Edgar Filing: Invesco Van Kampen Municipal Trust

nvcsrs


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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 811-06362

Invesco Van Kampen Municipal Trust

(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: 8/31/12

Item 1. Reports to Stockholders.

Invesco Van Kampen Municipal Trust
Semiannual Report to Shareholders § August 31, 2012
NYSE: VKQ



2		Trust Performance
2		Trust Updates
3		Dividend Reinvestment Plan
4		Schedule of Investments
20		Financial Statements
23		Notes to Financial Statements
29		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, 2/29/12 to 8/31/12


Trust at NAV	5.86	%

Trust at Market Value	6.24

Barclays Municipal Bond Index^▼	2.94



Market Price Premium to NAV as of 8/31/12	5.08

^▼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/us 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 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.

Trust Updates

Preferred Shares

On May 17, 2012, the Trust successfully priced and placed a private offering of Variable Rate Muni Term Preferred Shares (“VMTP”) in the amount of $178,700,000 pursuant to an offering exempt from registration under the Securities Act of 1933. VMTP is a variable rate form of preferred stock with a mandatory redemption date. The proceeds of the VMTP were used to redeem all of the Trust’s outstanding auction rate preferred shares (“ARPS”) at their liquidation preference (sometimes referred to as “at par”), together with accrued and unpaid dividends, if any, to the redemption date. As of June 4, 2012, all of the Trust’s ARPS were redeemed in full.

Mergers, Redomestication and Upcoming Name Change

At a shareholder meeting held on September 25, 2012, shareholders of the Trust approved the merger of each of Invesco Van Kampen Massachusetts Value Municipal Income Trust, Invesco Van Kampen Ohio Quality Municipal Trust and Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (the “Target Funds”) into the Trust. Shareholders also approved the redomestication of the Trust to a Delaware statutory trust. The redomestication and mergers were completed on October 15, 2012, and common shares of the Target Funds were converted into newly issued common shares of the Trust. VMTP shares of the Target Funds were converted into newly issued VMTP shares of the Trust.

In addition, the Trust will change its name to “Invesco Municipal Trust” effective December 3, 2012.



NYSE Symbol		VKQ

2 Invesco Van Kampen Municipal Trust

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

Add to your account:

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

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.

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.

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:

	1.		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 Municipal Trust

Schedule of Investments

August 31, 2012

(Unaudited)


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Municipal Obligations–155.76%
Alabama–2.11%
Bessemer Governmental Utility Services Corp.; Series 2008 A, Ref. Water Supply RB (INS–AGC)^(a)(b)		5.00	%		06/01/39	$	2,150	$	2,303,983

Birmingham (City of) Airport Authority; Series 2010, RB (INS–AGM)^(a)		5.25	%		07/01/30		1,650		1,860,111

Gadsden (City of); Series 2003 B, Unlimited Tax GO Wts.^(c)(d)		5.25	%		08/01/13		3,695		3,902,400

Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB		5.50	%		01/01/43		1,725		1,728,140

Selma (City of) Industrial Development Board; Series 2009 A, Gulf Opportunity Zone RB		6.25	%		11/01/33		1,950		2,219,607

									12,014,241

Alaska–0.76%
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB^(b)		5.50	%		10/01/41		3,160		3,649,358

Matanuska-Susitna (Borough of) (Public Safety Building Lease); Series 2000, COP (INS–AGM)^(a)		5.75	%		03/01/16		700		703,024

									4,352,382

Arizona–4.94%
Apache (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2012 A, PCR		4.50	%		03/01/30		3,000		3,120,240

Arizona (State of) Transportation Board;
Series 2008 B, Highway RB		5.00	%		07/01/25		1,700		2,006,629

Series 2008 B, Highway RB^(b)		5.00	%		07/01/26		2,545		2,988,619

Series 2011 A, Ref. Sub. Highway RB^(b)		5.25	%		07/01/32		2,500		2,988,175

Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network); Series 2005, Ref. Hospital RB		5.00	%		12/01/35		1,090		1,116,661

Glendale (City of) Industrial Development Authority (Midwestern University);
Series 2010, RB		5.00	%		05/15/35		500		533,360

Series 2010, RB		5.13	%		05/15/40		1,100		1,172,666

Goodyear (City of) McDowell Road Commercial Corridor Improvement District; Series 2007, Special Assessment Improvement RB (INS–AMBAC)^(a)		5.25	%		01/01/32		1,035		1,094,171

Maricopa (County of) Industrial Development Authority (Catholic Healthcare West); Series 2009 C, Health Facilities RB^(c)(e)		5.00	%		07/01/14		2,150		2,291,793

Navajo County Pollution Control Corp.;
Series 2009 C, PCR^(c)(e)		5.50	%		06/01/14		625		667,475

Series 2009 E, PCR^(c)(e)		5.75	%		06/01/16		715		808,336

Phoenix (City of) Industrial Development Authority (Career Success Schools);
Series 2009, Education RB		7.00	%		01/01/39		640		669,728

Series 2009, Education RB		7.13	%		01/01/45		610		641,055

Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB		5.00	%		06/01/42		2,170		2,340,909

Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB^(f)		6.55	%		12/01/37		2,300		2,406,996

Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric System RB^(b)		5.00	%		01/01/28		2,050		2,371,153

University Medical Center Corp.; Series 2005, Hospital RB		5.00	%		07/01/35		900		923,715

									28,141,681

California–16.80%
Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease CAB RB (INS–AGM)^(a)(g)		0.00	%		09/01/20		4,000		3,020,480

Bay Area Governments Association (California Redevelopment Agency Pool); Series 2004 A, Tax Allocation RB (INS–SGI)^(a)		5.25	%		09/01/35		2,100		2,100,399

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

4 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

California–(continued)

Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll Bridge RB^(b)		5.00	%		04/01/39	$	6,000	$	6,762,060

Series 2009 F-1, Toll Bridge RB^(b)		5.00	%		04/01/34		2,500		2,821,300

Series 2009 F-1, Toll Bridge RB^(b)		5.13	%		04/01/39		4,000		4,483,960

Beverly Hills Unified School District (Election of 2008); Series 2009, Unlimited Tax CAB GO Bonds^(g)		0.00	%		08/01/28		800		427,576

California (State of) Department of Water Resources (Central Valley);
Series 2008 AE, Water System RB^(b)		5.00	%		12/01/24		775		930,264

Series 2008 AE, Water System RB^(b)		5.00	%		12/01/25		975		1,167,348

Series 2008 AE, Water System RB^(b)		5.00	%		12/01/26		975		1,163,780

Series 2008 AE, Water System RB^(b)		5.00	%		12/01/27		575		677,994

Series 2008 AE, Water System RB^(b)		5.00	%		12/01/28		975		1,147,302

California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 A, RB		6.00	%		07/01/34		1,000		1,183,050

California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB		5.50	%		08/15/26		1,000		1,179,550

California (State of) Housing Finance Agency;
Series 2008 K, Home Mortgage RB^(f)		5.30	%		08/01/23		3,070		3,186,445

Series 2008 K, Home Mortgage RB^(f)		5.45	%		08/01/28		3,700		3,844,263

California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2002 B, Solid Waste Disposal RB^(f)		5.00	%		07/01/27		1,000		1,070,150

California (State of) Public Works Board (UCLA Replacement Hospitals); Series 2002 A, Lease RB (INS–AGM)^(a)		5.38	%		10/01/20		1,995		2,002,561

California (State of) Statewide Communities Development Authority (Adventist Health System/West); Series 2005 A, Health Facility RB		5.00	%		03/01/30		1,800		1,865,628

California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2009 A, RB		5.00	%		04/01/19		1,300		1,543,841

California (State of);
Series 2009, Various Purpose Unlimited Tax GO Bonds		5.75	%		04/01/31		1,150		1,358,323

Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds		5.25	%		07/01/21		1,900		2,313,516

Series 2012, Ref. Unlimited Tax GO Bonds		5.25	%		02/01/30		2,050		2,390,198

Series 2012, Ref. Unlimited Tax GO Bonds		5.00	%		02/01/38		1,280		1,412,864

Series 2012, Various Purpose Unlimited Tax GO Bonds		5.25	%		04/01/35		1,900		2,169,515

Series 2012, Various Purpose Unlimited Tax GO Bonds		5.00	%		04/01/42		1,900		2,093,686

California State University; Series 2002 A, Systemwide RB^(c)(d)		5.00	%		11/01/12		5,000		5,040,300

Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier Mobile Home Park RB		6.50	%		12/15/47		430		431,088

Golden State Tobacco Securitization Corp.;
Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB		5.00	%		06/01/45		4,000		4,083,600

Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB (INS–FGIC)^(a)		5.00	%		06/01/35		5,000		5,126,700

Los Angeles (City of) Department of Water & Power; Series 2012 B, Waterworks RB		5.00	%		07/01/37		1,100		1,282,534

Los Angeles (City of) Harbor Department; Series 2009 C, Ref. RB		5.00	%		08/01/31		1,000		1,139,130

Los Angeles Unified School District (Election of 2002); Series 2009 D, Unlimited Tax GO Bonds		5.00	%		07/01/22		1,200		1,436,880

Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB^(h)		5.50	%		03/01/18		115		118,992

Palomar Pomerado Health; Series 2009, COP		6.75	%		11/01/39		1,125		1,265,681

Regents of the University of California; Series 2012 G, Limited Project RB		5.00	%		05/15/37		1,700		1,966,543

Sacramento (County of); Series 2010, Sr. Airport System RB		5.00	%		07/01/40		2,300		2,522,088

San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds^(b)		5.00	%		08/01/36		4,110		4,733,199

San Francisco (City & County of) Airport Commission (San Francisco International Airport);
Series 2011 F, Ref. Second Series RB^(f)		5.00	%		05/01/25		775		882,903

Series 2011 F, Ref. Second Series RB^(f)		5.00	%		05/01/26		1,550		1,754,011

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

5 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

California–(continued)

San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB^(b)		5.00	%		11/01/36	$	3,360	$	3,873,106

San Francisco (City & County of) Public Utilities Commission; Series 2012, Water RB		5.00	%		11/01/33		2,250		2,646,787

Southern California Metropolitan Water District; Series 2009 A, RB		5.00	%		01/01/34		2,500		2,820,950

Vernon (City of); Series 2009 A, Electric System RB		5.13	%		08/01/21		2,100		2,335,221

									95,775,766

Colorado–3.42%
Colorado (State of) Board of Governors; Series 2012 A, University Enterprise System RB		5.00	%		03/01/41		3,850		4,398,586

Colorado (State of) Health Facilities Authority (Catholic Health); Series 2006 C5, RB (INS–AGM)^(a)(b)		5.00	%		09/01/36		4,875		5,217,956

Colorado (State of) Health Facilities Authority (Evangelical Lutheran);
Series 2004 A, RB		5.25	%		06/01/34		1,000		1,022,990

Series 2005, Health Facilities RB		5.00	%		06/01/35		2,790		2,893,481

Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, Health & Residential Care Facilities RB		5.25	%		07/01/27		350		350,340

Series 2007 A, Health & Residential Care Facilities RB		5.30	%		07/01/37		425		404,149

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB		6.50	%		01/15/30		1,400		1,703,422

Series 2010, Private Activity RB		6.00	%		01/15/34		1,100		1,281,577

Jefferson (County of); Series 1980, Residential Mortgage RB^(d)		9.00	%		09/01/12		100		100,000

Montezuma (County of) Hospital District; Series 2007, Ref. RB		5.90	%		10/01/37		935		955,907

Platte River Power Authority; Series 2009 HH, RB		5.00	%		06/01/26		1,000		1,167,950

									19,496,358

Connecticut–1.12%
Connecticut (State of) (Bradley International Airport); Series 2000 A, Special Obligation Parking RB (INS–ACA)^(a)(f)		6.60	%		07/01/24		2,840		2,845,226

Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB^(f)		5.50	%		04/01/21		1,200		1,380,708

Connecticut (State of) Housing Finance Authority; Subseries 2010 D-2, Housing Mortgage Finance Program RB^(f)		5.00	%		05/15/31		1,545		1,675,815

Hamden (Town of) (Whitney Center); Series 2009 B, Entrance Fee Principal Redemption RB		6.13	%		01/01/14		485		485,713

									6,387,462

District of Columbia–2.80%
District of Columbia (Sibley Memorial Hospital);
Series 2009, Hospital RB		6.50	%		10/01/29		700		828,065

Series 2009, Hospital RB		6.38	%		10/01/34		2,400		2,812,248

District of Columbia Water & Sewer Authority;
Series 2007 A, Public Utility Sub. Lien RB (INS–AGM)^(a)		5.50	%		10/01/41		4,000		4,635,240

Series 2008 A, Ref. Public Utility Sub. Lien RB (INS–AGC)^(a)(b)		5.00	%		10/01/29		775		884,399

Series 2008 A, Ref. Public Utility Sub. Lien RB (INS–AGC)^(a)(b)		5.00	%		10/01/34		1,575		1,761,464

Metropolitan Washington Airports Authority; Series 2002 A, Airport System RB^(c)(d)(f)		5.13	%		10/01/12		5,000		5,019,450

									15,940,866

Florida–12.44%
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR		5.25	%		11/15/17		1,000		1,023,440

Series 2007, IDR		5.88	%		11/15/36		1,000		983,420

Brevard (County of) Health Facilities Authority (Health First, Inc.); Series 2001, Health Care Facilities RB (INS–NATL)^(a)		5.13	%		04/01/31		3,380		3,383,346

Broward (County of); Series 2012 A, Water & Sewer Utility RB		5.00	%		10/01/37		2,270		2,642,053

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

6 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Florida–(continued)

Citizens Property Insurance Corp. (High Risk Account);
Series 2010 A-1, Sr. Sec. RB		5.00	%		06/01/14	$	5,000	$	5,354,000

Series 2010 A-1, Sr. Sec. RB		5.25	%		06/01/17		2,200		2,523,774

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		320		333,645

Florida (State of) Department of Transportation; Series 2004 A, Turnpike RB^(b)		5.00	%		07/01/29		5,000		5,370,500

Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB^(f)		5.13	%		06/01/27		1,650		1,917,316

Hillsborough (County of) Aviation Authority;
Series 2008 A, RB (INS–AGC)^(a)(b)(f)		5.38	%		10/01/33		975		1,057,397

Series 2008 A, RB (INS–AGC)^(a)(b)(f)		5.50	%		10/01/38		2,175		2,368,532

Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); Series 2007 B, Ref. PCR^(c)(e)		5.15	%		09/01/13		800		834,168

Hillsborough (County of); Series 2006 A, Solid Waste & Resource Recovery RB (INS–BHAC)^(a)(f)		4.50	%		09/01/34		295		307,546

Jacksonville (City of) (Better Jacksonville); Series 2012 A, Ref. Sales Tax RB		5.00	%		10/01/30		1,100		1,269,983

JEA; Series 2012 Three B, Electric System RB		5.00	%		10/01/39		3,100		3,538,061

Lakeland (City of) (Lakeland Regional Health Systems);
Series 2006, Ref. Hospital System RB		5.00	%		11/15/26		5,000		5,344,150

Series 2006, Ref. Hospital System RB		5.00	%		11/15/32		5,000		5,313,800

Miami-Dade (County of) (Miami International Airport);
Series 2002, Aviation RB (INS–AGC)^(a)(f)		5.38	%		10/01/32		2,700		2,703,456

Series 2002, Aviation RB (INS–NATL)^(a)(f)		5.38	%		10/01/25		2,000		2,004,120

Series 2002 A, Aviation RB (INS–AGM)^(a)(f)		5.13	%		10/01/35		5,000		5,005,150

Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB		5.00	%		07/01/40		1,250		1,363,563

Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2010 A, Ref. Hospital RB		6.13	%		08/01/42		640		756,966

Midtown Miami Community Development District; Series 2004 A, Special Assessment RB		6.00	%		05/01/24		535		544,951

Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.); Series 2005, Ref. RB		5.38	%		07/01/20		930		952,134

Overoaks Community Development District;
Series 2004 A, Capital Improvement Special Assessment RB⁽ⁱ⁾		6.13	%		05/01/35		120		0

Series 2010 A-2, Capital Improvement RB		6.13	%		05/01/35		130		115,539

Series 2010 B, Capital Improvement RB		5.13	%		05/01/17		295		277,852

Palm Beach (County of) Health Facilities Authority (The Waterford); Series 2007, RB		5.88	%		11/15/37		1,100		1,145,584

Palm Beach (County of) Solid Waste Authority;
Series 2009, Improvement RB (INS–BHAC)^(a)(b)		5.50	%		10/01/23		2,600		3,183,362

Series 2011, Ref. RB^(b)		5.00	%		10/01/31		2,565		2,980,145

Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INS–AMBAC)^(a)(c)(e)		5.35	%		05/01/18		3,250		3,687,905

Reunion East Community Development District; Series 2005, Special Assessment RB⁽ⁱ⁾		5.80	%		05/01/36		590		265,783

Seminole Indian Tribe of Florida;
Series 2007 A, Special Obligation RB^(h)		5.75	%		10/01/22		500		541,905

Series 2007 A, Special Obligation RB^(h)		5.25	%		10/01/27		400		416,892

Seven Oaks Community Development District II; Series 2004 A, Special Assessment RB		5.88	%		05/01/35		865		664,156

Sterling Hill Community Development District; Series 2003 A, Capital Improvement Special Assessment RB		6.20	%		05/01/35		800		705,328

									70,879,922

Georgia–2.67%
Atlanta (City of) (Beltline);
Series 2009 B, Tax Allocation RB		6.75	%		01/01/20		350		389,487

Series 2009 B, Tax Allocation RB		6.75	%		01/01/20		645		717,769

Series 2009 B, Tax Allocation RB		7.38	%		01/01/31		205		228,427

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

7 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Georgia–(continued)

Atlanta (City of);
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INS–AGM)^(a)(b)		5.00	%		01/01/33	$	3,500	$	3,696,770

Series 2009 A, Water & Wastewater RB		6.00	%		11/01/27		1,200		1,481,508

Series 2009 A, Water & Wastewater RB		6.00	%		11/01/28		1,300		1,599,195

Series 2009 A, Water & Wastewater RB		6.00	%		11/01/29		1,200		1,464,720

Augusta (City of); Series 2005 B, Airport Passenger Facility Charge & General RB^(f)		5.35	%		01/01/28		1,000		984,820

Burke (County of) Development Authority (Oglethorpe Power Vogtle); Series 2011 A, PCR^(c)(e)		2.50	%		03/01/13		710		716,589

DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC		6.00	%		09/01/30		1,000		1,146,460

Fulton (County of) Development Authority (Georgia Tech Athletic Association); Series 2012, Ref. RB		5.00	%		10/01/42		1,150		1,282,526

Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR		5.10	%		06/01/23		1,500		1,526,700

									15,234,971

Guam–0.10%
Guam (Territory of) Power Authority; Series 1999 A, RB (INS–AMBAC)^(a)		5.25	%		10/01/34		550		550,039

Hawaii–0.59%
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2010 B, Special Purpose RB		5.75	%		07/01/40		1,000		1,116,990

Hawaii (State of); Series 2010 A, Airport System RB		5.00	%		07/01/39		2,050		2,256,784

									3,373,774

Idaho–0.74%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System);
Series 2008 A, RB		6.50	%		11/01/23		750		889,455

Series 2008 A, RB		6.75	%		11/01/37		1,000		1,186,420

Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB		6.13	%		11/15/27		790		806,637

Regents of the University of Idaho; Series 2011, Ref. General RB^(c)(e)		5.25	%		04/01/21		1,140		1,346,990

									4,229,502

Illinois–19.39%
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB		5.60	%		01/01/23		1,000		958,300

Bolingbrook (Village of); Series 2005, Sales Tax RB		6.25	%		01/01/24		2,000		1,412,840

Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB		5.50	%		11/01/40		725		774,046

Chicago (City of) (Diversey/Narragansett); Series 2006, COP		7.46	%		02/15/26		710		710,213

Chicago (City of) (O’Hare International Airport);
Series 2002 A, Ref. Third Lien General Airport RB (INS–NATL)^(a)(f)		5.38	%		01/01/32		5,000		5,006,800

Series 2005 A, Third Lien General Airport RB (INS–AGC)^(a)(b)		5.25	%		01/01/24		3,500		3,873,905

Series 2005 A, Third Lien General Airport RB (INS–AGC)^(a)(b)		5.25	%		01/01/25		11,500		12,771,785

Series 2008 A, Third Lien General Airport RB (INS–AGM)^(a)(b)		5.00	%		01/01/33		4,000		4,324,800

Series 2012 B, Ref. Passenger Facility Charge RB		5.00	%		01/01/30		4,500		4,948,605

Chicago (City of) Board of Education;
Series 2008 C, Ref. Unlimited Tax GO Bonds (INS–AGM)^(a)		5.00	%		12/01/27		3,800		4,259,230

Series 2008 C, Unlimited Tax GO Bonds (INS–AGM)^(a)(b)		5.00	%		12/01/27		3,975		4,455,379

Series 2011 A, Unlimited Tax GO Bonds^(b)		5.00	%		12/01/41		1,230		1,338,634

Series 2012 A, Unlimited Tax GO Bonds		5.00	%		12/01/42		1,000		1,091,710

Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB^(b)		5.25	%		12/01/36		3,795		4,349,639

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

8 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Illinois–(continued)

Chicago (City of);
Series 2008 A, Unlimited Tax GO Bonds (INS–AGC)^(a)(b)		5.25	%		01/01/25	$	3,100	$	3,513,974

Series 2011, COP		7.13	%		05/01/21		610		669,127

Series 2011, COP		7.13	%		05/01/21		410		449,741

Series 2011 A, Sales Tax RB^(b)		5.25	%		01/01/38		1,905		2,183,911

Series 2012 A, Unlimited Tax GO Bonds		5.00	%		01/01/33		2,500		2,833,525

Cortland (Town of) (Sheaffer System); Series 2006, Special Tax RB^(h)(i)		5.50	%		03/01/17		982		648,366

Deerfield (Village of);
Series 2011, Ref. CAB RB^(g)		0.00	%		10/01/31		237		50,948

Series 2011, Ref. RB		6.00	%		10/01/42		451		371,529

Gilberts (Village of) Special Service Area No. 19 (The Conservancy); Series 2006-1, Special Tax RB⁽ⁱ⁾		5.38	%		03/01/16		1,000		350,220

Granite City (City of) (Waste Management, Inc.); Series 2002, Solid Waste Disposal RB^(c)(e)(f)		3.50	%		05/01/13		900		918,189

Illinois (State of) Finance Authority (Community Rehab Providers Facilities Acquisition Program); Series 2000 A, RB^(d)		7.38	%		07/01/25		1,935		1,805,065

Illinois (State of) Finance Authority (Kish Health System Obligated Group); Series 2008, Ref. Hospital RB		5.50	%		10/01/22		1,125		1,244,239

Illinois (State of) Finance Authority (Loyola University of Chicago); Series 2012 B, RB		5.00	%		07/01/42		1,000		1,124,280

Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 A, RB^(b)		5.38	%		08/15/24		2,200		2,576,222

Series 2009 A, RB^(b)		5.75	%		08/15/30		1,400		1,640,534

Illinois (State of) Finance Authority (OSF Healthcare System); Series 2007 A, RB		5.75	%		11/15/37		3,500		3,830,610

Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65^sm RB		7.00	%		11/15/15		1,700		1,700,952

Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB		6.25	%		11/15/35		1,250		1,456,362

Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB		5.50	%		04/01/37		1,000		1,037,190

Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB		7.25	%		11/01/38		1,905		2,410,339

Illinois (State of) Finance Authority (Sherman Health System); Series 2007 A, RB		5.50	%		08/01/37		3,500		3,783,185

Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INS–AMBAC)^(a)		5.00	%		11/15/31		1,675		1,695,619

Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2010 A, Ref. RB		6.00	%		08/15/38		1,475		1,672,163

Illinois (State of) Finance Authority (The Landing at Plymouth Place);
Series 2005 A, RB		6.00	%		05/15/25		1,000		928,520

Series 2005 A, RB		6.00	%		05/15/37		1,350		1,147,595

Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2011 C, RB^(b)		5.50	%		08/15/41		2,370		2,691,088

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2010 A, RB		5.50	%		06/15/50		2,265		2,547,536

Series 2012 B, RB^(b)		5.00	%		12/15/28		1,700		1,988,847

Lake County Community Unit School District No. 116 (Round Lake); Series 1996, Unlimited Tax GO Bonds^(d)		7.60	%		02/01/14		250		275,750

Peoria (County of); Series 2011, Unlimited Tax GO Bonds^(b)		5.00	%		12/15/41		3,075		3,384,468

Railsplitter Tobacco Settlement Authority; Series 2010, RB		5.50	%		06/01/23		3,800		4,440,110

United City of Yorkville (City of) Special Service Area No. 2004-107 (Raintree Village II); Series 2005, Special Tax RB		6.25	%		03/01/35		971		596,437

Volo (Village of) Special Service Area No. 3 (Symphony Meadows); Series 2006-1, Special Tax RB		6.00	%		03/01/36		838		737,691

Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB^(f)		7.00	%		12/01/42		515		534,143

Will County Community School District No. 161 (Summit Hill);
Series 1999, Unlimited Tax CAB GO Bonds^(d)(g)		0.00	%		01/01/16		675		657,383

Series 1999, Unlimited Tax CAB GO Bonds^(d)(g)		0.00	%		01/01/19		425		382,632

Series 1999, Unlimited Tax CAB GO Bonds (INS–NATL)^(a)(g)		0.00	%		01/01/16		1,335		1,203,903

Series 1999, Unlimited Tax CAB GO Bonds (INS–NATL)^(a)(g)		0.00	%		01/01/19		990		764,894

									110,523,173

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

9 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Indiana–2.91%
Indiana (State of) Finance Authority (Ascension Health Senior Credit); Series 2006 B-6, RB^(b)		5.00	%		11/15/36	$	5,600	$	5,983,208

Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, Second Lien Wastewater Utility RB		5.25	%		10/01/31		2,320		2,671,526

Indiana (State of) Finance Authority (Deaconess Hospital Obligated Group); Series 2009 A, Hospital RB		6.75	%		03/01/39		1,440		1,703,088

Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB		4.90	%		01/01/16		1,600		1,764,384

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.);
Series 2012 A, Midwestern Disaster Relief RB		5.00	%		06/01/32		610		652,755

Series 2012 A, Midwestern Disaster Relief RB		5.00	%		06/01/39		1,000		1,042,250

Indianapolis Local Public Improvement Bond Bank; Series 2011 K, RB		5.00	%		06/01/27		2,000		2,269,000

Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB^(h)		5.75	%		09/01/42		500		515,740

									16,601,951

Iowa–0.47%
Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB		4.75	%		08/01/42		1,400		1,408,316

Pottawattamie (County of) (Christian Homes Inc.); Series 2007 E, Ref. RB		5.75	%		05/15/26		1,200		1,272,804

									2,681,120

Kansas–0.73%
Cowley County Unified School District No. 465 (Winfield); Series 2003, Unlimited Tax GO Bonds (INS–NATL)^(a)		5.25	%		10/01/22		70		72,645

Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB^(b)		5.75	%		11/15/38		3,500		4,100,810

									4,173,455

Kentucky–2.24%
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Subseries 2008 A-1, RB (INS–AGC)^(a)		5.75	%		12/01/28		1,500		1,679,700

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital RB		6.38	%		06/01/40		1,225		1,452,581

Series 2010 A, Hospital RB		6.50	%		03/01/45		1,600		1,907,072

Kentucky (State of) Property & Building Commission (No. 93);
Series 2009, Ref. RB (INS–AGC)^(a)		5.25	%		02/01/24		1,610		1,894,004

Series 2009, Ref. RB (INS–AGC)^(a)		5.25	%		02/01/25		1,815		2,125,837

Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.); Series 2006, Health System RB		5.25	%		10/01/36		3,545		3,717,783

									12,776,977

Louisiana–2.30%
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB⁽ⁱ⁾		5.25	%		07/01/17		989		395,748

Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB		5.00	%		06/01/30		1,150		1,228,580

Louisiana Citizens Property Insurance Corp.; Series 2009 C-2, Assessment RB (INS–AGC)^(a)		6.75	%		06/01/26		2,000		2,407,700

Louisiana State University & Agricultural & Mechanical College (Master Lease M98362); Series 1998, RB (Acquired 11/30/1998; Cost $4,417,675)^(h)		5.75	%		10/30/18		4,418		4,423,992

Rapides (Parish of) Finance Authority (Cleco Power LLC); Series 2007, RB^(c)(e)(f)		5.25	%		03/01/13		2,000		2,035,440

St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB		5.13	%		06/01/37		2,450		2,599,230

									13,090,690

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

10 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Maryland–0.61%
Maryland (State of) Health & Higher Educational Facilities Authority (Mercy Medical Center); Series 2007 A, RB		5.50	%		07/01/42	$	1,400	$	1,484,756

Maryland Economic Development Corp. (Terminal); Series 2010 B, RB		5.75	%		06/01/35		1,080		1,182,352

Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB		5.38	%		06/01/25		765		822,788

									3,489,896

Massachusetts–5.59%
Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B, Metropolitan Highway Systems RB		5.00	%		01/01/35		2,010		2,269,250

Massachusetts (State of) Development Finance Agency (Berklee College of Music); Series 2007 A, RB		5.00	%		10/01/32		1,800		1,965,402

Massachusetts (State of) Development Finance Agency (Harvard University); Series 2008 B, RB^(b)		5.00	%		10/01/38		4,500		5,262,525

Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);
Series 2011 A-1, RB		6.25	%		11/15/39		353		270,088

Series 2011 A-1, RB		6.25	%		11/15/46		355		264,901

Series 2011 A-2, RB		5.50	%		11/15/46		38		24,096

Series 2011 B, RB^(g)		0.00	%		11/15/56		187		977

Massachusetts (State of) Development Finance Agency (M/SBRC); Series 2002 A, RB (INS–NATL)^(a)		5.13	%		02/01/34		2,765		2,767,627

Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2008 A, RB		5.00	%		07/01/38		750		871,545

Massachusetts (State of) Development Finance Agency (Partners Healthcare); Series 2012 L, RB		5.00	%		07/01/36		975		1,098,279

Massachusetts (State of) Development Finance Agency (The Groves in Lincoln); Series 2009 B-2, Senior Living Facility RB		6.25	%		06/01/14		665		445,610

Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB		7.25	%		01/01/32		825		1,043,823

Massachusetts (State of) School Building Authority (Partners Healthcare); Series 2012 L, RB		5.00	%		07/01/41		3,425		3,833,020

Massachusetts (State of) School Building Authority;
Series 2005 A, Dedicated Sales Tax RB^(b)(d)		5.00	%		08/15/30		2,650		2,928,913

Series 2007 A, Dedicated Sales Tax RB (INS–AMBAC)^(a)(b)		4.50	%		08/15/35		4,670		5,000,262

Massachusetts (State of) Water Resources Authority;
Series 2009 B, RB		5.00	%		08/01/22		1,200		1,442,952

Series 2011 C, Ref. General RB^(b)		5.00	%		08/01/31		2,000		2,387,680

									31,876,950

Michigan–1.47%
Detroit (City of); Series 2001 C-1, Ref. Sr. Lien Sewage Disposal System RB (INS–AGM)^(a)		7.00	%		07/01/27		2,715		3,255,964

Kent (County of) Hospital Finance Authority (Spectrum Health System);
Series 2008 A, RB^(c)(e)		5.25	%		01/15/14		875		927,666

Series 2008 A, RB^(c)(e)		5.50	%		01/15/15		400		443,204

Michigan (State of) Housing Development Authority; Series 1999 A, RB (INS–NATL)^(a)(f)		5.30	%		10/01/37		105		105,091

Michigan (State of) Strategic Fund (Detroit Edison Co.); Series 2002 C, Ref. Limited Obligation RB (INS–SGI)^(a)(f)		5.45	%		12/15/32		1,500		1,505,220

Saginaw (City of) Hospital Finance Authority (Covenant Medical Center, Inc.); Series 2010 H, Ref. RB		5.00	%		07/01/30		2,000		2,117,380

									8,354,525

Minnesota–0.98%
Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB		6.38	%		11/15/23		1,850		2,225,531

Series 2008 A, Health Care System RB		6.63	%		11/15/28		1,200		1,438,176

St. Paul (City of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2006, Health Care Facilities RB		5.25	%		05/15/36		1,850		1,925,869

									5,589,576

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

11 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Missouri–2.45%
Cape Girardeau (County of) Industrial Development Authority (Southeast Missouri Hospital Association); Series 2002, Health Facilities RB		5.63	%		06/01/27	$	160	$	160,184

Cass (County of); Series 2007, Hospital RB		5.63	%		05/01/38		1,300		1,322,308

Ellisville (City of) Industrial Development Authority (Gambrill Gardens);
Series 1999, Ref. & Improvement RB		6.10	%		06/01/20		1,280		1,281,011

Series 1999, Ref. & Improvement RB		6.20	%		06/01/29		1,000		1,000,300

Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB		5.50	%		09/01/27		750		895,102

Series 2011 A, Ref. RB		5.50	%		09/01/28		1,515		1,801,926

Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 C-1, TEMPS-75^sm Retirement Community RB		7.50	%		11/15/16		1,700		1,709,010

Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.50	%		09/01/18		590		612,243

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);
Series 2005 B, Ref. Senior Living Facilities RB		5.13	%		02/01/27		1,200		1,231,644

Series 2010, Senior Living Facilities RB		5.50	%		02/01/42		1,000		1,064,050

St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement District Tax Increment Allocation RB		5.75	%		11/01/27		625		632,313

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		675		711,342

Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/41		1,500		1,566,765

									13,988,198

Nebraska–1.43%
Lincoln (City of); Series 2012, Ref. Electric System RB		5.00	%		09/01/37		1,000		1,165,580

Omaha (City of) Public Power District;
Series 2006 A, Electric System RB		5.00	%		02/01/34		2,620		2,753,017

Series 2011 B, RB^(b)		5.00	%		02/01/36		3,690		4,254,533

									8,173,130

Nevada–2.48%
Clark (County of) (Southwest Gas Corp.); Series 2004 A, IDR (INS–AMBAC)^(a)(f)		5.25	%		07/01/34		4,000		4,099,440

Nevada (State of);
Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds^(b)		5.00	%		06/01/22		2,860		3,294,892

Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds^(b)		5.00	%		06/01/23		2,220		2,540,524

Reno (City of) (Renown Regional Medical Center); Series 2007 A, Hospital RB		5.25	%		06/01/37		3,100		3,255,651

Reno (City of); Series 2002, Capital Improvement RB (INS–NATL)^(a)		5.13	%		06/01/26		930		931,311

									14,121,818

New Hampshire–0.05%
New Hampshire (State of) Health & Education Facilities Authority (Covenant Health Systems Obligated Group); Series 2004, Health Care System RB		5.50	%		07/01/34		250		256,485

New Jersey–6.16%
New Jersey (State of) Economic Development Authority (Kapkowski Road Landfill); Series 2002, Ref. Special Assessment RB		5.75	%		04/01/31		1,000		1,100,930

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		1,650		1,831,088

New Jersey (State of) Economic Development Authority; Series 1992, RB (INS–NATL)^(a)		5.90	%		03/15/21		25,000		30,268,000

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

12 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

New Jersey–(continued)

New Jersey (State of) Transportation Trust Fund Authority; Series 1999 A, Transportation System RB		5.75	%		06/15/18	$	1,000	$	1,240,550

New Jersey (State of) Turnpike Authority; Series 1991 C, RB (INS–AGM)^(a)		6.50	%		01/01/16		580		695,211

									35,135,779

New Mexico–1.17%
Farmington (City of) (Public Service Co. of New Mexico San Juan);
Series 2010 A, Ref. PCR^(c)(e)		5.20	%		06/01/20		1,000		1,141,790

Series 2010 C, Ref. PCR		5.90	%		06/01/40		2,100		2,328,795

Jicarilla Apache Nation; Series 2003 A, RB^(h)		5.00	%		09/01/18		1,500		1,563,600

New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB^(b)		6.38	%		08/01/32		1,350		1,606,163

									6,640,348

New York–15.94%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT RB		6.25	%		07/15/40		1,370		1,593,543

Series 2009, PILOT RB		6.38	%		07/15/43		570		666,364

Metropolitan Transportation Authority;
Series 2002 A, Ref. RB^(d)		5.25	%		11/15/31		3,000		3,025,530

Series 2009 B, Dedicated Tax Fund RB		5.25	%		11/15/28		1,000		1,174,640

Series 2009 B, Dedicated Tax Fund RB		5.25	%		11/15/30		1,500		1,758,300

Series 2010 D, RB		5.25	%		11/15/26		2,500		2,947,950

New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, Special Obligation RB		6.00	%		12/01/36		2,050		2,390,382

New York & New Jersey (States of) Port Authority; One Hundred Forty-Fourth Series 2006, Consolidated RB^(b)		5.00	%		10/01/35		9,900		11,299,860

New York (City of) Municipal Water Finance Authority;
Series 2005 D, Water & Sewer System RB^(b)		5.00	%		06/15/38		8,800		9,713,000

Series 2005 D, Water & Sewer System RB^(b)		5.00	%		06/15/39		2,500		2,759,375

Series 2008 AA, Water & Sewer System RB^(b)		5.00	%		06/15/22		2,500		2,968,250

New York (City of) Transitional Finance Authority;
Series 2009 S-3, Building Aid RB^(b)		5.25	%		01/15/39		3,400		3,833,228

Subseries 2011 D-1, Future Tax Sec. RB^(b)		5.00	%		11/01/33		4,845		5,682,071

Subseries 2012 E-1, Future Tax Sec. RB		5.00	%		02/01/42		5,000		5,741,950

Subseries 2012 F-1, Future Tax Sec. RB		5.00	%		05/01/39		1,750		2,013,987

New York (City of);
Series 2004 G, Unlimited Tax GO Bonds		5.00	%		12/01/27		3,000		3,249,270

Series 2012 F, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/31		1,265		1,489,917

Subseries 2008 I-1, Unlimited Tax GO Bonds^(b)		5.00	%		02/01/26		4,775		5,550,794

New York (State of) Dormitory Authority (General Purpose); Series 2011 A, State Personal Income Tax RB^(b)		5.00	%		03/15/30		2,220		2,611,675

New York (State of) Dormitory Authority (School Districts Financing Program); Series 2009 C, RB (INS–AGC)^(a)		5.00	%		10/01/23		3,000		3,505,890

New York (State of) Dormitory Authority; Series 1995 A, City University System Consolidated RB		5.63	%		07/01/16		6,755		7,658,076

New York (State of) Mortgage Agency; Series 2007 145, Homeowner Mortgage RB^(f)		5.13	%		10/01/37		900		934,542

New York (State of) Thruway Authority (Transportation);
Series 2009 A, Personal Income Tax RB^(b)		5.00	%		03/15/26		1,800		2,161,188

Series 2009 A, Personal Income Tax RB^(b)		5.00	%		03/15/27		2,000		2,383,320

New York City Housing Development Corp.; Series 2007 E-1, MFH RB^(f)		5.35	%		11/01/37		1,600		1,691,792

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

13 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

New York–(continued)

New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref. Liberty RB		5.00	%		09/15/43	$	1,870	$	2,048,903

New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB (Acquired 08/07/2006; Cost $848,563)^(h)(i)		6.13	%		02/15/19		1,000		10

									90,853,807

North Carolina–1.57%
North Carolina (State of) Eastern Municipal Power Agency; Series 2009 B, Power System RB		5.00	%		01/01/26		4,300		4,873,362

North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB		5.75	%		10/01/37		800		791,576

North Carolina (State of) Turnpike Authority; Series 2011, Monroe Connector System State Appropriation RB^(b)		5.00	%		07/01/36		2,870		3,304,001

									8,968,939

North Dakota–0.55%
McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB		5.15	%		07/01/40		1,000		1,097,420

Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facilities RB		5.13	%		07/01/29		2,000		2,041,680

									3,139,100

Ohio–8.33%
Adams (County of) (Adams County Hospital); Series 2005, Hospital Facility Improvement RB		6.25	%		09/01/20		275		245,916

American Municipal Power, Inc. (Amp Fremont Energy Center); Series 2012, RB		5.00	%		02/15/37		2,470		2,773,439

Cleveland (City of); Series 2005, Ref. Limited Tax GO Bonds (INS–AGM)^(a)		5.50	%		10/01/19		1,825		2,298,423

Cleveland State University; Series 2012, RB		5.00	%		06/01/37		1,300		1,446,913

Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		400		412,152

Franklin (County of) (Ohio Health Corp.); Series 2011 A, Hospital Facilities RB^(b)		5.00	%		11/15/36		930		1,026,980

Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB^(b)		5.00	%		11/15/41		1,500		1,649,040

Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011 A, Hospital Facilities RB		6.25	%		12/01/34		800		942,408

Lorain (County of) (Catholic Healthcare Partners); Series 2003 C-1, Ref. Hospital Facilities RB (INS–AGM)^(a)		5.00	%		04/01/24		1,475		1,647,959

Lucas (County of) (ProMedica Healthcare); Series 2011 A, Hospital RB		5.75	%		11/15/31		1,000		1,202,330

Montgomery (County of) (Catholic Health Initiatives); Series 2006 C-1, RB (INS–AGM)^(a)(b)		5.00	%		10/01/41		1,625		1,728,903

Montgomery (County of) (Kettering Medical Center); Series 1996, Ref. & Improvement Hospital RB (INS–NATL)^(a)		6.25	%		04/01/20		2,270		2,721,843

Montgomery (County of) (Miami Valley Hospital);
Series 2009 A, RB		6.00	%		11/15/28		1,550		1,644,519

Series 2009 A, RB		6.25	%		11/15/39		1,000		1,060,770

Ohio (State of) (Cleveland Clinic Health System Obligated Group);
Series 2009 B, Hospital RB^(b)		5.13	%		01/01/28		4,000		4,456,280

Series 2009 B, Hospital RB^(b)		5.50	%		01/01/34		1,000		1,135,460

Ohio (State of) Air Quality Development Authority (Dayton Power); Series 2006, RB (INS–BHAC)^(a)(b)(f)		4.80	%		09/01/36		8,000		8,334,960

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR		5.63	%		06/01/18		2,700		3,138,021

Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital Facilities RB		5.75	%		11/15/35		1,585		1,798,183

Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, Hospital RB^(c)(d)		6.75	%		01/15/15		2,000		2,299,280

Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program);
Series 2008 D, Residential Mortgage RB (CEP–GNMA)^(b)(f)		5.30	%		09/01/28		671		719,938

Series 2008 D, Residential Mortgage RB (CEP–GNMA)^(b)(f)		5.40	%		03/01/33		992		1,065,597

Series 2008 F, Residential Mortgage RB (CEP–GNMA)^(b)		5.50	%		09/01/39		1,004		1,042,534

Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR^(c)(e)		5.88	%		06/01/16		2,375		2,676,839

									47,468,687

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

14 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Oklahoma–0.03%
Oklahoma (State of) Housing Finance Agency; Series 1991 B, SFH Mortgage RB (CEP–GNMA)^(f)		8.00	%		08/01/18	$	160	$	163,621

Pennsylvania–1.54%
Delaware River Port Authority; Series 2010 D, RB		5.00	%		01/01/35		1,000		1,106,790

Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB		5.38	%		07/01/42		1,900		2,057,491

Pennsylvania (State of) Turnpike Commission;
Series 2009 A, Sub. RB (INS–AGC)^(a)		5.00	%		06/01/39		1,825		1,993,374

Subseries 2010 B-2, Sub. Conv. CAB RB^(g)		0.00	%		12/01/28		2,250		2,251,935

Subseries 2010 B-2, Sub. Conv. CAB RB^(g)		0.00	%		12/01/34		1,400		1,372,504

									8,782,094

Puerto Rico–3.29%
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2012 A, Sr. Lien RB		5.00	%		07/01/33		1,840		1,866,294

Series 2012 A, Sr. Lien RB		5.25	%		07/01/42		1,270		1,278,154

Series 2012 A, Sr. Lien RB		6.00	%		07/01/47		1,015		1,111,587

Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2008 WW, RB		5.25	%		07/01/33		1,500		1,578,675

Series 2010 CCC, RB		5.25	%		07/01/27		2,100		2,290,407

Series 2010 XX, RB		5.25	%		07/01/40		2,100		2,185,281

Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2004 I, Government Facilities RB^(c)(d)		5.25	%		07/01/14		65		70,758

Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, RB		5.38	%		08/01/39		2,000		2,141,120

First Subseries 2010 A, RB		5.50	%		08/01/42		2,300		2,486,484

First Subseries 2010 C, RB		5.25	%		08/01/41		3,500		3,722,180

									18,730,940

South Carolina–2.80%
Charleston Educational Excellence Finance Corp. (Charleston County School District);
Series 2005, Installment Purchase RB^(b)		5.25	%		12/01/25		1,000		1,120,800

Series 2005, Installment Purchase RB^(b)		5.25	%		12/01/26		3,000		3,349,920

South Carolina (State of) Jobs-Economic Development Authority (Electric & Gas Co.); Series 2002 A, IDR (INS–AMBAC)^(a)		5.20	%		11/01/27		2,500		2,516,150

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2003 A, Ref. Hospital Facilities RB		6.25	%		08/01/31		1,960		2,081,775

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health); Series 2009, Ref. & Improvement Hospital RB		5.75	%		08/01/39		1,000		1,115,340

South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
Series 2012, Ref. RB		6.00	%		11/15/32		517		395,497

Series 2012, Ref. Sub. CAB RB^(g)		0.00	%		11/15/47		222		1,094

South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons);
Series 2006, Ref. First Mortgage Health Facilities RB		5.13	%		10/01/26		900		902,916

Series 2006, Ref. First Mortgage Health Facilities RB		5.30	%		10/01/36		1,000		982,330

South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref. RB^(b)		5.00	%		01/01/33		3,000		3,469,230

									15,935,052

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

15 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Tennessee–1.20%
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage Hospital RB		5.50	%		07/01/36	$	2,225	$	2,350,891

Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, RB (INS–AGM)^(a)(b)		5.25	%		09/01/27		2,650		2,932,967

Shelby (County of) Health, Educational & Housing Facilities Board (Trezevant Manor); Series 2006 A, RB		5.63	%		09/01/26		1,500		1,545,000

									6,828,858

Texas–13.53%
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB^(f)		4.85	%		04/01/21		1,575		1,688,652

Dallas (City of) (Civic Center Convention Complex);
Series 2009, Ref. & Improvement RB (INS–AGC)^(a)		5.00	%		08/15/18		1,225		1,439,228

Series 2009, Ref. & Improvement RB (INS–AGC)^(a)		5.00	%		08/15/19		1,440		1,703,203

Dallas (County of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds		6.75	%		04/01/16		555		570,335

Dallas-Fort Worth (Cities of) International Airport; Series 2012 C, Ref. & Improvement Joint RB		5.00	%		11/01/45		2,390		2,663,990

Dallas-Fort Worth International Airport Facilities Improvement Corp.;
Series 2001 A, Ref. & Improvement RB (INS–BHAC)^(a)(f)		5.50	%		11/01/31		380		380,616

Series 2002 C, Joint Improvement RB (INS–NATL)^(a)(f)		5.75	%		11/01/18		290		291,082

Series 2002 C, Joint Improvement RB (INS–NATL)^(a)(f)		6.00	%		11/01/23		550		552,167

El Paso (County of) Hospital District; Series 2008 A, Limited Tax GO Bonds (INS–AGC)^(a)(b)		5.00	%		08/15/37		5,250		5,724,443

Fort Bend (County of) Grand Parkway Toll Road Authority; Series 2012, Limited Contract Tax & Sub. Lien RB		5.00	%		03/01/37		2,000		2,306,180

Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB		7.25	%		12/01/35		825		1,032,232

Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB		5.00	%		02/01/23		1,000		1,113,610

Houston (City of);
Series 2007 A, Ref. First Lien Combined Utility System RB (INS–AGM)^(a)		5.00	%		11/15/36		2,750		3,131,040

Series 2011 D, First Lien Combined Utility System RB^(b)		5.00	%		11/15/31		1,865		2,218,343

Series 2011 D, First Lien Combined Utility System RB^(b)		5.00	%		11/15/33		900		1,058,463

Series 2011 D, First Lien Combined Utility System RB^(b)		5.00	%		11/15/36		995		1,150,956

Series 2012, Ref. Floating Rate First Lien Combined Utility RB^(c)(e)		0.92	%		06/01/17		1,600		1,600,000

Judson Independent School District; Series 2008, School Building Unlimited Tax GO Bonds (INS–AGC)^(a)(b)		5.00	%		02/01/37		3,320		3,542,374

Lower Colorado River Authority (LCRA Transmissions Services Corp.); Series 2011 A, Ref. RB		5.00	%		05/15/41		1,400		1,566,936

Lower Colorado River Authority; Series 2010 A, Ref. RB		5.00	%		05/15/40		1,600		1,772,752

Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2007, RB		5.50	%		02/15/32		1,100		1,144,385

Matagorda (County of) Navigation District No. 1 (CenterPoint Energy Houston Electric, LLC); Series 2004, Ref. Collateralized RB^(c)(e)		5.60	%		03/01/14		1,250		1,310,087

Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB^(c)(e)(f)		6.00	%		08/01/13		1,500		1,572,615

North Texas Tollway Authority;
Series 2008 B, Ref. First Tier System RB		6.00	%		01/01/26		1,000		1,195,490

Series 2008 B, Ref. First Tier System RB		6.00	%		01/01/27		1,250		1,494,362

Series 2008 B, Ref. First Tier System RB		5.63	%		01/01/28		1,000		1,132,390

Series 2008 F, Ref. Second Tier System RB		5.75	%		01/01/33		2,850		3,152,784

Series 2008 L-2, Ref. First Tier System RB^(c)(e)		6.00	%		01/01/13		1,550		1,577,683

Series 2011 A, Special Projects System RB^(b)		5.50	%		09/01/36		2,895		3,460,886

Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);
Series 2007, Retirement Facility RB		5.63	%		11/15/27		1,000		1,044,450

Series 2007, Retirement Facility RB		5.75	%		11/15/37		550		568,403

Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility RB		5.25	%		11/15/37		5,500		5,682,710

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

16 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Texas–(continued)

Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2007, Retirement Facility RB		5.75	%		02/15/25	$	450	$	451,341

Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health); Series 2008 A, Ref. RB (INS–AGC)^(a)		6.25	%		07/01/28		3,300		3,930,003

Texas (State of) Municipal Power Agency; Series 1993, CAB RB^(d)(g)		0.00	%		09/01/15		80		78,586

Texas (State of) Transportation Commission; Series 2008, Mobility Fund Unlimited Tax GO Bonds^(b)		5.00	%		04/01/28		5,750		6,808,690

Texas A&M University System Board of Regents; Series 2009 A, Financing System RB		5.00	%		05/15/27		2,500		2,927,475

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB		6.88	%		12/31/39		1,550		1,864,557

Texas Public Property Finance Corp. (Mental Health & Retardation); Series 1993, Ref. RB (INS–AGM)^(a)		5.50	%		09/01/13		100		102,087

Tyler Health Facilities Development Corp. (East Texas Medical Center Regional Healthcare System); Series 2007 A, Ref. & Improvement Hospital RB		5.38	%		11/01/37		1,975		2,112,113

									77,117,699

Utah–0.14%
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, Charter School RB		5.80	%		06/15/38		800		821,136

Vermont–0.18%
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 A, Mortgage RB		5.38	%		05/01/36		1,000		1,017,770

Virgin Islands–0.34%
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/25		1,775		1,966,523

Virginia–0.98%
Tobacco Settlement Financing Corp.; Series 2005, Asset-Backed RB^(d)		5.50	%		06/01/26		2,315		2,523,720

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB^(f)		5.50	%		01/01/42		1,405		1,554,394

White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB		5.30	%		03/01/17		1,394		1,498,243

									5,576,357

Washington–3.14%
Bellevue (City of) Convention Center Authority (Compound Interest); Series 1994, Ref. CAB RB (INS–NATL)^(a)(g)		0.00	%		02/01/24		5,000		3,426,350

Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated RB^(f)		5.50	%		07/01/26		1,525		1,824,739

Kalispel Tribe of Indians; Series 2008, RB		6.63	%		01/01/28		1,350		1,214,581

Seattle (Port of); Series 2012 A, Ref. Intermediate Lien RB		5.00	%		08/01/31		2,300		2,708,181

Washington (State of) (SR 520 Corridor Program–Toll Revenue); Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds^(b)		5.00	%		06/01/33		1,500		1,757,640

Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2011 A, RB^(b)		5.00	%		02/01/41		2,325		2,562,127

Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2011 A, RB^(c)(d)		6.25	%		05/15/21		1,025		1,419,410

Washington (State of) Higher Education Facilities Authority (Whitworth University); Series 2012, RB		5.25	%		10/01/46		1,250		1,353,137

Washington (State of) Housing Finance Commission (Wesley Homes); Series 2008, Non-Profit CR RB^(h)		6.00	%		01/01/27		1,545		1,643,911

									17,910,076

West Virginia–1.44%
Harrison (County of) Commission (Allegheny Energy); Series 2007 D, Ref. Solid Waste Disposal RB^(f)		5.50	%		10/15/37		3,500		3,674,650

West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, RB		6.00	%		10/01/20		1,000		1,060,990

Series 2008, RB		6.25	%		10/01/23		1,100		1,165,978

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

17 Invesco Van Kampen Municipal Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

West Virginia–(continued)

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	$	1,060	$	1,177,331

Series 2009 C, Ref. & Improvement RB		5.50	%		06/01/39		1,020		1,123,275

									8,202,224

Wisconsin–1.41%
Superior (City of) (Superior Water, Light & Power Co.);
Series 2007 A, Ref. Collateralized Utility RB^(f)		5.38	%		11/01/21		450		489,541

Series 2007 B, Collateralized Utility RB^(f)		5.75	%		11/01/37		410		433,559

Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.); Series 2009 B, RB^(c)(e)		5.13	%		08/15/16		1,000		1,116,570

Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB		6.63	%		02/15/39		1,305		1,525,245

Wisconsin (State of) Housing & Economic Development Authority;
Series 2008 A, Home Ownership RB^(b)(f)		5.30	%		09/01/23		2,545		2,773,185

Series 2008 A, Home Ownership RB^(b)(f)		5.50	%		09/01/28		455		487,674

Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB		5.38	%		05/01/25		1,010		1,199,880

									8,025,654

Wyoming–0.43%
Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid Waste Disposal RB^(f)		5.60	%		12/01/35		1,000		1,063,610

Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR		5.25	%		07/15/26		1,200		1,369,524

									2,433,134

TOTAL INVESTMENTS^(j)–155.76% (Cost $814,126,987)									887,792,706

FLOATING RATE NOTE OBLIGATIONS–(26.00%)
Notes with interest rates ranging from 0.15% to 0.34% at 08/31/12 and contractual maturities of collateral ranging from 06/01/22 to 12/15/41 (See Note 1I)^(k)									(148,190,000	)

VARIABLE RATE MUNI TERM PREFERRED SHARES–(31.35%)									(178,700,000	)

OTHER ASSETS LESS LIABILITIES–1.59%									9,063,048

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%								$	569,965,754

Investment Abbreviations:


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

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

18 Invesco Van Kampen Municipal Trust

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 1I.
^(c)		Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
^(d)		Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
^(e)		Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2012.
^(f)		Security subject to the alternative minimum tax.
^(g)		Zero coupon bond issued at a discount.
^(h)		Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2012 was $9,873,408, which represented 1.73% of the Trust’s Net Assets.
⁽ⁱ⁾		Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at August 31, 2012 was $1,660,127, which represented 0.29% of the Trust’s Net Assets
^(j)		This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.


Entities	Percentage

Assured Guaranty Corp.		6.9	%

Assured Guaranty Municipal Corp.		6.2

National Public Finance Guarantee Corp.		6.0


^(k)		Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2012. At August 31, 2012, the Trust’s investments with a value of $270,878,974 are held by Dealer Trusts and serve as collateral for the $148,190,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of August 31, 2012


Revenue Bonds	87.9	%

General Obligation Bonds	8.8

Pre-refunded Bonds	3.3

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

19 Invesco Van Kampen Municipal Trust

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)


Assets:
Investments, at value (Cost $814,126,987)	$	887,792,706

Receivable for:
Investments sold		10,109,676

Interest		10,899,894

Deferred offering costs		262,503

Other assets		36,563

Total assets		909,101,342

Liabilities:
Floating rate note obligations		148,190,000

Variable rate muni term preferred shares, at liquidation value ($0.01 par value, 1,787 issued with liquidation preference of $100,000 per share)		178,700,000

Payable for:
Investments purchased		4,897,485

Amount due custodian		7,030,676

Accrued fees to affiliates		80,561

Accrued other operating expenses		41,956

Accrued interest expense		194,910

Total liabilities		339,135,588

Net assets applicable to common shares	$	569,965,754

Net assets applicable to common shares consist of:
Shares of beneficial interest — common shares	$	581,314,544

Undistributed net investment income		7,412,782

Undistributed net realized gain (loss)		(92,427,291	)

Unrealized appreciation		73,665,719

	$	569,965,754

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Common shares outstanding		39,137,625

Net asset value per common share	$	14.56

Market value per common share	$	15.31

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

20 Invesco Van Kampen Municipal Trust

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)


Investment income:
Interest	$	20,235,787

Expenses:
Advisory fees		2,454,250

Administrative services fees		77,470

Custodian fees		5,480

Interest, facilities and maintenance fees		1,342,341

Transfer agent fees		17,599

Trustees’ and officers’ fees and benefits		27,514

Other		203,682

Total expenses		4,128,336

Less: Fees waived		(8,992	)

Net expenses		4,119,344

Net investment income		16,116,443

Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(461,988	)

Change in net unrealized appreciation of investment securities		16,300,030

Net realized and unrealized gain		15,838,042

Net increase in net assets resulting from operations		31,954,485

Distributions to preferred shareholders from net investment income		(45,576	)

Net increase in net assets from operations applicable to common shares	$	31,908,909

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

21 Invesco Van Kampen Municipal Trust

Statement of Changes in Net Assets

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

(Unaudited)


	August 31,			February 29,
	2012			2012

Operations:
Net investment income	$	16,116,443		$	35,139,703

Net realized gain (loss)		(461,988	)		(13,249,005	)

Change in net unrealized appreciation		16,300,030			87,375,697

Net increase in net assets resulting from operations		31,954,485			109,266,395

Distributions to preferred shareholders from net investment income		(45,576	)		(238,106	)

Net increase in net assets from operations applicable to common shares		31,908,909			109,028,289

Distributions to shareholders from net investment income		(18,777,478	)		(37,484,759	)

Share transactions–net:
Net increase in net assets resulting from share transactions		650,359			1,139,642

Net increase in net assets		13,781,790			72,683,172

Net assets applicable to common shares:
Beginning of period		556,183,964			483,500,792

End of period (includes undistributed net investment income of $7,412,782 and $10,119,393, respectively)	$	569,965,754		$	556,183,964

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

22 Invesco Van Kampen Municipal Trust

Statement of Cash Flows

For the six months ended August 31, 2012

(Unaudited)


Cash provided by operating activities:
Net increase in net assets resulting from operations (including preferred shares distributions)	$	31,908,909

Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
Purchases of investments		(28,698,001	)

Proceeds from sales of investments		33,622,573

Amortization of premium		1,194,262

Accretion of discount		(405,113	)

Increase in interest receivable and other assets		(276,164	)

Increase in accrued expenses and other payables		54,990

Net realized loss from investment securities		461,988

Net change in unrealized appreciation on investment securities		(16,300,030	)

Net cash provided by operating activities		21,563,414

Cash provided by (used in) financing activities:
Dividends paid to common shareholders from net investment income		(18,123,831	)

Decrease in payable for amount due to custodian		(2,089,583	)

Increase in VMTP shares, at liquidation value		178,700,000

Net proceeds from and repayment of the redemption of preferred shares		(178,750,000	)

Net proceeds from floating rate note obligations		(1,300,000	)

Net cash provided by (used in) financing activities		(21,563,414	)

Net increase (decrease) in cash		—

Cash at beginning of period		—

Cash at end of period	$	—

Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	1,242,745

Notes to Financial Statements

August 31, 2012

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen Municipal Trust (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 which is exempt from federal income tax, 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, but may invest up to 20% of its assets in unrated securities which are believed to be of comparable quality to those rated investment grade.

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. 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

23 Invesco Van Kampen Municipal Trust


		in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
		Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.		Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
		The 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 the 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.		Floating Rate Note Obligations — The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating

24 Invesco Van Kampen Municipal Trust


		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 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.
J.		Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees and other expenses associated with lines of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”), and interest and administrative expenses related to establishing and maintaining Auction Rate Preferred Shares and floating rate note obligations, if any.
K.		Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
		Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.
		There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Trust pays an advisory fee to the Adviser based on the annual rate 0.55% of the Trust’s average daily managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).

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 had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trust’s expenses (excluding certain items discussed below) to 0.94%. 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, including litigation expenses; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. The agreement was terminated on June 30, 2012.

For the six months ended August 31, 2012, the Adviser waived advisory fees of $8,992.

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, 2012, 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.

25 Invesco Van Kampen Municipal Trust

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


	Level 1 —	Prices are determined using quoted prices in an active market for identical assets.
	Level 2 —	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
	Level 3 —	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

Municipal Obligations	$	—	$	887,792,706	$	—	$	887,792,706

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.

During the six months ended August 31, 2012, the Trust paid legal fees of $52,009 for services rendered by Skadden, Arps, Slate, Meagher & Flom LLP as counsel to the Trust. A trustee of the Trust is of counsel with the firm.

NOTE 5—Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2012 were $150,454,668 and 0.73%, 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 Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

26 Invesco Van Kampen Municipal Trust

The Trust had a capital loss carryforward as of February 29, 2012, which expires as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total

February 28, 2014	$	593,665	$	—	$	593,665

February 28, 2015		6,620,583		—		6,620,583

February 29, 2016		34,152,213		—		34,152,213

February 28, 2017		22,386,378		—		22,386,378

February 28, 2018		10,445,367		—		10,445,367

February 28, 2019		5,551,039		—		5,551,039

Not subject to expiration		—		8,432,270		8,432,270

	$	79,749,245	$	8,432,270	$	88,181,515


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

NOTE 7—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2012 was $62,552,798 and $42,260,442, 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	$	77,653,628

Aggregate unrealized (depreciation) of investment securities		(5,401,629	)

Net unrealized appreciation of investment securities	$	72,251,999

Cost of investments for tax purposes is $815,540,707.

NOTE 8—Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:


	Six months ended		Year ended
	August 31,		February 29,
	2012		2012

Beginning Shares		39,092,346		39,006,511

Shares Issued Through Dividend Reinvestment		45,279		85,835

Ending Shares		39,137,625		39,092,346

The Board of 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—Auction Rate Preferred Shares

The Trust is authorized to issue Auction Rate Preferred Shares (“ARPS”). On May 24, 2012 through June 4, 2012, the Trust redeemed all of its outstanding ARPS at their respective liquidation preference, including accrued and unpaid dividends, if any, through the redemption date. The redemptions were funded with cash and proceeds received from the issuance of VMTP Shares.

Historically, the Trust paid annual fees equivalent to 0.25% of the ARPS liquidation value for the remarketing efforts associated with the auction. Effective March 16, 2009, the Trust decreased this amount to 0.15% due to auction failures. These fees are included as a component of Interest, facilities and maintenance fees expense on the Statement of Operations.

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


	Range of
Series	Dividend Rates†


A		0.055%-0.364	%

B		0.077-0.133

C		0.033-0.331

D		0.033-0.144

E		0.055-0.133


^†		For the period March 1, 2012 through June 4, 2012.

27 Invesco Van Kampen Municipal Trust

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

Beginning February 12, 2008 and continuing through June 4, 2012, all series of ARPS of the Trust were not successfully remarketed. As a result, the dividend rates of these ARPS were reset to the maximum applicable rate.

Transactions in ARPS were as follows:


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

Outstanding at February 29, 2012		1,650		$	41,250,000			1,650		$	41,250,000			1,650		$	41,250,000

Shares redeemed		(1,650	)		(41,250,000	)		(1,650	)		(41,250,000	)		(1,650	)		(41,250,000	)

Outstanding at August 31, 2012		—		$	—			—		$	—			—		$	—


	Series D						Series E
	Shares			Value			Shares			Value

Outstanding at February 29, 2012		1,650		$	41,250,000			550		$	13,750,000

Shares redeemed		(1,650	)		(41,250,000	)		(550	)		(13,750,000	)

Outstanding at August 31, 2012		—		$	—			—		$	—

NOTE 10—Variable Rate Muni Term Preferred Shares

On May 17, 2012, the Trust issued 1,787 Series 2015/12-VKQ VMTP Shares, with liquidation preference of $100,000 per share pursuant to an offering exempt from registration under the securities Act of 1933. Proceeds from the issuance of VMTP Shares were used to redeem all of the Trust’s outstanding ARPS. VMTP Shares are a floating-rate form of preferred shares with a mandatory redemption date. The Trust is required to redeem all outstanding VMTP shares on December 1, 2015, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a redemption premium, if any.

The Trust incurred costs in connection with the issuance of VMTP Shares. These costs were recorded as a deferred charge and will be amortized over the 31/2 year life of the VMTP Shares. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations and the unamortized balance is included in Deferred offering costs on the Statement of Assets and Liabilities.

Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends is equal to the sum of 1.15% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index. Subsequent rates take into account a ratings spread which is based on the long term preferred share ratings assigned to the VMTP Shares by Moody’s and Fitch. The average liquidation value outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2012 were $178,700,000 and 1.32%, respectively.

The Trust is subject to certain restrictions, such as maintaining certain asset coverage and leverage ratio requirements relating to the VMTP 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 VMTP Shares at liquidation value.

For financial reporting purposes, the liquidation value of VMTP Shares, which is considered debt of the issuer, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.

NOTE 11—Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2012:

Declaration Date

Amount Per Share

Record Date

Payable Date

September 4, 2012

0.08

September 18, 2012

September 28, 2012

October 1, 2012

0.08

October 12, 2012

October 31, 2012

28 Invesco Van Kampen Municipal Trust

NOTE 12—Financial Highlights

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


	Six months			Year			Four months
	ended			ended			ended
	August 31,			February 29,			February 28,			Years ended October 31,
	2012			2012			2011			2010			2009			2008			2007

Net asset value per common share, beginning of period	$	14.23		$	12.40		$	13.83		$	12.99		$	10.61		$	15.35		$	16.33

Net investment income^(a)		0.41			0.90			0.32			1.00			1.07			1.17			1.09

Net gains (losses) on securities (both realized and unrealized)		0.40			1.90			(1.42	)		0.81			2.21			(4.84	)		(0.97	)

Dividends paid to preferred shareholders from net investment income		(0.00	)		(0.01	)		(0.01	)		(0.01	)		(0.04	)		(0.25	)		(0.31	)

Total from investment operations		0.81			2.79			(1.11	)		1.80			3.24			(3.92	)		(0.19	)

Less dividends paid to common shareholders from net investment income		(0.48	)		(0.96	)		(0.32	)		(0.96	)		(0.86	)		(0.82	)		(0.79	)

Net asset value per common share, end of period	$	14.56		$	14.23		$	12.40		$	13.83		$	12.99		$	10.61		$	15.35

Market value per common share, end of period	$	15.31		$	14.90		$	12.23		$	14.32		$	12.69		$	10.15		$	13.85

Total return at net asset value^(b)		5.79	%		23.37	%		(8.03	)%		14.32	%

Total return at market value^(c)		6.24	%		30.97	%		(12.39	)%		21.17	%		34.85	%		(22.15	)%		(1.88	)%

Net assets applicable to common shares, end of period (000’s omitted)	$	569,966		$	556,184		$	483,501		$	539,131		$	505,455		$	412,121		$	599,719

Portfolio turnover rate^(d)		5	%		14	%		3	%		10	%		19	%		67	%		25	%

Ratios/supplemental data based on average net assets applicable to common shares:
Ratio of expenses:
With fee waivers and/or expense reimbursements^(e)		1.46	%^(f)		1.25	%		1.27	%^(g)		1.12	%		1.34	%		2.05	%		2.14	%

With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees^(e)(h)		0.98	%^(f)		1.03	%		1.02	%^(g)		0.93	%		1.05	%		0.96	%		0.95	%

Without fee waivers and/or expense reimbursements^(e)		1.46	%^(f)		1.32	%		1.34	%^(g)		1.23	%		1.51	%		2.21	%		2.28	%

Ratio of net investment income before preferred share dividends		5.72	%^(f)		6.82	%		7.68	%^(g)		7.48	%		9.31	%		8.31	%		6.84	%

Preferred share dividends		0.02	%^(f)		0.05	%		0.10	%^(g)		0.09	%

Ratio of net investment income after preferred share dividends		5.70	%^(f)		6.77	%		7.58	%^(g)		7.39	%		9.00	%		6.55	%		4.92	%

Senior securities:
Total amount of preferred shares outstanding (000’s omitted)⁽ⁱ⁾	$	178,700		$	178,750		$	211,250		$	211,250		$	236,250		$	260,000		$	325,000

Asset coverage per preferred share^(i)(j)	$	418,951		$	102,788		$	82,219		$	88,803		$	78,488		$	64,637		$	71,143

Liquidating preference per preferred share⁽ⁱ⁾	$	100,000		$	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. 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. 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 do not reflect the effect of dividend payments to preferred shareholders.
^(f)		Ratios are annualized and based on average daily net assets applicable to common shares (000’s omitted) of $559,233.
^(g)		Annualized.
^(h)		For the years ended October 31, 2010, and prior, ratio does not exclude facilities and maintenance fees.
⁽ⁱ⁾		For the years ended February 29, 2012 and prior, amounts are based on ARPS outstanding.
^(j)		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.

29 Invesco Van Kampen Municipal Trust

NOTE 13—Subsequent Event

The Board of Trustees (the “Board”) and the shareholders of the Trust approved the redomestication of the Trust, a Massachusetts business trust, into a Delaware statutory trust pursuant to an Agreement and Plan of Redomestication (the “Redomestication”). The Board and the shareholders also approved an Agreement and Plan of Merger pursuant to which Invesco Van Kampen Massachusetts Value Municipal Income Trust, Invesco Van Kampen Ohio Quality Municipal Trust and Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (each a “Target Trust”) merged with and into the Trust in accordance with the Delaware Statutory Trust Act (the “Merger”). As a result of the Merger, all of the assets and liabilities on each Target Trust became assets and liabilities of the Trust and each Target Trust’s shareholders became shareholders of the Trust. The Redomestication and the Merger were consummated on October 15, 2012.

Effective December 3, 2012, the Trust will change its name to Invesco Municipal Trust.

NOTE 14—Legal Proceedings

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

Pending Litigation and Regulatory Inquiries

On January 17, 2011, a Consolidated Amended Shareholder Derivative Complaint was filed on behalf of Invesco Van Kampen Advantage Municipal Income Trust II; Invesco Van Kampen Municipal Opportunity Trust; Invesco Van Kampen Municipal Trust; Invesco Van Kampen High Income Trust II; Invesco Van Kampen Senior Income Trust (the “Trusts”) against Van Kampen Asset Management, Morgan Stanley, and certain individuals (collectively, the “Defendants”). The Plaintiffs alleged that Defendants breached their fiduciary duties to common shareholders by causing the Trusts to redeem Auction Rate Preferred Securities (“ARPS”) at their liquidation value, which was at a discount from market value at the time, and by not having adequate procedures to deal with potential conflicts of interest. The Plaintiffs alleged that the redemption of the ARPS wasted Trust assets, occurred at the expense of the Trusts and the common shareholders, and was improperly motivated to benefit preferred shareholders and Defendants. Additionally, the Plaintiffs claimed that the ARPS were replaced with less favorable financing. Plaintiffs seek judgment that: 1) orders Defendants to refrain from redeeming any ARPS at their liquidation value using Trusts assets; 2) awards monetary damages against all Defendants, individually, jointly or severally, in favor of the Trusts, for all losses and damages allegedly suffered as a result of the redemptions of ARPS at their liquidation value; 3) grants appropriate equitable relief to remedy the Defendants’ alleged breaches of fiduciary duties; and 4) awards to Plaintiffs the costs and disbursements of the action. On August 10, 2010, the Board of Trustees formed a Special Litigation Committee (“SLC”) to investigate the claims made in the April 2010 demand letters with the assistance of independent counsel. After reviewing the findings of the SLC’s and a vote by Independent Trustees, the Board announced on June 24, 2011, that it had adopted the SLC’s recommendation to reject the demands and seek dismissal of the lawsuit. The Trusts filed a motion to dismiss on October 4, 2011, which remains pending. The Trust has accrued $38,115 in expenses relating to these matters during the six months ended August 31, 2012.

Management of Invesco and the Trust believe that the outcome of the proceedings described above will not have a material adverse effect on the Trust or on the ability of Invesco to provide ongoing services to the Trust.

30 Invesco Van Kampen Municipal Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of Invesco Van Kampen Municipal Trust (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 Ltd., 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 15, 2012, 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. 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. The Board also considered materials it had received in approving the proposed reorganizations of other closed-end funds advised by Invesco Advisers into the Fund.

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, including the Fund, reflect the results of years of review and negotiation between the Trustees and Invesco Advisers and previously 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 15, 2012, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

Factors and Conclusions


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 managers, 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, including the Fund, 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 capable of being 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 would provide such 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, from time to time as necessary and appropriate, in managing the Fund. The Board concluded that the nature, extent and quality of the services capable of being 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, two, three, five and ten calendar years to the performance of funds in the Fund’s Lipper performance universe and against the applicable Lipper index. The Board noted that the Fund’s performance was in the fourth quintile of its performance universe for the one year period, the second quintile for the two and three year periods, and the fifth quintile for the five and ten year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the applicable Lipper index for the two and three year periods and below the performance of the index for the one, five and ten 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 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

31 Invesco Van Kampen Municipal Trust

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 considered the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers), including comparisons, as applicable, to advisory fee rates of other funds advised by Invesco Advisers and its affiliates with investment strategies similar 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 compared the strategy of the Fund to that of other client accounts of Invesco Advisers and the Affiliated Sub-Advisers and considered, as applicable, the fees charged to other client accounts with investment strategies similar 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 than to registered fund clients, such as the Fund. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to registered fund clients, including the Fund, 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 registered fund clients 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 did 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 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, and the discontinuation of this fee waiver on June 30, 2012, would have on the Fund’s total estimated expenses.

The Board also considered the services capable of being 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 to the extent the Fund were to utilize the Affiliated Sub-Advisers, Invesco Advisers would provide services related to 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 registered fund 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 Fund. 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 Fund. 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 Municipal Trust

Proxy Results

An Annual Meeting (“Meeting”) of Shareholders of Invesco Van Kampen Municipal Trust (the “Fund”) was held on July 17, 2012. The Meeting was held for the following purpose:


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

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


				Votes
	Matter	Votes For		Against


(1)	Wayne W. Whalen		35,394,388		1,129,307
	Linda Hutton Heagy^(P)		1,787		0

The Meeting was adjourned until August 14, 2012, with respect to the following proposals:


(1)	Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust by the holders of Common Shares and Preferred Shares voting separately.

(2bi)	Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Massachusetts Value Municipal Income Trust to merge with and into the Fund by holders of Common Shares and Preferred Shares voting separately.

(2bii)	Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Ohio Quality Municipal Trust to merge with and into the Fund by holders of Common Shares and Preferred Shares voting separately.

(2biii)	Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Trust for Investment Grade New Jersey Municipals to merge with and into the Fund by holders of Common Shares and Preferred Shares voting separately.

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


				Votes		Votes		Broker
	Matters	Votes For		Against		Abstain		Non-Votes


(1)	Common Shares		20,082,972		738,387		613,630		15,646,526
	Preferred Shares		1,787		0		0		0
(2bi)	Common Shares		19,874,559		906,507		653,923		15,646,526
	Preferred Shares		1,787		0		0		0
(2bii)	Common Shares		19,831,007		940,517		663,465		15,646,526
	Preferred Shares		1,787		0		0		0
(2biii)	Common Shares		19,789,110		1,002,324		643,555		15,646,526
	Preferred Shares		1,787		0		0		0


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

33 Invesco Van Kampen Municipal Trust

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.

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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 shown below.

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, 2012, 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.



SEC file number: 811-06362	VK-CE-MUNI-SAR-1	Invesco Distributors, Inc.

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a)

As of August 13, 2012, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 13, 2012, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is

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

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

ITEM 12. EXHIBITS.


12(a)(1)		Not applicable.

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

12(a)(3)		Not applicable.

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

SIGNATURES

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

Registrant: Invesco Van Kampen Municipal Trust


By:		/s/ Colin Meadows

		Colin Meadows
		Principal Executive Officer

Date: November 8, 2012

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


By:		/s/ Colin Meadows

		Colin Meadows
		Principal Executive Officer

Date: November 8, 2012


By:		/s/ Sheri Morris

		Sheri Morris
		Principal Financial Officer

Date: November 8, 2012

EXHIBIT INDEX


12(a) (1)		Not applicable.

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

12(a) (3)		Not applicable.

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