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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANIES
Investment Company Act file number 811-06471
Invesco Van Kampen Trust for Investment Grade Municipals
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia | 30309 | |
(Address of principal executive offices) | (Zip code) |
Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 10/31
Date of reporting period: 4/30/10
Item 1. Report to Shareholders.
MUTUAL FUNDS Van Kampen Trust for Investment Grade Municipals (VGM) | ||
Privacy Notice information on the back. | ||
On June 1, 2010, Invesco completed its acquisition of Van Kampen Investments and Morgan Stanley’s retail asset management business. This Trust was included in that acquisition and as of that date, became Invesco Van Kampen Trust for Investment Grade Municipals. Please visit www.invesco.com/transition for more information or call Invesco’s Client Services team at 800-959-4246. Invesco Distributors, Inc. | ||
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, 2010.
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 4/30/10 (Unaudited)
Trust for Investment Grade Municipals | ||||||||||||
Symbol: VGM | ||||||||||||
Average Annual | Based on | Based on | ||||||||||
Total Returns | NAV | Market Price | ||||||||||
Since Inception (1/24/92) | 6.74 | % | 6.80 | % | ||||||||
10-year | 6.08 | 7.86 | ||||||||||
5-year | 2.50 | 5.96 | ||||||||||
1-year | 25.35 | 30.13 | ||||||||||
6-month | 6.68 | 8.53 | ||||||||||
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 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.
1
Trust Report
For the six-month period ended April 30, 2010
Market Conditions
Economic data released during the six-month reporting period indicated that the economy was expanding, although some investors continued to question whether the recession was really behind us. The housing market continued to lag and unemployment remained high, but hints of improvement began to appear late in the period when the April labor report showed that employment in the U.S. rose by its largest monthly increase in four years. The Federal Reserve maintained their accommodative monetary policy, leaving the federal funds target rate unchanged at near zero percent, but hiked the discount rate by 25 basis points to 0.75 percent in mid-February—perhaps an indication of monetary tightening ahead.
Municipal bond market performance slowed substantially during the reporting period from the historically large returns seen in previous months. The lower rated segment of the market continued to outperform as investor demand for lower quality, higher yielding bonds grew over the course of the period. For the six months ended April 30, 2010, the Barclays Capital High Yield Municipal Bond Index (the benchmark for the non-investment grade segment of the market) gained 6.70 percent while the Barclays Capital Municipal Bond Index (the benchmark for the investment grade segment) gained 3.68 percent. Overall, longer maturity issues outperformed those with shorter maturities. For the six months ended April 30, 2010, long bonds (those with maturities of 22 years or more) returned 5.09 percent while five-year bonds returned 3.22 percent, as measured by the respective Barclays Capital municipal bond indexes.
With regard to sectors, hospital bonds and tobacco bonds were among the top performers, outpacing the broad municipal market as rising demand for these lower quality issues helped boost returns. Revenue bonds outperformed general obligation bonds amid media reports of municipalities’ general financial weakness and ongoing weakness in tax collections.
Demand for municipal bonds overall remained steady, with approximately $24 billion flowing into municipal bond funds during the period. New issue supply remained relatively stable as well, totaling roughly $205 billion. However, 25 percent of that total issuance was in taxable Build America Bonds, thereby limiting the supply of traditional tax-exempt bonds. This has helped buoy tax-exempt bond prices and the relative value of municipal bonds overall versus other fixed income sectors.
2
Performance Analysis
The Trust’s return can be calculated based upon either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the value of the Trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding, while market price reflects the supply and demand for the shares. As a result, the two returns can differ, as they did during the reporting period. On an NAV basis 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, 2010
Based on | Based on | Barclays Capital | |||||||||||||||||
NAV | Market Price | Municipal Bond Index | |||||||||||||||||
6.68 | % | 8.53 | % | 3.68 | % | ||||||||||||||
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 for the reporting period included the following:
• | Exposure to BBB rated and non-rated bonds was additive to performance. Spreads on these issues tightened during the period, helping them to outperform higher quality issues. |
• | Holdings in the health care, industrial development revenue/pollution control revenue (IDR/PCR), and tobacco sectors boosted returns as these sectors outperformed the broad municipal bond market for the period. |
• | The portfolio’s exposure on the long end of the municipal yield curve was also advantageous as longer maturities issues outperformed shorter maturity issues. |
Other positions, however, were less advantageous:
• | Exposure to pre-refunded bonds detracted from performance. Pre-refunded bonds are short-maturity securities and therefore underperformed for the period. |
• | The portfolio’s holdings in lease-backed bonds also hindered performance as these issues underperformed essential service bonds. |
The Trustees have approved a procedure whereby the Trust may, when appropriate, repurchase its shares in the open market or in privately negotiated transactions at a price not above market value or NAV, whichever is lower at the time of purchase. This may help support the market value of the Trust’s shares.
3
Market Outlook
Looking ahead, we expect municipal bonds may outperform other sectors of the fixed income market due to the prospect of higher income tax rates in the future as well as the reduction in supply of tax-exempt paper as municipalities continue to issue taxable Build America Bonds. There is some pressure, however, for municipal yields to rise, particularly on the front end of the yield curve, as the Federal Reserve continues to maintain their inflation-fighting status. We expect lower quality bonds will continue to outperform higher grade bonds as the economic recovery continues.
There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Trust in the future.
4
Ratings Allocation as of 4/30/10 (Unaudited) | ||||
AAA/Aaa | 22.0 | % | ||
AA/Aa | 23.8 | |||
A/A | 29.2 | |||
BBB/Baa | 14.1 | |||
BB/Ba | 1.0 | |||
Non-Rated | 9.9 | |||
Top Five Sectors as of 4/30/10 (Unaudited) | ||||
Hospital | 19.8 | % | ||
General Purpose | 8.0 | |||
Public Education | 7.1 | |||
Airports | 6.6 | |||
Life Care | 5.5 | |||
Summary of Investments by State Classification as of 4/30/10 (Unaudited) | ||||
Florida | 17.3 | % | ||
California | 10.3 | |||
Texas | 9.5 | |||
New York | 7.6 | |||
Illinois | 6.9 | |||
Ohio | 5.2 | |||
New Jersey | 3.3 | |||
South Carolina | 2.9 | |||
Michigan | 2.8 | |||
Arizona | 2.7 | |||
Massachusetts | 2.3 | |||
Georgia | 2.3 | |||
North Carolina | 2.2 | |||
Colorado | 1.8 | |||
District of Columbia | 1.6 | |||
Wisconsin | 1.4 | |||
Tennessee | 1.4 | |||
Nevada | 1.4 | |||
Washington | 1.3 | |||
Missouri | 1.3 | |||
Alabama | 1.2 | |||
Indiana | 1.2 | |||
Kentucky | 1.2 | |||
Puerto Rico | 1.1 | |||
Kansas | 1.0 | |||
Maryland | 0.9 | |||
Iowa | 0.9 | |||
Minnesota | 0.8 | |||
Pennsylvania | 0.7 | |||
West Virginia | 0.6 | |||
Louisiana | 0.6 | |||
Connecticut | 0.5 | |||
Oklahoma | 0.4 | |||
Alaska | 0.4 | |||
Virginia | 0.3 | |||
Wyoming | 0.3 |
(continued on next page)
5
Summary of Investments by State Classification as of 4/30/10 (Unaudited) | ||||
(continued from previous page) | ||||
Idaho | 0.3 | % | ||
New Hampshire | 0.3 | |||
New Mexico | 0.3 | |||
Hawaii | 0.2 | |||
Rhode Island | 0.2 | |||
Nebraska | 0.2 | |||
U.S. Virgin Islands | 0.2 | |||
Utah | 0.2 | |||
Oregon | 0.2 | |||
North Dakota | 0.1 | |||
Guam | 0.1 | |||
South Dakota | 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.
Portfolio Management
On June 1, 2010, Invesco completed its acquisition of Van Kampen Investments, and the Trust was part of that acquisition. Therefore, as of that date, the Trust’s investment adviser is Invesco Advisers, Inc. The following individuals associated with Invesco Advisers, Inc. are jointly and primarily responsible for the day-to-day management of the Trust’s portfolio:
• | Thomas Byron, Senior Portfolio Manager, has been responsible for the Trust since 1997. Prior to June 1, 2010, Mr. Byron was associated with Van Kampen Asset Management in an investment management capacity since 1981. |
• | Robert J. Stryker, Senior Portfolio Manager, has been responsible for the Trust since 2009. Prior to June 1, 2010, Mr. Stryker was associated with Van Kampen Asset Management in an investment management capacity since 1994. |
• | Robert W. Wimmel, Senior Portfolio Manager, has been responsible for the Trust since 2001. Prior to June 1, 2010, Mr. Wimmel was associated with Van Kampen Asset Management in an investment management capacity since 1996. |
6
For More Information About Portfolio Holdings
Each Van Kampen trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the trust’s second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to fund shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each fund files a complete schedule of portfolio holdings with the SEC for the trust’s first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s Web site, http://www.sec.gov. You may also review and copy them at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-1520.
You may obtain copies of a trust’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 341-2929.
Proxy Voting Policy and Procedures and Proxy Voting Record
You may obtain a copy of the Trust’s Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 341-2929 or by visiting our Web site at www.vankampen.com. It is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.
You may obtain information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 without charge by visiting our Web site at www.vankampen.com. This information is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.
7
Investment Advisory Agreement Approval
On June 1, 2010, Invesco Ltd., an independent global investment management company, completed its purchase of substantially all of the retail asset management business of Morgan Stanley, including the investment adviser and certain other affiliated service providers to most of the Van Kampen funds (including the Fund) (the “Transaction”). As described in more detail below, in connection with the Transaction, the Fund’s Board of Trustees approved a new investment advisory agreement with Invesco Advisers, Inc. (“Invesco”), a subsidiary of Invesco Ltd., and a new master investment sub-advisory agreement with several of Invesco Ltd.’s wholly-owned affiliates (collectively, the “New Advisory Agreements”). Shareholders approved the New Advisory Agreements at a special meeting of shareholders held on April 16, 2010 to become effective upon closing of the Transaction. Thus, effective June 1, 2010, the Fund’s investment adviser, investment sub-advisers and certain other service providers are affiliates of Invesco Ltd. The Transaction did not result in any change to the Fund’s investment objective, principal investment strategies or the Fund’s portfolio management team.
Prior to the Transaction, the investment adviser for the Fund was Van Kampen Asset Management, a wholly owned subsidiary of Van Kampen Investments Inc. (“Van Kampen Investments”), which was an indirect wholly owned subsidiary of Morgan Stanley. As a result of the Transaction, the asset management business of Van Kampen Investments was combined with that of Invesco.
At several in-person and telephonic meetings held in August, September, October, November and December 2009, the Board discussed and ultimately approved the New Advisory Agreements. At these meetings, the Board considered information provided by Morgan Stanley, Van Kampen Investments and Invesco regarding, among other things: Invesco’s organization and personnel; business strategy; ownership structure; financial strength; affiliations (including other asset management affiliations); asset management practices and capabilities; legal and regulatory matters; and compliance matters. Emphasis during these meetings focused on Invesco being a global investment management leader with momentum in the U.S. retail market, and that the combination of Invesco and Morgan Stanley’s retail asset management business, including Van Kampen Investments, can bring additional value to the Fund’s shareholders. The parties discussed Invesco’s independence as a publicly traded entity, its strategic focus solely on the investment management business (including Invesco’s investment reputation, broad product line, service quality, industry relationships and objective of putting investors’ interests first) and its significant depth in resources, diversification, performance and experience. The parties discussed how the current Invesco and Van Kampen Investments businesses compare and complement each other and the synergies of the combined organization which management believes will benefit the Fund’s shareholders. The parties discussed aligning the Fund and other funds then advised by Van Kampen Asset Management together with other funds and products currently advised by Invesco and its affiliates towards using a single, common operating platform (which includes, among other things, common investment operating platforms, common global
8
performance measurement and risk analysis, and common compliance policies and procedures). At these meetings the Board also discussed, in addition to the New Advisory Agreements, the expectation that Invesco and its affiliates would provide the Fund with administrative and client servicing services that were currently provided by Van Kampen Investments and its affiliates. The parties discussed these other services, and efforts to capitalize on synergy opportunities from combined scale for the benefit of shareholders, leveraging operating best practices across the organization and commitment to quality services. The members of the Board who are not “interested persons” of the Fund, as that term is defined in the Investment Company Act of 1940, as amended, conferred separately with their counsel and a consultant (each engaged specifically in connection with their review of the Transaction) about the Transaction on several occasions during the meetings conducted from August through December 2009.
In connection with the Board’s consideration of the New Advisory Agreements, the Trustees considered, among other things, the factors discussed above as well as the following:
Nature, Extent and Quality of the Services to be Provided. The Board considered the roles and responsibilities of the investment adviser (and its affiliates) as a whole and those specific to portfolio management, support and trading functions anticipated to be servicing the Fund. The Board noted that the current portfolio management team for the Fund is expected to remain the same under the New Advisory Agreements. The Trustees discussed with Invesco the resources available in managing the Fund. The Trustees also discussed certain other services that are to be provided by Invesco or its affiliates to the Fund including subadvisory services, certain global performance measurement and risk analysis, compliance, accounting, and administrative services. The Board has determined that the nature, extent and quality of the services to be provided by Invesco (and its affiliates) support its decision to approve the New Advisory Agreements.
Projected Fees and Expenses of the Fund. The Board considered that the advisory fee rate for the Fund would remain the same under the New Advisory Agreements as they are under the current advisory agreement. The Board had previously determined that such fees were acceptable under the current advisory agreement. The Board has determined that the projected fees and expenses of the Fund support its decision to approve the New Advisory Agreements.
Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the Trustees expect to review Invesco’s expenses in providing services to the Fund and other funds advised by Invesco and the profitability of Invesco. In connection with the Fund, the Trustees discussed with Invesco its projected revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, and other costs. The Board has determined that the analysis of Invesco’s projected expenses and profitability support its decision to approve the New Advisory Agreements.
9
Economies of Scale. The Board noted that economies of scale were already reflected in the advisory fees. In future determinations of whether to approve the continuation of the advisory agreement, the Board will consider whether economies of scale exist and should be passed along to shareholders.
Other Benefits of the Relationship. The Board considered other benefits to Invesco and its affiliates derived from its relationship with the Fund and other funds advised by Invesco. These benefits include, among other things, fees for administrative services (which is reimbursement of Invesco’s cost or such reasonable compensation as may be approved by the Board), transfer agency services provided to other funds in the fund family, in certain cases research to be received by Invesco or its affiliates generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to sales of other funds in the fund family. The Trustees reviewed with Invesco each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by Invesco or its affiliates support its decision to approve the New Advisory Agreements.
10
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited)
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Municipal Bonds 166.7% Alabama 2.0% | ||||||||||||||
$ | 3,660 | Alabama St Brd Ed Rev & Impt Southn Univ St Cmnty Rfdg (NATL Insd) | 5.250 | % | 07/01/20 | $ | 3,928,022 | |||||||
3,225 | Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a) | 5.000 | 06/01/39 | 3,300,175 | ||||||||||
2,000 | Healthcare Auth for Baptist Hlth AL, Ser A (b) | 6.125 | 11/15/36 | 2,107,560 | ||||||||||
2,525 | Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj | 5.500 | 01/01/43 | 1,917,030 | ||||||||||
3,395 | Selma, AL Indl Dev Brd Rev Gulf Opportunity Zone Intl Paper Co Proj, Ser A | 6.250 | 11/01/33 | 3,502,893 | ||||||||||
14,755,680 | ||||||||||||||
Alaska 0.7% | ||||||||||||||
1,575 | Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (AGM Insd) | 5.750 | 03/01/16 | 1,581,221 | ||||||||||
5,300 | Northern Tob Sec Corp Rev Bkd, Ser A | 5.000 | 06/01/46 | 3,562,819 | ||||||||||
5,144,040 | ||||||||||||||
Arizona 4.6% | ||||||||||||||
2,560 | Arizona St Trans Brd Hwy Rev, Ser B | 5.000 | 07/01/25 | 2,825,882 | ||||||||||
3,835 | Arizona St Trans Brd Hwy Rev, Ser B (a) | 5.000 | 07/01/26 | 4,204,809 | ||||||||||
3,435 | Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg, Ser B | 5.000 | 12/01/37 | 3,129,079 | ||||||||||
3,000 | Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd) | 5.250 | 01/01/32 | 3,003,120 | ||||||||||
3,330 | Maricopa Cnty, AZ Indl Dev Auth Hlth Fac Rev Catholic Hlthcare West, Ser C (b) | 5.000 | 07/01/38 | 3,620,376 | ||||||||||
1,825 | Maricopa Cnty, AZ Pollutn Ctl Corp Pollutn Ctl Rev Rfdg AZ Pub Svc Co, Ser B (b) | 5.500 | 05/01/29 | 1,899,934 | ||||||||||
900 | Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser C (b) | 5.500 | 06/01/34 | 969,264 | ||||||||||
1,035 | Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser E (b) | 5.750 | 06/01/34 | 1,107,026 | ||||||||||
970 | Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj | 7.000 | 01/01/39 | 986,209 | ||||||||||
925 | Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj | 7.125 | 01/01/45 | 944,157 | ||||||||||
3,400 | Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Resh LLC Proj (AMT) | 6.550 | 12/01/37 | 3,343,934 | ||||||||||
3,145 | Salt River Proj AZ Agric Impt & Pwr Dist Elec Sys Rev, Ser A (a) | 5.000 | 01/01/28 | 3,405,689 | ||||||||||
5,405 | University of AZ Med Ctr Corp | 5.000 | 07/01/35 | 5,059,566 | ||||||||||
34,499,045 | ||||||||||||||
California 17.4% | ||||||||||||||
1,300 | Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj, Ser C (AGM Insd) | 6.000 | 09/01/16 | 1,456,988 | ||||||||||
4,500 | Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser F1 | 5.000 | 04/01/39 | 4,630,230 | ||||||||||
1,500 | Bay Area Toll Auth CA Toll Brdg Rev SF Bay Area, Ser F1(a) | 5.000 | 04/01/39 | 1,543,410 |
11
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
California (Continued) | ||||||||||||||
$ | 1,250 | Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election | * | 08/01/28 | $ | 498,538 | ||||||||
1,500 | California Hlth Fac Fin Auth Rev Catholic Hlthcare West, Ser A | 6.000 | % | 07/01/34 | 1,619,430 | |||||||||
3,000 | California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a) | 4.950 | 08/01/23 | 2,795,070 | ||||||||||
2,000 | California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a) | 5.050 | 02/01/29 | 1,851,260 | ||||||||||
7,300 | California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (a) | 4.800 | 08/01/36 | 5,854,819 | ||||||||||
4,800 | California Hsg Fin Agy Rev Home Mortgage, Ser K (AMT) (a) | 5.300 | 08/01/23 | 4,750,080 | ||||||||||
5,500 | California Hsg Fin Agy Rev Home Mortgage, Ser K (AMT) (a) | 5.450 | 08/01/28 | 5,338,685 | ||||||||||
1,500 | California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser B (AMT) | 5.000 | 07/01/27 | 1,486,260 | ||||||||||
695 | California St (AMBAC Insd) | 5.125 | 10/01/27 | 695,153 | ||||||||||
1,000 | California St Dept Wtr Res Cent VY Proj Rev Wtr Sys, Ser X (NATL Insd) (Prerefunded @ 12/01/12) | 5.000 | 12/01/29 | 1,039,484 | ||||||||||
1,500 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/25 | 1,648,905 | ||||||||||
1,500 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/26 | 1,636,815 | ||||||||||
875 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/27 | 949,069 | ||||||||||
1,175 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/28 | 1,295,297 | ||||||||||
1,500 | California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a) | 5.000 | 12/01/29 | 1,618,305 | ||||||||||
2,900 | California St Econ Recovery Rfdg, Ser A | 5.250 | 07/01/21 | 3,252,669 | ||||||||||
5,000 | California St Univ Rev & Co Systemwide, Ser A (AMBAC Insd) | 5.000 | 11/01/33 | 5,038,550 | ||||||||||
1,800 | California St Var Purp | 5.750 | 04/01/31 | 1,937,700 | ||||||||||
4,000 | California St Vet, Ser CD (AMT) | 4.600 | 12/01/32 | 3,434,360 | ||||||||||
1,500 | California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (c) | 5.125 | 04/01/37 | 1,325,715 | ||||||||||
2,700 | California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A | 5.000 | 03/01/30 | 2,646,567 | ||||||||||
2,000 | California Statewide Cmnty Dev Auth Rev Kaiser Permanente, Ser A | 5.000 | 04/01/19 | 2,164,020 | ||||||||||
3,360 | California Statewide Cmnty Dev Auth Rev Sutter Hlth, Ser A | 5.000 | 11/15/43 | 3,142,843 | ||||||||||
590 | Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg, Ser C | 6.500 | 12/15/47 | 511,630 | ||||||||||
1,750 | Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser A (NATL Insd) | 5.000 | 09/01/33 | 1,584,485 | ||||||||||
3,000 | Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser B (NATL Insd) | 5.000 | 03/01/33 | 2,719,230 | ||||||||||
2,000 | Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (NATL Insd) | * | 01/15/17 | 1,285,380 | ||||||||||
10,750 | Foothill/Eastern Corridor Agy CA Toll Rd Rev Sr Lien, Ser A (e) | * | 01/01/23 | 6,581,795 | ||||||||||
3,000 | Fremont, CA Uni Sch Dist, Ser A (NATL Insd) | 5.000 | 08/01/25 | 3,083,280 | ||||||||||
3,165 | Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1 | 4.500 | 06/01/27 | 2,909,300 |
12
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
California (Continued) | ||||||||||||||
$ | 8,515 | Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1 | 5.750 | % | 06/01/47 | $ | 6,563,617 | |||||||
4,000 | Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced, Ser A | 5.000 | 06/01/45 | 3,661,480 | ||||||||||
1,000 | Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (Syncora Gtd) | 5.000 | 09/01/37 | 831,430 | ||||||||||
1,800 | Los Angeles, CA Uni Sch Dist, Ser D | 5.000 | 07/01/22 | 1,970,208 | ||||||||||
2,500 | Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser A | 5.000 | 01/01/34 | 2,637,425 | ||||||||||
1,500 | Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser B1 (NATL Insd) | 5.000 | 10/01/33 | 1,532,295 | ||||||||||
260 | Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (c) | 5.500 | 03/01/18 | 246,189 | ||||||||||
3,500 | Palm Springs, CA Fin Auth Lease Rev Convention Ctr Proj, Ser A (NATL Insd) | 5.500 | 11/01/35 | 3,555,370 | ||||||||||
1,700 | Palomar Pomerado Hlthcare Dist CA Ctf Partn | 6.750 | 11/01/39 | 1,781,549 | ||||||||||
2,280 | Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj | 7.000 | 12/01/27 | 1,870,124 | ||||||||||
1,850 | San Francisco, CA City & Cnty Arpt Commn Intl Arpt Rfdg 2nd, Ser A-4 (AMT) (b) | 6.500 | 05/01/19 | 1,980,055 | ||||||||||
1,000 | Santa Clara Cnty, CA Brd Ed Ctf Partn Rfdg (NATL Insd) | 5.000 | 04/01/25 | 1,012,410 | ||||||||||
3,000 | Temecula, CA Redev Agy Tax Temecula Redev Proj No 1 (NATL Insd) | 5.250 | 08/01/36 | 2,759,730 | ||||||||||
4,700 | Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1 | 5.375 | 06/01/38 | 3,890,660 | ||||||||||
3,550 | Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1 | 5.500 | 06/01/45 | 2,637,082 | ||||||||||
2,300 | Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1 | 5.000 | 06/01/37 | 1,802,326 | ||||||||||
7,600 | Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1 | 5.125 | 06/01/46 | 5,285,344 | ||||||||||
1,600 | Turlock, CA Hlth Fac Rev Emanuel Med Ctr Inc | 5.375 | 10/15/34 | 1,396,816 | ||||||||||
3,250 | Vernon, CA Elec Sys Rev, Ser A | 5.125 | 08/01/21 | 3,440,710 | ||||||||||
131,180,142 | ||||||||||||||
Colorado 2.7% | ||||||||||||||
2,000 | Aurora, CO Ctf Partn (AMBAC Insd) (Prerefunded @ 12/01/10) | 5.500 | 12/01/30 | 2,061,160 | ||||||||||
3,405 | Colorado Ed & Cultural Fac Auth Rev Impt Charter Sch Rfdg (Syncora Gtd) | 5.250 | 12/01/23 | 3,449,401 | ||||||||||
800 | Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A | 5.250 | 07/01/27 | 715,648 | ||||||||||
600 | Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A | 5.300 | 07/01/37 | 473,070 | ||||||||||
7,300 | Colorado Hlth Fac Auth Rev Catholic Hlth, Ser 2999 (AGM Insd) (a) | 5.000 | 09/01/36 | 7,357,524 | ||||||||||
1,125 | Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11) | 6.500 | 11/15/31 | 1,235,363 |
13
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Colorado (Continued) | ||||||||||||||
$ | 1,805 | Lakewood, CO Ctf Part (AMBAC Insd) (Prerefunded @ 12/01/10) | 5.300 | % | 12/01/16 | $ | 1,852,002 | |||||||
970 | Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg (f) | 5.900 | 10/01/37 | 827,109 | ||||||||||
1,200 | North Range, CO Met Dist No 2 Ltd Tax | 5.500 | 12/15/37 | 878,196 | ||||||||||
2,050 | Salida, CO Hosp Dist Rev | 5.250 | 10/01/36 | 1,622,657 | ||||||||||
20,472,130 | ||||||||||||||
Connecticut 0.9% | ||||||||||||||
3,580 | Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A (ACA Insd) (AMT) | 6.600 | 07/01/24 | 3,406,227 | ||||||||||
2,150 | Hamden, CT Fac Rev EFPRBS Whitney Ctr Proj, Ser B | 6.125 | 01/01/14 | 2,133,466 | ||||||||||
1,000 | Hartford, CT Pkg Sys Rev, Ser A (Prerefunded @ 7/01/10) | 6.500 | 07/01/25 | 1,010,530 | ||||||||||
6,550,223 | ||||||||||||||
District of Columbia 2.4% | ||||||||||||||
3,650 | District Columbia Hosp Rev Sibley Mem Hosp | 6.375 | 10/01/34 | 3,912,654 | ||||||||||
1,100 | District Columbia Hosp Rev Sibley Mem Hosp | 6.500 | 10/01/29 | 1,204,522 | ||||||||||
1,150 | District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a) | 5.000 | 10/01/29 | 1,192,343 | ||||||||||
2,350 | District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a) | 5.000 | 10/01/34 | 2,401,747 | ||||||||||
6,000 | District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien, Ser A (AGM Insd) | 5.500 | 10/01/41 | 6,297,480 | ||||||||||
2,000 | District of Columbia Rev Friendship Pub Charter Sch Inc (ACA Insd) | 5.750 | 06/01/18 | 2,009,260 | ||||||||||
5 | District of Columbia, Ser E (AGM Insd) | 6.000 | 06/01/13 | 5,023 | ||||||||||
1,000 | Metropolitan Washington DC Arpt Auth Sys, Ser A (NATL Insd) (AMT) | 5.250 | 10/01/32 | 1,005,140 | ||||||||||
18,028,169 | ||||||||||||||
Florida 29.1% | ||||||||||||||
1,000 | Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg | 5.250 | 11/15/17 | 954,130 | ||||||||||
1,000 | Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg | 5.875 | 11/15/36 | 840,490 | ||||||||||
500 | Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg | 5.875 | 11/15/42 | 408,960 | ||||||||||
335 | Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A | 6.000 | 05/01/38 | 294,482 | ||||||||||
250 | Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B | 6.200 | 05/01/38 | 211,670 | ||||||||||
4,960 | Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj | 5.000 | 04/01/34 | 4,644,544 | ||||||||||
1,760 | Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc | 6.750 | 01/01/37 | 1,581,571 | ||||||||||
1,000 | Broward Cnty, FL Hsg Fin Auth Multi-Family Hsg Rev Pembroke Pk Apts Proj (AMT) | 5.650 | 10/01/28 | 971,000 | ||||||||||
1,300 | Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT) | 5.750 | 01/01/32 | 1,143,584 | ||||||||||
4,000 | Citizens Ppty Ins Corp FL High Risk Sr Sec, Ser A-1 | 5.000 | 06/01/14 | 4,232,560 | ||||||||||
3,410 | Citizens Ppty Ins Corp FL High Risk Sr Sec, Ser A-1 | 5.250 | 06/01/17 | 3,582,341 | ||||||||||
525 | Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd) | 5.950 | 07/01/20 | 535,789 | ||||||||||
1,250 | Florida Agric & Mechanical Univ Rev Student Apt Fac (NATL Insd) | 6.500 | 07/01/23 | 1,251,737 |
14
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 215 | Florida Hsg Fin Agy Homeownership Mtg, Ser B (AMT) | 8.595 | % | 11/01/18 | $ | 241,056 | |||||||
360 | Florida Hsg Fin Corp Rev Homeowner Mtg, Ser 4 (AGM Insd) (AMT) | 6.250 | 07/01/22 | 374,238 | ||||||||||
1,000 | Florida Hsg Fin Corp Rev Hsg Wentworth II Apts, Ser A (AMBAC Insd) (AMT) | 5.375 | 11/01/29 | 1,002,940 | ||||||||||
8,475 | Florida Ports Fin Comm Rev St Trans Tr Fd Intermodal Pgm (NATL Insd) (AMT) | 5.500 | 10/01/29 | 8,498,645 | ||||||||||
2,000 | Florida Ports Fin Comm Rev St Trans Tr Fd (NATL Insd) (AMT) | 5.375 | 06/01/27 | 2,000,060 | ||||||||||
15,000 | Florida St Brd Ed Pub Ed Cap Outlay, Ser D (a) | 4.750 | 06/01/35 | 15,221,100 | ||||||||||
12,775 | Florida St Brd of Ed Cap Outlay Pub Ed Rfdg, Ser D | 5.750 | 06/01/22 | 12,962,920 | ||||||||||
7,295 | Florida St Dept Trans Tpk Rev, Ser A (a) | 5.000 | 07/01/29 | 7,573,596 | ||||||||||
1,500 | Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000, Ser A (AMBAC Insd) | 5.000 | 07/01/11 | 1,505,115 | ||||||||||
2,000 | Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000, Ser A (NATL Insd) | 5.250 | 07/01/12 | 2,012,940 | ||||||||||
1,910 | Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) | 5.000 | 07/01/26 | 2,036,404 | ||||||||||
1,935 | Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) | 5.000 | 07/01/27 | 2,052,009 | ||||||||||
2,100 | Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) | 5.000 | 07/01/28 | 2,216,529 | ||||||||||
2,500 | Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) | 5.000 | 07/01/32 | 2,597,525 | ||||||||||
1,475 | Florida St Tpk Auth Tpk Rev Dept Trans, Ser B | 5.000 | 07/01/30 | 1,486,225 | ||||||||||
315 | Gainesville, FL Util Sys Rev (e) | 8.125 | 10/01/14 | 365,973 | ||||||||||
1,000 | Gramercy Farms Cmnty Dev Dist FL Spl Assmt, Ser B (f) (g) | 5.100 | 05/01/14 | 440,200 | ||||||||||
500 | Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (b) | 5.650 | 12/01/20 | 506,645 | ||||||||||
1,000 | Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (b) | 5.800 | 12/01/20 | 1,009,580 | ||||||||||
1,110 | Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A | 5.250 | 06/01/26 | 1,108,990 | ||||||||||
1,270 | Highlands, FL Cmnty Dev Dist Spl Assmt | 5.550 | 05/01/36 | 649,973 | ||||||||||
750 | Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (AGM Insd) | 5.000 | 03/01/15 | 763,755 | ||||||||||
750 | Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (AGM Insd) | 5.000 | 09/01/15 | 763,485 | ||||||||||
1,450 | Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a) | 5.375 | 10/01/33 | 1,464,109 | ||||||||||
3,260 | Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a) | 5.500 | 10/01/38 | 3,310,334 | ||||||||||
14,150 | Hillsborough Cnty, FL Indl Dev Auth Hosp Rev Tampa Gen Hosp Proj | 5.250 | 10/01/41 | 13,561,926 | ||||||||||
1,100 | Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty IDA Rfdg (AMBAC Insd) (b) | 5.000 | 12/01/34 | 1,155,121 | ||||||||||
1,225 | Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B (b) | 5.150 | 09/01/25 | 1,326,197 | ||||||||||
2,745 | Hillsborough Cnty, FL Port Dist Rev Tampa Port Auth Proj, Ser A (NATL Insd) (AMT) | 5.375 | 06/01/27 | 2,760,345 | ||||||||||
9,555 | Hillsborough Cnty, FL Solid Waste & Res Recovery Rev, Ser A (BHAC Insd) (AMT) | 4.500 | 09/01/34 | 8,649,186 |
15
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 7,000 | Lakeland, FL Elec & Wtr Rev (e) | * | 10/01/13 | $ | 6,633,270 | ||||||||
2,230 | Lakeland, FL Elec & Wtr Rev (e) | 5.750 | % | 10/01/19 | 2,408,043 | |||||||||
5,105 | Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg | 5.000 | 11/15/25 | 5,122,663 | ||||||||||
1,000 | Lee Cnty, FL Arpt Rev, Ser A (AGM Insd) (AMT) | 5.750 | 10/01/22 | 1,015,450 | ||||||||||
2,400 | Lee Cnty, FL Indl Dev Auth Hlthcare Fac Rev Shell PT/Alliance Oblig Group | 5.125 | 11/15/36 | 1,959,264 | ||||||||||
1,000 | Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn, Ser A | 5.375 | 06/15/37 | 771,040 | ||||||||||
995 | Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A (Acquired 02/19/08, Cost $995,000) (d) | 6.800 | 05/01/38 | 847,780 | ||||||||||
650 | Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B (Acquired 02/19/08, Cost $650,000) (d) | 6.900 | 05/01/17 | 611,890 | ||||||||||
1,500 | Miami Beach, FL Stormwtr Rev (NATL Insd) | 5.250 | 09/01/25 | 1,532,790 | ||||||||||
1,460 | Miami Beach, FL Stormwtr Rev (NATL Insd) (Prerefunded @ 9/01/10) | 5.750 | 09/01/14 | 1,500,909 | ||||||||||
1,045 | Miami Beach, FL Stormwtr Rev (NATL Insd) (Prerefunded @ 9/01/10) | 5.750 | 09/01/15 | 1,074,281 | ||||||||||
3,200 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT) | 5.000 | 10/01/38 | 3,073,312 | ||||||||||
2,000 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT) | 5.375 | 10/01/27 | 2,007,760 | ||||||||||
4,720 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT) | 5.375 | 10/01/32 | 4,735,151 | ||||||||||
870 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (NATL Insd) | 5.450 | 10/01/15 | 886,887 | ||||||||||
3,000 | Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (NATL Insd) | 5.750 | 10/01/29 | 3,039,090 | ||||||||||
2,000 | Miami-Dade Cnty, FL Aviation Rev, Ser A (AGM Insd) (AMT) | 5.000 | 10/01/33 | 1,938,220 | ||||||||||
2,000 | Miami-Dade Cnty, FL Aviation, Ser A (AGM Insd) (AMT) | 5.125 | 10/01/35 | 1,970,560 | ||||||||||
865 | Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A | 6.000 | 05/01/24 | 834,085 | ||||||||||
3,860 | North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11) | 6.000 | 01/15/31 | 4,050,761 | ||||||||||
1,000 | Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd) | * | 10/01/12 | 953,450 | ||||||||||
1,000 | Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd) | * | 10/01/13 | 924,470 | ||||||||||
2,475 | Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower | 5.500 | 07/01/32 | 2,035,762 | ||||||||||
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) (d) | 7.000 | 10/01/25 | 1,031,480 | ||||||||||
1,500 | Orlando & Orange Cnty Expwy Auth FL Expwy Rev Jr Lien (NATL Insd) | 5.000 | 07/01/28 | 1,500,915 | ||||||||||
890 | Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A (g) | 6.125 | 05/01/35 | 420,854 | ||||||||||
1,650 | Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj | 5.875 | 11/15/37 | 1,466,669 | ||||||||||
1,000 | Palm Beach Cnty, FL Sch Brd Ctf Partn, Ser A (FGIC Insd) (Prerefunded @ 8/01/10) | 5.875 | 08/01/21 | 1,024,210 |
16
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Florida (Continued) | ||||||||||||||
$ | 4,000 | Palm Beach Cnty, FL Solid Waste Auth Rev Impt (BHAC Insd) (a) | 5.500 | % | 10/01/23 | $ | 4,543,280 | |||||||
525 | Pembroke Pines, FL Cons Util Sys Rev (FGIC Insd) (e) | 6.250 | 09/01/11 | 548,410 | ||||||||||
1,500 | Pensacola, FL Arpt Rev Rfdg, Ser A (NATL Insd) (AMT) | 6.000 | 10/01/12 | 1,519,350 | ||||||||||
1,565 | Pensacola, FL Arpt Rev Rfdg, Ser A (NATL Insd) (AMT) | 6.125 | 10/01/18 | 1,575,047 | ||||||||||
500 | Polk Cnty, FL Sch Brd Ctf Partn Master Lease, Ser A (AGM Insd) | 5.500 | 01/01/25 | 513,205 | ||||||||||
2,000 | Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist, Ser 1-B (NATL Insd) | 5.000 | 07/01/33 | 1,837,880 | ||||||||||
4,675 | Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd) (b) | 5.350 | 03/15/42 | 5,022,072 | ||||||||||
870 | Reunion East Cmnty Dev Dist FL Spl Assmt | 5.800 | 05/01/36 | 493,821 | ||||||||||
1,000 | Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A | 5.250 | 01/01/26 | 782,920 | ||||||||||
1,500 | Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A | 5.375 | 01/01/40 | 1,086,705 | ||||||||||
2,000 | Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (AGM Insd) | 5.000 | 07/01/21 | 2,088,260 | ||||||||||
750 | Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (AGM Insd) | 5.000 | 07/01/23 | 770,633 | ||||||||||
600 | Seminole Tribe FL Spl Oblig Rev, Ser A (c) | 5.250 | 10/01/27 | 542,496 | ||||||||||
1,380 | Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A | 5.875 | 05/01/35 | 858,664 | ||||||||||
1,000 | South Lake Cnty Hosp Dist FL South Lake Hosp Inc | 6.375 | 10/01/28 | 1,013,840 | ||||||||||
2,755 | South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A | 5.700 | 05/01/35 | 1,905,441 | ||||||||||
1,250 | Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A | 6.200 | 05/01/35 | 1,159,013 | ||||||||||
1,000 | Tallahassee, FL Hlth Fac Rev Tallahassee Mem Hlthcare Proj | 6.375 | 12/01/30 | 1,001,090 | ||||||||||
1,000 | Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd) | 5.500 | 08/01/17 | 1,021,570 | ||||||||||
1,115 | Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd) | 5.500 | 08/01/19 | 1,137,991 | ||||||||||
495 | Tolomato Cmnty, Dev Dist FL, Ser A | 5.250 | 05/01/39 | 344,827 | ||||||||||
300 | Tolomato Cmnty, FL Dev Dist Spl Assmt | 6.550 | 05/01/27 | 254,058 | ||||||||||
3,170 | Tolomato Cmnty, FL Dev Dist Spl Assmt | 6.650 | 05/01/40 | 2,539,677 | ||||||||||
3,500 | Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (NATL Insd) | 5.125 | 11/01/36 | 3,021,550 | ||||||||||
1,000 | Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (NATL Insd) | 5.200 | 11/01/25 | 930,480 | ||||||||||
1,000 | Village Ctr Cmnty Dev Dist FL Util Rev (FGIC Insd) (e) | 6.000 | 11/01/18 | 1,209,070 | ||||||||||
2,000 | Village Ctr Cmnty Dev Dist FL Util Rev (NATL Insd) | 5.250 | 10/01/23 | 2,004,980 | ||||||||||
1,000 | Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A | 5.750 | 10/15/29 | 1,004,620 | ||||||||||
3,000 | West Orange Hlthcare Dist FL, Ser A | 5.800 | 02/01/31 | 3,015,060 | ||||||||||
750 | World Comm Cmnty Dev Dist FL Spl Assmt (g) | 5.500 | 05/01/38 | 291,780 | ||||||||||
219,678,785 | ||||||||||||||
Georgia 3.8% | ||||||||||||||
5,250 | Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (AGM Insd) (a) | 5.000 | 01/01/33 | 5,308,695 |
17
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Georgia (Continued) | ||||||||||||||
$ | 1,575 | Atlanta, GA Tax Alloc Beltline Proj, Ser B | 6.750 | % | 01/01/20 | $ | 1,605,823 | |||||||
310 | Atlanta, GA Tax Alloc Beltline Proj, Ser B | 7.375 | 01/01/31 | 313,807 | ||||||||||
1,000 | Atlanta, GA Tax Alloc Eastside Proj, Ser B | 5.600 | 01/01/30 | 923,710 | ||||||||||
1,850 | Atlanta, GA Wtr & Wastewtr Rev, Ser A | 6.000 | 11/01/27 | 2,004,586 | ||||||||||
2,000 | Atlanta, GA Wtr & Wastewtr Rev, Ser A | 6.000 | 11/01/28 | 2,157,660 | ||||||||||
1,850 | Atlanta, GA Wtr & Wastewtr Rev, Ser A | 6.000 | 11/01/29 | 1,987,140 | ||||||||||
564 | Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $563,645) (d) | 7.250 | 06/15/10 | 568,177 | ||||||||||
1,500 | George L Smith II GA World Congress Cent Auth Rev Domed Stadium Proj Rfdg (NATL Insd) (AMT) | 5.500 | 07/01/20 | 1,517,790 | ||||||||||
2,635 | Georgia Muni Elec Auth Pwr Rev, Ser A (NATL Insd) | 6.500 | 01/01/20 | 3,124,346 | ||||||||||
5,815 | Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd) | 6.500 | 01/01/17 | 6,794,848 | ||||||||||
85 | Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd) (Prerefunded @ 1/01/14) | 6.500 | 01/01/17 | 100,669 | ||||||||||
2,400 | Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1 | 5.100 | 06/01/23 | 2,456,616 | ||||||||||
28,863,867 | ||||||||||||||
Hawaii 0.4% | ||||||||||||||
3,075 | Hawaii St Arpt Sys Rev, Ser A | 5.000 | 07/01/39 | 3,076,015 | ||||||||||
Idaho 0.5% | ||||||||||||||
1,000 | Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A | 6.500 | 11/01/23 | 1,127,960 | ||||||||||
1,500 | Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A | 6.750 | 11/01/37 | 1,658,145 | ||||||||||
1,270 | Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg (f) | 6.125 | 11/15/27 | 1,112,520 | ||||||||||
3,898,625 | ||||||||||||||
Illinois 11.2% | ||||||||||||||
1,910 | Bartlett, IL Tax Increment Rev Sr Lien Quarry Redev Proj Rfdg | 5.600 | 01/01/23 | 1,613,511 | ||||||||||
2,000 | Chicago, IL Brd Ed (FGIC Insd) (Prerefunded @ 12/01/10) | 5.500 | 12/01/31 | 2,061,520 | ||||||||||
5,900 | Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd) | 5.000 | 12/01/27 | 6,137,770 | ||||||||||
5,775 | Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd) (a) | 5.000 | 12/01/27 | 6,007,790 | ||||||||||
4,400 | Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien (AGL Insd (a) | 5.250 | 01/01/24 | 4,644,332 | ||||||||||
11,500 | Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien (AGL Insd (a) | 5.250 | 01/01/25 | 12,085,120 | ||||||||||
5,700 | Chicago, IL O’Hare Intl Arpt Rev, Ser A (FSA Insd) (a) | 5.000 | 01/01/33 | 5,830,815 | ||||||||||
1,130 | Chicago, IL Proj & Rfdg, Ser A (NATL Insd) (Prerefunded @ 1/01/11) | 5.000 | 01/01/31 | 1,138,012 | ||||||||||
685 | Chicago, IL Rfdg, Ser B (AMBAC Insd) | 5.125 | 01/01/15 | 771,488 | ||||||||||
3,500 | Chicago, IL, Ser A (AGL Insd) (a) | 5.250 | 01/01/25 | 3,810,450 | ||||||||||
3,500 | Du Page Cnty, IL Fst Presv Dist | * | 11/01/10 | 3,490,935 | ||||||||||
1,300 | Granite City, Madison Cnty, IL Disp Rev Waste Mgmt Inc Proj (AMT) (b) | 4.875 | 05/01/27 | 1,300,494 | ||||||||||
2,310 | Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (NATL Insd) | 5.500 | 11/15/13 | 2,496,671 |
18
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Illinois (Continued) | ||||||||||||||
$ | 2,500 | Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (NATL Insd) | 5.500 | % | 11/15/15 | $ | 2,726,175 | |||||||
1,860 | Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group | 5.500 | 10/01/22 | 1,898,837 | ||||||||||
400 | Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A | 5.750 | 05/15/31 | 309,744 | ||||||||||
1,000 | Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ | 5.500 | 04/01/37 | 952,790 | ||||||||||
3,500 | Illinois Fin Auth Rev Northwestern Mem Hosp, Ser A (a) | 5.375 | 08/15/24 | 3,763,270 | ||||||||||
2,000 | Illinois Fin Auth Rev Northwestern Mem Hosp, Ser A (a) | 5.750 | 08/15/30 | 2,169,020 | ||||||||||
4,500 | Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A | 5.750 | 11/15/37 | 4,516,245 | ||||||||||
1,900 | Illinois Fin Auth Rev Riverside Hlth Sys | 6.250 | 11/15/35 | 1,998,876 | ||||||||||
2,885 | Illinois Fin Auth Rev Rush Univ Med Ctr Oblig Grp, Ser A | 7.250 | 11/01/38 | 3,253,472 | ||||||||||
4,500 | Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A | 5.500 | 08/01/37 | 4,087,665 | ||||||||||
1,330 | Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj, Ser A (AMT) | 5.050 | 08/01/29 | 1,302,642 | ||||||||||
1,250 | Illinois Hlth Fac Auth Rev Evangelical Hosp, Ser C (AGM Insd) | 6.750 | 04/15/17 | 1,506,737 | ||||||||||
2,085 | Illinois Hlth Fac Auth Rev South Suburban Hosp (e) | 7.000 | 02/15/18 | 2,524,893 | ||||||||||
775 | Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT) | 7.000 | 12/01/42 | 688,805 | ||||||||||
1,500 | Yorkville, IL Utd City Spl Svc Area Spl Tax No 2006-113 Cannonball/Beecher | 5.750 | 03/01/28 | 1,357,140 | ||||||||||
84,445,219 | ||||||||||||||
Indiana 2.0% | ||||||||||||||
1,065 | Crown Point, IN Econ Dev Rev Temp Wittenberg Vlg Proj, Ser C-1 | 7.250 | 11/15/14 | 1,067,268 | ||||||||||
2,200 | Indiana Fin Auth Hosp Rev Deaconess Hosp Oblig, Ser A | 6.750 | 03/01/39 | 2,377,430 | ||||||||||
5,600 | Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Credit (a) | 5.000 | 11/15/36 | 5,684,112 | ||||||||||
2,500 | Indiana St Fin Auth Environmental Fac Rev IN Pwr & LT Co Proj Rfdg, Ser A | 4.900 | 01/01/16 | 2,686,450 | ||||||||||
1,280 | North Adams, IN Cmnty Sch Renovation Bldg Corp Cap Apprec First Mtg (AGM Insd) | * | 01/15/19 | 929,920 | ||||||||||
1,500 | Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) | 5.950 | 12/01/29 | 1,509,900 | ||||||||||
500 | Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (c) | 5.750 | 09/01/42 | 431,625 | ||||||||||
14,686,705 | ||||||||||||||
Iowa 1.5% | ||||||||||||||
1,685 | Des Moines, IA Pub Pkg Sys, Ser A (NATL Insd) | 5.750 | 06/01/15 | 1,691,285 | ||||||||||
1,785 | Des Moines, IA Pub Pkg Sys, Ser A (NATL Insd) | 5.750 | 06/01/16 | 1,791,658 | ||||||||||
500 | Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C | 5.950 | 08/01/37 | 414,475 | ||||||||||
1,410 | Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C | 5.375 | 06/01/38 | 1,047,912 | ||||||||||
5,950 | Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C | 5.500 | 06/01/42 | 4,394,611 |
19
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (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 | $ | 1,683,180 | |||||||
11,023,121 | ||||||||||||||
Kansas 1.7% | ||||||||||||||
2,100 | Burlington, KS Environmental Impt Rev KC Pwr Lt Rfdg, Ser B (Syncora Gtd) (b) | 5.000 | 12/01/23 | 2,167,725 | ||||||||||
3,800 | Kansas St Dev Fin Auth Hosp Rev Adventist Hlth | 5.750 | 11/15/38 | 4,076,678 | ||||||||||
1,250 | Lenexa, KS Hlthcare Fac Rev Rfdg & Impt | 5.500 | 05/15/39 | 1,024,225 | ||||||||||
3,300 | Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A | 5.000 | 05/15/24 | 2,952,147 | ||||||||||
1,650 | Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A | 5.000 | 05/15/36 | 1,284,756 | ||||||||||
700 | Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser B | 5.125 | 05/15/42 | 538,202 | ||||||||||
1,075 | Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A | 6.000 | 11/15/38 | 954,966 | ||||||||||
12,998,699 | ||||||||||||||
Kentucky 1.9% | ||||||||||||||
2,400 | Kentucky Econ Dev Fin Auth Hosp Fac Rev Owensboro Med Hlth Sys, Ser A | 6.500 | 03/01/45 | 2,487,816 | ||||||||||
2,300 | Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville Arena Sub, Ser A-1 (AGL Insd) | 5.750 | 12/01/28 | 2,499,479 | ||||||||||
2,470 | Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL Insd) | 5.250 | 02/01/24 | 2,720,508 | ||||||||||
2,780 | Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL Insd) | 5.250 | 02/01/25 | 3,055,859 | ||||||||||
3,915 | Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc | 5.250 | 10/01/36 | 3,870,682 | ||||||||||
14,634,344 | ||||||||||||||
Louisiana 1.0% | ||||||||||||||
1,482 | Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt | 5.250 | 07/01/17 | 895,528 | ||||||||||
3,100 | Louisiana St Ctzn Ppty Ins Corp Assmt Rev, Ser C-2 (AGL Insd) | 6.750 | 06/01/26 | 3,561,001 | ||||||||||
2,750 | Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT) (b) | 5.250 | 11/01/37 | 2,907,685 | ||||||||||
7,364,214 | ||||||||||||||
Maryland 1.5% | ||||||||||||||
1,050 | Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A | 5.125 | 01/01/36 | 903,430 | ||||||||||
1,565 | Maryland St Econ Dev Corp Econ Dev Rev Term Proj, Ser B | 5.750 | 06/01/35 | 1,604,641 | ||||||||||
1,110 | Maryland St Econ Dev Corp Econ Dev Rev Trans Fac Proj, Ser A | 5.375 | 06/01/25 | 1,128,526 | ||||||||||
2,500 | Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art | 5.000 | 06/01/40 | 2,327,425 | ||||||||||
2,250 | Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A | 5.500 | 07/01/42 | 2,170,958 |
20
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Maryland (Continued) | ||||||||||||||
$ | 2,250 | Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC Insd) (AMT) | 5.125 | % | 03/01/24 | $ | 2,237,715 | |||||||
1,175 | Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj | 5.200 | 07/01/34 | 1,013,990 | ||||||||||
11,386,685 | ||||||||||||||
Massachusetts 3.8% | ||||||||||||||
3,500 | Massachusetts Dev Fin Agy Sr Living Fac Rev, Ser B2 | 6.250 | 06/01/14 | 3,504,445 | ||||||||||
350 | Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A | 5.750 | 11/15/35 | 258,545 | ||||||||||
750 | Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A | 5.750 | 11/15/42 | 538,425 | ||||||||||
2,700 | Massachusetts St Hlth & Ed Fac Auth Rev Berklee College Music, Ser A | 5.000 | 10/01/32 | 2,740,014 | ||||||||||
7,000 | Massachusetts St Hlth & Ed Fac Auth Rev Harvard Univ, Ser B (a) | 5.000 | 10/01/38 | 7,429,240 | ||||||||||
395 | Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant | 6.000 | 07/01/31 | 402,695 | ||||||||||
750 | Massachusetts St Hlth & Ed Fac Auth Rev MA Inst Tech, Ser A | 5.000 | 07/01/38 | 794,625 | ||||||||||
1,610 | Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D | 5.000 | 07/01/33 | 1,491,246 | ||||||||||
5,740 | Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AMBAC Insd) (a) | 4.500 | 08/15/35 | 5,732,079 | ||||||||||
3,850 | Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AGM Insd) (a) | 5.000 | 08/15/30 | 4,036,456 | ||||||||||
1,800 | Massachusetts St Wtr Res Auth, Ser B | 5.000 | 08/01/22 | 2,033,460 | ||||||||||
28,961,230 | ||||||||||||||
Michigan 4.7% | ||||||||||||||
3,015 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/17 | 2,096,149 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/18 | 1,976,705 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/19 | 1,848,757 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/22 | 1,515,606 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/23 | 1,414,559 | ||||||||||
3,050 | Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f) | * | 07/01/24 | 1,316,166 | ||||||||||
3,925 | Detroit, MI Sew Disp Rev Sr Lien Rfdg, Ser C-1 (AGM Insd) | 7.000 | 07/01/27 | 4,587,697 | ||||||||||
3,500 | Grand Rapids, MI Downtown Dev Cap Apprec (NATL Insd) | * | 06/01/15 | 2,881,060 | ||||||||||
2,765 | Grand Rapids, MI Downtown Dev Cap Apprec (NATL Insd) | * | 06/01/16 | 2,140,359 | ||||||||||
1,350 | Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b) | 5.250 | 01/15/47 | 1,480,748 | ||||||||||
600 | Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b) | 5.500 | 01/15/47 | 669,120 |
21
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Michigan (Continued) | ||||||||||||||
$ | 2,500 | Michigan St Strategic Fd Detroit Edison Pollutn Ctl Rfdg (AMBAC Insd) (b) | 4.850 | % | 09/01/30 | $ | 2,563,350 | |||||||
1,000 | Michigan St Strategic Fd Detroit Edison Polutnl Ctl Rfdg, Ser B (AMT) | 5.650 | 09/01/29 | 1,001,310 | ||||||||||
2,250 | Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj Rfdg, Ser A (Syncora Gtd) (AMT) | 5.500 | 06/01/30 | 2,170,395 | ||||||||||
2,500 | Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj Rfdg, Ser C (Syncora Gtd) (AMT) | 5.450 | 12/15/32 | 2,390,325 | ||||||||||
7,000 | Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A | 6.000 | 06/01/48 | 5,370,610 | ||||||||||
35,422,916 | ||||||||||||||
Minnesota 1.4% | ||||||||||||||
1,380 | Annandale, MN Econ Dev Auth Sr Hsg & Hlthcare Rev Annandale Care Ctr Proj, Ser A | 5.900 | 11/01/37 | 1,277,852 | ||||||||||
525 | Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj | 6.000 | 08/01/42 | 508,945 | ||||||||||
2,750 | Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A | 6.375 | 11/15/23 | 3,124,798 | ||||||||||
1,850 | Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A | 6.625 | 11/15/28 | 2,074,627 | ||||||||||
50 | Minnesota Agric & Econ Dev Brd Rev Hlthcare Sys (NATL Insd) | 5.750 | 11/15/26 | 50,018 | ||||||||||
300 | North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks | 6.000 | 10/01/27 | 300,159 | ||||||||||
775 | North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks | 6.000 | 10/01/33 | 756,873 | ||||||||||
2,200 | Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj | 5.250 | 05/15/36 | 2,055,152 | ||||||||||
10,148,424 | ||||||||||||||
Missouri 2.1% | ||||||||||||||
245 | Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc | 5.625 | 06/01/27 | 236,518 | ||||||||||
1,700 | Cass Cnty, MO Hosp Rev | 5.625 | 05/01/38 | 1,525,359 | ||||||||||
625 | Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj | 5.500 | 02/01/35 | 606,050 | ||||||||||
2,500 | Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F | 5.750 | 05/15/26 | 1,998,450 | ||||||||||
1,000 | Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F | 5.750 | 05/15/31 | 774,360 | ||||||||||
2,500 | Kirkwood, MO Indl Dev Auth Retirement Cmnty Rev Temp 75 Aberdeen Hts, Ser C-1 | 7.500 | 11/15/16 | 2,509,575 | ||||||||||
1,200 | Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A | 5.500 | 09/01/18 | 1,141,356 | ||||||||||
1,250 | Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship Vlg West Cnty, Ser A | 5.375 | 09/01/21 | 1,231,675 | ||||||||||
975 | Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A | 6.375 | 12/01/30 | 851,604 |
22
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Missouri (Continued) | ||||||||||||||
$ | 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 | $ | 1,995,818 | |||||||
900 | Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg | 5.750 | 11/01/27 | 832,257 | ||||||||||
2,345 | Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT) | 4.550 | 07/01/29 | 2,252,607 | ||||||||||
15,955,629 | ||||||||||||||
Nebraska 0.4% | ||||||||||||||
2,615 | Omaha Pub Dist NE Elec Rev Sub Sys, Ser A (a) | 5.000 | 02/01/34 | 2,674,021 | ||||||||||
Nevada 2.3% | ||||||||||||||
3,000 | Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT) | 5.250 | 07/01/34 | 2,750,310 | ||||||||||
70 | Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (BHAC Insd) (AMT) | 4.750 | 09/01/36 | 62,380 | ||||||||||
3,500 | Clark Cnty, NV Indl Dev Southwest Gas Corp Proj, Ser D1 (NATL Insd) (AMT) | 5.250 | 03/01/38 | 3,194,100 | ||||||||||
4,300 | Nevada St Cap Impt & Cultural Affairs, Ser C (a) | 5.000 | 06/01/22 | 4,624,607 | ||||||||||
3,300 | Nevada St Cap Impt & Cultural Affairs, Ser C (a) | 5.000 | 06/01/23 | 3,531,165 | ||||||||||
3,460 | Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A | 5.250 | 06/01/37 | 3,228,214 | ||||||||||
17,390,776 | ||||||||||||||
New Hampshire 0.5% | ||||||||||||||
1,000 | New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10) | 7.000 | 07/01/30 | 1,030,260 | ||||||||||
1,050 | New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co Proj (AMT) (b) | 7.125 | 07/01/27 | 1,110,900 | ||||||||||
750 | New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Rfdg, Ser A (AMT) (b) | 6.875 | 12/01/29 | 800,108 | ||||||||||
850 | New Hampshire St Business Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT) | 6.300 | 05/01/22 | 850,986 | ||||||||||
3,792,254 | ||||||||||||||
New Jersey 5.6% | ||||||||||||||
375 | Burlington Cnty, NJ Brdg Cmnty Econ Dev Rev The Evergreens Proj | 5.625 | 01/01/38 | 324,506 | ||||||||||
25,000 | New Jersey Econ Dev Auth St Contract Econ Recovery (NATL Insd) | 5.900 | 03/15/21 | 29,306,250 | ||||||||||
2,000 | New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp | 5.000 | 07/01/36 | 1,742,200 | ||||||||||
2,300 | New Jersey Hlthcare Fac Fin Auth Rev Saint Peter’s Univ Hosp Oblig | 5.750 | 07/01/37 | 2,293,514 | ||||||||||
2,095 | New Jersey St Trans Tr Fd Auth Trans Sys, Ser A | 5.750 | 06/15/17 | 2,417,860 | ||||||||||
4,500 | Tobacco Settlement Fin Corp NJ, Ser 1-A | 4.750 | 06/01/34 | 3,227,175 | ||||||||||
3,950 | Tobacco Settlement Fin Corp NJ, Ser 1-A | 5.000 | 06/01/41 | 2,745,369 | ||||||||||
42,056,874 | ||||||||||||||
New Mexico 0.5% | ||||||||||||||
1,250 | Jicarilla, NM Apache Nation Rev, Ser A (Acquired 10/23/03, Cost $1,275,475) (d) | 5.500 | 09/01/23 | 1,311,025 |
23
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
New Mexico (Continued) | ||||||||||||||
$ | 2,050 | New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian Hlthcare Svc, Ser A (a) | 6.375 | % | 08/01/32 | $ | 2,282,470 | |||||||
3,593,495 | ||||||||||||||
New York 12.8% | ||||||||||||||
2,070 | Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj | 6.250 | 07/15/40 | 2,131,996 | ||||||||||
860 | Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj | 6.375 | 07/15/43 | 884,648 | ||||||||||
4,000 | Metropolitan Trans Auth NY Dedicated Tax Fd, Ser B | 5.250 | 11/15/28 | 4,324,040 | ||||||||||
2,500 | Metropolitan Trans Auth NY Rev Rfdg, Ser A (NATL Insd) | 5.250 | 11/15/31 | 2,555,350 | ||||||||||
2,400 | New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser E1 (AMT) | 5.350 | 11/01/37 | 2,438,520 | ||||||||||
3,000 | New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B | 6.750 | 03/01/15 | 3,054,120 | ||||||||||
8,450 | New York City Mun Fin Auth Wtr & Swr Rev, Ser AA (a) | 5.000 | 06/15/22 | 9,409,413 | ||||||||||
14,930 | New York City Trans Auth Trans Fac Livingston Plaza Proj Rfdg, Ser 1993 (AGM Insd) (e) | 5.400 | 01/01/18 | 17,389,120 | ||||||||||
5,300 | New York City Trans Fin Auth Bldg Aid Rev Fiscal 2009, Ser S-3 | 5.250 | 01/15/39 | 5,638,405 | ||||||||||
7,225 | New York, NY Sub, Ser I-1 (a) | 5.000 | 02/01/26 | 7,712,037 | ||||||||||
2,500 | New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm, Ser A (AGM Insd) | 5.500 | 05/15/25 | 2,503,400 | ||||||||||
2,680 | New York St Dorm Auth Rev City Univ Sys, Ser C | 7.500 | 07/01/10 | 2,711,678 | ||||||||||
2,500 | New York St Dorm Auth Rev Hosp (NATL Insd) | 5.000 | 08/01/33 | 2,534,200 | ||||||||||
3,000 | New York St Dorm Auth Rev Non St Supported Debt Sch Dist Fin Prog, Ser C (AGL Insd) | 5.000 | 10/01/24 | 3,255,510 | ||||||||||
2,790 | New York St Loc Assistance Corp Rfdg, Ser E | 6.000 | 04/01/14 | 3,148,682 | ||||||||||
2,800 | New York St Twy Auth St Pers Income Tax Rev Trans, Ser A (a) | 5.000 | 03/15/26 | 3,079,804 | ||||||||||
3,100 | New York St Twy Auth St Pers Income Tax Rev Trans, Ser A (a) | 5.000 | 03/15/27 | 3,390,129 | ||||||||||
1,155 | New York St Urban Dev Corp Rev Correctional Fac Rfdg | 5.500 | 01/01/13 | 1,212,993 | ||||||||||
6,050 | Port Auth NY & NJ Cons 144th (a) | 5.000 | 10/01/35 | 6,302,406 | ||||||||||
6,050 | Port Auth NY & NJ, Ser 1546 (a) | 5.000 | 10/01/35 | 6,302,406 | ||||||||||
3,000 | Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Term 6 (NATL Insd) (AMT) | 5.750 | 12/01/22 | 2,999,730 | ||||||||||
3,000 | Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Term 6 (NATL Insd) (AMT) | 5.750 | 12/01/25 | 2,999,700 | ||||||||||
950 | Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (c) | 5.000 | 12/01/23 | 792,205 | ||||||||||
96,770,492 | ||||||||||||||
North Carolina 3.7% | ||||||||||||||
1,350 | North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A | 5.750 | 10/01/37 | 1,194,521 | ||||||||||
25,000 | North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (NATL Insd) | 6.000 | 01/01/12 | 26,955,250 | ||||||||||
28,149,771 | ||||||||||||||
24
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
North Dakota 0.2% | ||||||||||||||
$ | 1,500 | Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg | 5.125 | % | 07/01/29 | $ | 1,343,685 | |||||||
Ohio 8.8% | ||||||||||||||
1,000 | Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 | 5.125 | 06/01/24 | 923,800 | ||||||||||
5,230 | Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 | 5.750 | 06/01/34 | 4,115,016 | ||||||||||
7,595 | Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 | 5.875 | 06/01/30 | 6,431,370 | ||||||||||
1,700 | Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 | 5.875 | 06/01/47 | 1,276,054 | ||||||||||
450 | Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A | 5.750 | 05/15/27 | 385,128 | ||||||||||
1,000 | Delaware Cnty, OH Cap Fac (Prerefunded @ 12/01/10) | 6.000 | 12/01/25 | 1,043,670 | ||||||||||
4,525 | Lorain Cnty Ohio Hosp Rev Fac Catholic (AGM Insd) (a) | 5.000 | 02/01/24 | 4,713,014 | ||||||||||
4,500 | Lorain Cnty Ohio Hosp Rev Fac Catholic (AGM Insd) (a) | 5.000 | 02/01/24 | 4,686,930 | ||||||||||
4,800 | Lorain Cnty Ohio Hosp Rev Rfdg Catholic (AGM Insd) (a) | 5.000 | 04/01/24 | 4,999,440 | ||||||||||
1,625 | Montgomery Cnty, OH Rev Catholic Hlth, Ser C (AGM Insd) (a) | 5.000 | 10/01/41 | 1,629,225 | ||||||||||
2,370 | Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A | 6.000 | 11/15/28 | 2,505,540 | ||||||||||
1,465 | Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A | 6.250 | 11/15/39 | 1,543,407 | ||||||||||
8,000 | Ohio St Air Quality Dev Auth Rev Dayton Pwr (BHAC Insd) (AMT) (a) | 4.800 | 09/01/36 | 8,038,160 | ||||||||||
4,300 | Ohio St Air Quality Dev Auth Rev Pollutn Ctl First Energy Rfdg, Ser C | 5.625 | 06/01/18 | 4,576,705 | ||||||||||
1,775 | Ohio St Higher Ed Fac Commn Rev Summa Hlth Sys 2010 Proj (h) | 5.750 | 11/15/35 | 1,757,250 | ||||||||||
3,000 | Ohio St Higher Ed Fac Commn Rev Univ Hosp Hlth Sys, Ser 2009A | 6.750 | 01/15/39 | 3,207,180 | ||||||||||
4,000 | Ohio St Hosp Fac Rev Cleveland Clinic Hlth, Ser B (a) | 5.000 | 01/01/27 | 4,147,880 | ||||||||||
3,075 | Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (a) | 5.300 | 09/01/28 | 3,172,201 | ||||||||||
2,358 | Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (a) | 5.400 | 03/01/33 | 2,424,213 | ||||||||||
3,137 | Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser F (GNMA Collateralized) (a) | 5.500 | 09/01/39 | 3,272,550 | ||||||||||
1,500 | Ohio St Wtr Dev Auth Pollutn Ctl Fac Rev Rfdg First Energy, Ser A (b) | 5.875 | 06/01/33 | 1,639,785 | ||||||||||
66,488,518 | ||||||||||||||
Oklahoma 0.7% | ||||||||||||||
2,175 | Chickasaw Nation, OK Hlth Sys (c) | 6.250 | 12/01/32 | 2,190,638 | ||||||||||
1,500 | Jenks, OK Aquarium Auth Rev First Mtg (NATL Insd) (Prerefunded @ 7/01/10) | 6.100 | 07/01/30 | 1,529,850 |
25
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Oklahoma (Continued) | ||||||||||||||
$ | 1,575 | Oklahoma City, OK Arpt Tr Jr Lien 27th, Ser B (AGM Insd) (AMT) | 5.750 | % | 07/01/16 | $ | 1,584,088 | |||||||
5,304,576 | ||||||||||||||
Oregon 0.3% | ||||||||||||||
1,985 | Portland, OR Urban Renewal & Redev Downtown Wtrfront, Ser A (AMBAC Insd) | 5.750 | 06/15/16 | 2,014,795 | ||||||||||
Pennsylvania 0.8% | ||||||||||||||
1,375 | Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A | 5.000 | 11/15/28 | 1,167,045 | ||||||||||
230 | Allegheny Cnty, PA San Auth Swr Rev (NATL Insd) | 5.500 | 12/01/30 | 233,319 | ||||||||||
875 | Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care | 6.250 | 02/01/35 | 652,776 | ||||||||||
1,825 | Pennsylvania St Tpk Com Tpk Rev Sub, Ser A (AGL Insd) | 5.000 | 06/01/39 | 1,874,549 | ||||||||||
1,000 | Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (NATL Insd) (AMT) | 5.125 | 07/01/19 | 1,010,450 | ||||||||||
1,115 | Ridley Park, PA Hosp Auth Rev Taylor Hosp, Ser A (e) | 6.000 | 12/01/13 | 1,219,743 | ||||||||||
6,157,882 | ||||||||||||||
Rhode Island 0.4% | ||||||||||||||
3,000 | Tobacco Settlement Fin Corp, Ser A | 6.250 | 06/01/42 | 2,879,760 | ||||||||||
South Carolina 4.8% | ||||||||||||||
2,375 | Berkeley Cnty, SC Sch Dist Ctf Partn Berkeley Sch Fac Grp Inc (NATL Insd) (e) | 5.250 | 02/01/16 | 2,723,673 | ||||||||||
3,375 | Charleston Ed Excellence Fin Corp SC Rev (a) | 5.250 | 12/01/25 | 3,532,579 | ||||||||||
10,125 | Charleston Ed Excellence Fin Corp SC Rev (a) | 5.250 | 12/01/26 | 10,638,743 | ||||||||||
1,840 | Myrtle Beach, SC Hospitality Fee Rev, Ser A (NATL Insd) | 5.375 | 06/01/21 | 1,928,633 | ||||||||||
1,935 | Myrtle Beach, SC Hospitality Fee Rev, Ser A (NATL Insd) | 5.375 | 06/01/22 | 2,016,386 | ||||||||||
1,400 | South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg | 5.300 | 10/01/36 | 1,103,662 | ||||||||||
3,000 | South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A | 6.250 | 08/01/31 | 3,074,820 | ||||||||||
1,000 | South Carolina Jobs Econ Dev Auth Hosp Rev Rfdg & Impt Anmed Hlth, Ser B (AGL Insd) | 5.500 | 02/01/38 | 1,045,830 | ||||||||||
4,500 | South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd) | 5.200 | 11/01/27 | 4,688,685 | ||||||||||
3,750 | South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT) | 5.450 | 11/01/32 | 3,750,000 | ||||||||||
750 | South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A | 6.000 | 11/15/27 | 597,300 | ||||||||||
1,395 | Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg | 5.000 | 06/01/18 | 1,396,437 | ||||||||||
36,496,748 | ||||||||||||||
26
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
South Dakota 0.1% | ||||||||||||||
$ | 565 | South Dakota St Hlth & Ed Fac | ||||||||||||
Auth Rev Vocational Ed Prog, Ser A (AMBAC Insd) | 5.400 | % | 08/01/13 | $ | 569,458 | |||||||||
Tennessee 2.3% | ||||||||||||||
4,345 | Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A | 5.125 | 10/01/35 | 3,878,043 | ||||||||||
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 | 3,919,895 | ||||||||||
5,345 | Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth, Ser A | 5.500 | 07/01/36 | 5,123,075 | ||||||||||
4,550 | Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (AGM Insd) (a) | 5.250 | 09/01/27 | 4,755,569 | ||||||||||
17,676,582 | ||||||||||||||
Texas 16.0% | ||||||||||||||
2,375 | Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT) | 4.850 | 04/01/21 | 2,357,021 | ||||||||||
1,000 | Brazos Riv, TX Hbr Nav Dist Brazoria Cnty Rev Rfdg Dow Chemical Co | 5.250 | 10/01/11 | 1,007,450 | ||||||||||
980 | Dallas Cnty, TX Flood Ctl Dist Rfdg | 6.750 | 04/01/16 | 1,043,230 | ||||||||||
1,875 | Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd) | 5.000 | 08/15/18 | 2,056,425 | ||||||||||
2,200 | Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd) | 5.000 | 08/15/19 | 2,405,458 | ||||||||||
4,000 | Dallas-Fort Worth, TX Intl Arpt Rev Impt & Rfdg, Ser A (BHAC Insd) (AMT) | 5.500 | 11/01/31 | 4,022,840 | ||||||||||
1,050 | Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd) (AMT) | 5.750 | 11/01/18 | 1,053,255 | ||||||||||
2,000 | Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd) (AMT) | 6.000 | 11/01/23 | 2,006,860 | ||||||||||
4,000 | Dallas-Fort Worth, TX Intl Arpt Rev, Ser A (NATL Insd) (AMT) | 5.750 | 11/01/30 | 4,003,400 | ||||||||||
7,960 | El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a) | 5.000 | 08/15/37 | 8,215,675 | ||||||||||
1,500 | Gulf Coast Waste Disp Auth TX Waste Mgmt, Ser D (AMT) | 4.550 | 04/01/12 | 1,545,000 | ||||||||||
1,200 | Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann Hlthcare Sys, Ser B | 7.250 | 12/01/35 | 1,357,020 | ||||||||||
1,000 | Harris Cnty, TX Hlth Fac Dev Mem Hermann Hlthcare, Ser A (Prerefunded @ 6/01/11) | 6.375 | 06/01/29 | 1,073,470 | ||||||||||
1,550 | Harris Cnty, TX Indl Dev Corp Solid Waste Disp Rev Deer Pk Refng Proj | 5.000 | 02/01/23 | 1,575,668 | ||||||||||
1,000 | Harris Cnty, TX Sr Lien Toll Rd, Ser A (a) | 5.000 | 08/15/32 | 1,045,290 | ||||||||||
1,000 | Houston, TX Arpt Sys Rev Sub Lien, Ser A (AGM Insd) (AMT) | 5.625 | 07/01/30 | 1,000,500 | ||||||||||
12,800 | Houston, TX Util Sys Rev Rfdg Comb First Lien, Ser A (AGM Insd) (a) | 5.000 | 11/15/36 | 13,334,016 | ||||||||||
5,025 | Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a) | 5.000 | 02/01/37 | 5,154,846 | ||||||||||
1,650 | Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX | 5.500 | 02/15/32 | 1,550,257 |
27
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Texas (Continued) | ||||||||||||||
$ | 1,250 | Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX | 5.500 | % | 02/15/37 | $ | 1,160,812 | |||||||
1,825 | McLennan Cnty, TX Pub Fac Corp Proj Rev | 6.625 | 06/01/35 | 1,996,952 | ||||||||||
1,410 | Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr | 5.625 | 02/15/35 | 1,255,746 | ||||||||||
1,100 | Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj (Prerefunded @ 1/01/11) | 7.200 | 01/01/21 | 1,145,265 | ||||||||||
1,500 | Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj (Prerefunded @ 1/01/11) | 7.250 | 01/01/31 | 1,562,205 | ||||||||||
1,500 | Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT) (b) | 6.000 | 08/01/20 | 1,634,400 | ||||||||||
3,450 | North Central, TX Hlth Fac Dev Corp Rev Hosp Childrens Med Ctr Dallas (AMBAC Insd) | 5.250 | 08/15/32 | 3,518,586 | ||||||||||
1,000 | North TX Twy Auth Rev Rfdg Sys First Tier, Ser B | 5.625 | 01/01/28 | 1,060,240 | ||||||||||
1,000 | North TX Twy Auth Rev Rfdg Sys First Tier, Ser B | 6.000 | 01/01/26 | 1,084,170 | ||||||||||
1,420 | North TX Twy Auth Rev Rfdg Sys First Tier, Ser B | 6.000 | 01/01/27 | 1,539,521 | ||||||||||
2,250 | North TX Twy Auth Rev Sys First Tier Rfdg, Ser L-2 (b) | 6.000 | 01/01/38 | 2,481,503 | ||||||||||
4,300 | North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F | 5.750 | 01/01/33 | 4,545,100 | ||||||||||
1,000 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc | 5.625 | 11/15/27 | 920,950 | ||||||||||
4,200 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc | 5.750 | 11/15/37 | 3,748,920 | ||||||||||
7,000 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj | 5.250 | 11/15/37 | 6,695,710 | ||||||||||
650 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home Proj | 5.750 | 02/15/25 | 544,187 | ||||||||||
1,850 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home, Ser B-2 | 6.500 | 02/15/14 | 1,855,291 | ||||||||||
4,900 | Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth Rfdg, Ser A (AGL Insd) | 6.250 | 07/01/28 | 5,427,975 | ||||||||||
4,000 | Texas A & M Univ Revs Fin Sys, Ser A | 5.000 | 05/15/28 | 4,349,960 | ||||||||||
8,700 | Texas Commn Mobility Fd (a) | 5.000 | 04/01/28 | 9,380,166 | ||||||||||
2,000 | Texas Private Activity Surface Trans Corp Sr Lien Nt Mobility | 6.875 | 12/31/39 | 2,098,320 | ||||||||||
460 | Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (AGM Insd) | 5.500 | 09/01/13 | 465,534 | ||||||||||
1,500 | Texas Wtr Dev Brd Rev St Revolving Fd Sr Lien, Ser B | 5.250 | 07/15/17 | 1,505,520 | ||||||||||
4,900 | Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg, Ser A | 5.375 | 11/01/37 | 4,520,887 | ||||||||||
120,305,601 | ||||||||||||||
Utah 0.3% | ||||||||||||||
1,000 | Utah Hsg Corp Single Family Mtg Rev, Ser E (AMT) (a) | 5.250 | 01/01/39 | 1,023,030 | ||||||||||
1,100 | Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A | 5.800 | 06/15/38 | 995,808 | ||||||||||
2,018,838 | ||||||||||||||
28
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (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 | $ | 607,200 | |||||||
750 | Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig | 6.450 | 09/01/37 | 728,377 | ||||||||||
800 | Tobacco Settlement Fin Corp VA | 5.500 | 06/01/26 | 895,832 | ||||||||||
1,868 | White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev | 5.300 | 03/01/17 | 1,864,675 | ||||||||||
4,096,084 | ||||||||||||||
Washington 2.2% | ||||||||||||||
2,500 | Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (AGM Insd) | 5.500 | 07/01/18 | 2,648,625 | ||||||||||
1,000 | Goat Hill Ppty WA Lease Rev Govt Office Bldg Proj (NATL Insd) | 5.000 | 12/01/33 | 1,020,890 | ||||||||||
1,950 | Kalispel Tribe Indians Priority Dist WA Rev | 6.625 | 01/01/28 | 1,683,552 | ||||||||||
1,000 | Port Seattle, WA Rev, Ser B (NATL Insd) (AMT) | 5.625 | 02/01/24 | 1,009,100 | ||||||||||
1,435 | Radford Ct Ppty WA Student Hsg Rev (NATL Insd) | 6.000 | 06/01/15 | 1,455,190 | ||||||||||
1,585 | Radford Ct Ppty WA Student Hsg Rev (NATL Insd) | 6.000 | 06/01/16 | 1,607,301 | ||||||||||
1,000 | Seattle, WA Muni Lt & Pwr Rev | 5.625 | 12/01/18 | 1,024,710 | ||||||||||
3,000 | Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (NATL Insd) | 5.250 | 09/01/33 | 3,044,850 | ||||||||||
2,325 | Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 05/07/08, Cost $2,325,000) (d) | 6.000 | 01/01/27 | 2,119,354 | ||||||||||
1,000 | Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj, Ser A | 5.625 | 01/01/38 | 687,990 | ||||||||||
16,301,562 | ||||||||||||||
West Virginia 1.0% | ||||||||||||||
250 | Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry Ctr Fin Dist, Ser A | 5.625 | 06/01/22 | 237,885 | ||||||||||
1,290 | Pleasants Cnty, WV Pollutn Ctl Rev Cnty Comm Allegheny Rfdg, Ser F | 5.250 | 10/15/37 | 1,257,027 | ||||||||||
1,630 | West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt Utd Hlth Sys, Ser C | 5.500 | 06/01/34 | 1,633,374 | ||||||||||
1,535 | West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt Utd Hlth Sys, Ser C | 5.500 | 06/01/39 | 1,545,822 | ||||||||||
1,500 | West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys | 6.000 | 10/01/20 | 1,490,520 | ||||||||||
1,695 | West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys | 6.250 | 10/01/23 | 1,690,322 | ||||||||||
7,854,950 | ||||||||||||||
Wisconsin 2.4% | ||||||||||||||
2,000 | Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg, Ser A (NATL Insd) | 5.500 | 12/15/20 | 2,342,420 | ||||||||||
700 | Superior, WI Collateralized Util Rev Superior Wtr Lt & Pwr Proj Rfdg, Ser A (AMT) | 5.375 | 11/01/21 | 712,313 | ||||||||||
625 | Superior, WI Collateralized Util Rev Superior Wtr Lt & Pwr Proj, Ser B (AMT) | 5.750 | 11/01/37 | 628,775 |
29
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Par | ||||||||||||||
Amount | ||||||||||||||
(000) | Description | Coupon | Maturity | Value | ||||||||||
Wisconsin (Continued) | ||||||||||||||
$ | 4,100 | Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a) | 5.300 | % | 09/01/23 | $ | 4,274,127 | |||||||
4,895 | Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a) | 5.500 | 09/01/28 | 5,070,779 | ||||||||||
1,545 | Wisconsin St Gen Rev Appropriation Rev, Ser A | 5.375 | 05/01/25 | 1,703,054 | ||||||||||
1,400 | Wisconsin St Hlth & Ed Fac Auth Rev Aurora Hlthcare Inc, Ser B (b) | 5.125 | 08/15/27 | 1,486,604 | ||||||||||
1,825 | Wisconsin St Hlth & Ed Fac Auth Rev Pro Hlthcare Inc Oblig Group | 6.625 | 02/15/39 | 1,982,315 | ||||||||||
18,200,387 | ||||||||||||||
Wyoming 0.5% | ||||||||||||||
1,850 | Sweetwater Cnty, WY Pollutn Ctl Rev ID Pwr Co Proj Rfdg | 5.250 | 07/15/26 | 1,963,109 | ||||||||||
2,000 | Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT) | 5.600 | 12/01/35 | 1,936,540 | ||||||||||
3,899,649 | ||||||||||||||
Guam 0.1% | ||||||||||||||
690 | Guam Pwr Auth Rev, Ser A (AMBAC Insd) | 5.250 | 10/01/34 | 644,136 | ||||||||||
Puerto Rico 1.9% | ||||||||||||||
3,050 | Puerto Rico Elec Pwr Auth Pwr Rev, Ser XX | 5.250 | 07/01/40 | 3,095,415 | ||||||||||
50 | Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd) (Prerefunded @ 7/01/14) | 5.250 | 07/01/33 | 57,233 | ||||||||||
4,350 | Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A (b) | 5.000 | 08/01/39 | 4,542,618 | ||||||||||
3,100 | Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A | 5.375 | 08/01/39 | 3,207,973 | ||||||||||
3,500 | Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A | 5.500 | 08/01/42 | 3,655,470 | ||||||||||
14,558,709 | ||||||||||||||
U.S. Virgin Islands 0.3% | ||||||||||||||
1,500 | Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A | 6.375 | 10/01/19 | 1,527,345 | ||||||||||
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 | 1,034,054 | ||||||||||
2,561,399 | ||||||||||||||
30
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Description | Value | |||||||||||||
Total Long-Term Investments 166.7% (Cost $1,244,901,726) | $ | 1,256,974,909 | ||||||||||||
Total Short-Term Investments 1.4% (Cost $10,600,000) | 10,600,000 | |||||||||||||
Total Investments 168.1% (Cost $1,255,501,726) | 1,267,574,909 | |||||||||||||
Liability for Floating Rate Note Obligations Related to Securities Held (23.3%) (Cost ($175,870,000)) | ||||||||||||||
$ | (175,870 | ) | Notes with interest rates ranging from 0.30% to 0.75% at April 30, 2010 and contractual maturities of collateral ranging from 2022 to 2039 (See Note 1 (G) in the Notes to Financial Statements) (i) | (175,870,000 | ) | |||||||||
Total Net Investments 144.8% (Cost $1,079,631,726) | 1,091,704,909 | |||||||||||||
Other Assets in Excess of Liabilities 1.4% | 10,700,553 | |||||||||||||
Preferred Shares (including accrued distributions) (46.2%) | (348,427,383 | ) | ||||||||||||
Net Assets Applicable to Common Shares 100.0% | $ | 753,978,079 | ||||||||||||
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 (G) in the Notes to Financial Statements for further information. | |
(b) | Variable Rate Coupon | |
(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) | Security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 0.9% of net assets applicable to common shares. | |
(e) | Escrowed to Maturity | |
(f) | Security has been deemed illiquid. | |
(g) | Non-income producing security. | |
(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, 2010. |
31
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments n April 30, 2010 (Unaudited) continued
Portfolio of Investments n April 30, 2010 (Unaudited) continued
ACA—American Capital Access
ADR—American Depositary Receipt
AGC—AGC Insured Custody Certificates
AGL—Assured Guaranty Ltd.
AGM—Assured Guaranty Municipal Corp.
AMBAC—AMBAC Indemnity Corp.
AMT—Alternative Minimum Tax
BHAC—Berkshire Hathaway Assurance Corp.
Comwth—Commonwealth of Puerto Rico
FGIC—Financial Guaranty Insurance Co.
FSA—Financial Security Assurance Inc.
GNMA—Government National Mortgage Association
NATL—National Public Finance Guarantee Corp.
Syncora Gtd—Syncora Guaranteed Limited
Fair Value Measurements
Various inputs are used in determining the value of the Trust’s investments. These inputs are summarized in the three broad levels listed below. (See Note 1(B) in the Notes to Financial Statements for further information regarding fair value measurements.)
The following is a summary of the inputs used as of April 30, 2010 in valuing the Trust’s investments carried at value:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Significant | ||||||||||||||||
Other Significant | Unobservable | |||||||||||||||
Investments | Quoted Prices | Observable Inputs | Inputs | Total | ||||||||||||
Investments in an Asset Position: | ||||||||||||||||
Municipal Bonds issued by states of the United States and Political Subdivisions of the United States | $ | — | $ | 1,267,574,909 | $ | — | $ | 1,267,574,909 | ||||||||
32
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Financial Statements
Statement of Assets and Liabilities
April 30, 2010 (Unaudited)
Assets: | ||||||
Total Investments (Cost $1,255,501,726) | $ | 1,267,574,909 | ||||
Cash | 37,178 | |||||
Receivables: | ||||||
Interest | 20,211,031 | |||||
Investments Sold | 195,000 | |||||
Other | 50 | |||||
Total Assets | 1,288,018,168 | |||||
Liabilities: | ||||||
Payables: | ||||||
Floating Rate Note Obligations | 175,870,000 | |||||
Investments Purchased | 7,301,410 | |||||
Investment Advisory Fee | 469,433 | |||||
Other Affiliates | 65,335 | |||||
Trustees’ Deferred Compensation and Retirement Plans | 1,691,125 | |||||
Accrued Expenses | 215,403 | |||||
Total Liabilities | 185,612,706 | |||||
Preferred Shares (including accrued distributions) | 348,427,383 | |||||
Net Assets Applicable to Common Shares | $ | 753,978,079 | ||||
Net Asset Value Per Common Share ($753,978,079 divided by 53,909,811 shares outstanding) | $ | 13.99 | ||||
Net Assets Consist of: | ||||||
Common Shares ($0.01 par value with an unlimited number of shares authorized, 53,909,811 shares issued and outstanding) | $ | 539,098 | ||||
Paid in Surplus | 824,040,366 | |||||
Accumulated Undistributed Net Investment Income | 25,219,401 | |||||
Net Unrealized Appreciation | 12,073,183 | |||||
Accumulated Net Realized Loss | (107,893,969 | ) | ||||
Net Assets Applicable to Common Shares | $ | 753,978,079 | ||||
Preferred Shares ($0.01 par value, authorized 100,000,000 shares, 13,936 issued with liquidation preference of $25,000 per share) | $ | 348,400,000 | ||||
Net Assets Including Preferred Shares | $ | 1,102,378,079 | ||||
33
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Van Kampen Trust for Investment Grade Municipals
Financial Statements continued
Financial Statements continued
Statement of Operations
For the Six Months Ended April 30, 2010 (Unaudited)
Investment Income: | ||||||
Interest | $ | 35,652,689 | ||||
Expenses: | ||||||
Investment Advisory Fee | 3,475,961 | |||||
Interest and Residual Trust Expense | 796,642 | |||||
Preferred Share Maintenance | 298,907 | |||||
Trustees’ Fees and Related Expenses | 209,976 | |||||
Accounting and Administrative Expenses | 115,285 | |||||
Professional Fees | 78,484 | |||||
Transfer Agent Fees | 48,483 | |||||
Custody | 30,436 | |||||
Reports to Shareholders | 26,228 | |||||
Registration Fees | 19,954 | |||||
Line of Credit | 7,698 | |||||
Other | 5,395 | |||||
Total Expenses | 5,113,449 | |||||
Investment Advisory Fee Reduction | 631,992 | |||||
Net Expenses | 4,481,457 | |||||
Net Investment Income | $ | 31,171,232 | ||||
Realized and Unrealized Gain/Loss: | ||||||
Net Realized Loss | (2,289,972 | ) | ||||
Unrealized Appreciation/Depreciation: | ||||||
Beginning of the Period | (6,977,443 | ) | ||||
End of the Period | 12,073,183 | |||||
Net Unrealized Appreciation During the Period | 19,050,626 | |||||
Net Realized and Unrealized Gain | $ | 16,760,654 | ||||
Distributions to Preferred Shareholders | $ | (310,300 | ) | |||
Net Increase in Net Assets Applicable to Common Shares from Operations | $ | 47,621,586 | ||||
34
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Financial Statements continued
Financial Statements continued
Statements of Changes in Net Assets (Unaudited)
For The | For The | |||||||
Six Months Ended | Year Ended | |||||||
April 30, 2010 | October 31, 2009 | |||||||
From Investment Activities: | ||||||||
Operations: | ||||||||
Net Investment Income | $ | 31,171,232 | $ | 62,789,391 | ||||
Net Realized Loss | (2,289,972 | ) | (41,922,716 | ) | ||||
Net Unrealized Appreciation During the Period | 19,050,626 | 172,003,703 | ||||||
Distributions to Preferred Shareholders: | ||||||||
Net Investment Income | (310,300 | ) | (2,436,422 | ) | ||||
Change in Net Assets Applicable to Common Shares from Operations | 47,621,586 | 190,433,956 | ||||||
Distributions to Common Shareholders: | ||||||||
Net Investment Income | (28,119,855 | ) | (47,880,329 | ) | ||||
Net Change in Net Assets Applicable to Common Shares from Investment Activities | 19,501,731 | 142,553,627 | ||||||
From Capital Transactions: | ||||||||
Value of Common Shares Issued Through Dividend Reinvestment | 876,313 | 314,233 | ||||||
Repurchase of Shares | -0- | (93,449 | ) | |||||
Net Change in Net Assets Applicable to Common Shares from Capital Transactions | 876,313 | 220,784 | ||||||
Total Increase in Net Assets Applicable to Common Shares | 20,378,044 | 142,774,411 | ||||||
Net Assets Applicable to Common Shares: | ||||||||
Beginning of the Period | 733,600,035 | 590,825,624 | ||||||
End of the Period (Including accumulated undistributed net investment income of $25,219,401 and $22,478,324, respectively) | $ | 753,978,079 | $ | 733,600,035 | ||||
35
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Financial Statements continued
Financial Statements continued
Statement of Cash Flows
For the Six Months Ended April 30, 2010 (Unaudited)
Change in Net Assets from Operations (including Preferred Share Distributions) | $ | 47,621,586 | ||||
Adjustments to Reconcile the Change in Net Assets from Operations to | ||||||
Net Cash Provided by Operating Activities: | ||||||
Purchases of Investments | (58,868,095 | ) | ||||
Proceeds from Sales of Investments | 109,831,026 | |||||
Net Purchases of Short-Term Investments | (5,210,000 | ) | ||||
Amortization of Premium | 750,809 | |||||
Accretion of Discount | (2,628,532 | ) | ||||
Net Realized Loss on Investments | 2,289,972 | |||||
Net Change in Unrealized Appreciation on Investments | (19,050,626 | ) | ||||
Decrease in Interest Receivables | 440,020 | |||||
Decrease in Other Assets | 243 | |||||
Decrease in Investment Advisory Fees | (24,025 | ) | ||||
Decrease in Other Affiliates Payable | (39,514 | ) | ||||
Increase in Trustees’ Deferred Compensation and Retirement Plans | 207,849 | |||||
Decrease in Accrued Expenses | (87,616 | ) | ||||
Total Adjustments | 27,611,511 | |||||
Net Cash Provided by Operating Activities | 75,233,097 | |||||
Cash Flows From Financing Activities | ||||||
Dividends Paid (net of reinvested dividends of $876,313) | (27,415,380 | ) | ||||
Proceeds from and Repayments of Floating Rate Note Obligations | (1,140,000 | ) | ||||
Retirement of Preferred Shares | (53,600,000 | ) | ||||
Net Cash Used for Financing Activities | (82,155,380 | ) | ||||
Net Decrease in Cash | (6,922,283 | ) | ||||
Cash at the Beginning of the Period | 6,959,461 | |||||
Cash at the End of the Period | $ | 37,178 | ||||
Supplemental Disclosures of Cash Flow Information | ||||||
Cash Paid During the Period for Interest | $ | 796,642 | ||||
36
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 | |||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||
Net Asset Value, Beginning of the Period | $ | 13.62 | $ | 10.98 | $ | 15.89 | $ | 16.97 | $ | 16.80 | $ | 17.34 | ||||||||||||||
Net Investment Income | 0.58 | 1.17 | (a) | 1.27 | (a) | 1.18 | (a) | 1.11 | (a) | 1.09 | ||||||||||||||||
Net Realized and Unrealized Gain/Loss | 0.32 | 2.41 | (5.05 | ) | (1.06 | ) | 0.47 | (0.48 | ) | |||||||||||||||||
Common Share Equivalent of Distributions Paid to Preferred Shareholders: | ||||||||||||||||||||||||||
Net Investment Income | (0.01 | ) | (0.05 | ) | (0.30 | ) | (0.37 | ) | (0.29 | ) | (0.22 | ) | ||||||||||||||
Net Realized Gain | -0- | -0- | -0- | (0.01 | ) | (0.06 | ) | -0- | ||||||||||||||||||
Total from Investment Operations | 0.89 | 3.53 | (4.08 | ) | (0.26 | ) | 1.23 | 0.39 | ||||||||||||||||||
Distributions Paid to Common Shareholders: | ||||||||||||||||||||||||||
Net Investment Income | (0.52 | ) | (0.89 | ) | (0.83 | ) | (0.80 | ) | (0.82 | ) | (0.93 | ) | ||||||||||||||
Net Realized Gain | -0- | -0- | -0- | (0.02 | ) | (0.24 | ) | -0- | ||||||||||||||||||
Net Asset Value, End of the Period | $ | 13.99 | $ | 13.62 | $ | 10.98 | $ | 15.89 | $ | 16.97 | $ | 16.80 | ||||||||||||||
Common Share Market Price at End of the Period | $ | 14.16 | $ | 13.55 | $ | 10.11 | $ | 14.11 | $ | 14.94 | $ | 14.61 | ||||||||||||||
Total Return* (b) | 8.53% | ** | 44.66% | –23.77% | –0.39% | 9.86% | 1.31% | |||||||||||||||||||
Net Assets Applicable to Common Shares at End of the Period (In millions) | $ | 754.0 | $ | 733.6 | $ | 590.8 | $ | 867.8 | $ | 743.4 | $ | 736.0 | ||||||||||||||
Ratio of Expenses to Average Net Assets Applicable to Common Shares* (c) | 1.22% | 1.46% | 2.23% | 2.45% | 1.28% | 1.17% | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares* (c) | 8.48% | 9.70% | 8.78% | 7.85% | 6.68% | 6.51% | ||||||||||||||||||||
Portfolio Turnover | 5% | ** | 17% | 55% | 26% | 25% | 25% | |||||||||||||||||||
* 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) | 1.39% | 1.64% | 2.40% | 2.61% | N/A | N/A | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c) | 8.31% | 9.52% | 8.61% | 7.69% | N/A | N/A | ||||||||||||||||||||
Supplemental Ratios: | ||||||||||||||||||||||||||
Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable to Common Shares (c) | 1.00% | 1.12% | 0.98% | 1.12% | 1.17% | 1.17% | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d) | 8.39% | 9.32% | 6.72% | 5.36% | 4.94% | 5.22% | ||||||||||||||||||||
Senior Securities: | ||||||||||||||||||||||||||
Total Preferred Shares Outstanding | 13,936 | 16,080 | 17,152 | 21,440 | 17,200 | 17,200 | ||||||||||||||||||||
Asset Coverage Per Preferred Share (e) | $ | 79,105 | $ | 70,624 | $ | 59,484 | $ | 65,519 | $ | 68,253 | $ | 67,812 | ||||||||||||||
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
37
See Notes to Financial Statements
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2010 (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 the financial statements in conformity with U.S. generally accepted accounting principles (GAAP) 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.
In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards CodificationTM (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Trust appropriately updated relevant GAAP references to reflect the new ASC.
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. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.
B. Fair Value Measurements FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820) (formerly known as FAS 157), defines fair value 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. ASC 820 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
38
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
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.) |
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.
C. 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 or delayed delivery purchase commitments until payment is made. At April 30, 2010, the Trust had $1,757,250 of when-issued or delayed delivery purchase commitments.
D. 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.
E. 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. 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 and various states. Generally, each of the tax years in the four year period ended October 31, 2009, 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, 2009, the Trust had an accumulated capital loss carryforward for tax purposes of $105,876,852, which will expire according to the following schedule:
Amount | Expiration | |||||||
$ | 11,260,708 | October 31, 2015 | ||||||
54,105,639 | October 31, 2016 | |||||||
40,510,505 | October 31, 2017 |
39
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
At April 30, 2010, the cost and related gross unrealized appreciation and depreciation were as follows:
Cost of investments for tax purposes | $ | 1,062,530,734 | ||||
Gross tax unrealized appreciation | $ | 63,828,868 | ||||
Gross tax unrealized depreciation | (34,647,246 | ) | ||||
Net tax unrealized appreciation on investments | $ | 29,181,622 | ||||
F. 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 which are included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31, 2009 was as follows:
Distributions paid from: | ||||
Ordinary income | $ | 274,921 | ||
Tax exempt income | 50,650,518 | |||
$ | 50,925,439 | |||
As of October 31, 2009, the components of distributable earnings on a tax basis were as follows:
Undistributed ordinary income | $ | 93,302 | ||
Undistributed tax-exempt income | 22,610,886 |
Net realized gains or losses may differ for financial reporting and tax purposes as a result of gains or losses recognized for tax purposes but not for book purposes.
G. Floating Rate Note Obligations Related to Securities Held The Trust enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interests in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The Trust enters into shortfall agreements with the dealer trusts, which commit the Trust to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer of 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
40
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
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, 2010, Trust investments with a value of $311,477,158 are held by the dealer trusts and serve as collateral for the $175,870,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at April 30, 2010 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, 2010 were $176,503,408 and 0.91%, respectively.
H. Reporting Subsequent Events Management has evaluated the impact of any subsequent events through the date the financial statements were effectively issued. Management has determined that other than the event described in Note 9, there are no material events or transactions that would affect the Trust’s financial statements or require disclosure in the Trust’s financial statements through this date.
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 0.55% of the average daily net assets including current preferred shares and leverage of $175,736,522 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 $175,736,522 entered into to retire previously issued shares of the Trust. During the six months ended April 30, 2010, the Adviser waived approximately $632,000 of its advisory fees. This waiver is voluntary and can be discontinued at any time.
For the six months ended April 30, 2010, the Trust recognized expenses of approximately $21,600 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, 2010, the Trust recognized expenses of approximately $78,400 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. 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.
41
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
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. Pursuant to the closing of the transaction as described in Note 9, the deferred compensation and retirement plans were terminated and amounts owed to the trustees were distributed on May 27, 2010.
3. Capital Transactions
For the six months ended April 30, 2010 and the year ended October 31, 2009, transactions in common shares were as follows:
Six Months Ended | Year Ended | |||||||
April 30, 2010 | October 31, 2009 | |||||||
Beginning Shares | 53,846,492 | 53,831,731 | ||||||
Shares Issued Through Dividend Reinvestment | 63,319 | 24,561 | ||||||
Shares Repurchased * | -0- | (9,800 | ) | |||||
Ending Shares | 53,909,811 | 53,846,492 | ||||||
* | 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 its net asset value. For the six months ended April 30, 2010 and the year ended October 31, 2009, the Trust repurchased 0 and 9,800 of its shares, respectively, at an average discount of 0% and 11.74%, 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 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 $63,144,747 and $90,279,721, respectively.
5. Inverse Floating 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
42
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
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 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 13,936 Auction Preferred Shares (APS) in nine series. Series A, B and C contain 1,950 shares each, Series D contains 1,040 shares, Series E, F and G contain 1,430 shares each, Series H contains 1,456 shares and Series I contains 1,300 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, 2010, 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, 2010 was 0.246%. During the six months ended April 30, 2010, the rates ranged from 0.110% to 0.265%.
Historically, the Trust paid annual fees equivalent to 0.25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auction. Effective March 16, 2009, the Trust decreased this amount to 0.15% due to auction failures. In the future, if auctions no longer fail, the Trust may return to an annual fee payment of 0.25% of the preferred share liquidation value. These fees are included as a component of “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.
43
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
The Trust entered 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, 2010, transactions in preferred shares were as follows:
Series A | Series B | Series C | ||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||
Outstanding at 10/31/09 | 2,250 | $ | 56,250,000 | 2,250 | $ | 56,250,000 | 2,250 | $ | 56,250,000 | |||||||||||||||||
Amount Retired | (300 | ) | (7,500,000 | ) | (300 | ) | (7,500,000 | ) | (300 | ) | (7,500,000 | ) | ||||||||||||||
Outstanding at 4/30/10 | 1,950 | $ | 48,750,000 | 1,950 | $ | 48,750,000 | 1,950 | $ | 48,750,000 | |||||||||||||||||
Series D | Series E | Series F | ||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||
Outstanding at 10/31/09 | 1,200 | $ | 30,000,000 | 1,650 | $ | 41,250,000 | 1,650 | $ | 41,250,000 | |||||||||||||||||
Amount Retired | (160 | ) | (4,000,000 | ) | (220 | ) | (5,500,000 | ) | (220 | ) | (5,500,000 | ) | ||||||||||||||
Outstanding at 4/30/10 | 1,040 | $ | 26,000,000 | 1,430 | $ | 35,750,000 | 1,430 | $ | 35,750,000 | |||||||||||||||||
Series G | Series H | Series I | ||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||
Outstanding at 10/31/09 | 1,650 | $ | 41,250,000 | 1,680 | $ | 42,000,000 | 1,500 | $ | 37,500,000 | |||||||||||||||||
Amount Retired | (220 | ) | (5,500,000 | ) | (224 | ) | (5,600,000 | ) | (200 | ) | (5,000,000 | ) | ||||||||||||||
Outstanding at 4/30/10 | 1,430 | $ | 35,750,000 | 1,456 | $ | 36,400,000 | 1,300 | $ | 32,500,000 | |||||||||||||||||
7. Line of Credit
Several Van Kampen municipal funds, including the Trust, entered into a $150,000,000 joint revolving bank credit facility. The purpose of the facility is to provide availability of funds for short-term liquidity purposes. The Trust had no borrowings under the facility during the six months ended April 30, 2010.
8. 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.
9. Subsequent Event
On June 1, 2010, Invesco Ltd., a leading independent global investment management company, completed its purchase of substantially all of the retail asset management business of Morgan Stanley, including the investment adviser and certain other affiliated service providers to most of the Van Kampen funds (including the Trust) (the “Transaction”). In contemplation of the Transaction, at a special meeting of shareholders held on April 16, 2010, shareholders of the Trust approved a new investment advisory agreement with Invesco Advisers, Inc., a subsidiary of Invesco Ltd., and a new master investment sub-advisory agreement with several of Invesco Ltd.’s wholly-owned affiliates. Thus, effective June 1, 2010, the Trust’s investment adviser, investment sub-advisers and certain other service providers are affiliates of Invesco Ltd. As of the same date, the Audit Committee of the Board of Trustees appointed, and the Board of
44
Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
Notes to Financial Statements n April 30, 2010 (Unaudited) continued
Trustees ratified thereafter and approved, PricewaterhouseCoopers LLP as the independent registered public accounting firm of the Trust. In addition, effective June 1, 2010, the Trust has changed its name to “Invesco Van Kampen Trust for Investment Grade Municipals”. The Transaction does not result in any change to the Trust’s investment objective, principal investment strategies or the Trust’s portfolio management team.
10. Accounting Pronouncements
During June 2009, the FASB issued ASC 860, Transfers and Servicing (ASC 860). The objective of ASC 860 is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets.
ASC 860 is effective as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of ASC 860 must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of ASC 860 should be applied to transfers that occurred both before and after the effective date of ASC 860. At this time, management is evaluating the implications of ASC 860 and the impact it will have on the financial statement amounts and disclosures, if any.
On January 21, 2010, the FASB issued an Accounting Standards Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009. However, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment to ASC 820 and the impact it will have on financial statement disclosures.
45
Van Kampen Trust for Investment Grade Municipals
Board of Trustees, Officers, and Important Addresses
Information below is as of June 15, 2010
Trustees David C. Arch Jerry D. Choate Rod Dammeyer Linda Hutton Heagy R. Craig Kennedy Howard J Kerr Colin Meadows Jack E. Nelson Hugo F. Sonnenschein Wayne W. Whalen, Chairman Suzanne H. Woolsey Officers Colin Meadows President and Principal Executive Officer John M. Zerr Senior Vice President, Chief Legal Officer and Secretary Lisa O. Brinkley Vice President Kevin M. Carome Vice President Karen Dunn Kelly Vice President Sheri Morris Vice President, Principal Financial Officer and Treasurer Lance A. Rejsek Anti-Money Laundering Compliance Officer Todd L. Spillane Chief Compliance Officer | Transfer Agent Computershare Trust Company, N.A. c/o Computershare Investor Services P.O. Box 43078 Providence, RI 02940-3078 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP 1201 Louisiana Street, Suite 2900 Houston, TX 77002-5678 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 155 West Wacker Drive Chicago, Illinois 60606 Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 |
46
Van Kampen Trust for Investment Grade Municipals
Results of Shareholder Votes
A Special Meeting of Shareholders of the Trust was held on April 16, 2010 and the results of the voting were as follows:
Votes | Withheld/ | |||||||||||
Matter | Votes For | Against | Abstentions | |||||||||
(1) Approve a new advisory agreement between the Trust and Invesco Advisors, Inc. | 28,657,015 | 1,217,716 | 1,801,741 | |||||||||
(2) Approve a new sub-advisory agreement between Invesco Advisors, Inc. and each of Invesco TriMark Ltd.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Australia Limited; Invesco Hong Kong Limited; Invesco Institutional (N.A.), Inc.; and Invesco Senior Secured Management, Inc. | 28,601,584 | 1,231,776 | 1,843,111 |
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Your Notes
Your Notes
Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our
Privacy Policy
An Important Notice Concerning Our
Privacy Policy
You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.
Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.
Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.
Copyright ©2010 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC
VGMSAN 06/10
IU10-02451P-Y04/10
ITEM 2. | CODE OF ETHICS. |
There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of June 25, 2010, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 25, 2010, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, |
processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
(b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. | EXHIBITS. |
12(a) (1) | Not applicable. | |
12(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a)(3) | Not applicable. | |
12(b) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Van Kampen Trust for Investment Grade Municipals
By: | /s/ Colin Meadows | |||
Colin Meadows | ||||
Principal Executive Officer | ||||
Date: July 8, 2010 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Colin Meadows | |||
Colin Meadows | ||||
Principal Executive Officer | ||||
Date: July 8, 2010 | ||||
By: | /s/ Sheri Morris | |||
Sheri Morris | ||||
Principal Financial Officer | ||||
Date: July 8, 2010 |
EXHIBIT INDEX
12(a) (1) | Not applicable. | |
12(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a) (3) | Not applicable | |
12(b) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |