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 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Philip A. Taylor 11 Greenway Plaza, Suite 1000 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: 8/31/12

Item 1. Reports to Stockholders.

Invesco High Yield Municipal Fund

Effective September 24, 2012, after the close of the reporting period, Invesco Van Kampen High Yield Municipal Fund was renamed Invesco High Yield Municipal Fund.

Semiannual Report to Shareholders § August 31, 2012

Nasdaq:
A: ACTHX § B: ACTGX § C: ACTFX § Y: ACTDX § Institutional: ACTNX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
56	Financial Statements
58	Notes to Financial Statements
64	Financial Highlights
65	Fund Expenses
66	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, 2/29/12 to 8/31/12, 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	6.48	%
Class B Shares	6.57
Class C Shares	6.10
Class Y Shares	6.61
Institutional Class Shares*	6.61
Barclays High Yield Municipal Bond Index▼ (Broad Market Index)	8.07
Custom High Yield Municipal Indexn (Style-Specific Index)	5.99

Source(s): ^▼Invesco, Barclays; ⁿInvesco, Lipper Inc., Barclays

* Share class incepted during the reporting period. See page 3 for a detailed explanation of Fund performance.

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

     The Custom High Yield Municipal Index, created by Invesco to serve as a benchmark for Invesco High Yield Municipal Fund, comprises 60% Barclays High Yield Municipal Bond Index and 40% Barclays Municipal Bond Index.

     The Barclays 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 High Yield Municipal Fund

Average Annual Total Returns

As of 8/31/12, including maximum applicable sales charges

							After Taxes
				After			on Distributions
	Before			Taxes on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
Inception (1/2/86)		6.06	%		6.05	%		6.09	%
10 Years		5.05			5.04			5.11
5 Years		4.03			4.02			4.21
1 Year		10.15			10.15			8.69
Class B Shares
Inception (7/20/92)		5.56	%		5.55	%		5.59	%
10 Years		4.93			4.92			4.95
5 Years		4.24			4.24			4.35
1 Year		11.10			11.09			9.41
Class C Shares
Inception (12/10/93)		4.86	%		4.85	%		4.90	%
10 Years		4.78			4.78			4.81
5 Years		4.24			4.23			4.32
1 Year		13.82			13.81			10.89
Class Y Shares
Inception (3/1/06)		4.93	%		4.92	%		5.03	%
5 Years		5.28			5.27			5.34
1 Year		16.04			16.03			12.72
Institutional Class Shares
10 Years		6.46	%		6.45	%		6.36	%
5 Years		5.92			5.91			5.83
1 Year		16.30			16.30			12.83

Average Annual Total Returns

As of 6/30/12, the most recent calendar quarter-end, including maximum applicable sales charges

							After Taxes
				After			on Distributions
	Before			Taxes on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
Inception (1/2/86)		5.99	%		5.99	%		6.04	%
10 Years		4.87			4.86			4.96
5 Years		2.99			2.98			3.31
1 Year		10.20			10.20			8.75
Class B Shares
Inception (7/20/92)		5.47	%		5.46	%		5.52	%
10 Years		4.75			4.74			4.80
5 Years		3.16			3.15			3.41
1 Year		11.01			11.00			9.39
Class C Shares
Inception (12/10/93)		4.76	%		4.75	%		4.82	%
10 Years		4.59			4.58			4.65
5 Years		3.20			3.19			3.42
1 Year		13.84			13.84			10.94
Class Y Shares
Inception (3/1/06)		4.62	%		4.62	%		4.77	%
5 Years		4.24			4.22			4.43
1 Year		15.94			15.93			12.68
Institutional Class Shares
10 Years		6.29	%		6.28	%		6.21	%
5 Years		4.88			4.87			4.97
1 Year		16.47			16.46			12.95

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 (renamed Invesco High Yield Municipal Fund). Share class returns will differ from the predecessor fund because of different expenses.

     Institutional Class shares incepted on April 30, 2012. 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 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 0.93%, 0.93%, 1.68%, 0.68% and 0.73%, 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 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.

3 Invesco High Yield Municipal Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

One of our most important responsibilities as independent Trustees of the Invesco Funds is our annual review of the funds’ advisory and sub-advisory contracts with Invesco. This annual review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco has provided as adviser to the Invesco Funds and the reasonableness of the fees that it charges for those services.

     In our roles as Trustees, we spend months reviewing thousands of pages of detailed information that we request from Invesco in connection with our annual review. We focus on the quality and costs of the services to be provided by Invesco and its affiliates. Some of the most important things we look at are fund performance, expenses and fees. All of the Trustees have substantial personal investments in the Invesco Funds complex. We’re fund shareholders just like you.

     We also use information from many independent sources during the review process, including materials provided by the independent Senior Officer of the Invesco Funds, who reports directly to the independent Trustees. We also meet in private sessions with independent legal counsel and review performance and fee data on the Invesco Funds prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field.

     I’m pleased to report that the Invesco Funds Board determined in June that renewing the investment advisory agreement and the sub-advisory contracts with Invesco would serve the best interests of each fund and its shareholders. For more detailed information about our assessment and conclusions with respect to each of the Invesco Funds, visit invesco.com/us, click on the “About Us” section and go to “Legal Information.” Information on the recent investment advisory renewal process can be found by clicking the last item under “Corporate Governance.”

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the 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:

This report contains helpful information about your Fund, including its long-term performance and a complete list of your Fund’s investments as of the close of the reporting period. Additional information, including timely insight and information from many of Invesco’s investment professionals, is available at our website, invesco.com/us. There, you also can access information about your Invesco account at any time.

     Intentional Investing^SM is the science and art of investing with purpose, prudence and diligence – and it’s how Invesco’s investment professionals manage your money every day. This highly disciplined process begins when specialized teams of investment professionals clearly define an investment objective and then establish specific investment strategies to try to achieve that objective. While our investment teams closely monitor economic and market conditions – and issues specific to individual holdings that could affect their value – they maintain a long-term investment perspective. Intentional Investing is also embedding risk controls and processes into every aspect of our business; offering a diverse combination of investment strategies and vehicles designed to meet your needs; and communicating clearly, delivering expert insights from our portfolio managers and other investment professionals, and providing a website full of tools and articles to help you stay informed. However, neither Intentional Investing nor diversification can guarantee a profit or protect against loss.

     If you have questions about your account, please contact an Invesco client services representative at 800 959 4246. If you have an Invesco-related question or comment, feel free 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 Yield Municipal Fund

Schedule of Investments

August 31, 2012

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–105.84%
Alabama–0.48%
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village);
Series 2002 A, Retirement Facility RB(a)(b)		8.13	%		12/01/12	$	4,000	$	4,115,880
Series 2002 A, Retirement Facility RB(a)(b)		8.25	%		12/01/12		7,750		7,976,843
Series 2007, Retirement Facility RB		5.50	%		01/01/28		1,000		1,013,750
Series 2007, Retirement Facility RB		5.50	%		01/01/43		13,170		13,193,969
Series 2008 A, Retirement Facility RB		6.88	%		01/01/43		4,470		4,804,401
Series 2011 A, Retirement Facility RB		7.50	%		01/01/47		2,600		2,985,606
Mobile (City of) Industrial Development Board (Mobile Energy Services Co.); Series 1995, Ref. Solid Waste Disposal RB(c)		6.95	%		01/01/20		3		0
									34,090,449
Alaska–0.19%
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		340,030
Series 2007, Community Provider RB		6.00	%		12/01/36		3,000		1,020,090
Alaska (State of) Industrial Development & Export Authority (Lake Dorothy Hydroelectric); Series 2006, RB (INS–AMBAC)(d)(e)		5.25	%		12/01/26		3,690		3,691,255
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		830,531
Series 1997, Power RB(d)		5.88	%		01/01/32		2,945		2,945,913
Northern Tobacco Securitization Corp. Series 2006 A, Asset-Backed RB		4.63	%		06/01/23		3,835		3,835,690
Northern Tobacco Securitization Corp.; Series 2006 C, Second Sub. Asset-Backed CAB RB(f)		0.00	%		06/01/46		20,860		646,034
									13,309,543
Arizona–4.18%
Apache (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2012 A, PCR		4.50	%		03/01/30		14,400		14,977,152
Casa Grande (City of) Industrial Development Authority (Casa Grande Regional Medical Center);
Series 2001 A, Ref. Hospital RB		7.25	%		12/01/19		6,850		7,081,872
Series 2001 A, Ref. Hospital RB		7.63	%		12/01/29		13,750		14,201,962
Series 2002 A, Hospital RB		7.13	%		12/01/24		3,000		3,096,960
Centerra Community Facilities District; Series 2005, Unlimited Tax GO Bonds		5.50	%		07/15/29		333		313,107
Cochise (County of) Industrial Development Authority (Sierra Vista Community Hospital); Series 1996 A, Ref. Hospital RB		6.75	%		12/01/26		4,920		4,929,889
Cochise (County of) Industrial Development Authority (Sierra Vista Regional Health Center); Series 2001, Hospital RB		7.75	%		12/01/30		2,475		2,530,787
Flagstaff (City of) Industrial Development Authority (Senior Living Community Northern Arizona);
Series 2003, RB(a)(b)		7.50	%		03/01/13		6,415		6,772,829
Series 2007, Ref. RB		5.70	%		07/01/42		13,830		13,860,979
Maricopa County Pollution Control Corp. (Arizona Public Service Co.–Palo Verde); Series 2009 A, Ref. PCR(a)(g)		6.00	%		05/01/14		9,775		10,493,071
Maricopa County Pollution Control Corp. (El Paso Electric Co.); Series 2009 A, PCR		7.25	%		02/01/40		2,000		2,396,480
Peoria (City of) Industrial Development Authority (Sierra Winds Life Care Community);
Series 1999 A, Ref. RB		6.25	%		08/15/20		500		499,965
Series 1999 A, Ref. RB		6.38	%		08/15/29		9,700		9,441,301
Series 1999 A, Ref. RB		6.50	%		08/15/31		3,500		3,414,355

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

5        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Arizona–(continued)
Phoenix Civic Improvement Corp.;
Series 2008 A, Sr. Lien Airport RB(h)		5.00	%		07/01/22	$	3,500	$	4,113,235
Series 2008 A, Sr. Lien Airport RB(h)		5.00	%		07/01/24		5,000		5,802,450
Series 2008 A, Sr. Lien Airport RB(h)		5.00	%		07/01/26		5,000		5,732,850
Series 2009 A, Jr. Lien Water System RB(h)		5.00	%		07/01/27		8,935		10,803,130
Series 2009 A, Jr. Lien Water System RB(h)		5.00	%		07/01/28		6,785		8,182,235
Series 2009 A, Jr. Lien Water System RB(h)		5.00	%		07/01/29		5,500		6,638,115
Pima (County of) Industrial Development Authority (Acclaim Charter School);
Series 2006, Education Facility RB		5.70	%		12/01/26		2,200		2,076,800
Series 2006, Education Facility RB		5.80	%		12/01/36		4,385		4,012,363
Pima (County of) Industrial Development Authority (Choice Education & Development Corp.);
Series 2006, Education Facility RB		6.25	%		06/01/26		3,525		3,595,183
Series 2006, Education Facility RB		6.38	%		06/01/36		4,890		4,960,807
Pima (County of) Industrial Development Authority (Constellation Schools); Series 2008, Lease RB		7.00	%		01/01/38		16,000		16,542,560
Pima (County of) Industrial Development Authority (Coral Academy Science);
Series 2008 A, Education Facilities RB		7.13	%		12/01/28		2,120		2,218,156
Series 2008 A, Education Facilities RB		7.25	%		12/01/38		1,100		1,143,098
Pima (County of) Industrial Development Authority (Desert Heights Charter School);
Series 2003, Education Facility RB		7.25	%		08/01/19		830		859,390
Series 2003, Education Facility RB		7.50	%		08/01/33		4,345		4,478,392
Pima (County of) Industrial Development Authority (Excalibur Charter School); Series 2003, Education RB		7.75	%		08/01/33		2,905		2,620,368
Pima (County of) Industrial Development Authority (Global Water Resources, LLC);
Series 2006, Water & Wastewater RB(d)(i)		5.60	%		12/01/22		2,000		2,094,180
Series 2006, Water & Wastewater RB(d)(i)		5.75	%		12/01/32		7,120		7,420,962
Series 2007, Water & Wastewater RB(d)		6.55	%		12/01/37		1,000		1,046,520
Series 2008, Water & Wastewater RB(d)		7.50	%		12/01/38		12,235		13,405,400
Pima (County of) Industrial Development Authority (Legacy Traditional School); Series 2009, Education RB		8.50	%		07/01/39		1,735		1,992,821
Pima (County of) Industrial Development Authority (Milestones Charter School District);
Series 2003, Education Facility RB		7.50	%		11/01/33		3,030		2,659,370
Series 2005, Education Facility RB		6.75	%		11/01/33		2,865		2,309,591
Pima (County of) Industrial Development Authority (P.L.C. Charter Schools);
Series 2006, Education Facility RB		6.50	%		04/01/26		2,590		2,550,865
Series 2006, Education Facility RB		6.75	%		04/01/36		3,805		3,753,937
Pima (County of) Industrial Development Authority (Paradise Education Center);
Series 2006, Ref. Education RB		5.88	%		06/01/22		535		551,221
Series 2006, Ref. Education RB		6.00	%		06/01/36		830		838,491
Series 2010, Education RB		6.10	%		06/01/45		1,400		1,430,086
Pima (County of) Industrial Development Authority (Premier & Air Co.); Series 2005, Education Facility RB(j)		7.00	%		09/01/35		5,092		2,036,647
Pima (County of) Industrial Development Authority (Riverbend Prep); Series 2010, Education RB		7.00	%		09/01/37		3,358		3,417,269
Pima (County of) Industrial Development Authority (Skyline Technical High School); Series 2004, Education Facility RB		7.50	%		02/01/34		4,300		3,603,271
Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR		5.25	%		10/01/40		3,900		4,223,934
Pinal (County of) Electric District No. 4; Series 2008, Electrical System RB		6.00	%		12/01/38		1,650		1,785,267
Quechan Indian Tribe of Fort Yuma (California & Arizona Governmental); Series 2008, RB		7.00	%		12/01/27		5,310		4,734,768
Red Hawk Canyon Community Facilities District No. 2; Series 1998 A, Assessment RB		6.50	%		12/01/17		1,575		1,571,141
Sundance Community Facilities District (Assessment District No. 2); Series 2003, Special Assessment RB(i)		7.13	%		07/01/27		2,440		2,459,374
Sundance Community Facilities District (Assessment District No. 3); Series 2004, Special Assessment RB		6.50	%		07/01/29		438		440,045

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

6        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Arizona–(continued)
Sundance Community Facilities District; Series 2004, Unlimited Tax GO Bonds(a)(b)(i)		6.25	%		07/15/14	$	1,000	$	1,106,830
Tempe (City of) Industrial Development Authority (Friendship Village);
Series 2012 A, Ref. RB		6.00	%		12/01/32		1,430		1,538,037
Series 2012 A, Ref. RB		6.25	%		12/01/42		2,200		2,378,618
Series 2012 A, Ref. RB		6.25	%		12/01/46		2,600		2,811,094
Tucson (City of) Industrial Development Authority (Catalina Assisted Living Apartments); Series 2000 A, MFH RB(d)		6.50	%		07/01/31		4,550		2,252,250
University Medical Center Corp.;
Series 2005, Hospital RB		5.00	%		07/01/35		13,280		13,629,928
Series 2009, Hospital RB		6.25	%		07/01/29		1,650		1,908,902
Series 2009, Hospital RB		6.50	%		07/01/39		2,100		2,436,231
Series 2011, Hospital RB		6.00	%		07/01/39		2,600		3,005,574
Verrado Community Facilities District No. 1;
Series 2003, Unlimited Tax GO Bonds		6.50	%		07/15/27		7,600		7,640,128
Series 2006, Unlimited Tax GO Bonds		5.35	%		07/15/31		5,915		5,439,907
Vistancia Community Facilities District; Series 2002, Unlimited Tax GO Bonds		6.75	%		07/15/22		4,000		4,011,440
Yavapai (County of) Industrial Development Authority (Yavapai Regional Medical Center); Series 2003 A, Hospital Facilities RB		6.00	%		08/01/33		4,000		4,165,760
									294,439,700
California–10.47%
Agua Mansa Industrial Growth Association (Community Facilities District No. 2002-1); Series 2003, Special Tax RB (LOC–American Express Co.)(k)		6.50	%		09/01/33		6,975		7,163,534
Alameda (County of) Corridor Transportation Authority; Series 1999 A, CAB RB (INS–NATL)(e)(f)		0.00	%		10/01/35		6,875		2,052,944
Alhambra (City of) (Atherton Baptist Homes);
Series 2010 A, RB		7.63	%		01/01/40		4,340		4,822,217
Series 2010 B, RB		6.63	%		01/01/17		975		976,609
Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease CAB RB (INS–AGM)(e)(f)		0.00	%		09/01/34		12,925		4,209,285
Bakersfield (City of); Series 2007 A, Wastewater RB (INS–AGM)(e)(h)		5.00	%		09/15/32		14,990		16,319,913
Bay Area Toll Authority (San Francisco Bay Area); Series 2009 F-1, Toll Bridge RB(h)		5.13	%		04/01/39		22,295		24,992,472
Beaumont (City of) Financing Authority;
Series 2003 A, Local Agency RB(a)(b)		7.00	%		09/01/13		4,935		5,363,210
Series 2004 D, Local Agency RB		5.80	%		09/01/35		3,375		3,466,867
Brea (City of) Redevelopment Agency; Series 2003, Tax Allocation CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/01/28		1,500		654,915
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County); Series 2009, RB		6.50	%		11/01/38		3,000		3,641,160
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2006 A, Education RB		5.25	%		06/01/26		2,000		1,950,140
California (State of) Municipal Finance Authority (Caritas); Series 2012 A, Mobile Home Park RB		5.50	%		08/15/47		1,000		1,052,440
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada);
Series 2012, RB(i)		6.63	%		01/01/32		1,000		1,030,810
Series 2012, RB(i)		6.88	%		01/01/42		1,500		1,545,705
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		2,923,606
Series 2008 B, Educational Facility RB(i)		6.13	%		07/01/43		2,000		2,040,500
Series 2008 B, Educational Facility RB(i)		6.13	%		07/01/48		3,840		3,908,237
California (State of) Municipal Finance Authority (High Tech High-Media Arts);
Series 2008 A, Educational Facility RB(i)		6.00	%		07/01/38		1,170		1,188,837
Series 2008 A, Educational Facility RB(i)		6.13	%		07/01/48		2,415		2,457,915

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

7        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
California (State of) Municipal Finance Authority (King/Chavez); Series 2009 A, Educational Facilities RB		8.50	%		10/01/29	$	1,000	$	1,169,490
California (State of) Municipal Finance Authority (Literacy First); Series 2010 A, Charter School Lease RB		6.00	%		09/01/30		1,085		1,149,221
California (State of) Municipal Finance Authority (Santa Rosa Academy);
Series 2012 A, Charter School Lease RB		5.75	%		07/01/30		5,290		5,368,874
Series 2012 A, Charter School Lease RB		6.00	%		07/01/42		5,355		5,425,900
California (State of) Pollution Control Financing Authority (Pacific Gas & Electric); Series 1996 E, Ref. VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(k)(l)		0.15	%		11/01/26		7,100		7,100,000
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB		6.25	%		10/01/39		2,000		2,175,440
California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2007 A, RB		5.50	%		11/01/38		6,500		6,756,750
Series 2011, RB		7.25	%		11/01/31		1,500		1,780,860
Series 2011, RB		7.50	%		11/01/41		5,500		6,640,315
California (State of) Statewide Communities Development Authority (Collegiate Housing Foundation–Irvine, L.L.C.–University of California-Irvine East Campus Apartments, Phase II); Series 2008, Student Housing RB		6.00	%		05/15/40		5,000		5,386,350
California (State of) Statewide Communities Development Authority (Elder Care Alliance); Series 2002 A, RB(a)(b)		8.00	%		11/15/12		3,983		4,125,193
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB		5.25	%		11/15/34		4,350		4,565,281
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2007 A, RB(i)		5.13	%		04/01/37		5,000		5,146,700
California (State of) Statewide Communities Development Authority (Hospice of Napa Valley); Series 2004 A, RB		7.00	%		01/01/34		3,315		3,146,200
California (State of) Statewide Communities Development Authority (Huntington Park Charter School); Series 2007 A, Educational Facilities RB		5.25	%		07/01/42		1,500		1,285,590
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
Series 2007, RB		5.40	%		06/01/17		2,735		2,912,365
Series 2007, RB		5.63	%		06/01/33		4,940		5,111,764
Series 2010, RB		7.50	%		06/01/42		1,700		1,944,953
California (State of) Statewide Communities Development Authority (Notre Dame de Namur University);
Series 2003, RB		6.50	%		10/01/23		2,715		2,752,141
Series 2003, RB		6.63	%		10/01/33		2,500		2,527,000
California (State of) Statewide Communities Development Authority (San Francisco Art Institute); Series 2002, RB (Acquired 07/05/02; Cost $5,000,000)(i)		7.38	%		04/01/32		5,000		5,078,100
California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes);
Series 2009, Senior Living RB		7.00	%		11/15/29		1,745		1,990,609
Series 2009, Senior Living RB		7.25	%		11/15/41		3,500		3,992,800
California (State of) Statewide Communities Development Authority (Thomas Jefferson School of Law);
Series 2008 A, RB(i)		7.25	%		10/01/32		2,000		2,153,100
Series 2008 A, RB(i)		7.25	%		10/01/38		10,500		11,264,820
California (State of) Statewide Communities Development Authority Community Facilities District 2007-1 (Orinda);
Series 2007, Special Tax RB		6.00	%		09/01/29		2,735		2,826,622
Series 2007, Special Tax RB		6.00	%		09/01/37		6,185		6,275,487
California (State of) Statewide Communities Development Authority; Series 2008 A, Special Assessment RB		6.63	%		09/02/38		7,610		7,842,333
California (State of); Series 2005 B-5, VRD Unlimited Tax GO Bonds (LOC–Barclays Bank PLC)(l)		0.15	%		05/01/40		30,000		30,000,000
Carlsbad (City of) Community Facilities District 3 (Improvement Area 2);
Series 2008, Special Tax RB		6.10	%		09/01/28		2,615		2,739,082
Series 2008, Special Tax RB		6.20	%		09/01/38		5,960		6,134,032
Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/46		107,175		16,822,188
Eden (Township of) Healthcare District; Series 2010, COP		6.13	%		06/01/34		2,510		2,769,860

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

8        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Fairfield (City of) Community Facilities District No. 2007-1 (Fairfield Commons);
Series 2008, Special Tax RB		6.50	%		09/01/23	$	1,435	$	1,524,042
Series 2008, Special Tax RB		6.75	%		09/01/28		2,950		3,120,864
Series 2008, Special Tax RB		6.88	%		09/01/38		5,140		5,398,079
Fontana (City of) Community Facilities District No. 22 (Sierra Hills South); Series 2004, Special Tax RB		6.00	%		09/01/34		5,000		5,093,100
Golden State Tobacco Securitization Corp.;
Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB (INS–BHAC)(e)(h)		5.00	%		06/01/45		40,380		41,573,229
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		4.50	%		06/01/27		37,800		32,709,096
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/33		29,740		24,386,800
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/47		20,135		15,528,917
Hawthorne (City of) Community Facilities District No. 2006-1;
Series 2006, Special Tax RB		5.00	%		09/01/30		3,000		2,920,170
Series 2006, Special Tax RB		5.00	%		09/01/36		2,000		1,857,580
Hesperia (City of) Public Financing Authority (Redevelopment & Housing);
Series 2007 A, Tax Allocation RB (INS–SGI)(e)		5.00	%		09/01/31		1,495		1,329,982
Series 2007 A, Tax Allocation RB (INS–SGI)(e)		5.00	%		09/01/37		3,395		2,869,318
Imperial Beach (City of) Public Finance Authority (Palm Avenue/Commercial Redevelopment); Series 2003 A, Tax Allocation RB		6.00	%		06/01/33		3,000		3,022,260
Independent Cities Finance Authority (Rancho Del Sol & Grandview); Series 2012, Ref. Mobile Home Park RB		5.50	%		05/15/47		2,000		2,094,160
Independent Cities Finance Authority (Sahar Mobile Home Park); Series 2012 A, Ref. Mobile Home Park RB		5.00	%		06/15/47		2,250		2,278,508
Indio (City of) Redevelopment Agency (Merged Project Area);
Series 2004 B, Sub. Tax Allocation RB(a)(b)		6.38	%		08/15/14		3,500		3,898,405
Series 2004 B, Sub. Tax Allocation RB(a)(b)		6.50	%		08/15/14		1,350		1,482,786
Inland Empire Tobacco Securitization Authoity;
Series 2007 A, Tobacco Settlement RB		4.63	%		06/01/21		7,040		6,468,915
Series 2007 A, Tobacco Settlement RB		5.00	%		06/01/21		5,000		4,721,500
La Verne (City of) (Brethren Hillcrest Home); Series 2003 B, Revenue COP		6.63	%		02/15/25		4,500		4,578,120
Lee Lake Water District Community Facilities District No. 1 (Sycamore Creek); Series 2003, Special Tax RB		6.00	%		09/01/33		1,000		1,031,650
Los Alamitos Unified School District (Capital); Series 2012, Conv. CAB COP(f)		0.00	%		08/01/42		9,000		5,327,370
Los Angeles (City of) Community Facilities District No. 3 (Cascades Business Park); Series 1997, Special Tax RB		6.40	%		09/01/22		655		662,801
Los Angeles (City of) Department of Water & Power; Series 2012 A, Water System RB(h)		5.00	%		07/01/43		15,000		17,378,400
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB(i)		6.50	%		03/01/28		5,515		5,896,252
Murrieta (City of) Community Facilities District No. 2 (The Oaks Improvement Area);
Series 2004 B, Special Tax RB		6.00	%		09/01/27		1,000		1,023,390
Series 2004 B, Special Tax RB		6.00	%		09/01/34		2,000		2,031,160
National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB		7.00	%		08/01/32		4,750		5,933,177
Orange (City of) Community Facilities District No. 06-1 (Del Rio Public Improvements);
Series 2010, Special Tax RB		5.50	%		10/01/28		540		556,605
Series 2010, Special Tax RB		6.00	%		10/01/40		3,500		3,607,800
Palomar Community College District; Series 2010, Unlimited Tax Conv. CAB GO Bonds(f)		0.00	%		08/01/45		10,000		4,603,200
Perris (City of) Community Facilities District No. 01-2; Series 2002 A, Special Tax RB		6.38	%		09/01/32		5,000		5,105,600
Perris (City of) Public Financing Authority;
Series 1995 D, Local Agency Special Tax RB		7.88	%		09/01/25		1,530		1,534,223
Series 2006, Tax Allocation RB		5.35	%		10/01/36		1,350		1,350,405
Placentia (City of) Public Financing Authority (Working Capital Financing); Series 2009, Lease RB		7.50	%		06/01/19		4,265		4,275,662

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

9        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Rancho Cordova (City of) Community Facilities District No. 2003-1 (Sunridge Antolia);
Series 2003, Special Tax RB		6.00	%		09/01/28	$	1,045	$	1,061,229
Series 2005, Special Tax RB		5.50	%		09/01/37		2,000		2,009,320
Riverside (County of) Redevelopment Agency (Mid-County Redevelopment Project Area); Series 2010 C, Tax Allocation RB		6.25	%		10/01/40		1,780		1,833,311
Roseville (City of) (Fountains Community Facilities District No. 1); Series 2008, Special Tax RB		6.13	%		09/01/38		1,000		1,057,700
Sacramento (City of) Financing Authority;
Series 2005 A, Tax Allocation CAB RB (INS–NATL)(e)(f)		0.00	%		12/01/26		15,815		7,515,288
Series 2005 A, Tax Allocation CAB RB (INS–NATL)(e)(f)		0.00	%		12/01/31		8,545		2,935,037
Series 2005 A, Tax Allocation CAB RB (INS–NATL)(e)(f)		0.00	%		12/01/32		6,590		2,116,576
Sacramento (County of) Community Facilities District No. 2005-2 (North Vineyard Station No. 1); Series 2007 A, Special Tax RB		6.00	%		09/01/37		11,110		11,320,868
San Bernardino City Unified School District;
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/36		7,650		2,143,454
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/37		13,130		3,467,239
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/38		13,515		3,375,506
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/39		13,895		3,285,195
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/40		14,280		3,425,344
Series 2011 D, Unlimited Tax CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		08/01/41		14,080		3,204,467
San Buenaventura (City of) (Community Memorial Health System);
Series 2011, RB		8.00	%		12/01/31		9,875		12,517,056
Series 2011, RB		7.50	%		12/01/41		14,230		17,285,181
San Diego Unified School District (Election of 2008); Series 2012 E, Unlimited Tax Conv. CAB GO Bonds(f)		0.00	%		07/01/47		27,000		10,518,660
San Diego Unified School District;
Series 2010 C, Unlimited Tax Conv. CAB GO Bonds(f)		0.00	%		07/01/48		34,000		15,990,880
Series 2012 R-2, Ref. Unlimited Tax Conv. CAB GO Bonds(f)		0.00	%		07/01/40		20,390		9,855,099
San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment);
Series 2009 D, Tax Allocation RB		6.25	%		08/01/28		1,000		1,096,260
Series 2009 D, Tax Allocation RB		6.50	%		08/01/30		1,000		1,103,950
Series 2009 D, Tax Allocation RB		6.63	%		08/01/39		1,000		1,102,210
San Francisco (City of) Utilities Commission; Series 2012, Water RB(h)		5.00	%		11/01/36		23,490		27,181,688
San Gorgonio Memorial Health Care District (Election 2006); Series 2006 C, Unlimited Tax GO Bonds		7.20	%		08/01/39		13,000		15,292,940
San Jose (City of) (Helzer Courts Apartments); Series 1999 A, MFH RB(d)		6.40	%		12/01/41		14,123		14,121,729
San Jose (City of) Community Facilities District No. 9 (Bailey/Highway 101);
Series 2003, Special Tax RB		6.60	%		09/01/27		2,000		2,028,700
Series 2003, Special Tax RB		6.65	%		09/01/32		2,630		2,655,984
Santa Cruz (County of) Redevelopment Agency (Live Oak/Soquel Community Improvement); Series 2009 A, Tax Allocation RB		7.00	%		09/01/36		3,500		4,214,945
Savanna Elementary School District (Election of 2008); Series 2012 B, Unlimited Tax Conv. CAB GO Bonds (INS–AGM)(e)(f)		0.00	%		02/01/52		7,500		2,634,225
Southern California Logistics Airport Authority;
Series 2007, Tax Allocation RB		6.15	%		12/01/43		4,400		1,981,760
Series 2008 A, Tax Allocation CAB RB(f)		0.00	%		12/01/45		18,085		802,070
Series 2008 A, Tax Allocation CAB RB(f)		0.00	%		12/01/46		18,085		730,996
Series 2008 A, Tax Allocation CAB RB(f)		0.00	%		12/01/47		18,085		666,432
Series 2008 A, Tax Allocation CAB RB(f)		0.00	%		12/01/48		18,085		607,656
Series 2008 A, Tax Allocation CAB RB(f)		0.00	%		12/01/49		18,085		554,124

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

10        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Series 2008 A, Tax Allocation CAB RB(f)		0.00	%		12/01/50	$	18,085	$	505,114
Series 2008 A, Tax Allocation RB		6.00	%		12/01/33		1,475		664,355
Southern California Public Power Authority (Southern Transmission); Series 2000 A, Ref. VRD Sub. RB (INS–AGM)(e)(l)		0.22	%		07/01/23		2,890		2,890,000
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.);
Series 2006, Tobacco Settlement Asset-Backed First Sub. CAB RB(f)		0.00	%		06/01/46		35,000		969,150
Series 2006, Tobacco Settlement Asset-Backed Second Sub. CAB RB(f)		0.00	%		06/01/46		27,200		717,808
Series 2006, Tobacco Settlement Asset-Backed Third Sub. CAB RB(f)		0.00	%		06/01/46		47,000		1,144,920
Southern California Tobacco Securitization Authority; Series 2006 A-1, Sr. RB		4.75	%		06/01/25		2,015		2,016,008
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		15,793,688
Upland Unified School District (Election of 2008); Series 2009 B, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/39		15,000		2,886,600
Val Verde Unified School District Financing Authority;
Series 2003, Ref. Jr. Lien Special Tax RB		6.00	%		10/01/21		535		554,025
Series 2003, Ref. Jr. Lien Special Tax RB		6.25	%		10/01/28		7,115		7,340,617
Vallejo (City of) Public Financing Authority (Hiddenbrooke Improvement District); Series 2004 A, Local Agency RB		5.80	%		09/01/31		4,105		4,127,701
Woodland (City of) Community Facilities District 1; Series 2004, Special Tax RB		6.25	%		09/01/34		4,865		4,916,277
Yuba City (City of) Redevelopment Agency (Housing Set-Aside);
Series 2004 B, Tax Allocation RB		6.00	%		09/01/31		1,060		1,077,723
Series 2004 B, Tax Allocation RB		6.00	%		09/01/39		1,880		1,901,827
Yuba City (City of) Redevelopment Agency (Redevelopment); Series 2004, Tax Allocation RB		6.00	%		09/01/31		1,800		1,830,096
									736,323,250
Colorado–3.85%
Antelope Heights Metropolitan District; Series 2003, Limited Tax GO Bonds(a)(b)		8.00	%		12/01/13		2,637		2,911,142
Arista Metropolitan District; Series 2005, Special Limited Tax GO Bonds		6.75	%		12/01/35		2,000		1,666,560
Arvada (City of) (Arvada Nightingale); Series 1998, Ref. MFH RB (Acquired 04/16/99; Cost $945,000)(d)(i)		6.25	%		12/01/18		945		945,841
Beacon Point Metropolitan District;
Series 2005 A, Limited Tax GO Bonds		6.13	%		12/01/25		1,990		2,022,795
Series 2005 A, Limited Tax GO Bonds		6.25	%		12/01/35		3,510		3,551,664
Bradburn Metropolitan District No. 3; Series 2010, Ref. Limited Tax GO Bonds		7.50	%		12/01/39		2,575		2,661,391
Briargate Center Business Improvement District; Series 2002 A, Limited Tax GO Bonds		7.45	%		12/01/32		1,725		1,726,915
Bromley Park Metropolitan District No. 2;
Series 2002 B, Limited Tax GO Bonds(a)(b)		8.05	%		12/01/12		3,500		3,671,255
Series 2003, Limited Tax GO Bonds(a)(b)		8.05	%		12/01/12		4,034		4,231,384
Broomfield Village Metropolitan District No. 2; Series 2003, Ref. & Improvement Limited Tax GO Bonds		6.25	%		12/01/32		4,220		3,935,572
Buckhorn Valley Metropolitan District No. 2; Series 2003, Limited Tax GO Bonds		7.00	%		12/01/23		60		60,745
Castle Oaks Metropolitan District;
Series 2005, Limited Tax GO Bonds		6.00	%		12/01/25		970		905,214
Series 2005, Limited Tax GO Bonds		6.13	%		12/01/35		1,286		1,138,791
Colorado (State of) Educational & Cultural Facilities Authority (Banning Lewis Ranch Academy); Series 2006, Charter School RB(i)		6.13	%		12/15/35		2,830		2,848,197
Colorado (State of) Educational & Cultural Facilities Authority (Brighton Charter School); Series 2006, Charter School RB		6.00	%		11/01/36		3,345		2,481,221
Colorado (State of) Educational & Cultural Facilities Authority (Carbon Valley Academy); Series 2006, Charter School RB		5.63	%		12/01/36		1,035		767,318
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);
Series 2008, Charter School RB		6.25	%		07/01/28		1,650		1,606,225
Series 2008, Charter School RB		6.50	%		07/01/38		1,000		967,140

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

11        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Colorado–(continued)
Colorado (State of) Educational & Cultural Facilities Authority (Denver Academy);
Series 2003 A, Ref. RB		7.00	%		11/01/23	$	1,505	$	1,538,908
Series 2003 A, Ref. RB		7.13	%		11/01/28		810		826,362
Colorado (State of) Educational & Cultural Facilities Authority (Denver School of Science & Technology); Series 2004, RB		5.00	%		12/01/13		290		290,322
Colorado (State of) Educational & Cultural Facilities Authority (Flagstaff Academy); Series 2008 A, Charter School RB		7.00	%		08/01/38		1,500		1,574,445
Colorado (State of) Educational & Cultural Facilities Authority (Knowledge Quest Academy); Series 2005, Charter School RB		6.50	%		05/01/36		880		877,791
Colorado (State of) Educational & Cultural Facilities Authority (Monument Academy);
Series 2007, Charter School RB		5.88	%		10/01/27		2,500		2,597,000
Series 2007, Charter School RB		6.00	%		10/01/37		1,635		1,684,606
Series 2008 A, Charter School RB		7.25	%		10/01/39		500		557,665
Colorado (State of) Educational & Cultural Facilities Authority (National Jewish Federation Bond Program); Series 2008 D-5, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(k)(l)		0.19	%		10/01/38		4,300		4,300,000
Colorado (State of) Educational & Cultural Facilities Authority (New Vision Charter School); Series 2008, RB(i)		6.75	%		04/01/40		1,860		1,880,051
Colorado (State of) Educational & Cultural Facilities Authority (North Star Academy); Series 2008 A, Ref. & Improvement RB(i)		8.25	%		11/01/39		2,950		3,203,788
Colorado (State of) Educational & Cultural Facilities Authority (Northeast Academy); Series 2007, Charter School RB(i)		5.75	%		05/15/37		2,475		2,242,325
Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2008 A, Charter School RB		7.40	%		12/01/38		2,000		2,374,400
Colorado (State of) Educational & Cultural Facilities Authority (Windsor Academy); Series 2007, Charter School RB		5.70	%		05/01/37		985		986,507
Colorado (State of) Health Facilities Authority (American Baptist Homes); Series 2009 A, RB		7.75	%		08/01/39		4,000		4,455,800
Colorado (State of) Health Facilities Authority (Christian Living Campus);
Series 2004 A, RB		6.13	%		01/01/25		250		250,362
Series 2004 A, RB		6.25	%		01/01/33		550		550,649
Colorado (State of) Health Facilities Authority (Christian Living Communities);
Series 2006 A, RB		5.75	%		01/01/37		11,855		12,219,897
Series 2009 A, RB		8.25	%		01/01/24		375		398,261
Series 2009 A, RB		9.00	%		01/01/34		750		797,370
Series 2011, RB		6.38	%		01/01/41		1,615		1,782,928
Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group);
Series 2010 A, RB		6.00	%		11/15/30		1,600		1,797,456
Series 2010 A, RB		6.25	%		11/15/40		4,750		5,323,325
Series 2011, RB		5.75	%		11/15/31		1,000		1,112,820
Series 2011, RB		6.00	%		11/15/40		1,195		1,334,038
Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, Health & Residential Care Facilities RB		5.20	%		07/01/22		1,000		1,009,090
Series 2007 A, Health & Residential Care Facilities RB		5.25	%		07/01/27		3,875		3,878,759
Series 2007 A, Health & Residential Care Facilities RB		5.30	%		07/01/37		6,930		6,590,014
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB		6.00	%		01/15/34		500		582,535
Series 2010, Private Activity RB		6.00	%		01/15/41		9,935		11,501,054
Colorado Springs (City of) Urban Renewal Authority (University Village Colorado); Series 2008 A, Tax Increment Allocation RB		7.00	%		12/01/29		2,500		1,687,275
Conservatory Metropolitan District (Arapahoe County); Series 2005, Limited Tax GO Bonds(a)(b)		6.75	%		12/01/13		801		876,438
Copperleaf Metropolitan District No. 2;
Series 2006, Limited Tax GO Bonds		5.85	%		12/01/26		1,000		786,620
Series 2006, Limited Tax GO Bonds		5.95	%		12/01/36		9,000		6,465,600

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

12        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Colorado–(continued)
Country Club Village Metropolitan District; Series 2006, Limited Tax GO Bonds		6.00	%		12/01/34	$	598	$	482,389
Cross Creek Metropolitan District No. 2; Series 2006, Ref. Limited Tax GO Bonds		3.50	%		12/01/37		2,630		2,041,722
Denver (City & County of) (United Airlines); Series 2007 A, Ref. Special Facilities Airport RB(d)		5.25	%		10/01/32		31,125		31,455,236
Denver (City of) Convention Center Hotel Authority;
Series 2006, Ref. Sr. RB (INS–SGI)(e)		5.13	%		12/01/26		3,450		3,565,299
Series 2006, Ref. Sr. RB (INS–SGI)(e)		5.00	%		12/01/35		6,365		6,528,071
Elbert (County of) & Highway 86 Commercial Metropolitan District; Series 2008 A, Public Improvement Fee RB		7.50	%		12/01/32		4,500		3,039,165
Fitzsimons Village Metropolitan District No. 1; Series 2010 A, Tax Increment Allocation & Public Improvement Fee Supported RB		7.50	%		03/01/40		5,500		5,933,950
Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. Tax Supported Limited Tax GO Bonds		7.25	%		12/01/40		1,000		1,061,580
Grandby Ranch Metropolitan District; Series 2006, Limited Tax GO Bonds		6.75	%		12/01/36		3,000		3,033,480
High Plains Metropolitan District;
Series 2005 A, Limited Tax GO Bonds		6.13	%		12/01/25		2,220		2,059,139
Series 2005 A, Limited Tax GO Bonds		6.25	%		12/01/35		4,000		3,496,560
Jordan Crossing Metropolitan District; Series 2006, Limited Tax GO Bonds		5.75	%		12/01/36		1,385		1,010,621
Lafayette (City of) (Rocky Mountain Instrument);
Series 1998 A, IDR(d)		7.00	%		10/01/18		4,210		3,460,578
Series 1999 A, IDR		6.75	%		10/01/14		245		213,762
Lake Creek Affordable Housing Corp.; Series 1998 A, Ref. MFH RB		6.25	%		12/01/23		9,030		9,301,442
Liberty Ranch Metropolitan District; Series 2006, Limited Tax GO Bonds		6.25	%		12/01/36		1,619		1,411,995
Lincoln Park Metropolitan District;
Series 2008, Ref. & Improvement Unlimited Tax GO Bonds		6.13	%		12/01/30		6,250		6,653,562
Series 2008, Ref. & Improvement Unlimited Tax GO Bonds		6.20	%		12/01/37		5,550		5,864,185
Montezuma (County of) Hospital District; Series 2007, Ref. RB		5.90	%		10/01/37		6,595		6,742,464
Montrose (County of) (The Homestead at Montrose, Inc.);
Series 2003 A, Health Care Facilities RB		5.75	%		02/01/15		160		160,234
Series 2003 A, Health Care Facilities RB		6.75	%		02/01/22		300		300,438
Series 2003 A, Health Care Facilities RB		7.00	%		02/01/25		800		801,160
Series 2003 A, Health Care Facilities RB		7.00	%		02/01/38		6,200		6,205,642
Montrose (County of) Memorial Hospital Board of Trustees; Series 2003, Enterprise RB		6.00	%		12/01/33		5,500		5,822,740
Neu Towne Metropolitan District; Series 2004, Limited Tax GO Bonds(m)		7.25	%		12/01/34		1,500		451,440
Northwest Metropolitan District No. 3;
Series 2005, Limited Tax GO Bonds		6.13	%		12/01/25		4,500		4,489,380
Series 2005, Limited Tax GO Bonds		6.25	%		12/01/35		7,450		7,323,648
Piney Creek Metropolitan District; Series 2005, Limited Tax GO Bonds		5.50	%		12/01/35		1,168		1,172,707
Reata South Metropolitan District; Series 2007 A, Limited Tax GO Bonds		7.25	%		06/01/37		1,000		956,230
Rendezvous Residential Metropolitan District; Series 2002, Limited Tax GO Bonds(a)(b)		8.00	%		12/01/13		1,530		1,659,698
Riverdale Peaks II Metropolitan District; Series 2005, Limited Tax GO Bonds		6.50	%		12/01/35		1,000		651,920
Serenity Ridge Metropolitan District No. 2; Series 2004, Limited Tax GO Bonds(m)		3.75	%		12/01/34		2,000		966,680
Silver Peaks Metropolitan District No. 2; Series 2006, Limited Tax GO Bonds		5.75	%		12/01/36		1,000		747,900
Snowmass Village (Town of); Series 1992 A, Ref. MFH RB		8.00	%		09/01/14		235		235,141
Southlands Metropolitan District No. 1;
Series 2004, Unlimited Tax GO Bonds(a)(b)		7.00	%		12/01/14		1,000		1,147,970
Series 2004, Unlimited Tax GO Bonds(a)(b)		7.13	%		12/01/14		2,500		2,876,300
Table Rock Metropolitan District; Series 2003, Limited Tax GO Bonds		7.00	%		12/01/13		700		754,740
Tallgrass Metropolitan District; Series 2007, Ref. & Improvement Limited Tax GO Bonds		5.25	%		12/01/37		5,879		5,694,752
Tallyns Reach Metropolitan District No. 2; Series 2004, Limited Tax GO Bonds(a)(b)		6.38	%		12/01/13		637		641,446

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

13        Invesco 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(a)(b)		6.63	%		12/01/13	$	925	$	999,055
Series 2004, Limited Tax GO Bonds(a)(b)		6.75	%		12/01/13		1,000		1,081,620
Valagua Metropolitan District; Series 2008, Limited Tax GO Bonds		7.75	%		12/01/37		1,000		668,520
Vista Ridge Metropolitan District; Series 2006 B, Ref. Sub. Limited Tax GO Bonds(m)		6.63	%		12/01/40		1,000		679,680
Wyndham Hill Metropolitan District No. 2;
Series 2005, Limited Tax GO Bonds		6.25	%		12/01/25		85		79,403
Series 2005, Limited Tax GO Bonds		6.38	%		12/01/35		500		443,960
									270,801,435
Connecticut–0.79%
Connecticut (State of) Development Authority (Cargo BDL LLC); Series 2000, IDR(d)(m)		8.00	%		04/01/30		2,955		1,829,263
Connecticut (State of) Development Authority (The Elm Park Baptist Inc.); Series 2003, First Mortgage Health Care RB		5.85	%		12/01/33		2,950		3,006,109
Connecticut (State of) Health & Educational Facilities Authority (Lawrence & Memorial Hospital); Series 2004 E, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(k)(l)		0.18	%		07/01/34		20,590		20,590,000
Connecticut (State of) Health & Educational Facilities Authority (St. Mary’s Hospital); Series 1997 E, RB		5.88	%		07/01/22		3,660		3,663,440
Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds(i)(j)		5.13	%		10/01/36		4,405		2,052,025
Hamden (Town of) (Whitney Center);
Series 2009 A, RB		7.63	%		01/01/30		2,880		3,200,890
Series 2009 A, RB		7.75	%		01/01/43		10,995		12,128,585
Series 2009 C, RB(a)(g)		7.25	%		01/01/16		2,000		2,116,900
Harbor Point Infrastructure Improvement District (Harbor Point); Series 2010 A, Special Obligation Tax Allocation RB		7.88	%		04/01/39		3,000		3,428,760
Manchester (Town of) Redevelopment Agency (Bennet Housing Development); Series 1993, MFH Mortgage RB (Acquired 09/20/99; Cost $954,000)(i)		7.20	%		12/01/18		735		739,197
New Britain (City of) Housing Authority (Franklin Square Manor); Series 2002, MFH RB(d)		7.00	%		07/01/21		2,316		2,578,542
									55,333,711
Delaware–0.13%
Delaware (State of) Economic Development Authority (Newark Charter School); Series 2012, RB		5.00	%		09/01/42		1,350		1,405,741
New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB		5.00	%		09/01/30		1,610		1,619,274
Sussex (County of) (Cadbury at Lewes);
Series 2006 A, First Mortgage RB		5.45	%		01/01/16		865		865,251
Series 2006 A, First Mortgage RB		5.90	%		01/01/26		750		739,193
Series 2006 A, First Mortgage RB		6.00	%		01/01/35		600		568,218
Wilmington (City of) (Electra Arms Senior Association); Series 1998, MFH Rental RB(d)		6.25	%		06/01/28		4,325		4,243,906
									9,441,583
District of Columbia–1.45%
District of Columbia (Center for Strategic & International Studies, Inc.);
Series 2011, RB		6.38	%		03/01/31		2,000		2,164,080
Series 2011, RB		6.63	%		03/01/41		5,150		5,623,182
District of Columbia (Cesar Chavez Charter School); Series 2011, RB		7.88	%		11/15/40		7,000		7,982,450
District of Columbia (Gallaudet University);
Series 2011, University RB		5.50	%		04/01/34		500		579,800
Series 2011, University RB		5.50	%		04/01/41		3,000		3,428,280
District of Columbia (Methodist Home);
Series 1999, RB		6.00	%		01/01/29		2,545		2,545,993
Series 2009 A, RB		7.50	%		01/01/39		1,520		1,584,281
District of Columbia (National Public Radio, Inc.); Series 2010 A, RB		5.00	%		04/01/43		1,000		1,078,430

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

14        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
District of Columbia–(continued)
District of Columbia (Sibley Memorial Hospital);
Series 2009, Hospital RB		6.50	%		10/01/29	$	5,000	$	5,914,750
Series 2009, Hospital RB		6.38	%		10/01/39		2,000		2,331,300
District of Columbia Tobacco Settlement Financing Corp.; Series 2006 C, Asset-Backed CAB RB(f)		0.00	%		06/15/55		60,320		532,022
District of Columbia; Series 2009 B, Ref. Sec. Income Tax RB(h)		5.00	%		12/01/25		16,165		19,452,476
Metropolitan Washington Airports Authority; Series 2006 B, System RB (INS–AGM)(d)(e)(h)		5.00	%		10/01/36		30,000		31,435,500
Metropolitan Washington Airports Authority;
Series 2006 B, Airport System RB (INS–AGM)(d)(e)(h)		5.00	%		10/01/36		10,695		11,206,756
Series 2009 B, Second Sr. Lien Dulles Toll Road CAB RB (INS–AGM)(e)(f)		0.00	%		10/01/39		22,920		5,471,004
Series 2009 B, Second Sr. Lien Dulles Toll Road CAB RB (INS–AGM)(e)(f)		0.00	%		10/01/40		3,475		784,585
									102,114,889
Florida–9.88%
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR		5.88	%		11/15/36		10,500		10,325,910
Series 2007, IDR		5.88	%		11/15/42		19,000		18,577,820
Alachua (County of) Health Facilities Authority (Oak Hammock at the University of Florida);
Series 2012 A, Ref. Continuing Care Retirement Community RB		8.00	%		10/01/32		1,000		1,201,300
Series 2012 A, Ref. Continuing Care Retirement Community RB		8.00	%		10/01/42		2,500		2,968,850
Series 2012 A, Ref. Continuing Care Retirement Community RB		8.00	%		10/01/46		2,000		2,358,080
Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs);
Series 2011, TEMPS-70sm RB		7.13	%		11/15/16		17,100		17,330,850
Series 2011 A, RB		8.00	%		11/15/31		3,000		3,483,870
Series 2011 A, RB		8.13	%		11/15/41		11,000		12,743,280
Series 2011 A, RB		8.13	%		11/15/46		6,000		6,927,780
Anthem Park Community Development District; Series 2004, Capital Improvement Special Assessment RB(c)		5.80	%		05/01/36		8,230		5,966,832
Bay Laurel Center Community Development District (Candler); Series 2006, Special Assessment RB		5.45	%		05/01/37		1,210		1,171,655
Beacon Lakes Community Development District; Series 2003 A, Special Assessment RB		6.90	%		05/01/35		3,185		3,262,109
Bloomingdale (Villages of) Community Development District; Series 2004, Special Assessment RB		5.88	%		05/01/36		3,935		3,324,249
Bluewaters Community Development District; Series 2004, Special Assessment RB		6.00	%		05/01/35		2,685		2,819,277
Boca Raton (City of) Housing Authority (Banyan Place Senior Apartments);
Series 2006, Ref. First Lien Mortgage Housing RB (Acquired 03/23/06-11/12/09; Cost $3,021,676)(i)		5.80	%		10/01/26		3,090		2,246,214
Series 2006, Ref. First Lien Mortgage Housing RB (Acquired 03/23/06-11/12/09; Cost $4,641,040)(i)		5.90	%		10/01/36		4,705		3,058,909
Bonnet Creek Resort Community Development District;
Series 2002, Special Assessment RB		7.38	%		05/01/34		3,000		3,010,260
Series 2002, Special Assessment RB		7.50	%		05/01/34		7,500		7,531,650
Brevard (County of) Health Facilities Authority (Health First, Inc.);
Series 2009, Health Care Facilities RB		7.00	%		04/01/33		1,960		2,452,391
Series 2009, Health Care Facilities RB		7.00	%		04/01/39		6,465		8,014,531
Broward (County of) (Civic Arena);
Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS–AGM)(e)(h)		5.00	%		09/01/24		7,555		8,384,312
Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS–AGM)(e)(h)		5.00	%		09/01/25		7,910		8,778,281
Buckeye Park Community Development District; Series 2008 A, Capital Improvement Special Assessment RB(c)(j)		7.88	%		05/01/38		4,900		2,238,222
Capital Trust Agency (Fort Lauderdale); Series 2003, Sr. RB(d)		5.75	%		01/01/32		2,000		2,016,720
Capital Trust Agency (Miami Community Charter School) Series 2010 A, RB		7.00	%		10/15/40		1,500		1,540,890
Capital Trust Agency (Million Air One LLC); Series 2011, RB(d)		7.75	%		01/01/41		14,400		16,081,920
Capital Trust Agency (Orlando); Series 2003, Sub. RB(d)		6.75	%		01/01/32		2,500		2,567,200
Caribe Palm Community Development District; Series 2005 A, Special Assessment RB		5.85	%		05/01/35		705		721,476

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

15        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Championsgate Community Development District; Series 1998 A, Capital Improvement Special Assessment RB		6.25	%		05/01/20	$	2,465	$	2,406,234
Collier (County of) Industrial Development Authority (Arlington Naples); Series 2011, Continuing Care Community BAN		14.00	%		05/15/15		4,500		4,542,795
Connerton West Community Development District;
Series 2004 A-2, Capital Improvement Special Assessment RB		5.95	%		05/01/36		1,945		1,384,334
Series 2006 A-1, Capital Improvement Special Assessment RB(j)		5.38	%		05/01/37		4,950		1,893,920
Series 2007 B, Capital Improvement Special Assessment RB(j)		5.13	%		05/01/16		2,825		1,080,873
Cory Lakes Community Development District;
Series 2001 A, Special Assessment RB		8.38	%		05/01/17		220		234,799
Series 2001 B, Special Assessment RB		8.38	%		05/01/17		115		122,736
Cutler Cay Community Development District; Series 2004, Special Assessment RB		6.13	%		05/01/24		3,600		3,772,296
Cypress Lakes Community Development District; Series 2004 A, Special Assessment RB		6.00	%		05/01/34		505		513,767
Double Branch Development District; Series 2002 A, Special Assessment RB		6.70	%		05/01/34		7,350		7,519,418
Escambia (County of) (International Paper Co.); Series 2006 A, Ref. Environmental Improvement RB(d)		5.00	%		08/01/26		5,690		5,704,225
Escambia (County of); Series 2003 A, Environmental Improvement RB(d)		5.75	%		11/01/27		5,250		5,493,180
Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB		7.25	%		10/01/40		14,000		17,698,800
Florida Development Finance Corp. (Palm Bay Academy, Inc.);
Series 2006 A, RB		6.00	%		05/15/36		2,130		1,804,983
Series 2007 A, RB		6.13	%		05/15/37		1,855		1,593,816
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2010 A, Educational Facilities RB		6.00	%		09/15/40		8,840		9,473,474
Florida Development Finance Corp. (Sculptor Charter School);
Series 2008 A, RB		7.25	%		10/01/38		2,710		2,834,768
Series 2012, RB		7.00	%		10/01/26		125		132,213
Series 2012, RB		7.25	%		10/01/41		595		631,277
Florida Housing Finance Corp. (Beacon Hill Apartments); Series 1998 C, RB(a)(d)		6.61	%		07/01/28		7,820		6,767,975
Florida Housing Finance Corp. (Westbrook Apartments); Series 1998 U-1, RB(a)(d)		6.45	%		01/01/29		10,785		10,789,638
Florida Housing Finance Corp. (Westchase Apartments); Series 1998 B, RB(a)(d)		6.61	%		07/01/28		9,795		7,150,350
Gramercy Farms Community Development District;
Series 2007 A-1, Special Assessment RB(j)		5.25	%		05/01/39		1,335		13
Series 2007 A-2, Special Assessment RB(j)		5.25	%		05/01/39		1,700		17
Series 2007 B, Special Assessment RB(j)		5.10	%		05/01/14		4,385		44
Series 2011, Ref. Special Assessment Conv. CAB RB(f)		0.00	%		05/01/39		29,070		4,396,838
Hammock Bay Community Development District; Series 2004 A, Special Assessment RB		6.13	%		05/01/35		2,420		2,489,575
Harbour Isles Community Development District; Series 2004, Special Assessment RB		6.13	%		05/01/35		1,330		1,345,441
Heritage Harbor Community Development District; Series 1997, Recreational RB		7.75	%		05/01/23		410		360,788
Hillsborough (County of) Industrial Development Authority (Health Facilities); Series 2008 B, IDR(a)(b)		8.00	%		08/15/19		1,000		1,431,650
Islands at Doral III Community Development District; Series 2004 A, Special Assessment RB		5.90	%		05/01/35		3,585		3,594,644
Islands at Doral Southwest Community Development District; Series 2003, Special Assessment RB(a)(b)		6.38	%		05/01/13		1,635		1,712,695
Jacksonville (City of) Economic Development Commission (Proton Therapy Institute); Series 2007 A, Ref. Health Care Facilities RB(i)		6.25	%		09/01/27		12,000		13,269,840
Kendall Breeze Community Development District;
Series 2002, Special Assessment RB		6.70	%		11/01/23		1,895		1,941,636
Series 2002, Special Assessment RB		6.63	%		11/01/33		3,190		3,270,867
Series 2004, Special Assessment RB		5.88	%		05/01/34		1,355		1,378,292
Lakeland (City of) (Carpenter’s Home Estate Accident Investor); Series 2008, Ref. First Mortgage Retirement Community RB(i)		6.38	%		01/01/43		2,250		2,319,930

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

16        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Lakeside Landings Community Development District;
Series 2007 A, Special Assessment RB(j)		5.50	%		05/01/38	$	1,000	$	410,960
Series 2007 B, Special Assessment RB(j)		5.25	%		05/01/13		1,940		796,680
Lee (County of) Industrial Development Authority (Cypress Cove Health Park);
Series 1997 A, Health Care Facilities RB		6.38	%		10/01/25		12,675		11,371,883
Series 2002 A, Health Care Facilities RB		6.75	%		10/01/32		9,250		8,375,597
Lee (County of) Industrial Development Authority (Lee County Community Charter Schools, LLC);
Series 2007 A, IDR		5.25	%		06/15/27		7,000		7,014,070
Series 2007 A, IDR		5.38	%		06/15/37		6,230		6,116,489
Series 2012, IDR		5.50	%		06/15/32		1,880		1,896,826
Series 2012, IDR		5.75	%		06/15/42		3,210		3,231,186
Leon (County of) Educational Facilities Authority (Southgate Residence Hall); Series 1998 A, Ref. RB		6.75	%		09/01/28		7,940		7,678,218
Marshall Creek Community Development District; Series 2000 A, Special Assessment RB		7.65	%		05/01/32		2,595		2,596,868
Martin (County of) Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB		5.50	%		11/15/42		12,840		14,015,630
Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center);
Series 1998, Hospital RB		5.38	%		11/15/18		90		90,129
Series 2001 A, Hospital RB		6.70	%		11/15/19		1,500		1,517,685
Series 2001 A, Hospital RB		6.80	%		11/15/31		1,900		1,922,458
Series 2004, Ref. RB(a)(b)(i)		6.75	%		11/15/14		840		954,307
Series 2004, Ref. RB(i)		6.75	%		11/15/29		5,160		5,562,222
Series 2012, Ref. RB		5.00	%		11/15/29		3,500		3,816,785
Miami-Dade (County of) (Building Better Communities Program); Series 2008 A, Unlimited Tax GO Bonds (INS–AGC)(e)(h)		5.00	%		07/01/30		15,210		16,864,848
Miami-Dade (County of) (Miami International Airport); Series 2008 A, Aviation RB (INS–AGC)(d)(e)(h)		5.25	%		10/01/33		16,500		17,811,255
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital);
Series 2010 A, Ref. Hospital RB		6.00	%		08/01/30		500		595,475
Series 2010 A, Ref. Hospital RB		6.13	%		08/01/42		250		295,690
Series 2011, Ref. Hospital RB		6.00	%		08/01/46		1,000		1,184,480
Miami-Dade (County of) School Board;
Series 2008 B, COP (INS–AGC)(e)(h)		5.25	%		05/01/26		5,000		5,686,700
Series 2008 B, COP (INS–AGC)(e)(h)		5.25	%		05/01/27		10,000		11,339,600
Miami-Dade (County of);
Series 2005 A, Sub. Special Obligation CAB RB (INS–NATL)(e)(f)		0.00	%		10/01/40		10,070		2,174,516
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/31		7,155		2,648,066
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/32		2,890		1,007,599
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/35		12,000		3,535,320
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/39		21,650		5,093,379
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/40		10,000		2,224,700
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/42		72,215		14,262,462
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/44		15,495		2,730,374
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/45		7,710		1,282,867
Series 2009, Sub. Special Obligation CAB RB(f)		0.00	%		10/01/47		22,300		3,272,971
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB		6.00	%		05/01/24		1,665		1,695,969
Series 2004 A, Special Assessment RB		6.25	%		05/01/37		8,445		8,635,519

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

17        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Mount Dora (City of) Health Facilities Authority (Waterman Village);
Series 2002 A, RB		6.75	%		08/15/25	$	3,000	$	2,540,190
Series 2004 A, Ref. RB		5.25	%		08/15/13		550		535,838
Series 2004 A, Ref. RB		5.75	%		08/15/18		3,750		3,315,600
Northern Palm Beach (County of) Improvement District Unit of Development No. 16;
Series 1999, Ref. Water Control & Improvement RB		7.50	%		08/01/24		2,520		2,524,738
Series 2002, Water Control & Improvement RB		7.00	%		08/01/32		2,500		2,552,700
Northern Palm Beach (County of) Improvement District Unit of Development No. 2A; Series 2002, Water Control & Improvement RB		6.40	%		08/01/33		3,910		3,912,815
Oak Creek Community Development District; Series 2004, Special Assessment RB		5.80	%		05/01/35		1,590		1,505,571
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
Series 2005, Ref. RB		5.38	%		07/01/20		3,300		3,378,540
Series 2005, Ref. RB		5.70	%		07/01/26		4,000		4,094,640
Series 2007, First Mortgage RB		5.50	%		07/01/32		3,750		3,806,850
Series 2007, First Mortgage RB		5.50	%		07/01/38		7,450		7,534,334
Orange (County of) Housing Finance Authority (Alhambra Trace Apartments); Series 1998 C, RB		7.00	%		04/01/28		1,815		1,814,855
Orange (County of) Housing Finance Authority (Governors Manor Apartments); Series 2001 F-4, RB		7.25	%		10/01/31		3,705		3,709,520
Orange (County of) Housing Finance Authority (H.A.N.D.S., Inc.);
Series 1995 A, Mortgage RB(i)		7.00	%		10/01/15		705		707,792
Series 1995 A, Mortgage RB(i)		7.00	%		10/01/25		2,535		2,541,845
Orange (County of) Housing Finance Authority (Lake Davis Apartments); Series 2001 F-1, RB		7.25	%		10/01/31		770		770,939
Orange (County of) Housing Finance Authority (Lake Jennie Phase I); Series 2001 F-2, RB		7.25	%		10/01/31		220		220,268
Orange (County of) Housing Finance Authority (Lake Jennie Phase II); Series��2001 F-3, RB		7.25	%		10/01/31		770		770,939
Orange (County of) Housing Finance Authority (Mellonville Trace Apartments); Series 2001 F-5, RB		7.25	%		10/01/31		305		305,372
Orlando (City of) Urban Community Development District; Series 2004, Capital Improvement Special Assessment RB		6.25	%		05/01/34		1,000		991,690
Overoaks Community Development District;
Series 2004 A, Capital Improvement Special Assessment RB(c)		6.13	%		05/01/35		410		4
Series 2010 A-2, Capital Improvement RB		0.00	%		05/01/35		435		386,606
Series 2010 B, Capital Improvement RB		5.13	%		05/01/17		1,000		941,870
Palm Beach (County of) Housing Finance Authority (Lake Delray Apartments); Series 1999 A, MFH RB(d)		6.40	%		01/01/31		8,540		8,540,598
Palm Coast Park Community Development District; Series 2006, Special Assessment RB		5.70	%		05/01/37		4,635		3,169,181
Pentathlon Community Development District; Series 2003, Special Assessment RB(a)(b)		6.75	%		11/01/12		1,690		1,733,619
Pier Park Community Development District; Series 2002 1, Capital Improvement RB		7.15	%		05/01/34		14,310		14,398,579
Pine Air Lakes Community Development District; Series 2002, Special Assessment RB		7.25	%		05/01/33		2,800		2,821,476
Pine Ridge Plantation Community Development District; Series 2006 A, Capital Improvement Special Assessment RB		5.40	%		05/01/37		1,585		1,075,740
Pinellas (County of) Educational Facilities Authority (Pinellas Preparatory Academy);
Series 2011 A, RB		6.13	%		09/15/21		400		430,588
Series 2011 A, RB		7.13	%		09/15/41		3,250		3,652,415
Pinellas (County of) Health Facilities Authority (The Oaks of Clearwater); Series 2004, RB		6.25	%		06/01/34		5,580		5,730,158
Poinciana West Community Development District; Series 2007, Special Assessment RB		6.00	%		05/01/37		1,495		1,500,277
Port St. Lucie (City of) (Glassman Special Assessment District); Series 2003 C, Special Assessment RB		6.75	%		07/01/23		4,750		4,793,795
Reunion East Community Development District;
Series 2002 A-1, Special Assessment RB		7.38	%		05/01/33		690		703,959
Series 2002 A-2, Special Assessment RB		7.38	%		05/01/33		310		152,300
Series 2005, Special Assessment RB(j)		5.80	%		05/01/36		4,300		1,937,064

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

18        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Sarasota (County of) Health Facilities Authority (Village on the Isle);
Series 2007, Ref. Retirement Facilities RB		5.00	%		01/01/17	$	1,500	$	1,544,970
Series 2007, Ref. Retirement Facilities RB		5.50	%		01/01/27		1,000		1,058,540
Series 2007, Ref. Retirement Facilities RB		5.50	%		01/01/32		1,000		1,046,400
Sausalito Bay Community Development District; Series 2003, Special Assessment RB		6.20	%		05/01/35		2,610		2,644,269
Seminole Indian Tribe of Florida; Series 2007 A, Special Obligation RB(i)		5.50	%		10/01/24		5,350		5,681,540
Seven Oaks Community Development District II;
Series 2003 A, Special Assessment RB		6.40	%		05/01/34		4,605		4,447,693
Series 2004 A, Special Assessment RB		5.88	%		05/01/35		2,590		1,988,628
Silver Palms Community Development District; Series 2004, Special Assessment RB		5.90	%		05/01/34		1,750		1,774,343
South Lake (County of) Hospital District (South Lake Hospital, Inc.);
Series 2003, RB		6.38	%		10/01/28		2,115		2,223,119
Series 2003, RB		6.38	%		10/01/34		3,995		4,199,224
South-Dade Venture Community Development District; Series 2004, Special Assessment RB		6.13	%		05/01/34		1,295		1,322,907
St. Johns (County of) Industrial Development Authority (Glenmoor);
Series 2006 A, Health Care RB		5.25	%		01/01/26		3,000		2,866,770
Series 2006 A, Health Care RB		5.38	%		01/01/40		8,850		7,938,361
St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities);
Series 2004 A, RB		5.63	%		08/01/34		4,390		4,548,523
Series 2010 A, RB		6.00	%		08/01/45		4,000		4,453,440
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		179,064
Series 2009 A, Ref. RB		6.50	%		11/15/39		1,000		1,194,810
Sterling Hill Community Development District; Series 2003 A, Capital Improvement Special Assessment RB		6.20	%		05/01/35		1,495		1,318,082
Stonebrier Community Development District; Series 2006, Special Assessment RB		5.50	%		05/01/37		2,770		2,725,680
Stonegate Community Development District; Series 2008, Special Assessment RB		8.13	%		05/01/39		4,685		5,177,019
Tallahassee (City of) (Tallahassee Memorial Health Care, Inc.); Series 2000, Health Facilities RB		6.38	%		12/01/30		5,875		5,895,856
Tampa Bay Water; Series 2001 A, Ref. & Improvement Utility System RB (INS–NATL)(e)(h)		6.00	%		10/01/29		13,440		18,831,590
Town Center at Palm Coast Community Development District; Series 2005, Capital Improvement Special Assessment RB		6.00	%		05/01/36		11,430		8,790,584
Trails at Monterey Community Development District;
Series 2003, Special Assessment RB(a)(b)		6.50	%		05/01/13		945		960,744
Series 2003, Special Assessment RB(a)(b)		6.75	%		05/01/13		1,715		1,742,800
Treeline Preserve Community Development District; Series 2007 A, Special Assessment RB(j)		6.80	%		05/01/39		4,895		2,418,179
Turnbull Creek Community Development District;
Series 2005, Special Assessment RB		5.80	%		05/01/35		2,640		2,380,303
Series 2006, Special Assessment RB		5.25	%		05/01/37		3,505		2,571,478
University Square Community Development District; Series 2007 A-1, Capital Improvement Special Assessment RB		5.88	%		05/01/38		2,890		2,955,256
Venetian Isles Community Development District; Series 2002 A, Special Assessment RB		6.75	%		05/01/33		3,850		3,913,256
Verandah West Community Development District; Series 2003 A, Capital Improvement Special Assessment RB		6.63	%		05/01/33		4,250		4,302,488
Waterlefe Community Development District; Series 2001, Golf Course RB(j)		8.13	%		10/01/25		2,645		197,582
West Villages Improvement District (Unit of Development No. 3); Series 2006, Special Assessment RB		5.50	%		05/01/37		3,755		1,679,649
West Villages Improvement District; Series 2007, Special Assessment RB		5.50	%		05/01/38		9,500		4,443,530
Winter Garden Village at Fowler Groves Community Development District; Series 2006, Special Assessment RB		5.65	%		05/01/37		2,540		2,643,632
World Commerce Community Development District; Series 2004 A-2, Special Assessment RB(j)		6.13	%		05/01/35		1,490		1,469,200
									694,905,536

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

19        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Georgia–1.17%
Americus (City of) & Sumter (County of) Hospital Authority (South Georgia Methodist); Series 1999 A, Ref. RB		6.38	%		05/15/29	$	5,250	$	5,253,255
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB		7.38	%		01/01/31		12,000		13,711,440
Atlanta (City of) (Eastside);
Series 2005 B, Tax Allocation RB		5.40	%		01/01/20		1,000		1,086,390
Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		4,700		5,066,929
Atlanta (City of) (Princeton Lakes); Series 2006, Tax Allocation RB(i)		5.50	%		01/01/31		3,770		3,830,395
Atlanta (City of) Urban Residential Finance Authority (John Eagan); Series 1998 A, MFH RB(c)(d)		6.75	%		07/01/30		5,285		3,699,447
Clayton (County of) Development Authority (Delta Air Lines, Inc.); Series 2009 B, Special Facilities RB(d)		9.00	%		06/01/35		9,750		10,720,807
DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.);
Series 2010, RAC		6.00	%		09/01/30		2,200		2,522,212
Series 2010, RAC		6.13	%		09/01/40		1,000		1,155,740
Fulton (County of) Residential Care Facilities for the Elderly Authority (RHA Assisted Living);
Series 1999 A, Sr. Lien RB		6.90	%		07/01/19		3,960		3,813,797
Series 1999 A, Sr. Lien RB		7.00	%		07/01/29		8,310		7,511,908
Fulton (County of) Residential Care Facilities for the Elderly Authority (St. Anne’s Terrace); Series 2003, Ref. RB		7.63	%		12/01/33		3,295		3,424,065
Medical Center Hospital Authority (Spring Harbor Green Island); Series 2007, Ref. RB		5.25	%		07/01/27		2,500		2,532,775
Richmond (County of) Development Authority (International Paper Co.); Series 2002 A, Ref. Environmental Improvement RB(d)		6.00	%		02/01/25		1,000		1,013,380
Rockdale (County of) Development Authority (Visy Paper); Series 2007 A, RB(d)		6.13	%		01/01/34		9,615		10,053,828
Savannah (City of) Economic Development Authority (Marshes of Skidaway);
Series 2003 A, First Mortgage RB		6.85	%		01/01/19		2,245		2,319,714
Series 2003 A, First Mortgage RB		7.40	%		01/01/24		920		949,928
Series 2003 A, First Mortgage RB		7.40	%		01/01/34		3,650		3,738,914
									82,404,924
Guam–0.11%
Guam (Territory of) Waterworks Authority;
Series 2005, Water & Wastewater System RB		6.00	%		07/01/25		1,000		1,031,760
Series 2005, Water & Wastewater System RB		5.88	%		07/01/35		6,250		6,394,937
									7,426,697
Hawaii–0.80%
Hawaii (State of) Department of Budge & Finance (Hawaiian Electric Co.); Series 2007 B, Ref. Special Purpose RB (INS–FGIC)(d)(e)		4.60	%		05/01/26		10,760		11,187,495
Hawaii (State of) Department of Budget & Finance (15 Craigside);
Series 2009 A, Special Purpose Senior Living RB		8.75	%		11/15/29		850		1,024,989
Series 2009 A, Special Purpose Senior Living RB		9.00	%		11/15/44		6,530		7,877,988
Hawaii (State of) Department of Budget & Finance (Kahala Nui);
Series 2003 A, Special Purpose RB(a)(b)		7.40	%		11/15/13		5,300		5,859,786
Series 2003 A, Special Purpose RB(a)(b)		7.88	%		11/15/13		4,450		4,944,573
Series 2003 A, Special Purpose RB(a)(b)		8.00	%		11/15/13		10,000		11,125,800
Honolulu (City & County of); Series 2009 A, Unlimited Tax GO Bonds(h)		5.25	%		04/01/29		12,000		14,163,000
									56,183,631
Idaho–0.24%
Gooding 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		267,400
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB		6.13	%		11/15/37		8,355		8,426,185

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

20        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Idaho–(continued)
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	$	1,070,750
Idaho (State of) Housing & Finance Association (Liberty Charter School); Series 2008 A, Non-profit Facilities RB		6.00	%		06/01/38		750		802,852
Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2009 A, Non-profit Facilities RB		9.00	%		07/01/21		150		163,673
Series 2009 A, Non-profit Facilities RB		9.25	%		07/01/29		1,000		1,101,590
Series 2009 A, Non-profit Facilities RB		9.50	%		07/01/39		2,005		2,228,437
Idaho (State of) Housing & Finance Association (Victory Charter School, Inc.); Series 2009 A, Non-profit Facilities RB		8.25	%		07/01/39		745		874,764
Idaho (State of) Housing & Finance Association; Series 2008 A, Non-profit Facilities RB		6.13	%		07/01/38		1,580		1,659,079
									16,594,730
Illinois–10.58%
Annawan (Village of) (Patriot Renewable Fuels, LLC); Series 2007, Tax Increment Allocation RB		5.63	%		01/01/18		3,670		3,368,289
Antioch (Village of) Special Service Area No. 1 (Deercrest); Series 2003, Special Tax RB		6.63	%		03/01/33		3,691		3,271,370
Aurora (City of) (East River Area TIF No. 6); Series 2008 A, Tax Increment Allocation RB		6.75	%		12/30/27		2,355		2,493,639
Aurora (City of) (River City TIF No. 3); Series 2008 B, Tax Increment Allocation RB		6.50	%		12/30/23		3,860		4,095,460
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB		5.60	%		01/01/23		5,000		4,791,500
Bolingbrook (Village of) Special Services Area No. 1 (Forest City); Series 2005, Special Tax RB		5.90	%		03/01/27		2,000		1,839,140
Bolingbrook (Village of);
Series 1999 B, Unlimited Tax CAB GO Bonds (INS–NATL)(e)(f)		0.00	%		01/01/29		910		369,924
Series 2005, Sales Tax RB		5.75	%		01/01/15		545		444,780
Series 2005, Sales Tax RB		6.25	%		01/01/24		6,000		4,238,520
Series 2005, Sales Tax RB		6.00	%		01/01/26		4,500		3,178,710
Bradley (Village of) (Bradley Commons); Series 2007, Tax Increment Allocation RB		6.10	%		01/01/27		2,905		2,930,477
Chicago (City of) (Asphalt Operating Services); Series 2010, Recovery Zone Facility RB		6.13	%		12/01/18		8,000		8,536,800
Chicago (City of) (Chatham Ridge Redevelopment);
Series 2002, Tax Increment Allocation RB		5.95	%		12/15/12		275		279,285
Series 2002, Tax Increment Allocation RB		6.05	%		12/15/13		475		507,922
Chicago (City of) (Diversey/Narragansett); Series 2006, COP		7.46	%		02/15/26		2,820		2,820,846
Chicago (City of) (Lakeshore East);
Series 2002, Special Assessment Improvement RB		6.75	%		12/01/32		6,724		6,946,228
Series 2003, Special Assessment Improvement RB		6.63	%		12/01/22		3,884		4,015,435
Chicago (City of) (O’Hare International Airport); Series 2008 A, Third Lien General Airport RB (INS–AGM)(e)(h)		5.00	%		01/01/33		14,000		15,136,800
Chicago (City of) (Read-Dunning); Series 1996 B, Tax Increment Allocation RB (INS–ACA)(e)		7.25	%		01/01/14		700		701,932
Chicago (City of) Board of Education;
Series 2006 B, Unlimited Tax GO Bonds (INS–AGM)(e)(h)		5.00	%		12/01/25		10,000		11,068,900
Series 2008 C, Ref. Unlimited Tax GO Bonds (INS–AGM)(e)(h)		5.00	%		12/01/32		13,050		14,374,314
Chicago (City of);
Series 2011, COP		7.13	%		05/01/21		1,000		1,096,930
Series 2011, COP		7.13	%		05/01/25		9,185		9,975,461
Series 2011, COP		7.13	%		05/01/25		9,700		10,534,782
Cook (County of) (Navistar International Corp.); Series 2010, Recovery Zone Facility RB		6.50	%		10/15/40		13,275		13,815,823
Cortland (Town of) (Sheaffer System); Series 2006, Special Tax RB(c)(i)		5.50	%		03/01/17		3,439		2,270,600
Deerfield (Village of);
Series 2011, Ref. CAB RB(f)		0.00	%		10/01/31		1,803		387,591
Series 2011, Ref. RB		6.00	%		10/01/42		3,441		2,834,661
Du Page (County of) Special Service Area No. 31 (Monarch Landing); Series 2006, Special Tax RB		5.40	%		03/01/16		155		156,919

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

21        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Gilberts (Village of) Special Service Area No. 19 (The Conservancy); Series 2006-1, Special Tax RB(j)		5.38	%		03/01/16	$	2,500	$	875,550
Godfrey (Village of) (UTD Methodist Village); Series 1999 A, RB		5.88	%		11/15/29		4,000		2,044,800
Hillside (Village of) (Mannheim Redevelopment);
Series 2008, Sr. Lien Tax Increment Allocation RB		6.55	%		01/01/20		900		903,528
Series 2008, Sr. Lien Tax Increment Allocation RB		7.00	%		01/01/28		5,000		5,033,450
Illinois (State of) Finance Authority (Beacon Hill);
Series 2005 A, Ref. RB		5.15	%		02/15/13		655		656,081
Series 2005 A, Ref. RB		5.25	%		02/15/14		300		300,468
Series 2005 A, Ref. RB		5.35	%		02/15/15		225		225,333
Illinois (State of) Finance Authority (Christian Homes, Inc.);
Series 2007 A, Ref. RB		5.75	%		05/15/26		5,575		5,913,235
Series 2007 A, Ref. RB		5.75	%		05/15/31		2,825		2,971,815
Illinois (State of) Finance Authority (Clare Oaks); Series 2006 A, RB(c)		6.00	%		11/15/39		14,950		3,589,047
Illinois (State of) Finance Authority (Clare Water Tower);
Series 2010 A-6, Ref. RB(j)		6.00	%		05/15/28		1,400		28,028
Series 2010 A-7, Ref. RB(j)		6.13	%		05/15/41		12,600		252,252
Series 2010 B, Ref. CAB RB(f)(j)		0.00	%		05/15/50		6,000		120,120
Illinois (State of) Finance Authority (Clinic Altgeld); Series 1996, Community Facilities RB		8.00	%		11/15/16		1,880		1,882,707
Illinois (State of) Finance Authority (Collegiate Housing Foundation–DeKalb II, LLC–Northern Illinois University); Series 2011, Student Housing RB		6.88	%		10/01/43		7,000		8,285,410
Illinois (State of) Finance Authority (Covenant Retirement Communities, Inc.);
Series 2001, RB		5.88	%		12/01/31		1,250		1,254,500
Series 2002 B, RB		6.13	%		12/01/28		5,000		5,071,900
Illinois (State of) Finance Authority (Fairview Obligated Group);
Series 2008 A, Ref. RB(j)		6.13	%		08/15/28		1,000		9,640
Series 2008 A, Ref. RB(j)		6.25	%		08/15/35		3,500		33,740
Series 2008 A, Ref. RB(j)		6.25	%		08/15/40		5,500		53,020
Illinois (State of) Finance Authority (Franciscan Communities-St. Joseph); Series 2004 A, RB		6.00	%		05/15/34		2,500		2,501,625
Illinois (State of) Finance Authority (Friendship Village of Schaumburg);
Series 2005 A, RB		5.38	%		02/15/25		1,000		1,011,180
Series 2010, RB		7.25	%		02/15/45		7,400		8,171,154
Illinois (State of) Finance Authority (Greenfields of Geneva);
Series 2010 A, RB		7.90	%		02/15/25		3,285		3,491,265
Series 2010 A, RB		8.00	%		02/15/28		3,000		3,179,820
Series 2010 A, RB		8.13	%		02/15/40		6,640		7,195,967
Series 2010 A, RB		8.25	%		02/15/46		21,185		23,047,585
Series 2010 C-2, TEMPS-65sm RB		6.75	%		02/15/16		5,000		5,005,150
Illinois (State of) Finance Authority (Kewanee Hospital); Series 2006, RB		5.00	%		08/15/26		3,810		3,858,958
Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB		6.00	%		08/15/26		3,850		3,964,268
Series 2006 A, RB		5.70	%		08/15/28		500		500,115
Series 2006 A, RB		6.00	%		08/15/39		10,460		10,543,680
Illinois (State of) Finance Authority (Montgomery Place);
Series 2006 A, RB		5.50	%		05/15/26		2,400		2,445,552
Series 2006 A, RB		5.75	%		05/15/38		3,000		3,034,170
Illinois (State of) Finance Authority (Navistar International); Series 2010, Recovery Zone Facility RB		6.50	%		10/15/40		27,655		28,781,665

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

22        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Norwegian American Hospital Inc.);
Series 2008, RB		7.63	%		09/15/28	$	2,000	$	1,694,800
Series 2008, RB		7.75	%		09/15/38		3,000		2,578,410
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 A, RB		8.00	%		05/15/30		1,300		1,422,720
Series 2010 A, RB		8.13	%		05/15/40		6,250		6,793,937
Series 2010 A, RB		8.25	%		05/15/45		14,000		15,322,580
Series 2010 D-1, TEMPS-75sm RB		7.25	%		08/15/16		8,000		8,033,280
Series 2010 D-2, TEMPS-65sm RB		7.00	%		11/15/15		550		550,308
Series 2010 D-3, TEMPS-50sm RB		6.25	%		08/15/15		550		549,978
Illinois (State of) Finance Authority (Provena Health); Series 2009 A, RB		7.75	%		08/15/34		11,300		14,750,229
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group);
Series 2009 A, RB		7.25	%		11/01/30		1,865		2,359,729
Series 2009 A, RB		7.25	%		11/01/38		24,235		30,663,818
Illinois (State of) Finance Authority (Sherman Health System); Series 2007 A, RB		5.50	%		08/01/37		8,250		8,917,507
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Centers);
Series 2008, Ref. RB		5.50	%		08/15/30		5,000		5,298,700
Series 2009, RB		6.88	%		08/15/38		19,875		23,686,429
Illinois (State of) Finance Authority (Smith Village);
Series 2005 A, RB		5.70	%		11/15/20		500		517,415
Series 2005 A, RB		6.13	%		11/15/25		1,000		1,035,020
Series 2005 A, RB		6.25	%		11/15/35		1,500		1,532,835
Illinois (State of) Finance Authority (The Admiral at the Lake);
Series 2010 A, RB		7.25	%		05/15/20		1,905		2,043,151
Series 2010 D-1, TEMPS-75sm RB		7.00	%		05/15/18		1,550		1,555,859
Series 2010 D-2, TEMPS-65sm RB		6.38	%		05/15/17		10,500		10,511,550
Illinois (State of) Finance Authority (The Landing at Plymouth Place);
Series 2005 A, RB		6.00	%		05/15/25		4,500		4,178,340
Series 2005 A, RB		6.00	%		05/15/37		19,325		16,427,603
Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2011 C, RB		5.50	%		08/15/41		2,000		2,270,960
Illinois (State of) Finance Authority (Three Crowns Park Plaza);
Series 2006 A, RB		5.88	%		02/15/26		1,000		1,038,730
Series 2006 A, RB		5.88	%		02/15/38		1,500		1,540,905
Illinois (State of) Finance Authority (United Neighborhood Organization Charter School Network, Inc.);
Series 2011, Ref. Charter School RB		6.88	%		10/01/31		3,500		3,908,380
Series 2011, Ref. Charter School RB		7.13	%		10/01/41		1,000		1,126,560
Illinois (State of) Finance Authority (Villa St. Benedict); Series 2003 A-1, RB(j)		6.90	%		11/15/33		8,750		3,586,800
Illinois (State of) Finance Authority (Waste Management Inc.); Series 2005 A, Solid Waste Disposal RB(d)		5.05	%		08/01/29		1,320		1,401,761
Illinois (State of) Finance Authority;
Series 2003 A, RB		7.00	%		11/15/32		3,450		3,493,505
Series 2003 A, Ref. RB		6.20	%		08/15/23		1,000		1,000,640
Series 2003 A, Ref. RB		6.40	%		08/15/33		4,500		4,502,160
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2010 A, RB(h)		5.50	%		06/15/50		18,000		20,245,320
Series 2012, CAB RB		0.00	%		12/15/41		25,000		5,763,750
Series 2012, CAB RB		0.00	%		12/15/50		40,000		5,565,600
Series 2012, CAB RB		0.00	%		12/15/51		65,000		8,540,350

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

23        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Illinois (State of) Real Estate Lease; Series 1998, Ctfs. RB (INS–ACA)(e)(i)		6.20	%		06/15/18	$	4,462	$	4,504,880
Illinois (State of) Regional Transportation Authority; Series 2003 A, RB (INS–NATL)(e)(h)		6.00	%		07/01/33		22,000		29,593,300
Illinois (State of) Toll Highway Authority; Series 2008 B, RB(h)		5.50	%		01/01/33		29,000		32,207,690
Lake, Cook, Kane & McHenry Counties Community Unit School District No. 220 (Barrington); Series 2000, Unlimited Tax GO Bonds (INS–NATL)(e)		5.75	%		12/01/19		80		80,310
Lombard Public Facilities Corp.;
Series 2005 A-1, First Tier Conference Center & Hotel RB		6.38	%		01/01/15		750		587,648
Series 2005 A-1, First Tier Conference Center & Hotel RB		7.13	%		01/01/36		2,500		1,687,100
Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB		7.50	%		01/01/30		3,450		3,680,701
Loves Park (City of) (Hoosier Care); Series 1999 A, RB		7.13	%		06/01/34		1,310		1,310,576
Malta (Village of) (Prairie Springs); Series 2006, Tax Increment Allocation RB(i)		5.75	%		12/30/25		1,900		1,213,340
Manhattan (Village of) Special Service Area No. 04-1 (Brookstone Springs); Series 2005, Special Tax RB		6.10	%		03/01/35		4,293		4,413,161
Minooka (Village of) (Lakewood Trails Unit No. 2); Series 2004, Special Assessment Improvement RB		6.38	%		03/01/34		5,488		5,619,767
Minooka (Village of) (Lakewood Trails); Series 2003, Special Assessment Improvement RB		6.63	%		03/01/33		3,710		3,797,593
Minooka (Village of) (Prairie Ridge); Series 2003, Special Assessment Improvement RB		6.88	%		03/01/33		2,645		2,347,781
Pingree Grove (Village of) (Cambridge Lakes Learning Center);
Series 2007, RB		6.00	%		06/01/36		5,080		4,538,218
Series 2011, RB		8.50	%		06/01/41		3,290		3,612,782
Pingree Grove (Village of) (Cambridge Lakes); Series 2006-1, Special Service Area No. 7 Special Tax RB		6.00	%		03/01/36		8,555		8,578,783
Pingree Grove (Village of) Special Service Area No. 2 (Cambridge Lakes); Series 2005-2, Special Tax RB		6.00	%		03/01/35		6,992		7,057,725
Plano (City of) Special Service Area No. 1 (Lakewood Springs); Series 2004 A, Special Tax RB		6.20	%		03/01/34		4,076		4,189,191
Plano (City of) Special Service Area No. 10 (Lakewood Springs Club); Series 2007, Special Tax RB(j)		5.80	%		03/01/37		5,615		2,933,276
Quad Cities Regional Economic Development Authority (Heritage Woods Moline Supportive Living Facility); Series 2006, MFH RB(d)		6.00	%		12/01/41		1,335		1,259,586
Railsplitter Tobacco Settlement Authority; Series 2010, RB		6.00	%		06/01/28		20,050		23,542,710
Regional Transportation Authority; Series 1994 B, RB (INS–AMBAC)(e)		8.00	%		06/01/17		2,095		2,573,519
Round Lake (Village of) Lakewood Grove Special Service Area No. 1; Series 2003, Special Tax RB(a)(b)		6.70	%		03/01/13		3,497		3,668,843
Round Lake (Village of) Lakewood Grove Special Service Area No. 4; Series 2003, Unlimited Tax GO Bonds(a)(b)		6.75	%		03/01/13		4,829		5,067,456
Southwestern Illinois Development Authority (City of Collinsville Limited Incremental Sales Tax); Series 2007, Local Government Program RB		5.35	%		03/01/31		1,000		854,270
Southwestern Illinois Development Authority (Eden Retirement Center, Inc.);
Series 2006, Senior Care Facilities RB		5.50	%		12/01/26		800		663,728
Series 2006, Senior Care Facilities RB		5.85	%		12/01/36		3,000		2,356,860
Southwestern Illinois Development Authority (U.S. Steel Corp.) Series 2012, RB(d)		5.75	%		08/01/42		14,000		13,900,320
St. Charles (City of) (Zylstra);
Series 2008, Sr. Lien Limited Incremental Sales Tax RB		6.95	%		01/01/21		1,800		1,859,490
Series 2008, Sr. Lien Limited Incremental Sales Tax RB		6.95	%		01/01/25		2,000		2,003,180
St. Charles (City of) Special Service Area No. 21; Series 1998, RB		6.63	%		03/01/28		2,850		2,851,055
Sterling (City of) (Hoosier Care); Series 1999 A, RB		7.13	%		06/01/34		850		850,374
United City of Yorkville (City of) (Storm Water/Water Improvement);
Series 2007, Business District RB		6.00	%		01/01/26		3,295		2,299,646
Series 2007, Business District RB		6.00	%		01/01/27		285		195,065
United City of Yorkville (City of) Special Service Area No. 2003-100 (Raintree Village); Series 2003, Special Tax RB		6.88	%		03/01/33		5,461		5,588,187
United City of Yorkville (City of) Special Service Area No. 2003-101 (Windett Ridge); Series 2003, Special Tax RB (Acquired 09/03/03 Cost $2,645,000)(i)		6.88	%		03/01/33		2,645		2,369,470
United City of Yorkville (City of) Special Service Area No. 2004-107 (Raintree Village II); Series 2005, Special Tax RB		6.25	%		03/01/35		5,481		3,366,704
United City of Yorkville (City of) Special Service Area No. 2005-108 (Autumn Creek); Series 2006, Special Tax RB		6.00	%		03/01/36		2,745		2,599,735

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

24        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
United City of Yorkville (City of) Special Service Area No. 2006-113 (Cannonball/Beecher Road); Series 2007, Special Tax RB		5.75	%		03/01/28	$	4,350	$	4,399,285
Upper Illinois River Valley Development Authority (Living Springs McHenry Supportive Living Facility); Series 2007, MFH RB(d)		6.10	%		12/01/41		4,000		3,851,920
Upper Illinois River Valley Development Authority (Pleasant View Luther Home);
Series 2010, RB		7.00	%		11/15/30		2,000		2,160,120
Series 2010, RB		7.25	%		11/15/40		3,200		3,461,216
Series 2010, RB		7.38	%		11/15/45		1,700		1,848,138
Volo (Village of) Special Service Area No. 3 (Symphony Meadows); Series 2006-1, Special Tax RB		6.00	%		03/01/36		3,794		3,339,858
Western Illinois Economic Development Authority (Carthage Memorial Hospital);
Series 2008 B, Hospital RB		7.00	%		06/01/33		2,295		2,429,074
Series 2008 B, Hospital RB		7.05	%		06/01/37		4,700		4,915,542
Wheeling (Village of) (N. Milwaukee/Lake-Cook TIF); Series 2005, Tax Increment Allocation RB		6.00	%		01/01/25		8,745		8,787,501
Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB(d)		7.00	%		12/01/42		2,460		2,551,438
									744,697,547
Indiana–1.68%
Carmel (City of) (Barrington Carmel);
Series 2012 A, RB		7.00	%		11/15/27		1,550		1,609,877
Series 2012 A, RB		7.00	%		11/15/32		2,250		2,268,270
Series 2012 A, RB		7.13	%		11/15/42		8,200		8,266,092
Series 2012 A, RB		7.13	%		11/15/47		6,250		6,260,250
Series 2012 C-1, TEMPS-75sm RB		5.75	%		11/15/19		2,000		2,002,700
Series 2012 C-2, TEMPS-65sm RB		5.25	%		11/15/18		2,750		2,752,640
Crown Point (City of) (Wittenberg Village);
Series 2009 A, Economic Development RB		8.00	%		11/15/29		3,100		3,675,918
Series 2009 A, Economic Development RB		8.00	%		11/15/39		9,000		10,544,490
Delaware (County of) Redevelopment District; Series 1997, Tax Increment Allocation RB		6.88	%		02/01/18		640		641,702
Indiana (State of) Finance Authority (Irvington Community School);
Series 2009 A, Educational Facilities RB		7.75	%		07/01/23		290		346,304
Series 2009 A, Educational Facilities RB		8.00	%		07/01/29		1,385		1,665,518
Series 2009 A, Educational Facilities RB		9.00	%		07/01/39		1,000		1,254,720
Indiana (State of) Finance Authority (King’s Daughters Hospital & Health Services); Series 2010, Hospital RB		5.50	%		08/15/45		5,755		6,010,925
Indiana (State of) Finance Authority (Ohio Valley Electric Corp.);
Series 2012 A, Midwestern Disaster Relief RB		5.00	%		06/01/32		5,500		5,885,495
Series 2012 A, Midwestern Disaster Relief RB		5.00	%		06/01/39		10,500		10,943,625
Indiana (State of) Finance Authority (U.S. Steel Corp); Series 2011, Ref. Environmental RB		6.00	%		12/01/19		8,000		8,902,000
Indiana (State of) Health Facility Financing Authority (Community Foundation of Northwest Indiana);
Series 2004 A, Hospital RB		6.25	%		03/01/25		1,500		1,582,995
Series 2004 A, Hospital RB		6.00	%		03/01/34		13,035		13,675,018
Indiana (State of) Health Facility Financing Authority (Franciscan Communities, Inc.); Series 2003 A, Ref. RB		6.40	%		05/15/24		3,435		3,439,328
Indiana (State of) Health Facility Financing Authority (Hoosier Care); Series 1999 A, RB		7.13	%		06/01/34		3,865		3,866,701
North Manchester (Town of) (Peabody Retirement Communities); Series 2002 A, RB(j)		7.25	%		07/01/33		3,000		1,019,730
Portage (City of) Special Improvement District (Marina Shoes); Series 2005, Special Assessment RB(j)		6.38	%		03/01/35		3,643		1,275,451

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

25        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Indiana–(continued)
St. Joseph (County of) Redevelopment District;
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/12	$	130	$	127,258
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/13		130		117,832
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/14		125		104,925
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/15		125		97,169
Series 1997 B, Tax Increment Allocation CAB RB(f)		0.00	%		12/30/16		125		89,990
Vigo (County of) Hospital Authority (Union Hospital, Inc.);
Series 2007, RB(i)		5.70	%		09/01/37		8,000		8,262,160
Series 2007, RB(i)		5.75	%		09/01/42		5,780		5,961,954
Series 2007, RB(i)		5.80	%		09/01/47		5,645		5,835,575
									118,486,612
Iowa–1.84%
Altoona (City of);
Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		6.00	%		06/01/28		1,250		1,377,738
Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		6.00	%		06/01/39		5,000		5,382,700
Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		6.00	%		06/01/43		5,500		5,907,660
Ames (City of) (Mary Greeley Medical Center);
Series 2011, Hospital RB		5.50	%		06/15/30		1,000		1,110,420
Series 2011, Hospital RB		5.25	%		06/15/36		1,250		1,354,913
Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB		7.25	%		06/01/35		5,755		6,512,070
Des Moines (City of) (Luther Park Apartments, Inc.);
Series 2004, Senior Housing RB		6.00	%		12/01/23		500		510,470
Series 2004, Senior Housing RB		6.25	%		12/01/34		2,245		2,275,442
Series 2007 A, Ref. MFH RB(i)		5.30	%		12/01/36		3,585		3,330,859
Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB		4.75	%		08/01/42		19,300		19,414,642
Iowa (State of) Finance Authority (Bethany Life Communities);
Series 2006 A, Ref. Senior Housing RB		5.45	%		11/01/26		1,395		1,397,427
Series 2006 A, Ref. Senior Housing RB		5.55	%		11/01/41		3,795		3,801,565
Iowa (State of) Finance Authority (Boys & Girls Home & Family Services, Inc.); Series 2007, Community Provider RB		5.80	%		12/01/22		1,000		340,030
Iowa (State of) Finance Authority (Madrid Home);
Series 2007, Ref. Health Care Facility RB		5.75	%		11/15/24		1,000		1,017,190
Series 2007, Ref. Health Care Facility RB		5.80	%		11/15/29		1,930		1,938,569
Series 2007, Ref. Health Care Facility RB		5.90	%		11/15/37		2,750		2,744,693
Iowa (State of) Tobacco Settlement Authority;
Series 2005 C, Asset-Backed RB		5.38	%		06/01/38		2,215		2,011,264
Series 2005 C, Asset-Backed RB		5.50	%		06/01/42		18,920		16,988,079
Series 2005 C, Asset-Backed RB		5.63	%		06/01/46		27,815		25,667,404
Jefferson (County of) Hospital; Series 2007 C, RB		5.95	%		08/01/37		3,935		3,974,075
Marion (City of) (Village Place at Marion);
Series 2005 A, MFH RB		5.65	%		09/01/25		155		140,647
Series 2005 A, MFH RB		6.00	%		09/01/35		400		358,788
Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN		5.60	%		09/01/32		7,415		7,565,005
Polk (County of) (Luther Park Health Center, Inc.);
Series 2004, Health Care Facilities RB		6.00	%		10/01/24		290		290,194
Series 2004, Health Care Facilities RB		6.15	%		10/01/36		3,100		3,101,023

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

26        Invesco High Yield Municipal Fund

						��
						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Iowa–(continued)
Series 2007 A, Ref. Health Care Facilities RB		5.30	%		04/01/37	$	4,835	$	4,616,313
Series 2007 C, Health Care Facilities RB		6.00	%		04/01/37		3,405		3,462,851
Washington (City of) (United Presbyterian Home); Series 2006 A, Ref. Senior Housing RB		5.60	%		12/01/36		2,725		2,773,478
									129,365,509
Kansas–0.27%
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB		5.75	%		11/15/38		1,900		2,226,154
Labette (County of);
Series 2007 A, Ref. & Improvement Hospital RB		5.75	%		09/01/29		750		799,155
Series 2007 A, Ref. & Improvement Hospital RB		5.75	%		09/01/37		900		948,222
Lenexa (City of) (Lakeview Village, Inc.);
Series 2009, Health Care Facilities RB		7.13	%		05/15/29		500		567,465
Series 2009, Health Care Facilities RB		7.25	%		05/15/39		1,500		1,682,865
Olathe (City of) (Aberdeen Village, Inc.);
Series 2005, Ref. Senior Living Facility RB		6.13	%		05/15/30		1,000		1,020,320
Series 2005 A, Ref. Senior Living Facility RB		5.60	%		05/15/28		1,500		1,500,165
Olathe (City of) (Catholic Care Campus, Inc.); Series 2006 A, Senior Living Facility RB		6.00	%		11/15/38		2,500		2,599,300
Olathe (City of) (Olathe Medical Center); Series 2008, VRD Health Facilities RB (LOC–Bank of America, N.A.)(k)(l)		0.23	%		09/01/32		1,965		1,965,000
Olathe (City of) (West Village Center);
Series 2007, Special Obligation Tax Increment Allocation RB		5.30	%		09/01/17		500		383,255
Series 2007, Special Obligation Tax Increment Allocation RB		5.45	%		09/01/22		1,160		843,018
Series 2007, Special Obligation Tax Increment Allocation RB		5.50	%		09/01/26		1,000		692,990
Overland Park (City of) Transportation Development District (Grass Creek); Series 2006, Special Assessment RB		5.13	%		09/01/28		1,485		1,350,400
Roeland Park (City of) (Roeland Park Redevelopment, LLC); Series 2005, Special Obligation Tax Increment Allocation RB		5.75	%		08/01/24		920		920,432
Roeland Park (City of) (TDD No. 1);
Series 2005, Transportation Development District Sales Tax RB		5.75	%		12/01/25		445		341,413
Series 2006 A, Transportation Development District Sales Tax RB		5.88	%		12/01/25		925		718,642
Roeland Park (City of) (TDD No. 2); Series 2006 B, Transportation Development District Sales Tax RB		5.88	%		12/01/25		1,000		679,900
									19,238,696
Kentucky–0.25%
Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II);
Series 2011, RB		6.25	%		05/15/18		1,000		1,018,420
Series 2011, RB		7.00	%		05/15/30		2,500		2,811,600
Series 2011, RB		7.25	%		05/15/41		3,050		3,431,830
Series 2011, RB		7.38	%		05/15/46		1,000		1,134,730
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); Series 2010 A, Hospital RB		6.50	%		03/01/45		6,000		7,151,520
Louisville (City of) & Jefferson (County of) Metropolitan Government (Bellarmie University Inc.); Series 2009, College Improvement RB		6.13	%		05/01/39		1,820		2,041,348
									17,589,448
Louisiana–1.18%
Calcasieu (Parish of) Memorial Hospital Service District (Lake Charles Memorial Hospital); Series 1992 A, Hospital RB (INS–Connie Lee)(e)		6.50	%		12/01/18		4,530		4,759,037
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB(j)		5.25	%		07/01/17		14,685		5,876,203
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Eunice Student Housing Foundation); Series 2002, RB		7.38	%		09/01/33		2,980		2,471,999

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

27        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Louisiana–(continued)
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.);
Series 2007, RB		6.75	%		11/01/32	$	8,690	$	9,794,933
Series 2009 A, RB		6.50	%		08/01/29		9,500		11,175,135
Series 2010 A-1, RB		6.50	%		11/01/35		9,245		10,771,072
Louisiana (State of) Public Facilities Authority (Belle Chasse Educational Foundation); Series 2011, RB		6.75	%		05/01/41		3,000		3,459,990
Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB(i)		6.38	%		12/01/34		15,000		16,213,050
Louisiana (State of) Public Facilities Authority (Progressive Health Care);
Series 1998, RB		6.38	%		10/01/20		2,500		2,500,425
Series 1998, RB		6.38	%		10/01/28		2,000		1,950,840
Louisiana State University & Agricultural & Mechanical College (Master Lease M98362); Series 1998, RB (Acquired 11/30/98; Cost $1,805,160)(i)		5.75	%		10/30/18		1,805		1,807,742
New Orleans (City of) Aviation Board; Series 2009 A-2, Ref. & Restructuring General Airport RB (INS–AGC)(e)		6.00	%		01/01/23		3,000		3,591,000
St. Charles (Parish of) (Valero Energy Corp.); Series 2010, Gulf Opportunity Zone RB(a)(g)		4.00	%		06/01/22		6,500		6,997,250
St. Tammany (Parish of) Public Trust Financing Authority (Christwood); Series 1998, Ref. RB		5.70	%		11/15/28		2,000		2,000,740
									83,369,416
Maine–0.21%
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center);
Series 2011, RB		7.50	%		07/01/32		2,500		3,112,825
Series 2011, RB		6.75	%		07/01/36		500		589,005
Series 2011, RB		6.75	%		07/01/41		9,505		11,128,359
									14,830,189
Maryland–1.71%
Annapolis (City of) (Park Place); Series 2005 A, Special Obligation Tax Allocation RB		5.35	%		07/01/34		1,874		1,889,760
Anne Arundel (County of) (Farmington Village); Series 1998 A, Special Tax RB		6.25	%		06/01/25		1,635		1,636,815
Anne Arundel (County of) (National Business Park-North);
Series 2010, Special Obligation Tax Allocation RB		5.63	%		07/01/25		1,000		1,086,510
Series 2010, Special Obligation Tax Allocation RB		6.10	%		07/01/40		3,250		3,522,187
Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax Allocation RB		7.00	%		09/01/38		12,500		13,493,625
Baltimore (City of) (Strathdale Manor); Series 2003, Special Obligation Tax Allocation RB		7.00	%		07/01/33		961		1,004,341
Brunswick (City of) (Brunswick Crossing); Series 2006, Special Obligation Tax RB		5.50	%		07/01/36		18,100		15,999,495
Frederick (County of) (Urbana Community Development Authority); Series 2010 B, Sub. Special Obligation Tax RB		5.50	%		07/01/40		9,020		9,187,501
Harford (County of); Series 2011, Special Obligation Tax Allocation RB		7.50	%		07/01/40		6,000		6,720,540
Howard (County of) (Vantage House Facility); Series 2007 B, Ref. Retirement Community RB		5.25	%		04/01/37		450		447,215
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare);
Series 2011 A, RB		5.13	%		01/01/23		1,000		1,118,250
Series 2011 A, RB		6.13	%		01/01/36		1,500		1,713,480
Maryland (State of) Health & Higher Educational Facilities Authority (King Farm Presbyterian Retirement Community);
Series 2007 A, RB		5.25	%		01/01/27		4,475		4,386,395
Series 2007 A, RB		5.30	%		01/01/37		3,050		2,855,227
Maryland (State of) Health & Higher Educational Facilities Authority (Washington Christian Academy); Series 2006, RB(j)		5.50	%		07/01/38		1,500		599,970
Maryland (State of) Health & Higher Educational Facilities Authority (Washington County Hospital);
Series 2008, RB		5.75	%		01/01/38		500		533,580
Series 2008, RB		6.00	%		01/01/43		16,105		17,392,434

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

28        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Maryland–(continued)
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	$	1,573,140
Maryland Economic Development Corp. (AFCO Cargo BWI II, LLC);
Series 1999, Air Cargo RB(d)		6.50	%		07/01/24		5,780		5,403,086
Series 2003, Ref. Air Cargo RB(d)		7.34	%		07/01/24		1,160		1,159,281
Maryland Economic Development Corp. (Chesapeake Bay); Series 2006 B, Sr. Lien RB		5.25	%		12/01/31		1,500		1,072,440
Maryland Economic Development Corp. (CNX Marine Terminals Inc. Port of Baltimore Facility); Series 2010, Ref. Port Facilities RB		5.75	%		09/01/25		8,000		8,688,000
Montgomery (County of) (Trinity Health); Series 2011, Ref. RB(h)		5.00	%		12/01/40		10,000		11,197,000
Montgomery (County of) (West Germantown Development District); Series 2004 B, Special Obligation Limited Tax GO Bonds		6.70	%		07/01/27		1,230		1,256,347
Salisbury (City of) (Villages at Aydelotte Farm); Series 2007, Special Obligation Tax Allocation RB		5.25	%		01/01/37		4,000		1,570,240
Westminster (City of) (Carroll Lutheran Village);
Series 2004 A, Economic Development RB		6.00	%		05/01/24		2,000		2,022,840
Series 2004 A, Economic Development RB		6.25	%		05/01/34		2,500		2,517,575
									120,047,274
Massachusetts–2.99%
Boston (City of) Industrial Development Financing Authority (Springhouse Inc.); Series 1998, Ref. First Mortgage RB		6.00	%		07/01/28		3,750		3,751,312
Massachusetts (State of) Development Finance Agency (Alliance); Series 1999 A, Health Care Facility RB		7.10	%		07/01/32		6,895		6,496,745
Massachusetts (State of) Development Finance Agency (Baystate Medical Center); Series 2002 F, RB		5.50	%		07/01/22		720		720,749
Massachusetts (State of) Development Finance Agency (Civic Investments); Series 2002 B, RB(a)(b)		9.15	%		12/15/12		2,900		3,032,443
Massachusetts (State of) Development Finance Agency (Criterion Child Enrichment); Series 2003, RB		6.75	%		01/01/34		5,600		5,685,792
Massachusetts (State of) Development Finance Agency (Developmental Disabilities Inc.); Series 2003, RB(a)(b)		6.75	%		06/01/13		1,265		1,337,775
Massachusetts (State of) Development Finance Agency (Dimock Community Health Center);
Series 2003, RB		6.25	%		12/01/13		335		343,003
Series 2003, RB		6.75	%		12/01/33		7,565		7,727,118
Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.);
Series 2005, RB		5.00	%		01/01/24		250		251,403
Series 2005, RB		5.50	%		01/01/35		500		503,000
Massachusetts (State of) Development Finance Agency (GF/Pilgrim, Inc.);
Series 1998, First Mortgage RB		6.50	%		10/01/15		545		545,420
Series 1998, First Mortgage RB		6.75	%		10/01/28		4,000		3,999,800
Massachusetts (State of) Development Finance Agency (Hampshire College); Series 2004, RB		5.70	%		10/01/34		1,500		1,545,885
Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB(h)		5.50	%		11/15/36		23,660		28,745,007
Massachusetts (State of) Development Finance Agency (Hillcrest Educational Centers Inc.); Series 1999, RB		6.38	%		07/01/29		5,870		5,873,111
Massachusetts (State of) Development Finance Agency (Jordan Hospital);
Series 1998 D, RB		5.25	%		10/01/23		3,610		3,612,491
Series 1998 D, RB		5.38	%		10/01/28		1,465		1,465,718
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);
Series 2011 A-1, RB		6.25	%		11/15/17		732		700,244
Series 2011 A-1, RB		6.25	%		11/15/46		975		728,479
Series 2011 A-2, RB		5.50	%		11/15/46		89		57,228
Series 2011 B, RB(f)		0.00	%		11/15/56		445		2,321
Massachusetts (State of) Development Finance Agency (Loomis Communities); Series 2002 A, First Mortgage RB		6.90	%		03/01/32		2,000		2,042,540
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(h)		5.50	%		07/01/32		14,495		20,821,198
Massachusetts (State of) Development Finance Agency (Quincy Medical Center); Series 2008 A, RB(c)		5.85	%		01/15/18		5,565		28,048

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

29        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Massachusetts–(continued)
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		5,858,490
Massachusetts (State of) Development Finance Agency (Sabis International Charter School);
Series 2009 A, RB		6.85	%		04/15/23		745		876,425
Series 2009 A, RB		6.90	%		04/15/25		895		1,053,218
Series 2009 A, RB		8.00	%		04/15/31		1,000		1,242,910
Series 2009 A, RB		8.00	%		04/15/39		4,850		6,007,743
Massachusetts (State of) Development Finance Agency (The Groves in Lincoln);
Series 2009 A, Senior Living Facility RB		7.50	%		06/01/29		1,430		748,677
Series 2009 A, Senior Living Facility RB		7.75	%		06/01/39		2,000		1,045,900
Series 2009 A, Senior Living Facility RB		7.88	%		06/01/44		2,000		1,045,580
Series 2009 B-1, TEMPS-85sm Senior Living Facility RB		7.25	%		06/01/16		16,100		10,145,737
Massachusetts (State of) Development Finance Agency (Tufts Medical Center);
Series 2011 I, RB		6.75	%		01/01/36		1,000		1,218,950
Series 2011 I, RB		6.88	%		01/01/41		4,500		5,428,350
Massachusetts (State of) Development Finance Agency (Whitney Academy); Series 2000, RB		7.50	%		09/01/30		2,620		2,624,009
Massachusetts (State of) Port Authority (Delta Air Lines Inc.); Series 2001 C, Special Facilities RB (INS–AMBAC)(d)(e)(g)		0.37	%		01/01/31		30,000		21,000,000
Massachusetts (State of) Port Authority (Delta Airlines Inc.); Series 2001 A, RB (INS–AMBAC)		5.00	%		01/01/27		5,575		5,392,920
Massachusetts (State of);
Series 2004 A, Ref. Limited Tax GO Bonds (INS–AMBAC)(e)(h)		5.50	%		08/01/30		32,040		44,354,894
Series 2006 A, VRD Unlimited Tax GO Bonds(l)		0.18	%		03/01/26		2,000		2,000,000
									210,060,737
Michigan–1.37%
Chelsea Economic Development Corp. (UTD Methodist Retirement);
Series 1998, Ref. RB		5.40	%		11/15/18		1,000		1,001,170
Series 1998, Ref. RB		5.40	%		11/15/27		6,215		6,217,300
Dearborn Economic Development Corp. (Henry Ford Village, Inc.);
Series 2008, Ref. Limited Obligation RB		7.00	%		11/15/28		5,500		5,780,830
Series 2008, Ref. Limited Obligation RB		7.13	%		11/15/43		7,700		8,046,423
Detroit Community High School;
Series 2005, Public School Academy RB		5.65	%		11/01/25		1,400		1,144,850
Series 2005, Public School Academy RB		5.75	%		11/01/30		1,000		781,480
Gogebic (County of) Hospital Finance Authority (Grand View Health System, Inc.); Series 1999, Ref. RB		5.88	%		10/01/16		785		786,044
Grand Blanc Academy; Series 2000, COP		7.75	%		02/01/30		1,590		1,407,770
Iron River (City of) Hospital Finance Authority (Iron County Community Hospitals);
Series 2008, Ref. Hospital RB		6.50	%		05/15/33		3,275		3,349,572
Series 2008, Ref. Hospital RB		6.50	%		05/15/40		3,380		3,445,572
John Tolfree Health System Corp.; Series 1999, Ref. Mortgage RB		6.00	%		09/15/23		2,845		2,833,563
Kentwood Economic Development Corp. (Holland Home);
Series 2012, Ref. Limited Obligation RB		5.38	%		11/15/27		2,025		2,136,051
Series 2012, Ref. Limited Obligation RB		5.63	%		11/15/32		5,000		5,267,050
Series 2012, Ref. Limited Obligation RB		5.38	%		11/15/41		1,000		1,006,150
Series 2012, Ref. Limited Obligation RB		5.63	%		11/15/41		4,160		4,294,659
Mecosta (County of) General Hospital; Series 1999, Ref. RB		6.00	%		05/15/18		365		365,715
Michigan (State of) Finance Authority (Public School Academy–Cesar Chavez Academy); Series 2012, Ref. Limited Obligation RB		4.25	%		02/01/17		4,750		4,782,205

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

30        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Michigan–(continued)
Michigan (State of) Finance Authority (Trinity Health); Series 2011, Ref. RB(h)		5.00	%		12/01/39	$	16,120	$	17,861,282
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		2,333,091
Michigan (State of) Strategic Fund (Genesee Power Station); Series 1994, Ref. Solid Waste Disposal RB(d)		7.50	%		01/01/21		2,870		2,869,713
Michigan (State of) Strategic Fund (The Dow Chemical Co.); Series 2003 B-2, Ref. Limited Obligation RB		6.25	%		06/01/14		10,000		10,911,100
Star International Academy;
Series 2003, COP(a)(b)		8.00	%		03/01/13		3,000		3,170,100
Series 2012, Ref. Public School Academy RB		5.00	%		03/01/33		3,100		3,112,772
Wenonah Park Properties, Inc. (Bay City Hotel);
Series 2002, RB(m)		7.88	%		04/01/22		3,485		792,280
Series 2002, RB(m)		7.50	%		04/01/33		11,620		2,558,492
									96,255,234
Minnesota–4.14%
Albertville (City of) (Group for Affordable Housing); Series 2007, Ref. MFH RB		5.55	%		09/01/42		3,365		3,360,121
Anoka (City of) (The Homestead at Anoka, Inc.); Series 2011 A, Health Care Facilities RB		7.00	%		11/01/46		4,070		4,343,667
Anoka (County of) Housing & Redevelopment Authority (Fridley Medical Center);
Series 2010 A, RB		6.63	%		05/01/30		500		549,505
Series 2010 A, RB		6.88	%		05/01/40		1,000		1,098,080
Apple Valley (City of) (Ecumen-Seasons at Apple Valley); Series 2010, Housing & Health Care RB		6.75	%		03/01/40		2,500		2,694,725
Apple Valley (City of) Economic Development Authority (Evercare Senior Living, LLC); Series 2005 A, Health Care RB		6.13	%		06/01/35		1,440		1,440,878
Baytown (Township of) (St. Croix Preparatory Academy);
Series 2008 A, Lease RB		6.75	%		08/01/28		1,000		1,063,440
Series 2008 A, Lease RB		7.00	%		08/01/38		700		747,054
Becker (City of) (Shepherd of Grace);
Series 2006, Senior Housing RB		5.88	%		05/01/29		1,000		1,008,260
Series 2006, Senior Housing RB		6.00	%		05/01/41		1,000		1,006,510
Bloomington (City of) Port Authority (Radisson Blu Mall of America, LLC);
Series 2010, Recovery Zone Facility RB		6.25	%		12/01/16		1,900		2,010,599
Series 2010, Recovery Zone Facility RB		6.75	%		12/01/18		1,755		1,915,969
Series 2010, Recovery Zone Facility RB		8.00	%		12/01/25		1,625		1,877,314
Series 2010, Recovery Zone Facility RB		9.00	%		12/01/35		8,000		9,531,040
Brooklyn Park (City of) (Prairie Seeds Academy);
Series 2009 A, Lease RB		8.38	%		03/01/23		100		112,358
Series 2009 A, Lease RB		9.00	%		03/01/29		2,620		3,007,524
Series 2009 A, Lease RB		9.25	%		03/01/39		8,000		9,320,960
Cambridge (City of) (Grandview West);
Series 1998 A, Housing & Health Care Facilities RB		6.00	%		10/01/28		1,410		1,410,973
Series 1998 B, Housing & Health Care Facilities RB		6.00	%		10/01/33		3,000		3,001,500
Carlton (City of) (Inter-Faith Care Center); Series 2006, Ref. Health Care & Housing Facilities RB		5.70	%		04/01/36		6,900		6,997,152
Cold Spring (City of) (Assumption Home, Inc.);
Series 2005, Nursing Home & Senior Housing RB		5.50	%		03/01/25		425		430,542
Series 2005, Nursing Home & Senior Housing RB		5.75	%		03/01/35		600		606,108
Series 2008, Health Care Facilities RB		7.50	%		03/01/38		1,000		1,081,670
Columbia Heights (City of) (Crest View Corp.); Series 2007 A, Ref. MFH & Health Care Facilities RB		5.70	%		07/01/42		5,000		3,718,100
Cuyuna (City of) (Crosby Senior Services); Series 2007 B, Senior Housing RB		6.10	%		10/01/47		4,100		4,132,882
Dakota (County of) Community Development Agency (Highview Hills Senior Housing); Series 2008 A, MFH RB		7.00	%		08/01/45		18,000		19,113,840

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

31        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Minnesota–(continued)
Detroit Lakes (City of) (CDL Homes);
Series 2004 B, Housing & Health Facilities RB		6.00	%		08/01/24	$	840	$	849,542
Series 2004 B, Housing & Health Facilities RB		6.13	%		08/01/34		1,435		1,450,799
Duluth (City of) Economic Development Authority (St. Luke’s Hospital);
Series 2002, Health Care Facilities RB		7.25	%		06/15/22		2,500		2,529,425
Series 2002, Health Care Facilities RB		7.25	%		06/15/32		7,130		7,210,498
Falcon Heights (City of) (Kaleidoscope Charter School);
Series 2007 A, Lease RB		6.00	%		11/01/27		400		405,008
Series 2007 A, Lease RB		6.00	%		11/01/37		550		552,932
Fergus Falls (City of) (Lake Region Healthcare Corp.);
Series 2010, Health Care Facilities RB		5.15	%		08/01/35		1,000		1,047,880
Series 2010, Health Care Facilities RB		5.40	%		08/01/40		1,000		1,047,120
Lake Crystal (City of) (Ecumen-Second Century); Series 2006 A, Ref. Housing RB		5.70	%		09/01/36		2,000		2,022,100
Maplewood (City of) (Ecumen Headquarters & The Seasons at Maplewood); Series 2010, Housing & Health Care RB		6.38	%		03/01/40		1,045		1,142,990
Maplewood (City of) (Volunteers of America Care Center); Series 2005 A, Ref. Health Care Facilities RB		5.00	%		10/01/13		270		274,001
Minneapolis & St. Paul (Cities of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2003, Health Care Facility RB		5.88	%		12/01/29		800		823,136
Minneapolis (City of) (Grant Park); Series 2006, Tax Increment Allocation RB		5.35	%		02/01/30		1,450		1,374,426
Minneapolis (City of) (Ivy Tower); Series 2005, Tax Increment Allocation RB		5.70	%		02/01/29		1,000		908,670
Minneapolis (City of) (Providence);
Series 2007 A, Ref. Housing & Health Care Facilities RB		5.63	%		10/01/27		5,475		5,607,166
Series 2007 A, Ref. Housing & Health Care Facilities RB		5.75	%		10/01/37		7,345		7,475,080
Minneapolis (City of) (Riverton Community Housing); Series 2006 A, Ref. Student Housing RB		5.60	%		08/01/26		1,400		1,405,628
Minneapolis (City of) (Village at St. Anthony Falls); Series 2004, Ref. Tax Increment Allocation RB		5.75	%		02/01/27		595		598,499
Minnesota (State of) Tobacco Securitization Authority; Series 2011 B, Tobacco Settlement RB		5.25	%		03/01/31		10,600		11,983,088
Moorhead (City of) (Sheyenne Crossing); Series 2006, Sr. Housing RB		5.65	%		04/01/41		5,000		5,040,950
New Ulm (City of) Economic Development Authority (HADC Ridgeway); Series 2006 A, Ref. Housing Facilities RB		6.00	%		06/01/41		2,300		2,321,183
Northwest Multi-County Housing & Redevelopment Authority (Pooled Housing Program);
Series 2005 A, Ref. Governmental Housing RB		5.35	%		07/01/15		70		70,598
Series 2005 A, Ref. Governmental Housing RB		6.20	%		07/01/30		2,000		2,002,360
Series 2005 A, Ref. Governmental Housing RB		6.25	%		07/01/40		5,000		4,934,550
Series 2006, Ref. Governmental Housing RB		5.25	%		07/01/26		850		813,663
Series 2006, Ref. Governmental Housing RB		5.45	%		07/01/41		2,340		2,161,294
Oak Park Heights (City of) (Oakgreen Commons);
Series 2010, Housing RB		6.75	%		08/01/31		1,500		1,617,945
Series 2010, Housing RB		7.00	%		08/01/45		3,000		3,255,450
Oakdale (City of) (Oak Meadows);
Series 2004, Ref. Senior Housing RB		6.00	%		04/01/24		1,000		1,010,620
Series 2004, Ref. Senior Housing RB		6.25	%		04/01/34		3,500		3,534,055
Orono (City of) (Orono Woods Apartments); Series 2006 A, Ref. Senior Housing RB		5.40	%		11/01/41		4,700		3,941,890
Oronoco (City of) (Wedum Shorewood Campus);
Series 2006, Ref. MFH RB		5.25	%		06/01/26		1,600		1,625,408
Series 2006, Ref. MFH RB		5.40	%		06/01/41		7,500		7,548,375
Owatonna (City of) (Senior Living); Series 2006 A, Senior Housing RB		5.80	%		10/01/29		800		826,064
Perham (City of) Hospital District (Perham Memorial Hospital & Home); Series 2010, Health Care Facilities RB		6.35	%		03/01/35		2,000		2,234,000
Pine City (City of) (Lakes International Language Academy); Series 2006 A, Lease RB		6.25	%		05/01/35		2,650		2,707,001

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

32        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Minnesota–(continued)
Ramsey (City of) (Pact Charter School);
Series 2004 A, Lease RB		6.50	%		12/01/22	$	925	$	964,997
Series 2004 A, Lease RB		6.75	%		12/01/33		3,000		3,112,170
Rochester (City of) (Samaritan Bethany, Inc.);
Series 2009 A, Ref. Health Care & Housing RB		7.38	%		12/01/41		2,000		2,258,200
Series 2009 B, Ref. Health Care & Housing RB		7.38	%		12/01/36		1,555		1,758,752
Sartell (City of) (Country Manor Campus LLC); Series 2010 A, Health Care Facilities RB		6.25	%		09/01/36		925		988,168
Sauk Rapids (City of) (Good Shepherd Lutheran Home); Series 2009, Health Care & Housing Facilities RB		7.50	%		01/01/39		7,000		7,499,450
St. Paul (City of) Housing & Redevelopment Authority (Achieve Language Academy); Series 2003 A, Ref. Lease RB		7.00	%		12/01/32		1,600		1,612,096
St. Paul (City of) Housing & Redevelopment Authority (Community Peace Academy); Series 2006 A, Lease RB		5.00	%		12/01/36		4,825		4,603,002
St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens);
Series 2010, Ref. Tax Increment Allocation RB		5.63	%		03/01/20		705		752,658
Series 2010, Ref. Tax Increment Allocation RB		6.50	%		03/01/29		945		1,014,732
St. Paul (City of) Housing & Redevelopment Authority (HealthEast); Series 2005, Hospital RB		6.00	%		11/15/30		3,360		3,550,747
St. Paul (City of) Housing & Redevelopment Authority (Higher Ground Academy);
Series 2004 A, Ref. Lease RB		6.88	%		12/01/33		2,720		2,809,298
Series 2009, Lease RB		8.50	%		12/01/38		1,900		2,020,935
St. Paul (City of) Housing & Redevelopment Authority (Hmong Academy);
Series 2006 A, Lease RB		5.75	%		09/01/26		700		710,213
Series 2006 A, Lease RB		6.00	%		09/01/36		3,390		3,439,223
St. Paul (City of) Housing & Redevelopment Authority (Hope Community Academy);
Series 2004 A, Lease RB		6.75	%		12/01/33		2,415		2,484,093
Series 2005 A, Lease RB		6.25	%		12/01/33		2,185		2,205,036
St. Paul (City of) Housing & Redevelopment Authority (Marian Center);
Series 2007 A, Ref. MFH RB		5.30	%		11/01/30		1,000		991,640
Series 2007 A, Ref. MFH RB		5.38	%		05/01/43		7,590		7,385,981
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		3,806,619
St. Paul (City of) Housing & Redevelopment Authority (New Spirit Charter School); Series 2002 A, Lease RB		7.50	%		12/01/31		4,390		4,493,780
St. Paul (City of) Housing & Redevelopment Authority (Nova Classical Academy);
Series 2011 A, Charter School Lease RB		6.38	%		09/01/31		1,000		1,087,720
Series 2011 A, Charter School Lease RB		6.63	%		09/01/42		1,500		1,632,075
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		1,767,097
Series 2007 A, RB		5.15	%		10/01/42		1,340		1,339,906
Series 2007 A, RB		5.25	%		10/01/42		2,000		2,011,420
St. Paul (Port of) (HealthEast Midway Campus-03);
Series 2005 A, Lease RB		5.75	%		05/01/25		1,700		1,774,868
Series 2005 A, Lease RB		5.88	%		05/01/30		1,250		1,297,100
Series 2005 B, Lease RB		6.00	%		05/01/30		1,700		1,770,652
Vadnais Heights (City of) (Agriculture & Food Sciences Academy);
Series 2004 A, Lease RB		6.38	%		12/01/24		1,900		1,552,262
Series 2004 A, Lease RB		6.60	%		12/01/34		5,275		4,035,480
Vadnais Heights (City of) (Cottages Vadnais Heights); Series 1995, Ref. MFH RB(d)		7.00	%		12/01/31		4,295		4,298,006
Victoria (City of) (Holy Family Catholic High School);
Series 1999 A, Private School Facility RB		5.85	%		09/01/24		1,650		1,652,194
Series 1999 A, Private School Facility RB		5.88	%		09/01/29		4,500		4,506,030
Series 2012, Ref. Private School Facility RB		5.00	%		09/01/29		2,300		2,416,380

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

33        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Minnesota–(continued)
Washington (County of) Housing & Redevelopment Authority (Birchwood & Woodbury); Series 2007 A, Health Care & Housing RB		5.00	%		12/01/14	$	845	$	871,778
Wayzata (City of) (Folkestone Senior Living Community);
Series 2012 A, Senior Housing RB		5.50	%		11/01/32		2,000		2,063,800
Series 2012 A, Senior Housing RB		5.75	%		11/01/39		4,000		4,171,440
Series 2012 A, Senior Housing RB		6.00	%		05/01/47		8,500		8,950,670
West St. Paul (City of) (Walker Thompson Hill, LLC); Series 2011 A, Health Care Facilities RB		7.00	%		09/01/46		1,530		1,657,250
Winsted (City of) (St. Mary’s Care Center);
Series 2010 A, Health Care RB		6.25	%		09/01/30		500		524,875
Series 2010 A, Health Care RB		6.88	%		09/01/42		2,000		2,129,560
Woodbury (City of) (Math & Science Academy);
Series 2002 A, Ref. Lease RB		7.38	%		12/01/24		250		256,160
Series 2002 A, Ref. Lease RB		7.50	%		12/01/31		750		767,820
Worthington (City of) (Ecumen Corp. Guaranty-Meadows); Series 2009 A, Housing & Health Care RB(a)(g)		6.38	%		05/01/19		650		676,189
									291,606,687
Mississippi–0.23%
Mississippi (State of) Hospital Equipment & Facilities Authority (South Central); Series 2006, Ref. & Improvement RB		5.25	%		12/01/31		1,965		2,033,971
Mississippi (State of) Hospital Equipment & Facilities Authority (South West Mississippi Medical Center);
Series 2003, Ref. & Improvement RB		5.75	%		04/01/23		1,000		1,014,420
Series 2003, Ref. & Improvement RB		5.75	%		04/01/29		2,000		2,017,020
Mississippi Business Finance Corp.; Series 2004, Air Cargo RB(d)		7.25	%		07/01/34		1,575		827,206
Mississippi Home Corp. (Grove Apartments); Series 2007-1, RB(d)		6.25	%		04/01/37		5,700		3,749,346
Mississippi Home Corp. (Kirkwood Apartments); Series 2007, RB(d)(m)		6.80	%		11/01/37		7,000		5,058,690
Warren (County of) (International Paper Co.); Series 2011, Gulf Opportunity Zone RB		5.38	%		12/01/35		1,250		1,364,538
									16,065,191
Missouri–2.54%
370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood);
Series 2002, RB		7.00	%		05/01/22		1,750		1,768,253
Series 2002, RB		7.20	%		05/01/33		5,250		5,287,852
Arnold (City of) (Arnold Triangle Redevelopment Project);
Series 2009 A, Real Property Tax Increment Allocation RB		7.75	%		05/01/28		870		970,389
Series 2009 B, Sales Tax Increment Allocation RB		6.50	%		05/01/20		3,905		4,288,588
Arnold Retail Corridor Transportation Development District; Series 2010, Transportation Sales Tax RB		6.65	%		05/01/38		2,000		2,112,720
Ballwin (City of) (Ballwin Town Center); Series 2002 A, Ref. & Improvement Tax Increment Allocation RB		6.50	%		10/01/22		3,600		3,601,728
Branson (City of) Industrial Development Authority (Branson Landing-Retail); Series 2005, Tax Increment Allocation RB		5.25	%		06/01/21		1,055		1,012,030
Branson (City of) Regional Airport Transportation Development District; Series 2007 B, Airport RB(c)(d)		6.00	%		07/01/37		28,600		6,444,724
Branson Hills Infrastructure Facilities Community Improvement District;
Series 2007 A, Special Assessment RB		5.00	%		04/01/13		300		298,407
Series 2007 A, Special Assessment RB		5.00	%		04/01/15		500		465,465
Series 2007 A, Special Assessment RB		5.50	%		04/01/22		1,455		1,157,947
Series 2007 A, Special Assessment RB		5.50	%		04/01/27		1,500		1,080,030
Bridgeton (City of) Industrial Development Authority (Sarah Community);
Series 1998, Senior Housing RB		5.90	%		05/01/28		2,000		2,001,400
Series 2011 A, Ref. & Improvement Senior Housing RB		6.38	%		05/01/35		3,400		3,609,338

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

34        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–(continued)
Cass (County of);
Series 2007, Hospital RB		5.00	%		05/01/16	$	1,000	$	1,076,950
Series 2007, Hospital RB		5.63	%		05/01/38		2,890		2,939,592
Chillicothe (City of) (South U.S. 65); Series 2006, Tax Increment Allocation RB		5.50	%		04/01/21		1,000		919,500
Cole (County of) Industrial Development Authority (Lutheran Senior Services-Heisinger); Series 2004, Senior Living Facilities RB		5.50	%		02/01/35		130		132,197
Dardenne Town Square Transportation Development District; Series 2006 A, Transportation Sales Tax RB		5.00	%		05/01/36		3,190		1,569,129
Des Peres (City of) (West County Center); Series 2002 A, Ref. Tax Increment Allocation RB		5.75	%		04/15/20		735		735,742
Ellisville (City of) Industrial Development Authority (Gambrill Gardens Phase I); Series 2003 A, IDR		6.75	%		04/01/33		2,390		2,401,998
Ellisville (City of) Industrial Development Authority (Gambrill Gardens); Series 1999, Ref. & Improvement RB		6.20	%		06/01/29		2,755		2,755,826
Fenton (City of) (Gravois Bluffs Redevelopment); Series 2002, Ref. & Improvement Tax Increment Allocation RB(a)(b)		6.13	%		10/01/12		4,550		4,572,613
Ferguson (City of) (Crossing at Halls Ferry); Series 2005, Ref. Tax Increment Allocation RB		5.00	%		04/01/17		1,565		1,577,489
Good Shepherd Nursing Home District; Series 1998, Ref. Nursing Home Facilities RB		5.90	%		08/15/23		2,900		2,902,059
Grandview (City of) Industrial Development Authority (Grandview Crossing); Series 2006, Tax Increment Allocation RB		5.75	%		12/01/28		1,250		313,725
Grundy (County of) Industrial Development Authority (Wright Memorial Hospital);
Series 2009, Health Facilities RB		6.45	%		09/01/29		1,000		1,111,870
Series 2009, Health Facilities RB		6.75	%		09/01/34		1,250		1,408,100
Joplin (City of) Industrial Development Authority (Christian Homes, Inc. Obligated Group); Series 2007 F, Ref. RB		5.75	%		05/15/26		1,260		1,336,444
Kansas City (City of) (Shoal Creek Parkway); Series 2011, Tax Increment Allocation RB		6.50	%		06/01/25		3,000		3,122,730
Kansas City (City of) Industrial Development Authority (Brentwood Manor Apartments);
Series 2002 A, MFH RB(d)		6.95	%		04/15/15		202		205,499
Series 2002 B, MFH RB(d)		5.25	%		10/15/38		2,315		1,813,640
Kansas City (City of) Industrial Development Authority (Northwoods Apartments); Series 2004 A, MFH RB(d)		6.45	%		05/01/40		2,344		2,344,609
Kansas City (City of) Industrial Development Authority (Plaza Library); Series 2004, RB		5.90	%		03/01/24		5,000		5,088,850
Kansas City (City of) Industrial Development Authority (Walnut Grove Apartments);
Series 2000 B, MFH RB(d)		7.55	%		06/15/22		990		990,931
Series 2000 B, MFH RB(d)		7.55	%		06/15/35		3,430		3,432,607
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights);
Series 2010 A, Retirement Community RB		8.00	%		05/15/29		7,000		8,417,920
Series 2010 A, Retirement Community RB		8.25	%		05/15/39		3,500		4,189,920
Series 2010 A, Retirement Community RB		8.25	%		05/15/45		22,000		26,290,000
Manchester (City of) (Highway 141/Manchester Road);
Series 2010, Ref. Transportation Tax Increment Allocation RB		6.00	%		11/01/25		960		1,035,907
Series 2010, Ref. Transportation Tax Increment Allocation RB		6.88	%		11/01/39		1,500		1,620,660
Maplewood (City of) (Maplewood South Redevelopment Area); Series 2005, Ref. Tax Increment RB		5.75	%		11/01/26		1,350		1,348,583
Missouri (State of) Health & Educational Facilities Authority (Lutheran Church Extension Fund-Missouri Synod Loan Program); Series 2004 A, VRD RB (LOC–Bank of America, N.A.)(k)(l)		0.30	%		07/01/29		600		600,000
Missouri (State of) Health & Educational Facilities Authority (Washington University);
Series 2011 A, RB(h)		5.00	%		11/15/41		6,210		7,281,411
Series 2011 B, RB(h)		5.00	%		11/15/37		10,500		12,395,355
Osage Beach (City of) (Prewitts Point); Series 2002, Tax Increment Allocation RB		6.75	%		05/01/23		2,325		2,324,861
Platte (County of) Industrial Development Authority (Zona Rosa Phase II Retail); Series 2007, Transportation RB		6.85	%		04/01/29		3,315		3,516,022
Polk (County of) Industrial Development Authority (Citizens Memorial Health Care Foundation); Series 2008, Health Facilities RB		6.50	%		01/01/33		2,000		2,055,680
Richmond Heights (City of) (Francis Place Redevelopment); Series 2005, Ref. & Improvement Tax Increment Allocation & Transportation Sales Tax RB		5.63	%		11/01/25		750		750,233
St. Joseph (City of) Industrial Development Authority (Living Community of St. Joseph); Series 2002, Health Care RB		7.00	%		08/15/32		6,750		6,847,740

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

35        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–(continued)
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	$	514,525
Series 2005 A, Tax Increment Allocation RB		5.50	%		11/01/27		750		752,063
Series 2005 B, Tax Increment Allocation RB		5.50	%		11/01/27		1,000		1,002,750
St. Louis (County of) Industrial Development Authority (Grand Center Redevelopment); Series 2011, Tax Increment Allocation Improvement RB		6.38	%		12/01/25		3,490		3,739,081
St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2003 A, Health Facilities RB(a)(b)		6.63	%		11/15/13		4,600		4,943,712
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		3,770		3,972,977
Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/41		8,030		8,387,415
									178,837,786
Nebraska–0.17%
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		5,525,500
Series 2010 B, Health Care Facilities RB		6.75	%		06/01/35		6,000		6,644,820
									12,170,320
Nevada–0.58%
Boulder City (City of) (Boulder City Hospital Inc.); Series 1998, Ref. Hospital RB		5.85	%		01/01/22		3,000		3,000,630
Clark (County of) (Homestead Boulder City); Series 1997, Assisted Living Facility RB		6.50	%		12/01/27		4,790		4,794,359
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		80
Henderson (City of) (Local Improvement District No. T-13);
Series 2002 A, Special Assessment RB		6.80	%		03/01/22		740		749,339
Series 2002 B, Special Assessment RB		6.90	%		03/01/22		2,665		2,703,589
Henderson (City of) (Local Improvement District No. T-18); Series 2006, Special Assessment RB		5.30	%		09/01/35		7,175		3,982,914
Las Vegas (City of) (Elkhorn Springs Special Improvement District No. 505); Series 1993, Special Assessment RB		8.00	%		09/15/13		140		145,305
Las Vegas (City of) (Special Improvement District No. 607);
Series 2004, Local Improvement Special Assessment RB		6.00	%		06/01/19		945		964,032
Series 2004, Local Improvement Special Assessment RB		6.25	%		06/01/24		1,320		1,356,432
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB		8.00	%		06/15/30		10,800		12,039,408
Mesquite (City of) (Special Improvement District No. 07-01 -Anthem at Mesquite); Series 2007, Special Assessment Local Improvement RB		6.15	%		08/01/37		2,495		2,262,691
Reno (City of) Redevelopment Agency; Series 2007 C, Sub. Lien Tax Allocation RB		5.40	%		06/01/27		5,425		2,170,271
Reno (City of) Special Assessment District No. 4 (Somersett Parkway); Series 2003, Special Assessment RB		6.63	%		12/01/22		3,805		3,860,401
Sparks (City of) (Local Improvement District No. 3–Legends at Sparks Marina); Series 2008, Special Assessment Limited Obligation Improvement RB		6.50	%		09/01/20		790		839,019
Sparks (City of) (Local Improvement Districts No. 3-Legends at Sparks Marina); Series 2008, Special Assessment Limited Obligation Improvement RB		6.75	%		09/01/27		2,000		2,073,640
University of Nevada Reno (Community College System); Series 2002, RB		5.40	%		07/01/31		60		60,205
									41,002,315
New Hampshire–0.75%
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB		6.88	%		10/01/39		9,475		10,413,688
New Hampshire (State of) Business Finance Authority (Plymouth Cogeneration L.P.); Series 1993, Electric Facilities RB (Acquired 09/20/99; Cost $890,534)(d)(i)		7.75	%		06/01/14		910		910,965
New Hampshire (State of) Business Finance Authority (Public Service Co.); Series 2001 A, Ref. PCR (INS–NATL)(d)(e)(g)		0.21	%		05/01/21		27,250		22,890,000
New Hampshire (State of) Health & Education Facilities Authority (Covenant Health Systems Obligated Group); Series 2004, Health Care System RB		5.50	%		07/01/34		1,735		1,780,006

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

36        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Hampshire–(continued)
New Hampshire (State of) Health & Education Facilities Authority (Rivermead);
Series 2011 A, RB		6.63	%		07/01/31	$	620	$	694,946
Series 2011 A, RB		6.88	%		07/01/41		2,125		2,396,809
Series 2011 B-1, RB		5.55	%		07/01/17		400		404,076
New Hampshire (State of) Health & Education Facilities Authority (Speare Memorial Hospital);
Series 2004, Hospital RB		5.50	%		07/01/25		1,055		1,083,263
Series 2004, Hospital RB		5.88	%		07/01/34		2,650		2,749,666
New Hampshire (State of) Health & Education Facilities Authority (The Huntington at Nashua);
Series 2003 A, RB		6.88	%		05/01/23		2,320		2,351,877
Series 2003 A, RB		6.88	%		05/01/33		7,040		7,111,456
New Hampshire (State of) Housing Finance Authority; Series 1997 D, Single Family Mortgage Acquisition RB(d)		5.90	%		07/01/28		125		125,197
									52,911,949
New Jersey–4.31%
Burlington (County of) Bridge Commission (The Evergreens); Series 2007, Economic Development RB		5.63	%		01/01/38		1,500		1,554,660
Camden (County of) Improvement Authority (Cooper Health); Series 2004 A, Health Care Redevelopment RB		5.75	%		02/15/34		2,000		2,041,560
New Jersey (State of) Economic Development Authority (Arbor); Series 1998 A, Sr. Mortgage RB		6.00	%		05/15/28		6,695		6,311,310
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facility RB(d)		5.13	%		09/15/23		7,500		7,600,200
Series 1999, Special Facility RB(d)		5.25	%		09/15/29		20,000		20,431,400
Series 2012, RB(d)		5.75	%		09/15/27		24,000		24,072,000
New Jersey (State of) Economic Development Authority (Cranes Mill);
Series 2008, First Mortgage RB		5.88	%		07/01/28		500		532,390
Series 2008, First Mortgage RB		6.00	%		07/01/38		1,500		1,599,555
New Jersey (State of) Economic Development Authority (Kapkowski Road Landfill); Series 1998 B, RB		6.50	%		04/01/31		2,500		2,962,100
New Jersey (State of) Economic Development Authority (Kullman Association, LLC);
Series 1998 A, RB(d)		6.13	%		06/01/18		2,005		1,531,960
Series 1999 A, RB(c)(d)		6.75	%		07/01/19		670		511,351
New Jersey (State of) Economic Development Authority (Lions Gate);
Series 2005 A, First Mortgage RB		5.75	%		01/01/25		1,630		1,651,646
Series 2005 A, First Mortgage RB		5.88	%		01/01/37		2,590		2,604,297
New Jersey (State of) Economic Development Authority (Presbyterian Home at Montgomery);
Series 2001 A, First Mortgage RB		6.25	%		11/01/20		1,560		1,561,451
Series 2001 A, First Mortgage RB		6.38	%		11/01/31		1,500		1,499,790
New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center);
Series 2006, First Mortgage RB		5.30	%		11/01/26		2,350		2,321,260
Series 2006, First Mortgage RB		5.38	%		11/01/36		1,725		1,624,226
New Jersey (State of) Economic Development Authority (UMM Energy Partners, LLC);
Series 2012 A, Energy Facility RB(d)		5.00	%		06/15/37		1,250		1,263,025
Series 2012 A, Energy Facility RB(d)		5.13	%		06/15/43		2,000		2,034,500
New Jersey (State of) Economic Development Authority (United Methodist Homes);
Series 1999, RB		5.75	%		07/01/29		7,000		7,003,150
Series 2003 A-1, RB		6.13	%		07/01/23		3,450		3,599,419
Series 2003 A-1, RB		6.25	%		07/01/33		5,800		5,995,460
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		2,052,100

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

37        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Jersey–(continued)
New Jersey (State of) Health Care Facilities Financing Authority (Pascack 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 (St. Joseph’s Health Care System); Series 2008, RB		6.63	%		07/01/38		14,230		16,471,794
Tobacco Settlement Financing Corp.;
Series 2007 1-A, RB		4.63	%		06/01/26		29,180		26,763,312
Series 2007 1-A, RB		4.75	%		06/01/34		40,050		32,954,742
Series 2007 1A, Asset-Backed RB		4.50	%		06/01/23		44,530		42,749,691
Series 2007 1A, Asset-Backed RB		5.00	%		06/01/29		47,705		43,885,738
Series 2007 1A, Asset-Backed RB		5.00	%		06/01/41		45,480		37,929,865
									303,113,984
New Mexico–0.54%
Bernalillo (County of) (Solar Villas Apartments); Series 1997 F, Sr. MFH RB		7.25	%		10/15/22		1,185		1,198,533
Cabezon Public Improvement District;
Series 2005, Special Levy Tax RB		6.00	%		09/01/24		1,505		1,576,277
Series 2005, Special Levy Tax RB		6.30	%		09/01/34		1,495		1,551,287
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR		5.90	%		06/01/40		10,000		11,089,500
New Mexico (State of) Eastern Regional Housing Authority (Wildewood Apartments); Series 2000 A, MFH RB		7.50	%		12/01/30		2,090		2,099,928
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB		6.13	%		07/01/40		8,000		8,802,560
New Mexico (State of) Income Housing Authority (Brentwood Gardens Apartments); Series 2001 A, MFH RB(d)		6.85	%		12/01/31		4,365		4,497,259
RHA Housing Development Corp. (Woodleaf Apartments); Series 1997 A, Ref. MFH Mortgage RB (INS–GNMA)(e)		7.13	%		12/15/27		2,370		2,372,299
San Juan (County of) (Apple Ridge Apartments); Series 2002 A, MFH RB(d)		7.25	%		12/01/31		3,045		3,047,131
Ventana West Public Improvement District; Series 2004, Special Levy Tax RB		6.88	%		08/01/33		1,500		1,521,975
									37,756,749
New York–5.45%
Amherst (Town of) Industrial Development Agency (Shaary Zedek); Series 2006 A, Ref. Civic Facility RB		7.00	%		06/15/36		2,170		2,082,549
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT CAB RB(f)		0.00	%		07/15/31		3,890		1,580,468
Series 2009, PILOT CAB RB(f)		0.00	%		07/15/32		8,500		3,198,040
Series 2009, PILOT CAB RB(f)		0.00	%		07/15/33		3,915		1,360,110
Series 2009, PILOT CAB RB(f)		0.00	%		07/15/34		14,345		4,737,436
Series 2009, PILOT CAB RB(f)		0.00	%		07/15/44		23,805		4,521,522
Broome (County of) Industrial Development Agency (Good Shepherd Village);
Series 2008 A, Continuing Care Retirement Community RB		6.15	%		07/01/18		500		532,015
Series 2008 A, Continuing Care Retirement Community RB		6.75	%		07/01/28		600		629,772
Series 2008 A, Continuing Care Retirement Community RB		6.88	%		07/01/40		1,000		1,041,920
Dutchess (County of) Industrial Development Agency (St. Francis Hospital); Series 2004 A, Ref. Civic Facility RB		7.50	%		03/01/29		5,715		5,888,565
East Rochester (Village of) Housing Authority (Woodland Village, Inc.); Series 2006, Ref. Senior Living RB		5.50	%		08/01/33		1,700		1,693,642
Erie (County of) Industrial Development Agency (Orchard Park CCRC, Inc.);
Series 2006 A, RB		6.00	%		11/15/26		10,900		11,307,878
Series 2006 A, RB		6.00	%		11/15/36		3,530		3,608,401
Monroe (County of) Industrial Development Agency (Cloverwood Senior Living);
Series 2003 A, Civic Facility RB(a)(b)		6.88	%		05/01/13		805		838,271
Series 2003 A, Civic Facility RB		6.75	%		05/01/23		2,000		2,015,360
Series 2003 A, Civic Facility RB		6.88	%		05/01/33		4,195		4,215,723

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

38        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
Mount Vernon (City of) Industrial Development Agency (Wartburg Senior Housing, Inc./Meadowview); Series 1999, Civic Facility RB		6.20	%		06/01/29	$	1,000	$	1,000,450
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside);
Series 2007 A, Continuing Care Retirement Community RB		6.50	%		01/01/27		3,750		2,539,275
Series 2007 A, Continuing Care Retirement Community RB		6.70	%		01/01/43		29,700		19,809,009
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010, Special Obligation RB		6.00	%		12/01/42		8,500		9,878,530
New York & New Jersey (States of) Port Authority;
One Hundred Sixty-Ninth Series 2011, Consolidated RB(d)(h)		5.00	%		10/15/27		15,400		17,808,252
One Hundred Sixty-Ninth Series 2011, Consolidated RB(d)(h)		5.00	%		10/15/28		10,760		12,424,142
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		2,657,871
New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS–ACA)(e)		5.25	%		11/01/37		5,850		6,286,527
New York (City of) Industrial Development Agency (Visy Paper Inc.); Series 1995, RB(d)		7.95	%		01/01/28		7,500		7,506,150
New York (City of) Industrial Development Agency; Series 2002 C, Civic Facility RB		6.80	%		06/01/28		5,000		5,092,200
New York (City of) Municipal Water Finance Authority;
Series 2012 CC, Ref. Water & Sewer System RB(h)		5.00	%		06/15/45		14,750		16,798,333
Series 2012 FF, Water & Sewer System RB(h)		5.00	%		06/15/45		30,000		34,356,900
New York (City of) Trust for Cultural Resources (Lincoln Center); Series 2008 A-1, Ref. VRD RB (LOC–JPMorgan Chase Bank, N.A.)(k)(l)		0.20	%		12/01/35		8,300		8,300,000
New York (City of);
Subseries 1993 A-8, VRD Unlimited Tax GO Bonds (LOC–JPMorgan Chase Bank, N.A.)(k)(l)		0.18	%		08/01/17		1,915		1,915,000
Subseries 1993 E-5, VRD Unlimited Tax GO Bonds (LOC–JPMorgan Chase Bank, N.A.)(k)(l)		0.16	%		08/01/17		3,100		3,100,000
New York (State of) Dormitory Authority (General Purpose); Series 2011 C, State Personal Income Tax RB(h)		5.00	%		03/15/31		15,000		17,546,550
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2008, RB		6.50	%		12/01/21		10,100		11,603,688
Series 2008, RB		6.13	%		12/01/29		2,125		2,335,396
Series 2008, RB		6.25	%		12/01/37		9,275		10,097,321
New York (State of) Dormitory Authority (Winthrop South Nassau University Health System Obligated Group);
Series 2003 A, RB		5.50	%		07/01/23		4,000		4,064,600
Series 2003 B, RB		5.75	%		07/01/28		4,695		4,772,796
New York (State of) Energy Research & Development Authority (Consolidated Edison Co.); Series 2004 A-1, RB (INS–SGI)(d)(e)(g)		0.25	%		01/01/39		21,500		15,910,000
New York (State of) Energy Research & Development Authority (Niagara); Series 1986 A, RB (INS–AMBAC)(d)(e)(g)		0.60	%		12/01/26		11,650		10,222,875
New York (State of) Energy Research & Development Authority; Series 1993, Regular Residual Interest RB(g)		12.11	%		04/01/20		2,500		2,515,500
New York Liberty Development Corp. (1 World Trade Center); Series 2011, Liberty RB(h)		5.00	%		12/15/41		32,775		36,574,606
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. Second Priority RB		5.63	%		07/15/47		2,525		2,835,146
New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB (Acquired 08/07/06; Cost $2,121,407)(i)(j)		6.13	%		02/15/19		2,500		25
New York State Environmental Facilities Corp; Series 2009 A, State Clean Water & Drinking Water RB(h)		5.00	%		06/15/34		20,000		23,800,400
Orange (County of) Industrial Development Agency (Arden Hill Life Care Center); Series 2001 A, Civic Facility RB		7.00	%		08/01/31		4,000		4,020,040
Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, RB(a)(d)(g)(i)		6.63	%		10/01/13		9,270		9,395,238
Suffolk (County of) Industrial Development Agency (Eastern Long Island Hospital Association); Series 2007, Civic Facility RB(i)		5.50	%		01/01/37		2,500		2,359,150
Suffolk (County of) Industrial Development Agency (Gurwin Jewish-Phase II); Series 2004, Civic Facility RB		6.70	%		05/01/39		1,895		1,974,003
Suffolk (County of) Industrial Development Agency (Medford Hamlet Assisted Living); Series 2005, Assisted Living Facility RB(d)		6.38	%		01/01/39		7,600		7,679,344

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

39        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
Sullivan (County of) Industrial Development Agency (Hebrew Academy for Special Children); Series 2002, Civic Facility RB		7.50	%		06/01/32	$	4,100	$	4,165,928
Syracuse (City of) Industrial Development Agency (Jewish Home of Central New York, Inc.);
Series 2001 A, First Mortgage RB		7.38	%		03/01/21		1,585		1,579,579
Series 2001 A, First Mortgage RB		7.38	%		03/01/31		3,825		3,718,129
Utica (City of) Industrial Development Agency (Utica College); Series 2001, Civic Facility RB		6.75	%		12/01/21		2,315		2,365,583
Westchester (County of) Industrial Development Agency (Kendal on Hudson); Series 2003 A, Continuing Care Retirement Community Mortgage RB		6.38	%		01/01/24		5,000		5,025,900
									383,286,108
North Carolina–0.62%
Charlotte (City of) & Mecklenburg (County of) Hospital Authority (Carolinas HealthCare System); Series 2005 B, Ref. VRD Health Care System RB (LOC–U.S. Bank, N.A.)(l)		0.15	%		01/15/26		3,500		3,500,000
Halifax (County of) Industrial Facilities & Pollution Control Financing Authority (International Paper Co.); Series 2001 A, RB(d)		5.90	%		09/01/25		1,000		1,003,310
Johnston (County of) Memorial Hospital Authority (Johnston Memorial Hospital);
Series 2008, RB (INS–AGM)(e)(h)		5.25	%		10/01/28		5,125		5,740,205
Series 2008, RB (INS–AGM)(e)(h)		5.25	%		10/01/36		8,000		8,795,760
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		7,125,012
North Carolina (State of) Medical Care Commission (Galloway Ridge); Series 2010 A, First Mortgage Retirement Facilities RB		6.00	%		01/01/39		1,520		1,639,305
North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB		5.75	%		10/01/37		3,000		2,968,410
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		1,022,980
Series 2006 B, Ref. First Mortgage Health Care Facilities RB		5.20	%		10/01/21		1,500		1,562,550
North Carolina (State of) Medical Care Commission (Village at Brookwood); Series 2007, Ref. First Mortgage Retirement Facilities RB		5.25	%		01/01/32		7,650		7,695,058
North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, First Mortgage Retirement Facilities RB		7.75	%		03/01/31		2,000		2,298,620
									43,351,210
North Dakota–0.20%
Grand Forks (City of) (4000 Valley Square);
Series 2006, Ref. Senior Housing RB		5.13	%		12/01/21		1,315		1,337,907
Series 2006, Ref. Senior Housing RB		5.20	%		12/01/26		1,545		1,557,453
Series 2006, Ref. Senior Housing RB		5.30	%		12/01/34		3,255		3,245,430
Traill (County of) (Hillsboro Medical Center);
Series 2007, Health Care RB		5.25	%		05/01/20		500		518,215
Series 2007, Health Care RB		5.50	%		05/01/26		1,520		1,561,344
Series 2007, Health Care RB		5.50	%		05/01/42		5,570		5,615,062
									13,835,411
Ohio–2.62%
Adams (County of) (Adams County Hospital); Series 2005, Hospital Facility Improvement RB		6.50	%		09/01/36		15,955		12,860,847
Athens (County of) (O’Bleness Memorial Hospital);
Series 2003 A, Ref. & Improvement Hospital Facilities RB		6.90	%		11/15/23		4,000		4,091,960
Series 2003 A, Ref. & Improvement Hospital Facilities RB		7.13	%		11/15/33		12,650		12,897,054
Buckeye Tobacco Settlement Financing Authority; Series 2007 B, First Sub. Asset-Backed CAB RB(f)		0.00	%		06/01/47		260,000		17,256,200

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

40        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ohio–(continued)
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion);
Series 2007 A, Health Care RB		5.75	%		11/01/22	$	2,000	$	2,118,220
Series 2007 A, Health Care RB		6.00	%		11/01/27		2,000		2,106,640
Series 2007 A, Health Care RB		6.00	%		11/01/38		2,550		2,645,855
Cleveland (City of) & 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		2,212,519
Cuyahoga (County of) (Canton, Inc.); Series 2000, Hospital Facilities RB		7.50	%		01/01/30		720		721,058
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		2,355		2,426,545
Series 2007 A, Health Care & Independent Living Facilities RB		6.00	%		05/15/37		6,000		6,169,800
Series 2007 A, Health Care & Independent Living Facilities RB		6.00	%		05/15/42		3,645		3,745,128
Cuyahoga (County of) (Franciscan Community Inc.); Series 2004 C, Health Care Facilities RB		6.25	%		05/15/32		3,500		3,503,290
Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB		8.00	%		07/01/42		20,000		22,430,400
Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB		5.50	%		06/01/42		13,000		14,466,270
Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011 A, Hospital Facilities RB		6.25	%		12/01/34		5,850		6,891,359
Hickory Chase Community Authority (Hickory Chase);
Series 2008, Infrastructure Improvement RB		6.75	%		12/01/27		1,900		1,233,765
Series 2008, Infrastructure Improvement RB		7.00	%		12/01/38		1,389		902,086
Lorain (County of) Port Authority (U.S. Steel Corp.); Series 2010, Recovery Zone Facility RB		6.75	%		12/01/40		18,500		20,271,930
Montgomery (County of) (Miami Valley Hospital); Series 2011 B, VRD RB(l)		0.18	%		11/15/45		13,550		13,550,000
Montgomery (County of) (St. Leonard);
Series 2010, Ref. & Improvement Health Care & MFH RB		6.38	%		04/01/30		2,000		2,144,320
Series 2010, Ref. & Improvement Health Care & MFH RB		6.63	%		04/01/40		6,500		6,943,885
Norwood (City of) (Cornerstone at Norwood);
Series 2006, Tax Increment Allocation Financing RB		5.25	%		12/01/15		965		992,464
Series 2006, Tax Increment Allocation Financing RB		5.75	%		12/01/20		1,300		1,312,766
Series 2006, Tax Increment Allocation Financing RB		6.20	%		12/01/31		7,340		7,099,175
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, Hospital RB(a)(b)		6.75	%		01/15/15		6,000		6,897,840
Toledo-Lucas (County of) Port Authority (Crocker Park Public Improvement); Series 2003, Special Assessment RB		5.38	%		12/01/35		6,580		6,739,828
									184,631,204
Oklahoma–0.55%
Atoka (County of) Health Care Authority (Atoka Memorial Hospital); Series 2007, Hospital RB		6.63	%		10/01/37		3,405		3,480,421
Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB		6.50	%		09/01/16		2,050		2,035,609
Cleveland (County of) Justice Authority (Detention Facility); Series 2009 B, Sales Tax RB		5.75	%		03/01/29		935		1,005,247
Oklahoma (County of) Finance Authority (Epworth Villa);
Series 2005 A, Ref. RB		5.00	%		04/01/15		645		663,692
Series 2005 A, Ref. RB		5.70	%		04/01/25		2,500		2,558,775
Oklahoma (State of) Development Finance Authority (Great Plains Regional Medical Center);
Series 2007, Hospital RB		5.00	%		12/01/27		3,500		3,520,580
Series 2007, Hospital RB		5.13	%		12/01/36		9,430		9,218,014
Oklahoma (State of) Development Finance Authority (Inverness Village Community);
Series 2012, Ref. Continuing Care Retirement Community RB		5.75	%		01/01/27		2,930		3,156,635
Series 2012, Ref. Continuing Care Retirement Community RB		6.00	%		01/01/32		3,060		3,307,095

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

41        Invesco High Yield Municipal Fund

							Principal
	Interest				Maturity		Amount
	Rate				Date		(000)		Value
Oklahoma–(continued)
Tulsa (County of) Industrial Authority (Montereau, Inc.);
Series 2010 A, Senior Living Community RB		7.13	%			11/01/30	$	1,250	$	1,422,437
Series 2010 A, Senior Living Community RB		7.25	%			11/01/40		5,250		5,949,457
Series 2010 A, Senior Living Community RB		7.25	%			11/01/45		2,100		2,379,783
										38,697,745
Oregon–0.85%
Clackamas (County of) Hospital Facilities Authority (Willamette Falls Hospital); Series 2005, Ref. Gross RB(a)(b)		5.13	%			04/01/15		1,000		1,119,250
Clackamas (County of) Hospital Facility Authority (Odd Fellows Home-Friendship Health Center); Series 1998 A, Ref. RB		5.88	%			09/15/21		230		225,658
Clastop (County of) Care Center Health District;
Series 1998, Senior Housing RB		6.00	%			08/01/14		345		345,221
Series 1998, Senior Housing RB		6.88	%			08/01/28		6,145		6,147,827
Douglas (County of) Hospital Facility Authority (Forest Glen); Series 1997 A, Elderly Housing RB(j)		7.50	%			09/01/27		1,600		719,936
Gilliam (County of) (Waste Management); Series 2002, Solid Waste Disposal RB(d)		5.25	%			07/01/29		9,220		9,838,293
Multnomah (County of) Hospital Facilities Authority (Terwilliger Plaza); Series 1999, Ref. RB(i)		6.50	%			12/01/29		8,200		8,213,530
Oregon (State of) Health, Housing, Educational & Cultural Facilities Authority (St. Anthony Village Housing); Series 1998 A, RB(d)		7.25	%			06/01/28		7,400		7,404,958
Salem (City of) Hospital Facility Authority (Capital Manor, Inc.);				��
Series 2012, Ref. RB		5.63	%			05/15/32		250		263,352
Series 2012, Ref. RB		6.00	%			05/15/42		4,900		5,264,952
Series 2012, Ref. RB		6.00	%			05/15/47		5,745		6,172,888
Warm Springs Reservation Confederated Tribes of Oregon (Pelton Round Butte); Series 2009 B, Tribal Economic Development Hydroelectric RB(i)		6.38	%			11/01/33		3,000		3,173,670
Yamhill (County of) Hospital Authority (Friendsview Retirement Community); Series 2003, RB(a)(b)		7.00	%			12/01/13		9,925		10,843,856
										59,733,391
Pennsylvania–3.08%
Allegheny (County of) Industrial Development Authority (AFCO Cargo PIT, LLC);
Series 1999, Cargo Facilities Lease RB(d)		6.63	%			09/01/24		1,510		1,381,016
Series 2003, Cargo Facilities Lease RB(d)		7.75	%			09/01/31		6,350		6,292,786
Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, Charter School RB		6.38	%			08/15/35		1,220		1,318,576
Allegheny (County of) Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, Charter School RB		6.75	%			08/15/35		1,225		1,356,038
Allegheny (County of) Industrial Development Authority (Propel Schools-Homestead); Series 2004 A, Charter School RB		7.00	%			12/15/15		430		450,042
Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB		5.60	%			07/01/23		1,500		1,547,805
Beaver (County of) Industrial Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2006 B, Ref. VRD PCR (LOC–Citibank, N.A.)(k)(l)		0.19	%			12/01/35		6,700		6,700,000
Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. RB(d)		6.13	%			11/01/34		4,740		4,762,420
Blair (County of) Industrial Development Authority (Village of Pennsylvania State);
Series 2002 A, First Mortgage RB(j)		6.90	%			01/01/22		500		25,030
Series 2002 A, First Mortgage RB(j)		7.00	%			01/01/34		4,775		239,037
Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility);
Series 2005 A, Retirement Community RB		6.13	%			01/01/25		1,500		1,520,910
Series 2005 A, Retirement Community RB		6.25	%			01/01/35		5,850		5,919,732
Bucks (County of) Industrial Development Authority (Chandler);
Series 1999, First Mortgage Health Care Facilities RB		6.10	%			05/01/14		440		440,488
Series 1999, First Mortgage Health Care Facilities RB		6.20	%			05/01/19		1,900		1,900,874
Series 1999, First Mortgage Health Care Facilities RB		6.30	%			05/01/29		3,450		3,449,586

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

42        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Butler (County of) Hospital Authority (Butler Health System);
Series 2009 B, RB		7.13	%		07/01/29	$	2,145	$	2,568,402
Series 2009 B, RB		7.25	%		07/01/39		1,590		1,910,401
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);
Series 1999, Ref. First Mortgage RB		6.38	%		12/01/19		2,000		2,003,620
Series 1999, Ref. First Mortgage RB		6.38	%		12/01/24		2,500		2,503,550
Series 2006, Ref. First Mortgage RB		5.13	%		12/01/12		500		502,775
Series 2006, Ref. First Mortgage RB		5.25	%		12/01/13		500		513,395
Series 2006, Ref. First Mortgage RB		5.25	%		12/01/15		260		274,297
Series 2006, Ref. First Mortgage RB		5.38	%		12/01/16		500		533,885
Series 2006, Ref. First Mortgage RB		5.75	%		12/01/22		935		983,190
Chester (County of) Industrial Development Authority (Avon Grove Charter School);
Series 2007 A, RB		6.25	%		12/15/27		1,000		1,043,220
Series 2007 A, RB		6.38	%		12/15/37		1,500		1,563,210
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB		6.13	%		01/01/45		8,000		8,534,560
Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); Series 2007, RB		5.00	%		01/01/36		9,080		9,317,533
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB		6.00	%		07/01/35		1,000		1,085,740
Cumberland (County of) Municipal Authority (Presbyterian Homes Obligated Group);
Series 2008 A, RB		5.00	%		01/01/17		2,000		2,175,320
Series 2008 A, RB		5.35	%		01/01/20		515		518,317
Series 2008 A, RB		5.45	%		01/01/21		885		890,133
Cumberland (County of) Municipal Authority (Wesley Affiliated Services, Inc.); Series 2002 A, Retirement Community RB(a)(b)		7.13	%		01/01/13		700		722,967
Dauphin (County of) General Authority (Riverfront Office); Series 1998, Office & Parking RB		6.00	%		01/01/25		7,825		7,837,050
Delaware Valley Regional Financial Authority;
Series 1998 A, RB (INS–AMBAC)(e)		5.50	%		08/01/28		13,200		16,047,372
Series 2007 A, RB		5.50	%		06/01/37		5,000		6,103,900
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center);
Series 2006, Hospital RB		5.88	%		07/01/31		4,000		4,095,920
Series 2006, Hospital RB		5.90	%		07/01/40		4,300		4,382,990
Geisinger Authority; Series 2005 A, VRD Health System RB(l)		0.14	%		05/15/35		2,300		2,300,000
Harrisburg (City of) Authority (Harrisburg University of Science); Series 2007 B, University RB		6.00	%		09/01/36		8,500		6,373,640
Indiana (County of) Industrial Development Authority (PSEG Power LLC); Series 2001, Ref. PCR(d)		5.85	%		06/01/27		2,200		2,224,442
Lancaster (County of) Hospital Authority (St. Anne’s Home for the Aged, Inc.); Series 1999, Health Center RB		6.63	%		04/01/28		1,500		1,501,695
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Home Inc.);
Series 1999 A, First Mortgage RB		6.00	%		12/15/23		2,000		2,001,020
Series 2001, First Mortgage RB		7.63	%		11/01/21		1,450		1,481,755
Series 2001, First Mortgage RB		7.75	%		11/01/33		3,750		3,830,212
Lehigh (County of) General Purpose Authority (KidsPeace Obligated Group);
Series 1998, RB		6.00	%		11/01/18		2,750		1,347,500
Series 1998, RB		6.00	%		11/01/23		9,085		4,451,650
Series 1999, RB		6.20	%		11/01/14		2,280		1,219,618
Lehigh (County of) Industrial Development Authority (Lifepath, Inc.);
Series 1998, Health Facility RB		6.10	%		06/01/18		1,870		1,870,187
Series 1998, Health Facility RB		6.30	%		06/01/28		4,000		3,890,680
Montgomery (County of) Higher Education & Health Authority (AHF/Montgomery Inc.); Series 2006, Ref. & Improvement RB		6.88	%		04/01/36		8,000		8,562,880

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

43        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Montgomery (County of) Industrial Development Authority (Geriatric); Series 1993 A, Health Care RB		8.38	%		07/01/23	$	2,515	$	2,517,087
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB		7.00	%		12/01/35		6,000		6,798,600
Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care);
Series 2005, Mortgage RB		6.13	%		02/01/28		1,875		1,912,106
Series 2005, Mortgage RB		6.25	%		02/01/35		8,755		8,903,135
Montgomery (County of) Industrial Development Authority (Wordsworth Academy); Series 1994, RB		7.75	%		09/01/14		825		827,475
Northeastern Pennsylvania Hospital & Education Authority (Oakwood Terrace);
Series 1999, Health Care RB		7.13	%		10/01/29		3,260		3,263,619
Series 2005, Health Care RB (Acquired 12/27/05; Cost $1,540,000)(i)		6.50	%		10/01/32		1,540		1,583,721
Pennsylvania (State of) Economic Development Financing Authority (Northwestern Human Services, Inc.); Series 1998 A, RB		5.25	%		06/01/14		700		700,763
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		425		425,931
Series 2000 A, Student Housing RB		6.75	%		09/01/32		2,285		2,288,793
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Centralized Comprehensive Human Services, Inc.);
Series 2002 A, RB		6.13	%		01/01/13		480	��	480,379
Series 2002 A, RB		7.25	%		01/01/21		4,000		4,090,760
Philadelphia (City of) Industrial Development Authority (Baptist Home of Philadelphia);
Series 1998 A, Health Care Facility RB(c)		5.50	%		11/15/18		1,350		540,000
Series 1998 A, Health Care Facility RB		5.60	%		11/15/28		5,485		1,864,900
Philadelphia (City of) Industrial Development Authority (Cathedral Village); Series 2003 A, RB		6.88	%		04/01/34		500		509,950
Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB		6.38	%		11/15/40		1,000		1,079,310
Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB		5.50	%		09/15/37		4,070		3,956,773
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB		6.00	%		08/01/35		500		564,190
Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB		6.63	%		12/15/41		1,500		1,635,030
Philadelphia (City of) Industrial Development Authority (Russell Byers Charter School);
Series 2007 A, RB		5.15	%		05/01/27		1,000		979,380
Series 2007 A, RB		5.25	%		05/01/37		1,000		945,760
Philadelphia (City of) Industrial Development Authority; Series 1990, Commercial Development RB(d)		7.75	%		12/01/17		11,550		11,568,595
Susquehanna Area Regional Airport Authority; Series 2008 A, Airport System RB(d)		6.50	%		01/01/38		4,300		4,536,629
									216,444,252
Puerto Rico–2.42%
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2012 A, Sr. Lien RB		5.75	%		07/01/37		18,950		20,385,083
Series 2012 A, Sr. Lien RB		6.00	%		07/01/47		58,110		63,639,748
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2010 XX, RB		5.25	%		07/01/40		11,500		11,967,015
Series 2012 A, RB		5.00	%		07/01/42		30,120		30,835,049
Series 2012 A, RB		5.05	%		07/01/42		10,775		11,072,821
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2004 I, Government Facilities RB(a)(b)		5.25	%		07/01/14		75		81,644
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, CAB RB(f)		0.00	%		08/01/35		4,930		1,386,119
First Subseries 2010 A, CAB RB(f)		0.00	%		08/01/36		24,230		6,357,710
First Subseries 2010 C, CAB RB(f)		0.00	%		08/01/37		15,000		3,684,150
First Subseries 2010 C, CAB RB(f)		0.00	%		08/01/38		61,750		14,227,200

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

44        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Puerto Rico–(continued)
First Subseries 2010 C, CAB RB(f)		0.00	%		08/01/39	$	12,380	$	2,681,260
Series 2007 A, CAB RB (INS–NATL)(e)(f)		0.00	%		08/01/45		24,175		3,897,252
									170,215,051
Rhode Island–0.48%
Rhode Island Economic Development Corp. (Providence Place); Series 2000, Sub. Obligation RB		7.25	%		07/01/20		3,255		3,256,237
Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group);
Series 2009 A, Hospital Financing RB		7.00	%		05/15/39		2,500		2,944,350
Series 2009 A, Hospital Financing RB (INS–AGC)(e)		6.25	%		05/15/30		2,000		2,363,420
Tobacco Settlement Financing Corp.; Series 2002 A, Asset-Backed RB		6.25	%		06/01/42		24,705		25,018,259
									33,582,266
South Carolina–0.76%
Lancaster (County of) (Sun City Carolina Lakes); Series 2006, Special Assessment RB		5.45	%		12/01/37		1,455		1,400,830
Laurens County School District No. 055; Series 2005, Installment Purchase RB		5.25	%		12/01/30		4,080		4,274,942
Myrtle Beach (City of) (Myrtle Beach Air Force Base);
Series 2006 A, Tax Increment Allocation RB		5.25	%		10/01/26		935		847,409
Series 2006 A, Tax Increment Allocation RB		5.30	%		10/01/35		1,250		1,077,200
South Carolina (State of) Jobs-Economic Development Authority (Episcopal Home at Still Hopes); Series 2004 B, Residential Care Facilities First Mortgage RB(g)		5.90	%		05/15/34		1,000		1,002,160
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		1,065,812
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.38	%		05/01/21		1,500		1,573,245
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.50	%		05/01/28		1,100		1,135,024
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance);
Series 2003 A, Ref. Hospital Facilities RB		6.13	%		08/01/23		6,500		6,856,330
Series 2003 A, Ref. Hospital Facilities RB		6.25	%		08/01/31		16,270		17,280,855
Series 2003 C, Hospital Facilities RB(a)(b)		6.38	%		08/01/13		4,005		4,230,161
Series 2003 C, Hospital Facilities RB(a)(b)		6.38	%		08/01/13		495		522,829
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes);
Series 2004 A, First Mortgage Residential Care Facilities RB		6.25	%		05/15/25		750		750,518
Series 2004 A, First Mortgage Residential Care Facilities RB		6.38	%		05/15/32		1,250		1,263,838
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
Series 2012, Ref. RB		6.00	%		11/15/32		1,426		1,091,027
Series 2012, Ref. RB		6.00	%		11/15/42		4,064		2,934,481
Series 2012, Ref. RB		6.00	%		11/15/47		5,561		3,970,228
Series 2012, Ref. Sub. CAB RB(f)		0.00	%		11/15/47		2,383		11,773
Series 2012, Ref. Sub. CAB RB(f)		0.00	%		11/15/47		1,742		8,604
Series 2012, Ref. Sub. CAB RB(f)		0.00	%		11/15/47		611		3,019
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		2,508,100
									53,808,385
South Dakota–0.17%
Minnehaha (County of) (Bethany Lutheran Home); Series 2002 A, Health Facilities RB(a)(b)		7.00	%		12/01/12		3,750		3,811,012

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

45        Invesco 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	$	1,770,440
Series 2002 A, Health Facilities RB(a)(b)		6.75	%		11/15/12		3,250		3,288,773
Series 2006, Ref. Health Facilities RB		5.00	%		11/15/33		2,000		1,946,320
Sioux Falls (City of); Series 2008 A, Tax Increment Allocation RB		5.75	%		01/15/28		1,300		1,279,083
									12,095,628
Tennessee–0.73%
Johnson City (City of) Health & Educational Facilities Board (Appalachian Christian Village);
Series 2004 A, Retirement Facilities RB		6.00	%		02/15/19		915		915,970
Series 2004 A, Retirement Facilities RB		6.00	%		02/15/24		1,500		1,501,005
Series 2004 A, Retirement Facilities RB		6.25	%		02/15/32		3,550		3,585,394
Memphis (City of) Health, Educational & Housing Facility Board (Hilldale Apartments); Series 2007, MFH RB(d)		6.70	%		11/01/37		4,420		3,923,943
Shelby (County of) Health, Educational & Housing Facilities Board (Kirby Pines); Series 1997 A, Health Care Facility RB		6.38	%		11/15/25		3,000		3,002,400
Shelby (County of) Health, Educational & Housing Facilities Board (The Village at Germantown);
Series 2003 A, Residential Care Facility Mortgage RB		6.38	%		12/01/13		775		792,073
Series 2003 A, Residential Care Facility Mortgage RB		7.00	%		12/01/23		3,650		3,714,386
Series 2003 A, Residential Care Facility Mortgage RB		7.25	%		12/01/34		14,800		15,010,604
Series 2006, Residential Care Facility Mortgage RB		6.25	%		12/01/34		725		730,416
Shelby (County of) Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2006 A, RB		5.63	%		09/01/26		1,000		1,030,000
Series 2006 A, RB		5.75	%		09/01/37		1,900		1,935,929
Trenton (City of) Health & Educational Facilities Board (RHA/Trenton MR, Inc.); Series 2009, RB		9.25	%		04/01/39		13,585		15,574,523
									51,716,643
Texas–10.12%
ABIA Development Corp. (Austin Belly Port Development, LLC); Series 1998 A, Airport Facilities RB(d)		6.50	%		10/01/23		5,880		5,359,796
Abilene Health Facilities Development Corp. (Sears Methodist Retirement System Obligated Group);
Series 2003 A, Retirement Facility RB		6.75	%		11/15/28		1,730		1,313,451
Series 2003 A, Retirement Facility RB		7.00	%		11/15/33		8,690		6,470,661
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, Environmental Facilities RB(c)(d)		6.50	%		11/01/29		9,265		8,017,838
Arlington Higher Education Finance Corp. (Arlington Classics Academy); Series 2010 B, Ref. RB		7.65	%		08/15/40		2,500		2,804,000
Atlanta (City of) Hospital Authority;
Series 1999, Hospital Facility RB		6.70	%		08/01/19		1,070		1,070,835
Series 1999, Hospital Facility RB		6.75	%		08/01/29		3,735		3,736,233
Austin Convention Enterprises, Inc.; Series 2006 B, Ref. Second Tier Convention Center RB(i)		5.75	%		01/01/34		5,060		5,186,045
Austin-Bergstrom Landhost Enterprises Inc.; Series 1999 A, Sr. Airport & Hotel RB(m)		6.75	%		04/01/27		2,920		1,434,917
Bexar County Health Facilities Development Corp. (Army Retirement Residence); Series 2010, RB		6.20	%		07/01/45		2,000		2,238,320
Bexar County Housing Finance Corp. (Woodland Ridge Apartments); Series 2002 A, MFH RB(d)		7.00	%		01/01/39		4,065		4,088,008
Brazoria County Health Facilities Development Corp. (Brazosport Regional Health System);
Series 2012, Ref. RB		5.25	%		07/01/32		4,600		4,599,632
Series 2012, Ref. RB		5.50	%		07/01/42		10,000		10,052,000
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB		6.13	%		04/01/45		7,465		8,201,572
Central Texas Regional Mobility Authority;
Series 2011, Sr. Lien RB		6.00	%		01/01/41		7,000		8,161,510
Series 2011, Sub. Lien RB		6.75	%		01/01/41		14,500		16,712,555

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

46        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Clifton Higher Education Finance Corp. (Idea Public Schools);
Series 2011, Education RB		5.75	%		08/15/41	$	1,130	$	1,241,881
Series 2012, RB		5.00	%		08/15/42		3,750		3,932,513
Clifton Higher Education Finance Corp. (Uplift Education);
Series 2010 A, Education RB		6.13	%		12/01/40		4,970		5,769,971
Series 2010 A, Education RB		6.25	%		12/01/45		7,000		8,188,110
Dallas (County of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds		7.25	%		04/01/32		9,445		9,649,579
Decatur (City of) Hospital Authority (Wise Regional Health System);
Series 2004 A, RB		5.63	%		09/01/13		470		487,841
Series 2004 A, RB		7.00	%		09/01/25		13,775		14,750,821
Series 2004 A, RB		7.13	%		09/01/34		8,155		8,693,556
Grand Prairie Housing Finance Corp.;
Series 2003, Priority Lien Independent Senior Living Center RB		7.50	%		07/01/17		890		916,691
Series 2003, Priority Lien Independent Senior Living Center RB		7.63	%		01/01/20		655		694,850
Series 2003, Priority Lien Independent Senior Living Center RB		7.75	%		01/01/34		6,795		7,256,992
Series 2003, Sub. Lien Independent Senior Living Center RB(c)		0.00	%		07/01/17		610		29,530
Series 2003, Sub. Lien Independent Senior Living Center RB(c)		7.63	%		01/01/20		345		16,701
Series 2003, Sub. Lien Independent Senior Living Center RB(c)		7.75	%		01/01/34		3,595		174,034
Gregg County Health Facilities Development Corp. (Good Shepherd);
Series 2002 A, Hospital RB(a)(b)		6.38	%		10/01/12		1,830		1,839,479
Series 2002 A, Hospital RB(a)(b)		6.50	%		10/01/12		1,220		1,226,442
Series 2002 A, Hospital RB		6.38	%		10/01/21		1,170		1,172,363
Series 2002 A, Hospital RB		6.50	%		10/01/26		2,070		2,073,747
Series 2002 A, Hospital RB		6.50	%		10/01/29		780		781,396
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB		7.20	%		12/01/28		1,000		1,105,680
Harrison County Health Facilities Development Corp. (Good Shepherd Health System) Series 2010, Hospital RB		5.25	%		07/01/28		1,500		1,595,370
HFDC of Central Texas, Inc. (Legacy at Willow Bend);
Series 2006 A, Retirement Facilities RB		5.63	%		11/01/26		10,350		10,511,253
Series 2006 A, Retirement Facilities RB		5.50	%		11/01/31		500		499,950
HFDC of Central Texas, Inc. (Sears Tyler Methodist);
Series 2009 A, RB		7.75	%		11/15/29		4,910		4,086,888
Series 2009 A, RB		7.75	%		11/15/44		15,345		12,061,630
HFDC of Central Texas, Inc. (Village at Gleannloch Farms);
Series 2006 A, Retirement Facilities RB		5.50	%		02/15/27		4,300		3,930,845
Series 2006 A, Retirement Facilities RB		5.50	%		02/15/37		14,000		11,873,960
HFDC of Central Texas, Inc.; Series 2006 A, Retirement Facilities RB		5.75	%		11/01/36		6,355		6,387,093
Hidalgo County Health Services Corp. (Mission Hospital, Inc.);
Series 2005, Hospital RB		5.00	%		08/15/15		500		517,230
Series 2005, Hospital RB		5.00	%		08/15/19		700		714,903
Hopkins (County of) Hospital District;
Series 2008, RB		6.00	%		02/15/33		2,500		2,559,325
Series 2008, RB		6.00	%		02/15/38		5,155		5,255,471
Houston (City of) (Continental Airlines, Inc.);
Series 1997 C, Special Facilities Airport System RB(d)		6.13	%		07/15/27		3,120		3,119,750
Series 1998 C, Airport System Special Facilities RB(d)		5.70	%		07/15/29		4,730		4,742,061
Series 2001 E, Airport System Special Facilities RB(d)		6.75	%		07/01/29		6,000		6,024,420
Series 2011 A, Ref. Airport System Special Facilities RB(d)		6.63	%		07/15/38		9,000		10,050,660

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

47        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Houston (City of);
Series 2009 A, Ref. Sr. Lien Airport System RB(h)		5.00	%		07/01/23	$	6,580	$	7,528,968
Series 2009 A, Ref. Sr. Lien Airport System RB(h)		5.00	%		07/01/24		3,670		4,174,625
Series 2009 A, Ref. Sr. Lien Airport System RB(h)		5.00	%		07/01/25		6,800		7,687,604
Series 2009 A, Ref. Sr. Lien Airport System RB(h)		5.00	%		07/01/26		3,000		3,375,150
Series 2011 A, Ref. First Lien Utility System RB(h)		5.25	%		11/15/31		18,360		22,046,321
Houston Health Facilities Development Corp. (Buckingham Senior Living Community);
Series 2004 A, Retirement Facilities RB(a)(b)		7.00	%		02/15/14		800		884,920
Series 2004 A, Retirement Facilities RB(a)(b)		7.00	%		02/15/14		750		829,613
Series 2004 A, Retirement Facilities RB(a)(b)		7.13	%		02/15/14		450		498,510
Houston Higher Education Finance Corp. (Cosmos Foundation);
Series 2012 A, RB		5.00	%		02/15/32		1,200		1,265,628
Series 2012 A, RB		5.00	%		02/15/42		2,500		2,599,250
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);
Series 2011 A, RB		6.50	%		05/15/31		500		598,825
Series 2011 A, RB		6.88	%		05/15/41		790		964,630
La Vernia Higher Education Finance Corp. (Amigos Por Vida/Friends for Life); Series 2008, RB		6.38	%		02/15/37		1,635		1,669,891
La Vernia Higher Education Finance Corp. (Cosmos Foundation);
Series 2008 A, RB		6.25	%		02/15/17		1,245		1,363,574
Series 2008 A, RB		7.13	%		02/15/38		2,000		2,270,160
La Vernia Higher Education Finance Corp. (Knowledge is Power Program, Inc.);
Series 2009 A, RB		6.25	%		08/15/39		1,210		1,409,771
Series 2009 A, RB		6.38	%		08/15/44		7,225		8,448,843
Lone Star College System; Series 2009, Limited Tax GO Bonds(h)		5.00	%		08/15/34		23,200		27,573,896
Lubbock Health Facilities Development Corp. (Carillon Senior LifeCare Community);
Series 2005 A, Ref. First Mortgage RB		6.50	%		07/01/26		2,500		2,641,750
Series 2005 A, Ref. First Mortgage RB		6.63	%		07/01/36		9,000		9,417,870
Matagorda (County of) Navigation District No. 1 (Central Power & Light Co.); Series 2001 A, Ref. PCR		6.30	%		11/01/29		1,000		1,162,640
Meadow Parc Development, Inc. (Meadow Parc Apartments); Series 1998, MFH RB		6.50	%		12/01/30		11,295		11,294,661
Mesquite Health Facility Development Corp. (Christian Care Centers, Inc.); Series 2005, Retirement Facility RB		5.63	%		02/15/35		1,500		1,527,000
Midlothian (City of) Development Authority; Series 2004, Tax Increment Allocation Contract RB(i)		6.20	%		11/15/29		4,500		4,565,700
North Central Texas Health Facility Development Corp. (Children’s Medical Center of Dallas); Series 2009, Hospital RB		5.75	%		08/15/39		1,500		1,716,195
North Texas Education Finance Corp. (Uplift Education);
Series 2012 A, RB		5.13	%		12/01/42		3,000		3,180,510
Series 2012 A, RB		5.25	%		12/01/47		2,100		2,229,864
North Texas Tollway Authority;
Series 2008 A, Ref. First Tier System RB (INS–BHAC)(e)(h)		5.75	%		01/01/48		30,545		35,496,650
Series 2011 B, Special Project System CAB RB(f)		0.00	%		09/01/37		15,500		4,107,345
Orange Housing Development Corp. (Villages at Pine Hollow); Series 1998, MFH RB		8.00	%		03/01/28		3,235		3,237,232
Pearland (City of) Development Authority; Series 2009, Tax Increment Allocation Contract RB		5.88	%		09/01/18		805		1,032,718
Pharr (City of) Higher Education Finance Authority (Idea Public Schools);
Series 2009 A, Education RB		6.25	%		08/15/29		570		642,031
Series 2009 A, Education RB		6.50	%		08/15/39		6,320		7,148,110
San Antonio Convention Hotel Finance Corp. (Empowerment Zone); Series 2005 A, Contract RB (INS–AMBAC)(d)(e)		5.00	%		07/15/39		16,900		17,291,235
San Juan (City of) Higher Education Finance Authority (Idea Public Schools); Series 2010 A, Education RB		6.70	%		08/15/40		1,000		1,160,230
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2009, Retirement Facility RB		6.38	%		11/15/44		12,150		13,423,684

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

48        Invesco High Yield 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	$	1,566,675
Series 2007, Retirement Facility RB		5.75	%		11/15/37		3,500		3,617,110
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, Retirement Facility RB		5.25	%		02/15/17		1,150		1,159,729
Series 2007, Retirement Facility RB		5.75	%		02/15/25		1,500		1,504,470
Series 2007, Retirement Facility RB		5.75	%		02/15/29		1,600		1,566,656
Series 2009 A, Retirement Facility RB		8.00	%		02/15/38		12,350		13,652,801
Series 2009 B-1, Retirement Facility RB		7.25	%		02/15/16		4,562		4,570,531
Tarrant County Cultural Education Facilities Finance Corp. (Mirador);
Series 2010 A, Retirement Facility RB		8.00	%		11/15/29		1,500		1,676,385
Series 2010 A, Retirement Facility RB		8.13	%		11/15/39		7,000		7,811,300
Series 2010 A, Retirement Facility RB		8.25	%		11/15/44		8,000		8,960,000
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way);
Series 2009 A, Retirement Facility RB		8.25	%		11/15/29		2,135		2,428,434
Series 2009 A, Retirement Facility RB		8.25	%		11/15/39		1,000		1,126,190
Series 2009 C-1, TEMPS 80sm Retirement Facility RB		7.50	%		11/15/16		19,800		19,834,650
Texas (State of) Department of Housing & Community Affairs (Linked SAVRS & RIBS); Series 1992 C, Home Mortgage RB (INS–GNMA)(d)(e)		6.90	%		07/02/24		400		411,192
Texas (State of) Turnpike Authority (Central Texas Turnpike System);
Series 2002, CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/15/32		22,115		6,816,949
Series 2002, CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/15/33		37,225		10,780,360
Series 2002, CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/15/36		19,000		4,577,100
Series 2002, CAB RB (INS–AMBAC)(e)(f)		0.00	%		08/15/37		30,000		6,787,200
Texas (State of) Water Development Board;
Series 2008 A, Sub. Lien State Revolving Fund RB(h)		5.00	%		07/15/25		15,000		17,549,850
Series 2008 B, Sub. Lien State Revolving Fund RB(h)		5.00	%		07/15/28		11,425		13,260,655
Series 2008 B, Sub. Lien State Revolving Fund RB(h)		5.00	%		07/15/29		5,000		5,803,350
Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, Sr. Lien RB		7.00	%		06/30/40		24,345		29,781,969
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB		6.88	%		12/31/39		19,915		23,956,550
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		1,030,120
Texas State Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.);
Series 2010 A, Education RB		6.88	%		02/15/30		1,455		1,623,678
Series 2010 A, Education RB		7.13	%		02/15/40		1,810		2,046,042
Texas State Public Finance Authority Charter School Finance Corp. (School Excellence Education); Series 2004 A, RB(i)		7.00	%		12/01/34		3,515		3,603,824
Travis County Health Facilities Development Corp. (Querencia Barton Creek);
Series 2005, Retirement Facility RB		5.50	%		11/15/25		1,650		1,687,752
Series 2005, Retirement Facility RB		5.65	%		11/15/35		1,250		1,265,788
Travis County Health Facilities Development Corp. (Westminster Manor); Series 2010, RB		7.00	%		11/01/30		2,500		2,964,325
Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2007, Ref. Hospital RB		5.00	%		07/01/33		10,000		10,401,600
University of Texas;
Series 2004 D, Financing System RB(a)(b)		5.00	%		08/15/14		10,000		10,909,100
Series 2004 D, Financing System RB(a)(b)		5.00	%		08/15/14		15,000		16,363,650

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

49        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Uptown Development Authority (Infrastructure Improvement Facilities);
Series 2009, Tax Increment Allocation Contract RB		5.38	%		09/01/25	$	465	$	508,747
Series 2009, Tax Increment Allocation Contract RB		5.50	%		09/01/29		2,250		2,467,238
Woodhill Public Facility Corp. (Woodhill Apartments); Series 1999, MFH RB		7.50	%		12/01/29		8,000		8,046,320
									711,964,253
Utah–0.47%
Eagle Mountain (City of) (Special Improvement District No. 2000-1); Series 2006, Special Assessment RB		8.25	%		02/01/21		1,080		1,087,495
Murray (City of) (IHC Health Services Inc.); Series 2005 D, VRD Hospital RB(l)		0.18	%		05/15/37		2,535		2,535,000
Provo (City of) (Freedom Academy Foundation); Series 2007, Charter School RB		5.50	%		06/15/37		2,380		2,283,491
Utah (County of) (Renaissance Academy);
Series 2007 A, Charter School RB		5.35	%		07/15/17		675		685,355
Series 2007 A, Charter School RB		5.63	%		07/15/37		1,700		1,658,758
Utah (State of) Charter School Finance Authority (George Washington Academy);
Series 2008 A, Charter School RB		6.75	%		07/15/28		1,340		1,402,136
Series 2008 A, Charter School RB		7.00	%		07/15/40		6,690		7,045,239
Utah (State of) Charter School Finance Authority (Navigator Pointe Academy);
Series 2010 A, Charter School RB		5.38	%		07/15/30		1,650		1,690,837
Series 2010 A, Charter School RB		5.63	%		07/15/40		710		727,402
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy);
Series 2010, Charter School RB		6.25	%		07/15/30		1,250		1,355,650
Series 2010, Charter School RB		6.38	%		07/15/40		2,500		2,700,175
Utah (State of) Charter School Finance Authority (Vista Entrada School of Performing Arts);
Series 2012, RB		5.60	%		07/15/22		945		983,093
Series 2012, RB		6.30	%		07/15/32		850		889,729
Series 2012, RB		6.55	%		07/15/42		2,000		2,090,120
Utah (State of) Housing Finance Agency (RHA Community Services); Series 1997 A, RB		6.88	%		07/01/27		4,075		4,079,360
West Valley City (City of) (Monticello Academy); Series 2007, Ref. Charter School RB(i)		6.38	%		06/01/37		1,900		1,914,421
									33,128,261
Vermont–0.08%
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 A, Mortgage RB		5.38	%		05/01/36		4,750		4,834,408
Vermont (State of) Educational & Health Buildings Financing Agency (Developmental & Mental Health);
Series 2002 A, RB		6.38	%		06/15/22		545		552,074
Series 2002 A, RB		6.50	%		06/15/32		175		177,014
									5,563,496
Virgin Islands–0.08%
Virgin Islands (Government of) (Matching Fund Loan Note–Diago); Series 2009 A, RB		6.75	%		10/01/37		4,500		5,322,960
Virginia–3.01%
Albemarle (County of) Economic Development Authority (Martha Jefferson Hospital); Series 2008 D, VRD Hospital RB (LOC–Wells Fargo Bank, N.A.)(k)(l)		0.18	%		10/01/48		11,625		11,625,000
Albemarle (County of) Industrial Development Authority (Covenant School, Inc.); Series 2001 A, Educational Facilities RB		7.75	%		07/15/32		4,000		3,951,600
Bell Creek Community Development Authority;
Series 2003 A, Special Assessment RB		6.75	%		03/01/22		226		229,519
Series 2003 B, Special Assessment RB		7.00	%		03/01/32		1,620		1,638,517
Broad Street Community Development Authority; Series 2003, Special Assessment RB(a)(b)		7.50	%		06/01/13		7,483		8,004,864

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

50        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Virginia–(continued)
Celebrate North Community Development Authority (Celebrate Virginia North);
Series 2003 B, Special Assessment RB		6.60	%		03/01/25	$	1,394	$	983,871
Series 2003 B, Special Assessment RB		6.75	%		03/01/34		7,595		5,353,564
Celebrate South Community Development Authority (Celebrate Virginia South); Series 2006, Special Assessment RB(c)		6.25	%		03/01/37		9,500		5,903,965
Chesterfield (County of) Economic Development Authority (Brandermill Woods); Series 1998, Ref. Mortgage RB(i)		6.50	%		01/01/28		11,900		11,928,679
Chesterfield (County of) Health Center Commission (Lucy Corr Village);
Series 2008 A, Residential Care Facilities RB		6.13	%		12/01/30		5,000		5,284,100
Series 2008 A, Residential Care Facilities RB		6.25	%		12/01/38		5,500		5,768,400
Dulles Town Center Community Development Authority (Dulles Town Center); Series 1998, Special Assessment RB		6.25	%		03/01/26		2,275		2,277,434
Fairfax (County of) Economic Development Authority (Lewinsville Retirement Village); Series 2007 A, Senior Living RB		5.25	%		03/01/32		2,250		2,263,410
Isle Wight (County of) Industrial Development Authority; Series 2003 A, Environmental Improvement RB(d)		5.70	%		11/01/27		5,200		5,428,644
Lexington (City of) Industrial Development Authority (Kendal at Lexington);
Series 2007 A, Residential Care Facilities Mortgage RB		5.25	%		01/01/21		395		408,406
Series 2007 A, Residential Care Facilities Mortgage RB		5.38	%		01/01/22		780		807,791
Series 2007 A, Residential Care Facilities Mortgage RB		5.38	%		01/01/23		425		439,127
Series 2007 A, Residential Care Facilities Mortgage RB		5.38	%		01/01/28		500		509,720
Series 2007 A, Residential Care Facilities Mortgage RB		5.50	%		01/01/37		4,350		4,411,509
New Port Community Development Authority;
Series 2006, Special Assessment RB		5.50	%		09/01/26		923		587,739
Series 2006, Special Assessment RB		5.60	%		09/01/36		2,500		1,504,250
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		503,700
Peninsula Ports Authority (Virginia Baptist Homes); Series 2003 A, Residential Care Facilities RB(a)(b)		7.38	%		12/01/13		500		544,115
Peninsula Town Center Community Development Authority;
Series 2007, Special Obligation RB		6.25	%		09/01/24		6,715		7,161,682
Series 2007, Special Obligation RB		6.35	%		09/01/28		7,818		8,301,152
Series 2007, Special Obligation RB		6.45	%		09/01/37		5,219		5,514,761
The Farms of New Kent Community Development Authority;
Series 2006 B, Special Assessment RB		5.45	%		03/01/36		7,000		4,402,300
Series 2006 C, Special Assessment RB		5.80	%		03/01/36		7,250		4,353,553
Virginia (State of) Gateway Community Development Authority (Prince William County); Series 2003, Special Assessment RB		6.38	%		03/01/30		3,791		3,891,158
Virginia (State of) Gateway Community Development Authority; Series 1999, Special Assessment RB		6.25	%		03/01/26		1,640		1,641,886
Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);
Series 2012, Sr. Lien RB(d)		6.00	%		01/01/37		22,710		26,092,200
Series 2012, Sr. Lien RB(d)		5.50	%		01/01/42		36,500		40,381,045
Virginia (State of) Small Business Financing Authority (Express Lanes, LLC);
Series 2012, Sr. Lien RB(d)		5.00	%		07/01/34		3,000		3,164,580
Series 2012, Sr. Lien RB(d)		5.00	%		01/01/40		10,500		10,993,710
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		8,990,228
Washington (County of) Industrial Development Authority (Mountain States Health Alliance); Series 2009 C, Hospital Facility RB		7.75	%		07/01/38		5,000		6,221,500
									211,467,679

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

51        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Washington–3.23%
Grant (County of) Public Hospital District No. 3 (Columbia Basin Hospital);
Series 2012, Unlimited Tax GO Bonds		5.25	%		12/01/29	$	1,155	$	1,213,316
Series 2012, Unlimited Tax GO Bonds		5.50	%		12/01/36		2,000		2,103,040
Kalispel Tribe of Indians; Series 2008, RB		6.75	%		01/01/38		8,000		6,994,720
Kennewick (City of) Public Hospital District; Series 2001, Ref. & Improvement RB		6.30	%		01/01/25		2,000		2,002,340
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		9,974,773
Series 2011, Ref. & Improvement Limited Tax GO Bonds		6.75	%		12/01/31		500		552,035
Series 2011, Ref. & Improvement Limited Tax GO Bonds		7.00	%		12/01/40		4,000		4,414,760
King (County of);
Series 2010, Ref. Sewer RB(h)		5.00	%		01/01/45		25,555		28,596,556
Series 2011 B, Ref. Sewer RB(h)		5.00	%		01/01/34		38,540		44,138,706
Klickitat (County of) Public Hospital District No. 2 (Skyline Hospital);
Series 2007, Hospital RB		6.50	%		12/01/38		2,000		2,028,980
Series 2007, RB		6.25	%		12/01/28		3,645		3,704,742
Port of Seattle Industrial Development Corp. (Northwest Airlines, Inc.); Series 2001, Special Facilities RB(d)		7.25	%		04/01/30		24,060		24,062,165
Skagit (County of) Public Hospital District No. 1 (Skagit Valley Hospital);
Series 2003, Ref. RB		6.00	%		12/01/23		1,000		1,027,650
Series 2007, RB		5.75	%		12/01/28		1,250		1,330,950
Series 2010, RB		6.00	%		12/01/30		3,160		3,535,376
Series 2010, RB		5.75	%		12/01/35		6,000		6,513,840
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB		7.00	%		07/01/39		9,145		10,619,265
Washington (State of) Health Care Facilities Authority (Kadlec Regional Medical Center); Series 2010, RB		5.50	%		12/01/39		8,085		8,604,946
Washington (State of) Health Care Facilities Authority (MultiCare Health System); Series 2007 B, RB (INS–AGM)(e)		5.00	%		08/15/41		1,000		1,065,870
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB		7.38	%		03/01/38		11,300		13,807,696
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2009 A, RB(a)(b)		6.50	%		11/15/14		1,500		1,700,535
Washington (State of) Health Care Facilities Authority; Series 2007 C, RB (INS–Radian)(e)		5.50	%		08/15/42		3,000		3,165,240
Washington (State of) Higher Education Facilities Authority (Whitworth University); Series 2009, Ref. RB		5.63	%		10/01/40		3,415		3,709,271
Washington (State of) Housing Finance Commission (Custodial Receipts Wesley Homes); Series 2008 A, Non-Profit RB(i)		6.20	%		01/01/36		19,025		20,245,264
Washington (State of); Series 2009 E, Various Purpose Unlimited Tax GO Bonds(h)		5.00	%		02/01/29		18,450		22,030,961
									227,142,997
West Virginia–0.47%
Harrison (County of) Commission (Allegheny Energy); Series 2007 D, Ref. Solid Waste Disposal RB(d)		5.50	%		10/15/37		5,250		5,511,975
Harrison (County of) Commission (Charles Pointe No. 2);
Series 2008 A, Ref. Tax Increment Allocation RB		7.00	%		06/01/35		1,500		1,511,040
Series 2008 B, Ref. Tax Increment Allocation RB		7.00	%		06/01/28		1,000		968,400
West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, RB		6.00	%		10/01/20		1,500		1,591,485
Series 2008, RB		6.50	%		10/01/38		13,000		13,514,020
Series 2008, RB		6.75	%		10/01/43		9,650		10,154,019
									33,250,939
Wisconsin–1.20%
Hudson (City of) (Christian Community Home, Inc.); Series 2003, Health Care Facility RB		6.50	%		04/01/33		3,465		3,467,079
Milwaukee (City of) (Air Cargo); Series 2002, Sub. RB(d)		7.50	%		01/01/25		2,225		2,234,189

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

52        Invesco High Yield Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wisconsin–(continued)
Milwaukee (City of) Redevelopment Authority (Academy of Learning & Leadership, Inc.); Series 2007 A, Education RB(c)		5.50	%		08/01/22	$	300	$	89,979
Superior (City of) (Superior Water, Light & Power Co.); Series 2007 B, Collateralized Utility RB(d)		5.75	%		11/01/37		4,000		4,229,840
Wisconsin (State of) Health & Educational Facilities Authority (AE Nursing Centers);
Series 2008, RB		7.15	%		06/01/28		1,025		1,114,442
Series 2008, RB		7.25	%		06/01/38		1,000		1,077,700
Wisconsin (State of) Health & Educational Facilities Authority (Beaver Dam Community Hospitals, Inc.);
Series 2004 A, RB		6.50	%		08/15/26		250		258,403
Series 2004 A, RB		6.75	%		08/15/34		1,600		1,649,088
Wisconsin (State of) Health & Educational Facilities Authority (Community Memorial Hospital, Inc.);
Series 2003, RB		7.13	%		01/15/22		1,690		1,710,534
Series 2003, RB		7.25	%		01/15/33		2,355		2,372,050
Wisconsin (State of) Health & Educational Facilities Authority (Community Rehabilitation Providers Facilities Acquisition Program); Series 1998, RB		6.88	%		12/01/23		200		200,142
Wisconsin (State of) Health & Educational Facilities Authority (Eastcastle Place, Inc.);
Series 2004, RB		6.00	%		12/01/24		2,250		1,309,028
Series 2004, RB		6.13	%		12/01/34		5,400		2,999,160
Wisconsin (State of) Health & Educational Facilities Authority (Froedert & Community); Series 2001, RB		5.38	%		10/01/30		330		333,300
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic); Series 2006 A, RB		5.13	%		02/15/26		500		523,815
Wisconsin (State of) Health & Educational Facilities Authority (Middleton Glen, Inc.);
Series 1998, RB		5.75	%		10/01/18		980		980,784
Series 1998, RB		5.75	%		10/01/28		2,485		2,485,149
Series 1998, Special Term RB		5.90	%		10/01/28		335		335,060
Wisconsin (State of) Health & Educational Facilities Authority (New Castle Place); Series 2001 A, RB		7.00	%		12/01/31		3,000		2,209,740
Wisconsin (State of) Health & Educational Facilities Authority (Reedsburg Area Medical Center, Inc.),
Series 2010 A, Ref. RB		6.00	%		06/01/27		1,000		1,067,150
Series 2010 A, Ref. RB		6.10	%		06/01/28		800		856,688
Wisconsin (State of) Health & Educational Facilities Authority (Southwest Health Center);
Series 2004 A, RB(a)(b)		6.13	%		04/01/14		1,760		1,909,195
Series 2004 A, RB(a)(b)		6.25	%		04/01/14		2,775		3,015,676
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community, Inc.);
Series 2009 A, RB		7.25	%		09/15/29		4,000		4,610,360
Series 2009 A, RB		7.63	%		09/15/39		1,000		1,162,820
Wisconsin (State of) Health & Educational Facilities Authority (Tomah Memorial Hospital, Inc.);
Series 2003, RB(a)(b)		6.00	%		07/01/13		100		104,468
Series 2003, RB(a)(b)		6.13	%		07/01/13		150		156,858
Series 2003, RB		6.50	%		07/01/13		1,200		1,258,596
Series 2003, RB(a)(b)		6.63	%		07/01/13		1,750		1,837,272
Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois Senior Housing, Inc.);
Series 2006, Ref. RB		5.50	%		08/01/16		1,660		1,730,384
Series 2006, Ref. RB		5.80	%		08/01/29		2,400		2,417,208
Series 2010, RB		7.00	%		08/01/33		2,000		2,116,140
Series 2012, RB		5.75	%		08/01/35		3,215		3,222,073
Series 2012, RB		5.88	%		08/01/42		2,660		2,656,116

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

53        Invesco 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		7.00	%		06/01/20	$	650	$	737,523
Series 2011 A, Continuing Care Retirement Community RB		7.75	%		06/01/28		7,980		9,327,343
Series 2011 A, Continuing Care Retirement Community RB		8.00	%		06/01/35		10,150		11,902,194
Series 2011 A, Continuing Care Retirement Community RB		8.25	%		06/01/46		4,000		4,755,720
									84,423,266
Wyoming–0.17%
Teton (County of) Hospital District (St. John’s Medical Center);
Series 2011 B, RB		5.50	%		12/01/27		1,000		1,140,360
Series 2011 B, RB		6.00	%		12/01/36		2,840		3,353,642
West Park Hospital District (West Park Hospital);
Series 2011, Ref. RB		7.00	%		06/01/35		1,085		1,322,789
Series 2011 A, RB		7.00	%		06/01/40		4,890		5,893,477
									11,710,268
TOTAL INVESTMENTS(n)–105.84% (Cost $7,229,549,121)									7,446,147,134
FLOATING RATE NOTE OBLIGATIONS–(8.06%)
Notes with interest rates ranging from 0.15% to 0.37% at 08/31/12 and contractual maturities of collateral ranging from 07/01/22 to 06/15/50 (See Note 1J)(o)									(566,885,000	)
OTHER ASSETS LESS LIABILITIES–2.22%									155,833,746
NET ASSETS–100.00%								$	7,035,095,880

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
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
COP	– Certificates of Participation
Ctfs.	– Certificates
FGIC	– Financial Guaranty Insurance Co.
GNMA	– Government National Mortgage Association
GO	– General Obligation
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
RAC	– Revenue Anticipation Certificates
Radian	– Radian Asset Assurance, Inc.
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

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

54        Invesco High Yield Municipal Fund

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)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c)	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, 2012 was $41,088,719, which represented 0.58% 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, 2012.
(h)	Underlying security related to Dealer Trusts entered into by the Fund. See Note 1J.
(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, 2012 was $245,907,836, which represented 3.50% of the Fund’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, 2012 was $34,446,850, which represented 0.49% 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, 2012.
(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)	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.
(o)	Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2012. At August 31, 2012, the Fund’s investments with a value of $1,026,856,634 are held by Dealer Trusts and serve as collateral for the $566,885,000 in the floating rate note obligations outstanding at that date.

Portoflio Compsoition

By credit sector, based on Total Investments

as of August 31, 2012

Revenue Bonds	90.5	%
General Obligation Bonds	5.2
Pre-Refunded Bonds	2.6
Other	1.7

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

55        Invesco High Yield Municipal Fund

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)

Assets:
Investments, at value (Cost $7,229,549,121)	$	7,446,147,134
Receivable for:
Investments sold		25,536,280
Fund shares sold		73,144,134
Interest		109,863,565
Fund expenses absorbed		6,291
Investment for trustee deferred compensation and retirement plans		89,685
Other assets		465,184
Total assets		7,655,252,273
Liabilities:
Floating rate note obligations		566,885,000
Payable for:
Investments purchased		25,017,038
Fund shares reacquired		8,062,806
Amount due custodian		2,890,923
Dividends		14,047,644
Accrued fees to affiliates		2,766,990
Accrued other operating expenses		86,547
Trustee deferred compensation and retirement plans		399,445
Total liabilities		620,156,393
Net assets applicable to shares outstanding	$	7,035,095,880
Net assets consist of:
Shares of beneficial interest	$	7,487,675,523
Undistributed net investment income		25,949,371
Undistributed net realized gain (loss)		(695,127,027	)
Unrealized appreciation		216,598,013
	$	7,035,095,880
Net Assets:
Class A	$	4,850,949,096
Class B	$	157,411,625
Class C	$	1,231,707,921
Class Y	$	786,388,975
Institutional Class	$	8,638,263
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		482,603,379
Class B		15,588,033
Class C		122,778,387
Class Y		78,094,256
Institutional Class		858,623
Class A:
Net asset value per share	$	10.05
Maximum offering price per share (Net asset value of $10.05 divided by 95.25%)	$	10.55
Class B:
Net asset value and offering price per share	$	10.10
Class C:
Net asset value and offering price per share	$	10.03
Class Y:
Net asset value and offering price per share	$	10.07
Institutional Class:
Net asset value and offering price per share	$	10.06

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

56        Invesco High Yield Municipal Fund

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)

Investment income:
Interest	$	199,016,224
Expenses:
Advisory fees		15,759,502
Administrative services fees		335,169
Custodian fees		63,647
Distribution fees:
Class A		5,407,122
Class B		207,079
Class C		5,327,362
Interest, facilities and maintenance fees		2,744,228
Transfer Agent Fees — A, B, C and Y		1,526,926
Transfer agent fees — Institutional		11,068
Trustees’ and officers’ fees and benefits		157,425
Other		577,203
Total expenses		32,116,731
Less: Expenses reimbursed and expense offset arrangement(s)		(3,446	)
Net expenses		32,113,285
Net investment income		166,902,939
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(26,854,344	)
Change in net unrealized appreciation of investment securities		251,869,392
Net realized and unrealized gain		225,015,048
Net increase in net assets resulting from operations	$	391,917,987

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

57        Invesco High Yield Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)

	August 31,			February 29,
	2012			2012
Operations:
Net investment income	$	166,902,939		$	301,074,401
Net realized gain (loss)		(26,854,344	)		(107,535,322	)
Change in net unrealized appreciation		251,869,392			554,275,491
Net increase in net assets resulting from operations		391,917,987			747,814,570
Distributions to shareholders from net investment income:
Class A		(122,025,488	)		(210,221,166	)
Class B		(4,693,956	)		(11,919,037	)
Class C		(26,100,986	)		(43,435,326	)
Class Y		(18,633,593	)		(27,076,377	)
Institutional Class		(649,330	)		—
Total distributions from net investment income		(172,103,353	)		(292,651,906	)
Share transactions–net:
Class A		932,640,153			44,079,116
Class B		(11,437,213	)		(105,961,920	)
Class C		312,336,278			(6,657,898	)
Class Y		331,722,283			(125,735,590	)
Institutional Class		7,702,258			—
Net increase (decrease) in net assets resulting from share transactions		1,572,963,759			(194,276,292	)
Net increase in net assets		1,792,778,393			260,886,372
Net assets:
Beginning of period		5,242,317,487			4,981,431,115
End of period (includes undistributed net investment income of $25,949,371 and $31,149,785, respectively)	$	7,035,095,880		$	5,242,317,487

Notes to Financial Statements

August 31, 2012

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco High Yield Municipal Fund, formerly 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 six 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 seek federal tax-exempt current 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 to Class A shares. 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 to Class A shares. 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 the 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.

58        Invesco High Yield Municipal 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. 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 the 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. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares were charged to the operations of such class.
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.

59        Invesco High Yield Municipal 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 the 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.	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 interests 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.
K.	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 $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).

  Effective July 1, 2012, 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, Class Y and Institutional Class shares to 1.50%, 2.25%, 2.25%, 1.25% and 1.25%, respectively, of average daily net assets. Prior to July 1, 2012, 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

60        Invesco High Yield Municipal 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, including litigation expenses; 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.

  For the six months ended August 31, 2012, the Adviser reimbursed Fund class level expenses of $2,410 for Institutional Class shares.

  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, 2012, 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, 2012, 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, 2012, 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, 2012, IDI advised the Fund that IDI retained $1,335,990 in front-end sales commissions from the sale of Class A shares and $5,130, $52,591 and $22,963 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, 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, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	7,446,147,134	$	—	$	7,446,147,134

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, 2012, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,036.

61        Invesco High Yield Municipal Fund

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.

NOTE 6—Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company (“SSB”), the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. 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, 2012 were $544,382,857 and 1.00%, 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 Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 29, 2012, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
February 28, 2013	$	63,838,546	$	—	$	63,838,546
February 28, 2014		6,419,495		—		6,419,495
February 28, 2015		9,560,072		—		9,560,072
February 28, 2016		148,296,962		—		148,296,962
February 28, 2017		222,991,741		—		222,991,741
February 28, 2018		67,932,498		—		67,932,498
February 28, 2019		42,986,976		—		42,986,976
Not subject to expiration		9,421,597		62,450,227		71,871,824
	$	571,447,887	$	62,450,227	$	633,898,114

*  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, 2012 was $1,322,684,835 and $483,476,214, 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	$	523,719,404
Aggregate unrealized (depreciation) of investment securities		(314,195,243	)
Net unrealized appreciation of investment securities	$	209,524,161
Cost of investments for tax purposes is $7,236,622,973.

62        Invesco High Yield Municipal Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2012(a)						February 29, 2012
	Shares			Amount			Shares			Amount
Sold:
Class A		74,455,846		$	736,772,617			53,757,689		$	500,938,156
Class B		92,376			941,511			219,751			2,038,922
Class C		21,902,623			216,707,090			13,218,543			123,190,108
Class Y		26,410,754			260,863,564			21,543,148			199,141,707
Institutional Class(b)		165,822			1,608,439			—			—
Issued as reinvestment of dividends:
Class A		6,641,297			65,370,854			11,098,282			102,711,097
Class B		265,458			2,628,761			658,442			6,079,617
Class C		1,582,545			15,580,998			2,690,121			24,791,725
Class Y		1,450,896			14,401,834			2,496,177			22,949,072
Institutional Class		42,137			417,862			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		1,994,111			19,725,915			8,856,002			81,149,693
Class B		(1,984,480	)		(19,725,915	)		(8,840,899	)		(81,149,693	)
Issued in connection with acquisitions:(c)
Class A		38,941,092			380,289,898			—			—
Class B		1,360,176			13,344,973			—			—
Class C		14,758,854			143,978,139			—			—
Class Y		13,877,140			135,657,431			—			—
Institutional Class		7,799,579			76,242,015			—			—
Reacquired:
Class A		(27,386,818	)		(269,519,131	)		(69,903,626	)		(640,719,830	)
Class B		(872,016	)		(8,626,543	)		(3,610,978	)		(32,930,766	)
Class C		(6,493,539	)		(63,929,949	)		(16,925,016	)		(154,639,731	)
Class Y		(7,983,093	)		(79,200,546	)		(38,128,216	)		(347,826,369	)
Institutional Class		(7,148,915	)		(70,566,058	)		—			—
Net increase (decrease) in share activity		159,871,845		$	1,572,963,759			(22,870,580	)	$	(194,276,292	)

(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 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)	Commencement date of April 30, 2012.
(c)	As of the opening of business on April 30, 2012, the Fund acquired all the net assets of Invesco High Income Municipal Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Trustees of the Fund November 30, 2011 and by the shareholders of the Target Fund on April 2, 2012. The acquisition was accomplished by a tax-free exchange of 76,736,841 shares of the Fund for 93,571,671 shares outstanding of the Target Fund as of the close of business on April 27, 2012. Each class of the Target Fund was exchanged for the like class of shares of the Fund based on the relative net asset value of the Target Fund to the net asset value of the Fund at the close of business on April 27, 2012. The Target Fund’s net assets at that date of $749,512,456, including $7,209,042 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $5,430,090,787 and $6,179,603,243 immediately after the acquisition.
	The pro forma results of operations for the six months ended August 31, 2012 assuming the reorganization had been completed on March 1, 2012, the beginning of the annual reporting period, are as follows:

Net investment income	$	173,369,711
Net realized/unrealized gains		231,273,457
Change in net assets resulting from operations	$	404,643,168

  The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed; it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 30, 2012.

63        Invesco 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
																					Ratio of			to average
					Net gains																expenses			net assets
					(losses)																to average			(excluding			Ratio of net
	Net asset				on securities						Dividends										net assets			interest,			investment
	value,		Net		(both			Total from			from net			Net asset					Net assets,		with fee waivers			facilitates and			income
	beginning		investment		realized and			investment			investment			value, end		Total			end of period		and/or expenses			maintenance			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			of period		return			(000s omitted)		absorbed			fees)(b)			net assets			turnover(c)
Class A
Six months ended 08/31/12	$	9.71	$	0.27	$	0.35		$	0.62		$	(0.28	)	$	10.05		6.48	%(d)	$	4,850,949		0.93	%(e)		0.84	%(e)		5.47	%(e)		8	%
Year ended 02/29/12		8.85		0.57		0.85			1.42			(0.56	)		9.71		16.56	(d)		3,766,082		0.93			0.85			6.24			16
Period ended 02/28/11		9.24		0.15		(0.40	)		(0.25	)		(0.14	)		8.85		(2.72	)(d)		3,399,724		0.84	(f)		0.76	(f)		6.80	(f)		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	(g)		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	)(g)		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	)(g)		3,185,041		1.55			0.84			5.23			26
Class B
Six months ended 08/31/12		9.75		0.27		0.36			0.63			(0.28	)		10.10		6.57	(d)(h)		157,412		0.93	(e)(h)		0.84	(e)(h)		5.47	(e)(h)		8
Year ended 02/29/12		8.85		0.60		0.85			1.45			(0.55	)		9.75		16.89	(d)		163,123		0.68	(h)		0.60	(h)		6.49	(h)		16
Period ended 02/28/11		9.24		0.14		(0.41	)		(0.27	)		(0.12	)		8.85		(2.90	)(d)		250,532		1.39	(f)(h)		1.31	(f)(h)		6.25	(f)(h)		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	(i)		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	)(i)		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	)(i)		505,758		2.30			1.59			4.48			26
Class C
Six months ended 08/31/12		9.69		0.23		0.35			0.58			(0.24	)		10.03		6.10	(d)		1,231,708		1.68	(e)		1.59	(e)		4.72	(e)		8
Year ended 02/29/12		8.83		0.50		0.85			1.35			(0.49	)		9.69		15.73	(d)		881,847		1.68			1.60			5.49			16
Period ended 02/28/11		9.23		0.13		(0.41	)		(0.28	)		(0.12	)		8.83		(3.02	)(d)		813,001		1.59	(f)		1.51	(f)		6.05	(f)		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	(j)		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	)(j)		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	)(j)(k)		656,854		2.29	(k)		1.58	(k)		4.50	(k)		26
Class Y(l)
Six months ended 08/31/12		9.73		0.29		0.34			0.63			(0.29	)		10.07		6.61	(d)		786,389		0.68	(e)		0.59	(e)		5.72	(e)		8
Year ended 02/29/12		8.87		0.59		0.84			1.43			(0.57	)		9.73		16.83	(d)		431,266		0.68			0.60			6.49			16
Period ended 02/28/11		9.26		0.15		(0.40	)		(0.25	)		(0.14	)		8.87		(2.65	)(d)		518,173		0.59	(f)		0.51	(f)		7.05	(f)		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	(m)		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	)(m)		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	)(m)		1,557		1.30			0.59			5.49			26
Institutional Class
Four months ended 08/31/12(n)		9.79		0.29		0.18			0.47			(0.20	)		10.06		4.81	(d)		8,638		0.72	(e)(o)		0.65	(e)		5.68	(e)		8

(a)	Calculated using average shares outstanding.
(b)	For the years ended November 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 six months ended August 31, 2012, the portfolio turnover calculation excludes the value of securities purchased of $726,947,922 and sold of $24,570,775 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco High Income Municipal 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 $4,290,434, $164,312, $1,056,787, $628,910 and $21,969 for Class A, Class B, Class C, Class Y and Institutional Class 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)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25%, 0.00% and 0.80% for the six months ended August 31, 2012, year ended February 29, 2012 and the period ended February 28, 2011, respectively.
(i)	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.
(j)	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.
(k)	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%.
(l)	On June 1, 2010, Class I shares of the predecessor fund were reorganized into Class Y shares of the Fund.
(m)	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 redemptions on Fund shares.
(n)	Commencement date of April 30, 2012.
(o)	For the six months ended August 31, 2012, the Ratio of expenses to average net assets without fee waivers and expenses absorbed was 0.74%.

NOTE 11—Subsequent Event

Effective September 24, 2012, Institutional Class shares were renamed Class R5 shares and the maximum sales charge imposed on Class A shares changed from 4.75% to 4.25%.

64        Invesco 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. With the exception of the actual ending account value and expenses of the Institutional Class shares, 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, 2012, through August 31, 2012. The actual ending account value and expenses of the Institutional Class shares in the example below are based on an investment of $1,000 invested as of close of business April 30, 2012 (commencement date) and held through August 31, 2012.

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 (as of close of business April 30, 2012 through August 31, 2012 for the Institutional Class shares). Because the actual ending account value and expense information in the example is not based upon a six month period for the Institutional Class shares, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month 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	(03/01/12)		(08/31/12)1		Period2,3		(08/31/12)		Period2,4		Ratio2
A	$	1,000.00	$	1,064.80	$	4.84	$	1,020.52	$	4.74		0.93	%
B		1,000.00		1,065.70		4.84		1,020.52		4.74		0.93
C		1,000.00		1,061.00		8.73		1,016.74		8.54		1.68
Y		1,000.00		1,066.10		3.54		1,021.78		3.47		0.68
Institutional		1,000.00		1,048.00		2.50		1,021.58		3.67		0.72

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2012 through August 31, 2012 (As of the close of business April 30, 2012 through August 31, 2012 for Institutional Class shares), after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. For the Institutional Class shares actual expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 124 (as of close of business April 30, 2012, through August 31, 2012)/365. Because the Institutional Class shares have not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods. Effective July 1, 2012, 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, Class Y and Institutional Class shares to 1.50%, 2.25%, 2.25%, 1.25% and 1.25% 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 0.93%, 0.93%, 1.68%, 0.68% and 0.74% 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 $4.84, $4.84, $8.73, $3.54 and $2.57 for Class A, Class B, Class C, Class Y and Institutional Class shares, 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 $4.74, $4.74, $8.54, $3.47 and $3.77 for Class A, Class B, Class C, Class Y and Institutional Class shares, respectively.

65        Invesco High Yield Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

(Formerly Known as Invesco Van Kampen High Yield Municipal Fund)

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 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 19-20, 2012, 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, 2012. 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 primarily 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, 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 and on what terms 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. In addition to meetings with Invesco Advisers and fund 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 independent legal 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 reorganizations approved by the Trustees. 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 previously approved by a different board that, at the time, was responsible for overseeing Morgan Stanley and Van Kampen funds, which have become Invesco Funds following the acquisition of the retail mutual fund business of Morgan Stanley. 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 or factor 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 20, 2012, 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 Sub-Committees 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 prior relationship and 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 consistent 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 consistent 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 contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

66        Invesco High Yield Municipal 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 its performance universe for the one and three year periods and the third 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 and five year periods and below the Index for the three year period. 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 its 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 and were assisted in their review by a report from the Senior Officer. 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. The Board noted that Invesco Advisers proposes sharing economies of scale in administration expenses by lowering per class administrative fees.

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 for the year ended December 31, 2011. 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 Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board received and accepted information from Invesco Advisers demonstrating that 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.

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. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

  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.

67        Invesco 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 shown below.

     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, 2012, 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 US 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.

SEC file numbers: 811-07890 and 033-66242 VK-HYM-SAR-1 Invesco Distributors, Inc.

Invesco Intermediate Term Municipal Income Fund
Effective September 24, 2012, after the close of the reporting period, Invesco Van Kampen Intermediate Term Municipal Income Fund was renamed Invesco Intermediate Term Municipal Income Fund.

Semiannual Report to Shareholders § August 31, 2012

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

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
20	Financial Statements
22	Notes to Financial Statements
28	Financial Highlights
29	Fund Expenses
30	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, 2/29/12 to 8/31/12, 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	2.37	%
Class B Shares	2.36
Class C Shares	1.99
Class Y Shares	2.50
Barclays Municipal Bond Index▼ (Broad Market/Style-Specific Index)	2.94

Source(s): ^▼Lipper Inc.

The Barclays 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 Intermediate Term Municipal Income Fund

Average Annual Total Returns

As of 8/31/12, including maximum applicable sales charges

									After Taxes
									on Distributions
						After Taxes			and Sale of
			Before Taxes			on Distributions			Fund Shares
Class A Shares
Inception (5/28/93)				4.89	%		4.85	%		4.79	%
	10	Years		4.02			3.96			3.93
	5	Years		4.48			4.48			4.39
	1	Year		2.17			2.17			2.73
Class B Shares
Inception (5/28/93)				4.83	%		4.80	%		4.71	%
	10	Years		4.28			4.23			4.13
	5	Years		4.78			4.78			4.60
	1	Year		2.51			2.51			2.95
Class C Shares
Inception (10/19/93)				4.10	%		4.06	%		3.99	%
	10	Years		3.77			3.72			3.63
	5	Years		4.71			4.71			4.50
	1	Year		5.44			5.44			4.65
Class Y Shares
Inception (8/12/05)				4.93	%		4.91	%		4.79	%
	5	Years		5.74			5.74			5.53
	1	Year		7.50			7.50			6.35

Average Annual Total Returns

As of 6/30/12, the most recent calendar quarter-end, including maximum applicable sales charges

									After Taxes
									on Distributions
						After Taxes			and Sale of
			Before Taxes			on Distributions			Fund Shares
Class A Shares
Inception (5/28/93)				4.86	%		4.83	%		4.76	%
	10	Years		4.12			4.06			4.02
	5	Years		4.27			4.26			4.20
	1	Year		2.90			2.90			3.23
Class B Shares
Inception (5/28/93)				4.80	%		4.77	%		4.69	%
	10	Years		4.40			4.34			4.23
	5	Years		4.54			4.54			4.39
	1	Year		3.12			3.12			3.32
Class C Shares
Inception (10/19/93)				4.06	%		4.02	%		3.96	%
	10	Years		3.86			3.80			3.71
	5	Years		4.47			4.47			4.29
	1	Year		6.18			6.18			5.15
Class Y Shares
Inception (8/12/05)				4.84	%		4.82	%		4.72	%
	5	Years		5.53			5.53			5.35
	1	Year		8.35			8.35			6.93

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 (renamed Invesco 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%, 0.76%, 1.51% and 0.51%, 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 0.89%, 0.89%, 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, 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 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 Intermediate Term Municipal Income Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

One of our most important responsibilities as independent Trustees of the Invesco Funds is our annual review of the funds’ advisory and sub-advisory contracts with Invesco. This annual review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco has provided as adviser to the Invesco Funds and the reasonableness of the fees that it charges for those services.

     In our roles as Trustees, we spend months reviewing thousands of pages of detailed information that we request from Invesco in connection with our annual review. We focus on the quality and costs of the services to be provided by Invesco and its affiliates. Some of the most important things we look at are fund performance, expenses and fees. All of the Trustees have substantial personal investments in the Invesco Funds complex. We’re fund shareholders just like you.

     We also use information from many independent sources during the review process, including materials provided by the independent Senior Officer of the Invesco Funds, who reports directly to the independent Trustees. We also meet in private sessions with independent legal counsel and review performance and fee data on the Invesco Funds prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field.

     I’m pleased to report that the Invesco Funds Board determined in June that renewing the investment advisory agreement and the sub-advisory contracts with Invesco would serve the best interests of each fund and its shareholders. For more detailed information about our assessment and conclusions with respect to each of the Invesco Funds, visit invesco.com/us, click on the “About Us” section and go to “Legal Information.” Information on the recent investment advisory renewal process can be found by clicking the last item under “Corporate Governance.”

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the 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:

This report contains helpful information about your Fund, including its long-term performance and a complete list of your Fund’s investments as of the close of the reporting period. Additional information, including timely insight and information from many of Invesco’s investment professionals, is available at our website, invesco.com/us. There, you also can access information about your Invesco account at any time.

     Intentional Investing^SM is the science and art of investing with purpose, prudence and diligence – and it’s how Invesco’s investment professionals manage your money every day. This highly disciplined process begins when specialized teams of investment professionals clearly define an investment objective and then establish specific investment strategies to try to achieve that objective. While our investment teams closely monitor economic and market conditions – and issues specific to individual holdings that could affect their value – they maintain a long-term investment perspective. Intentional Investing is also embedding risk controls and processes into every aspect of our business; offering a diverse combination of investment strategies and vehicles designed to meet your needs; and communicating clearly, delivering expert insights from our portfolio managers and other investment professionals, and providing a website full of tools and articles to help you stay informed. However, neither Intentional Investing nor diversification can guarantee a profit or protect against loss.

     If you have questions about your account, please contact an Invesco client services representative at 800 959 4246. If you have an Invesco-related question or comment, feel free 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 Intermediate Term Municipal Income Fund

Schedule of Investments

August 31, 2012

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–102.33%
Alaska–1.06%
Alaska (State of) Municipal Bond Bank Authority;
Series 2009 1, RB		5.00	%		09/01/22	$	250	$	291,515
Series 2009 1, RB		5.25	%		09/01/24		400		466,464
Alaska Railroad Corp. (FTA Section 5307 Urbanized Area Formula Funds & Section 5309 Fixed Guideway Modernization Formula Funds); Series 2007, Capital Grant Receipts RB (INS–NATL)(a)		5.00	%		08/01/15		2,680		2,962,392
Matanuska-Susitna (Borough of) (Goose Creek Correctional Center);
Series 2009, Lease RB (INS–AGC)(a)		5.00	%		09/01/19		1,000		1,228,920
Series 2009, Lease RB (INS–AGC)(a)		5.50	%		09/01/23		1,000		1,212,140
									6,161,431
Arizona–3.40%
Glendale (City of) Industrial Development Authority (Midwestern University); Series 2010, RB		5.00	%		05/15/26		2,000		2,203,960
Maricopa (County of) Industrial Development Authority (Catholic Healthcare West);
Series 2009 A, Health Facilities RB		5.00	%		07/01/14		500		535,525
Series 2009 C, Health Facilities RB(b)		5.00	%		07/01/14		1,500		1,598,925
Maricopa County Pollution Control Corp. (Arizona Public Service Co.–Palo Verde); Series 2009 A, Ref. PCR(b)		6.00	%		05/01/14		2,400		2,576,304
Navajo County Pollution Control Corp.;
Series 2009 C, PCR(b)		5.50	%		06/01/14		1,000		1,067,960
Series 2009 E, PCR(b)		5.75	%		06/01/16		1,000		1,130,540
Phoenix (City of) Industrial Development Authority (Career Success Schools); Series 2009, Education RB		6.13	%		01/01/20		500		520,135
Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB		5.00	%		06/01/27		3,000		3,357,540
Phoenix Civic Improvement Corp.; Series 2008 B, Sr. Lien Airport RB(c)		5.00	%		07/01/13		1,000		1,036,520
Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2008, Water & Wastewater RB(c)		6.38	%		12/01/18		500		536,190
Pinal (County of) Electric District No. 4; Series 2008, Electrical System RB		5.25	%		12/01/18		500		571,000
Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric System RB		5.00	%		01/01/22		1,000		1,186,430
University Medical Center Corp.; Series 2009, Hospital RB		5.25	%		07/01/17		1,000		1,144,030
Yavapai (County of) Industrial Development Authority (Northern Arizona Healthcare System); Series 2011, Ref. Hospital Facility RB		5.25	%		10/01/26		2,000		2,359,780
									19,824,839
California–10.75%
Adelanto (City of) Public Utility Authority (Utility System); Series 2009 A, Ref. RB		5.38	%		07/01/19		1,000		1,109,820
Alhambra (City of) (Atherton Baptist Homes); Series 2010 B, RB		6.63	%		01/01/17		705		706,163
California (State of) Health Facilities Financing Authority (Adventist Health System West); Series 2009 C, RB		5.00	%		03/01/14		500		528,430
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 F, RB(b)		5.00	%		07/01/14		500		534,200
California (State of) Municipal Finance Authority (Community Hospitals of Central California Obligated Group); Series 2007, COP		5.00	%		02/01/21		2,000		2,115,100
California (State of) Municipal Finance Authority (Emerson College); Series 2011, RB		5.00	%		01/01/28		1,500		1,684,755
California (State of) Municipal Finance Authority (High Tech High-Chula Vista); Series 2008 B, Educational Facility RB(d)		5.50	%		07/01/18		875		914,602
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2012, Floating Rate RB(b)(e)		1.12	%		05/01/17		2,000		2,000,000
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB (CEP–FHA)		6.25	%		08/01/24		2,000		2,455,800

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

5        Invesco Intermediate Term 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		5.25	%		11/15/14	$	805	$	823,531
Series 2009, Senior Living RB		6.25	%		11/15/19		600		657,582
California (State of); Series 2012 A, Ref. Floating Rate Unlimited Tax GO Bonds(b)(e)		0.85	%		05/01/15		1,750		1,750,000
Fresno (City of); Series 2010 A-1, Water System RB		5.50	%		06/01/22		1,000		1,207,630
Irvine (City of) Public Facilities & Infrastructure Authority; Series 2012 A, Special Assessment RB		4.00	%		09/02/23		1,000		1,031,380
Indio (City of) Redevelopment Agency (Merged Redevelopment); Series 2008 A, Sub. Tax Allocation RB		5.00	%		08/15/24		1,470		1,525,875
Irvine (City of) Public Facilities & Infrastructure Authority;
Series 2012 A, Special Assessment RB		4.50	%		09/02/25		375		387,311
Series 2012 A, Special Assessment RB		4.50	%		09/02/26		550		567,831
Los Angeles Unified School District (Election of 2004); Series 2009 I, Unlimited Tax GO Bonds		5.25	%		07/01/22		3,200		3,882,720
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB(d)		5.50	%		03/01/18		145		150,033
Murrieta (City of) Public Financing Authority; Series 2012, Ref. Special Tax RB		5.00	%		09/01/23		1,000		1,133,050
Oakland (Port of);
Series 2002 L, RB(b)(c)(f)		5.00	%		11/01/12		170		171,345
Series 2002 L, RB (INS–NATL)(a)(c)		5.00	%		11/01/21		1,330		1,337,288
Palm Springs (City of) (Palm Springs International Airport); Series 2008, Ref. Sub. Airport Passenger Facility Charge RB(c)		5.30	%		07/01/13		110		111,037
Palomar Pomerado Health (Election of 2004); Series 2007 A, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(g)		0.00	%		08/01/16		1,880		1,730,690
Perris (City of) Public Financing Authority; Series 2006, Tax Allocation RB		4.75	%		10/01/13		565		577,554
Regents of the University of California;
Series 2009 O, General RB(h)		5.75	%		05/15/23		795		989,036
Series 2009 O, General RB(h)		5.75	%		05/15/25		1,185		1,469,661
Richmond (City of) Joint Powers Financing Authority (Point Potrero); Series 2009 A, Lease RB		6.25	%		07/01/24		1,500		1,707,645
Riverside (County of) (Public Safety Communication & Refunding); Series 2007 A, COP (INS–AMBAC)(a)		5.00	%		11/01/14		3,500		3,795,960
Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series 2008 A, Ref. VRD Sub. Lien RB (LOC–JPMorgan Chase Bank, N.A.)(i)		0.17	%		12/01/36		2,000		2,000,000
Sacramento (County of); Series 2009 D, Sub. Passenger Facility Charge Grant Airport System RB		5.38	%		07/01/26		2,000		2,274,160
San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB		6.25	%		12/01/20		1,000		1,173,590
San Francisco (City & County of) Airport Commission (San Francisco International Airport); Series 2011 C, Ref. Second Series RB(c)		5.00	%		05/01/23		2,000		2,316,260
San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment);
Series 2009 D, Tax Allocation RB		6.00	%		08/01/20		1,085		1,234,611
Series 2009 D, Tax Allocation RB		6.25	%		08/01/22		1,000		1,125,740
Series 2011 D, Tax Allocation RB		6.63	%		08/01/27		500		570,725
San Jose (City of); Series 2011 A-1, Airport RB(c)		5.25	%		03/01/26		2,000		2,263,100
San Luis Obispo (County of) Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS–AGM)(a)		5.50	%		08/01/26		3,195		3,829,048
Southern California Public Power Authority (Milford Wind Corridor); Series 2010 1, RB		5.00	%		07/01/24		2,000		2,385,500
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS–AGM)(a)(b)		3.50	%		05/31/13		1,500		1,501,845
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN(g)		0.00	%		04/01/14		3,700		3,621,153
West Contra Costa Unified School District (Election of 2005); Series 2008 B, Unlimited Tax GO Bonds		6.00	%		08/01/23		1,000		1,278,130
									62,629,891
Colorado–1.44%
Colorado (State of) Health Facilities Authority (Christian Living Communities); Series 2006 A, RB		5.25	%		01/01/15		500		524,170
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB		5.25	%		07/15/19		1,000		1,167,880
Series 2010, Private Activity RB		5.00	%		01/15/22		750		852,877

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

6        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Colorado–(continued)
Colorado Springs (City of); Series 2003 A, Sub. Lien Utilities System Improvement RB(b)(f)		5.00	%		11/15/13	$	1,560	$	1,650,012
Denver (City & County of) (Justice System);
Series 2008, Unlimited Tax GO Bonds(h)		5.00	%		08/01/24		2,000		2,380,520
Series 2008, Unlimited Tax GO Bonds(h)		5.00	%		08/01/25		500		595,970
University of Colorado; Series 2009 A, Enterprise System RB		5.50	%		06/01/25		1,000		1,244,730
									8,416,159
Connecticut–0.25%
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB(c)		5.50	%		04/01/21		1,000		1,150,590
Hamden (Town of) (Whitney Center); Series 2009 B, Entrance Fee Principal Redemption RB		6.13	%		01/01/14		335		335,492
									1,486,082
Delaware–0.09%
New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB		5.00	%		09/01/22		500		512,735
District of Columbia–1.07%
District of Columbia;
Series 2007 C, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		06/01/16		2,325		2,692,304
Series 2007 C, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		06/01/19		3,000		3,535,950
									6,228,254
Florida–8.08%
Brevard County School District; Series 2004 B, Ref. COP (INS–NATL)(a)		5.00	%		07/01/20		1,000		1,070,400
Broward (County of);
Series 2012 P-2, Ref. Airport System RB		5.00	%		10/01/25		1,000		1,193,540
Series 2012 P-2, Ref. Airport System RB		5.00	%		10/01/26		1,000		1,184,650
Citizens Property Insurance Corp. (Coastal Account); Series 2011 A-1, Sr. Sec. RB		5.00	%		06/01/20		1,000		1,156,870
Citizens Property Insurance Corp. (High Risk Account); Series 2010 A-1, Sr. Sec. RB		5.25	%		06/01/17		2,000		2,294,340
Citizens Property Insurance Corp.; Series 2012 A-1, Sr. Sec. RB		5.00	%		06/01/22		2,000		2,335,520
Florida (State of) Municipal Loan Council; Series 2007 A, RB (INS–NATL)(a)		5.00	%		10/01/13		1,630		1,685,062
Florida (State of) Municipal Power Agency (St. Lucie); Series 2011 B, RB		5.00	%		10/01/26		2,000		2,347,720
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 A, Ref. RB		5.00	%		10/01/27		1,000		1,171,410
Florida State Board of Education; Series 2005 A, Lottery RB (INS–AMBAC)(a)		5.00	%		07/01/19		2,500		2,825,175
Highlands (County of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2008 A, Hospital RB(b)		6.50	%		11/17/15		3,000		3,520,290
Jacksonville (City of) (Better Jacksonville); Series 2012 A, Ref. Sales Tax RB		5.00	%		10/01/26		1,000		1,180,810
Martin (County of) Health Facilities (Martin Memorial Medical Center); Series 2012, RB		5.00	%		11/15/24		1,490		1,622,878
Martin (County of) Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB		5.50	%		11/15/32		1,670		1,857,825
Miami-Dade (County of);
Series 2007, Ref. Gtd. Entitlement RB (INS–NATL)(a)		5.00	%		08/01/13		1,810		1,887,522
Series 2012, Transit System Sales Surtax RB		5.00	%		07/01/24		2,250		2,706,075
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.); Series 2005, Ref. RB		5.38	%		07/01/20		500		511,900
Osceola (County of);
Series 2007, Ref. Infrastructure Sales Surtax RB (INS–AMBAC)(a)		5.00	%		10/01/12		1,930		1,937,218
Series 2007, Ref. Infrastructure Sales Surtax RB (INS–AMBAC)(a)		5.00	%		10/01/13		3,140		3,281,708
Palm Beach County School District; Series 2007 D, Ref. COP (INS–NATL)(a)		5.00	%		08/01/13		3,735		3,881,972
Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INS–AMBAC)(a)(b)		5.35	%		05/01/18		1,000		1,134,740
Seminole Indian Tribe of Florida; Series 2007 A, Special Obligation RB(d)		5.75	%		10/01/22		750		812,858
St. Lucie (County of); Series 2007, Transportation RB (INS–AMBAC)(a)		5.00	%		08/01/13		1,000		1,040,290

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

7        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Tallahassee (City of) & Leon (County of) Blueprint 2000 Intergovernmental Agency;
Series 2007, Sales Tax RB (INS–NATL)(a)		5.00	%		10/01/13	$	1,605	$	1,673,309
Series 2007, Sales Tax RB (INS–NATL)(a)		5.00	%		10/01/14		1,500		1,618,590
Tampa (City of); Series 2010, Ref. Solid Waste System RB (INS–AGM)(a)(c)		5.00	%		10/01/18		1,000		1,162,120
									47,094,792
Georgia–1.02%
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB		6.75	%		01/01/20		955		1,062,743
Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB		5.40	%		01/01/20		1,200		1,303,668
Atlanta (City of); Series 2009 A, Water & Wastewater RB		5.25	%		11/01/17		1,500		1,808,865
Fulton (County of) Development Authority (Robert Woodruff); Series 2009 B, Ref. RB		5.25	%		03/15/24		1,000		1,137,710
Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR		5.10	%		06/01/23		600		610,680
									5,923,666
Guam–0.39%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB		5.25	%		12/01/17		1,000		1,123,950
Series 2009 A, Limited Obligation RB		5.50	%		12/01/18		1,000		1,144,400
									2,268,350
Hawaii–0.23%
Hawaii (State of) Department of Budget & Finance (Kahala Nui); Series 2003 A, Special Purpose RB(b)(f)		7.88	%		11/15/13		250		277,785
Hawaii (State of) Department of Budget & Finance; Series 2012, Ref. Special Purpose Senior Living RB		5.00	%		11/15/27		1,000		1,060,330
									1,338,115
Idaho–0.22%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2008 A, RB		6.50	%		11/01/23		500		592,970
Idaho (State of) Housing & Finance Association; Series 2008 A, Class I, Single Family Mortgage RB(c)		5.00	%		07/01/17		655		672,056
									1,265,026
Illinois–11.02%
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB		5.60	%		01/01/23		1,000		958,300
Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB		5.13	%		11/01/25		1,500		1,606,785
Chicago (City of) (Metramarket Chicago); Series 2010 A, COP		6.87	%		02/15/24		1,260		1,334,873
Chicago (City of) (O’Hare International Airport); Series 2012 A, Ref. Sr. Lien General Airport RB(c)		5.00	%		01/01/26		5,000		5,628,600
Chicago (City of) (Roosevelt Square/ABLA Redevelopment); Series 2009 A, Ref. COP		7.13	%		03/15/22		905		919,824
Chicago (City of) Board of Education; Series 2007 D, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		12/01/17		1,010		1,192,679
Chicago (City of) Metropolitan Water Reclamation District; Series 2011 B, Capital Improvement Limited Tax GO Bonds(h)		5.00	%		12/01/24		3,000		3,690,450
Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds);
Series 2008, Capital Grant Receipts RB (INS–AGC)(a)		5.25	%		06/01/23		2,200		2,463,736
Series 2008, Capital Grant Receipts RB (INS–AGC)(a)		5.25	%		06/01/24		3,965		4,415,464
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB		5.25	%		12/01/27		1,000		1,180,080
Chicago (City of); Series 2011, COP		7.13	%		05/01/21		750		822,697
Hodgkins (Village of); Series 2005, Ref. Sr. Lien Tax Increment Allocation RB		5.00	%		01/01/14		500		518,750
Huntley (Village of) Special Service Area No. 7; Series 2007, Ref. Special Tax RB (INS–AGC)(a)		4.60	%		03/01/17		798		858,409
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 D, RB		6.13	%		11/01/23		1,000		1,213,900
Illinois (State of) Finance Authority (Art Institute of Chicago); Series 2009 A, RB		5.25	%		03/01/19		1,000		1,189,390

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

8        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Edward Hospital Obligated Group);
Series 2008 A, RB (INS–AMBAC)(a)		6.00	%		02/01/23	$	900	$	1,021,563
Series 2008 A, RB (INS–AMBAC)(a)		6.00	%		02/01/24		1,175		1,325,682
Series 2008 A, RB (INS–AMBAC)(a)		6.00	%		02/01/26		380		426,592
Illinois (State of) Finance Authority (Fairview Obligated Group); Series 2008 A, Ref. RB(j)		6.00	%		08/15/22		750		7,230
Illinois (State of) Finance Authority (Loyola University of Chicago); Series 2012 B, RB		5.00	%		07/01/26		1,000		1,182,270
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB		5.00	%		08/15/16		1,890		2,177,148
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65SM RB		7.00	%		11/15/15		2,000		2,001,120
Illinois (State of) Finance Authority (Sherman Health System);
Series 1997, RB (INS–AMBAC)(a)		5.25	%		08/01/17		1,500		1,503,435
Series 1997, RB (INS–AMBAC)(a)		5.25	%		08/01/22		1,000		1,001,530
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Centers); Series 2008, Ref. RB		6.00	%		08/15/23		2,000		2,214,540
Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB		5.25	%		05/15/14		500		498,230
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2012 B, RB(h)		5.00	%		12/15/20		5,000		6,098,100
Series 2012 B, RB(h)		5.00	%		06/15/23		3,500		4,256,175
Illinois (State of) Municipal Electric Agency;
Series 2007 A, Power Supply System RB (INS–NATL)(a)		5.00	%		02/01/13		1,065		1,085,235
Series 2007 A, Power Supply System RB (INS–NATL)(a)		5.00	%		02/01/15		1,000		1,101,820
Lake County Community Consolidated School District No. 73 (Hawthorn); Series 2002, Unlimited Tax CAB GO Bonds(f)(g)		0.00	%		12/01/21		330		269,362
Madison & Jersey Counties Community Unit School District No. 11 (Alton); Series 2002, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(g)		0.00	%		12/01/20		2,900		2,227,432
Railsplitter Tobacco Settlement Authority; Series 2010, RB		5.25	%		06/01/21		3,000		3,528,330
Round Lake Beach (Village of); Series 2003, Tax Increment Allocation RB		4.65	%		12/15/13		315		315,504
University of Illinois; Series 2011 A, Auxiliary Facilities System RB		5.00	%		04/01/26		3,425		3,975,877
									64,211,112
Indiana–4.98%
Carmel (City of) Redevelopment Authority; Series 2006, RB (INS–NATL)(a)		5.00	%		07/01/22		1,000		1,134,770
Hobart Building Corp.; Series 2006, First Mortgage RB (INS–NATL)(a)		5.50	%		07/15/13		830		866,819
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana); Series 2007, Hospital RB		5.50	%		03/01/22		500		542,105
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB		4.90	%		01/01/16		2,000		2,205,480
Indiana (State of) Finance Authority (Sisters of St. Francis Health Services);
Series 2006 E, Ref. Health System RB (INS–AGM)(a)		5.25	%		11/01/24		365		410,789
Series 2006 E, Ref. Health System RB (INS–AGM)(a)		5.25	%		11/01/25		200		223,946
Series 2006 E, Ref. Health System RB (INS–AGM)(a)		5.25	%		11/01/26		175		194,957
Indiana (State of) Finance Authority; Series 1993 A, Highway CAB RB (INS–AMBAC)(a)(g)		0.00	%		12/01/16		1,695		1,599,046
Indiana (State of) Municipal Power Agency; Series 2009 B, Power Supply System RB		5.25	%		01/01/24		500		577,685
Indianapolis (City of) Airport Authority (Fed Ex Corp.); Series 2004, Ref. Special Facilities RB(c)		5.10	%		01/15/17		760		863,026
Merrillville Multi-School Building Corp.;
Series 2008, First Mortgage RB		5.00	%		01/15/17		1,260		1,451,709
Series 2008, First Mortgage RB		5.00	%		07/15/17		1,285		1,498,233
Michigan City Area-Wide School Building Corp.;
Series 2002, First Mortgage CAB RB (INS–NATL)(a)(g)		0.00	%		01/15/17		2,000		1,859,740
Series 2002, First Mortgage CAB RB (INS–NATL)(a)(g)		0.00	%		01/15/18		3,000		2,703,000

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

9        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Indiana–(continued)
Noblesville High School Building Corp.;
Series 1993, First Mortgage CAB RB (INS–AMBAC)(a)(g)		0.00	%		02/15/19	$	1,850	$	1,568,633
Series 2007, Ref. First Mortgage RB (INS–AMBAC)(a)		5.00	%		07/10/13		2,475		2,572,490
North Side High School Building Corp.; Series 2003, First Mortgage RB (INS–AGM)(a)		5.25	%		07/15/13		2,910		3,038,331
Northwest Allen School Building Corp.;
Series 2008, First Mortgage RB (INS–AGM)(a)		5.00	%		07/15/16		1,395		1,596,215
Series 2008, First Mortgage RB (INS–AGM)(a)		5.00	%		07/15/19		3,200		3,699,872
St. Joseph (County of) (Holy Cross Village at Notre Dame); Series 2006 A, Economic Development RB		5.75	%		05/15/13		400		406,940
									29,013,786
Iowa–2.09%
Altoona (City of); Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		5.63	%		06/01/23		1,000		1,098,280
Ames (City of) (Mary Greeley Medical Center); Series 2011, Hospital RB		5.50	%		06/15/30		2,255		2,503,997
Coralville (City of); Series 2006 D, COP		5.25	%		06/01/22		500		517,305
Iowa (State of) Finance Authority (Drake University); Series 2007, Private University RB (INS–AGC)(a)		5.00	%		04/01/13		1,210		1,235,846
Iowa (State of) Finance Authority (Iowa Health System); Series 2005 A, Health Facilities RB (INS–AGC)(a)		5.00	%		02/15/19		1,000		1,194,130
Iowa Student Loan Liquidity Corp.; Sr. Series 2011 A-2, RB(c)		5.50	%		12/01/25		5,000		5,616,850
									12,166,408
Kansas–1.33%
Harvey County Unified School District No. 373 (Newton); Series 2007, Ref. & Improvement Unlimited Tax GO Bonds (INS–NATL)(a)		5.00	%		09/01/19		2,630		3,124,387
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB		5.50	%		11/15/23		1,000		1,190,340
Kansas (State of) Development Finance Authority (Hays Medical Center Inc.); Series 2005 L, Health Facilities RB		5.25	%		11/15/16		500		556,345
Kansas (State of) Development Finance Authority (University of Kansas Health System); Series 2011 H, Health Facilities RB		5.00	%		03/01/31		1,000		1,090,280
Wyandotte (County of) & Kansas City (City of) Unified Government (Board of Public Utilities); Series 2012 A, Ref. Utility System RB		5.00	%		09/01/26		1,500		1,779,615
									7,740,967
Kentucky–1.16%
Kentucky (State of) Asset/Liability Commission (Federal Highway Trust Fund First Series); Series 2007, RN (INS–NATL)(a)		5.00	%		09/01/14		1,800		1,962,810
Kentucky (State of) Economic Development Finance Authority (Baptist Healthcare System);
Series 2009 A, Hospital RB		5.00	%		08/15/18		1,000		1,162,450
Series 2009 A, Hospital RB		5.38	%		08/15/24		1,000		1,145,290
Kentucky Housing Corp.; Series 2008 A, RB(c)		5.00	%		01/01/23		310		332,850
Louisville & Jefferson (County of) Regional Airport Authority; Series 2003 C, Airport Systems RB (INS–AGM)(a)(c)		5.50	%		07/01/17		1,000		1,030,950
Paducah (City of) Electric Plant Board; Series 2009 A, RB (INS–AGC)(a)		5.00	%		10/01/25		1,000		1,143,820
									6,778,170
Louisiana–1.60%
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB(j)		5.25	%		07/01/17		593		237,289
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City Public Improvement);
Series 2007, RB (INS–AMBAC)(a)		5.00	%		11/01/13		1,320		1,382,449
Series 2007, RB (INS–AMBAC)(a)		5.00	%		11/01/15		1,200		1,345,512
Louisiana Citizens Property Insurance Corp.;
Series 2006 B, Assessment RB (INS–AMBAC)(a)		5.00	%		06/01/20		1,000		1,109,480
Series 2009 C-1, Assessment RB (INS–AGC)(a)		5.88	%		06/01/23		1,000		1,159,800

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

10        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Louisiana–(continued)
New Orleans (City of) Aviation Board;
Series 2009 A-1, Ref. & Restructuring General Airport RB (INS–AGC)(a)		5.00	%		01/01/18	$	1,235	$	1,405,751
Series 2009 A-1, Ref. & Restructuring General Airport RB (INS–AGC)(a)		5.00	%		01/01/19		500		573,570
Rapides (Parish of) Finance Authority (Cleco Power LLC); Series 2007, RB(b)(c)		5.25	%		03/01/13		1,000		1,017,720
St. Charles (Parish of) (Valero Energy Corp.); Series 2010, Gulf Opportunity Zone RB(b)		4.00	%		06/01/22		1,000		1,076,500
									9,308,071
Maryland–2.51%
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare); Series 2011 A, RB		6.00	%		01/01/26		3,500		4,103,085
Maryland (State of) Health & Higher Educational Facilities Authority (Charlestown Community); Series 2010, RB		5.50	%		01/01/22		1,000		1,139,940
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health);
Series 2011, RB		6.00	%		07/01/23		335		411,005
Series 2011, RB		6.00	%		07/01/25		200		242,612
Maryland (State of) Health & Higher Educational Facilities Authority (The Johns Hopkins Health System Obligated Group); Series 2008 B, RB(b)		5.00	%		05/15/15		500		554,735
Maryland (State of) Health & Higher Educational Facilities Authority (Washington County Hospital); Series 2008, RB		5.25	%		01/01/23		250		265,045
Maryland (State of) Transportation Authority; Series 2008, Grant & RAB		5.25	%		03/01/20		3,000		3,727,860
Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB		5.13	%		06/01/20		2,250		2,487,667
Maryland Economic Development Corp. (University of Maryland College Park);
Series 2003, Student Housing RB(f)		5.75	%		06/01/13		625		651,088
Series 2006, Ref. Student Housing RB (INS–AGC)(a)		5.00	%		06/01/13		1,000		1,024,260
									14,607,297
Massachusetts–1.16%
Massachusetts (State of) Development Finance Agency (Berkshire Health System); Series 2012 G, RB		5.00	%		10/01/26		1,000		1,124,520
Massachusetts (State of) Development Finance Agency (Carleton Willard Village); Series 2010, RB		5.25	%		12/01/25		650		707,012
Massachusetts (State of) Development Finance Agency (Dominion Energy Brayton); Series 2009 1, Ref. Solid Waste Disposal RB(b)		5.75	%		05/01/19		1,500		1,800,045
Massachusetts (State of) Development Finance Agency (Merrimack College);
Series 2012 A, RB		5.00	%		07/01/20		700		798,637
Series 2012 A, RB		5.00	%		07/01/21		1,410		1,609,712
Massachusetts (State of) Development Finance Agency (Quincy Medical Center); Series 2008 A, RB(j)		5.85	%		01/15/18		300		1,512
Massachusetts (State of) Development Finance Agency (Sabis International Charter School); Series 2009 A, RB		6.70	%		04/15/21		500		585,625
Massachusetts (State of) Development Finance Agency (The Groves in Lincoln); Series 2009 B-2, Senior Living Facility RB		6.25	%		06/01/14		215		144,069
									6,771,132
Michigan–4.22%
Brandon School District;
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		05/01/16		1,425		1,638,707
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		05/01/18		1,410		1,693,410
Dearborn School District; Series 2007, Ref. Unlimited Tax GO Bonds (INS–NATL)(a)		5.00	%		05/01/16		2,480		2,851,926
Greenville Public Schools;
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		05/01/16		1,410		1,618,144
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		05/01/18		1,235		1,472,058
Kent (County of) Hospital Finance Authority (Spectrum Health System); Series 2008 A, RB(b)		5.50	%		01/15/15		1,000		1,108,010
Lansing (City of) Board of Water & Light; Series 2008 A, Water Supply, Steam, Chilled Water & Electric Utility System RB		5.00	%		07/01/24		1,000		1,129,090
Michigan (State of) Strategic Fund (The Dow Chemical Co.); Series 2003 A-1, Ref. Limited Obligation RB(b)(c)		6.75	%		06/02/14		2,000		2,197,980

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

11        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Michigan–(continued)
Traverse City Area Public Schools;
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		05/01/17	$	2,300	$	2,722,119
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		05/01/18		2,280		2,738,280
Series 2008, Ref. Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		05/01/19		2,260		2,675,840
Wayne (County of) Airport Authority (Detroit Metropolitan Airport); Series 2012 D, Ref. RB(c)		5.00	%		12/01/28		2,500		2,724,850
									24,570,414
Minnesota–0.61%
Minneapolis (City of) (Fairview Health Services); Series 2008 A, Health Care System RB		6.38	%		11/15/23		500		601,495
Minnesota (State of) Tobacco Securitization Authority; Series 2011 B, Tobacco Settlement RB		5.25	%		03/01/31		2,595		2,933,596
									3,535,091
Mississippi–0.17%
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR		5.88	%		04/01/22		1,000		1,002,880
Missouri–3.88%
Cape Girardeau (County of) Industrial Development Authority (St. Francis Medical Center); Series 2009 A, Health Facilities RB		5.00	%		06/01/21		525		587,480
Fenton (City of) (Gravois Bluffs Redevelopment); Series 2006, Ref. Tax Increment Allocation RB		5.00	%		04/01/13		500		510,195
Ferguson (City of) (Crossing at Halls Ferry); Series 2005, Ref. Tax Increment Allocation RB		5.50	%		04/01/14		610		626,427
Kansas City (City of) (Shoal Creek Parkway); Series 2011, Tax Increment Allocation RB		5.00	%		06/01/21		630		659,295
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB		5.50	%		09/01/23		1,000		1,227,960
Series 2011 A, Ref. RB		5.50	%		09/01/24		2,000		2,434,440
Series 2011 A, Ref. RB		5.50	%		09/01/28		2,000		2,378,780
Kansas City (City of) Industrial Development Authority (Plaza Library); Series 2004, RB		6.00	%		03/01/16		980		1,011,292
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 C-1, TEMPS-75SM Retirement Community RB		7.50	%		11/15/16		1,000		1,005,300
Manchester (City of) (Highway 141/Manchester Road); Series 2010, Ref. Transportation Tax Increment Allocation RB		6.00	%		11/01/25		5,055		5,454,699
Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.50	%		09/01/18		165		171,221
Missouri (State of) Environmental Improvement & Energy Resources Authority (Kansas City Power & Light Co.); Series 2008, RB(b)(c)		4.90	%		07/01/13		1,500		1,540,965
Raytown (City of) (Raytown Live Redevelopment Plan); Series 2007 1, Annual Appropriation-Supported Tax RB		5.00	%		12/01/16		500		556,125
St. Charles (City of); Series 2003 B, COP(b)(f)		5.50	%		05/01/13		2,000		2,069,680
St. Louis (County of) Industrial Development Authority (Friendship Village of Sunset Hills);
Series 2012, Senior Living Facilities RB		4.50	%		09/01/23		340		366,751
Series 2012, Senior Living Facilities RB		5.00	%		09/01/32		1,120		1,200,595
St. Louis (County of) Industrial Development Authority (Friendship Village West County); Series 2007 A, Senior Living Facilities RB		5.25	%		09/01/17		250		270,170
St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB		5.00	%		11/15/22		540		556,254
									22,627,629
Nebraska–0.41%
Nebraska (State of) Municipal Energy Agency; Series 2009 A, Ref. Power Supply System RB (INS–BHAC)(a)		5.13	%		04/01/23		560		660,923
University of Nebraska Facilities Corp.; Series 2006, Deferred Maintenance RB (INS–AMBAC)(a)		5.00	%		07/15/17		1,500		1,740,975
									2,401,898

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

12        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Nevada–1.48%
Carson City (City of) (Carson-Tahoe Regional Medical Center); Series 2012, Ref. Hospital RB		5.00	%		09/01/27	$	1,000	$	1,093,660
Director of the State of Nevada Department of Business & Industry (Republic Services, Inc.); Series 2003, Solid Waste Disposal RB(b)(c)(d)		5.63	%		06/01/18		1,100		1,261,227
Humboldt (County of) (Idaho Power Co.); Series 2003, Ref. PCR		5.15	%		12/01/24		1,800		2,023,794
Las Vegas (City of) Redevelopment Agency;
Series 2009 A, Tax Increment Allocation RB		6.25	%		06/15/16		1,475		1,585,669
Series 2009 A, Tax Increment Allocation RB		7.00	%		06/15/20		1,000		1,108,980
Washoe County School District; Series 2008 A, School Improvement Limited Tax GO Bonds		4.75	%		06/01/26		1,405		1,545,683
									8,619,013
New Hampshire–0.47%
Manchester (City of); Series 2009 A, Ref. General Airport RB		5.00	%		01/01/17		1,000		1,122,800
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire University); Series 2012, RB		5.00	%		01/01/27		1,500		1,639,635
									2,762,435
New Jersey–2.20%
Monmouth (County of) Improvement Authority;
Series 2007, Governmental Loan RB (INS–AMBAC)(a)		5.00	%		12/01/16		1,010		1,126,847
Series 2007, Governmental Loan RB (INS–AMBAC)(a)		5.00	%		12/01/17		2,000		2,257,000
New Jersey (State of) Economic Development Authority (Presbyterian Home at Montgomery); Series 2001 A, First Mortgage RB		6.25	%		11/01/20		500		500,465
New Jersey (State of) Economic Development Authority; Series 2012, Ref. RB		5.00	%		06/15/23		2,000		2,300,760
New Jersey (State of) Health Care Facilities Financing Authority (Meridian Health System Obligated Group);
Series 2011, Ref. RB		5.00	%		07/01/25		1,500		1,699,110
Series 2011, Ref. RB		5.00	%		07/01/27		2,000		2,256,560
New Jersey (State of) Health Care Facilities Financing Authority (St. Clare’s Hospital, Inc.) Series 2004 A, Ref. RB(f)		5.25	%		07/01/20		1,000		1,263,080
New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Health Care System); Series 2008, RB		5.75	%		07/01/15		230		251,075
North Hudson Sewerage Authority; Series 2012 A, Gross Revenue Lease Ctfs.		5.00	%		06/01/24		1,000		1,186,720
									12,841,617
New Mexico–1.78%
Farmington (City of) (El Paso Electric Co.); Series 2012, Ref. PCR(b)		1.88	%		09/01/17		1,500		1,503,000
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 A, Ref. PCR(b)		5.20	%		06/01/20		1,700		1,941,043
Jicarilla Apache Nation; Series 2003 A, RB(d)		5.50	%		09/01/23		1,000		1,037,970
New Mexico (State of) Finance Authority;
Series 2006 B, Sr. Lien Public Revolving Fund RB (INS–NATL)(a)		5.00	%		06/01/17		1,310		1,512,159
Series 2007 C, Sub. Lien Public Revolving Fund RB (INS–NATL)(a)		5.00	%		06/15/13		1,000		1,037,320
Series 2007 C, Sub. Lien Public Revolving Fund RB (INS–NATL)(a)		5.00	%		06/15/14		1,200		1,298,472
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB		5.00	%		07/01/19		815		875,359
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB		6.00	%		08/01/23		1,000		1,170,370
									10,375,693
New York–2.24%
Albany (City of) Industrial Development Agency (St. Peter’s Hospital); Series 2008 A, Civic Facility RB		5.75	%		11/15/22		500		569,900
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT RB		5.75	%		07/15/17		1,000		1,144,230
Series 2009, PILOT RB		5.75	%		07/15/19		1,000		1,160,840

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

13        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
Long Island Power Authority; Series 2003 C, Electric System General RB(b)(f)		5.50	%		09/01/13	$	1,000	$	1,053,000
Madison (County of) Industrial Development Agency (Oneida Health Systems, Inc.); Series 2007, Civic Facility RB		4.50	%		02/01/17		140		144,683
Metropolitan Transportation Authority; Series 2002 A, Ref. Service Contract RB		5.75	%		07/01/18		1,000		1,243,140
New York (City of) Industrial Development Agency (Queens Baseball Stadium);
Series 2009, PILOT RB (INS–AGC)(a)		5.00	%		01/01/18		200		226,790
Series 2009, PILOT RB (INS–AGC)(a)		5.00	%		01/01/19		200		228,546
New York (City of) Transitional Finance Authority; Series 2009 S-3, Building Aid RB(h)		5.00	%		01/15/21		1,000		1,212,600
New York State Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2005 C, State Clean Water & Drinking Water Revolving Funds RB		5.00	%		06/15/21		2,000		2,233,960
Niagara Falls (City of); Series 1994, Public Improvement Unlimited Tax GO Bonds(f)		6.90	%		03/01/20		5		5,015
Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, RB(b)(c)(d)		6.63	%		10/01/13		1,000		1,013,510
Suffolk (County of) Industrial Development Agency (New York Institute Technology);
Series 2000 A, Ref. Civic Facility RB		5.25	%		03/01/21		1,425		1,504,629
Series 2000 A, Ref. Civic Facility RB		5.00	%		03/01/26		1,300		1,344,681
									13,085,524
North Carolina–0.77%
North Carolina (State of) Eastern Municipal Power Agency;
Series 2008 C, Power System RB		6.75	%		01/01/24		1,000		1,255,130
Series 2008 C, Power System RB (INS–AGC)(a)		6.00	%		01/01/19		1,250		1,430,350
North Carolina (State of) Medical Care Commission (Salemtowne); Series 2006, Ref. First Mortgage Health Care Facilities RB		5.00	%		10/01/15		500		526,360
North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB		5.30	%		10/01/19		250		258,988
North Carolina (State of) Municipal Power Agency No. 1; Series 2003 A, Catawba Electric RB (INS–NATL)(a)		5.25	%		01/01/19		1,000		1,015,880
									4,486,708
North Dakota–0.34%
Grand Forks (City of) (4000 Valley Square); Series 2006, Ref. Senior Housing RB		5.00	%		12/01/16		500		517,225
North Dakota (State of) Public Finance Authority (State Revolving Fund Program); Series 2008 A, RB		5.50	%		10/01/19		1,195		1,490,010
									2,007,235
Ohio–3.65%
Adams (County of) (Adams County Hospital); Series 2005, Hospital Facility Improvement RB		6.25	%		09/01/20		460		411,350
American Municipal Power, Inc. (Amp Fremont Energy Center); Series 2012, RB		5.00	%		02/15/21		1,250		1,517,400
American Municipal Power, Inc. (Hydroelectric); Series 2009 C, RB		5.25	%		02/15/19		1,175		1,398,050
Athens (County of) (O’Bleness Memorial Hospital); Series 2003 A, Ref. & Improvement Hospital Facilities RB		6.25	%		11/15/13		220		227,225
Cleveland (City of) (Bridges & Roadways Improvements); Series 2008 B, Sub. Lien Income Tax RB (INS–AGC)(a)		5.00	%		10/01/25		1,555		1,750,603
Cleveland (City of) (Cleveland Stadium); Series 2004, Ref. RB (INS–AMBAC)(a)		5.13	%		12/01/20		1,370		1,464,503
Cleveland (City of); Series 2012 A, Ref. Airport System RB		5.00	%		01/01/27		2,750		3,086,380
Cleveland State University; Series 2012, RB		5.00	%		06/01/27		1,300		1,516,021
Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB		5.25	%		06/01/23		1,500		1,701,120
Montgomery (County of) (Miami Valley Hospital); Series 2009 B, RB(b)		5.25	%		11/15/14		1,000		1,080,080
Montgomery (County of) (St. Leonard); Series 2010, Ref. & Improvement Health Care & MFH RB		6.00	%		04/01/20		915		1,023,501
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);
Series 2009, Ref. PCR(b)		2.25	%		09/15/16		1,000		1,006,630
Series 2009 C, Ref. PCR		5.63	%		06/01/18		2,000		2,324,460

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

14        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ohio–(continued)
Ohio (State of) Municipal Electric Generation Agency (Joint Venture 5); Series 2004, Ref. Beneficial Interest Ctfs. (INS–AMBAC)(a)		5.00	%		02/15/21	$	750	$	788,483
Ohio (State of) Water Development Authority (Allied Waste North America, Inc.); Series 2007 A, Solid Waste RB(c)		5.15	%		07/15/15		1,000		1,003,210
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR(b)		5.88	%		06/01/16		865		974,933
									21,273,949
Oklahoma–1.07%
Chickasawa Nation; Series 2007, Health System RB(d)		5.38	%		12/01/17		325		343,980
Oklahoma (State of) Turnpike Authority; Series 2006 F, Ref. VRD Second Sr. RB(i)		0.18	%		01/01/28		4,000		4,000,000
Tulsa (City of) Airports Improvement Trust; Series 2009 A, General RB		5.38	%		06/01/24		1,750		1,884,382
									6,228,362
Oregon–0.59%
Salem (City of) Hospital Facility Authority (Capital Manor, Inc.); Series 2012, Ref. RB		5.00	%		05/15/22		1,000		1,062,350
Tri-County Metropolitan Transportation District; Series 2011 A, Capital Grant Receipt RB		5.00	%		10/01/27		2,000		2,383,400
									3,445,750
Pennsylvania–3.18%
Allegheny (County of) Airport Authority (Pittsburgh International Airport); Series 2010 A, Airport RB (INS–AGM)(a)(c)		5.00	%		01/01/16		1,000		1,107,340
Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2008 A, RB		5.00	%		09/01/18		3,000		3,588,540
Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB		5.00	%		09/01/21		500		508,875
Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB		5.10	%		07/01/14		85		88,102
Delaware (County of) Authority (Elwyn); Series 2010, RB		5.00	%		06/01/20		1,980		2,078,743
Girard School District;
Series 1992 B, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(g)		0.00	%		10/01/18		700		607,810
Series 1992 B, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(g)		0.00	%		10/01/19		250		209,482
Monroe (County of) Hospital Authority (Pocono Medical Center); Series 2007, RB		5.00	%		01/01/17		500		566,065
Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Community); Series 2012, Ref. RB		5.00	%		11/15/25		2,000		2,207,020
Montour School District; Series 1993 B, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(g)		0.00	%		01/01/13		300		298,641
Penn Hills Municipality; Series 1995 B, Unlimited Tax CAB GO Bonds(g)		0.00	%		12/01/13		210		200,544
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB		5.00	%		05/01/27		1,565		1,757,886
Philadelphia (City of) Industrial Development Authority (One Benjamin Franklin Parkway); Series 2007 C, Ref. Lease RB (INS–AGM)(a)		5.00	%		02/15/15		2,150		2,375,793
Philadelphia (City of); Eighteenth Series 2004, Gas Works RB (INS–AGC)(a)		5.25	%		08/01/18		750		797,482
Pittsburgh (City of) Water & Sewer Authority; Series 2007 A, Ref. First Lien RB (INS–AGM)(a)		5.00	%		09/01/13		1,000		1,040,400
Washington (County of) Industrial Development Authority (Washington Jefferson College); Series 2010, College RB		5.00	%		11/01/25		1,000		1,128,140
									18,560,863
Puerto Rico–1.10%
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, Sr. Lien RB		5.25	%		07/01/24		5,000		5,342,150
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2012 A, RB		5.00	%		07/01/29		1,000		1,070,090
									6,412,240
South Carolina–2.01%
Georgetown (County of) (International Paper Co.); Series 2000 A, Ref. Environmental Improvement RB		5.95	%		03/15/14		1,000		1,071,970
Greenwood (County of) (Self Regional Healthcare); Series 2012 B, Ref. Hospital RB		5.00	%		10/01/26		4,650		5,227,716

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

15        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
South Carolina–(continued)
Piedmont Municipal Power Agency;
Series 2008 A-2, Electric RB		5.00	%		01/01/24	$	1,000	$	1,112,710
Series 2009 A-4, Ref. Electric RB		5.00	%		01/01/21		2,000		2,364,660
Richland (County of) (International Paper Co.); Series 2003 A, Ref. Environmental Improvement RB(c)		6.10	%		04/01/23		725		750,085
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		1,182,710
									11,709,851
South Dakota–0.10%
South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2010, RB		5.00	%		09/01/22		500		565,040
Tennessee–0.92%
Chattanooga (City of) Health, Educational & Housing Facility Board (Community Development Financial Institution Phase I LLC); Series 2005 A, Ref. RB		5.00	%		10/01/15		170		178,503
Franklin Special School District; Series 1999, Limited Tax CAB GO Bonds (INS–AGM)(a)(g)		0.00	%		06/01/15		700		686,882
Memphis (City of) & Shelby (County of) Sports Authority, Inc. (Memphis Arena); Series 2007 C, Ref. RB (INS–NATL)(a)		5.00	%		11/01/13		1,410		1,474,747
Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Blakeford at Green Hills);
Series 2012, Ref. & Improvement RB		5.00	%		07/01/19		770		858,188
Series 2012, Ref. & Improvement RB		5.00	%		07/01/22		500		554,890
Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Le Bonheur Health); Series 2008 C, RB		5.25	%		06/01/18		1,000		1,170,450
Shelby (County of) Health, Educational & Housing Facilities Board (Trezevant Manor); Series 2006 A, RB		5.25	%		09/01/16		425		448,558
									5,372,218
Texas–8.80%
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB(c)		4.85	%		04/01/21		1,000		1,072,160
Amarillo (City of); Series 2007, Combination Limited Tax GO Ctfs. (INS–NATL)(a)		5.00	%		05/15/13		1,020		1,053,915
Austin (City of); Series 2009, Water & Wastewater System RB		5.00	%		11/15/24		1,500		1,781,700
Bexar (County of); Series 2007, Combination Flood Control Limited Tax GO Ctfs. (INS–AGM)(a)		5.00	%		06/15/14		1,330		1,440,855
Brownsville (City of); Series 2008 A, Ref. Utilities System RB (INS–AGM)(a)		5.00	%		09/01/23		1,240		1,419,006
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin);
Series 2005 A, RB		5.50	%		04/01/23		1,670		1,840,440
Series 2005 A, RB		5.50	%		04/01/25		1,610		1,756,671
Dallas (City of) (Civic Center Convention Complex); Series 2009, Ref. & Improvement RB (INS–AGC)(a)		5.00	%		08/15/18		1,500		1,762,320
Dallas (County of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds		6.75	%		04/01/16		170		174,697
Dallas-Fort Worth International Airport Facilities Improvement Corp.;
Series 2002 C, Joint Improvement RB (INS–NATL)(a)(c)		5.75	%		11/01/18		205		205,765
Series 2002 C, Joint Improvement RB (INS–NATL)(a)(c)		6.00	%		11/01/23		205		205,808
Greenville (City of);
Series 2010, Ref. & Improvement Electric Utility System RB		5.00	%		02/15/25		2,355		2,659,007
Series 2010, Ref. & Improvement Electric Utility System RB		5.00	%		02/15/26		2,475		2,779,103
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB		7.00	%		12/01/27		500		616,580
Harris County Health Facilities Development Corp. (TECO); Series 2008, Thermal Utility RB (INS–AGC)(a)		5.25	%		11/15/24		1,950		2,241,895
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB		5.00	%		02/01/23		2,500		2,784,025
HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 B, RB		6.38	%		11/15/19		125		105,620
Hidalgo County Health Services Corp. (Mission Hospital, Inc.);
Series 2005, Hospital RB		5.00	%		08/15/13		500		512,635
Series 2005, Hospital RB		5.00	%		08/15/19		350		357,451

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

16        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Hopkins (County of) Hospital District; Series 2008, RB		5.50	%		02/15/23	$	500	$	516,855
Houston (City of);
Series 2007 A, Ref. Public Improvement Limited Tax GO Bonds (INS–NATL)(a)		5.00	%		03/01/16		1,000		1,153,370
Series 2007 B, Ref. First Lien Combined Utility System RB (INS–NATL)(a)		5.00	%		11/15/13		1,000		1,056,860
Series 2011 A, Ref. Sub Lien Airport System RB(c)		5.00	%		07/01/25		1,000		1,135,450
Series 2012, Ref. Floating Rate First Lien Combined Utility System RB(b)(e)		0.92	%		06/01/17		2,000		2,000,000
Houston Higher Education Finance Corp. (Cosmos Foundation); Series 2012 A, RB		4.00	%		02/15/22		700		714,931
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, RB		5.88	%		05/15/21		1,000		1,128,010
Lubbock (City of); Series 2007 A, Waterworks System Surplus Limited Tax GO Ctfs. (INS–AGM)(a)		5.00	%		02/15/14		1,355		1,446,557
Mesquite Health Facility Development Corp. (Christian Care Centers, Inc.); Series 2005, Retirement Facility RB		5.00	%		02/15/15		645		665,705
Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB(b)(c)		6.00	%		08/01/13		500		524,205
North Texas Tollway Authority;
Series 2008 A, Ref. First Tier System RB		6.00	%		01/01/23		1,000		1,186,060
Series 2008 L-2, Ref. First Tier System RB(b)		6.00	%		01/01/13		1,000		1,017,860
Sam Rayburn Municipal Power Agency; Series 2002 A, Ref. RB		6.00	%		10/01/21		650		653,120
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2009, Ref. Hospital RB		5.75	%		11/15/24		1,000		1,167,860
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility RB		5.00	%		11/15/17		500		553,815
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health); Series 2008 A, Ref. RB (INS–AGC)(a)		5.75	%		07/01/18		1,710		1,871,014
Tarrant County Cultural Education Facilities Finance Corp. (Mirador); Series 2010 B-1, TEMPS-75SM Retirement Facility RB		7.25	%		11/15/16		2,680		2,685,146
Texas (State of) Transportation Commission; Series 2006 A, First Tier RB		5.00	%		04/01/20		2,000		2,293,300
Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002 A, First Tier CAB RB (INS–AMBAC)(a)(g)		0.00	%		08/15/18		5,700		4,753,629
									51,293,400
Utah–0.72%
Intermountain Power Agency; Series 1993 A, Ref. Power Supply CAB RB(f)(g)		0.00	%		07/01/17		1,750		1,550,342
University of Utah;
Series 2007, COP (INS–AMBAC)(a)		5.00	%		12/01/12		1,545		1,563,370
Series 2007, COP (INS–AMBAC)(a)		5.00	%		12/01/13		1,000		1,057,370
									4,171,082
Virgin Islands–0.67%
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note–Diago); Series 2009 A, Sub. RB		6.00	%		10/01/14		500		543,065
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/17		1,000		1,117,610
Virgin Islands (Government of) Public Finance Authority; Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/19		2,000		2,260,040
									3,920,715
Virginia–1.16%
Fairfax (County of) Industrial Development Authority (Inova Health System); Series 2009 A, Health Care RB		5.13	%		05/15/24		1,000		1,162,770
Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB(c)		5.00	%		01/01/27		2,500		2,686,725
Virginia (State of) Small Business Financing Authority (Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC); Series 2009,��RB(d)		8.00	%		07/01/19		900		974,673
Washington (County of) Industrial Development Authority (Mountain States Health Alliance); Series 2009 C, Hospital Facility RB		7.25	%		07/01/19		890		1,016,345
White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB		5.30	%		03/01/17		871		936,133
									6,776,646

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

17        Invesco Intermediate Term Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Washington–3.17%
Camas School District No. 117; Series 2007, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		12/01/13	$	1,500	$	1,586,835
Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated RB(c)		5.50	%		07/01/25		1,000		1,205,180
Clark (County of) Public Utility District No. 1; Series 2009, Ref. Electric System RB		5.00	%		01/01/23		1,000		1,137,090
FYI Properties (Washington State District); Series 2009, Lease RB		5.25	%		06/01/26		2,000		2,301,100
Kalispel Tribe of Indians; Series 2008, RB		6.20	%		01/01/16		150		146,370
Seattle (City of);
Series 2007, Ref. Solid Waste RB		5.00	%		02/01/18		1,795		2,089,560
Series 2008, Ref. & Improvement Municipal Light & Power RB		5.75	%		04/01/23		1,725		2,126,683
Tes Properties; Series 2009, RB		5.00	%		12/01/24		1,000		1,143,540
Washington (State of) Higher Education Facilities Authority (Whitworth University); Series 2009, Ref. RB		5.13	%		10/01/24		1,500		1,646,280
Washington (State of);
Series 2004 A, Unlimited Tax GO Bonds(b)(f)		5.00	%		07/01/14		3,000		3,257,880
Series 2005 C, Motor Vehicle Fuel Unlimited Tax CAB GO Bonds (INS–AMBAC)(a)(g)		0.00	%		06/01/16		1,885		1,817,969
									18,458,487
West Virginia–0.65%
Ohio (County of) (Fort Henry Centre Financing District); Series 2007 A, Tax Increment Allocation RB		5.63	%		06/01/22		250		261,455
West Virginia (State of) Economic Development Authority (Appalachian Power Co.–Amos); Series 2011 A, Ref. Solid Waste Disposal Facilities RB(b)(c)		2.25	%		09/01/16		3,000		3,004,560
West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB		6.00	%		10/01/20		500		530,495
									3,796,510
Wisconsin–1.92%
Milwaukee (County of);
Series 2010 B, Ref. Airport RB(c)		5.00	%		12/01/22		1,250		1,401,625
Series 2010 B, Ref. Airport RB(c)		5.00	%		12/01/23		1,000		1,107,680
Superior (City of) (Superior Water, Light & Power Co.); Series 2007 A, Ref. Collateralized Utility RB(c)		5.38	%		11/01/21		1,370		1,490,382
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.);
Series 2009 B, RB(b)		4.75	%		08/15/14		1,000		1,059,070
Series 2009 B, RB(b)		5.13	%		08/15/16		1,000		1,116,570
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance);
Series 2012, RB		5.00	%		06/01/25		1,650		1,849,106
Series 2012, RB		5.00	%		06/01/26		1,000		1,110,300
Wisconsin (State of) Housing & Economic Development Authority; Series 2008 A, Home Ownership RB(c)		5.30	%		09/01/23		1,875		2,043,112
									11,177,845
Wyoming–0.20%
Wyoming (State of) Municipal Power Agency; Series 2008 A, Power Supply RB		5.38	%		01/01/25		1,000		1,157,010
TOTAL INVESTMENTS(k)–102.33% (Cost $548,135,138)									596,382,388
FLOATING RATE NOTE OBLIGATIONS–(1.98)%
Notes with interest rates ranging from 0.16% to 0.27% at 08/31/12 and contractual maturities of collateral ranging from 12/15/20 to 08/01/25 (See Note 1J)(l)									(11,525,000	)
OTHER ASSETS LESS LIABILITIES–(0.35)%									(2,076,035	)
NET ASSETS–100.00%								$	582,781,353

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

18        Invesco Intermediate Term Municipal Income Fund

Investment Abbreviations:

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
COP	– Certificates of Participation
Ctfs.	– Certificates
FHA	– Federal Housing Administration
FTA	– Federal Transit Administration
GO	– General Obligation
Gtd.	– Guaranteed
INS	– Insurer
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
RAB	– Revenue Anticipation Bonds
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
TEMPS	– Tax-Exempt Mandatory Paydown Securities
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

(a)	Principal and/or interest payments are secured by the bond insurance company listed.
(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(c)	Security subject to the alternative minimum tax.
(d)	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, 2012 was $6,508,854, which represented 1.12% of the Fund’s Net Assets.
(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2012.
(f)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(g)	Zero coupon bond issued at a discount.
(h)	Underlying security related to Dealer Trusts entered into by the Fund. See Note 1J.
(i)	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, 2012.
(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, 2012 was $246,031, which represented 0.04% of the Fund’s Net Assets.
(k)	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 Municipal Corp.		8.7	%
National Public Finance Guarantee Corp.		7.7
American Municipal Bond Assurance Corp.		7.6

^(l) Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2012. At August 31, 2012, the Fund’s investments with a value of $20,692,512 are held by Dealer Trusts and serve as collateral for the $11,525,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

as of August 31, 2012

Revenue Bonds	81.0	%
General Obligations Bonds	10.3
Pre-Refunded Bonds	2.0
Other	6.7

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

19        Invesco Intermediate Term Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)

Assets:
Investments, at value (Cost $548,135,138)	$	596,382,388
Cash		675,222
Receivable for:
Investments sold		1,204,514
Fund shares sold		4,636,280
Interest		6,476,673
Fund expenses absorbed		83,489
Investment for trustee deferred compensation and retirement plans		13,706
Other assets		41,878
Total assets		609,514,150
Liabilities:
Floating rate note obligations		11,525,000
Payable for:
Investments purchased		12,896,664
Fund shares reacquired		1,425,942
Dividends		539,699
Accrued fees to affiliates		263,423
Accrued other operating expenses		41,400
Trustee deferred compensation and retirement plans		40,669
Total liabilities		26,732,797
Net assets applicable to shares outstanding	$	582,781,353
Net assets consist of:
Shares of beneficial interest	$	616,603,338
Undistributed net investment income		945,932
Undistributed net realized gain (loss)		(83,015,167	)
Unrealized appreciation		48,247,250
	$	582,781,353
Net Assets:
Class A	$	352,229,933
Class B	$	10,659,658
Class C	$	83,687,225
Class Y	$	136,204,537
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		31,298,758
Class B		928,607
Class C		7,447,225
Class Y		12,113,837
Class A:
Net asset value per share	$	11.25
Maximum offering price per share
(Net asset value of $11.25 divided by 95.25%)	$	11.81
Class B:
Net asset value and offering price per share	$	11.48
Class C:
Net asset value and offering price per share	$	11.24
Class Y:
Net asset value and offering price per share	$	11.24

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

20        Invesco Intermediate Term Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)

Investment income:
Interest	$	12,213,481
Expenses:
Advisory fees		1,378,454
Administrative services fees		76,588
Custodian fees		7,398
Distribution fees:
Class A		414,961
Class B		13,779
Class C		389,007
Interest, facilities and maintenance fees		47,464
Transfer agent fees		216,503
Trustees’ and officers’ fees and benefits		25,024
Other		111,923
Total expenses		2,681,101
Less: Fees waived		(430,389	)
Net expenses		2,250,712
Net investment income		9,962,769
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(216,002	)
Change in net unrealized appreciation of investment securities		3,248,207
Net realized and unrealized gain		3,032,205
Net increase in net assets resulting from operations	$	12,994,974

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

21        Invesco Intermediate Term Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)

	August 31,			February 29,
	2012			2012
Operations:
Net investment income	$	9,962,769		$	18,089,250
Net realized gain (loss)		(216,002	)		765,006
Change in net unrealized appreciation		3,248,207			24,961,805
Net increase in net assets resulting from operations		12,994,974			43,816,061
Distributions to shareholders from net investment income:
Class A		(6,239,645	)		(11,034,691	)
Class B		(207,781	)		(395,903	)
Class C		(1,171,944	)		(1,919,281	)
Class Y		(2,727,187	)		(4,453,927	)
Total distributions from net investment income		(10,346,557	)		(17,803,802	)
Share transactions–net:
Class A		32,403,576			79,809,222
Class B		(745,038	)		(2,466,495	)
Class C		11,860,755			12,798,156
Class Y		(283,331	)		116,256,621
Net increase in net assets resulting from share transactions		43,235,962			206,397,504
Net increase in net assets		45,884,379			232,409,763
Net assets:
Beginning of period		536,896,974			304,487,211
End of period (includes undistributed net investment income of $945,932 and $1,329,720, respectively)	$	582,781,353		$	536,896,974

Notes to Financial Statements

August 31, 2012

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Intermediate Term Municipal Income Fund, formerly 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 six 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 to Class A shares. 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 to Class A shares. 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.
	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

22        Invesco Intermediate Term Municipal Income Fund

	trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. 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 the 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. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares were charged to the operations of such class.
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.
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 the 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

23        Invesco Intermediate Term Municipal Income Fund

	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.	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 interests 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.
K.	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, 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 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 0.75%, 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, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an

24        Invesco Intermediate Term Municipal Income Fund

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. To the extent that the annualized expense ratio does not exceed the expense limitation, the Advisor will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

  For the six months ended August 31, 2012, the Adviser waived advisory fees of $430,389.

  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, 2012, 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, 2012, 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, 2012, 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, 2012, IDI advised the Fund that IDI retained $92,357 in front-end sales commissions from the sale of Class A shares and $1,316, $2,596 and $3,801 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, 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, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	596,382,388	$	—	$	596,382,388

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.

25        Invesco Intermediate Term Municipal Income Fund

NOTE 5—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. 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, 2012 were $8,287,857 and 1.14%, 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 Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 29, 2012, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
February 28, 2018	$	58,984,272	$	—	$	58,984,272
February 28, 2019		23,141,936		—		23,141,936
Total capital loss carryforward	$	82,126,208	$	—	$	82,126,208

*  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 Municipal 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.

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, 2012 was $75,568,052 and $32,530,938, 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	$	49,713,569
Aggregate unrealized (depreciation) of investment securities		(1,256,024	)
Net unrealized appreciation of investment securities	$	48,457,545
Cost of investments for tax purposes is $547,924,843.

26        Invesco Intermediate Term Municipal Income Fund

NOTE 8—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2012(a)						February 29, 2012
	Shares			Amount			Shares			Amount
Sold:
Class A		4,941,552		$	55,293,421			7,510,640		$	81,698,620
Class B		36,619			417,776			123,449			1,362,027
Class C		1,607,372			17,960,892			2,145,656			23,348,776
Class Y		1,172,939			13,109,565			1,535,817			16,937,716
Issued as reinvestment of dividends:
Class A		373,066			4,176,960			675,831			7,360,952
Class B		12,375			141,298			24,661			272,711
Class C		75,095			839,622			122,871			1,335,319
Class Y		200,685			2,244,034			334,663			3,657,203
Automatic conversion of Class B shares to Class A shares:
Class A		54,037			603,947			207,501			2,238,021
Class B		(52,965	)		(603,947	)		(204,656	)		(2,238,021	)
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
Reacquired:
Class A		(2,475,124	)		(27,670,752	)		(7,160,404	)		(77,731,401	)
Class B		(61,337	)		(700,165	)		(170,252	)		(1,880,787	)
Class C		(621,194	)		(6,939,759	)		(1,155,543	)		(12,477,674	)
Class Y		(1,399,982	)		(15,636,930	)		(4,762,962	)		(51,683,251	)
Net increase in share activity		3,863,138		$	43,235,962			19,132,815		$	206,397,504

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 68% 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 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)

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 and $523,223,775 immediately following the acquisition.

  The pro forma results of operations for the year ended February 29, 2012, assuming the reorganization had been completed on March 1, 2011, the beginning of the annual reporting period are as follows:

Net investment income	$	20,221,561
Net realized/unrealized gains		29,437,381
Change in net assets resulting from operations	$	49,658,942

  The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Fund’s Statement of Operations since June 6, 2011.

27        Invesco Intermediate Term Municipal Income 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			Ratio of			expenses
					Net gains																expenses			expenses			to average net
					(losses)																to average			to average net			assets with			Ratio of net
	Net asset				on securities						Dividends										net assets			assets without			fee waivers			investment
	value,		Net		(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			(excluding interest,			income
	beginning		investment		realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			facilities and			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			of period		return			(000s omitted)		absorbed			absorbed			maintenance fees)			net assets			turnover(b)
Class A
Six months ended 08/31/12	$	11.20	$	0.20	$	0.06		$	0.26		$	(0.21	)	$	11.25		2.37	%(c)	$	352,230		0.77	%(d)		0.92	%(d)		0.75	%(d)		3.62	%(d)		6	%
Year ended 02/29/12		10.57		0.43		0.62			1.05			(0.42	)		11.20		10.18	(c)		318,219		0.76			0.89			0.75			3.96			16
Five months ended 02/28/11		11.03		0.19		(0.47	)		(0.28	)		(0.18	)		10.57		(2.57	)(c)		222,214		0.81	(e)		0.91	(e)		0.80	(e)		4.19	(e)		4
Year ended 09/30/10		10.80		0.44		0.21			0.65			(0.42	)		11.03		6.24	(c)		270,764		0.83			0.93			0.82			4.05			12
Year ended 09/30/09		10.05		0.42		0.76			1.18			(0.43	)		10.80		12.16	(f)		225,086		0.93			1.03			0.90			4.16			23
Year ended 09/30/08		10.59		0.41		(0.55	)		(0.14	)		(0.40	)		10.05		(1.42	)(f)		103,657		1.00			1.10			0.95			3.95			61
Year ended 09/30/07		10.68		0.38		(0.10	)		0.28			(0.37	)		10.59		2.63	(f)		81,398		0.98			1.08			0.98			3.54			11
Class B
Six months ended 08/31/12		11.43		0.20		0.07			0.27			(0.22	)		11.48		2.36	(c)(g)		10,660		0.77	(d)(g)		0.92	(d)(g)		0.75	(d)(g)		3.62	(d)(g)		6
Year ended 02/29/12		10.74		0.42		0.64			1.06			(0.37	)		11.43		10.02	(c)(g)		11,358		0.93	(g)		1.06	(g)		0.92	(g)		3.79	(g)		16
Five months ended 02/28/11		11.20		0.16		(0.47	)		(0.31	)		(0.15	)		10.74		(2.81	)(c)		13,089		1.56	(e)		1.66	(e)		1.55	(e)		3.44	(e)		4
Year ended 09/30/10		10.96		0.36		0.22			0.58			(0.34	)		11.20		5.46	(c)		16,362		1.58			1.68			1.57			3.30			12
Year ended 09/30/09		10.19		0.36		0.77			1.13			(0.36	)		10.96		11.42	(g)(h)		13,648		1.57	(g)		1.67	(g)		1.55	(g)		3.53	(g)		23
Year ended 09/30/08		10.73		0.41		(0.56	)		(0.15	)		(0.39	)		10.19		(1.45	)(g)(h)		10,519		1.05	(g)		1.15	(g)		1.00	(g)		3.87	(g)		61
Year ended 09/30/07		10.82		0.38		(0.10	)		0.28			(0.37	)		10.73		2.59	(g)(h)		11,105		0.98	(g)		1.08	(g)		0.98	(g)		3.55	(g)		11
Class C
Six months ended 08/31/12		11.19		0.15		0.07			0.22			(0.17	)		11.24		1.99	(c)		83,687		1.52	(d)		1.67	(d)		1.50	(d)		2.87	(d)		6
Year ended 02/29/12		10.56		0.35		0.62			0.97			(0.34	)		11.19		9.37	(c)		71,439		1.51			1.64			1.50			3.21			16
Five months ended 02/28/11		11.02		0.15		(0.47	)		(0.32	)		(0.14	)		10.56		(2.88	)(c)		55,088		1.56	(e)		1.66	(e)		1.55	(e)		3.44	(e)		4
Year ended 09/30/10		10.78		0.35		0.23			0.58			(0.34	)		11.02		5.53	(c)		61,646		1.58			1.68			1.57			3.30			12
Year ended 09/30/09		10.03		0.34		0.77			1.11			(0.36	)		10.78		11.35	(i)		38,649		1.68			1.78			1.66			3.41			23
Year ended 09/30/08		10.57		0.33		(0.55	)		(0.22	)		(0.32	)		10.03		(2.17	)(i)		18,425		1.75			1.85			1.70			3.20			61
Year ended 09/30/07		10.66		0.30		(0.10	)		0.20			(0.29	)		10.57		1.88	(g)(i)		13,010		1.72	(g)		1.82	(g)		1.72	(g)		2.81	(g)		11
Class Y(j)
Six months ended 08/31/12		11.19		0.21		0.07			0.28			(0.23	)		11.24		2.50	(c)		136,205		0.52	(d)		0.67	(d)		0.50	(d)		3.87	(d)		6
Year ended 02/29/12		10.56		0.46		0.62			1.08			(0.45	)		11.19		10.45	(c)		135,882		0.51			0.64			0.50			4.21			16
Five months ended 02/28/11		11.03		0.20		(0.48	)		(0.28	)		(0.19	)		10.56		(2.56	)(c)		14,096		0.56	(e)		0.66	(e)		0.55	(e)		4.44	(e)		4
Year ended 09/30/10		10.79		0.46		0.23			0.69			(0.45	)		11.03		6.56	(c)		9,361		0.58			0.68			0.57			4.30			12
Year ended 09/30/09		10.04		0.45		0.76			1.21			(0.46	)		10.79		12.45	(k)		6,598		0.67			0.77			0.65			4.49			23
Year ended 09/30/08		10.59		0.45		(0.58	)		(0.13	)		(0.42	)		10.04		(1.27	)(k)		883		0.73			0.83			0.69			4.33			61
Year ended 09/30/07		10.67		0.40		(0.09	)		0.31			(0.39	)		10.59		2.98	(k)		231		0.72			0.82			0.72			3.79			11

(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.
(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 $329,262, $10,933, $77,167 and $134,734 for Class A, Class B, Class C and Class Y shares, respectively.
(e)	Annualized.
(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 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.
(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 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.
(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.

NOTE 10—Subsequent Event

Effective September 24, 2012, the maximum sales charge imposed on Class A shares changed from 4.75% to 4.25%.

28        Invesco 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, 2012 through August 31, 2012.

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	(03/01/12)		(08/31/12)1		Period2		(08/31/12)		Period2		Ratio
A	$	1,000.00	$	1,023.70	$	3.93	$	1,021.32	$	3.92		0.77	%
B		1,000.00		1,023.60		3.93		1,021.32		3.92		0.77
C		1,000.00		1,019.90		7.74		1,017.54		7.73		1.52
Y		1,000.00		1,025.00		2.65		1,022.58		2.65		0.52

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2012 through August 31, 2012, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

29        Invesco Intermediate Term Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts
(Formerly Known As Invesco Van Kampen Intermediate Term Municipal Income Fund)

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 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 19-20, 2012, 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, 2012. 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 primarily 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, 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 and on what terms 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. In addition to meetings with Invesco Advisers and fund 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 independent legal 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 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 previously approved by a different board that, at the time, was responsible for overseeing Morgan Stanley and Van Kampen funds, which have become Invesco Funds following the acquisition of the retail mutual fund business of Morgan Stanley. 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 or factor 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 20, 2012, 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 Sub-Committees 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 prior relationship and 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 consistent 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 consistent 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 contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

30        Invesco Intermediate Term Municipal Income 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 third quintile of its performance universe for the one year period, the first quintile for the three year period and the third 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 below the performance of the Index for the one year period and above the Index for the three and five year periods. 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 its 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 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 and were assisted in their review by a report from the Senior Officer. 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. The Board noted that Invesco Advisers proposes sharing economies of scale in administration expenses by lowering per class administrative fees.

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 for the year ended December 31, 2011. 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 Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board received and accepted information from Invesco Advisers demonstrating that 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.

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. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

  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.

31        Invesco 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 shown below.

     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, 2012, 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 US 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.

SEC file numbers: 811-07890 and 033-66242 VK-ITMI-SAR-1 Invesco Distributors, Inc.

Invesco Municipal Income Fund
Effective September 24, 2012, after the close of the reporting period, Invesco Van Kampen Municipal Income Fund was renamed Invesco Municipal Income Fund.

Semiannual Report to Shareholders § August 31, 2012

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

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
28	Financial Statements
30	Notes to Financial Statements
36	Financial Highlights
37	Fund Expenses
38	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, 2/29/12 to 8/31/12, 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	3.74	%
Class B Shares	3.43
Class C Shares	3.36
Class Y Shares	3.94
Barclays Municipal Bond Index▼ (Broad Market/Style-Specific Index)	2.94

Source(s): ^▼Lipper Inc.

The Barclays 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 Municipal Income Fund

Average Annual Total Returns

As of 8/31/12, including maximum applicable sales charges

									After Taxes
									on Distributions
						After Taxes			and Sale of
			Before Taxes			on Distributions			Fund Shares
Class A Shares
Inception (8/1/90)				5.20	%		5.18	%		5.21	%
	10	Years		3.80			3.79			3.89
	5	Years		3.94			3.94			4.05
	1	Year		6.14			6.14			5.54
Class B Shares
Inception (8/24/92)				4.50	%		4.48	%		4.53	%
	10	Years		3.68			3.68			3.73
	5	Years		3.83			3.83			3.88
	1	Year		5.62			5.62			5.00
Class C Shares
Inception (8/13/93)				3.71	%		3.70	%		3.77	%
	10	Years		3.53			3.52			3.58
	5	Years		4.16			4.16			4.15
	1	Year		9.64			9.64			7.61
Class Y Shares
Inception (8/12/05)				4.46	%		4.46	%		4.52	%
	5	Years		5.22			5.22			5.19
	1	Year		11.71			11.71			9.33

Average Annual Total Returns

As of 6/30/12, the most recent calendar quarter-end, including maximum applicable sales charges

									After Taxes
									on Distributions
						After Taxes			and Sale of
			Before Taxes			on Distributions			Fund Shares
Class A Shares
Inception (8/1/90)				5.15	%		5.13	%		5.17	%
	10	Years		3.86			3.86			3.96
	5	Years		3.17			3.17			3.38
	1	Year		6.82			6.82			6.02
Class B Shares
Inception (8/24/92)				4.44	%		4.42	%		4.48	%
	10	Years		3.75			3.75			3.80
	5	Years		3.07			3.07			3.21
	1	Year		6.34			6.34			5.51
Class C Shares
Inception (8/13/93)				3.64	%		3.64	%		3.71	%
	10	Years		3.59			3.59			3.64
	5	Years		3.39			3.39			3.49
	1	Year		10.36			10.36			8.12
Class Y Shares
Inception (8/12/05)				4.27	%		4.27	%		4.36	%
	5	Years		4.45			4.45			4.54
	1	Year		12.52			12.52			9.90

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 (renamed Invesco 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 0.90%, 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, 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 Municipal Income Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

One of our most important responsibilities as independent Trustees of the Invesco Funds is our annual review of the funds’ advisory and sub-advisory contracts with Invesco. This annual review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco has provided as adviser to the Invesco Funds and the reasonableness of the fees that it charges for those services.

     In our roles as Trustees, we spend months reviewing thousands of pages of detailed information that we request from Invesco in connection with our annual review. We focus on the quality and costs of the services to be provided by Invesco and its affiliates. Some of the most important things we look at are fund performance, expenses and fees. All of the Trustees have substantial personal investments in the Invesco Funds complex. We’re fund shareholders just like you.

     We also use information from many independent sources during the review process, including materials provided by the independent Senior Officer of the Invesco Funds, who reports directly to the independent Trustees. We also meet in private sessions with independent legal counsel and review performance and fee data on the Invesco Funds prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field.

     I’m pleased to report that the Invesco Funds Board determined in June that renewing the investment advisory agreement and the sub-advisory contracts with Invesco would serve the best interests of each fund and its shareholders. For more detailed information about our assessment and conclusions with respect to each of the Invesco Funds, visit invesco.com/us, click on the “About Us” section and go to “Legal Information.” Information on the recent investment advisory renewal process can be found by clicking the last item under “Corporate Governance.”

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the 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:

This report contains helpful information about your Fund, including its long-term performance and a complete list of your Fund’s investments as of the close of the reporting period. Additional information, including timely insight and information from many of Invesco’s investment professionals, is available at our website, invesco.com/us. There, you also can access information about your Invesco account at any time.

     Intentional Investing^SM is the science and art of investing with purpose, prudence and diligence – and it’s how Invesco’s investment professionals manage your money every day. This highly disciplined process begins when specialized teams of investment professionals clearly define an investment objective and then establish specific investment strategies to try to achieve that objective. While our investment teams closely monitor economic and market conditions – and issues specific to individual holdings that could affect their value – they maintain a long-term investment perspective. Intentional Investing is also embedding risk controls and processes into every aspect of our business; offering a diverse combination of investment strategies and vehicles designed to meet your needs; and communicating clearly, delivering expert insights from our portfolio managers and other investment professionals, and providing a website full of tools and articles to help you stay informed. However, neither Intentional Investing nor diversification can guarantee a profit or protect against loss.

     If you have questions about your account, please contact an Invesco client services representative at 800 959 4246. If you have an Invesco-related question or comment, feel free 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 Municipal Income Fund

Schedule of Investments

August 31, 2012

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–107.07%
Alabama–0.79%
Birmingham (City of) Water Works Board; Series 2004 A, Water & Sewer RB(a)(b)		5.00	%		01/01/14	$	1,095	$	1,164,259
Courtland (City of) Industrial Development Board (International Paper Co.); Series 2005 A, Ref. Solid Waste Disposal RB(c)		5.20	%		06/01/25		2,500		2,585,150
Houston (County of) Health Care Authority; Series 2006 A, RB (INS–AMBAC)(d)		5.25	%		10/01/30		3,670		3,757,272
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB		5.50	%		01/01/43		900		901,638
Mobile (City of) Industrial Development Board (Mobile Energy Services Co.); Series 1995, Ref. Solid Waste Disposal RB		6.95	%		01/01/20		3		0
Selma (City of) Industrial Development Board; Series 2009 A, Gulf Opportunity Zone RB		6.25	%		11/01/33		4,100		4,666,866
University of Alabama Board of Trustees; Series 2008 A, Hospital RB		5.75	%		09/01/22		3,000		3,457,410
									16,532,595
Alaska–1.27%
Alaska (State of) Industrial Development & Export Authority (Lake Dorothy Hydroelectric); Series 2006, RB (INS–AMBAC)(c)(d)		5.00	%		12/01/35		1,970		1,956,466
Alaska (State of) International Airports System;
Series 2006 B, Ref. RB (INS–NATL)(d)		5.00	%		10/01/24		6,525		7,370,836
Series 2006 D, Ref. RB (INS–NATL)(d)		5.00	%		10/01/24		9,570		10,810,559
Alaska (State of) Municipal Bond Bank Authority; Series 2009 1, RB		5.75	%		09/01/33		200		231,244
Matanuska-Susitna (Borough of) (Goose Creek Correctional Center); Series 2009, Lease RB (INS–AGC)(d)		6.00	%		09/01/28		5,000		6,069,100
									26,438,205
Arizona–3.36%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2008 D, RB (INS–BHAC)(d)		5.50	%		01/01/38		5,000		5,481,150
Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-1, RB		5.25	%		03/01/39		5,000		5,566,600
Arizona (State of);
Series 2008 A, COP (INS–AGM)(d)		5.00	%		09/01/24		2,375		2,645,014
Series 2008 A, COP (INS–AGM)(d)		5.00	%		09/01/26		2,420		2,668,631
Arizona State University (Research Infrastructure); Series 2004, COP (INS–AMBAC)(d)		5.25	%		09/01/24		885		957,490
Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network);
Series 2005, Ref. Hospital RB		5.00	%		12/01/35		1,655		1,695,481
Series 2005 B, Ref. Hospital RB		5.25	%		12/01/23		3,250		3,403,660
Series 2005 B, Ref. Hospital RB		5.25	%		12/01/25		2,250		2,343,060
Glendale (City of) Industrial Development Authority (Midwestern University);
Series 2010, RB		5.00	%		05/15/35		1,000		1,066,720
Series 2010, RB		5.13	%		05/15/40		2,150		2,292,029
Goodyear (City of) McDowell Road Commercial Corridor Improvement District; Series 2007, Special Assessment Improvement RB (INS–AMBAC)(d)		5.25	%		01/01/32		1,665		1,760,188
Maricopa County Pollution Control Corp. (Arizona Public Service Co.–Palo Verde); Series 2009 A, Ref. PCR(b)(e)		6.00	%		05/01/14		1,000		1,073,460
Maricopa County Pollution Control Corp. (El Paso Electric Co. Palo Verde); Series 2012, Ref. PCR		4.50	%		08/01/42		4,000		4,091,480
Navajo County Pollution Control Corp.;
Series 2009 C, PCR(b)(e)		5.50	%		06/01/14		1,000		1,067,960
Series 2009 E, PCR(b)(e)		5.75	%		06/01/16		1,000		1,130,540
Phoenix (City of) Industrial Development Authority (Career Success Schools);
Series 2009, Education RB		7.00	%		01/01/39		600		627,870
Series 2009, Education RB		7.13	%		01/01/45		570		599,019

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

5        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Arizona–(continued)
Phoenix (City of) Industrial Development Authority (Great Hearts Academies);
Series 2012, Education RB		6.30	%		07/01/42	$	750	$	802,073
Series 2012, Education RB		6.40	%		07/01/47		400		428,004
Phoenix (City of) Industrial Development Authority (Rowan University);
Series 2012, Lease RB		5.25	%		06/01/34		1,000		1,113,280
Series 2012, Lease RB		5.00	%		06/01/42		5,000		5,393,800
Phoenix Civic Improvement Corp.;
Series 2002 B, Sr. Lien Airport RB (INS–NATL)(c)(d)		5.25	%		07/01/32		5,000		5,006,550
Series 2004, Jr. Lien Wastewater System RB (INS–NATL)(d)		5.00	%		07/01/27		2,000		2,130,580
Series 2008 B, Sr. Lien Airport RB(c)		5.25	%		07/01/19		1,000		1,161,040
Pima (County of) Industrial Development Authority (Global Water Resources, LLC);
Series 2007, Water & Wastewater RB(c)		6.55	%		12/01/37		1,600		1,674,432
Series 2008, Water & Wastewater RB(c)		6.38	%		12/01/18		815		873,990
Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR		5.25	%		10/01/40		1,925		2,084,890
Pinal (County of) Electric District No. 3; Series 2011, Ref. Electrical System RB		5.25	%		07/01/41		2,000		2,238,060
Pinal (County of) Electric District No. 4;
Series 2008, Electrical System RB		6.00	%		12/01/23		550		615,742
Series 2008, Electrical System RB		6.00	%		12/01/28		740		815,406
Salt River Project Agricultural Improvement & Power District;
Series 2009 A, Electric System RB(f)		5.00	%		01/01/25		3,000		3,498,810
Series 2009 A, Electric System RB(f)		5.00	%		01/01/28		2,000		2,313,320
University Medical Center Corp.; Series 2009, Hospital RB		6.00	%		07/01/24		1,250		1,443,737
									70,064,066
California–11.18%
ABAG Finance Authority for Non-profit Corps. (Jewish Home of San Francisco); Series 2005, VRD RB (LOC–Wells Fargo Bank N.A.)(g)(h)		0.15	%		11/15/35		3,100		3,100,000
Adelanto (City of) Public Utility Authority (Utility System); Series 2009 A, Ref. RB		6.75	%		07/01/39		2,000		2,199,100
Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, Lease RB (INS–AGM)(d)		5.00	%		12/01/25		4,535		5,025,324
Bay Area Governments Association (California Redevelopment Agency Pool); Series 2004 A, Tax Allocation RB (INS–SGI)(d)		5.25	%		09/01/35		3,780		3,780,718
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds(i)		0.00	%		08/01/26		3,180		1,879,412
Series 2009, Unlimited Tax CAB GO Bonds(i)		0.00	%		08/01/31		40		18,408
California (State of) Department of Veterans Affairs; Series 2007 A, Home Purchase RB(c)(f)		4.95	%		12/01/37		9,585		9,837,181
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 A, RB		6.00	%		07/01/39		5,000		5,905,050
California (State of) Housing Finance Agency;
Series 1983 B, Home Mortgage CAB RB (CEP–FHA)(i)		0.00	%		08/01/15		10		7,595
Series 2008 K, Home Mortgage RB(c)		5.30	%		08/01/23		3,410		3,539,341
Series 2008 K, Home Mortgage RB(c)		5.45	%		08/01/28		4,000		4,155,960
California (State of) Statewide Communities Development Authority (Adventist Health System/West); Series 2005 A, Health Facility RB		5.00	%		03/01/30		5,000		5,182,300
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2007 A, RB		5.50	%		11/01/38		1,250		1,299,375
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB		5.00	%		08/15/32		7,000		7,495,460
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB (CEP–FHA)		6.25	%		08/01/24		2,000		2,455,800
California (State of) Statewide Communities Development Authority (Pooled Financing Program);
Series 2004 A, Water & Wastewater RB(a)		5.25	%		10/01/24		3,920		4,125,369
Series 2004 A, Water & Wastewater RB (INS–AGM)(d)		5.00	%		10/01/29		1,095		1,143,333

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

6        Invesco 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	$	547,985
Series 2009, Senior Living RB		6.63	%		11/15/24		2,000		2,273,400
California (State of);
Series 2002, Unlimited Tax GO Bonds		6.00	%		04/01/19		3,500		4,446,050
Series 2011, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/41		4,000		4,396,320
Series 2012, Various Purpose Unlimited Tax GO Bonds		5.00	%		04/01/42		4,000		4,407,760
California County Tobacco Securitization Agency (The) (Los Angeles County Securitization Corp.); Series 2006, Tobacco Settlement Asset-Backed RB		5.25	%		06/01/21		1,785		1,678,168
Capistrano Unified School District; Series 2005, Community Facilities Special Tax RB (INS–NATL)(d)		5.00	%		09/01/25		5,000		5,128,650
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		08/01/29		1,585		718,148
Earlimart School District; Series 1994 1, Unlimited Tax GO Bonds (INS–AMBAC)(d)		6.70	%		08/01/21		425		520,638
El Segundo Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds(i)		0.00	%		08/01/32		5,030		1,890,224
Series 2009 A, Unlimited Tax CAB GO Bonds(i)		0.00	%		08/01/33		4,185		1,485,089
Foothill-Eastern Transportation Corridor Agency; Series 1999, Ref. Toll Road CAB RB (INS–NATL)(d)(i)		0.00	%		01/15/17		3,000		2,354,190
Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB		5.00	%		06/01/45		1,500		1,531,350
Golden West Schools Financing Authority; Series 1999 A, Ref. RB (INS–NATL)(d)		5.75	%		08/01/19		265		317,470
Lancaster (City of) Redevelopment Agency (Combined Redevelopment Areas); Series 2009, Tax Allocation RB		6.50	%		08/01/29		2,000		2,239,180
Long Beach Unified School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds		5.75	%		08/01/33		5,000		5,940,550
Los Angeles (City of) Department of Water & Power; Subseries 2008 A-1, Power System RB(f)		5.25	%		07/01/38		2,000		2,336,940
Los Angeles Unified School District (Election of 2004); Series 2009 I, Unlimited Tax GO Bonds		5.00	%		07/01/29		3,000		3,444,960
Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds (INS–AGC)(d)(i)		0.00	%		08/01/35		3,260		995,245
Oakland (Port of);
Series 2002 L, RB(b)(c)		5.00	%		11/01/12		530		534,192
Series 2002 L, RB (INS–NATL)(a)(c)(d)		5.00	%		11/01/21		4,260		4,283,345
Series 2007 A, Ref. Intermediate Lien RB (INS–NATL)(c)(d)		5.00	%		11/01/29		4,000		4,185,760
Patterson Joint Unified School District (Election of 2008);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(d)(i)		0.00	%		08/01/37		1,170		319,714
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(d)(i)		0.00	%		08/01/38		4,770		1,234,238
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(d)(i)		0.00	%		08/01/39		5,010		1,220,787
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(d)(i)		0.00	%		08/01/40		5,260		1,212,903
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)(d)(i)		0.00	%		08/01/41		5,520		1,204,298
Pittsburg Unified School District (Election of 2006); Series 2009 B, Unlimited Tax GO Bonds (INS–AGM)(d)		5.50	%		08/01/31		2,420		2,784,621
Poway Unified School District (Community Facilities District No. 6); Series 2007, Special Tax RB (INS–AMBAC)(d)		5.00	%		09/01/35		5,000		5,052,850
Regents of the University of California;
Series 2009 O, General RB(f)		5.75	%		05/15/23		5,570		6,929,470
Series 2009 O, General RB(f)		5.75	%		05/15/25		8,205		10,176,005
Richmond (City of) Joint Powers Financing Authority (Point Potrero); Series 2009 A, Lease RB		6.25	%		07/01/24		2,500		2,846,075
Riverside (City of); Series 2008 D, Electric RB (INS–AGM)(d)		5.00	%		10/01/38		6,335		6,878,543
Sacramento (County of); Series 2010, Sr. Airport System RB		5.00	%		07/01/40		4,300		4,715,208
San Buenaventura (City of) (Community Memorial Health System);
Series 2011, RB		6.25	%		12/01/20		1,000		1,173,590
Series 2011, RB		6.50	%		12/01/21		2,000		2,405,580
Series 2011, RB		6.50	%		12/01/22		2,000		2,390,100
San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds(f)		5.25	%		08/01/33		7,500		8,975,550
San Diego Unified School District; Series 2012 R-1, Unlimited Tax CAB GO Bonds(i)		0.00	%		07/01/30		7,000		3,059,700

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

7        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
San Francisco (City & County of) Airport Commission (San Francisco International Airport); Series 2011 C, Ref. Second Series RB(c)		5.00	%		05/01/23	$	10,000	$	11,581,300
San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2009 D, Tax Allocation RB		6.00	%		08/01/24		1,000		1,098,860
San Jose (City of);
Series 2011 A-1, Airport RB(c)		5.25	%		03/01/26		2,730		3,089,132
Series 2011 A-1, Airport RB(c)		6.25	%		03/01/34		2,500		2,974,375
San Marcos (City of) Public Facilities Authority; Series 2006 A, Ref. Tax Increment Pass-Through RB (INS–AMBAC)(d)		5.00	%		10/01/31		5,140		5,252,977
South Orange (County of) Public Financing Authority (Ladera Ranch); Series 2005 A, Special Tax RB (INS–AMBAC)(d)		5.00	%		08/15/27		5,380		5,504,332
South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1); Series 2005 A, Ref. RB (INS–AMBAC)(d)		5.00	%		10/01/35		2,000		2,006,700
Southern California Metropolitan Water District; Series 2005 A, RB (INS–AGM)(d)		5.00	%		07/01/35		2,000		2,204,280
Southern California Public Power Authority (Mead-Adelanto); Series 1994 A, RB (INS–AMBAC)(d)(j)		9.15	%		07/01/15		9,000		10,629,180
Vernon (City of); Series 2009 A, Electric System RB		5.13	%		08/01/21		3,000		3,336,030
West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		08/01/27		7,865		3,771,661
Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax CAB GO Bonds (INS–AGM)(d)(i)		0.00	%		08/01/24		3,570		2,214,435
	��								233,047,834
Colorado–2.61%
Colorado (State of) Educational & Cultural Facilities Authority (Aurora Academy); Series 2004, Charter School RB (INS–SGI)(d)		5.25	%		02/15/34		3,745		3,791,176
Colorado (State of) Educational & Cultural Facilities Authority (Challenge to Excellence Charter School); Series 2007, Ref. Charter School RB (INS–AGC)(d)		5.00	%		06/01/37		1,070		1,130,262
Colorado (State of) Health Facilities Authority (Evangelical Lutheran); Series 2004 A, RB		5.25	%		06/01/34		1,000		1,022,990
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB		6.50	%		01/15/30		2,400		2,920,152
Series 2010, Private Activity RB		6.00	%		01/15/41		2,650		3,067,720
Colorado Springs (City of);
Series 2002, Hospital RB (INS–AGM)(d)		5.25	%		12/15/20		3,375		3,950,876
Series 2002, Hospital RB (INS–AGM)(d)		5.25	%		12/15/21		3,530		4,093,564
Denver (City & County of) (Justice System);
Series 2008, Unlimited Tax GO Bonds(f)		5.00	%		08/01/24		6,000		7,141,560
Series 2008, Unlimited Tax GO Bonds(f)		5.00	%		08/01/25		1,500		1,787,910
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS–SGI)(d)		5.00	%		12/01/35		5,680		5,825,522
E-470 Public Highway Authority; Series 1997 B, Sr. CAB RB (INS–NATL)(d)(i)		0.00	%		09/01/14		20,000		19,104,000
Montezuma (County of) Hospital District; Series 2007, Ref. RB		5.90	%		10/01/37		500		511,180
									54,346,912
Connecticut–0.90%
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB(c)		5.50	%		04/01/21		3,000		3,451,770
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); Series 2011 A, RB		5.00	%		07/01/41		5,700		6,135,765
Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University); Series 2007 K-2, RB (INS–NATL)(d)		5.00	%		07/01/23		1,100		1,238,193
Connecticut (State of) Health & Educational Facilities Authority (Western Connecticut Health Network); Series 2011 M, RB		5.38	%		07/01/41		4,000		4,537,800
Connecticut (State of) Housing Finance Authority; Subseries 2010 D-2, Housing Mortgage Finance Program RB(c)		5.00	%		05/15/31		1,875		2,033,756

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

8        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Connecticut–(continued)
Hamden (Town of) (Whitney Center);
Series 2009 B, Entrance Fee Principal Redemption RB		6.13	%		01/01/14	$	335	$	335,493
Series 2009 C, RB(b)(e)		7.25	%		01/01/16		1,000		1,058,450
									18,791,227
Delaware–0.03%
New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB		5.00	%		09/01/22		630		646,046
District of Columbia–2.45%
District of Columbia (Center for Strategic & International Studies, Inc.);
Series 2011, RB		6.38	%		03/01/31		2,980		3,224,479
Series 2011, RB		6.63	%		03/01/41		1,100		1,201,068
District of Columbia (Sibley Memorial Hospital); Series 2009, Hospital RB		6.38	%		10/01/34		2,200		2,577,894
District of Columbia Water & Sewer Authority; Series 2007 A, Public Utility Sub. Lien RB (INS–AGM)(d)		5.50	%		10/01/41		4,000		4,635,240
District of Columbia;
Series 2006 B-1, Ballpark RB (INS–NATL)(d)		5.00	%		02/01/31		12,000		12,466,680
Series 2009 A, Sec. Income Tax RB(f)		5.00	%		12/01/23		10,715		13,196,701
Series 2009 A, Sec. Income Tax RB(f)		5.25	%		12/01/27		6,860		8,511,682
Series 2009 B, Ref. Sec. Income Tax RB(f)		5.00	%		12/01/24		4,285		5,166,082
									50,979,826
Florida–6.83%
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR		5.25	%		11/15/17		1,000		1,023,440
Series 2007, IDR		5.88	%		11/15/36		1,000		983,420
Citizens Property Insurance Corp. (Coastal Account); Series 2011 A-1, Sr. Sec. RB		5.00	%		06/01/20		3,000		3,470,610
Escambia (County of) Health Facilities Authority (Florida Health Care Facility Loan Veterans Health Administration Program); Series 2000, RB (INS–AMBAC)(d)		5.95	%		07/01/20		480		500,467
Florida (State of) Board of Education; Series 2007 A, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds		5.00	%		06/01/19		3,715		4,276,819
Florida (State of) Department of Transportation;
Series 2008 A, Ref. Turnpike RB(f)		5.00	%		07/01/26		1,305		1,511,986
Series 2008 A, Ref. Turnpike RB(f)		5.00	%		07/01/27		1,325		1,531,753
Series 2008 A, Ref. Turnpike RB(f)		5.00	%		07/01/28		1,440		1,670,213
Series 2008 A, Ref. Turnpike RB(f)		5.00	%		07/01/32		2,500		2,867,275
Florida (State of) Mid-Bay Bridge Authority;
Series 1991 A, RB(a)		6.88	%		10/01/22		2,500		3,419,625
Series 1993 A, Ref. RB (INS–AMBAC)(d)		5.85	%		10/01/13		1,260		1,262,848
Series 2008 A, Ref. RB (INS–AGC)(d)		5.00	%		10/01/27		1,840		1,976,436
Florida (State of) Municipal Loan Council; Series 2000 B, RB (INS–NATL)(d)		5.75	%		11/01/14		65		65,239
Florida Housing Finance Corp. (Homeowner Mortgage);
Series 2008 1, RB (CEP–GNMA)(c)		5.80	%		07/01/28		1,155		1,184,938
Series 2008 1, RB (CEP–GNMA)(c)		6.00	%		07/01/39		710		712,911
Highlands (County of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2006 C, RB(a)(b)(e)		5.25	%		11/15/16		100		119,388
Series 2006 C, RB		5.25	%		11/15/36		3,900		4,166,916
Hillsborough (County of) Aviation Authority; Series 2008 A, RB (INS–AGC)(c)(d)		5.38	%		10/01/33		2,500		2,711,275
Jacksonville (City of) (Better Jacksonville); Series 2012 A, Ref. Sales Tax RB		5.00	%		10/01/30		3,000		3,463,590
Key West (City of) Utility Board; Series 1985 D, Electricity CAB RB(a)(i)		0.00	%		10/01/13		1,000		989,560
Martin (County of) Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB		5.50	%		11/15/42		5,000		5,457,800

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

9        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Miami-Dade (County of) (Miami International Airport);
Series 2005, Aviation RB (INS–AGC)(c)(d)		5.00	%		10/01/38	$	16,100	$	16,616,327
Series 2010 A, Aviation RB		5.38	%		10/01/35		2,000		2,288,460
Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2008 A, RB (INS–BHAC)(d)		5.50	%		04/01/38		4,000		4,452,800
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB (INS–AGM)(d)		5.00	%		07/01/35		3,350		3,726,707
Miami-Dade (County of) School Board; Series 2008 B, COP (INS–AGC)(d)		5.25	%		05/01/26		5,000		5,686,700
Miami-Dade (County of);
Series 2005 B, Sub. Special Obligation RB (INS–NATL)(d)		5.00	%		10/01/35		2,500		2,622,425
Series 2010, Water & Sewer System RB (INS–AGM)(d)		5.00	%		10/01/39		4,500		5,026,950
Series 2012, Transit System Sales Surtax RB		5.00	%		07/01/31		1,500		1,730,970
Series 2012, Transit System Sales Surtax RB		5.00	%		07/01/33		1,260		1,441,415
Series 2012, Transit System Sales Surtax RB		5.00	%		07/01/42		5,500		6,203,120
Palm Beach (County of) Health Facilities Authority (The Waterford);
Series 2007, RB		5.25	%		11/15/17		2,200		2,339,634
Series 2007, RB		5.88	%		11/15/37		800		833,152
Port St. Lucie (City of); Series 2009, Ref. Utility System RB (INS–AGC)(d)		5.00	%		09/01/35		1,500		1,639,065
Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INS–AMBAC)(b)(d)(e)		5.35	%		05/01/18		5,200		5,900,648
Reunion East Community Development District; Series 2005, Special Assessment RB(k)		5.80	%		05/01/36		490		220,735
Seminole Indian Tribe of Florida;
Series 2007 A, Special Obligation RB(l)		5.75	%		10/01/22		500		541,905
Series 2007 A, Special Obligation RB(l)		5.25	%		10/01/27		3,500		3,647,805
Seven Oaks Community Development District II; Series 2003 A, Special Assessment RB		6.40	%		05/01/34		1,340		1,294,226
South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB(f)		5.00	%		08/15/42		18,000		19,247,940
St. Johns (County of) Industrial Development Authority (Professional Golf); Series 2001, Ref. RB (INS–NATL)(d)		5.25	%		09/01/12		270		270,000
Sunrise (City of);
Series 1998, Ref. Utility System RB(a)(b)		5.20	%		10/01/20		1,725		2,145,572
Series 1998, Ref. Utility System RB (INS–AMBAC)(d)		5.20	%		10/01/22		2,275		2,609,652
Tallahassee (City of) (Tallahassee Memorial Regional Medical); Series 1994, Ref. Health Facilities RB (INS–NATL)(d)		6.63	%		12/01/13		3,330		3,342,954
Tampa Bay Water; Series 2001 A, Ref. & Improvement Utility System RB (INS–NATL)(d)		6.00	%		10/01/29		3,000		4,203,480
Village Center Community Development District; Series 2001 A, Recreational RB (INS–NATL)(d)		5.20	%		11/01/25		1,000		1,000,880
									142,400,031
Georgia–2.25%
Atlanta (City of) (Atlantic Station);
Series 2007, Ref. Tax Allocation RB (INS–AGC)(d)		5.25	%		12/01/21		1,370		1,513,453
Series 2007, Ref. Tax Allocation RB (INS–AGC)(d)		5.25	%		12/01/22		1,000		1,096,880
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB		7.38	%		01/01/31		4,810		5,359,687
Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		2,500		2,695,175
Atlanta (City of);
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INS–AGM)(d)		5.00	%		01/01/33		4,000		4,224,880
Series 2004 J, Airport Passenger Facility Charge & Sub. Lien General RB (INS–AGM)(d)		5.00	%		01/01/34		3,000		3,156,660
Series 2009 A, Water & Wastewater RB		6.00	%		11/01/27		1,000		1,234,590
Series 2009 A, Water & Wastewater RB		6.00	%		11/01/28		1,000		1,230,150
Augusta (City of); Series 2004, Water & Sewerage RB (INS–AGM)(d)		5.25	%		10/01/39		3,000		3,229,980
Gainesville (City of) & Hall (County of) Development Authority (Acts Retirement-Life Community); Series 2009 A-2, Retirement Community RB		6.38	%		11/15/29		700		801,486

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

10        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Georgia–(continued)
Georgia (State of) Municipal Electric Authority;
Series 1998 Y, Power RB(a)		6.40	%		01/01/13	$	325	$	331,750
Series 1998 Y, Power RB (INS–AMBAC)(d)		6.40	%		01/01/13		4,640		4,721,200
Series 1998 Y, Power RB(a)(b)		6.50	%		01/01/14		145		157,167
Series 1998 Y, Power RB(a)		6.50	%		01/01/17		410		458,093
Series 1998 Y, Power RB (INS–NATL)(d)		6.50	%		01/01/17		9,445		10,682,861
Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR		5.10	%		06/01/23		2,000		2,035,600
Valdosta (City of) & Lowndes (County of) Hospital Authority (South Medical Center); Series 2011 B, RB		5.00	%		10/01/41		3,500		3,892,420
									46,822,032
Hawaii–0.82%
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc. & Subsidiary); Series 2009, Special Purpose RB		6.50	%		07/01/39		2,000		2,344,500
Hawaii (State of) Department of Budget & Finance;
Series 2009 C-1, Special Purpose Senior Living RB		7.50	%		11/15/15		1,675		1,686,892
Series 2012, Ref. Special Purpose Senior Living RB		5.13	%		11/15/32		1,500		1,594,245
Series 2012, Ref. Special Purpose Senior Living RB		5.25	%		11/15/37		1,250		1,313,938
Hawaii Housing Finance & Development Corp.; Series 1997 A, Single Family Mortgage Purchase RB (CEP–FNMA)(c)		5.75	%		07/01/30		60		60,241
Honolulu (City & County of);
Series 2009 A, Unlimited Tax GO Bonds(f)		5.25	%		04/01/29		4,120		4,862,630
Series 2011 A, Unlimited Tax GO Bonds		5.25	%		08/01/33		2,000		2,429,100
Series 2011 A, Unlimited Tax GO Bonds		5.25	%		08/01/34		2,355		2,831,110
									17,122,656
Idaho–0.77%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2008 A, RB		6.50	%		11/01/23		1,000		1,185,940
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB		6.13	%		11/15/27		595		607,531
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund);
Series 2008 A, Grant & RAB (INS–AGC)(d)		5.25	%		07/15/23		4,230		5,025,409
Series 2008 A, Grant & RAB (INS–AGC)(d)		5.25	%		07/15/24		3,485		4,134,360
Idaho (State of) Housing & Finance Association;
Series 2008 A, Class I, Single Family Mortgage RB(c)		5.63	%		07/01/28		50		50,127
Series 2008 A, Class I, Single Family Mortgage RB(c)		5.75	%		07/01/39		100		100,264
Series 2008 A, Class II, Single Family Mortgage RB(c)		5.85	%		07/01/36		1,320		1,404,044
Series 2008 A, Class III, Single Family Mortgage RB(c)		5.70	%		07/01/28		3,270		3,435,168
									15,942,843
Illinois–13.10%
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB		5.60	%		01/01/23		2,250		2,156,175
Bolingbrook (Village of); Series 2005, Sales Tax RB		6.25	%		01/01/24		1,500		1,059,630
Bourbonnais (Village of) (Olivet Nazarene University); Series 2007, Industrial Project RB (INS–Radian)(d)		5.13	%		11/01/37		3,755		3,870,616
Chicago (City of) (Diversey/Narragansett); Series 2006, COP		7.46	%		02/15/26		470		470,141
Chicago (City of) (Midway Airport);
Series 2004 B, Ref. Second Lien RB (INS–AMBAC)(d)		5.00	%		01/01/21		5,925		6,378,085
Series 2004 B, Ref. Second Lien RB (INS–AMBAC)(d)		5.00	%		01/01/22		6,220		6,695,643

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

11        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Chicago (City of) (O’Hare International Airport);
Series 2003 E, Ref. Third Lien General Airport RB (INS–AGC)(d)		5.25	%		01/01/21	$	2,840	$	2,987,936
Series 2003 E, Ref. Third Lien General Airport RB (INS–AGC)(d)		5.25	%		01/01/23		3,120		3,272,755
Series 2003 E, Ref. Third Lien General Airport RB (INS–AGC)(d)		5.25	%		01/01/24		1,430		1,497,296
Series 2003 E, Ref. Third Lien General Airport RB (INS–AGC)(d)		5.00	%		01/01/34		5,000		5,126,550
Series 2004 A, Ref. Third Lien General Airport RB (INS–AGC)(d)		5.00	%		01/01/29		1,000		1,051,980
Series 2005 A, Third Lien General Airport RB (INS–AGC)(d)		5.25	%		01/01/24		6,000		6,640,980
Series 2005 A, Third Lien General Airport RB (INS–AGC)(d)		5.25	%		01/01/26		3,855		4,282,674
Series 2005 A, Third Lien General Airport RB (INS–NATL)(d)		5.25	%		01/01/24		5,000		5,534,150
Series 2008 A, Third Lien General Airport RB (INS–AGM)(d)(f)		5.00	%		01/01/33		3,000		3,243,600
Chicago (City of) (Roosevelt Square/ABLA Redevelopment); Series 2009 A, Ref. COP		7.13	%		03/15/22		3,620		3,679,296
Chicago (City of) (San Drain & Ship Canal); Series 1997 A, Tax Increment Allocation RB		7.75	%		01/01/14		380		381,208
Chicago (City of) Board of Education (School Reform);
Series 1998 B-1, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		12/01/19		2,845		2,318,447
Series 1999 A, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		12/01/19		1,500		1,222,380
Series 1999 A, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		12/01/25		1,020		592,426
Chicago (City of) Metropolitan Water Reclamation District; Series 2011 B, Capital Improvement Limited Tax GO Bonds(f)		5.00	%		12/01/24		15,000		18,452,250
Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds); Series 2008, Capital Grant Receipts RB (INS–AGC)(d)		5.25	%		06/01/25		4,840		5,359,235
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB(f)		5.25	%		12/01/36		12,000		13,753,800
Chicago (City of);
Series 1996 A-2, Ref. Unlimited Tax GO Bonds (INS–AMBAC)(d)		6.25	%		01/01/14		3,000		3,212,520
Series 2001 A, Ref. Project Unlimited Tax GO Bonds (INS–NATL)(d)		5.38	%		01/01/17		2,000		2,269,320
Series 2002 A, Ref. Project Unlimited Tax GO Bonds (INS–AMBAC)(d)		5.63	%		01/01/39		145		145,526
Series 2008 A, Unlimited Tax GO Bonds (INS–AGC)(d)(f)		5.25	%		01/01/24		4,200		4,776,576
Series 2008 A, Unlimited Tax GO Bonds (INS–AGC)(d)(f)		5.25	%		01/01/25		4,400		4,987,576
Series 2011, COP		7.13	%		05/01/21		2,800		3,071,404
Cook County School District No. 100 (Berwyn South);
Series 1997, Unlimited Tax GO Bonds (INS–AGM)(d)		8.20	%		12/01/14		290		332,233
Series 1997, Unlimited Tax GO Bonds (INS–AGM)(d)		8.10	%		12/01/16		345		432,161
Cook County School District No. 122 (Ridgeland);
Series 2000, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		12/01/17		2,605		2,343,640
Series 2000, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		12/01/18		2,995		2,600,439
Series 2000, Unlimited Tax CAB GO Bonds(a)(i)		0.00	%		12/01/20		4,050		3,192,696
DeKalb County Community Unit School District No. 428;
Series 2008, Unlimited Tax GO Bonds (INS–AGM)(d)		5.00	%		01/01/26		2,600		2,905,370
Series 2008, Unlimited Tax GO Bonds (INS–AGM)(d)		5.00	%		01/01/27		990		1,103,137
Du Page County Community High School District No. 108; Series 2002, Unlimited Tax GO Bonds(a)		5.60	%		01/01/13		3,000		3,054,210
Gilberts (Village of) Special Service Area No. 19 (The Conservancy); Series 2006-1, Special Tax RB(k)		5.38	%		03/01/16		1,000		350,220
Huntley (Village of) Special Service Area No. 10; Series 2007, Ref. Special Tax RB (INS–AGC)(d)		5.10	%		03/01/29		3,000		3,215,670
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 D, RB		6.50	%		11/01/38		1,000		1,177,480
Illinois (State of) Finance Authority (Art Institute of Chicago); Series 2009 A, RB		6.00	%		03/01/38		2,500		2,856,650
Illinois (State of) Finance Authority (Fairview Obligated Group);
Series 2008 A, Ref. RB(k)		5.50	%		08/15/18		1,000		9,640
Series 2008 A, Ref. RB(k)		6.00	%		08/15/22		250		2,410
Series 2008 A, Ref. RB(k)		6.13	%		08/15/28		1,500		14,460

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

12        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Loyola University of Chicago); Series 2012 B, RB		5.00	%		07/01/42	$	5,000	$	5,621,400
Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 A, RB(f)		5.38	%		08/15/24		1,000		1,171,010
Series 2009 A, RB(f)		5.75	%		08/15/30		2,000		2,343,620
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65SM RB		7.00	%		11/15/15		1,500		1,500,840
Illinois (State of) Finance Authority (Resurrection Health Care Corp.); Series 2009, Ref. RB		6.13	%		05/15/25		2,870		3,281,070
Illinois (State of) Finance Authority (Resurrection Health Care);
Series 1999 A, RB (INS–AGM)(d)		5.50	%		05/15/24		12,000		13,030,440
Series 1999 B, RB (INS–AGM)(d)		5.00	%		05/15/15		4,700		5,041,502
Series 1999 B, RB (INS–AGM)(d)		5.00	%		05/15/17		5,100		5,623,413
Series 1999 B, RB (INS–AGM)(d)		5.00	%		05/15/18		5,050		5,632,467
Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB		6.25	%		11/15/35		2,000		2,330,180
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB		5.40	%		04/01/27		1,000		1,040,640
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB		7.25	%		11/01/38		4,500		5,693,715
Illinois (State of) Finance Authority (Sherman Health System);
Series 1997, RB (INS–AMBAC)(d)		5.25	%		08/01/22		2,000		2,003,060
Series 2007 A, RB		5.50	%		08/01/37		3,500		3,783,185
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Centers); Series 2008, Ref. RB		6.00	%		08/15/23		2,745		3,039,456
Illinois (State of) Finance Authority (The Carle Foundation); Series 2011 A, RB		6.00	%		08/15/41		4,000		4,704,160
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 B, Ref. RB(d)		5.40	%		06/15/19		9,250		10,834,525
Series 2002 B, Ref. Conv. CAB RB (INS–NATL)(d)(i)		0.00	%		06/15/22		20,000		18,287,600
Illinois (State of); Series 1991, Civic Center RB (INS–AMBAC)(d)		6.25	%		12/15/20		3,495		3,995,065
Lake County Community Consolidated School District No. 50 (Woodland); Series 2000 B, Unlimited Tax CAB GO Bonds(a)(i)		0.00	%		12/01/14		1,200		1,185,792
Lake County Community Unit School District No. 60 (Waukegan);
Series 1999 A, Unlimited Tax CAB GO Bonds(a)(i)		0.00	%		12/01/17		2,875		2,714,949
Series 1999 A, Unlimited Tax CAB GO Bonds (INS–AGM)(d)(i)		0.00	%		12/01/17		3,915		3,451,621
McHenry & Kane Counties Community Consolidated School District No. 158 (Huntley); Series 2000, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		01/01/17		3,000		2,650,950
McHenry (County of) Special Service Area (Wonder Lake Dredging); Series 2010, Special Tax RB		6.50	%		03/01/30		3,820		4,260,637
McHenry County Community High School District No. 154 (Marengo); Series 2001, Unlimited Tax CAB GO Bonds (INS–NATL)(d)(i)		0.00	%		01/01/16		1,330		1,264,737
Plano (City of) Special Service Area No. 10 (Lakewood Springs Club); Series 2007, Special Tax RB(k)		5.80	%		03/01/37		1,500		783,600
Railsplitter Tobacco Settlement Authority;
Series 2010, RB		5.25	%		06/01/21		1,000		1,176,110
Series 2010, RB		6.00	%		06/01/28		10,000		11,742,000
United City of Yorkville (City of) Special Service Area No. 2004-107 (Raintree Village II); Series 2005, Special Tax RB		6.25	%		03/01/35		971		596,437
University of Illinois; Series 2011 A, Auxiliary Facilities System RB		5.13	%		04/01/36		1,000		1,114,450
Volo (Village of) Special Service Area No. 3 (Symphony Meadows); Series 2006-1, Special Tax RB		6.00	%		03/01/36		543		478,003
Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB(c)		7.00	%		12/01/42		420		435,611
									272,892,836
Indiana–1.30%
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana); Series 2007, Hospital RB		5.50	%		03/01/22		500		542,105
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, Second Lien Wastewater Utility RB		5.00	%		10/01/41		10,000		11,047,600

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

13        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Indiana–(continued)
Indiana (State of) Finance Authority (Ohio Valley Electric Corp.);
Series 2012 A, Midwestern Disaster Relief RB		5.00	%		06/01/32	$	1,220	$	1,305,510
Series 2012 A, Midwestern Disaster Relief RB		5.00	%		06/01/39		2,500		2,605,625
Indiana (State of) Finance Authority (Sisters of St. Francis Health Services); Series 2006 E, Ref. Health System RB (INS–AGM)(d)		5.25	%		05/15/41		2,000		2,148,080
Indiana (State of) Health Facility Financing Authority (Hoosier Care); Series 1999 A, RB		7.13	%		06/01/34		1,710		1,710,753
Indiana (State of) Municipal Power Agency; Series 2009 B, Power Supply System RB		6.00	%		01/01/39		3,000		3,508,860
Indianapolis (City of) Airport Authority (Fed Ex Corp.); Series 2004, Ref. Special Facilities RB(c)		5.10	%		01/15/17		1,500		1,703,340
Indianapolis Local Public Improvement Bond Bank; Series 1992 D, RB(a)		6.75	%		02/01/14		255		266,197
St. Joseph (County of) Redevelopment District;
Series 1997 B, Tax Increment Allocation CAB RB(i)		0.00	%		06/30/13		135		127,136
Series 1997 B, Tax Increment Allocation CAB RB(i)		0.00	%		06/30/14		130		113,378
Series 1997 B, Tax Increment Allocation CAB RB(i)		0.00	%		06/30/15		130		104,996
Series 1997 B, Tax Increment Allocation CAB RB(i)		0.00	%		06/30/16		135		100,980
Series 1997 B, Tax Increment Allocation CAB RB(i)		0.00	%		06/30/17		225		155,871
Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB(l)		5.50	%		09/01/27		1,500		1,564,455
									27,004,886
Iowa–2.50%
Altoona (City of); Series 2008, Annual Appropriation Urban Renewal Tax Increment RB		6.00	%		06/01/34		1,860		2,011,553
Ames (City of) (Mary Greeley Medical Center); Series 2011, Hospital RB		5.25	%		06/15/36		7,000		7,587,510
Coralville (City of); Series 2006 D, COP		5.25	%		06/01/26		1,125		1,151,010
Iowa (State of) (IJOBS Program);
Series 2009 A, Special Obligation RB(f)(m)		5.00	%		06/01/25		5,815		6,932,701
Series 2009 A, Special Obligation RB(f)(m)		5.00	%		06/01/26		4,360		5,181,337
Series 2009 A, Special Obligation RB(f)(m)		5.00	%		06/01/27		9,300		11,030,637
Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB		4.75	%		08/01/42		3,900		3,923,166
Iowa (State of) Finance Authority (Iowa Health System); Series 2008 A, Health Facilities RB (INS–AGC)(d)		5.25	%		08/15/29		1,500		1,707,915
Iowa Student Loan Liquidity Corp.; Sr. Series 2011 A-2, RB(c)		5.70	%		12/01/27		10,000		11,237,100
Washington (County of) Hospital; Series 2006, Hospital RB		5.50	%		07/01/32		1,275		1,304,032
									52,066,961
Kansas–0.52%
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB		5.50	%		11/15/29		1,500		1,759,875
Kansas (State of) Development Finance Authority (University of Kansas Health System);
Series 2011 H, Health Facilities RB		5.00	%		03/01/34		1,000		1,083,440
Series 2011 H, Health Facilities RB		5.13	%		03/01/39		2,000		2,164,080
Wyandotte (County of) & Kansas City (City of) Unified Government (Board of Public Utilities); Series 2012 A, Ref. Utility System RB		5.00	%		09/01/32		2,000		2,308,780
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		1,120		1,187,749
Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System RB (INS–BHAC)(d)		5.00	%		09/01/29		2,000		2,321,020
									10,824,944

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

14        Invesco Municipal Income Fund

							Principal
		Interest			Maturity		Amount
		Rate			Date		(000)		Value
Kentucky–1.58%
Breckinridge (County of) (Kentucky Association of Counties Leasing Trust); Series 1999, VRD Lease Program RB (LOC–U.S. Bank N.A.)(g)(h)			0.18	%		12/01/29	$	5,500	$	5,500,000
Kentucky (State of) Economic Development Finance Authority (Baptist Healthcare System);
Series 2009 A, Hospital RB			5.38	%		08/15/24		3,000		3,435,870
Series 2009 A, Hospital RB			5.63	%		08/15/27		1,000		1,152,720
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.);
Subseries 2008 A-1, RB (INS–AGC)(d)			6.00	%		12/01/33		4,000		4,464,640
Subseries 2008 A-1, RB (INS–AGC)(d)			6.00	%		12/01/38		4,000		4,418,920
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); Series 2010 A, Hospital RB			6.50	%		03/01/45		3,200		3,814,144
Kentucky (State of) Property & Buildings Commission (No. 93); Series 2009, Ref. RB (INS–AGC)(d)			5.25	%		02/01/28		3,000		3,466,020
Paducah (City of) Electric Plant Board; Series 2009 A, RB (INS–AGC)(d)			5.25	%		10/01/35		6,000		6,658,980
										32,911,294
Louisiana–1.56%
Calcasieu (Parish of) Memorial Hospital Service District (Lake Charles Memorial Hospital);
Series 1992 A, Hospital RB (INS–Connie Lee)(d)			6.38	%		12/01/12		685		686,733
Series 1992 A, Hospital RB (INS–Connie Lee)(d)			6.50	%		12/01/18		5,530		5,809,597
Jefferson (Parish of) Hospital Service District No. 1 (West Jefferson Medical Center); Series 2011 A, Ref. Hospital RB			6.00	%		01/01/39		1,000		1,123,530
Lafayette (City of); Series 2004, Utilities RB (INS–NATL)(d)			5.25	%		11/01/24		7,500		8,138,850
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB(k)			5.25	%		07/01/17		1,364		545,805
Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB			5.00	%		06/01/30		1,050		1,121,746
Louisiana (State of); Series 2006 A, Gas & Fuels Tax RB (INS–AGC)(d)			5.00	%		05/01/28		2,500		2,823,225
New Orleans (City of) Aviation Board; Series 2009 A-1, Ref. & Restructuring General Airport RB (INS–AGC)(d)			6.00	%		01/01/23		2,000		2,394,000
Rapides (Parish of) Finance Authority (Cleco Power LLC); Series 2007, RB(b)(c)(e)			5.25	%		03/01/13		1,550		1,577,466
Regional Transit Authority; Series 2010, Sales Tax RB (INS–AGM)(d)			5.00	%		12/01/30		2,580		2,961,634
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB			5.13	%		06/01/37		5,000		5,304,550
										32,487,136
Maryland–1.53%
Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax Allocation RB			7.00	%		09/01/38		1,000		1,079,490
Baltimore (County of) (Oak Crest Village Inc. Facility); Series 2007 A, RB			5.00	%		01/01/37		2,500		2,573,850
Maryland (State of) Community Development Administration; Series 2007, RB(c)	��		5.05	%		09/01/32		2,105		2,193,873
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare);
Series 2011 A, RB			6.25	%		01/01/31		3,175		3,702,431
Series 2011 A, RB			6.13	%		01/01/36		4,000		4,569,280
Maryland (State of) Health & Higher Educational Facilities Authority (Charlestown Community); Series 2010, RB			6.13	%		01/01/30		4,250		4,921,925
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health); Series 2011, RB			6.00	%		07/01/41		1,000		1,177,270
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health);
Series 2004, Ref. RB			5.50	%		08/15/33		3,000		3,125,400
Series 2011, RB			5.00	%		08/15/41		3,000		3,320,250
Maryland (State of) Transportation Authority; Series 2008, Grant & RAB			5.25	%		03/01/20		2,000		2,485,240
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB			5.75	%		06/01/35		1,460		1,598,364
Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB			5.38	%		06/01/25		1,030		1,107,806
										31,855,179

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

15        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Massachusetts–2.09%
Massachusetts (State of) College Building Authority; Series 2009 A, RB		5.50	%		05/01/39	$	1,000	$	1,153,590
Massachusetts (State of) Development Finance Agency (Caregroup); Series 1998 B-2, RB (INS–NATL)(d)		5.38	%		02/01/27		2,000		2,251,560
Massachusetts (State of) Development Finance Agency (Dominion Energy Brayton); Series 2009 1, Ref. Solid Waste Disposal RB(b)(e)		5.75	%		05/01/19		2,000		2,400,060
Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB(f)		5.50	%		11/15/36		20,955		25,458,649
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);
Series 2011 A-1, RB		6.25	%		11/15/39		1,692		1,296,428
Series 2011 A-2, RB		5.50	%		11/15/46		90		57,830
Series 2011 B, RB(i)		0.00	%		11/15/56		449		2,345
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2009 O, RB(f)		5.50	%		07/01/36		6,680		8,044,724
Massachusetts (State of) Development Finance Agency (UMass Memorial); Series 2011 H, RB		5.50	%		07/01/31		1,000		1,136,540
Massachusetts (State of) Housing Finance Agency; Series 2007 C, RB(c)		5.10	%		12/01/27		1,685		1,790,279
									43,592,005
Michigan–0.86%
Detroit (City of); Series 2003 B, Sr. Lien Sewage Disposal System RB (INS–AGM)(d)		7.50	%		07/01/33		5,750		7,242,355
Kent (County of) Hospital Finance Authority (Spectrum Health System);
Series 2008 A, RB(b)(e)		5.25	%		01/15/14		650		689,124
Series 2008 A, RB(b)(e)		5.50	%		01/15/15		375		415,504
Michigan (State of) Strategic Fund (Detroit Edison Co.); Series 2002 C, Ref. Limited Obligation RB (INS–SGI)(c)(d)		5.45	%		12/15/32		5,000		5,017,400
Michigan (State of) Strategic Fund (Genesee Power Station); Series 1994, Ref. Solid Waste Disposal RB(c)		7.50	%		01/01/21		1,445		1,444,855
Wayne (County of) Airport Authority (Detroit Metropolitan Airport);
Series 2012 B, RB(c)		5.00	%		12/01/32		1,500		1,604,835
Series 2012 B, RB(c)		5.00	%		12/01/37		1,500		1,575,405
									17,989,478
Minnesota–1.16%
Columbia Heights (City of) (Crest View Corp.); Series 2007 A, Ref. MFH & Health Care Facilities RB		5.70	%		07/01/42		1,000		743,620
Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB		6.75	%		11/15/32		3,000		3,584,670
Series 2008 B, Health Care System RB (INS–AGC)(d)		6.50	%		11/15/38		4,000		4,783,360
Minneapolis (City of) (Providence); Series 2007 A, Ref. Housing & Health Care Facilities RB		5.63	%		10/01/27		2,000		2,048,280
Minnesota (State of) Tobacco Securitization Authority; Series 2011 B, Tobacco Settlement RB		5.25	%		03/01/31		8,000		9,043,840
St. Paul (City of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2006, Health Care Facilities RB		5.25	%		05/15/36		3,800		3,955,838
									24,159,608
Mississippi–0.12%
Harrison (County of) Wastewater Management District; Series 1991 A, Ref. Wastewater Treatment Facilities RB(a)		8.50	%		02/01/13		520		536,962
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR		5.88	%		04/01/22		2,000		2,005,760
									2,542,722
Missouri–1.91%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District (Metrolink Cross County Extension); Series 2009, Mass Transit Sales Tax RB (INS–AGC)(d)		5.00	%		10/01/39		2,000		2,223,160
Cape Girardeau (County of) Industrial Development Authority (St. Francis Medical Center); Series 2009 A, Health Facilities RB		5.75	%		06/01/39		2,150		2,408,967
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB		5.50	%		09/01/24		5,990		7,291,148
Kansas City (City of) Industrial Development Authority (Plaza Library); Series 2004, RB		6.00	%		03/01/16		2,180		2,249,607

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

16        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–(continued)
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 C-1, TEMPS-75SM Retirement Community RB		7.50	%		11/15/16	$	1,600	$	1,608,480
Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.50	%		09/01/18		460		477,342
Missouri (State of) Environmental Improvement & Energy Resources Authority (Kansas City Power & Light Co.); Series 2008, RB(b)(c)(e)		4.90	%		07/01/13		2,700		2,773,737
Missouri (State of) Health & Educational Facilities Authority (Barnes-Jewish Inc./Christian Health Services); Series 1993 A, RB		5.25	%		05/15/14		10,000		10,419,000
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);
Series 2005 B, Ref. Senior Living Facilities RB		5.13	%		02/01/27		1,200		1,231,644
Series 2010, Senior Living Facilities RB		5.50	%		02/01/42		950		1,010,848
Raytown (City of) (Raytown Live Redevelopment Plan); Series 2007 1, Annual Appropriation-Supported Tax RB		5.13	%		12/01/31		3,325		3,524,267
St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement District Tax Increment Allocation RB		5.75	%		11/01/27		450		455,265
St. Louis (County of) Industrial Development Authority (Friendship Village of West County); Series 2007 A, Senior Living Facilities RB		5.38	%		09/01/21		1,000		1,048,910
St. Louis (County of) Industrial Development Authority (Ranken Jordan); Series 2007, Ref. Health Facilities RB		5.00	%		11/15/35		1,300		1,303,809
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		526,920
Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/41		1,250		1,305,638
									39,858,742
Montana–0.14%
Forsyth (City of) (Portland General Electric Co.); Series 1998 A, Ref. PCR		5.00	%		05/01/33		2,600		2,990,546
Nebraska–1.19%
Lincoln (City of); Series 2012, Ref. Electric System RB		5.00	%		09/01/37		2,000		2,331,160
Nebraska (State of) Municipal Energy Agency; Series 2009 A, Ref. Power Supply System RB (INS–BHAC)(d)		5.38	%		04/01/39		4,000		4,593,200
Nebraska (State of) Public Power District; Series 2007 B, General RB (INS–BHAC)(d)		5.00	%		01/01/37		15,570		16,696,178
University of Nebraska (Lincoln); Series 2009 A, Student Fees & Facilities RB		5.25	%		07/01/39		1,000		1,129,170
									24,749,708
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		2,221,480
Series 2010 A, Passenger Facility Charge RB (INS–AGM)(d)		5.25	%		07/01/39		4,000		4,494,480
Clark (County of);
Series 1992 A, Transportation Improvement Limited Tax GO Bonds (INS–AMBAC)(d)		6.50	%		06/01/17		3,000		3,722,520
Series 2004 A-1, Sub. Lien Airport System RB (INS–NATL)(c)(d)		5.50	%		07/01/20		3,045		3,210,405
Series 2004 A-1, Sub. Lien Airport System RB (INS–NATL)(c)(d)		5.50	%		07/01/21		3,000		3,153,570
Series 2004 A-1, Sub. Lien Airport System RB (INS–NATL)(c)(d)		5.50	%		07/01/23		5,000		5,229,350
Clark County School District; Series 2007 C, Building Limited Tax GO Bonds		5.00	%		06/15/26		4,000		4,636,760
Mesquite (City of) (Special Improvement District No. 07-01-Anthem at Mesquite);
Series 2007, Special Assessment Local Improvement RB		5.85	%		08/01/18		580		593,114
Series 2007, Special Assessment Local Improvement RB		6.00	%		08/01/27		500		475,860
Nevada (State of) (Municipal Bond Bank–R9A Thru R13F); Series 2005, Limited Tax GO Bonds (INS–AGM)(d)		5.00	%		12/01/23		3,500		3,850,455
Reno (City of); Series 2002, Capital Improvement RB (INS–NATL)(d)		5.13	%		06/01/26		935		936,318
									32,524,312

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

17        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Hampshire–0.54%
Manchester (City of); Series 2009 A, Ref. General Airport RB (INS–AGM)(d)		5.13	%		01/01/30	$	4,500	$	4,988,790
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB		6.88	%		10/01/39		1,000		1,099,070
New Hampshire (State of) Business Finance Authority (Plymouth Cogeneration L.P.); Series 1993, Electric Facilities RB (Acquired 06/29/93; Cost $215,330)(c)(l)		7.75	%		06/01/14		220		220,233
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire University); Series 2012, RB		5.00	%		01/01/42		4,500		4,762,890
New Hampshire (State of) Housing Finance Authority; Series 2000 B, Single Family Mortgage Acquisition RB(c)		6.70	%		07/01/29		75		76,120
									11,147,103
New Jersey–3.35%
Landis Sewage Authority (Registered CARS); Series 1993, Sewer RB (INS–NATL)(d)(j)		9.62	%		09/19/19		1,800		2,162,376
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010 A, RB		5.75	%		06/01/31		3,020		3,379,682
New Jersey (State of) Economic Development Authority (Seabrook Village, Inc. Facility); Series 2006, Ref. Retirement Community RB		5.25	%		11/15/26		750		768,105
New Jersey (State of) Economic Development Authority;
Series 2009 BB, School Facilities Construction RB		5.00	%		09/01/34		1,750		1,952,545
Series 2009 Z, School Facilities Construction RB (INS–AGC)(d)		5.50	%		12/15/34		1,000		1,148,750
Series 2012, Ref. RB		5.00	%		06/15/25		3,000		3,382,560
Subseries 2005 N-1, Ref. School Facilities Construction RB (INS–AMBAC)(d)		5.50	%		09/01/24		3,885		4,956,056
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health);
Series 2011 A, Ref. RB		5.63	%		07/01/32		4,000		4,487,360
Series 2011 A, Ref. RB		5.63	%		07/01/37		4,000		4,437,040
New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Health Care System); Series 2008, RB		5.75	%		07/01/15		1,305		1,424,577
New Jersey (State of) Higher Education Student Assistance Authority; Series 2009 A, Student Loan RB		5.63	%		06/01/30		1,000		1,134,100
New Jersey (State of) Housing & Mortgage Finance Agency;
Series 2008 AA, RB		6.38	%		10/01/28		3,320		3,726,301
Series 2008 X, Single Family Housing RB(c)		5.10	%		10/01/23		3,710		3,967,177
New Jersey (State of) Transportation Trust Fund Authority; Series 2006 C, Transportation System CAB RB (INS–AGC)(d)(i)		0.00	%		12/15/26		10,000		5,672,800
New Jersey (State of) Turnpike Authority;
Series 1991 C, RB(a)		6.50	%		01/01/16		2,100		2,301,663
Series 1991 C, RB (INS–NATL)(d)		6.50	%		01/01/16		565		677,232
Series 2003 A, RB(a)(b)		5.00	%		07/01/13		10,000		10,315,300
North Hudson Sewerage Authority; Series 2012 A, Gross Revenue Lease Ctfs.		5.00	%		06/01/42		4,000		4,457,160
Passaic Valley Sewage Commissioners; Series 2003 F, Sewer System RB (INS–NATL)(d)		5.00	%		12/01/19		9,000		9,363,150
									69,713,934
New Mexico–0.50%
Farmington (City of) (Public Service Co. of New Mexico San Juan);
Series 2010 A, Ref. PCR(b)(e)		5.20	%		06/01/20		2,000		2,283,580
Series 2010 C, Ref. PCR		5.90	%		06/01/40		4,100		4,546,695
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB(f)		6.38	%		08/01/32		3,000		3,569,250
									10,399,525

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

18        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–6.12%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT CAB RB(i)		0.00	%		07/15/35	$	5,000	$	1,552,300
Series 2009, PILOT RB		6.25	%		07/15/40		2,710		3,152,191
Series 2009, PILOT RB		6.38	%		07/15/43		1,130		1,321,038
Long Island Power Authority;
Series 2000 A, Electric System General CAB RB (INS–AGM)(d)(i)		0.00	%		06/01/17		5,000		4,712,850
Series 2008 A, Electric System General RB		6.00	%		05/01/33		5,000		6,056,350
Series 2008 A, Electric System General RB (INS–BHAC)(d)		5.50	%		05/01/33		5,000		5,877,050
Metropolitan Transportation Authority; Series 2011 A, RB		5.00	%		11/15/41		2,000		2,225,100
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		3,486,540
New York (City of) Industrial Development Agency (Polytechnic University);
Series 2007, Ref. Civic Facility RB (INS–ACA)(d)		5.25	%		11/01/27		5,000		5,432,200
Series 2007, Ref. Civic Facility RB (INS–ACA)(d)		5.25	%		11/01/37		2,500		2,686,550
New York (City of) Industrial Development Agency (Queens Baseball Stadium); Series 2009, PILOT RB (INS–AGC)(d)		6.38	%		01/01/39		1,000		1,178,280
New York (City of) Transitional Finance Authority;
Series 2009 A, Future Tax Sec. RB(f)		5.00	%		05/01/28		5,570		6,617,494
Series 2009 A, Future Tax Sec. RB(f)		5.00	%		05/01/29		4,455		5,300,782
Series 2009 A, Future Tax Sec. RB(f)		5.00	%		05/01/30		4,455		5,189,897
Series 2009 S-3, Building Aid RB(f)		5.25	%		01/15/39		2,000		2,254,840
New York (City of); Subseries 2008 L-1, Unlimited Tax GO Bonds		5.00	%		04/01/27		2,225		2,562,733
New York (State of) Dormitory Authority (Brooklyn Law School);
Series 2003 B, RB(a)(b)		5.38	%		07/01/13		3,105		3,235,627
Series 2012 A, RB		5.00	%		07/01/25		1,000		1,168,720
New York (State of) Dormitory Authority (General Purpose); Series 2011 A, State Personal Income Tax RB(f)		5.00	%		03/15/31		21,885		25,600,416
New York (State of) Dormitory Authority (State University Educational Facilities);
Series 1990 A, RB		7.50	%		05/15/13		2,000		2,102,260
Series 1993 A, RB		5.25	%		05/15/15		5,000		5,458,250
New York (State of) Dormitory Authority (Suffolk County); Series 1986, Judicial Facilities Lease RB(a)		7.38	%		07/01/16		5,675		6,501,620
New York (State of) Energy Research & Development Authority (Brooklyn Union Gas Co.); Series 1991 B, Gas Facilities Residual Interest RB(c)(j)		13.27	%		07/01/26		3,000		3,028,320
New York (State of) Energy Research & Development Authority; Series 1993, Regular Residual Interest RB(j)		12.11	%		04/01/20		2,500		2,515,500
New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB(f)		5.00	%		03/15/28		2,000		2,389,840
New York City Housing Development Corp. (Ruppert); Series 1978, MFH RB		6.50	%		11/15/18		2,159		2,274,007
New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 3, Ref. Liberty RB		5.00	%		03/15/44		1,000		1,077,400
New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB (Acquired 08/07/06; Cost $636,422)(k)(l)		6.13	%		02/15/19		750		8
New York State Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2005 C, State Clean Water & Drinking Water Revolving Funds RB		5.00	%		06/15/21		1,545		1,725,734
Sales Tax Asset Receivable Corp.; Series 2004 A, RB (INS–AMBAC)(d)		5.00	%		10/15/29		10,000		10,873,300
									127,557,197
North Carolina–1.15%
Charlotte (City of) & Mecklenburg (County of) Hospital Authority (Carolinas HealthCare System); Series 2005 B, Ref. VRD Health Care System RB (LOC–U.S. Bank N.A.)(g)(h)		0.15	%		01/15/26		3,470		3,470,000
Charlotte (City of) (Charlotte Douglas International Airport); Series 2011 B, Airport RB(c)		5.00	%		07/01/41		2,500		2,722,225
Johnston (County of) Memorial Hospital Authority (Johnston Memorial Hospital); Series 2008, RB (INS–AGM)(d)		5.25	%		10/01/24		6,000		6,833,580

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

19        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
North Carolina–(continued)
North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB		5.63	%		10/01/27	$	1,000	$	1,006,750
North Carolina (State of) Medical Care Commission (WakeMed); Series 2009 A, Health Care Facilities RB(a)(b)		5.63	%		10/01/14		2,200		2,440,922
North Carolina (State of) Municipal Power Agency No. 1; Series 1998 A, Catawba Electric RB (INS–NATL)(d)		5.50	%		01/01/15		4,750		5,283,188
North Carolina (State of) Turnpike Authority; Series 2009 A, Triangle Expressway System RB (INS–AGC)(d)		5.13	%		01/01/24		2,000		2,297,480
									24,054,145
North Dakota–0.24%
Grand Forks (City of) (4000 Valley Square); Series 2006, Ref. Senior Housing RB		5.20	%		12/01/26		1,000		1,008,060
McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB		5.15	%		07/01/40		2,000		2,194,840
Mercer (County of) (Antelope Valley Station); Series 1995, Ref. PCR (INS–AMBAC)(d)		7.20	%		06/30/13		695		729,257
Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facilities RB		5.13	%		07/01/29		1,000		1,020,840
									4,952,997
Ohio–2.97%
Adams (County of) (Adams County Hospital); Series 2005, Hospital Facility Improvement RB		6.25	%		09/01/20		3,060		2,736,374
Cleveland (City of);
Series 2008 B-1, Public Power System CAB RB (INS–NATL)(d)(i)		0.00	%		11/15/25		2,895		1,693,691
Series 2012 A, Ref. Airport System RB		5.00	%		01/01/29		5,000		5,582,000
Series 2012 A, Ref. Airport System RB		5.00	%		01/01/31		2,000		2,194,420
Cleveland State University; Series 2012, RB		5.00	%		06/01/37		2,900		3,227,729
Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		500		515,190
Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB		5.50	%		06/01/42		6,000		6,676,740
Hamilton (County of) (Life Enriching Communities); Series 2006 A, Ref. Health Care RB		5.00	%		01/01/37		4,750		4,779,070
Lorain (County of) (Catholic Healthcare Partners);
Series 2003 C-1, Ref. Hospital Facilities RB (INS–AGM)(d)		5.00	%		04/01/24		1,750		1,955,205
Series 2006 H, Hospital Facilities RB (INS–AGC)(d)		5.00	%		02/01/24		4,810		5,377,436
Montgomery (County of) (Miami Valley Hospital); Series 2009 A, RB		6.00	%		11/15/28		2,825		2,997,268
Ohio (State of) Air Quality Development Authority (Columbus Southern Power Co.); Series 2009 B, Ref. RB(b)(e)		5.80	%		12/01/19		3,000		3,429,000
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR		5.63	%		06/01/18		5,850		6,799,045
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, Hospital RB(a)(b)		6.75	%		01/15/15		4,000		4,598,560
Ohio (State of) Housing Finance Agency (Covenent House Apartments); Series 2008 C, MFH Mortgage RB (CEP–GNMA)(c)		6.10	%		09/20/49		2,845		3,157,580
Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program);
Series 2008 D, Residential Mortgage RB (CEP–GNMA)(c)(f)		5.30	%		09/01/28		1,009		1,083,222
Series 2008 D, Residential Mortgage RB (CEP–GNMA)(c)(f)		5.40	%		03/01/33		901		967,926
Ohio (State of) Water Development Authority (Allied Waste North America, Inc.); Series 2007 A, Solid Waste RB(c)		5.15	%		07/15/15		1,750		1,755,618
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR(b)(e)		5.88	%		06/01/16		2,140		2,411,973
									61,938,047
Oklahoma–0.97%
Grand River Dam Authority;
Series 2008 A, RB (INS–BHAC)(d)		5.00	%		06/01/21		3,735		4,430,980
Series 2008 A, RB (INS–BHAC)(d)		5.00	%		06/01/22		3,735		4,390,567
Series 2008 A, RB (INS–BHAC)(d)		5.00	%		06/01/23		6,350		7,622,159
McAlester (City of) Public Works Authority; Series 1999 A, Utility System CAB RB (INS–AGM)(d)(i)		0.00	%		02/01/30		4,320		1,635,811

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

20        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Oklahoma–(continued)
Oklahoma (State of) Colleges Board Of Regents (University of Central Oklahoma); Series 2004 B, Student Facilities RB (INS–AMBAC)(d)		5.50	%		06/01/24	$	2,000	$	2,131,940
Oklahoma (State of) Housing Finance Agency; Series 1991 B, SFH Mortgage RB (CEP–GNMA)(c)		8.00	%		08/01/18		45		46,019
									20,257,476
Oregon–0.28%
Salem (City of) Hospital Facility Authority (Capital Manor, Inc.);
Series 2012, Ref. RB		5.75	%		05/15/27		1,000		1,089,550
Series 2012, Ref. RB		5.63	%		05/15/32		1,000		1,053,410
Warm Springs Reservation Confederated Tribes of Oregon (Pelton Round Butte); Series 2009 B, Tribal Economic Development Hydroelectric RB(l)		6.38	%		11/01/33		3,500		3,702,615
									5,845,575
Pennsylvania–0.85%
Chester (County of) Industrial Development Authority (RHA/Pennsylvania Nursing Homes, Inc.); Series 2002, First Mortgage RB		8.50	%		05/01/32		1,595		1,626,868
Pennsylvania (State of) Turnpike Commission;
Series 2009 A Sub. RB (INS–AGC)(d)		5.00	%		06/01/39		1,850		2,020,681
Subseries 2009-A, Sub. RB (INS–AGC)(d)		5.00	%		06/01/24		4,000		4,600,800
Subseries 2010 B-2, Sub. Conv. CAB RB(i)		0.00	%		12/01/28		4,550		4,553,913
Subseries 2010 B-2, Sub. Conv. CAB RB(i)		0.00	%		12/01/34		2,750		2,695,990
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS–AGM)(d)		5.00	%		02/01/31		2,000		2,258,160
									17,756,412
Puerto Rico–3.00%
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2012 A, Sr. Lien RB		5.00	%		07/01/33		2,500		2,535,725
Series 2012 A, Sr. Lien RB		5.13	%		07/01/37		5,500		5,516,445
Series 2012 A, Sr. Lien RB		5.75	%		07/01/37		2,500		2,689,325
Series 2012 A, Sr. Lien RB		5.25	%		07/01/42		1,000		1,006,420
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 1989 O, CAB RB(a)(i)		0.00	%		07/01/17		15,000		13,240,650
Series 2008 WW, RB		5.25	%		07/01/33		2,000		2,104,900
Series 2010 CCC, RB		5.25	%		07/01/27		4,000		4,362,680
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 1993 X, Ref. RB(a)		5.50	%		07/01/15		7,680		8,530,714
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, RB		5.38	%		08/01/39		4,600		4,924,576
First Subseries 2010 A, RB		5.50	%		08/01/42		4,400		4,756,752
First Subseries 2010 C, RB		5.25	%		08/01/41		6,950		7,391,186
Series 2011 C, RB		5.00	%		08/01/40		5,000		5,420,500
									62,479,873
Rhode Island–0.09%
Rhode Island Economic Development Corp.; Series 2008 A, Airport RB (INS–AGC)(c)(d)		5.25	%		07/01/28		1,810		1,971,253
South Carolina–1.91%
Charleston Educational Excellence Finance Corp. (Charleston County School District); Series 2005, Installment Purchase RB		5.25	%		12/01/30		5,000		5,546,050
Easley (City of); Series 2005, Ref. & Improvement Utility System RB(a)(b)		5.00	%		12/01/15		5,170		5,895,971

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

21        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
South Carolina–(continued)
Horry (County of); Series 2010 A, Airport RB		5.00	%		07/01/40	$	2,000	$	2,208,940
Piedmont Municipal Power Agency; Series 2008 A-2, Electric RB		5.00	%		01/01/24		2,000		2,225,420
Richland (County of) (International Paper Co.); Series 2007 A, Ref. Environmental Improvement RB		4.60	%		09/01/12		1,025		1,025,000
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health);
Series 2009 B, Ref. & Improvement Hospital RB (INS–AGC)(d)		5.00	%		02/01/19		1,000		1,182,710
Series 2009 B, Ref. & Improvement Hospital RB (INS–AGC)(d)		5.38	%		02/01/29		2,000		2,240,000
Series 2009 B, Ref. & Improvement Hospital RB (INS–AGC)(d)		5.50	%		02/01/38		3,000		3,303,150
South Carolina (State of) Jobs-Economic Development Authority (Electric & Gas Co.); Series 2002 A, IDR (INS–AMBAC)(d)		5.20	%		11/01/27		6,500		6,541,990
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health); Series 2009, Ref. & Improvement Hospital RB		5.75	%		08/01/39		1,000		1,115,340
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
Series 2012, Ref. RB		6.00	%		11/15/32		713		545,514
Series 2012, Ref. Sub. CAB RB(i)		0.00	%		11/15/47		306		1,509
South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB		5.13	%		10/01/26		500		501,620
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2008 A, RB		5.50	%		01/01/38		2,000		2,357,560
Spartanburg (County of) Regional Health Services District; Series 2008 D, Ref. RB (INS–AGC)(d)		5.25	%		04/15/22		4,465		5,097,378
									39,788,152
South Dakota–0.53%
Rapid City (City of); Series 2011 A, Ref. Airport RB		6.75	%		12/01/31		1,500		1,726,200
South Dakota (State of) Health & Educational Facilities Authority (Vocational Education Program); Series 2008, RB (INS–AGC)(d)		5.50	%		08/01/38		3,000		3,359,730
South Dakota (State of);
Series 1993 A, Lease Revenue Trust Ctfs. (INS–AGM)(d)		6.63	%		09/01/12		1,415		1,415,000
Series 1993 A, Lease Revenue Trust Ctfs. (INS–AGM)(d)		6.70	%		09/01/17		4,000		4,607,840
									11,108,770
Tennessee–0.25%
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		1,022,290
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		1,056,580
Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Blakeford at Green Hills);
Series 2012, Ref. & Improvement RB		5.00	%		07/01/32		1,500		1,595,145
Series 2012, Ref. & Improvement RB		5.00	%		07/01/37		1,400		1,460,130
									5,134,145
Texas–11.20%
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB(c)		4.85	%		04/01/21		3,615		3,875,858
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, Environmental Facilities RB(c)		6.50	%		11/01/29		430		372,118
Bexar County Health Facilities Development Corp. (St. Luke’s Lutheran Hospital); Series 1991, Hospital RB(a)		7.00	%		05/01/21		500		676,180
Brazoria (County of) Brazos River Harbor Navigation District (The Dow Chemical Co.); Series 2002 A, Environmental Facilities RB(b)(c)(e)		5.95	%		05/15/18		1,100		1,228,623
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB		6.13	%		04/01/45		4,500		4,944,015
Central Texas Regional Mobility Authority; Series 2011, Sr. Lien RB		6.00	%		01/01/41		5,000		5,829,650
Dallas (City of) (Civic Center Convention Complex); Series 2009, Ref. & Improvement RB (INS–AGC)(d)		5.25	%		08/15/34		4,000		4,519,640

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

22        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Dallas-Fort Worth International Airport Facilities Improvement Corp.;
Series 2001 A, Ref. & Improvement RB (INS–BHAC)(c)(d)		5.50	%		11/01/31	$	1,885	$	1,888,054
Series 2002 C, Joint Improvement RB (INS–NATL)(c)(d)		5.75	%		11/01/18		205		205,765
Series 2002 C, Joint Improvement RB (INS–NATL)(c)(d)		6.00	%		11/01/23		415		416,635
Series 2003 A, Joint RB (INS–AGM)(c)(d)		5.25	%		11/01/24		10,000		10,390,700
Series 2004 B, Joint Improvement RB (INS–AGM)(c)(d)		5.50	%		11/01/19		6,110		6,595,317
Series 2004 B, Joint Improvement RB (INS–AGM)(c)(d)		5.38	%		11/01/21		4,000		4,272,840
Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund)		5.00	%		02/15/26		2,840		3,226,950
Harris (County of);
Series 2007 C, Ref. Sub. Lien Toll Road Unlimited Tax GO Bonds (INS–AGM)(d)		5.25	%		08/15/31		6,665		8,895,842
Series 2009 A, Sr. Lien Toll Road RB		5.00	%		08/15/31		2,920		3,378,323
Series 2009 A, Sr. Lien Toll Road RB		5.00	%		08/15/38		1,000		1,124,370
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB		7.25	%		12/01/35		1,000		1,251,190
Harris County Health Facilities Development Corp. (TECO); Series 2008, Thermal Utility RB (INS–AGC)(d)		5.00	%		11/15/26		3,860		4,335,591
Harris County Health Facilities Development Corp. (Texas Medical Center Central Heating and Cooling Services Corp.); Series 2008, Thermal Utility RB (INS–AGC)(d)		5.00	%		11/15/27		3,180		3,553,745
HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 B, RB		6.38	%		11/15/19		200		168,992
Hopkins (County of) Hospital District; Series 2008, RB		5.50	%		02/15/23		1,805		1,865,847
Houston (City of) Convention & Entertainment Facilities Department;
Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INS–AGM)(d)(i)		0.00	%		09/01/26		8,750		4,793,512
Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INS–AGM)(d)(i)		0.00	%		09/01/27		3,600		1,864,440
Houston (City of);
Series 2004 A, Ref. First Lien Combined Utility System RB (INS–AGM)(d)		5.25	%		05/15/22		15,000		16,143,150
Series 2004 A, Ref. First Lien Combined Utility System RB (INS–BHAC)(d)		5.25	%		05/15/23		22,500		24,214,725
Series 2004 A, Ref. First Lien Combined Utility System RB (INS–NATL)(d)		5.25	%		05/15/25		5,000		5,351,850
Series 2012, Ref. Floating Rate First Lien Combined Utility System RB(b)(e)		0.92	%		06/01/17		4,000		4,000,000
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);
Series 2011 A, RB		6.50	%		05/15/31		1,740		2,083,911
Series 2011 A, RB		6.88	%		05/15/41		1,700		2,075,785
Houston Independent School District; Series 2008, Schoolhouse Limited Tax GO Bonds (CEP–Texas Permanent School Fund)		5.00	%		02/15/26		6,875		7,985,656
Love Field Airport Modernization Corp. (Southwest Airlines Co.); Series 2012, Special Facilities RB(c)		5.00	%		11/01/28		2,000		2,152,800
Lubbock Health Facilities Development Corp. (Carillon Senior LifeCare Community); Series 2005 A, Ref. First Mortgage RB		6.63	%		07/01/36		4,000		4,185,720
Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB(b)(c)(e)		6.00	%		08/01/13		5,000		5,242,050
North Texas Tollway Authority;
Series 2008 A, Ref. First Tier System RB		6.00	%		01/01/23		2,000		2,372,120
Series 2008 A, Ref. First Tier System RB		5.63	%		01/01/33		3,500		3,912,055
Series 2008 D, Ref. First Tier System CAB RB (INS–AGC)(d)(i)		0.00	%		01/01/28		12,800		6,591,872
Series 2008 D, Ref. First Tier System CAB RB (INS–AGC)(d)(i)		0.00	%		01/01/29		2,165		1,059,248
Series 2008 D, Ref. First Tier System CAB RB (INS–AGC)(d)(i)		0.00	%		01/01/31		4,710		2,069,998
Series 2008 F, Ref. Second Tier System RB		6.13	%		01/01/31		4,000		4,446,560
Series 2008 L-2, Ref. First Tier System RB(b)(e)		6.00	%		01/01/13		2,000		2,035,720
Nueces River Authority (Corpus Christi);
Series 2005, Ref. Facilities RB (INS–AGM)(d)		5.00	%		07/15/25		2,750		3,019,060
Series 2005, Ref. Facilities RB (INS–AGM)(d)		5.00	%		03/01/27		2,000		2,177,440

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

23        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2009, Retirement Facility RB		6.13	%		11/15/29	$	2,000	$	2,214,160
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); Series 2007, Retirement Facility RB		5.75	%		11/15/37		345		356,544
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.);
Series 2007, Retirement Facility RB		5.00	%		11/15/17		500		553,815
Series 2007, Retirement Facility RB		5.25	%		11/15/37		4,000		4,132,880
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, Retirement Facility RB		5.75	%		02/15/25		2,200		2,206,556
Series 2007, Retirement Facility RB		5.75	%		02/15/29		1,500		1,468,740
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health);
Series 2008 A, Ref. RB (INS–AGC)(d)		5.75	%		07/01/18		2,775		3,036,294
Series 2008 A, Ref. RB (INS–AGC)(d)		6.50	%		07/01/37		4,250		4,996,087
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System); Series 2007 A, Ref. RB		5.00	%		02/15/17		2,700		3,170,637
Tarrant County Health Facilities Development Corp.; Series 1987 B, RB(a)		5.00	%		09/01/15		1,750		1,882,003
Texas (State of) Department of Housing & Community Affairs; Series 1992 C-2, Regular Residual Interest Home Mortgage RB (CEP–GNMA)(c)(j)		13.30	%		07/02/24		425		448,783
Texas (State of) Transportation Commission;
Series 2006 A, First Tier RB		5.00	%		04/01/20		2,000		2,293,300
Series 2008, Mobility Fund Unlimited Tax GO Bonds(f)		5.00	%		04/01/28		4,000		4,736,480
Texas (State of) Turnpike Authority (Central Texas Turnpike System);
Series 2002, First Tier CAB RB (INS–BHAC)(d)(i)		0.00	%		08/15/27		1,000		535,890
Series 2002 A, First Tier RB (INS–AMBAC)(d)		5.50	%		08/15/39		10,000		10,080,700
Texas A&M University System Board of Regents; Series 2009 A, Financing System RB		5.00	%		05/15/25		1,610		1,899,913
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB		6.88	%		12/31/39		5,460		6,568,052
Victoria Independent School District; Series 2008, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund)		5.00	%		02/15/23		1,790		2,106,723
									233,481,474
Utah–0.40%
Provo (City of); Series 1984 A, Electric RB(a)		10.38	%		09/15/15		245		280,628
Salt Lake City (City of) (IHC Hospitals, Inc.); Series 1983, Hospital RB(a)		5.00	%		06/01/15		5,000		5,382,250
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, Charter School RB		5.80	%		06/15/38		600		615,852
Utah Housing Corp.; Series 2008 C-1, Class III, Single Family Mortgage RB(c)		5.70	%		07/01/28		1,910		2,045,343
									8,324,073
Vermont–0.29%
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 A, Mortgage RB		5.38	%		05/01/36		3,550		3,613,083
Vermont (State of) Educational & Health Buildings Financing Agency (St. Michael’s College); Series 2012, RB		5.00	%		10/01/42		2,250		2,487,263
									6,100,346
Virgin Islands–0.19%
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/25		3,600		3,988,440
Virginia–0.76%
Tobacco Settlement Financing Corp.; Series 2005, Asset-Backed RB(a)		5.50	%		06/01/26		895		975,693
Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);
Series 2012, Sr. Lien RB(c)		5.00	%		07/01/27		465		499,731
Series 2012, Sr. Lien RB(c)		5.50	%		01/01/42		3,920		4,336,813

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

24        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Virginia–(continued)
Virginia (State of) Small Business Financing Authority (Express Lanes, LLC);
Series 2012, Sr. Lien RB(c)		5.00	%		07/01/34	$	3,000	$	3,164,580
Series 2012, Sr. Lien RB(c)		5.00	%		01/01/40		2,000		2,094,040
Virginia (State of) Small Business Financing Authority (Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC); Series 2009, RB(l)		8.00	%		07/01/19		900		974,673
Washington (County of) Industrial Development Authority (Mountain States Health Alliance); Series 2009 C, Hospital Facility RB		7.50	%		07/01/29		2,000		2,452,700
White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB		5.30	%		03/01/17		1,219		1,310,157
									15,808,387
Washington–4.41%
Fife (City of); Series 2004, Water & Sewer RB(a)(b)		5.13	%		10/01/12		330		331,353
FYI Properties (Washington State District); Series 2009, Lease RB		5.50	%		06/01/39		1,000		1,129,190
Grant (County of) Public Utility District No. 2; Series 2005 A, Ref. Wanapum Hydroelectric Development RB (INS–NATL)(d)		5.00	%		01/01/38		2,500		2,677,475
Kalispel Tribe of Indians; Series 2008, RB		6.63	%		01/01/28		950		854,706
King (County of) Housing Authority (Egis Housing Program); Series 2007, Capital Fund Program RB (INS–AGM)(c)(d)		5.30	%		06/01/23		1,025		1,085,793
King (County of) Public Hospital District No. 1; Series 2008 A, Limited Tax GO Bonds (INS–AGC)(d)		5.25	%		12/01/28		3,575		4,068,600
Lynnwood (City of) Public Facilities District (Convention Center); Series 2005, RB (INS–AMBAC)(d)		5.00	%		12/01/34		4,140		4,258,114
Seattle (City of);
Series 2003, Ref. Water System RB (INS–NATL)(d)		5.00	%		09/01/20		2,150		2,221,681
Series 2003, Ref. Water System RB(a)(b)		5.00	%		09/01/13		7,850		8,218,793
Series 2003, Ref. Water System RB(a)(b)		5.00	%		09/01/13		10,000		10,478,000
Series 2008, Drainage & Wastewater RB		5.00	%		06/01/25		2,450		2,906,533
Series 2008, Ref. & Improvement Municipal Light & Power RB		5.75	%		04/01/23		2,000		2,465,720
Snohomish (County of) Public Utility District No. 1; Series 2002, Electric RB(a)(b)		5.50	%		12/01/12		2,565		2,598,550
Spokane (City of) Public Facilities District;
Series 2003, Hotel, Motel & Sales Tax Use RB (INS–NATL)(d)		5.75	%		12/01/25		2,000		2,103,520
Series 2003, Hotel, Motel & Sales Tax Use RB (INS–NATL)(d)		5.75	%		12/01/26		2,420		2,541,726
Series 2003, Hotel, Motel & Sales Use Tax RB (INS–NATL)(d)		5.25	%		09/01/33		3,000		3,071,820
Washington (State of) Health Care Facilities Authority (MultiCare Health System);
Series 2004 A, RB (INS–AGM)(d)		5.25	%		08/15/28		1,000		1,110,060
Series 2008 B, RB (INS–AGC)(d)		6.00	%		08/15/39		2,000		2,341,120
Washington (State of) Health Care Facilities Authority (Providence Health); Series 2006 D, RB (INS–AGM)(d)		5.25	%		10/01/33		5,000		5,513,300
Washington (State of) Higher Education Facilities Authority (Whitworth University);
Series 2009, Ref. RB		5.38	%		10/01/29		500		544,760
Series 2009, Ref. RB		5.63	%		10/01/40		1,500		1,629,255
Washington (State of) Housing Finance Commission (Wesley Homes); Series 2008, Non-Profit CR RB(l)		6.00	%		01/01/27		1,100		1,170,422
Washington (State of);
Series 2007 B, Motor Vehicle Fuel Unlimited Tax GO Bonds		5.00	%		07/01/27		2,250		2,619,787
Series 2010 B, Motor Vehicle Fuel Unlimited Tax GO Bonds(f)		5.00	%		08/01/30		21,500		25,932,010
									91,872,288
West Virginia–0.11%
Harrison (County of) Commission (Allegheny Energy); Series 2007 D, Ref. Solid Waste Disposal RB(c)		5.50	%		10/15/37		1,000		1,049,900
Ohio (County of) (Fort Henry Centre Financing District); Series 2007 A, Tax Increment Allocation RB		5.85	%		06/01/34		250		258,437
Pleasants (County of) Commission (Allegheny Energy Supply Co., LLC Pleasants Station); Series 2007 F, Ref. PCR		5.25	%		10/15/37		855		900,982
									2,209,319

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

25        Invesco Municipal Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wisconsin–2.02%
Superior (City of) (Superior Water, Light & Power Co.); Series 2007 A, Ref. Collateralized Utility RB(c)		5.38	%		11/01/21	$	2,000	$	2,175,740
Wisconsin (State of) Health & Educational Facilities Authority (Catholic Residential Services); Series 2007, Ref. RB		5.25	%		05/01/28		1,250		987,350
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance);
Series 2012, RB		5.00	%		06/01/27		6,000		6,638,940
Series 2012, RB		5.00	%		06/01/39		5,000		5,356,300
Wisconsin (State of) Health & Educational Facilities Authority (Meriter Hospital, Inc.);
Series 2011 A, RB		5.50	%		05/01/31		2,000		2,227,860
Series 2011 A, RB		5.75	%		05/01/35		1,000		1,137,640
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB		6.38	%		02/15/29		500		584,455
Series 2009, RB		6.63	%		02/15/39		1,000		1,168,770
Wisconsin (State of) Housing & Economic Development Authority;
Series 2007 C, Home Ownership RB(c)(f)		5.13	%		09/01/28		3,885		4,092,304
Series 2008 A, Home Ownership RB(c)		5.30	%		09/01/23		8,125		8,853,487
Wisconsin (State of);
Series 2009 A, General Fund Annual Appropriation RB		5.38	%		05/01/25		2,355		2,797,740
Series 2009 A, General Fund Annual Appropriation RB		5.63	%		05/01/28		5,000		6,020,200
									42,040,786
Wyoming–0.56%
Campbell (County of) (Basin Electric Power Cooperative); Series 2009 A, Solid Waste Facilities RB		5.75	%		07/15/39		4,000		4,591,400
Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid Waste Disposal RB(c)		5.60	%		12/01/35		2,005		2,132,536
West Park Hospital District (West Park Hospital); Series 2011 A, RB		6.50	%		06/01/31		1,000		1,177,710
Wyoming (State of) Municipal Power Agency;
Series 2008 A, Power Supply RB		5.50	%		01/01/33		2,360		2,640,651
Series 2009 A, Power Supply RB		5.00	%		01/01/36		1,000		1,089,540
									11,631,837
TOTAL INVESTMENTS(n)–107.07% (Cost $2,015,331,208)									2,231,146,184
FLOATING RATE NOTE OBLIGATIONS–(7.96%)
Notes with interest rates ranging from 0.16% to 0.32% at 08/31/12 and contractual maturities of collateral ranging from 05/15/23 to 08/15/42 (See Note 1J)(o)									(165,830,000	)
OTHER ASSETS LESS LIABILITIES–0.89%									18,477,235
NET ASSETS–100.00%								$	2,083,793,419

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
CARS	– Convertible Auction Rate Security
CEP	– Credit Enhancement Provider
Connie Lee	– Connie Lee Insurance, Co.
Conv.	– Convertible
COP	– Certificates of Participation
CR	– Custodial Receipts
Ctfs.	– Certificates
FHA	– Federal Housing Administration
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
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
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
VRD	– Variable Rate Demand

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

26        Invesco Municipal Income 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)	Security subject to the alternative minimum tax.
(d)	Principal and/or interest payments are secured by the bond insurance company listed.
(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2012.
(f)	Underlying security related to Dealer Trusts entered into by the Fund. See Note 1J.
(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, 2012.
(h)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor band, branch or subsidiary.
(i)	Zero coupon bond issued at a discount.
(j)	Current coupon rate for inverse floating rate municipal obligations. This rate resets periodically as the rate on the related security changes. Positions in inverse floating rate municipal obligations have a total value of $18,784,159 which represents 0.90% of Net Assets.
(k)	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, 2012 was $1,926,878, which represented 0.09% 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, 2012 was $11,822,116, which represented 0.57% of the Fund’s Net Assets.
(m)	Security is subject to a shortfall agreement which may require the Trust 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.
(n)	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 Municipal Corp.		9.8	%
National Public Finance Guarantee Corp.		9.5
Assured Guaranty Corp.		9.0
American Municipal Bond Assurance Corp.		5.3

^(o) Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2012, the Fund’s investments with a value of $304,673,949 are held by Dealer Trusts and serve as collateral for the $165,830,000 in floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of August 31, 2012

Revenue Bonds	85.1	%
General Obligation Bonds	9.4
Pre-Refunded Bonds	5.0
Other	0.5

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

27        Invesco Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)

Assets:
Investments, at value (Cost $2,015,331,208)	$	2,231,146,184
Receivable for:
Investments sold		8,262,849
Fund shares sold		3,069,508
Interest		25,468,585
Investment for trustee deferred compensation and retirement plans		24,286
Other assets		85,367
Total assets		2,268,056,779
Liabilities:
Floating rate note obligations		165,830,000
Payable for:
Investments purchased		5,445,105
Fund shares reacquired		1,334,203
Amount due custodian		7,935,385
Dividends		2,810,793
Accrued fees to affiliates		627,917
Accrued other operating expenses		61,877
Trustee deferred compensation and retirement plans		218,080
Total liabilities		184,263,360
Net assets applicable to shares outstanding	$	2,083,793,419
Net assets consist of:
Shares of beneficial interest	$	2,077,949,332
Undistributed net investment income		5,214,826
Undistributed net realized gain (loss)		(215,185,715	)
Unrealized appreciation		215,814,976
	$	2,083,793,419
Net Assets:
Class A	$	1,520,463,236
Class B	$	22,178,891
Class C	$	71,163,525
Class Y	$	469,987,767
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		109,355,309
Class B		1,597,875
Class C		5,137,141
Class Y		33,813,794
Class A:
Net asset value per share	$	13.90
Maximum offering price per share (Net asset value of $13.90 divided by 95.25%)	$	14.59
Class B:
Net asset value and offering price per share	$	13.88
Class C:
Net asset value and offering price per share	$	13.85
Class Y:
Net asset value and offering price per share	$	13.90

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

28        Invesco Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)

Investment income:
Interest	$	53,146,700
Expenses:
Advisory fees		4,786,231
Administrative services fees		222,820
Custodian fees		18,900
Distribution fees:
Class A		1,878,673
Class B		115,299
Class C		348,369
Interest, facilities and maintenance fees		586,603
Transfer agent fees		422,607
Trustees’ and officers’ fees and benefits		68,347
Other		210,137
Total expenses		8,657,986
Less: Expense offset arrangement(s)		(844	)
Net expenses		8,657,142
Net investment income		44,489,558
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(3,015,140	)
Change in net unrealized appreciation of investment securities		35,605,004
Net realized and unrealized gain		32,589,864
Net increase in net assets resulting from operations	$	77,079,422

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

29        Invesco Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)

	August 31,			February 29,
	2012			2012
Operations:
Net investment income	$	44,489,558		$	74,819,222
Net realized gain (loss)		(3,015,140	)		(15,843,629	)
Change in net unrealized appreciation		35,605,004			156,377,525
Net increase in net assets resulting from operations		77,079,422			215,353,118
Distributions to shareholders from net investment income:
Class A		(32,155,929	)		(56,019,120	)
Class B		(407,952	)		(919,419	)
Class C		(1,230,589	)		(2,334,343	)
Class Y		(10,764,928	)		(16,859,745	)
Total distributions from net investment income		(44,559,398	)		(76,132,627	)
Share transactions–net:
Class A		10,598,049			864,065,969
Class B		(1,834,975	)		3,851,281
Class C		1,569,075			24,001,828
Class Y		(14,909,806	)		442,278,679
Net increase (decrease) in net assets resulting from share transactions		(4,577,657	)		1,334,197,757
Net increase in net assets		27,942,367			1,473,418,248
Net assets:
Beginning of period		2,055,851,052			582,432,804
End of period (includes undistributed net investment income of $5,214,826 and $5,284,666, respectively)	$	2,083,793,419		$	2,055,851,052

Notes to Financial Statements

August 31, 2012

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Municipal Income Fund, formerly 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 six 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 to Class A shares. 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 to Class A shares. 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.
	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

30        Invesco Municipal Income Fund

	trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. 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 the 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.
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 the 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

31        Invesco Municipal Income Fund

	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.	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 interests 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.
K.	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, 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 at least June 30, 2013, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit annual fund 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. 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, including litigation expenses; 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 expense limitation.

32        Invesco Municipal Income Fund

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2012, 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, 2012, 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, 2012, 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, 2012, IDI advised the Fund that IDI retained $140,682 in front-end sales commissions from the sale of Class A shares and $120, $12,764 and $150 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, 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, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	2,231,146,184	$	—	$	2,231,146,184

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, 2012, the Fund engaged in securities purchases of $3,000,296.

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, 2012, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $844.

33        Invesco Municipal Income Fund

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.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. 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, 2012 were $166,887,571 and 0.70%, 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 Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 29, 2012, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
February 28, 2014	$	210,390	$	—	$	210,390
February 28, 2015		18,895,779		—		18,895,779
February 29, 2016		71,376,480		—		71,376,480
February 28, 2017		43,046,374		—		43,046,374
February 28, 2018		10,380,389		—		10,380,389
February 28, 2019		21,329,984		—		21,329,984
Not subject to expiration		402,125		40,530,846		40,932,971
	$	165,641,521	$	40,530,846	$	206,172,367

*  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 Tax-Exempt Securities Fund and Invesco Van Kampen Insured Tax Free Income Fund into the Fund and 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.

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, 2012 was $120,418,601 and $143,791,220, 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	$	225,574,380
Aggregate unrealized (depreciation) of investment securities		(6,533,619	)
Net unrealized appreciation of investment securities	$	219,040,761
Cost of investments for tax purposes is $2,012,105,423.

34        Invesco Municipal Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2012(a)						February 29, 2012
	Shares			Amount			Shares			Amount
Sold:
Class A		4,643,165		$	63,860,172			4,377,575		$	59,416,620
Class B		14,041			191,224			42,298			636,368
Class C		418,949			5,741,599			571,079			7,679,862
Class Y		327,589			4,500,720			577,067			9,405,417
Issued as reinvestment of dividends:
Class A		1,403,618			19,315,307			2,635,212			34,626,839
Class B		17,105			234,943			40,462			528,046
Class C		55,389			759,495			112,809			1,471,638
Class Y		366,038			5,038,042			675,853			8,913,822
Automatic conversion of Class B shares to Class A shares:
Class A		67,444			928,506			295,123			3,835,118
Class B		(65,484	)		(928,506	)		(294,735	)		(3,835,118	)
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		(5,354,960	)		(73,505,936	)		(12,285,621	)		(160,333,103	)
Class B		(99,168	)		(1,332,636	)		(288,818	)		(3,742,511	)
Class C		(360,370	)		(4,932,019	)		(901,267	)		(11,675,842	)
Class Y		(1,778,847	)		(24,448,568	)		(3,162,868	)		(41,580,442	)
Net increase (decrease) in share activity		(345,491	)	$	(4,577,657	)		103,783,036		$	1,334,197,757

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% 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 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)

As of the opening 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 (the “Target Funds”) pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of the Target Funds 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 the Target Funds, 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 the Target Funds to the net asset value of the Fund at the close of business on 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 at the close of business on June 3, 2011. Invesco Van Kampen Insured Tax Free Fund’s net assets at that date of $779,459,784, including $19,925,078 of unrealized appreciation and Invesco Tax-Exempt Securities Fund’s net assets at that date of $649,391,259 including $29,511,747 of unrealized appreciation were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $575,797,324 and $2,004,648,367 immediately after the acquisition.

  The proforma results of operations for the year ended February 29, 2012, assuming the reorganization had been completed on March 1, 2011, the beginning of the annual reporting period are as follows:

Net investment income	$	58,050,612
Net realized/unrealized gains		192,837,864
Change in net assets resulting from operations	$	250,888,476

  The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Target Fund that has been included in the Fund’s Statement of Operations since June 6, 2011.

35        Invesco 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
																											average net
																					Ratio of			Ratio of			assets with
					Net gains																expenses			expenses			fee waivers
					(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 08/31/12	$	13.69	$	0.30	$	0.21		$	0.51		$	(0.30	)	$	13.90		3.74	%(d)	$	1,520,463		0.86	%(e)		0.86	%(e)		0.80	%(e)		4.27	%(e)		5	%
Year ended 02/29/12		12.54		0.60		1.17			1.77			(0.62	)		13.69		14.47	(d)		1,486,245		0.90			0.90			0.83			4.58			15
Five months 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
Class B
Six months ended 08/31/12		13.66		0.24		0.22			0.46			(0.24	)		13.88		3.43	(d)		22,179		1.61	(e)		1.61	(e)		1.55	(e)		3.52	(e)		5
Year ended 02/29/12		12.52		0.50		1.16			1.66			(0.52	)		13.66		13.56	(d)		23,656		1.65			1.65			1.58			3.83			15
Five months 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
Class C
Six months ended 08/31/12		13.64		0.24		0.21			0.45			(0.24	)		13.85		3.36	(d)		71,164		1.61	(e)		1.61	(e)		1.55	(e)		3.52	(e)		5
Year ended 02/29/12		12.50		0.50		1.16			1.66			(0.52	)		13.64		13.58	(d)		68,495		1.65			1.65			1.58			3.83			15
Five months 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
Class Y(j)
Six months ended 08/31/12		13.68		0.31		0.22			0.53			(0.31	)		13.90		3.94	(d)		469,988		0.61	(e)		0.61	(e)		0.55	(e)		4.52	(e)		5
Year ended 02/29/12		12.53		0.64		1.16			1.80			(0.65	)		13.68		14.76	(d)		477,455		0.65			0.65			0.58			4.83			15
Five months 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

(a)	Calculated using average shares outstanding.
(b)	For 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 February 29, 2012, the portfolio turnover calculation excludes securities purchased of $1,346,611,089 and sold of $222,312,073 in effort to realign the Fund’s portfolio 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 $1,490,686, $22,872, $69,106, and $471,653 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 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.
(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.

NOTE 12—Subsequent Event

Effective September 24, 2012, the maximum sales charge imposed on Class A shares changed from 4.75% to 4.25%.

36        Invesco 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, 2012 through August 31, 2012.

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	(03/01/12)		(08/31/12)1			Period2		(08/31/12)		Period2		Ratio
A	$	1,000.00	$	1,037.40		$	4.42	$	1,020.87	$	4.38		0.86	%
B		1,000.00		1,034.30			8.26		1,017.09		8.19		1.61
C		1,000.00		1,033.60	��		8.25		1,017.09		8.19		1.61
Y		1,000.00		1,039.40			3.14		1,022.13		3.11		0.61

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2012 through August 31, 2012, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

37        Invesco Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts
(formerly Known as Invesco Van Kampen Municipal Income Fund)

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 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 19-20, 2012, 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, 2012. 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 primarily 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, 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 and on what terms 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. In addition to meetings with Invesco Advisers and fund 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 independent legal 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 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 previously approved by a different board that, at the time, was responsible for overseeing Morgan Stanley and Van Kampen funds, which have become Invesco Funds following the acquisition of the retail mutual fund business of Morgan Stanley. 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 or factor 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 20, 2012, 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 Sub-Committees 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 prior relationship and 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 consistent 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 consistent with the terms of the Fund’s sub-advisory contracts.

38        Invesco Municipal 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 General Municipal Debt Funds Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the first quintile for the three year period and the fourth 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 below the performance of the Index for the one and five year periods and above the Index for the three year period. 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 its 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, 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 and were assisted in their review by a report from the Senior Officer. 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. The Board noted that Invesco Advisers proposes sharing economies of scale in administration expenses by lowering per class administrative fees.

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 for the year ended December 31, 2011. 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 Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board received and accepted information from Invesco Advisers demonstrating that 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.

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 Invesco Advisers proposes sharing economies of scale in administration expenses by lowering per class administrative fees.

  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.

39        Invesco 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 shown below.

     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, 2012, 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 US 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.

SEC file numbers: 811-07890 and 033-66242 VK-MINC-SAR-1 Invesco Distributors, Inc.

Invesco New York Tax Free Income Fund
Effective September 24, 2012, after the close of the reporting period, Invesco Van
Kampen New York Tax Free Income Fund was renamed Invesco New York Tax Free
Income Fund.

Semiannual Report to Shareholders § August 31, 2012

Nasdaq:
A: VNYAX § B: VBNYX § C: VNYCX § Y: VNYYX

2	Fund Information
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, 2/29/12 to 8/31/12, 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	3.86	%
Class B Shares	3.92
Class C Shares	3.54
Class Y Shares	4.06
Barclays Municipal Bond Index▼(Broad Market Index)	2.94
Barclays New York Municipal Index■ (Style-Specific Index)	2.70

Source(s): ^▼Lipper Inc.; ^■ Barclays via FactSet Research Systems Inc.

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

     The Barclays New York Municipal Index is an unmanaged index considered representative 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 New York Tax Free Income Fund

Average Annual Total Returns

As of 8/31/12, including maximum applicable sales charges

							After Taxes
				After			on Distributions
	Before			Taxes on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
Inception (7/29/94)		5.49	%		5.44	%		5.38	%
10 Years		4.29			4.25			4.26
5 Years		4.50			4.50			4.48
1 Year		6.36			6.36			5.69
Class B Shares
Inception (7/29/94)		5.43	%		5.38	%		5.31	%
10 Years		4.39			4.35			4.32
5 Years		5.16			5.15			5.05
1 Year		6.95			6.95			6.15
Class C Shares
Inception (7/29/94)		5.00	%		4.95	%		4.87	%
10 Years		4.03			3.99			3.95
5 Years		4.77			4.77			4.63
1 Year		9.88			9.88			7.77
Class Y Shares
10 Years		4.86	%		4.82	%		4.78	%
5 Years		5.63			5.62			5.48
1 Year		11.99			11.99			9.52

Average Annual Total Returns

As of 6/30/12, the most recent calendar quarter-end, including maximum applicable sales charges

							After Taxes
				After			on Distributions
	Before			Taxes on			and Sale of
	Taxes			Distributions			Fund Shares
Class A Shares
Inception (7/29/94)		5.42	%		5.37	%		5.32	%
10 Years		4.38			4.34			4.35
5 Years		3.77			3.77			3.85
1 Year		6.85			6.85			6.06
Class B Shares
Inception (7/29/94)		5.35	%		5.31	%		5.24	%
10 Years		4.48			4.44			4.40
5 Years		4.45			4.44			4.43
1 Year		7.49			7.49			6.54
Class C Shares
Inception (7/29/94)		4.93	%		4.88	%		4.81	%
10 Years		4.12			4.08			4.04
5 Years		4.04			4.03			3.99
1 Year		10.35			10.35			8.13
Class Y Shares
10 Years		4.94	%		4.90	%		4.86	%
5 Years		4.89			4.88			4.84
1 Year		12.45			12.45			9.88

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 (renamed Invesco 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 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 0.94%, 0.94%, 1.69% and 0.69%, 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.

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

3 Invesco New York Tax Free Income Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

One of our most important responsibilities as independent Trustees of the Invesco Funds is our annual review of the funds’ advisory and sub-advisory contracts with Invesco. This annual review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco has provided as adviser to the Invesco Funds and the reasonableness of the fees that it charges for those services.

     In our roles as Trustees, we spend months reviewing thousands of pages of detailed information that we request from Invesco in connection with our annual review. We focus on the quality and costs of the services to be provided by Invesco and its affiliates. Some of the most important things we look at are fund performance, expenses and fees. All of the Trustees have substantial personal investments in the Invesco Funds complex. We’re fund shareholders just like you.

     We also use information from many independent sources during the review process, including materials provided by the independent Senior Officer of the Invesco Funds, who reports directly to the independent Trustees. We also meet in private sessions with independent legal counsel and review performance and fee data on the Invesco Funds prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field.

     I’m pleased to report that the Invesco Funds Board determined in June that renewing the investment advisory agreement and the sub-advisory contracts with Invesco would serve the best interests of each fund and its shareholders. For more detailed information about our assessment and conclusions with respect to each of the Invesco Funds, visit invesco.com/us, click on the “About Us” section and go to “Legal Information.” Information on the recent investment advisory renewal process can be found by clicking the last item under “Corporate Governance.”

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the 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:

This report contains helpful information about your Fund, including its long-term performance and a complete list of your Fund’s investments as of the close of the reporting period. Additional information, including timely insight and information from many of Invesco’s investment professionals, is available at our website, invesco.com/us. There, you also can access information about your Invesco account at any time.

     Intentional Investing^SM is the science and art of investing with purpose, prudence and diligence – and it’s how Invesco’s investment professionals manage your money every day. This highly disciplined process begins when specialized teams of investment professionals clearly define an investment objective and then establish specific investment strategies to try to achieve that objective. While our investment teams closely monitor economic and market conditions – and issues specific to individual holdings that could affect their value – they maintain a long-term investment perspective. Intentional Investing is also embedding risk controls and processes into every aspect of our business; offering a diverse combination of investment strategies and vehicles designed to meet your needs; and communicating clearly, delivering expert insights from our portfolio managers and other investment professionals, and providing a website full of tools and articles to help you stay informed. However, neither Intentional Investing nor diversification can guarantee a profit or protect against loss.

     If you have questions about your account, please contact an Invesco client services representative at 800 959 4246. If you have an Invesco-related question or comment, feel free 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 New York Tax Free Income Fund

Schedule of Investments

August 31, 2012

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–105.47%
New York–95.00%
Albany (City of) Industrial Development Agency (Albany College of Pharmacy); Series 2004 A, Civic Facility RB		5.63	%		12/01/34	$	1,290	$	1,327,023
Albany (City of) Industrial Development Agency (Albany Law School University); Series 2007 A, Civic Facility RB		5.00	%		07/01/31		1,000		1,036,820
Albany (City of) Industrial Development Agency (St. Peter’s Hospital); Series 2008 D, Civic Facility RB		5.75	%		11/15/27		400		446,216
Albany (County of) Airport Authority; Series 2010 A, Ref. RB (INS–AGM)(a)		5.00	%		12/15/25		500		573,730
Albany Capital Resource Corp. (St. Peter’s Hospital); Series 2011, RB		6.25	%		11/15/38		1,000		1,187,940
Battery Park City Authority; Series 2009 B, Sr. RB		5.00	%		11/01/34		500		614,170
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT CAB RB(b)		0.00	%		07/15/34		3,685		1,216,971
Series 2009, PILOT RB		6.25	%		07/15/40		475		552,506
Series 2009, PILOT RB		6.38	%		07/15/43		475		555,304
Build NYC Resource Corp. (YMCA of Greater New York);
Series 2012, RB		5.00	%		08/01/32		350		397,586
Series 2012, RB		5.00	%		08/01/42		1,250		1,390,962
Chautauqua (County of) Industrial Development Agency (NRG Energy, Inc.–Dunkirk Power LLC); Series 2009, Exempt Facility RB		5.88	%		04/01/42		1,510		1,700,305
Dutchess (County of) Industrial Development Agency (Elant at Fishkill, Inc.); Series 2007 A, Civic Facility RB		5.25	%		01/01/37		365		339,191
East Rochester (Village of) Housing Authority (Woodland Village, Inc.); Series 2006, Ref. Senior Living RB		5.50	%		08/01/33		1,000		996,260
Erie (County of) Industrial Development Agency (City of Buffalo School District); Series 2011 A, School Facility RB(c)		5.25	%		05/01/30		2,850		3,344,390
Essex (County of) Industrial Development Agency (International Paper); Series 2005 A, Ref. Solid Waste Disposal RB(d)		5.20	%		12/01/23		1,100		1,136,839
Hempstead Town Local Development Corp. (Molloy College); Series 2009, RB		5.75	%		07/01/39		1,340		1,525,684
Hudson Yards Infrastructure Corp.; Series 2011 A, RB		5.75	%		02/15/47		875		1,028,151
Islip (Town of) Resource Recovery Agency (1985 Facility); Series 2004 E, RB (INS–AGM)(a)(d)		5.75	%		07/01/22		1,290		1,366,639
Livingston (County of) Industrial Development Agency (Nicholas H. Noyes Memorial Hospital); Series 2005, Civic Facility RB		6.00	%		07/01/30		1,000		1,000,630
Long Island Power Authority;
Series 2000 A, Electric System General CAB RB (INS–AGM)(a)(b)		0.00	%		06/01/18		2,000		1,833,960
Series 2008 A, Electric System General RB (INS–BHAC)(a)		5.50	%		05/01/33		355		417,271
Madison (County of) Industrial Development Agency (Colgate University);
Series 2003 B, RB(e)(f)		5.00	%		07/01/13		500		520,035
Series 2005 A, RB (INS–AMBAC)(a)		5.00	%		07/01/35		750		795,773
Metropolitan Transportation Authority;
Series 2009 B, Dedicated Tax Fund RB		5.25	%		11/15/27		615		723,824
Series 2009 B, Dedicated Tax Fund RB		5.00	%		11/15/34		1,500		1,696,665
Series 2012 D, Ref. RB		5.00	%		11/15/32		685		791,278
Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB		5.50	%		10/01/41		370		411,166
Monroe County Industrial Development Corp. (University of Rochester); Series 2011 A, RB		5.00	%		07/01/36		875		985,635
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement Community RB		6.70	%		01/01/43		1,250		833,713
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, Sr. Asset-Backed RB		5.25	%		06/01/26		1,000		917,620
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997, Special Obligation RB (INS–NATL)(a)(d)		5.75	%		12/01/22		2,000		2,000,700
Series 2010, Special Obligation RB		6.00	%		12/01/42		860		999,475
New York (City of) Industrial Development Agency (Airis JFK I, LLC); Series 2001 A, Airport Facility RB(d)		5.50	%		07/01/28		1,000		1,002,890

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

5        Invesco New York Tax Free Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (City of) Industrial Development Agency (American Civil Liberties Union Foundation, Inc.); Series 2005, VRD Ref. & Improvement Civic Facility RB (LOC–JPMorgan Chase Bank, N.A.)(g)(h)		0.16	%		06/01/35	$	1,200	$	1,200,000
New York (City of) Industrial Development Agency (IAC/InterActive Corp.); Series 2005, Liberty RB		5.00	%		09/01/35		1,515		1,544,891
New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS–ACA)(a)		5.25	%		11/01/37		1,300		1,397,006
New York (City of) Industrial Development Agency (Terminal One Group Association, L.P.);
Series 2005, Special Facility RB(d)(e)(i)		5.50	%		01/01/16		2,000		2,157,400
Series 2005, Special Facility RB(d)(e)(i)		5.50	%		01/01/16		2,000		2,111,180
New York (City of) Municipal Water Finance Authority;
Series 2005 D, Water & Sewer System RB(c)		5.00	%		06/15/37		4,000		4,415,000
Series 2007, VRD Second General Water & Sewer System RB(g)		0.15	%		06/15/33		6,700		6,700,000
Series 2009 FF-2, Water & Sewer System RB		5.50	%		06/15/40		2,000		2,352,620
New York (City of) Transitional Finance Authority;
Series 2008 S-1, Building Aid RB		5.50	%		07/15/38		500		571,015
Series 2008 S-2, Building Aid RB		6.00	%		07/15/33		850		1,012,791
Series 2009 A, Future Tax Sec. RB(c)		5.00	%		05/01/28		755		896,986
Series 2009 A, Future Tax Sec. RB(c)		5.00	%		05/01/29		605		719,859
Series 2009 A, Future Tax Sec. RB(c)		5.00	%		05/01/30		605		704,801
Series 2009 S-3, Building Aid RB(c)		5.25	%		01/15/27		1,310		1,551,878
Series 2009 S-3, Building Aid RB(c)		5.25	%		01/15/39		1,000		1,127,420
Series 2009 S-5, Building Aid RB		5.00	%		01/15/31		595		679,657
Subseries 2011 E, Future Tax Sec. RB		5.00	%		11/01/24		660		803,042
New York (City of) Trust for Cultural Resources (American Museum of Natural History); Series 2004 A, Ref. RB (INS–NATL)(a)(c)		5.00	%		07/01/44		960		1,024,128
New York (City of) Trust for Cultural Resources (Carnegie Hall); Series 2009 A, RB		5.00	%		12/01/39		850		939,862
New York (City of) Trust for Cultural Resources (The Museum of Modern Art); Series 2008 1A, Ref. RB		5.00	%		04/01/31		800		924,512
New York (City of);
Subseries 1993 A-8, VRD Unlimited Tax GO Bonds (LOC–JPMorgan Chase Bank, N.A.)(g)(h)		0.18	%		08/01/17		3,400		3,400,000
Subseries 1993 E-2, VRD Unlimited Tax GO Bonds (LOC–JPMorgan Chase Bank, N.A.)(g)(h)		0.16	%		08/01/20		2,000		2,000,000
Subseries 2008 F-1, Unlimited Tax GO Bonds		5.50	%		11/15/28		1,750		2,114,700
Subseries 2008 G-1, Unlimited Tax GO Bonds		6.25	%		12/15/35		400		501,456
Subseries 2008 I-1, Unlimited Tax GO Bonds		5.00	%		02/01/25		405		471,481
New York (State of) Dormitory Authority (Brooklyn Law School);
Series 2003 B, RB(e)(f)		5.38	%		07/01/13		1,000		1,042,070
Series 2009, RB		5.75	%		07/01/33		660		759,693
Series 2012 A, RB		5.00	%		07/01/26		1,000		1,160,860
New York (State of) Dormitory Authority (Catholic Health Services of Long Island–St. Francis Hospital); Series 2004, RB		5.00	%		07/01/27		2,000		2,048,800
New York (State of) Dormitory Authority (City of New York);
Series 2005 A, Court Facilities Lease RB (INS–AMBAC)(a)		5.50	%		05/15/27		710		922,240
Series 2005 A, Court Facilities Lease RB (INS–AMBAC)(a)		5.50	%		05/15/30		750		998,077
Series 2005 A, Court Facilities Lease RB (INS–AMBAC)(a)		5.50	%		05/15/31		555		742,496
New York (State of) Dormitory Authority (Columbia University); Series 2011 A, RB		5.00	%		10/01/41		510		591,901
New York (State of) Dormitory Authority (Cornell University); Series 2006 A, RB(c)		5.00	%		07/01/35		4,725		5,365,190
New York (State of) Dormitory Authority (Education); Series 2008 B, State Personal Income Tax RB		5.75	%		03/15/36		1,000		1,218,360
New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); Series 2007, RB (INS–NATL)(a)		5.25	%		07/01/28		935		1,103,113

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

6        Invesco New York Tax Free Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (State of) Dormitory Authority (Fordham University);
Series 2008 B, RB (INS–AGC)(a)		5.00	%		07/01/33	$	500	$	550,460
Series 2011 A, RB		5.13	%		07/01/29		500		581,680
New York (State of) Dormitory Authority (Manhattan College); Series 2007 A, RB (INS–Radian)(a)		5.00	%		07/01/41		1,150		1,172,655
New York (State of) Dormitory Authority (Marymount Manhattan College); Series 2009, RB		5.25	%		07/01/29		1,000		1,070,030
New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 1998, RB (INS–NATL)(a)		5.50	%		07/01/23		1,250		1,601,175
New York (State of) Dormitory Authority (Miriam Osborn Memorial Home Association); Series 2000 B, RB (INS–ACA)(a)		6.38	%		07/01/29		750		750,938
New York (State of) Dormitory Authority (Montefiore Medical Center); Series 2004, Hospital RB (INS–NATL)(a)		5.00	%		08/01/29		1,000		1,072,250
New York (State of) Dormitory Authority (Mount Sinai Hospital Obligated Group); Series 2011 A, RB		5.00	%		07/01/31		875		970,086
New York (State of) Dormitory Authority (Mount Sinai School of Medicine of New York University); Series 2009, RB		5.13	%		07/01/39		1,250		1,380,037
New York (State of) Dormitory Authority (New York State Rehabilitation Association Pooled Loan Program No. 1); Series 2001 A, RB (INS–AMBAC)(a)		5.50	%		07/01/15		960		973,344
New York (State of) Dormitory Authority (New York University Hospitals Center); Series 2011 A, RB		6.00	%		07/01/40		1,500		1,764,450
New York (State of) Dormitory Authority (New York University); Series 2001 1, RB (INS–BHAC)(a)		5.50	%		07/01/31		1,070		1,408,869
New York (State of) Dormitory Authority (North Shore–Long Island Jewish Obligated Group);
Series 2009 A, RB		5.50	%		05/01/37		1,250		1,423,325
Subseries 2005 A, RB		5.00	%		11/01/26		750		805,725
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2008, RB		6.50	%		12/01/21		1,000		1,148,880
Series 2008, RB		6.13	%		12/01/29		500		549,505
New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2010, RB		5.00	%		07/01/40		1,250		1,393,287
New York (State of) Dormitory Authority (Rockefeller University); Series 2010 A, RB		5.00	%		07/01/41		775		893,854
New York (State of) Dormitory Authority (School Districts Financing Program);
Series 2002 C, RB (INS–NATL)(a)		5.25	%		04/01/21		1,000		1,003,630
Series 2002 E, RB (INS–NATL)(a)		5.50	%		10/01/17		1,000		1,003,840
Series 2008 C, RB		7.50	%		04/01/39		2,000		2,505,200
Series 2008 D, RB (INS–AGC)(a)		5.75	%		10/01/24		500		601,645
Series 2009 C, RB (INS–AGC)(a)		5.00	%		10/01/24		1,500		1,741,500
New York (State of) Dormitory Authority (St. John’s University); Series 2012 B, RB		5.00	%		07/01/30		1,220		1,422,447
New York (State of) Dormitory Authority (St. Joseph’s College); Series 2010, RB		5.25	%		07/01/35		500		556,035
New York (State of) Dormitory Authority (State University Educational Facilities); Series 1993 A, RB		5.25	%		05/15/15		2,000		2,183,300
New York (State of) Dormitory Authority (Suffolk County); Series 1986, Judicial Facilities Lease RB(f)		7.38	%		07/01/16		1,200		1,374,792
New York (State of) Dormitory Authority (The New School);
Series 2010, RB		5.50	%		07/01/40		1,245		1,425,712
Series 2011, Ref. RB		5.00	%		07/01/31		750		850,973
New York (State of) Dormitory Authority (Vassar College); Series 2007, RB		5.00	%		07/01/46		925		996,613
New York (State of) Dormitory Authority (Winthrop South Nassau University Health System Obligated Group); Series 2003 B, RB		5.50	%		07/01/23		750		762,300
New York (State of) Dormitory Authority;
Series 1996 B, City University System Consolidated RB		6.00	%		07/01/14		345		364,306
Series 2007 A, Mental Health Services Facilities Improvement RB (INS–AGM)(a)		5.00	%		02/15/27		1,000		1,093,950
Series 2008 C, Mental Health Services Facilities Improvement RB (INS–AGM)(a)(d)		5.25	%		02/15/28		2,000		2,177,120
New York (State of) Energy Research & Development Authority (Brooklyn Union Gas Co.); Series 1991 B, Gas Facilities Residual Interest RB(d)(j)		13.27	%		07/01/26		1,200		1,211,328
New York (State of) Power Authority; Series 2011 A, RB		5.00	%		11/15/38		730		845,690

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

7        Invesco New York Tax Free Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (State of) Thruway Authority;
Series 2008 B, Second General Highway & Bridge Trust Fund RB		5.00	%		04/01/25	$	500	$	578,155
Series 2009 B, Second General Highway & Bridge Trust Fund RB		5.00	%		04/01/29		500		575,595
Series 2012 I, General RB		5.00	%		01/01/42		610		686,171
New York City Health & Hospital Corp.; Series 2003 A, Health System RB (INS–AMBAC)(a)		5.25	%		02/15/22		1,000		1,020,700
New York City Housing Development Corp. (East Midtown); Series 1978, MFH RB(k)		6.50	%		11/15/18		1,074		1,130,316
New York City Housing Development Corp. (Ruppert); Series 1978, MFH RB(k)		6.50	%		11/15/18		1,128		1,186,512
New York City Housing Development Corp.; Series 2005 K, MFH RB(d)		5.00	%		11/01/37		1,000		1,026,570
New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. Liberty RB		5.00	%		11/15/31		875		1,005,331
New York 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		1,396,339
New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB (Acquired 08/07/06; Cost $636,422)(k)(l)		6.13	%		02/15/19		750		8
New York State Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2011 B, State Clean Water & Drinking Water Revolving Funds RB		5.00	%		06/15/31		1,430		1,707,348
New York State Environmental Facilities Corp. (Pooled Financing Program); Series 2005 B, State Clean Water & Drinking Water Revolving Funds RB		5.50	%		04/15/35		310		446,598
New York State Urban Development Corp.;
Series 1993 A, Ref. Correctional Facilities RB		5.50	%		01/01/14		205		211,835
Series 2008 B, Ref. Service Contract RB		5.25	%		01/01/24		750		885,593
North Syracuse Central School District; Series 2007, Ref. Unlimited Tax GO Bonds (INS–NATL)(a)		5.00	%		06/15/23		935		1,158,110
Oneida (County of) Industrial Development Agency (St. Elizabeth Medical Center Facility); Series 1999 A, Civic Facility RB		5.88	%		12/01/29		995		995,637
Onondaga Civic Development Corp. (Le Moyne College); Series 2010, RB		5.38	%		07/01/40		1,065		1,164,460
Rensselaer (County of) Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR (LOC–JPMorgan Chase Bank, N.A.)(d)(h)		5.38	%		12/01/36		1,000		1,031,960
Rockland (County of) Solid Waste Management Authority; Series 2003 B, RB (INS–AMBAC)(a)(d)		5.00	%		12/15/23		1,000		1,021,990
Rockland (County of); Series 2012, Limited Tax TAN		2.50	%		03/06/13		440		441,698
Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, RB(d)(e)(i)(k)		6.63	%		10/01/13		850		861,484
Suffolk (County of) Industrial Development Agency (Eastern Long Island Hospital Association); Series 2007, Civic Facility RB(k)		5.38	%		01/01/27		1,295		1,267,688
Suffolk (County of) Industrial Development Agency (Family Service League of Suffolk County, Inc.); Series 2004, Civic Facility RB(e)(f)		5.00	%		11/01/14		825		844,586
Suffolk (County of) Industrial Development Agency (Jefferson’s Ferry); Series 2006, Ref. First Mortgage Continuing Care Retirement Community RB		5.00	%		11/01/28		1,000		1,022,630
Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB		6.00	%		12/01/40		465		516,141
Syracuse (City of) Industrial Development Agency (Jewish Home of Central New York, Inc.); Series 2001 A, First Mortgage RB		7.38	%		03/01/21		230		229,213
Syracuse (City of); Series 2011 A, Airport Terminal Security & Access Improvement Unlimited Tax GO Bonds(d)		5.00	%		11/01/36		1,000		1,079,640
Tompkins (County of) Industrial Development Agency (Cornell University); Series 2008 A, Civic Facility RB		5.00	%		07/01/37		250		284,945
Triborough Bridge & Tunnel Authority; Series 2008, General Purpose RB		4.75	%		11/15/29		200		225,200
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); Series 2010 A, RB		5.00	%		09/01/30		1,250		1,411,000
TSASC, Inc.; Series 2006 1, Tobacco Settlement Asset-Backed RB		5.13	%		06/01/42		540		397,850
Ulster (County of) Resource Recovery Agency;
Series 2002, Ref. RB(e)(f)		5.25	%		03/01/13		800		820,240
Series 2002, Ref. RB (INS–AMBAC)(a)		5.25	%		03/01/18		200		203,942

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

8        Invesco New York Tax Free Income Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
United Nations Development Corp.;
Series 2009 A, Ref. RB		5.00	%		07/01/25	$	1,000	$	1,142,270
Series 2009 A, Ref. RB		5.00	%		07/01/26		810		920,913
Utica (City of) Industrial Development Agency (Utica College); Series 1998 A, RB		5.75	%		08/01/28		270		270,181
Westchester (County of) Industrial Development Agency (Guiding Eyes For The Blind, Inc.); Series 2004, Civic Facility RB		5.38	%		08/01/24		1,000		1,047,610
Westchester Tobacco Asset Securitization Corp.; Series 2005, Tobacco Settlement Asset-Backed RB		5.13	%		06/01/45		1,250		1,029,562
Yonkers Economic Development Corp. (Charter School of Educational Excellence); Series 2010 A, Educational RB		6.25	%		10/15/40		1,000		1,045,861
									166,864,620
Puerto Rico–6.82%
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, Sr. Lien RB		6.00	%		07/01/38		1,300		1,385,592
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2008 WW, RB		5.50	%		07/01/21		1,000		1,108,550
Series 2008 WW, RB		5.25	%		07/01/33		1,000		1,052,450
Series 2010 XX, RB		5.75	%		07/01/36		500		548,275
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 1993 X, Ref. RB(f)		5.50	%		07/01/15		1,535		1,705,032
Puerto Rico (Commonwealth of) Industrial Tourist Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); Series 2012, Ref. RB		5.13	%		04/01/32		750		763,897
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS–AMBAC)(a)		5.50	%		07/01/27		675		760,340
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, CAB RB(b)		0.00	%		08/01/34		1,000		301,570
First Subseries 2010 A, RB		5.38	%		08/01/39		530		567,397
Series 2011 C, RB		5.00	%		08/01/40		3,500		3,794,350
									11,987,453
Guam–1.94%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB		5.63	%		12/01/29		135		151,796
Series 2009 A, Limited Obligation RB		5.75	%		12/01/34		1,250		1,405,225
Guam (Territory of) Power Authority; Series 2010 A, RB		5.50	%		10/01/40		450		471,033
Guam (Territory of) Waterworks Authority; Series 2010, Water & Wastewater System RB		5.63	%		07/01/40		740		760,298
Guam (Territory of); Series 2011 A, Business Privilege Tax RB		5.25	%		01/01/36		550		621,137
									3,409,489
Virgin Islands–1.71%
Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); Series 1999 A, RB		6.38	%		10/01/19		915		918,075
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note–Diageo); Series 2009 A, Sub. RB		6.63	%		10/01/29		845		995,435
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/29		1,000		1,092,640
									3,006,150
TOTAL INVESTMENTS(m)–105.47% (Cost $170,353,856)									185,267,712
FLOATING RATE NOTE OBLIGATIONS–(6.36%)
Notes with interest rates ranging from 0.16% to 0.24% at 08/31/2012 and contractual maturities of collateral ranging from 01/15/27 to 07/01/44 (See Note 1J)(n)									(11,175,000	)
OTHER ASSETS LESS LIABILITIES–0.89%									1,559,127
NET ASSETS–100.00%								$	175,651,839

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

9        Invesco New York Tax Free Income Fund

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
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
MFH	– Multi-Family Housing
NATL	– National Public Finance Guarantee Corp.
PILOT	– Payment-in-Lieu-of-Tax
Radian	– Radian Asset Assurance, Inc.
RB	– Revenue Bonds
Ref.	– Refunding
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
TAN	– Tax Anticipation Notes
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)	Underlying security related to Dealer Trusts entered into by the Fund. See Note 1J.
(d)	Security subject to the alternative minimum tax.
(e)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(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, 2012.
(h)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(i)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2012.
(j)	Current coupon rate for an inverse floating rate municipal obligation. This rate resets periodically as the rate on the related security changes. Positions in an inverse floating rate municipal obligation have a total value of $1,211,328 which represents 0.69% of the Fund’s Net Assets.
(k)	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, 2012 was $4,446,008, which represented 2.53% of the Fund’s Net Assets.
(l)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at August 31, 2012 represented less than 1% 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.

Entity	Percentage
National Public Finance Guarantee Corp.		5.4	%

⁽ⁿ⁾ Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2012. At August 31, 2012, the Fund’s investments with a value of $19,149,652 are held by Dealer Trusts and serve as collateral for the $11,175,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of August 31, 2012

Revenue Bonds	86.3	%
Other	7.2
Pre-refunded Bonds	3.4
General Obligation Bonds	3.1

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

10        Invesco New York Tax Free Income Fund

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)

Assets:
Investments, at value (Cost $170,353,856)	$	185,267,712
Receivable for:
Fund shares sold		508,558
Interest		1,876,372
Investment for trustee deferred compensation and retirement plans		10,522
Other assets		8,069
Total assets		187,671,233
Liabilities:
Floating rate note obligations		11,175,000
Payable for:
Fund shares reacquired		81,821
Amount due custodian		309,700
Dividends		267,281
Accrued fees to affiliates		76,359
Accrued other operating expenses		30,152
Trustee deferred compensation and retirement plans		79,081
Total liabilities		12,019,394
Net assets applicable to shares outstanding	$	175,651,839
Net assets consist of:
Shares of beneficial interest	$	168,233,303
Undistributed net investment income		295,626
Undistributed net realized gain (loss)		(7,790,946	)
Unrealized appreciation		14,913,856
	$	175,651,839
Net Assets:
Class A	$	141,560,051
Class B	$	4,685,385
Class C	$	20,703,743
Class Y	$	8,702,660
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		8,634,709
Class B		285,224
Class C		1,264,125
Class Y		531,360
Class A:
Net asset value per share	$	16.39
Maximum offering price per share
(Net asset value of $16.39 divided by 95.25%)	$	17.21
Class B:
Net asset value and offering price per share	$	16.43
Class C:
Net asset value and offering price per share	$	16.38
Class Y:
Net asset value and offering price per share	$	16.38

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

11        Invesco New York Tax Free Income Fund

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)

Investment income:
Interest	$	4,177,786
Expenses:
Advisory fees		402,852
Administrative services fees		25,205
Custodian fees		1,971
Distribution fees:
Class A		173,264
Class B		6,339
Class C		97,860
Interest, facilities and maintenance fees		42,489
Transfer agent fees		30,679
Trustees’ and officers’ fees and benefits		18,287
Other		23,129
Total expenses		822,075
Less: Fees waived and expense offset arrangement(s)		(140,894	)
Net expenses		681,181
Net investment income		3,496,605
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(51,856	)
Change in net unrealized appreciation of investment securities		3,100,803
Net realized and unrealized gain		3,048,947
Net increase in net assets resulting from operations	$	6,545,552

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

12        Invesco New York Tax Free Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)

	August 31,			February 29,
	2012			2012
Operations:
Net investment income	$	3,496,605		$	6,446,855
Net realized gain (loss)		(51,856	)		(538,121	)
Change in net unrealized appreciation		3,100,803			13,449,220
Net increase in net assets resulting from operations		6,545,552			19,357,954
Distributions to shareholders from net investment income:
Class A		(2,976,067	)		(5,216,937	)
Class B		(109,099	)		(282,032	)
Class C		(345,669	)		(662,947	)
Class Y		(185,433	)		(242,433	)
Total distributions from net investment income		(3,616,268	)		(6,404,349	)
Share transactions–net:
Class A		2,124,482			59,962,476
Class B		(944,049	)		(2,211,373	)
Class C		1,824,966			221,718
Class Y		1,779,419			6,362,303
Net increase in net assets resulting from share transactions		4,784,818			64,335,124
Net increase in net assets		7,714,102			77,288,729
Net assets:
Beginning of period		167,937,737			90,649,008
End of period (includes undistributed net investment income of $295,626 and $415,289, respectively)	$	175,651,839		$	167,937,737

Notes to Financial Statements

August 31, 2012

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco New York Tax Free Income Fund, formerly 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 six 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 taxes, 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 to Class A shares. 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 to Class A shares. 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.

13        Invesco New York Tax Free Income 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. 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 the 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. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares were charged to the operations of such class.
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 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 the 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.	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.
K.	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	.47%
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, 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, 2012, the Adviser has contractually agreed, through at least June 30, 2013, 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 1.50%, 2.25%, 2.25% and 1.25% of average daily net assets, respectively. Prior to July 1, 2012, the Adviser had

15        Invesco New York Tax Free Income Fund

contractually 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 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 determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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, including litigation expenses; 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 expense limitation.

  In addition, the Adviser had contractually agreed through June 30, 2012, to waive advisory fees equal to 0.25% of the Fund’s average daily net assets.

  For the six months ended August 31, 2012, the Adviser waived advisory fees of $140,717.

  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, 2012, 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, 2012, 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, 2012, 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, 2012, IDI advised the Fund that IDI retained $9,325 in front-end sales commissions from the sale of Class A shares and $5,810, $3,702 and $418 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, 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, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	185,267,712	$	—	$	185,267,712

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the six months ended August 31, 2012, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $177.

16        Invesco New York Tax Free Income Fund

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.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. 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, 2012 were $11,225,000 and 0.75%, 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 Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 29, 2012, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
February 28, 2017	$	2,489,228	$	—	$	2,489,228
February 28, 2018		3,515,499		—		3,515,499
February 28, 2019		896,118		—		896,118
	$	6,900,845	$	—	$	6,900,845

*  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 New York Tax-Free Income Fund into the Fund and 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.

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, 2012 was $7,888,566 and $6,426,431, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	16,277,656
Aggregate unrealized (depreciation) of investment securities		(1,270,784	)
Net unrealized appreciation of investment securities	$	15,006,872
Cost of investments for tax purposes is $170,260,840.

17        Invesco New York Tax Free Income Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2012(a)						February 29, 2012
	Shares			Amount			Shares			Amount
Sold:
Class A		697,848		$	11,285,910			767,412		$	12,196,212
Class B		202			3,265			6,454			99,553
Class C		153,503			2,479,213			149,905			2,330,789
Class Y		125,044			2,029,405			434			31,994
Issued as reinvestment of dividends:
Class A		114,698			1,857,256			212,489			3,147,601
Class B		4,462			72,340			12,440			187,695
Class C		12,685			205,261			26,809			395,403
Class Y		6,732			108,924			10,341			153,118
Automatic conversion of Class B shares to Class A shares:
Class A		36,770			593,283			98,022			1,499,505
Class B		(36,701	)		(593,283	)		(98,131	)		(1,499,505	)
Issued in connection with acquisitions:(b)
Class A		—			—			4,030,206			60,821,743
Class Y		—			—			464,211			6,997,416
Reacquired:
Class A		(719,712	)		(11,611,967	)		(1,161,956	)		(17,702,585	)
Class B		(26,374	)		(426,371	)		(65,543	)		(999,116	)
Class C		(53,216	)		(859,508	)		(165,314	)		(2,504,474	)
Class Y		(22,301	)		(358,910	)		(53,762	)		(820,225	)
Net increase in share activity		293,640		$	4,784,818			4,234,017		$	64,335,124

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% 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 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)

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 Fund (the “Target Fund”), pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of the Target Fund on April 14, 2011. The acquisition was accomplished by a tax-free exchange of 4,494,417 shares of the Fund for 6,361,658 shares outstanding of the Target Fund as of the close of business on June 3, 2011. Class A and Class Y shares of the Target Fund were exchanged for the like class of shares of the Fund based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, June 3, 2011. Class B and Class C Shares of the Target Fund were exchanged for Class A Shares of the Fund based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, June 3, 2011. The Target Fund’s net assets at that date of $67,819,159, including $2,215,285 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $89,339,574 and $157,158,733 immediately after the acquisition.

  The pro forma results of operation for the year ended February 29, 2012 assuming the reorganization had been completed on March 1, 2011, the beginning of the annual reporting period are as follows:

Net investment income	$	7,236,219
Net realized/unrealized gains		14,980,917
Change in net assets resulting from operations	$	22,217,136

  The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Fund’s Statement of Operations since June 6, 2011.

18        Invesco 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.

																																	Ratio of
																																	expenses
																																	to average net
																											Ratio of			Ratio of			assets with
					Net gains																						expenses			expenses			fee waiver
					(losses)																						to average			to average net			(excluding			Ratio of net
	Net asset				on securities						Dividends			Distributions													net assets			assets without			interest,			investment
	value,		Net		(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			facilities and			income
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			maintenance			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			gains			distributions			of period		return			(000s omitted)		absorbed			absorbed			fees)(b)			net assets			turnover(c)
Class A
Six months ended 08/31/12	$	16.12	$	0.34	$	0.28		$	0.62		$	(0.35	)	$	—		$	(0.35	)	$	16.39		3.86	%(d)	$	141,560		0.73	%(e)		0.89	%(e)		0.68	%(e)		4.14	%(e)		4	%
Year ended 02/29/12		14.66		0.71		1.46			2.17			(0.71	)		—			(0.71	)		16.12		15.16	(d)		137,064		0.69			0.94			0.65			4.64			18
Five months ended 02/28/11		15.78		0.30		(1.12	)		(0.82	)		(0.30	)		—			(0.30	)		14.66		(5.25	)(d)		66,813		0.68	(f)		0.93	(f)		0.66	(f)		4.86	(f)		10
Year ended 09/30/10		15.40		0.70		0.39			1.09			(0.71	)		—			(0.71	)		15.78		7.32	(d)		74,722		0.76			1.01			0.73			4.59			18
Year ended 09/30/09		14.31		0.70		1.10			1.80			(0.71	)		—			(0.71	)		15.40		13.24	(g)		72,726		0.84			1.09			0.78			5.06			32
Year ended 09/30/08		16.01		0.69		(1.66	)		(0.97	)		(0.71	)		(0.02	)		(0.73	)		14.31		(6.32	)(g)		74,376		0.89			1.14			0.73			4.44			34
Year ended 09/30/07		16.47		0.67		(0.43	)		0.24			(0.68	)		(0.02	)		(0.70	)		16.01		1.34	(g)		82,261		0.81			1.06			0.72			4.12			13
Class B
Six months ended 08/31/12		16.15		0.34		0.29			0.63			(0.35	)		—			(0.35	)		16.43		3.92	(d)(h)		4,685		0.73	(e)(h)		0.89	(e)(h)		0.68	(e)(h)		4.14	(e)(h)		4
Year ended 02/29/12		14.62		0.74		1.47			2.21			(0.68	)		—			(0.68	)		16.15		15.49	(d)(h)		5,549		0.48	(h)		0.73	(h)		0.44	(h)		4.85	(h)		18
Five months ended 02/28/11		15.70		0.30		(1.13	)		(0.83	)		(0.25	)		—			(0.25	)		14.62		(5.30	)(d)(h)		7,143		0.77	(f)(h)		1.02	(f)(h)		0.75	(f)(h)		4.77	(f)(h)		10
Year ended 09/30/10		15.35		0.62		0.39			1.01			(0.66	)		—			(0.66	)		15.70		6.76	(d)(h)		8,895		1.26	(h)		1.51	(h)		1.23	(h)		4.09	(h)		18
Year ended 09/30/09		14.27		0.69		1.09			1.78			(0.70	)		—			(0.70	)		15.35		13.13	(i)(j)		11,666		0.92	(j)		1.17	(j)		0.86	(j)		4.99	(j)		32
Year ended 09/30/08		15.97		0.70		(1.65	)		(0.95	)		(0.73	)		(0.02	)		(0.75	)		14.27		(6.22	)(i)(j)		15,016		0.81	(j)		1.06	(j)		0.65	(j)		4.52	(j)		34
Year ended 09/30/07		16.43		0.60		(0.43	)		0.17			(0.61	)		(0.02	)		(0.63	)		15.97		0.95	(i)(j)		20,512		1.23	(j)		1.48	(j)		1.14	(j)		3.69	(j)		13
Class C
Six months ended 08/31/12		16.10		0.28		0.28			0.56			(0.28	)		—			(0.28	)		16.38		3.54	(d)		20,704		1.48	(e)		1.64	(e)		1.43	(e)		3.39	(e)		4
Year ended 02/29/12		14.64		0.59		1.46			2.05			(0.59	)		—			(0.59	)		16.10		14.33	(d)		18,533		1.44			1.69			1.40			3.89			18
Five months ended 02/28/11		15.77		0.25		(1.13	)		(0.88	)		(0.25	)		—			(0.25	)		14.64		(5.62	)(d)		16,684		1.43	(f)		1.68	(f)		1.41	(f)		4.11	(f)		10
Year ended 09/30/10		15.39		0.59		0.38			0.97			(0.59	)		—			(0.59	)		15.77		6.50	(d)		19,049		1.51			1.76			1.48			3.84			18
Year ended 09/30/09		14.29		0.61		1.10			1.71			(0.61	)		—			(0.61	)		15.39		12.51	(j)(k)		19,444		1.50	(j)		1.75	(j)		1.44	(j)		4.40	(j)		32
Year ended 09/30/08		15.99		0.58		(1.67	)		(1.09	)		(0.59	)		(0.02	)		(0.61	)		14.29		(7.04	)(k)		18,644		1.64			1.89			1.48			3.70			34
Year ended 09/30/07		16.45		0.55		(0.43	)		0.12			(0.56	)		(0.02	)		(0.58	)		15.99		0.66	(j)(k)		18,912		1.55	(j)		1.80	(j)		1.46	(j)		3.37	(j)		13
Class Y(l)
Six months ended 08/31/12		16.10		0.36		0.29			0.65			(0.37	)		—			(0.37	)		16.38		4.06	(d)		8,703		0.48	(e)		0.64	(e)		0.43	(e)		4.39	(e)		4
Year ended 02/29/12		14.64		0.76		1.45			2.21			(0.75	)		—			(0.75	)		16.10		15.46	(d)		6,792		0.44			0.69			0.40			4.89			18
Five months ended 02/28/11		15.78		0.32		(1.15	)		(0.83	)		(0.31	)		—			(0.31	)		14.64		(5.27	)(d)		10		0.43	(f)		0.68	(f)		0.41	(f)		5.11	(f)		10
Year ended 09/30/10		15.44		0.25		0.34			0.59			(0.25	)		—			(0.25	)		15.78		3.83	(d)		10		0.51	(f)		0.76	(f)		0.73	(f)		4.77	(f)		18

(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 year ended February 29, 2012, the portfolio turnover calculation excludes the value of securities purchased of $61,546,396 and sold of $9,539,859 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco New York Tax-Free Income 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) of $137,481, $5,030, $19,412 and $8,105 for Class A, Class B, Class C and Class Y, 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)	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%, 0.04%, 0.33% and 0.75% for the six months ended August 31, 2012, the year ended February 29, 2012, five months ended February 28, 2011 and the year ended September 30, 2010, respectively.
(i)	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.
(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)	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.
(l)	Commencement date of June 1, 2010.

NOTE 11—Subsequent Event

Effective September 24, 2012, the maximum sales charge imposed on Class A shares changed from 4.75% to 4.25%.

19        Invesco 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, 2012 through August 31, 2012.

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	(03/01/12)		(08/31/12)1		Period2,3		(08/31/12)		Period2,4		Ratio2
A	$	1,000.00	$	1,038.60	$	3.75	$	1,021.53	$	3.72		0.73	%
B		1,000.00		1,039.20		3.75		1,021.53		3.72		0.73
C		1,000.00		1,035.40		7.59		1,017.74		7.53		1.48
Y		1,000.00		1,040.60		2.47		1,022.79		2.45		0.48

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2012 through August 31, 2012, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. The Fund’s Adviser had contractually agreed to waive advisory fees equal to 0.25% of the Fund’s average daily net assets through June 30, 2012. The annualized expense ratios restated as if this agreement had not been in effect throughout the entire most recent fiscal half year are 0.89%, 0.89%, 1.64% and 0.64% for Class A, Class B, Class C and Class Y 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 $4.57, $4.57, $8.41 and $3.29 for Class A, Class B, Class C and Class Y shares, 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 $4.53, $4.53, $8.34 and $3.26 for Class A, Class B, Class C and Class Y shares, respectively.

20        Invesco New York Tax Free Income Fund

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Approval of Investment Advisory and Sub-Advisory Contracts

(Formerly Known as Invesco Van Kampen New York Tax Free Income Fund)

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 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 19-20, 2012, 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, 2012. 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 primarily 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, 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 and on what terms 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. In addition to meetings with Invesco Advisers and fund 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 independent legal 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 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 previously approved by a different board that, at the time, was responsible for overseeing Morgan Stanley and Van Kampen funds, which have become Invesco Funds following the acquisition of the retail mutual fund business of Morgan Stanley. 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 or factor 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 20, 2012, 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 Sub-Committees 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 prior relationship and 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 consistent 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 consistent 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 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 its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth

21        Invesco New York Tax Free Income Fund

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 and three year periods and below the Index for the five year period. 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 its 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 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 and were assisted in their review by a report from the Senior Officer. 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. The Board noted that Invesco Advisers proposes sharing economies of scale in administration expenses by lowering per class administrative fees.

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 for the year ended December 31, 2011. 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 Invesco Funds. The Board noted that although Invesco Advisers made a profit from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund as a result of fee and expense waivers. The Board received and accepted information from Invesco Advisers demonstrating that 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.

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. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

  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 New York Tax Free Income Fund

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Invesco mailing information

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

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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 shown below.

     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, 2012, 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 US 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.

SEC file numbers: 811-07890 and 033-66242 VK-NYTFI-SAR-1 Invesco Distributors, Inc.

Invesco Tax-Exempt Cash Fund
Semiannual Report to Shareholders ■ August 31, 2012

Nasdaq:

A: ACSXX ■ Investor: TEIXX

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

For the most recent Fund performance and commentary, please visit invesco.com/us.

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:

One of our most important responsibilities as independent Trustees of the Invesco Funds is our annual review of the funds’ advisory and sub-advisory contracts with Invesco. This annual review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco has provided as adviser to the Invesco Funds and the reasonableness of the fees that it charges for those services.

     In our roles as Trustees, we spend months reviewing thousands of pages of detailed information that we request from Invesco in connection with our annual review. We focus on the quality and costs of the services to be provided by Invesco and its affiliates. Some of the most important things we look at are fund performance, expenses and fees. All of the Trustees have substantial personal investments in the Invesco Funds complex. We’re fund shareholders just like you.

     We also use information from many independent sources during the review process, including materials provided by the independent Senior Officer of the Invesco Funds, who reports directly to the independent Trustees. We also meet in private sessions with independent legal counsel and review performance and fee data on the Invesco Funds prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field.

     I’m pleased to report that the Invesco Funds Board determined in June that renewing the investment advisory agreement and the sub-advisory contracts with Invesco would serve the best interests of each fund and its shareholders. For more detailed information about our assessment and conclusions with respect to each of the Invesco Funds, visit invesco.com/us, click on the “About Us” section and go to “Legal Information.” Information on the recent investment advisory renewal process can be found by clicking the last item under “Corporate Governance.”

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the 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:

This report contains helpful information about your Fund, including a complete list of your Fund’s investments as of the close of the reporting period. Additional information, including timely insight and information from many of Invesco’s investment professionals, is available at our website, invesco.com/us. There, you also can access information about your Invesco account at any time.

     Intentional Investing^SM is the science and art of investing with purpose, prudence and diligence – and it’s how Invesco’s investment professionals manage your money every day. This highly disciplined process begins when specialized teams of investment professionals clearly define an investment objective and then establish specific investment strategies to try to achieve that objective. While our investment teams closely monitor economic and market conditions – and issues specific to individual holdings that could affect their value – they maintain a long-term investment perspective. Intentional Investing is also embedding risk controls and processes into every aspect of our business; offering a diverse combination of investment strategies and vehicles designed to meet your needs; and communicating clearly, delivering expert insights from our portfolio managers and other investment professionals, and providing a website full of tools and articles to help you stay informed. However, neither Intentional Investing nor diversification can guarantee a profit or protect against loss.

     If you have questions about your account, please contact an Invesco client services representative at 800 959 4246. If you have an Invesco-related question or comment, feel free 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, 2012

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–98.49%
Alabama–5.51%
Gardendale (City of) (Woodbrook Apartments); Series 2002 D, Ref. VRD MFH RB (CEP–FHLMC)(a)		0.27	%		10/01/32	$	895	$	895,000
Mobile (City of) Alabama Downtown Redevelopment Authority (Austal USA, LLC); Series 2011 A, VRD Gulf Opportunity Zone RB (LOC–National Australia Bank Ltd.)(a)(b)(c)(d)		0.18	%		05/01/41		2,000		2,000,000
									2,895,000
Colorado–9.43%
Bachelor Gulch Metropolitan District; Series 2004, VRD Unlimited Tax GO Bonds (LOC–U.S. Bank, N.A.)(a)(b)		0.19	%		12/01/23		1,000		1,000,000
Colorado (State of) Housing & Finance Authority (Winridge Apartments); Series 1998, Ref. VRD Multi-Family RB (CEP–FNMA)(a)		0.17	%		02/15/28		365		365,000
Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a)		0.20	%		02/01/31		1,585		1,585,000
Southglenn Metropolitan District; Series 2007, VRD Special RB (LOC–BNP Paribas)(a)(b)(c)		1.04	%		12/01/30		2,000		2,000,000
									4,950,000
Connecticut–0.96%
West Hartford (Town of) Series 2004 A, Unlimited Tax GO Bonds(e)(f)		3.50	%		01/15/13		500		506,118
Florida–5.30%
Broward (County of) Educational Facilities Authority (City College, Inc.); Series 2004, VRD RB (LOC–Citibank, N.A.)(a)(b)		0.15	%		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)		0.58	%		10/01/16		710		710,000
Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)		0.17	%		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)		0.17	%		07/01/32		800		800,000
									2,785,000
Georgia–5.62%
Georgia (State of); Series 2002 F, Unlimited Tax GO Bonds(e)(f)		5.00	%		11/01/12		250		251,974
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC–Branch Banking & Trust Co.)(a)(b)		0.16	%		08/01/38		900		900,000
Marietta (City of) Housing Authority (Wood Knoll Apartments); Series 1994, Ref. VRD MFH RB (CEP–FHLMC)(a)		0.17	%		07/01/24		1,200		1,200,000
Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)		0.14	%		09/01/35		600		600,000
									2,951,974
Illinois–3.16%
Illinois (State of) (Illinois Department of Employment Security); Series 2012 A, Unemployment Insurance Fund Building Receipts RB		2.00	%		06/15/13		250		253,367
Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris N.A.)(a)(b)(d)		0.16	%		10/01/17		300		300,000
Illinois (State of) Finance Authority (Ingalls Memorial Hospital); Series 1985 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)		0.19	%		01/01/16		365		365,000
Illinois (State of) Finance Authority (The Children’s Memorial Hospital); Series 2008 C, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)		0.19	%		08/15/25		743		743,000
									1,661,367
Indiana–0.39%
Purdue University; Series 2012 AA, Student Fee RB		1.25	%		07/01/13		200		201,718
Iowa–1.72%
Iowa (State of) Finance Authority (YMCA & Rehabilitation Center); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.20	%		04/01/25		900		900,000

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
Maryland–0.29%
Maryland (State of) (State & Local Facilities Loan of 2009); Series 2009 A, GO Bonds		5.00	%		03/01/13	$	150	$	153,497
Massachusetts–0.68%
Cambridge (City of) (Municipal Purpose Loan of 2005); Series 2005, Limited Tax GO Bonds		4.00	%		01/01/13		350		354,429
Michigan–2.38%
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)		0.18	%		10/15/30		10		10,000
Michigan (State of) Housing Development Authority (Parks of Taylor Apartments); Series 2002 A, VRD Limited Obligation MFH RB (CEP–FNMA)(a)		0.18	%		08/15/32		500		500,000
Michigan State University Board of Trustees; Series 2010 C, Ref. General RB		5.00	%		02/15/13		430		439,367
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		300		300,000
									1,249,367
Minnesota–0.49%
Minnesota (State of) Metropolitan Council (Minneapolis-St. Paul Metro Area); Series 2003 A, Ref. Waste Water Treatment Revenue Unlimited Tax GO Bonds		5.00	%		03/01/13		250		255,822
Missouri–0.95%
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)		0.20	%		09/01/22		500		500,000
New Hampshire–3.76%
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		375		375,000
New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b)		0.18	%		09/01/37		1,600		1,600,000
									1,975,000
New Jersey–1.71%
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
North Carolina–3.50%
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(a)		0.11	%		12/01/21		900		900,000
North Carolina (State of) Capital Facilities Finance Agency (St. Mary’s School); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.18	%		09/01/27		935		935,000
									1,835,000
North Dakota–3.81%
Fargo (City of) (Cass Oil Co.); Series 1984, VRD Commercial Development RB (LOC–U.S. Bank, N.A.)(a)(b)		0.31	%		12/01/14		2,000		2,000,000
Oregon–2.82%
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)		0.14	%		11/01/28		880		880,000
Portland (City of) Housing Authority (New Market West); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.27	%		04/01/34		600		600,000
									1,480,000
Pennsylvania–11.53%
Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)		0.17	%		11/01/30		675		675,000
Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)		0.18	%		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)		0.17	%		10/15/25		600		600,000

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
Pennsylvania–(continued)
Moon (Township of) Industrial Development Authority (Providence Point); Series 2007, VRD First Mortgage RB (LOC–Lloyds TSB Bank PLC)(a)(b)(c)		0.20	%		07/01/38	$	1,582	$	1,582,000
Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)		0.18	%		11/01/29		2,000		2,000,000
									6,057,000
South Carolina–2.57%
South Carolina (State of) Jobs-Economic Development Authority (Heathwood Hall Episcopal School); Series 2001, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.17	%		08/01/29		1,200		1,200,000
South Carolina (State of); Series 2005 A, State Research University Infrastructure Unlimited Tax GO Bonds		5.00	%		11/01/12		150		151,201
									1,351,201
Tennessee–5.55%
Clarksville (City of) Public Building Authority (Tennessee Municipal Bond Fund); Series 1994, VRD Pooled Financing RB (LOC–Bank of America, N.A.)(a)(b)(d)		0.33	%		06/01/24		1,155		1,155,000
Knoxville (City of); Series 2008, Wastewater System RB		4.00	%		04/01/13		570		582,258
Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Vanderbilt University); Series 2000 A, VRD RB(a)		0.16	%		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)		0.16	%		12/15/42		500		500,000
									2,912,258
Texas–4.97%
Angleton Independent School District; Series 2009, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund)		2.50	%		02/15/13		650		656,634
Harris (County of), Texas Health Facilities Development Corp. (Baylor College of Medicine); Series 2008 B, Ref. VRD Hospital RB (LOC–Northern Trust Co.)(a)(b)		0.16	%		11/15/47		900		900,000
Lone Star College System; Series 2012, Ref. Limited Tax GO Bonds		1.50	%		02/15/13		325		326,931
San Antonio (City of); Series 2012, Limited Tax GO Notes		1.50	%		02/01/13		300		301,624
Texas (State of) Public Finance Authority; Series 2008, Ref. Unlimited Tax GO Bonds		5.00	%		10/01/12		425		426,616
									2,611,805
Utah–0.95%
Utah (County of) (IHC Health Services, Inc.); Series 2002 B, VRD Hospital RB(a)		0.18	%		05/15/35		500		500,000
Virginia–4.16%
Richmond (City of); Series 2012 A, Public Improvement Unlimited Tax GO Bonds		2.00	%		03/01/13		680		685,999
Virginia (State of) Small Business Financing Authority (Virginia Museum of Fine Arts Foundation); Series 2005, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.17	%		08/01/35		1,500		1,500,000
									2,185,999
Washington–5.33%
Seattle (Port of) Industrial Development Corp. (Sysco Food Services of Seattle, Inc.); Series 1994, Ref. VRD RB(a)		0.19	%		11/01/25		2,500		2,500,000
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)		0.27	%		11/01/32		300		300,000
									2,800,000
Wisconsin–5.81%
Oneida Tribe of Indians of Wisconsin; Series 2001, VRD Health Facilities RB (LOC–Bank of America, N.A.)(a)(b)		0.25	%		07/01/16		2,500		2,500,000
Wisconsin (State of) Health & Educational Facilities Authority (Three Pillars Senior Living Communities); Series 2004 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)		0.27	%		08/15/34		550		550,000
									3,050,000

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
Wyoming–5.14%
Gillette (City of) (PacifiCorp); Series 1988, Ref. VRD PCR (LOC–Barclays Bank PLC)(a)(b)(c)		0.18	%		01/01/18	$	2,700	$	2,700,000
Total Municipal Obligations (Cost $51,722,555)									51,722,555
Commercial Paper–0.95%
Diversified Banks–0.95%
Mizuho Funding, LLC(b)(c)(d)(g) (Cost $498,887)		0.48	%		02/15/13		500		498,887
TOTAL INVESTMENTS(h)(i)–99.44% (Cost $52,221,442)									52,221,442
OTHER ASSETS LESS LIABILITIES–0.56%									295,413
NET ASSETS–100.00%								$	52,516,855

Investment Abbreviations:

BAN	– Bond Anticipation Notes
CEP	– Credit Enhancement Provider
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

REF	– Refunding
RB	– Revenue Bonds
TAN	– Tax Anticipation Notes
TRAN	– Tax and Revenue Anticipation Notes
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

(a)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2012.
(b)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(c)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: United Kingdom: 8.2%; other countries less than 5% each: 8.6%.
(d)	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, 2012 was $3,953,887, which represented 7.53% of the Fund’s Net Assets.
(e)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(f)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(g)	Security may be traded on a discount basis. The interest rate represents the discount at the time of purchase by the Fund.
(h)	Also represents cost for federal income tax purposes.
(i)	This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Bank of America, N.A.		11.0	%
Wells Fargo, N.A.		9.3
TD Bank, N.A.		9.1
U.S. Bank, N.A.		7.4
FNMA		5.6
Barclays Bank PLC		5.1

Portfolio Composition*

By number of days to maturity, based on Total Investments

as of August 31, 2012

1-7	88.4	%
8-30	0.0
31-60	0.8
61-90	0.8
91-180	5.9
181+	4.1

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

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

7        Invesco Tax-Exempt Cash Fund

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)

Assets:
Investments, at value (Cost $52,221,442)	$	52,221,442
Cash		29,686
Receivable for:
Investments sold		270,022
Fund shares sold		77,087
Interest		54,664
Fund expenses absorbed		5,367
Investment for trustee deferred compensation and retirement plans		41,820
Other assets		28,277
Total assets		52,728,365
Liabilities:
Payable for:
Fund shares reacquired		114,219
Dividends		495
Accrued fees to affiliates		19,696
Accrued other operating expenses		24,401
Trustee deferred compensation and retirement plans		52,699
Total liabilities		211,510
Net assets applicable to shares outstanding	$	52,516,855
Net assets consist of:
Shares of beneficial interest	$	52,555,693
Undistributed net investment income		(20,338	)
Undistributed net realized gain (loss)		(18,500	)
	$	52,516,855
Net Assets:
Class A	$	31,051,590
Class Y	$	12,171,265
Investor Class	$	9,294,000
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		31,081,327
Class Y		12,174,879
Investor Class		9,304,048
Net asset value, offering and redemption price per share for each class	$	1.00

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

8        Invesco Tax-Exempt Cash Fund

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)

Investment income:
Interest	$	66,471
Expenses:
Advisory fees		96,788
Administrative services fees		25,205
Distribution fees – Class A		17,544
Transfer agent fees		39,770
Trustees’ and officers’ fees and benefits		12,641
Registration and filing fees		21,423
Other		(20,674	)
Total expenses		192,697
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(142,945	)
Net expenses		49,752
Net investment income		16,719
Net realized gain from investment securities		79
Net increase in net assets resulting from operations	$	16,798

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

9        Invesco Tax-Exempt Cash Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)

	August 31,			February 29,
	2012			2012
Operations:
Net investment income	$	16,719		$	27,948
Net realized gain		79			1,755
Net increase in net assets resulting from operations		16,798			29,703
Distributions to shareholders from net investment income:
Class A		(10,389	)		(17,653	)
Class Y		(3,415	)		(5,603	)
Investor Class		(2,925	)		(4,692	)
Total distributions from net investment income		(16,729	)		(27,948	)
Share transactions–net:
Class A		(779,804	)		(4,594,252	)
Class Y		(287,777	)		(5,685	)
Investor Class		(227,093	)		(241,687	)
Net increase (decrease) in net assets resulting from share transactions		(1,294,674	)		(4,841,624	)
Net increase (decrease) in net assets		(1,294,605	)		(4,839,869	)
Net assets:
Beginning of period		53,811,460			58,651,329
End of period (includes undistributed net investment income of $(20,338) and $(20,328), respectively)	$	52,516,855		$	53,811,460

Notes to Financial Statements

August 31, 2012

(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 six 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 tax-exempt income consistent with preservation of capital and 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.

10        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 the 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 the 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”) 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, 2012, the Adviser waived advisory fees of $96,788 and reimbursed Fund expenses of $28,506.

11        Invesco Tax-Exempt Cash Fund

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2012, 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, 2012, 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, 2012, the Class A shares paid $0 after IDI waived Plan fees of $17,544.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, 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, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Short-term Investments	$	—	$	52,221,442	$	—	$	52,221,442

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, 2012, the Fund engaged in securities purchases of $12,101,728 and securities sales of $6,800,907, which resulted in net realized gains of $0.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2012, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $107.

12        Invesco Tax-Exempt Cash Fund

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.

NOTE 7—Cash Balances

The Fund is permitted temporarily to overdraft or leave balances in its account with its custodian bank, The Bank of New York Mellon. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. The parties compensate one another for any overdraft or remaining balance in the account by either earning the interest that accrues on the overdrawn or balance amount in the account or by paying the other party a contractually agreed upon fee.

NOTE 8—Tax Information

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

  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 Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 29, 2012, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
February 28, 2013	$	101	$	—	$	101
February 28, 2017		10,203		—		10,203
February 28, 2018		3,681		—		3,681
February 28, 2019		4,594		—		4,594
	$	18,579	$	—	$	18,579

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

13        Invesco Tax-Exempt Cash Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2012(a)						February 29, 2012
	Shares			Amount			Shares			Amount
Sold:
Class A		26,311,883		$	26,311,883			56,736,223		$	56,736,223
Class Y		14,929,483			14,929,483			16,248,802			16,248,802
Investor Class		1,025,503			1,025,503			5,064,736			5,064,736
Issued as reinvestment of dividends:
Class A		9,505			9,505			14,366			14,366
Class Y		3,415			3,415			5,599			5,599
Investor Class		2,913			2,913			4,650			4,650
Reacquired:
Class A		(27,101,192	)		(27,101,192	)		(61,344,841	)		(61,344,841	)
Class Y		(15,220,675	)		(15,220,675	)		(16,260,086	)		(16,260,086	)
Investor Class		(1,255,509	)		(1,255,509	)		(5,311,073	)		(5,311,073	)
Net increase (decrease) in share activity		(1,294,674	)	$	(1,294,674	)		(4,841,624	)	$	(4,841,624	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% 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.

NOTE 10—Financial Highlights

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

																Ratio of			Ratio of
																expenses			expenses
																to average			to average net			Ratio of net
	Net asset					Dividends										net assets			assets without			investment
	value,		Net			from net			Net asset					Net assets,		with fee waivers			fee waivers			income 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)			(000s omitted)		absorbed			absorbed			net assets
Class A
Six months ended 08/31/12	$	1.00	$	0.00	(b)	$	(0.00	)	$	1.00		0.03	%	$	31,052		0.18	%(c)		0.73	%(c)		0.06	%(c)
Year ended 02/29/12		1.00		0.00	(b)		(0.00	)		1.00		0.05			31,831		0.17			0.89			0.05
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
Class Y
Six months ended 08/31/12		1.00		0.00	(b)		(0.00	)		1.00		0.03			12,171		0.18	(c)		0.63	(c)		0.06	(c)
Year ended 02/29/12		1.00		0.00	(b)		(0.00	)		1.00		0.05			12,459		0.17			0.79			0.05
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 08/31/12		1.00		0.00	(b)		(0.00	)		1.00		0.03			9,294		0.18	(c)		0.63	(c)		0.06	(c)
Year ended 02/29/12		1.00		0.00	(b)		(0.00	)		1.00		0.05			9,521		0.17			0.79			0.05
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

(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 $34,802, $10,751 and $9,304 for Class A, Class Y and Investor Class shares, respectively.
(d)	Annualized.
(e)	Commencement date of October 3, 2008.

14        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, 2012 through August 31, 2012.

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	(09/01/11)		(02/29/12)1		Period2		(02/29/12)		Period2		Ratio
A	$	1,000.00	$	1,000.30	$	0.91	$	1,024.30	$	0.92		0.18	%
Y		1,000.00		1,000.30		0.91		1,024.30		0.92		0.18
Investor		1,000.00		1,000.30		0.91		1,024.30		0.92		0.18

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2012 through August 31, 2012, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

15        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 19-20, 2012, 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, 2012. 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 primarily 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, 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 and on what terms 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. In addition to meetings with Invesco Advisers and fund 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 independent legal 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 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 previously approved by a different board that, at the time, was responsible for overseeing Morgan Stanley and Van Kampen funds, which have become Invesco Funds following the acquisition of the retail mutual fund business of Morgan Stanley. 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 or factor 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 20, 2012, 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 Sub-Committees 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 prior relationship and 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 consistent 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 consistent 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 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 its performance universe for the one year period, the second quintile for the three year period and the fourth 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

16        Invesco Tax-Exempt Cash Fund

above the performance of the Index for the one year period and below the Index for the three and five year periods. 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 its 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. The Board noted that Invesco Advisers proposes sharing economies of scale in administration expenses by lowering per class administrative fees.

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 for the year ended December 31, 2011. 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 Invesco Funds. The Board noted that although Invesco Advisers makes a profit on advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund as a result of expenses. The Board received and accepted information from Invesco Advisers demonstrating that 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.

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. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

  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.

17        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/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 shown below.

     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, 2012, 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 US 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.

SEC file numbers:811-07890 and 033-66242 TEC-SAR-1 Invesco Distributors, Inc.

Invesco Tax-Free Intermediate Fund
Semiannual Report to Shareholders § August 31, 2012

Nasdaq:
A: ATFAX § A2: AITFX § Y: ATFYX § Institutional: ATFIX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
32	Financial Statements
34	Notes to Financial Statements
40	Financial Highlights
41	Fund Expenses
42	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, 2/29/12 to 8/31/12, 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	2.02	%
Class A2 Shares	2.15
Class Y Shares	2.06
Institutional Class Shares	2.21
Barclays Municipal Bond Index▼ (Broad Market Index)	2.94
BofA Merrill Lynch 3–7 Year Municipal Index▼ (Style-Specific Index)	1.21
Lipper Intermediate Municipal Debt Funds Index▼ (Peer Group Index)	2.15

Source(s): ^▼Lipper Inc.

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

     The BofA Merrill Lynch 3-7 Year Municipal Index in an unmanaged index comprising bonds with an outstanding par of at least $25 million and maturities of three to 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 8/31/12, including maximum applicable sales charges

							After Taxes
							on Distributions
				After Taxes			and Sale of
	Before Taxes			on Distributions			Fund Shares
Class A Shares
10 Years		3.82	%		3.80	%		3.78	%
5 Years		5.28			5.25			5.02
1 Year		3.53			3.53			3.48
Class A2 Shares
Inception (5/11/87)		5.44	%		5.42	%		5.36	%
10 Years		4.29			4.27			4.23
5 Years		5.87			5.84			5.57
1 Year		5.47			5.47			4.85
Class Y Shares
10 Years		4.38	%		4.36	%		4.31	%
5 Years		6.05			6.02			5.73
1 Year		6.48			6.48			5.53
Institutional Class Shares
10 Years		4.38	%		4.33	%		4.27	%
5 Years		6.08			6.05			5.75
1 Year		6.52			6.52			5.53

Average Annual Total Returns

As of 6/30/12, the most recent calendar quarter-end, including maximum applicable sales charges

							After Taxes
							on Distributions
				After Taxes			and Sale of
	Before Taxes			on Distributions			Fund Shares
Class A Shares
10 Years		3.93	%		3.91	%		3.88	%
5 Years		5.25			5.22			4.99
1 Year		4.65			4.65			4.25
Class A2 Shares
Inception (5/11/87)		5.42	%		5.41	%		5.35	%
10 Years		4.39			4.37			4.32
5 Years		5.84			5.81			5.55
1 Year		6.65			6.65			5.66
Class Y Shares
10 Years		4.49	%		4.47	%		4.41	%
5 Years		6.03			6.01			5.72
1 Year		7.69			7.69			6.35
Institutional Class Shares
10 Years		4.48	%		4.43	%		4.37	%
5 Years		6.02			6.00			5.71
1 Year		7.62			7.62			6.28

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 other-

3 Invesco Tax-Free Intermediate Fund

wise 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 0.40%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 2.50% sales charge. Class A2 share performance reflects the maximum 1.00% sales charge. Class Y and Institutional Class shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

     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 in the past, performance would have been lower.

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

One of our most important responsibilities as independent Trustees of the Invesco Funds is our annual review of the funds’ advisory and sub-advisory contracts with Invesco. This annual review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco has provided as adviser to the Invesco Funds and the reasonableness of the fees that it charges for those services.

     In our roles as Trustees, we spend months reviewing thousands of pages of detailed information that we request from Invesco in connection with our annual review. We focus on the quality and costs of the services to be provided by Invesco and its affiliates. Some of the most important things we look at are fund performance, expenses and fees. All of the Trustees have substantial personal investments in the Invesco Funds complex. We’re fund shareholders just like you.

     We also use information from many independent sources during the review process, including materials provided by the independent Senior Officer of the Invesco Funds, who reports directly to the independent Trustees. We also meet in private sessions with independent legal counsel and review performance and fee data on the Invesco Funds prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field.

     I’m pleased to report that the Invesco Funds Board determined in June that renewing the investment advisory agreement and the sub-advisory contracts with Invesco would serve the best interests of each fund and its shareholders. For more detailed information about our assessment and conclusions with respect to each of the Invesco Funds, visit invesco.com/us, click on the “About Us” section and go to “Legal Information.” Information on the recent investment advisory renewal process can be found by clicking the last item under “Corporate Governance.”

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the 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:

This report contains helpful information about your Fund, including its long-term performance and a complete list of your Fund’s investments as of the close of the reporting period. Additional information, including timely insight and information from many of Invesco’s investment professionals, is available at our website, invesco.com/us. There, you also can access information about your Invesco account at any time.

     Intentional Investing^SM is the science and art of investing with purpose, prudence and diligence – and it’s how Invesco’s investment professionals manage your money every day. This highly disciplined process begins when specialized teams of investment professionals clearly define an investment objective and then establish specific investment strategies to try to achieve that objective. While our investment teams closely monitor economic and market conditions – and issues specific to individual holdings that could affect their value – they maintain a long-term investment perspective. Intentional Investing is also embedding risk controls and processes into every aspect of our business; offering a diverse combination of investment strategies and vehicles designed to meet your needs; and communicating clearly, delivering expert insights from our portfolio managers and other investment professionals, and providing a website full of tools and articles to help you stay informed. However, neither Intentional Investing nor diversification can guarantee a profit or protect against loss.

     If you have questions about your account, please contact an Invesco client services representative at 800 959 4246. If you have an Invesco-related question or comment, feel free 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, 2012

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–99.40%
Alabama–2.84%
Alabama (State of) 21st Century Authority; Series 2012 A, Tobacco Settlement RB		5.00	%		06/01/21	$	1,500	$	1,814,130
Alabama (State of) Public School & College Authority;
Series 2009 A, Ref. Capital Improvement RB		5.00	%		05/01/15		1,000		1,118,710
Series 2009 A, Ref. Capital Improvement RB		5.00	%		05/01/18		1,000		1,212,380
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		2,234,880
Birmingham (City of) Airport Authority;
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/15		1,930		2,055,836
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/16		2,335		2,525,302
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/17		2,465		2,702,922
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/18		1,985		2,202,516
Series 2003 A, Ref. RB (INS–AGM)(c)		4.00	%		07/01/19		1,410		1,577,776
Series 2003 A, Ref. RB (INS–AGM)(c)		4.50	%		07/01/20		1,375		1,567,569
Birmingham (City of) Special Care Facilities Financing Authority (Children’s Hospital);
Series 2009, Health Care Facility RB(a)(d)		4.50	%		06/01/14		990		1,061,300
Series 2009, Health Care Facility RB(a)(d)		4.63	%		06/01/14		750		805,650
Series 2009, Health Care Facility RB(a)(d)		5.00	%		06/01/14		525		567,389
Series 2009, Health Care Facility RB(a)(d)		5.25	%		06/01/14		1,000		1,085,090
Series 2009, Health Care Facility RB(a)(d)		5.75	%		06/01/14		2,000		2,187,620
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		4,115,958
Series 2010 A, Ref. Gulf Opportunity Zone RB (INS–AGC)(c)		4.25	%		08/01/19		3,535		4,140,722
Huntsville (City of) Health Care Authority;
Series 2010 A, RB		4.50	%		06/01/15		1,970		2,130,102
Series 2010 A, RB		5.00	%		06/01/18		2,740		3,142,917
Mobile (City of) Industrial Development Board (Alabama Power Co.–Barry Plant); Series 2007 C, PCR(a)(b)		5.00	%		03/19/15		2,150		2,368,160
Pell City (City of) Special Care Facilities Financing Authority; Series 2012, RB		4.00	%		12/01/13		1,000		1,039,370
									41,656,299
Alaska–0.93%
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		1,192,730
Series 2009 C, Ref. RB		4.00	%		04/01/13		545		552,205
Series 2009 C, Ref. RB		4.25	%		04/01/15		1,025		1,081,180
Alaska (State of) Industrial Development & Export Authority; Series 2010 A, Ref. Revolving Fund RB		5.25	%		04/01/21		765		944,148
Alaska (State of) International Airports System; Series 2006 B, RB (INS–NATL)(c)		5.00	%		10/01/27		1,135		1,285,251
Alaska (State of) Municipal Bond Bank Authority; Series 2009 1, RB		5.63	%		09/01/29		250		290,405
North Slope (Borough of); Series 2008 A, Unlimited Tax GO Bonds		5.50	%		06/30/19		1,000		1,259,290
Southeast Alaska Power Agency; Series 2009, Ref. Electric RB (INS–AGC)(c)		5.13	%		06/01/24		650		737,796
Valdez (City of) (BP Pipelines);
Series 2003 B, Ref. Marine Terminal RB		5.00	%		01/01/21		1,800		2,152,260
Series 2003 C, Ref. Marine Terminal RB		5.00	%		01/01/21		3,480		4,161,036
									13,656,301

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–2.47%
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	$	1,435,950
Arizona (State of);
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/13		1,660		1,740,078
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/14		3,000		3,250,470
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/15		2,000		2,236,660
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/16		3,000		3,442,590
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/18		2,000		2,365,660
Series 2010 A, COP (INS–AGM)(c)		5.00	%		10/01/19		1,000		1,197,050
Series 2010 B, COP (INS–AGM)(c)		5.00	%		10/01/21		2,000		2,364,300
Series 2010 B, COP (INS–AGM)(c)		5.00	%		10/01/22		2,000		2,334,080
Series 2010 B, COP (INS–AGM)(c)		5.00	%		10/01/23		2,000		2,321,960
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		1,775,520
Mesa (City of); Series 2009, Highway Project Advancement RN		3.50	%		07/01/15		5,000		5,122,250
Phoenix (City of) Industrial Development Authority (Great Hearts Academies);
Series 2012, RB		5.20	%		07/01/22		350		366,972
Series 2012, RB		6.00	%		07/01/32		500		532,375
Pima (County of) Metropolitan Domestic Water Improvement District; Series 2009, Ref. Sr. Lien RB (INS–AGM)(c)		3.00	%		01/01/14		1,000		1,027,970
Pima (County of);
Series 2010, COP		3.50	%		06/01/14		2,130		2,213,496
Series 2010, COP		3.50	%		06/01/15		1,200		1,269,264
University Medical Center Corp.; Series 2011, Hospital RB		4.00	%		07/01/13		500		512,095
Yuma Municipal Property Corp.; Series 2007 D, Municipal Facilities RB (INS–SGI)(c)		5.00	%		07/01/24		750		832,132
									36,340,872
California–9.62%
Albany Unified School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		08/01/25		1,520		1,738,682
Alhambra Unified School District (Election of 2004); Series 2009 B, Unlimited Tax GO Bonds (INS–AGC)(c)		5.25	%		08/01/28		1,350		1,545,224
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		200,000
Series 2010, RB (INS–Cal-Mortgage)(c)		4.00	%		09/01/15		1,000		1,068,240
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2011, Ref. RB		5.00	%		08/15/15		1,000		1,120,810
California (State of) Health Facilities Financing Authority (St. Joseph Health System);
Series 2009 C, Ref. RB(a)(b)		5.00	%		10/16/14		3,125		3,377,625
Series 2009 D, Ref. RB(a)(b)		5.00	%		10/18/16		6,000		6,883,380
California (State of) Health Facilities Financing Authority (The Episcopal Home);
Series 2010 B, RB (INS–Cal-Mortgage)(c)		5.10	%		02/01/19		820		915,300
Series 2010 B, RB (INS–Cal-Mortgage)(c)		5.50	%		02/01/24		1,250		1,380,738
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		4,828,978
California (State of) Statewide Communities Development Authority (Enloe Medical Center);
Series 2008 A, RB (INS–Cal-Mortgage)(c)		5.00	%		08/15/17		385		431,196
Series 2008 A, RB (INS–Cal-Mortgage)(c)		5.25	%		08/15/19		325		367,065
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		1,592,145
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2012, Floating Rate RB(a)(b)		1.12	%		05/01/17		6,000		6,000,000

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	$	1,608,548
California (State of) Statewide Communities Development Authority (State of California Proposition 1A Receivables Program); Series 2009, RB		5.00	%		06/15/13		3,000		3,110,370
California (State of);
Series 2009, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/20		1,900		2,276,770
Series 2009 B, Ref. Economic Recovery Unlimited Tax GO Bonds(a)(b)		5.00	%		07/01/14		1,095		1,184,702
Series 2011, Ref. Unlimited Tax GO Bonds		5.00	%		09/01/17		2,000		2,372,880
Series 2012 A, Ref. Unlimited Tax GO Bonds(a)(b)		0.85	%		05/01/15		3,000		3,000,000
Series 2012 B, Ref. VRD Unlimited Tax GO Bonds(e)		1.17	%		05/01/19		4,000		4,000,000
California Infrastructure & Economic Development Bank (The Paul Getty Trust); Series 2011 J, Ref. RB(a)(b)		0.67	%		04/01/14		2,000		2,000,000
Corona-Norco 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		1,106,355
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		1,802,760
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(f)		0.00	%		08/01/28		1,000		495,940
Fresno (City of); Series 2008 A, Sewer System RB (INS–AGC)(c)		5.00	%		09/01/25		2,040		2,383,781
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		884,110
Series 2010 A, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(f)		0.00	%		08/01/20		1,000		776,500
Inland Valley Development Agency;
Series 2011 A, Tax Allocation RB(a)(b)		4.00	%		03/01/14		4,000		4,101,480
Series 2011 B, Tax Allocation RB(a)(b)		4.25	%		03/01/14		2,500		2,614,050
Series 2011 C, Tax Allocation RB(a)(b)		4.50	%		03/01/14		2,500		2,656,800
Irvine (City of) Public Facilities & Infrastructure Authority; Series 2012 A, Special Assessment RB		3.00	%		09/02/14		445		458,310
Kern Community College District; Series 2010, Ref. COP		4.00	%		04/01/14		2,000		2,093,520
Lake Tahoe Unified School District (Election of 2008); Series 2009, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		08/01/24		1,000		1,169,420
Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2008 C, Sub. RB		5.00	%		05/15/28		1,000		1,112,160
Series 2009 A, Sr. RB		5.25	%		05/15/29		1,000		1,163,740
Los Angeles (City of) Harbor Department; Series 2009 C, Ref. RB		5.00	%		08/01/21		2,000		2,503,140
Los Angeles Unified School District (Election of 2004); Series 2009 I, Unlimited Tax GO Bonds		5.00	%		07/01/26		670		777,334
Lynwood (City of) Utility Authority; Series 2009 A, Ref. Enterprise RB (INS–AGC)(c)		5.00	%		06/01/29		1,625		1,786,216
Madera (City of) Irrigation District; Series 2008, Ref. Water RB		5.00	%		01/01/23		2,250		2,466,112
Monterey (County of) (2009 Refinancing);
Series 2009, COP (INS–AGM)(c)		5.00	%		08/01/16		1,000		1,137,590
Series 2009, COP (INS–AGM)(c)		5.00	%		08/01/19		2,360		2,796,435
Murrieta (City of) Public Financing Authority; Series 2012, Ref. Special Tax RB		5.00	%		09/01/21		1,155		1,321,124
New Haven Unified School District; Series 2009, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		08/01/20		2,530		3,048,979
Newport Beach (City of) (Hoag Memorial Hospital Presbyterian); Series 2009 D, RB(a)(b)		5.00	%		02/07/13		1,000		1,020,150
Northern California Power Agency;
Series 2010 A, Ref. Capital Facilities RB		4.00	%		08/01/14		1,000		1,060,820
Series 2010 A, Ref. Capital Facilities RB		4.00	%		08/01/16		1,000		1,108,750
Series 2010 A, Ref. Capital Facilities RB		5.00	%		08/01/20		1,000		1,188,290
Series 2010 A, Ref. Capital Facilities RB		5.00	%		08/01/21		1,000		1,174,850
Rowland Unified School District (Election of 2006); Series 2009 B, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/23		1,300		839,527

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	$	1,182,810
Series 2009 D, Sub. & Passenger Facility Charge Grant Airport System RB (INS–AGC)(c)		5.13	%		07/01/25		1,500		1,698,075
Series 2010, Ref. COP		5.00	%		02/01/14		6,000		6,272,460
Series 2010, Ref. COP		5.00	%		02/01/16		4,665		5,127,488
Series 2010, Ref. COP		5.00	%		02/01/17		4,000		4,447,640
Series 2010, Ref. COP		5.25	%		02/01/18		3,000		3,383,190
Series 2010, Ref. COP		5.25	%		02/01/19		1,500		1,693,485
Series 2010, Sr. Airport System RB		5.00	%		07/01/23		500		586,465
San Diego (City of) Public Facilities Financing Authority;
Series 2009 B, Ref. Sr. Sewer RB		5.00	%		05/15/13		1,000		1,033,770
Series 2009 B, Ref. Sr. Sewer RB		5.00	%		05/15/14		500		539,850
San Francisco (City & County of) Airport Commission (San Francisco International Airport); Series 2009 E, Second Series RB		5.50	%		05/01/26		2,000		2,380,460
Santa Ana (City of) (Local Street Improvement); Series 2007, Gas Tax Revenue COP (INS–NATL)(c)		4.38	%		01/01/24		1,000		1,042,190
Santa Monica Community College District (Election of 2002); Series 2010 E, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/26		1,000		584,590
Torrance Unified School District (Election of 2008-Measure Z);
Series 2009 B-1, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/22		1,900		1,308,454
Series 2009 B-1, Unlimited Tax CAB GO Bonds(f)		0.00	%		08/01/23		2,000		1,291,580
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS–AGM)(a)(b)(c)		3.50	%		05/31/13		500		500,615
Val Verde Unified School District; Series 2009 A, Ref. COP (INS–AGC)(c)		5.00	%		03/01/29		2,040		2,180,434
Vernon (City of);
Series 2009 A, Electric System RB		5.13	%		08/01/21		4,600		5,115,246
Series 2009 A, Electric System RB		5.50	%		08/01/15		625		691,725
West Contra Costa Unified School District (Election of 2005); Series 2008 B, Unlimited Tax GO Bonds		6.00	%		08/01/27		1,000		1,322,020
West Sacramento (City of) Area Flood Control Agency; Series 2008, Special Assessment RB		5.13	%		09/01/23		1,075		1,166,504
Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		08/01/28		1,500		1,721,475
									141,321,422
Colorado–2.52%
Adams State College;
Series 2009 A, Auxiliary Facilities Improvement RB (CEP–Colorado Higher Education Intercept Program)		5.00	%		05/15/29		450		510,273
Series 2009 A, Auxiliary Facilities Improvement RB (CEP–Colorado Higher Education Intercept Program)		5.20	%		05/15/27		340		391,690
Aurora (City of) (The Children’s Hospital Association); Series 2004 D, Hospital RB (INS–AGM)(c)		5.00	%		12/01/20		1,000		1,143,860
Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2008 A, Charter School RB		6.75	%		12/01/23		880		1,042,501
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		1,102,960
Series 2003 A, Hospital RB (INS–AGM)(c)		5.25	%		05/15/26		1,000		1,133,170
Colorado (State of) Health Facilities Authority (Sisters of Charity of Leavenworth Health System); Series 2010 B, RB		5.00	%		01/01/19		2,795		3,314,227
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		558,850
Denver School District No. 1; Series 2009 A, Unlimited Tax GO Bonds		5.00	%		12/01/28		1,000		1,213,490
E-470 Public Highway Authority;
Series 2007 C-2, Sr. RB (INS–NATL)(a)(b)(c)		5.00	%		09/02/13		3,300		3,412,398
Series 2007 D-2, Sr. RB (INS–NATL)(a)(b)(c)		5.00	%		09/02/13		14,755		15,304,181

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	$	102,590
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/14		1,005		1,051,059
Series 2010, Ref. Sales & Use Tax RB		3.00	%		10/01/15		1,000		1,064,120
Northern Colorado Water Conservancy District; Series 2007 J, Ref. RB (INS–AMBAC)(c)		5.00	%		12/01/14		1,300		1,425,203
Public Authority for Colorado Energy;
Series 2008, Natural Gas Purchase RB		6.13	%		11/15/23		1,525		1,780,087
Series 2008, Natural Gas Purchase RB		6.25	%		11/15/28		2,000		2,398,280
									36,948,939
Connecticut–0.54%
Connecticut (State of) (Transportation Infrastructure); Series 2009 A, Special Tax Obligation RB		5.00	%		12/01/16		2,000		2,364,640
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); Series 2011 A, RB		4.00	%		07/01/23		1,500		1,577,490
Connecticut (State of) Health & Educational Facility Authority (Sacred Heart University); Series 2012 H, Ref. RB (INS–AGM)(c)		4.00	%		07/01/22		2,590		2,820,588
New Haven (City of) Solid Waste & Recycling Authority; Series 2008, RB		5.13	%		06/01/23		1,000		1,125,810
									7,888,528
Delaware–0.19%
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center);
Series 2009 A, RB		4.05	%		07/01/22		1,000		1,061,230
Series 2009 A, RB		5.00	%		07/01/18		1,540		1,770,707
									2,831,937
District of Columbia–0.75%
District of Columbia (Center for Strategic & International Studies, Inc.); Series 2011, RB		4.75	%		03/01/17		2,035		2,164,915
District of Columbia (Georgetown University);
Series 2001 C, University RB(a)(b)		5.25	%		04/01/23		2,000		2,248,240
Series 2009 A, Ref. University RB		5.00	%		04/01/15		2,000		2,212,600
Series 2011, University RB(a)(b)		5.00	%		04/01/21		2,055		2,439,141
District of Columbia; Series 2011 E, Ref. Income Tax Sec. RB(b)		0.77	%		12/01/15		2,000		2,000,000
									11,064,896
Florida–6.67%
Broward (County of);
Series 2009 O, Ref. Airport System RB		5.00	%		10/01/14		1,490		1,617,469
Series 2012 P-2, Ref. Airport System RB		5.00	%		10/01/25		2,700		3,222,558
Series 2012 P-2, Ref. Airport System RB		5.00	%		10/01/26		2,885		3,417,715
Citizens Property Insurance Corp. (Coastal Account); Series 2011 A-1, Sr. Sec. RB		5.00	%		06/01/20		1,000		1,156,870
Citizens Property Insurance Corp. (High Risk Account);
Series 2009 A-1, Sr. Sec. RB (INS–AGC)(c)		5.00	%		06/01/16		2,000		2,255,300
Series 2010 A-1, Sr. Sec. RB (INS–AGM)(c)		5.00	%		06/01/14		2,500		2,680,450
Series 2010 A-1, Sr. Sec. RB (INS–AGM)(c)		5.00	%		06/01/17		2,000		2,277,440
Citizens Property Insurance Corp.; Series 2012 A-1, Sr. Sec. RB		5.00	%		06/01/22		8,000		9,342,080
Florida (State of) Board of Education;
Series 2009 A, Lottery RB		5.00	%		07/01/23		2,000		2,318,980
Series 2009 A, Lottery RB		5.25	%		07/01/24		1,715		1,999,038
Florida (State of) Department of Education; Series 2006 A, Community College Capital Improvement RB (INS–NATL)(c)		5.00	%		07/01/18		1,335		1,536,251

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) Department of Environmental Protection; Series 2003 C, Florida Forever RB(a)(d)		5.00	%		07/01/13	$	3,525	$	3,698,395
Florida (State of) Higher Educational Facilities Financial Authority (Rollins College);
Series 2012 A, RB		2.00	%		12/01/13		690		699,419
Series 2012 A, RB		2.00	%		12/01/14		805		823,241
Series 2012 A, RB		3.00	%		12/01/15		605		641,615
Florida (State of) Municipal Power Agency (St. Lucie);
Series 2011 A, RB		4.00	%		10/01/16		500		558,270
Series 2011 A, RB		4.00	%		04/01/17		500		560,465
Florida Hurricane Catastrophe Fund Finance Corp.;
Series 2008 A, RB		5.00	%		07/01/13		1,730		1,798,508
Series 2010 A, RB		5.00	%		07/01/15		5,250		5,844,510
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		1,768,239
Series 2010 A, Capital Funding RB (INS–AGM)(c)		5.00	%		10/01/16		1,495		1,702,760
Gulf Breeze (City of) (Local Government Loan Program); Series 1985 J, RB(g)		4.50	%		12/01/20		3,050		3,539,830
Highlands (County of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2005 I, Hospital RB		4.50	%		11/15/15		2,000		2,231,360
Series 2005 I, Hospital RB		5.00	%		11/15/16		2,000		2,323,080
Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); Series 2007 B, Ref. PCR(a)(b)		5.15	%		09/01/13		550		573,491
Jacksonville (City of) (Better Jacksonville);
Series 2003, Sales Tax RB(a)(d)		5.25	%		10/01/13		3,000		3,162,330
Series 2012 A, Ref. Sales Tax RB		5.00	%		10/01/26		1,075		1,269,371
JEA; Series 2009 Three A, Electric System RB		5.00	%		10/01/26		1,125		1,189,192
Kissimmee (City of) Utility Authority;
Series 2003, Ref. Electric System RB (INS–AGM)(c)		5.00	%		10/01/17		1,900		2,241,107
Series 2003, Ref. Electric System RB (INS–AGM)(c)		5.25	%		10/01/15		1,500		1,695,180
Series 2003, Ref. Electric System RB (INS–AGM)(c)		5.25	%		10/01/16		1,500		1,749,510
Lakeland (City of) (Lakeland Regional Health Systems); Series 2011, Ref. Hospital System RB		4.00	%		11/15/14		585		618,567
Martin (County of) Health Facilities Authority (Martin Memorial Medical Center);
Series 2012, RB		5.13	%		11/15/32		1,500		1,611,450
Series 2012, RB		5.50	%		11/15/32		1,000		1,112,470
Miami (City of) (Homeland Defense); Series 2007, Ref. Limited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/16		1,000		1,113,540
Miami (City of);
Series 1998, Ref. Parking System RB (INS–NATL)(c)		5.25	%		10/01/15		900		985,833
Series 2009, Ref. Parking System RB (INS–AGC)(c)		5.00	%		10/01/28		750		833,183
Miami-Dade (County of) (Double-Barreled Aviation); Series 2010, Unlimited Tax GO Bonds		5.00	%		07/01/17		500		592,700
Miami-Dade (County of) (Jackson Health System);
Series 2009, Public Facilities RB (INS–AGC)(c)		5.00	%		06/01/18		1,000		1,166,950
Series 2009, Public Facilities RB (INS–AGC)(c)		5.50	%		06/01/29		2,455		2,751,687
Miami-Dade (County of) (Miami International Airport);
Series 2009 A, Aviation RB (INS–AGC)(c)		5.00	%		10/01/27		120		134,519
Series 2009 B, Aviation RB (INS–AGC)(c)		5.00	%		10/01/26		1,000		1,126,890
Series 2009 B, Aviation RB (INS–AGC)(c)		5.00	%		10/01/29		1,000		1,112,240
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		514,715

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

10        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Miami-Dade (County of);
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(c)		5.00	%		10/01/24	$	1,500	$	1,713,555
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(c)		5.13	%		10/01/25		1,525		1,741,718
Series 2008 C, Ref. Water & Sewer System RB (INS–BHAC)(c)		5.50	%		10/01/20		1,500		1,808,535
Series 2012, Transit System Sales Surtax RB		5.00	%		07/01/25		2,815		3,356,015
Orange (County of) Health Facilities Authority (Orlando Health, Inc.); Series 2009, Hospital RB		5.00	%		10/01/14		1,085		1,166,418
Orange (County of); Series 2005, Ref. Tourist Development Tax RB (INS–AMBAC)(c)		5.00	%		10/01/12		1,095		1,099,172
Pasco (County of); Series 2009 A, Water & Sewer RB		5.00	%		10/01/16		750		875,962
Port St. Lucie (City of) (Municipal Complex); Series 2008, Ref. Master Lease Project COP (INS–AGC)(c)		6.25	%		09/01/27		500		572,295
Volusia (County of) School Board; Series 2011, Ref. Sales Tax RB (INS–AGM)(c)		5.00	%		10/01/14		2,000		2,141,960
									98,044,398
Georgia–3.50%
Atlanta (City of);
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		4.13	%		11/01/19		970		1,103,220
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		5.00	%		11/01/17		1,500		1,790,100
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		5.00	%		11/01/20		1,500		1,770,045
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		5.00	%		11/01/21		1,500		1,750,605
Series 2009 B, Water & Wastewater RB (INS–AGM)(c)		5.25	%		11/01/27		2,000		2,557,720
DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC		5.25	%		09/01/20		2,440		2,748,025
Fayette (County of) Hospital Authority (Fayette Community Hospital);
Series 2009 A, RAC		4.38	%		06/15/20		2,500		2,831,150
Series 2009 A, RAC		4.50	%		06/15/21		2,500		2,817,150
Fulton (County of) Development Authority (Catholic Health East); Series 2010, Health System RB(a)(d)		4.00	%		11/15/16		2,460		2,815,421
Fulton (County of) Development Authority (Piedmont Healthcare, Inc.); Series 2009 A, RB		5.00	%		06/15/29		2,830		3,124,858
Gainesville (City of) & Hall (County of) Development Authority (Acts Retirement-Life Community); Series 2012, Retirement Community RB		5.00	%		11/15/22		2,000		2,239,620
Gainesville (City of) & Hall (County of) Hospital Authority (Northeast Georgia Health System, Inc.); Series 2010 A, RAC		5.00	%		02/15/16		1,245		1,377,792
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System);
Series 2008 A, RAC		5.00	%		08/01/20		1,000		1,119,570
Series 2008 A, RAC		5.25	%		08/01/23		1,000		1,117,680
Gwinnett (County of) Hospital Authority (Gwinnett Hospital System, Inc.); Series 2007 D, RAC (INS–AGM)(c)		5.25	%		07/01/29		2,000		2,236,100
Macon-Bibb (County of) Hospital Authority (Medical Center of Central Georgia, Inc.);
Series 2009, RAC		4.00	%		08/01/19		635		716,210
Series 2009, RAC		5.00	%		08/01/24		1,260		1,431,902
Medical Center Hospital Authority (Columbus Regional Healthcare System, Inc.);
Series 2010, RAC (INS–AGM)(c)		3.50	%		08/01/20		2,000		2,133,480
Series 2010, RAC (INS–AGM)(c)		5.00	%		08/01/21		1,500		1,741,260
Private Colleges & Universities Authority (Mercer University);
Series 2012 A, RB		4.00	%		10/01/13		700		722,218
Series 2012 A, RB		4.00	%		10/01/14		585		613,156
Series 2012 A, RB		4.00	%		10/01/16		1,660		1,771,369
Series 2012 C, RB		5.25	%		10/01/27		1,000		1,118,710
Richmond (County of) Hospital Authority (University Health Services, Inc.); Series 2009, RAC		5.25	%		01/01/29		2,500		2,710,275
South Regional Joint Development Authority (Valdosta State University Parking & Health Center);
Series 2007, RB (INS–SGI)(c)		5.00	%		08/01/20		1,385		1,597,971
Series 2007, RB (INS–SGI)(c)		5.00	%		08/01/21		1,490		1,704,292
Series 2007, RB (INS–SGI)(c)		5.00	%		08/01/22		605		686,185

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

11        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Georgia–(continued)
Thomasville (City of) Hospital Authority (John D. Archbold Memorial Hospital, Inc.); Series 2010, RAC		4.75	%		11/01/25	$	750	$	776,085
Valdosta (City of) & Lowndes (County of) Hospital Authority (South Medical Center); Series 2011 B, RB		5.00	%		10/01/24		2,000		2,348,060
									51,470,229
Guam–0.11%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB		5.00	%		12/01/12		480		485,026
Series 2009 A, Limited Obligation RB		5.00	%		12/01/15		1,085		1,190,494
									1,675,520
Idaho–0.70%
Idaho (State of) Health Facilities Authority (Trinity Health Credit Group); Series 2008 B, Ref. RB		5.63	%		12/01/19		1,000		1,214,570
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2009 A, Grant & RAB		5.25	%		07/15/25		500		585,075
Idaho (State of) Housing & Finance Association;
Series 2008 D, Class III, Single Family Mortgage RB		5.35	%		01/01/29		465		500,177
Series 2009 B, Class III, Single Family Mortgage RB		5.65	%		07/01/26		1,150		1,269,635
Regents of the University of Idaho;
Series 2007 B, General RB (INS–AGM)(a)(b)(c)		4.50	%		04/01/18		1,760		1,998,093
Series 2011, Ref. General RB(a)(b)		5.25	%		04/01/21		3,965		4,684,925
									10,252,475
Illinois–5.21%
Bolingbrook (Village of); Series 2010 A, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/23		1,260		1,454,758
Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB		5.13	%		11/01/25		1,145		1,226,513
Chicago (City of) (O’Hare International Airport);
Series 2008 A, Ref. Passenger Facility Charge RB (INS–AGM)(c)		5.00	%		01/01/16		1,400		1,574,034
Series 2010 C, Third Lien General Airport RB (INS–AGC)(c)		5.25	%		01/01/21		1,025		1,241,418
Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds); Series 2008 A, Capital Grant Receipts RB (INS–AGC)(c)		5.25	%		06/01/23		2,500		2,823,450
Cook (County of);
Series 2004 A, Ref. Unlimited Tax GO Bonds (INS–AMBAC)(c)		5.00	%		11/15/17		5,000		5,406,950
Series 2009 A, Ref. Unlimited Tax GO Bonds		5.00	%		11/15/19		2,015		2,423,360
Series 2009 C, Ref. Unlimited Tax GO Bonds		5.00	%		11/15/20		5,000		5,910,100
Cook County School District No. 144 (Prairie Hills);
Series 2010 A, School Limited Tax GO Bonds(d)		4.00	%		12/01/16		870		993,383
Series 2010 A, School Limited Tax GO Bonds(d)		4.25	%		12/01/20		555		669,807
Series 2010 A, School Limited Tax GO Bonds (INS–AGM)(c)		4.00	%		12/01/16		90		98,497
Series 2010 A, School Limited Tax GO Bonds (INS–AGM)(c)		4.25	%		12/01/20		75		84,157
DeKalb County Community Unit School District No. 428;
Series 2010, School Building Unlimited Tax CAB GO Bonds(f)		0.00	%		01/01/19		1,000		854,670
Series 2010, School Building Unlimited Tax CAB GO Bonds(f)		0.00	%		01/01/20		1,000		816,420
Dolton (Village of);
Series 2009 A, Unlimited Tax GO Bonds (INS–AGC)(c)		4.25	%		12/01/21		1,000		1,126,870
Series 2009 A, Unlimited Tax GO Bonds (INS–AGC)(c)		4.25	%		12/01/22		1,000		1,117,740
Illinois (State of) (Illinois Fund for Infrastructure, Roads, Schools & Transit); Series 2002, Unlimited Tax GO Bonds(a)(d)		5.25	%		10/01/12		1,000		1,004,200
Illinois (State of) Finance Authority (Advocate Health Care Network);
Series 2003 A, RB(a)(b)		4.38	%		07/01/14		775		820,857
Series 2010 D, Ref. RB		5.00	%		04/01/20		1,200		1,406,304

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)
Illinois (State of) Finance Authority (Loyola University of Chicago); Series 2012 B, RB		5.00	%		07/01/26	$	2,500	$	2,955,675
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2009 A, RB		7.00	%		11/15/27		1,000		1,111,570
Illinois (State of) Finance Authority (Resurrection Health Care); Series 1999 A, RB (INS–AGM)(c)		5.00	%		05/15/17		2,000		2,205,260
Illinois (State of) Finance Authority (Southern Illinois Healthcare Enterprises, Inc.);
Series 2005, RB (INS–AGM)(c)		5.25	%		03/01/22		1,275		1,485,936
Series 2005, RB (INS–AGM)(c)		5.25	%		03/01/23		1,500		1,733,235
Illinois (State of) Finance Authority (The Children’s Memorial Hospital); Series 2008 A, RB (INS–AGC)(c)		5.25	%		08/15/33		665		723,520
Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2009 C, RB		5.25	%		08/15/29		2,015		2,095,197
Illinois (State of) Finance Authority (University of Chicago); Series 1998 B, RB(a)(b)		3.38	%		02/03/14		1,045		1,087,918
Illinois (State of) Student Assistance Commission; Series 2009, Student Loan RB (INS–AGC)(c)		3.15	%		05/01/14		1,650		1,652,706
Illinois (State of);
Series 2010, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/16		1,000		1,118,730
Series 2010, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/17		800		912,160
Series 2012, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/24		2,000		2,255,200
Series 2012, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/25		2,000		2,240,940
Joliet (City of);
Series 2012, Ref. Waterworks & Sewage RB		4.00	%		01/01/14		750		779,970
Series 2012, Ref. Waterworks & Sewage RB		4.00	%		01/01/15		1,000		1,063,870
Kane & DeKalb Counties Community Unit School District No. 302 (Kaneland); Series 2008, School Building Unlimited Tax GO Bonds (INS–AGM)(c)		5.50	%		02/01/28		1,500		1,711,530
Kendall (County of) Forest Preserve District; Series 2007, Unlimited Tax GO Bonds (INS–NATL)(c)		5.25	%		01/01/23		4,000		4,616,120
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		6,430,190
Series 2007 A, Ref. Unlimited Tax GO Bonds (INS–NATL)(c)		4.38	%		10/01/21		1,020		1,118,920
Northern Illinois Municipal Power Agency (Prairie State Power); Series 2007 A, RB (INS–NATL)(c)		5.00	%		01/01/19		1,000		1,141,500
Railsplitter Tobacco Settlement Authority; Series 2010, RB		5.50	%		06/01/23		1,000		1,168,450
St. Clair (County of) (Alternative Revenue Source);
Series 2009, Ref. Unlimited Tax GO Bonds		5.00	%		10/01/19		1,000		1,222,100
Series 2009, Ref. Unlimited Tax GO Bonds		5.00	%		10/01/21		1,480		1,759,705
Will County Community Unit School District No. 365 (Valley View); Series 2011 B, Ref. Unlimited Tax GO Bonds		5.00	%		11/01/17		1,060		1,230,300
Will, Grundy, Etc. Counties Community College District No. 525 (Joliet Junior College); Series 2008, Alternative Revenue Source Unlimited Tax GO Bonds		5.75	%		06/01/27		1,435		1,653,794
									76,527,984
Indiana–1.04%
Clark-Pleasant Middle School Building Corp.; Series 2009, First Mortgage RB		5.00	%		07/15/22		1,000		1,176,750
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		3,776,185
Indiana (State of) Health Facility Financing Authority (Community Foundation of Northwest Indiana); Series 2004 A, Hospital RB		5.38	%		03/01/19		1,000		1,044,820
Indiana (State of) Municipal Power Agency;
Series 2011 A, Power Supply System RB		5.00	%		01/01/21		250		305,475
Series 2011 A, Power Supply System RB		5.00	%		01/01/22		250		304,008
Indianapolis Local Public Improvement Bond Bank (Waterworks); Series 2009 A, RB (INS–AGC)(c)		5.25	%		01/01/29		1,040		1,181,398
Monroe County Community 1996 School Building Corp.; Series 2008, First Mortgage RB (INS–AGM)(c)		5.13	%		01/15/24		2,285		2,657,135
Portage (City of) Redevelopment District; Series 2008, Ref. Tax Increment Allocation RB (INS–AGC)(c)		5.00	%		01/15/22		2,470		2,674,071

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
Indiana–(continued)
Rockport (City of) (Indiana Michigan Power Co.);
Series 2009 A, Ref. PCR(a)(b)		6.25	%		06/02/14	$	1,000	$	1,080,350
Series 2009 B, Ref. PCR(a)(b)		6.25	%		06/02/14		500		540,175
University of Southern Indiana; Series 2009 J, Student Fee RB (INS–AGC)(c)		5.00	%		10/01/23		400		466,320
									15,206,687
Iowa–1.76%
Ames (City of) (Mary Greeley Medical Center); Series 2011, Hospital RB		5.38	%		06/15/28		1,825		2,028,159
Des Moines (City of); Series 2011 A, Unlimited Tax GO Bonds		3.00	%		06/01/17		3,050		3,379,705
Iowa (State of) Finance Authority (Iowa Health System);
Series 2005 A, Health Facilities RB (INS–AGC)(c)		5.00	%		02/15/18		1,000		1,179,750
Series 2005 A, Health Facilities RB (INS–AGC)(c)		5.00	%		02/15/19		500		597,065
Iowa Student Loan Liquidity Corp.;
Series 2009 1, RB		4.00	%		12/01/13		1,500		1,555,380
Series 2009 1, RB		5.00	%		12/01/15		2,500		2,777,325
Series 2009 1, RB		5.00	%		12/01/16		2,525		2,857,416
Series 2009 1, RB		5.25	%		12/01/17		2,500		2,892,150
Series 2009 1, RB		5.25	%		12/01/18		2,500		2,917,450
Series 2009 2, RB		5.40	%		12/01/23		2,500		2,789,825
Series 2009 3, RB		5.00	%		12/01/19		2,500		2,869,125
									25,843,350
Kansas–0.62%
Dodge City (City of); Series 2009, Sales Tax RB (INS–AGC)(c)		5.00	%		06/01/21		1,000		1,193,950
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2009 C, Hospital RB		5.00	%		11/15/16		1,000		1,164,680
Series 2009 D, Hospital RB		5.00	%		11/15/24		1,585		1,761,268
Kansas (State of) Development Finance Authority (University of Kansas Health System); Series 2011 H, Health Facilities RB		5.00	%		03/01/24		500		555,645
Wyandotte (County of) & Kansas City (City of) Unified Government (Board of Public Utilities); Series 2012 A, Ref. Utility System RB		5.00	%		09/01/27		3,785		4,479,737
									9,155,280
Kentucky–2.40%
Christian (County of) (Jennie Stuart Medical Center, Inc.); Series 2006, Ref. Hospital RB (INS–AGC)(c)		5.25	%		02/01/28		1,030		1,107,940
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Subseries 2008 A-1, RB (INS–AGC)(c)		5.75	%		12/01/28		550		615,890
Kentucky (State of) Municipal Power Agency (Prairie State);
Series 2010 A, Power System RB (INS–AGM)(c)		4.00	%		09/01/16		800		892,272
Series 2010 A, Power System RB (INS–AGM)(c)		5.00	%		09/01/21		5,860		7,066,164
Series 2010 A, Power System RB (INS–AGM)(c)		5.00	%		09/01/22		4,560		5,434,790
Series 2010 A, Power System RB (INS–AGM)(c)		5.00	%		09/01/23		1,000		1,181,680
Louisville (City of) & Jefferson (County of) Metropolitan Sewer District;
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/14		1,500		1,615,260
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/15		2,500		2,795,400
Series 2009 B, Sewer & Drainage System RB		5.00	%		05/15/20		10,000		12,226,500
Paducah (City of) Electric Plant Board; Series 2009 A, RB (INS–AGC)(c)		5.00	%		10/01/24		2,000		2,297,420
									35,233,316

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–3.88%
Greater New Orleans Expressway Commission; Series 2009, Ref. RB (INS–AGC)(c)		2.75	%		11/01/14	$	600	$	623,718
Jefferson (Parish of) Hospital Service District No. 1 (West Jefferson Medical Center); Series 1998 B, Hospital RB (INS–AGM)(c)		5.25	%		01/01/28		1,000		1,138,610
Lafayette (City of); Series 2010, Utilities RB		5.00	%		11/01/26		2,500		2,900,925
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (BRCC Facilities Corp.);
Series 2011, Ref. RB (INS–AGM)(c)		3.00	%		12/01/15		1,750		1,871,573
Series 2011, Ref. RB (INS–AGM)(c)		4.00	%		12/01/17		1,690		1,922,189
Series 2011, Ref. RB (INS–AGM)(c)		4.00	%		12/01/18		1,775		1,998,898
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		1,810,976
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		1,036,890
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		1,571,956
Series 2009, Ref. RB (INS–AGC)(c)		4.00	%		04/01/18		1,555		1,754,709
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Jefferson Parish); Series 2009 A, Ref. RB		5.00	%		04/01/18		1,000		1,176,800
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		1,690,335
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		1,133,150
Louisiana (State of) Offshore Terminal Authority (Loop LCC); Series 2007 B-2A, Deepwater Port RB(a)(b)		2.13	%		10/01/15		1,000		1,016,640
Louisiana (State of) Public Facilities Authority (Black & Gold Facilities); Series 2007 A, RB (INS–AGC)(c)		5.00	%		07/01/22		500		545,365
Louisiana (State of) Public Facilities Authority (CHRISTUS Health);
Series 2008 B, Ref. RB (INS–AGC)(c)		5.75	%		07/01/18		715		773,301
Series 2009 A, Ref. RB		5.00	%		07/01/13		1,500		1,553,685
Series 2009 A, Ref. RB		5.00	%		07/01/15		1,000		1,097,150
Series 2009 A, Ref. RB		5.00	%		07/01/16		1,000		1,119,370
Series 2009 A, Ref. RB		5.25	%		07/01/20		1,000		1,187,070
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program); Series 2007, RB (INS–AMBAC)(c)		5.00	%		06/01/18		1,000		1,124,200
Louisiana (State of) Public Facilities Authority (Nineteenth Judicial District Court Building); Series 2007, RB (INS–NATL)(c)		4.50	%		06/01/21		1,000		1,091,880
Louisiana Citizens Property Insurance Corp.;
Series 2006 B, Assessment RB (INS–AMBAC)(c)		5.00	%		06/01/16		1,000		1,122,550
Series 2006 B, Assessment RB (INS–AMBAC)(c)		5.25	%		06/01/14		1,280		1,368,704
Series 2006 C-3, Assessment RB (INS–AGC)(c)		6.13	%		06/01/25		1,550		1,826,024
Series 2012, Ref. RB		5.00	%		06/01/24		1,020		1,166,441
Monroe (City of) (Economic Development– Garret Rd.);
Series 2008, Ref. & Sales Tax Increment RB (INS–AGC)(c)		5.25	%		03/01/22		1,300		1,318,044
Series 2008, Ref. & Sales Tax Increment RB (INS–AGC)(c)		5.38	%		03/01/24		1,000		1,013,330
New Orleans (City of) Aviation Board (Consolidated Rental Car);
Series 2009 A, Gulf Opportunity Zone Customer Facility Charge RB		5.00	%		01/01/16		1,250		1,362,075
Series 2009 A, Gulf Opportunity Zone Customer Facility Charge RB		5.13	%		01/01/17		1,730		1,917,982
Series 2009 A, Gulf Opportunity Zone Customer Facility Charge RB		5.25	%		01/01/18		1,575		1,769,450
Series 2009 A, Gulf Opportunity Zone Customer Facility Charge RB		5.50	%		01/01/19		1,100		1,259,885
Series 2009 A, Gulf Opportunity Zone Customer Facility Charge RB		5.75	%		01/01/20		1,890		2,215,628
Series 2009 A, Gulf Opportunity Zone Customer Facility Charge RB		6.00	%		01/01/25		1,000		1,146,050

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
Louisiana–(continued)
New Orleans (City of) Aviation Board;
Series 2009 A-1, Ref. & Restructuring General Airport RB (INS–AGC)(c)		5.00	%		01/01/19	$	500	$	573,570
Series 2009 A-1, Ref. & Restructuring General Airport RB (INS–AGC)(c)		6.00	%		01/01/23		1,025		1,226,925
New Orleans (City of); Series 2009, Ref. Sewerage Service RB (INS–AGC)(c)		6.25	%		06/01/29		1,000		1,157,160
Plaquemines (Parish of) Law Enforcement District;
Series 2009, Limited Tax GO Bonds		4.00	%		09/01/14		815		850,803
Series 2009, Limited Tax GO Bonds		4.50	%		09/01/17		1,350		1,499,094
St. Charles (Parish of) (Valero Energy Corp.); Series 2010, Gulf Opportunity Zone RB(a)(b)		4.00	%		06/01/22		1,750		1,883,875
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB		5.13	%		06/01/37		1,000		1,060,910
Terrebonne (Parish of) Hospital Service District No. 1 (Terrebonne General Medical Center); Series 2010, Ref. RB		4.00	%		04/01/20		1,000		1,084,300
									56,962,190
Maine–0.38%
Lewiston (City of) (UBS Financial Services, Inc.);
Series 2008 B, Unlimited Tax GO School Bonds (INS–AGM)(c)		5.00	%		12/15/19		750		854,303
Series 2008 B, Unlimited Tax GO School Bonds (INS–AGM)(c)		5.00	%		12/15/20		870		982,552
Series 2008 B, Unlimited Tax GO School Bonds (INS–AGM)(c)		5.50	%		12/15/23		950		1,074,611
Maine (State of) Housing Authority; Series 2009 B, Mortgage Purchase RB		5.00	%		11/15/29		2,500		2,707,975
									5,619,441
Maryland–0.50%
Baltimore (City of) (Water); Series 2009 A, Sub. Project RB		5.13	%		07/01/29		250		288,400
Maryland (State of) Health & Higher Educational Facilities Authority (Carroll Hospital); Series 2012 A, RB		5.00	%		07/01/26		1,000		1,129,620
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health);
Series 2008, RB		5.00	%		07/01/18		1,000		1,122,570
Series 2008, RB (INS–AGC)(c)		5.00	%		07/01/20		1,000		1,128,180
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2011, RB		3.00	%		08/15/13		800		818,272
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		1,032,630
Series 2008 B, RB(a)(b)		5.00	%		05/15/15		715		793,271
Montgomery (County of) Housing Opportunities Commission; Series 2009 A, Single Family Mortgage RB		3.38	%		07/01/16		1,000		1,079,280
									7,392,223
Massachusetts–0.85%
Massachusetts (State of) Development Finance Agency (Baystate Medical Center); Series 2009 K-1, RB(a)(b)		5.00	%		07/01/13		2,500		2,577,975
Massachusetts (State of) Development Finance Agency (Berkshire Health System); Series 2012 G, RB		5.00	%		10/01/27		1,000		1,119,790
Massachusetts (State of) Development Finance Agency (Cape Cod Healthcare Obligated Group); Series 2004 D, RB (INS–AGC)(c)		4.00	%		11/15/17		730		818,323
Massachusetts (State of) Development Finance Agency (Dominion Energy Brayton); Series 2010 A, RB(a)(b)		2.25	%		09/01/16		920		942,899
Massachusetts (State of) Development Finance Agency (Lesley University); Series 2009 A, RB (INS–AGC)(c)		5.00	%		07/01/23		1,095		1,254,092
Massachusetts (State of) Development Finance Agency (Merrimack College); Series 2012 A, RB		5.00	%		07/01/27		1,720		1,891,656
Massachusetts (State of) Development Finance Agency (Suffolk University); Series 2009 A, Ref. RB		6.00	%		07/01/24		1,500		1,772,535
Worcester (City of); Series 2009, Limited Tax GO Bonds (INS–AGC)(c)		4.00	%		11/01/16		1,860		2,071,426
									12,448,696
Michigan–5.29%
Adrian City School District; Series 2007, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.50	%		05/01/15		755		850,402
Battle Creek (City of); Series 2008, Ref. Downtown Development Limited Tax GO Bonds (INS–AMBAC)(c)		5.00	%		05/01/15		1,110		1,225,052

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)
Central Michigan University Board of Trustees;
Series 2009, Ref. General RB		5.00	%		10/01/13	$	1,430	$	1,497,711
Series 2009, Ref. General RB		5.00	%		10/01/14		1,510		1,638,531
Detroit (City of);
Series 2010, Distributable State Aid Limited Tax GO Bonds		5.00	%		11/01/14		1,445		1,562,392
Series 2010, Distributable State Aid Limited Tax GO Bonds		5.00	%		11/01/16		1,000		1,140,450
Series 2010, Distributable State Aid Limited Tax GO Bonds		5.00	%		11/01/19		1,000		1,178,870
Series 2010, Distributable State Aid Limited Tax GO Bonds		5.00	%		11/01/20		1,000		1,185,720
Hastings Area School System; Series 2009, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		3.25	%		05/01/15		1,475		1,546,242
Michigan (State of) Building Authority (Facilities Program);
Series 2003 I, Ref. RB (INS–AGM)(c)		5.25	%		10/15/16		4,315		4,529,844
Series 2009 I, Ref. RB (INS–AGC)(c)		5.00	%		10/15/23		7,150		8,506,498
Series 2009 I, Ref. RB (INS–AGC)(c)		5.25	%		10/15/24		1,040		1,241,968
Series 2009 II, RB		4.00	%		10/15/15		1,000		1,090,370
Series 2009 II, RB		4.00	%		10/15/16		1,950		2,171,598
Series 2009 II, RB (INS–AGM)(c)		5.00	%		10/15/21		1,180		1,400,353
Series 2009 II, RB (INS–AGM)(c)		5.00	%		10/15/22		520		612,258
Michigan (State of) Finance Authority (Sparrow Obligated Group); Series 2012, RB		5.00	%		11/15/27		1,500		1,697,955
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		2,804,814
Michigan (State of) Hospital Finance Authority (Henry Ford Health System);
Series 2009, Ref. RB		4.00	%		11/15/13		540		561,087
Series 2009, Ref. RB		4.00	%		11/15/14		655		695,459
Series 2009, Ref. RB		5.00	%		11/15/19		1,500		1,759,095
Series 2009, Ref. RB		5.50	%		11/15/18		1,000		1,205,540
Michigan (State of) Hospital Finance Authority (McLaren Health Care Corp.);
Series 2008 A, Ref. RB		5.25	%		05/15/18		1,100		1,307,504
Series 2008 B-3, Ref. VRD RB (LOC–JPMorgan Chase Bank, N.A.)(e)(h)		0.18	%		10/15/38		3,990		3,990,000
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		1,777,883
Series 2009 A, City of Grand Rapids Downtown Development Limited Tax GO Bonds		5.13	%		05/01/23		300		348,111
Series 2009 A, City of Grand Rapids Downtown Development Limited Tax GO Bonds		5.25	%		05/01/24		500		579,675
Series 2009 C, State Qualified School Limited Obligation Bonds (CEP–Michigan School Bond Loan Fund)		5.00	%		05/01/15		1,850		2,037,109
Series 2009 C, State Qualified School Limited Obligation Bonds (CEP–Michigan School Bond Loan Fund)		5.00	%		05/01/16		1,860		2,104,534
Michigan (State of);
Series 2009, Ref. & State Trunk Line Fund RB		5.00	%		11/01/19		3,000		3,709,950
Series 2009, Ref. & State Trunk Line Fund RB		5.00	%		11/01/23		1,500		1,773,420
Royal Oak (City of) Hospital Finance Authority (William Beaumont Hospital Obligated Group);
Series 2009 W, Ref. RB		5.00	%		08/01/15		1,000		1,085,990
Series 2009 W, Ref. RB		5.25	%		08/01/16		3,000		3,332,580
Series 2009 W, Ref. RB		5.25	%		08/01/17		2,000		2,259,360
Series 2009 W, Ref. RB		5.50	%		08/01/19		1,775		2,062,301
Southgate Community School District; Series 2005, Ref. Unlimited Tax GO Bonds (INS–NATL)(c)		5.00	%		05/01/18		1,710		1,891,534
Wayne (County of) Airport Authority (Detroit Metropolitan Airport); Series 2012 A, RB		5.00	%		12/01/29		2,000		2,262,860
Wayne State University Board of Governors;
Series 2007 A, General RB (INS–NATL)(c)		5.00	%		11/15/12		1,190		1,200,793
Series 2009 A, Ref. General RB		5.00	%		11/15/17		2,000		2,296,240

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
Michigan–(continued)
Ypsilanti School District;
Series 2009, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		4.00	%		05/01/14	$	1,985	$	2,074,464
Series 2009, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		05/01/18		1,270		1,473,048
									77,669,565
Minnesota–2.76%
Duluth Independent School District No. 709;
Series 2009 B, COP		4.00	%		03/01/13		1,325		1,339,535
Series 2009 B, COP		4.00	%		03/01/14		1,360		1,401,222
Series 2009 B, COP		4.00	%		03/01/15		1,400		1,469,034
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		1,685,964
Series 1995 B, Health Care RB (INS–AGM)(c)		5.00	%		08/15/21		1,350		1,616,747
Series 2010 A, Health Care Facilities RB		5.00	%		08/15/20		730		876,241
Minneapolis & St. Paul (Cities of) Metropolitan Airports Commission;
Series 2007 B, Ref. Sub. RB (INS–NATL)(c)		5.00	%		01/01/19		2,930		3,330,238
Series 2009 A, Ref. Sr. RB		4.00	%		01/01/16		135		148,360
Series 2009 A, Ref. Sr. RB		5.00	%		01/01/20		1,000		1,189,720
Series 2011, Ref. RB		5.00	%		01/01/20		1,500		1,808,325
Series 2011, Ref. RB		5.00	%		01/01/21		1,240		1,506,687
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		1,045,140
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(c)		4.00	%		02/15/20		1,500		1,687,680
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(c)		5.00	%		02/15/16		570		643,365
Series 2008 C-1, Health Care Facilities RB (INS–AGC)(c)		5.00	%		02/15/21		1,500		1,771,950
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas);
Series 2009 Seven-A, RB		4.00	%		10/01/15		1,000		1,096,390
Series 2009 Seven-A, RB		4.00	%		10/01/16		1,000		1,122,940
Series 2009 Seven-A, RB		4.50	%		10/01/22		1,000		1,147,820
Series 2009 Six-X, RB		5.00	%		04/01/24		500		555,060
Minnesota (State of) Housing Finance Agency;
Series 2009 A, Residential RB		5.20	%		01/01/23		700		740,929
Series 2009 B, Residential RB		5.45	%		07/01/24		625		698,731
Minnesota (State of) Tobacco Securitization Authority;
Series 2011 B, Tobacco Settlement RB		4.85	%		03/01/26		1,055		1,171,883
Series 2011 B, Tobacco Settlement RB		5.00	%		03/01/16		1,000		1,126,890
Series 2011 B, Tobacco Settlement RB		5.00	%		03/01/18		500		577,250
Series 2011 B, Tobacco Settlement RB		5.00	%		03/01/19		1,000		1,166,090
Series 2011 B, Tobacco Settlement RB		5.00	%		03/01/20		1,000		1,177,040
Series 2011 B, Tobacco Settlement RB		5.00	%		03/01/21		1,000		1,179,640
Series 2011 B, Tobacco Settlement RB		5.00	%		03/01/22		750		881,325
St. Cloud (City of) (CentraCare Health System);
Series 2010 A, Health Care RB		5.00	%		05/01/15		500		551,405
Series 2010 B, Health Care RB		5.00	%		05/01/13		595		613,153
Series 2010 B, Health Care RB		5.00	%		05/01/16		1,000		1,133,010

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
Minnesota–(continued)
St. Paul (City of) Housing & Redevelopment Authority (Gillette Children’s Specialty Healthcare);
Series 2009, Health Care RB		5.00	%		02/01/16	$	1,470	$	1,619,058
Series 2009, Health Care RB		5.25	%		02/01/21		2,175		2,445,287
									40,524,109
Mississippi–0.53%
Alcorn State University Educational Building Corp. (Student Housing); Series 2009 A, RB		4.63	%		09/01/26		1,695		1,897,264
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		1,153,060
Mississippi (State of) Development Bank (Lowndes County Industrial Development); Series 2007, Special Obligation RB (INS–AGM)(c)		5.00	%		07/01/19		1,160		1,327,597
Mississippi (State of) Development Bank (Mississippi Power Co.); Series 2007 A, Special Obligation RB (INS–AMBAC)(c)		5.00	%		07/01/16		1,000		1,126,500
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care); Series 2004 B-2, RB		5.00	%		09/01/23		1,975		2,273,166
									7,777,587
Missouri–1.29%
Cass (County of); Series 2007, Hospital RB		5.00	%		05/01/17		500		537,050
Kansas City (City of);
Series 2008 A, Ref. General Improvement Airport RB		4.00	%		09/01/14		1,000		1,063,940
Series 2010 B, Ref. Special Obligation Tax Allocation RB		4.13	%		01/01/21		2,000		2,222,840
Ladue School District; Series 2007, Ref. & Improvement Unlimited Tax GO Bonds		5.00	%		03/01/25		1,250		1,442,287
Missouri (State of) Development Finance Board (Missouri Association of Municipal Utilities Lease Pool Program); Series 1999, VRD Lease RB(e)(i)		3.10	%		12/01/22		500		500,000
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care);
Series 2010 B, Health Facilities RB		5.00	%		06/01/19		1,000		1,188,520
Series 2010 B, Health Facilities RB		5.00	%		06/01/21		4,645		5,546,084
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Episcopal-Presbyterian Hospitals);
Series 2011, Health Facilities RB		3.00	%		12/01/12		200		201,288
��
Series 2011, Health Facilities RB		5.00	%		12/01/13		200		210,936
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.); Series 2010 A, RB		5.00	%		11/15/20		1,000		1,176,120
St. Charles (City of); Series 2012, COP		2.00	%		05/01/15		1,885		1,934,067
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		1,242,540
St. Louis Municipal Finance Corp. (Convention Center Capital Improvement); Series 2008, Leasehold RB (INS–AGC)(c)		5.00	%		07/15/21		1,500		1,667,580
									18,933,252
Montana–0.53%
Gallatin (County of) Airport Authority (Passenger Facility Charge Supported); Series 2009, RB		4.38	%		06/01/29		1,500		1,614,195
Helena (City of); Series 2009, COP		5.00	%		01/01/29		400		453,588
Montana (State of) Facility Finance Authority (Kalispell Regional Medical Center Obligated Group); Series 2010, Health Care Facilities RB		5.00	%		07/01/30		400		446,856
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		1,198,991
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		1,119,470
Series 2010 B, Ref. RB		5.00	%		01/01/19		2,500		2,952,975
									7,786,075

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
Nebraska–0.04%
Douglas County School District No. 10 (Elkhorn Public Schools); Series 2009, Unlimited Tax GO Bonds(a)(d)		5.45	%		01/12/14	$	500	$	535,390
Nevada–2.35%
Carson City (City of) (Carson-Tahoe Regional Medical Center); Series 2012, Ref. Hospital RB		5.00	%		09/01/27		2,000		2,187,320
Clark (County of);
Series 2006, Bond Bank Limited Tax GO Bonds (INS–AMBAC)(c)		5.00	%		11/01/21		5,235		6,018,470
Series 2009 C, Sub. Lien Airport System RB (INS–AGM)(c)		5.00	%		07/01/22		1,000		1,150,690
Series 2009 C, Sub. Lien Airport System RB (INS–AGM)(c)		5.00	%		07/01/23		4,000		4,578,480
Series 2009 C, Sub. Lien Airport System RB (INS–AGM)(c)		5.00	%		07/01/24		1,855		2,109,005
Series 2009 C, Sub. Lien Airport System RB (INS–AGM)(c)		5.00	%		07/01/25		1,500		1,694,430
Sr. Series 2010 D, Airport System RB		4.00	%		07/01/17		2,000		2,262,180
Clark County School District; Series 2004 A, Ref. Limited Tax GO Bonds (INS–AGM)(c)		5.00	%		06/15/16		5,000		5,402,900
Humboldt (County of) (Idaho Power Co.); Series 2003, Ref. PCR		5.15	%		12/01/24		4,100		4,609,753
Las Vegas (City of) Valley Water District; Series 2009 D, Ref. Limited Tax GO Bonds		5.00	%		06/01/16		500		576,060
Reno (City of) (Washoe Medical Center);
Series 2004 C, Hospital RB (INS–AGM)(c)		5.00	%		06/01/15		750		824,325
Series 2004 C, Hospital RB (INS–AGM)(c)		5.00	%		06/01/17		1,365		1,572,043
Series 2005 A, Hospital RB (INS–AGM)(c)		5.25	%		06/01/17		1,300		1,511,965
									34,497,621
New Hampshire–0.39%
Manchester (City of);
Series 2009 A, Ref. General Airport RB		5.00	%		01/01/15		1,750		1,877,977
Series 2009 A, Ref. General Airport RB		5.00	%		01/01/17		500		561,400
New Hampshire (State of) Health & Education Facilities Authority (Concord Hospital);
Series 2011, RB		5.25	%		10/01/25		525		592,373
Series 2011, RB		5.50	%		10/01/26		510		582,583
New Hampshire (State of) Housing Finance Authority;
Series 2008 E, Single Family Mortgage Acquisition RB		5.05	%		07/01/23		425		463,471
Series 2008 E, Single Family Mortgage Acquisition RB		5.30	%		07/01/28		300		328,893
Series 2009 A, Single Family Mortgage Acquisition RB		5.13	%		07/01/29		1,185		1,301,249
									5,707,946
New Jersey–2.74%
New Jersey (State of) Economic Development Authority (Provident Group–Montclair Properties LLC–Montclair State University Student Housing);
Series 2010 A, RB		5.00	%		06/01/21		1,500		1,668,720
Series 2010 A, RB		5.25	%		06/01/20		1,295		1,480,651
New Jersey (State of) Economic Development Authority;
Series 2004, Cigarette Tax RB(d)		5.50	%		06/15/16		1,805		2,149,827
Series 2010 DD-1, Ref. School Facilities Construction RB		5.00	%		12/15/16		630		737,522
Series 2010 DD-1, Ref. School Facilities Construction RB		5.00	%		12/15/17		1,550		1,849,274
Series 2012, Ref. RB		5.00	%		06/15/23		1,500		1,725,570
Series 2012, Ref. RB		5.00	%		06/15/24		4,500		5,122,755
New Jersey (State of) Educational Facilities Authority (Seton Hall University); Series 2011 A, Ref. RB		2.00	%		07/01/14		1,000		1,022,340
New Jersey (State of) Health Care Facilities Financing Authority (Barnabus Health); Series 2011 A, Ref. RB		5.00	%		07/01/13		1,000		1,035,100
New Jersey (State of) Health Care Facilities Financing Authority (Meridian Health System Obligated Group); Series 2011, Ref. RB		5.00	%		07/01/15		1,000		1,104,790

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
New Jersey–(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2011 B, Transportation System RB		5.00	%		06/15/19	$	1,000	$	1,212,580
Series 2011 B, Transportation System RB		5.00	%		06/15/20		1,000		1,221,480
Series 2011 B, Transportation System RB		5.00	%		06/15/21		1,000		1,224,050
New Jersey (State of) Turnpike Authority;
Series 2009 H, RB		5.00	%		01/01/20		2,000		2,407,300
Series 2009 H, RB		5.00	%		01/01/21		2,000		2,382,080
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		1,348,949
Series 2009 A, City-Secured Police Facility RB (INS–AGC)(c)		5.38	%		12/01/26		750		884,348
Newark (City of); Series 2010 A, Ref. Qualified General Improvement Unlimited Tax GO Bonds		4.00	%		10/01/16		3,710		4,077,550
North Hudson Sewerage Authority; Series 2012 A, Gross Revenue Lease Ctfs.		5.00	%		06/01/25		1,500		1,764,120
Perth Amboy (City of) Board of Education;
Series 2010, Ref. COP (INS–AGC)(c)		4.00	%		12/15/12		1,285		1,295,074
Series 2010, Ref. COP (INS–AGC)(c)		4.00	%		06/15/15		1,345		1,428,807
Series 2010, Ref. COP (INS–AGC)(c)		4.00	%		12/15/15		1,395		1,495,691
South Jersey Port Corp.; Series 2009 P-2, Marine Terminal RB		4.00	%		01/01/16		1,505		1,649,781
									40,288,359
New York–3.03%
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		1,101,780
Babylon (Town of) Industrial Development Agency (Covanta Babylon, Inc.);
Series 2009 A, Resource Recovery RB		5.00	%		01/01/14		560		589,316
Series 2009 A, Resource Recovery RB		5.00	%		01/01/18		445		515,012
Series 2009 A, Resource Recovery RB		5.00	%		01/01/19		365		426,864
Metropolitan Transportation Authority; Series 2008 B, RB(a)(b)		5.00	%		11/15/12		365		368,384
Nassau (County of) Industrial Development Agency (New York Institute of Technology);
Series 2000 A, Ref. Civic Facility RB		5.25	%		03/01/17		930		1,061,651
Series 2000 A, Ref. Civic Facility RB		5.25	%		03/01/19		1,585		1,848,110
New York (City of) Transitional Finance Authority;
Series 2009 S-5, Building Aid RB		5.00	%		01/15/16		2,000		2,293,320
Series 2009 S-5, Building Aid RB		5.00	%		01/15/17		1,875		2,195,044
New York (City of); Subseries 2008 J-1, Unlimited Tax GO Bonds		5.00	%		08/01/17		750		900,082
New York (State of) Dormitory Authority (Mount Sinai Hospital Obligated Group); Series 2010 A, RB		5.00	%		07/01/19		500		581,295
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		3,450,827
New York (State of) Dormitory Authority (North Shore–Long Island Jewish Obligated Group); Series 2011 A, RB		5.00	%		05/01/15		500		552,800
New York (State of) Dormitory Authority (School Districts Financing Program); Series 2008 D, RB (INS–AGC)(c)		5.75	%		10/01/24		1,000		1,203,290
New York (State of) Dormitory Authority (St. Lawrence University); Series 2009, RB		5.00	%		07/01/14		2,000		2,146,840
New York (State of) Dormitory Authority (Yeshiva University);
Series 2009, RB		5.00	%		09/01/22		2,635		3,099,103
Series 2011 A, RB		4.00	%		11/01/14		1,550		1,655,167
Series 2011 A, RB		4.00	%		11/01/15		1,580		1,727,730
Series 2011 A, RB		4.00	%		11/01/16		1,090		1,216,865
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		4,046,720
New York City Housing Development Corp.; Series 2009 L-2, MFH RB(a)(b)		2.00	%		09/16/13		3,220		3,255,323
Niagara Falls (City of) Bridge Commission; Series 1993 A, Toll Bridge System RB (INS–AGC)(c)		4.00	%		10/01/19		1,100		1,220,967

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
New York–(continued)
Tobacco Settlement Financing Corp.;
Series 2011 A, Asset-Backed RB		3.00	%		06/01/16	$	3,000	$	3,236,610
Series 2011 A, Asset-Backed RB		4.00	%		06/01/17		4,000		4,542,320
Yonkers (City of);
Series 2010 A, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		11/15/20		655		761,680
Series 2010 A, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		11/15/22		500		569,350
									44,566,450
North Carolina–0.75%
Charlotte (City of) & Mecklenburg (County of) Hospital Authority (Carolinas HealthCare System);
Series 2007 A, Ref. Health Care RB		5.00	%		01/15/19		1,000		1,132,730
Series 2009 A, Ref. Health Care RB		5.00	%		01/15/20		3,500		4,165,315
North Carolina (State of) Eastern Municipal Power Agency;
Series 2008 C, Power System RB (INS–AGC)(c)		6.00	%		01/01/19		420		480,598
Series 2012 A, Power System RB		5.00	%		01/01/26		1,500		1,768,470
North Carolina (State of); Series 2011, Vehicle Grant Anticipation RB(a)(b)		4.00	%		03/01/18		2,000		2,259,660
Oak Island (Town of); Series 2008 A, Enterprise System RB (INS–NATL)(c)		5.00	%		06/01/20		1,065		1,214,760
									11,021,533
Ohio–5.85%
Akron (City of);
Series 2009, Ref. & Improvement Waterworks System Mortgage RB (INS–AGC)(c)		5.00	%		03/01/16		2,675		3,058,809
Series 2009, Ref. & Improvement Waterworks System Mortgage RB (INS–AGC)(c)		5.00	%		03/01/18		2,010		2,394,573
Akron, Bath & Copley Joint Township Hospital District (Medical Center of Akron); Series 2012, RB		5.00	%		11/15/25		1,000		1,126,080
Allen (County of) (Catholic Healthcare Partners);
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/16		1,000		1,150,430
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/18		2,000		2,386,040
Series 2010 B, Hospital Facilities RB		5.00	%		09/01/20		2,920		3,513,198
American Municipal Power, Inc. (Amp Fremont Energy Center); Series 2012, RB		5.00	%		02/15/22		1,725		2,104,655
American Municipal Power, Inc. (Hydroelectric); Series 2009 C, RB		5.00	%		02/15/23		2,850		3,270,461
Buckeye Tobacco Settlement Financing Authority;
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/16		1,430		1,560,802
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/17		1,985		2,160,375
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(e)(h)		0.17	%		11/01/40		4,000		4,000,000
Cleveland (City of);
Series 2006 A, Airport System RB (INS–AMBAC)(c)		5.25	%		01/01/21		3,980		4,650,152
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/18		2,000		2,297,120
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/19		2,000		2,289,240
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/20		4,000		4,511,040
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/23		2,000		2,210,260
Series 2009 C, Airport System RB (INS–AGC)(c)		5.00	%		01/01/27		1,000		1,090,130
Series 2011 A, Airport System RB		5.00	%		01/01/17		7,605		8,555,701
Series 2011 A, Airport System RB		5.00	%		01/01/22		2,315		2,627,571
Cleveland State University; Series 2012, RB		5.00	%		06/01/27		3,120		3,638,450
Franklin (County of) (OhioHealth Corp.); Series 2011 D, Ref. Hospital Facilities RB(a)(b)		4.00	%		08/01/16		2,500		2,773,800

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
Ohio–(continued)
Hancock (County of) (Blanchard Valley Regional Health Center);
Series 2011 A, Hospital Facilities RB		4.00	%		12/01/16	$	250	$	266,323
Series 2011 A, Hospital Facilities RB		5.00	%		12/01/18		170		192,154
Series 2011 A, Hospital Facilities RB		5.75	%		12/01/26		250		287,088
Ohio (State of) (Cleveland Clinic Health System Obligated Group);
Series 2009 B-1, Hospital RB		4.75	%		01/01/20		3,000		3,443,190
Series 2009 B-1, Hospital RB		4.75	%		01/01/21		1,000		1,135,710
Series 2009 B-1, Hospital RB		5.00	%		01/01/22		1,000		1,140,850
Series 2011 B-1, Ref. Hospital RB		5.00	%		01/01/24		1,000		1,162,870
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);
Series 2009, Ref. PCR(a)(b)		2.25	%		09/15/16		1,000		1,006,630
Series 2009 A, RB		5.70	%		08/01/20		6,120		7,135,798
Series 2009 C, Ref. PCR		5.63	%		06/01/18		3,200		3,719,136
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		2,777,980
Ohio (State of); Series 2009 A II, Parks & Recreation Capital Facilities RB		5.00	%		12/01/19		1,825		2,228,124
									85,864,740
Oklahoma–1.41%
Cleveland (County of) Justice Authority (Detention Facility); Series 2009 A, Sales Tax RB		5.00	%		03/01/22		1,000		1,069,760
Oklahoma (County of) Finance Authority (Western Heights Public Schools); Series 2009, Educational Facilities Lease RB		4.50	%		09/01/19		2,000		2,303,220
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		1,145,590
Oklahoma (State of) Industries Authority (Oklahoma Medical Research Foundation); Series 2008, RB		5.50	%		07/01/29		1,280		1,421,440
Oklahoma (State of) Municipal Power Authority;
Series 2008 A, Power Supply System RB		5.25	%		01/01/18		300		360,777
Series 2008 A, Power Supply System RB		5.38	%		01/01/19		250		298,693
Series 2008 A, Power Supply System RB		5.88	%		01/01/28		250		294,128
Okmulgee (City of) Municipal Authority; Series 2009 A, Utility System & Sales Tax RB		4.00	%		12/01/19		2,165		2,449,697
Tulsa (City of) Airports Improvement Trust;
Series 2009 A, General RB		4.00	%		06/01/15		670		704,619
Series 2009 A, General RB		5.38	%		06/01/24		1,750		1,884,382
Tulsa (County of) Industrial Authority (Jenks Public Schools); Series 2009, Educational Facilities Lease RB		4.00	%		09/01/14		2,000		2,139,040
Tulsa (County of) Industrial Authority;
Series 2003 A, Capital Improvements RB		4.00	%		05/15/16		5,000		5,574,250
Series 2005 A, Capital Improvements RB		4.00	%		05/15/17		1,000		1,134,240
									20,779,836
Oregon–0.71%
Lane (County of); Series 2009 A, Limited Tax GO Bonds		4.00	%		11/01/16		1,000		1,133,730
Oregon (State of) Department of Administrative Services; Series 2009 A, Lottery RB		5.00	%		04/01/28		500		583,190
Oregon (State of) Facilities Authority (Legacy Health System); Series 2010 A, Ref. RB		5.00	%		03/15/16		1,490		1,668,144
Oregon (State of) Facilities Authority (PeaceHealth);
Series 2009 A, Ref. RB		5.00	%		11/01/15		660		750,618
Series 2009 A, Ref. RB		5.00	%		11/01/16		1,880		2,188,715
Oregon (State of) Facilities Authority (Samaritan Health Services); Series 2010 A, Ref. RB		4.00	%		10/01/16		1,000		1,078,440

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
Oregon–(continued)
Portland (City of); Series 2011 B, Central Eastside Urban Renewal & Redevelopment Tax Allocation RB		5.25	%		06/15/29	$	1,000	$	1,129,350
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		1,878,450
									10,410,637
Pennsylvania–5.25%
Bethel Park School District; Series 2009, Limited Tax GO Bonds		4.00	%		08/01/17		800		924,224
Delaware (County of) Authority (Villanova University); Series 2010, RB		4.00	%		12/01/16		500		563,190
Lancaster (County of) Solid Waste Management Authority; Series 2009 B, Resource Recovery System RB		4.00	%		12/15/12		2,000		2,018,660
Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Community); Series 2012, Ref. RB		5.00	%		11/15/25		1,000		1,103,510
Moon (Township of) Industrial Development Authority (Providence Point); Series 2007, VRD First Mortgage RB (LOC–Lloyds TSB Bank PLC)(e)(h)		0.20	%		07/01/38		2,115		2,115,000
Pennsylvania (Sate of) Economic Development Financing Agency (Forum Place);
Series 2012, Governmental Lease RB		3.00	%		03/01/14		450		462,983
Series 2012, Governmental Lease RB		4.00	%		03/01/16		250		271,875
Pennsylvania (State of) Economic Development Financing Authority (PPL Electric Utilities Corp.); Series 2008, Ref. PCR		4.00	%		10/01/23		500		532,240
Pennsylvania (State of) Higher Educational Facilities Authority (Carnegie Mellon University);
Series 2009, RB		4.25	%		08/01/19		3,000		3,522,720
Series 2009, RB		5.00	%		08/01/17		1,000		1,194,350
Series 2009, RB		5.00	%		08/01/21		775		923,552
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System); Series 2008 B, RB		5.00	%		08/15/13		1,345		1,401,799
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pittsburgh Medical Center); Series 2010 E, RB		5.00	%		05/15/21		5,000		5,934,150
Pennsylvania (State of) Turnpike Commission;
Series 2008 C-1, Sub. RB (INS–AGC)(c)		6.00	%		06/01/23		500		603,155
Series 2009 B, Sub. RB		5.00	%		06/01/21		3,550		4,157,369
Series 2009 B, Sub. RB		5.25	%		06/01/24		2,500		2,900,575
Series 2011 A, RB		5.00	%		12/01/22		1,500		1,855,845
Series 2011 A, RB		5.00	%		12/01/23		1,500		1,879,260
Philadelphia (City of) (1975 General Ordinance); Twentieth Series 2011, Ref. Gas Works RB		4.00	%		07/01/15		2,465		2,623,598
Philadelphia (City of) (1998 General Ordinance);
Tenth Series 2011, Ref. Gas Works RB		4.00	%		07/01/13		1,165		1,193,974
Tenth Series 2011, Ref. Gas Works RB		4.00	%		07/01/14		1,605		1,680,836
Tenth Series 2011, Ref. Gas Works RB (INS–AGM)(c)		4.00	%		07/01/17		1,000		1,087,830
Philadelphia (City of) Industrial Development Authority (Discovery Charter School); Series 2012, RB		5.50	%		04/01/27		1,320		1,397,537
Philadelphia (City of);
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		4.50	%		08/01/20		2,150		2,437,455
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		5.25	%		08/01/21		2,500		2,921,850
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS–AGC)(c)		5.25	%		08/01/22		5,000		5,791,550
Series 2009 B, Limited Tax GO Bonds (INS–AGC)(c)		5.75	%		07/15/17		1,000		1,147,930
Series 2009 B, Limited Tax GO Bonds (INS–AGC)(c)		6.00	%		07/15/18		1,000		1,147,100
Series 2009 B, Limited Tax GO Bonds (INS–AGC)(c)		6.25	%		07/15/23		2,000		2,277,080
Series 2010 A, Ref. Water & Wastewater RB (INS–AGM)(c)		5.00	%		06/15/19		1,000		1,208,300
Philadelphia School District; Series 2010 C, Ref. Unlimited Tax GO Bonds		5.00	%		09/01/14		1,000		1,084,880
Pittsburgh (City of) Water & Sewer Authority; Subseries 2008 C-1D, Ref. RB (INS–AGC)(a)(b)(c)		2.63	%		09/01/12		995		995,000
Pittsburgh Public School District; Series 2009 A, Limited Tax GO Bonds (INS–AGC)(c)		4.00	%		09/01/19		3,105		3,571,775

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
Pennsylvania–(continued)
Reading (City of); Series 2008, Unlimited Tax GO Bonds (INS–AGM)(c)		5.63	%		11/01/23	$	1,500	$	1,746,435
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		592,495
Spring-Ford Area School District;
Series 2012, Unlimited Tax GO Bonds		2.00	%		03/01/15		500		515,050
Series 2012, Unlimited Tax GO Bonds		3.00	%		03/01/16		685		734,649
Series 2012, Unlimited Tax GO Bonds		3.00	%		03/01/17		620		672,266
St. Mary Hospital Authority (Catholic Health East);
Series 2010 A, Health System RB		4.00	%		11/15/15		1,445		1,556,915
Series 2010 A, Health System RB		5.00	%		11/15/18		2,645		3,059,842
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		1,049,620
Series 2005 A, RB(a)(b)		5.50	%		09/15/13		1,000		1,049,620
West Mifflin Area School District; Series 2009, Limited Tax GO Bonds (INS–AGM)(c)		5.50	%		04/01/24		500		596,660
York (City of) Sewer Authority;
Series 2010, Gtd. RB (INS–AGC)(c)		5.00	%		12/01/22		750		840,007
Series 2010, Gtd. RB (INS–AGC)(c)		5.00	%		12/01/23		1,620		1,798,945
									77,143,656
Puerto Rico–0.49%
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2012 A, RB		5.00	%		07/01/29		3,000		3,210,270
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2009 A, RB		5.00	%		08/01/19		3,000		3,493,290
First Subseries 2010 A, RB		3.38	%		08/01/16		500		534,700
									7,238,260
Rhode Island–0.74%
Rhode Island (State of) Student Loan Authority; Sr. Series 2009 A, Student Loan Program RB		4.75	%		12/01/15		1,150		1,258,238
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		1,102,960
Series 2009 A, Hospital Financing RB (INS–AGC)(c)		6.13	%		05/15/27		500		594,945
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		2,452,443
Series 2009 E, RB (INS–AGC)(c)		5.00	%		05/15/20		1,000		1,131,460
Series 2009 E, RB (INS–AGC)(c)		5.00	%		05/15/22		2,535		2,842,749
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		1,459,557
									10,842,352
South Carolina–1.87%
Greenwood (County of) (Self Regional Healthcare); Series 2012 B, Ref. Hospital RB		5.00	%		10/01/27		3,130		3,505,850
Oconee (County of) (Duke Energy Carolinas); Series 1993, Ref. Pollution Control Facilities RB		3.60	%		02/01/17		1,000		1,093,400
Piedmont Municipal Power Agency;
Series 2009 A-3, Ref. Electric RB		5.00	%		01/01/16		2,225		2,514,851
Series 2009 A-4, Ref. Electric RB		5.00	%		01/01/20		2,000		2,384,000
Rock Hill (City of);
Series 2009 C, Ref. Combined Utility System RB (INS–AGC)(c)		4.00	%		01/01/13		2,210		2,233,802
Series 2009 C, Ref. Combined Utility System RB (INS–AGC)(c)		4.00	%		01/01/15		2,405		2,571,835
South Carolina (State of) Education Assistance Authority; Series 2009 I, Student Loan RB		4.40	%		10/01/18		815		900,176

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
South Carolina–(continued)
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health);
Series 2010, Ref. Hospital RB		5.00	%		02/01/13	$	790	$	804,338
Series 2010, Ref. Hospital RB		5.00	%		02/01/15		1,000		1,088,060
Series 2010, Ref. Hospital RB		5.00	%		02/01/16		1,140		1,273,198
Series 2010, Ref. Hospital RB		5.00	%		02/01/18		1,000		1,153,150
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		1,635,750
Series 2009, Ref. & Improvement Hospital RB		5.00	%		08/01/15		500		545,675
South Carolina (State of) Transportation Infrastructure Bank; Series 2004 A, RB (INS–AMBAC)(c)		5.25	%		10/01/22		1,390		1,502,020
Spartanburg (City of) Sanitary Sewer District; Series 2009 B, Ref. Conv. Sewer System RB (INS–AGC)(c)		4.00	%		03/01/16		1,110		1,222,843
Spartanburg Regional Health Services District, Inc.;
Series 2008 A, Ref. Hospital RB (INS–AGC)(c)		4.50	%		04/15/27		1,735		1,851,262
Series 2008 D, Ref. Hospital RB (INS–AGC)(c)		5.25	%		04/15/20		1,000		1,162,860
									27,443,070
South Dakota–0.98%
Rapid City (City of);
Series 2009, Water RB		5.00	%		11/01/21		1,170		1,414,179
Series 2009, Water RB		5.00	%		11/01/24		1,620		1,918,242
Series 2009, Water RB		5.00	%		11/01/25		1,650		1,938,222
South Dakota (State of) Health & Educational Facilities Authority (Avera Health);
Series 2012 A, RB		5.00	%		07/01/24		1,575		1,774,143
Series 2012 A, RB		5.00	%		07/01/25		2,655		2,978,830
South Dakota (State of) Health & Educational Facilities Authority (Regional Health);
Series 2010, RB		5.00	%		09/01/21		1,000		1,142,230
Series 2011, RB		4.00	%		09/01/13		500		516,455
South Dakota (State of) Health & Educational Facilities Authority (Sanford Health);
Series 2009, RB		5.00	%		11/01/16		500		570,310
Series 2009, RB		5.00	%		11/01/17		430		498,693
Series 2009, RB		5.00	%		11/01/24		1,000		1,124,090
Series 2009, RB		5.25	%		11/01/29		500		561,585
									14,436,979
Tennessee–0.92%
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		2,816,600
Jackson (City of) (Jackson-Madison County General Hospital); Series 2008, Ref. & Improvement Hospital RB		5.25	%		04/01/23		1,000		1,135,930
Memphis (City of) & Shelby (County of) Airport Authority; Series 2011 D, Ref. RB		5.00	%		07/01/22		2,165		2,570,786
Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Blakeford at Green Hills);
Series 2012, Ref. & Improvement RB		5.00	%		07/01/20		860		957,335
Series 2012, Ref. & Improvement RB		5.00	%		07/01/21		885		982,952
Sevierville (City of) Public Building Authority; Series 2009, Local Government Public Improvement RB		4.00	%		06/01/14		2,500		2,650,250
Shelby (County of) Health, Educational & Housing Facilities Board (Baptist Memorial Health Care);
Series 2004 A, RB		5.00	%		09/01/18		500		598,090
Series 2004 A, RB		5.00	%		09/01/19		500		598,070
Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, RB (INS–AGM)(c)		5.00	%		09/01/17		1,000		1,167,730
									13,477,743

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
Tennessee–(continued)
Texas–8.00%
Beaumont Independent School District; Series 2009, School Building Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		02/15/24	$	1,500	$	1,730,835
Bexar (County of) Metropolitan Water District;
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/16		1,295		1,455,994
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/19		2,500		2,932,125
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/20		2,500		2,888,500
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/21		2,500		2,862,025
Series 2009, Ref. Waterworks System RB		5.00	%		05/01/22		2,500		2,836,325
Corpus Christi Independent School District; Series 2009, School Building Unlimited Tax GO Bonds		5.00	%		08/15/22		1,100		1,345,245
Dallas (County of) Utility & Reclamation District;
Series 2005 A, Ref. Unlimited Tax GO Bonds (INS–AMBAC)(c)		5.00	%		02/15/19		1,200		1,324,296
Series 2005 A, Ref. Unlimited Tax GO Bonds (INS–AMBAC)(c)		5.15	%		02/15/21		3,000		3,295,470
Dallas-Fort Worth International Airport Facilities Improvement Corp.; Series 2009 A, Ref. Joint RB		4.00	%		11/01/14		1,500		1,608,495
Galveston (City of); Series 2011, Ref. Wharves & Terminal RB		5.00	%		02/01/21		1,000		1,111,130
Harris County Cultural Education Facilities Finance Corp. (St. Luke’s Episcopal Health System);
Series 2009, Ref. RB		5.00	%		02/15/14		2,000		2,121,400
Series 2009, Ref. RB		5.00	%		02/15/17		1,700		1,968,141
Series 2009, Ref. RB		5.00	%		02/15/18		2,000		2,344,740
Series 2009, Ref. RB		5.00	%		02/15/19		1,000		1,178,710
Series 2009, Ref. RB		5.63	%		02/15/25		2,500		2,926,475
Harris County Cultural Education Facilities Finance Corp. (TECO); Series 2009 A, Thermal Utility RB		5.00	%		11/15/19		485		599,135
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital);
Series 2009, Hospital RB		3.50	%		10/01/13		750		775,020
Series 2009, Hospital RB		5.00	%		10/01/24		1,750		2,014,582
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		1,708,185
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership);
Series 2006, Solid Waste Disposal RB		5.00	%		02/01/23		4,000		4,454,440
Series 2008, Solid Waste Disposal RB		4.70	%		05/01/18		7,320		8,121,613
Houston (City of) Convention & Entertainment Facilities Department;
Series 2011 A, Ref. Hotel Occupancy Tax & Special RB		5.00	%		09/01/13		1,000		1,045,740
Series 2011 A, Ref. Hotel Occupancy Tax & Special RB		5.00	%		09/01/14		745		806,001
Series 2011 A, Ref. Hotel Occupancy Tax & Special RB		5.00	%		09/01/15		1,000		1,111,710
Houston (City of);
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/15		325		362,190
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/16		250		287,563
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/17		340		400,224
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/18		500		597,540
Series 2009 A, Ref. Sr. Lien Airport System RB		5.00	%		07/01/19		250		295,930
Series 2012, Ref. Floating Rate First Lien Combined Utility System RB(a)(b)		0.92	%		06/01/17		2,000		2,000,000
La Vernia Higher Education Finance Corp. (Knowledge is Power Program, Inc.); Series 2009 A, RB		5.75	%		08/15/24		365		413,622
Lake Worth (City of); Series 2008, Combination Tax & Revenue Limited Tax GO Ctfs. (INS–AGC)(c)		5.00	%		10/01/27		1,230		1,385,349
Live Oak (City of); Series 2004, Unlimited Tax GO Bonds (INS–NATL)(c)		5.00	%		08/01/16		390		419,215
Love Field Airport Modernization Corp. (Southwest Airlines Co.); Series 2010, Special Facilities RB		5.25	%		11/01/40		500		539,175

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
Texas–(continued)
Lower Colorado River Authority;
Series 1999 A, Ref. RB (INS–AGM)(c)		5.88	%		05/15/14	$	415	$	416,847
Series 2009, RB		5.25	%		05/15/29		455		520,461
Series 2009, Ref. RB(a)(d)		5.25	%		05/15/19		5		6,277
Series 2009, Ref. RB(a)(d)		5.25	%		05/15/19		30		37,794
Series 2009, Ref. RB(a)(d)		5.25	%		05/15/19		10		12,650
Lubbock Health Facilities Development Corp. (St. Joseph Health System); Series 2008 A, Ref. RB(a)(b)		3.05	%		10/16/12		900		902,889
Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas);
Series 2009, Ref. & Improvement RB		5.00	%		02/15/13		1,675		1,699,706
Series 2009, Ref. & Improvement RB		5.00	%		02/15/14		1,270		1,321,587
Series 2009, Ref. & Improvement RB		5.50	%		02/15/15		1,875		2,018,831
Series 2009, Ref. & Improvement RB		5.50	%		02/15/16		1,505		1,655,033
Series 2009, Ref. & Improvement RB		5.50	%		02/15/17		2,100		2,332,218
Mansfield (City of); Series 2008, Limited Tax GO Ctfs.		6.13	%		02/15/26		500		612,030
Midtown Redevelopment Authority; Series 2011, Ref. Tax Increment Allocation Contract RB		3.00	%		01/01/13		500		503,055
North Fort Bend Water Authority; Series 2009, Water System RB (INS–AGC)(c)		5.00	%		12/15/24		2,000		2,320,660
North Texas Tollway Authority;
Series 2005 C, Dallas North Tollway System RB		5.38	%		01/01/21		2,000		2,362,400
Series 2008 E-3, Ref. First Tier System RB(a)(b)		5.75	%		01/01/16		2,610		3,006,563
Series 2008 H-2, Ref. First Tier System RB(a)(b)(d)		5.00	%		01/01/13		3,380		3,431,545
Series 2008 L-2, Ref. First Tier System RB(a)(b)		6.00	%		01/01/13		1,045		1,063,664
Series 2009 A, First Tier System RB		5.00	%		01/01/13		2,445		2,480,452
Series 2011 B, Ref. First Tier System RB		5.00	%		01/01/19		500		583,780
Parker (County of); Series 2009, Road Unlimited Tax GO Bonds (INS–AGC)(c)		5.25	%		02/15/26		1,000		1,156,800
Sachse (City of); Series 2009, Ref. & Improvement Limited Tax GO Bonds (INS–AGC)(c)		5.00	%		02/15/24		500		575,985
San Jacinto River Authority (Groundwater Reduction Plan Division); Series 2011, Special Project RB (INS–AGM)(c)		4.50	%		10/01/27		1,000		1,090,060
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		1,053,460
Series 2009 A, Hospital RB (INS–AGC)(c)		5.00	%		09/01/13		500		520,965
Series 2009 A, Hospital RB (INS–AGC)(c)		5.00	%		09/01/22		595		677,485
Series 2009 A, Hospital RB (INS–AGC)(c)		5.00	%		09/01/24		1,280		1,454,566
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System); Series 2007 A, Ref. RB		5.00	%		02/15/19		4,405		5,025,797
Tarrant County Health Facilities Development Corp. (Cook Children’s Medical Center);
Series 2010 A, Hospital RB		5.00	%		12/01/13		1,000		1,054,960
Series 2010 A, Hospital RB		5.00	%		12/01/15		525		598,411
Series 2010 A, Hospital RB		5.00	%		12/01/17		1,250		1,478,300
Texas Woman’s University; Series 2008, Financing System RB		5.13	%		07/01/26		1,500		1,665,120
Trinity River Authority (Tarrant County Water); Series 2005, Ref. & Improvement RB (INS–NATL)(c)		5.00	%		02/01/24		4,240		4,699,362
Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2011, Hospital RB		5.00	%		07/01/21		1,285		1,459,580
Uptown Development Authority (Infrastructure Improvement Facilities);
Series 2009, Tax Increment Allocation Contract RB		5.00	%		09/01/13		1,160		1,193,524
Series 2009, Tax Increment Allocation Contract RB		5.00	%		09/01/22		900		979,092
Series 2009, Tax Increment Allocation Contract RB		5.10	%		09/01/23		1,455		1,578,675
Series 2009, Tax Increment Allocation Contract RB		5.38	%		09/01/25		450		492,336

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
Texas–(continued)
West Harris County Regional Water Authority;
Series 2005, Water System RB (INS–AGM)(c)		5.00	%		12/15/17	$	1,000	$	1,089,300
Series 2009, Water System RB		5.00	%		12/15/16		1,000		1,164,250
									117,563,610
Utah–0.34%
Intermountain Power Agency; Series 2009 B, Ref. Sub. Power Supply RB		4.00	%		07/01/18		1,945		2,076,190
Riverton (City of) (IHC Health Services, Inc.);
Series 2009, Hospital RB		5.00	%		08/15/15		645		729,843
Series 2009, Hospital RB		5.00	%		08/15/18		1,310		1,569,459
Salt Lake Valley Fire Service Area Local Building Authority; Series 2008, Lease RB		5.00	%		04/01/22		500		576,095
									4,951,587
Vermont–0.19%
Vermont (State of) Educational & Health Buildings Financing Agency (Fletcher Allen Health Care); Series 2004 B, Hospital RB (INS–AGM)(c)		5.00	%		12/01/22		1,000		1,120,680
Vermont (State of) Educational & Health Buildings Financing Agency (St. Michael’s College);
Series 2012, RB		5.00	%		10/01/26		1,000		1,144,320
Series 2012, RB		5.00	%		10/01/27		500		569,630
									2,834,630
Virgin Islands–0.91%
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note–Diageo); Series 2009 A, Sub. RB		6.75	%		10/01/19		1,500		1,767,900
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Note);
Series 2009 A-1, Ref. Sr. Lien Capital Projects RB		4.13	%		10/01/18		1,875		2,013,900
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/15		1,000		1,086,600
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/16		1,000		1,106,490
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/17		1,000		1,117,610
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/18		1,000		1,122,720
Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/25		500		548,060
Series 2010 A, Sr. Lien RB		5.00	%		10/01/15		500		543,300
Series 2010 A, Sr. Lien RB		5.00	%		10/01/16		345		381,739
Series 2010 B, Sub. Lien RB		5.00	%		10/01/25		750		822,667
Series 2010 B, Sub. Lien RB		5.25	%		10/01/29		570		619,391
Virgin Islands (Government of) Water & Power Authority;
Series 2010 A, Ref. Electric System RB		4.00	%		07/01/14		1,000		1,040,130
Series 2010 B, Electric System RB (INS–AGM)(c)		5.00	%		07/01/22		1,000		1,133,430
									13,303,937
Virginia–0.62%
Chesterfield (County of) Economic Development Authority (Virginia Electric & Power Co.); Series 2009 A, Ref. PCR		5.00	%		05/01/23		500		585,070
Fauquier (County of) Industrial Development Authority; Series 2002, Hospital RB (INS–Radian)(c)		5.50	%		10/01/17		50		51,135
Smyth (County of) Industrial Development Authority (Mountain States Health Alliance);
Series 2010 B, Ref. Hospital RB		5.00	%		07/01/15		1,095		1,186,750
Series 2010 B, Ref. Hospital RB		5.00	%		07/01/16		2,090		2,299,481
Series 2010 B, Ref. Hospital RB		5.00	%		07/01/18		1,255		1,416,280
Virginia (State of) Resources Authority (State Revolving Fund); Series 2008, Sub. Clean Water RB		5.00	%		10/01/29		1,315		1,522,178
York (County of) Economic Development Authority (Virginia Electric & Power Co.); Series 2009 A, Ref. PCR(a)(b)		4.05	%		05/01/14		2,000		2,092,800
									9,153,694

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

29        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Virginia–(continued)
Washington–1.26%
Clark (County of) Public Utility District No. 1;
Series 2009, Ref. Electric System RB		5.00	%		01/01/26	$	500	$	559,260
Series 2009, Ref. Electric System RB		5.00	%		01/01/28		300		332,445
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		2,957,900
Washington (State of) Health Care Facilities Authority (Highline Medical Center); Series 2008, Mortgage RB (CEP–FHA)		5.25	%		08/01/23		985		1,089,449
Washington (State of) Health Care Facilities Authority (MultiCare Health System); Series 2008 A, RB (INS–AGC)(c)		5.75	%		08/15/29		450		519,071
Washington (State of) Higher Education Facilities Authority (Gonzaga University);
Series 2009, Ref. RB		5.38	%		04/01/20		1,050		1,228,563
Series 2010 A, Ref. RB		4.50	%		04/01/16		3,095		3,393,296
Series 2010 A, Ref. RB		4.50	%		04/01/17		2,725		3,047,640
Series 2010 A, Ref. RB		5.00	%		04/01/15		2,955		3,207,446
Series 2010 A, Ref. RB		5.00	%		04/01/19		1,810		2,108,143
									18,443,213
West Virginia–0.40%
Mason (County of) (Appalachian Power Co.); Series 2003 L, PCR(a)(b)		2.00	%		10/01/14		3,500		3,522,820
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		1,035,510
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		1,348,536
									5,906,866
Wisconsin–1.55%
Manitowoc (City of); Series 2009, Ref. Electric Power System RB (INS–AGC)(c)		4.25	%		10/01/15		1,510		1,658,629
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.);
Series 2009 B, RB(a)(b)		4.75	%		08/15/14		1,000		1,059,070
Series 2009 B, RB(a)(b)		5.13	%		08/15/16		2,130		2,378,294
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert & Community Health, Inc. Obligated Group);
Series 2009 C, RB		4.00	%		04/01/15		2,060		2,228,755
Series 2009 C, RB		5.00	%		04/01/19		750		899,903
Series 2009 C, RB		5.00	%		04/01/20		750		885,998
Wisconsin (State of) Health & Educational Facilities Authority (Marquette University);
Series 2008 B-1, Ref. RB		3.50	%		10/01/16		1,005		1,099,993
Series 2008 B-1, Ref. RB		3.75	%		10/01/18		880		986,533
Series 2008 B-3, RB		3.75	%		10/01/18		1,125		1,261,192
Series 2008 B-3, RB		4.00	%		10/01/19		1,145		1,306,651
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic); Series 2006 A, RB		5.00	%		02/15/18		400		436,860
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance);
Series 2012, RB		5.00	%		06/01/25		5,000		5,603,350
Series 2012, RB		5.00	%		06/01/26		1,855		2,059,606
Wisconsin (State of) Health & Educational Facilities Authority (ThedaCare, Inc.); Series 2005, RB (INS–AMBAC)(c)		5.00	%		12/15/16		855		932,061
									22,796,895
Wyoming–0.73%
Campbell (County of) Hospital District (Campbell County Memorial Hospital);
Series 2009, RB		3.00	%		12/01/12		1,000		1,006,440
Series 2009, RB		4.00	%		12/01/15		1,285		1,395,035
Series 2009, RB		5.00	%		12/01/17		1,170		1,331,682
Series 2009, RB		5.00	%		12/01/18		545		620,052

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

30        Invesco Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wyoming–(continued)
Gillette (City of) (PacifiCorp); Series 1988, Ref. VRD PCR (LOC–Barclays Bank PLC)(e)(h)		0.18	%		01/01/18	$	2,800	$	2,800,000
Laramie (County of) (Cheyenne Regional Medical Center);
Series 2012, Hospital RB		3.00	%		05/01/14		500		517,065
Series 2012, Hospital RB		3.00	%		05/01/16		485		513,974
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR		5.25	%		07/15/26		1,200		1,369,524
Wyoming (State of) Municipal Power Agency; Series 2008 A, Power Supply RB		5.38	%		01/01/25		1,000		1,157,010
									10,710,782
TOTAL INVESTMENTS(j)–99.40% (Cost $1,341,875,296)									1,460,151,357
OTHER ASSETS LESS LIABILITIES–0.60%									8,830,162
NET ASSETS–100.00%								$	1,468,981,519

Investment Abbreviations:

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
COP	– Certificates of Participation
Ctfs.	– Certificates
FHA	– Federal Housing Administration
FTA	– Federal Transit Administration
GO	– General Obligation
Gtd.	– Guaranteed
INS	– Insurer
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
Radian	– Radian Asset Assurance, Inc.
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, 2012.
(c)	Principal and/or interest payments are secured by the bond insurance company listed.
(d)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(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, 2012.
(f)	Zero coupon bonds issued at a discount.
(g)	Security subject to crossover refunding.
(h)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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 value of this security at August 31, 2012 represented less than 1% of the Fund’s Net Assets.
(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.		13.2	%
Assured Guaranty Municipal Corp.		12.3

Portfolio Composition

By credit sector, based on Net Assets

as of August 31, 2012

Revenue Bonds	85.0	%
General Obligation Bonds	11.6
Pre-Refunded Bonds	1.6
Other	1.8

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

31        Invesco Tax-Free Intermediate Fund

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)

Assets:
Investments, at value (Cost $1,341,875,296)	$	1,460,151,357
Cash		13,039
Receivable for:
Investments sold		1,416,076
Fund shares sold		4,305,134
Interest		15,582,817
Investment for trustee deferred compensation and retirement plans		65,095
Other assets		71,375
Total assets		1,481,604,893
Liabilities:
Payable for:
Investments purchased		8,856,348
Fund shares reacquired		1,806,341
Dividends		1,318,518
Accrued fees to affiliates		389,106
Accrued other operating expenses		70,611
Trustee deferred compensation and retirement plans		182,450
Total liabilities		12,623,374
Net assets applicable to shares outstanding	$	1,468,981,519
Net assets consist of:
Shares of beneficial interest	$	1,350,993,202
Undistributed net investment income		1,856,005
Undistributed net realized gain (loss)		(2,143,749	)
Unrealized appreciation		118,276,061
	$	1,468,981,519
Net Assets:
Class A	$	1,114,357,191
Class A2	$	116,962,729
Class Y	$	215,950,558
Institutional Class	$	21,711,041
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		94,023,851
Class A2		9,864,667
Class Y		18,232,337
Institutional Class		1,832,982
Class A
Net asset value per share	$	11.85
Maximum offering price per share (Net asset value of $11.85 divided by 97.50%)	$	12.15
Class A2
Net asset value per share	$	11.86
Maximum offering price per share (Net asset value of $11.86 divided by 99.00%)	$	11.98
Class Y:
Net asset value and offering price per share	$	11.84
Institutional Class:
Net asset value and offering price per share	$	11.84

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

32        Invesco Tax-Free Intermediate Fund

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)

Investment income:
Interest	$	25,982,853
Expenses:
Advisory fees		1,846,507
Administrative services fees		181,444
Custodian fees		21,595
Distribution fees — Class A		1,357,249
Transfer agent fees — Class A, A2 and Y		316,964
Transfer agent fees — Institutional Class		8,670
Trustees’ and officers’ fees and benefits		46,852
Other		171,131
Total expenses		3,950,412
Less: Expense offset arrangement(s)		(215	)
Net expenses		3,950,197
Net investment income		22,032,656
Realized and unrealized gain from:
Net realized gain from investment securities		233,135
Change in net unrealized appreciation of investment securities		7,113,910
Net realized and unrealized gain		7,347,045
Net increase in net assets resulting from operations	$	29,379,701

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

33        Invesco Tax-Free Intermediate Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)

	August 31,			February 29,
	2012			2012
Operations:
Net investment income	$	22,032,656		$	42,725,096
Net realized gain (loss)		233,135			(708,280	)
Change in net unrealized appreciation		7,113,910			84,135,755
Net increase in net assets resulting from operations		29,379,701			126,152,571
Distributions to shareholders from net investment income:
Class A		(17,881,182	)		(34,407,128	)
Class A2		(2,054,239	)		(3,762,196	)
Class Y		(4,368,855	)		(7,718,819	)
Institutional Class		(365,896	)		(507,024	)
Total distributions from net investment income		(24,670,172	)		(46,395,167	)
Share transactions–net:
Class A		46,486,381			(30,266,841	)
Class A2		4,248,710			9,162,981
Class Y		(48,254,786	)		119,618,988
Institutional Class		1,037,480			12,409,826
Net increase in net assets resulting from share transactions		3,517,785			110,924,954
Net increase in net assets		8,227,314			190,682,358
Net assets:
Beginning of period		1,460,754,205			1,270,071,847
End of period (includes undistributed net investment income of $1,856,005 and $4,493,521, respectively)	$	1,468,981,519		$	1,460,754,205

Notes to Financial Statements

August 31, 2012

(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 six 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. 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.

34        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 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 the 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 the 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.

35        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).

  Effective July 1, 2012, 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 A2, Class Y and Institutional Class shares to 1.50%, 1.25%, 1.25% and 1.25%, 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; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; 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 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, 2012, 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, 2012, 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 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, 2012, 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, 2012, IDI advised the Fund that IDI retained $160,843 and $1,575 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $53,933 and $0 from Class A and Class A2 shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

36        Invesco Tax-Free Intermediate Fund

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, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	1,460,151,357	$	—	$	1,460,151,357

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, 2012, the Fund engaged in securities purchases of $66,325,533 and securities sales of $84,803,335, which did not result in any net realized gains (losses).

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, 2012, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $215.

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.

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. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. 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 exceed 5% of the Fund’s total assets.

37        Invesco Tax-Free Intermediate Fund

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 Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 29, 2012, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
February 28, 2017	$	176,146	$	—	$	176,146
February 28, 2018		195,867		—		195,867
Not subject to expiration		1,337,169		567,463		1,904,632
	$	1,709,182	$	567,463	$	2,276,645

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

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2012 was $101,627,206 and $78,494,843, 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	$	118,280,467
Aggregate unrealized (depreciation) of investment securities		(4,406	)
Net unrealized appreciation of investment securities	$	118,276,061
Cost of investments is the same for tax and financial statement purposes.

38        Invesco Tax-Free Intermediate Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2012(a)						February 29, 2012
	Shares			Amount			Shares			Amount
Sold:
Class A		13,649,965		$	160,912,356			23,421,153		$	268,635,352
Class A2		824,333			9,719,189			1,646,193			19,031,328
Class Y		4,194,463			49,420,964			17,392,089			199,200,064
Institutional Class		501,677			5,911,168			1,427,181			16,374,215
Issued as reinvestment of dividends:
Class A		1,093,623			12,899,114			2,119,968			24,376,453
Class A2		111,104			1,310,424			187,783			2,167,027
Class Y		155,474			1,832,734			284,855			3,284,111
Institutional Class		21,467			253,059			31,085			358,553
Reacquired:
Class A		(10,813,246	)		(127,325,089	)		(28,427,803	)		(323,278,646	)
Class A2		(573,880	)		(6,780,903	)		(1,051,908	)		(12,035,374	)
Class Y		(8,453,816	)		(99,508,484	)		(7,208,242	)		(82,865,187	)
Institutional Class		(435,203	)		(5,126,747	)		(378,861	)		(4,322,942	)
Net increase in share activity		275,961		$	3,517,785			9,443,493		$	110,924,954

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% 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 Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

39        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(a)		unrealized)			operations		income			gains			distributions			of period		return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 08/31/12	$	11.81	$	0.18	$	0.06		$	0.24	$	(0.20	)	$	—		$	(0.20	)	$	11.85		2.02	%	$	1,114,357		0.60	%(d)		0.60	%(d)		2.94	%(d)		6	%
Year ended 02/29/12		11.12		0.36		0.72			1.08		(0.39	)		—			(0.39	)		11.81		9.88			1,064,169		0.60			0.60			3.14			11
Year ended 02/28/11		11.19		0.36		(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		0.49			0.82		(0.35	)		—			(0.35	)		11.19		7.80			1,552,931		0.63	(e)		0.63	(e)		3.23	(e)		9
Year ended 03/31/09		10.70		0.46		(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		0.02			0.45		(0.43	)		(0.08	)		(0.51	)		10.70		4.24			37,865		0.73			0.73			3.93			19
Class A2
Six months ended 08/31/12		11.82		0.19		0.06			0.25		(0.21	)		—			(0.21	)		11.86		2.15			116,963		0.35	(d)		0.35	(d)		3.19	(d)		6
Year ended 02/29/12		11.12		0.39		0.73			1.12		(0.42	)		—			(0.42	)		11.82		10.25			112,293		0.35			0.35			3.39			11
Year ended 02/28/11		11.20		0.39		(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		0.51			0.86		(0.38	)		—			(0.38	)		11.20		8.14			109,342		0.38	(e)		0.38	(e)		3.48	(e)		9
Year ended 03/31/09		10.70		0.48		(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		0.02			0.47		(0.45	)		(0.08	)		(0.53	)		10.70		4.50			167,381		0.48			0.48			4.18			19
Class Y
Six months ended 08/31/12		11.81		0.19		0.05			0.24		(0.21	)		—			(0.21	)		11.84		2.06			215,951		0.35	(d)		0.35	(d)		3.19	(d)		6
Year ended 02/29/12		11.11		0.39		0.73			1.12		(0.42	)		—			(0.42	)		11.81		10.26			263,693		0.35			0.35			3.39			11
Year ended 02/28/11		11.19		0.39		(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		0.50			0.85		(0.38	)		—			(0.38	)		11.19		8.05			107,447		0.38	(e)		0.38	(e)		3.48	(e)		9
Year ended 03/31/09(f)		10.42		0.24		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 08/31/12		11.80		0.19		0.06			0.25		(0.21	)		—			(0.21	)		11.84		2.12			21,711		0.39	(d)		0.39	(d)		3.15	(d)		6
Year ended 02/29/12		11.11		0.38		0.72			1.10		(0.41	)		—			(0.41	)		11.80		10.11			20,598		0.40			0.40			3.34			11
Year ended 02/28/11		11.18		0.39		(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		0.51			0.86		(0.38	)		—			(0.38	)		11.18		8.14			7,990		0.37	(e)		0.37	(e)		3.49	(e)		9
Year ended 03/31/09		10.69		0.48		(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		0.02			0.47		(0.45	)		(0.08	)		(0.53	)		10.69		4.46			879		0.53			0.53			4.13			19

(a)	Calculated using average shares outstanding.
(b)	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.
(c)	Portfolio turnover is calculated at the fund level 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) of $1,076,947, $115,019, $243,673 and $20,815 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.

NOTE 12—Subsequent Event

Effective September 24, 2012, Institutional Class shares were renamed Class R5 shares.

40        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, 2012 through August 31, 2012.

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	(03/01/12)		(08/31/12)1		Period2		(08/31/12)		Period2		Ratio
A	$	1,000.00	$	1,020.20	$	3.06	$	1,022.18	$	3.06		0.60	%
A2		1,000.00		1,021.50		1.78		1,023.44		1.79		0.35
Y		1,000.00		1,020.60		1.78		1,023.44		1.79		0.35
Institutional		1,000.00		1,022.10		1.99		1,023.24		1.99		0.39

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2012 through August 31, 2012, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

41        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 19-20, 2012, 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, 2012. 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 primarily 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, 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 and on what terms 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. In addition to meetings with Invesco Advisers and fund 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 independent legal 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 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 previously approved by a different board that, at the time, was responsible for overseeing Morgan Stanley and Van Kampen funds, which have become Invesco Funds following the acquisition of the retail mutual fund business of Morgan Stanley. 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 or factor 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 20, 2012, 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 Sub-Committees 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 prior relationship and 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 consistent 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 consistent 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 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 second quintile of its performance universe for the one year period, the third quintile for the three year period and the first quintile for the five year period (the first quintile being the

42        Invesco Tax-Free Intermediate Fund

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 and five year periods and below the Index for the three year period. 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 its 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 and were assisted in their review by a report from the Senior Officer. 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. The Board noted that Invesco Advisers proposes sharing economies of scale in administration expenses by lowering per class administrative fees.

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 for the year ended December 31, 2011. 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 Invesco Funds. The Board noted that although Invesco Advisers made a profit from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund as a result of expenses. The Board received and accepted information from Invesco Advisers demonstrating that 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.

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. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

  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.

43        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 shown below.

     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, 2012, 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 US 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.

SEC file numbers: 811-07890 and 033-66242 TFI-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 August 13, 2012, 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 August 13, 2012, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is

recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

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

SIGNATURES

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

Registrant: AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)

By:	/s/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer
Date:	November 8, 2012

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

By:	/s/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer
Date:	November 8, 2012
By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer
Date:	November 8, 2012

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.