Edgar Filing: Invesco Van Kampen Trust for Investment Grade Municipals

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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 811-06471

Invesco Van Kampen Trust for Investment Grade Municipals

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Colin Meadows 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 Van Kampen Trust for Investment
Grade Municipals

Semiannual Report to Shareholders § August 31, 2011

NYSE: VGM



2		Trust Performance
3		Dividend Reinvestment Plan
4		Schedule of Investments
21		Financial Statements
24		Notes to Financial Statements
30		Financial Highlights
31		Approval of Investment Advisory and Sub-Advisory Agreements
33		Results of Proxy

Unless otherwise noted, all data provided by Invesco.



NOT FDIC INSURED	MAY LOSE VALUE	NO BANK GUARANTEE

Trust Performance

Performance summary

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


Trust at NAV	11.12	%

Trust at Market Value	12.95

Barclays Capital Municipal Bond Index^▼	6.39



Market Price Premium to NAV as of 8/31/11	0.79


^▼ 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 Van Kampen Trust for Investment Grade Municipals.

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 Invesco or its affiliates in an investment capacity since 1985.

Thomas Byron began managing the Trust in 1997 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 investment 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 2001 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.


NYSE Symbol		VGM

Invesco Van Kampen Trust for Investment Grade Municipals

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 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: Shareholders who participate in the Plan are able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by a Trust, there is no fee, and when shares are bought in blocks on the open market, the per share fee 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 10 business days 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, your Distributions will be promptly reinvested for you, automatically increasing your reinvestment shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:

1.		Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of the market price, whichever is greater. When the Trust trades at a premium, you’ll pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.
2.		Discount: If the Trust is trading at a discount – a market price that is lower than NAV – you’ll pay the market price for your reinvested shares.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by your Trust. If your Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if your Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all Participants in blocks, resulting in lower fees for each individual Participant. Any service or per share fees are added to 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 whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees.

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 a $2.50 service fee and applicable 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 share 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.

Invesco Van Kampen Trust for Investment Grade Municipals

Schedule of Investments

August 31, 2011

(Unaudited)


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Municipal Obligations–165.92%
Alabama–2.29%
Alabama (State of) Board of Education (Southern Union State Community College); Series 2003, Ref. & Improvement RB (INS–NATL)^(a)		5.25	%		07/01/20	$	3,660	$	3,832,972

Bessemer Governmental Utility Services Corp.; Series 2008 A, Ref. Water Supply RB (INS–AGC)^(a)(b)		5.00	%		06/01/39		3,225		3,286,856

Birmingham (City of) Airport Authority; Series 2010, RB (INS–AGM)^(a)		5.25	%		07/01/30		2,500		2,611,175

Health Care Authority for Baptist Health (The); Series 2009 A, RB^(c)(d)		6.13	%		05/15/12		2,000		2,057,460

Huntsville-Redstone Village (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB		5.50	%		01/01/43		2,525		1,845,598

Selma (City of) Industrial Development Board (Gulf Opportunity Zone); Series 2009 A, RB		6.25	%		11/01/33		3,395		3,560,642

									17,194,703

Alaska–0.18%
Matanuska-Susitna Borough (City of) (Public Safety Building Lease); Series 2000, COP (INS–AGM)^(a)		5.75	%		03/01/16		1,350		1,355,765

Arizona–3.96%
Arizona (State of) Transportation Board;
Series 2008 B, Highway RB		5.00	%		07/01/25		2,560		2,830,771

Series 2008 B, Highway RB^(b)		5.00	%		07/01/26		3,835		4,204,962

Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network); Series 2005 B, Ref. Hospital RB		5.00	%		12/01/37		2,065		1,774,145

Glendale (City of) Industrial Development Authority (Midwestern University);
Series 2010, RB		5.00	%		05/15/35		750		732,638

Series 2010, RB		5.13	%		05/15/40		1,500		1,465,710

Goodyear (City of) McDowell Road Commercial Corridor Improvement District; Series 2007, Special Assessment Improvement Bonds (INS–AMBAC)^(a)		5.25	%		01/01/32		1,775		1,788,810

Maricopa (County of) Industrial Development Authority (Catholic Healthcare West); Series 2009 C, Health Facilities RB^(c)(d)		5.00	%		07/01/14		3,330		3,637,958

Maricopa (County of) Pollution Control Corp. (Arizona Public Service Co.–Palo Verde); Series 2009 B, Ref. PCR^(c)(d)		5.50	%		05/01/12		1,825		1,871,245

Navajo County Pollution Control Corp.;
Series 2009 C, PCR^(c)(d)		5.50	%		06/01/14		900		971,739

Series 2009 E, PCR^(c)(d)		5.75	%		06/01/16		1,035		1,182,384

Phoenix (City of) Industrial Development Authority (Career Success Schools);
Series 2009, Education RB		7.00	%		01/01/39		970		887,734

Series 2009, Education RB		7.13	%		01/01/45		925		851,361

Pima (County of) Industrial Development Authority (Global Water Resources LLC); Series 2007, Water & Wastewater RB^(e)		6.55	%		12/01/37		3,400		3,066,936

Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric System RB^(b)		5.00	%		01/01/28		3,145		3,429,591

University Medical Center Corp.; Series 2005, Hospital RB		5.00	%		07/01/35		1,205		1,061,472

									29,757,456

California–18.04%
Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease RB (INS–AGM)^(a)		6.00	%		09/01/16		1,300		1,470,742

Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll Bridge RB^(b)		5.00	%		04/01/39		1,500		1,550,475

Series 2008 F-1, Toll Bridge RB		5.00	%		04/01/39		4,500		4,651,425

Beverly Hills Unified School District (Election of 2008); Series 2009, Unlimited Tax CAB GO Bonds^(f)		0.00	%		08/01/28		1,250		518,500

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

4 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

California–(continued)

California (State of) Department of Water Resources (Central Valley);
Series 2008 AE, Water RB^(b)		5.00	%		12/01/24	$	1,175	$	1,323,696

Series 2008 AE, Water RB^(b)		5.00	%		12/01/25		1,500		1,673,955

Series 2008 AE, Water RB^(b)		5.00	%		12/01/26		1,500		1,659,315

Series 2008 AE, Water RB^(b)		5.00	%		12/01/27		875		959,035

Series 2008 AE, Water RB^(b)		5.00	%		12/01/28		1,500		1,634,625

California (State of) Department of Water Resources;
Series 2002, Water RB (INS–NATL/FGIC)^(a)		5.00	%		12/01/29		730		759,353

Series 2002 X, RB^(c)(g)		5.00	%		12/01/12		10		10,599

Series 2002 X, RB^(c)(g)		5.00	%		12/01/12		260		275,397

California (State of) Health Facilities Financing Authority (Catholic Health Care West); Series 2009 A, RB		6.00	%		07/01/34		1,500		1,605,150

California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB		5.50	%		08/15/26		1,000		1,066,940

California (State of) Housing Finance Agency;
Series 2008 K, Home Mortgage RB^(e)		5.30	%		08/01/23		4,800		4,694,112

Series 2008 K, Home Mortgage RB^(e)		5.45	%		08/01/28		5,500		5,503,300

California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2002 B, Solid Waste Disposal RB^(e)		5.00	%		07/01/27		1,500		1,485,345

California (State of) Statewide Communities Development Authority (Adventist Health System/West); Series 2005 A, Health Facility RB		5.00	%		03/01/30		2,700		2,700,864

California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2009 A, RB		5.00	%		04/01/19		2,000		2,326,900

California (State of);
Series 2009, Various Purpose Unlimited Tax GO Bonds		5.75	%		04/01/31		1,800		1,956,978

Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds		5.25	%		07/01/21		2,900		3,413,271

California State University; Series 2002 A, Systemwide RB (INS–AMBAC)^(a)		5.00	%		11/01/33		5,000		5,054,150

Daly (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier RB		6.50	%		12/15/47		585		512,957

East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB		5.00	%		06/01/36		5,580		5,960,612

Florin (City of) Resource Conservation District (Elk Grove Water Service);
Series 2002 B, Capital Improvement COP (INS–NATL)^(a)		5.00	%		03/01/33		3,000		2,578,770

Series 2003 A, Capital Improvement COP (INS–NATL)^(a)		5.00	%		09/01/33		1,750		1,501,570

Foothill-Eastern Transportation Corridor Agency; Series 1999, Ref. Toll Road CAB RB (INS–NATL)^(a)(f)		0.00	%		01/15/17		2,000		1,462,260

Foothill/Eastern Transportation Corridor Agency; Series 1995 A, Sr. Lien Toll Road CAB RB^(f)(h)		0.00	%		01/01/23		10,750		7,551,982

Fremont Unified School District; Series 2002 A, Unlimited Tax GO Bonds (INS–NATL/FGIC)^(a)		5.00	%		08/01/25		3,000		3,124,320

Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB		5.00	%		06/01/45		4,000		3,533,360

Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2010 A, Sr. RB		5.00	%		05/15/35		1,000		1,030,170

Series 2010 B, Sub. RB		5.00	%		05/15/40		2,000		2,038,740

Los Angeles Unified School District; Series 2009 D, Unlimited Tax GO Bonds		5.00	%		07/01/22		1,800		2,058,372

Metropolitan Water District of Southern California;
Series 2003 B-1, Water RB (INS–NATL)^(a)		5.00	%		10/01/33		1,500		1,527,990

Series 2009 A, Water RB		5.00	%		01/01/34		2,500		2,653,325

Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB⁽ⁱ⁾		5.50	%		03/01/18		235		228,827

Palm Springs (City of) Financing Authority (Convention Center Expansion); Series 2004 A, Lease RB (INS–NATL)^(a)		5.50	%		11/01/35		3,500		3,520,020

Palomar Pomerado Health Care District; Series 2009, COP		6.75	%		11/01/39		1,700		1,734,153

Sacramento (County of); Series 2010, Sr. Airport System RB		5.00	%		07/01/40		3,415		3,407,009

San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds		5.00	%		08/01/36		6,210		6,509,136

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

5 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

California–(continued)

San Francisco (City & County of) Airport Commission (San Francisco International Airport);
Series 2011 F, Ref. Second Series RB^(e)		5.00	%		05/01/25	$	1,165	$	1,190,013

Series 2011 F, Ref. Second Series RB^(e)		5.00	%		05/01/26		2,335		2,363,417

San Francisco (City & County of) Airports Commission (San Francisco International Airport); Second Series 2008 A-4, Ref. RB^(c)(d)(e)		6.50	%		05/01/12		1,850		1,923,445

San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, RB		5.00	%		11/01/36		5,070		5,344,540

Southern California Public Power Authority (Mead-Adelanto); Series 2008 A, VRD RB^(j)		0.10	%		07/01/20		11,000		11,000,000

Southern California Public Power Authority (Milford Wind Corridor Phase); Series 2011, RB		5.25	%		07/01/29		1,440		1,574,654

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		2,300		1,559,055

Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/46		7,600		4,834,740

Temecula (City of) Redevelopment Agency (No. 1); Series 2002, Tax Allocation RB (INS–NATL)^(a)		5.25	%		08/01/36		3,000		2,696,550

Turlock (City of) (Emanuel Medical Center, Inc.); Series 2004, Health Facilities COP		5.38	%		10/15/34		1,600		1,367,392

Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS–AGM)^(a)(c)(d)		3.50	%		05/31/13		1,000		1,000,810

Vernon (City of); Series 2009 A, Electric System RB		5.13	%		08/01/21		3,250		3,425,663

									135,507,979

Colorado–2.61%
Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2003, Ref. & Improvement RB (INS–SYNCORA)^(a)		5.25	%		12/01/23		3,405		3,475,279

Colorado (State of) Health Facilities Authority (Catholic Health); Series 2006 C5, RB (INS–AGM)^(a)(b)		5.00	%		09/01/36		7,300		7,375,774

Colorado (State of) Health Facilities Authority (Portercare Adventist Health); Series 2001, Hospital RB^(c)(g)		6.50	%		11/15/11		1,125		1,150,751

Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, Health & Residential Care Facilities RB		5.25	%		07/01/27		800		683,592

Series 2007 A, Health & Residential Care Facilities RB		5.30	%		07/01/37		600		469,392

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB		6.50	%		01/15/30		2,100		2,214,051

Series 2010, Private Activity RB		6.00	%		01/15/34		1,700		1,711,475

Montezuma (County of) Hospital District (Health Facilities Enterprise); Series 2007, Ref. Hospital RB		5.90	%		10/01/37		955		784,409

Salida Hospital District; Series 2006, RB		5.25	%		10/01/36		2,048		1,706,783

									19,571,506

Connecticut–1.34%
Connecticut (State of) (Bradley International Airport); Series 2000 A, Special Obligation Parking RB (INS–ACA)^(a)(e)		6.60	%		07/01/24		3,580		3,475,750

Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB		5.50	%		04/01/21		1,800		1,934,874

Connecticut (State of) Housing Finance Authority; Subseries 2010 D-2, Housing Mortgage Finance Program RB^(e)		5.00	%		05/15/31		2,430		2,468,394

Hamden (Town of) (Whitney Center); Series 2009 B, Entrance Fee Principal Redemption RB		6.13	%		01/01/14		2,150		2,152,731

									10,031,749

District of Columbia–2.43%
District of Columbia (Friendship Public Charter School, Inc.); Series 2003, RB (INS–ACA)^(a)		5.75	%		06/01/18		2,000		1,998,700

District of Columbia (Sibley Memorial Hospital);
Series 2009, Hospital RB		6.50	%		10/01/29		1,100		1,208,559

Series 2009, Hospital RB		6.38	%		10/01/34		3,650		3,932,401

District of Columbia Water & Sewer Authority;
Series 2007 A, Public Utility Sub. Lien RB (INS–AGM)^(a)		5.50	%		10/01/41		6,000		6,449,640

Series 2008 A, Ref. Public Utility Sub. Lien RB (INS–AGC)^(a)(b)		5.00	%		10/01/29		1,150		1,225,038

Series 2008 A, Ref. Public Utility Sub. Lien RB (INS–AGC)^(a)(b)		5.00	%		10/01/34		2,350		2,445,810

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

6 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

District of Columbia–(continued)

District of Columbia; Series 1993 E, Unlimited Tax GO Bonds^(c)(g)		6.00	%		06/01/13	$	5	$	5,023

Metropolitan Washington Airports Authority; Series 2002 A, Airport System RB (INS–NATL)^(a)(e)		5.25	%		10/01/32		1,000		1,005,020

									18,270,191

Florida–20.80%
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR		5.25	%		11/15/17		1,000		942,250

Series 2007, IDR		5.88	%		11/15/36		1,000		789,400

Brevard (County of) Health Facilities Authority (Buena Vida Estates, Inc.); Series 2008, Residential Care Facility RB		6.75	%		01/01/37		1,740		1,542,701

Brevard (County of) Health Facilities Authority (Health First, Inc.) Series 2005, RB		5.00	%		04/01/34		4,960		4,690,275

Capital Trust Agency (Fort Lauderdale); Series 2003, Sr. RB^(e)		5.75	%		01/01/32		1,300		1,010,555

Citizens Property Insurance Corp.;
Series 2010 A-1, Sr. Sec. High Risk Account RB		5.00	%		06/01/14		4,000		4,298,600

Series 2010 A-1, Sr. Sec. High Risk Account RB		5.25	%		06/01/17		3,410		3,711,137

Escambia (County of) Health Facilities Authority (Florida Health Care Facility Loan Veterans Health Administration Program); Series 2000, RB (INS–AMBAC)^(a)		5.95	%		07/01/20		465		484,730

Florida (State of) Board of Education; Series 2005 D, Unlimited Tax GO Bonds^(b)		4.75	%		06/01/35		15,000		15,295,950

Florida (State of) Department of Transportation;
Series 2004 A, Turnpike RB^(b)		5.00	%		07/01/29		7,295		7,566,301

Series 2008 A, Ref. Turnpike RB^(b)		5.00	%		07/01/26		1,910		2,047,768

Series 2008 A, Ref. Turnpike RB^(b)		5.00	%		07/01/27		1,935		2,066,193

Series 2008 A, Ref. Turnpike RB^(b)		5.00	%		07/01/28		2,100		2,231,061

Series 2008 A, Ref. Turnpike RB^(b)		5.00	%		07/01/32		2,500		2,618,350

Florida (State of) Housing Finance Corp. (Home Ownership Mortgage); Series 1991 B, RB^(e)		8.60	%		11/01/18		140		145,061

Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB^(e)		5.13	%		06/01/27		2,475		2,536,850

Gainesville (City of); Series 1980, Utility System RB^(h)		8.13	%		10/01/14		200		222,080

Gramercy Farms Community Development District; Series 2007 B, Special Assessment RB^(k)		5.10	%		05/01/14		1,000		350,400

Gulf Breeze (City of) (Local Government Loan Program);
Series 1985, RB (INS–FGIC)^(a)(d)		5.80	%		12/01/20		1,000		1,004,560

Series 1985 E, RB (INS–FGIC)^(a)(c)(d)		5.65	%		12/01/20		500		503,040

Hillsborough (County of) Aviation Authority;
Series 2008 A, RB (INS–AGC)^(a)(b)(e)		5.38	%		10/01/33		1,450		1,480,305

Series 2008 A, RB (INS–AGC)^(a)(b)(e)		5.50	%		10/01/38		3,260		3,311,378

Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.);
Series 2006, Ref. PCR (INS–AMBAC)^(a)(c)(d)		5.00	%		03/15/12		1,100		1,124,684

Series 2007 B, Ref. PCR^(c)(d)		5.15	%		09/01/13		1,225		1,324,936

Hillsborough (County of) Industrial Development Authority (Tampa General Hospital); Series 2006, RB		5.25	%		10/01/41		10,600		9,845,174

Hillsborough (County of) Port District (Tampa Port Authority); Series 2002 A, RB (INS–NATL)^(a)(e)		5.38	%		06/01/27		2,745		2,777,940

Hillsborough (County of);
Series 2000, Capacity Special Assessment RB (INS–AGM)^(a)		5.00	%		03/01/15		750		752,355

Series 2000, Capacity Special Assessment RB (INS–AGM)^(a)		5.00	%		09/01/15		750		752,310

Series 2006 A, Solid Waste & Resources Recovery RB (INS–BHAC)^(a)(e)		4.50	%		09/01/34		9,025		8,453,356

Lakeland (City of) (Lakeland Regional Health Systems); Series 2006, Hospital System RB		5.00	%		11/15/25		5,105		5,102,550

Lakeland (City of);
Series 1989, Electric & Water RB^(h)		5.75	%		10/01/19		2,230		2,436,297

Series 1990, Electric & Water CAB RB^(f)(h)		0.00	%		10/01/13		7,000		6,898,150

Lee (County of) Industrial Development Authority (County Community Charter Schools, LLC); Series 2007 A, RB		5.38	%		06/15/37		1,000		796,130

Miami Beach (City of); Series 2000, Stormwater RB (INS–NATL/FGIC)^(a)		5.25	%		09/01/25		1,500		1,504,485

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

7 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Florida–(continued)

Miami-Dade (County of) (Miami International Airport);
Series 2000 B, Aviation RB (INS–NATL)^(a)		5.75	%		10/01/29	$	3,000	$	3,032,250

Series 2000 B, Aviation RB (INS–NATL/FGIC)^(a)		5.45	%		10/01/15		870		881,345

Series 2002, Aviation RB (INS–AGC)^(a)(e)		5.38	%		10/01/27		2,000		2,020,960

Series 2002, Aviation RB (INS–AGC)^(a)(e)		5.38	%		10/01/32		4,720		4,728,118

Series 2005, Aviation RB (INS–AGC)^(a)(e)		5.00	%		10/01/38		3,200		3,040,608

Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB		5.00	%		07/01/40		4,250		4,214,427

Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2010 A, Ref. Hospital RB		6.13	%		08/01/42		970		1,007,374

Miami-Dade (County of);
Series 2002 A, Aviation RB (INS–AGM)^(a)(e)		5.00	%		10/01/33		2,000		1,958,020

Series 2002 A, Aviation RB (INS–AGM)^(a)(e)		5.13	%		10/01/35		2,000		1,949,940

Midtown Miami Community Development District; Series 2004 A, Special Assessment RB		6.00	%		05/01/24		825		820,586

Orange (County of) Housing Finance Authority (H.A.N.D.S., Inc.); Series 1995 A, MFH RB		7.00	%		10/01/25		1,000		1,021,660

Orange (County of);
Series 1992, Ref. Improvement CAB RB (INS–AMBAC)^(a)(f)		0.00	%		10/01/12		1,000		988,830

Series 1992, Ref. Improvement CAB RB (INS–AMBAC)^(a)(f)		0.00	%		10/01/13		1,000		967,240

Overoaks Community Development District;
Series 2004 A, Capital Improvement Special Assessment RB^(k)		6.13	%		05/01/35		190		2

Series 2010 A-2, Capital Improvement CAB RB^(l)		0.00	%		05/01/35		200		128,440

Series 2010 B, Capital Improvement CAB RB^(l)		0.00	%		05/01/17		460		390,752

Palm Beach (County of) Health Facilities Authority (The Waterford); Series 2007, RB		5.88	%		11/15/37		1,650		1,599,477

Palm Beach (County of) Solid Waste Authority; Series 2009, Improvement RB (INS–BHAC)^(a)(b)		5.50	%		10/01/23		4,000		4,730,280

Pembroke Pines (City of); Series 1992, Consolidated Utility System RB (INS–FGIC)^(a)(h)		6.25	%		09/01/11		270		270,000

Putnam (County of) Development Authority (Seminole Electric Cooperative, Inc.); Series 2007 A, Ref. PCR (INS–AMBAC)^(a)(c)(d)		5.35	%		05/01/18		4,675		5,315,709

Reunion East Community Development District; Series 2005, Special Assessment RB^(k)		5.80	%		05/01/36		880		431,526

Seminole Indian Tribe; Series 2007 A, Special Obligation RB⁽ⁱ⁾		5.25	%		10/01/27		600		529,644

Seven Oaks Community Development District II (Pasco County); Series 2004 A, Special Assessment RB		5.88	%		05/01/35		1,350		973,728

South Lake (County of) Hospital District (South Lake Hospital, Inc.); Series 2003, RB		6.38	%		10/01/28		1,000		1,014,000

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

Series 2006 A, Health Care RB		5.38	%		01/01/40		1,500		1,139,175

St. Lucie (County of) School Board; Series 2001 A, COP (INS–AGM)^(a)		5.00	%		07/01/23		750		759,668

Sterling Hill Community Development District (Hernando County); Series 2003 A, Capital Improvement Special Assessment RB		6.20	%		05/01/35		1,250		1,113,963

Tallahassee (City of) (Tallahassee Memorial Health Care, Inc.); Series 2000, Health Facilities RB		6.38	%		12/01/30		1,000		1,000,410

Tolomato Community Development District;
Series 2007, Special Assessment RB		6.55	%		05/01/27		300		199,866

Series 2007, Special Assessment RB		6.65	%		05/01/40		1,720		1,057,301

Series 2007 A, Special Assessment RB		5.25	%		05/01/39		485		299,846

Village Center Community Development District;
Series 1993, Utility RB (INS–FGIC)^(a)(h)		6.00	%		11/01/18		1,000		1,221,330

Series 2001 A, Recreational RB (INS–NATL)^(a)		5.20	%		11/01/25		1,000		951,760

Series 2003, Utility RB (INS–NATL)^(a)		5.25	%		10/01/23		2,000		2,001,420

Series 2004 A, Recreational RB (INS–NATL)^(a)		5.13	%		11/01/36		3,500		2,991,765

									156,211,082

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

8 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Georgia–4.49%
Atlanta (City of) (Beltline);
Series 2009 B, Tax Allocation RB		6.75	%		01/01/20	$	1,015	$	1,043,775

Series 2009 B, Tax Allocation RB		6.75	%		01/01/20		560		575,876

Series 2009 B, Tax Allocation RB		7.38	%		01/01/31		310		319,040

Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		1,000		993,120

Atlanta (City of);
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INS–AGM)^(a)(b)		5.00	%		01/01/13		5,250		5,301,398

Series 2009 A, Water & Wastewater RB		6.00	%		11/01/27		1,850		2,082,175

Series 2009 A, Water & Wastewater RB		6.00	%		11/01/28		2,000		2,237,780

Series 2009 A, Water & Wastewater RB		6.00	%		11/01/29		1,850		2,057,811

Burke (County of) Development Authority (Oglethorpe Power Vogtle); Series 2011 A, PCR^(c)(d)		2.50	%		03/01/13		2,585		2,631,504

DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc); Series 2010, RB		6.00	%		09/01/30		2,500		2,555,775

George L. Smith II Georgia World Congress Center Authority (Domed Stadium); Series 2000, Ref. RB (INS–NATL)^(a)(e)		5.50	%		07/01/20		1,500		1,502,610

Georgia (State of) Municipal Electric Authority;
Series 1997 A, RB (INS–NATL)^(a)		6.50	%		01/01/20		2,635		3,149,536

Series 1998 Y, Power RB^(c)(g)		6.50	%		01/01/17		240		277,762

Series 1998 Y, Power RB^(c)(g)		6.50	%		01/01/14		85		97,191

Series 1998 Y, Power RB (INS–NATL)^(a)		6.50	%		01/01/17		5,575		6,469,564

Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR		5.10	%		06/01/23		2,400		2,455,560

									33,750,477

Guam–0.08%
Guam (Commonwealth of) Power Authority; Series 1999 A, RB (INS–AMBAC)^(a)		5.25	%		10/01/34		690		610,064

Hawaii–0.61%
Hawaii (State of) Department of Budget & Finance (Hawai’i Pacific Health Obligated Group); Series 2010 B, Special Purpose RB		5.75	%		07/01/40		1,480		1,439,285

Hawaii (State of); Series 2010 A, Airport System RB		5.00	%		07/01/39		3,075		3,119,772

									4,559,057

Idaho–0.78%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System);
Series 2008 A, RB		6.50	%		11/01/23		1,000		1,143,660

Series 2008 A, RB		6.75	%		11/01/37		1,500		1,657,305

Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB		6.13	%		11/15/27		1,230		1,044,332

University of Idaho; Series 2011, Ref. General RB^(c)(d)		5.25	%		04/01/41		1,750		2,021,827

									5,867,124

Illinois–12.85%
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB		5.60	%		01/01/23		1,910		1,646,458

Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB		5.50	%		11/01/40		1,100		1,076,449

Chicago (City of) (O’Hare International Airport);
Series 2005 A, General Airport Third Lien RB (INS–AGC)^(a)(b)		5.25	%		01/01/24		4,400		4,653,352

Series 2005 A, General Airport Third Lien RB (INS–AGC)^(a)(b)		5.25	%		01/01/25		11,500		12,082,475

Series 2008 A, General Airport Third Lien RB (INS–AGM)^(a)(b)		5.00	%		01/01/33		5,700		5,815,824

Chicago (City of) Board of Education;
Series 2008 C, Ref. Unlimited Tax GO Bonds (INS–AGM)^(a)(b)		5.00	%		12/01/27		5,775		5,922,782

Series 2008 C, Ref. Unlimited Tax GO Bonds (INS–AGM)^(a)		5.00	%		12/01/27		5,900		6,050,981

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

9 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Illinois–(continued)

Chicago (City of);
Series 1993, Ref. Unlimited Tax GO Bonds (INS–AMBAC)^(a)		5.13	%		01/01/15	$	685	$	747,513

Series 2001 A, Unlimited Tax GO Bonds (INS–NATL)^(a)		5.00	%		01/01/31		1,095		1,095,537

Series 2008 A, Unlimited Tax GO Bonds (INS–AGC)^(a)(b)		5.25	%		01/01/25		3,500		3,696,315

Series 2011, Tax Increment COP		7.13	%		05/01/21		525		541,091

Series 2011, Tax Increment COP		7.13	%		05/01/21		1,010		1,040,957

Granite City (City of) (Waste Management, Inc.); Series 2002, Solid Waste Disposal RB^(c)(d)(e)		3.50	%		05/01/13		1,300		1,340,222

Illinois (State of) Finance Authority (Adventist Health System);
Series 1997, RB (INS–NATL)^(a)		5.50	%		11/15/13		2,310		2,523,814

Series 1997, RB (INS–NATL)^(a)		5.50	%		11/15/15		2,500		2,860,725

Illinois (State of) Finance Authority (Evangelical Hospital); Series 1992 C, Health Facilities RB (INS–AGM)^(a)		6.75	%		04/15/17		1,250		1,482,412

Illinois (State of) Finance Authority (Kish Health System Obligated Group); Series 2008, Ref. Hospital RB		5.50	%		10/01/22		1,860		1,985,029

Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 A, RB^(b)		5.38	%		08/15/24		3,500		3,882,970

Series 2009 A, RB^(b)		5.75	%		08/15/30		2,000		2,154,500

Illinois (State of) Finance Authority (OSF Healthcare System); Series 2007 A, RB		5.75	%		11/15/37		4,500		4,532,220

Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65sm RB		7.00	%		11/15/15		2,700		2,678,373

Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB		6.25	%		11/15/35		1,900		1,999,294

Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB		5.50	%		04/01/37		1,000		961,490

Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB		7.25	%		11/01/38		2,885		3,169,663

Illinois (State of) Finance Authority (Sherman Health Systems); Series 2007 A, RB		5.50	%		08/01/37		4,500		4,053,375

Illinois (State of) Finance Authority (South Suburban Hospital); Series 1992, RB^(h)		7.00	%		02/15/18		1,880		2,247,502

Illinois (State of) Finance Authority (University of Chicago Medical Center); Series 2011 C, RB		5.50	%		08/15/41		3,565		3,702,003

Illinois (State of) Finance Authority (Waste Management Inc.); Series 2005 A, Solid Waste Disposal RB^(e)		5.05	%		08/01/29		1,330		1,307,470

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2010 A, Dedicated State Tax RB		5.50	%		06/15/50		3,375		3,424,005

Railsplitter Tobacco Settlement Authority; Series 2010, RB		5.50	%		06/01/23		5,475		5,778,917

United City of Yorkville (City of) (Cannonball/Beecher Road); Series 2007, Special Tax Bonds		5.75	%		03/01/28		1,480		1,347,762

Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB^(e)		7.00	%		12/01/42		775		678,420

									96,479,900

Indiana–2.45%
Crown Point (City of) (Wittenberg Village); Series 2009 C-1, TEMPS-80sm Economic Development RB		7.25	%		11/15/14		940		940,010

Indiana (State of) Finance Authority (Ascension Health Senior Credit); Series 2006 B-6, RB^(b)		5.00	%		11/15/36		5,600		5,607,224

Indiana (State of) Finance Authority (CWA Authority, Inc.); Series 2011 B, Second Lien Wastewater Utility RB		5.25	%		10/01/31		3,505		3,668,298

Indiana (State of) Finance Authority (Deaconess Hospital Obligated Group); Series 2009 A, Hospital RB		6.75	%		03/01/39		2,200		2,408,120

Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB		4.90	%		01/01/16		2,500		2,766,550

North Adams (City of) Community Schools Renovation Building Corp.; Series 2000, 1st Mortgage CAB RB (INS–AGM)^(a)(f)		0.00	%		01/15/19		1,280		1,023,539

Petersburg (City of) (Indianapolis Power & Light Co.); Series 1995, PCR^(e)		5.95	%		12/01/29		1,500		1,530,615

Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB⁽ⁱ⁾		5.75	%		09/01/42		500		441,830

									18,386,186

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

10 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Iowa–0.46%
Des Moines (City of);
Series 2000 A, Public Parking System RB (INS–NATL/FGIC)^(a)		5.75	%		06/01/15	$	1,685	$	1,691,639

Series 2000 A, Public Parking System RB (INS–NATL/FGIC)^(a)		5.75	%		06/01/16		1,785		1,792,033

									3,483,672

Kansas–0.96%
Kansas (State of) Development Finance Authority (Adventist Health); Series 2009, Hospital RB		5.75	%		11/15/38		3,800		4,079,452

Olathe (City of) (Olathe Medical Center); Series 2008, VRD RB (LOC–Bank of America, N.A.)^(j)(m)		0.17	%		09/01/32		3,115		3,115,000

									7,194,452

Kentucky–2.05%
Christian (County of) Association Leasing Trust Lease Program; Series B VRD^(j)		0.13	%		08/01/37		905		905,000

Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2008 A-1, RB (INS–AGC)^(a)		5.75	%		12/01/28		2,300		2,460,057

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); Series 2010 A, Hospital RB		6.50	%		03/01/45		2,400		2,454,264

Kentucky (State of) Property & Building Commission (No. 93);
Series 2009, Ref. RB (INS–AGC)^(a)		5.25	%		02/01/24		2,470		2,746,887

Series 2009, Ref. RB (INS–AGC)^(a)		5.25	%		02/01/25		2,780		3,061,530

Louisville-Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.); Series 2006, Health System RB		5.25	%		10/01/36		3,915		3,798,020

									15,425,758

Louisiana–1.66%
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB^(k)		5.25	%		07/01/17		1,482		741,593

Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB		5.00	%		06/01/30		1,700		1,725,857

Louisiana (State of) Citizens Property Insurance Corp.; Series 2009 C-2, Assessment RB (INS–AGC)^(a)		6.75	%		06/01/26		3,100		3,567,046

Rapides (Parish of) Finance Authority (Cleco Power LLC); Series 2007, RB^(c)(d)(e)		5.25	%		03/01/13		2,750		2,859,010

St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB		5.13	%		06/01/37		3,750		3,577,050

									12,470,556

Maryland–1.01%
Maryland (State of) Health & Higher Educational Facilities Authority (Maryland Institute College of Art); Series 2006, RB		5.00	%		06/01/40		960		904,176

Maryland (State of) Health & Higher Educational Facilities Authority (Mercy Medical Center); Series 2007 A, RB		5.50	%		07/01/42		1,915		1,753,527

Maryland (State of) Transportation Authority (Baltimore/Washington International Airport); Series 2002 B, Airport Parking RB (INS–AMBAC)^(a)(e)		5.13	%		03/01/24		2,250		2,283,615

Maryland Economic Development Corp. (Terminal); Series 2010 B, RB		5.75	%		06/01/35		1,565		1,546,862

Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB		5.38	%		06/01/25		1,110		1,096,635

									7,584,815

Massachusetts–4.55%
Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B, Metropolitan Highway Systems RB		5.00	%		01/01/35		1,455		1,540,772

Massachusetts (State of) Department of Transportation; Series 2010 B, Sr. System RB		5.00	%		01/01/32		6,000		6,225,180

Massachusetts (State of) Development Finance Agency (Berklee College of Music); Series 2007 A, RB		5.00	%		10/01/32		2,700		2,736,612

Massachusetts (State of) Development Finance Agency (Covenant Health Care Systems); Series 2002, RB		6.00	%		07/01/31		395		399,598

Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc.);
Series 2007 A, RB		5.75	%		11/15/35		350		195,318

Series 2007 A, RB		5.75	%		11/15/42		750		399,787

Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB		7.25	%		01/01/32		1,225		1,355,230

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

11 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Massachusetts–(continued)

Massachusetts (State of) Development Finance Agency; Series 2009 B-2, Senior Living Facility RB		6.25	%		06/01/14	$	1,145	$	1,139,596

Massachusetts (State of) Health & Educational Facilities Authority (Harvard University); Series 2008 B, RB^(b)		5.00	%		10/01/38		7,000		7,458,080

Massachusetts (State of) Health & Educational Facilities Authority (Massachusetts Institute of Technology); Series 2008 A, RB		5.00	%		07/01/38		750		797,257

Massachusetts (State of) School Building Authority;
Series 2005 A, Dedicated Sales Tax RB (INS–AGM)^(a)(b)		5.00	%		08/15/30		3,850		4,017,398

Series 2007 A, Dedicated Sales Tax RB (INS–AMBAC)^(a)(b)		4.50	%		08/15/35		5,740		5,786,150

Massachusetts (State of) Water Resources Authority; Series 2009 B, RB		5.00	%		08/01/22		1,800		2,112,606

									34,163,584

Michigan–3.82%
Detroit (City of) Downtown Development Authority;
Series 1996, Tax Increment Allocation CAB RB^(f)		0.00	%		07/01/17		3,015		2,351,037

Series 1996, Tax Increment Allocation CAB RB^(f)		0.00	%		07/01/18		3,050		2,234,552

Series 1996, Tax Increment Allocation CAB RB^(f)		0.00	%		07/01/19		3,050		2,094,618

Series 1996, Tax Increment Allocation CAB RB^(f)		0.00	%		07/01/22		3,050		1,693,543

Series 1996, Tax Increment Allocation CAB RB^(f)		0.00	%		07/01/23		3,050		1,574,745

Series 1996, Tax Increment Allocation CAB RB^(f)		0.00	%		07/01/24		3,050		1,458,846

Detroit (City of); Series 2001 C-1, Ref. Sr. Lien Sewage Disposal System RB (INS–AGM)^(a)		7.00	%		07/01/27		3,925		4,604,653

Grand Rapids (City of) Downtown Development Authority;
Series 1994, Tax Increment Allocation CAB RB (INS–NATL)^(a)(f)		0.00	%		06/01/15		3,500		2,972,725

Series 1994, Tax Increment Allocation CAB RB (INS–NATL)^(a)(f)		0.00	%		06/01/16		2,765		2,220,461

Kent (County of) Hospital Finance Authority (Spectrum Health System);
Series 2008 A, RB^(c)(d)		5.25	%		01/15/14		1,350		1,481,112

Series 2008 A, RB^(c)(d)		5.50	%		01/15/15		600		682,656

Michigan (State of) Strategic Fund (Detroit Edison Co.); Series 2002 C, Ref. Limited Obligation RB (INS–SGI)^(a)(e)		5.45	%		12/15/32		2,500		2,487,300

Saginaw (City of) Hospital Finance Authority (Covenant Medical Center, Inc.); Series 2010 H, Ref. RB		5.00	%		07/01/30		3,000		2,855,610

									28,711,858

Minnesota–0.98%
Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Healthcare System RB		6.38	%		11/15/23		2,750		3,132,662

Series 2008 A, Healthcare System RB		6.63	%		11/15/28		1,850		2,052,261

Minnesota (State of) Agricultural & Economic Development Board (Healthcare System); Series 1997 A, RB (INS–NATL)^(a)		5.75	%		11/15/26		50		50,040

St. Paul (City of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2006, Health Care Facilities RB		5.25	%		05/15/36		2,200		2,097,436

									7,332,399

Mississippi–0.33%
Mississippi Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 C, VRD Gulf Opportunity Zone IDR^(j)		0.06	%		12/01/30		2,500		2,500,000

Missouri–2.74%
Cape Girardeau (County of) Industrial Development Authority (Southeast Missouri Hospital Association); Series 2002, Health Facilities RB		5.63	%		06/01/27		245		245,056

Cass (County of); Series 2007, Hospital RB		5.63	%		05/01/38		1,700		1,528,351

Cole (County of) Industrial Development Authority (Lutheran Senior Services-Heisinger); Series 2004, Senior Living Facilities RB		5.50	%		02/01/35		625		589,675

Joplin (City of) Industrial Development Authority (Christian Homes, Inc. Obligated Group); Series 2007 F, Ref. IDR		5.75	%		05/15/26		2,500		2,387,575

Kansas (City of) Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB		5.50	%		09/01/28		2,290		2,476,612

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

12 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Missouri–(continued)

Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 C-1, TEMPS-75sm Retirement Community RB		7.50	%		11/15/16	$	2,500	$	2,524,425

Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.50	%		09/01/18		995		965,797

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2010, Sr. RB		5.38	%		02/01/35		1,200		1,109,076

Missouri (State of) Health & Educational Facilities Authority (Washington University) Series 2000 B, VRD RB^(j)		0.13	%		03/01/40		1,200		1,200,000

Missouri (State of) Health & Educational Facilities Authority (Washington University); Series 2004 B, VRD RB^(j)		0.06	%		02/15/34		2,500		2,500,000

St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement Tax Increment Allocation RB		5.75	%		11/01/27		900		827,919

St. Louis (County of) Industrial Development Authority (Friendship Village West Community); Series 2007 A, Senior Living Facilities RB		5.38	%		09/01/21		1,250		1,259,425

St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors);
Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/30		975		913,604

Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/41		2,335		2,084,758

									20,612,273

Nebraska–0.55%
Lancaster (County of) Hospital Authority No. 1 (BryanLGH Medical Center); Series 2008 B-1, Ref. VRD RB (LOC–U.S. Bank, N.A.)^(j)(m)		0.12	%		06/01/31		1,475		1,475,000

Omaha (City of) Public Power District; Series 2006 A, Electric System RB^(b)		5.00	%		02/01/34		2,615		2,673,681

									4,148,681

Nevada–2.38%
Clark (County of) (Southwest Gas Corp.);
Series 2003 D, IDR (INS–NATL/FGIC)^(a)(e)		5.25	%		03/01/38		3,500		3,410,120

Series 2004 A, IDR (INS–AMBAC)^(a)(e)		5.25	%		07/01/34		3,000		2,832,210

Nevada (State of) (Capital Improvement & Cultural Affairs);
Series 2008 C, Limited Tax GO Bonds^(b)		5.00	%		06/01/22		4,300		4,810,066

Series 2008 C, Limited Tax GO Bonds^(b)		5.00	%		06/01/23		3,300		3,651,978

Reno (City of) (Renown Regional Medical Center); Series 2007 A, Hospital RB		5.25	%		06/01/37		3,460		3,155,243

									17,859,617

New Hampshire–0.35%
New Hampshire (State of) Business Finance Authority (Pennichuck Water Works, Inc.); Series 1997, Water Facility RB (INS–AMBAC)^(a)(e)		6.30	%		05/01/22		800		801,448

New Hampshire (State of) Business Finance Authority (The United Illuminating Co.);
Series 2009, PCR^(c)(d)(e)		7.13	%		02/01/12		1,050		1,074,990

Series 2009 A, PCR^(c)(d)(e)		6.88	%		02/01/12		750		767,032

									2,643,470

New Jersey–4.61%
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC–Montclair State University Student Housing); Series 2010 A, RB		5.88	%		06/01/42		2,475		2,434,955

New Jersey (State of) Economic Development Authority; Series 1992, RB (INS–NATL)^(a)		5.90	%		03/15/21		25,000		29,734,000

New Jersey (State of) Transportation Trust Fund Authority (Transportation System); Series 1999 A, RB		5.75	%		06/15/17		2,095		2,464,076

									34,633,031

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

13 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

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	$	3,125	$	3,001,594

Jicarilla Apache Nation; Series 2003 A, RB⁽ⁱ⁾		5.50	%		09/01/23		1,250		1,306,537

New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB^(b)		6.38	%		08/01/32		2,050		2,272,343

									6,580,474

New York–15.21%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT RB		6.25	%		07/15/40		2,070		2,107,177

Series 2009, PILOT RB		6.38	%		07/15/43		860		880,623

Metropolitan Transportation Authority;
Series 2002 A, Ref. RB (INS–NATL)^(a)		5.25	%		11/15/31		2,500		2,522,750

Series 2009 B, Dedicated Tax Funds RB		5.25	%		11/15/28		4,000		4,365,560

Series 2010 D, Transportation RB		5.25	%		11/15/26		7,500		8,209,500

Nassau (County of) Industrial Development Authority (Cold Spring Harbor Laboratory Project); Series 1999, VRD Civic Facilities Ref. IDR^(j)		0.11	%		01/01/34		2,050		2,050,000

New York (City of) Housing Development Corp.; Series 2007 E1, Multifamily Housing RB^(e)		5.35	%		11/01/37		2,400		2,440,752

New York (City of) Industrial Development Agency (7 World Trade Center, LLC); Series 2005 B, Liberty RB		6.75	%		03/01/15		3,000		3,013,920

New York (City of) Municipal Water Finance Authority; Series 2008 AA, Water & Sewer RB^(b)		5.00	%		06/15/22		8,450		9,592,863

New York (City of) Transit Authority (Livingston Plaza); Series 1993, Ref. Transpiration Facilities RB^(c)(h)		5.40	%		01/01/18		14,930		17,334,327

New York (City of) Transitional Finance Authority; Series 2009 S-3, Building Aid RB		5.25	%		01/15/39		5,300		5,616,675

New York (City of);
Subseries 1993 A-7, VRD Unlimited Tax GO Bonds (LOC–JPMorgan Chase Bank, N.A.)^(j)(m)		0.10	%		08/01/20		700		700,000

Subseries 2008 I-1, Unlimited Tax GO Bonds^(b)		5.00	%		02/01/26		7,225		7,813,910

New York (State of) Dormitory Authority (General Purpose); Series 2011 A, State Personal Income Tax RB		5.00	%		03/15/30		3,390		3,734,288

New York (State of) Dormitory Authority (Maimonides Medical Center); Series 2004, Mortgage Hospital RB (INS–NATL)^(a)		5.00	%		08/01/33		2,500		2,530,650

New York (State of) Dormitory Authority (School District Financing Program); Series 2009 C, Non State Supported Debt RB (INS–AGL)^(a)		5.00	%		10/01/24		3,000		3,281,190

New York (State of) Local Government Assistance Corp.; Series 1993 E, Ref. RB		6.00	%		04/01/14		2,735		2,961,540

New York (State of) Thruway Authority;
Series 2009 A, Personal Income Tax RB^(b)		5.00	%		03/15/26		2,800		3,112,396

Series 2009 A, Personal Income Tax RB^(b)		5.00	%		03/15/27		3,100		3,415,456

Series 2011 A-1, Second General Highway & Bridge Trust Fund RB		5.00	%		04/01/29		5,670		6,233,598

New York (State of) Urban Development Corp. (Rensselaer Polytechnic Institute–Center for Industrial Innovation); Series 1995, Ref. RB		5.50	%		01/01/13		790		812,057

Port Authority of New York & New Jersey (JFK International Air Terminal, LLC);
Series 1997, Special Obligation RB (INS–NATL)^(a)(e)		5.75	%		12/01/22		3,000		2,978,640

Series 1997, Special Obligation RB (INS–NATL)^(a)(e)		5.75	%		12/01/25		3,000		2,911,770

Series 2010, Special Obligation RB		6.00	%		12/01/36		3,000		3,061,530

Port Authority of New York & New Jersey; Series 2006 144th, Consolidated RB^(b)		5.00	%		10/01/35		12,100		12,563,794

									114,244,966

North Carolina–4.44%
North Carolina (State of) Eastern Municipal Power Agency; Series 2009 B, Power Systems RB		5.00	%		01/01/26		6,510		6,979,762

North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB		5.75	%		10/01/37		1,050		889,182

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

14 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

North Carolina–(continued)

North Carolina (State of) Municipal Power Agency No. 1 (Catawba-Indexed Caps); Series 1992, Ref. Electric RB (INS–NATL)^(a)		6.00	%		01/01/12	$	25,000	$	25,470,500

									33,339,444

North Dakota–0.33%
McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB		5.15	%		07/01/40		1,000		1,018,400

Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facilities RB		5.13	%		07/01/29		1,500		1,466,460

									2,484,860

Ohio–9.22%
Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Healthcare & Independent Living Facilities RB		5.75	%		05/15/27		450		406,579

Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB		5.00	%		11/15/36		3,685		3,705,231

Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011, Hospital RB		6.25	%		12/01/34		1,200		1,246,896

Lorain (County of) (Catholic Healthcare Partners);
Series 2003 C-1, Ref. Hospital Facilities RB (INS–AGM)^(a)(b)		5.00	%		04/01/24		4,800		5,105,808

Series 2006 A, Hospital Facilities RB (INS–AGM)^(a)(b)		5.00	%		02/01/24		4,500		4,788,765

Series 2006 B, Hospital Facilities RB (INS–AGM)^(a)(b)		5.00	%		02/01/24		4,525		4,815,505

Lucas (County of) Hospital Promedica Healthcare Series 2011 A, RB,		6.50	%		11/15/37		3,500		3,930,255

Montgomery (County of) (Catholic Health Initiatives); Series 2006 C-1, RB (INS–AGM)^(a)(b)		5.00	%		10/01/41		1,625		1,632,654

Montgomery (County of) (Miami Valley Hospital);
Series 2009 A, RB		6.00	%		11/15/28		2,370		2,495,800

Series 2009 A, RB		6.25	%		11/15/39		1,465		1,529,504

Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2009 B, Hospital RB^(b)		5.00	%		01/01/27		4,000		4,251,840

Ohio (State of) Air Quality Development Authority (Dayton Power); Series 2006, RB (INS–BHAC)^(a)(b)(e)		4.80	%		09/01/36		8,000		7,816,640

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);
Series 2006, Ref. PCR^(c)(d)		2.25	%		06/03/13		5,000		5,077,250

Series 2009 C, Ref. PCR		5.63	%		06/01/18		4,300		4,837,156

Ohio (State of) Air Quality Development Authority (Ohio Power Co. Galvin); Series 2010 A, Ref. RB^(c)(d)(e)		2.88	%		08/01/14		2,000		2,050,360

Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, RB		5.75	%		11/15/35		2,390		2,393,011

Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, RB		6.75	%		01/15/39		3,000		3,113,730

Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program);
Series 2008 D, Residential Mortgage RB (CEP–GNMA)^(a)(b)(e)		5.30	%		09/01/28		1,872		1,921,103

Series 2008 D, Residential Mortgage RB (CEP–GNMA)^(a)(b)(e)		5.40	%		03/01/33		1,904		1,957,845

Series 2008 F, Residential Mortgage RB (CEP–GNMA)^(a)(b)		5.50	%		09/01/39		2,036		2,128,638

Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR^(c)(d)		5.88	%		06/01/16		3,610		4,058,940

									69,263,510

Pennsylvania–2.32%
Allegheny (County of) Higher Education Building Authority Duquesne University Series 2011 A, RB,		5.50	%		03/01/28		1,500		1,617,330

Delaware River Port Authority; Series 2010 D, RB		5.00	%		01/01/40		1,500		1,540,530

Delaware River Port Authority; Series 2010 D, RB		5.00	%		01/01/35		1,450		1,496,270

Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB		5.38	%		07/01/42		2,900		2,888,951

Pennsylvania (State of) Turnpike Commission;
Series 2009 A, Sub. RB (INS–AGC)^(a)		5.00	%		06/01/39		1,825		1,851,207

Subseries 2010 B-2, Sub. Conv. CAB RB^(f)		0.00	%		12/01/28		3,450		2,860,464

Subseries 2010 B-2, Sub. Conv. CAB RB^(f)		0.00	%		12/01/34		2,100		1,668,786

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

15 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Pennsylvania–(continued)

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2002 B, VRD RB^(j)		0.13	%		07/01/25	$	1,600	$	1,600,000

Philadelphia (City of) Industrial Development Authority (Philadelphia Airport System); Series 2001 A, Airport RB (INS–NATL)^(a)(e)		5.13	%		07/01/19		1,000		1,011,210

Ridley Park Hospital Authority (Taylor Hospital); Series 1993 A, Hospital RB^(c)(h)		6.00	%		12/01/13		860		915,203

									17,449,951

Puerto Rico–2.48%
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2004 I, RB^(c)(g)		5.25	%		07/01/14		50		56,559

Puerto Rico Electric Power Authority;
Series 2010 CCC, RB		5.25	%		07/01/27		3,200		3,264,352

Series 2010 XX, Power RB		5.25	%		07/01/40		3,050		2,968,077

Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, RB		5.38	%		08/01/39		3,100		3,127,001

First Subseries 2010 A, RB		5.50	%		08/01/42		3,500		3,550,435

First Subseries 2010 C, RB		5.25	%		08/01/41		5,700		5,669,904

									18,636,328

Rhode Island–0.36%
Tobacco Settlement Corp.; Series 2002 A, Asset-Backed RB		6.25	%		06/01/42		3,000		2,734,410

South Carolina–5.29%
Berkeley County School District (Berkeley School Facilities Group Inc.); Series 1995, COP^(c)(h)		5.25	%		02/01/16		2,375		2,630,716

Charleston County Educational Excellence Finance Corp. (Charleston County School District);
Series 2005, RB^(b)		5.25	%		12/01/25		10,125		10,883,970

Series 2005, RB^(b)		5.25	%		12/01/26		3,375		3,609,056

Myrtle Beach (City of);
Series 2004 A, Hospitality Fee RB (INS–NATL/FGIC)^(a)		5.38	%		06/01/21		1,840		1,941,678

Series 2004 A, Hospitality Fee RB (INS–NATL/FGIC)^(a)		5.38	%		06/01/22		1,935		2,029,389

South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2009 B, Ref. & Improvement Hospital RB (INS–AGC)^(a)		5.50	%		02/01/38		1,000		1,037,210

South Carolina (State of) Jobs-Economic Development Authority (Electric & Gas Co.);
Series 2002 A, IDR (INS–AMBAC)^(a)		5.20	%		11/01/27		4,500		4,654,035

Series 2002 B, IDR (INS–AMBAC)^(a)(e)		5.45	%		11/01/32		3,750		3,752,963

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2003 A, Ref. Hospital Facilities RB		6.25	%		08/01/31		3,000		3,046,230

South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB		5.30	%		10/01/36		1,400		1,090,180

South Carolina (State of) Jobs-Economic Development Authority (Woodlands at Furman); Series 2007 A, RB^(k)		6.00	%		11/15/27		750		298,838

South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref. RB		5.00	%		01/01/33		4,500		4,771,665

									39,745,930

South Dakota–0.03%
South Dakota (State of) Health & Educational Facilities Authority (Vocational Education Program); Series 1998 A, RB (INS–AMBAC)^(a)		5.40	%		08/01/13		245		248,771

Tennessee–2.12%
Chattanooga (City of) Health, Educational & Housing Facility Board (Community Development Financial Institution Phase I LLC); Series 2005 A, Ref. Sr. RB		5.13	%		10/01/35		4,345		3,848,584

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

16 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Tennessee–(continued)

Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance);
Series 2000 A, Ref. First Mortgage Hospital RB^(c)(g)		7.50	%		07/01/12	$	3,500	$	3,768,975

Series 2006 A, First Mortgage Hospital RB		5.50	%		07/01/36		3,620		3,477,698

Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, RB (INS–AGM)^(a)(b)		5.25	%		09/01/27		4,550		4,810,033

									15,905,290

Texas–16.47%
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB^(e)		4.85	%		04/01/21		2,375		2,469,192

Dallas (City of) (Civic Center Convention Complex);
Series 2009, Ref. & Improvement RB (INS–AGC)^(a)		5.00	%		08/15/18		1,875		2,147,944

Series 2009, Ref. & Improvement RB (INS–AGC)^(a)		5.00	%		08/15/19		2,200		2,512,158

Dallas (City of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds		6.75	%		04/01/16		980		1,031,244

Dallas-Fort Worth International Airport Facilities Improvement Corp.;
Series 2000 A, Joint Airport RB (INS–NATL)^(a)(e)		5.75	%		11/01/30		2,735		2,738,255

Series 2001 A, Ref. & Improvement RB (INS–BHAC)^(a)(e)		5.50	%		11/01/31		4,000		4,003,800

Series 2002 C, Joint RB (INS–NATL)^(a)(e)		5.75	%		11/01/18		890		893,213

Series 2002 C, Joint RB (INS–NATL)^(a)(e)		6.00	%		11/01/23		1,695		1,701,475

El Paso (County of) Hospital District; Series 2008 A, Limited Tax GO Bonds (INS–AGC)^(a)(b)		5.00	%		08/15/37		7,960		8,240,908

Harris (County of) (Toll Road); Series 2009 A, Sr. Lien RB^(b)		5.00	%		08/15/32		1,000		1,055,340

Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. Hospital RB		7.25	%		12/01/35		1,200		1,342,272

Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB		5.00	%		02/01/23		1,550		1,652,858

Houston (City of);
Series 2000 A, Sub. Lien Airport System RB (INS–AGM)^(a)(e)		5.63	%		07/01/30		250		250,125

Series 2007 A, Ref. First Lien Combined Utility System RB (INS–AGM)^(a)(b)		5.00	%		11/15/36		12,800		13,286,144

Series 2011 D, First Lien Combined Utility System RB		5.00	%		11/15/33		3,120		3,321,240

Series 2011 D, First Lien Combined Utility System, RB		5.00	%		11/15/31		1,215		1,309,053

Judson Independent School District (School Building); Series 2008, Unlimited Tax GO Bonds (INS–AGC)^(a)(b)		5.00	%		02/01/37		5,025		5,157,761

Lower Colorado River Authority; Series 2010 A, Ref. RB		5.00	%		05/15/40		2,425		2,471,972

Lufkin (City of) Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2007, Health System RB		5.50	%		02/15/32		1,650		1,439,460

Matagorda (County of) Navigation District No. 1 (AEP Texas Central Co.); Series 2008, Ref. PCR^(c)(d)		1.13	%		06/01/12		2,800		2,805,096

McLennan County Public Facility Corp.; Series 2009, RB		6.63	%		06/01/35		1,795		1,926,663

Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB^(c)(d)(e)		6.00	%		08/01/13		1,500		1,623,765

North Central Texas Health Facility Development Corp. (Children’s Medical Center of Dallas); Series 2002, RB (INS–AMBAC)^(a)		5.25	%		08/15/32		3,450		3,492,055

North Texas Tollway Authority;
Series 2008 B, Ref. First Tier System RB		6.00	%		01/01/26		1,000		1,086,670

Series 2008 B, Ref. First Tier System RB		6.00	%		01/01/27		1,420		1,530,874

Series 2008 B, Ref. First Tier System RB		5.63	%		01/01/28		1,000		1,053,730

Series 2008 F, Ref. Second Tier System RB		5.75	%		01/01/33		4,300		4,369,101

Series 2008 L-2, Ref. First Tier System RB^(c)(d)		6.00	%		01/01/13		2,250		2,398,432

Series 2011 A, Special Projects System RB		5.50	%		09/01/36		4,365		4,729,870

Port Freeport (City of) (The Dow Chemical Co.); Series 1991, Ref. RB		5.25	%		10/01/11		1,000		1,003,040

Southwest Higher Education Authority Series 2010, RB		5.00	%		10/01/35		1,250		1,301,338

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

17 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Texas–(continued)

Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);
Series 2007, Retirement Facility RB		5.63	%		11/15/27	$	1,000	$	931,000

Series 2007, Retirement Facility RB		5.75	%		11/15/37		825		734,291

Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility RB		5.25	%		11/15/37		7,000		6,564,390

Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, Retirement Facility RB		5.75	%		02/15/25		650		560,307

Series 2009 B-2, Retirement Facility RB		6.50	%		02/15/14		1,850		1,833,054

Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health); Series 2008 A, Ref. RB (INS–AGC)^(a)		6.25	%		07/01/28		4,900		5,361,384

Texas (State of) (Transportation Commission–Mobility Fund); Series 2008, Unlimited Tax GO Bonds^(b)		5.00	%		04/01/28		8,700		9,501,270

Texas (State of) A&M University Board of Regents; Series 2009, Financing System RB		5.00	%		05/15/28		4,000		4,411,920

Texas (State of) Gulf Coast Waste Disposal Authority (Waste Management); Series 2006 D, RB^(e)		4.55	%		04/01/12		1,500		1,511,835

Texas (State of) Public Property Finance Corp. (Mental Health & Retardation); Series 1993, Ref. RB (INS–AGM)^(a)		5.50	%		09/01/13		165		168,312

Texas (State of) Water Development Board (State Revolving Fund); Series 1999 B, Sr. Lien RB		5.25	%		07/15/17		1,500		1,506,030

Texas Private Activity Bond Surface Transportation Corp. (North Transit Express Mobility Partners LLC North Tarrant Express Managed Lanes); Series 2009, Sr. Lien RB		6.88	%		12/31/39		2,000		2,067,820

Tyler Health Facilities Development Corp. (East Texas Medical Center Regional Healthcare System); Series 2007 A, Ref. & Improvement Hospital RB		5.38	%		11/01/37		4,900		4,194,155

									123,690,816

Utah–0.22%
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, RB		5.80	%		06/15/38		1,100		968,748

Utah (State of) Housing Corp.; Series 2007 E-1-CL I, Single Family Mortgage RB^(e)		5.25	%		01/01/39		650		656,948

									1,625,696

Virgin Islands–0.57%
Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); Series 1999 A, RB		6.38	%		10/01/19		1,500		1,503,015

Virgin Islands Public Finance Authority (Virgin Islands Matching Fund Loan Note); Series 2010 A, Sr. Lien Working Capital RB		5.00	%		10/01/25		2,775		2,781,910

									4,284,925

Virginia–0.44%
Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB		6.45	%		09/01/37		744		737,520

Tobacco Settlement Financing Corp.; Series 2005, Asset-Backed RB^(c)(g)		5.50	%		06/01/26		800		887,944

White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB		5.30	%		03/01/17		1,637		1,682,525

									3,307,989

Washington–1.61%
Chelan (County of) Public Utility District No. 1;
Series 2011 A, Ref. Consolidated RB^(e)		5.50	%		07/01/25		1,080		1,212,440

Series 2011 A, Ref. Consolidated RB^(e)		5.50	%		07/01/26		1,175		1,306,953

Goat Hill Properties (Government Office Building); Series 2005, Lease RB (INS–NATL)^(a)		5.00	%		12/01/33		1,000		1,019,040

Kalispel Tribe of Indians; Series 2008, Priority District RB		6.63	%		01/01/28		1,950		1,656,895

Spokane (City of) Public Facilities District; Series 2003, Hotel, Motel & Sales Tax Use RB (INS–NATL)^(a)		5.25	%		09/01/33		3,000		3,043,260

Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2011 A, RB		6.25	%		11/15/41		1,525		1,594,799

Washington (State of) Housing Finance Commission (Custodial Receipts Wesley Homes); Series 2008, Non-Profit RB⁽ⁱ⁾		6.00	%		01/01/27		2,325		2,221,654

									12,055,041

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

18 Invesco Van Kampen Trust for Investment Grade Municipals


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

West Virginia–1.06%
Ohio (County of) (Fort Henry Centre Tax Increment Financing District); Series 2007 A, Tax Increment Allocation RB		5.63	%		06/01/22	$	250	$	254,082

Pleasants (County of) Commission (Allegheny Energy Supply Co., LLC Pleasants Station); Series 2007 F, Ref. PCR		5.25	%		10/15/37		1,290		1,284,466

West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, RB		6.00	%		10/01/20		1,500		1,481,355

Series 2008, RB		6.25	%		10/01/23		1,695		1,664,643

West Virginia (State of) Hospital Finance Authority (West Virginia United Health System Obligated Group);
Series 2009 C, Ref. & Improvement RB		5.50	%		06/01/34		1,630		1,676,422

Series 2009 C, Ref. & Improvement RB		5.50	%		06/01/39		1,535		1,564,917

									7,925,885

Wisconsin–2.82%
Southeast Wisconsin Professional Baseball Park District; Series 1998 A, Ref. Sales Tax RB^(c)(g)		5.50	%		12/15/20		2,000		2,461,340

Superior (City of) (Superior Water, Light & Power Co.);
Series 2007 A, Ref. Collateralized Utility RB^(e)		5.38	%		11/01/21		700		729,176

Series 2007 B, Collateralized Utility RB^(e)		5.75	%		11/01/37		625		628,481

Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.); Series 2009 B, RB^(c)(d)		5.13	%		08/15/16		1,400		1,602,076

Wisconsin (State of) Health & Educational Facilities Authority (Meriter Hospital, Inc.);
Series 2002, VRD RB (LOC–JP Morgan Chase Bank, N.A.)^(j)(m)		0.15	%		12/01/32		2,945		2,945,000

Series 2008 A, VRD RB (LOC–U.S. Bank, N.A.)^(j)(m)		0.12	%		12/01/24		2,740		2,740,000

Series 2008 B, VRD RB (LOC–U.S. Bank, N.A.)^(j)(m)		0.12	%		12/01/26		155		155,000

Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB		6.63	%		02/15/39		1,825		1,959,502

Wisconsin (State of) Housing & Economic Development Authority;
Series 2008 A, Home Ownership RB^(b)(e)		5.30	%		09/01/23		4,100		4,302,663

Series 2008 A, Home Ownership RB^(b)(e)		5.50	%		09/01/28		1,885		1,938,741

Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB		5.38	%		05/01/25		1,545		1,745,773

									21,207,752

Wyoming–0.69%
Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid Waste Disposal RB^(e)		5.60	%		12/01/35		2,000		1,950,100

Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR		5.25	%		07/15/26		1,850		1,994,724

Uinta (County of) (Chevron U.S.A. Inc.); Series 1993, Ref. VRD PCR^(j)		0.07	%		08/15/20		1,200		1,200,000

									5,144,824

TOTAL INVESTMENTS⁽ⁿ⁾–165.92% (Cost $1,209,693,014)									1,246,194,267

FLOATING RATE NOTE OBLIGATIONS–(21.43)%
Notes with interest rates ranging from 0.21% to 0.36% at 08/31/11 and contractual maturities of collateral ranging from 06/01/22 to 10/01/41 (See Note 1J)^(o)									(160,990,000	)

OTHER ASSETS LESS LIABILITIES–1.90%									14,269,301

PREFERRED SHARES–(46.39)%									(348,400,000	)

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%								$	751,073,568

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

19 Invesco Van Kampen Trust for Investment Grade Municipals

Investment Abbreviations:


ACA		– ACA Financial Guaranty Corp.
AGC		– Assured Guaranty Corp.
AGL		– Assured Guaranty Ltd.
AGM		– Assured Guaranty Municipal Corp.
AMBAC		– American Municipal Bond Assurance Corp.
BHAC		– Berkshire Hathaway Assurance Corp.
CAB		– Capital Appreciation Bonds
CEP		– Credit Enhancement Provider
Conv.		– Convertible
COP		– Certificates of Participation
FGIC		– Financial Guaranty Insurance Co.
GNMA		– Government National Mortgage Association
GO		– General Obligation
IDR		– Industrial Development Revenue Bonds
INS		– Insurer
LOC		– Letter of Credit
MFH		– Multi-Family Housing
NATL		– National Public Finance Guarantee Corp.
PCR		– Pollution Control Revenue Bonds
PILOT		– Payment-in-Lieu-of-Tax
RB		– Revenue Bonds
Ref.		– Refunding
Sec.		– Secured
SYNCORA		– Syncora Guarantee, Inc.
Sr.		– Senior
Sub.		– Subordinated
TEMPS		– Tax-Exempt Mandatory Paydown Securities
VRD		– Variable Rate Demand

Notes to Schedule of Investments:


^(a)		Principal and/or interest payments are secured by the bond insurance company listed.
^(b)		Underlying security related to Dealer Trusts entered into by the Trust. See Note 1J.
^(c)		Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
^(d)		Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011.
^(e)		Security subject to the alternative minimum tax.
^(f)		Zero coupon bond issued at a discount.
^(g)		Advance refunded.
^(h)		Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
⁽ⁱ⁾		Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2011 was $4,728,492, which represented 0.63% of the Trust’s Net Assets.
^(j)		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.
^(k)		Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at August 31, 2011 was $1,822,359, which represented 0.24% of the Trust’s Net Assets.
^(l)		Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
^(m)		Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
⁽ⁿ⁾		This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.


Entities	Percentage

Assured Guaranty Corp.		6.43	%
Assured Guaranty Municipal Corp		7.66	%
National Public Finance Guarantee Corp.		11.75	%


^(o)		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 $285,606,357 are held by Dealer Trusts and serve as collateral for the $160,990,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments


Revenue Bonds	84.3	%

General Obligation Bonds	7.3

Other	4.0

Pre-refunded Bonds	4.4

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

20 Invesco Van Kampen Trust for Investment Grade Municipals

Statement of Assets and Liabilities

August 31, 2011

(Unaudited)


Assets:
Investments, at value (Cost $1,209,693,014)	$	1,246,194,267

Receivable for:
Investments sold		8,736,920

Interest		15,860,634

Other assets		23,254

Total assets		1,270,815,075

Liabilities:
Floating rate note obligations		160,990,000

Payable for:
Investments purchased		5,799,898

Amount due custodian		3,969,368

Income distributions — preferred and common shares		187,994

Accrued fees to affiliates		163,600

Accrued other operating expenses		230,647

Total liabilities		171,341,507

Preferred shares ($0.01 par value, authorized 100,000,000 shares, 13,936 issued with liquidation preference of $25,000 per share)		348,400,000

Net assets attributable to common shares	$	751,073,568

Net assets applicable to common shares consist of:
Shares of beneficial interest — common shares	$	826,549,443

Undistributed net investment income		19,905,089

Undistributed net realized gain (loss)		(131,882,217	)

Unrealized appreciation		36,501,253

	$	751,073,568

Shares outstanding, $0.01 par value per common share, with an unlimited number of shares authorized:
Common shares		54,041,709

Net asset value per common share	$	13.90

Market value per common share	$	12.95

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

21 Invesco Van Kampen Trust for Investment Grade Municipals

Statement of Operations

For the six months ended August 31, 2011

(Unaudited)


Investment income:
Interest	$	31,317,962

Expenses:
Advisory fees		3,410,356

Administrative services fees		128,904

Custodian fees		22,458

Interest, facilities and maintenance fees		936,916

Transfer agent fees		83,614

Trustees’ and officers’ fees and benefits		47,176

Professional services fees		546,477

Other		105,272

Total expenses		5,281,173

Less: Fees waived		(316,934	)

Net expenses		4,964,239

Net investment income		26,353,723

Realized and unrealized gain (loss):
Net realized gain (loss) from investment securities		(9,058,923	)

Change in net unrealized appreciation of investment securities		59,486,275

Net realized and unrealized gain		50,427,352

Distributions to preferred shareholders from net investment income		(266,442	)

Net increase in net assets applicable to common shares resulting from operations	$	76,514,633

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

22 Invesco Van Kampen Trust for Investment Grade Municipals

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	$	26,353,723		$	18,351,436		$	58,431,724

Net realized gain (loss)		(9,058,923	)		(10,200,128	)		(7,168,247	)

Change in net unrealized appreciation (depreciation)		59,486,275			(66,945,876	)		50,938,297

Distributions to preferred shareholders from net investment income		(266,442	)		(251,644	)		(752,917	)

Net increase (decrease) in net assets applicable to common shares resulting from operations		76,514,633			(59,046,212	)		101,448,857

Distributions to common shareholders from net investment income		(28,532,078	)		(19,004,123	)		(56,600,304	)

Net increase (decrease) in net assets applicable to common shares resulting from investment activities		47,982,255			(78,050,335	)		44,848,553

Share transactions–net:
Net increase in net assets resulting from share transactions applicable to common shares		474,265			435,795			1,782,700

Net increase (decrease) in net assets		48,456,820			(77,614,540	)		46,631,253

Net assets applicable to common shares:
Beginning of period		702,616,748			780,231,288			733,600,035

End of period (includes undistributed net investment income of $19,905,089, 22,349,886 and $23,361,307, respectively)	$	751,073,568		$	702,616,748		$	780,231,288

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

23 Invesco Van Kampen Trust for Investment Grade Municipals

Statement of Cash Flows

(For the six months ended August 31, 2011)

(Unaudited)


Net increase in net assets applicable to common shares resulting from operations	$	76,514,633

Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
Cost of purchases of investments		(90,281,492	)

Proceeds from sales of investments		94,281,187

Amortization of premium		1,064,272

Accretion of discount		(1,357,247	)

Net realized loss on investments		9,058,923

Net change in unrealized (appreciation) on investments		(59,486,275	)

Decrease in interest receivable and other assets		412,684

(Decrease) in accrued expenses and other payables		(43,714	)

Net cash provided by operating activities	$	30,162,971

Cash flows provided by (used in) financing activities:
(Decrease) in amount due custodian		(896,637	)

Dividends paid to common shareholders from net investment income		(28,036,334	)

Net proceeds from and repayments of floating rate note obligations		(1,230,000	)

Net cash provided by (used in) financing activities		(30,162,971	)

Net increase in cash		—

Cash at the beginning of the period		—

Cash at the end of the period	$	—

Supplemental disclosures of cash flow information
Cash paid during the period for interest, facilities and maintenance fees	$	936,916

Notes to Financial Statements

August 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen Trust for Investment Grade Municipals (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company.

The Trust’s investment objective is to seek to provide a high level of current income exempt from federal income taxes, consistent with preservation of capital. The Trust will invest substantially all of its assets in municipal securities rated investment grade at the time of investment.

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.

24 Invesco Van Kampen Trust for Investment Grade Municipals


		Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.		Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
		The 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.		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.
G.		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.
H.		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.
I.		Securities Purchased on a When-Issued and Delayed Delivery Basis — The Trust may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.
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

25 Invesco Van Kampen Trust for Investment Grade Municipals


		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.
		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 note obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
		The 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.
L.		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.

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 0.55% of the Trust’s average daily net assets including current preferred shares and 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 0.99%. 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.

For the six months ended August 31, 2011, the Adviser waived advisory fees of $316,934.

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 this agreement 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

26 Invesco Van Kampen Trust for Investment Grade Municipals

to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


	Level 1 —	Prices are determined using quoted prices in an active market for identical assets.
	Level 2 —	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
	Level 3 —	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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 Securities	$	—	$	1,246,194,267	$	—	$	1,246,194,267

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.

For the six months ended August 31, 2011, the Trust paid legal fees of $69,451 for services rendered by Skadden, Arps, Slate, Meagher & Flom LLP, as legal counsel to the Trust. A member of that firm is a Trustee of the Trust.

NOTE 5—Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn 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 note obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2011 were $163,145,857 and 0.86%, 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 capital loss carryforward as of February 28, 2011 expires as follows:


	Capital Loss
Expiration	Carryforward*

February 28, 2015	$	11,260,708

February 29, 2016		54,105,639

February 28, 2017		40,510,505

February 28, 2018		8,635,210

February 28, 2019		10,246,564

Total capital loss carryforward	$	124,758,626


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

27 Invesco Van Kampen Trust for Investment Grade Municipals

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 $94,599,121 and $91,949,319, 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	$	59,872,764

Aggregate unrealized (depreciation) of investment securities		(18,448,052	)

Net unrealized appreciation of investment securities	$	41,424,712

Cost of investments for tax purposes is $1,204,769,555.

NOTE 8—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		54,005,711		53,973,083		53,846,492

Shares Issued Through Dividend Reinvestment		35,998		32,628		126,591

Ending Shares		54,041,709		54,005,711		53,973,083

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 9—Preferred Shares of Beneficial Interest

The Trust has issued Auction Rate Preferred Shares (“preferred shares”) which have a liquidation value of $25,000 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 $25,000 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 16, 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 Interest, facilities and maintenance fees 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††

A		1,950	$	48,750		0.155	%		09/26/2011		0.088-0.243	%

B		1,950	$	48,750		0.177	%		09/06/2011		0.122-0.210	%

C		1,950	$	48,750		0.110	%		09/08/2011		0.210-0.110	%

D		1,040	$	26,000		0.166	%		09/14/2011		0.110-0.210	%

E		1,430	$	35,750		0.155	%		09/26/2011		0.099-0.210	%

F		1,430	$	35,750		0.177	%		09/06/2011		0.088-0.243	%

G		1,430	$	35,750		0.133	%		09/12/2011		0.099-0.199	%

H		1,456	$	36,400		0.110	%		09/08/2011		0.110-0.210	%

I		1,300	$	32,500		0.166	%		09/29/2011		0.088-0.221	%


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

Subsequent to August 31, 2011 and up through October 15, 2011, the Trust paid dividends to preferred shareholders at rates ranging from 0.099% to 0.155% in the aggregate amount of $59,363.

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 on February 15, 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.

28 Invesco Van Kampen Trust for Investment Grade Municipals

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 shares 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 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:


	Series A				Series B				Series C				Series D
	Shares		Value		Shares		Value		Shares		Value		Shares		Value

Outstanding at February 28, 2011		1,950	$	48,750,000		1,950	$	48,750,000		1,950	$	48,750,000		1,040	$	26,000,000

Shares retired		-0-		-0-		-0-		-0-		-0-		-0-		-0-		-0-

Outstanding at August 31, 2011		1,950	$	48,750,000		1,950	$	48,750,000		1,950	$	48,750,000		1,040	$	26,000,000


	Series E				Series F				Series G				Series H
	Shares		Value		Shares		Value		Shares		Value		Shares		Value

Outstanding at February 28, 2011		1,430	$	35,750,000		1,430	$	35,750,000		1,430	$	35,750,000		1,456	$	36,400,000

Shares retired		-0-		-0-		-0-		-0-		-0-		-0-		-0-		-0-

Outstanding at August 31, 2011		1,430	$	35,750,000		1,430	$	35,750,000		1,430	$	35,750,000		1,456	$	36,400,000


	Series I
	Shares		Value

Outstanding at February 28, 2011		1,300	$	32,500,000

Shares retired		-0-		-0-

Outstanding at August 31, 2011		1,300	$	32,500,000

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

0.088

September 15, 2011

September 30, 2011

0.088

October 14, 2011

October 31, 2011

NOTE 11—Legal Proceedings

Terms used in the Legal Proceedings Note are defined terms solely for the purpose of this note.

Invesco Van Kampen Trust for Invesco Grade Municipals received a shareholder demand letter dated August 6, 2010, from a Trust shareholder, alleging that the Board and the officers of the Trust breached their fiduciary duty and duty of loyalty and wasted Trust assets by causing the Trust to redeem Auction Rate Preferred Securities (ARPS) at their liquidation value. Specifically, the shareholders claim that the Board and officers had no obligation to provide liquidity to the ARPS shareholders, the redemptions were improperly motivated to benefit the prior adviser by preserving business relationships with the ARPS holders, i.e., institutional investors, and the market value and fair value of the ARPS were less than par at the time they were redeemed. The letter alleges that the redemption of the ARPS occurred at the expense of the Trust and its common shareholders. The letter demands that: 1) the Board take action against the prior adviser and trustees/officers to recover damages; 2) the Board refrain from authorizing further redemptions or repurchases of ARPS by the Trust at prices in excess of fair value or market value at the time of the transaction; and 3) if the Trust does not commence appropriate action, the shareholder will commence a shareholder derivative action on behalf of the Trust. The Board formed a Special Litigation Committee (“SLC”) to investigate these claims and to make a recommendation to the Board regarding whether pursuit of these claims is in the best interests of the Trusts. Upon completion of its evaluation, the SLC recommended that the Board reject the demands specified in the shareholder demand letters, after which the Board announced on June 23, 2011, that it had adopted the SLC’s recommendation and voted to reject the demands. The Trust has incurred $428,297 in expenses relating to these matters during the period ended August 31, 2011.

An original derivative shareholder complaint entitled Averbuch, Trustee Jack A. Averbuch Trust et. al. v. Invesco Van Kampen Asset Management et. al., was filed on behalf of Invesco Van Kampen Trust for Investment Grade Municipals and was served in October 2011 alleging breach of fiduciary duty by wasting corporate assets. More specifically, the Plaintiffs allege that the defendants breached their fiduciary duties to common shareholders by causing the Trust to redeem Auction Rate Preferred Securities (“ARPS”) at their liquidation value when the secondary market valued the ARPS at a significant discount from their liquidation values. Also, the Plaintiffs allege that the Defendants replaced ARPS with “less favorable debt financing.” Plaintiffs further contend that the redemption of the ARPS occurred at the expense of the Trust and its common shareholders in favor of others. The Trust received the related demand letter on July 5, 2011, and referred it to the existing Special Litigation Committee. On August 30, 2011, the Board adopted the SLC’s recommendation and voted to reject the demand. This matter is pending.

Management of Invesco and the Trust believe that the outcome of the proceedings described above will have no material adverse effect on the Trust or on the ability of Invesco to provide ongoing services to the Trust.

29 Invesco Van Kampen Trust for Investment Grade Municipals

NOTE 12—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	$	13.01		$	14.46		$	13.62		$	10.98		$	15.89		$	16.97		$	16.80

Net investment income^(a)		0.49			0.34			1.08			1.17			1.27			1.18			1.11

Net gains (losses) on securities (both realized and unrealized)		0.93			(1.44	)		0.82			2.41			(5.05	)		(1.06	)		0.47

Distributions paid to preferred shareholders from:
Net investment income		(.00	)⁽ⁱ⁾		(.00	)⁽ⁱ⁾		(0.01	)		(0.05	)		(0.30	)		(0.37	)		(0.29	)

Net realized gain		—			—			—			—			—			(0.01	)		(0.06	)

Total income (loss) from investment operations		1.42			(1.10	)		1.89			3.53			(4.08	)		(0.26	)		1.23

Distributions paid to common shareholders:
Net investment income		(0.53	)		(0.35	)		(1.05	)		(0.89	)		(0.83	)		(0.80	)		(0.82	)

Net realized gain		—			—			—			—			—			(0.02	)		(0.24	)

Net asset value per common share, end of period	$	13.90		$	13.01		$	14.46		$	13.62		$	10.98		$	15.89		$	16.97

Market value, end of period	$	12.95		$	12.90		$	15.00		$	13.55		$	10.11		$	14.11		$	14.94

Total return at net asset value^(b)		11.12	%		(7.56	)%		14.39	%

Total return at market value^(c)		12.95	%		(11.67	)%		19.27	%		44.66	%		(23.77	)%		(0.39	)%		9.86	%

Net assets applicable to common shares at end of the period (000’s omitted)	$	751,074		$	702,617		$	780,231		$	733,600		$	590,826		$	867,764		$	743,367

Portfolio turnover^(d)		8	%		3	%		11	%		17	%		55	%		76	%		25	%

Ratios/supplemental data based on average net assets applicable to common shares:
Ratio of expenses:
With fee waivers and/or expense reimbursements^(f)		1.36	%^(e)		1.30	%^(j)		1.23	%		1.46	%		2.23	%		2.45	%		1.28	%

With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees^(f)(g)		1.10	%^(e)		1.03	%^(j)		1.03	%		1.12	%		0.98	%		1.12	%		1.17	%

Without fee waivers and/or expense reimbursements^(f)		1.45	%^(e)		1.30	%^(j)		1.34	%		1.64	%		2.40	%		2.61	%		1.28	^%

Ratio of net investment income before preferred share dividends		7.24	%^(e)		7.83	%^(j)		7.74	%		9.70	%		8.78	%		7.85	%		6.68	%

Preferred share dividends		0.07	%^(e)		0.11	%^(j)		0.10	%

Ratio of net investment income after preferred share dividends		7.17	%^(e)		7.72	%^(j)		7.64	%		9.32	%		6.72	%		5.36	%		4.94	%

Senior securities:
Total preferred shares outstanding		13,936			13,936			13,936			16,080			17,152			21,440			17,200

Total amount of preferred shares outstanding (000’s omitted)		348,400			348,400			348,400			402,000			428,800			536,000			430,000

Asset coverage per preferred share^(h)	$	78,894		$	75,417		$	80,989		$	70,624		$	59,484		$	65,519		$	68,253

Liquidating preference per preferred share	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000		$	25,000		$	25,000


^(a)		Calculated using average shares outstanding.
^(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Returns are not annualized for periods less than one year, if applicable.
^(c)		Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Returns are not annualized for periods less than one year, if applicable.
^(d)		Portfolio turnover is not annualized for periods less than one year, if applicable.
^(e)		Ratios are annualized and based on average net assets applicable to common shares (000’s omitted) of $723,510.
^(f)		Ratios do not reflect the effect of dividend payments to preferred shareholders.
^(g)		For the years ended October 31, 2010 and prior, ratio does not exclude facilities and maintenance fees.
^(h)		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.
⁽ⁱ⁾		Less than .01.
^(j)		Annualized.

30 Invesco Van Kampen Trust for Investment Grade Municipals

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of Invesco Van Kampen Trust for Investment Grade Municipals (the Fund) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract (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 May 8, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise more than 75% 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, acting directly and through its committees, meets throughout the year to review the performance of the Invesco Van Kampen funds. Over the course of each year, the Board, acting directly and through its committees, meets with portfolio managers for the funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of the funds. The Board meets regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to the funds.

During the contract renewal process, the Trustees receive comparative performance and fee data regarding the funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The independent Trustees are assisted in their annual evaluation of the funds’ investment advisory agreements by fund 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 Van Kampen funds reflect the results of years of review and negotiation between the Trustees and Van Kampen Asset Management, the funds’ predecessor investment adviser. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Board noted the willingness of Invesco Advisers personnel to engage in open and candid discussions with the Board. One Trustee may have weighed a particular piece of information differently than another Trustee.

The discussion below is a summary of the Board’s 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 May 8, 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


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. Based on their meetings throughout the year with the Fund’s portfolio manager, the Board concluded that these individuals are competent and able to continue to carry out their responsibilities under the Fund’s investment advisory agreement or sub-advisory contracts, as applicable. 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 previously Van Kampen Asset Management) 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 Van Kampen 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 Fund’s Lipper performance universe and against the Barclays Capital Municipal Bond Index. The Board noted that the Fund’s performance was in the second quintile of its performance universe for the one year period, the fourth quintile for the three year period, and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. When considering a fund’s performance, the Board places emphasis on trends and longer term returns.


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

31 Invesco Van Kampen Trust for Investment Grade Municipals

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 funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board reviewed not only the advisory fees but other fees and expenses (whether paid to Invesco Advisers, its affiliates or others) and the Fund’s overall expense ratio.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients solely for investment management services. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Van Kampen funds relative to other client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of shareholder reports, efforts to support secondary market trading of the Fund’s shares, preparation of financial information and regulatory compliance under the Investment Company Act of 1940, as amended, and stock exchange listing standards, including preparation for, coordinating the solicitation of proxies for, and conducting annual shareholder meetings.

The Board noted that sub-advisory fees charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts were often more comparable. The Board concluded that the aggregate services provided to the Fund were sufficiently different from those provided to institutional clients, and the Board not place significant weight on these fee comparisons.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund. The Board also considered the effect this fee waiver would have on the Fund’s total estimated expenses.

The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Van Kampen funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.


D.	Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board noted that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial asset growth after the initial public offering. The Board noted that although the Fund does not benefit from economies of scale through contractual breakpoints, the Fund does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Van Kampen 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 Van Kampen 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 Van Kampen 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 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 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 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 Van Kampen 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.

32 Invesco Van Kampen Trust for Investment Grade Municipals

Proxy Results

An Annual Meeting (“Meeting”) of Shareholders of Invesco Van Kampen Trust for Investment Grade Municipals was held on June 17, 2011. The Meeting was held for the following purpose:


(1)	Elect four Class I Trustees, each by the holders of Common Shares of the Fund, 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		47,821,909		1,518,909
	Howard J Kerr		47,777,630		1,563,188
	Jerry Choate		47,976,914		1,363,904
	Suzanne Woolsey		47,859,090		1,481,728

33 Invesco Van Kampen Trust for Investment Grade Municipals

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 811-06471.

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.




		VK-CE-IGMUNI-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 Van Kampen Trust for Investment Grade Municipals
	By:	/s/ Colin Meadows
		Colin Meadows
		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/ Colin Meadows
		Colin Meadows
		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.