		02/01/25		405		441,624
Subseries 2009 I-1, Unlimited Tax GO Bonds		5.25	%		04/01/32		900		969,579
New York City (City of) Health & Hospital Corp. (Health System);
Series 2002 A, RB(i)(j)		5.50	%		02/15/12		500		512,210
Series 2003 A, RB (INS–AMBAC)(a)		5.25	%		02/15/22		1,000		1,049,710
New York City (City of) Housing Development Corp. (East Midtown); Series 1978, RB		6.50	%		11/15/18		1,205		1,209,021
New York City (City of) Housing Development Corp. (Ruppert); Series 1978, MFH RB		6.50	%		11/15/18		1,261		1,328,894
New York City (City of) Housing Development Corp.; Series 2005 K, Multifamily Housing RB(c)		5.00	%		11/01/37		1,000		1,000,300
New York City (City of) Industrial Development Agency (Airis JFK I LLC); Series 2001 A, Airport Facility RB(c)		5.50	%		07/01/28		1,000		873,920
New York City (City of) Industrial Development Agency (Royal Charter Presbyterian) Series 2001, Facility RB (INS–AGM)(a)		5.38	%		12/15/16		1,405		1,452,124
New York City (City of) Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. Second Priority Liberty RB		6.38	%		07/15/49		1,215		1,257,464
New York City (City of) Liberty Development Corp. (National Sports Museum); Series 2006 A, Liberty RB(k)		6.13	%		02/15/19		750		7

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

7        Invesco Van Kampen New York Tax Free Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York City (City of) Municipal Water Finance Authority (Water & Sewer System);
Series 2005 D, RB(f)		5.00	%		06/15/37	$	4,000	$	4,115,720
Series 2009 FF-2, RB		5.50	%		06/15/40		2,000		2,191,240
New York City (City of) Transitional Finance Authority;
Series 2008 S-2, Building Aid RB		6.00	%		07/15/33		850		962,404
Series 2009 A, Future Tax Sec. RB(f)		5.00	%		05/01/28		755		824,437
Series 2009 A, Future Tax Sec. RB(f)		5.00	%		05/01/29		605		656,842
Series 2009 A, Future Tax Sec. RB(f)		5.00	%		05/01/30		605		652,238
Series 2009 S-1, Building Aid RB		5.50	%		07/15/38		500		539,200
Series 2009 S-3, Building Aid RB		5.25	%		01/15/27		2,060		2,256,627
Series 2009 S-3, Building Aid RB		5.25	%		01/15/39		1,000		1,059,750
Series 2009 S-5, Building Aid RB		5.00	%		01/15/31		595		625,845
Series 2011 E, Sec. Future Tax RB		5.00	%		11/01/24		660		756,776
New York City (City of) Trust for Cultural Resources (American Museum of Natural History); Series 2004 A, Ref. RB (INS–NATL)(a)(f)		5.00	%		07/01/44		960		975,254
New York City (City of) Trust for Cultural Resources (Carnegie Hall); Series 2009 A, RB		5.00	%		12/01/39		850		863,430
New York City (City of) Trust for Cultural Resources (Museum of Modern Art); Series 2008 1A, Ref. RB		5.00	%		04/01/31		800		850,168
North Syracuse Central School District (Onondaga County); Series 2007 A, Ref. Unlimited Tax GO Bonds (INS–NATL)(a)		5.00	%		06/15/23		935		1,091,341
Oneida (County of) Industrial Development Agency (St. Elizabeth Medical Center); Series 1999 A, RB		5.88	%		12/01/29		995		911,022
Onondaga Civic Development Corp. (Le Moyne College); Series 2010, RB		5.38	%		07/01/40		1,065		1,061,816
Port Authority of New York & New Jersey (JFK International Air Terminal LLC); Series 2010, Special Obligation RB		6.00	%		12/01/42		860		874,431
Port Authority of New York & New Jersey (JFK International Air Terminal, LLC); Series 1997, Special Obligation RB (INS–NATL)(a)(c)		5.75	%		12/01/22		2,000		1,985,760
Rensselaer (County of) Industrial Development Agency (Franciscan Heights); Series 2004 A, IDR (INS–SONYMA)(LOC–JP Morgan Chase Bank)(a)(c)(d)		5.38	%		12/01/36		1,000		1,002,270
Rockland (County of) Solid Waste Management Authority; Series 2003 B, RB (INS–AMBAC)(a)(c)		5.00	%		12/15/23		1,000		1,014,670
Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, Solid Waste Disposal RB(c)(h)(i)(l)		6.63	%		10/01/35		850		852,210
Suffolk (County of) Industrial Development Agency (Eastern Long Island Hospital Association); Series 2007, Civic Facility RB(l)		5.38	%		01/01/27		1,325		1,097,166
Suffolk (County of) Industrial Development Agency (Family Service League); Series 2004, Civic Facility RB (LOC–Fleet National Bank)(d)		5.00	%		11/01/34		825		826,378
Suffolk (County of) Industrial Development Agency (Jefferson’s Ferry); Series 2006, Ref. Continuing Care Retirement Community Ref. RB		5.00	%		11/01/28		1,000		934,290
Suffolk Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB		6.00	%		12/01/40		465		466,586
Syracuse (City of) Industrial Development Agency (Jewish Home of Central New York, Inc.); Series 2001 A, First Mortgage RB		7.38	%		03/01/21		250		232,070
Tompkins (County of) Industrial Development Agency (Cornell University); Series 2008 A, Civic Facility RB		5.00	%		07/01/37		250		264,335
Triborough Bridge & Tunnel Authority;
Series 2008, General Purpose RB		4.75	%		11/15/29		200		211,934
Series 2008, General Purpose RB		5.00	%		11/15/37		500		522,095
Troy (City of) Capital Resource Corp. (Rensselaer Polytechnic); Series 2010 A, RB		5.00	%		09/01/30		1,250		1,277,725
TSASC, Inc.; Series 2006 1, Tobacco Settlement RB		5.13	%		06/01/42		1,040		719,815
Ulster (County of) Resource Recovery Agency Series 2002, Ref. Solid Waste System RB (INS–AMBAC)(a)		5.25	%		03/01/18		1,000		1,054,970
United Nations Development Corp.;
Series 2009 A, Ref. RB		5.00	%		07/01/25		1,000		1,092,280
Series 2009 A, Ref. RB		5.00	%		07/01/26		810		874,427

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

8        Invesco Van Kampen New York Tax Free Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
Upper Mohawk Valley Regional Water Finance Authority Series 2000, Unrefunded Balance RB (INS–AMBAC)(a)		5.75	%		04/01/20	$	80	$	80,301
Utica (City of) Industrial Development Agency (Utica College); Series 1998 A, RB		5.75	%		08/01/28		280		270,878
Westchester (County of) Industrial Development Agency (Guiding Eyes For The Blind); Series 2004, Civic Facility RB		5.38	%		08/01/24		1,000		1,020,920
Westchester (County of) Tobacco Asset Securitization Corp.; Series 2005, RB		5.13	%		06/01/45		2,500		1,685,775
Yonkers (City of) Economic Development Corp. (Charter School of Educational Excellence) Series 2010 A, Educational RB		6.25	%		10/15/40		1,000		949,940
									151,266,590
Puerto Rico–5.37%
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, Sr. Lien RB		6.00	%		07/01/38		1,300		1,304,927
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, Power RB		5.00	%		07/01/37		1,000		941,240
Series 2008 WW, Power RB		5.50	%		07/01/21		1,000		1,084,500
Series 2008 WW, Power RB		5.25	%		07/01/33		1,000		985,230
Series 2010 XX, Power RB		5.75	%		07/01/36		500		512,300
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 1993 X, Ref. RB(i)(j)		5.50	%		07/01/15		2,000		2,194,140
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS–AMBAC)(a)		5.50	%		07/01/27		675		705,908
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.; Series 2010 A, Sales Tax CAB RB(b)		0.00	%		08/01/34		1,000		235,010
Puerto Rico Sales Tax Financing Corp.; First Sub–Series 2010 A, RB		5.38	%		08/01/39		530		534,616
									8,497,871
Virgin Islands–2.14%
Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); Series 1999 A, RB		6.38	%		10/01/19		1,000		1,002,010
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Note–Diageo); Series 2009 A, Sub. RB		6.63	%		10/01/29		845		892,050
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/29		1,000		971,560
Virgin Islands (Government of) Water & Power Authority; Series A, RB		5.00	%		07/01/22		500		518,510
									3,384,130
Guam–1.59%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB		5.63	%		12/01/29		135		137,213
Series 2009 A, Limited Obligation RB		5.75	%		12/01/34		1,250		1,260,075
Guam (Territory of) Government Waterworks Authority; Series 2010, Water & Wastewater System RB		5.63	%		07/01/40		740		682,635
Guam (Territory of) Power Authority; Series 2010 A, RB		5.50	%		10/01/40		450		428,868
									2,508,791
TOTAL INVESTMENTS(m)–104.76% (Cost $162,928,962)									165,657,382
FLOATING RATE NOTE OBLIGATIONS–(4.89%)
Notes with interest rates ranging from 0.21% to 0.22% at 08/31/2011 and contractual maturities of collateral ranging from 05/01/28 to 07/01/44 (See Note 1L)(n)									(7,735,000	)
OTHER ASSETS LESS LIABILITIES–0.13%									205,038
NET ASSETS–100.00%								$	158,127,420

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

9        Invesco Van Kampen New York Tax Free Income Fund

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
AGL	– Assured Guaranty Ltd.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BHAC	– Berkshire Hathaway Assurance Corp.
CAB	– Capital Appreciation Bonds
CIFG	– CIFG Assurance North America, Inc.
Conv.	– Convertible
FHA	– Federal Housing Administration
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
MFH	– Multi Family Housing
NATL	– National Public Finance Guarantee Corp.
RB	– Revenue Bonds
Ref.	– Refunding
SONYMA	– State of New York Mortgage Agency
Sr.	– Senior
Sub.	– Subordinated
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

(a)	Principal and/or interest payments are secured by the bond insurance company listed.
(b)	Zero coupon bond issued at a discount.
(c)	Security subject to the alternative minimum tax.
(d)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(e)	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, 2011.
(f)	Underlying security related to Dealer Trusts entered into by the Fund. See Note 1L.
(g)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(h)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
(i)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(j)	Advance refunded.
(k)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at August 31, 2011 represented 0.00% of the Fund’s Net Assets.
(l)	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, 2011 was $1,949,376, which represented 1.23% of the Fund’s Net Assets.
(m)	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
American Municipal Bond Assurance Corp.*		5.05	%
Assured Guaranty Municipal Corp.		5.31	%
National Public Finance Guarantee Corp.		6.78	%

⁽ⁿ⁾ Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2011. At August 31, 2011, the Fund’s investments with a value of $12,151,864 are held by Dealer Trusts and serve as collateral for the $7,735,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

Revenue Bonds	93.0	%
General Obligation Bonds	3.7
Pre-Refunded Bonds	3.3

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

10        Invesco Van Kampen New York Tax Free Income Fund

Statement of Assets and Liabilities

August 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $162,928,962)	$	165,657,382
Receivable for:
Fund shares sold		67,955
Interest		1,913,303
Investment for trustee deferred compensation and retirement plans		4,344
Other assets		12,803
Total assets		167,655,787
Liabilities:
Floating rate note obligations		7,735,000
Payable for:
Investments purchased		906,579
Fund shares reacquired		220,512
Amount due custodian		222,898
Dividends		229,466
Accrued fees to affiliates		72,111
Accrued other operating expenses		74,702
Trustee deferred compensation and retirement plans		67,099
Total liabilities		9,528,367
Net assets applicable to shares outstanding	$	158,127,420
Net assets consist of:
Shares of beneficial interest	$	160,266,700
Undistributed net investment income		143,938
Undistributed net realized gain (loss)		(5,011,638	)
Unrealized appreciation		2,728,420
	$	158,127,420
Net assets:
Class A	$	128,383,398
Class B	$	6,270,128
Class C	$	16,629,048
Class Y	$	6,844,846
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		8,369,814
Class B		409,041
Class C		1,085,206
Class Y		446,698
Class A:
Net asset value per share	$	15.34
Maximum offering price per share
(Net asset value of $15.34 divided by 95.25%)	$	16.10
Class B:
Net asset value and offering price per share	$	15.33
Class C:
Net asset value and offering price per share	$	15.32
Class Y:
Net asset value and offering price per share	$	15.32

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

11        Invesco Van Kampen New York Tax Free Income Fund

Statement of Operations

For the six months ended August 31, 2011

(Unaudited)

Investment income:
Interest	$	3,232,808
Expenses:
Advisory fees		286,137
Administrative services fees		25,137
Custodian fees		3,360
Distribution fees:
Class A		118,750
Class B		10,739
Class C		83,978
Interest, facilities, maintenance fees		24,568
Transfer agent fees		35,515
Trustees’ and officers’ fees and benefits		10,254
Other		49,053
Total expenses		647,491
Less: Fees waived		(152,201	)
Net expenses		495,290
Net investment income		2,737,518
Net realized gain from investment securities		616,531
Change in net unrealized appreciation of investment securities		4,611,515
Net realized and unrealized gain		5,228,046
Net increase in net assets resulting from operations	$	7,965,564

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

12        Invesco Van Kampen New York Tax Free Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2011, the period October 1, 2010 through ended February 28, 2011 and the year ended September 30, 2010

(Unaudited)

	Six months			Five months
	ended			ended			Year ended
	August 31,			February 28,			September 30,
	2011			2011			2010
Operations:
Net investment income	$	2,737,518		$	1,862,970		$	4,421,200
Net realized gain (loss)		616,531			(334,685	)		(14,391	)
Change in net unrealized appreciation (depreciation)		4,611,515			(6,985,129	)		2,445,562
Net increase (decrease) in net assets resulting from operations		7,965,564			(5,456,844	)		6,852,371
Distributions to shareholders from net investment income:
Class A		(2,232,933	)		(1,378,184	)		(3,301,571	)
Class B		(147,431	)		(135,603	)		(439,089	)
Class C		(335,071	)		(291,493	)		(739,006	)
Class Y		(80,621	)		(206	)		(161	)
Total distributions from net investment income		(2,796,056	)		(1,805,486	)		(4,479,827	)
Share transactions–net:
Class A		57,607,107			(2,597,582	)		250,395
Class B		(1,181,191	)		(1,150,024	)		(2,951,957	)
Class C		(819,821	)		(1,017,728	)		(840,554	)
Class Y		6,702,809			41			10,161
Net increase (decrease) in net assets resulting from share transactions		62,308,904			(4,765,293	)		(3,531,955	)
Net increase (decrease) in net assets		67,478,412			(12,027,623	)		(1,159,411	)
Net assets:
Beginning of the period		90,649,008			102,676,631			103,836,042
End of period (includes undistributed net investment income of $143,938, $202,476 and $144,992, respectively)	$	158,127,420		$	90,649,008		$	102,676,631

Notes to Financial Statements

August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen New York Tax Free Income Fund (the “Fund”), is a series portfolio of AIM Tax-Exempt Funds (Invesco 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 twelve 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 investors with a high level of current income exempt from federal, New York State and New York City income tax, consistent with the preservation of capital.

  The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. 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 C shares are sold with a CDSC. Class Y shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. 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. 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. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

  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.

13        Invesco Van Kampen New York Tax Free Income Fund

	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 net realized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized 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 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.	Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.
H.	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.

14        Invesco Van Kampen New York Tax Free Income Fund

I.	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.
J.	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.
K.	Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.
L.	Floating Rate Note Obligations — The Fund invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Fund. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Fund, thereby collapsing the Dealer Trusts.
	TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
	The Fund accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate note obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
	The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Fund, the Fund will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Fund could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

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 Daily Net Assets	Rate
First $500 million		0	.470%
Over $500 million		0	.445%

  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,

15        Invesco Van Kampen New York Tax Free Income Fund

Inc. and Invesco Canada 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).

  The Adviser has contractually agreed, through June 30, 2012, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 0.78%, 1.53%, 1.53% and 0.53% of average daily net assets, respectively. In addition, the Adviser has contractually agreed through at least June 30, 2012, to waive advisory fees equal to 0.10% of the Fund’s average daily net assets. 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 net annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (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. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012.

  Further, the Adviser has contractually agreed, through at least June 30, 2012, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended August 31, 2011, the Adviser waived advisory fees of $152,201.

  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, 2011, 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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets.

  With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

  For the six months ended August 31, 2011, 12b-1 fees incurred for Class B shares were $10,739 after fee waivers of $22,611 expenses incurred under these agreements 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, 2011, IDI advised the Fund that IDI retained $4,102 in front-end sales commissions from the sale of Class A shares and $604, $6,721 and $448 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 the Adviser, Invesco Ltd., 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, 2011. 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.

16        Invesco Van Kampen New York Tax Free Income Fund

  During the six months ended August 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	165,657,382	$	—	$	165,657,382

NOTE 4—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, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses 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 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, 2011, the Fund paid legal fees of $1,049 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the State Street Bank and Trust Company, 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.

  Inverse floating rate note obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2011 were $5,236,429 and 0.93%, respectively.

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, 2011 which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 28, 2017	$	1,814,155
February 28, 2018		3,515,499
February 28, 2019		279,855
Total capital loss carryforward	$	5,609,509

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

17        Invesco Van Kampen New York Tax Free Income Fund

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, 2011 was $8,532,601 and $10,230,213, 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	$	7,388,568
Aggregate unrealized (depreciation) of investment securities		(3,422,878	)
Net unrealized appreciation of investment securities	$	3,965,690
Cost of investments for tax purposes is $161,691,692.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Five months ended						Year ended
	August 31, 2011(a)						February 28, 2011						September 30, 2010
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		264,848(b	)	$	3,987,788(b	)		187,683	(c)	$	2,827,687	(c)		733,021	(d)	$	11,258,712	(d)
Class B		3,946			60,401			9,548			148,390			65,009			989,456
Class C		42,983			649,814			24,890			365,262			122,330			1,870,602
Class Y		426			6,431			0			0			648			10,000
Issued as reinvestment of dividends:
Class A		87,541			1,317,410			54,265			811,310			161,342			2,473,042
Class B		6,493			97,196			5,836			86,939			23,431			356,965
Class C		13,849			207,104			12,032			179,746			35,975			550,733
Class Y		3,375			51,248			3			41			10			161
Issued in connection with acquisitions:(e)
Class A		4,030,206			60,840,808			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class Y		464,211			6,978,351			—			—			—			—
Reacquired:
Class A		(571,713	)		(8,538,899	)		(418,300	)		(6,236,579	)		(881,321	)		(13,481,359	)
Class B		(89,813	)(b)		(1,338,788	)(b)		(93,594	)(c)		(1,385,353	)(c)		(281,866	)(d)		(4,298,378	)(d)
Class C		(111,379	)		(1,676,739	)		(105,375	)		(1,562,736	)		(213,484	)		(3,261,889	)
Class Y		(21,975	)		(333,221	)		0			0			0			0
Net increase (decrease) in share activity		4,122,998		$	62,308,904			(323,012	)	$	(4,765,293	)		(234,905	)	$	(3,531,955	)

(a)	There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% 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, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)	Includes automatic conversion of 49,733 Class B shares into 49,654 Class A shares at a value of $740,601.
(c)	Includes automatic conversion of 62,546 Class B shares into 62,203 Class A shares at a value of $928,542.
(d)	Includes automatic conversion of 109,306 Class B shares into 108,782 Class A shares at a value of $1,673,533.
(e)	As of the opening of business on June 6, 2011, the Fund acquired all of the net assets of Invesco New York Tax-Free Income, pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of Invesco New York Tax-Free Income on April 14, 2011. The acquisition was accomplished by a tax-free exchange of 10,417,511 shares of the Fund for 6,361,658 shares outstanding of Invesco New York Tax-Free Income as of the close of business on May 20, 2011. Class A and Class Y shares of Invesco New York Tax-Free Income Fund were exchanged for the like class of shares of the Fund based on the relative net asset value of the Fund on the close of business, May 20, 2011. Class B and Class C Shares of Invesco New York Tax-Free Income Fund were exchanged for Class A Shares of the Fund. Invesco New York Tax-Free Income Fund’s net assets at that date of $67,819,158, including $1,968,357 of unrealized appreciation were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $89,339,574. The net assets of the Fund immediately following the acquisition were $157,158,733.

18        Invesco Van Kampen New York Tax Free Income Fund

NOTE 10—Financial Highlights

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

																																				Supplemental
																																				Ratios
																																				Ratio of			Ratio of
																																				expenses			expenses
																											Ratio of			Ratio of						to average			to average
																											expenses			expenses						net assets			net assets
																											to average			to average						with fee			without fee
					Net gains																						net assets			net assets						waivers			waivers
					(losses)																						with fee			without fee			Ratio of net			(excluding			(excluding
	Net asset				on securities						Dividends			Distributions													waivers			waivers			investment			interest,			interest,
	value,		Net		(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			income			facilities and			facilities and
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			maintenance			maintenance			Portfolio
	of period		income(a)		unrealized)			operations			income			gains			Distributions			of period		Return			(000s omitted)		absorbed			absorbed			net assets			fees)			fees)(j)			turnover(b)
Class A
Six months ended 08/31/11	$	14.66	$	0.35	$	0.69		$	1.04		$	(0.36	)	$	0		$	(0.36	)	$	15.34		7.15	%(c)	$	128,383		0.71	%(d)		0.96	%(d)		4.58	%(d)		0.67	%(d)		0.92	%(d)		9	%
Period ended 02/28/11		15.78		0.30		(1.12	)		(0.82	)		(0.30	)		0			(0.30	)		14.66		(5.25	)(c)		66,813		0.68	(k)		0.93	(k)		4.86	(k)		0.66	(k)		0.91	(k)		10
Year ended 09/30/10		15.40		0.70		0.39			1.09			(0.71	)		0			(0.71	)		15.78		7.32	(c)		74,722		0.76			1.01			4.59			0.73			0.98			18
Year ended 09/30/09		14.31		0.70		1.10			1.80			(0.71	)		0			(0.71	)		15.40		13.24	(e)		72,726		0.84			1.09			5.06			0.78			1.03			32
Year ended 09/30/08		16.01		0.69		(1.66	)		(0.97	)		(0.71	)		(0.02	)		(0.73	)		14.31		(6.32	)(e)		74,376		0.89			1.14			4.44			0.73			0.98			34
Year ended 09/30/07		16.47		0.67		(0.43	)		0.24			(0.68	)		(0.02	)		(0.70	)		16.01		1.34	(e)		82,261		0.81			1.06			4.12			0.72			0.97			13
Year ended 09/30/06		16.67		0.66		0.11			0.77			(0.65	)		(0.32	)		(0.97	)		16.47		4.96	(e)		73,839		0.73			0.98			4.05			0.73			0.98			30
Class B
Six months ended 08/31/11		14.62		0.34		0.70			1.04			(0.33	)		0			(0.33	)		15.33		7.21	(c)(f)		6,270		0.78	(d)(f)		1.03	(d)(f)		4.51	(d)(f)		0.74	(d)(f)		0.99	(d)(f)		9
Period ended 02/28/11		15.70		0.30		(1.13	)		(0.83	)		(0.25	)		0			(0.25	)		14.62		(5.30	)(c)(f)		7,143		0.77	(f)(k)		1.02	(f)(k)		4.77	(f)(k)		0.75	(f)(k)		1.00	(k)		10
Year ended 09/30/10		15.35		0.62		0.39			1.01			(0.66	)		0			(0.66	)		15.70		6.76	(c)(f)		8,895		1.26	(f)		1.51	(f)		4.09	(f)		1.23	(f)		1.48			18
Year ended 09/30/09		14.27		0.69		1.09			1.78			(0.70	)		0			(0.70	)		15.35		13.13	(g)(h)		11,666		0.92	(h)		1.17	(h)		4.99	(h)		0.86	(h)		1.11			32
Year ended 09/30/08		15.97		0.70		(1.65	)		(0.95	)		(0.73	)		(0.02	)		(0.75	)		14.27		(6.22	)(g)(h)		15,016		0.81	(h)		1.06	(h)		4.52	(h)		0.65	(h)		0.90			34
Year ended 09/30/07		16.43		0.60		(0.43	)		0.17			(0.61	)		(0.02	)		(0.63	)		15.97		0.95	(g) (h)		20,512		1.23	(h)		1.48	(h)		3.69	(h)		1.14	(h)		1.39			13
Year ended 09/30/06		16.63		0.54		0.11			0.65			(0.53	)		(0.32	)		(0.85	)		16.43		4.18	(g)		28,613		1.48			1.73			3.30			1.48			1.73			30
Class C
Six months ended 08/31/11		14.64		0.29		0.69			0.98			(0.30	)		0			(0.30	)		15.32		6.76	(c)		16,629		1.46	(d)		1.71	(d)		3.84	(d)		1.42	(d)		1.67	(d)		9
Period ended 02/28/11		15.77		0.25		(1.13	)		(0.88	)		(0.25	)		0			(0.25	)		14.64		(5.62	)(c)		16,684		1.43	(k)		1.68	(k)		4.11	(k)		1.41	(k)		1.66	(k)		10
Year ended 09/30/10		15.39		0.59		0.38			0.97			(0.59	)		0			(0.59	)		15.77		6.50	(c)		19,049		1.51			1.76			3.84			1.48			1.73			18
Year ended 09/30/09		14.29		0.61		1.10			1.71			(0.61	)		0			(0.61	)		15.39		12.51	(h)(i)		19,444		1.50	(h)		1.75	(h)		4.40	(h)		1.44	(h)		1.69	(h)		32
Year ended 09/30/08		15.99		0.58		(1.67	)		(1.09	)		(0.59	)		(0.02	)		(0.61	)		14.29		(7.04	)(i)		18,644		1.64			1.89			3.70			1.48			1.73			34
Year ended 09/30/07		16.45		0.55		(0.43	)		0.12			(0.56	)		(0.02	)		(0.58	)		15.99		0.66	(h)(i)		18,912		1.55	(h)		1.80	(h)		3.37	(h)		1.46	(h)		1.71	(h)		13
Year ended 09/30/06		16.65		0.54		0.11			0.65			(0.53	)		(0.32	)		(0.85	)		16.45		4.14	(h)(i)		17,389		1.46	(h)		1.71	(h)		3.32	(h)		1.46	(h)		1.71	(h)		30
Class Y
Six months ended 08/31/11		14.64		0.37		0.68			1.05			(0.37	)		0			(0.37	)		15.32		7.28©			6,845		0.46	(d)		0.71	(d)		4.83	(d)		0.42	(d)		0.67	(d)		9
Period ended 02/28/11		15.78		0.32		(1.15	)		(0.83	)		(0.31	)		0			(0.31	)		14.64		(5.27	)(c)		10		0.43	(k)		0.68	(k)		5.11	(k)		0.41	(k)		0.66	(k)		10
Year ended 09/30/10		15.44		0.25		0.34			0.59			(0.25	)		0			(0.25	)		15.78		3.83	(c)		10		0.51			0.76			4.77			0.73			0.73			18

(a)	Calculated using average shares outstanding.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended August 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $61,546,396 and sold of $245,378 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco New York Tax-Free Income Fund into the Fund.
(c)	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.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $94,483,$6,634, $16,704 and $3,277 for Class A, Class B, Class C, Class Y, shares, respectively.
(e)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 4.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(f)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.32%, 0.33% and 0.75% for the six months ended August 31, 2011, the five months ended February 28, 2011 and the year ended September 30, 2010.
(g)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 4%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(h)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of less than 1%.
(i)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(j)	For the years ended September 30, 2010 and prior, ratio does not exclude facilities and maintenance fees.
(k)	Annualized.

19        Invesco Van Kampen New York Tax Free Income 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, 2011 through August 31, 2011.

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	(03/01/11)		(08/31/11)1		Period2		(08/31/11)		Period2		Ratio
A	$	1,000.00	$	1,072.20	$	3.49	$	1,021.77	$	3.40		0.67	%
B		1,000.00		1,075.00		3.86		1,021.42		3.76		0.74
C		1,000.00		1,067.60		7.38		1,018.00		7.20		1.42
Y		1,000.00		1,072.10		2.19		1,023.03		2.14		0.42

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2011 through August 31, 2011, 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 184/366 to reflect the most recent fiscal half year.

20        Invesco Van Kampen New York Tax Free Income 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 Van Kampen New York Tax Free Income 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 Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% 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, 2011. 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. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements 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 Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks 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 their assigned Invesco Funds. Each Sub-Committee recommends to the Investments 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 Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation 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 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 Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. 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. One Trustee may have weighed a particular piece of information differently than another Trustee.

  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 15, 2011, 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, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  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 services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms 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 sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

21        Invesco Van Kampen New York Tax Free Income 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 funds in the Lipper performance universe and against the Lipper New York Municipal Debt Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of the performance universe for the one year period and the fourth 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 performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the Index 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 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 the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, 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 and including only one fund per investment adviser. 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 contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 noted that at the current expense ratio for the Fund, this expense waiver does not have any impact.

  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 Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also 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.

  Based upon the information and considerations described above, 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 economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. 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 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 from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services 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. The Board 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 from the relationship with the Fund, including the fees received 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 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; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 Invesco 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 receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is 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.

22        Invesco Van Kampen New York Tax Free Income Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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, 2011, is available at 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.

VK-NYTFI-SAR-1 Invesco Distributors, Inc.

ITEM 2.	CODE OF ETHICS.
	There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	Not applicable.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	Not applicable.
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.
ITEM 6.	SCHEDULE OF INVESTMENTS.
	Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	None.
ITEM 11.	CONTROLS AND PROCEDURES.
(a)	As of September 16, 2011, 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, 2011, 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 7, 2011

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 7, 2011

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

Date: November 7, 2011

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.