Edgar Filing: Invesco Quality Municipal Securities

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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 811-07560

Invesco Quality Municipal Securities

(Exact name of registrant as specified in charter)


1555 Peachtree Street, N.E., Atlanta, Georgia		30309

(Address of principal executive offices)		(Zip code)

Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 8/31/11

Item 1. Reports to Stockholders.

Invesco Quality Municipal Securities
Semiannual Report to Shareholders § August 31, 2011
NYSE: IQM



2		Letters to Shareholders
3		Trust Performance
4		Dividend Reinvestment Plan
5		Schedule of Investments
13		Financial Statements
16		Notes to Financial Statements
22		Financial Highlights
23		Approval of Investment Advisory and Sub-Advisory Agreements
25		Results of Proxy

Unless otherwise noted, all data provided by Invesco.



NOT FDIC INSURED	MAY LOSE VALUE	NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

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

Your financial adviser can help you define your financial plan, develop an appropriate investment strategy and put you in a better position to achieve your financial goals over the long term. This can take some of the guesswork out of the process and help you make thoughtful investments. Your financial adviser also can help you better understand your tolerance for risk, so that your investment approach lets you sleep at night while getting you closer to your goals. Lastly, your financial adviser can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

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

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

Sincerely,

Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund, its performance and its holdings as of the close of the reporting period.

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

As we’ve seen over the last several years, market conditions can change – often suddenly and dramatically. That’s one reason financial advisers typically advise their clients to be well diversified and to maintain a long-term investment focus. While diversification can’t guarantee a profit or protect against loss, it can cushion the impact of dramatic market moves. Maintaining a long-term investment focus for your long-term goals – financing your retirement or your children’s education, for example – may help you avoid making rash investment decisions based on short-term market swings.

Our funds are managed strictly according to their stated investment objectives and strategies, with robust risk oversight using consistent, repeatable investment processes that don’t change in response to short-term market events. This disciplined approach can’t guarantee a profit; no investment can do that, since all involve some measure of risk. But it can ensure that your money is managed the way we said it would be, and that it’s managed with a long-term focus.

If you have questions about your account, please contact one of our client service representatives at 800 341 2929. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com. All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

2 Invesco Quality Municipal Securities

Trust Performance

Performance summary

Cumulative total returns, 2/28/11 to 8/31/11


Trust at NAV	10.45	%

Trust at Market Value	15.77

Barclays Capital Municipal Bond Index^▼	6.39



Market Price Discount to NAV as of 8/31/11	-2.00


^▼		Lipper Inc.

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, net asset value and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in net asset value (NAV) for performance based on NAV and changes in market price for performance based on market price.

Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

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

The Trust is not managed to track the performance of any particular index, including the index(es) defined here, and consequently, the performance of the Trust 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.

Portfolio Management Update

The following individuals are jointly and primarily responsible for the day-to-day management of Invesco Quality Municipal Securities Trust.

Effective June 28, 2011, Richard Berry joined the Trust’s management team. He has been associated with Invesco or its affiliates in an investment capacity since 1987.

Effective June 28, 2011, Stephen Turman joined the Trust’s management team. He has been associated with



NYSE Symbol		IQM

Invesco or its affiliates in an investment capacity since 1985.

Thomas Byron began managing the Trust in 2009 and has been associated with Invesco or its affiliates in an investment capacity since 2010. From 1981 to 2010, Mr. Byron was associated with Van Kampen Asset Management or its affiliates in an investment capacity.

Robert Stryker began managing the Trust in 2009 and has been associated with Invesco or its affiliates in an invest-

ment capacity since 2010. From 1994 to 2010, Mr. Stryker was associated with Van Kampen Asset Management or its affiliates in an investment capacity.

Robert Wimmel began managing the Trust in 2009 and has been associated with Invesco or its affiliates in an investment capacity since 2010. From 1996 to 2010, Mr. Wimmel was associated with Van Kampen Asset Management or its affiliates in an investment capacity.

3 Invesco Quality Municipal Securities

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Trust. Under the Plan, the money you earn from dividends and capital gains distributions will be reinvested automatically in more shares of your Trust, allowing you to potentially increase your investment over time.

Plan benefits

n		Add to your account:

		You may increase the amount of shares in your Trust easily and automatically with the Plan.

n		Low transaction costs:

		Transaction costs are low because the new shares are bought in blocks and the brokerage commission is shared among all participants.

n		Convenience:

		You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent) which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account via the Internet. To do this, please go to invesco.com/us.

n		Safekeeping:

		The Agent will hold the shares it has acquired for you in safekeeping.

How to participate in the Plan

If you own shares in your own name, you can participate directly in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

How to enroll

To enroll in the Plan, please read the Terms and Conditions in the Plan brochure. You can enroll in the Plan by visiting invesco.com/us, calling toll-free 800 341 2929 or notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Please include your Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally one week before such Distributions are paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distributions.

How the Plan Works

If you choose to participate in the Plan, whenever your Trust declares such Distributions, it will be invested in additional shares of your Trust that are purchased on the open market.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by your Trust. However, you will pay your portion of any per share fees incurred when the new shares are purchased on the open market. These fees are typically less than the standard brokerage charges for individual transactions, because shares are purchased for all Participants in blocks, resulting in lower commissions for each individual Participant. Any per share or service fees are averaged into the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, visiting invesco.com/us or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account have signed these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

If you opt to continue to hold your non-certificated shares, whole shares will be held by the Agent and fractional shares will be sold. The proceeds will be sent via check to your address of record after deducting per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

	2.		If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

	3.		You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a stock certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

To obtain a complete copy of the Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/us.

4 Invesco Quality Municipal Securities

Schedule of Investments

August 31, 2011

(Unaudited)


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Municipal Obligations–145.16%
Alabama–0.97%

Birmingham (City of) Airport Authority; Series 2010, Airport RB (INS–AGM)^(a)		5.25	%		07/01/30	$	550	$	574,458

Birmingham (City of) Water Works Board; Series 2011, Water RB (INS–AGM)^(a)		5.00	%		01/01/36		1,260		1,306,053

									1,880,511

Arizona–3.23%
Arizona (State of); Series 2008 A, COP (INS–AGM)^(a)		5.00	%		09/01/24		1,010		1,078,811

Maricopa Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 A, Ref. PCR^(b)(c)		6.00	%		05/01/14		425		467,857

Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR		5.25	%		10/01/40		675		612,745

Salt River Project Agricultural Improvement & Power District; Series 2002 B, Electric System RB^(c)(d)(e)		5.00	%		01/01/13		3,890		4,136,042

									6,295,455

California–25.31%
Alhambra Unified School District (Election of 2004);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGC)^(a)(f)		0.00	%		08/01/35		1,010		224,897

Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGC)^(a)(f)		0.00	%		08/01/36		1,635		314,231

Alvord Unified School District (Election of 2007); Series 2008 A, Unlimited Tax GO Bonds (INS–AGM)^(a)		5.00	%		08/01/24		765		824,984

Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/26		710		334,488

Series 2009, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/31		1,370		463,156

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2005, Ref. RB		5.00	%		11/15/34		545		545,779

California (State of) Pollution Control Financing Authority (Pacific Gas & Electric) ; Series 1996 E, Ref. VRD RB (LOC–JP Morgan Chase N.A.)^(g)(h)		0.08	%		11/01/26		1,200		1,200,000

California (State of) Public Works Board (Department of Mental Health Coalinga State Hospital); Series 2004 A, Lease RB		5.00	%		06/01/24		5,000		5,059,500

California (State of); Series 2005, Various Purpose Unlimited Tax GO Bonds		5.00	%		03/01/27		1,800		1,867,086

Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS–NATL)^(a)(f)		0.00	%		08/01/29		355		123,519

Dry Creek Joint Elementary School District (Election of 2008);
Series 2009 E, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/43		2,690		321,778

Series 2009 E, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/44		4,825		538,277

East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB		5.00	%		06/01/36		1,260		1,345,945

El Segundo Unified School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds^(f)		0.00	%		08/01/32		1,980		535,550

Golden State Tobacco Securitization Corp.;
Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB (INS–AMBAC)^(a)		5.00	%		06/01/29		2,000		1,880,940

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/47		2,000		1,290,560

Indio (City of) Redevelopment Agency (Indio Merged Redevelopment);
Series 2008 A, Sub. Tax Allocation Bonds		5.00	%		08/15/23		310		282,326

Series 2008 A, Sub. Tax Allocation Bonds		5.00	%		08/15/24		310		277,958

Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 A, Sr. RB		5.00	%		05/15/35		1,325		1,364,975

Los Angeles (City of) Department of Water & Power; Series 2004 C, Water System RB (INS–NATL)^(a)(d)		5.00	%		07/01/25		5,000		5,425,300

Los Angeles Community College District; Series 2003 B, Unlimited Tax GO Bonds (INS–AGM)^(a)		5.00	%		08/01/27		4,000		4,103,800

Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds (INS–AGC)^(a)(f)		0.00	%		08/01/34		1,010		237,623

Milpitas (City of) Redevelopment Agency; Series 2003, Tax Allocation Bonds (INS–NATL)^(a)		5.00	%		09/01/22		3,040		3,046,475

Moreland School District (Crossover); Series 2014 C, Ref. Unlimited Tax CAB GO Bonds (INS–AMBAC)^(a)(f)		0.00	%		08/01/29		1,120		367,976

Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/28		815		292,503

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

5 Invesco Quality Municipal Securities


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

California–(continued)

Patterson Joint Unified School District (Election of 2008);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)^(a)(f)		0.00	%		08/01/36	$	4,025	$	802,987

Series 2009 B, Unlimited Tax CAB GO Bonds (INS–AGM)^(a)(f)		0.00	%		08/01/37		1,590		293,641

Poway Unified School District (Election of 2008–School Facilities Improvement District No. 2007-1);
Series 2009 A, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/27		2,040		787,563

Series 2009 A, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/31		2,545		737,032

San Diego (County of) (Burnham Institute for Medical Research); Series 2006, COP		5.00	%		09/01/34		1,000		849,640

San Diego (County of) Water Authority; Series 2004 A, Water Revenue COP (INS–AGM)^(a)(d)		5.00	%		05/01/29		4,240		4,382,294

San Diego Community College District (Election 2006); Series 2011, Unlimited Tax GO Bonds		5.00	%		08/01/36		2,680		2,809,096

San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds (INS–AGC)^(a)(d)		5.00	%		06/15/28		540		559,451

San Francisco (City & County of) Airport Commission;
Series 2011 F, Ref. International Airport RB⁽ⁱ⁾		5.00	%		05/01/25		265		270,690

Series 2011 F, Ref. International Airport RB⁽ⁱ⁾		5.00	%		05/01/26		530		536,450

San Francisco (City & County of) Public Utilities Commission; Subseries 2011 A, Water RB		5.00	%		11/01/36		1,140		1,201,731

Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/37		2,000		1,355,700

Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN^(f)		0.00	%		04/01/14		850		798,787

William S. Hart Union High School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/32		1,170		295,998

Series 2009 A, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/33		5,725		1,347,665

									49,298,351

Colorado–1.46%
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives); Series 2009 A, RB		5.00	%		07/01/39		2,000		1,996,880

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB		6.00	%		01/15/41		850		850,510

									2,847,390

District of Columbia–2.44%
District of Columbia;
Series 2006 B-1, Ballpark RB (INS–NATL)^(a)		5.00	%		02/01/31		2,000		1,941,860

Series 2009 A, Income Tax Sec. RB^(d)		5.25	%		12/01/27		1,540		1,741,601

Metropolitan Washington Airports Authority; Series 2009 B, RB (INS–BHAC)^(a)		5.00	%		10/01/29		1,000		1,062,420

									4,745,881

Florida–9.92%
Highlands (County of) Health Facilities Authority (Adventist Health);
Series 2006 C, RB^(b)		5.25	%		11/15/36		975		985,530

Series 2006 C, RB^(b)(c)(e)		5.25	%		11/15/16		25		30,487

Miami-Dade (County of) (Miami International Airport-Hub of the Americas); Series 2009 B, Aviation RB (INS–AGC)^(a)		5.00	%		10/01/25		800		857,904

Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB		5.00	%		07/01/40		1,000		991,630

Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2010 A, Ref. Hospital RB		6.00	%		08/01/30		310		323,454

Miami-Dade (County of) Miami International Airport; Series 2000 A, Aviation RB (INS–NATL)^(a)(i)		6.00	%		10/01/24		5,000		5,058,150

Miami-Dade (County of); Series 2005 A, Sub. Special Obligation Conv. CAB RB (INS–NATL)^(a)(f)		0.00	%		10/01/30		1,995		1,695,112

Palm Beach (County of) Solid Waste Authority; Series 2009, Improvement RB (INS–BHAC)^(a)		5.50	%		10/01/23		750		886,927

South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB^(d)		5.00	%		08/15/42		4,000		3,919,680

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

6 Invesco Quality Municipal Securities


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Florida–(continued)

St. Johns (County of) Industrial Development Authority (Glenmoor);
Series 2006 A, Health Care RB		5.25	%		01/01/26	$	1,000	$	842,350

Series 2006 A, Health Care RB		5.38	%		01/01/40		3,250		2,468,212

Tampa Bay Water; Series 2001 A, Ref. Utility System Improvement RB (INS–NATL)^(a)		6.00	%		10/01/29		1,000		1,254,910

									19,314,346

Georgia–6.00%
Atlanta (City of); Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INS–AGM)^(a)(d)		5.00	%		01/01/33		5,000		5,048,950

DeKalb (County of); Series 2003 A, Water & Sewerage RB		5.00	%		10/01/23		1,200		1,227,456

Georgia (State of) Road & Tollway Authority;
Series 2003, RB^(c)(e)		5.00	%		10/01/13		2,000		2,193,980

Series 2003, RB		5.00	%		10/01/23		3,000		3,218,070

									11,688,456

Hawaii–5.53%
Hawaii (State of) Department of Budget & Finance (Hawai’i Pacific Health Obligated Group); Series 2010 B, Special Purpose RB		5.75	%		07/01/40		430		418,171

Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co. & Subsidiaries); Series 1993, Special Purpose RB (INS–NATL)^(a)(i)		5.45	%		11/01/23		5,000		4,977,600

Hawaii (State of); Series 2010 A, Airport System RB		5.00	%		07/01/39		1,075		1,090,652

Honolulu (City & County);
Series 2003 A, Unlimited Tax GO Bonds^(c)(e)		5.25	%		03/01/13		3,295		3,538,500

Series 2003 A, Unlimited Tax GO Bonds (INS–NATL)^(a)		5.25	%		03/01/24		705		745,418

									10,770,341

Idaho–0.24%
University of Idaho (The); Series 2011, Ref. General RB^(b)(c)		5.25	%		04/01/21		400		462,132

Illinois–15.22%
Chicago (City of) O’Hare International Airport;
Series 2001 A, Second Lien Passenger Facility Charge RB (INS–AMBAC)^(a)(i)		5.38	%		01/01/32		3,000		2,999,970

Series 2005 A, Third Lien General Airport RB (INS–NATL)^(a)		5.25	%		01/01/26		3,000		3,117,420

Chicago (City of) Park District; Series 2004 A, Limited Tax GO Bonds (INS–AMBAC)^(a)		5.00	%		01/01/27		3,600		3,715,308

Chicago (City of) Transit Authority (FTA Section 5309); Series 2008, Capital Grant Receipts RB (INS–AGC)^(a)		5.25	%		06/01/23		1,070		1,135,045

Chicago (City of); Series 2007 A, Ref. Project Unlimited Tax GO Bonds (INS–AGM)^(a)(d)(j)		5.00	%		01/01/37		4,590		4,611,022

DeKalb County Community Unit School District No. 428; Series 2008, Unlimited Tax GO Bonds (INS–AGM)^(a)		5.00	%		01/01/23		725		797,718

Illinois (State of) Finance Authority (Little Co. of Mary Hospital & Health Care Centers); Series 2010, RB		5.38	%		08/15/40		775		730,065

Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB		5.38	%		08/15/24		965		1,063,613

Illinois (State of) Finance Authority (Resurrection Health Care Corp.); Series 2009, Ref. RB		6.13	%		05/15/25		925		959,761

Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB		7.25	%		11/01/38		415		455,948

Illinois (State of) Finance Authority (Swedish Covenant Hospital);
Series 2010 A, Ref. RB		5.75	%		08/15/29		1,325		1,326,709

Series 2010 A, Ref. RB		6.00	%		08/15/38		690		689,062

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, Conv. CAB RB (INS–NATL)^(a)(f)		0.00	%		06/15/26		8,480		6,725,318

Series 2010 A, Dedicated State Tax RB		5.50	%		06/15/50		125		126,815

Railsplitter Tobacco Settlement Authority; Series 2010, RB		5.50	%		06/01/23		1,125		1,187,449

									29,641,223

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

7 Invesco Quality Municipal Securities


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Indiana–1.34%
Indiana (State of) Finance Authority (Clarion Health Obligated Group); Series 2006 A, Hospital RB		5.25	%		02/15/40	$	1,200	$	1,185,984

Indiana (State of) Finance Authority; Series 2011 B, Second Lien Waste Water Utility RB		5.25	%		10/01/31		795		832,039

Rockport (City of) (Indiana Michigan Power Co.); Series 2009 B, Ref. PCR^(b)(c)		6.25	%		06/01/14		530		590,213

									2,608,236

Iowa–1.36%
Iowa (State of) (IJOBS Program);
Series 2009 A, Special Obligation RB^(d)(j)		5.00	%		06/01/25		1,355		1,517,519

Series 2009 A, Special Obligation RB^(d)(j)		5.00	%		06/01/26		1,015		1,125,138

									2,642,657

Kansas–0.26%
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB		5.50	%		11/15/29		470		510,989

Kentucky–0.26%
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); Series 2010 A, Hospital Facilities RB		6.50	%		03/01/45		500		511,305

Louisiana–0.55%
Lafayette (City of) Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. Housing & Parking); Series 2010, RB (INS–AGM)^(a)		5.25	%		10/01/30		650		687,485

St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB		5.13	%		06/01/37		400		381,552

									1,069,037

Maryland–0.68%
Baltimore (County of) (Oak Crest Village Inc. Facility); Series 2007 A, RB		5.00	%		01/01/37		705		651,638

Maryland Economic Development Corp. (Terminal); Series 2010 B, RB		5.75	%		06/01/35		690		682,003

									1,333,641

Massachusetts–4.20%
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB		6.75	%		01/01/36		325		343,856

Massachusetts (State of) Health & Educational Facilities Authority (Berklee College of Music); Series 2007 A, RB		5.00	%		10/01/32		625		633,475

Massachusetts (State of) Health & Educational Facilities Authority (Harvard University); Series 2009 A, RB^(d)		5.50	%		11/15/36		4,850		5,444,707

Massachusetts (State of) Health & Educational Facilities Authority (Massachusetts Institute of Technology); Series 2009 O, RB^(d)		5.50	%		07/01/36		1,570		1,748,697

									8,170,735

Michigan–0.48%
Lansing (City of) Board of Water & Light; Series 2011 A, Utility System RB		5.00	%		07/01/37		900		937,206

Missouri–0.29%
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB		5.50	%		09/01/28		520		562,375

Montana–0.53%
Forsyth (City of) (Portland General Electric Co.); Series 1998 A, Ref. PCR		5.00	%		05/01/33		1,000		1,041,120

Nebraska–1.94%
Nebraska (State of) Public Power District; Series 2003 A, RB (INS–AMBAC)^(a)		5.00	%		01/01/35		3,740		3,774,632

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

8 Invesco Quality Municipal Securities


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Nevada–1.85%
Clark (County of); Series 2004 A-1, Sub. Lien Airport System RB (INS–NATL)^(a)(i)		5.50	%		07/01/20	$	3,000	$	3,140,130

Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB		6.25	%		06/15/16		410		462,373

									3,602,503

New Hampshire–0.78%
Manchester (City of) (Manchester Water Works); Series 2003, Water RB (INS–NATL)^(a)		5.00	%		12/01/34		1,500		1,523,640

New Jersey–1.23%
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010, RB		5.75	%		06/01/31		525		526,376

New Jersey (State of) Transportation Trust Fund Authority; Series 2006 C, Transportation System CAB RB (INS–AGC)^(a)(f)		0.00	%		12/15/26		4,300		1,861,427

									2,387,803

New Mexico–0.88%
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR		5.90	%		06/01/40		700		672,357

New Mexico (State of) Finance Authority (Public Project Revolving Fund); Series 2008 A, Sr. Lien RB		5.00	%		06/01/27		940		1,030,278

									1,702,635

New York–15.64%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT RB		6.25	%		07/15/40		460		468,262

Series 2009, PILOT RB		6.38	%		07/15/43		190		194,556

Metropolitan Transportation Authority; Series 2003 B, RB (INS–NATL)^(a)		5.25	%		11/15/22		5,000		5,368,400

New York (City of) Municipal Water Finance Authority; Series 2010 FF, Second Generation Water & Sewer System RB		5.00	%		06/15/31		2,400		2,569,800

New York (City of) Transitional Finance Authority;
Series 2009 A-1, Future Tax Sec. RB^(d)		5.00	%		05/01/28		1,305		1,425,021

Series 2009 A-1, Future Tax Sec. RB^(d)		5.00	%		05/01/29		1,045		1,134,546

Series 2009 A-1, Future Tax Sec. RB^(d)		5.00	%		05/01/30		1,045		1,126,594

New York (City of) Trust for Cultural Resources (Museum of Modern Art); Series 2008 1A, Ref. RB^(d)		5.00	%		04/01/28		1,950		2,113,586

New York (City of);
Series 2008 A-1, Unlimited Tax GO Bonds^(d)		5.25	%		08/15/27		980		1,074,462

Series 2008 A-1, Unlimited Tax GO Bonds^(d)		5.25	%		08/15/28		980		1,070,062

New York (State of) Dormitory Authority (The City of New York);
Series 2005 A, Court Facilities Lease RB (INS–AMBAC)^(a)		5.50	%		05/15/29		705		809,537

Series 2011 A, General Purpose Income Tax RB		5.00	%		03/15/30		1,530		1,685,387

New York (State of) Thruway Authority;
Series 2009 A, State Personal Income Tax Transportation RB		5.00	%		03/15/25		1,310		1,471,955

Series 2011 A-1, Second General Highway & Bridge Trust Fund RB		5.00	%		04/01/29		1,290		1,418,226

Tobacco Settlement Financing Corp. (State Contingency Contract); Series 2003 B-1C, Asset-Backed RB		5.50	%		06/01/21		6,000		6,416,100

Triborough Bridge & Tunnel Authority; Series 2002 B, Ref. General RB		5.25	%		11/15/19		2,000		2,116,160

									30,462,654

Ohio–4.78%
American Municipal Power-Ohio Inc. (Prairie State Energy Campus); Series 2008 A, RB (INS–AGC)^(a)(d)		5.25	%		02/15/33		1,000		1,053,320

Cuyahoga (County of) (Cleveland Clinic Health System Obligated Group); Series 2003 A, Ref. RB		6.00	%		01/01/32		5,000		5,266,300

Franklin (County of) (Ohio Health Corp).; Series 2011 A, Ref. Hospital Facilities RB		5.00	%		11/15/36		900		904,941

Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011, Hospital RB		6.25	%		12/01/34		520		540,322

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

9 Invesco Quality Municipal Securities


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Ohio–(continued)

Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital Facilities RB		5.75	%		11/15/40	$	1,275	$	1,250,125

Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR^(b)(c)		5.88	%		06/01/16		265		297,955

									9,312,963

Oregon–0.34%
Warm Springs Reservation Confederated Tribes (Pelton Round Butte); Series 2009 B, Tribal Economic Development RB^(k)		6.38	%		11/01/33		660		666,950

Pennsylvania–1.35%
Pennsylvania (State of) Turnpike Commission;
Subseries 2010 B-2, Conv. CAB RB^(f)		0.00	%		12/01/28		750		621,840

Subseries 2010 B-2, Conv. CAB RB^(f)		0.00	%		12/01/34		450		357,597

Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS–BHAC)^(a)		5.13	%		09/01/23		1,500		1,649,400

									2,628,837

Puerto Rico–2.19%
Puerto Rico Electric Power Authority;
Series 2010 CCC, Power RB		5.25	%		07/01/27		1,000		1,020,110

Series 2010 XX, RB		5.25	%		07/01/40		750		729,855

Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, RB		5.38	%		08/01/39		450		453,920

First Subseries 2010 C, RB		5.25	%		08/01/41		1,300		1,293,136

First Subseries 2010 A, RB		5.50	%		08/01/42		750		760,807

									4,257,828

Rhode Island–0.80%
Rhode Island Economic Development Corp.; Series 2004 A, Ref. Airport RB (INS–AGM)^(a)(i)		5.00	%		07/01/21		1,500		1,547,640

South Carolina–5.80%
Charleston Educational Excellence Finance Corp. (Charleston County School District); Series 2005, RB		5.25	%		12/01/29		2,000		2,109,080

Grand Strand Water & Sewer Authority; Series 2002, Ref. Waterworks & Sewer System RB (INS–AGM)^(a)		5.38	%		06/01/19		4,565		4,720,986

Richland (County of) (International Paper Co.); Series 2007 A, Ref. Environmental Improvement RB		4.60	%		09/01/12		210		215,876

South Carolina (State of) Public Service Authority; Series 2003 A, Ref. RB (INS–AMBAC)^(a)(d)		5.00	%		01/01/22		4,000		4,251,040

									11,296,982

Texas–15.58%
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB⁽ⁱ⁾		4.85	%		04/01/21		2,000		2,079,320

Arlington (City of); Series 2009, Special Tax RB		5.00	%		08/15/28		1,500		1,565,850

Austin (City of); Series 2001, Ref. Water & Wastewater System RB (INS–AGM)^(a)		5.13	%		05/15/27		1,475		1,476,740

Bexar County Health Facilities Development Corp. (Army Retirement Residence); Series 2010, RB		6.20	%		07/01/45		590		598,343

Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund)		5.00	%		02/15/25		575		634,254

Harris (County of); Series 2007 C, Ref. Sub. Lien Toll Road Unlimited Tax GO Bonds (INS–AGM)^(a)		5.25	%		08/15/31		1,530		1,799,311

Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB		5.00	%		02/01/23		350		373,226

Houston (City of) Convention & Entertainment Facilities Department; Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INS–AGM)^(a)(f)		0.00	%		09/01/25		2,350		1,144,896

Houston (City of);
Series 2004 A, Ref. First Lien Combined Utility System RB (INS–NATL)^(a)		5.25	%		05/15/25		5,000		5,449,950

Series 2011 D, First Lien Combined Utility System RB		5.00	%		11/15/36		1,050		1,107,025

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

10 Invesco Quality Municipal Securities


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Texas–(continued)

Lower Colorado River Authority; Series 2010 A, Ref. RB		5.00	%		05/15/40	$	450	$	458,717

North Texas Tollway Authority;
Series 2008 D, Ref. First Tier System CAB RB (INS–AGC)^(a)(f)		0.00	%		01/01/28		5,200		2,002,052

Series 2008 D, Ref. First Tier System CAB RB (INS–AGC)^(a)(f)		0.00	%		01/01/31		1,065		332,674

Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2007, Retirement Facilities RB		5.13	%		05/15/37		425		363,702

Tarrant Regional Water District; Series 2002, Ref. & Improvement RB (INS–AGM)^(a)		5.25	%		03/01/17		4,000		4,272,400

Texas A&M University System Board of Regents; Series 2009 A, Financing System RB		5.00	%		05/15/26		1,665		1,857,924

Texas Private Activity Bond Surface Transportation Corp. (North Transit Express Mobility); Series 2009, Sr. Lien RB		6.88	%		12/31/39		510		527,294

University of Houston System Board of Regents; Series 2008, Ref. Consolidated RB (INS–AGM)^(a)(d)		5.00	%		02/15/33		1,000		1,049,710

West Harris County Regional Water Authority; Series 2005, Water System RB (INS–AGM)^(a)		5.00	%		12/15/24		3,000		3,254,370

									30,347,758

Utah–0.82%
Intermountain Power Agency; Series 2003 A, Ref. Power Supply RB (INS–AGM)^(a)		5.00	%		07/01/21		1,500		1,600,200

Virgin Islands–0.32%
Virgin Islands Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien Working Capital RB		5.00	%		10/01/25		625		626,556

Virginia–6.40%
Fairfax (County of) Industrial Development Authority (INOVA Health System); Series 1993, Ref. RB		5.25	%		08/15/19		9,000		10,281,960

Prince William (County of) Service Authority; Series 2003, Ref. Water & Sewer System RB		5.00	%		07/01/21		2,000		2,178,040

									12,460,000

Washington–3.61%
Grant (County of) Public Utility District No. 2; Series 2005 A, Ref. Wanapum Hydro Electric RB (INS–NATL)^(a)		5.00	%		01/01/34		1,705		1,729,160

Washington (State of);
Series 2010 A, Various Purpose Unlimited Tax GO Bonds^(d)		5.00	%		08/01/29		2,380		2,596,556

Series 2010 A, Various Purpose Unlimited Tax GO Bonds^(d)		5.00	%		08/01/30		2,500		2,709,600

									7,035,316

Wisconsin–0.58%
Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB		5.63	%		05/01/28		1,000		1,125,650

TOTAL INVESTMENTS^(l)–145.16% (Cost $273,096,357)									282,691,934

FLOATING RATE NOTE OBLIGATIONS–(18.33)%
Notes with interest rates ranging from 0.21% to 0.34% at 08/31/11 and contractual maturities of collateral ranging from 01/01/22 to 08/15/42 (See Note 1J)^(m)									(35,690,000	)

PREFERRED SHARES–(28.24)%									(55,000,000	)

OTHER ASSETS LESS LIABILITIES–1.41%									2,746,694

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%								$	194,748,628

Investment Abbreviations:


AGC		– Assured Guaranty Corp.
AGM		– Assured Guaranty Municipal Corp.
AMBAC		– American Municipal Bond Assurance Corp.
BAN		– Bond Anticipation Notes
BHAC		– Berkshire Hathaway Assurance Corp.
CAB		– Capital Appreciation Bonds
CEP		– Credit Enhancement Provider
Conv.		– Convertible
COP		– Certificates of Participation
FTA		– Federal Transit Administration
GO		– General Obligation
IDR		– Industrial Development Revenue Bonds
INS		– Insurer
LOC		– Letter of Credit
NATL		– National Public Finance Guarantee Corp.
PCR		– Pollution Control Revenue Bonds
PILOT		– Payment-in-Lieu-of-Tax
RB		– Revenue Bonds
Ref.		– Refunding
Sec.		– Secured
Sr.		– Senior
Sub.		– Subordinated
VRD		– Variable Rate Demand

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

11 Invesco Quality Municipal Securities

Notes to Schedule of Investments:


^(a)		Principal and/or interest payments are secured by the bond insurance company listed.
^(b)		Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
^(c)		Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
^(d)		Underlying security related to Dealer Trusts entered into by the Trust. See Note 1J.
^(e)		Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
^(f)		Zero coupon bond issued at a discount.
^(g)		Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
^(h)		Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
⁽ⁱ⁾		Security subject to the alternative minimum tax.
^(j)		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 Trust could ultimately be required to make under the agreement is $4,655,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts.
^(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 value of this security at August 31, 2011 represented 0.34% of the Trust’s Net Assets.
^(l)		This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.


Entities	Percentage

National Public Finance Guarantee Corp.		18.2	%

Assured Guaranty Municipal Corp.		16.1

American Municipal Bond Assurance Corp.		6.3


^(m)		Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2011. At August 31, 2011, the Trust’s investments with a value of $59,264,898 are held by Dealer Trusts and serve as collateral for the $35,690,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2011


Revenue Bonds	82.2	%

General Obligation Bonds	14.3

Pre-refunded Bonds	3.5

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

12 Invesco Quality Municipal Securities

Statement of Assets and Liabilities

August 31, 2011

(Unaudited)


Assets:
Investments, at value (Cost $273,096,357)	$	282,691,934

Cash		685,354

Receivable for:
Interest		2,983,346

Investment for trustee deferred compensation and retirement plans		2,528

Other assets		19,286

Total assets		286,382,448

Liabilities:
Floating rate note obligations		35,690,000

Payable for:
Investments purchased		809,546

Dividends — preferred shares		1,891

Accrued other operating expenses		69,798

Trustee deferred compensation and retirement plans		62,585

Total liabilities		36,633,820

Preferred shares ($0.01 par value, authorized 1,000,000 shares, 1,100 issued with liquidation preference of $50,000 per share)		55,000,000

Net assets attributable to common shares	$	194,748,628

Net assets applicable to common shares consist of:
Shares of beneficial interest — common shares	$	198,898,707

Undistributed net investment income		4,065,835

Undistributed net realized gain (loss)		(17,811,491	)

Unrealized appreciation		9,595,577

	$	194,748,628

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Common shares outstanding		13,454,169

Net asset value per common share	$	14.47

Market value per common share	$	14.19

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

13 Invesco Quality Municipal Securities

Statement of Operations

For the six months ended August 31, 2011

(Unaudited)


Investment income:
Interest	$	6,921,458

Expenses:
Advisory fees		377,455

Administrative services fees		25,137

Custodian fees		5,753

Interest, facilities and maintenance fees		247,430

Transfer agent fees		4,189

Trustees’ and officers’ fees and benefits		13,122

Other		62,633

Total expenses		735,719

Net investment income		6,185,739

Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(2,977,286	)

Change in net unrealized appreciation of investment securities		15,266,862

Net realized and unrealized gain		12,289,576

Net increase in net assets resulting from operations		18,475,315

Distributions to preferred shareholders from net investment income		(82,724	)

Net increase in net assets resulting from operations applicable to common shares	$	18,392,591

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

14 Invesco Quality Municipal Securities

Statement of Changes in Net Assets

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

(Unaudited)


	Six months			Four months
	ended			ended			Year ended
	August 31,			February 28,			October 31,
	2011			2011			2010

Operations:
Net investment income	$	6,185,739		$	4,140,693		$	12,421,581

Net realized gain (loss)		(2,977,286	)		(588,041	)		(566,379	)

Change in net unrealized appreciation (depreciation)		15,266,862			(17,162,059	)		11,208,254

Net increase (decrease) in net assets resulting from operations		18,475,315			(13,609,407	)		23,063,456

Distributions to preferred shareholders from net investment income		(82,724	)		(78,948	)		(221,268	)

Net increase (decrease) in net assets from operations applicable to common shares		18,392,591			(13,688,355	)		22,842,188

Distributions to shareholders from net investment income		(5,718,022	)		(3,767,167	)		(11,301,500	)

Net increase (decrease) in net assets		12,674,569			(17,455,522	)		11,540,688

Net assets:
Beginning of period		182,074,059			199,529,581			187,988,893

End of period (includes undistributed net investment income of $4,065,835, $3,680,842 and $3,395,057, respectively)	$	194,748,628		$	182,074,059		$	199,529,581

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

15 Invesco Quality Municipal Securities

Statement of Cash Flows

For the six months ended August 31, 2011

(Unaudited)


Net increase in net assets from operations applicable to common shares	$	18,392,591

Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
Net realized loss on investments		2,977,286

Net change in unrealized appreciation (depreciation) on investments		(15,266,862	)

Amortization of premium		345,083

Accretion of discount		(746,258	)

Cost of purchases of investments		(29,592,857	)

Proceeds from sales of investments		33,925,813

Increase in interest receivables and other assets		(171,291	)

Increase in accrued expenses and other payables		10,470

Net cash provided by operating activities		9,873,975

Cash flows provided by (used in) financing activities:
Dividends paid to common shareholders from net investment income		(5,718,022	)

Net proceeds from and repayment of floating rate note obligations		(4,099,640	)

Net cash provided by (used in) financing activities		(9,817,662	)

Net increase in cash		56,313

Cash at beginning of period		629,041

Cash at end of period	$	685,354

Supplemental disclosure of cash flow Information:
Cash paid during the period for interest, facilities and maintenance fees	$	222,735

Notes to Financial Statements

August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Quality Municipal Securities (the “Trust”), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end series management investment company.

The Trust’s investment objective is to provide current income which is exempt federal income tax.

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


A.		Security Valuations — Securities, including restricted securities, are valued according to the following policy.
		Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.
		Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
		Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

16 Invesco Quality Municipal Securities


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 Trust may periodically participate in litigation related to Trust investments. As such, the Trust 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 Trust’s net asset value and, accordingly, they reduce the Trust’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 Trust and the investment adviser.
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 — The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally paid annually and are distributed on a pro rata basis to common and preferred shareholders. The Trust may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.		Federal Income Taxes — The Trust 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 Trust’s taxable earnings to shareholders. As such, the Trust 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 Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt dividends”, as defined in the Internal Revenue Code.
		The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.		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 Auction Rate Preferred Shares and floating rate note obligations, if any.
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 Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.		Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.		Cash and Cash Equivalents — For the purposes of the Statement of Cash Flows the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.
J.		Floating Rate Note Obligations — The Trust 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 Trust. 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 Trust 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 Trust 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 Trust (inverse floating rate investments) include the right of the Trust (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 Trust, thereby collapsing the Dealer Trusts.

17 Invesco Quality Municipal Securities


		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 Trust or less than what may be considered the fair value of such securities.
		The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust 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 Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust 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 Trust’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 Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust 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 Trust’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 Trust pays an advisory fee to the Adviser based on the annual rate 0.27% of the Trust’s average weekly net assets including leverage entered into to retire previously issued preferred shares of the Trust.

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 Trust, 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 Trust based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2012, to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trust’s expenses (excluding certain items discussed below) to 0.66%. 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 Trust’s expenses to exceed the limit reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2011, expenses incurred under these agreements are shown in the Statement of Operations as administrative services fees.

Certain officers and trustees of the Trust are officers and directors of Invesco.

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

18 Invesco Quality Municipal Securities


		reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2011. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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


	Level 1		Level 2		Level 3		Total

Municipal Obligations	$	—	$	282,691,934	$	—	$	282,691,934

NOTE 4—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Trust to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Trusts 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 Trust 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 Trust to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Trust.

During the six months ended August 31, 2011, the Trust paid legal fees of $1,193 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 5—Cash Balances

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2011 were $35,547,000 and 0.90%, 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 Trust’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 Trust’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 Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

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


	Capital Loss
Expiration	Carryforward*

February 28, 2015	$	249,765

February 28, 2016		1,475,005

February 28, 2017		11,693,456

February 28, 2018		886,636

February 28, 2019		588,041

Total capital loss carryforward	$	14,892,903


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

19 Invesco Quality Municipal Securities

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 Trust during the six months ended August 31, 2011 was $24,757,203 and $24,705,776, 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	$	14,738,552

Aggregate unrealized (depreciation) of investment securities		(4,819,746	)

Net unrealized appreciation of investment securities	$	9,918,806

Cost of investments for tax purposes is $272,773,128.

NOTE 8—Preferred Shares of Beneficial Interest

The Trust has issued Series 1 through 5 Auction Rate Preferred Shares (“preferred shares”) which have a liquidation value of $50,000 per share plus the redemption premium, if any, plus accumulated but unpaid dividends, whether or not declared, thereon to the date of distribution. The Trust may redeem such shares, in whole or in part, at the original purchase price of $50,000 per share plus accumulated but unpaid dividends, whether or not declared, thereon to the date of redemption.

Historically, the Trust paid annual fees equivalent to 0.25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auction. Effective March 31, 2009, the Trust decreased this amount to 0.15% due to auction failures. In the future, if auctions no longer fail, the Trust may return to an annual fee payment of 0.25% of the preferred share liquidation value. These fees are included as a component of “Preferred share maintenance” expense on the Statement of Operations.

Dividends, which are cumulative, are reset through auction procedures.


			Amount							Range of
Series	Shares†		(000’s omitted)†		Rate†			Reset Date		Dividend Rates††

1		193	$	9,650		0.305	%		09/03/2011		0.107-0.426	%

2		170		8,500		0.289			09/07/2011		0.107-0.426

3		170		8,500		0.274			09/08/2011		0.110-0.426

4		340		17,000		0.305			09/03/2011		0.107-0.426

5		227		11,350		0.305			09/03/2011		0.107-0.426


^†		As of August 31, 2011.
^††		For the six months ended August 31, 2011.

Subsequent to August 31, 2011 and up through October 6, 2011, the Trust paid dividends to preferred shareholders at rates ranging from 0.228% to 0.274% in the aggregate amount of $13,952.

The Trust is subject to certain restrictions relating to the preferred shares. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger the mandatory redemption of preferred shares at liquidation value.

Beginning February 13, 2008 and continuing through August 31, 2011, all series of preferred shares of the Trust were not successfully remarketed. As a result, the dividend rates of these preferred shares were reset to the maximum applicable rate.

The preferred shares, which are entitled to one vote per share, generally vote with the common shares but vote separately as a class to elect two Trustees and on any matters affecting the rights of the preferred shares.

The preferred shares are not listed on an exchange. Investors in preferred shares may participate in auctions through authorized broker-dealers; however, such broker-dealers are not required to maintain a secondary market in preferred shares, and there can be no assurance that a secondary market will develop, or if it does develop, a secondary market may not provide you with liquidity. When a preferred share auction fails, investors may not be able to sell any or all of their preferred shares and because of the nature of the market for preferred shares, investors may receive less than the price paid for their preferred shares if sold outside of the auction.

The Trust entered into additional floating rate note and dealer trust obligations as an alternative form of leverage in order to redeem and to retire a portion of its preferred shares. Transactions in preferred shares were as follows:


	Shares		Value

Outstanding at February 28, 2011		1,100	$	55,000,000

Shares retired		—		—

Outstanding at August 31, 2011		1,100	$	55,000,000

20 Invesco Quality Municipal Securities

NOTE 9—Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:


	Six months ended		Four months ended		Year ended
	August 31,		February 28,		October 31,
	2011		2011		2010

Beginning shares		13,454,169		13,454,169		13,454,169

Shares Issued Through Dividend Reinvestment		—		—		—

Ending shares		13,454,169		13,454,169		13,454,169

The Trustees have approved share repurchases whereby the Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

NOTE 10—Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2011:

Declaration Date

Amount Per Share

Record Date

Payable Date

September 1, 2011

$0.0750

September 15, 2011

September 30, 2011

$0.0750

October 14, 2011

October 31, 2011

21 Invesco Quality Municipal Securities

NOTE 11—Financial Highlights

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


	Six months			Four months
	ended			ended
	August 31,			February 28,			Year ended October 31,
	2011			2011			2010			2009			2008			2007			2006

Net asset value per common share, beginning of period	$	13.53		$	14.83		$	13.97		$	12.37		$	15.27		$	16.04		$	15.86

Net investment income^(a)		0.46			0.31			0.92			0.95			0.96			0.97			0.95

Net gains (losses) on securities (both realized and unrealized)		0.91			(1.32	)		0.80			1.45			(2.91	)		(0.71	)		0.43

Dividends paid to preferred shareholders from net investment income^(a)		(0.01	)		(0.01	)		(0.02	)		(0.04	)		(0.25	)		(0.26	)		(0.22	)

Total income (loss) from investment operations		1.36			(1.02	)		1.70			2.36			(2.20	)		—			1.16

Less dividends and distributions paid to common shareholders from:
Dividends from net investment income		(0.42	)		(0.28	)		(0.84	)		(0.76	)		(0.72	)		(0.72	)		(0.80	)

Distributions from net realized gains		—			—			—			—			—			(0.08	)		(0.23	)

Total dividends and distributions paid to common shareholders		(0.42	)		(0.28	)		(0.84	)		(0.76	)		(0.72	)		(0.80	)		(1.03	)

Anti-dilutive effect of shares repurchased^(a)		—			—			—			—			0.02			0.03			0.05

Net asset value, end of period	$	14.47		$	13.53		$	14.83		$	13.97		$	12.37		$	15.27		$	16.04

Market value, end of period	$	14.19		$	12.65		$	14.31		$	12.80		$	10.55		$	13.63		$	14.70

Total return at net asset value^(b)		10.37	%		(6.78	)%		12.81	%		29.60	%		18.14	%		(2.04	)%		12.11	%

Total return at market value^(b)		15.77	%		(9.67	)%		18.81	%

Net assets applicable to common shares, end of period (000s omitted)	$	194,749		$	182,074		$	199,530		$	187,989		$	166,424		$	207,833		$	223,185

Portfolio turnover rate^(c)		9	%		1	%		11	%		21	%		9	%		14	%		15	%

Ratios/supplemental data based on average net assets applicable to common shares:
Ratio of expenses^(d)		0.78	%^(e)		0.60	%^(f)(g)		0.85	%^(h)		0.99	%^(h)		1.23	%^(h)		1.28	%^(h)		0.93	%

Ratio of expenses, excluding interest, facilities and maintenance fees^(d)(i)		0.52	%^(e)		0.39	%^(f)(g)		0.71	%^(h)		0.78	%^(h)		0.79	%^(h)		0.76	%^(h)		0.79	%

Ratio of net investment income before preferred share dividends		6.55	%^(e)		6.87	%^(g)		6.41	%^(h)		7.33	%^(h)		6.57	%^(h)		6.19	%^(h)		6.08	%

Preferred share dividends		0.09	%^(e)		0.13	%^(g)		0.11	%^(h)		0.34	%^(h)		1.70	%^(h)		1.67	%^(h)		1.38	%

Ratio of net investment income after preferred share dividends		6.46	%^(e)		6.74	%^(g)		6.30	%^(h)		6.99	%^(h)		4.87	%^(h)		4.52	%^(h)		4.70	%

Rebate from Morgan Stanley affiliate		—			—			—			0.00	%^(j)		0.00	%^(j)		0.00	%^(j)		—	%

Senior securities:
Total amount of preferred shares outstanding (000s omitted)		55,000			55,000

Asset coverage per preferred share^(k)	$	227,044		$	215,522			463	%		442	%		330	%		314	%		330	%

Liquidating preference per preferred share	$	50,000


^(a)		Calculated using average shares outstanding.
^(b)		Net asset value return includes adjustments in accordance with accounting principles generally accepted in the United States of America and measures the changes in common shares’ value over the period indicated, taking into account dividends as reinvested. Market value return is computed based upon the New York Stock Exchange market price of the Trust’s common shares and excludes the effects of brokerage commissions. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.
^(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
^(d)		Ratios do not reflect the effect of dividend payments to preferred shareholders.
^(e)		Ratios are annualized and based on average daily net assets applicable to common shares (000’s omitted) of $187,753.
^(f)		Ratio includes an adjustment for a change in accounting estimate for professional fees during the period. Ratios excluding this adjustment would have been higher by 0.16%.
^(g)		Annualized.
^(h)		The ratios reflect the rebate of certain Trust expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as “Rebate from Morgan Stanley affiliate”.
⁽ⁱ⁾		For the years ended October 31, 2010 and prior, ratio does not exclude facilities and maintenance fees.
^(j)		Amount is less than 0.005%.
^(k)		Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets and dividing this by the number of preferred shares outstanding. For periods prior to February 28, 2011, calculated by subtracting the Trust’s total liabilities (not including the preferred shares from the Trust’s total assets and dividing this by preferred shares at liquidation value.

22 Invesco Quality Municipal Securities

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of Invesco Quality Municipal Securities is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Quality Municipal Securities (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the closed-end funds and all of the open-end 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 to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

Factors and Conclusions and Summary of Independent Written Fee Evaluation


A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board has met since the closing of the Morgan Stanley Transaction. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.


B.	Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund performance as a relevant factor in considering whether to approve the sub-advisory 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 Closed-End — General Municipal Debt Funds (Leveraged) Index. The Board noted that the Fund’s performance was in the third quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was below the performance of the Index for the one and five year periods and at the same level for the three year period. Although the independent

23 Invesco Quality Municipal Securities

written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.


C.	Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the Fund’s contractual advisory fee rate was below the median contractual advisory fee rate of funds in its expense group. The Board also reviewed the methodology used by Lipper in 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 rates of eight closed-end funds with comparable investment strategies.

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

The Board noted that as part of the Morgan Stanley Transaction, Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund. The Board noted that at the current expense ratio for the Fund, this expense waiver does not have any impact.

The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day 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

The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

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

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

24 Invesco Quality Municipal Securities

Proxy Results

An Annual Meeting (“Meeting”) of Shareholders of Invesco Quality Municipal Securities was held on July 14, 2011. The Meeting was held for the following purpose:


(1)	Elect five Trustees by the holders of Common Shares and Preferred Shares voting together, and one Trustee by the holders of Preferred Shares voting separately, each of whom will serve for a three-year term or until a successor has been duly elected and qualified.

The results of the voting on the above matter were as follows:


				Votes
	Matter	Votes For		Withheld


(1)	David C. Arch		11,285,035		392,952
	Bob R. Baker		11,319,345		358,642
	Larry Soll		11,296,180		381,807
	Philip A. Taylor		11,333,978		344,009
	Wayne W. Whalen		11,311,053		366,934
	Frank S. Bayley^(P)		106		4


^(P)	Election of trustee by preferred shareholders only.

25 Invesco Quality Municipal Securities

Correspondence information

Send general correspondence to Computershare, P.O. Box 43078, Providence, RI 02940-3078.

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.

Trust holdings and proxy voting information

The Trust 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 Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trust’s Forms N-Q on the SEC website at sec.gov. Copies of the Trust’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 number for the Trust is 811-07560.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Trust voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov.

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


		MS-CE-QMS-SAR-1		Invesco Distributors, Inc.

ITEM 2.

CODE OF ETHICS.

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

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

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of September 16, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of September 16, 2011, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is

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

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

ITEM 12.		EXHIBITS.

12(a) (1)		Not applicable.

12(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a) (3)		Not applicable.

12(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

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

Registrant: Invesco Quality Municipal Securities



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

Date: November 7, 2011

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



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

Date: November 7, 2011



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

Date: November 7, 2011

EXHIBIT INDEX


12(a) (1)		Not applicable.

12(a) (2)		Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a) (3)		Not applicable.

12(b)		Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.