0000909466 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member aimtef2:C000084631Member 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member aimtef2:C000084632Member 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member aimtef2:C000084633Member 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member aimtef2:C000084634Member 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member aimtef2:C000125172Member 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member rr:AfterTaxesOnDistributionsMember aimtef2:C000084631Member 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member rr:AfterTaxesOnDistributionsAndSalesMember aimtef2:C000084631Member 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member aimtef2:BarclaysMunicipalBondIndexMember 2012-01-19 2013-01-18 0000909466 aimtef2:S000027869Member 2012-01-19 2013-01-18 pure iso4217:USD 2012-02-29 false 0.0425 0 0 0 0 0 0.05 0.01 0 0 0.0047 0.0047 0.0047 0.0047 0.0047 0.0025 0.01 0.01 0 0.0016 0.0011 0.0011 0.0011 0.0011 0.0011 0.0007 0.0007 0.0007 0.0007 0.0007 0.0018 0.0018 0.0018 0.0018 0.0018 0.009 0.0165 0.0165 0.0065 0.0081 513 668 268 66 83 700 820 520 208 259 902 1097 897 362 450 1486 1754 1955 810 1002 513 168 168 66 83 700 520 520 208 259 902 897 897 362 450 1486 1754 1955 810 1002 0.0936 0.0537 0.0381 0.0351 0.0573 -0.0133 -0.1644 0.241 0.024 0.1092 0.0565 0.0565 0.0537 0.0511 0.0904 0.1128 0.1092 0.107 0.0206 0.0205 0.0243 0.0195 0.0227 0.0331 0.0305 0.0522 0.0378 0.0377 0.039 0.0366 0.0351 0.0429 0.0538 0.0377 2013-01-18 1990-08-01 1990-08-01 1990-08-01 1992-08-24 1993-08-13 2005-08-12 Class A shares year to date: 2012-12-31 0.0894 Best Quarter: 2009-09-30 0.1197 Worst Quarter: 2008-12-31 -0.0968 <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesINVESCOMUNICIPALINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesINVESCOMUNICIPALINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedINVESCOMUNICIPALINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleNoRedemptionTransposedINVESCOMUNICIPALINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsINVESCOMUNICIPALINCOMEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedINVESCOMUNICIPALINCOMEFUND column period compact * ~</div> Fund Summary Investment Objective(s) Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Invesco Funds. More information about these and other discounts is available from your financial professional and in the section “Shareholder Account Information—Initial Sales Charges (Class A Shares Only)” on page A-3 of the prospectus and the section “Purchase, Redemption and Pricing of Shares—Purchase and Redemption of Shares” on page L-1 of the statement of additional information (SAI). Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.        The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies of the Fund Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities at the time of investment. In complying with this 80% investment requirement, the Fund may include synthetic securities that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement. In addition, under normal market conditions, the Fund’s investment adviser, Invesco Advisers, Inc. (the Adviser), seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s total assets in a portfolio of municipal securities that are investment grade at the time of purchase.        Under normal market conditions, up to 20% of the Fund’s total assets may consist of municipal securities rated below investment grade (but not rated lower than B- by Standard and Poor’s Ratings Services (S&P) or B3 by Moody’s Investors Service, Inc. (Moody’s)) or unrated municipal securities determined by the Adviser to be of comparable quality at the time of purchase. Securities rated below BBB- by S&P, below Baa3 by Moody’s or an equivalent rating by another nationally recognized statistical rating organization, or unrated securities of comparable quality are regarded as below investment grade and are commonly referred to as junk bonds and involve greater risks than investments in higher-grade securities.        The Fund invests in a broad range of municipal securities represented by many localities, states, regions and economies. In selecting securities for investment, the Adviser uses a balanced credit strategy that emphasizes investment grade municipal securities in combination with municipal securities below investment grade. The Adviser believes that such an investment strategy allows the Fund to pursue an enhanced yield providing for higher income while maintaining an investment grade quality average portfolio for capital preservation. Portfolio securities are typically sold when the Adviser’s assessments of such securities materially change.        The Fund may invest all or a substantial portion of its assets in municipal securities that are subject to the federal alternative minimum tax. The Fund may purchase and sell securities on a when-issued or delayed delivery basis. Principal Risks of Investing in the Fund The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio. As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:        Alternative Minimum Tax Risk. All or a portion of the Fund’s otherwise tax-exempt income may be taxable to those shareholders subject to the federal alternative minimum tax.         Call Risk. If interest rates fall, it is possible that issuers of securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.         Credit Risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.        High Yield Bond (Junk Bond) Risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.         Income Risk. The income you receive from the Fund is based primarily on prevailing interest rates, which can vary widely over the short and long term. If interest rates drop, your income from the Fund may drop as well.        Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.        Liquidity Risk. The Fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities.         Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.        Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.         Medium and Lower-Grade Municipal Securities Risk. Securities which are in the medium- and lower-grade categories generally offer higher yields than are offered by higher-grade securities of similar maturity, but they also generally involve more volatility and greater risks, such as greater credit risk, market risk, liquidity risk, management risk, and regulatory risk. Furthermore, many medium- and lower-grade securities are not listed for trading on any national securities exchange and many issuers of medium- and lower-grade securities choose not to have a rating assigned to their obligations by any nationally recognized statistical rating organization. As a result, the Fund’s portfolio may consist of a higher portion of unlisted or unrated securities as compared with an investment company that invests solely in higher-grade securities. Unrated securities are usually not as attractive to as many buyers as are rated securities, a factor which may make unrated securities less marketable. These factors may have the effect of limiting the availability of the securities for purchase by the Fund and may also limit the ability of the Fund to sell such securities at their fair value either to meet redemption requests or in response to changes in the economy or the financial markets.        Municipal Issuer Focus Risk. The Fund generally considers investments in municipal securities not to be subject to industry concentration policies (issuers of municipal securities as a group is not an industry) and the Fund may invest in municipal securities issued by entities having similar characteristics. The issuers may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences. As the similarity in issuers increases, the potential for fluctuation in the Fund’s net asset value also increases.        Municipal Securities Risk. The Fund may invest in municipal securities. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell it. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.        Reinvestment Risk. Reinvestment risk is the risk that a bond’s cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.        Synthetic Securities Risk. Fluctuations in the values of synthetic securities may not correlate perfectly with the instruments they are designed to replicate. Synthetic securities may be subject to interest rate changes, market price fluctuations, counterparty risk and liquidity risk.        Zero Coupon or Pay-In-Kind Securities Risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities, are subject to greater fluctuation than other types of securities. Performance Information The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund's and Van Kampen Municipal Income Fund's (the predecessor fund) performance to that of a broad-based securities market benchmark/style-specific benchmark. The Fund's and the predecessor fund's past performance (before and after taxes) is not necessarily an indication of its future performance.        The returns shown prior to June 1, 2010 are those of the Class A, Class B, Class C and Class I shares of the predecessor fund. The predecessor fund was advised by Van Kampen Asset Management. Class A, Class B, Class C and Class I shares of the predecessor fund were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of the Fund on June 1, 2010. Class A, Class B, Class C and Class Y shares' returns of the Fund will be different from the predecessor fund as they have different expenses. Predecessor fund performance for Class A and Class B shares has been restated to reflect the Fund's applicable sales charge.        Updated performance information is available on the Fund's Web site at www.invesco.com/us. Annual Total Returns Class A shares year to date (ended December 31, 2012): 8.94% Best Quarter (ended September 30, 2009): 11.97% Worst Quarter (ended December 31, 2008): -9.68% After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary. 100000 “Distribution and/or Service (12b-1) Fees,” “Other Expenses” and “Total Annual Fund Operating Expenses” for Investor Class shares are based on estimated amounts for the current fiscal year. 0.15 As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund's and Van Kampen Municipal Income Fund's (the predecessor fund) performance to that of a broad-based securities market benchmark/style-specific benchmark. www.invesco.com/us The Fund's and the predecessor fund's past performance (before and after taxes) is not necessarily an indication of its future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary. Average Annual Total Returns (for the periods ended December 31, 2011) 2013-01-18 AIM TAX EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS) 0000909466 2013-01-15 2013-01-18 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. 485BPOS The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower. The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Invesco Funds. You would pay the following expenses if you did not redeem your shares: "Distribution and/or Service (12b-1) Fees," "Other Expenses" and "Total Annual Fund Operating Expenses" for Investor Class shares are based on estimated amounts for the current fiscal year. The returns shown for these periods are the historical performance of the Fund's and predecessor fund's Class A shares at net asset value, which reflects the Rule 12b-1 fee applicable to Class A shares.