UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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)
Edward C. Wood III
522 Fifth Avenue, New York, New York 10036
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: 4/30/09
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:
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, 2009.
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 the 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 4/30/09
Trust for Investment Grade | ||||||||||||
Municipals | ||||||||||||
Symbol: VGM | ||||||||||||
Average Annual | Based | Based on | ||||||||||
Total Returns | on NAV | Market Price | ||||||||||
Since Inception (1/24/92) | 5.75 | % | 5.58 | % | ||||||||
10-year | 3.33 | 3.51 | ||||||||||
5-year | –0.11 | 2.31 | ||||||||||
1-year | –11.92 | –10.33 | ||||||||||
6-month | 14.04 | 20.65 | ||||||||||
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. Periods of less than a year are not annualized.
The Lehman Brothers Municipal Bond Index, which has been shown in the Trust’s previous shareholder reports, changed its name to Barclays Capital Municipal Bond Index as of November 3, 2008. The Barclays Capital Municipal Bond Index is generally representative of investment-grade, tax exempt bonds. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.
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Trust Report
For the six-month period ended April 30, 2009
Market Conditions
The six months under review can be divided into two distinct periods in terms of municipal market performance. The first of these, spanning the last two months of 2008, marked one of the worst periods in the history of the financial markets as the sell off that began in September continued through year end. Investors fled risky assets in favor of the relative safety of Treasury securities and money market funds, massive deleveraging and forced selling ensued, and tax-exempt bond funds experienced significant outflows. These factors pushed municipal bond prices to their cheapest levels in history relative to Treasury bonds.
Not surprisingly in this risk-averse environment, the lower-rated segment of the market underperformed, with high-yield municipal bonds (those rated below triple-B or non-rated issues) returning -12.91 percent for the last two months of 2008 (as measured by the Barclays Capital High Yield Municipal Bond Index) while triple-B rated issues returned -7.33 percent and triple-A rated issues returned 3.46 percent (as measured within the Barclays Capital Municipal Bond Index).
The first four months of 2009 were markedly better for municipal bond investors. Credit concerns eased, deleveraging slowed considerably, and investors re-entered the market, driving municipal bond prices higher. Yields declined by as much as 95 basis points on the front end of the municipal yield curve during the period, while yields on long-maturity issues fell roughly 50 basis points. The rally was accompanied by a narrowing of credit spreads, which helped the high-yield segment of the market to outperform. As a result, high-yield municipals returned 10.00 percent, triple-B rated issues returned 11.11 percent and triple-A rated issues returned 4.83 percent for the first four months of 2009.
Although the high-yield segment rebounded nicely in 2009 to date, the gains were not enough to offset the losses in the last two months of 2008. As a result, higher-quality issues outperformed for the overall six-month reporting period. With regard to sectors, performance was largely dependent on credit quality, with the lower-quality industrial development revenue/pollution control revenue (i.e. corporate-backed) and tobacco sectors turning in the worst performance while water and sewer and housing bonds posted the highest returns.
For the first four months of 2009, municipal bond issuance was down 13 percent versus the same period in 2008 yet was easily placed due to robust retail demand. With the continued deterioration of credit quality of municipal bond issuers, insured bond volume represented a mere 12 percent of total issuance, a dramatic decline from the 55 percent average over the past few years. This large increase in uninsured bonds has disrupted many historical measures of value in the municipal bond market. In a significant reversal from the last months of 2008,
2
municipal bond funds saw approximately $17 billion in net inflows as investors recognized the historical cheapness of the municipal sector.
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 both an NAV basis and a market price basis, the Trust outperformed the Barclays Capital Municipal Bond Index (the “Index”).
Total return for the six-month period ended April 30, 2009
Based on | Based on | Barclays Capital | |||||||||||||||||
NAV | Market Price | Municipal Bond Index | |||||||||||||||||
14.04 | % | 20.65 | % | 8.20 | % | ||||||||||||||
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.
The primary contributors to the Trust’s performance during the reporting period included strong security selection in the industrial development revenue/pollution control revenue (IDR/PCR) sector. The Trust’s holdings in the housing, airport transportation and public utilities sectors, held in the form of inverse floating-rate securities,* were additive to performance. Additionally, the portfolio’s greater relative exposure to the long end of the municipal yield curve was advantageous as longer maturity issues generally outperformed.
Other positions, however, detracted from relative performance. A significant underweight in tax-supported state and local general obligation bonds with coupons of 5.0 to 5.5 percent held back returns as these securities performed well. A modest underweight in the higher education sector, which performed well during the period, as well as unfavorable security selection in the sector hindered returns. Lastly, an overweight in the tobacco sector was disadvantageous. This was the only sector in the portfolio that experienced negative returns during the period.
The Trust’s Board of Trustees has 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
*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
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.
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Ratings Allocation as of 4/30/09 (Unaudited) | ||||
AAA/Aaa | 27.1 | % | ||
AA/Aa | 34.0 | |||
A/A | 16.6 | |||
BBB/Baa | 12.9 | |||
BB/Ba | 1.0 | |||
B/B | 0.1 | |||
Non-Rated | 8.3 |
Top Five Sectors as of 4/30/09 (Unaudited) | ||||
Hospital | 20.7 | % | ||
General Purpose | 7.7 | |||
Public Transportation | 7.7 | |||
Airports | 6.6 | |||
Water & Sewer | 5.1 |
Summary of Investments by State Classification as of 4/30/09 (Unaudited) | ||||
Florida | 18.0 | % | ||
California | 11.0 | |||
Texas | 10.7 | |||
Illinois | 7.1 | |||
New York | 6.9 | |||
Ohio | 4.9 | |||
New Jersey | 4.0 | |||
South Carolina | 3.0 | |||
North Carolina | 2.7 | |||
Michigan | 2.4 | |||
Arizona | 2.3 | |||
Massachusetts | 2.0 | |||
Georgia | 1.9 | |||
Washington | 1.8 | |||
Colorado | 1.8 | |||
Nevada | 1.6 | |||
Wisconsin | 1.4 | |||
Missouri | 1.4 | |||
Tennessee | 1.3 | |||
Indiana | 1.1 | |||
District of Columbia | 1.0 | |||
Connecticut | 1.0 | |||
Kentucky | 0.9 | |||
Alabama | 0.9 | |||
Louisiana | 0.8 | |||
Pennsylvania | 0.8 | |||
Iowa | 0.8 | |||
Minnesota | 0.8 | |||
Maryland | 0.7 | |||
Kansas | 0.7 | |||
Oklahoma | 0.4 | |||
Alaska | 0.4 | |||
South Dakota | 0.3 | |||
West Virginia | 0.3 | |||
New Hampshire | 0.3 |
(continued on next page)
5
Summary of Investments by State Classification as of 4/30/09 (Unaudited) | ||||
(continued from previous page) | ||||
U.S. Virgin Islands | 0.3 | % | ||
Idaho | 0.3 | |||
Virginia | 0.3 | |||
New Mexico | 0.3 | |||
Rhode Island | 0.3 | |||
Guam | 0.3 | |||
Nebraska | 0.2 | |||
Oregon | 0.2 | |||
Utah | 0.1 | |||
North Dakota | 0.1 | |||
Wyoming | 0.1 | |||
Puerto Rico | 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.
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Portfolio Management
Van Kampen Trust for Investment Grade Municipals is managed by members of the Adviser’s Municipal Fixed Income team. The Municipal Fixed Income team consists of portfolio managers and analysts. The current members of the team jointly and primarily responsible for the day-to-day management of the Trust’s portfolio are William D. Black, an Executive Director of the Adviser, Thomas Byron, a Vice President of the Adviser, and Robert W. Wimmel, an Executive Director of the Adviser.
Mr. Black has been associated with the Adviser in an investment management capacity since 1998 and began managing the Trust in December 2007. Mr. Byron has been associated with the Adviser in an investment management capacity since 1981 and began managing the Trust in January 1997. Mr. Wimmel has been associated with the Adviser in an investment management capacity since 1996 and began managing the Trust in November 2001. All team members are responsible for the execution of the overall strategy of the Trust’s portfolio. The composition of the team may change from time to time.
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.
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Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited)
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Municipal Bonds 187.5% Alabama 1.7% | ||||||||||||||
$ | 3,660 | Alabama St Brd Ed Rev & Impt Southn Univ St Cmnty Rfdg (NATL Insd) | 5.250 | % | 07/01/20 | $ | 3,801,459 | |||||||
3,225 | Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a) | 5.000 | 06/01/39 | 3,169,788 | ||||||||||
750 | Birmingham Baptist Med Ctr AL Baptist Hlth Sys, Ser A | 5.875 | 11/15/24 | 650,355 | ||||||||||
2,000 | Healthcare Auth for Baptist Hlth AL, Ser A (b) | 6.125 | 11/15/36 | 2,008,060 | ||||||||||
2,525 | Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj | 5.500 | 01/01/43 | 1,485,003 | ||||||||||
11,114,665 | ||||||||||||||
Alaska 0.7% | ||||||||||||||
1,575 | Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (FSA Insd) | 5.750 | 03/01/16 | 1,625,494 | ||||||||||
5,300 | Northern Tob Sec Corp Rev Bkd, Ser A | 5.000 | 06/01/46 | 2,775,398 | ||||||||||
4,400,892 | ||||||||||||||
Arizona 4.4% | ||||||||||||||
2,560 | Arizona St Trans Brd Hwy Rev, Ser B | 5.000 | 07/01/25 | 2,749,670 | ||||||||||
3,835 | Arizona St Trans Brd Hwy Rev, Ser B | 5.000 | 07/01/26 | 4,087,304 | ||||||||||
6,075 | Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg, Ser B | 5.000 | 12/01/37 | 4,611,897 | ||||||||||
3,050 | Glendale, AZ Indl Dev Auth Rfdg | 5.000 | 12/01/35 | 2,306,440 | ||||||||||
3,000 | Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd) | 5.250 | 01/01/32 | 2,668,560 | ||||||||||
3,400 | Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Resh LLC Proj (AMT) | 6.550 | 12/01/37 | 2,367,930 | ||||||||||
3,145 | Salt Riv Proj AZ Agric Impt & Pwr Dist Elec Sys Rev, Ser A | 5.000 | 01/01/28 | 3,287,091 | ||||||||||
8,250 | University of AZ Med Ctr Corp | 5.000 | 07/01/35 | 6,273,465 | ||||||||||
28,352,357 | ||||||||||||||
9
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
California 20.7% | ||||||||||||||
$ | 1,300 | Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj, Ser C (FSA Insd) | 6.000 | % | 09/01/16 | $ | 1,494,363 | |||||||
6,000 | Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser F1 | 5.000 | 04/01/39 | 5,917,260 | ||||||||||
1,250 | Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election | * | 08/01/28 | 448,950 | ||||||||||
1,000 | California Cnty, CA Tob Agy Tob Sec Sonoma Cnty Corp Rfdg | 5.250 | 06/01/45 | 530,160 | ||||||||||
3,000 | California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a) | 4.950 | 08/01/23 | 2,617,320 | ||||||||||
2,000 | California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a) | 5.050 | 02/01/29 | 1,631,840 | ||||||||||
7,300 | California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (a) | 4.800 | 08/01/36 | 5,541,722 | ||||||||||
4,800 | California Hsg Fin Agy Rev Home Mortgage, Ser K (AMT) (a) | 5.300 | 08/01/23 | 4,369,200 | ||||||||||
5,500 | California Hsg Fin Agy Rev Home Mortgage, Ser K (AMT) (a) | 5.450 | 08/01/28 | 4,755,410 | ||||||||||
1,500 | California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser B (AMT) | 5.000 | 07/01/27 | 1,265,520 | ||||||||||
695 | California St (AMBAC Insd) | 5.125 | 10/01/27 | 695,090 | ||||||||||
990 | California St Dept Wtr Res Cent VY Proj Rev Bal Wtr Sys, Ser X (NATL Insd) (Prerefunded @ 12/01/12) | 5.000 | 12/01/29 | 1,004,909 | ||||||||||
10 | California St Dept Wtr Res Cent VY Proj Rev Wtr Sys, Ser X (FGIC Insd) (Prerefunded @ 12/01/12) | 5.000 | 12/01/29 | 11,305 | ||||||||||
1,500 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/25 | 1,584,015 | ||||||||||
1,500 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/26 | 1,561,050 | ||||||||||
875 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/27 | 916,615 | ||||||||||
2,675 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/28 | 2,855,983 | ||||||||||
5,000 | California St Univ Rev & Co Systemwide, Ser A (AMBAC Insd) | 5.000 | 11/01/33 | 4,909,900 | ||||||||||
2,700 | California St Var Purp | 5.750 | 04/01/31 | 2,755,080 | ||||||||||
9,150 | California St Veterans, Ser CD (AMT) (a) | 4.600 | 12/01/32 | 7,164,176 |
10
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
California (Continued) | ||||||||||||||
$ | 1,500 | California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (c) | 5.125 | % | 04/01/37 | $ | 981,300 | |||||||
2,700 | California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A | 5.000 | 03/01/30 | 2,295,621 | ||||||||||
3,750 | California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A | 5.000 | 03/01/35 | 3,070,163 | ||||||||||
3,360 | California Statewide Cmnty Dev Auth Rev Sutter Hlth, Ser A | 5.000 | 11/15/43 | 2,921,890 | ||||||||||
750 | Chawanakee, CA Uni Sch Dist Ctf Partn, Ser A (b) | 6.250/9.000 | 05/01/39 | 749,460 | ||||||||||
595 | Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg, Ser C | 6.500 | 12/15/47 | 424,098 | ||||||||||
1,750 | Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser A (NATL Insd) | 5.000 | 09/01/33 | 1,489,740 | ||||||||||
3,000 | Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser B (NATL Insd) | 5.000 | 03/01/33 | 2,557,890 | ||||||||||
2,000 | Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (NATL Insd) | * | 01/15/17 | 1,055,560 | ||||||||||
10,750 | Foothill/Eastern Corridor Agy CA Toll Rd Rev Sr Lien, Ser A (d) | * | 01/01/23 | 6,082,350 | ||||||||||
3,000 | Fremont, CA Uni Sch Dist, Ser A (NATL Insd) | 5.000 | 08/01/25 | 2,883,540 | ||||||||||
11,440 | Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1 | 5.750 | 06/01/47 | 6,587,152 | ||||||||||
4,000 | Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced, Ser A | 5.000 | 06/01/45 | 3,141,160 | ||||||||||
1,000 | Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (Syncora Gtd) | 5.000 | 09/01/37 | 713,330 | ||||||||||
4,000 | Los Angeles, CA Dept Wtr & Pwr, Ser A (NATL Insd) | 5.125 | 07/01/40 | 3,923,400 | ||||||||||
1,800 | Los Angeles, CA Uni Sch Dist, Ser D | 5.000 | 07/01/22 | 1,894,464 | ||||||||||
2,000 | Los Angeles, CA Wtr & Pwr Rev Pwr Sys, Ser B (FSA Insd) | 5.000 | 07/01/28 | 2,018,580 | ||||||||||
2,500 | Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser A | 5.000 | 01/01/34 | 2,553,675 |
11
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
California (Continued) | ||||||||||||||
$ | 1,500 | Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser B1 (NATL Insd) | 5.000 | % | 10/01/33 | $ | 1,509,390 | |||||||
660 | Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (c) | 5.500 | 03/01/18 | 548,889 | ||||||||||
3,500 | Palm Springs, CA Fin Auth Lease Rev Convention Ctr Proj, Ser A (NATL Insd) | 5.500 | 11/01/35 | 3,363,325 | ||||||||||
1,000 | Palomar Pomerado Hlthcare Dist CA Ctf Partn, Ser B (FSA Insd) (b) (e) | 2.700 | 11/01/36 | 1,000,000 | ||||||||||
2,275 | Palomar Pomerado Hlthcare Dist CA Ctf Partn, Ser C (FSA Insd) (b) (e) | 4.000 | 11/01/36 | 2,275,000 | ||||||||||
3,400 | Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj | 7.000 | 12/01/27 | 2,363,408 | ||||||||||
2,400 | Rancho Mirage, CA Jt Pwr Fin Auth Rev Eisenhower Med Ctr, Ser A | 5.000 | 07/01/47 | 1,937,928 | ||||||||||
1,850 | San Francisco, CA City & Cnty Arpt Commn Intl Arpt Rfdg 2nd, Ser A-4 (AMT) (b) | 6.500 | 05/01/19 | 1,920,744 | ||||||||||
1,000 | Santa Clara Cnty, CA Brd Ed Ctf Partn Rfdg (NATL Insd) | 5.000 | 04/01/25 | 961,730 | ||||||||||
3,000 | Temecula, CA Redev Agy Tax Temecula Redev Proj No 1 (NATL Insd) | 5.250 | 08/01/36 | 2,616,450 | ||||||||||
4,700 | Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1 | 5.375 | 06/01/38 | 2,838,424 | ||||||||||
3,550 | Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1 | 5.500 | 06/01/45 | 1,966,949 | ||||||||||
3,800 | Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1 | 5.000 | 06/01/37 | 2,165,202 | ||||||||||
9,650 | Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1 | 5.125 | 06/01/46 | 4,988,085 | ||||||||||
1,600 | Turlock, CA Hlth Fac Rev Emanuel Med Ctr Inc | 5.375 | 10/15/34 | 1,038,112 | ||||||||||
4,895 | Vernon, CA Nat Gas Fin Auth Rev Vernon Gas Proj, Ser C (NATL Insd) (b) (e) | 6.750 | 08/01/21 | 5,000,000 | ||||||||||
133,866,877 | ||||||||||||||
12
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Colorado 3.3% | ||||||||||||||
$ | 2,000 | Aurora, CO Ctf Partn (AMBAC Insd) (Prerefunded @ 12/01/10) | 5.500 | % | 12/01/30 | $ | 2,149,420 | |||||||
3,405 | Colorado Ed & Cultural Fac Auth Rev Impt Charter Sch Rfdg (Syncora Gtd) | 5.250 | 12/01/23 | 3,103,589 | ||||||||||
800 | Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A | 5.250 | 07/01/27 | 519,576 | ||||||||||
600 | Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A | 5.300 | 07/01/37 | 338,226 | ||||||||||
7,300 | Colorado Hlth Fac Auth Rev Catholic Hlth, Ser 2999 (FSA Insd) (a) | 5.000 | 09/01/36 | 7,046,617 | ||||||||||
1,125 | Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11) | 6.500 | 11/15/31 | 1,274,220 | ||||||||||
1,400 | Colorado Hlth Fac Auth Rev Poudre Vly CO Hlth Fac Auth Hosp, Ser A (FSA Insd) | 5.200 | 03/01/31 | 1,341,732 | ||||||||||
1,805 | Lakewood, CO Ctf Part (AMBAC Insd) (Prerefunded @ 12/01/10) | 5.300 | 12/01/16 | 1,935,068 | ||||||||||
985 | Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg (f) | 5.900 | 10/01/37 | 642,053 | ||||||||||
1,200 | North Range, CO Met Dist No 2 Ltd Tax | 5.500 | 12/15/37 | 619,284 | ||||||||||
2,050 | Salida, CO Hosp Dist Rev | 5.250 | 10/01/36 | 1,207,922 | ||||||||||
1,500 | University of CO Hosp Auth Rev, Ser A | 5.250 | 11/15/39 | 1,155,510 | ||||||||||
21,333,217 | ||||||||||||||
Connecticut 1.8% | ||||||||||||||
7,500 | Connecticut St Hsg Fin Auth Hsg Mtg Fin Pg Sub, Ser B-2 (AMT) | 5.100 | 05/15/38 | 6,874,575 | ||||||||||
3,580 | Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A (ACA Insd) (AMT) | 6.600 | 07/01/24 | 2,734,368 | ||||||||||
1,000 | Hartford, CT Pkg Sys Rev, Ser A (Prerefunded @ 7/01/10) | 6.500 | 07/01/25 | 1,067,730 | ||||||||||
1,925 | Mashantucket Western Pequot Tribe CT 2006 Sub Spl Rev Bd, Ser A (c) | 5.500 | 09/01/36 | 922,383 | ||||||||||
11,599,056 | ||||||||||||||
13
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
District of Columbia 1.9% | ||||||||||||||
$ | 1,150 | District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a) | 5.000 | % | 10/01/29 | $ | 1,164,617 | |||||||
2,350 | District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a) | 5.000 | 10/01/34 | 2,356,909 | ||||||||||
6,000 | District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien, Ser A (FSA Insd) | 5.500 | 10/01/41 | 6,203,820 | ||||||||||
2,000 | District of Columbia Rev Friendship Pub Charter Sch Inc (ACA Insd) | 5.750 | 06/01/18 | 1,615,520 | ||||||||||
5 | District of Columbia, Ser E (FSA Insd) | 6.000 | 06/01/13 | 5,020 | ||||||||||
1,000 | Metropolitan Washington DC Arpt Auth Sys, Ser A (NATL Insd) (AMT) | 5.250 | 10/01/32 | 933,610 | ||||||||||
12,279,496 | ||||||||||||||
Florida 33.8% | ||||||||||||||
1,000 | Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg | 5.250 | 11/15/17 | 829,930 | ||||||||||
1,000 | Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg | 5.875 | 11/15/36 | 667,460 | ||||||||||
500 | Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg | 5.875 | 11/15/42 | 325,620 | ||||||||||
340 | Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A | 6.000 | 05/01/38 | 212,990 | ||||||||||
250 | Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B | 6.200 | 05/01/38 | 153,547 | ||||||||||
4,960 | Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj | 5.000 | 04/01/34 | 3,880,059 | ||||||||||
1,780 | Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc | 6.750 | 01/01/37 | 1,277,079 | ||||||||||
1,000 | Broward Cnty, FL Hsg Fin Auth Multi-Family Hsg Rev Pembroke Pk Apts Proj (AMT) | 5.650 | 10/01/28 | 976,910 | ||||||||||
1,500 | Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT) | 5.750 | 01/01/32 | 1,005,285 | ||||||||||
995 | Cross Creek Cmnty Dev Dist FL Spl Assmt Rev Cross Creek Comm Dev, Ser B (f) | 5.500 | 05/01/17 | 465,441 | ||||||||||
565 | Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd) | 5.950 | 07/01/20 | 582,436 |
14
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 1,250 | Florida Agric & Mechanical Univ Rev Student Apt Fac (NATL Insd) | 6.500 | % | 07/01/23 | $ | 1,250,812 | |||||||
245 | Florida Hsg Fin Agy Homeownership Mtg, Ser B (AMT) | 8.595 | 11/01/18 | 275,223 | ||||||||||
2,750 | Florida Hsg Fin Agy Hsg Willow Lake Apts, Ser J-1 (AMBAC Insd) (AMT) | 5.350 | 07/01/27 | 2,689,472 | ||||||||||
390 | Florida Hsg Fin Corp Rev Homeowner Mtg, Ser 4 (FSA Insd) (AMT) | 6.250 | 07/01/22 | 401,567 | ||||||||||
1,000 | Florida Hsg Fin Corp Rev Hsg Wentworth II Apts, Ser A (AMBAC Insd) (AMT) | 5.375 | 11/01/29 | 970,400 | ||||||||||
8,475 | Florida Ports Fin Comm Rev St Trans Tr Fd Intermodal Pgm (NATL Insd) (AMT) | 5.500 | 10/01/29 | 7,960,568 | ||||||||||
2,000 | Florida Ports Fin Comm Rev St Trans Tr Fd (NATL Insd) (AMT) | 5.375 | 06/01/27 | 1,873,540 | ||||||||||
15,000 | Florida St Brd Ed Pub Ed Cap Outlay, Ser D (a) | 4.750 | 06/01/35 | 14,184,900 | ||||||||||
12,775 | Florida St Brd of Ed Cap Outlay Pub Ed Rfdg, Ser D | 5.750 | 06/01/22 | 13,273,736 | ||||||||||
4,500 | Florida St Brd of Ed Cap Outlay Pub Ed, Ser C (FGIC Insd) (Prerefunded @ 6/01/10) | 5.750 | 06/01/29 | 4,798,665 | ||||||||||
2,000 | Florida St Brd of Ed Lottery Rev, Ser A (NATL Insd) | 5.250 | 07/01/17 | 2,054,920 | ||||||||||
1,000 | Florida St Brd of Ed Rev FL St Univ Hsg Fac, Ser A (NATL Insd) | 5.000 | 05/01/29 | 985,090 | ||||||||||
7,295 | Florida St Dept Trans Tpk Rev, Ser A (a) | 5.000 | 07/01/29 | 7,306,015 | ||||||||||
1,500 | Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000, Ser A (AMBAC Insd) | 5.000 | 07/01/11 | 1,504,350 | ||||||||||
2,000 | Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000, Ser A (NATL Insd) | 5.250 | 07/01/12 | 2,031,700 | ||||||||||
1,910 | Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) | 5.000 | 07/01/26 | 1,913,285 | ||||||||||
1,935 | Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) | 5.000 | 07/01/27 | 1,927,163 | ||||||||||
2,100 | Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) | 5.000 | 07/01/28 | 2,069,361 |
15
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 2,500 | Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) | 5.000 | % | 07/01/32 | $ | 2,433,000 | |||||||
1,475 | Florida St Tpk Auth Tpk Rev Dept Trans, Ser B | 5.000 | 07/01/30 | 1,448,435 | ||||||||||
1,635 | Fort Myers, FL Util Rev Rfdg, Ser A (NATL Insd) | 5.500 | 10/01/24 | 1,655,666 | ||||||||||
365 | Gainesville, FL Util Sys Rev (d) | 8.125 | 10/01/14 | 425,619 | ||||||||||
1,000 | Gramercy Farms Cmnty Dev Dist FL Spl Assmt, Ser B (f) | 5.100 | 05/01/14 | 486,790 | ||||||||||
500 | Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (b) | 5.650 | 12/01/20 | 505,400 | ||||||||||
730 | Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (b) | 5.750 | 12/01/20 | 733,030 | ||||||||||
1,000 | Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (b) | 5.800 | 12/01/20 | 1,026,380 | ||||||||||
2,610 | Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A | 5.250 | 06/01/26 | 2,188,459 | ||||||||||
1,270 | Highlands, FL Cmnty Dev Dist Spl Assmt | 5.550 | 05/01/36 | 688,365 | ||||||||||
750 | Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (FSA Insd) | 5.000 | 03/01/15 | 775,290 | ||||||||||
750 | Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (FSA Insd) | 5.000 | 09/01/15 | 774,675 | ||||||||||
1,450 | Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a) | 5.375 | 10/01/33 | 1,361,028 | ||||||||||
3,260 | Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a) | 5.500 | 10/01/38 | 3,074,539 | ||||||||||
14,150 | Hillsborough Cnty, FL Indl Dev Auth Hosp Rev Tampa Gen Hosp Proj | 5.250 | 10/01/41 | 10,874,983 | ||||||||||
1,100 | Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty IDA Rfdg (AMBAC Insd) (b) | 5.000 | 12/01/34 | 1,107,689 | ||||||||||
1,225 | Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B (b) | 5.150 | 09/01/25 | 1,224,584 | ||||||||||
400 | Hillsborough Cnty, FL Indl Dev Tampa Gen Hosp Proj, Ser B | 5.250 | 10/01/28 | 332,556 | ||||||||||
2,745 | Hillsborough Cnty, FL Port Dist Rev Tampa Port Auth Proj, Ser A (NATL Insd) (AMT) | 5.375 | 06/01/27 | 2,571,434 |
16
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 9,900 | Hillsborough Cnty, FL Solid Waste & Res Recovery Rev, Ser A (BHAC Insd) (AMT) | 4.500 | % | 09/01/34 | $ | 7,791,201 | |||||||
1,380 | Hollywood, FL Cmnty Redev Agy Beach Cra | 5.625 | 03/01/24 | 1,148,408 | ||||||||||
7,000 | Lakeland, FL Elec & Wtr Rev (d) | * | 10/01/13 | 6,385,470 | ||||||||||
2,230 | Lakeland, FL Elec & Wtr Rev (d) | 5.750 | 10/01/19 | 2,412,080 | ||||||||||
5,105 | Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg | 5.000 | 11/15/25 | 4,308,212 | ||||||||||
1,000 | Lee Cnty, FL Arpt Rev, Ser A (FSA Insd) (AMT) | 5.750 | 10/01/22 | 1,008,240 | ||||||||||
1,080 | Lee Cnty, FL Hsg Fin Auth Single Family Mtg Rev Multi-Cnty Pgm, Ser A (GNMA Collateralized) (AMT) | 5.000 | 03/01/39 | 985,025 | ||||||||||
2,400 | Lee Cnty, FL Indl Dev Auth Hlthcare Fac Rev Shell PT/Alliance Oblig Group | 5.125 | 11/15/36 | 1,450,752 | ||||||||||
1,000 | Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn, Ser A | 5.375 | 06/15/37 | 570,330 | ||||||||||
1,010 | Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A (Acquired 02/19/08, Cost $1,010,000) (g) | 6.800 | 05/01/38 | 642,522 | ||||||||||
650 | Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B (Acquired 02/19/08, Cost $650,000) (g) | 6.900 | 05/01/17 | 519,545 | ||||||||||
3,500 | Marion Cnty, FL Hosp Dist Rev Hlth Sys Munroe Reg Impt & Rfdg | 5.000 | 10/01/34 | 2,578,450 | ||||||||||
1,500 | Miami Beach, FL Stormwtr Rev (NATL Insd) | 5.250 | 09/01/25 | 1,510,365 | ||||||||||
1,460 | Miami Beach, FL Stormwtr Rev (NATL Insd) | 5.750 | 09/01/14 | 1,539,818 | ||||||||||
1,045 | Miami Beach, FL Stormwtr Rev (NATL Insd) | 5.750 | 09/01/15 | 1,102,130 | ||||||||||
3,200 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT) | 5.000 | 10/01/38 | 2,795,936 | ||||||||||
2,000 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT) | 5.375 | 10/01/27 | 1,944,120 |
17
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 4,720 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT) | 5.375 | % | 10/01/32 | $ | 4,458,795 | |||||||
870 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (NATL Insd) | 5.450 | 10/01/15 | 886,208 | ||||||||||
3,000 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (NATL Insd) | 5.750 | 10/01/29 | 3,026,640 | ||||||||||
2,000 | Miami-Dade Cnty, FL Aviation Rev, Ser A (FSA Insd) (AMT) | 5.000 | 10/01/33 | 1,780,400 | ||||||||||
2,000 | Miami-Dade Cnty, FL Aviation, Ser A (FSA Insd) (AMT) | 5.125 | 10/01/35 | 1,801,120 | ||||||||||
905 | Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A | 6.000 | 05/01/24 | 649,591 | ||||||||||
3,860 | North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11) | 6.000 | 01/15/31 | 4,191,883 | ||||||||||
390 | North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11) | 6.000 | 01/15/31 | 423,532 | ||||||||||
1,000 | Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd) | * | 10/01/12 | 902,280 | ||||||||||
1,000 | Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd) | * | 10/01/13 | 867,400 | ||||||||||
980 | Orange Cnty, FL Hlth Fac Auth Hosp Hlthcare, Ser E | 6.000 | 10/01/26 | 946,102 | ||||||||||
20 | Orange Cnty, FL Hlth Fac Auth Hosp Hlthcare, Ser E (Prerefunded @ 10/01/09) | 6.000 | 10/01/26 | 20,655 | ||||||||||
2,475 | Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower | 5.500 | 07/01/32 | 1,532,495 | ||||||||||
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) (g) | 7.000 | 10/01/25 | 1,035,940 | ||||||||||
1,500 | Orlando & Orange Cnty Expwy Auth FL Expwy Rev Jr Lien (NATL Insd) | 5.000 | 07/01/28 | 1,488,930 | ||||||||||
890 | Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A | 6.125 | 05/01/35 | 494,822 | ||||||||||
1,650 | Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj | 5.875 | 11/15/37 | 1,237,896 | ||||||||||
1,000 | Palm Beach Cnty, FL Sch Brd Ctf Partn, Ser A (FGIC Insd) (Prerefunded @ 8/01/10) | 5.875 | 08/01/21 | 1,075,190 |
18
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 4,000 | Palm Beach Cnty, FL Solid Waste Auth Rev Impt (BHAC Insd) | 5.500 | % | 10/01/23 | $ | 4,308,920 | |||||||
765 | Pembroke Pines, FL Cons Util Sys Rev (FGIC Insd) (d) | 6.250 | 09/01/11 | 816,400 | ||||||||||
1,500 | Pensacola, FL Arpt Rev Rfdg, Ser A (NATL Insd) (AMT) | 6.000 | 10/01/12 | 1,531,095 | ||||||||||
1,565 | Pensacola, FL Arpt Rev Rfdg, Ser A (NATL Insd) (AMT) | 6.125 | 10/01/18 | 1,577,645 | ||||||||||
500 | Polk Cnty, FL Sch Brd Ctf Partn Master Lease, Ser A (FSA Insd) | 5.500 | 01/01/25 | 510,895 | ||||||||||
2,000 | Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist, Ser 1-B (NATL Insd) | 5.000 | 07/01/33 | 1,628,300 | ||||||||||
4,675 | Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd) (b) | 5.350 | 03/15/42 | 4,729,277 | ||||||||||
880 | Reunion East Cmnty Dev Dist FL Spl Assmt | 5.800 | 05/01/36 | 450,982 | ||||||||||
1,000 | Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A | 5.250 | 01/01/26 | 655,400 | ||||||||||
1,500 | Saint John’s Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A | 5.375 | 01/01/40 | 853,755 | ||||||||||
2,000 | Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (FSA Insd) | 5.000 | 07/01/21 | 2,040,960 | ||||||||||
750 | Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (FSA Insd) | 5.000 | 07/01/23 | 759,150 | ||||||||||
600 | Seminole Tribe FL Spl Oblig Rev, Ser A (c) | 5.250 | 10/01/27 | 415,584 | ||||||||||
1,405 | Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A | 5.875 | 05/01/35 | 719,796 | ||||||||||
1,000 | South Lake Cnty Hosp Dist FL South Lake Hosp Inc | 6.375 | 10/01/28 | 847,130 | ||||||||||
2,800 | South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A | 5.700 | 05/01/35 | 1,611,792 | ||||||||||
500 | Split Pine Cmnty Dev Dist FL Spl Assmt, Ser A | 5.250 | 05/01/39 | 274,500 | ||||||||||
1,250 | Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A | 6.200 | 05/01/35 | 994,550 | ||||||||||
1,000 | Tallahassee, FL Hlth Fac Rev Tallahassee Mem Hlthcare Proj | 6.375 | 12/01/30 | 849,490 | ||||||||||
1,000 | Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd) | 5.500 | 08/01/17 | 1,054,650 |
19
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 1,115 | Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd) | 5.500 | % | 08/01/19 | $ | 1,162,410 | |||||||
300 | Tolomato Cmnty, FL Dev Dist Spl Assmt | 6.550 | 05/01/27 | 215,235 | ||||||||||
3,170 | Tolomato Cmnty, FL Dev Dist Spl Assmt | 6.650 | 05/01/40 | 2,147,770 | ||||||||||
3,500 | Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (NATL Insd) | 5.125 | 11/01/36 | 2,822,680 | ||||||||||
1,000 | Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (NATL Insd) | 5.200 | 11/01/25 | 834,050 | ||||||||||
1,000 | Village Ctr Cmnty Dev Dist FL Util Rev (FGIC Insd) (d) | 6.000 | 11/01/18 | 1,218,890 | ||||||||||
2,000 | Village Ctr Cmnty Dev Dist FL Util Rev (NATL Insd) | 5.250 | 10/01/23 | 1,817,480 | ||||||||||
1,000 | Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A | 5.750 | 10/15/29 | 869,980 | ||||||||||
3,000 | West Orange Hlthcare Dist FL, Ser A | 5.800 | 02/01/31 | 2,597,490 | ||||||||||
820 | West Palm Beach, FL Cmnty Redev Agy Northwood—Pleasant Cmnty Redev, Ser A | 5.000 | 03/01/35 | 635,697 | ||||||||||
740 | World Comm Cmnty Dev Dist FL Spl Assmt | 5.500 | 05/01/38 | 293,447 | ||||||||||
218,293,329 | ||||||||||||||
Georgia 3.6% | ||||||||||||||
5,250 | Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd) (a) | 5.000 | 01/01/33 | 5,225,640 | ||||||||||
1,421 | Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $1,420,926) (g) | 7.250 | 06/15/10 | 1,438,588 | ||||||||||
1,500 | George L Smith II GA World Congress Cent Auth Rev Domed Stadium Proj Rfdg (NATL Insd) (AMT) | 5.500 | 07/01/20 | 1,423,665 | ||||||||||
2,635 | Georgia Muni Elec Auth Pwr Rev, Ser A (NATL Insd) | 6.500 | 01/01/20 | 3,113,041 | ||||||||||
5,575 | Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd) | 6.500 | 01/01/17 | 6,411,083 | ||||||||||
240 | Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd) | 6.500 | 01/01/17 | 285,185 |
20
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Georgia (Continued) | ||||||||||||||
$ | 85 | Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd) (Prerefunded @ 1/01/14) | 6.500 | % | 01/01/17 | $ | 102,749 | |||||||
2,400 | Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1 | 5.100 | 06/01/23 | 2,422,848 | ||||||||||
2,500 | Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc | 6.500 | 07/01/27 | 1,899,200 | ||||||||||
800 | Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc | 6.700 | 07/01/16 | 721,392 | ||||||||||
23,043,391 | ||||||||||||||
Idaho 0.5% | ||||||||||||||
1,000 | Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A | 6.500 | 11/01/23 | 1,072,480 | ||||||||||
1,500 | Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A | 6.750 | 11/01/37 | 1,559,670 | ||||||||||
1,305 | Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg (f) | 6.125 | 11/15/27 | 922,948 | ||||||||||
3,555,098 | ||||||||||||||
Illinois 13.4% | ||||||||||||||
1,910 | Bartlett, IL Tax Increment Rev Rfdg Sr Lien Quarry Redev Proj | 5.600 | 01/01/23 | 1,451,065 | ||||||||||
11,675 | Chicago, IL Brd Ed Rfdg, Ser C (FSA Insd) (a) | 5.000 | 12/01/27 | 11,852,227 | ||||||||||
2,000 | Chicago, IL Brd of Ed (FGIC Insd) (Prerefunded @ 12/01/10) | 5.500 | 12/01/31 | 2,149,420 | ||||||||||
1,130 | Chicago, IL Proj & Rfdg (NATL Insd) (Prerefunded @ 1/01/11) | 5.000 | 01/01/31 | 1,121,062 | ||||||||||
685 | Chicago, IL Rfdg, Ser B (AMBAC Insd) | 5.125 | 01/01/15 | 762,234 | ||||||||||
4,400 | Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien (AGC Insd) (a) | 5.250 | 01/01/24 | 4,488,924 | ||||||||||
11,500 | Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien (AGC Insd) (a) | 5.250 | 01/01/25 | 11,693,200 | ||||||||||
1,000 | Chicago, IL O’Hare Intl Arpt Rev Second Lien Passenger Fac, Ser B (AMBAC Insd) | 5.500 | 01/01/16 | 1,041,380 | ||||||||||
2,000 | Chicago, IL O’Hare Intl Arpt Rev Second Lien Passenger Fac, Ser B (AMBAC Insd) | 5.500 | 01/01/17 | 2,076,140 | ||||||||||
5,700 | Chicago, IL O’Hare Intl Arpt Rev, Ser A (FSA Insd) (a) | 5.000 | 01/01/33 | 5,530,482 |
21
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Illinois (Continued) | ||||||||||||||
$ | 2,370 | Chicago, IL Proj Rfdg, Ser A (NATL Insd) (Prerefunded @ 1/01/11) | 5.000 | % | 01/01/31 | $ | 2,550,878 | |||||||
375 | Chicago, IL Proj Rfdg, Ser C (FGIC Insd) | 5.750 | 01/01/14 | 397,129 | ||||||||||
375 | Chicago, IL Proj Rfdg, Ser C (NATL Insd) | 5.750 | 01/01/15 | 397,129 | ||||||||||
315 | Chicago, IL Rfdg, Ser B (AMBAC Insd) (d) | 5.125 | 01/01/15 | 350,601 | ||||||||||
3,500 | Chicago, IL, Ser A (AGL Insd) | 5.250 | 01/01/25 | 3,658,375 | ||||||||||
3,500 | Du Page Cnty, IL Fst Presv Dist | * | 11/01/10 | 3,423,280 | ||||||||||
2,310 | Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (NATL Insd) | 5.500 | 11/15/13 | 2,399,651 | ||||||||||
2,500 | Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (NATL Insd) | 5.500 | 11/15/15 | 2,577,250 | ||||||||||
1,860 | Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group | 5.500 | 10/01/22 | 1,851,184 | ||||||||||
400 | Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A | 5.750 | 05/15/31 | 263,696 | ||||||||||
1,000 | Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ | 5.500 | 04/01/37 | 839,400 | ||||||||||
2,000 | Illinois Fin Auth Rev IL Inst of Technology, Ser A | 5.000 | 04/01/31 | 1,523,820 | ||||||||||
3,500 | Illinois Fin Auth Rev Northwestn Mem Hosp, Ser A | 5.375 | 08/15/24 | 3,534,160 | ||||||||||
2,000 | Illinois Fin Auth Rev Northwestn Mem Hosp, Ser A | 5.750 | 08/15/30 | 2,030,860 | ||||||||||
4,500 | Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A | 5.750 | 11/15/37 | 3,882,915 | ||||||||||
2,885 | Illinois Fin Auth Rev Rush Univ Med Ctr Oblig Group, Ser A | 7.250 | 11/01/38 | 3,017,883 | ||||||||||
4,500 | Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A | 5.500 | 08/01/37 | 3,067,560 | ||||||||||
1,330 | Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj (AMT) | 5.050 | 08/01/29 | 1,121,389 | ||||||||||
1,250 | Illinois Hlth Fac Auth Rev Evangelical Hosp, Ser C (FSA Insd) | 6.750 | 04/15/17 | 1,524,500 | ||||||||||
2,275 | Illinois Hlth Fac Auth Rev South Suburban Hosp (d) | 7.000 | 02/15/18 | 2,768,038 | ||||||||||
285 | Illinois St (NATL Insd) | 5.250 | 12/01/20 | 285,744 | ||||||||||
250 | Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj, Ser A (NATL Insd) | 5.375 | 12/15/18 | 257,342 |
22
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Illinois (Continued) | ||||||||||||||
$ | 1,170 | University IL Univ Rev Auxiliary Fac Sys (NATL Insd) | 4.500 | % | 04/01/36 | $ | 1,066,034 | |||||||
775 | Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT) | 7.000 | 12/01/42 | 577,290 | ||||||||||
1,500 | Yorkville, IL Utd City Spl Svc Area Spl Tax No 2006-113 Cannonball/Beecher | 5.750 | 03/01/28 | 823,995 | ||||||||||
86,356,237 | ||||||||||||||
Indiana 2.0% | ||||||||||||||
2,200 | Indiana Fin Auth Hosp Rev Deaconess Hosp Oblig, Ser A | 6.750 | 03/01/39 | 2,205,984 | ||||||||||
5,600 | Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Credit (a) | 5.000 | 11/15/36 | 5,319,384 | ||||||||||
4,000 | Indiana Hlth Fac Fin Auth Rev Deaconess Hosp, Ser A (AMBAC Insd) | 5.375 | 03/01/34 | 3,354,080 | ||||||||||
1,280 | North Adams, IN Cmnty Sch Renovation Bldg Corp Cap Apprec First Mtg (FSA Insd) | * | 01/15/19 | 869,427 | ||||||||||
1,500 | Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) | 5.950 | 12/01/29 | 1,154,190 | ||||||||||
500 | Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (c) | 5.750 | 09/01/42 | 326,965 | ||||||||||
13,230,030 | ||||||||||||||
Iowa 1.5% | ||||||||||||||
1,685 | Des Moines, IA Pub Pkg Sys, Ser A (NATL Insd) | 5.750 | 06/01/15 | 1,747,850 | ||||||||||
1,785 | Des Moines, IA Pub Pkg Sys, Ser A (NATL Insd) | 5.750 | 06/01/16 | 1,851,580 | ||||||||||
500 | Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C | 5.950 | 08/01/37 | 318,765 | ||||||||||
500 | Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj | 6.000 | 12/01/37 | 319,470 | ||||||||||
1,410 | Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C | 5.375 | 06/01/38 | 791,024 | ||||||||||
5,950 | Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C | 5.500 | 06/01/42 | 3,340,152 |
23
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Iowa (Continued) | ||||||||||||||
$ | 2,250 | Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C | 5.625 | % | 06/01/46 | $ | 1,270,913 | |||||||
9,639,754 | ||||||||||||||
Kansas 1.3% | ||||||||||||||
2,100 | Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (Syncora Gtd) (b) | 5.000 | 12/01/23 | 2,125,389 | ||||||||||
850 | Labette Cnty, KS Hosp Rev Rfdg & Impt, Ser A | 5.750 | 09/01/37 | 753,389 | ||||||||||
1,250 | Lenexa, KS Hlthcare Fac Rev Rfdg & Impt | 5.500 | 05/15/39 | 776,762 | ||||||||||
3,300 | Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A | 5.000 | 05/15/24 | 2,467,377 | ||||||||||
1,650 | Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A | 5.000 | 05/15/36 | 1,079,958 | ||||||||||
700 | Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser B | 5.125 | 05/15/42 | 450,702 | ||||||||||
1,075 | Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A | 6.000 | 11/15/38 | 713,026 | ||||||||||
8,366,603 | ||||||||||||||
Kentucky 1.7% | ||||||||||||||
2,300 | Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville Arena Sub, Ser A-1 (AGL Insd) | 5.750 | 12/01/28 | 2,382,133 | ||||||||||
2,470 | Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL Insd) | 5.250 | 02/01/24 | 2,630,426 | ||||||||||
2,780 | Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL Insd) | 5.250 | 02/01/25 | 2,938,210 | ||||||||||
3,915 | Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc | 5.250 | 10/01/36 | 3,173,264 | �� | |||||||||
11,124,033 | ||||||||||||||
Louisiana 1.6% | ||||||||||||||
830 | Colonial Pinnacle Cmnty Dev Dist Dev | 6.750 | 05/01/23 | 588,943 | ||||||||||
1,485 | Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt | 5.250 | 07/01/17 | 1,144,772 |
24
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Louisiana (Continued) | ||||||||||||||
$ | 2,300 | Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg, Ser A (GNMA Collateralized) (AMT) | 5.375 | % | 10/20/39 | $ | 2,302,277 | |||||||
3,100 | Louisiana St Ctzn Ppty Ins Corp Assmt Rev, Ser C-2 (AGL Insd) | 6.750 | 06/01/26 | 3,333,833 | ||||||||||
2,750 | Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT) (b) | 5.250 | 11/01/37 | 2,654,520 | ||||||||||
10,024,345 | ||||||||||||||
Maryland 1.4% | ||||||||||||||
1,050 | Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A | 5.125 | 01/01/36 | 722,988 | ||||||||||
1,535 | Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev, Ser H (AMT) | 5.100 | 09/01/37 | 1,483,562 | ||||||||||
2,500 | Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art | 5.000 | 06/01/40 | 1,857,250 | ||||||||||
2,750 | Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A | 5.500 | 07/01/42 | 2,238,472 | ||||||||||
2,250 | Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC Insd) (AMT) | 5.125 | 03/01/24 | 2,102,198 | ||||||||||
950 | Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj | 5.200 | 07/01/34 | 531,079 | ||||||||||
8,935,549 | ||||||||||||||
Massachusetts 3.7% | ||||||||||||||
350 | Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A | 5.750 | 11/15/35 | 202,412 | ||||||||||
750 | Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A | 5.750 | 11/15/42 | 419,783 | ||||||||||
7,000 | Massachusetts St Hlth & Ed Fac Auth Rev Harvard Univ, Ser B (a) | 5.000 | 10/01/38 | 7,232,890 | ||||||||||
500 | Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12) | 6.000 | 07/01/31 | 504,908 | ||||||||||
35 | Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C | 5.750 | 07/01/32 | 35,329 | ||||||||||
4,435 | Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D | 5.000 | 07/01/33 | 3,244,557 | ||||||||||
1,000 | Massachusetts St Hsg Fin Agy Hsg, Ser A (AMT) | 5.100 | 12/01/27 | 949,290 |
25
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Massachusetts (Continued) | ||||||||||||||
$ | 5,740 | Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AMBAC Insd) (a) | 4.500 | % | 08/15/35 | $ | 5,483,996 | |||||||
3,850 | Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (FSA Insd) (a) | 5.000 | 08/15/30 | 3,928,848 | ||||||||||
1,800 | Massachusetts St Wtr Res Auth, Ser B | 5.000 | 08/01/22 | 1,995,624 | ||||||||||
23,997,637 | ||||||||||||||
Michigan 4.5% | ||||||||||||||
3,015 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/17 | 1,951,700 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/18 | 1,838,052 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/19 | 1,703,547 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/22 | 1,361,367 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/23 | 1,253,489 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/24 | 1,153,266 | ||||||||||
3,500 | Grand Rapids, MI Downtown Dev Cap Apprec (NATL Insd) | * | 06/01/15 | 2,727,445 | ||||||||||
2,765 | Grand Rapids, MI Downtown Dev Cap Apprec (NATL Insd) | * | 06/01/16 | 2,031,777 | ||||||||||
1,760 | Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A | 6.000 | 07/01/35 | 1,268,890 | ||||||||||
1,350 | Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b) | 5.250 | 01/15/47 | 1,382,076 | ||||||||||
600 | Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b) | 5.500 | 01/15/47 | 619,800 | ||||||||||
2,500 | Michigan St Strategic Fd Detroit Edison Co Proj Rfdg, Ser C (Syncora Gtd) (AMT) | 5.450 | 12/15/32 | 2,134,300 | ||||||||||
2,500 | Michigan St Strategic Fd Detroit Edison Pollutn Ctl Rfdg (AMBAC Insd) (b) | 4.850 | 09/01/30 | 2,461,425 | ||||||||||
1,000 | Michigan St Strategic Fd Detroit Edison Polutnl Ctl Rfdg, Ser B (AMT) | 5.650 | 09/01/29 | 899,550 |
26
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Michigan (Continued) | ||||||||||||||
$ | 2,250 | Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj Rfdg, Ser A (Syncora Gtd) (AMT) | 5.500 | % | 06/01/30 | $ | 1,970,213 | |||||||
7,000 | Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A | 6.000 | 06/01/48 | 4,110,120 | ||||||||||
28,867,017 | ||||||||||||||
Minnesota 1.5% | ||||||||||||||
1,380 | Annandale, MN Econ Dev Auth Sr Hsg & Hlthcare Rev Annandale Care Ctr Proj, Ser A | 5.900 | 11/01/37 | 922,627 | ||||||||||
525 | Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj | 6.000 | 08/01/42 | 357,105 | ||||||||||
1,000 | Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj | 5.750 | 11/01/37 | 744,850 | ||||||||||
2,750 | Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A | 6.375 | 11/15/23 | 2,928,805 | ||||||||||
1,850 | Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A | 6.625 | 11/15/28 | 1,946,736 | ||||||||||
50 | Minnesota Agric & Econ Dev Brd Rev Hlthcare Sys (NATL Insd) | 5.750 | 11/15/26 | 46,354 | ||||||||||
300 | North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks | 6.000 | 10/01/27 | 241,068 | ||||||||||
775 | North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks | 6.000 | 10/01/33 | 601,230 | ||||||||||
2,200 | Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Group Proj | 5.250 | 05/15/36 | 1,717,914 | ||||||||||
9,506,689 | ||||||||||||||
Missouri 2.6% | ||||||||||||||
245 | Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc | 5.625 | 06/01/27 | 214,358 | ||||||||||
1,700 | Cass Cnty, MO Hosp Rev | 5.625 | 05/01/38 | 1,262,182 | ||||||||||
1,250 | Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj | 5.500 | 02/01/35 | 934,825 | ||||||||||
1,625 | Jefferson Cnty, MO Reorg Sch Dist No R-6 (FGIC Insd) | 5.625 | 03/01/20 | 1,685,222 | ||||||||||
2,500 | Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F | 5.750 | 05/15/26 | 1,762,300 | ||||||||||
1,000 | Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F | 5.750 | 05/15/31 | 659,240 |
27
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Missouri (Continued) | ||||||||||||||
$ | 1,265 | Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A | 5.500 | % | 09/01/18 | $ | 1,080,057 | |||||||
1,250 | Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship Vlg West Cnty, Ser A | 5.375 | 09/01/21 | 1,096,088 | ||||||||||
975 | Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A | 6.375 | 12/01/30 | 720,262 | ||||||||||
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 | 1,623,572 | ||||||||||
900 | Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg | 5.750 | 11/01/27 | 671,562 | ||||||||||
2,765 | Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT) | 4.550 | 07/01/29 | 2,301,088 | ||||||||||
3,195 | Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT) | 4.600 | 07/01/36 | 2,525,072 | ||||||||||
16,535,828 | ||||||||||||||
Nebraska 0.4% | ||||||||||||||
2,615 | Omaha Pub Dist NE Elec Rev Sub Sys, Ser A (a) | 5.000 | 02/01/34 | 2,625,774 | ||||||||||
Nevada 3.1% | ||||||||||||||
3,000 | Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT) | 5.250 | 07/01/34 | 2,207,340 | ||||||||||
70 | Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (BHAC Insd) (AMT) | 4.750 | 09/01/36 | 55,474 | ||||||||||
3,500 | Clark Cnty, NV Indl Dev Southwest Gas Corp Proj, Ser D1 (NATL Insd) (AMT) | 5.250 | 03/01/38 | 2,535,435 | ||||||||||
4,020 | Nevada Hsg Div Single Family Mtg Rev, Ser A (GNMA Collateralized) (AMT) | 5.875 | 04/01/38 | 4,093,727 | ||||||||||
4,300 | Nevada St Cap Impt & Cultural Affairs, Ser C | 5.000 | 06/01/22 | 4,609,514 |
28
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Nevada (Continued) | ||||||||||||||
$ | 3,300 | Nevada St Cap Impt & Cultural Affairs, Ser C | 5.000 | % | 06/01/23 | $ | 3,509,913 | |||||||
3,460 | Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A | 5.250 | 06/01/37 | 2,716,515 | ||||||||||
19,727,918 | ||||||||||||||
New Hampshire 0.6% | ||||||||||||||
1,000 | New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10) | 7.000 | 07/01/30 | 1,086,790 | ||||||||||
750 | New Hampshire St Business Fin Auth Pollutn Ctl Rev The Utd Illum Rfdg, Ser A (AMT) (b) | 6.875 | 12/01/29 | 790,830 | ||||||||||
1,050 | New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co Proj (AMT) (b) | 7.125 | 07/01/27 | 1,056,457 | ||||||||||
900 | New Hampshire St Business Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT) | 6.300 | 05/01/22 | 900,477 | ||||||||||
3,834,554 | ||||||||||||||
New Jersey 7.5% | ||||||||||||||
375 | Burlington Cnty, NJ Brdg Cmnty Econ Dev Rev The Evergreens Proj | 5.625 | 01/01/38 | 226,410 | ||||||||||
1,200 | New Jersey Econ Dev Auth Rev Cig Tax | 5.750 | 06/15/29 | 889,860 | ||||||||||
3,150 | New Jersey Econ Dev Auth Rev Cig Tax | 5.750 | 06/15/34 | 2,251,400 | ||||||||||
25,000 | New Jersey Econ Dev Auth St Contract Econ Recovery (NATL Insd) (f) | 5.900 | 03/15/21 | 30,048,000 | ||||||||||
2,000 | New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp | 5.000 | 07/01/36 | 1,388,520 | ||||||||||
2,300 | New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ Hosp Oblig | 5.750 | 07/01/37 | 1,806,144 | ||||||||||
2,095 | New Jersey St Trans Tr Fd Auth Trans Sys, Ser A | 5.750 | 06/15/17 | 2,382,266 | ||||||||||
4,500 | Tobacco Settlement Fin Corp NJ, Ser 1-A | 4.750 | 06/01/34 | 2,439,900 | ||||||||||
13,750 | Tobacco Settlement Fin Corp NJ, Ser 1-A | 5.000 | 06/01/41 | 7,280,350 | ||||||||||
48,712,850 | ||||||||||||||
29
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
New Mexico 0.5% | ||||||||||||||
$ | 1,250 | Jicarilla, NM Apache Nation Rev, Ser A (Acquired 10/23/03, Cost $1,275,475) (g) | 5.500 | % | 09/01/23 | $ | 1,282,987 | |||||||
2,050 | New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian Hlthcare Svc, Ser A | 6.375 | 08/01/32 | 2,170,889 | ||||||||||
3,453,876 | ||||||||||||||
New York 12.9% | ||||||||||||||
4,000 | Metropolitan Trans Auth NY Dedicated Tax Fd, Ser B | 5.250 | 11/15/28 | 4,077,800 | ||||||||||
2,500 | Metropolitan Trans Auth NY Rev Rfdg, Ser A (NATL Insd) | 5.250 | 11/15/31 | 2,503,125 | ||||||||||
2,400 | New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser E1 (AMT) | 5.350 | 11/01/37 | 2,279,088 | ||||||||||
3,165 | New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B | 6.750 | 03/01/15 | 2,747,410 | ||||||||||
8,450 | New York City Mun Wtr Fin Auth Wtr & Swr Rev, Ser AA | 5.000 | 06/15/22 | 8,975,421 | ||||||||||
16,930 | New York City Trans Auth Trans Fac Livingston Plaza Proj Rfdg, Ser 1993 (FSA Insd) (d) | 5.400 | 01/01/18 | 19,644,725 | ||||||||||
2,800 | New York City Trans Fin Auth Bldg Aid Rev Fiscal 2009, Ser S-3 | 5.250 | 01/15/39 | 2,754,248 | ||||||||||
7,225 | New York, NY Sub, Ser I-1 (a) | 5.000 | 02/01/26 | 7,290,748 | ||||||||||
2,500 | New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm, Ser A (FSA Insd) | 5.500 | 05/15/25 | 2,501,625 | ||||||||||
5,170 | New York St Dorm Auth Rev City Univ Sys, Ser C | 7.500 | 07/01/10 | 5,333,113 | ||||||||||
3,000 | New York St Dorm Auth Rev Hosp (NATL Insd) | 5.000 | 08/01/33 | 2,942,730 | ||||||||||
2,840 | New York St Loc Assistance Corp Rfdg, Ser E | 6.000 | 04/01/14 | 3,190,428 | ||||||||||
1,500 | New York St Urban Dev Corp Rev Correctional Fac Rfdg | 5.500 | 01/01/13 | 1,577,190 | ||||||||||
6,050 | Port Auth NY & NJ Cons 144th (a) | 5.000 | 10/01/35 | 6,087,026 | ||||||||||
6,050 | Port Auth NY & NJ, Ser 1546 (a) | 5.000 | 10/01/35 | 6,087,026 | ||||||||||
3,000 | Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Term 6 (NATL Insd) (AMT) | 5.750 | 12/01/22 | 2,502,240 |
30
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
New York (Continued) | ||||||||||||||
$ | 3,000 | Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Term 6 (NATL Insd) (AMT) | 5.750 | % | 12/01/25 | $ | 2,400,930 | |||||||
950 | Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (c) | 5.000 | 12/01/23 | 610,708 | ||||||||||
83,505,581 | ||||||||||||||
North Carolina 5.0% | ||||||||||||||
4,000 | North Carolina Eastern Muni Pwr Agy Pwr Sys Rev, Ser D | 6.750 | 01/01/26 | 4,045,280 | ||||||||||
1,500 | North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A | 5.750 | 10/01/37 | 1,110,915 | ||||||||||
25,000 | North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (NATL Insd) | 6.000 | 01/01/12 | 27,143,750 | ||||||||||
32,299,945 | ||||||||||||||
North Dakota 0.2% | ||||||||||||||
470 | North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm Home Mtg Fin, Ser B (NATL Insd) (AMT) | 5.500 | 07/01/29 | 462,983 | ||||||||||
1,500 | Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg | 5.125 | 07/01/29 | 1,089,315 | ||||||||||
1,552,298 | ||||||||||||||
Ohio 9.2% | ||||||||||||||
8,055 | Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 | 5.750 | 06/01/34 | 5,099,701 | ||||||||||
4,770 | Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 | 5.875 | 06/01/30 | 3,235,396 | ||||||||||
6,500 | Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 | 5.875 | 06/01/47 | 3,651,505 | ||||||||||
450 | Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A | 5.750 | 05/15/27 | 306,797 | ||||||||||
2,000 | Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj | 7.500 | 01/01/30 | 1,983,120 | ||||||||||
1,000 | Delaware Cnty, OH Cap Fac (Prerefunded @ 12/01/10) | 6.000 | 12/01/25 | 1,092,970 | ||||||||||
1,000 | Lorain Cnty, OH Hosp Rev Catholic Hlthcare, Ser S | 5.375 | 10/01/30 | 956,470 | ||||||||||
4,525 | Lorain Cnty Ohio Hosp Rev Fac Catholic (FSA Insd) (a) | 5.000 | 02/01/24 | 4,657,402 | ||||||||||
4,500 | Lorain Cnty Ohio Hosp Rev Fac Catholic (FSA Insd) (a) | 5.000 | 02/01/24 | 4,631,670 |
31
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Ohio (Continued) | ||||||||||||||
$ | 4,800 | Lorain Cnty Ohio Hosp Rev Rfdg Catholic (FSA Insd) (a) | 5.000 | % | 04/01/24 | $ | 4,940,448 | |||||||
1,625 | Montgomery Cnty, OH Rev Catholic Hlth, Ser C (FSA Insd) (a) | 5.000 | 10/01/41 | 1,493,505 | ||||||||||
2,370 | Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A | 6.000 | 11/15/28 | 2,408,915 | ||||||||||
1,465 | Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A | 6.250 | 11/15/39 | 1,488,894 | ||||||||||
8,000 | Ohio St Air Quality Dev Auth Rev Dayton Pwr (BHAC Insd) (AMT) (a) | 4.800 | 09/01/36 | 6,996,160 | ||||||||||
1,000 | Ohio St Higher Ed Fac Commn Rev Hosp Univ Hosp Hlth Sys Inc, Ser A (BHAC Insd) | 5.250 | 01/15/46 | 1,008,750 | ||||||||||
3,000 | Ohio St Higher Ed Fac Commn Rev Univ Hosp Hlth Sys, Ser 2009A | 6.750 | 01/15/39 | 3,042,030 | ||||||||||
3,110 | Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (a) | 5.300 | 09/01/28 | 3,043,539 | ||||||||||
5,475 | Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (a) | 5.400 | 03/01/33 | 5,338,563 | ||||||||||
3,780 | Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser F (GNMA Collateralized) (a) | 5.500 | 09/01/39 | 3,806,006 | ||||||||||
59,181,841 | ||||||||||||||
Oklahoma 0.8% | ||||||||||||||
2,175 | Chickasaw Nation, OK Hlth Sys (c) | 6.250 | 12/01/32 | 1,780,716 | ||||||||||
1,500 | Jenks, OK Aquarium Auth Rev First Mtg (NATL Insd) (Prerefunded @ 7/01/10) | 6.100 | 07/01/30 | 1,611,525 | ||||||||||
1,575 | Oklahoma City, OK Arpt Tr Jr Lien 27th, Ser B (FSA Insd) (AMT) | 5.750 | 07/01/16 | 1,590,010 | ||||||||||
4,982,251 | ||||||||||||||
Oregon 0.3% | ||||||||||||||
1,985 | Portland, OR Urban Renewal & Redev Downtown Wtrfront, Ser A (AMBAC Insd) | 5.750 | 06/15/16 | 2,058,108 | ||||||||||
32
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Pennsylvania 1.5% | ||||||||||||||
$ | 2,750 | Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A | 5.000 | % | 11/15/28 | $ | 1,513,765 | |||||||
230 | Allegheny Cnty, PA San Auth Swr Rev (NATL Insd) | 5.500 | 12/01/30 | 233,344 | ||||||||||
875 | Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj | 6.250 | 02/01/35 | 539,070 | ||||||||||
1,550 | Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT) | 6.750 | 12/01/36 | 1,438,726 | ||||||||||
1,600 | Pennsylvania Hsg Fin Agy Single Family Mtg Rev, Ser 94-A (AMT) | 5.100 | 10/01/31 | 1,500,416 | ||||||||||
2,000 | Pennsylvania St Tpk Com Tpk Rev Sub, Ser A (AGL Insd) | 5.000 | 06/01/39 | 2,026,800 | ||||||||||
1,000 | Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (NATL Insd) (AMT) | 5.125 | 07/01/19 | 974,800 | ||||||||||
1,355 | Ridley Park, PA Hosp Auth Rev Taylor Hosp, Ser A (d) | 6.000 | 12/01/13 | 1,494,375 | ||||||||||
9,721,296 | ||||||||||||||
Rhode Island 0.5% | ||||||||||||||
1,100 | Rhode Island Hsg & Mtg Fin Corp Homeownership Oppty, Ser 57-B (AMT) | 5.350 | 10/01/37 | 1,044,593 | ||||||||||
3,000 | Tobacco Settlement Fin Corp, Ser A | 6.250 | 06/01/42 | 2,215,350 | ||||||||||
3,259,943 | ||||||||||||||
South Carolina 5.6% | ||||||||||||||
2,375 | Berkeley Cnty, SC Sch Dist Ctf Partn Berkeley Sch Fac Grp Inc (NATL Insd) (d) | 5.250 | 02/01/16 | 2,756,947 | ||||||||||
3,375 | Charleston Ed Excellence Fin Corp SC Rev (a) | 5.250 | 12/01/25 | 3,444,863 | ||||||||||
10,125 | Charleston Ed Excellence Fin Corp SC Rev (a) | 5.250 | 12/01/26 | 10,282,140 | ||||||||||
1,840 | Myrtle Beach, SC Hospitality Fee Rev, Ser A (NATL Insd) | 5.375 | 06/01/21 | 1,873,782 | ||||||||||
1,935 | Myrtle Beach, SC Hospitality Fee Rev, Ser A (NATL Insd) | 5.375 | 06/01/22 | 1,961,084 | ||||||||||
1,400 | South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg | 5.300 | 10/01/36 | 802,242 | ||||||||||
915 | South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg | 5.500 | 05/01/28 | 608,475 |
33
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
South Carolina (Continued) | ||||||||||||||
$ | 1,000 | South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg | 5.625 | % | 05/01/42 | $ | 593,950 | |||||||
3,000 | South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A | 6.250 | 08/01/31 | 2,640,690 | ||||||||||
1,000 | South Carolina Jobs Econ Dev Auth Hosp Rev Rfdg & Impt Anmed Hlth, Ser B (AGL Insd) (h) | 5.500 | 02/01/38 | 977,320 | ||||||||||
4,500 | South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd) | 5.200 | 11/01/27 | 4,527,135 | ||||||||||
3,750 | South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT) | 5.450 | 11/01/32 | 3,378,750 | ||||||||||
750 | South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A | 6.000 | 11/15/27 | 523,823 | ||||||||||
1,920 | Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg | 5.000 | 06/01/18 | 1,898,669 | ||||||||||
36,269,870 | ||||||||||||||
South Dakota 0.6% | ||||||||||||||
2,250 | Deadwood, SD Ctf Partn (ACA Insd) | 6.375 | 11/01/20 | 2,303,820 | ||||||||||
1,000 | South Dakota St Hlth & Ed Fac Auth Rev Children’s Care Hosp Rfdg (Prerefunded @ 11/01/09) | 6.125 | 11/01/29 | 1,038,260 | ||||||||||
710 | South Dakota St Hlth & Ed Fac Auth Rev Vocational Ed Prog, Ser A (AMBAC Insd) | 5.400 | 08/01/13 | 715,559 | ||||||||||
4,057,639 | ||||||||||||||
Tennessee 2.4% | ||||||||||||||
4,345 | Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A | 5.125 | 10/01/35 | 2,854,882 | ||||||||||
3,500 | Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg, Ser A (NATL Insd) (Prerefunded @ 7/01/12) | 7.500 | 07/01/25 | 3,985,835 |
34
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Tennessee (Continued) | ||||||||||||||
$ | 5,345 | Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth, Ser A | 5.500 | % | 07/01/36 | $ | 4,193,527 | |||||||
4,550 | Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (FSA Insd) (a) | 5.250 | 09/01/27 | 4,588,084 | ||||||||||
15,622,328 | ||||||||||||||
Texas 20.0% | ||||||||||||||
2,375 | Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT) | 4.850 | 04/01/21 | 1,930,827 | ||||||||||
300 | Brazos Cnty, TX Hlth Fac Dev Oblig Grp | 5.375 | 01/01/32 | 246,432 | ||||||||||
8,000 | Coastal Bend Hlth Fac Dev Corp TX Christus Hlth Sub, Ser B-2 (FSA Insd) (b) (e) | 1.920 | 07/01/31 | 8,000,000 | ||||||||||
1,080 | Dallas Cnty, TX Flood Ctl Dist Rfdg | 6.750 | 04/01/16 | 1,095,077 | ||||||||||
1,875 | Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd) | 5.000 | 08/15/18 | 2,065,387 | ||||||||||
2,200 | Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd) | 5.000 | 08/15/19 | 2,402,224 | ||||||||||
4,000 | Dallas-Fort Worth, TX Intl Arpt Rev Impt & Rfdg, Ser A (BHAC Insd) (AMT) | 5.500 | 11/01/31 | 3,773,600 | ||||||||||
1,050 | Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd) (AMT) | 5.750 | 11/01/18 | 1,052,635 | ||||||||||
2,000 | Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd) (AMT) | 6.000 | 11/01/23 | 2,004,000 | ||||||||||
4,000 | Dallas-Fort Worth, TX Intl Arpt Rev, Ser A (NATL Insd) (AMT) | 5.750 | 11/01/30 | 3,965,880 | ||||||||||
7,960 | El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a) | 5.000 | 08/15/37 | 7,794,352 | ||||||||||
1,500 | Gulf Coast Waste Disp Auth TX Waste Mgmt, Ser D (AMT) | 4.550 | 04/01/12 | 1,431,570 | ||||||||||
1,200 | Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann Hlthcare Sys, Ser B | 7.250 | 12/01/35 | 1,277,460 | ||||||||||
2,000 | Harris Cnty, TX Hlth Fac Dev Corp Rev Christus Hlth, Ser A-4 (FSA Insd) (b) (e) | 2.250 | 07/01/31 | 2,000,000 | ||||||||||
1,000 | Harris Cnty, TX Hlth Fac Dev Mem Hermann Hlthcare, Ser A (Prerefunded @ 6/01/11) | 6.375 | 06/01/29 | 1,115,840 |
35
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Texas (Continued) | ||||||||||||||
$ | 1,000 | Harris Cnty, TX Sr Lien-Toll Rd, Ser A (h) | 5.000 | % | 08/15/32 | $ | 1,003,920 | |||||||
1,000 | Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT) | 5.625 | 07/01/30 | 964,570 | ||||||||||
5,105 | Houston, TX Hotel Occupancy Tax & Spl Rev Convention & Entmt, Ser B (AMBAC Insd) | 5.750 | 09/01/15 | 5,322,881 | ||||||||||
225 | Houston, TX Pub Impt & Rfdg (FSA Insd) | 5.750 | 03/01/15 | 237,546 | ||||||||||
12,800 | Houston, TX Util Sys Rev Rfdg Comb First Lien, Ser A (FSA Insd) (a) | 5.000 | 11/15/36 | 12,852,736 | ||||||||||
5,025 | Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a) | 5.000 | 02/01/37 | 5,040,678 | ||||||||||
1,650 | Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX | 5.500 | 02/15/32 | 1,151,618 | ||||||||||
1,250 | Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX | 5.500 | 02/15/37 | 846,000 | ||||||||||
1,825 | MC Lennan Cnty, TX Pub Fac Corp Proj Rev | 6.625 | 06/01/35 | 1,953,115 | ||||||||||
1,410 | Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr | 5.625 | 02/15/35 | 946,378 | ||||||||||
1,500 | Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr (Prerefunded @ 2/15/10) | 7.500 | 02/15/18 | 1,594,965 | ||||||||||
1,100 | Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj | 7.200 | 01/01/21 | 977,779 | ||||||||||
1,500 | Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj | 7.250 | 01/01/31 | 1,188,015 | ||||||||||
1,500 | Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT) (b) | 6.000 | 08/01/20 | 1,468,260 | ||||||||||
1,500 | North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj, Ser A | 5.125 | 05/15/29 | 1,426,920 | ||||||||||
5,750 | North Central, TX Hlth Fac Dev Corp Rev Hosp Childrens Med Ctr Dallas (AMBAC Insd) | 5.250 | 08/15/32 | 5,389,993 | ||||||||||
1,000 | North TX Twy Auth Rev Rfdg Sys First Tier, Ser B | 5.625 | 01/01/28 | 1,010,500 | ||||||||||
1,000 | North TX Twy Auth Rev Rfdg Sys First Tier, Ser B | 6.000 | 01/01/26 | 1,046,650 |
36
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Texas (Continued) | ||||||||||||||
$ | 1,420 | North TX Twy Auth Rev Rfdg Sys First Tier, Ser B | 6.000 | % | 01/01/27 | $ | 1,479,242 | |||||||
2,250 | North TX Twy Auth Rev Rfdg Sys First Tier, Ser L-2 (b) | 6.000 | 01/01/38 | 2,333,543 | ||||||||||
4,300 | North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F | 5.750 | 01/01/33 | 4,107,188 | ||||||||||
1,000 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc | 5.625 | 11/15/27 | 709,970 | ||||||||||
4,200 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc | 5.750 | 11/15/37 | 2,765,070 | ||||||||||
8,000 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj | 5.250 | 11/15/37 | 6,247,920 | ||||||||||
650 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home Proj | 5.750 | 02/15/25 | 461,247 | ||||||||||
4,900 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth Rfdg, Ser A (AGL Insd) | 6.250 | 07/01/28 | 5,275,095 | ||||||||||
4,000 | Texas A & M Univ Rev Fin Sys, Ser A | 5.000 | 05/15/28 | 4,189,720 | ||||||||||
8,700 | Texas Commn Mobility Fd (a) | 5.000 | 04/01/28 | 9,074,883 | ||||||||||
535 | Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (FSA Insd) | 5.500 | 09/01/13 | 539,933 | ||||||||||
2,750 | Texas St Vets Housing Assistance Pgm Vet, Ser B (FHA Gtd) (AMT) | 6.100 | 06/01/31 | 2,753,575 | ||||||||||
1,500 | Texas Wtr Dev Brd Rev St Revolving Fd Sr Lien, Ser B | 5.250 | 07/15/17 | 1,537,770 | ||||||||||
4,900 | Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg, Ser A | 5.375 | 11/01/37 | 3,398,738 | ||||||||||
129,451,702 | ||||||||||||||
Utah 0.3% | ||||||||||||||
1,000 | Utah Hsg Corp Single Family Mtg Rev, Ser E (AMT) (a) | 5.250 | 01/01/39 | 934,530 | ||||||||||
1,100 | Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A | 5.800 | 06/15/38 | 763,477 | ||||||||||
1,698,007 | ||||||||||||||
37
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Virginia 0.5% | ||||||||||||||
$ | 750 | Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal at Lexington, Ser A | 5.500 | % | 01/01/37 | $ | 466,957 | |||||||
750 | Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig | 6.450 | 09/01/37 | 475,538 | ||||||||||
800 | Tobacco Settlement Fin Corp VA | 5.500 | 06/01/26 | 897,144 | ||||||||||
2,000 | White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev | 5.300 | 03/01/17 | 1,663,660 | ||||||||||
3,503,299 | ||||||||||||||
Washington 3.3% | ||||||||||||||
2,500 | Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (FSA Insd) | 5.500 | 07/01/18 | 2,679,350 | ||||||||||
5,360 | Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser B (FSA Insd) | 6.000 | 07/01/16 | 5,948,796 | ||||||||||
1,000 | Goat Hill Ppty WA Lease Rev Govt Office Bldg Proj (NATL Insd) | 5.000 | 12/01/33 | 1,000,920 | ||||||||||
1,950 | Kalispel Tribe Indians Priority Dist WA Rev | 6.625 | 01/01/28 | 1,450,585 | ||||||||||
1,000 | Port Seattle, WA Rev, Ser B (NATL Insd) (AMT) | 5.625 | 02/01/24 | 1,001,160 | ||||||||||
1,435 | Radford Ct Ppty WA Student Hsg Rev (NATL Insd) | 6.000 | 06/01/15 | 1,509,548 | ||||||||||
1,585 | Radford Ct Ppty WA Student Hsg Rev (NATL Insd) | 6.000 | 06/01/16 | 1,667,341 | ||||||||||
1,000 | Seattle, WA Muni Lt & Pwr Rev | 5.625 | 12/01/18 | 1,046,010 | ||||||||||
3,000 | Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (NATL Insd) | 5.250 | 09/01/33 | 3,003,480 | ||||||||||
2,325 | Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 05/07/08, Cost $2,325,000) (f) (g) | 6.000 | 01/01/27 | 1,757,398 | ||||||||||
1,000 | Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj, Ser A | 5.625 | 01/01/38 | 578,830 | ||||||||||
21,643,418 | ||||||||||||||
West Virginia 0.6% | ||||||||||||||
250 | Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry Ctr Fin Dist, Ser A | 5.625 | 06/01/22 | 197,120 |
38
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
West Virginia (Continued) | ||||||||||||||
$ | 1,290 | Pleasants Cnty, WV Pollutn Ctl Rev Cnty Comm Allegheny Rfdg, Ser F | 5.250 | % | 10/15/37 | $ | 1,061,993 | |||||||
1,500 | West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys | 6.000 | 10/01/20 | 1,324,575 | ||||||||||
1,695 | West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys | 6.250 | 10/01/23 | 1,450,835 | ||||||||||
4,034,523 | ||||||||||||||
Wisconsin 2.7% | ||||||||||||||
510 | Badger Tob Asset Sec Corp WI (Prerefunded @ 6/01/12) | 6.375 | 06/01/32 | 573,423 | ||||||||||
2,000 | Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg, Ser A (NATL Insd) | 5.500 | 12/15/20 | 2,404,500 | ||||||||||
700 | Superior, WI Coll Util Rev Rfdg Superior Wtr Lt & Pwr Proj, Ser A (AMT) | 5.375 | 11/01/21 | 627,767 | ||||||||||
625 | Superior, WI Coll Util Rev Superior Wtr Lt & Pwr Proj, Ser B (AMT) | 5.750 | 11/01/37 | 523,750 | ||||||||||
4,100 | Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a) | 5.300 | 09/01/23 | 4,152,070 | ||||||||||
4,895 | Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a) | 5.500 | 09/01/28 | 4,865,826 | ||||||||||
1,545 | Wisconsin St Gen Rev Appropriation Rev, Ser A | 5.375 | 05/01/25 | 1,592,617 | ||||||||||
1,040 | Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd) | 5.000 | 08/01/34 | 956,103 | ||||||||||
1,825 | Wisconsin St Hlth & Ed Fac Auth Rev Pro Hlthcare Inc Oblig Group | 6.625 | 02/15/39 | 1,835,859 | ||||||||||
17,531,915 | ||||||||||||||
Wyoming 0.2% | ||||||||||||||
2,000 | Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT) | 5.600 | 12/01/35 | 1,493,020 | ||||||||||
Guam 0.5% | ||||||||||||||
3,985 | Guam Pwr Auth Rev, Ser A (AMBAC Insd) | 5.250 | 10/01/34 | 3,151,179 | ||||||||||
39
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Puerto Rico 0.1% | ||||||||||||||
$ | 1,000 | Puerto Rico Indl Tourist Ed Med & Environmental Ctl Fac Fin Auth Higher Ed Rev | 5.375 | % | 02/01/19 | $ | 838,500 | |||||||
50 | Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd) (Prerefunded @ 7/01/14) | 5.250 | 07/01/33 | 56,770 | ||||||||||
895,270 | ||||||||||||||
U.S. Virgin Islands 0.6% | ||||||||||||||
1,500 | Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A | 6.375 | 10/01/19 | 1,521,150 | ||||||||||
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 | 1,083,020 | ||||||||||
1,000 | Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A (Prerefunded @ 10/01/10) | 6.500 | 10/01/24 | 1,092,200 | ||||||||||
3,696,370 | ||||||||||||||
Total Investments 187.5% (Cost $1,314,822,400) | 1,212,386,875 | |||||||||||||
Liability for Floating Rate Note Obligations Related to Securities Held (23.9%) (Cost ($154,490,000)) | ||||||||||||||
(154,490 | ) | Notes with interest rates ranging from 0.51% to 1.74% at April 30, 2009 and contractual maturities of collateral ranging from 2023 to 2041 (See Note 1) (i) | (154,490,000 | ) | ||||||||||
Total Net Investments 163.6% (Cost $1,160,332,400) | 1,057,896,875 | |||||||||||||
Other Assets in Excess of Liabilities 2.7% | 17,395,704 | |||||||||||||
Preferred Shares (including accrued distributions) (66.3%) | (428,842,331 | ) | ||||||||||||
Net Assets Applicable to Common Shares 100.0% | $ | 646,450,248 | ||||||||||||
Percentages are calculated as a percentage of net assets applicable to common shares.
* | Zero coupon bond | |
(a) | Underlying security related to Inverse Floaters entered into by the Trust. See Note 1. | |
(b) | Variable Rate Coupon |
40
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2009 (Unaudited) continued
Portfolio of Investments n April 30, 2009 (Unaudited) continued
(c) | 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. | |
(d) | Escrowed to Maturity | |
(e) | 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. | |
(f) | Security has been deemed illiquid. | |
(g) | 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 1.0% of net assets applicable to common shares. | |
(h) | Security purchased on a when-issued or delayed delivery basis. | |
(i) | Floating rate notes. The interest rates shown reflect the rates in effect at April 30, 2009. |
ACA—American Capital Access
AGC—AGC Insured Custody Certificates
AGL—Assured Guaranty Ltd.
AMBAC—AMBAC Indemnity Corp.
AMT—Alternative Minimum Tax
BHAC—Berkshire Hathaway Assurance Corp.
Comwth—Commonwealth of Puerto Rico
FGIC—Financial Guaranty Insurance Co.
FHA—Federal Housing Administration
FSA—Financial Security Assurance Inc.
GNMA—Government National Mortgage Association
NATL—National Public Finance Guarantee Corp.
Syncora—Syncora Guarantee Inc.
41
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Financial Statements
Statement of Assets and Liabilities
April 30, 2009 (Unaudited)
Assets: | ||||||
Total Investments (Cost $1,314,822,400) | $ | 1,212,386,875 | ||||
Receivables: | ||||||
Interest | 20,570,795 | |||||
Investments Sold | 962,843 | |||||
Other | 2,506 | |||||
Total Assets | 1,233,923,019 | |||||
Liabilities: | ||||||
Payables: | ||||||
Floating Rate Note Obligations | 154,490,000 | |||||
Investments Purchased | 1,978,500 | |||||
Investment Advisory Fee | 431,875 | |||||
Custodian Bank | 199,428 | |||||
Income Distributions—Common Shares | 152,752 | |||||
Other Affiliates | 23,232 | |||||
Trustees’ Deferred Compensation and Retirement Plans | 1,078,756 | |||||
Accrued Expenses | 275,897 | |||||
Total Liabilities | 158,630,440 | |||||
Preferred Shares (including accrued distributions) | 428,842,331 | |||||
Net Assets Applicable to Common Shares | $ | 646,450,248 | ||||
Net Asset Value Per Common Share ($646,450,248 divided by 53,821,931 shares outstanding) | $ | 12.01 | ||||
Net Assets Consist of: | ||||||
Common Shares ($0.01 par value with an unlimited number of shares authorized, 53,821,931 shares issued and outstanding) | $ | 538,219 | ||||
Paid in Surplus | 822,854,059 | |||||
Accumulated Undistributed Net Investment Income | 17,480,628 | |||||
Accumulated Net Realized Loss | (91,987,133 | ) | ||||
Net Unrealized Depreciation | (102,435,525 | ) | ||||
Net Assets Applicable to Common Shares | $ | 646,450,248 | ||||
Preferred Shares ($0.01 par value, authorized 100,000,000 shares, 17,152 issued with liquidation preference of $25,000 per share) | $ | 428,800,000 | ||||
Net Assets Including Preferred Shares | $ | 1,075,250,248 | ||||
42
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Financial Statements continued
Statement of Operations
For the Six Months Ended April 30, 2009 (Unaudited)
Investment Income: | ||||||
Interest | $ | 36,646,188 | ||||
Expenses: | ||||||
Investment Advisory Fee | 3,098,781 | |||||
Interest and Residual Trust Expense | 1,279,042 | |||||
Preferred Share Maintenance | 519,013 | |||||
Accounting and Administrative Expenses | 126,821 | |||||
Professional Fees | 113,593 | |||||
Transfer Agent Fees | 76,608 | |||||
Reports to Shareholders | 48,750 | |||||
Custody | 33,014 | |||||
Registration Fees | 20,224 | |||||
Trustees’ Fees and Related Expenses | 10,630 | |||||
Depreciation in Trustees’ Deferred Compensation Accounts | (280,436 | ) | ||||
Other | 21,145 | |||||
Total Expenses | 5,067,185 | |||||
Investment Advisory Fee Reduction | 563,414 | |||||
Less Credits Earned on Cash Balances | 719 | |||||
Net Expenses | 4,503,052 | |||||
Net Investment Income | $ | 32,143,136 | ||||
Realized and Unrealized Gain/Loss: | ||||||
Net Realized Loss | $ | (27,990,470 | ) | |||
Unrealized Appreciation/Depreciation: | ||||||
Beginning of the Period | (178,981,146 | ) | ||||
End of the Period | (102,435,525 | ) | ||||
Net Unrealized Appreciation During the Period | 76,545,621 | |||||
Net Realized and Unrealized Gain | $ | 48,555,151 | ||||
Distributions to Preferred Shareholders | $ | (1,889,894 | ) | |||
Net Increase in Net Assets Applicable to Common Shares from Operations | $ | 78,808,393 | ||||
43
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, 2009 | October 31, 2008 | |||||||
From Investment Activities: | ||||||||
Operations: | ||||||||
Net Investment Income | $ | 32,143,136 | $ | 68,828,372 | ||||
Net Realized Loss | (27,990,470 | ) | (54,091,880 | ) | ||||
Net Unrealized Appreciation/Depreciation During the Period | 76,545,621 | (219,980,173 | ) | |||||
Distributions to Preferred Shareholders: | ||||||||
Net Investment Income | (1,889,894 | ) | (16,126,788 | ) | ||||
Change in Net Assets Applicable to Common Shares from Operations | 78,808,393 | (221,370,469 | ) | |||||
Distributions to Common Shareholders: | ||||||||
Net Investment Income | (23,090,320 | ) | (45,002,791 | ) | ||||
Net Change in Net Assets Applicable to Common Shares from Investment Activities | 55,718,073 | (266,373,260 | ) | |||||
From Capital Transactions: | ||||||||
Repurchase of Shares | (93,449 | ) | (10,565,264 | ) | ||||
Net Change in Net Assets Applicable to Common Shares | 55,624,624 | (276,938,524 | ) | |||||
Net Assets Applicable to Common Shares: | ||||||||
Beginning of the Period | 590,825,624 | 867,764,148 | ||||||
End of the Period (Including accumulated undistributed net investment income of $17,480,628 and $10,317,706, respectively) | $ | 646,450,248 | $ | 590,825,624 | ||||
44
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Financial Statements continued
Statement of Cash Flows
For the Six Months Ended April 30, 2009 (Unaudited)
Change in Net Assets from Operations (including Preferred Share Distributions) | $ | 78,808,393 | ||||
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided by Operating Activities: | ||||||
Purchases of Investments | (128,574,933 | ) | ||||
Proceeds from Sales of Investments | 177,723,524 | |||||
Amortization of Premium | 565,493 | |||||
Accretion of Discount | (1,205,080 | ) | ||||
Net Realized Loss on Investments | 27,990,470 | |||||
Net Change in Unrealized Appreciation on Investments | (76,545,621 | ) | ||||
Decrease in Interest Receivables | 560,620 | |||||
Decrease in Receivable for Investments Sold | 333,027 | |||||
Increase in Other Assets | (1,574 | ) | ||||
Decrease in Investments Purchased Payable | (3,135,744 | ) | ||||
Decrease in Investment Advisory Fees | (3,444 | ) | ||||
Decrease in Other Affiliates Payable | (42,000 | ) | ||||
Decrease in Trustees’ Deferred Compensation and Retirement Plans | (277,119 | ) | ||||
Decrease in Accrued Expenses | (59,043 | ) | ||||
Decrease in Custodian Bank Payable | (1,825,374 | ) | ||||
Total Adjustments | (4,496,798 | ) | ||||
Net Cash Provided by Operating Activities | 74,311,595 | |||||
Cash Flows From Financing Activities | ||||||
Repurchased Shares | (93,449 | ) | ||||
Dividends Paid | (23,703,146 | ) | ||||
Proceeds from and Repayments of Floating Rate Note Obligations | (50,515,000 | ) | ||||
Net Cash Used for Financing Activities | (74,311,595 | ) | ||||
Net Increase in Cash | -0- | |||||
Cash at the Beginning of the Period | -0- | |||||
Cash at the End of the Period | $ | -0- | ||||
Supplemental Disclosures of Cash Flow Information | ||||||
Cash Paid During the Period for Interest | $ | 1,279,042 | ||||
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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 | ||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net Asset Value, Beginning of the Period | $ | 10.98 | $ | 15.89 | $ | 16.97 | $ | 16.80 | $ | 17.34 | $ | 17.15 | ||||||||||||
Net Investment Income | 0.60 | (a) | 1.27 | (a) | 1.18 | (a) | 1.11 | (a) | 1.09 | 1.09 | ||||||||||||||
Net Realized and Unrealized Gain/Loss | 0.90 | (5.05 | ) | (1.06 | ) | 0.47 | (0.48 | ) | 0.31 | |||||||||||||||
Common Share Equivalent of Distributions Paid to Preferred Shareholders: | ||||||||||||||||||||||||
Net Investment Income | (0.04 | ) | (0.30 | ) | (0.37 | ) | (0.29 | ) | (0.22 | ) | (0.10 | ) | ||||||||||||
Net Realized Gain | -0- | -0- | (0.01 | ) | (0.06 | ) | -0- | (0.01 | ) | |||||||||||||||
Total from Investment Operations | 1.46 | (4.08 | ) | (0.26 | ) | 1.23 | 0.39 | 1.29 | ||||||||||||||||
Distributions Paid to Common Shareholders: | ||||||||||||||||||||||||
Net Investment Income | (0.43 | ) | (0.83 | ) | (0.80 | ) | (0.82 | ) | (0.93 | ) | (1.00 | ) | ||||||||||||
Net Realized Gain | -0- | -0- | (0.02 | ) | (0.24 | ) | -0- | (0.10 | ) | |||||||||||||||
Net Asset Value, End of the Period | $ | 12.01 | $ | 10.98 | $ | 15.89 | $ | 16.97 | $ | 16.80 | $ | 17.34 | ||||||||||||
Common Share Market Price at End of the Period | $ | 11.71 | $ | 10.11 | $ | 14.11 | $ | 14.94 | $ | 14.61 | $ | 15.34 | ||||||||||||
Total Return* (b) | 20.65% | ** | –23.77% | –0.39% | 9.86% | 1.31% | 5.76% | |||||||||||||||||
Net Assets Applicable to Common Shares at End of the Period (In millions) | $ | 646.5 | $ | 590.8 | $ | 867.8 | $ | 743.4 | $ | 736.0 | $ | 468.3 | ||||||||||||
Ratio of Expenses to Average Net Assets Applicable to Common Shares* (c) | 1.51% | 2.23% | 2.45% | 1.28% | 1.17% | 1.27% | ||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares* (c) | 10.80% | 8.78% | 7.85% | 6.68% | 6.51% | 6.43% | ||||||||||||||||||
Portfolio Turnover | 11% | ** | 55% | 26% | 25% | 25% | 18% | |||||||||||||||||
* 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) | 1.70% | 2.40% | 2.61% | N/A | N/A | N/A | ||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c) | 10.61% | 8.61% | 7.69% | N/A | N/A | N/A | ||||||||||||||||||
Supplemental Ratios: | ||||||||||||||||||||||||
Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable to Common Shares (c) | 1.08% | 0.98% | 1.12% | 1.17% | 1.17% | 1.27% | ||||||||||||||||||
Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable Including Preferred Shares (c) | 0.63% | 0.60% | 0.64% | 0.73% | 0.74% | 0.80% | ||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d) | 10.17% | 6.72% | 5.36% | 4.94% | 5.22% | 5.82% | ||||||||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total Preferred Shares Outstanding | 17,152 | 17,152 | 21,440 | 17,200 | 17,200 | 10,600 | ||||||||||||||||||
Asset Coverage Per Preferred Share (e) | $ | 62,692 | $ | 59,484 | $ | 65,519 | $ | 68,253 | $ | 67,812 | $ | 69,204 | ||||||||||||
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
46
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2009 (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, as amended (the “1940 Act”). 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. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.
The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), effective November 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Trust would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust’s investments. The inputs are summarized in the three broad levels listed below.
Level 1— | quoted prices in active markets for identical investments |
Level 2— | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
47
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Level 3— | significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of April 30, 2009 in valuing the Trust’s investments carried at value:
Investments in | ||||
Valuation Inputs | Securities | |||
Level 1—Quoted Prices | $ | -0- | ||
Level 2—Other Significant Observable Inputs | 1,212,386,875 | |||
Level 3—Significant Unobservable Inputs | -0- | |||
Total | $ | 1,212,386,875 | ||
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. Purchasing securities on this basis involves a risk that the market value at the time of delivery may be lower than the agreed upon purchase price resulting in an unrealized loss. The Trust will segregate assets with the custodian having an aggregate value at least equal to the amount of the when-issued, delayed delivery purchase commitments until payment is made. At April 30, 2009, the Trust had $1,978,500 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. Financial Accounting Standards Board Interpretation No. 48 Accounting for Uncertainty in Income Taxes 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. Management has concluded there are no significant uncertain tax positions that would require recognition in the 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, 2008, remains subject to examination by taxing authorities.
The Trust intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset these losses against any future realized capital gains. At October 31, 2008, the Trust had an
48
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
accumulated capital loss carryforward for tax purposes of $63,647,992, which will expire according to the following schedule:
Amount | Expiration | |||||||
$ | 11,260,708 | October 31, 2015 | ||||||
52,387,284 | October 31, 2016 |
At April 30, 2009, the cost and related gross unrealized appreciation and depreciation were as follows:
Cost of investments for tax purposes | $ | 1,139,032,146 | ||||
Gross tax unrealized appreciation | $ | 39,164,453 | ||||
Gross tax unrealized depreciation | (120,302,353 | ) | ||||
Net tax unrealized depreciation on investments | $ | (81,137,900 | ) | |||
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, 2008 was as follows:
Distributions paid from: | ||||
Ordinary income | $ | 142,380 | ||
Tax exempt income | 61,279,813 | |||
Long-term capital gain | -0- | |||
$ | 61,422,193 | |||
As of October 31, 2008, the components of distributable earnings on a tax basis were as follows:
Undistributed ordinary income | $ | 262,882 | ||
Undistributed tax-exempt income | 10,808,732 |
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
49
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer of 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, 2009, Trust investments with a value of $261,788,173 are held by the dealer trusts and serve as collateral for the $154,490,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at April 30, 2009 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, 2009 were $177,211,397 and 1.46%, respectively.
G. Credits Earned on Cash Balances During the six months ended April 30, 2009 the Trust’s custody fee was reduced by $719 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”) provides investment advice and facilities to the Trust for an annual fee payable monthly of .55% of the average daily net assets including current preferred shares and leverage of $107,200,000 entered into to retire previously issued preferred shares of the Trust. The Adviser has agreed to waive investment advisory fees equal to 0.10% of the average daily net assets including current preferred shares and leverage of $107,200,000 entered into to retire previously issued shares of the Trust. During the six months ended April 30, 2009, the Adviser waived approximately $563,400 of its advisory fees. This waiver is voluntary and can be discontinued at any time.
For the six months ended April 30, 2009, the Trust recognized expenses of approximately $56,600 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such firm and he and his law firm provide legal services as legal counsel to the Trust.
Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Trust. The costs of these services are allocated to each trust. For the six months ended April 30, 2009, the Trust recognized expenses of approximately $77,400 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.
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Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and directors of Van Kampen. The Trust does not compensate its officers or trustees who are also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation to a later date. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Trust. The maximum annual benefit per trustee under the plan is $2,500.
3. Capital Transactions
For the six months ended April 30, 2009 and the year ended October 31, 2008, transactions in common shares were as follows:
Six Months Ended | Year Ended | |||||||
April 30, 2009 | October 31, 2008 | |||||||
Beginning Shares | 53,831,731 | 54,609,130 | ||||||
Shares Issued Through Dividend Reinvestment | -0- | 182 | ||||||
Shares Repurchased* | (9,800 | ) | (777,581 | ) | ||||
Ending Shares | 53,821,931 | 53,831,731 | ||||||
* | The Trust has 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, 2009 and the year ended October 31, 2008, the Trust repurchased 9,800 and 777,581 of its shares, respectively, at an average discount of 11.74% and 8.60%, 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. |
4. Investment Transactions
During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $128,574,933 and $177,723,524, 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 the unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is generally recognized.
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Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
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, 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. There were no futures transactions entered into during the six months ended April 30, 2009.
B. Inverse Floating Rate Securities The Trust may invest a portion of its assets in inverse floating rate municipal securities, which are variable debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates. These investments are typically used by the Trust in seeking to enhance the yield of the portfolio or used as an alternative form of leverage in order to redeem a portion of the Trust’s preferred shares. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Inverse floating rate investments have varying degrees of liquidity. Inverse floating rate securities in which the Trust may invest include derivative instruments such as residual interest bonds (“RIBs”) or tender option bonds (“TOBs”). Such instruments are typically created by a special purpose trust that holds long-term fixed rate bonds (which may be tendered by the Trust in certain instances) and sells two classes of beneficial interests: short-term floating rate interests, which are sold to third party investors, and inverse floating residual interests, which are purchased by the Trust. The short-term floating rate interests have first priority on the cash flow from the bonds held by the special purpose trust and the Trust is paid the residual cash flow from the bonds held by the special purpose trust.
The Trust generally invests in inverse floating rate investments that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The market value of a “leveraged” inverse floating rate investment generally will fluctuate in response to changes in market rates of interest to a greater extent than the value of an unleveraged investment. The extent of increases and decreases in the value of inverse floating rate investments generally will be larger than changes in an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate investments.
In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be
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Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
6. Preferred Shares
The Trust has outstanding 17,152 Auction Preferred Shares (APS) in nine series. Series A, B and C contain 2,400 shares each, Series D contains 1,280 shares, Series E, F and G contain 1,760 shares each, Series H contains 1,792 shares and Series I contains 1,600 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, 2009, all series of preferred shares of the Trust were not successfully remarketed. As a result, the dividend rates of these preferred shares were reset to the maximum applicable rate on APS. The average rate in effect on April 30, 2009 was 0.328%. During the six months ended April 30, 2009, the rates ranged from 0.287% to 4.426%.
Historically, the Trust paid annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auction. Effective March 16, 2009, the Trust decreased this amount to .15% due to auction failures. In the future, if auctions no longer fail, the Trust may return to an annual fee payment of .25% of the preferred share liquidation value. 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.
The Trust has the option to enter into additional inverse floating rate securities as an alternative form of leverage in order to redeem and retire a portion of its preferred shares. For the six months ended April 30, 2009, the Trust did not exercise this option.
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
On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 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 FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management does not believe the adoption of FAS 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.
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Notes to Financial Statements n April 30, 2009 (Unaudited) continued
Notes to Financial Statements n April 30, 2009 (Unaudited) continued
On April 9, 2009, the Financial Accounting Standards Board issued Staff Position No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (FSP 157-4). FSP 157-4 provides additional guidance for estimating fair value in accordance with FAS 157 when the volume and level of activity for the assets or liability have significantly decreased. FSP 157-4 also requires additional disaggregation of the current FAS 157 required disclosures. FSP 157-4 is effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. At this time, management is evaluating the implications of FSP 157-4 and the impact it will have on the financial statement disclosures.
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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 Edward C. Wood III President and Principal Executive Officer Kevin Klingert Vice President Stefanie V. Chang Yu 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 155 North 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. |
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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.
This 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 and understand your concerns about safeguarding such information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what nonpublic personal information we collect about you, how we collect it, when we may share it with others, and how others may use it. It discusses the steps you may take to limit our sharing of information about you with affiliated Van Kampen companies (“affiliated companies”). It also discloses how you may limit our affiliates’ use of shared information for marketing purposes. Throughout this Policy, we refer to the nonpublic information that personally identifies you or your accounts as “personal information.”
1. What Personal Information Do We Collect About You?
To better serve you and manage our business, it is important that we collect and maintain accurate information about you. We obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies and from third parties and other sources. For example:
• | We collect information such as your name, address, e-mail address, phone number and account title. |
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An Important Notice Concerning Our
U.S. Privacy Policy continued
• | 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 better serve you, to manage our business and as otherwise required or permitted by law, we may disclose personal information we collect about you to other affiliated companies and to nonaffiliated third parties.
A. Information We Disclose to Our Affiliated Companies. In order to manage your account(s) effectively, including servicing and processing your transactions, to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law, we may disclose personal information to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.
B. Information We Disclose to Third Parties. We do not disclose personal information that we collect about you to nonaffiliated third parties except to enable them to provide marketing services on our behalf, to perform joint marketing agreements with other financial institutions, and as otherwise required or permitted by law. For example, some instances where we may disclose information about you to third
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Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our
U.S. Privacy Policy continued
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 a nonaffiliated third party, 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.
4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?
We respect your privacy and offer you choices as to whether we share with affiliated companies personal information that was collected to determine your eligibility for products and services you request (“eligibility information”). Please note that, even if you direct us not to share eligibility information with affiliated companies (“opt-out”), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out under applicable law, such as to process transactions or to service your account. We may also share certain other types of personal information with affiliated companies—such as your name, address, telephone number, e-mail address and account number(s), and information about your transactions and experiences with us.
5. How Can You Limit the Use of Certain Types of Personal Information by Affiliated Companies for Marketing?
You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.
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An Important Notice Concerning Our
U.S. Privacy Policy continued
If you wish to opt-out of sharing and to limit marketing offers, you may do so by:
• | Calling us at (800) 847-2424 Monday-Friday between 8 a.m. and 8 p.m. (ET) | ||
• | Writing to us at the following address: Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311 |
If you choose to write to us, your written request should include your name, address, telephone number and account number(s) to which the opt-out applies and should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party.
If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.
Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.
If you hold more than one account with Van Kampen, you may receive multiple privacy policies from us, and would need to follow the directions stated in each particular policy for each account you have with us.
SPECIAL NOTICE TO RESIDENTS OF VERMONT
This section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.
The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information (“opt-in”).
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Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our
U.S. Privacy Policy continued
If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:
Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311 |
Your authorization should include your name, address, telephone number and account number(s) to which the opt-in applies and should not be sent with any other correspondence. In order to process your authorization, we require that the authorization be provided by you directly and not through a third-party.
522 Fifth Avenue
New York, New York 10036
www.vankampen.com
Copyright ©2009 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC
VGMSAN 6/09
IU09-02571P-Y04/09
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.
(a) Please refer to Item #1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Total Number of | ||||||||||||||||
Shares Purchased | Maximum Number | |||||||||||||||
as | of Shares that may | |||||||||||||||
Part of Publicly | yet be Purchased | |||||||||||||||
Total Number of | Average Price | Announced Plans | Under the Plans or | |||||||||||||
Period | Shares Purchased | Paid per Share | or Programs | Programs | ||||||||||||
November | 9,800 | 9.47 | 9,800 | 767,781 | ||||||||||||
December | — | 767,781 | ||||||||||||||
January | — | 767,781 | ||||||||||||||
February | — | 767,781 | ||||||||||||||
March | — | 767,781 | ||||||||||||||
April | — | 767,781 |
The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Board of Trustees.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-CSRS was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics — Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Trust For Investment Grade Municipals
By: /s/ Edward C. Wood III
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: June 23, 2009
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: June 23, 2009
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/ Edward C. Wood III
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: June 23, 2009
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: June 23, 2009
By: /s/ Stuart N. Schuldt
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 23, 2009
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 23, 2009