-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OAsuujHw8j4vX7ZnDyOUhfgPk4kWtICvbLOpQ7gSPGnp4w9Z32l5Eod2jEWt4DHS 8FepAxJsjgSE44C38L1fMw== 0000950137-07-009375.txt : 20070628 0000950137-07-009375.hdr.sgml : 20070628 20070628115705 ACCESSION NUMBER: 0000950137-07-009375 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070430 FILED AS OF DATE: 20070628 DATE AS OF CHANGE: 20070628 EFFECTIVENESS DATE: 20070628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS CENTRAL INDEX KEY: 0000880892 IRS NUMBER: 363797841 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06471 FILM NUMBER: 07945786 BUSINESS ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2127625441 MAIL ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN TRUST FOR INVSTMENT GRADE MUNICIPALS DATE OF NAME CHANGE: 19981006 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN AMERICAN CAPITAL TR FOR INVSTMNT GRADE MUNICIPALS DATE OF NAME CHANGE: 19960102 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN MERRITT TRUST FOR INVESTMENT GRADE MUNICIPALS DATE OF NAME CHANGE: 19920929 N-CSRS 1 c15606nvcsrs.txt CERTIFIED SHAREHOLDER REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-6471 Van Kampen Trust For Investment Grade Municipals (Exact name of registrant as specified in charter) 1221 Avenue of the Americas, New York, New York 10020 (Address of principal executive offices) (Zip code) Ronald Robison 1221 Avenue of the Americas, New York, New York 10020 (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 Date of fiscal year end: 10/31___ Date of reporting period: 4/30/07 Item 1. Report to Shareholders The Trust's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: Welcome, Shareholder In this report, you'll learn about how your investment in Van Kampen Trust for Investment Grade Municipals performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the trust's financial statements and a list of trust investments as of April 30, 2007. MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST. INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT).
--------------------------------------------------------------------------------------- NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE --------------------------------------------------------------------------------------- NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT ---------------------------------------------------------------------------------------
Performance Summary as of 4/30/07
TRUST FOR INVESTMENT GRADE MUNICIPALS SYMBOL: VGM - ------------------------------------------------------------ AVERAGE ANNUAL BASED BASED ON TOTAL RETURNS ON NAV MARKET PRICE Since Inception (1/24/92) 7.95% 7.50% 10-year 7.38 7.50 5-year 7.19 8.40 1-year 7.08 12.87 6-month 1.29 8.25 - ------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. NAV per share is determined by dividing the value of the trust's portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. Total return assumes an investment at the beginning of the period, reinvestment of all distributions for the period in accordance with the trust's dividend reinvestment plan, and sale of all shares at the end of the period. The trust's advisor has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements the trust's returns would have been lower. The Lehman Brothers Municipal Bond Index is a broad-based statistical composite of municipal bonds. The index does not include any expenses, fees or sales charges, which would lower performance. The index is unmanaged and should not be considered an investment. It is not possible to invest directly in an index. 1 Trust Report FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007 MARKET CONDITIONS The overall environment for municipal bonds was favorable during the reporting period, but mixed economic indicators and concerns about the residential housing sector led to increased market uncertainty and volatility. At the beginning of the period, the pace of economic growth appeared to be slowing, but in December, the outlook for the economy turned positive following a slate of stronger-than-expected economic releases. The improved economic picture pushed bond yields higher and effectively reversed the run-up in prices that had begun in July on concern over the weak housing market's potential drag on the economy. Bonds continued to decline until February, when the sub-prime mortgage market showed signs of deterioration, causing a sell-off in equities and a flight-to-quality bond market rally. In March, the rally ended as strong employment reports and upward movement in inflationary pressures sparked selling in an overbought Treasury market. At month end, however, the short end of the bond market rebounded strongly following news that the Federal Open Market Committee (the "Fed") had dropped its bias toward higher rates. This came as somewhat of a surprise, given the fact that core inflation readings remained elevated. Municipal bond yields followed the general movement of the Treasury market. However, the 30-year AAA municipal yield reached lows not seen in decades, declining to 4.00 percent in the first half of the reporting period before reversing course and ending the period higher at 4.10 percent. Yields on the short end of the municipal curve rose more than long-term yields during the period. As a result, the short end of the curve posted the lowest returns while the long end outperformed other portions of the curve by as much as 70 basis points. The slope of the municipal curve (which is defined by the traditional yield advantage of bonds with longer maturities) still remained relatively flat and as such, the yield differential between long maturity and short maturity issues was quite small. New issue supply rose dramatically during the period, increasing by 34 percent versus the same six-month period a year ago, as relatively low interest rates spurred municipalities to refinance their debt. Demand for municipal bonds was robust as well, particularly for high-yield securities as investors proved increasingly willing to take on more risk in return for relatively higher yields. The strong demand caused most credit spreads, which were already near historically tight levels, to further narrow. As a result, the lower-quality, higher yielding segment of the market considerably outperformed, returning 182 basis points more than the investment-grade segment for the overall period. 2 PERFORMANCE ANALYSIS The Trust's return can be calculated based upon either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the value of the trust's portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding, while market price reflects the supply and demand for the shares. As a result, the two returns can differ, as they did during the reporting period. On an NAV basis, the Trust underperformed its benchmark index, the Lehman Brothers Municipal Bond Index. On a market price basis, the Trust outperformed its benchmark. TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007
- --------------------------------------------------------------- BASED ON BASED ON LEHMAN BROTHERS MUNICIPAL NAV MARKET PRICE BOND INDEX 1.29% 8.25% 1.59% - ---------------------------------------------------------------
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment return, net asset value and common share market price will fluctuate and trust shares, when sold, may be worth more or less than their original cost. See Performance Summary for additional performance information and index definition. A variety of strategies drove the Trust's performance during the course of the period. One of the key drivers was our focus on the long end of the yield curve. Given the relatively flat shape of the curve throughout the period, we invested in bonds with maturities of 25 years or more in order to capture more attractive yields. The emphasis on longer-maturity issues proved beneficial to performance as this segment of the curve outperformed for the overall period. We also began to selectively add higher-yielding BBB rated bonds to the portfolio, as well as to add to the Trust's holdings of inverse floating-rate securities.* These strategies were additive to the Trust's performance during the first four months of the period. In the last two months, however, spread widening led the performance of lower-rated bonds to wane and rising interest rates hurt the performance of inverse floating-rate securities. As a result, the Trust's holdings in these credits detracted somewhat from performance late in the period. The biggest contributor to the Trust's underperformance versus the Lehman Brothers Municipal Bond Index, however, was its holdings of tobacco revenue bonds. A large amount of older tobacco bonds were pre-refunded during the period. Unlike the Lehman Brothers Municipal Bond Index, which contained these older bonds, the Trust only had positions in newer tobacco bonds which were not pre-refunded. As such, the portfolio was not able to benefit from the refundings that took place during the period, which detracted from the performance of the Trust's holdings in this sector relative to those of the Lehman Brothers Municipal Bond Index. In addition, spread widening in *An inverse floating-rate security, or "inverse floater", is a variable rate security whose coupon rate changes in the opposite direction from the change in the reference rate used to calculate the coupon rate. 3 the sector in the latter months of the period also caused these holdings to hinder performance. Because the Trust's inverse floating-rate securities effectively added to the portfolio's duration (a measure of interest-rate risk), we hedged that risk by selling U.S. Treasury futures. This strategy was additive to performance for the overall period and served to keep the Trust's duration neutral to that of the Lehman Brothers Municipal Bond Index. We also purchased various A and BBB rated health care bonds during the period, which enhanced the Trust's overall performance. An abundant supply of housing bonds created some favorable opportunities to add to the Trust's holdings in this sector as well. Although these holdings detracted from the portfolio's total return during the period, they did serve to enhance the Trust's yield, as did additional purchases of discount coupon bonds. The Trust remained well diversified across a broad spectrum of municipal market sectors. As of the end of the period, hospital, general purpose and public education bonds represented the portfolio's largest sector weightings. The Trustees have approved a procedure whereby the trust may, when appropriate, repurchase its shares in the open market or in privately negotiated transactions at a price not above market value or NAV, whichever is lower at the time of purchase. This may help support the market value of the trust's shares. There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Trust in the future. 4
RATINGS ALLOCATION AS OF 4/30/07 AAA/Aaa 58.8% AA/Aa 10.5 A/A 8.3 BBB/Baa 10.3 BB/Ba 0.2 B/B 0.2 Non-Rated 11.7
TOP FIVE SECTORS AS OF 4/30/07 Hospital 18.9% General Purpose 8.8 Public Education 7.2 Airports 6.6 Master Tobacco 6.4 SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/07 California 17.3% New York 8.7 Texas 6.4 Florida 6.1 Illinois 5.8 New Jersey 4.6 South Carolina 4.6 Washington 2.9 Alabama 2.9 Colorado 2.8 Michigan 2.8 North Carolina 2.6 Pennsylvania 2.5 Arizona 2.1 Georgia 1.9 Kentucky 1.9 Indiana 1.9 Ohio 1.8 Nevada 1.8 Massachusetts 1.8 Missouri 1.7 Oregon 1.4 Tennessee 1.4
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/07 (continued from previous page) Louisiana 1.3% Iowa 1.2 Alaska 1.2 Virginia 1.2 Minnesota 0.9 Oklahoma 0.9 South Dakota 0.8 Maryland 0.8 District of Columbia 0.5 Guam 0.4 Puerto Rico 0.4 Connecticut 0.4 Wisconsin 0.4 Kansas 0.3 West Virginia 0.3 Nebraska 0.2 North Dakota 0.2 Wyoming 0.2 New Hampshire 0.2 Mississippi 0.1 Arkansas 0.1 New Mexico 0.1 Utah 0.1 Delaware 0.1 ----- Total Investments 100.0%
Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the sectors shown above. Ratings allocation and summary of investments by state classification are as a percentage of total investments. Sectors are as a percentage of long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor's and Moody's, respectively. 6 FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS Each Van Kampen trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the trust's second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to trust shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each trust files a complete schedule of portfolio holdings with the SEC for the trust's first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site, http://www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102. You may obtain copies of a trust's fiscal quarter filings by contacting Van Kampen Client Relations at (800) 341-2929. PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD You may obtain a copy of the Trust's Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 341-2929 or by visiting our Web site at www.vankampen.com. It is also available on the Securities and Exchange Commission's Web site at http://www.sec.gov. You may obtain information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 without charge by visiting our Web site at www.vankampen.com. This information is also available on the Securities and Exchange Commission's Web site at http://www.sec.gov. 7 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED)
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- MUNICIPAL BONDS 191.4% ALABAMA 5.5% $ 6,500 Alabama Hsg Fin Auth Single Family Mtg Rev Rfdg Ser B (GNMA Collateralized) (AMT) (a)......................................... 4.700% 04/01/38 $ 6,421,480 3,660 Alabama St Brd Ed Rev & Impt Southn Univ St Cmnty Rfdg (MBIA Insd) (b).................. 5.250 07/01/20 3,923,373 7,700 Birmingham Baptist Med Ctr AL Baptist Hlth Sys Ser A................................... 5.000 11/15/30 7,858,081 750 Birmingham Baptist Med Ctr AL Baptist Hlth Sys Ser A................................... 5.875 11/15/24 800,115 1,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A... 5.000 01/01/24 1,045,170 2,250 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A... 5.250 01/01/23 2,396,137 7,710 University AL at Birmingham Hosp Rev Ser A (a)......................................... 5.000 09/01/36 7,882,704 9,840 University AL at Birmingham Hosp Rev Ser A (a)......................................... 5.000 09/01/41 10,038,047 -------------- 40,365,107 -------------- ALASKA 2.2% 2,000 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC Insd)....................................... 5.000 12/01/30 2,095,660 1,250 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC Insd)....................................... 5.250 12/01/34 1,336,562 3,650 Alaska St Intl Arpt Rev Ser B (AMBAC Insd) (Prerefunded @ 10/01/12).................... 5.250 10/01/27 3,928,203 1,575 Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (FSA Insd)................ 5.750 03/01/16 1,660,649 7,300 Northern Tob Sec Corp Rev Bkd Ser A......... 5.000 06/01/46 7,182,616 -------------- 16,203,690 -------------- ARIZONA 3.9% 1,000 Arizona Hlth Fac Auth Hosp Sys Rev John C Lincoln Hlth Network (Prerefunded @ 12/01/12)................................... 6.375 12/01/37 1,139,010 6,075 Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg Ser B............................. 5.000 12/01/37 6,169,648 3,050 Glendale, AZ Indl Dev Auth Rfdg............. 5.000 12/01/35 3,097,763 3,500 Maricopa Cnty, AZ Hosp Rev Sun Hlth Corp.... 5.000 04/01/35 3,551,275 2,800 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien (FGIC Insd) (AMT)........................... 5.375 07/01/29 2,805,936 11,750 University of AZ Med Ctr Corp............... 5.000 07/01/35 11,926,368 -------------- 28,690,000 -------------- ARKANSAS 0.2% 1,395 Washington Cnty, AR Hosp Rev Regl Med Ctr Rfdg Ser B.................................. 5.000 02/01/30 1,425,006 --------------
8 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- CALIFORNIA 33.2% $ 1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj Ser C (FSA Insd)....................... 6.000% 09/01/16 $ 1,506,648 11,235 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist Fac Ser A (FSA Insd)........................ 5.000 10/01/31 11,738,216 1,500 California Cnty, CA Tob Agy Tob Sec Merced Cnty Rfdg Ser A............................. 5.125 06/01/38 1,504,860 1,000 California Cnty, CA Tob Agy Tob Sec Sonoma Cnty Corp Rfdg.............................. 5.250 06/01/45 1,013,890 6,355 California Ed Fac Auth Rev Pepperdine Univ Rfdg Ser A (FGIC Insd)...................... 5.000 09/01/33 6,615,491 1,200 California Hlth Fac Fin Auth Rev Kaiser Permanente Ser A............................ 5.250 04/01/39 1,260,528 10,380 California Hlth Fac Fin Auth Rev Cedars Sinai Med Ctr Rfdg (a)...................... 5.000 11/15/34 10,662,959 3,500 California Hsg Fin Agy Rev Home Mtg Ser M (AMT) (a)................................... 4.625 08/01/26 3,490,998 6,360 California Hsg Fin Agy Rev Home Mtg Ser M (AMT) (a)................................... 4.650 08/01/31 6,327,564 4,450 California Hsg Fin Agy Rev Home Mtg Ser M (AMT) (a)................................... 4.700 08/01/36 4,438,555 7,300 California Hsg Fin Agy Rev Home Mtg Ser M (AMT) (a)................................... 4.750 08/01/42 7,281,224 1,500 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj Ser B (AMT).... 5.000 07/01/27 1,528,050 1,050 California St (AMBAC Insd).................. 5.125 10/01/27 1,065,393 6,295 California St (AMBAC Insd) (Prerefunded @ 10/01/07)................................... 5.125 10/01/27 6,395,657 1,350 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A............. 5.000 07/01/39 1,368,441 9,015 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A............. 5.250 07/01/30 9,375,420 3,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A.................... 5.000 03/01/30 3,080,010 3,750 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A.................... 5.000 03/01/35 3,835,125 2,300 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B..................... 5.000 03/01/41 2,358,489 4,000 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B..................... 5.250 03/01/45 4,200,120 3,360 California Statewide Cmnty Dev Auth Rev Sutter Hlth Ser A........................... 5.000 11/15/43 3,462,581 1,000 California St Dept Wtr Res Ctr Vly Proj Rev Wtr Sys Ser X (FGIC Insd)................... 5.000 12/01/29 1,045,000 6,500 California St Dept Wtr Res Pwr Ser A (AMBAC Insd) (Prerefunded @ 5/01/12)............... 5.375 05/01/18 7,079,865
See Notes to Financial Statements 9 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 2,000 California St Dept Wtr Res Pwr Ser A (Prerefunded @ 5/01/12)..................... 6.000% 05/01/15 $ 2,235,180 11,000 California St (Prerefunded @ 2/01/14)....... 5.000 02/01/33 11,870,870 1,000 California St Pub Wks Brd UCLA Replacement Hosp Ser A (FSA Insd)....................... 5.375 10/01/20 1,077,720 5,000 California St Rfdg.......................... 5.000 08/01/28 5,253,100 5,000 California St Univ Rev & Co Systemwide Ser A (AMBAC Insd)................................ 5.000 11/01/33 5,222,200 2,000 El Dorado, CA Irr Dist Ctf Ser A (FGIC Insd)....................................... 5.000 03/01/21 2,096,180 2,000 Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc Ser A (MBIA Insd)................... 5.000 09/01/33 2,102,380 3,000 Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc Ser B (MBIA Insd)................... 5.000 03/01/33 3,149,040 2,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (MBIA Insd)................. * 01/15/17 1,241,700 10,750 Foothill/Eastern Corridor Agy CA Toll Rd Rev Sr Lien Ser A (e)........................... * 01/01/23 5,502,495 3,000 Fremont, CA Uni Sch Dist Ser A (FGIC Insd)....................................... 5.000 08/01/25 3,159,240 5,000 Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced Ser A.............................. 5.000 06/01/45 5,183,150 22,000 Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced Ser A (FGIC Insd) (a).............. 5.000 06/01/38 23,079,980 1,500 Golden St Tob Sec Corp CA Tob Settlement Rev Ser A (a)................................... 5.000 06/01/33 1,574,520 4,000 Golden St Tob Sec Corp CA Tob Settlement Rev Ser A (a)................................... 5.750 06/01/47 4,198,720 4,000 Los Angeles, CA Dept Wtr & Pwr Ser A (FGIC Insd)....................................... 5.125 07/01/40 4,189,040 2,000 Los Angeles, CA Wtr & Pwr Rev Pwr Sys Ser B (FSA Insd).................................. 5.000 07/01/28 2,092,700 1,500 Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth Ser B1 (FGIC Insd)..................... 5.000 10/01/33 1,572,015 3,500 Palm Springs, CA Fin Auth Lease Rev Convention Ctr Proj Ser A (MBIA Insd)....... 5.500 11/01/35 3,876,145 2,000 Salinas, CA Uni High Sch Dist Ser A (MBIA Insd) (Prerefunded @ 6/01/12)............... 5.000 06/01/27 2,146,180 3,000 San Francisco, CA City & Cnty Second Rfdg Ser Issue 29 B (FGIC Insd).................. 5.125 05/01/20 3,176,070 1,000 Santa Clara Cnty, CA Brd Ed Ctf Partn Rfdg (MBIA Insd)................................. 5.000 04/01/25 1,049,530 3,000 Temecula, CA Redev Agy Tax Temecula Redev Proj No 1 (MBIA Insd)....................... 5.250 08/01/36 3,103,020 4,700 Tobacco Sec Auth Northn CA Tob Settlement Rev Ser A1.................................. 5.375 06/01/38 4,828,733 3,550 Tobacco Sec Auth Northn CA Tob Settlement Rev Ser A1.................................. 5.500 06/01/45 3,662,180
10 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 3,800 Tobacco Sec Auth Southn CA Tob Settlement Ser A....................................... 5.000% 06/01/37 $ 3,773,514 9,650 Tobacco Sec Auth Southn CA Tob Settlement Ser A....................................... 5.125 06/01/46 9,660,904 1,600 Turlock, CA Hlth Fac Rev Emanuel Med Ctr Inc................................. 5.375 10/15/34 1,672,368 6,746 University CA Rev Gen Ser J (a)............. 4.500 05/15/28 6,759,104 6,747 University CA Rev Gen Ser J (a)............. 4.500 05/15/31 6,760,106 6,747 University CA Rev Gen Ser J (a)............. 4.500 05/15/35 6,760,106 -------------- 242,663,274 -------------- COLORADO 5.4% 2,000 Aurora, CO Ctf Partn (AMBAC Insd) (Prerefunded @ 12/01/10).................... 5.500 12/01/30 2,117,380 3,405 Colorado Ed & Cultural Fac Auth Rev Impt Charter Sch Rfdg (XLCA Insd)................ 5.250 12/01/23 3,638,004 4,650 Colorado Ed & Cultural Fac Auth Rev Student Hsg Univ CO Fndtn Proj (AMBAC Insd)......... 5.000 07/01/32 4,838,511 5,500 Colorado Hlth Fac Auth Rev Adventist Hlth/ Sunbelt Ser D Rfdg (a)...................... 5.250 11/15/27 5,832,365 2,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A (e)....................... 5.500 03/01/32 2,148,800 3,000 Colorado Hlth Fac Auth Rev Covenant Retirement Cmntys Inc....................... 5.000 12/01/35 3,046,980 1,125 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)..... 6.500 11/15/31 1,262,317 11 Colorado Hsg Fin Auth Single Family Pgm Sr Ser B1 (AMT)................................ 7.650 11/01/26 11,175 6,440 Colorado Hsg Fin Auth Single Family Mtg Rev Ser C3 (AMT) (a)............................ 4.625 11/01/36 6,348,230 3,000 Colorado Springs, CO Util Rev Sys Sub Lien Impt Rfdg Ser A............................. 5.000 11/15/29 3,100,110 2,650 Colorado Springs, CO Util Rev Sys Sub Lien Impt Ser B.................................. 5.000 11/15/30 2,753,138 1,000 El Paso Cnty, CO Ctf Partn Detention Fac Proj Ser B (AMBAC Insd)..................... 5.375 12/01/18 1,077,780 1,805 Lakewood, CO Ctf Partn (AMBAC Insd) (Prerefunded @ 12/01/10) (b)................ 5.300 12/01/16 1,902,037 1,500 University of CO Hosp Auth Rev Ser A........ 5.250 11/15/39 1,557,375 -------------- 39,634,202 -------------- CONNECTICUT 0.7% 3,580 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt Ser A (ACA Insd) (AMT)............ 6.600 07/01/24 3,886,949 1,000 Hartford, CT Pkg Sys Rev Ser A (Prerefunded @ 7/01/10).................................. 6.500 07/01/25 1,082,170 -------------- 4,969,119 --------------
See Notes to Financial Statements 11 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- DELAWARE 0.2% $ 1,000 Mashantucket Westn Pequot Tribe Sub Spl Rev Bd Ser A (f)................................ 5.500% 09/01/36 $ 1,057,890 -------------- DISTRICT OF COLUMBIA 1.0% 2,775 District of Columbia Hosp Rev Medlantic Hlthcare Rfdg Ser A (MBIA Insd) (e)......... 5.250 08/15/12 2,828,946 2,000 District of Columbia Rev Friendship Pub Charter Sch Inc (ACA Insd).................. 5.750 06/01/18 2,185,660 5 District of Columbia Ser E (FSA Insd) (b)... 6.000 06/01/13 5,008 2,000 Metropolitan Washington DC Arpt Auth Sys Ser A (FGIC Insd) (AMT)......................... 5.250 10/01/32 2,101,760 -------------- 7,121,374 -------------- FLORIDA 11.8% 3,500 Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj..................... 5.000 04/01/34 3,583,335 3,180 Dade Cnty, FL Spl Oblig Cap Apprec Ser B (AMBAC Insd) (Prerefunded @ 10/01/08)....... * 10/01/26 1,001,255 570 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)....................................... 5.950 07/01/20 591,808 1,000 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 2 (GNMA Collateralized) (AMT) (g)............. 4.800 07/01/32 1,004,160 1,000 Florida St Brd Ed Lottery Rev Ser A (FGIC Insd) (Prerefunded @ 7/01/10)............... 6.000 07/01/14 1,077,500 2,500 Florida St Brd of Ed Cap Outlay Pub Ed Ser C (FGIC Insd) (Prerefunded @ 6/01/10)......... 5.750 06/01/29 2,671,550 7,295 Florida St Dept Trans Tpk Rev Ser A......... 5.000 07/01/29 7,702,426 5,000 Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg Ser A....................................... 5.000 06/01/38 5,081,950 1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Rfdg Ser C................... 5.000 11/15/31 1,024,700 1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Ser D (Prerefunded @ 11/15/13)................................... 5.375 11/15/35 1,090,150 1,900 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Sys Ser C.................... 5.250 11/15/36 1,991,485 3,520 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Sys Ser D.................... 5.000 11/15/35 3,592,266 11,205 Hillsborough Cnty, FL Indl Dev Auth Hosp Rev Tamp Gen Hosp Proj (a)...................... 5.000 10/01/36 11,402,544 1,745 Hillsborough Cnty, FL Port Dist Rev Tampa Port Auth Proj Ser A (MBIA Insd) (AMT)...... 5.375 06/01/27 1,852,823 5,120 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg (a)................................ 5.000 11/15/25 5,300,634 1,500 Miami Beach, FL Stormwtr Rev (FGIC Insd).... 5.250 09/01/25 1,574,430 1,720 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (FGIC Insd) (AMT)...................... 5.375 10/01/32 1,816,045
12 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 2,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt Hub Ser A (FGIC Insd) (AMT)............ 5.375% 10/01/27 $ 2,113,660 2,000 Miami-Dade Cnty, FL Aviation Ser A (FSA Insd) (AMT)................................. 5.125 10/01/35 2,076,880 2,905 Miami-Dade Cnty, FL Pub Fac Rev Jackson Hlth Sys Ser A (MBIA Insd)....................... 5.000 06/01/31 3,051,644 2,000 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC Insd) (Prerefunded @ 10/01/09).............. 5.500 10/01/31 2,085,120 4,000 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC Insd) (Prerefunded @ 10/01/09).............. 5.625 10/01/14 4,181,680 4,000 Palm Beach Cnty, FL Hlth Fac Auth Retirement Cmnty Rev Act Retirement Life Ser A (a)..... 4.500 11/15/36 3,808,500 5,860 Saint Lucie Cnty, FL Sch Brd Ctf Partn (FSA Insd)....................................... 5.000 07/01/29 6,162,376 1,210 Saint Lucie Cnty, FL Sch Brd Ctf Ser A (FSA Insd) (b)................................... 5.500 07/01/14 1,303,025 1,000 Tallahassee, FL Lease Rev FL St Univ Proj Ser A (MBIA Insd) (b)....................... 5.500 08/01/17 1,063,820 1,115 Tallahassee, FL Lease Rev FL St Univ Proj Ser A (MBIA Insd) (b)....................... 5.500 08/01/19 1,185,624 1,250 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt Ser A....................................... 5.750 07/01/19 1,296,625 2,880 Tampa, FL Occupational License Rfdg Ser A (FGIC Insd)................................. 5.375 10/01/15 3,109,248 1,000 Tampa-Hillsborough Cnty, FL Expwy Auth Rev (AMBAC Insd)................................ 5.000 07/01/25 1,066,190 1,000 Village Ctr Cmnty Dev Dist FL Recreational Rev Ser A (MBIA Insd)....................... 5.125 11/01/36 1,064,460 -------------- 85,927,913 -------------- GEORGIA 3.5% 2,000 Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien Ser C (FSA Insd)............... 5.000 01/01/33 2,091,120 2,872 Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $2,872,000) (h).............. 7.250 06/15/10 2,926,541 1,500 George L Smith II GA World Congress Cent Auth Rev Domed Stadium Proj Rfdg (MBIA Insd) (AMT)....................................... 5.500 07/01/20 1,578,345 3,000 Georgia Muni Elec Auth Pwr Rev Rfdg Ser B (FGIC Insd)................................. 6.250 01/01/17 3,556,530 2,635 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA Insd)....................................... 6.500 01/01/20 3,265,239 5,575 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA Insd)....................................... 6.500 01/01/17 6,488,074 240 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA Insd) (e)................................... 6.500 01/01/17 287,172
See Notes to Financial Statements 13 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- GEORGIA (CONTINUED) $ 85 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA Insd) (Prerefunded @ 1/01/14)............... 6.500% 01/01/17 $ 98,702 2,000 Municipal Elec Auth GA Combustion Turbine Proj Ser A (MBIA Insd)...................... 5.250 11/01/22 2,132,560 800 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc..................................... 6.700 07/01/16 834,448 2,500 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc Rfdg................................ 6.500 07/01/27 2,593,675 -------------- 25,852,406 -------------- ILLINOIS 11.1% 2,000 Bedford Park, IL Rfdg Ser A (FSA Insd)...... 5.250 12/15/20 2,171,020 4,000 Chicago, IL Brd of Ed Chicago Sch Reform Ser A (AMBAC Insd).............................. 5.250 12/01/27 4,106,680 2,000 Chicago, IL Brd of Ed (FGIC Insd) (Prerefunded @ 12/01/10).................... 5.500 12/01/31 2,120,140 1,500 Chicago, IL Lakefront Millennium Pk Fac (MBIA Insd) (Prerefunded @ 1/01/09)......... 5.125 01/01/28 1,563,555 3,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien C-2 Rfdg (XLCA Insd) (AMT)....... 5.250 01/01/34 3,165,330 1,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg Ser C-2 (FSA Insd) (AMT).... 5.250 01/01/30 1,583,550 5,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien (FGIC Insd) (a).................. 5.250 01/01/23 5,421,400 4,400 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien (MBIA Insd) (a).................. 5.250 01/01/24 4,758,347 11,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien (MBIA Insd) (a).................. 5.250 01/01/25 12,436,589 1,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien Passenger Fac Ser B (AMBAC Insd)............ 5.500 01/01/16 1,065,660 2,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien Passenger Fac Ser B (AMBAC Insd)............ 5.500 01/01/17 2,131,320 3,500 Chicago, IL Proj Rfdg Ser A (MBIA Insd) (d)......................................... 5.000 01/01/31 3,618,160 375 Chicago, IL Proj Rfdg Ser C (FGIC Insd)..... 5.750 01/01/14 400,759 375 Chicago, IL Proj Rfdg Ser C (FGIC Insd)..... 5.750 01/01/15 400,759 1,000 Chicago, IL Rfdg Ser B (AMBAC Insd)......... 5.125 01/01/15 1,067,900 3,230 Cook Cnty, IL Rfdg Ser A (MBIA Insd)........ 5.625 11/15/16 3,294,212 1,000 Cook Cnty, IL Ser A (FGIC Insd) (Prerefunded @ 5/15/11).................................. 5.500 11/15/31 1,067,560 3,500 Du Page Cnty, IL Fst Presv Dist............. * 11/01/10 3,061,310 2,310 Illinois Dev Fin Auth Rev Adventist Hlth Ser A (MBIA Insd)............................... 5.500 11/15/13 2,522,659 2,500 Illinois Dev Fin Auth Rev Adventist Hlth Ser A (MBIA Insd)............................... 5.500 11/15/15 2,755,325 1,475 Illinois Dev Fin Auth Rev Loc Govt Pgm Geneva Cmnty 304 Ser B (FSA Insd) (b)....... 5.750 01/01/15 1,600,862
14 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- ILLINOIS (CONTINUED) $ 1,145 Illinois Dev Fin Auth Rev Loc Govt Pgm Geneva Cmnty 304 Ser B (FSA Insd) (b)....... 5.750% 01/01/17 $ 1,238,111 1,330 Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj (AMT)......................... 5.050 08/01/29 1,360,364 1,325 Illinois Fin Auth Student Hsg Rev MJH Ed Assistance IV Sr Ser A...................... 5.125 06/01/35 1,360,563 1,250 Illinois Hlth Fac Auth Rev Evangelical Hosp Ser C (FSA Insd)............................ 6.750 04/15/17 1,474,037 700 Illinois Hlth Fac Auth Rev Highland Park Hosp Proj Ser A (MBIA Insd) (Prerefunded @ 10/01/07)................................... 5.750 10/01/17 719,558 2,275 Illinois Hlth Fac Auth Rev South Suburban Hosp (e).................................... 7.000 02/15/18 2,694,419 4,750 Illinois Hsg Dev Auth Rev Homeowner Mtg Sub Ser C-2 (AMT)............................... 5.150 08/01/37 4,910,217 1,000 Illinois St (FGIC Insd)..................... 5.250 12/01/20 1,008,840 1,900 Kendall, Kane & Will Cntys, IL Cmnty Unit Sch Dist No 308 Ser B (FGIC Insd)........... 5.250 10/01/21 2,033,247 250 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj Ser A (FGIC Insd)................................. 5.375 12/15/18 262,228 1,000 Schaumburg, IL Ser B (FGIC Insd)............ 5.000 12/01/41 1,044,540 3,020 University IL Univ Revs Auxiliary Fac Sys (MBIA Insd)................................. 4.500 04/01/36 3,002,967 -------------- 81,422,188 -------------- INDIANA 3.5% 2,560 East Washington, IN Multi Sch Bldg Corp First Mtg (FGIC Insd) (Prerefunded @ 7/15/12).................................... 5.375 07/15/28 2,765,696 1,660 Indiana Hlth & Ed Fac Fin Auth Hosp Rev Clarian Hlth Oblig Ser A.................... 5.000 02/15/36 1,705,650 3,500 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty Proj Ser A (AMBAC Insd)..................... 5.000 05/01/35 3,660,790 4,000 Indiana Hlth Fac Fin Auth Rev Deaconess Hosp Ser A (AMBAC Insd).......................... 5.375 03/01/34 4,290,040 1,300 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Ser D1 (GNMA Collateralized) (AMT) (a)................................... 4.600 07/01/31 1,278,505 5,500 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Ser D1 (GNMA Collateralized) (AMT) (a)................................... 4.625 07/01/38 5,366,653 1,280 North Adams, IN Cmnty Sch Renovation Bldg Corp Cap Apprec First Mtg (FSA Insd) (b).... * 01/15/19 784,986 1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)....................................... 5.950 12/01/29 1,599,915
See Notes to Financial Statements 15 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- INDIANA (CONTINUED) $ 1,605 Richland Beanblossom, IN Sch First Mtg (FGIC Insd) (Prerefunded @ 7/15/11) (b)........... 5.500% 07/15/12 $ 1,718,794 2,530 Vigo Cnty, IN Sch Bldg Corp First Mtg Impt & Rfdg (FSA Insd)............................. 5.250 07/10/24 2,671,680 -------------- 25,842,709 -------------- IOWA 2.2% 1,685 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd) (b)......................................... 5.750 06/01/15 1,783,303 1,785 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd) (b)......................................... 5.750 06/01/16 1,890,190 2,750 Tobacco Settlement Auth IA Tob Settlement Rev Ser C................................... 5.375 06/01/38 2,816,110 6,700 Tobacco Settlement Auth IA Tob Settlement Rev Ser C................................... 5.500 06/01/42 6,961,367 2,750 Tobacco Settlement Auth IA Tob Settlement Rev Ser C................................... 5.625 06/01/46 2,879,992 -------------- 16,330,962 -------------- KANSAS 0.6% 3,810 Kansas St Dev Fin Auth Rev KS Proj Ser N (AMBAC Insd) (b)............................ 5.250 10/01/22 4,047,477 -------------- KENTUCKY 3.6% 1,000 Kenton Cnty, KY Arpt Brd Rev Cincinnati/Northn KY Intl Arpt Rfdg Ser A (MBIA Insd) (AMT)........................... 6.200 03/01/08 1,019,120 3,690 Kenton Cnty, KY Arpt Brd Rev Cincinnati/Northn KY Intl Arpt Rfdg Ser A (MBIA Insd) (AMT) (b)....................... 6.250 03/01/09 3,833,098 5,900 Kentucky Hsg Corp Hsg Rev Ser A (AMT) (a)... 4.650 07/01/37 5,841,502 2,450 Louisville & Jefferson Cnty, KY Swr Ser A (MBIA Insd) (b)............................. 5.500 05/15/16 2,652,542 12,390 Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev (a)............................ 5.250 10/01/36 12,889,730 -------------- 26,235,992 -------------- LOUISIANA 2.4% 4,395 Ernest N Morial New Orleans, LA Exhib Hall Auth Spl Tax Sub Ser A (AMBAC Insd)......... 5.250 07/15/22 4,692,849 3,000 Lafayette, LA Util Rev (MBIA Insd).......... 5.250 11/01/21 3,245,040 2,460 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg Ser A (GNMA Collateralized) (AMT)...... 5.375 10/20/39 2,579,458 6,600 Louisiana St Gas & Fuels Tax Rev Ser A (FGIC Insd) (a)................................... 5.000 05/01/41 6,949,437 -------------- 17,466,784 --------------
16 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- MARYLAND 1.5% $ 470 Baltimore, MD Convention Ctr Hotel Rev Ser A (XLCA Insd) (a)............................. 5.250% 09/01/24 $ 512,121 2,530 Baltimore, MD Convention Ctr Hotel Rev Ser A (XLCA Insd) (a)............................. 5.250 09/01/25 2,756,739 2,500 Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art......................... 5.000 06/01/40 2,548,350 2,250 Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt Ser B (AMBAC Insd) (AMT).......... 5.125 03/01/24 2,356,402 2,350 Northeast, MD Waste Disp Auth Rfdg (AMBAC Insd) (AMT)................................. 5.500 04/01/16 2,522,302 -------------- 10,695,914 -------------- MASSACHUSETTS 3.4% 500 Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant Hlth.................. 6.000 07/01/31 540,450 1,000 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C.................... 5.750 07/01/32 1,077,610 5,835 Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue Ser D.......................... 5.000 07/01/33 5,926,493 7,780 Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg Ser 126 (AMT) (a)................ 4.550 06/01/27 7,644,045 2,000 Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg Ser 126 (AMT) (a)................ 4.625 06/01/32 1,988,180 2,805 Massachusetts St Port Auth Rev Ser A (MBIA Insd)....................................... 5.000 07/01/22 2,949,037 4,500 Massachusetts St Wtr Res Auth Gen Ser A (a)......................................... 5.000 08/01/41 4,739,850 -------------- 24,865,665 -------------- MICHIGAN 5.4% 3,015 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1.................................. * 07/01/17 1,885,219 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (b).............................. * 07/01/18 1,813,133 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (b).............................. * 07/01/19 1,725,507 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (b).............................. * 07/01/22 1,479,128 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (b).............................. * 07/01/23 1,408,002 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (b).............................. * 07/01/24 1,340,048 2,965 Detroit, MI Wtr Supply Sys Ser C (MBIA Insd) (b)......................................... 5.250 07/01/20 3,195,084 3,500 Grand Rapids, MI Downtown Dev Cap Apprec (MBIA Insd)................................. * 06/01/15 2,546,110 2,765 Grand Rapids, MI Downtown Dev Cap Apprec (MBIA Insd)................................. * 06/01/16 1,925,242
See Notes to Financial Statements 17 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- MICHIGAN (CONTINUED) $ 2,000 Grand Rapids, MI Wtr Supply Sys Rfdg (FGIC Insd)....................................... 5.750% 01/01/13 $ 2,137,940 1,180 Hillsdale, MI Hosp Fin Auth Hosp Rev Hillsdale Cmnty Hlth Ctr.................... 5.750 05/15/18 1,252,818 2,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A....................................... 6.000 07/01/35 2,204,480 4,000 Michigan St Bldg Auth Rev Fac Pgm Rfdg Ser III (FSA Insd) (Prerefunded @ 10/15/12)..... 5.000 10/15/26 4,258,680 2,850 Michigan St Hosp Fin Auth Rev Ascension Hlth Cr Ser A (MBIA Insd) (Prerefunded @ 11/15/09)................................... 5.750 11/15/18 3,017,466 2,500 Michigan St Strategic Fd Detroit Edison Co Proj Rfdg Ser C (XLCA Insd) (AMT)........... 5.450 12/15/32 2,657,700 2,500 Michigan St Strategic Fd Detroit Edison Co Proj Ser A (XLCA Insd) (AMT)................ 5.500 06/01/30 2,692,650 2,500 Michigan St Strategic Fd Detroit Edison Pollutn Ctl Rfdg (AMBAC Insd) (c)........... 4.850 09/01/30 2,593,275 1,000 Michigan St Strategic Fd Ltd Detroit Edison Pollutn Ctl Rfdg Ser B (AMT)................ 5.650 09/01/29 1,053,870 -------------- 39,186,352 -------------- MINNESOTA 1.8% 1,250 Dakota Cnty, MN Cmnty Dev Agy Multi-family Hsg Rev Commons Marice Proj Rfdg Ser A...... 5.000 05/01/42 1,250,000 1,175 Maple Grove, MN Hlthcare Fac Rev North Mem Hlthcare.................................... 5.000 09/01/35 1,211,683 5,000 Minneapolis & Saint Paul, MN Metro Arpt Comm Arpt Rev Ser A (FGIC Insd) (Prerefunded @ 1/01/09).................................... 5.125 01/01/31 5,164,800 50 Minnesota Agric & Econ Dev Brd Rev Hlthcare Sys A (MBIA Insd)........................... 5.750 11/15/26 51,467 2,750 Minnesota Agric & Econ Dev Brd Rev Hlthcare Sys A (MBIA Insd) (Prerefunded @ 11/15/07)................................... 5.750 11/15/26 2,833,737 1,100 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj.............................. 6.000 11/15/30 1,219,625 1,250 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj.............................. 6.000 11/15/35 1,380,238 -------------- 13,111,550 -------------- MISSISSIPPI 0.2% 1,500 Mississippi Hosp Equip & Fac Auth Rev MS Baptist Med Ctr Rfdg (MBIA Insd) (Prerefunded @ 5/01/07)..................... 6.000 05/01/13 1,500,090 --------------
18 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- MISSOURI 3.2% $ 240 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc.... 5.625% 06/01/27 $ 251,753 1,260 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc (Prerefunded @ 6/01/12)..................... 5.625 06/01/27 1,350,040 1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj.......... 5.500 02/01/35 1,319,775 1,625 Jefferson Cnty, MO Reorg Sch Dist No R-6 (FGIC Insd)................................. 5.625 03/01/20 1,704,154 1,500 Kansas City, MO Metro Cmnty Leasehold Jr College Impt & Rfdg (FGIC Insd) (Prerefunded @ 7/01/11).................................. 5.500 07/01/17 1,601,865 3,275 Missouri Jt Muni Elec Util Comnty Pwr Proj Rev Plum Point Proj (MBIA Insd)............. 5.000 01/01/26 3,481,914 1,250 Saint Charles, MO Ctf Partn Ser B........... 5.500 05/01/18 1,336,112 3,025 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMT) (AMBAC Insd) (a)................................... 4.550 07/01/29 2,971,927 3,675 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMT) (AMBAC Insd) (a)................................... 4.600 07/01/36 3,610,522 6,000 Springfield, MO Pub Util Rev (FGIC Insd).... 4.500 08/01/36 5,965,800 -------------- 23,593,862 -------------- NEBRASKA 0.4% 2,615 Omaha Pub Pwr Dist NE Elec Rev Sys Ser A.... 5.000 02/01/34 2,732,806 -------------- NEVADA 3.5% 8,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC Insd)................................. 5.000 07/01/36 8,349,440 3,620 Clark Cnty, NV Bd Bk (MBIA Insd)............ 5.000 06/01/32 3,781,054 4,900 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (FGIC Insd) (a)............. 4.750 09/01/36 4,932,806 3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMBAC Insd) (AMT).......... 5.250 07/01/34 3,172,170 3,500 Clark Cnty, NV Indl Dev Southwest Gas Corp Proj Ser D1 (FGIC Insd) (AMT)............... 5.250 03/01/38 3,723,090 1,500 Reno, NV Sr Lien Retrac Reno Trans Proj (AMBAC Insd) (Prerefunded @ 6/01/12)........ 5.125 06/01/32 1,596,435 -------------- 25,554,995 -------------- NEW HAMPSHIRE 0.3% 1,000 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch.............................. 7.000 07/01/30 1,083,400 1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT).... 6.300 05/01/22 1,021,840 -------------- 2,105,240 --------------
See Notes to Financial Statements 19 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- NEW JERSEY 8.8% $ 1,000 Bergen Cnty, NJ Impt Auth Sch Dist Rev Wyckoff Twp Brd Ed Proj..................... 5.000% 04/01/32 $ 1,059,750 1,200 New Jersey Econ Dev Auth Cig Tax............ 5.750 06/15/29 1,299,468 1,500 New Jersey Econ Dev Auth Cig Tax............ 5.750 06/15/34 1,615,785 3,000 New Jersey Econ Dev Auth Rev Motor Vehicle Sur Rev Ser A (MBIA Insd)................... 5.000 07/01/23 3,167,040 25,000 New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd)........................ 5.900 03/15/21 29,768,250 3,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A (AMBAC Insd) (Prerefunded @ 9/01/12).................................... 5.250 09/01/19 3,229,920 1,835 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A (AMBAC Insd) (Prerefunded @ 9/01/12).................................... 5.250 09/01/21 1,975,634 6,000 New Jersey St Tpk Auth Tpk Rev Ser C-1 (AMBAC Insd)................................ 5.000 01/01/35 6,154,740 2,095 New Jersey St Trans Tr Fd Auth Trans Sys Ser A........................................... 5.750 06/15/17 2,390,186 14,000 Tobacco Settlement Fin Corp NJ Ser 1A (a)... 5.000 06/01/41 13,805,400 -------------- 64,466,173 -------------- NEW MEXICO 0.2% 1,250 Jicarilla, NM Apache Nation Rev Ser A (Acquired 10/23/03, Cost $1,275,475) (h).... 5.500 09/01/23 1,348,750 -------------- NEW YORK 16.6% 2,700 Long Island NY Pwr Auth Elec Sys Rev Gen Ser B........................................... 5.000 12/01/35 2,846,016 3,000 Metropolitan Trans Auth NY Commuter Fac Rev Ser A (MBIA Insd) (Prerefunded @ 1/01/08)... 5.625 07/01/27 3,084,090 2,500 Metropolitan Trans Auth NY Rev Rfdg Ser A (FGIC Insd)................................. 5.250 11/15/31 2,656,450 13,300 Metropolitan Trans Auth NY Rev Trans Ser B (a)......................................... 4.500 11/15/36 13,224,356 1,000 Nassau Cnty, NY Tob Settlement Corp Asst Bkd Ser A-3..................................... 5.000 06/01/35 1,017,130 2,000 Nassau Cnty, NY Tob Settlement Corp Asst Bkd Ser A-3..................................... 5.125 06/01/46 2,046,580 445 New York City Ser C (b)..................... 7.000 08/15/08 446,143 690 New York City Ser H (Prerefunded @ 3/15/11).................................... 5.750 03/15/13 748,533 1,700 New York City Ser I......................... 6.000 04/15/12 1,719,805 1,775 New York City Tob Tr IV Settlement Pass Thru Ser A....................................... 5.000 06/01/42 1,797,897 16,930 New York City Trans Auth Trans Fac Livingston Plaza Proj Rfdg Ser 1993 (FSA Insd) (e)................................... 5.400 01/01/18 18,776,894 3,810 New York City Trans Future Tax Second Ser C (AMBAC Insd)................................ 5.250 08/01/20 4,090,302 2,000 New York City Trans Future Tax Second Ser C (AMBAC Insd)................................ 5.250 08/01/22 2,134,840
20 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- NEW YORK (CONTINUED) $ 1,495 New York City Trans Future Tax Second Ser C (AMBAC Insd) (Prerefunded @ 8/01/12)........ 5.250% 08/01/20 $ 1,610,160 4,545 New York City Trans Future Tax Second Ser D (MBIA Insd)................................. 5.250 02/01/21 4,888,466 2,500 New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm Ser A (FSA Insd)............... 5.500 05/15/25 2,553,275 9,635 New York St Dorm Auth Rev City Univ Sys Ser C........................................... 7.500 07/01/10 10,187,471 3,000 New York St Dorm Auth Rev Hosp (MBIA Insd)....................................... 5.000 08/01/33 3,155,220 2,000 New York St Dorm Auth Rev Sch Dist Fin Pgm Ser D (MBIA Insd)........................... 5.500 10/01/17 2,177,500 2,000 New York St Dorm Auth Rev St Univ Ed Fac 1989 Res (MBIA Insd) (Prerefunded @ 5/15/10).................................... 6.000 05/15/16 2,154,120 3,000 New York St Dorm Auth Rev St Univ Ed Fac (FGIC Insd) (Prerefunded @ 5/15/10)......... 5.750 05/15/24 3,209,760 2,840 New York St Loc Govt Assistance Corp Rfdg Ser E....................................... 6.000 04/01/14 3,163,760 1,500 New York St Urban Dev Corp Rev Correctional Fac......................................... 5.500 01/01/13 1,601,985 12,080 Port Auth NY & NJ (a)....................... 5.000 10/01/35 12,810,538 3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)...... 5.750 12/01/22 3,091,020 3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)...... 5.750 12/01/25 3,032,340 6,000 Tsasc, Inc NY Ser 1......................... 5.000 06/01/34 6,100,980 5,000 Tsasc, Inc NY Ser 1......................... 5.125 06/01/42 5,116,450 1,700 Westchester, NY Tob Asset Sec Corp.......... 5.125 06/01/38 1,740,596 -------------- 121,182,677 -------------- NORTH CAROLINA 5.0% 2,000 Charlotte, NC Ctf Partn Convention Fac Proj Rfdg Ser A.................................. 5.500 08/01/19 2,175,260 4,000 North Carolina Eastern Muni Pwr Agy Pwr Sys Rev Ser D................................... 6.750 01/01/26 4,294,200 25,000 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd)................... 6.000 01/01/12 27,404,250 2,300 North Carolina Muni Pwr Agy Ser A (MBIA Insd)....................................... 5.250 01/01/19 2,463,093 -------------- 36,336,803 -------------- NORTH DAKOTA 0.3% 695 North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm Home Mtg Fin Ser B (MBIA Insd) (AMT)........ 5.500 07/01/29 703,375 1,500 Ward Cnty, ND Hlthcare Fac Rev Trinity Ovligated Group Rfdg........................ 5.125 07/01/29 1,543,005 -------------- 2,246,380 --------------
See Notes to Financial Statements 21 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- OHIO 3.5% $ 1,000 Cleveland, OH Muni Sch Dist (FSA Insd)...... 5.250% 12/01/23 $ 1,080,920 3,000 Columbus, OH City Sch Dist Sch Fac Constr & Impt (FSA Insd) (Prerefunded @ 12/01/14).... 5.250 12/01/22 3,294,000 2,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj........................................ 7.500 01/01/30 2,192,260 1,000 Delaware Cnty, OH Cap Fac (Prerefunded @ 12/01/10)................................... 6.000 12/01/25 1,086,890 1,000 Hamilton, OH One Renaissance Ctr Ser A (AMBAC Insd)................................ 5.500 11/01/16 1,082,590 1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Ser S....................................... 5.375 10/01/30 1,053,660 2,000 Lorain, OH City Sch Dist Classroom Fac Impt (MBIA Insd)................................. 5.250 12/01/20 2,168,740 13,460 Ohio St Air Quality Dev Auth Rev (FGIC Insd) (a)......................................... 4.800 09/01/36 13,614,353 -------------- 25,573,413 -------------- OKLAHOMA 1.7% 1,505 Alva, OK Hosp Auth Hosp Rev Sales Tax (Radian Insd)............................... 5.250 06/01/25 1,611,810 1,500 Jenks, OK Aquarium Auth Rev First Mtg (MBIA Insd) (Prerefunded @ 7/01/10)............... 6.100 07/01/30 1,620,705 1,575 Oklahoma City, OK Arpt Tr Jr Lien 27th Ser B (FSA Insd) (AMT)............................ 5.750 07/01/16 1,654,506 1,000 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev (FGIC Insd)............................. 5.250 10/01/29 1,091,560 6,220 Tulsa Cnty, OK Indl Auth Hlthcare Rev Saint Francis Hlth Sys (a)........................ 5.000 12/15/36 6,433,439 -------------- 12,412,020 -------------- OREGON 2.7% 5,350 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd)....................................... 5.250 07/01/22 5,697,108 5,060 Oregon St Dept Admin Rfdg Ser C (MBIA Insd)....................................... 5.250 11/01/17 5,376,503 3,000 Oregon St Hsg & Cmnty Svcs Mtg Rev Ser B (AMT) (a) (g)............................... 4.750 07/01/27 3,017,808 1,340 Oregon St Hsg & Cmnty Svcs Mtg Rev Ser B (AMT) (a) (g)............................... 4.800 07/01/32 1,340,913 1,900 Oregon St Hsg & Cmnty Svcs Mtg Rev Ser B (AMT) (a) (g)............................... 4.850 07/01/37 1,911,278 1,985 Portland, OR Urban Renewal & Redev Downtown Wtrfront Ser A (AMBAC Insd)................. 5.750 06/15/16 2,121,052 -------------- 19,464,662 --------------
22 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- PENNSYLVANIA 4.8% $ 575 Allegheny Cnty, PA Rfdg Ser C-53 (FGIC Insd)....................................... 5.500% 11/01/14 $ 612,674 230 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)....................................... 5.500 12/01/30 244,437 2,900 Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg (FHA Gtd).............................. 7.000 08/01/22 2,917,864 1,000 Greensburg Salem, PA Sch Dist Rfdg (FGIC Insd)....................................... 5.375 09/15/15 1,078,550 1,000 Lehigh Cnty, PA Gen Purp Auth Rev Var-St Lukes Hosp Bethlehem PA (i)................. 4.609 08/15/42 999,850 60 Penn Hills, PA (FGIC Insd) (Prerefunded @ 12/01/07)................................... 5.900 12/01/17 60,755 1,600 Pennsylvania Hsg Fin Agy Single Family Mtg Rev Ser 94-A (AMT).......................... 5.100 10/01/31 1,646,816 1,000 Pennsylvania St Higher Ed Fac Auth College & Univ Rev Bryn Mawr College (MBIA Insd)...... 5.625 12/01/27 1,021,380 13,520 Pennsylvania St Pub Sch Bldg Auth Lease Rev Sch Dist Philadelphia Proj Ser B (a)........ 4.500 06/01/32 13,469,165 2,600 Philadelphia, PA Auth Indl Dev Lease Rev Ser B (FSA Insd)................................ 5.500 10/01/16 2,810,444 1,000 Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj Ser A (FGIC Insd) (AMT)................ 5.125 07/01/19 1,044,410 2,400 Philadelphia, PA Gas Wks Rev 1998 Gen Ordinance Ser 4 (FSA Insd).................. 5.250 08/01/22 2,556,840 2,350 Pittsburgh, PA Ser A (AMBAC Insd)........... 5.500 09/01/16 2,521,409 2,220 Pittsburgh, PA Ser A (AMBAC Insd) (Prerefunded @ 3/01/12)..................... 5.500 09/01/16 2,396,867 1,795 Ridley Park, PA Hosp Auth Rev Taylor Hosp Ser A (e)................................... 6.000 12/01/13 1,922,211 -------------- 35,303,672 -------------- SOUTH CAROLINA 8.7% 2,275 Beaufort Cnty, SC Tax Increment New Riv Redev Proj Area (MBIA Insd) (b)............. 5.500 06/01/19 2,472,106 2,375 Berkeley Cnty, SC Sch Dist Ctf Partn Berkeley Sch Fac Grp Inc (MBIA Insd) (e).... 5.250 02/01/16 2,560,440 13,500 Charleston Ed Excellence Fin Corp SC Rev (a)......................................... 5.250 12/01/25 14,454,653 6,510 Charleston Ed Excellence Fin Corp SC Rev (AGC Insd) (a).............................. 5.250 12/01/28 7,033,274 3,490 Charleston Ed Excellence Fin Corp SC Rev (AGC Insd) (a).............................. 5.250 12/01/30 3,770,526 5,000 Kershaw Cnty, SC Pub Sch Fndt Kershaw Cnty Sch Dist Proj (CIFG Insd)................... 5.000 12/01/25 5,294,600 2,080 Laurens Cnty, SC Sch Dist No 55 Installment Pur Rev..................................... 5.250 12/01/30 2,205,216 2,300 Medical Univ SC Hosp Auth Fac Rev Mtg Rfdg Ser A (MBIA Insd)........................... 5.250 08/15/25 2,455,388
See Notes to Financial Statements 23 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- SOUTH CAROLINA (CONTINUED) $ 1,840 Myrtle Beach, SC Hospitality Fee Rev Ser A (FGIC Insd) (b)............................. 5.375% 06/01/21 $ 2,002,987 1,935 Myrtle Beach, SC Hospitality Fee Rev Ser A (FGIC Insd) (b)............................. 5.375 06/01/22 2,106,402 1,000 Newberry Invtg in Newberry Cnty Sch Dist Proj........................................ 5.000 12/01/30 1,036,690 4,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser A (AMBAC Insd)....... 5.200 11/01/27 4,757,535 3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser B (AMBAC Insd) (AMT)....................................... 5.450 11/01/32 3,982,163 9,290 South Carolina Trans Infrastructure Bk Rev Ser A (AMBAC Insd).......................... 5.000 10/01/33 9,717,340 -------------- 63,849,320 -------------- SOUTH DAKOTA 1.5% 2,250 Deadwood, SD Ctf Partn (ACA Insd)........... 6.375 11/01/20 2,383,492 2,200 South Dakota Hsg Dev Auth Homeownership Mtg Ser E (a)................................... 4.500 11/01/26 2,153,855 4,500 South Dakota Hsg Dev Auth Homeownership Mtg Ser E (a)................................... 4.625 05/01/36 4,408,493 1,000 South Dakota St Hlth & Ed Fac Auth Rev Childrens Care Hosp Rfdg (Prerefunded @ 11/01/09)................................... 6.125 11/01/29 1,066,210 980 South Dakota St Hlth & Ed Fac Auth Vocational Ed Pgm Ser A (AMBAC Insd)........ 5.400 08/01/13 999,914 -------------- 11,011,964 -------------- TENNESSEE 2.6% 4,345 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg Ser A............ 5.125 10/01/35 4,443,197 3,500 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg Ser A (MBIA Insd)....................................... 7.500 07/01/25 4,177,775 6,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Ser A................. 5.500 07/01/36 6,392,940 410 Montgomery Cnty, TN Pub Impt Rfdg (FGIC Insd) (b)................................... 5.500 05/01/16 442,976 2,000 Sullivan Cnty, TN Hlth Ed & Hsg Fac Brd Hosp Rev Wellmont Hlth Sys Proj Ser C............ 5.250 09/01/36 2,076,860 1,500 Tennessee Hsg Dev Agy Homeownership Prog 2006 (AMT).................................. 5.150 01/01/37 1,551,285 -------------- 19,085,033 -------------- TEXAS 12.3% 1,370 Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)........................ 4.850 04/01/21 1,400,811 2,685 Beaumont, TX Wtrwks & Swr Sys (FGIC Insd) (Prerefunded @ 9/01/10) (b)................. 6.250 09/01/15 2,898,296 300 Brazos Cnty, TX Hlth Fac Dev Oblig Grp...... 5.375 01/01/32 313,554
24 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- TEXAS (CONTINUED) $ 4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A (FGIC Insd) (AMT)........................... 5.750% 11/01/30 $ 4,165,440 4,000 Dallas-Fort Worth, TX Intl Rev Impt Jt Rfdg Ser A (FGIC Insd) (AMT)..................... 5.500 11/01/31 4,225,600 7,250 Harris Cnty-Houston, TX Sports Auth Spl Rev Jr Lien Rfdg Ser B (MBIA Insd).............. 5.250 11/15/40 7,625,912 1,000 Harris Cnty, TX Hlth Fac Dev Mem Hermann Hlthcare Ser A (Prerefunded @ 6/01/11)...... 6.375 06/01/29 1,106,140 4,820 Harris Cnty, TX Toll Rd (AMBAC Insd) (Prerefunded @ 8/15/09)..................... * 08/15/18 2,382,574 1,000 Harris Cnty, TX Toll Rd (AMBAC Insd) (Prerefunded @ 8/15/09)..................... * 08/15/21 402,110 4,000 Harris Cnty, TX Toll Rd Sub Lien Rfdg....... 5.000 08/01/33 4,044,240 1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA Insd) (AMT)................................. 5.625 07/01/30 1,047,100 5,105 Houston, TX Hotel Occupancy Tax & Spl Rev Convention & Entmt Ser B (AMBAC Insd)....... 5.750 09/01/15 5,512,583 225 Houston, TX Pub Impt & Rfdg (FSA Insd)...... 5.750 03/01/15 239,121 6,000 Houston, TX Util Sys Rev First Lien Rfdg Ser A (FSA Insd)................................ 5.250 05/15/21 6,467,640 6,000 Houston, TX Util Sys Rev First Lien Rfdg Ser A (FGIC Insd)............................... 5.250 05/15/23 6,475,320 2,750 Lower CO Riv Auth TX Transmission Proj Corp (FGIC Insd)................................. 5.000 05/15/33 2,825,295 1,500 Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr.......................... 5.625 02/15/35 1,582,830 1,500 Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr (Prerefunded @ 2/15/10).................................... 7.500 02/15/18 1,655,490 1,100 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj......................... 7.200 01/01/21 1,141,305 1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj......................... 7.250 01/01/31 1,555,680 1,500 North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj Ser A.............. 5.125 05/15/29 1,536,210 5,750 North Central, TX Hlth Fac Dev Corp Rev Hosp Childrens Med Ctr Dallas (AMBAC Insd)....... 5.250 08/15/32 6,062,513 2,805 Tarrant Regl Wtr Dist TX Wtr Rev Impt Rfdg (FSA Insd).................................. 5.250 03/01/19 3,004,576 253 Texas Muni Pwr Agy Rev (AMBAC Insd) (e)..... * 09/01/07 249,883 3,272 Texas Muni Pwr Agy Rev (AMBAC Insd)......... * 09/01/07 3,231,493 1,305 Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (FSA Insd)................. 5.500 09/01/13 1,311,682 3,500 Texas St Trans Commn Mobility Fd Ser A (FGIC Insd)....................................... 4.500 04/01/35 3,469,620 2,750 Texas St Vets Housing Assistance Pgm Vet Ser B (FHA/VA Gtd) (AMT)........................ 6.100 06/01/31 2,880,652
See Notes to Financial Statements 25 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- TEXAS (CONTINUED) $ 1,000 Texas Tech Univ Rev Fin Sys Ser 7 (MBIA Insd) (Prerefunded @ 2/15/12)............... 5.000% 08/15/25 $ 1,055,870 1,500 Texas Wtr Dev Brd Rev St Revolving Fd Sr Lien Ser B.................................. 5.250 07/15/17 1,556,175 3,000 University of TX Univ Rev Fin Sys Ser A (Prerefunded @ 8/15/13)..................... 5.250 08/15/20 3,252,570 2,500 University of TX Univ Rev Fin Sys Ser B (Prerefunded @ 8/15/13)..................... 5.250 08/15/20 2,710,475 2,300 University of TX Univ Rev Fin Sys Ser C (Prerefunded @ 8/15/11)..................... 5.375 08/15/19 2,444,417 -------------- 89,833,177 -------------- UTAH 0.1% 1,000 Salt Lake Cnty, UT College Rev Westminster College Proj (Prerefunded @ 10/01/07)....... 5.750 10/01/27 1,017,800 25 Utah St Hsg Fin Agy Single Family Mtg, Class II Ser B-2 (FHA/VA) (AMT)................... 6.250 07/01/14 25,480 -------------- 1,043,280 -------------- VIRGINIA 2.2% 1,320 Fairfax Cnty, VA Ctf Partn.................. 5.300 04/15/23 1,406,143 800Tobacco Settlement Fin Corp VA........... 5.500 06/01/26 855,648 5,920 Tobacco Settlement Fin Corp VA (Prerefunded @ 6/01/15).................................. 5.625 06/01/37 6,585,290 3,160 Virginia St Hsg Auth Dev Auth Rental Hsg Ser D (AMT) (a)................................. 4.500 07/01/29 3,114,054 3,660 Virginia St Hsg Auth Dev Auth Rental Hsg Ser D (AMT) (a)................................. 4.600 07/01/33 3,635,021 -------------- 15,596,156 -------------- WASHINGTON 5.5% 2,500 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser A (FSA Insd)............................ 5.500 07/01/18 2,688,200 5,360 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser B (FSA Insd)............................ 6.000 07/01/16 5,928,267 2,500 Goat Hill Ppty WA Lease Rev Govt Office Bldg Proj (MBIA Insd)............................ 5.000 12/01/33 2,613,000 4,400 King Cnty, WA Rfdg Ser B (MBIA Insd)........ 5.250 01/01/34 4,480,036 7,720 Klickitat Cnty, WA Pub Util Dist No 001 Elec Rev Rfdg Ser B (FGIC Insd) (b).............. 5.000 12/01/25 8,237,549 1,000 Port Seattle, WA Rev Ser B (MBIA Insd) (AMT)....................................... 5.625 02/01/24 1,048,260 1,435 Radford Ct Ppty WA Student Hsg Rev (MBIA Insd) (b)................................... 6.000 06/01/15 1,541,879 1,585 Radford Ct Ppty WA Student Hsg Rev (MBIA Insd) (b)................................... 6.000 06/01/16 1,703,526 1,000 Seattle, WA Muni Lt & Pwr Rev............... 5.625 12/01/18 1,059,400
26 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- WASHINGTON (CONTINUED) $ 1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Skagit Vly Hosp.................................... 5.500% 12/01/30 $ 1,314,962 2,100 Spokane, WA Pub Fac Dist Hotel (MBIA Insd)....................................... 5.750 12/01/21 2,315,964 3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd)......................... 5.250 09/01/33 3,196,380 1,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd)......................... 5.750 12/01/20 1,107,420 1,350 Tacoma, WA Elec Sys Rev Rfdg Ser A (FSA Insd)....................................... 5.750 01/01/15 1,454,423 1,650 Tacoma, WA Elec Sys Rev Rfdg Ser B (FSA Insd)....................................... 5.500 01/01/12 1,773,635 -------------- 40,462,901 -------------- WEST VIRGINIA 0.5% 3,750 West Virginia Univ Rev Impt Univ Proj Ser C (FGIC Insd)................................. 5.000 10/01/34 3,943,087 -------------- WISCONSIN 1.8% 2,345 Appleton, WI Wtrwks Rev Rfdg (FGIC Insd) (Prerefunded @ 1/01/12)..................... 5.375 01/01/19 2,513,465 510 Badger Tob Asset Sec Corp WI................ 6.375 06/01/32 554,028 7,520 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev Ser A (a)............................... 4.750 09/01/33 7,516,766 2,000 Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg Ser A (MBIA Insd)........ 5.500 12/15/20 2,304,700 -------------- 12,888,959 -------------- WYOMING 0.3% 2,000 Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)........................ 5.600 12/01/35 2,125,160 -------------- GUAM 0.8% 5,800 Guam Pwr Auth Rev Ser A (AMBAC Insd)........ 5.250 10/01/34 6,027,650 --------------
See Notes to Financial Statements 27 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- PUERTO RICO 0.8% $ 1,110 Puerto Rico Comwlth Aqueduct & Swr Auth Rev Rfdg (Comwth Gtd)........................... 5.000% 07/01/15 $ 1,122,177 1,000 Puerto Rico Indl Tourist Ed Med & Environmental Ctl Fac Fin Auth Higher Ed Rev......................................... 5.375 02/01/19 1,027,410 3,500 Puerto Rico Pub Bldg Auth Rev Govt Fac Ser I (Comwth Gtd)................................ 5.250 07/01/33 3,719,695 -------------- 5,869,282 -------------- TOTAL LONG-TERM INVESTMENTS 191.4% (Cost $1,335,816,633).................................................... $1,398,673,086 SHORT TERM INVESTMENTS 0.2% (Cost $1,400,000)........................................................ 1,400,000 -------------- TOTAL INVESTMENTS 191.6% (Cost $1,337,216,633).................................................... 1,400,073,086 LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (34.4%) (Cost ($251,355,000)) (251,355) Notes with interest rates ranging from 3.94 to 4.08% at April 30, 2007 and contractual maturities of collateral ranging from 2023 to 2047 (See Note 1) (j).................................. (251,355,000) -------------- TOTAL NET INVESTMENTS 157.2% (Cost $1,085,861,633).................................................... 1,148,718,086 OTHER ASSETS IN EXCESS OF LIABILITIES 1.7%................................ 12,462,334 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (58.9%)................ (430,465,140) -------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................. $ 730,715,280 ==============
Percentages are calculated as a percentage of net assets applicable to common shares. * Zero coupon bond (a) Underlying security related to Inverse Floaters entered into by the Trust. See Note 1. (b) The Trust owns 100% of the outstanding bond issuance. (c) Variable Rate Coupon (d) All or a portion of this security has been physically segregated in connection with open futures contracts. (e) Escrowed to Maturity 28 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued (f) 144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers. (g) Security purchased on a when-issued or delayed delivery basis. (h) Security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 0.6% of net assets applicable to common shares. (i) Floating Rate Coupon. (j) Floating Rate notes. The interest rates shown reflect the rates in effect at April 30, 2007. ACA--American Capital Access AGC--AGC Insured Custody Certificates AMBAC--AMBAC Indemnity Corp. AMT--Alternative Minimum Tax CIFG--CDC IXIS Financial Guaranty COMWTH--Commonwealth of Puerto Rico FGIC--Financial Guaranty Insurance Co. FHA--Federal Housing Administration FHA/VA--Federal Housing Administration/Department of Veterans Affairs FSA--Financial Security Assurance Inc. GNMA--Government National Mortgage Association MBIA--Municipal Bond Investors Assurance Corp. Radian--Radian Asset Assurance XLCA--XL Capital Assurance Inc. FUTURES CONTRACTS OUTSTANDING AS OF APRIL 30, 2007:
UNREALIZED APPRECIATION/ CONTRACTS DEPRECIATION SHORT CONTRACTS U.S. Treasury Bonds Futures, June 2007 (Current Notional Value of $111,750 per contract)........................... 1,693 $881,827 ----- --------
See Notes to Financial Statements 29 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS FINANCIAL STATEMENTS Statement of Assets and Liabilities April 30, 2007 (Unaudited) ASSETS: Total Investments (Cost $1,337,216,633)..................... $1,400,073,086 Cash........................................................ 95,283 Receivables: Investments Sold.......................................... 6,235,829 Interest.................................................. 18,249,210 Other....................................................... 5,854 -------------- Total Assets............................................ 1,424,659,262 -------------- LIABILITIES: Floating Rate Note Obligations.............................. 251,355,000 Payables: Investments Purchased..................................... 8,791,654 Variation Margin on Futures............................... 1,428,468 Investment Advisory Fee................................... 428,884 Trust Shares Repurchased.................................. 179,759 Income Distributions--Common Shares....................... 131,069 Other Affiliates.......................................... 51,272 Trustees' Deferred Compensation and Retirement Plans........ 938,747 Accrued Expenses............................................ 173,989 -------------- Total Liabilities....................................... 263,478,842 Preferred Shares (including accrued distributions).......... 430,465,140 -------------- NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 730,715,280 ============== NET ASSET VALUE PER COMMON SHARE ($730,715,280 divided by 43,656,348 shares outstanding)............................ $ 16.74 ============== NET ASSETS CONSIST OF: Common Shares ($.01 par value with an unlimited number of shares authorized, 43,656,348 shares issued and outstanding).............................................. $ 436,563 Paid in Surplus............................................. 662,382,337 Net Unrealized Appreciation................................. 63,738,280 Accumulated Net Realized Gain............................... 1,355,066 Accumulated Undistributed Net Investment Income............. 2,803,034 -------------- NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 730,715,280 ============== PREFERRED SHARES ($.01 par value, authorized 100,000,000 shares, 17,200 issued with liquidation preference of $25,000 per share)........................................ $ 430,000,000 ============== NET ASSETS INCLUDING PREFERRED SHARES....................... $1,160,715,280 ==============
30 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS FINANCIAL STATEMENTS continued Statement of Operations For the Six Months Ended April 30, 2007 (Unaudited) INVESTMENT INCOME: Interest.................................................... $33,247,932 ----------- EXPENSES: Interest and Residual Trust Expense......................... 3,980,648 Investment Advisory Fee..................................... 3,189,409 Preferred Share Maintenance................................. 551,438 Accounting and Administrative Expenses...................... 99,107 Professional Fees........................................... 90,815 Trustees' Fees and Related Expenses......................... 72,466 Reports to Shareholders..................................... 46,346 Custody..................................................... 45,507 Transfer Agent Fees......................................... 37,003 Registration Fees........................................... 21,936 Other....................................................... 30,381 ----------- Total Expenses.......................................... 8,165,056 Investment Advisory Fee Reduction....................... 483,381 ----------- Net Expenses............................................ 7,681,675 ----------- NET INVESTMENT INCOME....................................... $25,566,257 =========== REALIZED AND UNREALIZED GAIN/LOSS: Realized Gain/Loss: Investments............................................... $ 1,488,802 Futures................................................... (1,560,577) Swap Contracts............................................ (1,206,495) ----------- Net Realized Loss........................................... (1,278,270) ----------- Unrealized Appreciation/Depreciation: Beginning of the Period................................... 72,244,625 ----------- End of the Period: Investments............................................. 62,856,453 Futures................................................. 881,827 ----------- 63,738,280 ----------- Net Unrealized Depreciation During the Period............... (8,506,345) ----------- NET REALIZED AND UNREALIZED LOSS............................ $(9,784,615) =========== DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(8,038,610) =========== NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS................................................ $ 7,743,032 ===========
See Notes to Financial Statements 31 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS FINANCIAL STATEMENTS continued Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE SIX MONTHS ENDED YEAR ENDED APRIL 30, 2007 OCTOBER 31, 2006 ------------------------------------ FROM INVESTMENT ACTIVITIES: Operations: Net Investment Income................................... $ 25,566,257 $ 48,694,580 Net Realized Gain/Loss.................................. (1,278,270) 7,168,695 Net Unrealized Appreciation/Depreciation During the Period............................................ (8,506,345) 13,247,789 Distributions to Preferred Shareholders: Net Investment Income................................. (7,756,704) (12,658,380) Net Realized Gain..................................... (281,906) (2,632,105) ------------ ------------ Change in Net Assets Applicable to Common Shares from Operations............................................ 7,743,032 53,820,579 Distributions to Common Shareholders: Net Investment Income................................. (17,337,112) (35,827,315) Net Realized Gain..................................... (814,663) (10,581,860) ------------ ------------ NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM INVESTMENT ACTIVITIES............................ (10,408,743) 7,411,404 FROM CAPITAL TRANSACTIONS: Cost of Shares Repurchased.............................. (2,242,970) -0- ------------ ------------ TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES......................................... (12,651,713) 7,411,404 NET ASSETS APPLICABLE TO COMMON SHARES: Beginning of the Period................................. 743,366,993 735,955,589 ------------ ------------ End of the Period (Including accumulated undistributed net investment income of $2,803,034 and $2,330,593, respectively)......................................... $730,715,280 $743,366,993 ============ ============
32 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS FINANCIAL HIGHLIGHTS (UNAUDITED) THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS ENDED YEAR ENDED OCTOBER 31, APRIL 30, ----------------------------------------------- 2007 2006 2005 2004 2003 2002 ------------------------------------------------------------ NET ASSET VALUE, BEGINNING OF THE PERIOD........ $ 16.97 $ 16.80 $ 17.34 $ 17.15 $ 17.46 $ 17.51 ------- ------- ------- ------- ------- ------- Net Investment Income.......................... 0.58(a) 1.11(a) 1.09 1.09 1.10 1.18 Net Realized and Unrealized Gain/Loss.......... (0.20) 0.47 (0.48) 0.31 0.09 0.18 Common Share Equivalent of Distributions Paid to Preferred Shareholders: Net Investment Income........................ (0.18) (0.29) (0.22) (0.10) (0.08) (0.10) Net Realized Gain............................ (0.01) (0.06) 0.00 (0.01) (0.03) (0.07) ------- ------- ------- ------- ------- ------- Total from Investment Operations................ 0.19 1.23 0.39 1.29 1.08 1.19 Distributions Paid to Common Shareholders: Net Investment Income........................ (0.40) (0.82) (0.93) (1.00) (1.07) (1.03) Net Realized Gain............................ (0.02) (0.24) 0.00 (0.10) (0.32) (0.21) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF THE PERIOD.............. $ 16.74 $ 16.97 $ 16.80 $ 17.34 $ 17.15 $ 17.46 ======= ======= ======= ======= ======= ======= Common Share Market Price at End of the Period......................................... $ 15.75 $ 14.94 $ 14.61 $ 15.34 $ 15.58 $ 15.80 Total Return* (b)............................... 8.25%** 9.86% 1.31% 5.76% 7.60% 14.56% Net Assets Applicable to Common Shares at End of the Period (In millions)....................... $ 730.7 $ 743.3 $ 736.0 $ 468.3 $ 463.3 $ 471.6 Ratio of Expenses to Average Net Assets Applicable to Common Shares* (c)............... 2.10% 1.28% 1.17% 1.27% 1.28% 1.41% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares* (c)........ 6.97% 6.68% 6.51% 6.43% 6.40% 6.89% Portfolio Turnover.............................. 6%** 25% 25% 18% 23% 33% * If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows: Ratio of Expenses to Average Net Assets Applicable to Common Shares (c)............. 2.23% N/A N/A N/A N/A N/A Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c)...... 6.84% N/A N/A N/A N/A N/A SUPPLEMENTAL RATIOS: Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable to Common Shares (c)................ 1.01% 1.17% 1.17% 1.27% 1.28% 1.41% Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Including Preferred Shares (c)................. 0.64% 0.73% 0.74% 0.80% 0.82% 0.89% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d)......... 4.86% 4.94% 5.22% 5.82% 5.92% 6.30% SENIOR SECURITIES: Total Preferred Shares Outstanding.............. 17,200 17,200 17,200 10,600 10,600 10,600 Asset Coverage Per Preferred Share (e).......... $67,510 $68,253 $67,812 $69,204 $68,721 $69,511 Involuntary Liquidating Preference Per Preferred Share.......................................... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 Average Market Value Per Preferred Share........ $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
** Non-Annualized (a)Based on average shares outstanding. (b)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. (c)Ratios do not reflect the effect of dividend payments to preferred shareholders. (d)Ratios reflect the effect of dividend payments to preferred shareholders. (e)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. N/A=Not applicable See Notes to Financial Statements 33 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) 1. SIGNIFICANT ACCOUNTING POLICIES Van Kampen Trust for Investment Grade Municipals (the "Trust") is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment objective is to seek to provide a high level of current income exempt from federal income taxes, consistent with preservation of capital. The Trust will invest substantially all of its assets in municipal securities rated investment grade at the time of investment. The Trust commenced investment operations on January 24, 1992. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A. SECURITY VALUATION Municipal bonds are valued by independent pricing services or dealers using the mean of the last reported bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Interest rate swaps are valued using market quotations obtained from brokers. Short-term securities with remaining maturities of 60 days of less are valued at amortized cost, which approximates market value. B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The Trust may purchase and sell securities on a "when-issued" or "delayed delivery" basis, with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. The Trust will segregate assets with the custodian having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until payment is made. At April 30, 2007, the Trust had $8,791,654 of when-issued or delayed delivery purchase commitments. C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. 34 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued At April 30, 2007, the cost and related gross unrealized appreciation and depreciation are as follows: Cost of investments for tax purposes........................ $1,083,192,717 ============== Gross tax unrealized appreciation........................... $ 67,286,966 Gross tax unrealized depreciation........................... (1,761,597) -------------- Net tax unrealized appreciation on investments.............. $ 65,525,369 ==============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly dividends from net investment income to common shareholders. Net realized gains, if any, are distributed at least annually on a pro rata basis to common and preferred shareholders. Distributions from net realized gains for book purposes may include short-term capital gains and a portion of future gains, which are included as ordinary income for tax purposes. The tax character of distributions paid during the year ended October 31, 2006 was as follows: Distributions paid from: Ordinary income........................................... $ 105,360 Tax exempt income......................................... 48,205,641 Long-term capital gain.................................... 13,213,965 ----------- $61,524,966 ===========
As of October 31, 2006, the components of distributable earnings on a tax basis were as follows: Undistributed ordinary income............................... $ 207,646 Undistributed tax exempt income............................. 2,453,164 Undistributed long-term capital gain........................ 1,092,071
Net realized gains or losses may differ for financial reporting and tax purposes as a result of gains or losses recognized for tax purposes but not for book. F. FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interests in the dealer trusts' assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund 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 Trust enters into shortfall agreements with the dealer trusts, which commit the Trust to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer of the bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in 35 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued the Trust's investment assets, and the related floating rate notes reflected as Trust liabilities under the caption "Floating Rate Note Obligations" on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption "Interest" and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption "Interest and Residual Trust Expenses" on the Trust's Statement of Operations. The 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. At April 30, 2007, Trust investments with a value of $348,951,038 are held by the dealer trusts and serve as collateral for the $251,355,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at April 30, 2007 are presented on the Portfolio of Investments. 2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset Management (the "Adviser") will provide investment advice and facilities to the Trust for an annual fee payable monthly of .55% of the average daily net assets including preferred shares of the Trust. Effective December 1, 2006, the Adviser has agreed to waive investment advisory fees equal to .10% of the average daily net assets including preferred shares of the Trust. During the period ended April 30, 2007, the Adviser waived $483,381 of its advisory fees. This waiver is voluntary and can be discontinued at any time. For the six months ended April 30, 2007, the Trust recognized expenses of approximately $46,600 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the trust is a partner of such firm and he and his law firm provide legal services as legal counsel to the Trust. Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Trust. The costs of these services are allocated to each trust. For the six months ended April 30, 2007, the Trust recognized expenses of approximately $48,000 representing Van Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of providing accounting and legal services to the Trust, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of "Professional Fees" on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of "Accounting and Administrative Expenses" on the Statement of Operations. Certain officers and trustees of the Trust are also officers and directors of Van Kampen. The Trust does not compensate its officers or trustees who are also officers of Van Kampen. The Trust provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation to a later date. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee's years of service to the Trust. The maximum annual benefit per trustee under the plan is $2,500. 36 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued 3. CAPITAL TRANSACTIONS For the six months ended April 30, 2007 and the year ended October 31, 2006, transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED APRIL 30, 2007 OCTOBER 31, 2006 Beginning Shares........................................ 43,799,086 43,799,086 Shares Repurchased*..................................... (142,738) -0- ---------- ---------- Ending Shares........................................... 43,656,348 43,799,086 ========== ==========
* On February 28, 2007, the Trust commenced a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Trust's shares trade from their net asset value. For the period ended April 30, 2007 the Trust repurchased 142,738 of its shares at an average discount of 6.56% from net asset value per share. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes such activity will further the accomplishment of the foregoing objectives, subject to the review of the Trustees. 4. INVESTMENT TRANSACTIONS During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $205,764,624 and $82,570,934, respectively. 5. DERIVATIVE FINANCIAL INSTRUMENTS A derivative financial instrument in very general terms refers to a security whose value is "derived" from the value of an underlying asset, reference rate or index. In order to seek to manage the interest rate exposure of the Trust's portfolio in a changing interest rate environment, the Trust may purchase or sell financial futures contracts or engage in transactions involving interest rate swaps, caps, floors or collars. The Trust expects to enter into these transactions primarily as a hedge against anticipated interest rate or fixed-income market changes, for duration management or for risk management purposes, but may also enter into these transactions to generate additional income. All of the Trust's portfolio holdings, including derivative instruments, are marked to market each day with the change in value reflected in unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is recognized accordingly, except when taking delivery of a security underlying a futures contract. In this instance, the recognition of gain or loss is postponed until the disposal of the security underlying the futures contract. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Summarized below are the specific types of derivative financial instruments used by the Trust. A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Trust generally invests in exchange traded futures contracts on U.S. Treasury Bonds and Notes and typically closes the contract prior to the delivery date. These contracts are generally used to manage the Trust's effective maturity and duration. Upon entering into futures contracts, the Trust maintains an amount of cash or liquid securities with a value equal to a percentage of the 37 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued contract amount with either a futures commission merchant pursuant to the rules and regulations promulgated under the 1940 Act, as amended, or with its custodian in an account in the broker's name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities. Transactions in futures contacts for the six months ended April 30, 2007 were as follows:
CONTRACTS Outstanding at October 31, 2006............................. 1,121 Futures Opened.............................................. 5,349 Futures Closed.............................................. (4,777) ------ Outstanding at April 30, 2007............................... 1,693 ======
B. INVERSE FLOATING RATE INVESTMENTS The Trust may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Trust in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that may expose the Trust to greater risk and increased costs. Leverage may cause the Trust's net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the value of the Trust's portfolio securities. The use of leverage may also cause the Trust to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments. C. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap transactions intended to help the Trust manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Trust's interest rate sensitivity with that of the broader municipal market. Forward interest rate swap transactions involve the Trust's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Trust a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the forward swap contract and the termination date of the swap (which is akin to a bond's maturity). The value of the Trust's swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap's termination date increases or decreases. The Trust may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. The Trust intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty 38 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued failing to honor its commitment to pay any realized gain to the Trust upon termination. To reduce such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of the Trust with a value approximately equal to the amount of any unrealized gain. Reciprocally, when the Trust has an unrealized loss on a swap contract, the Trust has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. Restricted cash, if any, for segregating purposes is shown on the Statement of Assets and Liabilities. 6. PREFERRED SHARES The Trust has outstanding 17,200 Auction Preferred Share (APS) in seven series. Series A, B and C contain 3,000 shares each, Series D contains 1,600 shares and Series E, F and G contain 2,200 shares each. Dividends are cumulative and the dividend rates are generally reset every 28 days through an auction process. The average rate in effect on April 30, 2007 was 3.797%. During the six months ended April 30, 2007, the rates ranged from 3.310% to 5.400%. The Trust pays annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auctions. These fees are included as a component of "Preferred Share Maintenance" expense on the Statement of Operations. The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of 25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption if the tests are not met. 7. INDEMNIFICATIONS The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. 8. ACCOUNTING PRONOUNCEMENTS In July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation 48, Accounting for Uncertainty in Income Taxes--an interpretation of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position must meet before being recognized in the financial statements. FIN 48 is effective for the fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in the trust NAV calculations as late as the trust's last NAV calculation in the first required financial statement period. As a result, the Trust will incorporate FIN 48 in its semiannual report on April 30, 2008. The impact to the Trust's financial statements, if any, is currently being assessed. In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Trust's financial statement disclosures. 39 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued 9. SUBSEQUENT EVENTS On June 8, 2007, the Trust acquired all of the assets and liabilities of the Van Kampen Trust for Investment Grade Florida Municipals (ticker symbol VTF) through a tax free reorganization approved by VTF Trust shareholders on May 18, 2007. The Trust issued 11,627,712 common shares and 4,240 APS valued at $189,066,403 and $106,000,000, respectively, in exchange for VTF's net assets. The shares of VTF Trust were converted into Trust shares at a ratio of 0.996574 to 1 and 1 to 1, for common shares and APS, respectively. Net unrealized appreciation of VTF as of June 8, 2007 was $288,372,376. Combined net assets applicable to common shares on the day of reorganization were $897,812,082 and net assets including preferred shares of $1,433,812,082. 40 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES BOARD OF TRUSTEES DAVID C. ARCH JERRY D. CHOATE ROD DAMMEYER LINDA HUTTON HEAGY R. CRAIG KENNEDY HOWARD J KERR JACK E. NELSON HUGO F. SONNENSCHEIN WAYNE W. WHALEN* - Chairman SUZANNE H. WOOLSEY OFFICERS RONALD E. ROBISON President and Principal Executive Officer DENNIS SHEA Vice President J. DAVID GERMANY Vice President AMY R. DOBERMAN Vice President STEFANIE V. CHANG Vice President and Secretary JOHN L. SULLIVAN Chief Compliance Officer JAMES W. GARRETT Chief Financial Officer and Treasurer INVESTMENT ADVISER VAN KAMPEN ASSET MANAGEMENT 1221 Avenue of the Americas New York, New York 10020 CUSTODIAN STATE STREET BANK AND TRUST COMPANY One Lincoln Street Boston, Massachusetts 02111 TRANSFER AGENT COMPUTERSHARE TRUST COMPANY, N.A. c/o Computershare Investor Services P.O. Box 43011 Providence, Rhode Island 02940-3011 LEGAL COUNSEL SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 333 West Wacker Drive Chicago, Illinois 60606 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DELOITTE & TOUCHE LLP 111 South Wacker Drive Chicago, Illinois 60606 * "Interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended. 41 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS RESULTS OF SHAREHOLDER VOTES With regard to the approval of the issuance of additional common shares, a meeting was held on May 18, 2007, and the results of the votes for common shareholders is as follows:
# OF SHARES ----------------------------------- IN FAVOR AGAINST WITHHELD - --------------------------------------------------------------------------------------------- 20,432,084 1,613,857 860,368
42 Van Kampen Trust for Investment Grade Municipals An Important Notice Concerning Our U.S. Privacy Policy We are required by federal law to provide you with a copy of our Privacy Policy annually. The following Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, 529 Educational Savings Accounts, accounts subject to the Uniform Gifts to Minors Act, or similar accounts. Please note that we may amend this Policy at any time, and will inform you of any changes to this Policy as required by law. WE RESPECT YOUR PRIVACY We appreciate that you have provided us with your personal financial information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what non-public personal information we collect about you, why we collect it, and when we may share it with others. We hope this Policy will help you understand how we collect and share non-public personal information that we gather about you. Throughout this Policy, we refer to the non-public information that personally identifies you or your accounts as "personal information." 1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU? To serve you better and manage our business, it is important that we collect and maintain accurate information about you. We may obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our Web sites and from third parties and other sources. (continued on next page) Van Kampen Trust for Investment Grade Municipals An Important Notice Concerning Our U.S. Privacy Policy continued For example: -- We may collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us. -- We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources. -- We may obtain information about your creditworthiness and credit history from consumer reporting agencies. -- We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements. -- If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer's operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of "cookies." "Cookies" recognize your computer each time you return to one of our sites, and help to improve our sites' content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies. 2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU? To provide you with the products and services you request, to serve you better and to manage our business, we may disclose personal information we collect about you to our affiliated companies and to non-affiliated third parties as required or permitted by law. A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose personal information that we collect about you to our affiliated companies except to enable them to provide services on our behalf or as otherwise required or permitted by law. B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal information that we collect about you to non-affiliated third parties except to enable them to provide services on our behalf, to perform joint marketing agreements with (continued on back) Van Kampen Trust for Investment Grade Municipals An Important Notice Concerning Our U.S. Privacy Policy continued other financial institutions, or as otherwise required or permitted by law. For example, some instances where we may disclose information about you to non-affiliated third parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with these companies, they are required to limit their use of personal information to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose. 3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU? We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information, and we require them to adhere to confidentiality standards with respect to such information. Van Kampen Funds Inc. 1 Parkview Plaza, Suite 100 P.O. Box 5555 Oakbrook Terrace, IL 60181-5555 www.vankampen.com Copyright (C)2007 Van Kampen Funds Inc. All rights reserved. Member NASD/SIPC. VGMSAR 6/07 (VAN KAMPEN INVESTMENTS LOGO) IU07-01452P-Y04/07 Item 2. Code of Ethics. Not applicable for semi-annual reports. Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports. Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports. Item 5. Audit Committee of Listed Registrants. Not applicable for semi-annual reports. Item 6. Schedule of Investments. Please refer to Item #1. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable for semi-annual reports. Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable for semi-annual reports. Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
TOTAL NUMBER OF MAXIMUM NUMBER SHARES PURCHASED AS OF SHARES THAT MAY PART OF PUBLICLY YET BE PURCHASED TOTAL NUMBER OF AVERAGE PRICE ANNOUNCED PLANS UNDER THE PLANS OR PERIOD* SHARES PURCHASED PAID PER SHARE OR PROGRAMS PROGRAMS - ------- ---------------- -------------- ------------------- ------------------ November -- -- -- -- December -- -- -- -- January -- -- -- -- February -- -- -- 4,379,909 March 67,838 15.71 67,838 4,312,071 April 74,900 15.66 74,900 4,237,171
* The Share Repurchase Program commenced on 2/28/2007. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Board of Trustees. Item 10. Submission of Matters to a Vote of Security Holders. Not applicable. Item 11. Controls and Procedures (a) The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-CSRS was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. (b) There were no changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12. Exhibits. (1) Code of Ethics - Not applicable for semi-annual reports. (2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.CERT. (2)(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.CERT. 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) Van Kampen Trust For Investment Grade Municipals By: /s/ Ronald E. Robison --------------------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: June 21, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Ronald E. Robison --------------------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: June 21, 2007 By: /s/ Stuart N. Schuldt --------------------------------- Name: Stuart N. Schuldt Title: Principal Financial Officer Date: June 21, 2007 EX-99.CERT 2 c15606exv99wcert.txt CERTIFICATION I, Ronald E. Robison, certify that: 1. I have reviewed this report on Form N-CSRS of Van Kampen Trust For Investment Grade Municipals; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: June 21, 2007 /s/ Ronald E. Robison ---------------------------------------- Principal Executive Officer I, Stuart N. Schuldt, certify that: 1. I have reviewed this report on Form N-CSRS of Van Kampen Trust For Investment Grade Municipals; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: June 21, 2007 /s/ Stuart N. Schuldt ---------------------------------------- Principal Financial Officer EX-99.906CERT 3 c15606exv99w906cert.txt 906 CERTIFICATION Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Name of Issuer: Van Kampen Trust For Investment Grade Municipals In connection with the Report on Form N-CSRS (the "Report") of the above-named issuer for the period ended April 30, 2007 that is accompanied by this certification, the undersigned hereby certifies that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: June 21, 2007 /s/ Ronald E. Robison ---------------------------------------- Ronald E. Robison Principal Executive Officer A signed original of this written statement required by Section 906 has been provided to Van Kampen Trust For Investment Grade Municipals and will be retained by Van Kampen Trust For Investment Grade Municipals and furnished to the Securities and Exchange Commission or its staff upon request. This written statement required by Section 906 is being furnished with this Report, but not being filed as part of this Report. Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Name of Issuer: Van Kampen Trust For Investment Grade Municipals In connection with the Report on Form N-CSRS (the "Report") of the above-named issuer for the period ended April 30, 2007 that is accompanied by this certification, the undersigned hereby certifies that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: June 21, 2007 /s/ Stuart N. Schuldt ---------------------------------------- Stuart N. Schuldt Principal Financial Officer A signed original of this written statement required by Section 906 has been provided to Van Kampen Trust For Investment Grade Municipals and will be retained by Van Kampen Trust For Investment Grade Municipals and furnished to the Securities and Exchange Commission or its staff upon request. This written statement required by Section 906 is being furnished with this Report, but not being filed as part of this Report. -----END PRIVACY-ENHANCED MESSAGE-----