UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6471
Van Kampen Trust For Investment Grade Municipals
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Jerry W. Miller
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/08
Item 1. Report to Shareholders
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1
under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Trust for Investment Grade Municipals performed during the semiannual
period. The portfolio management team will provide an overview of the
market conditions and discuss some of the factors that affected
investment performance during the reporting period. In addition, this
report includes the trust's financial statements and a list of trust
investments as of April 30, 2008.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
---------------------------------------------------------------------------------------
Performance Summary as of 4/30/08
TRUST FOR INVESTMENT GRADE MUNICIPALS
SYMBOL: VGM
------------------------------------------------------------
AVERAGE ANNUAL BASED BASED ON
TOTAL RETURNS ON NAV MARKET PRICE
Since Inception (1/24/92) 6.95% 6.65%
10-year 5.36 5.96
5-year 2.88 3.68
1-year -7.28 -5.62
6-month -4.90 2.57
------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISER. INVESTMENT RETURNS, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities and preferred shares, by
the total number of common shares outstanding. The common share market price is
the price the market is willing to pay for shares of the trust at a given time.
Common share market price is influenced by a range of factors, including supply
and demand and market conditions. Total return assumes an investment at the
beginning of the period, reinvestment of all distributions for the period in
accordance with the trust's dividend reinvestment plan, and sale of all shares
at the end of the period. The Trust's adviser has waived or reimbursed fees and
expenses from time to time; absent such waivers/ reimbursements the trust's
returns would have been lower.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The Index does not include any expenses, fees or sales
charges, which would lower performance. The Index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
MARKET CONDITIONS
The financial markets experienced significant volatility throughout the six-
month reporting period as many large banks and financial firms began writing
down mortgage-related losses, and liquidity and credit availability became even
more restricted. At the same time, the pace of economic growth began to slow,
with gross domestic product (GDP) growth measuring an anemic 0.6 percent for the
fourth quarter of 2007. As weaker economic data was released in the first
quarter of 2008, fears of recession grew and consumer confidence waned,
prompting investors to continue to seek out the relative safety of high-quality
Treasury securities over other sectors of the fixed income market.
The municipal bond market faced additional headwinds as various monoline bond
insurers experienced credit rating downgrades, which caused spreads to widen,
and the auction rate and variable rate markets deteriorated. As a result, the
municipal market underperformed Treasuries for the overall period, with
municipal bond prices reaching historically attractive levels relative to
Treasury bonds in the first quarter of 2008. While yields on short-dated
municipal securities declined, yields on intermediate- and long-dated securities
rose, leading to the steepest yield curve in the past four years as the spread
between one-year and 30-year maturities reached 343 basis points. After a record
year for new municipal bond issuance in 2007, the amount of new issues coming to
market in the first four months of 2008 declined by roughly nine percent versus
the same period one year earlier due in part to a drop in refunding issuance.
The Federal Reserve (the "Fed") took various steps to ease the liquidity crisis
and boost the economy during the period. Not only did the Federal Open Market
Committee reduce the target federal funds rate from 4.50 percent to 2.00 percent
by the end of the period, but in an unprecedented move, the Fed granted primary
Treasury dealers (mostly brokerage firms) access to its discount window and
loosened its collateral requirements, extending loans of Treasury securities in
exchange for lower quality, less liquid securities. Finally, in the biggest
headline event, the Fed arranged and supported JPMorgan Chase's purchase of Bear
Stearns, which was viewed by many as necessary to avoid serious market
repercussions had the firm failed.
2
PERFORMANCE ANALYSIS
The Trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the Trust's portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common shares
outstanding, while market price reflects the supply and demand for the shares.
As a result, the two returns can differ, as they did during the reporting
period. On an NAV basis, the Trust underperformed its benchmark index, the
Lehman Brothers Municipal Bond Index. On a market price basis, the Trust
outperformed its benchmark.
TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
-----------------------------------------------------
LEHMAN BROTHERS
BASED ON BASED ON MUNICIPAL
NAV MARKET PRICE BOND INDEX
-4.90% 2.57% 1.47%
-----------------------------------------------------
Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. Investment return, net asset value and common share market price will
fluctuate and Trust shares, when sold, may be worth more or less than their
original cost. See Performance Summary for additional performance information
and index definition.
Although the municipal market rebounded in the last two months of the reporting
period and outperformed Treasuries, it was an extremely difficult period
overall, particularly for higher-yielding, lower-rated bonds as the flight to
quality put considerable pressure on prices. The Trust maintained an allocation
to non-rated bonds throughout the reporting period whereas the Lehman Brothers
Municipal Bond Index contains only investment-grade issues. As such, the Trust's
overweight to non-rated, higher-yielding securities was a contributor to its
relative underperformance. Holdings in BBB rated bonds, particularly within the
health care and tobacco sectors, also tempered returns.
The Trust's yield curve positioning also hindered performance, as it was
overweighted on the long end of the municipal yield curve, which underperformed
the shorter end of the curve. The negative impact was amplified by holdings in
longer-maturity inverse floating-rate securities*, which are highly sensitive to
interest rate changes. However, these securities did serve to enhance the
Trust's income and diversification during the period. Additionally, the emphasis
on the long end of the curve led to a longer duration (a measure of
interest-rate sensitivity) for the Trust, which we reduced somewhat through the
use of a Treasury futures hedge. However, the Trust still maintained a slightly
longer duration than that of the Lehman Brothers Municipal Bond Index, which
detracted from performance as rates on the
*An inverse floating-rate security, or "inverse floater", is a variable rate
security whose coupon rate changes in the opposite direction from the change in
the reference rate used to calculate the coupon rate.
3
intermediate and long end of the curve rose. At the same time, the Treasury
market rally hurt the performance of the hedge.
Conversely, an overweight to pre-refunded bonds was additive to performance.
These are high-quality, shorter-maturity issues which benefited as short-term
rates declined during the period. The Trust's holdings in higher-yielding
municipal auction rate securities (ARS) with low durations were also beneficial
to performance.
The Trustees have approved a procedure whereby the trust may, when appropriate,
repurchase its shares in the open market or in privately negotiated transactions
at a price not above market value or NAV, whichever is lower at the time of
purchase. This may help support the market value of the trust's shares.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the Trust in
the future.
4
RATINGS ALLOCATION AS OF 4/30/08
AAA/Aaa 45.3%
AA/Aa 16.1
A/A 12.2
BBB/Baa 15.7
BB/Ba 0.7
Non-Rated 10.0
TOP FIVE SECTORS AS OF 4/30/08
Hospital 23.4%
Public Education 8.0
Single-Family 7.2
General Purpose 6.6
Master Tobacco Settlement 5.9
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08
Florida 22.8%
California 9.9
Texas 7.8
New York 6.7
Illinois 5.4
New Jersey 3.4
South Carolina 3.4
Ohio 3.3
North Carolina 3.2
Colorado 2.4
Michigan 2.4
Washington 2.3
Massachusetts 2.2
Arizona 1.8
Iowa 1.7
Pennsylvania 1.6
Georgia 1.5
Virginia 1.4
Missouri 1.4
Alabama 1.3
Wisconsin 1.2
Indiana 1.2
Nevada 1.2
District of Columbia 1.0
Tennessee 1.0
Connecticut 0.9
Kansas 0.9
Louisiana 0.8
Kentucky 0.7
Alaska 0.7
Maryland 0.6
Minnesota 0.5
South Dakota 0.5
Oklahoma 0.5
Oregon 0.4
Guam 0.4
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08
(continued from previous page)
Puerto Rico 0.4%
U.S. Virgin Islands 0.2
Nebraska 0.2
New Hampshire 0.1
Utah 0.1
North Dakota 0.1
Wyoming 0.1
West Virginia 0.1
New Mexico 0.1
Idaho 0.1
Rhode Island 0.1
-----
Total Investments 100.0%
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings allocation and summary of
investments by state classification are as a percentage of total investments.
Sectors are as a percentage of long-term investments. Securities are classified
by sectors that represent broad groupings of related industries. Van Kampen is a
wholly owned subsidiary of a global securities firm which is engaged in a wide
range of financial services including, for example, securities trading and
brokerage activities, investment banking, research and analysis, financing and
financial advisory services. Rating allocations based upon ratings as issued by
Standard and Poor's and Moody's, respectively.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen
also delivers the semiannual and annual reports to fund shareholders, and
makes these reports available on its public Web site, www.vankampen.com.
In addition to the semiannual and annual reports that Van Kampen delivers
to shareholders and makes available through the Van Kampen public Web
site, each fund files a complete schedule of portfolio holdings with the
SEC for the trust's first and third fiscal quarters on Form N-Q. Van
Kampen does not deliver the reports for the first and third fiscal
quarters to shareholders, nor are the reports posted to the Van Kampen
public Web site. You may, however, obtain the Form N-Q filings (as well
as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site,
http://www.sec.gov. You may also review and copy them at the SEC's Public
Reference Room in Washington, D.C. Information on the operation of the
SEC's Public Reference Room may be obtained by calling the SEC at (800)
SEC-0330. You can also request copies of these materials, upon payment of
a duplicating fee, by electronic request at the SEC's e-mail address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 341-2929.
7
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the Trust's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 341-2929 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the Trust voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
8
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MUNICIPAL BONDS 202.6%
ALABAMA 2.7%
$ 3,660 Alabama St Brd Ed Rev & Impt Southn Univ St
Cmnty Rfdg (MBIA Insd) (a)................... 5.250% 07/01/20 $ 3,850,503
3,225 Bessemer, AL Governmental Util Svcs Corp Wtr
Supply Rev Rfdg Ser A (AGL Insd) (b)......... 5.000 06/01/39 3,220,808
750 Birmingham Baptist Med Ctr AL Baptist Hlth
Sys Ser A.................................... 5.875 11/15/24 755,160
7,600 Birmingham Baptist Med Ctr AL Spl Care Fac
Fin Auth Rev Baptist Hlth Sys Inc Ser A...... 5.000 11/15/30 6,616,484
2,525 Huntsville-Redstone Vlg, AL Spl Care Fac Fin
Auth Redstone Vlg Proj....................... 5.500 01/01/43 2,108,324
5,200 University AL at Birmingham Hosp Rev
Ser A (c).................................... 5.000 09/01/41 5,195,944
--------------
21,747,223
--------------
ALASKA 1.4%
1,500 Alaska St Hsg Fin Corp Gen Hsg Ser A
(FGIC Insd).................................. 5.000 12/01/30 1,512,495
3,650 Alaska St Intl Arpt Rev Ser B (AMBAC Insd)
(Prerefunded @ 10/01/12)..................... 5.250 10/01/27 3,991,421
1,575 Matanuska-Susitna Boro, AK Ctf Partn Pub
Safety Bldg Lease (FSA Insd)................. 5.750 03/01/16 1,656,916
5,300 Northern Tob Sec Corp Rev Bkd Ser A.......... 5.000 06/01/46 4,141,155
--------------
11,301,987
--------------
ARIZONA 3.7%
1,000 Arizona Hlth Fac Auth Hosp Sys Rev John C
Lincoln Hlth Network (Prerefunded @
12/01/12).................................... 6.375 12/01/37 1,148,810
6,075 Glendale, AZ Indl Dev Auth John C Lincoln
Hlth Rfdg Ser B.............................. 5.000 12/01/37 5,398,974
3,050 Glendale, AZ Indl Dev Auth Rfdg.............. 5.000 12/01/35 2,723,711
3,000 Goodyear, AZ McDowell Rd Coml Corridor Impt
Dist Impt (AMBAC Insd)....................... 5.250 01/01/32 3,056,250
3,500 Maricopa Cnty, AZ Hosp Rev Sun Hlth Corp..... 5.000 04/01/35 3,129,385
3,400 Pima Cnty, AZ Indl Dev Auth Wtr & Waste Wtr
Rev Global Wtr Resh LLC Proj (AMT)........... 6.550 12/01/37 3,166,998
11,750 University of AZ Med Ctr Corp................ 5.000 07/01/35 10,500,622
--------------
29,124,750
--------------
CALIFORNIA 20.2%
900 Aliso Viejo, CA Cmnty Fac Dist Spl Tax No
2005-01 Glenwood at Aliso.................... 6.000 09/01/38 886,077
1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt
Proj Ser C (FSA Insd)........................ 6.000 09/01/16 1,489,631
3,735 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist
Fac Ser A (FSA Insd)......................... 5.000 10/01/31 3,791,025
6,000 Anaheim, CA Redev Agy Tax Allocation Rfdg
Merged Redev Proj Area Ser A (FSA Insd)
(c).......................................... 5.000 02/01/31 6,158,010
See Notes to Financial Statements 9
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 1,000 California Cnty, CA Tob Agy Tob Sec Sonoma
Cnty Corp Rfdg............................... 5.250% 06/01/45 $ 829,160
3,000 California Hsg Fin Agy Rev Home Mtg Class B
Ser G (AMT) (c).............................. 4.950 08/01/23 2,903,670
2,000 California Hsg Fin Agy Rev Home Mtg Class B
Ser G (AMT) (c).............................. 5.050 08/01/29 1,935,780
7,300 California Hsg Fin Agy Rev Home Mtg Class B
Ser M (AMT) (c).............................. 4.800 08/01/36 6,590,331
1,550 California Hsg Fin Agy Rev Home Mtg
Ser M (AMT).................................. 4.700 08/01/36 1,373,099
4,700 California Infrastructure & Econ Dev Bk Rev
San Francisco Ballet Assn (FGIC Insd) (d)
(e).......................................... 8.000 07/01/36 4,700,000
1,500 California Pollutn Ctl Fin Auth Solid Waste
Disp Rev Waste Mgmt Inc Proj Ser B (AMT)..... 5.000 07/01/27 1,269,825
695 California St (AMBAC Insd)................... 5.125 10/01/27 698,642
1,000 California St Dept Wtr Res Ctr Vly Proj Rev
Wtr Sys Ser X (FGIC Insd).................... 5.000 12/01/29 1,017,160
1,175 California St Dept Wtr Res Wtr Rev Cent Vy
Proj Ser AE (b).............................. 5.000 12/01/24 1,244,654
1,500 California St Dept Wtr Res Wtr Rev Cent Vy
Proj Ser AE (b).............................. 5.000 12/01/25 1,582,620
1,500 California St Dept Wtr Res Wtr Rev Cent Vy
Proj Ser AE (b).............................. 5.000 12/01/26 1,576,365
875 California St Dept Wtr Res Wtr Rev Cent Vy
Proj Ser AE (b).............................. 5.000 12/01/27 915,906
1,500 California St Dept Wtr Res Wtr Rev Cent Vy
Proj Ser AE (b).............................. 5.000 12/01/28 1,563,915
5,000 California St Univ Rev & Co Systemwide Ser A
(AMBAC Insd)................................. 5.000 11/01/33 5,024,000
9,150 California St Veterans Ser CD (AMT) (c)...... 4.600 12/01/32 8,882,163
1,350 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A.............. 5.000 07/01/39 1,162,215
9,015 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A.............. 5.250 07/01/30 8,347,169
1,500 California Statewide Cmnty Dev Auth Rev Front
Porch Cmnty & Svc Ser A (f).................. 5.125 04/01/37 1,343,370
2,700 California Statewide Cmnty Dev Auth Rev Hlth
Fac Adventist Hlth Ser A..................... 5.000 03/01/30 2,592,378
3,750 California Statewide Cmnty Dev Auth Rev Hlth
Fac Adventist Hlth Ser A..................... 5.000 03/01/35 3,533,362
6,230 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser A (c).................. 5.000 04/01/31 6,080,115
1,920 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser B...................... 5.000 03/01/41 1,845,101
5,100 California Statewide Cmnty Dev Auth Rev
Museum of Art Proj Ser C (FGIC Insd) (d)
(e).......................................... 10.000 12/01/34 5,100,000
10 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 3,360 California Statewide Cmnty Dev Auth Rev
Sutter Hlth Ser A............................ 5.000% 11/15/43 $ 3,273,312
600 Daly City, CA Hsg Dev Fin Agy Mobile Home Pk
Rev Third Tier Franciscan Rfdg Ser C......... 6.500 12/15/47 539,784
1,750 Florin, CA Res Consv Dist Cap Impt Elk Grove
Wtr Svc Ser A (MBIA Insd).................... 5.000 09/01/33 1,744,890
3,000 Florin, CA Res Consv Dist Cap Impt Elk Grove
Wtr Svc Ser B (MBIA Insd).................... 5.000 03/01/33 2,991,330
2,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Cap Apprec Rfdg (MBIA Insd).................. * 01/15/17 1,272,400
10,750 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Sr Lien Ser A (g)............................ * 01/01/23 5,469,277
3,000 Fremont, CA Uni Sch Dist Ser A (FGIC Insd)... 5.000 08/01/25 3,074,910
5,000 Golden St Tob Sec Corp CA Tob Settlement Rev
Ser A-1...................................... 5.125 06/01/47 4,046,550
5,000 Golden St Tob Sec Corp CA Tob Settlement Rev
Enhanced Ser A............................... 5.000 06/01/45 4,718,850
1,000 Golden St Tob Sec Corp CA Tob Settlement Rev
Sr Ser A-1................................... 5.750 06/01/47 897,890
3,840 Golden St Tob Sec Corp CA Tob Settlement Rev
Ser A (c).................................... 5.750 06/01/47 3,447,955
1,000 Hesperia, CA Pub Fin Auth Rev Redev & Hsg
Proj Ser A (XLCA Insd)....................... 5.000 09/01/37 938,580
4,000 Los Angeles, CA Dept Wtr & Pwr Ser A (FGIC
Insd)........................................ 5.125 07/01/40 4,061,920
2,000 Los Angeles, CA Wtr & Pwr Rev Pwr Sys Ser B
(FSA Insd)................................... 5.000 07/01/28 2,044,620
1,500 Metropolitan Wtr Dist Southn CA Wtrwks Rev
Auth Ser B1 (FGIC Insd)...................... 5.000 10/01/33 1,527,000
700 Morongo Band of Mission Indians CA Enterprise
Rev Indians Enterprise Casino Ser B (f)...... 5.500 03/01/18 704,326
3,500 Palm Springs, CA Fin Auth Lease Rev
Convention Ctr Proj Ser A (MBIA Insd)........ 5.500 11/01/35 3,652,005
3,400 Quechan Indian Tribe Ft Yuma Indian
Reservation CA & Govt Proj................... 7.000 12/01/27 3,356,242
2,400 Rancho Mirage, CA Jt Pwr Fin Auth Rev
Eisenhower Med Ctr Ser A..................... 5.000 07/01/47 2,226,144
1,000 Santa Clara Cnty, CA Brd Ed Ctf Partn Rfdg
(MBIA Insd).................................. 5.000 04/01/25 1,020,920
1,690 Southern CA Pub Pwr Auth Nat Gas Proj No 1
Ser A........................................ 5.250 11/01/21 1,709,587
3,000 Temecula, CA Redev Agy Tax Temecula Redev
Proj No 1 (MBIA Insd)........................ 5.250 08/01/36 3,029,430
4,700 Tobacco Sec Auth Northn CA Tob Settlement Rev
Ser A-1...................................... 5.375 06/01/38 4,076,874
See Notes to Financial Statements 11
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 3,550 Tobacco Sec Auth Northn CA Tob Settlement Rev
Ser A-1...................................... 5.500% 06/01/45 $ 3,067,732
3,800 Tobacco Sec Auth Southn CA Tob Settlement Ser
A-1.......................................... 5.000 06/01/37 3,157,876
9,650 Tobacco Sec Auth Southn CA Tob Settlement Ser
A-1.......................................... 5.125 06/01/46 7,820,843
1,600 Turlock, CA Hlth Fac Rev Emanuel Med Ctr
Inc.......................................... 5.375 10/15/34 1,397,584
--------------
159,704,574
--------------
COLORADO 4.9%
2,000 Aurora, CO Ctf Partn (AMBAC Insd)
(Prerefunded @ 12/01/10)..................... 5.500 12/01/30 2,146,600
3,405 Colorado Ed & Cultural Fac Auth Rev Impt
Charter Sch Rfdg (XLCA Insd)................. 5.250 12/01/23 3,485,835
800 Colorado Hlth Fac Auth Hlth & Residential
Care Fac Volunteers of Amer Care Ser A....... 5.250 07/01/27 694,768
600 Colorado Hlth Fac Auth Hlth & Residential
Care Fac Volunteers of Amer Care Ser A....... 5.300 07/01/37 493,890
5,500 Colorado Hlth Fac Auth Rev Adventist Hlth/
Sunbelt Rfdg Ser D (c)....................... 5.250 11/15/27 5,499,258
7,300 Colorado Hlth Fac Auth Rev Catholic Hlth (FSA
Insd) (b).................................... 5.000 09/01/36 7,334,237
2,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Ser A (g).................................... 5.500 03/01/32 2,118,000
4,550 Colorado Hlth Fac Auth Rev Catholic Hlth Ser
C-3 (FSA Insd) (b)........................... 5.100 10/01/41 4,571,249
3,000 Colorado Hlth Fac Auth Rev Covenant
Retirement Cmnty Inc......................... 5.000 12/01/35 2,502,840
1,125 Colorado Hlth Fac Auth Rev Hosp Portercare
Adventist Hlth (Prerefunded @ 11/15/11)...... 6.500 11/15/31 1,274,602
1,400 Colorado Hlth Fac Auth Rev Poudre Vly CO Hlth
Fac Auth Hosp Ser A (FSA Insd)............... 5.200 03/01/31 1,427,006
6 Colorado Hsg Fin Auth Single Family Pgm Sr
Ser B1 (AMT)................................. 7.650 11/01/26 6,116
1,805 Lakewood, CO Ctf Part (AMBAC Insd)
(Prerefunded @ 12/01/10) (a)................. 5.300 12/01/16 1,929,725
1,000 Montezuma Cnty, CO Hosp Dist Hlth Fac
Enterprise Hosp Rfdg......................... 5.900 10/01/37 890,820
1,200 North Range, CO Met Dist No 2 Ltd Tax........ 5.500 12/15/37 1,000,152
2,050 Salida, CO Hosp Dist Rev..................... 5.250 10/01/36 1,679,955
1,500 University of CO Hosp Auth Rev Ser A......... 5.250 11/15/39 1,399,575
--------------
38,454,628
--------------
CONNECTICUT 1.8%
1,175 Connecticut St Dev Auth Solid Waste Disp Fac
Rev Pwr LLC Proj Ser A (AMT)................. 5.750 11/01/37 1,151,300
7,500 Connecticut St Hsg Fin Auth Hsg Mtg Fin Pg
Sub Ser B-2 (AMT)............................ 5.100 05/15/38 7,019,475
12 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
CONNECTICUT (CONTINUED)
$ 3,580 Connecticut St Spl Oblig Pkg Rev Bradley Intl
Arpt Ser A (ACA Insd) (AMT).................. 6.600% 07/01/24 $ 3,523,400
1,000 Hartford, CT Pkg Sys Rev Ser A (Prerefunded @
7/01/10)..................................... 6.500 07/01/25 1,084,020
1,925 Mashantucket Western Pequot Tribe CT 2006 Sub
Spl Rev Bd Ser A (f)......................... 5.500 09/01/36 1,707,533
--------------
14,485,728
--------------
DISTRICT OF COLUMBIA 2.1%
6,000 District of Columbia Wtr & Swr Auth Pub Util
Rev Sub Lien (FSA Insd) (c).................. 5.500 10/01/41 6,394,620
1,150 District of Columbia Wtr & Swr Auth Pub Util
Rev Sub Lien Rfdg Ser A (AGL Insd)........... 5.000 10/01/29 1,179,072
2,350 District of Columbia Wtr & Swr Auth Pub Util
Rev Sub Lien Rfdg Ser A (AGL Insd)........... 5.000 10/01/34 2,395,825
2,775 District of Columbia Hosp Rev Medlantic
Hlthcare Rfdg Ser A (MBIA Insd) (g).......... 5.250 08/15/12 2,795,063
2,000 District of Columbia Rev Friendship Pub
Charter Sch Inc (ACA Insd)................... 5.750 06/01/18 2,022,880
5 District of Columbia Ser E (FSA Insd) (a).... 6.000 06/01/13 5,015
2,000 Metropolitan Washington DC Arpt Auth Sys Ser
A (FGIC Insd) (AMT).......................... 5.250 10/01/32 1,956,820
--------------
16,749,295
--------------
FLORIDA 46.3%
1,000 Alachua Cnty, FL Indl Dev Rev North FL
Retirement Vlg............................... 5.250 11/15/17 942,620
1,000 Alachua Cnty, FL Indl Dev Rev North FL
Retirement Vlg............................... 5.875 11/15/36 896,530
500 Alachua Cnty, FL Indl Dev Rev North FL
Retirement Vlg............................... 5.875 11/15/42 444,005
375 Beacon Lakes, FL Cmnty Dev FL Spl Assmt
Ser A........................................ 6.000 05/01/38 320,591
250 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub
Ser B........................................ 6.200 05/01/38 214,172
12,960 Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac
Rev First Inc Proj (c)....................... 5.000 04/01/34 12,189,398
5,000 Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac
Rev Hlth First Inc Proj...................... 5.000 04/01/34 4,702,600
1,800 Brevard Cnty, FL Hlth Fac Auth Residential
Care Fac Rev Buena Vida Estates Inc.......... 6.750 01/01/37 1,771,758
1,000 Broward Cnty, FL Hsg Fin Auth Multi-Family
Hsg Rev Pembroke Pk Apts Proj (AMT).......... 5.650 10/01/28 968,190
1,000 Broward Cnty, FL Sch Brd Ctf Partn Ser A (FSA
Insd)........................................ 5.000 07/01/22 1,037,610
1,500 Capital Tr Agy FL Rev Ft Lauderdale Proj
(AMT)........................................ 5.750 01/01/32 1,382,145
995 Cross Creek Cmnty Dev Dist FL Spl Assmt Rev
Cross Creek Comm Dev Ser B................... 5.500 05/01/17 795,045
See Notes to Financial Statements 13
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 3,180 Dade Cnty, FL Spl Oblig Cap Apprec Ser B
(AMBAC Insd) (Prerefunded @ 10/01/08)........ * 10/01/26 $ 1,046,411
675 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC
Insd)........................................ 5.950% 07/01/20 712,064
1,000 Escambia Cnty, FL Util Auth Util Sys Rev
(FGIC Insd) (Prerefunded @ 1/01/09).......... 5.250 01/01/29 1,030,700
1,250 Florida Agric & Mechanical Univ Rev Student
Apt Fac (MBIA Insd).......................... 6.500 07/01/23 1,254,000
275 Florida Hsg Fin Agy Homeownership Mtg Class B
Ser B (AMT).................................. 8.595 11/01/18 293,246
2,750 Florida Hsg Fin Agy Hsg Willow Lake Apts Ser
J-1 (AMBAC Insd) (AMT)....................... 5.350 07/01/27 2,730,255
2,825 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 1
(GNMA Collateralized) (AMT).................. 4.850 07/01/37 2,540,635
1,925 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 2
(GNMA Collateralized) (AMT).................. 4.950 07/01/37 1,769,287
460 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 4
(FSA Insd) (AMT)............................. 6.250 07/01/22 481,059
1,000 Florida Hsg Fin Corp Rev Hsg Wentworth II
Apts Ser A (AMBAC Insd) (AMT)................ 5.375 11/01/29 986,830
1,730 Florida Hsg Fin Corp Rev Ser 6 (AMT)......... 4.550 07/01/26 1,566,567
1,760 Florida Hsg Fin Corp Rev Ser G (AMT) (c)..... 4.550 07/01/26 1,588,497
5,440 Florida Hsg Fin Corp Rev Ser G (AMT) (c)..... 4.625 07/01/31 4,909,899
5,120 Florida Hsg Fin Corp Rev Ser G (AMT) (c)..... 4.700 07/01/37 4,621,081
2,000 Florida Ports Fin Comm Rev St Trans Tr Fd
(MBIA Insd) (AMT)............................ 5.375 06/01/27 2,001,680
8,475 Florida Ports Fin Comm Rev St Trans Tr Fd
Intermodal Pgm (FGIC Insd) (AMT)............. 5.500 10/01/29 8,490,255
15,000 Florida St Brd of Ed Cap Outlay Class B Ser D
(c).......................................... 4.750 06/01/35 14,886,600
12,775 Florida St Brd of Ed Cap Outlay Pub Ed Rfdg
Ser D........................................ 5.750 06/01/22 13,466,766
4,500 Florida St Brd of Ed Cap Outlay Pub Ed Ser C
(FGIC Insd) (Prerefunded @ 6/01/10).......... 5.750 06/01/29 4,848,120
2,000 Florida St Brd of Ed Lottery Rev Ser A (FGIC
Insd)........................................ 5.250 07/01/17 2,098,900
5,000 Florida St Brd of Ed Lottery Rev Ser A (FGIC
Insd) (Prerefunded @ 7/01/10)................ 5.500 07/01/17 5,372,500
1,000 Florida St Brd of Ed Lottery Rev Ser A (FGIC
Insd) (Prerefunded @ 7/01/10)................ 6.000 07/01/14 1,085,000
1,000 Florida St Brd of Ed Rev FL St Univ Hsg Fac
Ser A (MBIA Insd)............................ 5.000 05/01/29 1,007,930
4,735 Florida St Brd of Regt Hsg Rev Univ FL (FGIC
Insd) (Prerefunded @ 7/01/10)................ 5.500 07/01/28 5,087,757
3,000 Florida St Dept Trans........................ 5.000 07/01/32 3,054,450
7,295 Florida St Dept Trans Tpk Rev Ser A.......... 5.000 07/01/29 7,439,806
14 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 1,500 Florida St Div Bd Fin Dept Gen Svc Rev Dept
Envrnmtl Preservtn 2000 Ser A (AMBAC Insd)... 5.000% 07/01/11 $ 1,505,055
2,000 Florida St Div Bd Fin Dept Gen Svc Rev Dept
Envrnmtl Preservtn 2000 Ser A (FGIC Insd).... 5.250 07/01/12 2,065,520
1,910 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg
Ser A (c).................................... 5.000 07/01/26 1,966,760
1,935 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg
Ser A (c).................................... 5.000 07/01/27 1,992,503
2,100 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg
Ser A (c).................................... 5.000 07/01/28 2,162,407
2,500 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg
Ser A (c).................................... 5.000 07/01/32 2,574,293
1,475 Florida St Tpk Auth Tpk Rev Dept Trans Ser
B............................................ 5.000 07/01/30 1,487,788
5,775 Fort Lauderdale, FL Wtr & Swr Rev............ 5.000 09/01/32 5,916,199
1,635 Fort Myers, FL Util Rev Rfdg Ser A (FGIC
Insd)........................................ 5.500 10/01/24 1,662,353
415 Gainesville, FL Util Sys Rev (g)............. 8.125 10/01/14 473,270
1,000 Gramercy Farms Cmnty Dev Dist FL Spl Assmt
Ser B........................................ 5.100 05/01/14 905,200
500 Gulf Breeze, FL Rev Loc Govt (FGIC Insd)..... 5.650 12/01/20 517,260
730 Gulf Breeze, FL Rev Loc Govt (FGIC Insd)..... 5.750 12/01/20 751,688
1,000 Gulf Breeze, FL Rev Loc Govt (FGIC Insd)..... 5.800 12/01/20 1,054,640
5,000 Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg
Ser A........................................ 5.000 06/01/38 4,459,550
5,500 Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg
Ser A........................................ 5.250 06/01/26 5,386,590
3,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Ser D (Prerefunded @
11/15/13).................................... 5.375 11/15/35 3,328,590
3,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist/Sunbelt Ser A (Prerefunded @
11/15/11).................................... 6.000 11/15/31 3,337,920
1,285 Highlands, FL Cmnty Dev Dist Spl Assmt....... 5.550 05/01/36 1,012,619
750 Hillsborough Cnty, FL Assmt Rev Capacity
Assmt Spl (FSA Insd)......................... 5.000 03/01/15 791,137
750 Hillsborough Cnty, FL Assmt Rev Capacity
Assmt Spl (FSA Insd)......................... 5.000 09/01/15 791,137
1,450 Hillsborough Cnty, FL Aviation Auth Rev Ser A
(AGL Insd) (AMT) (b)......................... 5.375 10/01/33 1,450,508
3,260 Hillsborough Cnty, FL Aviation Auth Rev Ser A
(AGL Insd) (AMT) (b)......................... 5.500 10/01/38 3,290,742
14,150 Hillsborough Cnty, FL Indl Dev Auth Hosp Rev
Tampa Gen Hosp Proj (c)...................... 5.250 10/01/41 13,569,369
1,100 Hillsborough Cnty, FL Indl Dev Auth Pollutn
Ctl Rev Hillsborough Cnty Rfdg (AMBAC
Insd)........................................ 5.000 12/01/34 1,115,202
1,225 Hillsborough Cnty, FL Indl Dev Auth Pollutn
Ctl Rev Tampa Elec Ser B (e)................. 5.150 09/01/25 1,244,024
See Notes to Financial Statements 15
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 1,000 Hillsborough Cnty, FL Indl Dev Tampa Gen Hosp
Proj Ser B................................... 5.250% 10/01/28 $ 998,710
1,000 Hillsborough Cnty, FL Indl Dev Tampa Gen Hosp
Proj Ser B................................... 5.250 10/01/34 970,760
2,745 Hillsborough Cnty, FL Port Dist Rev Tampa
Port Auth Proj Ser A (MBIA Insd) (AMT)....... 5.375 06/01/27 2,756,858
10,000 Hillsborough Cnty, FL Solid Waste & Res
Recovery Rev Ser A (AMT)..................... 4.500 09/01/34 8,992,200
1,380 Hollywood, FL Cmnty Redev Agy Beach Cra...... 5.625 03/01/24 1,387,369
1,500 Jacksonville, FL Econ Dev Commn Indl Dev Rev
Metro Pkg Solutions Proj (ACA Insd) (AMT).... 5.500 10/01/30 1,354,350
12,000 Jea, FL Elec Sys Rev Ser 3B (CIFG Insd) (d)
(e).......................................... 8.000 10/01/37 12,000,000
7,000 Lakeland, FL Elec & Wtr Rev (a) (g).......... * 10/01/13 5,818,610
2,230 Lakeland, FL Elec & Wtr Rev (g).............. 5.750 10/01/19 2,424,278
5,105 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth
Sys (c)...................................... 5.000 11/15/25 5,034,370
2,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth
Sys (Prerefunded @ 11/15/12)................. 5.500 11/15/32 2,209,840
1,000 Lee Cnty, FL Arpt Rev Ser A (FSA Insd)
(AMT)........................................ 5.750 10/01/22 1,031,590
1,185 Lee Cnty, FL Hsg Fin Auth Single Family Mtg
Rev Multi-Cnty Pgm Ser A (GNMA
Collateralized) (AMT)........................ 5.000 03/01/39 1,087,557
2,400 Lee Cnty, FL Indl Dev Auth Hlthcare Fac Rev
Shell PT/Alliance Oblig Group................ 5.125 11/15/36 2,039,688
1,000 Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee
Charter Fndtn Ser A.......................... 5.375 06/15/37 813,260
1,000 Leesburg, FL Hosp Rev Leesburg Regl Med Ctr
Proj......................................... 5.500 07/01/32 966,220
3,200 Leesburg, FL Util Rev (FGIC Insd)............ 5.000 10/01/34 3,190,560
1,025 Main Str Cmnty Dev Dist FL Cap Impt Rev
Ser A........................................ 6.800 05/01/38 948,402
650 Main Str Cmnty Dev Dist FL Cap Impt Rev
Ser B........................................ 6.900 05/01/17 627,881
3,500 Marion Cnty, FL Hosp Dist Rev Hlth Sys Munroe
Reg Impt & Rfdg.............................. 5.000 10/01/34 3,308,725
650 Marion Cnty, FL Hosp Dist Rev Hlth Sys Munroe
Reg Impt & Rfdg (Prerefunded @ 10/01/09)..... 5.500 10/01/29 685,678
1,500 Miami Beach, FL Stormwtr Rev (FGIC Insd)..... 5.250 09/01/25 1,529,745
1,460 Miami Beach, FL Stormwtr Rev (FGIC Insd)
(a).......................................... 5.750 09/01/14 1,544,534
1,045 Miami Beach, FL Stormwtr Rev (FGIC Insd)..... 5.750 09/01/15 1,105,506
3,200 Miami-Dade Cnty, FL Aviation Rev Miami Intl
Arpt (CIFG Insd) (AMT)....................... 5.000 10/01/38 3,009,696
2,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl
Arpt (FGIC Insd) (AMT)....................... 5.375 10/01/27 2,008,880
4,720 Miami-Dade Cnty, FL Aviation Rev Miami Intl
Arpt (FGIC Insd) (AMT)....................... 5.375 10/01/32 4,720,708
16 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 870 Miami-Dade Cnty, FL Aviation Rev Miami Intl
Arpt Ser B (FGIC Insd)....................... 5.450% 10/01/15 $ 905,731
3,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl
Arpt Ser B (FGIC Insd)....................... 5.750 10/01/29 3,139,980
2,000 Miami-Dade Cnty, FL Aviation Rev Ser A (FSA
Insd) (AMT).................................. 5.000 10/01/33 1,897,940
2,000 Miami-Dade Cnty, FL Aviation Ser A (FSA Insd)
(AMT)........................................ 5.125 10/01/35 1,927,220
2,000 Miami-Dade Cnty, FL Ed Fac Auth Rev Ser A
(AMBAC Insd) (Prerefunded @ 4/01/10)......... 5.750 04/01/29 2,145,000
940 Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev
Ser A........................................ 6.000 05/01/24 872,950
3,860 North Broward, FL Hosp Dist Rev Impt
(Prerefunded @ 1/15/11)...................... 6.000 01/15/31 4,224,847
390 North Broward, FL Hosp Dist Rev Impt
(Prerefunded @ 1/15/11)...................... 6.000 01/15/31 427,187
5,100 North Broward, FL Hosp Dist Rev Rfdg Ser B
(CIFG Insd) (d) (e).......................... 7.750 01/15/31 5,100,000
1,000 Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC
Insd)........................................ * 10/01/12 856,350
1,000 Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC
Insd)........................................ * 10/01/13 816,850
980 Orange Cnty, FL Hlth Fac Auth Hosp Hlthcare
Ser E........................................ 6.000 10/01/26 1,002,560
20 Orange Cnty, FL Hlth Fac Auth Hosp Hlthcare
Ser E (Prerefunded @ 10/01/09)............... 6.000 10/01/26 21,208
2,475 Orange Cnty, FL Hlth Fac Auth Rev First Mtg
Orlando Lutheran Tower....................... 5.500 07/01/32 2,133,475
1,000 Orange Cnty, FL Hlth Fac Auth Rev Hosp
Orlando Regl Hlthcare Ser B.................. 5.125 11/15/39 960,730
1,000 Orange Cnty, FL Hsg Fin Auth Multi-Family Rev
Mtg Hands Inc Proj Ser A (Acquired 06/19/95,
Cost $1,000,000) (h)......................... 7.000 10/01/25 1,046,940
2,000 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC
Insd) (Prerefunded @ 10/01/09)............... 5.500 10/01/31 2,090,980
4,000 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC
Insd) (Prerefunded @ 10/01/09)............... 5.625 10/01/14 4,188,920
1,500 Orlando & Orange Cnty Expwy Auth FL Expwy Rev
Jr Lien (FGIC Insd).......................... 5.000 07/01/28 1,500,810
2,000 Osceola Cnty, FL Sch Brd Ctf Ser A (AMBAC
Insd) (Prerefunded @ 6/01/12)................ 5.250 06/01/27 2,183,600
890 Overoaks, FL Cmnty Dev Dist Cap Impt Rev
Ser A........................................ 6.125 05/01/35 776,409
10,000 Palm Beach Cnty, FL Hlth Fac Auth Retirement
Cmnty Rev Acts Retirement Life Ser A......... 4.500 11/15/36 7,408,200
See Notes to Financial Statements 17
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 1,650 Palm Beach Cnty, FL Hlth Fac Auth Rev
Waterford Proj............................... 5.875% 11/15/37 $ 1,555,389
1,000 Palm Beach Cnty, FL Sch Brd Ctf Partn Ser A
(FGIC Insd) (Prerefunded @ 8/01/10).......... 5.875 08/01/21 1,080,850
5,000 Pasco Cnty, FL Wtr & Swr Rev Rfdg (FSA
Insd)........................................ 5.000 10/01/36 5,091,400
1,000 Pembroke Pines, FL Cons Util Sys Rev (FGIC
Insd) (g).................................... 6.250 09/01/11 1,061,430
1,500 Pensacola, FL Arpt Rev Rfdg Ser A (MBIA Insd)
(AMT)........................................ 6.000 10/01/12 1,540,020
1,565 Pensacola, FL Arpt Rev Rfdg Ser A (MBIA Insd)
(AMT)........................................ 6.125 10/01/18 1,602,325
500 Polk Cnty, FL Sch Brd Ctf Partn Master Lease
Ser A (FSA Insd)............................. 5.500 01/01/25 523,670
2,000 Port Saint Lucie, FL Spl Assmt Rev Southwest
Annexation Dist Ser 1-B (MBIA Insd).......... 5.000 07/01/33 2,024,820
4,675 Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg
Seminole Proj A AMBAC Insd) (b).............. 5.350 03/15/42 4,693,653
890 Reunion East Cmnty Dev Dist FL Spl Assmt..... 5.800 05/01/36 737,596
1,000 Saint Johns Cnty, FL Indl Dev Auth Hlthcare
Glenmoor Proj Ser A.......................... 5.250 01/01/26 864,040
1,500 Saint John's Cnty, FL Indl Dev Auth Hlthcare
Glenmoor Proj Ser A.......................... 5.375 01/01/40 1,209,435
5,860 Saint Lucie Cnty, FL Sch Brd Ctf Partn (FSA
Insd)........................................ 5.000 07/01/29 5,940,634
2,000 Saint Lucie Cnty, FL Sch Brd Ctf Ser A (FSA
Insd)........................................ 5.000 07/01/21 2,076,780
1,000 Saint Lucie Cnty, FL Sch Brd Ctf Ser A (FSA
Insd)........................................ 5.000 07/01/23 1,033,380
600 Seminole Tribe, FL Spl Oblig Rev Ser A (f)... 5.250 10/01/27 547,800
1,430 Seven Oaks, FL Cmnty Dev Dist II Spl Assmt
Rev Ser A.................................... 5.875 05/01/35 1,194,765
1,000 South Lake Cnty Hosp Dist FL South Lake Hosp
Inc.......................................... 6.375 10/01/28 1,027,760
1,500 South Miami, FL Hlth Fac Auth Hosp Rev
Baptist Hlth South FL Group.................. 5.000 08/15/37 1,474,965
2,850 South Vlg Cmnty Dev Dist FL Cap Impt Rev
Ser A........................................ 5.700 05/01/35 2,407,794
500 Split Pine Cmnty Dev Dist FL Spl Assmt Ser
A............................................ 5.250 05/01/39 399,555
1,250 Sterling Hill Cmnty Dev Dist FL Cap Impt &
Rev Ser A.................................... 6.200 05/01/35 1,257,138
1,000 Tallahassee, FL Hlth Fac Rev Tallahassee Mem
Hlthcare Proj................................ 6.375 12/01/30 1,010,700
1,000 Tallahassee, FL Lease Rev FL St Univ Proj Ser
A (MBIA Insd) (a)............................ 5.500 08/01/17 1,059,970
1,115 Tallahassee, FL Lease Rev FL St Univ Proj Ser
A (MBIA Insd) (a)............................ 5.500 08/01/19 1,168,520
18 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 3,000 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt
Ser A........................................ 5.750% 07/01/19 $ 3,060,360
1,800 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt
Ser A........................................ 5.750 07/01/29 1,827,792
300 Tolomato Cmnty, FL Dev Dist Spl Assmt........ 6.550 05/01/27 294,729
3,170 Tolomato Cmnty, FL Dev Dist Spl Assmt........ 6.650 05/01/40 3,102,225
3,500 Village Ctr Cmnty Dev Dist FL Recreational
Rev Ser A (MBIA Insd)........................ 5.125 11/01/36 3,582,040
1,000 Village Ctr Cmnty Dev Dist FL Recreational
Rev Ser A (MBIA Insd)........................ 5.200 11/01/25 1,027,420
2,000 Village Ctr Cmnty Dev Dist FL Util Rev (MBIA
Insd)........................................ 5.250 10/01/23 2,109,540
1,000 Village Ctr Cmnty Dev Dist FL Util Rev (FGIC
Insd) (g).................................... 6.000 11/01/18 1,156,020
1,000 Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry
Riddle Aero Ser A............................ 5.750 10/15/29 999,360
3,000 West Orange Hlthcare Dist FL Ser A........... 5.800 02/01/31 3,050,580
820 West Palm Beach, FL Cmnty Redev Agy
Northwood -- Pleasant Cmnty Redev Ser A...... 5.000 03/01/35 719,624
750 World Comm Cmnty Dev Dist FL Spl Assmt....... 5.500 05/01/38 600,810
--------------
367,156,034
--------------
GEORGIA 3.1%
5,250 Atlanta, GA Arpt Passenger Fac Charge Rev Gen
Sub Lien Ser C (FSA Insd) (c)................ 5.000 01/01/33 5,333,028
2,000 Atlanta, GA Arpt Passenger Fac Charge Rev Gen
Sub Lien Ser C (FSA Insd).................... 5.000 01/01/33 2,031,680
2,187 Fulton Cnty, GA Lease Rev (Acquired 12/23/94,
Cost $2,187,000) (h)......................... 7.250 06/15/10 2,221,525
1,500 George L Smith II GA World Congress Cent Auth
Rev Domed Stadium Proj Rfdg
(MBIA Insd) (AMT)............................ 5.500 07/01/20 1,517,895
2,635 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA
Insd)........................................ 6.500 01/01/20 3,252,644
5,575 Georgia Muni Elec Auth Pwr Rev Ser Y
(MBIA Insd).................................. 6.500 01/01/17 6,408,685
240 Georgia Muni Elec Auth Pwr Rev Ser Y
(MBIA Insd).................................. 6.500 01/01/17 277,730
85 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA
Insd) (Prerefunded @ 1/01/14)................ 6.500 01/01/17 99,554
800 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare
Sys Inc...................................... 6.700 07/01/16 808,584
2,500 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare
Sys Inc Rfdg................................. 6.500 07/01/27 2,501,475
--------------
24,452,800
--------------
See Notes to Financial Statements 19
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
IDAHO 0.2%
$ 1,340 Idaho Hlth Fac Auth Rev Vly Vista Care Corp
Rfdg......................................... 6.125% 11/15/27 $ 1,258,059
--------------
ILLINOIS 10.5%
1,910 Bartlett, IL Tax Increment Rev Quarry Redev
Proj Rfdg.................................... 5.600 01/01/23 1,838,681
2,000 Chicago, IL Brd of Ed (FGIC Insd)
(Prerefunded @ 12/01/10)..................... 5.500 12/01/31 2,148,160
11,675 Chicago, IL Brd of Ed Rfdg Ser C (FSA
Insd)........................................ 5.000 12/01/27 12,120,985
1,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Rfdg Ser C-2 (FSA Insd) (AMT)..... 5.250 01/01/30 1,476,990
4,400 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Ser A (MBIA Insd) (c)............. 5.250 01/01/24 4,489,987
11,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Ser A (MBIA Insd) (c)............. 5.250 01/01/25 11,735,192
1,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien
Passenger Fac Ser B (AMBAC Insd)............. 5.500 01/01/16 1,045,780
2,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien
Passenger Fac Ser B (AMBAC Insd)............. 5.500 01/01/17 2,084,340
5,700 Chicago, IL O'Hare Intl Arpt Rev Ser A (FSA
Insd) (c).................................... 5.000 01/01/33 5,831,300
1,130 Chicago, IL Proj Rfdg (MBIA Insd)
(Prerefunded @ 1/01/11)...................... 5.000 01/01/31 1,143,504
2,370 Chicago, IL Proj Rfdg Ser A (MBIA Insd)
(Prerefunded @ 1/01/11)...................... 5.000 01/01/31 2,536,848
375 Chicago, IL Proj Rfdg Ser C (FGIC Insd)...... 5.750 01/01/14 398,655
375 Chicago, IL Proj Rfdg Ser C (FGIC Insd)...... 5.750 01/01/15 398,655
1,000 Chicago, IL Rfdg Ser B (AMBAC Insd).......... 5.125 01/01/15 1,066,440
3,500 Du Page Cnty, IL Fst Presv Dist.............. * 11/01/10 3,260,915
4,500 Hoffman Estates, IL (c)...................... 5.000 12/01/38 4,592,588
2,310 Illinois Dev Fin Auth Rev Adventist Hlth Ser
A (MBIA Insd)................................ 5.500 11/15/13 2,532,199
2,500 Illinois Dev Fin Auth Rev Adventist Hlth Ser
A (MBIA Insd)................................ 5.500 11/15/15 2,772,225
400 Illinois Fin Auth Rev Christian Homes Inc
Rfdg Ser A................................... 5.750 05/15/31 350,404
1,000 Illinois Fin Auth Rev IL Fin Auth Roosevelt
Univ......................................... 5.500 04/01/37 956,770
2,000 Illinois Fin Auth Rev IL Inst of Technology
Ser A........................................ 5.000 04/01/31 1,860,680
4,500 Illinois Fin Auth Rev Osf Hlthcare Sys Ser
A............................................ 5.750 11/15/37 4,461,930
3,500 Illinois Fin Auth Rev Sherman Hlth Sys 2007
Ser A........................................ 5.500 08/01/37 3,282,580
1,330 Illinois Fin Auth Solid Waste Rev Disp Waste
Mgmt Inc Proj (AMT).......................... 5.050 08/01/29 1,089,416
1,250 Illinois Hlth Fac Auth Rev Evangelical Hosp
Ser C (FSA Insd)............................. 6.750 04/15/17 1,457,462
20 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 2,275 Illinois Hlth Fac Auth Rev South Suburban
Hosp (g)..................................... 7.000% 02/15/18 $ 2,668,575
285 Illinois St (FGIC Insd)...................... 5.250 12/01/20 285,530
250 Metropolitan Pier & Expo Auth IL Dedicated St
Tax Rev McCormick Pl Expn Proj Ser A (FGIC
Insd)........................................ 5.375 12/15/18 259,150
1,000 Schaumburg, IL Ser B (FGIC Insd)............. 5.000 12/01/41 1,013,960
2,020 University IL Univ Rev Auxiliary Fac Sys
(MBIA Insd).................................. 4.500 04/01/36 1,948,330
775 Will Kankakee Regl Dev Auth IL Multi-Family
Hsg Rev Sr Estates Supportive Living (AMT)... 7.000 12/01/42 757,679
1,500 Yorkville, IL Utd City Spl Svc Area Spl Tax
No 2006-113 Cannonball/Beecher............... 5.750 03/01/28 1,312,740
--------------
83,178,650
--------------
INDIANA 2.5%
1,535 Indiana Hlth & Ed Fac Fin Auth Hosp Rev
Clarian Hlth Oblig Ser A..................... 5.000 02/15/36 1,444,926
1,300 Indiana Hlth & Ed Fac Fin Auth Hosp Rev Cmnty
Fndtn Northwest IN........................... 5.500 03/01/37 1,142,167
5,600 Indiana Hlth & Ed Fac Fin Auth Rev Ascension
Hlth Sr Credit (c)........................... 5.000 11/15/36 5,524,512
4,000 Indiana Hlth Fac Fin Auth Rev Deaconess Hosp
Ser A (AMBAC Insd)........................... 5.375 03/01/34 4,074,840
5,500 Indiana St Hsg & Cmnty Dev Auth Single Family
Mtg Rev Ser D1 (GNMA Collateralized) (AMT)
(c).......................................... 4.625 07/01/38 4,583,092
1,280 North Adams, IN Cmnty Sch Renovation Bldg
Corp Cap Apprec First Mtg (FSA Insd) (a)..... * 01/15/19 784,871
1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt
(AMT)........................................ 5.950 12/01/29 1,444,395
500 Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc
(f).......................................... 5.750 09/01/42 437,870
--------------
19,436,673
--------------
IOWA 3.5%
1,685 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd)
(a).......................................... 5.750 06/01/15 1,768,930
1,785 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd)
(a).......................................... 5.750 06/01/16 1,873,911
4,300 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys
Ser A1 (FGIC Insd) (d) (e)................... 10.000 02/15/35 4,300,000
4,300 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys
Ser A2 (FGIC Insd) (d) (e)................... 10.000 02/15/35 4,300,000
4,300 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys
Ser A3 (FGIC Insd) (d) (e)................... 10.000 02/15/35 4,300,000
500 Jefferson Cnty, IA Hosp Rev Jefferson Cnty
Hosp Proj Ser C.............................. 5.950 08/01/37 475,285
500 Sibley, IA Hlthcare Fac Rev Osceola Cmnty
Hosp Proj.................................... 6.000 12/01/37 458,450
See Notes to Financial Statements 21
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
IOWA (CONTINUED)
$ 2,750 Tobacco Settlement Auth IA Tob Settlement Rev
Asset Bkd Ser C.............................. 5.375% 06/01/38 $ 2,340,140
6,700 Tobacco Settlement Auth IA Tob Settlement Rev
Ser C........................................ 5.500 06/01/42 5,728,902
2,750 Tobacco Settlement Auth IA Tob Settlement Rev
Ser C........................................ 5.625 06/01/46 2,387,990
--------------
27,933,608
--------------
KANSAS 1.8%
2,100 Burlington, KS Environmental Impt Rev Rfdg KC
Pwr LT Ser B (XLCA Insd)..................... 5.000 12/01/23 2,099,076
3,810 Kansas St Dev Fin Auth Rev KS Proj Ser N
(AMBAC Insd) (a)............................. 5.250 10/01/22 4,005,758
1,100 Labette Cnty, KS Hosp Rev Rfdg & Impt Ser
A............................................ 5.750 09/01/37 1,033,373
1,250 Lenexa, KS Hlthcare Fac Rev Rfdg & Impt...... 5.500 05/15/39 1,052,887
3,300 Manhattan, KS Hlthcare Fac Rev Meadowlark
Hills Retirement Ser A....................... 5.000 05/15/24 2,872,221
1,650 Manhattan, KS Hlthcare Fac Rev Meadowlark
Hills Retirement Ser A....................... 5.000 05/15/36 1,340,658
700 Manhattan, KS Hlthcare Fac Rev Meadowlark
Hills Retirement Ser B....................... 5.125 05/15/42 569,898
1,075 Olathe, KS Sr Living Fac Rev Catholic Care
Campus Inc Ser A............................. 6.000 11/15/38 970,607
--------------
13,944,478
--------------
KENTUCKY 1.5%
5,900 Kentucky Hsg Corp Hsg Rev Ser A (AMT) (c).... 4.650 07/01/37 5,157,231
6,725 Louisville & Jefferson Cnty, KY Metro Govt
Hlth Sys Rev (c)............................. 5.250 10/01/36 6,528,001
--------------
11,685,232
--------------
LOUISIANA 1.7%
830 Colonial Pinnacle Cmnty Dev Dist Dev......... 6.750 05/01/23 820,613
1,495 Lakeshore Vlg Master Cmnty Dev Dist LA Spl
Assmt........................................ 5.250 07/01/17 1,330,774
2,425 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg
Ser A (GNMA Collateralized) (AMT)............ 5.375 10/20/39 2,365,660
7,500 Louisiana St Gas & Fuels Tax Rev Ser A (FSA
Insd) (c).................................... 5.000 05/01/36 7,643,625
1,500 Rapides Fin Auth LA Rev Cleco Pwr Proj
(AMT)........................................ 5.250 11/01/37 1,496,595
--------------
13,657,267
--------------
MARYLAND 1.3%
1,050 Gaithersburg, MD Econ Dev Rev Asbury MD Oblig
Group A...................................... 5.125 01/01/36 926,614
1,635 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty
Dev Ser H (AMT).............................. 5.100 09/01/37 1,537,914
2,500 Maryland St Hlth & Higher Ed Fac Auth Rev MD
Inst College of Art.......................... 5.000 06/01/40 2,210,100
22 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MARYLAND (CONTINUED)
$ 2,750 Maryland St Hlth & Higher Ed Fac Auth Rev
Mercy Med Ctr Ser A.......................... 5.500% 07/01/42 $ 2,582,360
2,250 Maryland St Trans Auth Arpt Baltimore/WA Intl
Arpt Ser B (AMBAC Insd) (AMT)................ 5.125 03/01/24 2,227,005
950 Prince Georges Cnty, MD Spl Oblig Natl Harbor
Proj......................................... 5.200 07/01/34 800,242
--------------
10,284,235
--------------
MASSACHUSETTS 4.4%
650 Massachusetts St Dev Fin Agy Rev Linden Ponds
Inc Fac Ser A................................ 5.750 11/15/35 567,697
750 Massachusetts St Dev Fin Agy Rev Linden Ponds
Inc Fac Ser A................................ 5.750 11/15/42 650,077
105 Massachusetts St Hlth & Ed Fac Auth Rev
Hlthcare Sys Covenant (Prerefunded @
1/01/12)..................................... 6.000 07/01/31 116,941
395 Massachusetts St Hlth & Ed Fac Auth Rev
Hlthcare Sys Covenant (Prerefunded @
1/01/12)..................................... 6.000 07/01/31 406,672
35 Massachusetts St Hlth & Ed Fac Auth Rev Partn
Hlthcare Sys Ser C........................... 5.750 07/01/32 36,454
965 Massachusetts St Hlth & Ed Fac Auth Rev Partn
Hlthcare Sys Ser C (Prerefunded @ 7/01/11)... 5.750 07/01/32 1,062,494
5,835 Massachusetts St Hlth & Ed Fac Auth Rev Univ
MA Mem Issue Ser D........................... 5.000 07/01/33 5,102,124
7,785 Massachusetts St Hsg Fin Agy Hsg Rev Single
Family Hsg Ser 126 (AMT) (c)................. 4.550 06/01/27 7,036,754
2,000 Massachusetts St Hsg Fin Agy Hsg Rev Single
Family Hsg Ser 126 (AMT) (c)................. 4.625 06/01/32 1,772,610
5,875 Massachusetts St Hsg Fin Agy Hsg Rev Single
Family Hsg Ser 126 (AMT) (c)................. 4.700 06/01/38 5,545,990
1,000 Massachusetts St Hsg Fin Agy Hsg Ser A
(AMT)........................................ 5.100 12/01/27 971,020
6,750 Massachusetts St Sch Bldg Auth Dedicated
Sales Tax Rev Ser A (AMBAC Insd) (c)......... 4.500 08/15/35 6,961,740
4,500 Massachusetts St Wtr Res Auth Gen Ser A
(c).......................................... 5.000 08/01/41 4,575,735
--------------
34,806,308
--------------
MICHIGAN 4.8%
3,015 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1................................... * 07/01/17 1,940,303
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/18 1,843,999
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/19 1,735,938
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/22 1,436,703
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/23 1,350,327
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/24 1,261,724
See Notes to Financial Statements 23
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MICHIGAN (CONTINUED)
$ 3,500 Grand Rapids, MI Downtown Dev Cap Apprec
(MBIA Insd).................................. * 06/01/15 $ 2,644,635
2,765 Grand Rapids, MI Downtown Dev Cap Apprec
(MBIA Insd).................................. * 06/01/16 1,981,371
2,000 Grand Rapids, MI Wtr Supply Sys Rfdg
(FGIC Insd).................................. 5.750% 01/01/13 2,122,540
2,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj
Ser A........................................ 6.000 07/01/35 1,991,840
1,350 Kent Hosp Fin Auth MI Rev Spectrum Hlth
Ser A........................................ 5.250 01/15/47 1,397,628
600 Kent Hosp Fin Auth MI Rev Spectrum Hlth
Ser A........................................ 5.500 01/15/47 630,078
2,850 Michigan St Hosp Fin Auth Rev Ascension Hlth
Cr Ser A (MBIA Insd) (Prerefunded @
11/15/09).................................... 5.750 11/15/18 3,023,822
2,500 Michigan St Strategic Fd Detroit Edison Co
Proj Rfdg Ser C (XLCA Insd) (AMT)............ 5.450 12/15/32 2,479,750
2,250 Michigan St Strategic Fd Detroit Edison Co
Proj Ser A (XLCA Insd) (AMT)................. 5.500 06/01/30 2,252,025
2,500 Michigan St Strategic Fd Detroit Edison
Pollutn Ctl Rfdg (AMBAC Insd) (e)............ 4.850 09/01/30 2,609,700
1,000 Michigan St Strategic Fd Detroit Edison
Polutnl Ctl Rfdg Ser B (AMT)................. 5.650 09/01/29 1,004,730
7,000 Michigan Tob Settlement Fin Auth Tob
Settlement Asset Sr Ser A.................... 6.000 06/01/48 6,392,120
--------------
38,099,233
--------------
MINNESOTA 1.1%
1,380 Annandale, MN Econ Dev Auth Sr Hsg & Hlthcare
Rev Annandale Care Ctr Proj Ser A............ 5.900 11/01/37 1,296,096
525 Chisago, MN Hlthcare Fac Rev CDL Homes LLC
Proj......................................... 6.000 08/01/42 501,863
1,250 Dakota Cnty, MN Cmnty Dev Agy Multi-Family
Hsg Rev Commons Marice Proj Rfdg Ser A....... 5.000 05/01/42 999,287
1,000 Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp
Proj......................................... 5.750 11/01/37 941,970
50 Minnesota Agric & Econ Dev Brd Rev Hlthcare
Sys (MBIA Insd).............................. 5.750 11/15/26 51,073
300 North Oaks, MN Sr Hsg Rev Presbyterian Homes
North Oaks................................... 6.000 10/01/27 292,107
875 North Oaks, MN Sr Hsg Rev Presbyterian Homes
North Oaks................................... 6.000 10/01/33 836,028
275 North Oaks, MN Sr Hsg Rev Presbyterian Homes
North Oaks................................... 6.125 10/01/39 264,798
24 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MINNESOTA (CONTINUED)
$ 2,200 Saint Paul, MN Hsg & Redev Auth Hlthcare Fac
Rev Hlth Partners Oblig Grp Proj............. 5.250% 05/15/36 $ 1,982,838
1,400 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth
East Proj.................................... 6.000 11/15/35 1,393,406
--------------
8,559,466
--------------
MISSOURI 2.9%
245 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc..... 5.625 06/01/27 239,524
1,255 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc
(Prerefunded @ 6/01/12)...................... 5.625 06/01/27 1,380,613
1,700 Cass Cnty, MO Hosp Rev....................... 5.625 05/01/38 1,578,450
1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev
Lutheran Sr Svc Heisinger Proj............... 5.500 02/01/35 1,220,800
1,625 Jefferson Cnty, MO Reorg Sch Dist No R-6
(FGIC Insd).................................. 5.625 03/01/20 1,709,224
2,500 Joplin, MO Indl Dev Auth Indl Rev Christian
Homes Inc Rfdg Ser F......................... 5.750 05/15/26 2,226,775
1,000 Joplin, MO Indl Dev Auth Indl Rev Christian
Homes Inc Rfdg Ser F......................... 5.750 05/15/31 869,760
1,325 Maryland Heights, MO Tax Increment Rev South
Heights Redev Proj Rfdg Ser A................ 5.500 09/01/18 1,296,817
1,250 Saint Charles, MO Ctf Partn Ser B............ 5.500 05/01/18 1,308,862
1,250 Saint Louis Cnty, MO Indl Dev Auth Sr Living
Fac Rev Friendship Vlg West Cnty Ser A....... 5.375 09/01/21 1,166,362
975 Saint Louis Cnty, MO Indl Dev Auth Sr Living
Fac Rev Saint Andrews Res for Srs Ser A...... 6.375 12/01/30 927,986
2,335 Saint Louis Cnty, MO Indl Dev Auth Sr Living
Fac Rev Saint Andrews Res for Srs Ser A...... 6.375 12/01/41 2,191,211
900 Saint Louis Cnty, MO Indl Dev Auth Tax
Increment & Cmnty Impt Dist Loughborough Com
Redev Rfdg................................... 5.750 11/01/27 855,018
3,025 Springfield, MO Pub Bldg Corp Leasehold Rev
Springfield Branson Arpt Ser B (AMBAC Insd)
(AMT) (c).................................... 4.550 07/01/29 2,646,473
3,675 Springfield, MO Pub Bldg Corp Leasehold Rev
Springfield Branson Arpt Ser B (AMBAC Insd)
(AMT) (c).................................... 4.600 07/01/36 3,215,136
--------------
22,833,011
--------------
NEBRASKA 0.3%
2,615 Omaha Pub Pwr Dist NE Elec Rev Sub Sys
Ser A........................................ 5.000 02/01/34 2,656,579
--------------
See Notes to Financial Statements 25
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
NEVADA 2.4%
$ 4,900 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser A (FGIC Insd) (AMT)............ 4.750% 09/01/36 $ 3,929,212
3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser A (AMBAC Insd) (AMT)........... 5.250 07/01/34 2,741,400
3,500 Clark Cnty, NV Indl Dev Southwest Gas Corp
Proj Ser D1 (FGIC Insd) (AMT)................ 5.250 03/01/38 3,028,970
4,100 Nevada Hsg Div Single Family Mtg Rev Ser A
(GNMA Collateralized) (AMT).................. 5.875 04/01/38 4,173,759
3,460 Reno, NV Hosp Rev Regl Med Ctr Proj
Ser A (c).................................... 5.250 06/01/37 3,258,697
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj
(AMBAC Insd) (Prerefunded @ 6/01/12)......... 5.125 06/01/32 1,625,100
--------------
18,757,138
--------------
NEW HAMPSHIRE 0.3%
1,000 New Hampshire Hlth & Ed Fac Auth Rev
Derryfield Sch............................... 7.000 07/01/30 1,033,140
950 New Hampshire St Bus Fin Auth Wtr Fac Rev
Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)..... 6.300 05/01/22 959,965
--------------
1,993,105
--------------
NEW JERSEY 6.9%
375 Burlington Cnty, NJ Bridge Cmnty Econ Dev Rev
The Evergreens Proj.......................... 5.625 01/01/38 343,129
1,200 New Jersey Econ Dev Auth Rev Cig Tax......... 5.750 06/15/29 1,176,912
3,150 New Jersey Econ Dev Auth Rev Cig Tax......... 5.750 06/15/34 3,026,457
25,000 New Jersey Econ Dev Auth St Contract Econ
Recovery (MBIA Insd)......................... 5.900 03/15/21 28,997,250
2,000 New Jersey Hlthcare Fac Fin Auth Rev Holy
Name Hosp.................................... 5.000 07/01/36 1,741,740
2,300 New Jersey Hlthcare Fac Fin Auth Rev Saint
Peter Univ Hosp Oblig........................ 5.750 07/01/37 2,242,661
2,095 New Jersey St Trans Tr Fd Auth Trans Sys
Ser A........................................ 5.750 06/15/17 2,420,898
4,500 Tobacco Settlement Fin Corp NJ Ser A1........ 4.750 06/01/34 3,559,140
14,000 Tobacco Settlement Fin Corp NJ Ser A1 (c).... 5.000 06/01/41 11,205,390
--------------
54,713,577
--------------
NEW MEXICO 0.2%
1,250 Jicarilla, NM Apache Nation Rev Ser A
(Acquired 10/23/03, Cost $1,275,475) (h)..... 5.500 09/01/23 1,297,225
--------------
NEW YORK 13.6%
8,400 Metropolitan Trans Auth NY Dedicated Tax Fund
Rfdg Ser B (XCLA Insd) (d) (e)............... 5.000 11/15/20 8,400,000
2,500 Metropolitan Trans Auth NY Rev Rfdg Ser A
(FGIC Insd).................................. 5.250 11/15/31 2,531,125
26 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
$ 13,750 Metropolitan Trans Auth NY Rev Trans Ser B
(FSA Insd) (c)............................... 4.500% 11/15/36 $ 14,034,146
2,400 New York City Hsg Dev Corp Multi-Family Hsg
Rev Ser E1 (AMT)............................. 5.350 11/01/37 2,340,912
3,650 New York City Indl Dev Agy Rev Liberty 7
World Trade Ctr Proj Ser B................... 6.750 03/01/15 3,762,164
16,930 New York City Trans Auth Trans Fac Livingston
Plaza Proj Rfdg Ser 1993 (FSA Insd) (g)...... 5.400 01/01/18 18,630,280
2,000 New York City Trans Future Tax Second Ser C
(AMBAC Insd)................................. 5.250 08/01/22 2,100,740
7,225 New York, NY Sub Ser I-1 (c)................. 5.000 02/01/26 7,466,617
2,500 New York St Dorm Auth Lease Rev Muni Hlth Fac
Impt Pgm Ser A (FSA Insd).................... 5.500 05/15/25 2,528,675
7,485 New York St Dorm Auth Rev City Univ Sys
Ser C........................................ 7.500 07/01/10 7,897,349
3,000 New York St Dorm Auth Rev Hosp
(MBIA Insd).................................. 5.000 08/01/33 3,033,480
2,000 New York St Dorm Auth Rev St Univ Ed Fac 1989
Res (MBIA Insd) (Prerefunded @ 5/15/10)...... 6.000 05/15/16 2,165,000
3,000 New York St Dorm Auth Rev St Univ Ed Fac
(FGIC Insd) (Prerefunded @ 5/15/10).......... 5.750 05/15/24 3,232,620
2,840 New York St Loc Govt Assistance Corp Rfdg
Ser E........................................ 6.000 04/01/14 3,131,611
1,500 New York St Urban Dev Corp Rev Correctional
Fac Rfdg..................................... 5.500 01/01/13 1,613,130
5,500 New York St Urban Dev Corp Rev St Fac & Equip
Sub Ser A (CIFG Insd) (d) (e)................ 7.750 03/15/33 5,500,000
12,100 Port Auth NY & NJ (c)........................ 5.000 10/01/35 12,366,062
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Terminal 6 (MBIA Insd) (AMT)....... 5.750 12/01/22 3,010,170
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Terminal 6 (MBIA Insd) (AMT)....... 5.750 12/01/25 2,999,850
950 Seneca Nation Indians Cap Impt Auth NY Spl
Oblig Ser A (f).............................. 5.000 12/01/23 845,348
--------------
107,589,279
--------------
NORTH CAROLINA 6.0%
5,850 North Carolina Cap Fac Fin Agy Rev Duke Univ
Proj Ser A................................... 5.000 10/01/41 5,973,318
4,000 North Carolina Eastern Muni Pwr Agy Pwr Sys
Rev Ser D.................................... 6.750 01/01/26 4,195,160
9,000 North Carolina Med Care Commn Hlthcare Fac
Rev Univ Eastern Carolina (AMBAC Insd) (d)
(e).......................................... 4.500 12/01/28 9,000,000
See Notes to Financial Statements 27
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
NORTH CAROLINA (CONTINUED)
$ 1,500 North Carolina Med Care Commn Retirement Fac
Rev First Mtg Southminster Proj Ser A........ 5.750% 10/01/37 $ 1,485,210
25,000 North Carolina Muni Pwr Agy No 1 Catawba Elec
Rev Rfdg (MBIA Insd)......................... 6.000 01/01/12 27,232,250
--------------
47,885,938
--------------
NORTH DAKOTA 0.3%
570 North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm
Home Mtg Fin Ser B (MBIA Insd) (AMT)......... 5.500 07/01/29 582,135
1,500 Ward Cnty, ND Hlthcare Fac Rev Trinity
Obligated Group Rfdg......................... 5.125 07/01/29 1,384,215
--------------
1,966,350
--------------
OHIO 6.6%
12,400 Buckeye, OH Tob Settlement Fin Auth Asset Bkd
Sr Turbo Ser A-2............................. 5.750 06/01/34 11,209,476
6,500 Buckeye, OH Tob Settlement Fin Auth Sr Turbo
Ser A-2...................................... 5.875 06/01/30 6,048,250
6,750 Buckeye, OH Tob Settlement Fin Auth Sr Turbo
Ser A-2...................................... 5.875 06/01/47 5,973,210
450 Cuyahoga Cnty, OH Hlthcare Indpt Living Fac
Rev Eliza Jennings Sr Care Ser A............. 5.750 05/15/27 408,636
2,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj......................................... 7.500 01/01/30 2,147,980
1,000 Delaware Cnty, OH Cap Fac (Prerefunded @
12/01/10).................................... 6.000 12/01/25 1,095,890
1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare
Ser S........................................ 5.375 10/01/30 1,014,270
4,500 Lorain Cnty, OH Hosp Rev Fac Catholic Ser A
(FSA Insd) (b)............................... 5.000 02/01/24 4,610,475
4,525 Lorain Cnty, OH Hosp Rev Fac Catholic Ser B
(FSA Insd) (b)............................... 5.000 02/01/24 4,636,089
4,800 Lorain Cnty, OH Hosp Rev Fac Catholic Ser C
(FSA Insd) (b)............................... 5.000 04/01/24 4,917,840
1,625 Montgomery Cnty, OH Rev Catholic Hlth Ser C-1
(FSA Insd) (b)............................... 5.000 10/01/41 1,644,126
8,000 Ohio St Air Quality Dev Auth Rev Dayton Pwr
(FGIC Insd) (AMT) (c)........................ 4.800 09/01/36 8,066,778
1,000 Ohio St Higher Ed Fac Cmnty Rev Hosp Univ
Hosp Hlth Sys Inc Ser A...................... 5.250 01/15/46 936,300
--------------
52,709,320
--------------
OKLAHOMA 1.0%
1,505 Alva, OK Hosp Auth Hosp Rev Sales Tax (Radian
Insd)........................................ 5.250 06/01/25 1,528,945
2,175 Chickasaw Nation, OK Hlth Sys (f)............ 6.250 12/01/32 2,170,780
1,500 Jenks, OK Aquarium Auth Rev First Mtg (MBIA
Insd) (Prerefunded @ 7/01/10)................ 6.100 07/01/30 1,630,665
28 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
OKLAHOMA (CONTINUED)
$ 1,575 Oklahoma City, OK Arpt Tr Jr Lien 27th Ser B
(FSA Insd) (AMT)............................. 5.750% 07/01/16 $ 1,632,960
1,000 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev
(FGIC Insd).................................. 5.250 10/01/29 1,026,520
--------------
7,989,870
--------------
OREGON 0.8%
4,350 Oregon Hlth Sciences Univ Insd Ser A (MBIA
Insd)........................................ 5.250 07/01/22 4,543,445
1,985 Portland, OR Urban Renewal & Redev Downtown
Wtrfront Ser A (AMBAC Insd).................. 5.750 06/15/16 2,109,102
--------------
6,652,547
--------------
PENNSYLVANIA 3.3%
2,750 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys
West PA Ser A................................ 5.000 11/15/28 2,289,925
575 Allegheny Cnty, PA Rfdg Ser C-53 (FGIC
Insd)........................................ 5.500 11/01/14 608,586
230 Allegheny Cnty, PA San Auth Swr Rev
(MBIA Insd).................................. 5.500 12/01/30 239,892
2,615 Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med
Rfdg (FHA Gtd)............................... 7.000 08/01/22 2,635,763
875 Montgomery Cnty, PA Indl Dev Auth Rev Mtg
Whitemarsh Continuing Care Proj.............. 6.250 02/01/35 803,399
1,550 Pennsylvania Econ Dev Fin Auth Exempt Fac Rev
Reliant Energy Ser B (AMT)................... 6.750 12/01/36 1,566,399
1,600 Pennsylvania Hsg Fin Agy Single Family Mtg
Rev Ser 94-A (AMT)........................... 5.100 10/01/31 1,528,384
9,240 Pennsylvania St Pub Sch Bldg Auth Lease Rev
Sch Dist Philadelphia Proj Ser B (FSA Insd)
(c).......................................... 4.500 06/01/32 9,006,743
1,000 Philadelphia, PA Auth Indl Dev PA Arpt Sys
Proj Ser A (FGIC Insd) (AMT)................. 5.125 07/01/19 991,290
2,400 Philadelphia, PA Gas Wks Rev 1998 Gen
Ordinance Ser 4 (FSA Insd)................... 5.250 08/01/22 2,493,432
2,350 Pittsburgh, PA Ser A (AMBAC Insd)............ 5.500 09/01/16 2,503,761
1,580 Ridley Park, PA Hosp Auth Rev Taylor Hosp Ser
A (g)........................................ 6.000 12/01/13 1,715,074
--------------
26,382,648
--------------
RHODE ISLAND 0.1%
1,100 Rhode Island Hsg & Mtg Fin Corp Homeownership
Oppty Ser 57-B (AMT)......................... 5.350 10/01/37 1,071,334
--------------
SOUTH CAROLINA 6.8%
2,375 Berkeley Cnty, SC Sch Dist Ctf Partn Berkeley
Sch Fac Grp Inc (MBIA Insd) (g).............. 5.250 02/01/16 2,598,060
3,375 Charleston Ed Excellence Fin Corp SC Rev
(c).......................................... 5.250 12/01/25 3,455,384
10,125 Charleston Ed Excellence Fin Corp SC Rev
(c).......................................... 5.250 12/01/26 10,366,152
See Notes to Financial Statements 29
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
SOUTH CAROLINA (CONTINUED)
$ 3,490 Charleston Ed Excellence Fin Corp SC Rev (AGC
Insd) (c).................................... 5.250% 12/01/28 $ 3,626,538
6,510 Charleston Ed Excellence Fin Corp SC Rev (AGC
Insd) (c).................................... 5.250 12/01/30 6,764,687
1,840 Myrtle Beach, SC Hospitality Fee Rev Ser A
(FGIC Insd) (a).............................. 5.375 06/01/21 1,938,826
1,935 Myrtle Beach, SC Hospitality Fee Rev Ser A
(FGIC Insd) (a).............................. 5.375 06/01/22 2,029,428
1,400 South Carolina Jobs Econ Dev Auth Hlth Fac
Rev First Rfdg First Mtg Wesley Commons...... 5.300 10/01/36 1,145,522
1,100 South Carolina Jobs Econ Dev Auth Hlthcare
Fac Rev Rfdg First Mtg Lutheran Homes........ 5.500 05/01/28 932,690
1,000 South Carolina Jobs Econ Dev Auth Hlthcare
Fac Rev Rfdg First Mtg Lutheran Homes........ 5.625 05/01/42 826,030
3,000 South Carolina Jobs Econ Dev Auth Hosp Fac
Rev Palmetto Hlth Alliance Rfdg Ser A........ 6.250 08/01/31 3,047,850
8,350 South Carolina Jobs Econ Dev Auth Hosp Fac
Rev Rfdg Palmetto Hlth Ser A (FSA Insd) (d)
(e).......................................... 4.990 08/01/35 8,350,000
4,500 South Carolina Jobs Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser A (AMBAC Insd)........ 5.200 11/01/27 4,592,160
3,750 South Carolina Jobs Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser B (AMBAC Insd)
(AMT)........................................ 5.450 11/01/32 3,750,000
750 South Carolina Jobs Econ Dev Auth Rev
Woodlands at Furman Proj Ser A............... 6.000 11/15/27 701,348
--------------
54,124,675
--------------
SOUTH DAKOTA 1.0%
2,250 Deadwood, SD Ctf Partn (ACA Insd)............ 6.375 11/01/20 2,363,490
4,500 South Dakota Hsg Dev Auth Homeownership Mtg
Ser E (AMT) (c).............................. 4.625 05/01/36 3,922,491
1,000 South Dakota St Hlth & Ed Fac Auth Rev
Children's Care Hosp Rfdg (Prerefunded @
11/01/09).................................... 6.125 11/01/29 1,066,010
845 South Dakota St Hlth & Ed Fac Auth Vocational
Ed Pgm Ser A (AMBAC Insd).................... 5.400 08/01/13 850,349
--------------
8,202,340
--------------
TENNESSEE 2.1%
4,345 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev
CDFI Phase I LLC Proj Rfdg Ser A............. 5.125 10/01/35 3,765,899
3,500 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev
First Mtg Mtn St Hlth Rfdg Ser A (MBIA Insd)
(Prerefunded @ 7/01/12)...................... 7.500 07/01/25 4,068,190
5,345 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev
First Mtg Mtn St Hlth Ser A.................. 5.500 07/01/36 4,983,357
410 Montgomery Cnty, TN Pub Impt Rfdg (FGIC Insd)
(a).......................................... 5.500 05/01/16 439,274
30 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
TENNESSEE (CONTINUED)
$ 2,000 Tennessee Energy Acquisition Corp Gas Rev Ser
A............................................ 5.250% 09/01/21 $ 1,971,020
1,465 Tennessee Hsg Dev Agy Homeownership Prog 2006
(AMT)........................................ 5.150 01/01/37 1,385,289
--------------
16,613,029
--------------
TEXAS 15.9%
2,685 Beaumont, TX Wtrwks & Swr Sys (FGIC Insd)
(Prerefunded @ 9/01/10) (a).................. 6.250 09/01/15 2,915,051
300 Brazos Cnty, TX Hlth Fac Dev Oblig Grp....... 5.375 01/01/32 293,490
1,155 Dallas Cnty, TX Flood Ctl Dist Rfdg.......... 6.750 04/01/16 1,185,434
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt &
Rfdg Ser A (FGIC Insd) (AMT)................. 5.500 11/01/31 3,942,920
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Ser A
(FGIC Insd) (AMT)............................ 5.750 11/01/30 4,015,360
1,050 Dallas-Fort Worth, TX Intl Arpt Rev Ser C
(MBIA Insd) (AMT)............................ 5.750 11/01/18 1,060,752
2,000 Dallas-Fort Worth, TX Intl Arpt Rev Ser C
(MBIA Insd) (AMT)............................ 6.000 11/01/23 2,021,680
7,960 El Paso Cnty, TX Hosp Dist Ser A (AGL Insd)
(b).......................................... 5.000 08/15/37 7,997,571
3,730 Fort Bend, TX Indpt Sch Dist Rfdg & Sch Bldg
(PSF Gtd) (b)................................ 5.000 08/15/27 3,875,806
6,000 Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev
Ars Baylor College Med (AMBAC Insd) (d)
(e).......................................... 5.170 11/15/47 6,000,000
1,000 Harris Cnty, TX Hlth Fac Dev Mem Hermann
Hlthcare Ser A (Prerefunded @ 6/01/11)....... 6.375 06/01/29 1,112,940
4,820 Harris Cnty, TX Toll Rd (AMBAC Insd)
(Prerefunded @ 8/15/09)...................... * 08/15/18 2,515,365
1,000 Harris Cnty, TX Toll Rd (AMBAC Insd)
(Prerefunded @ 8/15/09)...................... * 08/15/21 424,520
3,000 Harris Cnty-Houston, TX Sports Auth Spl Rev
Jr Lien Rfdg Ser B (MBIA Insd)............... 5.250 11/15/40 3,014,160
1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA
Insd) (AMT).................................. 5.625 07/01/30 1,008,130
5,105 Houston, TX Hotel Occupancy Tax & Spl Rev
Convention & Entmt Ser B (AMBAC Insd)........ 5.750 09/01/15 5,424,879
225 Houston, TX Pub Impt & Rfdg (FSA Insd)....... 5.750 03/01/15 239,546
3,000 Houston, TX Util Sys Rev First Lien Rfdg Ser
A (FSA Insd)................................. 5.250 05/15/21 3,200,610
12,800 Houston, TX Util Sys Rev Rfdg Comb First Lien
Ser A (FSA Insd)............................. 5.000 11/15/36 13,112,064
5,025 Judson, TX Indpt Sch Dist Sch Bldg (AGL
Insd)........................................ 5.000 02/01/37 5,106,556
965 Lower CO Riv Auth TX Transmission Proj Corp
(FGIC Insd).................................. 5.000 05/15/33 962,240
1,650 Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem
Hlth Sys East TX............................. 5.500 02/15/32 1,526,399
See Notes to Financial Statements 31
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 1,250 Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem
Hlth Sys East TX............................. 5.500% 02/15/37 $ 1,140,850
1,500 Mesquite, TX Hlth Fac Dev Retirement Fac
Christian Care Ctr........................... 5.625 02/15/35 1,357,110
1,500 Mesquite, TX Hlth Fac Dev Retirement Fac
Christian Care Ctr (Prerefunded @ 2/15/10)... 7.500 02/15/18 1,643,475
1,100 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj.......................... 7.200 01/01/21 1,115,103
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj.......................... 7.250 01/01/31 1,517,955
1,500 North Central, TX Hlth Fac Dev Corp Rev Hosp
Baylor Hlthcare Sys Proj Ser A............... 5.125 05/15/29 1,504,350
5,750 North Central, TX Hlth Fac Dev Corp Rev Hosp
Childrens Med Ctr Dallas (AMBAC Insd)........ 5.250 08/15/32 5,823,657
1,500 North TX Twy Auth Rev Rfdg Sys First Tier
Ser A........................................ 5.625 01/01/33 1,530,705
1,000 North TX Twy Auth Rev Rfdg Sys First Tier
Ser B........................................ 5.625 01/01/28 1,034,200
1,000 North TX Twy Auth Rev Rfdg Sys First Tier
Ser B........................................ 6.000 01/01/26 1,074,270
1,420 North TX Twy Auth Rev Rfdg Sys First Tier
Ser B........................................ 6.000 01/01/27 1,516,489
650 Tarrant Cnty, TX Cultural Ed Fac Fin Corp
Retirement CC Young Mem Hom Proj............. 5.750 02/15/25 589,147
1,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp
Retirement Fac Buckingham Sr Living
Cmnty Inc.................................... 5.625 11/15/27 877,860
4,200 Tarrant Cnty, TX Cultural Ed Fac Fin Corp
Retirement Fac Buckingham Sr Living
Cmnty Inc.................................... 5.750 11/15/37 3,650,808
8,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp
Retirement Fac Buckner Retirement Svc
Inc Proj..................................... 5.250 11/15/37 7,164,000
3,750 Tarrant Cnty, TX Hlth Fac Dev Corp Hosp Rev
Rfdg Cook Childrens Med Ctr (FSA Insd)....... 5.000 12/01/30 3,792,563
1,305 Texas St Pub Ppty Fin Corp Rev Mental Hlth &
Retardation Rfdg (FSA Insd).................. 5.500 09/01/13 1,317,071
2,750 Texas St Vets Housing Assistance Pgm Vet Ser
B (FHA Gtd) (AMT)............................ 6.100 06/01/31 2,795,843
1,000 Texas Tech Univ Rev Fin Sys Ser 7 (MBIA Insd)
(Prerefunded @ 2/15/12)...................... 5.000 08/15/25 1,074,210
8,700 Texas St Trans Commn Mobility Fd (c)......... 5.000 04/01/28 9,065,922
32 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 1,500 Texas Wtr Dev Brd Rev St Revolving Fd Sr Lien
Ser B........................................ 5.250% 07/15/17 $ 1,557,690
4,900 Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt
East TX Med Ctr Rfdg Ser A................... 5.375 11/01/37 4,307,786
--------------
126,406,537
--------------
UTAH 0.3%
1,000 Utah Hsg Corp Single Family Mtg Rev Ser E
(AMT) (c).................................... 5.250 01/01/39 957,380
1,100 Utah St Charter Sch Fin Auth Charter Sch Rev
Summit Academy Ser A......................... 5.800 06/15/38 1,020,096
--------------
1,977,476
--------------
VIRGINIA 2.9%
1,320 Fairfax Cnty, VA Ctf Partn................... 5.300 04/15/23 1,364,180
750 Lexington, VA Indl Dev Auth Residential Care
Fac Rev Mtg Kendal at Lexington Ser A........ 5.500 01/01/37 657,803
750 Peninsula Town Ctr Cmnty Dev Auth VA
Spl Oblig.................................... 6.450 09/01/37 692,273
800 Tobacco Settlement Fin Corp VA............... 5.500 06/01/26 878,344
5,920 Tobacco Settlement Fin Corp VA (Prerefunded @
6/01/15)..................................... 5.625 06/01/37 6,627,203
3,150 Virginia St Hsg Auth Dev Auth Rental Hsg Ser
D (AMT) (c).................................. 4.500 07/01/29 2,797,281
3,650 Virginia St Hsg Auth Dev Auth Rental Hsg Ser
D (AMT) (c).................................. 4.600 07/01/33 3,226,447
5,475 Virginia St Hsg Auth Dev Comwlth Mtg Ser B
(AMT) (c).................................... 4.850 01/01/36 5,041,000
2,000 White Oak Vlg Shops VA Cmnty Dev Auth Spl
Assmt Rev.................................... 5.300 03/01/17 1,933,460
--------------
23,217,991
--------------
WASHINGTON 4.6%
2,500 Energy Northwest WA Elec Rev Proj No 3 Rfdg
Ser A (FSA Insd)............................. 5.500 07/01/18 2,659,775
5,360 Energy Northwest WA Elec Rev Proj No 3 Rfdg
Ser B (FSA Insd)............................. 6.000 07/01/16 5,935,664
2,500 Goat Hill Ppty WA Lease Rev Govt Office Bldg
Proj (MBIA Insd)............................. 5.000 12/01/33 2,549,050
1,950 Kalispel Tribe Indians Priority Dist WA
Rev.......................................... 6.625 01/01/28 1,866,267
7,720 Klickitat Cnty, WA Pub Util Dist No 001 Elec
Rev Rfdg Ser B (FGIC Insd) (a)............... 5.000 12/01/25 7,762,460
1,000 Port Seattle, WA Rev Ser B (MBIA Insd)
(AMT)........................................ 5.625 02/01/24 1,007,990
1,435 Radford Ct Ppty WA Student Hsg Rev (MBIA
Insd) (a).................................... 6.000 06/01/15 1,533,384
1,585 Radford Ct Ppty WA Student Hsg Rev (MBIA
Insd) (a).................................... 6.000 06/01/16 1,693,668
1,000 Seattle, WA Muni Lt & Pwr Rev................ 5.625 12/01/18 1,054,730
See Notes to Financial Statements 33
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
WASHINGTON (CONTINUED)
$ 1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Rev
Skagit Vly Hosp.............................. 5.500% 12/01/30 $ 1,180,537
1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Rev
Skagit Vly Hosp.............................. 5.750 12/01/28 1,240,988
1,140 Skagit Cnty, WA Pub Hosp Dist No 001 Rev
Skagit Vly Hosp.............................. 5.750 12/01/32 1,096,463
2,100 Spokane, WA Pub Fac Dist Hotel (MBIA Insd)... 5.750 12/01/21 2,268,084
3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales
Use Tax (MBIA Insd).......................... 5.250 09/01/33 3,060,930
1,000 Washington St Hsg Fin Cmnty Nonprofit Rev
Skyline at First Hill Proj Ser A............. 5.625 01/01/38 849,970
1,000 Washington St Hsg Fin Cmnty Single Family
Prog Ser 2-A (GNMA Collateralized) (AMT)..... 4.700 12/01/38 854,680
--------------
36,614,640
--------------
WEST VIRGINIA 0.2%
250 Ohio Cnty, VA Cnty Commn Tax Increment Rev
Fort Henry Ctr Fin Dist Ser A................ 5.625 06/01/22 254,433
1,500 Pleasants Cnty, VA Pollutn Ctl Rev Cnty Comm
Allegheny Rfdg Ser F......................... 5.250 10/15/37 1,426,710
--------------
1,681,143
--------------
WISCONSIN 2.5%
510 Badger Tob Asset Sec Corp WI................. 6.375 06/01/32 513,091
2,000 Southeast WI Professional Baseball Pk Dist
Sales Tax Rev Rfdg Ser A (MBIA Insd)......... 5.500 12/15/20 2,267,360
7,500 Wisconsin Hsg & Econ Dev Auth Home Ownership
Rev Ser A (AMT) (c).......................... 4.750 09/01/33 6,761,950
5,935 Wisconsin Hsg & Econ Dev Auth Home Ownership
Rev Ser A (AMT) (c).......................... 4.800 03/01/38 5,306,651
4,750 Wisconsin St Hlth & Ed Fac Auth Rev Ministry
Hlth (FSA Insd).............................. 5.000 08/01/34 4,708,485
300 Wisconsin St Hlth & Ed Fac Auth Rev Newcastle
Place Inc Ser A.............................. 6.000 12/01/27 278,952
--------------
19,836,489
--------------
WYOMING 0.2%
2,000 Sweetwater Cnty, WY Solid Waste Disp Rev FMC
Corp Proj Rfdg (AMT)......................... 5.600 12/01/35 1,843,480
--------------
GUAM 0.7%
5,800 Guam Pwr Auth Rev Ser A (AMBAC Insd)......... 5.250 10/01/34 5,799,710
--------------
34 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
PUERTO RICO 0.7%
$ 4,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev
Ser Y (FSA Insd) (c)......................... 6.250% 07/01/21 $ 4,724,620
1,000 Puerto Rico Indl Tourist Ed Med &
Environmental Ctl Fac Fin Auth Higher Ed
Rev.......................................... 5.375 02/01/19 996,680
50 Puerto Rico Pub Bldg Auth Rev Govt Fac Ser I
(Comwth Gtd) (Prerefunded @ 7/01/14)......... 5.250 07/01/33 54,742
--------------
5,776,042
--------------
U.S. VIRGIN ISLANDS 0.5%
1,500 Virgin Islands Pub Fin Auth Rev Gross Rcpt
Taxes Ln Nt Ser A............................ 6.375 10/01/19 1,602,840
1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt
Taxes Ln Nt Ser A (ACA Insd) (Prerefunded @
10/01/10).................................... 6.125 10/01/29 1,088,920
1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt
Taxes Ln Nt Ser A (Prerefunded @ 10/01/10)... 6.500 10/01/24 1,103,860
--------------
3,795,620
--------------
TOTAL LONG-TERM INVESTMENTS 202.6%
(Cost $1,619,796,718).................................................... 1,606,407,321
SHORT-TERM INVESTMENTS 0.9%
(Cost $6,700,000)........................................................ 6,700,000
--------------
TOTAL INVESTMENTS 203.5%
(Cost $1,626,496,718).................................................... 1,613,107,321
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (32.2%)
(Cost ($254,925,000))
(254,925) Notes with interest rates ranging from 2.42% to 5.00% at April
30, 2008 and contractual maturities of collateral ranging from
2021 to 2047 (See Note 1) (i).................................. (254,925,000)
--------------
TOTAL NET INVESTMENTS 171.3%
(Cost $1,371,571,718).................................................... 1,358,182,321
LIABILITIES IN EXCESS OF OTHER ASSETS (3.7%).............................. (29,018,184)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (67.6%)................ (536,409,050)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................. $ 792,755,087
==============
See Notes to Financial Statements 35
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the outstanding bond issuance.
(b) Security purchased on a when-issued or delayed delivery basis.
(c) Underlying security related to Inverse Floaters entered into by the Trust.
(See Note 1).
(d) Security includes a feature allowing the Trust an option on any interest
rate payment date to offer the security for sale at par. The sale is
contingent upon market conditions.
(e) Variable Rate Coupon
(f) 144A-Private Placement security which is exempt from registration under Rule
144A of the Securities Act of 1933, as amended. This security may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(g) Escrowed to Maturity
(h) Security is restricted and may be resold only in transactions exempt from
registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 0.6% of net assets
applicable to common shares.
(i) Floating Rate notes. The interest rates shown reflect the rates in effect at
April 30, 2008.
ACA--American Capital Access
AGC--AGC Insured Custody Certificates
AGL--Assured Guaranty Ltd.
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CIFG--CDC IXIS Financial Guaranty
Comwth--Commonwealth of Puerto Rico
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corp.
PSF--Public School Fund
Radian--Radian Asset Assurance
XLCA--XL Capital Assurance Inc.
36 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2008 (Unaudited)
ASSETS:
Total Investments (Cost $1,626,496,718)..................... $1,613,107,321
Receivables:
Investments Sold.......................................... 51,772,254
Interest.................................................. 22,905,552
--------------
Total Assets............................................ 1,687,785,127
--------------
LIABILITIES:
Payables:
Floating Rate Note Obligations............................ 254,925,000
Investments Purchased..................................... 101,038,005
Investment Advisory Fee................................... 488,909
Income Distributions--Common Shares....................... 146,424
Custodian Bank............................................ 351
Other Affiliates.......................................... 27,496
Trustees' Deferred Compensation and Retirement Plans........ 1,541,381
Accrued Expenses............................................ 453,424
--------------
Total Liabilities....................................... 358,620,990
Preferred Shares (including accrued distributions).......... 536,409,050
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 792,755,087
==============
NET ASSET VALUE PER COMMON SHARE ($792,755,087 divided by
53,999,602 shares outstanding)............................ $ 14.68
==============
NET ASSETS CONSIST OF:
Common Shares ($0.01 par value with an unlimited number of
shares authorized, 53,999,602 shares issued and
outstanding).............................................. $ 539,996
Paid in Surplus............................................. 824,947,710
Accumulated Undistributed Net Investment Income............. 5,445,961
Net Unrealized Depreciation................................. (13,389,397)
Accumulated Net Realized Loss............................... (24,789,183)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 792,755,087
==============
PREFERRED SHARES ($0.01 par value, authorized 100,000,000
shares, 21,440 issued with liquidation preference of
$25,000 per share)........................................ $ 536,000,000
==============
NET ASSETS INCLUDING PREFERRED SHARES....................... $1,328,755,087
==============
See Notes to Financial Statements 37
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2008 (Unaudited)
INVESTMENT INCOME:
Interest.................................................... $ 43,407,842
------------
EXPENSES:
Interest & Residual Trust Expense........................... 4,912,027
Investment Advisory Fee..................................... 3,716,121
Preferred Share Maintenance................................. 689,486
Accounting and Administrative Expenses...................... 125,058
Professional Fees........................................... 77,023
Reports to Shareholders..................................... 40,757
Custody..................................................... 35,929
Transfer Agent Fees......................................... 35,264
Trustees' Fees and Related Expenses......................... 9,564
Depreciation in Trustee's Deferred Compensation Accounts.... (170,876)
Other....................................................... 38,228
------------
Total Expenses.......................................... 9,508,581
Investment Advisory Fee Reduction....................... 675,658
Less Credits Earned on Cash Balances.................... 154
------------
Net Expenses............................................ 8,832,769
------------
NET INVESTMENT INCOME....................................... $ 34,575,073
============
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ (4,781,872)
Futures................................................... (9,980,264)
------------
Net Realized Loss........................................... (14,762,136)
------------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 40,999,027
End of the Period:
Investments............................................. (13,389,397)
------------
Net Unrealized Depreciation During the Period............... (54,388,424)
------------
NET REALIZED AND UNREALIZED LOSS............................ $(69,150,560)
============
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (9,685,106)
============
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $(44,260,593)
============
38 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, 2007
------------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.................................... $ 34,575,073 $ 56,902,599
Net Realized Loss........................................ (14,762,136) (10,925,564)
Net Unrealized Depreciation During the Period............ (54,388,424) (30,994,070)
Distributions to Preferred Shareholders:
Net Investment Income.................................. (9,685,106) (17,748,008)
Net Realized Gain...................................... -0- (281,906)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................. (44,260,593) (3,046,949)
Distributions to Common Shareholders:
Net Investment Income.................................. (22,185,183) (38,512,865)
Net Realized Gain...................................... -0- (814,663)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
INVESTMENT ACTIVITIES.................................. (66,445,776) (42,374,477)
------------ ------------
FROM CAPITAL TRANSACTIONS:
Proceeds from Common Shares Acquired Through Merger...... -0- 178,974,855
Repurchase of Shares..................................... (8,563,285) (12,203,223)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
CAPITAL TRANSACTIONS................................... (8,563,285) 166,771,632
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES..... (75,009,061) 124,397,155
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................. 867,764,148 743,366,993
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $5,445,961 and $2,741,177,
respectively).......................................... $792,755,087 $867,764,148
============ ============
See Notes to Financial Statements 39
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS continued
Statement of Cash Flows
For the Six Months Ended April 30, 2008 (Unaudited)
CHANGE IN NET ASSETS FROM OPERATIONS (INCLUDING PREFERRED
SHARE DISTRIBUTIONS)...................................... $ (44,260,593)
-------------
Adjustments to Reconcile the Change in Net Assets from
Operations to Net Cash Used For Operating Activities:
Purchases of Investments.................................. (549,828,695)
Proceeds from Sales of Investments........................ 602,608,208
Net Sales of Short-Term Investments....................... 1,600,000
Amortization of Premium................................... 931,941
Accretion of Discount..................................... (957,226)
Net Realized Gain on Investments.......................... 4,781,872
Net Change in Unrealized Depreciation on Investments...... 54,976,047
Decrease in Variation Margin on Futures................... 1,595,000
Increase in Interest Receivables and Other Assets......... (1,255,033)
Increase in Receivable for Investments Sold............... (51,547,254)
Decrease in Accrued Expenses and Other Payables........... (712,107)
Increase in Investments Purchased Payable................. 80,511,811
Increase in Custodian Bank Payable........................ 351
-------------
Total Adjustments....................................... 142,704,915
-------------
NET CASH PROVIDED BY OPERATING ACTIVITIES................... 98,444,322
-------------
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchased Shares........................................ (8,845,729)
Dividends Paid............................................ (22,730,232)
Proceeds from and Repayments of Floating Rate Note
Obligations............................................. (66,870,000)
-------------
NET CASH USED FOR FINANCING ACTIVITIES...................... (98,445,961)
-------------
Net Decrease in Cash........................................ (1,639)
Cash at the Beginning of the Period......................... 1,639
-------------
CASH AT THE END OF THE PERIOD............................... $ -0-
=============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash Paid During the Year for Interest.................... $ 4,912,027
=============
40 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, --------------------------------------------------
2008 2007 2006 2005 2004 2003
---------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD................. $ 15.89 $ 16.97 $ 16.80 $ 17.34 $ 17.15 $ 17.46
------- ------- ------- ------- ------- -------
Net Investment Income................................... 0.64(a) 1.18(a) 1.11(a) 1.09 1.09 1.10
Net Realized and Unrealized Gain/Loss................... (1.26) (1.06) 0.47 (0.48) 0.31 0.09
Common Share Equivalent of Distributions Paid to
Preferred Shareholders:
Net Investment Income................................. (0.18) (0.37) (0.29) (0.22) (0.10) (0.08)
Net Realized Gain..................................... -0- (0.01) (0.06) 0.00 (0.01) (0.03)
------- ------- ------- ------- ------- -------
Total from Investment Operations......................... (0.80) (0.26) 1.23 0.39 1.29 1.08
Distributions Paid to Common Shareholders:
Net Investment Income................................. (0.41) (0.80) (0.82) (0.93) (1.00) (1.07)
Net Realized Gain..................................... -0- (0.02) (0.24) 0.00 (0.10) (0.32)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD....................... $ 14.68 $ 15.89 $ 16.97 $ 16.80 $ 17.34 $ 17.15
======= ======= ======= ======= ======= =======
Common Share Market Price at End of the Period........... $ 14.06 $ 14.11 $ 14.94 $ 14.61 $ 15.34 $ 15.58
Total Return* (b)........................................ 2.57%** (0.39%) 9.86% 1.31% 5.76% 7.60%
Net Assets Applicable to Common Shares at End of the
Period (In millions).................................... $ 792.8 $ 867.8 $ 743.4 $ 736.0 $ 468.3 $ 463.3
Ratio of Expenses to Average Net Assets Applicable to
Common Shares* (c)...................................... 2.16% 2.45% 1.28% 1.17% 1.27% 1.28%
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares* (c)........................ 8.45% 7.85% 6.68% 6.51% 6.43% 6.40%
Portfolio Turnover....................................... 33%** 26% 25% 25% 18% 23%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios
would have been as follows:
Ratio of Expenses to Average Net Assets Applicable to
Common Shares (c)..................................... 2.32% 2.61% N/A N/A N/A N/A
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares (c)....................... 8.29% 7.69% N/A N/A N/A N/A
SUPPLEMENTAL RATIOS:
Ratio of Expenses (Excluding Interest and Residual Trust
Expenses) to Average Net Assets Applicable to Common
Shares (c).............................................. 0.96% 1.12% 1.17% 1.17% 1.27% 1.28%
Ratio of Expenses (Excluding Interest and Residual Trust
Expenses) to Average Net Assets Applicable Including
Preferred Shares (c).................................... 0.58% 0.64% 0.73% 0.74% 0.80% 0.82%
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares (d)......................... 6.08% 5.36% 4.94% 5.22% 5.82% 5.92%
SENIOR SECURITIES:
Total Preferred Shares Outstanding....................... 21,440 21,440 17,200 17,200 10,600 10,600
Asset Coverage Per Preferred Share (e)................... $61,995 $65,519 $68,253 $67,812 $69,204 $68,721
Involuntary Liquidating Preference Per Preferred Share... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Average Market Value Per Preferred Share................. $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
** Non-Annualized
(a)Based on average shares outstanding.
(b)Total return assumes an investment at the common share market price at the
beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing common share market price at the end of the period
indicated.
(c)Ratios do not reflect the effect of dividend payments to preferred
shareholders.
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
(e)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares) from the Trust's total assets and dividing this by the
number of preferred shares outstanding.
N/A=Not applicable
See Notes to Financial Statements 41
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Trust for Investment Grade Municipals (the "Trust") is registered as
a diversified, closed-end management investment company under the Investment
Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment
objective is to seek to provide a high level of current income exempt from
federal income taxes, consistent with preservation of capital. The Trust will
invest substantially all of its assets in municipal securities rated investment
grade at the time of investment. The Trust commenced investment operations on
January 24, 1992.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the last reported bid and asked prices or, in the
absence of market quotations, at fair value based upon yield data relating to
municipal bonds with similar characteristics and general market conditions.
Securities which are not valued by independent pricing services or dealers are
valued at fair value using procedures established in good faith by the Board of
Trustees. Futures contracts are valued at the settlement price established each
day on the exchange on which they are traded. Interest rate swaps are valued
using market quotations obtained from brokers. Short-term securities with
remaining maturities of 60 days or less are valued at amortized cost, which
approximates market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when-issued" or "delayed delivery"
basis, with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this period. The Trust will
segregate assets with the custodian having an aggregate value at least equal to
the amount of the when-issued or delayed delivery purchase commitments until
payment is made. At April 30, 2008, the Trust had $79,978,664 of when-issued or
delayed delivery purchase commitments.
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the expected life of each
applicable security.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required. The
Trust adopted the provisions of the Financial Accounting Standards Board
("FASB") Interpretation No. 48 ("FIN 48") Accounting for Uncertainty in Income
Taxes on April 30, 2008. FIN 48 sets forth a minimum threshold for financial
statement recognition of the benefit of a tax position taken or expected to be
taken in a tax return. The implementation of FIN 48 did not result in any
42
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
unrecognized tax benefits in the accompanying financial statements. If
applicable, the Trust recognizes interest accrued related to unrecognized tax
benefits in "Interest Expense" and penalties in "Other" expenses on the
Statement of Operations. The Trust files tax returns with the U.S. Internal
Revenue Service, New York and various states. Generally, each of the tax years
in the four year period ended October 31, 2007, remains subject to examination
by taxing authorities.
At April 30, 2008, the cost and related gross unrealized appreciation and
depreciation are as follows:
Cost of investments for tax purposes........................ $1,357,149,981
==============
Gross tax unrealized appreciation........................... $ 46,584,983
Gross tax unrealized depreciation........................... (45,552,643)
--------------
Net tax unrealized appreciation on investments.............. $ 1,032,340
==============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed at least annually on a pro rata basis to common and
preferred shareholders. Distributions from net realized gains for book purposes
may include short-term capital gains and a portion of future gains, which are
included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31,
2007 was as follows:
Distributions paid from:
Ordinary income........................................... $ 215,879
Tax exempt income......................................... 55,661,853
Long-term capital gain.................................... 1,092,071
-----------
$56,969,803
===========
As of October 31, 2007, the components of distributable earnings on a tax
basis were as follows:
Undistributed ordinary income............................... $ 25,048
Undistributed tax exempt income............................. 3,600,279
Net realized gains or losses may differ for financial reporting and tax
purposes as a result of the deferral of gains relating to wash sale transactions
and gains or losses recognized for tax purposes but not for book.
F. FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters
into transactions in which it transfers to dealer trusts fixed rate bonds in
exchange for cash and residual interests in the dealer trusts' assets and cash
flows, which are in the form of inverse floating rate investments. The dealer
trusts fund the purchases of the fixed rate bonds by issuing floating rate notes
to third parties and allowing the Trust to retain residual interests in the
bonds. The Trust enters into shortfall agreements with the dealer trusts, which
commit the Trust to pay the dealer trusts, in certain circumstances, the
difference between the liquidation value of the fixed rate bonds held by the
dealer trusts and the liquidation value of
43
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
the floating rate notes held by third parties, as well as any shortfalls in
interest cash flows. The residual interests held by the Trust (inverse floating
rate investments) include the right of the Trust (1) to cause the holders of the
floating rate notes to tender their notes at par at the next interest rate reset
date, and (2) to transfer the municipal bond from the dealer trusts to the
Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer
of bonds to the dealer trusts as secured borrowings, with the securities
transferred remaining in the Trust's investment assets, and the related floating
rate notes reflected as Trust liabilities under the caption "Floating Rate Note
Obligations" on the Statement of Assets and Liabilities. The Trust records the
interest income from the fixed rate bonds under the caption "Interest" and
records the expenses related to floating rate note obligations and any
administrative expenses of the dealer trusts under the caption "Interest and
Residual Trust Expenses" on the Trust's Statement of Operations. The notes
issued by the dealer trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes to the dealer
trusts for redemption at par at each reset date. At April 30, 2008, Trust
investments with a value of $343,176,953 are held by the dealer trusts and serve
as collateral for the $254,925,000 in floating rate notes outstanding at that
date. Contractual maturities of the floating rate notes and interest rates in
effect at April 30, 2008 are presented on the Portfolio of Investments. The
average floating rate notes outstanding and average annual interest and fee rate
related to residual interests during the six months ended April 30, 2008 were
$305,089,286 and 3.24%, respectively.
G. CREDITS EARNED ON CASH BALANCES During the six months ended April 30, 2008,
the Trust's custody fee was reduced by $154 as a result of credits earned on
cash balances.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") will provide investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
including preferred shares of the Trust. The Adviser has agreed to waive
investment advisory fees equal to .10% of the average daily net assets including
preferred shares of the Trust. During six months ended April 30, 2008, the
Adviser waived $675,658 of its advisory fees. This waiver is voluntary and can
be discontinued at any time.
For the six months ended April 30, 2008, the Trust recognized expenses of
approximately $33,300 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
Under separate Legal Services, Accounting Services and Chief Compliance
Officer (CCO) Employment agreements, the Adviser provides accounting and legal
services and the CCO provides compliance services to the Trust. The costs of
these services are allocated to each trust. For the six months ended April 30,
2008, the Trust recognized expenses of approximately $59,300 representing Van
Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting and legal services to the Trust, as well as the salary,
benefits and related costs of the CCO and related support staff paid by Van
Kampen. Services provided pursuant to the Legal Services agreement are reported
as part of "Professional Fees" on the Statement of Operations. Services provided
pursuant to the
44
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
Accounting Services and CCO Employment agreement are reported as part of
"Accounting and Administrative Expenses" on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation to a
later date. Benefits under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustee's years of service to the Trust.
The maximum annual benefit per trustee under the plan is $2,500.
3. CAPITAL TRANSACTIONS
For the six months ended April 30, 2008 and the year ended October 31, 2007,
transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, 2007
Beginning Shares........................................ 54,609,130 43,799,086
Shares Issued Through Merger............................ -0- 11,627,529
Shares Repurchased*..................................... (609,528) (817,485)
---------- ----------
Ending Shares........................................... 53,999,602 54,609,130
========== ==========
* On February 28, 2007, the Trust commenced a share repurchase program for
purposes of enhancing stockholder value and reducing the discount at which the
Trust's shares trade from their net asset value. For the six months ended April
30, 2008 and the year ended October 31, 2007, the Trust repurchased 609,528 and
817,485, respectively of its shares at an average discount of 9.07% and 7.45%,
respectively from net asset value per share. The Trust expects to continue to
repurchase its outstanding shares at such time and in such amounts as it
believes such activity will further the accomplishment of the foregoing
objectives, subject to the review of the Trustees.
On June 8, 2007, the Trust acquired all of the assets and liabilities of the
Van Kampen Trust for Investment Grade Florida Municipals (ticker symbol VTF)
through a tax free reorganization approved by VTF Trust shareholders on May 18,
2007. The Trust issued 11,627,712 common shares, of which 183 shares were sold
off for cash in lieu of fractional share funding, with a net asset value of
$189,066,403 and 4,240 Auction Preferred Shares (APS) with a liquidation value
of $106,000,000, in exchange for VTF's net assets. The shares of VTF were
converted into Trust shares at a ratio of 0.996574 to 1 and 1 to 1, for common
shares and APS, respectively. Net unrealized appreciation of VTF as of June 8,
2007 was $288,372,376. The Trust assumed VTF's book to tax accretion
differences, which resulted in a $251,528 increase to accumulated undistributed
net investment income and a corresponding decrease to net unrealized
appreciation. Combined net assets applicable to common shares on the day of
reorganization were $897,812,082 and net combined assets including preferred
shares of $1,433,812,082. Included in these net assets was a Trustees deferred
compensation balance of $687,411 and Trustees retirement plan balance of
$111,766 which are included in accumulated undistributed net investment income.
Also, included in these net assets were losses recognized for tax purposes for
open futures transactions at June 8, 2007 of $1,032,418 which is included in
accumulated net realized gain. The Trust incurred merger expenses of
45
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
$297,338, which represent costs related to the preparation, printing, and
distribution of the Proxy Statement/Prospectus, Reorganization Agreement and
registration statements as well as legal, audit, and filing fees.
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $549,828,695 and $602,608,208,
respectively.
5. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage in transactions involving interest
rate swaps, caps, floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management or for risk management
purposes, but may also enter into these transactions to generate additional
income. All of the Trust's portfolio holdings, including derivative instruments,
are marked to market each day with the change in value reflected in unrealized
appreciation/depreciation. Upon disposition, a realized gain or loss is
recognized accordingly, except when taking delivery of a security underlying a
futures contract. In this instance, the recognition of gain or loss is postponed
until the disposal of the security underlying the futures contract. Risks may
arise as a result of the potential inability of the counterparties to meet the
terms of their contracts.
Summarized below are the specific types of derivative financial instruments
used by the Trust.
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Trust generally invests in exchange traded futures contracts on U.S. Treasury
Bonds and Notes and typically closes the contract prior to the delivery date.
These contracts are generally used to manage the Trust's effective maturity and
duration. Upon entering into futures contracts, the Trust maintains an amount of
cash or liquid securities with a value equal to a percentage of the contract
amount with either a futures commission merchant pursuant to the rules and
regulations promulgated under the 1940 Act, as amended, or with its custodian in
an account in the broker's name. This amount is known as initial margin. During
the period the futures contract is open, payments are received from or made to
the broker based upon changes in the value of the contract (the variation
margin). The risk of loss associated with a futures contract is in excess of the
variation margin reflected on the Statement of Assets and Liabilities.
Transactions in futures contacts for the six months ended April 30, 2008
were as follows:
CONTRACTS
Outstanding at October 31, 2007............................. 1,595
Futures Opened.............................................. 1,591
Futures Closed.............................................. (3,186)
------
Outstanding at April 30, 2008............................... 0
======
46
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
B. INVERSE FLOATING RATE INVESTMENTS The Trust may invest a portion of its
assets in inverse floating rate instruments, either through outright purchases
of inverse floating rate securities or through the transfer of bonds to a dealer
trust in exchange for cash and residual interests in the dealer trust. These
investments are typically used by the Trust in seeking to enhance the yield of
the portfolio. These instruments typically involve greater risks than a fixed
rate municipal bond. In particular, these instruments are acquired through
leverage or may have leverage embedded in them and therefore involve many of the
risks associated with leverage. Leverage is a speculative technique that may
expose the Trust to greater risk and increased costs. Leverage may cause the
Trust's net asset value to be more volatile than if it had not been leveraged
because leverage tends to magnify the effect of any increases or decreases in
the value of the Trust's portfolio securities. The use of leverage may also
cause the Trust to liquidate portfolio positions when it may not be advantageous
to do so in order to satisfy its obligations with respect to inverse floating
rate instruments.
C. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap
transactions intended to help the Trust manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Trust's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve the Trust's agreement with a
counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Trust a variable or fixed rate payment, the
accruals for which would begin at a specified date in the future (the "effective
date"). The amount of the payment obligation is based on the notional amount of
the forward swap contract and the termination date of the swap (which is akin to
a bond's maturity). The value of the Trust's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
The Trust may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. The Trust
intends, but is not obligated, to terminate its forward swaps before the
effective date. Accordingly, the risk of loss with respect to the swap
counterparty on such transactions is limited to the credit risk associated with
a counterparty failing to honor its commitment to pay any realized gain to the
Trust upon termination. To reduce such credit risk, all counterparties are
required to pledge collateral daily (based on the daily valuation of each swap)
on behalf of the Trust with a value approximately equal to the amount of any
unrealized gain. Reciprocally, when the Trust has an unrealized loss on a swap
contract, the Trust has instructed the custodian to pledge cash or liquid
securities as collateral with a value approximately equal to the amount of the
unrealized loss. Collateral pledges are monitored and subsequently adjusted if
and when the swap valuations fluctuate. Restricted cash, if any, for segregating
purposes is shown on the Statement of Assets and Liabilities.
6. PREFERRED SHARES
The Trust has outstanding 21,440 APS in nine series. Series A, B and C contain
3,000 shares each, Series D contains 1,600 shares, Series E, F and G contain
2,200 shares each, Series H contains 2,240 shares and Series I contains 2,000
shares. Dividends are cumulative and the dividend rates are generally reset
every 28 days through an auction process. Beginning on February 15, 2008 and
continuing through April 30, 2008, all series of preferred shares of the
47
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
Trust were not successfully remarketed. As a result, the dividend rates of these
preferred shares were reset to the maximum applicable rate on APS. The average
rate in effect on April 30, 2008 was 2.827%. During the six months ended April
30, 2008, the rates ranged from 2.591% to 5.130%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of 25,000 per share plus accumulated and unpaid dividends. The
Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
7. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
8. ACCOUNTING PRONOUNCEMENTS
In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (SFAS 157), was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. As of April 30, 2008, the Adviser does not believe the adoption of
SFAS 157 will impact the amounts reported in the financial statements, however,
additional disclosures will be required about the inputs used to develop the
measurements of fair value and the effect of certain measurements reported on
the Statement of Operations for a fiscal period.
On March 19, 2008, Financial Accounting Standards Board released Statement
of Financial Accounting Standards No. 161, Disclosures about Derivative
Instruments and Hedging Activities (SFAS 161). SFAS 161 requires qualitative
disclosures about objectives and strategies for using derivatives, quantitative
disclosures about fair value amounts of and gains and losses on derivative
instruments, and disclosures about credit-risk-related contingent features in
derivative agreements. The application of SFAS 161 is required for fiscal years
and interim periods beginning after November 15, 2008. At this time, management
is evaluating the implications of SFAS 161 and its impact on the financial
statements has not yet been determined.
48
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
9. SUBSEQUENT EVENT
On June 13, 2008, the Trust announced plans for the partial redemption of its
preferred shares. The Trust intends to redeem 20% of each of its Series per the
table below. The Board of Trustees previously approved the use of tender option
bonds as a replacement source of funding. The Depository Trust Company, the
securities' holder of record, will determine how the partial series redemptions
will be allocated among each participant broker-dealer account.
SERIES DATE
A........................................................... July 2, 2008
B........................................................... July 10, 2008
C........................................................... July 15, 2008
D........................................................... July 21, 2008
E........................................................... July 2, 2008
F........................................................... July 10, 2008
G........................................................... July 17, 2008
H........................................................... July 15, 2008
I........................................................... July 8, 2008
49
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
JERRY W. MILLER
President and Principal Executive Officer
DENNIS SHEA
Vice President
KEVIN KLINGERT
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
STUART N. SCHULDT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
522 Fifth Avenue
New York, New York 10036
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
C/O COMPUTERSHARE INVESTOR SERVICES
P.O. Box 43078
Providence, Rhode Island 02940-3078
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
50
Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
522 Fifth Avenue
New York, New York 10036
www.vankampen.com
Copyright (C)2008 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC.
VGMSAN 6/08
(VAN KAMPEN INVESTMENTS LOGO) IU08-03196P-Y04/08
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form
N-CSRS was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Trust For Investment Grade Municipals
By: /s/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: June 19, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: June 19, 2008
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 19, 2008