-----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, JxMfdBC2k1fIioFVuXR0F+K9cnIutgUAdHMbUoVkRkk0eO6L0DLA+XFKCISLzD+A O8f125PZ5G18yWDGEx78Sw== 0000950137-08-008921.txt : 20080627 0000950137-08-008921.hdr.sgml : 20080627 20080627162428 ACCESSION NUMBER: 0000950137-08-008921 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080430 FILED AS OF DATE: 20080627 DATE AS OF CHANGE: 20080627 EFFECTIVENESS DATE: 20080627 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: 08922912 BUSINESS ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-296-6963 MAIL ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 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 c26930nvcsrs.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) 522 Fifth Avenue, New York, New York 10036 (Address of principal executive offices) (Zip code) Jerry W. Miller 522 Fifth Avenue, New York, New York 10036 (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: 4/30/08 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, 2008. 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 4/30/08
TRUST FOR INVESTMENT GRADE MUNICIPALS SYMBOL: VGM - ------------------------------------------------------------ AVERAGE ANNUAL BASED BASED ON TOTAL RETURNS ON NAV MARKET PRICE Since Inception (1/24/92) 6.95% 6.65% 10-year 5.36 5.96 5-year 2.88 3.68 1-year -7.28 -5.62 6-month -4.90 2.57 - ------------------------------------------------------------
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 ADVISER. 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 adviser 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, 2008 MARKET CONDITIONS The financial markets experienced significant volatility throughout the six- month reporting period as many large banks and financial firms began writing down mortgage-related losses, and liquidity and credit availability became even more restricted. At the same time, the pace of economic growth began to slow, with gross domestic product (GDP) growth measuring an anemic 0.6 percent for the fourth quarter of 2007. As weaker economic data was released in the first quarter of 2008, fears of recession grew and consumer confidence waned, prompting investors to continue to seek out the relative safety of high-quality Treasury securities over other sectors of the fixed income market. The municipal bond market faced additional headwinds as various monoline bond insurers experienced credit rating downgrades, which caused spreads to widen, and the auction rate and variable rate markets deteriorated. As a result, the municipal market underperformed Treasuries for the overall period, with municipal bond prices reaching historically attractive levels relative to Treasury bonds in the first quarter of 2008. While yields on short-dated municipal securities declined, yields on intermediate- and long-dated securities rose, leading to the steepest yield curve in the past four years as the spread between one-year and 30-year maturities reached 343 basis points. After a record year for new municipal bond issuance in 2007, the amount of new issues coming to market in the first four months of 2008 declined by roughly nine percent versus the same period one year earlier due in part to a drop in refunding issuance. The Federal Reserve (the "Fed") took various steps to ease the liquidity crisis and boost the economy during the period. Not only did the Federal Open Market Committee reduce the target federal funds rate from 4.50 percent to 2.00 percent by the end of the period, but in an unprecedented move, the Fed granted primary Treasury dealers (mostly brokerage firms) access to its discount window and loosened its collateral requirements, extending loans of Treasury securities in exchange for lower quality, less liquid securities. Finally, in the biggest headline event, the Fed arranged and supported JPMorgan Chase's purchase of Bear Stearns, which was viewed by many as necessary to avoid serious market repercussions had the firm failed. 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 RETURN FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
- ----------------------------------------------------- LEHMAN BROTHERS BASED ON BASED ON MUNICIPAL NAV MARKET PRICE BOND INDEX -4.90% 2.57% 1.47% - -----------------------------------------------------
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. Although the municipal market rebounded in the last two months of the reporting period and outperformed Treasuries, it was an extremely difficult period overall, particularly for higher-yielding, lower-rated bonds as the flight to quality put considerable pressure on prices. The Trust maintained an allocation to non-rated bonds throughout the reporting period whereas the Lehman Brothers Municipal Bond Index contains only investment-grade issues. As such, the Trust's overweight to non-rated, higher-yielding securities was a contributor to its relative underperformance. Holdings in BBB rated bonds, particularly within the health care and tobacco sectors, also tempered returns. The Trust's yield curve positioning also hindered performance, as it was overweighted on the long end of the municipal yield curve, which underperformed the shorter end of the curve. The negative impact was amplified by holdings in longer-maturity inverse floating-rate securities*, which are highly sensitive to interest rate changes. However, these securities did serve to enhance the Trust's income and diversification during the period. Additionally, the emphasis on the long end of the curve led to a longer duration (a measure of interest-rate sensitivity) for the Trust, which we reduced somewhat through the use of a Treasury futures hedge. However, the Trust still maintained a slightly longer duration than that of the Lehman Brothers Municipal Bond Index, which detracted from performance as rates on the *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 intermediate and long end of the curve rose. At the same time, the Treasury market rally hurt the performance of the hedge. Conversely, an overweight to pre-refunded bonds was additive to performance. These are high-quality, shorter-maturity issues which benefited as short-term rates declined during the period. The Trust's holdings in higher-yielding municipal auction rate securities (ARS) with low durations were also beneficial to performance. 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 4/30/08 AAA/Aaa 45.3% AA/Aa 16.1 A/A 12.2 BBB/Baa 15.7 BB/Ba 0.7 Non-Rated 10.0 TOP FIVE SECTORS AS OF 4/30/08 Hospital 23.4% Public Education 8.0 Single-Family 7.2 General Purpose 6.6 Master Tobacco Settlement 5.9 SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08 Florida 22.8% California 9.9 Texas 7.8 New York 6.7 Illinois 5.4 New Jersey 3.4 South Carolina 3.4 Ohio 3.3 North Carolina 3.2 Colorado 2.4 Michigan 2.4 Washington 2.3 Massachusetts 2.2 Arizona 1.8 Iowa 1.7 Pennsylvania 1.6 Georgia 1.5 Virginia 1.4 Missouri 1.4 Alabama 1.3 Wisconsin 1.2 Indiana 1.2 Nevada 1.2 District of Columbia 1.0 Tennessee 1.0 Connecticut 0.9 Kansas 0.9 Louisiana 0.8 Kentucky 0.7 Alaska 0.7 Maryland 0.6 Minnesota 0.5 South Dakota 0.5 Oklahoma 0.5 Oregon 0.4 Guam 0.4
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08 (continued from previous page) Puerto Rico 0.4% U.S. Virgin Islands 0.2 Nebraska 0.2 New Hampshire 0.1 Utah 0.1 North Dakota 0.1 Wyoming 0.1 West Virginia 0.1 New Mexico 0.1 Idaho 0.1 Rhode Island 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 fund 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 fund 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, D.C. 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. 7 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. 8 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED)
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- MUNICIPAL BONDS 202.6% ALABAMA 2.7% $ 3,660 Alabama St Brd Ed Rev & Impt Southn Univ St Cmnty Rfdg (MBIA Insd) (a)................... 5.250% 07/01/20 $ 3,850,503 3,225 Bessemer, AL Governmental Util Svcs Corp Wtr Supply Rev Rfdg Ser A (AGL Insd) (b)......... 5.000 06/01/39 3,220,808 750 Birmingham Baptist Med Ctr AL Baptist Hlth Sys Ser A.................................... 5.875 11/15/24 755,160 7,600 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Inc Ser A...... 5.000 11/15/30 6,616,484 2,525 Huntsville-Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj....................... 5.500 01/01/43 2,108,324 5,200 University AL at Birmingham Hosp Rev Ser A (c).................................... 5.000 09/01/41 5,195,944 -------------- 21,747,223 -------------- ALASKA 1.4% 1,500 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC Insd).................................. 5.000 12/01/30 1,512,495 3,650 Alaska St Intl Arpt Rev Ser B (AMBAC Insd) (Prerefunded @ 10/01/12)..................... 5.250 10/01/27 3,991,421 1,575 Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (FSA Insd)................. 5.750 03/01/16 1,656,916 5,300 Northern Tob Sec Corp Rev Bkd Ser A.......... 5.000 06/01/46 4,141,155 -------------- 11,301,987 -------------- ARIZONA 3.7% 1,000 Arizona Hlth Fac Auth Hosp Sys Rev John C Lincoln Hlth Network (Prerefunded @ 12/01/12).................................... 6.375 12/01/37 1,148,810 6,075 Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg Ser B.............................. 5.000 12/01/37 5,398,974 3,050 Glendale, AZ Indl Dev Auth Rfdg.............. 5.000 12/01/35 2,723,711 3,000 Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd)....................... 5.250 01/01/32 3,056,250 3,500 Maricopa Cnty, AZ Hosp Rev Sun Hlth Corp..... 5.000 04/01/35 3,129,385 3,400 Pima Cnty, AZ Indl Dev Auth Wtr & Waste Wtr Rev Global Wtr Resh LLC Proj (AMT)........... 6.550 12/01/37 3,166,998 11,750 University of AZ Med Ctr Corp................ 5.000 07/01/35 10,500,622 -------------- 29,124,750 -------------- CALIFORNIA 20.2% 900 Aliso Viejo, CA Cmnty Fac Dist Spl Tax No 2005-01 Glenwood at Aliso.................... 6.000 09/01/38 886,077 1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj Ser C (FSA Insd)........................ 6.000 09/01/16 1,489,631 3,735 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist Fac Ser A (FSA Insd)......................... 5.000 10/01/31 3,791,025 6,000 Anaheim, CA Redev Agy Tax Allocation Rfdg Merged Redev Proj Area Ser A (FSA Insd) (c).......................................... 5.000 02/01/31 6,158,010
See Notes to Financial Statements 9 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 1,000 California Cnty, CA Tob Agy Tob Sec Sonoma Cnty Corp Rfdg............................... 5.250% 06/01/45 $ 829,160 3,000 California Hsg Fin Agy Rev Home Mtg Class B Ser G (AMT) (c).............................. 4.950 08/01/23 2,903,670 2,000 California Hsg Fin Agy Rev Home Mtg Class B Ser G (AMT) (c).............................. 5.050 08/01/29 1,935,780 7,300 California Hsg Fin Agy Rev Home Mtg Class B Ser M (AMT) (c).............................. 4.800 08/01/36 6,590,331 1,550 California Hsg Fin Agy Rev Home Mtg Ser M (AMT).................................. 4.700 08/01/36 1,373,099 4,700 California Infrastructure & Econ Dev Bk Rev San Francisco Ballet Assn (FGIC Insd) (d) (e).......................................... 8.000 07/01/36 4,700,000 1,500 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj Ser B (AMT)..... 5.000 07/01/27 1,269,825 695 California St (AMBAC Insd)................... 5.125 10/01/27 698,642 1,000 California St Dept Wtr Res Ctr Vly Proj Rev Wtr Sys Ser X (FGIC Insd).................... 5.000 12/01/29 1,017,160 1,175 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (b).............................. 5.000 12/01/24 1,244,654 1,500 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (b).............................. 5.000 12/01/25 1,582,620 1,500 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (b).............................. 5.000 12/01/26 1,576,365 875 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (b).............................. 5.000 12/01/27 915,906 1,500 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (b).............................. 5.000 12/01/28 1,563,915 5,000 California St Univ Rev & Co Systemwide Ser A (AMBAC Insd)................................. 5.000 11/01/33 5,024,000 9,150 California St Veterans Ser CD (AMT) (c)...... 4.600 12/01/32 8,882,163 1,350 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A.............. 5.000 07/01/39 1,162,215 9,015 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A.............. 5.250 07/01/30 8,347,169 1,500 California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc Ser A (f).................. 5.125 04/01/37 1,343,370 2,700 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A..................... 5.000 03/01/30 2,592,378 3,750 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A..................... 5.000 03/01/35 3,533,362 6,230 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser A (c).................. 5.000 04/01/31 6,080,115 1,920 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B...................... 5.000 03/01/41 1,845,101 5,100 California Statewide Cmnty Dev Auth Rev Museum of Art Proj Ser C (FGIC Insd) (d) (e).......................................... 10.000 12/01/34 5,100,000
10 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 3,360 California Statewide Cmnty Dev Auth Rev Sutter Hlth Ser A............................ 5.000% 11/15/43 $ 3,273,312 600 Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg Ser C......... 6.500 12/15/47 539,784 1,750 Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc Ser A (MBIA Insd).................... 5.000 09/01/33 1,744,890 3,000 Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc Ser B (MBIA Insd).................... 5.000 03/01/33 2,991,330 2,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (MBIA Insd).................. * 01/15/17 1,272,400 10,750 Foothill/Eastern Corridor Agy CA Toll Rd Rev Sr Lien Ser A (g)............................ * 01/01/23 5,469,277 3,000 Fremont, CA Uni Sch Dist Ser A (FGIC Insd)... 5.000 08/01/25 3,074,910 5,000 Golden St Tob Sec Corp CA Tob Settlement Rev Ser A-1...................................... 5.125 06/01/47 4,046,550 5,000 Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced Ser A............................... 5.000 06/01/45 4,718,850 1,000 Golden St Tob Sec Corp CA Tob Settlement Rev Sr Ser A-1................................... 5.750 06/01/47 897,890 3,840 Golden St Tob Sec Corp CA Tob Settlement Rev Ser A (c).................................... 5.750 06/01/47 3,447,955 1,000 Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj Ser A (XLCA Insd)....................... 5.000 09/01/37 938,580 4,000 Los Angeles, CA Dept Wtr & Pwr Ser A (FGIC Insd)........................................ 5.125 07/01/40 4,061,920 2,000 Los Angeles, CA Wtr & Pwr Rev Pwr Sys Ser B (FSA Insd)................................... 5.000 07/01/28 2,044,620 1,500 Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth Ser B1 (FGIC Insd)...................... 5.000 10/01/33 1,527,000 700 Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino Ser B (f)...... 5.500 03/01/18 704,326 3,500 Palm Springs, CA Fin Auth Lease Rev Convention Ctr Proj Ser A (MBIA Insd)........ 5.500 11/01/35 3,652,005 3,400 Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj................... 7.000 12/01/27 3,356,242 2,400 Rancho Mirage, CA Jt Pwr Fin Auth Rev Eisenhower Med Ctr Ser A..................... 5.000 07/01/47 2,226,144 1,000 Santa Clara Cnty, CA Brd Ed Ctf Partn Rfdg (MBIA Insd).................................. 5.000 04/01/25 1,020,920 1,690 Southern CA Pub Pwr Auth Nat Gas Proj No 1 Ser A........................................ 5.250 11/01/21 1,709,587 3,000 Temecula, CA Redev Agy Tax Temecula Redev Proj No 1 (MBIA Insd)........................ 5.250 08/01/36 3,029,430 4,700 Tobacco Sec Auth Northn CA Tob Settlement Rev Ser A-1...................................... 5.375 06/01/38 4,076,874
See Notes to Financial Statements 11 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 3,550 Tobacco Sec Auth Northn CA Tob Settlement Rev Ser A-1...................................... 5.500% 06/01/45 $ 3,067,732 3,800 Tobacco Sec Auth Southn CA Tob Settlement Ser A-1.......................................... 5.000 06/01/37 3,157,876 9,650 Tobacco Sec Auth Southn CA Tob Settlement Ser A-1.......................................... 5.125 06/01/46 7,820,843 1,600 Turlock, CA Hlth Fac Rev Emanuel Med Ctr Inc.......................................... 5.375 10/15/34 1,397,584 -------------- 159,704,574 -------------- COLORADO 4.9% 2,000 Aurora, CO Ctf Partn (AMBAC Insd) (Prerefunded @ 12/01/10)..................... 5.500 12/01/30 2,146,600 3,405 Colorado Ed & Cultural Fac Auth Rev Impt Charter Sch Rfdg (XLCA Insd)................. 5.250 12/01/23 3,485,835 800 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care Ser A....... 5.250 07/01/27 694,768 600 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care Ser A....... 5.300 07/01/37 493,890 5,500 Colorado Hlth Fac Auth Rev Adventist Hlth/ Sunbelt Rfdg Ser D (c)....................... 5.250 11/15/27 5,499,258 7,300 Colorado Hlth Fac Auth Rev Catholic Hlth (FSA Insd) (b).................................... 5.000 09/01/36 7,334,237 2,000 Colorado Hlth Fac Auth Rev Catholic Hlth Ser A (g).................................... 5.500 03/01/32 2,118,000 4,550 Colorado Hlth Fac Auth Rev Catholic Hlth Ser C-3 (FSA Insd) (b)........................... 5.100 10/01/41 4,571,249 3,000 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc......................... 5.000 12/01/35 2,502,840 1,125 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)...... 6.500 11/15/31 1,274,602 1,400 Colorado Hlth Fac Auth Rev Poudre Vly CO Hlth Fac Auth Hosp Ser A (FSA Insd)............... 5.200 03/01/31 1,427,006 6 Colorado Hsg Fin Auth Single Family Pgm Sr Ser B1 (AMT)................................. 7.650 11/01/26 6,116 1,805 Lakewood, CO Ctf Part (AMBAC Insd) (Prerefunded @ 12/01/10) (a)................. 5.300 12/01/16 1,929,725 1,000 Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg......................... 5.900 10/01/37 890,820 1,200 North Range, CO Met Dist No 2 Ltd Tax........ 5.500 12/15/37 1,000,152 2,050 Salida, CO Hosp Dist Rev..................... 5.250 10/01/36 1,679,955 1,500 University of CO Hosp Auth Rev Ser A......... 5.250 11/15/39 1,399,575 -------------- 38,454,628 -------------- CONNECTICUT 1.8% 1,175 Connecticut St Dev Auth Solid Waste Disp Fac Rev Pwr LLC Proj Ser A (AMT)................. 5.750 11/01/37 1,151,300 7,500 Connecticut St Hsg Fin Auth Hsg Mtg Fin Pg Sub Ser B-2 (AMT)............................ 5.100 05/15/38 7,019,475
12 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- CONNECTICUT (CONTINUED) $ 3,580 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt Ser A (ACA Insd) (AMT).................. 6.600% 07/01/24 $ 3,523,400 1,000 Hartford, CT Pkg Sys Rev Ser A (Prerefunded @ 7/01/10)..................................... 6.500 07/01/25 1,084,020 1,925 Mashantucket Western Pequot Tribe CT 2006 Sub Spl Rev Bd Ser A (f)......................... 5.500 09/01/36 1,707,533 -------------- 14,485,728 -------------- DISTRICT OF COLUMBIA 2.1% 6,000 District of Columbia Wtr & Swr Auth Pub Util Rev Sub Lien (FSA Insd) (c).................. 5.500 10/01/41 6,394,620 1,150 District of Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Rfdg Ser A (AGL Insd)........... 5.000 10/01/29 1,179,072 2,350 District of Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Rfdg Ser A (AGL Insd)........... 5.000 10/01/34 2,395,825 2,775 District of Columbia Hosp Rev Medlantic Hlthcare Rfdg Ser A (MBIA Insd) (g).......... 5.250 08/15/12 2,795,063 2,000 District of Columbia Rev Friendship Pub Charter Sch Inc (ACA Insd)................... 5.750 06/01/18 2,022,880 5 District of Columbia Ser E (FSA Insd) (a).... 6.000 06/01/13 5,015 2,000 Metropolitan Washington DC Arpt Auth Sys Ser A (FGIC Insd) (AMT).......................... 5.250 10/01/32 1,956,820 -------------- 16,749,295 -------------- FLORIDA 46.3% 1,000 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg............................... 5.250 11/15/17 942,620 1,000 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg............................... 5.875 11/15/36 896,530 500 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg............................... 5.875 11/15/42 444,005 375 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Ser A........................................ 6.000 05/01/38 320,591 250 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub Ser B........................................ 6.200 05/01/38 214,172 12,960 Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev First Inc Proj (c)....................... 5.000 04/01/34 12,189,398 5,000 Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj...................... 5.000 04/01/34 4,702,600 1,800 Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc.......... 6.750 01/01/37 1,771,758 1,000 Broward Cnty, FL Hsg Fin Auth Multi-Family Hsg Rev Pembroke Pk Apts Proj (AMT).......... 5.650 10/01/28 968,190 1,000 Broward Cnty, FL Sch Brd Ctf Partn Ser A (FSA Insd)........................................ 5.000 07/01/22 1,037,610 1,500 Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT)........................................ 5.750 01/01/32 1,382,145 995 Cross Creek Cmnty Dev Dist FL Spl Assmt Rev Cross Creek Comm Dev Ser B................... 5.500 05/01/17 795,045
See Notes to Financial Statements 13 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 3,180 Dade Cnty, FL Spl Oblig Cap Apprec Ser B (AMBAC Insd) (Prerefunded @ 10/01/08)........ * 10/01/26 $ 1,046,411 675 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)........................................ 5.950% 07/01/20 712,064 1,000 Escambia Cnty, FL Util Auth Util Sys Rev (FGIC Insd) (Prerefunded @ 1/01/09).......... 5.250 01/01/29 1,030,700 1,250 Florida Agric & Mechanical Univ Rev Student Apt Fac (MBIA Insd).......................... 6.500 07/01/23 1,254,000 275 Florida Hsg Fin Agy Homeownership Mtg Class B Ser B (AMT).................................. 8.595 11/01/18 293,246 2,750 Florida Hsg Fin Agy Hsg Willow Lake Apts Ser J-1 (AMBAC Insd) (AMT)....................... 5.350 07/01/27 2,730,255 2,825 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 1 (GNMA Collateralized) (AMT).................. 4.850 07/01/37 2,540,635 1,925 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 2 (GNMA Collateralized) (AMT).................. 4.950 07/01/37 1,769,287 460 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 4 (FSA Insd) (AMT)............................. 6.250 07/01/22 481,059 1,000 Florida Hsg Fin Corp Rev Hsg Wentworth II Apts Ser A (AMBAC Insd) (AMT)................ 5.375 11/01/29 986,830 1,730 Florida Hsg Fin Corp Rev Ser 6 (AMT)......... 4.550 07/01/26 1,566,567 1,760 Florida Hsg Fin Corp Rev Ser G (AMT) (c)..... 4.550 07/01/26 1,588,497 5,440 Florida Hsg Fin Corp Rev Ser G (AMT) (c)..... 4.625 07/01/31 4,909,899 5,120 Florida Hsg Fin Corp Rev Ser G (AMT) (c)..... 4.700 07/01/37 4,621,081 2,000 Florida Ports Fin Comm Rev St Trans Tr Fd (MBIA Insd) (AMT)............................ 5.375 06/01/27 2,001,680 8,475 Florida Ports Fin Comm Rev St Trans Tr Fd Intermodal Pgm (FGIC Insd) (AMT)............. 5.500 10/01/29 8,490,255 15,000 Florida St Brd of Ed Cap Outlay Class B Ser D (c).......................................... 4.750 06/01/35 14,886,600 12,775 Florida St Brd of Ed Cap Outlay Pub Ed Rfdg Ser D........................................ 5.750 06/01/22 13,466,766 4,500 Florida St Brd of Ed Cap Outlay Pub Ed Ser C (FGIC Insd) (Prerefunded @ 6/01/10).......... 5.750 06/01/29 4,848,120 2,000 Florida St Brd of Ed Lottery Rev Ser A (FGIC Insd)........................................ 5.250 07/01/17 2,098,900 5,000 Florida St Brd of Ed Lottery Rev Ser A (FGIC Insd) (Prerefunded @ 7/01/10)................ 5.500 07/01/17 5,372,500 1,000 Florida St Brd of Ed Lottery Rev Ser A (FGIC Insd) (Prerefunded @ 7/01/10)................ 6.000 07/01/14 1,085,000 1,000 Florida St Brd of Ed Rev FL St Univ Hsg Fac Ser A (MBIA Insd)............................ 5.000 05/01/29 1,007,930 4,735 Florida St Brd of Regt Hsg Rev Univ FL (FGIC Insd) (Prerefunded @ 7/01/10)................ 5.500 07/01/28 5,087,757 3,000 Florida St Dept Trans........................ 5.000 07/01/32 3,054,450 7,295 Florida St Dept Trans Tpk Rev Ser A.......... 5.000 07/01/29 7,439,806
14 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 1,500 Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000 Ser A (AMBAC Insd)... 5.000% 07/01/11 $ 1,505,055 2,000 Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000 Ser A (FGIC Insd).... 5.250 07/01/12 2,065,520 1,910 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg Ser A (c).................................... 5.000 07/01/26 1,966,760 1,935 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg Ser A (c).................................... 5.000 07/01/27 1,992,503 2,100 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg Ser A (c).................................... 5.000 07/01/28 2,162,407 2,500 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg Ser A (c).................................... 5.000 07/01/32 2,574,293 1,475 Florida St Tpk Auth Tpk Rev Dept Trans Ser B............................................ 5.000 07/01/30 1,487,788 5,775 Fort Lauderdale, FL Wtr & Swr Rev............ 5.000 09/01/32 5,916,199 1,635 Fort Myers, FL Util Rev Rfdg Ser A (FGIC Insd)........................................ 5.500 10/01/24 1,662,353 415 Gainesville, FL Util Sys Rev (g)............. 8.125 10/01/14 473,270 1,000 Gramercy Farms Cmnty Dev Dist FL Spl Assmt Ser B........................................ 5.100 05/01/14 905,200 500 Gulf Breeze, FL Rev Loc Govt (FGIC Insd)..... 5.650 12/01/20 517,260 730 Gulf Breeze, FL Rev Loc Govt (FGIC Insd)..... 5.750 12/01/20 751,688 1,000 Gulf Breeze, FL Rev Loc Govt (FGIC Insd)..... 5.800 12/01/20 1,054,640 5,000 Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg Ser A........................................ 5.000 06/01/38 4,459,550 5,500 Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg Ser A........................................ 5.250 06/01/26 5,386,590 3,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Ser D (Prerefunded @ 11/15/13).................................... 5.375 11/15/35 3,328,590 3,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist/Sunbelt Ser A (Prerefunded @ 11/15/11).................................... 6.000 11/15/31 3,337,920 1,285 Highlands, FL Cmnty Dev Dist Spl Assmt....... 5.550 05/01/36 1,012,619 750 Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (FSA Insd)......................... 5.000 03/01/15 791,137 750 Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (FSA Insd)......................... 5.000 09/01/15 791,137 1,450 Hillsborough Cnty, FL Aviation Auth Rev Ser A (AGL Insd) (AMT) (b)......................... 5.375 10/01/33 1,450,508 3,260 Hillsborough Cnty, FL Aviation Auth Rev Ser A (AGL Insd) (AMT) (b)......................... 5.500 10/01/38 3,290,742 14,150 Hillsborough Cnty, FL Indl Dev Auth Hosp Rev Tampa Gen Hosp Proj (c)...................... 5.250 10/01/41 13,569,369 1,100 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty Rfdg (AMBAC Insd)........................................ 5.000 12/01/34 1,115,202 1,225 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec Ser B (e)................. 5.150 09/01/25 1,244,024
See Notes to Financial Statements 15 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 1,000 Hillsborough Cnty, FL Indl Dev Tampa Gen Hosp Proj Ser B................................... 5.250% 10/01/28 $ 998,710 1,000 Hillsborough Cnty, FL Indl Dev Tampa Gen Hosp Proj Ser B................................... 5.250 10/01/34 970,760 2,745 Hillsborough Cnty, FL Port Dist Rev Tampa Port Auth Proj Ser A (MBIA Insd) (AMT)....... 5.375 06/01/27 2,756,858 10,000 Hillsborough Cnty, FL Solid Waste & Res Recovery Rev Ser A (AMT)..................... 4.500 09/01/34 8,992,200 1,380 Hollywood, FL Cmnty Redev Agy Beach Cra...... 5.625 03/01/24 1,387,369 1,500 Jacksonville, FL Econ Dev Commn Indl Dev Rev Metro Pkg Solutions Proj (ACA Insd) (AMT).... 5.500 10/01/30 1,354,350 12,000 Jea, FL Elec Sys Rev Ser 3B (CIFG Insd) (d) (e).......................................... 8.000 10/01/37 12,000,000 7,000 Lakeland, FL Elec & Wtr Rev (a) (g).......... * 10/01/13 5,818,610 2,230 Lakeland, FL Elec & Wtr Rev (g).............. 5.750 10/01/19 2,424,278 5,105 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys (c)...................................... 5.000 11/15/25 5,034,370 2,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys (Prerefunded @ 11/15/12)................. 5.500 11/15/32 2,209,840 1,000 Lee Cnty, FL Arpt Rev Ser A (FSA Insd) (AMT)........................................ 5.750 10/01/22 1,031,590 1,185 Lee Cnty, FL Hsg Fin Auth Single Family Mtg Rev Multi-Cnty Pgm Ser A (GNMA Collateralized) (AMT)........................ 5.000 03/01/39 1,087,557 2,400 Lee Cnty, FL Indl Dev Auth Hlthcare Fac Rev Shell PT/Alliance Oblig Group................ 5.125 11/15/36 2,039,688 1,000 Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn Ser A.......................... 5.375 06/15/37 813,260 1,000 Leesburg, FL Hosp Rev Leesburg Regl Med Ctr Proj......................................... 5.500 07/01/32 966,220 3,200 Leesburg, FL Util Rev (FGIC Insd)............ 5.000 10/01/34 3,190,560 1,025 Main Str Cmnty Dev Dist FL Cap Impt Rev Ser A........................................ 6.800 05/01/38 948,402 650 Main Str Cmnty Dev Dist FL Cap Impt Rev Ser B........................................ 6.900 05/01/17 627,881 3,500 Marion Cnty, FL Hosp Dist Rev Hlth Sys Munroe Reg Impt & Rfdg.............................. 5.000 10/01/34 3,308,725 650 Marion Cnty, FL Hosp Dist Rev Hlth Sys Munroe Reg Impt & Rfdg (Prerefunded @ 10/01/09)..... 5.500 10/01/29 685,678 1,500 Miami Beach, FL Stormwtr Rev (FGIC Insd)..... 5.250 09/01/25 1,529,745 1,460 Miami Beach, FL Stormwtr Rev (FGIC Insd) (a).......................................... 5.750 09/01/14 1,544,534 1,045 Miami Beach, FL Stormwtr Rev (FGIC Insd)..... 5.750 09/01/15 1,105,506 3,200 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (CIFG Insd) (AMT)....................... 5.000 10/01/38 3,009,696 2,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (FGIC Insd) (AMT)....................... 5.375 10/01/27 2,008,880 4,720 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (FGIC Insd) (AMT)....................... 5.375 10/01/32 4,720,708
16 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 870 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt Ser B (FGIC Insd)....................... 5.450% 10/01/15 $ 905,731 3,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt Ser B (FGIC Insd)....................... 5.750 10/01/29 3,139,980 2,000 Miami-Dade Cnty, FL Aviation Rev Ser A (FSA Insd) (AMT).................................. 5.000 10/01/33 1,897,940 2,000 Miami-Dade Cnty, FL Aviation Ser A (FSA Insd) (AMT)........................................ 5.125 10/01/35 1,927,220 2,000 Miami-Dade Cnty, FL Ed Fac Auth Rev Ser A (AMBAC Insd) (Prerefunded @ 4/01/10)......... 5.750 04/01/29 2,145,000 940 Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev Ser A........................................ 6.000 05/01/24 872,950 3,860 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)...................... 6.000 01/15/31 4,224,847 390 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)...................... 6.000 01/15/31 427,187 5,100 North Broward, FL Hosp Dist Rev Rfdg Ser B (CIFG Insd) (d) (e).......................... 7.750 01/15/31 5,100,000 1,000 Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd)........................................ * 10/01/12 856,350 1,000 Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd)........................................ * 10/01/13 816,850 980 Orange Cnty, FL Hlth Fac Auth Hosp Hlthcare Ser E........................................ 6.000 10/01/26 1,002,560 20 Orange Cnty, FL Hlth Fac Auth Hosp Hlthcare Ser E (Prerefunded @ 10/01/09)............... 6.000 10/01/26 21,208 2,475 Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower....................... 5.500 07/01/32 2,133,475 1,000 Orange Cnty, FL Hlth Fac Auth Rev Hosp Orlando Regl Hlthcare Ser B.................. 5.125 11/15/39 960,730 1,000 Orange Cnty, FL Hsg Fin Auth Multi-Family Rev Mtg Hands Inc Proj Ser A (Acquired 06/19/95, Cost $1,000,000) (h)......................... 7.000 10/01/25 1,046,940 2,000 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC Insd) (Prerefunded @ 10/01/09)............... 5.500 10/01/31 2,090,980 4,000 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC Insd) (Prerefunded @ 10/01/09)............... 5.625 10/01/14 4,188,920 1,500 Orlando & Orange Cnty Expwy Auth FL Expwy Rev Jr Lien (FGIC Insd).......................... 5.000 07/01/28 1,500,810 2,000 Osceola Cnty, FL Sch Brd Ctf Ser A (AMBAC Insd) (Prerefunded @ 6/01/12)................ 5.250 06/01/27 2,183,600 890 Overoaks, FL Cmnty Dev Dist Cap Impt Rev Ser A........................................ 6.125 05/01/35 776,409 10,000 Palm Beach Cnty, FL Hlth Fac Auth Retirement Cmnty Rev Acts Retirement Life Ser A......... 4.500 11/15/36 7,408,200
See Notes to Financial Statements 17 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 1,650 Palm Beach Cnty, FL Hlth Fac Auth Rev Waterford Proj............................... 5.875% 11/15/37 $ 1,555,389 1,000 Palm Beach Cnty, FL Sch Brd Ctf Partn Ser A (FGIC Insd) (Prerefunded @ 8/01/10).......... 5.875 08/01/21 1,080,850 5,000 Pasco Cnty, FL Wtr & Swr Rev Rfdg (FSA Insd)........................................ 5.000 10/01/36 5,091,400 1,000 Pembroke Pines, FL Cons Util Sys Rev (FGIC Insd) (g).................................... 6.250 09/01/11 1,061,430 1,500 Pensacola, FL Arpt Rev Rfdg Ser A (MBIA Insd) (AMT)........................................ 6.000 10/01/12 1,540,020 1,565 Pensacola, FL Arpt Rev Rfdg Ser A (MBIA Insd) (AMT)........................................ 6.125 10/01/18 1,602,325 500 Polk Cnty, FL Sch Brd Ctf Partn Master Lease Ser A (FSA Insd)............................. 5.500 01/01/25 523,670 2,000 Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist Ser 1-B (MBIA Insd).......... 5.000 07/01/33 2,024,820 4,675 Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj A AMBAC Insd) (b).............. 5.350 03/15/42 4,693,653 890 Reunion East Cmnty Dev Dist FL Spl Assmt..... 5.800 05/01/36 737,596 1,000 Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj Ser A.......................... 5.250 01/01/26 864,040 1,500 Saint John's Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj Ser A.......................... 5.375 01/01/40 1,209,435 5,860 Saint Lucie Cnty, FL Sch Brd Ctf Partn (FSA Insd)........................................ 5.000 07/01/29 5,940,634 2,000 Saint Lucie Cnty, FL Sch Brd Ctf Ser A (FSA Insd)........................................ 5.000 07/01/21 2,076,780 1,000 Saint Lucie Cnty, FL Sch Brd Ctf Ser A (FSA Insd)........................................ 5.000 07/01/23 1,033,380 600 Seminole Tribe, FL Spl Oblig Rev Ser A (f)... 5.250 10/01/27 547,800 1,430 Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev Ser A.................................... 5.875 05/01/35 1,194,765 1,000 South Lake Cnty Hosp Dist FL South Lake Hosp Inc.......................................... 6.375 10/01/28 1,027,760 1,500 South Miami, FL Hlth Fac Auth Hosp Rev Baptist Hlth South FL Group.................. 5.000 08/15/37 1,474,965 2,850 South Vlg Cmnty Dev Dist FL Cap Impt Rev Ser A........................................ 5.700 05/01/35 2,407,794 500 Split Pine Cmnty Dev Dist FL Spl Assmt Ser A............................................ 5.250 05/01/39 399,555 1,250 Sterling Hill Cmnty Dev Dist FL Cap Impt & Rev Ser A.................................... 6.200 05/01/35 1,257,138 1,000 Tallahassee, FL Hlth Fac Rev Tallahassee Mem Hlthcare Proj................................ 6.375 12/01/30 1,010,700 1,000 Tallahassee, FL Lease Rev FL St Univ Proj Ser A (MBIA Insd) (a)............................ 5.500 08/01/17 1,059,970 1,115 Tallahassee, FL Lease Rev FL St Univ Proj Ser A (MBIA Insd) (a)............................ 5.500 08/01/19 1,168,520
18 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 3,000 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt Ser A........................................ 5.750% 07/01/19 $ 3,060,360 1,800 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt Ser A........................................ 5.750 07/01/29 1,827,792 300 Tolomato Cmnty, FL Dev Dist Spl Assmt........ 6.550 05/01/27 294,729 3,170 Tolomato Cmnty, FL Dev Dist Spl Assmt........ 6.650 05/01/40 3,102,225 3,500 Village Ctr Cmnty Dev Dist FL Recreational Rev Ser A (MBIA Insd)........................ 5.125 11/01/36 3,582,040 1,000 Village Ctr Cmnty Dev Dist FL Recreational Rev Ser A (MBIA Insd)........................ 5.200 11/01/25 1,027,420 2,000 Village Ctr Cmnty Dev Dist FL Util Rev (MBIA Insd)........................................ 5.250 10/01/23 2,109,540 1,000 Village Ctr Cmnty Dev Dist FL Util Rev (FGIC Insd) (g).................................... 6.000 11/01/18 1,156,020 1,000 Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero Ser A............................ 5.750 10/15/29 999,360 3,000 West Orange Hlthcare Dist FL Ser A........... 5.800 02/01/31 3,050,580 820 West Palm Beach, FL Cmnty Redev Agy Northwood -- Pleasant Cmnty Redev Ser A...... 5.000 03/01/35 719,624 750 World Comm Cmnty Dev Dist FL Spl Assmt....... 5.500 05/01/38 600,810 -------------- 367,156,034 -------------- GEORGIA 3.1% 5,250 Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien Ser C (FSA Insd) (c)................ 5.000 01/01/33 5,333,028 2,000 Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien Ser C (FSA Insd).................... 5.000 01/01/33 2,031,680 2,187 Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $2,187,000) (h)......................... 7.250 06/15/10 2,221,525 1,500 George L Smith II GA World Congress Cent Auth Rev Domed Stadium Proj Rfdg (MBIA Insd) (AMT)............................ 5.500 07/01/20 1,517,895 2,635 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA Insd)........................................ 6.500 01/01/20 3,252,644 5,575 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA Insd).................................. 6.500 01/01/17 6,408,685 240 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA Insd).................................. 6.500 01/01/17 277,730 85 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA Insd) (Prerefunded @ 1/01/14)................ 6.500 01/01/17 99,554 800 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc...................................... 6.700 07/01/16 808,584 2,500 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc Rfdg................................. 6.500 07/01/27 2,501,475 -------------- 24,452,800 --------------
See Notes to Financial Statements 19 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- IDAHO 0.2% $ 1,340 Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg......................................... 6.125% 11/15/27 $ 1,258,059 -------------- ILLINOIS 10.5% 1,910 Bartlett, IL Tax Increment Rev Quarry Redev Proj Rfdg.................................... 5.600 01/01/23 1,838,681 2,000 Chicago, IL Brd of Ed (FGIC Insd) (Prerefunded @ 12/01/10)..................... 5.500 12/01/31 2,148,160 11,675 Chicago, IL Brd of Ed Rfdg Ser C (FSA Insd)........................................ 5.000 12/01/27 12,120,985 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 1,476,990 4,400 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (c)............. 5.250 01/01/24 4,489,987 11,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (c)............. 5.250 01/01/25 11,735,192 1,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien Passenger Fac Ser B (AMBAC Insd)............. 5.500 01/01/16 1,045,780 2,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien Passenger Fac Ser B (AMBAC Insd)............. 5.500 01/01/17 2,084,340 5,700 Chicago, IL O'Hare Intl Arpt Rev Ser A (FSA Insd) (c).................................... 5.000 01/01/33 5,831,300 1,130 Chicago, IL Proj Rfdg (MBIA Insd) (Prerefunded @ 1/01/11)...................... 5.000 01/01/31 1,143,504 2,370 Chicago, IL Proj Rfdg Ser A (MBIA Insd) (Prerefunded @ 1/01/11)...................... 5.000 01/01/31 2,536,848 375 Chicago, IL Proj Rfdg Ser C (FGIC Insd)...... 5.750 01/01/14 398,655 375 Chicago, IL Proj Rfdg Ser C (FGIC Insd)...... 5.750 01/01/15 398,655 1,000 Chicago, IL Rfdg Ser B (AMBAC Insd).......... 5.125 01/01/15 1,066,440 3,500 Du Page Cnty, IL Fst Presv Dist.............. * 11/01/10 3,260,915 4,500 Hoffman Estates, IL (c)...................... 5.000 12/01/38 4,592,588 2,310 Illinois Dev Fin Auth Rev Adventist Hlth Ser A (MBIA Insd)................................ 5.500 11/15/13 2,532,199 2,500 Illinois Dev Fin Auth Rev Adventist Hlth Ser A (MBIA Insd)................................ 5.500 11/15/15 2,772,225 400 Illinois Fin Auth Rev Christian Homes Inc Rfdg Ser A................................... 5.750 05/15/31 350,404 1,000 Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ......................................... 5.500 04/01/37 956,770 2,000 Illinois Fin Auth Rev IL Inst of Technology Ser A........................................ 5.000 04/01/31 1,860,680 4,500 Illinois Fin Auth Rev Osf Hlthcare Sys Ser A............................................ 5.750 11/15/37 4,461,930 3,500 Illinois Fin Auth Rev Sherman Hlth Sys 2007 Ser A........................................ 5.500 08/01/37 3,282,580 1,330 Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj (AMT).......................... 5.050 08/01/29 1,089,416 1,250 Illinois Hlth Fac Auth Rev Evangelical Hosp Ser C (FSA Insd)............................. 6.750 04/15/17 1,457,462
20 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- ILLINOIS (CONTINUED) $ 2,275 Illinois Hlth Fac Auth Rev South Suburban Hosp (g)..................................... 7.000% 02/15/18 $ 2,668,575 285 Illinois St (FGIC Insd)...................... 5.250 12/01/20 285,530 250 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj Ser A (FGIC Insd)........................................ 5.375 12/15/18 259,150 1,000 Schaumburg, IL Ser B (FGIC Insd)............. 5.000 12/01/41 1,013,960 2,020 University IL Univ Rev Auxiliary Fac Sys (MBIA Insd).................................. 4.500 04/01/36 1,948,330 775 Will Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)... 7.000 12/01/42 757,679 1,500 Yorkville, IL Utd City Spl Svc Area Spl Tax No 2006-113 Cannonball/Beecher............... 5.750 03/01/28 1,312,740 -------------- 83,178,650 -------------- INDIANA 2.5% 1,535 Indiana Hlth & Ed Fac Fin Auth Hosp Rev Clarian Hlth Oblig Ser A..................... 5.000 02/15/36 1,444,926 1,300 Indiana Hlth & Ed Fac Fin Auth Hosp Rev Cmnty Fndtn Northwest IN........................... 5.500 03/01/37 1,142,167 5,600 Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Credit (c)........................... 5.000 11/15/36 5,524,512 4,000 Indiana Hlth Fac Fin Auth Rev Deaconess Hosp Ser A (AMBAC Insd)........................... 5.375 03/01/34 4,074,840 5,500 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Ser D1 (GNMA Collateralized) (AMT) (c).......................................... 4.625 07/01/38 4,583,092 1,280 North Adams, IN Cmnty Sch Renovation Bldg Corp Cap Apprec First Mtg (FSA Insd) (a)..... * 01/15/19 784,871 1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)........................................ 5.950 12/01/29 1,444,395 500 Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (f).......................................... 5.750 09/01/42 437,870 -------------- 19,436,673 -------------- IOWA 3.5% 1,685 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd) (a).......................................... 5.750 06/01/15 1,768,930 1,785 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd) (a).......................................... 5.750 06/01/16 1,873,911 4,300 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys Ser A1 (FGIC Insd) (d) (e)................... 10.000 02/15/35 4,300,000 4,300 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys Ser A2 (FGIC Insd) (d) (e)................... 10.000 02/15/35 4,300,000 4,300 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys Ser A3 (FGIC Insd) (d) (e)................... 10.000 02/15/35 4,300,000 500 Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj Ser C.............................. 5.950 08/01/37 475,285 500 Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj.................................... 6.000 12/01/37 458,450
See Notes to Financial Statements 21 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- IOWA (CONTINUED) $ 2,750 Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd Ser C.............................. 5.375% 06/01/38 $ 2,340,140 6,700 Tobacco Settlement Auth IA Tob Settlement Rev Ser C........................................ 5.500 06/01/42 5,728,902 2,750 Tobacco Settlement Auth IA Tob Settlement Rev Ser C........................................ 5.625 06/01/46 2,387,990 -------------- 27,933,608 -------------- KANSAS 1.8% 2,100 Burlington, KS Environmental Impt Rev Rfdg KC Pwr LT Ser B (XLCA Insd)..................... 5.000 12/01/23 2,099,076 3,810 Kansas St Dev Fin Auth Rev KS Proj Ser N (AMBAC Insd) (a)............................. 5.250 10/01/22 4,005,758 1,100 Labette Cnty, KS Hosp Rev Rfdg & Impt Ser A............................................ 5.750 09/01/37 1,033,373 1,250 Lenexa, KS Hlthcare Fac Rev Rfdg & Impt...... 5.500 05/15/39 1,052,887 3,300 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser A....................... 5.000 05/15/24 2,872,221 1,650 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser A....................... 5.000 05/15/36 1,340,658 700 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser B....................... 5.125 05/15/42 569,898 1,075 Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc Ser A............................. 6.000 11/15/38 970,607 -------------- 13,944,478 -------------- KENTUCKY 1.5% 5,900 Kentucky Hsg Corp Hsg Rev Ser A (AMT) (c).... 4.650 07/01/37 5,157,231 6,725 Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev (c)............................. 5.250 10/01/36 6,528,001 -------------- 11,685,232 -------------- LOUISIANA 1.7% 830 Colonial Pinnacle Cmnty Dev Dist Dev......... 6.750 05/01/23 820,613 1,495 Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt........................................ 5.250 07/01/17 1,330,774 2,425 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg Ser A (GNMA Collateralized) (AMT)............ 5.375 10/20/39 2,365,660 7,500 Louisiana St Gas & Fuels Tax Rev Ser A (FSA Insd) (c).................................... 5.000 05/01/36 7,643,625 1,500 Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)........................................ 5.250 11/01/37 1,496,595 -------------- 13,657,267 -------------- MARYLAND 1.3% 1,050 Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A...................................... 5.125 01/01/36 926,614 1,635 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser H (AMT).............................. 5.100 09/01/37 1,537,914 2,500 Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art.......................... 5.000 06/01/40 2,210,100
22 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- MARYLAND (CONTINUED) $ 2,750 Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr Ser A.......................... 5.500% 07/01/42 $ 2,582,360 2,250 Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt Ser B (AMBAC Insd) (AMT)................ 5.125 03/01/24 2,227,005 950 Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj......................................... 5.200 07/01/34 800,242 -------------- 10,284,235 -------------- MASSACHUSETTS 4.4% 650 Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac Ser A................................ 5.750 11/15/35 567,697 750 Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac Ser A................................ 5.750 11/15/42 650,077 105 Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12)..................................... 6.000 07/01/31 116,941 395 Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12)..................................... 6.000 07/01/31 406,672 35 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C........................... 5.750 07/01/32 36,454 965 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C (Prerefunded @ 7/01/11)... 5.750 07/01/32 1,062,494 5,835 Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue Ser D........................... 5.000 07/01/33 5,102,124 7,785 Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg Ser 126 (AMT) (c)................. 4.550 06/01/27 7,036,754 2,000 Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg Ser 126 (AMT) (c)................. 4.625 06/01/32 1,772,610 5,875 Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg Ser 126 (AMT) (c)................. 4.700 06/01/38 5,545,990 1,000 Massachusetts St Hsg Fin Agy Hsg Ser A (AMT)........................................ 5.100 12/01/27 971,020 6,750 Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Ser A (AMBAC Insd) (c)......... 4.500 08/15/35 6,961,740 4,500 Massachusetts St Wtr Res Auth Gen Ser A (c).......................................... 5.000 08/01/41 4,575,735 -------------- 34,806,308 -------------- MICHIGAN 4.8% 3,015 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1................................... * 07/01/17 1,940,303 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (a)............................... * 07/01/18 1,843,999 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (a)............................... * 07/01/19 1,735,938 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (a)............................... * 07/01/22 1,436,703 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (a)............................... * 07/01/23 1,350,327 3,050 Detroit, MI Downtown Dev Auth Tax Increment Rev Ser C1 (a)............................... * 07/01/24 1,261,724
See Notes to Financial Statements 23 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- MICHIGAN (CONTINUED) $ 3,500 Grand Rapids, MI Downtown Dev Cap Apprec (MBIA Insd).................................. * 06/01/15 $ 2,644,635 2,765 Grand Rapids, MI Downtown Dev Cap Apprec (MBIA Insd).................................. * 06/01/16 1,981,371 2,000 Grand Rapids, MI Wtr Supply Sys Rfdg (FGIC Insd).................................. 5.750% 01/01/13 2,122,540 2,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A........................................ 6.000 07/01/35 1,991,840 1,350 Kent Hosp Fin Auth MI Rev Spectrum Hlth Ser A........................................ 5.250 01/15/47 1,397,628 600 Kent Hosp Fin Auth MI Rev Spectrum Hlth Ser A........................................ 5.500 01/15/47 630,078 2,850 Michigan St Hosp Fin Auth Rev Ascension Hlth Cr Ser A (MBIA Insd) (Prerefunded @ 11/15/09).................................... 5.750 11/15/18 3,023,822 2,500 Michigan St Strategic Fd Detroit Edison Co Proj Rfdg Ser C (XLCA Insd) (AMT)............ 5.450 12/15/32 2,479,750 2,250 Michigan St Strategic Fd Detroit Edison Co Proj Ser A (XLCA Insd) (AMT)................. 5.500 06/01/30 2,252,025 2,500 Michigan St Strategic Fd Detroit Edison Pollutn Ctl Rfdg (AMBAC Insd) (e)............ 4.850 09/01/30 2,609,700 1,000 Michigan St Strategic Fd Detroit Edison Polutnl Ctl Rfdg Ser B (AMT)................. 5.650 09/01/29 1,004,730 7,000 Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr Ser A.................... 6.000 06/01/48 6,392,120 -------------- 38,099,233 -------------- MINNESOTA 1.1% 1,380 Annandale, MN Econ Dev Auth Sr Hsg & Hlthcare Rev Annandale Care Ctr Proj Ser A............ 5.900 11/01/37 1,296,096 525 Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj......................................... 6.000 08/01/42 501,863 1,250 Dakota Cnty, MN Cmnty Dev Agy Multi-Family Hsg Rev Commons Marice Proj Rfdg Ser A....... 5.000 05/01/42 999,287 1,000 Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj......................................... 5.750 11/01/37 941,970 50 Minnesota Agric & Econ Dev Brd Rev Hlthcare Sys (MBIA Insd).............................. 5.750 11/15/26 51,073 300 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks................................... 6.000 10/01/27 292,107 875 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks................................... 6.000 10/01/33 836,028 275 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks................................... 6.125 10/01/39 264,798
24 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- MINNESOTA (CONTINUED) $ 2,200 Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj............. 5.250% 05/15/36 $ 1,982,838 1,400 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj.................................... 6.000 11/15/35 1,393,406 -------------- 8,559,466 -------------- MISSOURI 2.9% 245 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc..... 5.625 06/01/27 239,524 1,255 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc (Prerefunded @ 6/01/12)...................... 5.625 06/01/27 1,380,613 1,700 Cass Cnty, MO Hosp Rev....................... 5.625 05/01/38 1,578,450 1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj............... 5.500 02/01/35 1,220,800 1,625 Jefferson Cnty, MO Reorg Sch Dist No R-6 (FGIC Insd).................................. 5.625 03/01/20 1,709,224 2,500 Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg Ser F......................... 5.750 05/15/26 2,226,775 1,000 Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg Ser F......................... 5.750 05/15/31 869,760 1,325 Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg Ser A................ 5.500 09/01/18 1,296,817 1,250 Saint Charles, MO Ctf Partn Ser B............ 5.500 05/01/18 1,308,862 1,250 Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship Vlg West Cnty Ser A....... 5.375 09/01/21 1,166,362 975 Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs Ser A...... 6.375 12/01/30 927,986 2,335 Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs Ser A...... 6.375 12/01/41 2,191,211 900 Saint Louis Cnty, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg................................... 5.750 11/01/27 855,018 3,025 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMBAC Insd) (AMT) (c).................................... 4.550 07/01/29 2,646,473 3,675 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMBAC Insd) (AMT) (c).................................... 4.600 07/01/36 3,215,136 -------------- 22,833,011 -------------- NEBRASKA 0.3% 2,615 Omaha Pub Pwr Dist NE Elec Rev Sub Sys Ser A........................................ 5.000 02/01/34 2,656,579 --------------
See Notes to Financial Statements 25 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- NEVADA 2.4% $ 4,900 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (FGIC Insd) (AMT)............ 4.750% 09/01/36 $ 3,929,212 3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMBAC Insd) (AMT)........... 5.250 07/01/34 2,741,400 3,500 Clark Cnty, NV Indl Dev Southwest Gas Corp Proj Ser D1 (FGIC Insd) (AMT)................ 5.250 03/01/38 3,028,970 4,100 Nevada Hsg Div Single Family Mtg Rev Ser A (GNMA Collateralized) (AMT).................. 5.875 04/01/38 4,173,759 3,460 Reno, NV Hosp Rev Regl Med Ctr Proj Ser A (c).................................... 5.250 06/01/37 3,258,697 1,500 Reno, NV Sr Lien Retrac Reno Trans Proj (AMBAC Insd) (Prerefunded @ 6/01/12)......... 5.125 06/01/32 1,625,100 -------------- 18,757,138 -------------- NEW HAMPSHIRE 0.3% 1,000 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch............................... 7.000 07/01/30 1,033,140 950 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)..... 6.300 05/01/22 959,965 -------------- 1,993,105 -------------- NEW JERSEY 6.9% 375 Burlington Cnty, NJ Bridge Cmnty Econ Dev Rev The Evergreens Proj.......................... 5.625 01/01/38 343,129 1,200 New Jersey Econ Dev Auth Rev Cig Tax......... 5.750 06/15/29 1,176,912 3,150 New Jersey Econ Dev Auth Rev Cig Tax......... 5.750 06/15/34 3,026,457 25,000 New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd)......................... 5.900 03/15/21 28,997,250 2,000 New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp.................................... 5.000 07/01/36 1,741,740 2,300 New Jersey Hlthcare Fac Fin Auth Rev Saint Peter Univ Hosp Oblig........................ 5.750 07/01/37 2,242,661 2,095 New Jersey St Trans Tr Fd Auth Trans Sys Ser A........................................ 5.750 06/15/17 2,420,898 4,500 Tobacco Settlement Fin Corp NJ Ser A1........ 4.750 06/01/34 3,559,140 14,000 Tobacco Settlement Fin Corp NJ Ser A1 (c).... 5.000 06/01/41 11,205,390 -------------- 54,713,577 -------------- 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 1,297,225 -------------- NEW YORK 13.6% 8,400 Metropolitan Trans Auth NY Dedicated Tax Fund Rfdg Ser B (XCLA Insd) (d) (e)............... 5.000 11/15/20 8,400,000 2,500 Metropolitan Trans Auth NY Rev Rfdg Ser A (FGIC Insd).................................. 5.250 11/15/31 2,531,125
26 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- NEW YORK (CONTINUED) $ 13,750 Metropolitan Trans Auth NY Rev Trans Ser B (FSA Insd) (c)............................... 4.500% 11/15/36 $ 14,034,146 2,400 New York City Hsg Dev Corp Multi-Family Hsg Rev Ser E1 (AMT)............................. 5.350 11/01/37 2,340,912 3,650 New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj Ser B................... 6.750 03/01/15 3,762,164 16,930 New York City Trans Auth Trans Fac Livingston Plaza Proj Rfdg Ser 1993 (FSA Insd) (g)...... 5.400 01/01/18 18,630,280 2,000 New York City Trans Future Tax Second Ser C (AMBAC Insd)................................. 5.250 08/01/22 2,100,740 7,225 New York, NY Sub Ser I-1 (c)................. 5.000 02/01/26 7,466,617 2,500 New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm Ser A (FSA Insd).................... 5.500 05/15/25 2,528,675 7,485 New York St Dorm Auth Rev City Univ Sys Ser C........................................ 7.500 07/01/10 7,897,349 3,000 New York St Dorm Auth Rev Hosp (MBIA Insd).................................. 5.000 08/01/33 3,033,480 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 2,165,000 3,000 New York St Dorm Auth Rev St Univ Ed Fac (FGIC Insd) (Prerefunded @ 5/15/10).......... 5.750 05/15/24 3,232,620 2,840 New York St Loc Govt Assistance Corp Rfdg Ser E........................................ 6.000 04/01/14 3,131,611 1,500 New York St Urban Dev Corp Rev Correctional Fac Rfdg..................................... 5.500 01/01/13 1,613,130 5,500 New York St Urban Dev Corp Rev St Fac & Equip Sub Ser A (CIFG Insd) (d) (e)................ 7.750 03/15/33 5,500,000 12,100 Port Auth NY & NJ (c)........................ 5.000 10/01/35 12,366,062 3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)....... 5.750 12/01/22 3,010,170 3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)....... 5.750 12/01/25 2,999,850 950 Seneca Nation Indians Cap Impt Auth NY Spl Oblig Ser A (f).............................. 5.000 12/01/23 845,348 -------------- 107,589,279 -------------- NORTH CAROLINA 6.0% 5,850 North Carolina Cap Fac Fin Agy Rev Duke Univ Proj Ser A................................... 5.000 10/01/41 5,973,318 4,000 North Carolina Eastern Muni Pwr Agy Pwr Sys Rev Ser D.................................... 6.750 01/01/26 4,195,160 9,000 North Carolina Med Care Commn Hlthcare Fac Rev Univ Eastern Carolina (AMBAC Insd) (d) (e).......................................... 4.500 12/01/28 9,000,000
See Notes to Financial Statements 27 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- NORTH CAROLINA (CONTINUED) $ 1,500 North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj Ser A........ 5.750% 10/01/37 $ 1,485,210 25,000 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd)......................... 6.000 01/01/12 27,232,250 -------------- 47,885,938 -------------- NORTH DAKOTA 0.3% 570 North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm Home Mtg Fin Ser B (MBIA Insd) (AMT)......... 5.500 07/01/29 582,135 1,500 Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg......................... 5.125 07/01/29 1,384,215 -------------- 1,966,350 -------------- OHIO 6.6% 12,400 Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo Ser A-2............................. 5.750 06/01/34 11,209,476 6,500 Buckeye, OH Tob Settlement Fin Auth Sr Turbo Ser A-2...................................... 5.875 06/01/30 6,048,250 6,750 Buckeye, OH Tob Settlement Fin Auth Sr Turbo Ser A-2...................................... 5.875 06/01/47 5,973,210 450 Cuyahoga Cnty, OH Hlthcare Indpt Living Fac Rev Eliza Jennings Sr Care Ser A............. 5.750 05/15/27 408,636 2,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj......................................... 7.500 01/01/30 2,147,980 1,000 Delaware Cnty, OH Cap Fac (Prerefunded @ 12/01/10).................................... 6.000 12/01/25 1,095,890 1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Ser S........................................ 5.375 10/01/30 1,014,270 4,500 Lorain Cnty, OH Hosp Rev Fac Catholic Ser A (FSA Insd) (b)............................... 5.000 02/01/24 4,610,475 4,525 Lorain Cnty, OH Hosp Rev Fac Catholic Ser B (FSA Insd) (b)............................... 5.000 02/01/24 4,636,089 4,800 Lorain Cnty, OH Hosp Rev Fac Catholic Ser C (FSA Insd) (b)............................... 5.000 04/01/24 4,917,840 1,625 Montgomery Cnty, OH Rev Catholic Hlth Ser C-1 (FSA Insd) (b)............................... 5.000 10/01/41 1,644,126 8,000 Ohio St Air Quality Dev Auth Rev Dayton Pwr (FGIC Insd) (AMT) (c)........................ 4.800 09/01/36 8,066,778 1,000 Ohio St Higher Ed Fac Cmnty Rev Hosp Univ Hosp Hlth Sys Inc Ser A...................... 5.250 01/15/46 936,300 -------------- 52,709,320 -------------- OKLAHOMA 1.0% 1,505 Alva, OK Hosp Auth Hosp Rev Sales Tax (Radian Insd)........................................ 5.250 06/01/25 1,528,945 2,175 Chickasaw Nation, OK Hlth Sys (f)............ 6.250 12/01/32 2,170,780 1,500 Jenks, OK Aquarium Auth Rev First Mtg (MBIA Insd) (Prerefunded @ 7/01/10)................ 6.100 07/01/30 1,630,665
28 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- OKLAHOMA (CONTINUED) $ 1,575 Oklahoma City, OK Arpt Tr Jr Lien 27th Ser B (FSA Insd) (AMT)............................. 5.750% 07/01/16 $ 1,632,960 1,000 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev (FGIC Insd).................................. 5.250 10/01/29 1,026,520 -------------- 7,989,870 -------------- OREGON 0.8% 4,350 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd)........................................ 5.250 07/01/22 4,543,445 1,985 Portland, OR Urban Renewal & Redev Downtown Wtrfront Ser A (AMBAC Insd).................. 5.750 06/15/16 2,109,102 -------------- 6,652,547 -------------- PENNSYLVANIA 3.3% 2,750 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA Ser A................................ 5.000 11/15/28 2,289,925 575 Allegheny Cnty, PA Rfdg Ser C-53 (FGIC Insd)........................................ 5.500 11/01/14 608,586 230 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd).................................. 5.500 12/01/30 239,892 2,615 Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg (FHA Gtd)............................... 7.000 08/01/22 2,635,763 875 Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj.............. 6.250 02/01/35 803,399 1,550 Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy Ser B (AMT)................... 6.750 12/01/36 1,566,399 1,600 Pennsylvania Hsg Fin Agy Single Family Mtg Rev Ser 94-A (AMT)........................... 5.100 10/01/31 1,528,384 9,240 Pennsylvania St Pub Sch Bldg Auth Lease Rev Sch Dist Philadelphia Proj Ser B (FSA Insd) (c).......................................... 4.500 06/01/32 9,006,743 1,000 Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj Ser A (FGIC Insd) (AMT)................. 5.125 07/01/19 991,290 2,400 Philadelphia, PA Gas Wks Rev 1998 Gen Ordinance Ser 4 (FSA Insd)................... 5.250 08/01/22 2,493,432 2,350 Pittsburgh, PA Ser A (AMBAC Insd)............ 5.500 09/01/16 2,503,761 1,580 Ridley Park, PA Hosp Auth Rev Taylor Hosp Ser A (g)........................................ 6.000 12/01/13 1,715,074 -------------- 26,382,648 -------------- RHODE ISLAND 0.1% 1,100 Rhode Island Hsg & Mtg Fin Corp Homeownership Oppty Ser 57-B (AMT)......................... 5.350 10/01/37 1,071,334 -------------- SOUTH CAROLINA 6.8% 2,375 Berkeley Cnty, SC Sch Dist Ctf Partn Berkeley Sch Fac Grp Inc (MBIA Insd) (g).............. 5.250 02/01/16 2,598,060 3,375 Charleston Ed Excellence Fin Corp SC Rev (c).......................................... 5.250 12/01/25 3,455,384 10,125 Charleston Ed Excellence Fin Corp SC Rev (c).......................................... 5.250 12/01/26 10,366,152
See Notes to Financial Statements 29 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- SOUTH CAROLINA (CONTINUED) $ 3,490 Charleston Ed Excellence Fin Corp SC Rev (AGC Insd) (c).................................... 5.250% 12/01/28 $ 3,626,538 6,510 Charleston Ed Excellence Fin Corp SC Rev (AGC Insd) (c).................................... 5.250 12/01/30 6,764,687 1,840 Myrtle Beach, SC Hospitality Fee Rev Ser A (FGIC Insd) (a).............................. 5.375 06/01/21 1,938,826 1,935 Myrtle Beach, SC Hospitality Fee Rev Ser A (FGIC Insd) (a).............................. 5.375 06/01/22 2,029,428 1,400 South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Rfdg First Mtg Wesley Commons...... 5.300 10/01/36 1,145,522 1,100 South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev Rfdg First Mtg Lutheran Homes........ 5.500 05/01/28 932,690 1,000 South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev Rfdg First Mtg Lutheran Homes........ 5.625 05/01/42 826,030 3,000 South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg Ser A........ 6.250 08/01/31 3,047,850 8,350 South Carolina Jobs Econ Dev Auth Hosp Fac Rev Rfdg Palmetto Hlth Ser A (FSA Insd) (d) (e).......................................... 4.990 08/01/35 8,350,000 4,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser A (AMBAC Insd)........ 5.200 11/01/27 4,592,160 3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser B (AMBAC Insd) (AMT)........................................ 5.450 11/01/32 3,750,000 750 South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj Ser A............... 6.000 11/15/27 701,348 -------------- 54,124,675 -------------- SOUTH DAKOTA 1.0% 2,250 Deadwood, SD Ctf Partn (ACA Insd)............ 6.375 11/01/20 2,363,490 4,500 South Dakota Hsg Dev Auth Homeownership Mtg Ser E (AMT) (c).............................. 4.625 05/01/36 3,922,491 1,000 South Dakota St Hlth & Ed Fac Auth Rev Children's Care Hosp Rfdg (Prerefunded @ 11/01/09).................................... 6.125 11/01/29 1,066,010 845 South Dakota St Hlth & Ed Fac Auth Vocational Ed Pgm Ser A (AMBAC Insd).................... 5.400 08/01/13 850,349 -------------- 8,202,340 -------------- TENNESSEE 2.1% 4,345 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg Ser A............. 5.125 10/01/35 3,765,899 3,500 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg Ser A (MBIA Insd) (Prerefunded @ 7/01/12)...................... 7.500 07/01/25 4,068,190 5,345 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Ser A.................. 5.500 07/01/36 4,983,357 410 Montgomery Cnty, TN Pub Impt Rfdg (FGIC Insd) (a).......................................... 5.500 05/01/16 439,274
30 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- TENNESSEE (CONTINUED) $ 2,000 Tennessee Energy Acquisition Corp Gas Rev Ser A............................................ 5.250% 09/01/21 $ 1,971,020 1,465 Tennessee Hsg Dev Agy Homeownership Prog 2006 (AMT)........................................ 5.150 01/01/37 1,385,289 -------------- 16,613,029 -------------- TEXAS 15.9% 2,685 Beaumont, TX Wtrwks & Swr Sys (FGIC Insd) (Prerefunded @ 9/01/10) (a).................. 6.250 09/01/15 2,915,051 300 Brazos Cnty, TX Hlth Fac Dev Oblig Grp....... 5.375 01/01/32 293,490 1,155 Dallas Cnty, TX Flood Ctl Dist Rfdg.......... 6.750 04/01/16 1,185,434 4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg Ser A (FGIC Insd) (AMT)................. 5.500 11/01/31 3,942,920 4,000 Dallas-Fort Worth, TX Intl Arpt Rev Ser A (FGIC Insd) (AMT)............................ 5.750 11/01/30 4,015,360 1,050 Dallas-Fort Worth, TX Intl Arpt Rev Ser C (MBIA Insd) (AMT)............................ 5.750 11/01/18 1,060,752 2,000 Dallas-Fort Worth, TX Intl Arpt Rev Ser C (MBIA Insd) (AMT)............................ 6.000 11/01/23 2,021,680 7,960 El Paso Cnty, TX Hosp Dist Ser A (AGL Insd) (b).......................................... 5.000 08/15/37 7,997,571 3,730 Fort Bend, TX Indpt Sch Dist Rfdg & Sch Bldg (PSF Gtd) (b)................................ 5.000 08/15/27 3,875,806 6,000 Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Ars Baylor College Med (AMBAC Insd) (d) (e).......................................... 5.170 11/15/47 6,000,000 1,000 Harris Cnty, TX Hlth Fac Dev Mem Hermann Hlthcare Ser A (Prerefunded @ 6/01/11)....... 6.375 06/01/29 1,112,940 4,820 Harris Cnty, TX Toll Rd (AMBAC Insd) (Prerefunded @ 8/15/09)...................... * 08/15/18 2,515,365 1,000 Harris Cnty, TX Toll Rd (AMBAC Insd) (Prerefunded @ 8/15/09)...................... * 08/15/21 424,520 3,000 Harris Cnty-Houston, TX Sports Auth Spl Rev Jr Lien Rfdg Ser B (MBIA Insd)............... 5.250 11/15/40 3,014,160 1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA Insd) (AMT).................................. 5.625 07/01/30 1,008,130 5,105 Houston, TX Hotel Occupancy Tax & Spl Rev Convention & Entmt Ser B (AMBAC Insd)........ 5.750 09/01/15 5,424,879 225 Houston, TX Pub Impt & Rfdg (FSA Insd)....... 5.750 03/01/15 239,546 3,000 Houston, TX Util Sys Rev First Lien Rfdg Ser A (FSA Insd)................................. 5.250 05/15/21 3,200,610 12,800 Houston, TX Util Sys Rev Rfdg Comb First Lien Ser A (FSA Insd)............................. 5.000 11/15/36 13,112,064 5,025 Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd)........................................ 5.000 02/01/37 5,106,556 965 Lower CO Riv Auth TX Transmission Proj Corp (FGIC Insd).................................. 5.000 05/15/33 962,240 1,650 Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX............................. 5.500 02/15/32 1,526,399
See Notes to Financial Statements 31 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- TEXAS (CONTINUED) $ 1,250 Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX............................. 5.500% 02/15/37 $ 1,140,850 1,500 Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr........................... 5.625 02/15/35 1,357,110 1,500 Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr (Prerefunded @ 2/15/10)... 7.500 02/15/18 1,643,475 1,100 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj.......................... 7.200 01/01/21 1,115,103 1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj.......................... 7.250 01/01/31 1,517,955 1,500 North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj Ser A............... 5.125 05/15/29 1,504,350 5,750 North Central, TX Hlth Fac Dev Corp Rev Hosp Childrens Med Ctr Dallas (AMBAC Insd)........ 5.250 08/15/32 5,823,657 1,500 North TX Twy Auth Rev Rfdg Sys First Tier Ser A........................................ 5.625 01/01/33 1,530,705 1,000 North TX Twy Auth Rev Rfdg Sys First Tier Ser B........................................ 5.625 01/01/28 1,034,200 1,000 North TX Twy Auth Rev Rfdg Sys First Tier Ser B........................................ 6.000 01/01/26 1,074,270 1,420 North TX Twy Auth Rev Rfdg Sys First Tier Ser B........................................ 6.000 01/01/27 1,516,489 650 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement CC Young Mem Hom Proj............. 5.750 02/15/25 589,147 1,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc.................................... 5.625 11/15/27 877,860 4,200 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc.................................... 5.750 11/15/37 3,650,808 8,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj..................................... 5.250 11/15/37 7,164,000 3,750 Tarrant Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Cook Childrens Med Ctr (FSA Insd)....... 5.000 12/01/30 3,792,563 1,305 Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (FSA Insd).................. 5.500 09/01/13 1,317,071 2,750 Texas St Vets Housing Assistance Pgm Vet Ser B (FHA Gtd) (AMT)............................ 6.100 06/01/31 2,795,843 1,000 Texas Tech Univ Rev Fin Sys Ser 7 (MBIA Insd) (Prerefunded @ 2/15/12)...................... 5.000 08/15/25 1,074,210 8,700 Texas St Trans Commn Mobility Fd (c)......... 5.000 04/01/28 9,065,922
32 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- TEXAS (CONTINUED) $ 1,500 Texas Wtr Dev Brd Rev St Revolving Fd Sr Lien Ser B........................................ 5.250% 07/15/17 $ 1,557,690 4,900 Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg Ser A................... 5.375 11/01/37 4,307,786 -------------- 126,406,537 -------------- UTAH 0.3% 1,000 Utah Hsg Corp Single Family Mtg Rev Ser E (AMT) (c).................................... 5.250 01/01/39 957,380 1,100 Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy Ser A......................... 5.800 06/15/38 1,020,096 -------------- 1,977,476 -------------- VIRGINIA 2.9% 1,320 Fairfax Cnty, VA Ctf Partn................... 5.300 04/15/23 1,364,180 750 Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal at Lexington Ser A........ 5.500 01/01/37 657,803 750 Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig.................................... 6.450 09/01/37 692,273 800 Tobacco Settlement Fin Corp VA............... 5.500 06/01/26 878,344 5,920 Tobacco Settlement Fin Corp VA (Prerefunded @ 6/01/15)..................................... 5.625 06/01/37 6,627,203 3,150 Virginia St Hsg Auth Dev Auth Rental Hsg Ser D (AMT) (c).................................. 4.500 07/01/29 2,797,281 3,650 Virginia St Hsg Auth Dev Auth Rental Hsg Ser D (AMT) (c).................................. 4.600 07/01/33 3,226,447 5,475 Virginia St Hsg Auth Dev Comwlth Mtg Ser B (AMT) (c).................................... 4.850 01/01/36 5,041,000 2,000 White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev.................................... 5.300 03/01/17 1,933,460 -------------- 23,217,991 -------------- WASHINGTON 4.6% 2,500 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser A (FSA Insd)............................. 5.500 07/01/18 2,659,775 5,360 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser B (FSA Insd)............................. 6.000 07/01/16 5,935,664 2,500 Goat Hill Ppty WA Lease Rev Govt Office Bldg Proj (MBIA Insd)............................. 5.000 12/01/33 2,549,050 1,950 Kalispel Tribe Indians Priority Dist WA Rev.......................................... 6.625 01/01/28 1,866,267 7,720 Klickitat Cnty, WA Pub Util Dist No 001 Elec Rev Rfdg Ser B (FGIC Insd) (a)............... 5.000 12/01/25 7,762,460 1,000 Port Seattle, WA Rev Ser B (MBIA Insd) (AMT)........................................ 5.625 02/01/24 1,007,990 1,435 Radford Ct Ppty WA Student Hsg Rev (MBIA Insd) (a).................................... 6.000 06/01/15 1,533,384 1,585 Radford Ct Ppty WA Student Hsg Rev (MBIA Insd) (a).................................... 6.000 06/01/16 1,693,668 1,000 Seattle, WA Muni Lt & Pwr Rev................ 5.625 12/01/18 1,054,730
See Notes to Financial Statements 33 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- WASHINGTON (CONTINUED) $ 1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp.............................. 5.500% 12/01/30 $ 1,180,537 1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp.............................. 5.750 12/01/28 1,240,988 1,140 Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp.............................. 5.750 12/01/32 1,096,463 2,100 Spokane, WA Pub Fac Dist Hotel (MBIA Insd)... 5.750 12/01/21 2,268,084 3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd).......................... 5.250 09/01/33 3,060,930 1,000 Washington St Hsg Fin Cmnty Nonprofit Rev Skyline at First Hill Proj Ser A............. 5.625 01/01/38 849,970 1,000 Washington St Hsg Fin Cmnty Single Family Prog Ser 2-A (GNMA Collateralized) (AMT)..... 4.700 12/01/38 854,680 -------------- 36,614,640 -------------- WEST VIRGINIA 0.2% 250 Ohio Cnty, VA Cnty Commn Tax Increment Rev Fort Henry Ctr Fin Dist Ser A................ 5.625 06/01/22 254,433 1,500 Pleasants Cnty, VA Pollutn Ctl Rev Cnty Comm Allegheny Rfdg Ser F......................... 5.250 10/15/37 1,426,710 -------------- 1,681,143 -------------- WISCONSIN 2.5% 510 Badger Tob Asset Sec Corp WI................. 6.375 06/01/32 513,091 2,000 Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg Ser A (MBIA Insd)......... 5.500 12/15/20 2,267,360 7,500 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev Ser A (AMT) (c).......................... 4.750 09/01/33 6,761,950 5,935 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev Ser A (AMT) (c).......................... 4.800 03/01/38 5,306,651 4,750 Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd).............................. 5.000 08/01/34 4,708,485 300 Wisconsin St Hlth & Ed Fac Auth Rev Newcastle Place Inc Ser A.............................. 6.000 12/01/27 278,952 -------------- 19,836,489 -------------- WYOMING 0.2% 2,000 Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)......................... 5.600 12/01/35 1,843,480 -------------- GUAM 0.7% 5,800 Guam Pwr Auth Rev Ser A (AMBAC Insd)......... 5.250 10/01/34 5,799,710 --------------
34 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - -------------------------------------------------------------------------------------------- PUERTO RICO 0.7% $ 4,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev Ser Y (FSA Insd) (c)......................... 6.250% 07/01/21 $ 4,724,620 1,000 Puerto Rico Indl Tourist Ed Med & Environmental Ctl Fac Fin Auth Higher Ed Rev.......................................... 5.375 02/01/19 996,680 50 Puerto Rico Pub Bldg Auth Rev Govt Fac Ser I (Comwth Gtd) (Prerefunded @ 7/01/14)......... 5.250 07/01/33 54,742 -------------- 5,776,042 -------------- U.S. VIRGIN ISLANDS 0.5% 1,500 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A............................ 6.375 10/01/19 1,602,840 1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A (ACA Insd) (Prerefunded @ 10/01/10).................................... 6.125 10/01/29 1,088,920 1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A (Prerefunded @ 10/01/10)... 6.500 10/01/24 1,103,860 -------------- 3,795,620 -------------- TOTAL LONG-TERM INVESTMENTS 202.6% (Cost $1,619,796,718).................................................... 1,606,407,321 SHORT-TERM INVESTMENTS 0.9% (Cost $6,700,000)........................................................ 6,700,000 -------------- TOTAL INVESTMENTS 203.5% (Cost $1,626,496,718).................................................... 1,613,107,321 LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (32.2%) (Cost ($254,925,000)) (254,925) Notes with interest rates ranging from 2.42% to 5.00% at April 30, 2008 and contractual maturities of collateral ranging from 2021 to 2047 (See Note 1) (i).................................. (254,925,000) -------------- TOTAL NET INVESTMENTS 171.3% (Cost $1,371,571,718).................................................... 1,358,182,321 LIABILITIES IN EXCESS OF OTHER ASSETS (3.7%).............................. (29,018,184) PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (67.6%)................ (536,409,050) -------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................. $ 792,755,087 ==============
See Notes to Financial Statements 35 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued Percentages are calculated as a percentage of net assets applicable to common shares. * Zero coupon bond (a) The Trust owns 100% of the outstanding bond issuance. (b) Security purchased on a when-issued or delayed delivery basis. (c) Underlying security related to Inverse Floaters entered into by the Trust. (See Note 1). (d) Security includes a feature allowing the Trust an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions. (e) Variable Rate Coupon (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) Escrowed to Maturity (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 notes. The interest rates shown reflect the rates in effect at April 30, 2008. ACA--American Capital Access AGC--AGC Insured Custody Certificates AGL--Assured Guaranty Ltd. 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 FSA--Financial Security Assurance Inc. GNMA--Government National Mortgage Association MBIA--Municipal Bond Investors Assurance Corp. PSF--Public School Fund Radian--Radian Asset Assurance XLCA--XL Capital Assurance Inc. 36 See Notes to Financial Statements VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS FINANCIAL STATEMENTS Statement of Assets and Liabilities April 30, 2008 (Unaudited) ASSETS: Total Investments (Cost $1,626,496,718)..................... $1,613,107,321 Receivables: Investments Sold.......................................... 51,772,254 Interest.................................................. 22,905,552 -------------- Total Assets............................................ 1,687,785,127 -------------- LIABILITIES: Payables: Floating Rate Note Obligations............................ 254,925,000 Investments Purchased..................................... 101,038,005 Investment Advisory Fee................................... 488,909 Income Distributions--Common Shares....................... 146,424 Custodian Bank............................................ 351 Other Affiliates.......................................... 27,496 Trustees' Deferred Compensation and Retirement Plans........ 1,541,381 Accrued Expenses............................................ 453,424 -------------- Total Liabilities....................................... 358,620,990 Preferred Shares (including accrued distributions).......... 536,409,050 -------------- NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 792,755,087 ============== NET ASSET VALUE PER COMMON SHARE ($792,755,087 divided by 53,999,602 shares outstanding)............................ $ 14.68 ============== NET ASSETS CONSIST OF: Common Shares ($0.01 par value with an unlimited number of shares authorized, 53,999,602 shares issued and outstanding).............................................. $ 539,996 Paid in Surplus............................................. 824,947,710 Accumulated Undistributed Net Investment Income............. 5,445,961 Net Unrealized Depreciation................................. (13,389,397) Accumulated Net Realized Loss............................... (24,789,183) -------------- NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 792,755,087 ============== PREFERRED SHARES ($0.01 par value, authorized 100,000,000 shares, 21,440 issued with liquidation preference of $25,000 per share)........................................ $ 536,000,000 ============== NET ASSETS INCLUDING PREFERRED SHARES....................... $1,328,755,087 ==============
See Notes to Financial Statements 37 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS FINANCIAL STATEMENTS continued Statement of Operations For the Six Months Ended April 30, 2008 (Unaudited) INVESTMENT INCOME: Interest.................................................... $ 43,407,842 ------------ EXPENSES: Interest & Residual Trust Expense........................... 4,912,027 Investment Advisory Fee..................................... 3,716,121 Preferred Share Maintenance................................. 689,486 Accounting and Administrative Expenses...................... 125,058 Professional Fees........................................... 77,023 Reports to Shareholders..................................... 40,757 Custody..................................................... 35,929 Transfer Agent Fees......................................... 35,264 Trustees' Fees and Related Expenses......................... 9,564 Depreciation in Trustee's Deferred Compensation Accounts.... (170,876) Other....................................................... 38,228 ------------ Total Expenses.......................................... 9,508,581 Investment Advisory Fee Reduction....................... 675,658 Less Credits Earned on Cash Balances.................... 154 ------------ Net Expenses............................................ 8,832,769 ------------ NET INVESTMENT INCOME....................................... $ 34,575,073 ============ REALIZED AND UNREALIZED GAIN/LOSS: Realized Gain/Loss: Investments............................................... $ (4,781,872) Futures................................................... (9,980,264) ------------ Net Realized Loss........................................... (14,762,136) ------------ Unrealized Appreciation/Depreciation: Beginning of the Period................................... 40,999,027 End of the Period: Investments............................................. (13,389,397) ------------ Net Unrealized Depreciation During the Period............... (54,388,424) ------------ NET REALIZED AND UNREALIZED LOSS............................ $(69,150,560) ============ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (9,685,106) ============ NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS................................................ $(44,260,593) ============
38 See Notes to Financial Statements 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, 2008 OCTOBER 31, 2007 ------------------------------------ FROM INVESTMENT ACTIVITIES: Operations: Net Investment Income.................................... $ 34,575,073 $ 56,902,599 Net Realized Loss........................................ (14,762,136) (10,925,564) Net Unrealized Depreciation During the Period............ (54,388,424) (30,994,070) Distributions to Preferred Shareholders: Net Investment Income.................................. (9,685,106) (17,748,008) Net Realized Gain...................................... -0- (281,906) ------------ ------------ Change in Net Assets Applicable to Common Shares from Operations............................................. (44,260,593) (3,046,949) Distributions to Common Shareholders: Net Investment Income.................................. (22,185,183) (38,512,865) Net Realized Gain...................................... -0- (814,663) ------------ ------------ NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM INVESTMENT ACTIVITIES.................................. (66,445,776) (42,374,477) ------------ ------------ FROM CAPITAL TRANSACTIONS: Proceeds from Common Shares Acquired Through Merger...... -0- 178,974,855 Repurchase of Shares..................................... (8,563,285) (12,203,223) ------------ ------------ NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM CAPITAL TRANSACTIONS................................... (8,563,285) 166,771,632 NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES..... (75,009,061) 124,397,155 NET ASSETS APPLICABLE TO COMMON SHARES: Beginning of the Period.................................. 867,764,148 743,366,993 ------------ ------------ End of the Period (Including accumulated undistributed net investment income of $5,445,961 and $2,741,177, respectively).......................................... $792,755,087 $867,764,148 ============ ============
See Notes to Financial Statements 39 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS FINANCIAL STATEMENTS continued Statement of Cash Flows For the Six Months Ended April 30, 2008 (Unaudited) CHANGE IN NET ASSETS FROM OPERATIONS (INCLUDING PREFERRED SHARE DISTRIBUTIONS)...................................... $ (44,260,593) ------------- Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Used For Operating Activities: Purchases of Investments.................................. (549,828,695) Proceeds from Sales of Investments........................ 602,608,208 Net Sales of Short-Term Investments....................... 1,600,000 Amortization of Premium................................... 931,941 Accretion of Discount..................................... (957,226) Net Realized Gain on Investments.......................... 4,781,872 Net Change in Unrealized Depreciation on Investments...... 54,976,047 Decrease in Variation Margin on Futures................... 1,595,000 Increase in Interest Receivables and Other Assets......... (1,255,033) Increase in Receivable for Investments Sold............... (51,547,254) Decrease in Accrued Expenses and Other Payables........... (712,107) Increase in Investments Purchased Payable................. 80,511,811 Increase in Custodian Bank Payable........................ 351 ------------- Total Adjustments....................................... 142,704,915 ------------- NET CASH PROVIDED BY OPERATING ACTIVITIES................... 98,444,322 ------------- CASH FLOWS FROM FINANCING ACTIVITIES Repurchased Shares........................................ (8,845,729) Dividends Paid............................................ (22,730,232) Proceeds from and Repayments of Floating Rate Note Obligations............................................. (66,870,000) ------------- NET CASH USED FOR FINANCING ACTIVITIES...................... (98,445,961) ------------- Net Decrease in Cash........................................ (1,639) Cash at the Beginning of the Period......................... 1,639 ------------- CASH AT THE END OF THE PERIOD............................... $ -0- ============= SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash Paid During the Year for Interest.................... $ 4,912,027 =============
40 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, -------------------------------------------------- 2008 2007 2006 2005 2004 2003 --------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF THE PERIOD................. $ 15.89 $ 16.97 $ 16.80 $ 17.34 $ 17.15 $ 17.46 ------- ------- ------- ------- ------- ------- Net Investment Income................................... 0.64(a) 1.18(a) 1.11(a) 1.09 1.09 1.10 Net Realized and Unrealized Gain/Loss................... (1.26) (1.06) 0.47 (0.48) 0.31 0.09 Common Share Equivalent of Distributions Paid to Preferred Shareholders: Net Investment Income................................. (0.18) (0.37) (0.29) (0.22) (0.10) (0.08) Net Realized Gain..................................... -0- (0.01) (0.06) 0.00 (0.01) (0.03) ------- ------- ------- ------- ------- ------- Total from Investment Operations......................... (0.80) (0.26) 1.23 0.39 1.29 1.08 Distributions Paid to Common Shareholders: Net Investment Income................................. (0.41) (0.80) (0.82) (0.93) (1.00) (1.07) Net Realized Gain..................................... -0- (0.02) (0.24) 0.00 (0.10) (0.32) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF THE PERIOD....................... $ 14.68 $ 15.89 $ 16.97 $ 16.80 $ 17.34 $ 17.15 ======= ======= ======= ======= ======= ======= Common Share Market Price at End of the Period........... $ 14.06 $ 14.11 $ 14.94 $ 14.61 $ 15.34 $ 15.58 Total Return* (b)........................................ 2.57%** (0.39%) 9.86% 1.31% 5.76% 7.60% Net Assets Applicable to Common Shares at End of the Period (In millions).................................... $ 792.8 $ 867.8 $ 743.4 $ 736.0 $ 468.3 $ 463.3 Ratio of Expenses to Average Net Assets Applicable to Common Shares* (c)...................................... 2.16% 2.45% 1.28% 1.17% 1.27% 1.28% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares* (c)........................ 8.45% 7.85% 6.68% 6.51% 6.43% 6.40% Portfolio Turnover....................................... 33%** 26% 25% 25% 18% 23% * 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)..................................... 2.32% 2.61% N/A N/A N/A N/A Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c)....................... 8.29% 7.69% 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).............................................. 0.96% 1.12% 1.17% 1.17% 1.27% 1.28% Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable Including Preferred Shares (c).................................... 0.58% 0.64% 0.73% 0.74% 0.80% 0.82% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d)......................... 6.08% 5.36% 4.94% 5.22% 5.82% 5.92% SENIOR SECURITIES: Total Preferred Shares Outstanding....................... 21,440 21,440 17,200 17,200 10,600 10,600 Asset Coverage Per Preferred Share (e)................... $61,995 $65,519 $68,253 $67,812 $69,204 $68,721 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 41 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (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 or 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, 2008, the Trust had $79,978,664 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. The Trust adopted the provisions of the Financial Accounting Standards Board ("FASB") Interpretation No. 48 ("FIN 48") Accounting for Uncertainty in Income Taxes on April 30, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any 42 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued unrecognized tax benefits in the accompanying financial statements. If applicable, the Trust recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other" expenses on the Statement of Operations. The Trust files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four year period ended October 31, 2007, remains subject to examination by taxing authorities. At April 30, 2008, the cost and related gross unrealized appreciation and depreciation are as follows: Cost of investments for tax purposes........................ $1,357,149,981 ============== Gross tax unrealized appreciation........................... $ 46,584,983 Gross tax unrealized depreciation........................... (45,552,643) -------------- Net tax unrealized appreciation on investments.............. $ 1,032,340 ==============
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, 2007 was as follows: Distributions paid from: Ordinary income........................................... $ 215,879 Tax exempt income......................................... 55,661,853 Long-term capital gain.................................... 1,092,071 ----------- $56,969,803 ===========
As of October 31, 2007, the components of distributable earnings on a tax basis were as follows: Undistributed ordinary income............................... $ 25,048 Undistributed tax exempt income............................. 3,600,279
Net realized gains or losses may differ for financial reporting and tax purposes as a result of the deferral of gains relating to wash sale transactions and 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 43 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued 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 bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Trust's investment assets, and the related floating rate notes reflected as Trust liabilities under the caption "Floating Rate Note Obligations" on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption "Interest" and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts 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, 2008, Trust investments with a value of $343,176,953 are held by the dealer trusts and serve as collateral for the $254,925,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at April 30, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the six months ended April 30, 2008 were $305,089,286 and 3.24%, respectively. G. CREDITS EARNED ON CASH BALANCES During the six months ended April 30, 2008, the Trust's custody fee was reduced by $154 as a result of credits earned on cash balances. 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. 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 six months ended April 30, 2008, the Adviser waived $675,658 of its advisory fees. This waiver is voluntary and can be discontinued at any time. For the six months ended April 30, 2008, the Trust recognized expenses of approximately $33,300 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, 2008, the Trust recognized expenses of approximately $59,300 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 44 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued 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. 3. CAPITAL TRANSACTIONS For the six months ended April 30, 2008 and the year ended October 31, 2007, transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED APRIL 30, 2008 OCTOBER 31, 2007 Beginning Shares........................................ 54,609,130 43,799,086 Shares Issued Through Merger............................ -0- 11,627,529 Shares Repurchased*..................................... (609,528) (817,485) ---------- ---------- Ending Shares........................................... 53,999,602 54,609,130 ========== ==========
* 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 six months ended April 30, 2008 and the year ended October 31, 2007, the Trust repurchased 609,528 and 817,485, respectively of its shares at an average discount of 9.07% and 7.45%, respectively 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. 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, of which 183 shares were sold off for cash in lieu of fractional share funding, with a net asset value of $189,066,403 and 4,240 Auction Preferred Shares (APS) with a liquidation value of $106,000,000, in exchange for VTF's net assets. The shares of VTF 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. The Trust assumed VTF's book to tax accretion differences, which resulted in a $251,528 increase to accumulated undistributed net investment income and a corresponding decrease to net unrealized appreciation. Combined net assets applicable to common shares on the day of reorganization were $897,812,082 and net combined assets including preferred shares of $1,433,812,082. Included in these net assets was a Trustees deferred compensation balance of $687,411 and Trustees retirement plan balance of $111,766 which are included in accumulated undistributed net investment income. Also, included in these net assets were losses recognized for tax purposes for open futures transactions at June 8, 2007 of $1,032,418 which is included in accumulated net realized gain. The Trust incurred merger expenses of 45 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued $297,338, which represent costs related to the preparation, printing, and distribution of the Proxy Statement/Prospectus, Reorganization Agreement and registration statements as well as legal, audit, and filing fees. 4. INVESTMENT TRANSACTIONS During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $549,828,695 and $602,608,208, 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 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, 2008 were as follows:
CONTRACTS Outstanding at October 31, 2007............................. 1,595 Futures Opened.............................................. 1,591 Futures Closed.............................................. (3,186) ------ Outstanding at April 30, 2008............................... 0 ======
46 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued 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 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 21,440 APS in nine series. Series A, B and C contain 3,000 shares each, Series D contains 1,600 shares, Series E, F and G contain 2,200 shares each, Series H contains 2,240 shares and Series I contains 2,000 shares. Dividends are cumulative and the dividend rates are generally reset every 28 days through an auction process. Beginning on February 15, 2008 and continuing through April 30, 2008, all series of preferred shares of the 47 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued Trust were not successfully remarketed. As a result, the dividend rates of these preferred shares were reset to the maximum applicable rate on APS. The average rate in effect on April 30, 2008 was 2.827%. During the six months ended April 30, 2008, the rates ranged from 2.591% to 5.130%. 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 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. As of April 30, 2008, the Adviser does not believe the adoption of SFAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period. On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161). SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of SFAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS 161 and its impact on the financial statements has not yet been determined. 48 VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued 9. SUBSEQUENT EVENT On June 13, 2008, the Trust announced plans for the partial redemption of its preferred shares. The Trust intends to redeem 20% of each of its Series per the table below. The Board of Trustees previously approved the use of tender option bonds as a replacement source of funding. The Depository Trust Company, the securities' holder of record, will determine how the partial series redemptions will be allocated among each participant broker-dealer account.
SERIES DATE A........................................................... July 2, 2008 B........................................................... July 10, 2008 C........................................................... July 15, 2008 D........................................................... July 21, 2008 E........................................................... July 2, 2008 F........................................................... July 10, 2008 G........................................................... July 17, 2008 H........................................................... July 15, 2008 I........................................................... July 8, 2008
49 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 JERRY W. MILLER President and Principal Executive Officer DENNIS SHEA Vice President KEVIN KLINGERT Vice President AMY R. DOBERMAN Vice President STEFANIE V. CHANG Vice President and Secretary JOHN L. SULLIVAN Chief Compliance Officer STUART N. SCHULDT Chief Financial Officer and Treasurer INVESTMENT ADVISER VAN KAMPEN ASSET MANAGEMENT 522 Fifth Avenue New York, New York 10036 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 43078 Providence, Rhode Island 02940-3078 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 60606-4301 * "Interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended. 50 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. 522 Fifth Avenue New York, New York 10036 www.vankampen.com Copyright (C)2008 Van Kampen Funds Inc. All rights reserved. Member FINRA/SIPC. VGMSAN 6/08 (VAN KAMPEN INVESTMENTS LOGO) IU08-03196P-Y04/08 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. Not applicable. 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/ Jerry W. Miller --------------------------------- Name: Jerry W. Miller Title: Principal Executive Officer Date: June 19, 2008 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/ Jerry W. Miller --------------------------------- Name: Jerry W. Miller Title: Principal Executive Officer Date: June 19, 2008 By: /s/ Stuart N. Schuldt --------------------------------- Name: Stuart N. Schuldt Title: Principal Financial Officer Date: June 19, 2008 EX-99.CERT 2 c26930exv99wcert.txt CERTIFICATION I, Jerry W. Miller, 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 19, 2008 /s/ Jerry W. Miller ---------------------------------------- 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 19, 2008 /s/ Stuart N. Schuldt ---------------------------------------- Principal Financial Officer EX-99.906CERT 3 c26930exv99w906cert.txt SECTION 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, 2008 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 19, 2008 /s/ Jerry W. Miller ---------------------------------------- Jerry W. Miller 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, 2008 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 19, 2008 /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-----