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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06471
Invesco Van Kampen Trust for Investment Grade Municipals
 
(Exact name of registrant as specified in charter)
     
1555 Peachtree Street, N.E., Atlanta, Georgia   30309
     
(Address of principal executive offices)   (Zip code)
Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 10/31
Date of reporting period: 4/30/10
 
 

 


 

Item 1. Report to Shareholders.
 
SEMIANNUAL REPORT
 
April 30, 2010
 
     
     
     
     
   
MUTUAL FUNDS

Van Kampen
Trust for Investment
Grade Municipals (VGM)
     
    Privacy Notice information on the back.
     
     
     

  (VAN KAMPEN INVESTMENTS LOGO)
 
On June 1, 2010, Invesco completed its acquisition of Van Kampen Investments and Morgan Stanley’s retail asset management business. This Trust was included in that acquisition and as of that date, became Invesco Van Kampen Trust for Investment Grade Municipals. Please visit www.invesco.com/transition for more information or call Invesco’s Client Services team at 800-959-4246.




Invesco Distributors, Inc.
     


 

Welcome, Shareholder
 
In this report, you’ll learn about how your investment in Van Kampen Trust for Investment Grade Municipals performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the trust’s financial statements and a list of trust investments as of April 30, 2010.
 
 
Market forecasts provided in this report may not necessarily come to pass. There is no assurance that the trust will achieve its investment objective. Trusts are subject to market risk, which is the possibility that the market values of securities owned by the trust will decline and that the value of the trust shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this trust.
 
Income may subject certain individuals to the federal Alternative Minimum Tax (AMT).
 
             
NOT FDIC INSURED
    OFFER NO BANK GUARANTEE     MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
    NOT A DEPOSIT
             


 

Performance Summary as of 4/30/10 (Unaudited)
 
                         
Trust for Investment Grade Municipals
Symbol: VGM
Average Annual
    Based on
    Based on
Total Returns     NAV     Market Price
                         
Since Inception (1/24/92)       6.74 %         6.80 %  
                         
10-year       6.08           7.86    
                         
5-year       2.50           5.96    
                         
1-year       25.35           30.13    
                         
6-month       6.68           8.53    
 
 
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit vankampen.com or speak with your financial adviser. Investment returns, net asset value (NAV) and common share market price will fluctuate and trust shares, when sold, may be worth more or less than their original cost.
 
NAV per share is determined by dividing the value of the trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. Total return assumes an investment at the beginning of the period, reinvestment of all distributions for the period in accordance with the trust’s dividend reinvestment plan, and sale of all shares at the end of the period. The Trust’s adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/ reimbursements the trust’s returns would have been lower. Periods of less than a year are not annualized.
 
The Barclays Capital Municipal Bond Index is generally representative of investment-grade, tax exempt bonds. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.
 
 
1


 

Trust Report
For the six-month period ended April 30, 2010
 
Market Conditions
 
Economic data released during the six-month reporting period indicated that the economy was expanding, although some investors continued to question whether the recession was really behind us. The housing market continued to lag and unemployment remained high, but hints of improvement began to appear late in the period when the April labor report showed that employment in the U.S. rose by its largest monthly increase in four years. The Federal Reserve maintained their accommodative monetary policy, leaving the federal funds target rate unchanged at near zero percent, but hiked the discount rate by 25 basis points to 0.75 percent in mid-February—perhaps an indication of monetary tightening ahead.
 
Municipal bond market performance slowed substantially during the reporting period from the historically large returns seen in previous months. The lower rated segment of the market continued to outperform as investor demand for lower quality, higher yielding bonds grew over the course of the period. For the six months ended April 30, 2010, the Barclays Capital High Yield Municipal Bond Index (the benchmark for the non-investment grade segment of the market) gained 6.70 percent while the Barclays Capital Municipal Bond Index (the benchmark for the investment grade segment) gained 3.68 percent. Overall, longer maturity issues outperformed those with shorter maturities. For the six months ended April 30, 2010, long bonds (those with maturities of 22 years or more) returned 5.09 percent while five-year bonds returned 3.22 percent, as measured by the respective Barclays Capital municipal bond indexes.
 
With regard to sectors, hospital bonds and tobacco bonds were among the top performers, outpacing the broad municipal market as rising demand for these lower quality issues helped boost returns. Revenue bonds outperformed general obligation bonds amid media reports of municipalities’ general financial weakness and ongoing weakness in tax collections.
 
Demand for municipal bonds overall remained steady, with approximately $24 billion flowing into municipal bond funds during the period. New issue supply remained relatively stable as well, totaling roughly $205 billion. However, 25 percent of that total issuance was in taxable Build America Bonds, thereby limiting the supply of traditional tax-exempt bonds. This has helped buoy tax-exempt bond prices and the relative value of municipal bonds overall versus other fixed income sectors.
 
 
2


 

Performance Analysis
 
The Trust’s return can be calculated based upon either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the value of the Trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding, while market price reflects the supply and demand for the shares. As a result, the two returns can differ, as they did during the reporting period. On an NAV basis and a market price basis, the Trust outperformed the Barclays Capital Municipal Bond Index (the “Index”).
 
Total return for the six-month period ended April 30, 2010
 
                                       
    Based on
    Based on
    Barclays Capital
   
    NAV     Market Price     Municipal Bond Index    
                                       
      6.68 %         8.53 %         3.68 %      
 
 
 
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment return, net asset value and common share market price will fluctuate and Trust shares, when sold, may be worth more or less than their original cost. See Performance Summary for additional performance information and index definition.
 
The primary contributors to the Trust’s performance for the reporting period included the following:
 
•  Exposure to BBB rated and non-rated bonds was additive to performance. Spreads on these issues tightened during the period, helping them to outperform higher quality issues.
 
•  Holdings in the health care, industrial development revenue/pollution control revenue (IDR/PCR), and tobacco sectors boosted returns as these sectors outperformed the broad municipal bond market for the period.
 
•  The portfolio’s exposure on the long end of the municipal yield curve was also advantageous as longer maturities issues outperformed shorter maturity issues.
 
Other positions, however, were less advantageous:
 
•  Exposure to pre-refunded bonds detracted from performance. Pre-refunded bonds are short-maturity securities and therefore underperformed for the period.
 
•  The portfolio’s holdings in lease-backed bonds also hindered performance as these issues underperformed essential service bonds.
 
The Trustees have approved a procedure whereby the Trust may, when appropriate, repurchase its shares in the open market or in privately negotiated transactions at a price not above market value or NAV, whichever is lower at the time of purchase. This may help support the market value of the Trust’s shares.
 
 
3


 

Market Outlook
 
Looking ahead, we expect municipal bonds may outperform other sectors of the fixed income market due to the prospect of higher income tax rates in the future as well as the reduction in supply of tax-exempt paper as municipalities continue to issue taxable Build America Bonds. There is some pressure, however, for municipal yields to rise, particularly on the front end of the yield curve, as the Federal Reserve continues to maintain their inflation-fighting status. We expect lower quality bonds will continue to outperform higher grade bonds as the economic recovery continues.
 
There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Trust in the future.
 
 
4


 

         
Ratings Allocation as of 4/30/10 (Unaudited)
 
AAA/Aaa
    22.0 %
AA/Aa
    23.8  
A/A
    29.2  
BBB/Baa
    14.1  
BB/Ba
    1.0  
Non-Rated
    9.9  
         
         
Top Five Sectors as of 4/30/10 (Unaudited)
 
Hospital
    19.8 %
General Purpose
    8.0  
Public Education
    7.1  
Airports
    6.6  
Life Care
    5.5  
         
         
Summary of Investments by State Classification as of 4/30/10 (Unaudited)
 
Florida
    17.3 %
California
    10.3  
Texas
    9.5  
New York
    7.6  
Illinois
    6.9  
Ohio
    5.2  
New Jersey
    3.3  
South Carolina
    2.9  
Michigan
    2.8  
Arizona
    2.7  
Massachusetts
    2.3  
Georgia
    2.3  
North Carolina
    2.2  
Colorado
    1.8  
District of Columbia
    1.6  
Wisconsin
    1.4  
Tennessee
    1.4  
Nevada
    1.4  
Washington
    1.3  
Missouri
    1.3  
Alabama
    1.2  
Indiana
    1.2  
Kentucky
    1.2  
Puerto Rico
    1.1  
Kansas
    1.0  
Maryland
    0.9  
Iowa
    0.9  
Minnesota
    0.8  
Pennsylvania
    0.7  
West Virginia
    0.6  
Louisiana
    0.6  
Connecticut
    0.5  
Oklahoma
    0.4  
Alaska
    0.4  
Virginia
    0.3  
Wyoming
    0.3  
(continued on next page)
 
 
 
5


 

         
Summary of Investments by State Classification as of 4/30/10 (Unaudited)
(continued from previous page)
 
Idaho
    0.3 %
New Hampshire
    0.3  
New Mexico
    0.3  
Hawaii
    0.2  
Rhode Island
    0.2  
Nebraska
    0.2  
U.S. Virgin Islands
    0.2  
Utah
    0.2  
Oregon
    0.2  
North Dakota
    0.1  
Guam
    0.1  
South Dakota
    0.1  
         
Total Investments
    100.0 %
 
 
Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the sectors shown above. Ratings allocation and summary of investments by state classification are as a percentage of total investments. Sectors are as a percentage of long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor’s and Moody’s, respectively.
 
Portfolio Management
 
On June 1, 2010, Invesco completed its acquisition of Van Kampen Investments, and the Trust was part of that acquisition. Therefore, as of that date, the Trust’s investment adviser is Invesco Advisers, Inc. The following individuals associated with Invesco Advisers, Inc. are jointly and primarily responsible for the day-to-day management of the Trust’s portfolio:
 
•  Thomas Byron, Senior Portfolio Manager, has been responsible for the Trust since 1997. Prior to June 1, 2010, Mr. Byron was associated with Van Kampen Asset Management in an investment management capacity since 1981.
 
•  Robert J. Stryker, Senior Portfolio Manager, has been responsible for the Trust since 2009. Prior to June 1, 2010, Mr. Stryker was associated with Van Kampen Asset Management in an investment management capacity since 1994.
 
•  Robert W. Wimmel, Senior Portfolio Manager, has been responsible for the Trust since 2001. Prior to June 1, 2010, Mr. Wimmel was associated with Van Kampen Asset Management in an investment management capacity since 1996.
 
 
6


 

For More Information About Portfolio Holdings
 
Each Van Kampen trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the trust’s second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to fund shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each fund files a complete schedule of portfolio holdings with the SEC for the trust’s first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s Web site, http://www.sec.gov. You may also review and copy them at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-1520.
 
You may obtain copies of a trust’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 341-2929.
 
Proxy Voting Policy and Procedures and Proxy Voting Record
 
You may obtain a copy of the Trust’s Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 341-2929 or by visiting our Web site at www.vankampen.com. It is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.
 
You may obtain information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 without charge by visiting our Web site at www.vankampen.com. This information is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.
 
 
7


 

Investment Advisory Agreement Approval
 
On June 1, 2010, Invesco Ltd., an independent global investment management company, completed its purchase of substantially all of the retail asset management business of Morgan Stanley, including the investment adviser and certain other affiliated service providers to most of the Van Kampen funds (including the Fund) (the “Transaction”). As described in more detail below, in connection with the Transaction, the Fund’s Board of Trustees approved a new investment advisory agreement with Invesco Advisers, Inc. (“Invesco”), a subsidiary of Invesco Ltd., and a new master investment sub-advisory agreement with several of Invesco Ltd.’s wholly-owned affiliates (collectively, the “New Advisory Agreements”). Shareholders approved the New Advisory Agreements at a special meeting of shareholders held on April 16, 2010 to become effective upon closing of the Transaction. Thus, effective June 1, 2010, the Fund’s investment adviser, investment sub-advisers and certain other service providers are affiliates of Invesco Ltd. The Transaction did not result in any change to the Fund’s investment objective, principal investment strategies or the Fund’s portfolio management team.
 
Prior to the Transaction, the investment adviser for the Fund was Van Kampen Asset Management, a wholly owned subsidiary of Van Kampen Investments Inc. (“Van Kampen Investments”), which was an indirect wholly owned subsidiary of Morgan Stanley. As a result of the Transaction, the asset management business of Van Kampen Investments was combined with that of Invesco.
 
At several in-person and telephonic meetings held in August, September, October, November and December 2009, the Board discussed and ultimately approved the New Advisory Agreements. At these meetings, the Board considered information provided by Morgan Stanley, Van Kampen Investments and Invesco regarding, among other things: Invesco’s organization and personnel; business strategy; ownership structure; financial strength; affiliations (including other asset management affiliations); asset management practices and capabilities; legal and regulatory matters; and compliance matters. Emphasis during these meetings focused on Invesco being a global investment management leader with momentum in the U.S. retail market, and that the combination of Invesco and Morgan Stanley’s retail asset management business, including Van Kampen Investments, can bring additional value to the Fund’s shareholders. The parties discussed Invesco’s independence as a publicly traded entity, its strategic focus solely on the investment management business (including Invesco’s investment reputation, broad product line, service quality, industry relationships and objective of putting investors’ interests first) and its significant depth in resources, diversification, performance and experience. The parties discussed how the current Invesco and Van Kampen Investments businesses compare and complement each other and the synergies of the combined organization which management believes will benefit the Fund’s shareholders. The parties discussed aligning the Fund and other funds then advised by Van Kampen Asset Management together with other funds and products currently advised by Invesco and its affiliates towards using a single, common operating platform (which includes, among other things, common investment operating platforms, common global
 
 
8


 

performance measurement and risk analysis, and common compliance policies and procedures). At these meetings the Board also discussed, in addition to the New Advisory Agreements, the expectation that Invesco and its affiliates would provide the Fund with administrative and client servicing services that were currently provided by Van Kampen Investments and its affiliates. The parties discussed these other services, and efforts to capitalize on synergy opportunities from combined scale for the benefit of shareholders, leveraging operating best practices across the organization and commitment to quality services. The members of the Board who are not “interested persons” of the Fund, as that term is defined in the Investment Company Act of 1940, as amended, conferred separately with their counsel and a consultant (each engaged specifically in connection with their review of the Transaction) about the Transaction on several occasions during the meetings conducted from August through December 2009.
 
In connection with the Board’s consideration of the New Advisory Agreements, the Trustees considered, among other things, the factors discussed above as well as the following:
 
Nature, Extent and Quality of the Services to be Provided. The Board considered the roles and responsibilities of the investment adviser (and its affiliates) as a whole and those specific to portfolio management, support and trading functions anticipated to be servicing the Fund. The Board noted that the current portfolio management team for the Fund is expected to remain the same under the New Advisory Agreements. The Trustees discussed with Invesco the resources available in managing the Fund. The Trustees also discussed certain other services that are to be provided by Invesco or its affiliates to the Fund including subadvisory services, certain global performance measurement and risk analysis, compliance, accounting, and administrative services. The Board has determined that the nature, extent and quality of the services to be provided by Invesco (and its affiliates) support its decision to approve the New Advisory Agreements.
 
Projected Fees and Expenses of the Fund. The Board considered that the advisory fee rate for the Fund would remain the same under the New Advisory Agreements as they are under the current advisory agreement. The Board had previously determined that such fees were acceptable under the current advisory agreement. The Board has determined that the projected fees and expenses of the Fund support its decision to approve the New Advisory Agreements.
 
Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the Trustees expect to review Invesco’s expenses in providing services to the Fund and other funds advised by Invesco and the profitability of Invesco. In connection with the Fund, the Trustees discussed with Invesco its projected revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, and other costs. The Board has determined that the analysis of Invesco’s projected expenses and profitability support its decision to approve the New Advisory Agreements.
 
 
9


 

Economies of Scale. The Board noted that economies of scale were already reflected in the advisory fees. In future determinations of whether to approve the continuation of the advisory agreement, the Board will consider whether economies of scale exist and should be passed along to shareholders.
 
Other Benefits of the Relationship. The Board considered other benefits to Invesco and its affiliates derived from its relationship with the Fund and other funds advised by Invesco. These benefits include, among other things, fees for administrative services (which is reimbursement of Invesco’s cost or such reasonable compensation as may be approved by the Board), transfer agency services provided to other funds in the fund family, in certain cases research to be received by Invesco or its affiliates generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to sales of other funds in the fund family. The Trustees reviewed with Invesco each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by Invesco or its affiliates support its decision to approve the New Advisory Agreements.
 
 
10


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  April 30, 2010 (Unaudited)
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Municipal Bonds  166.7%
Alabama  2.0%
$ 3,660     Alabama St Brd Ed Rev & Impt Southn Univ St Cmnty Rfdg (NATL Insd)     5.250 %   07/01/20   $ 3,928,022  
  3,225     Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a)     5.000     06/01/39     3,300,175  
  2,000     Healthcare Auth for Baptist Hlth AL, Ser A (b)     6.125     11/15/36     2,107,560  
  2,525     Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj     5.500     01/01/43     1,917,030  
  3,395     Selma, AL Indl Dev Brd Rev Gulf Opportunity Zone Intl Paper Co Proj, Ser A     6.250     11/01/33     3,502,893  
                             
                          14,755,680  
                             
        Alaska  0.7%
  1,575     Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (AGM Insd)     5.750     03/01/16     1,581,221  
  5,300     Northern Tob Sec Corp Rev Bkd, Ser A     5.000     06/01/46     3,562,819  
                             
                          5,144,040  
                             
        Arizona  4.6%
  2,560     Arizona St Trans Brd Hwy Rev, Ser B     5.000     07/01/25     2,825,882  
  3,835     Arizona St Trans Brd Hwy Rev, Ser B (a)     5.000     07/01/26     4,204,809  
  3,435     Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg, Ser B     5.000     12/01/37     3,129,079  
  3,000     Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd)     5.250     01/01/32     3,003,120  
  3,330     Maricopa Cnty, AZ Indl Dev Auth Hlth Fac Rev Catholic Hlthcare West, Ser C (b)     5.000     07/01/38     3,620,376  
  1,825     Maricopa Cnty, AZ Pollutn Ctl Corp Pollutn Ctl Rev Rfdg AZ Pub Svc Co, Ser B (b)     5.500     05/01/29     1,899,934  
  900     Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser C (b)     5.500     06/01/34     969,264  
  1,035     Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser E (b)     5.750     06/01/34     1,107,026  
  970     Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj     7.000     01/01/39     986,209  
  925     Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj     7.125     01/01/45     944,157  
  3,400     Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Resh LLC Proj (AMT)     6.550     12/01/37     3,343,934  
  3,145     Salt River Proj AZ Agric Impt & Pwr Dist Elec Sys Rev, Ser A (a)     5.000     01/01/28     3,405,689  
  5,405     University of AZ Med Ctr Corp     5.000     07/01/35     5,059,566  
                             
                          34,499,045  
                             
        California  17.4%
  1,300     Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj, Ser C (AGM Insd)     6.000     09/01/16     1,456,988  
  4,500     Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser F1     5.000     04/01/39     4,630,230  
  1,500     Bay Area Toll Auth CA Toll Brdg Rev SF Bay Area, Ser F1(a)     5.000     04/01/39     1,543,410  
 
 
11
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        California (Continued)
$ 1,250     Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election     *     08/01/28   $ 498,538  
  1,500     California Hlth Fac Fin Auth Rev Catholic Hlthcare West, Ser A     6.000 %   07/01/34     1,619,430  
  3,000     California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)     4.950     08/01/23     2,795,070  
  2,000     California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)     5.050     02/01/29     1,851,260  
  7,300     California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (a)     4.800     08/01/36     5,854,819  
  4,800     California Hsg Fin Agy Rev Home Mortgage, Ser K (AMT) (a)     5.300     08/01/23     4,750,080  
  5,500     California Hsg Fin Agy Rev Home Mortgage, Ser K (AMT) (a)     5.450     08/01/28     5,338,685  
  1,500     California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser B (AMT)     5.000     07/01/27     1,486,260  
  695     California St (AMBAC Insd)     5.125     10/01/27     695,153  
  1,000     California St Dept Wtr Res Cent VY Proj Rev Wtr Sys, Ser X (NATL Insd) (Prerefunded @ 12/01/12)     5.000     12/01/29     1,039,484  
  1,500     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a)     5.000     12/01/25     1,648,905  
  1,500     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a)     5.000     12/01/26     1,636,815  
  875     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a)     5.000     12/01/27     949,069  
  1,175     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a)     5.000     12/01/28     1,295,297  
  1,500     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (a)     5.000     12/01/29     1,618,305  
  2,900     California St Econ Recovery Rfdg, Ser A     5.250     07/01/21     3,252,669  
  5,000     California St Univ Rev & Co Systemwide, Ser A (AMBAC Insd)     5.000     11/01/33     5,038,550  
  1,800     California St Var Purp     5.750     04/01/31     1,937,700  
  4,000     California St Vet, Ser CD (AMT)     4.600     12/01/32     3,434,360  
  1,500     California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (c)     5.125     04/01/37     1,325,715  
  2,700     California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A     5.000     03/01/30     2,646,567  
  2,000     California Statewide Cmnty Dev Auth Rev Kaiser Permanente, Ser A     5.000     04/01/19     2,164,020  
  3,360     California Statewide Cmnty Dev Auth Rev Sutter Hlth, Ser A     5.000     11/15/43     3,142,843  
  590     Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg, Ser C     6.500     12/15/47     511,630  
  1,750     Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser A (NATL Insd)     5.000     09/01/33     1,584,485  
  3,000     Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser B (NATL Insd)     5.000     03/01/33     2,719,230  
  2,000     Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (NATL Insd)     *     01/15/17     1,285,380  
  10,750     Foothill/Eastern Corridor Agy CA Toll Rd Rev Sr Lien, Ser A (e)     *     01/01/23     6,581,795  
  3,000     Fremont, CA Uni Sch Dist, Ser A (NATL Insd)     5.000     08/01/25     3,083,280  
  3,165     Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1     4.500     06/01/27     2,909,300  
 
 
12
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        California (Continued)
$ 8,515     Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1     5.750 %   06/01/47   $ 6,563,617  
  4,000     Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced, Ser A     5.000     06/01/45     3,661,480  
  1,000     Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (Syncora Gtd)     5.000     09/01/37     831,430  
  1,800     Los Angeles, CA Uni Sch Dist, Ser D     5.000     07/01/22     1,970,208  
  2,500     Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser A     5.000     01/01/34     2,637,425  
  1,500     Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser B1 (NATL Insd)     5.000     10/01/33     1,532,295  
  260     Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (c)     5.500     03/01/18     246,189  
  3,500     Palm Springs, CA Fin Auth Lease Rev Convention Ctr Proj, Ser A (NATL Insd)     5.500     11/01/35     3,555,370  
  1,700     Palomar Pomerado Hlthcare Dist CA Ctf Partn     6.750     11/01/39     1,781,549  
  2,280     Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj     7.000     12/01/27     1,870,124  
  1,850     San Francisco, CA City & Cnty Arpt Commn Intl Arpt Rfdg 2nd, Ser A-4 (AMT) (b)     6.500     05/01/19     1,980,055  
  1,000     Santa Clara Cnty, CA Brd Ed Ctf Partn Rfdg (NATL Insd)     5.000     04/01/25     1,012,410  
  3,000     Temecula, CA Redev Agy Tax Temecula Redev Proj No 1 (NATL Insd)     5.250     08/01/36     2,759,730  
  4,700     Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1     5.375     06/01/38     3,890,660  
  3,550     Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1     5.500     06/01/45     2,637,082  
  2,300     Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1     5.000     06/01/37     1,802,326  
  7,600     Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1     5.125     06/01/46     5,285,344  
  1,600     Turlock, CA Hlth Fac Rev Emanuel Med Ctr Inc     5.375     10/15/34     1,396,816  
  3,250     Vernon, CA Elec Sys Rev, Ser A     5.125     08/01/21     3,440,710  
                             
                          131,180,142  
                             
        Colorado  2.7%
  2,000     Aurora, CO Ctf Partn (AMBAC Insd) (Prerefunded @ 12/01/10)     5.500     12/01/30     2,061,160  
  3,405     Colorado Ed & Cultural Fac Auth Rev Impt Charter Sch Rfdg (Syncora Gtd)     5.250     12/01/23     3,449,401  
  800     Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A     5.250     07/01/27     715,648  
  600     Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A     5.300     07/01/37     473,070  
  7,300     Colorado Hlth Fac Auth Rev Catholic Hlth, Ser 2999 (AGM Insd) (a)     5.000     09/01/36     7,357,524  
  1,125     Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)     6.500     11/15/31     1,235,363  
 
 
13
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Colorado (Continued)
$ 1,805     Lakewood, CO Ctf Part (AMBAC Insd) (Prerefunded @ 12/01/10)     5.300 %   12/01/16   $ 1,852,002  
  970     Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg (f)     5.900     10/01/37     827,109  
  1,200     North Range, CO Met Dist No 2 Ltd Tax     5.500     12/15/37     878,196  
  2,050     Salida, CO Hosp Dist Rev     5.250     10/01/36     1,622,657  
                             
                          20,472,130  
                             
        Connecticut  0.9%
  3,580     Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A (ACA Insd) (AMT)     6.600     07/01/24     3,406,227  
  2,150     Hamden, CT Fac Rev EFPRBS Whitney Ctr Proj, Ser B     6.125     01/01/14     2,133,466  
  1,000     Hartford, CT Pkg Sys Rev, Ser A (Prerefunded @ 7/01/10)     6.500     07/01/25     1,010,530  
                             
                          6,550,223  
                             
        District of Columbia  2.4%
  3,650     District Columbia Hosp Rev Sibley Mem Hosp     6.375     10/01/34     3,912,654  
  1,100     District Columbia Hosp Rev Sibley Mem Hosp     6.500     10/01/29     1,204,522  
  1,150     District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a)     5.000     10/01/29     1,192,343  
  2,350     District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a)     5.000     10/01/34     2,401,747  
  6,000     District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien, Ser A (AGM Insd)     5.500     10/01/41     6,297,480  
  2,000     District of Columbia Rev Friendship Pub Charter Sch Inc (ACA Insd)     5.750     06/01/18     2,009,260  
  5     District of Columbia, Ser E (AGM Insd)     6.000     06/01/13     5,023  
  1,000     Metropolitan Washington DC Arpt Auth Sys, Ser A (NATL Insd) (AMT)     5.250     10/01/32     1,005,140  
                             
                          18,028,169  
                             
        Florida  29.1%
  1,000     Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg     5.250     11/15/17     954,130  
  1,000     Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg     5.875     11/15/36     840,490  
  500     Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg     5.875     11/15/42     408,960  
  335     Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A     6.000     05/01/38     294,482  
  250     Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B     6.200     05/01/38     211,670  
  4,960     Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj     5.000     04/01/34     4,644,544  
  1,760     Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc     6.750     01/01/37     1,581,571  
  1,000     Broward Cnty, FL Hsg Fin Auth Multi-Family Hsg Rev Pembroke Pk Apts Proj (AMT)     5.650     10/01/28     971,000  
  1,300     Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT)     5.750     01/01/32     1,143,584  
  4,000     Citizens Ppty Ins Corp FL High Risk Sr Sec, Ser A-1     5.000     06/01/14     4,232,560  
  3,410     Citizens Ppty Ins Corp FL High Risk Sr Sec, Ser A-1     5.250     06/01/17     3,582,341  
  525     Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)     5.950     07/01/20     535,789  
  1,250     Florida Agric & Mechanical Univ Rev Student Apt Fac (NATL Insd)     6.500     07/01/23     1,251,737  
 
 
14
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Florida (Continued)
$ 215     Florida Hsg Fin Agy Homeownership Mtg, Ser B (AMT)     8.595 %   11/01/18   $ 241,056  
  360     Florida Hsg Fin Corp Rev Homeowner Mtg, Ser 4 (AGM Insd) (AMT)     6.250     07/01/22     374,238  
  1,000     Florida Hsg Fin Corp Rev Hsg Wentworth II Apts, Ser A (AMBAC Insd) (AMT)     5.375     11/01/29     1,002,940  
  8,475     Florida Ports Fin Comm Rev St Trans Tr Fd Intermodal Pgm (NATL Insd) (AMT)     5.500     10/01/29     8,498,645  
  2,000     Florida Ports Fin Comm Rev St Trans Tr Fd (NATL Insd) (AMT)     5.375     06/01/27     2,000,060  
  15,000     Florida St Brd Ed Pub Ed Cap Outlay, Ser D (a)     4.750     06/01/35     15,221,100  
  12,775     Florida St Brd of Ed Cap Outlay Pub Ed Rfdg, Ser D     5.750     06/01/22     12,962,920  
  7,295     Florida St Dept Trans Tpk Rev, Ser A (a)     5.000     07/01/29     7,573,596  
  1,500     Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000, Ser A (AMBAC Insd)     5.000     07/01/11     1,505,115  
  2,000     Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000, Ser A (NATL Insd)     5.250     07/01/12     2,012,940  
  1,910     Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)     5.000     07/01/26     2,036,404  
  1,935     Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)     5.000     07/01/27     2,052,009  
  2,100     Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)     5.000     07/01/28     2,216,529  
  2,500     Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)     5.000     07/01/32     2,597,525  
  1,475     Florida St Tpk Auth Tpk Rev Dept Trans, Ser B     5.000     07/01/30     1,486,225  
  315     Gainesville, FL Util Sys Rev (e)     8.125     10/01/14     365,973  
  1,000     Gramercy Farms Cmnty Dev Dist FL Spl Assmt, Ser B (f) (g)     5.100     05/01/14     440,200  
  500     Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (b)     5.650     12/01/20     506,645  
  1,000     Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (b)     5.800     12/01/20     1,009,580  
  1,110     Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A     5.250     06/01/26     1,108,990  
  1,270     Highlands, FL Cmnty Dev Dist Spl Assmt     5.550     05/01/36     649,973  
  750     Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (AGM Insd)     5.000     03/01/15     763,755  
  750     Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (AGM Insd)     5.000     09/01/15     763,485  
  1,450     Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)     5.375     10/01/33     1,464,109  
  3,260     Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)     5.500     10/01/38     3,310,334  
  14,150     Hillsborough Cnty, FL Indl Dev Auth Hosp Rev Tampa Gen Hosp Proj     5.250     10/01/41     13,561,926  
  1,100     Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty IDA Rfdg (AMBAC Insd) (b)     5.000     12/01/34     1,155,121  
  1,225     Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B (b)     5.150     09/01/25     1,326,197  
  2,745     Hillsborough Cnty, FL Port Dist Rev Tampa Port Auth Proj, Ser A (NATL Insd) (AMT)     5.375     06/01/27     2,760,345  
  9,555     Hillsborough Cnty, FL Solid Waste & Res Recovery Rev, Ser A (BHAC Insd) (AMT)     4.500     09/01/34     8,649,186  
 
 
15
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Florida (Continued)
$ 7,000     Lakeland, FL Elec & Wtr Rev (e)     *     10/01/13   $ 6,633,270  
  2,230     Lakeland, FL Elec & Wtr Rev (e)     5.750 %   10/01/19     2,408,043  
  5,105     Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg     5.000     11/15/25     5,122,663  
  1,000     Lee Cnty, FL Arpt Rev, Ser A (AGM Insd) (AMT)     5.750     10/01/22     1,015,450  
  2,400     Lee Cnty, FL Indl Dev Auth Hlthcare Fac Rev Shell PT/Alliance Oblig Group     5.125     11/15/36     1,959,264  
  1,000     Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn, Ser A     5.375     06/15/37     771,040  
  995     Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A (Acquired 02/19/08, Cost $995,000) (d)     6.800     05/01/38     847,780  
  650     Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B (Acquired 02/19/08, Cost $650,000) (d)     6.900     05/01/17     611,890  
  1,500     Miami Beach, FL Stormwtr Rev (NATL Insd)     5.250     09/01/25     1,532,790  
  1,460     Miami Beach, FL Stormwtr Rev (NATL Insd) (Prerefunded @ 9/01/10)     5.750     09/01/14     1,500,909  
  1,045     Miami Beach, FL Stormwtr Rev (NATL Insd) (Prerefunded @ 9/01/10)     5.750     09/01/15     1,074,281  
  3,200     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)     5.000     10/01/38     3,073,312  
  2,000     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)     5.375     10/01/27     2,007,760  
  4,720     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)     5.375     10/01/32     4,735,151  
  870     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (NATL Insd)     5.450     10/01/15     886,887  
  3,000     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (NATL Insd)     5.750     10/01/29     3,039,090  
  2,000     Miami-Dade Cnty, FL Aviation Rev, Ser A (AGM Insd) (AMT)     5.000     10/01/33     1,938,220  
  2,000     Miami-Dade Cnty, FL Aviation, Ser A (AGM Insd) (AMT)     5.125     10/01/35     1,970,560  
  865     Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A     6.000     05/01/24     834,085  
  3,860     North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)     6.000     01/15/31     4,050,761  
  1,000     Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd)     *     10/01/12     953,450  
  1,000     Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd)     *     10/01/13     924,470  
  2,475     Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower     5.500     07/01/32     2,035,762  
  1,000     Orange Cnty, FL Hsg Fin Auth Multi-Family Rev Mtg Hands Inc Proj, Ser A (Acquired 06/19/95, Cost $1,000,000) (d)     7.000     10/01/25     1,031,480  
  1,500     Orlando & Orange Cnty Expwy Auth FL Expwy Rev Jr Lien (NATL Insd)     5.000     07/01/28     1,500,915  
  890     Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A (g)     6.125     05/01/35     420,854  
  1,650     Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj     5.875     11/15/37     1,466,669  
  1,000     Palm Beach Cnty, FL Sch Brd Ctf Partn, Ser A (FGIC Insd) (Prerefunded @ 8/01/10)     5.875     08/01/21     1,024,210  
 
 
16
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Florida (Continued)
$ 4,000     Palm Beach Cnty, FL Solid Waste Auth Rev Impt (BHAC Insd) (a)     5.500 %   10/01/23   $ 4,543,280  
  525     Pembroke Pines, FL Cons Util Sys Rev (FGIC Insd) (e)     6.250     09/01/11     548,410  
  1,500     Pensacola, FL Arpt Rev Rfdg, Ser A (NATL Insd) (AMT)     6.000     10/01/12     1,519,350  
  1,565     Pensacola, FL Arpt Rev Rfdg, Ser A (NATL Insd) (AMT)     6.125     10/01/18     1,575,047  
  500     Polk Cnty, FL Sch Brd Ctf Partn Master Lease, Ser A (AGM Insd)     5.500     01/01/25     513,205  
  2,000     Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist, Ser 1-B (NATL Insd)     5.000     07/01/33     1,837,880  
  4,675     Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd) (b)     5.350     03/15/42     5,022,072  
  870     Reunion East Cmnty Dev Dist FL Spl Assmt     5.800     05/01/36     493,821  
  1,000     Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A     5.250     01/01/26     782,920  
  1,500     Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A     5.375     01/01/40     1,086,705  
  2,000     Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (AGM Insd)     5.000     07/01/21     2,088,260  
  750     Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (AGM Insd)     5.000     07/01/23     770,633  
  600     Seminole Tribe FL Spl Oblig Rev, Ser A (c)     5.250     10/01/27     542,496  
  1,380     Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A     5.875     05/01/35     858,664  
  1,000     South Lake Cnty Hosp Dist FL South Lake Hosp Inc     6.375     10/01/28     1,013,840  
  2,755     South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A     5.700     05/01/35     1,905,441  
  1,250     Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A     6.200     05/01/35     1,159,013  
  1,000     Tallahassee, FL Hlth Fac Rev Tallahassee Mem Hlthcare Proj     6.375     12/01/30     1,001,090  
  1,000     Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd)     5.500     08/01/17     1,021,570  
  1,115     Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd)     5.500     08/01/19     1,137,991  
  495     Tolomato Cmnty, Dev Dist FL, Ser A     5.250     05/01/39     344,827  
  300     Tolomato Cmnty, FL Dev Dist Spl Assmt     6.550     05/01/27     254,058  
  3,170     Tolomato Cmnty, FL Dev Dist Spl Assmt     6.650     05/01/40     2,539,677  
  3,500     Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (NATL Insd)     5.125     11/01/36     3,021,550  
  1,000     Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (NATL Insd)     5.200     11/01/25     930,480  
  1,000     Village Ctr Cmnty Dev Dist FL Util Rev (FGIC Insd) (e)     6.000     11/01/18     1,209,070  
  2,000     Village Ctr Cmnty Dev Dist FL Util Rev (NATL Insd)     5.250     10/01/23     2,004,980  
  1,000     Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A     5.750     10/15/29     1,004,620  
  3,000     West Orange Hlthcare Dist FL, Ser A     5.800     02/01/31     3,015,060  
  750     World Comm Cmnty Dev Dist FL Spl Assmt (g)     5.500     05/01/38     291,780  
                             
                          219,678,785  
                             
        Georgia  3.8%
  5,250     Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (AGM Insd) (a)     5.000     01/01/33     5,308,695  
 
 
17
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Georgia (Continued)
$ 1,575     Atlanta, GA Tax Alloc Beltline Proj, Ser B     6.750 %   01/01/20   $ 1,605,823  
  310     Atlanta, GA Tax Alloc Beltline Proj, Ser B     7.375     01/01/31     313,807  
  1,000     Atlanta, GA Tax Alloc Eastside Proj, Ser B     5.600     01/01/30     923,710  
  1,850     Atlanta, GA Wtr & Wastewtr Rev, Ser A     6.000     11/01/27     2,004,586  
  2,000     Atlanta, GA Wtr & Wastewtr Rev, Ser A     6.000     11/01/28     2,157,660  
  1,850     Atlanta, GA Wtr & Wastewtr Rev, Ser A     6.000     11/01/29     1,987,140  
  564     Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $563,645) (d)     7.250     06/15/10     568,177  
  1,500     George L Smith II GA World Congress Cent Auth Rev Domed Stadium Proj Rfdg (NATL Insd) (AMT)     5.500     07/01/20     1,517,790  
  2,635     Georgia Muni Elec Auth Pwr Rev, Ser A (NATL Insd)     6.500     01/01/20     3,124,346  
  5,815     Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd)     6.500     01/01/17     6,794,848  
  85     Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd) (Prerefunded @ 1/01/14)     6.500     01/01/17     100,669  
  2,400     Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1     5.100     06/01/23     2,456,616  
                             
                          28,863,867  
                             
        Hawaii  0.4%
  3,075     Hawaii St Arpt Sys Rev, Ser A     5.000     07/01/39     3,076,015  
                             
         
        Idaho  0.5%
  1,000     Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A     6.500     11/01/23     1,127,960  
  1,500     Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A     6.750     11/01/37     1,658,145  
  1,270     Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg (f)     6.125     11/15/27     1,112,520  
                             
                          3,898,625  
                             
        Illinois  11.2%
  1,910     Bartlett, IL Tax Increment Rev Sr Lien Quarry Redev Proj Rfdg     5.600     01/01/23     1,613,511  
  2,000     Chicago, IL Brd Ed (FGIC Insd) (Prerefunded @ 12/01/10)     5.500     12/01/31     2,061,520  
  5,900     Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd)     5.000     12/01/27     6,137,770  
  5,775     Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd) (a)     5.000     12/01/27     6,007,790  
  4,400     Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien (AGL Insd (a)     5.250     01/01/24     4,644,332  
  11,500     Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien (AGL Insd (a)     5.250     01/01/25     12,085,120  
  5,700     Chicago, IL O’Hare Intl Arpt Rev, Ser A (FSA Insd) (a)     5.000     01/01/33     5,830,815  
  1,130     Chicago, IL Proj & Rfdg, Ser A (NATL Insd) (Prerefunded @ 1/01/11)     5.000     01/01/31     1,138,012  
  685     Chicago, IL Rfdg, Ser B (AMBAC Insd)     5.125     01/01/15     771,488  
  3,500     Chicago, IL, Ser A (AGL Insd) (a)     5.250     01/01/25     3,810,450  
  3,500     Du Page Cnty, IL Fst Presv Dist     *     11/01/10     3,490,935  
  1,300     Granite City, Madison Cnty, IL Disp Rev Waste Mgmt Inc Proj (AMT) (b)     4.875     05/01/27     1,300,494  
  2,310     Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (NATL Insd)     5.500     11/15/13     2,496,671  
 
 
18
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Illinois (Continued)
$ 2,500     Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (NATL Insd)     5.500 %   11/15/15   $ 2,726,175  
  1,860     Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group     5.500     10/01/22     1,898,837  
  400     Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A     5.750     05/15/31     309,744  
  1,000     Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ     5.500     04/01/37     952,790  
  3,500     Illinois Fin Auth Rev Northwestern Mem Hosp, Ser A (a)     5.375     08/15/24     3,763,270  
  2,000     Illinois Fin Auth Rev Northwestern Mem Hosp, Ser A (a)     5.750     08/15/30     2,169,020  
  4,500     Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A     5.750     11/15/37     4,516,245  
  1,900     Illinois Fin Auth Rev Riverside Hlth Sys     6.250     11/15/35     1,998,876  
  2,885     Illinois Fin Auth Rev Rush Univ Med Ctr Oblig Grp, Ser A     7.250     11/01/38     3,253,472  
  4,500     Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A     5.500     08/01/37     4,087,665  
  1,330     Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj, Ser A (AMT)     5.050     08/01/29     1,302,642  
  1,250     Illinois Hlth Fac Auth Rev Evangelical Hosp, Ser C (AGM Insd)     6.750     04/15/17     1,506,737  
  2,085     Illinois Hlth Fac Auth Rev South Suburban Hosp (e)     7.000     02/15/18     2,524,893  
  775     Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)     7.000     12/01/42     688,805  
  1,500     Yorkville, IL Utd City Spl Svc Area Spl Tax No 2006-113 Cannonball/Beecher     5.750     03/01/28     1,357,140  
                             
                          84,445,219  
                             
        Indiana  2.0%
  1,065     Crown Point, IN Econ Dev Rev Temp Wittenberg Vlg Proj, Ser C-1     7.250     11/15/14     1,067,268  
  2,200     Indiana Fin Auth Hosp Rev Deaconess Hosp Oblig, Ser A     6.750     03/01/39     2,377,430  
  5,600     Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Credit (a)     5.000     11/15/36     5,684,112  
  2,500     Indiana St Fin Auth Environmental Fac Rev IN Pwr & LT Co Proj Rfdg, Ser A     4.900     01/01/16     2,686,450  
  1,280     North Adams, IN Cmnty Sch Renovation Bldg Corp Cap Apprec First Mtg (AGM Insd)     *     01/15/19     929,920  
  1,500     Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)     5.950     12/01/29     1,509,900  
  500     Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (c)     5.750     09/01/42     431,625  
                             
                          14,686,705  
                             
        Iowa  1.5%
  1,685     Des Moines, IA Pub Pkg Sys, Ser A (NATL Insd)     5.750     06/01/15     1,691,285  
  1,785     Des Moines, IA Pub Pkg Sys, Ser A (NATL Insd)     5.750     06/01/16     1,791,658  
  500     Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C     5.950     08/01/37     414,475  
  1,410     Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C     5.375     06/01/38     1,047,912  
  5,950     Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C     5.500     06/01/42     4,394,611  
 
 
19
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Iowa (Continued)
$ 2,250     Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C     5.625 %   06/01/46   $ 1,683,180  
                             
                          11,023,121  
                             
        Kansas  1.7%
  2,100     Burlington, KS Environmental Impt Rev KC Pwr Lt Rfdg, Ser B (Syncora Gtd) (b)     5.000     12/01/23     2,167,725  
  3,800     Kansas St Dev Fin Auth Hosp Rev Adventist Hlth     5.750     11/15/38     4,076,678  
  1,250     Lenexa, KS Hlthcare Fac Rev Rfdg & Impt     5.500     05/15/39     1,024,225  
  3,300     Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A     5.000     05/15/24     2,952,147  
  1,650     Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A     5.000     05/15/36     1,284,756  
  700     Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser B     5.125     05/15/42     538,202  
  1,075     Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A     6.000     11/15/38     954,966  
                             
                          12,998,699  
                             
        Kentucky  1.9%
  2,400     Kentucky Econ Dev Fin Auth Hosp Fac Rev Owensboro Med Hlth Sys, Ser A     6.500     03/01/45     2,487,816  
  2,300     Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville Arena Sub, Ser A-1 (AGL Insd)     5.750     12/01/28     2,499,479  
  2,470     Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL Insd)     5.250     02/01/24     2,720,508  
  2,780     Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL Insd)     5.250     02/01/25     3,055,859  
  3,915     Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc     5.250     10/01/36     3,870,682  
                             
                          14,634,344  
                             
        Louisiana  1.0%
  1,482     Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt     5.250     07/01/17     895,528  
  3,100     Louisiana St Ctzn Ppty Ins Corp Assmt Rev, Ser C-2 (AGL Insd)     6.750     06/01/26     3,561,001  
  2,750     Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT) (b)     5.250     11/01/37     2,907,685  
                             
                          7,364,214  
                             
        Maryland  1.5%
  1,050     Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A     5.125     01/01/36     903,430  
  1,565     Maryland St Econ Dev Corp Econ Dev Rev Term Proj, Ser B     5.750     06/01/35     1,604,641  
  1,110     Maryland St Econ Dev Corp Econ Dev Rev Trans Fac Proj, Ser A     5.375     06/01/25     1,128,526  
  2,500     Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art     5.000     06/01/40     2,327,425  
  2,250     Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A     5.500     07/01/42     2,170,958  
 
 
20
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Maryland (Continued)
$ 2,250     Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC Insd) (AMT)     5.125 %   03/01/24   $ 2,237,715  
  1,175     Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj     5.200     07/01/34     1,013,990  
                             
                          11,386,685  
                             
        Massachusetts  3.8%
  3,500     Massachusetts Dev Fin Agy Sr Living Fac Rev, Ser B2     6.250     06/01/14     3,504,445  
  350     Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A     5.750     11/15/35     258,545  
  750     Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A     5.750     11/15/42     538,425  
  2,700     Massachusetts St Hlth & Ed Fac Auth Rev Berklee College Music, Ser A     5.000     10/01/32     2,740,014  
  7,000     Massachusetts St Hlth & Ed Fac Auth Rev Harvard Univ, Ser B (a)     5.000     10/01/38     7,429,240  
  395     Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant     6.000     07/01/31     402,695  
  750     Massachusetts St Hlth & Ed Fac Auth Rev MA Inst Tech, Ser A     5.000     07/01/38     794,625  
  1,610     Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D     5.000     07/01/33     1,491,246  
  5,740     Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AMBAC Insd) (a)     4.500     08/15/35     5,732,079  
  3,850     Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AGM Insd) (a)     5.000     08/15/30     4,036,456  
  1,800     Massachusetts St Wtr Res Auth, Ser B     5.000     08/01/22     2,033,460  
                             
                          28,961,230  
                             
        Michigan  4.7%
  3,015     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f)     *     07/01/17     2,096,149  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f)     *     07/01/18     1,976,705  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f)     *     07/01/19     1,848,757  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f)     *     07/01/22     1,515,606  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f)     *     07/01/23     1,414,559  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1 (f)     *     07/01/24     1,316,166  
  3,925     Detroit, MI Sew Disp Rev Sr Lien Rfdg, Ser C-1 (AGM Insd)     7.000     07/01/27     4,587,697  
  3,500     Grand Rapids, MI Downtown Dev Cap Apprec (NATL Insd)     *     06/01/15     2,881,060  
  2,765     Grand Rapids, MI Downtown Dev Cap Apprec (NATL Insd)     *     06/01/16     2,140,359  
  1,350     Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b)     5.250     01/15/47     1,480,748  
  600     Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b)     5.500     01/15/47     669,120  
 
 
21
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Michigan (Continued)
$ 2,500     Michigan St Strategic Fd Detroit Edison Pollutn Ctl Rfdg (AMBAC Insd) (b)     4.850 %   09/01/30   $ 2,563,350  
  1,000     Michigan St Strategic Fd Detroit Edison Polutnl Ctl Rfdg, Ser B (AMT)     5.650     09/01/29     1,001,310  
  2,250     Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj Rfdg, Ser A (Syncora Gtd) (AMT)     5.500     06/01/30     2,170,395  
  2,500     Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj Rfdg, Ser C (Syncora Gtd) (AMT)     5.450     12/15/32     2,390,325  
  7,000     Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A     6.000     06/01/48     5,370,610  
                             
                          35,422,916  
                             
        Minnesota  1.4%
  1,380     Annandale, MN Econ Dev Auth Sr Hsg & Hlthcare Rev Annandale Care Ctr Proj, Ser A     5.900     11/01/37     1,277,852  
  525     Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj     6.000     08/01/42     508,945  
  2,750     Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A     6.375     11/15/23     3,124,798  
  1,850     Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A     6.625     11/15/28     2,074,627  
  50     Minnesota Agric & Econ Dev Brd Rev Hlthcare Sys (NATL Insd)     5.750     11/15/26     50,018  
  300     North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks     6.000     10/01/27     300,159  
  775     North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks     6.000     10/01/33     756,873  
  2,200     Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj     5.250     05/15/36     2,055,152  
                             
                          10,148,424  
                             
        Missouri  2.1%
  245     Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc     5.625     06/01/27     236,518  
  1,700     Cass Cnty, MO Hosp Rev     5.625     05/01/38     1,525,359  
  625     Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj     5.500     02/01/35     606,050  
  2,500     Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F     5.750     05/15/26     1,998,450  
  1,000     Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F     5.750     05/15/31     774,360  
  2,500     Kirkwood, MO Indl Dev Auth Retirement Cmnty Rev Temp 75 Aberdeen Hts, Ser C-1     7.500     11/15/16     2,509,575  
  1,200     Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A     5.500     09/01/18     1,141,356  
  1,250     Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship Vlg West Cnty, Ser A     5.375     09/01/21     1,231,675  
  975     Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A     6.375     12/01/30     851,604  
 
 
22
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Missouri (Continued)
$ 2,335     Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A     6.375 %   12/01/41   $ 1,995,818  
  900     Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg     5.750     11/01/27     832,257  
  2,345     Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)     4.550     07/01/29     2,252,607  
                             
                          15,955,629  
                             
        Nebraska  0.4%
  2,615     Omaha Pub Dist NE Elec Rev Sub Sys, Ser A (a)     5.000     02/01/34     2,674,021  
                             
         
        Nevada  2.3%
  3,000     Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT)     5.250     07/01/34     2,750,310  
  70     Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (BHAC Insd) (AMT)     4.750     09/01/36     62,380  
  3,500     Clark Cnty, NV Indl Dev Southwest Gas Corp Proj, Ser D1 (NATL Insd) (AMT)     5.250     03/01/38     3,194,100  
  4,300     Nevada St Cap Impt & Cultural Affairs, Ser C (a)     5.000     06/01/22     4,624,607  
  3,300     Nevada St Cap Impt & Cultural Affairs, Ser C (a)     5.000     06/01/23     3,531,165  
  3,460     Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A     5.250     06/01/37     3,228,214  
                             
                          17,390,776  
                             
        New Hampshire  0.5%
  1,000     New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10)     7.000     07/01/30     1,030,260  
  1,050     New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co Proj (AMT) (b)     7.125     07/01/27     1,110,900  
  750     New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Rfdg, Ser A (AMT) (b)     6.875     12/01/29     800,108  
  850     New Hampshire St Business Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)     6.300     05/01/22     850,986  
                             
                          3,792,254  
                             
        New Jersey  5.6%
  375     Burlington Cnty, NJ Brdg Cmnty Econ Dev Rev The Evergreens Proj     5.625     01/01/38     324,506  
  25,000     New Jersey Econ Dev Auth St Contract Econ Recovery (NATL Insd)     5.900     03/15/21     29,306,250  
  2,000     New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp     5.000     07/01/36     1,742,200  
  2,300     New Jersey Hlthcare Fac Fin Auth Rev Saint Peter’s Univ Hosp Oblig     5.750     07/01/37     2,293,514  
  2,095     New Jersey St Trans Tr Fd Auth Trans Sys, Ser A     5.750     06/15/17     2,417,860  
  4,500     Tobacco Settlement Fin Corp NJ, Ser 1-A     4.750     06/01/34     3,227,175  
  3,950     Tobacco Settlement Fin Corp NJ, Ser 1-A     5.000     06/01/41     2,745,369  
                             
                          42,056,874  
                             
        New Mexico  0.5%
  1,250     Jicarilla, NM Apache Nation Rev, Ser A (Acquired 10/23/03, Cost $1,275,475) (d)     5.500     09/01/23     1,311,025  
 
 
23
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        New Mexico (Continued)
$ 2,050     New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian Hlthcare Svc, Ser A (a)     6.375 %   08/01/32   $ 2,282,470  
                             
                          3,593,495  
                             
        New York  12.8%
  2,070     Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj     6.250     07/15/40     2,131,996  
  860     Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj     6.375     07/15/43     884,648  
  4,000     Metropolitan Trans Auth NY Dedicated Tax Fd, Ser B     5.250     11/15/28     4,324,040  
  2,500     Metropolitan Trans Auth NY Rev Rfdg, Ser A (NATL Insd)     5.250     11/15/31     2,555,350  
  2,400     New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser E1 (AMT)     5.350     11/01/37     2,438,520  
  3,000     New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B     6.750     03/01/15     3,054,120  
  8,450     New York City Mun Fin Auth Wtr & Swr Rev, Ser AA (a)     5.000     06/15/22     9,409,413  
  14,930     New York City Trans Auth Trans Fac Livingston Plaza Proj Rfdg, Ser 1993 (AGM Insd) (e)     5.400     01/01/18     17,389,120  
  5,300     New York City Trans Fin Auth Bldg Aid Rev Fiscal 2009, Ser S-3     5.250     01/15/39     5,638,405  
  7,225     New York, NY Sub, Ser I-1 (a)     5.000     02/01/26     7,712,037  
  2,500     New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm, Ser A (AGM Insd)     5.500     05/15/25     2,503,400  
  2,680     New York St Dorm Auth Rev City Univ Sys, Ser C     7.500     07/01/10     2,711,678  
  2,500     New York St Dorm Auth Rev Hosp (NATL Insd)     5.000     08/01/33     2,534,200  
  3,000     New York St Dorm Auth Rev Non St Supported Debt Sch Dist Fin Prog, Ser C (AGL Insd)     5.000     10/01/24     3,255,510  
  2,790     New York St Loc Assistance Corp Rfdg, Ser E     6.000     04/01/14     3,148,682  
  2,800     New York St Twy Auth St Pers Income Tax Rev Trans, Ser A (a)     5.000     03/15/26     3,079,804  
  3,100     New York St Twy Auth St Pers Income Tax Rev Trans, Ser A (a)     5.000     03/15/27     3,390,129  
  1,155     New York St Urban Dev Corp Rev Correctional Fac Rfdg     5.500     01/01/13     1,212,993  
  6,050     Port Auth NY & NJ Cons 144th (a)     5.000     10/01/35     6,302,406  
  6,050     Port Auth NY & NJ, Ser 1546 (a)     5.000     10/01/35     6,302,406  
  3,000     Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Term 6 (NATL Insd) (AMT)     5.750     12/01/22     2,999,730  
  3,000     Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Term 6 (NATL Insd) (AMT)     5.750     12/01/25     2,999,700  
  950     Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (c)     5.000     12/01/23     792,205  
                             
                          96,770,492  
                             
        North Carolina  3.7%
  1,350     North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A     5.750     10/01/37     1,194,521  
  25,000     North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (NATL Insd)     6.000     01/01/12     26,955,250  
                             
                          28,149,771  
                             
 
 
24
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        North Dakota  0.2%
$ 1,500     Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg     5.125 %   07/01/29   $ 1,343,685  
                             
         
        Ohio  8.8%
  1,000     Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2     5.125     06/01/24     923,800  
  5,230     Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2     5.750     06/01/34     4,115,016  
  7,595     Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2     5.875     06/01/30     6,431,370  
  1,700     Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2     5.875     06/01/47     1,276,054  
  450     Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A     5.750     05/15/27     385,128  
  1,000     Delaware Cnty, OH Cap Fac (Prerefunded @ 12/01/10)     6.000     12/01/25     1,043,670  
  4,525     Lorain Cnty Ohio Hosp Rev Fac Catholic (AGM Insd) (a)     5.000     02/01/24     4,713,014  
  4,500     Lorain Cnty Ohio Hosp Rev Fac Catholic (AGM Insd) (a)     5.000     02/01/24     4,686,930  
  4,800     Lorain Cnty Ohio Hosp Rev Rfdg Catholic (AGM Insd) (a)     5.000     04/01/24     4,999,440  
  1,625     Montgomery Cnty, OH Rev Catholic Hlth, Ser C (AGM Insd) (a)     5.000     10/01/41     1,629,225  
  2,370     Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A     6.000     11/15/28     2,505,540  
  1,465     Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A     6.250     11/15/39     1,543,407  
  8,000     Ohio St Air Quality Dev Auth Rev Dayton Pwr (BHAC Insd) (AMT) (a)     4.800     09/01/36     8,038,160  
  4,300     Ohio St Air Quality Dev Auth Rev Pollutn Ctl First Energy Rfdg, Ser C     5.625     06/01/18     4,576,705  
  1,775     Ohio St Higher Ed Fac Commn Rev Summa Hlth Sys 2010 Proj (h)     5.750     11/15/35     1,757,250  
  3,000     Ohio St Higher Ed Fac Commn Rev Univ Hosp Hlth Sys, Ser 2009A     6.750     01/15/39     3,207,180  
  4,000     Ohio St Hosp Fac Rev Cleveland Clinic Hlth, Ser B (a)     5.000     01/01/27     4,147,880  
  3,075     Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (a)     5.300     09/01/28     3,172,201  
  2,358     Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (a)     5.400     03/01/33     2,424,213  
  3,137     Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser F (GNMA Collateralized) (a)     5.500     09/01/39     3,272,550  
  1,500     Ohio St Wtr Dev Auth Pollutn Ctl Fac Rev Rfdg First Energy, Ser A (b)     5.875     06/01/33     1,639,785  
                             
                          66,488,518  
                             
        Oklahoma  0.7%
  2,175     Chickasaw Nation, OK Hlth Sys (c)     6.250     12/01/32     2,190,638  
  1,500     Jenks, OK Aquarium Auth Rev First Mtg (NATL Insd) (Prerefunded @ 7/01/10)     6.100     07/01/30     1,529,850  
 
 
25
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Oklahoma (Continued)
$ 1,575     Oklahoma City, OK Arpt Tr Jr Lien 27th, Ser B (AGM Insd) (AMT)     5.750 %   07/01/16   $ 1,584,088  
                             
                          5,304,576  
                             
        Oregon  0.3%
  1,985     Portland, OR Urban Renewal & Redev Downtown Wtrfront, Ser A (AMBAC Insd)     5.750     06/15/16     2,014,795  
                             
         
        Pennsylvania  0.8%
  1,375     Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A     5.000     11/15/28     1,167,045  
  230     Allegheny Cnty, PA San Auth Swr Rev (NATL Insd)     5.500     12/01/30     233,319  
  875     Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care     6.250     02/01/35     652,776  
  1,825     Pennsylvania St Tpk Com Tpk Rev Sub, Ser A (AGL Insd)     5.000     06/01/39     1,874,549  
  1,000     Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (NATL Insd) (AMT)     5.125     07/01/19     1,010,450  
  1,115     Ridley Park, PA Hosp Auth Rev Taylor Hosp, Ser A (e)     6.000     12/01/13     1,219,743  
                             
                          6,157,882  
                             
        Rhode Island  0.4%
  3,000     Tobacco Settlement Fin Corp, Ser A     6.250     06/01/42     2,879,760  
                             
         
        South Carolina  4.8%
  2,375     Berkeley Cnty, SC Sch Dist Ctf Partn Berkeley Sch Fac Grp Inc (NATL Insd) (e)     5.250     02/01/16     2,723,673  
  3,375     Charleston Ed Excellence Fin Corp SC Rev (a)     5.250     12/01/25     3,532,579  
  10,125     Charleston Ed Excellence Fin Corp SC Rev (a)     5.250     12/01/26     10,638,743  
  1,840     Myrtle Beach, SC Hospitality Fee Rev, Ser A (NATL Insd)     5.375     06/01/21     1,928,633  
  1,935     Myrtle Beach, SC Hospitality Fee Rev, Ser A (NATL Insd)     5.375     06/01/22     2,016,386  
  1,400     South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg     5.300     10/01/36     1,103,662  
  3,000     South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A     6.250     08/01/31     3,074,820  
  1,000     South Carolina Jobs Econ Dev Auth Hosp Rev Rfdg & Impt Anmed Hlth, Ser B (AGL Insd)     5.500     02/01/38     1,045,830  
  4,500     South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd)     5.200     11/01/27     4,688,685  
  3,750     South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT)     5.450     11/01/32     3,750,000  
  750     South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A     6.000     11/15/27     597,300  
  1,395     Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg     5.000     06/01/18     1,396,437  
                             
                          36,496,748  
                             
 
 
26
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        South Dakota  0.1%
$ 565     South Dakota St Hlth & Ed Fac                    
        Auth Rev Vocational Ed Prog, Ser A (AMBAC Insd)     5.400 %   08/01/13   $ 569,458  
                             
         
        Tennessee  2.3%
  4,345     Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A     5.125     10/01/35     3,878,043  
  3,500     Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg, Ser A (NATL Insd) (Prerefunded @ 7/01/12)     7.500     07/01/25     3,919,895  
  5,345     Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth, Ser A     5.500     07/01/36     5,123,075  
  4,550     Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (AGM Insd) (a)     5.250     09/01/27     4,755,569  
                             
                          17,676,582  
                             
        Texas  16.0%
  2,375     Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)     4.850     04/01/21     2,357,021  
  1,000     Brazos Riv, TX Hbr Nav Dist Brazoria Cnty Rev Rfdg Dow Chemical Co     5.250     10/01/11     1,007,450  
  980     Dallas Cnty, TX Flood Ctl Dist Rfdg     6.750     04/01/16     1,043,230  
  1,875     Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)     5.000     08/15/18     2,056,425  
  2,200     Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)     5.000     08/15/19     2,405,458  
  4,000     Dallas-Fort Worth, TX Intl Arpt Rev Impt & Rfdg, Ser A (BHAC Insd) (AMT)     5.500     11/01/31     4,022,840  
  1,050     Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd) (AMT)     5.750     11/01/18     1,053,255  
  2,000     Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd) (AMT)     6.000     11/01/23     2,006,860  
  4,000     Dallas-Fort Worth, TX Intl Arpt Rev, Ser A (NATL Insd) (AMT)     5.750     11/01/30     4,003,400  
  7,960     El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a)     5.000     08/15/37     8,215,675  
  1,500     Gulf Coast Waste Disp Auth TX Waste Mgmt, Ser D (AMT)     4.550     04/01/12     1,545,000  
  1,200     Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann Hlthcare Sys, Ser B     7.250     12/01/35     1,357,020  
  1,000     Harris Cnty, TX Hlth Fac Dev Mem Hermann Hlthcare, Ser A (Prerefunded @ 6/01/11)     6.375     06/01/29     1,073,470  
  1,550     Harris Cnty, TX Indl Dev Corp Solid Waste Disp Rev Deer Pk Refng Proj     5.000     02/01/23     1,575,668  
  1,000     Harris Cnty, TX Sr Lien Toll Rd, Ser A (a)     5.000     08/15/32     1,045,290  
  1,000     Houston, TX Arpt Sys Rev Sub Lien, Ser A (AGM Insd) (AMT)     5.625     07/01/30     1,000,500  
  12,800     Houston, TX Util Sys Rev Rfdg Comb First Lien, Ser A (AGM Insd) (a)     5.000     11/15/36     13,334,016  
  5,025     Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a)     5.000     02/01/37     5,154,846  
  1,650     Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX     5.500     02/15/32     1,550,257  
 
 
27
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Texas (Continued)
$ 1,250     Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX     5.500 %   02/15/37   $ 1,160,812  
  1,825     McLennan Cnty, TX Pub Fac Corp Proj Rev     6.625     06/01/35     1,996,952  
  1,410     Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr     5.625     02/15/35     1,255,746  
  1,100     Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj (Prerefunded @ 1/01/11)     7.200     01/01/21     1,145,265  
  1,500     Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj (Prerefunded @ 1/01/11)     7.250     01/01/31     1,562,205  
  1,500     Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT) (b)     6.000     08/01/20     1,634,400  
  3,450     North Central, TX Hlth Fac Dev Corp Rev Hosp Childrens Med Ctr Dallas (AMBAC Insd)     5.250     08/15/32     3,518,586  
  1,000     North TX Twy Auth Rev Rfdg Sys First Tier, Ser B     5.625     01/01/28     1,060,240  
  1,000     North TX Twy Auth Rev Rfdg Sys First Tier, Ser B     6.000     01/01/26     1,084,170  
  1,420     North TX Twy Auth Rev Rfdg Sys First Tier, Ser B     6.000     01/01/27     1,539,521  
  2,250     North TX Twy Auth Rev Sys First Tier Rfdg, Ser L-2 (b)     6.000     01/01/38     2,481,503  
  4,300     North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F     5.750     01/01/33     4,545,100  
  1,000     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc     5.625     11/15/27     920,950  
  4,200     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc     5.750     11/15/37     3,748,920  
  7,000     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj     5.250     11/15/37     6,695,710  
  650     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home Proj     5.750     02/15/25     544,187  
  1,850     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home, Ser B-2     6.500     02/15/14     1,855,291  
  4,900     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth Rfdg, Ser A (AGL Insd)     6.250     07/01/28     5,427,975  
  4,000     Texas A & M Univ Revs Fin Sys, Ser A     5.000     05/15/28     4,349,960  
  8,700     Texas Commn Mobility Fd (a)     5.000     04/01/28     9,380,166  
  2,000     Texas Private Activity Surface Trans Corp Sr Lien Nt Mobility     6.875     12/31/39     2,098,320  
  460     Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (AGM Insd)     5.500     09/01/13     465,534  
  1,500     Texas Wtr Dev Brd Rev St Revolving Fd Sr Lien, Ser B     5.250     07/15/17     1,505,520  
  4,900     Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg, Ser A     5.375     11/01/37     4,520,887  
                             
                            120,305,601  
                             
        Utah  0.3%
  1,000     Utah Hsg Corp Single Family Mtg Rev, Ser E (AMT) (a)     5.250     01/01/39     1,023,030  
  1,100     Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A     5.800     06/15/38     995,808  
                             
                          2,018,838  
                             
 
 
28
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Virginia  0.5%
$ 750     Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal at Lexington, Ser A     5.500 %   01/01/37   $ 607,200  
  750     Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig     6.450     09/01/37     728,377  
  800     Tobacco Settlement Fin Corp VA     5.500     06/01/26     895,832  
  1,868     White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev     5.300     03/01/17     1,864,675  
                             
                          4,096,084  
                             
        Washington  2.2%
  2,500     Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (AGM Insd)     5.500     07/01/18     2,648,625  
  1,000     Goat Hill Ppty WA Lease Rev Govt Office Bldg Proj (NATL Insd)     5.000     12/01/33     1,020,890  
  1,950     Kalispel Tribe Indians Priority Dist WA Rev     6.625     01/01/28     1,683,552  
  1,000     Port Seattle, WA Rev, Ser B (NATL Insd) (AMT)     5.625     02/01/24     1,009,100  
  1,435     Radford Ct Ppty WA Student Hsg Rev (NATL Insd)     6.000     06/01/15     1,455,190  
  1,585     Radford Ct Ppty WA Student Hsg Rev (NATL Insd)     6.000     06/01/16     1,607,301  
  1,000     Seattle, WA Muni Lt & Pwr Rev     5.625     12/01/18     1,024,710  
  3,000     Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (NATL Insd)     5.250     09/01/33     3,044,850  
  2,325     Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 05/07/08, Cost $2,325,000) (d)     6.000     01/01/27     2,119,354  
  1,000     Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj, Ser A     5.625     01/01/38     687,990  
                             
                          16,301,562  
                             
        West Virginia  1.0%
  250     Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry Ctr Fin Dist, Ser A     5.625     06/01/22     237,885  
  1,290     Pleasants Cnty, WV Pollutn Ctl Rev Cnty Comm Allegheny Rfdg, Ser F     5.250     10/15/37     1,257,027  
  1,630     West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt Utd Hlth Sys, Ser C     5.500     06/01/34     1,633,374  
  1,535     West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt Utd Hlth Sys, Ser C     5.500     06/01/39     1,545,822  
  1,500     West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys     6.000     10/01/20     1,490,520  
  1,695     West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys     6.250     10/01/23     1,690,322  
                             
                          7,854,950  
                             
        Wisconsin  2.4%
  2,000     Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg, Ser A (NATL Insd)     5.500     12/15/20     2,342,420  
  700     Superior, WI Collateralized Util Rev Superior Wtr Lt & Pwr Proj Rfdg, Ser A (AMT)     5.375     11/01/21     712,313  
  625     Superior, WI Collateralized Util Rev Superior Wtr Lt & Pwr Proj, Ser B (AMT)     5.750     11/01/37     628,775  
 
 
29
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Wisconsin (Continued)
$ 4,100     Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)     5.300 %   09/01/23   $ 4,274,127  
  4,895     Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)     5.500     09/01/28     5,070,779  
  1,545     Wisconsin St Gen Rev Appropriation Rev, Ser A     5.375     05/01/25     1,703,054  
  1,400     Wisconsin St Hlth & Ed Fac Auth Rev Aurora Hlthcare Inc, Ser B (b)     5.125     08/15/27     1,486,604  
  1,825     Wisconsin St Hlth & Ed Fac Auth Rev Pro Hlthcare Inc Oblig Group     6.625     02/15/39     1,982,315  
                             
                          18,200,387  
                             
        Wyoming  0.5%
  1,850     Sweetwater Cnty, WY Pollutn Ctl Rev ID Pwr Co Proj Rfdg     5.250     07/15/26     1,963,109  
  2,000     Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)     5.600     12/01/35     1,936,540  
                             
                          3,899,649  
                             
        Guam  0.1%
  690     Guam Pwr Auth Rev, Ser A (AMBAC Insd)     5.250     10/01/34     644,136  
                             
         
        Puerto Rico  1.9%
  3,050     Puerto Rico Elec Pwr Auth Pwr Rev, Ser XX     5.250     07/01/40     3,095,415  
  50     Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd) (Prerefunded @ 7/01/14)     5.250     07/01/33     57,233  
  4,350     Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A (b)     5.000     08/01/39     4,542,618  
  3,100     Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A     5.375     08/01/39     3,207,973  
  3,500     Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A     5.500     08/01/42     3,655,470  
                             
                          14,558,709  
                             
        U.S. Virgin Islands  0.3%
  1,500     Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A     6.375     10/01/19     1,527,345  
  1,000     Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A (ACA Insd) (Prerefunded @ 10/01/10)     6.125     10/01/29     1,034,054  
                             
                          2,561,399  
                             
 
 
30
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
                             
Description               Value
 
 
         
Total Long-Term Investments  166.7%
(Cost $1,244,901,726)
  $ 1,256,974,909  
         
         
Total Short-Term Investments  1.4%
(Cost $10,600,000)
    10,600,000  
         
         
Total Investments  168.1%
(Cost $1,255,501,726)
    1,267,574,909  
         
Liability for Floating Rate Note Obligations Related to Securities Held  (23.3%)
(Cost ($175,870,000))
       
$ (175,870 )   Notes with interest rates ranging from 0.30% to 0.75% at April 30, 2010 and contractual maturities of collateral ranging from 2022 to 2039
(See Note 1 (G) in the Notes to Financial Statements) (i)
    (175,870,000 )
                 
         
Total Net Investments  144.8%
(Cost $1,079,631,726)
    1,091,704,909  
         
Other Assets in Excess of Liabilities  1.4%
    10,700,553  
         
Preferred Shares (including accrued distributions)  (46.2%)
    (348,427,383 )
         
         
Net Assets Applicable to Common Shares  100.0%
  $ 753,978,079  
         
 
 
Percentages are calculated as a percentage of net assets applicable to common shares.
 
* Zero coupon bond
 
(a) Underlying security related to Inverse Floaters entered into by the Trust. See Note 1 (G) in the Notes to Financial Statements for further information.
 
(b) Variable Rate Coupon
 
(c) 144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
 
(d) Security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 0.9% of net assets applicable to common shares.
 
(e) Escrowed to Maturity
 
(f) Security has been deemed illiquid.
 
(g) Non-income producing security.
 
(h) Security purchased on a when-issued or delayed delivery basis.
 
(i) Floating rate notes. The interest rates shown reflect the rates in effect at April 30, 2010.
 
 
31
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  
n  April 30, 2010 (Unaudited)  continued
 
ACA—American Capital Access
ADR—American Depositary Receipt
AGC—AGC Insured Custody Certificates
AGL—Assured Guaranty Ltd.
AGM—Assured Guaranty Municipal Corp.
AMBAC—AMBAC Indemnity Corp.
AMT—Alternative Minimum Tax
BHAC—Berkshire Hathaway Assurance Corp.
Comwth—Commonwealth of Puerto Rico
FGIC—Financial Guaranty Insurance Co.
FSA—Financial Security Assurance Inc.
GNMA—Government National Mortgage Association
NATL—National Public Finance Guarantee Corp.
Syncora Gtd—Syncora Guaranteed Limited
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Trust’s investments. These inputs are summarized in the three broad levels listed below. (See Note 1(B) in the Notes to Financial Statements for further information regarding fair value measurements.)
 
The following is a summary of the inputs used as of April 30, 2010 in valuing the Trust’s investments carried at value:
 
                                 
    Level 1     Level 2     Level 3        
                Significant
       
          Other Significant
    Unobservable
       
Investments   Quoted Prices     Observable Inputs     Inputs     Total  
   
 
Investments in an Asset Position:
                               
Municipal Bonds issued by states of the United States and Political Subdivisions of the United States
  $     $ 1,267,574,909     $     $ 1,267,574,909  
                                 
 
 
32
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Statements
 
Statement of Assets and Liabilities
April 30, 2010 (Unaudited)
 
             
Assets:
           
Total Investments (Cost $1,255,501,726)
  $ 1,267,574,909      
Cash
    37,178      
Receivables:
           
Interest
    20,211,031      
Investments Sold
    195,000      
Other
    50      
             
Total Assets
    1,288,018,168      
             
Liabilities:
           
Payables:
           
Floating Rate Note Obligations
    175,870,000      
Investments Purchased
    7,301,410      
Investment Advisory Fee
    469,433      
Other Affiliates
    65,335      
Trustees’ Deferred Compensation and Retirement Plans
    1,691,125      
Accrued Expenses
    215,403      
             
Total Liabilities
    185,612,706      
Preferred Shares (including accrued distributions)
    348,427,383      
             
Net Assets Applicable to Common Shares
  $ 753,978,079      
             
Net Asset Value Per Common Share ($753,978,079 divided by 53,909,811 shares outstanding)
  $ 13.99      
             
Net Assets Consist of:
           
Common Shares ($0.01 par value with an unlimited number of shares authorized, 53,909,811 shares issued and outstanding)
  $ 539,098      
Paid in Surplus
    824,040,366      
Accumulated Undistributed Net Investment Income
    25,219,401      
Net Unrealized Appreciation
    12,073,183      
Accumulated Net Realized Loss
    (107,893,969 )    
             
Net Assets Applicable to Common Shares
  $ 753,978,079      
             
Preferred Shares ($0.01 par value, authorized 100,000,000 shares, 13,936 issued with liquidation preference of $25,000 per share)
  $ 348,400,000      
             
Net Assets Including Preferred Shares
  $ 1,102,378,079      
             
 
 
33
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Statements  
continued
 
Statement of Operations
For the Six Months Ended April 30, 2010 (Unaudited)
 
             
Investment Income:
           
Interest
  $ 35,652,689      
             
Expenses:
           
Investment Advisory Fee
    3,475,961      
Interest and Residual Trust Expense
    796,642      
Preferred Share Maintenance
    298,907      
Trustees’ Fees and Related Expenses
    209,976      
Accounting and Administrative Expenses
    115,285      
Professional Fees
    78,484      
Transfer Agent Fees
    48,483      
Custody
    30,436      
Reports to Shareholders
    26,228      
Registration Fees
    19,954      
Line of Credit
    7,698      
Other
    5,395      
             
Total Expenses
    5,113,449      
Investment Advisory Fee Reduction
    631,992      
             
Net Expenses
    4,481,457      
             
Net Investment Income
  $ 31,171,232      
             
Realized and Unrealized Gain/Loss:
           
Net Realized Loss
    (2,289,972 )    
             
Unrealized Appreciation/Depreciation:
           
Beginning of the Period
    (6,977,443 )    
End of the Period
    12,073,183      
             
Net Unrealized Appreciation During the Period
    19,050,626      
             
Net Realized and Unrealized Gain
  $ 16,760,654      
             
Distributions to Preferred Shareholders
  $ (310,300 )    
             
Net Increase in Net Assets Applicable to Common Shares from Operations
  $ 47,621,586      
             
 
 
34
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Statements  
continued
 
Statements of Changes in Net Assets  (Unaudited)
 
                 
    For The
  For The
    Six Months Ended
  Year Ended
    April 30, 2010   October 31, 2009
     
 
From Investment Activities:
               
Operations:
               
Net Investment Income
  $ 31,171,232     $ 62,789,391  
Net Realized Loss
    (2,289,972 )     (41,922,716 )
Net Unrealized Appreciation During the Period
    19,050,626       172,003,703  
Distributions to Preferred Shareholders:
               
Net Investment Income
    (310,300 )     (2,436,422 )
                 
                 
Change in Net Assets Applicable to Common Shares from Operations
    47,621,586       190,433,956  
Distributions to Common Shareholders:
               
Net Investment Income
    (28,119,855 )     (47,880,329 )
                 
                 
Net Change in Net Assets Applicable to Common Shares from Investment Activities
    19,501,731       142,553,627  
                 
                 
From Capital Transactions:
               
Value of Common Shares Issued Through Dividend Reinvestment
    876,313       314,233  
Repurchase of Shares
    -0-       (93,449 )
                 
Net Change in Net Assets Applicable to Common Shares from Capital Transactions
    876,313       220,784  
                 
Total Increase in Net Assets Applicable to Common Shares
    20,378,044       142,774,411  
                 
Net Assets Applicable to Common Shares:
               
Beginning of the Period
    733,600,035       590,825,624  
                 
End of the Period (Including accumulated undistributed net investment income of $25,219,401 and $22,478,324, respectively)
  $ 753,978,079     $ 733,600,035  
                 
 
 
35
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Statements  
continued
 
Statement of Cash Flows
For the Six Months Ended April 30, 2010 (Unaudited)
 
             
Change in Net Assets from Operations (including Preferred Share Distributions)
  $ 47,621,586      
             
Adjustments to Reconcile the Change in Net Assets from Operations to
           
Net Cash Provided by Operating Activities:
           
Purchases of Investments
    (58,868,095 )    
Proceeds from Sales of Investments
    109,831,026      
Net Purchases of Short-Term Investments
    (5,210,000 )    
Amortization of Premium
    750,809      
Accretion of Discount
    (2,628,532 )    
Net Realized Loss on Investments
    2,289,972      
Net Change in Unrealized Appreciation on Investments
    (19,050,626 )    
Decrease in Interest Receivables
    440,020      
Decrease in Other Assets
    243      
Decrease in Investment Advisory Fees
    (24,025 )    
Decrease in Other Affiliates Payable
    (39,514 )    
Increase in Trustees’ Deferred Compensation and Retirement Plans
    207,849      
Decrease in Accrued Expenses
    (87,616 )    
             
Total Adjustments
    27,611,511      
             
Net Cash Provided by Operating Activities
    75,233,097      
             
Cash Flows From Financing Activities
           
Dividends Paid (net of reinvested dividends of $876,313)
    (27,415,380 )    
Proceeds from and Repayments of Floating Rate Note Obligations
    (1,140,000 )    
Retirement of Preferred Shares
    (53,600,000 )    
             
Net Cash Used for Financing Activities
    (82,155,380 )    
             
Net Decrease in Cash
    (6,922,283 )    
Cash at the Beginning of the Period
    6,959,461      
             
Cash at the End of the Period
  $ 37,178      
             
Supplemental Disclosures of Cash Flow Information
           
Cash Paid During the Period for Interest
  $ 796,642      
             
 
 
36
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Highlights  (Unaudited)
 
The following schedule presents financial highlights for one common share of the Trust outstanding throughout the periods indicated.
                                                     
    Six Months
                       
    Ended
                       
    April 30,
  Year Ended October 31
    2010   2009   2008   2007   2006   2005    
     
 
Net Asset Value, Beginning of the Period
  $ 13.62     $ 10.98     $ 15.89     $ 16.97     $ 16.80     $ 17.34      
                                                     
Net Investment Income
    0.58       1.17 (a)     1.27 (a)     1.18 (a)     1.11 (a)     1.09      
Net Realized and Unrealized Gain/Loss
    0.32       2.41       (5.05 )     (1.06 )     0.47       (0.48 )    
Common Share Equivalent of Distributions Paid to Preferred Shareholders:
                                                   
Net Investment Income
    (0.01 )     (0.05 )     (0.30 )     (0.37 )     (0.29 )     (0.22 )    
Net Realized Gain
    -0-       -0-       -0-       (0.01 )     (0.06 )     -0-      
                                                     
Total from Investment Operations
    0.89       3.53       (4.08 )     (0.26 )     1.23       0.39      
Distributions Paid to Common Shareholders:
                                                   
Net Investment Income
    (0.52 )     (0.89 )     (0.83 )     (0.80 )     (0.82 )     (0.93 )    
Net Realized Gain
    -0-       -0-       -0-       (0.02 )     (0.24 )     -0-      
                                                     
Net Asset Value, End of the Period
  $ 13.99     $ 13.62     $ 10.98     $ 15.89     $ 16.97     $ 16.80      
                                                     
Common Share Market Price at End of the Period
  $ 14.16     $ 13.55     $ 10.11     $ 14.11     $ 14.94     $ 14.61      
                                                     
Total Return* (b)
    8.53% **     44.66%       –23.77%       –0.39%       9.86%       1.31%      
Net Assets Applicable to Common Shares at End of the Period (In millions)
  $ 754.0     $ 733.6     $ 590.8     $ 867.8     $ 743.4     $ 736.0      
Ratio of Expenses to Average Net Assets Applicable to Common Shares* (c)
    1.22%       1.46%       2.23%       2.45%       1.28%       1.17%      
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares* (c)
    8.48%       9.70%       8.78%       7.85%       6.68%       6.51%      
Portfolio Turnover
    5% **     17%       55%       26%       25%       25%      
*  If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets Applicable to Common Shares (c)
    1.39%       1.64%       2.40%       2.61%       N/A       N/A      
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c)
    8.31%       9.52%       8.61%       7.69%       N/A       N/A      
                                                     
Supplemental Ratios:
                                                   
Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable to Common Shares (c)
    1.00%       1.12%       0.98%       1.12%       1.17%       1.17%      
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d)
    8.39%       9.32%       6.72%       5.36%       4.94%       5.22%      
                                                     
Senior Securities:
                                                   
Total Preferred Shares Outstanding
    13,936       16,080       17,152       21,440       17,200       17,200      
Asset Coverage Per Preferred Share (e)
  $ 79,105     $ 70,624     $ 59,484     $ 65,519     $ 68,253     $ 67,812      
Involuntary Liquidating Preference Per Preferred Share
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Average Market Value Per Preferred Share
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
** Non-Annualized
(a) Based on average shares outstanding.
(b) Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated.
(c) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(d) Ratios reflect the effect of dividend payments to preferred shareholders.
(e) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets and dividing this by the number of preferred shares outstanding.
N/A = Not Applicable
 
 
37
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  n  April 30, 2010 (Unaudited)
 
1. Significant Accounting Policies
Van Kampen Trust for Investment Grade Municipals (the “Trust”) is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust’s investment objective is to seek to provide a high level of current income exempt from federal income taxes, consistent with preservation of capital. The Trust will invest substantially all of its assets in municipal securities rated investment grade at the time of investment. The Trust commenced investment operations on January 24, 1992.
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards CodificationTM (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Trust appropriately updated relevant GAAP references to reflect the new ASC.
 
A. Security Valuation Municipal bonds are valued by independent pricing services or dealers using the mean of the last reported bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.
 
B. Fair Value Measurements FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820) (formerly known as FAS 157), defines fair value as the price that the Trust would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the
 
 
38


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  April 30, 2010 (Unaudited)  continued
 
circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust’s investments. The inputs are summarized in the three broad levels listed below.
 
Level 1— quoted prices in active markets for identical investments
Level 2— other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3— significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
C. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The Trust may purchase and sell securities on a “when-issued” or “delayed delivery” basis, with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. Purchasing securities on this basis involves a risk that the market value at the time of delivery may be lower than the agreed upon purchase price resulting in an unrealized loss. The Trust will segregate assets with the custodian having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until payment is made. At April 30, 2010, the Trust had $1,757,250 of when-issued or delayed delivery purchase commitments.
 
D. Investment Income Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security.
 
E. Federal Income Taxes It is the Trust’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Trust recognizes interest accrued related to unrecognized tax benefits in “Interest Expense” and penalties in “Other” expenses on the Statement of Operations. The Trust files tax returns with the U.S. Internal Revenue Service and various states. Generally, each of the tax years in the four year period ended October 31, 2009, remains subject to examination by taxing authorities.
The Trust intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset these losses against any future realized capital gains. At October 31, 2009, the Trust had an accumulated capital loss carryforward for tax purposes of $105,876,852, which will expire according to the following schedule:
 
                 
Amount       Expiration
 
$ 11,260,708           October 31, 2015  
  54,105,639           October 31, 2016  
  40,510,505           October 31, 2017  
 
 
39


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  April 30, 2010 (Unaudited)  continued
 
At April 30, 2010, the cost and related gross unrealized appreciation and depreciation were as follows:
 
             
Cost of investments for tax purposes
  $ 1,062,530,734      
             
Gross tax unrealized appreciation
  $ 63,828,868      
Gross tax unrealized depreciation
    (34,647,246 )    
             
Net tax unrealized appreciation on investments
  $ 29,181,622      
             
 
F. Distribution of Income and Gains The Trust declares and pays monthly dividends from net investment income to common shareholders. Net realized gains, if any, are distributed at least annually on a pro rata basis to common and preferred shareholders. Distributions from net realized gains for book purposes may include short-term capital gains which are included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31, 2009 was as follows:
 
         
Distributions paid from:
       
Ordinary income
  $ 274,921  
Tax exempt income
    50,650,518  
         
    $ 50,925,439  
         
 
As of October 31, 2009, the components of distributable earnings on a tax basis were as follows:
 
         
Undistributed ordinary income
  $ 93,302  
Undistributed tax-exempt income
    22,610,886  
 
Net realized gains or losses may differ for financial reporting and tax purposes as a result of gains or losses recognized for tax purposes but not for book purposes.
 
G. Floating Rate Note Obligations Related to Securities Held The Trust enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interests in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The Trust enters into shortfall agreements with the dealer trusts, which commit the Trust to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Trust
 
 
40


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  April 30, 2010 (Unaudited)  continued
 
records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption “Interest and Residual Trust Expenses” on the Trust’s Statement of Operations. The notes issued by the dealer trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At April 30, 2010, Trust investments with a value of $311,477,158 are held by the dealer trusts and serve as collateral for the $175,870,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at April 30, 2010 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the six months ended April 30, 2010 were $176,503,408 and 0.91%, respectively.
 
H. Reporting Subsequent Events Management has evaluated the impact of any subsequent events through the date the financial statements were effectively issued. Management has determined that other than the event described in Note 9, there are no material events or transactions that would affect the Trust’s financial statements or require disclosure in the Trust’s financial statements through this date.
 
2. Investment Advisory Agreement and Other Transactions with Affiliates
Under the terms of the Trust’s Investment Advisory Agreement, Van Kampen Asset Management (the “Adviser”) provides investment advice and facilities to the Trust for an annual fee payable monthly of 0.55% of the average daily net assets including current preferred shares and leverage of $175,736,522 entered into to retire previously issued preferred shares of the Trust. The Adviser has agreed to waive investment advisory fees equal to 0.10% of the average daily net assets including current preferred shares and leverage of $175,736,522 entered into to retire previously issued shares of the Trust. During the six months ended April 30, 2010, the Adviser waived approximately $632,000 of its advisory fees. This waiver is voluntary and can be discontinued at any time.
For the six months ended April 30, 2010, the Trust recognized expenses of approximately $21,600 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such firm and he and his law firm provide legal services as legal counsel to the Trust.
Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Trust. The costs of these services are allocated to each trust. For the six months ended April 30, 2010, the Trust recognized expenses of approximately $78,400 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting and legal services to the Trust, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and directors of Van Kampen. The Trust does not compensate its officers or trustees who are also officers of Van Kampen.
 
 
41


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  April 30, 2010 (Unaudited)  continued
 
The Trust provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation to a later date. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Trust. The maximum annual benefit per trustee under the plan is $2,500. Pursuant to the closing of the transaction as described in Note 9, the deferred compensation and retirement plans were terminated and amounts owed to the trustees were distributed on May 27, 2010.
 
3. Capital Transactions
For the six months ended April 30, 2010 and the year ended October 31, 2009, transactions in common shares were as follows:
 
                 
    Six Months Ended
  Year Ended
    April 30, 2010   October 31, 2009
 
Beginning Shares
    53,846,492       53,831,731  
Shares Issued Through Dividend Reinvestment
    63,319       24,561  
Shares Repurchased *
    -0-       (9,800 )
                 
Ending Shares
    53,909,811       53,846,492  
                 
 
* The Trust has a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Trust’s shares trade from its net asset value. For the six months ended April 30, 2010 and the year ended October 31, 2009, the Trust repurchased 0 and 9,800 of its shares, respectively, at an average discount of 0% and 11.74%, respectively, from net asset value per share. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes such activity will further the accomplishment of the foregoing objectives, subject to review of the Trustees.
 
4. Investment Transactions
During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $63,144,747 and $90,279,721, respectively.
 
5. Inverse Floating Securities
The Trust may invest a portion of its assets in inverse floating rate municipal securities, which are variable debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates. These investments are typically used by the Trust in seeking to enhance the yield of the portfolio or used as an alternative form of leverage in order to redeem a portion of the Trust’s preferred shares. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Inverse floating rate investments have varying degrees of liquidity. Inverse floating rate securities in which the Trust may invest include derivative instruments such as residual interest bonds (“RIBs”) or tender option bonds (“TOBs”). Such instruments are typically created by a special purpose trust that holds long-term fixed rate bonds (which may be tendered by the Trust in certain instances) and sells two classes of beneficial interests: short-term floating rate interests, which are sold to third party investors, and inverse floating residual interests, which are purchased by the Trust. The short-term floating rate interests have first priority on the
 
 
42


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  April 30, 2010 (Unaudited)  continued
 
cash flow from the bonds held by the special purpose trust and the Trust is paid the residual cash flow from the bonds held by the special purpose trust.
The Trust generally invests in inverse floating rate investments that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The market value of a “leveraged” inverse floating rate investment generally will fluctuate in response to changes in market rates of interest to a greater extent than the value of an unleveraged investment. The extent of increases and decreases in the value of inverse floating rate investments generally will be larger than changes in an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate investments.
In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
 
6. Preferred Shares
The Trust has outstanding 13,936 Auction Preferred Shares (APS) in nine series. Series A, B and C contain 1,950 shares each, Series D contains 1,040 shares, Series E, F and G contain 1,430 shares each, Series H contains 1,456 shares and Series I contains 1,300 shares. Dividends are cumulative and the dividend rates are generally reset every 28 days through an auction process. Beginning on February 15, 2008 and continuing through April 30, 2010, all series of preferred shares of the Trust were not successfully remarketed. As a result, the dividend rates of these preferred shares were reset to the maximum applicable rate on APS. The average rate in effect on April 30, 2010 was 0.246%. During the six months ended April 30, 2010, the rates ranged from 0.110% to 0.265%.
Historically, the Trust paid annual fees equivalent to 0.25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auction. Effective March 16, 2009, the Trust decreased this amount to 0.15% due to auction failures. In the future, if auctions no longer fail, the Trust may return to an annual fee payment of 0.25% of the preferred share liquidation value. These fees are included as a component of “Preferred Share Maintenance” expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of $25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption if the tests are not met.
 
 
43


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  April 30, 2010 (Unaudited)  continued
 
The Trust entered into additional inverse floating rate securities as an alternative form of leverage in order to redeem and retire a portion of its preferred shares. For the six months ended April 30, 2010, transactions in preferred shares were as follows:
 
                                                     
    Series A   Series B   Series C    
    Shares   Value   Shares   Value   Shares   Value    
 
Outstanding at 10/31/09
    2,250     $ 56,250,000       2,250     $ 56,250,000       2,250     $ 56,250,000      
Amount Retired
    (300 )     (7,500,000 )     (300 )     (7,500,000 )     (300 )     (7,500,000 )    
                                                     
Outstanding at 4/30/10
    1,950     $ 48,750,000       1,950     $ 48,750,000       1,950     $ 48,750,000      
                                                     
 
                                                     
    Series D   Series E   Series F    
    Shares   Value   Shares   Value   Shares   Value    
 
Outstanding at 10/31/09
    1,200     $ 30,000,000       1,650     $ 41,250,000       1,650     $ 41,250,000      
Amount Retired
    (160 )     (4,000,000 )     (220 )     (5,500,000 )     (220 )     (5,500,000 )    
                                                     
Outstanding at 4/30/10
    1,040     $ 26,000,000       1,430     $ 35,750,000       1,430     $ 35,750,000      
                                                     
 
                                                     
    Series G   Series H   Series I    
    Shares   Value   Shares   Value   Shares   Value    
 
Outstanding at 10/31/09
    1,650     $ 41,250,000       1,680     $ 42,000,000       1,500     $ 37,500,000      
Amount Retired
    (220 )     (5,500,000 )     (224 )     (5,600,000 )     (200 )     (5,000,000 )    
                                                     
Outstanding at 4/30/10
    1,430     $ 35,750,000       1,456     $ 36,400,000       1,300     $ 32,500,000      
                                                     
 
7. Line of Credit
Several Van Kampen municipal funds, including the Trust, entered into a $150,000,000 joint revolving bank credit facility. The purpose of the facility is to provide availability of funds for short-term liquidity purposes. The Trust had no borrowings under the facility during the six months ended April 30, 2010.
 
8. Indemnifications
The Trust enters into contracts that contain a variety of indemnifications. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
 
9. Subsequent Event
On June 1, 2010, Invesco Ltd., a leading independent global investment management company, completed its purchase of substantially all of the retail asset management business of Morgan Stanley, including the investment adviser and certain other affiliated service providers to most of the Van Kampen funds (including the Trust) (the “Transaction”). In contemplation of the Transaction, at a special meeting of shareholders held on April 16, 2010, shareholders of the Trust approved a new investment advisory agreement with Invesco Advisers, Inc., a subsidiary of Invesco Ltd., and a new master investment sub-advisory agreement with several of Invesco Ltd.’s wholly-owned affiliates. Thus, effective June 1, 2010, the Trust’s investment adviser, investment sub-advisers and certain other service providers are affiliates of Invesco Ltd. As of the same date, the Audit Committee of the Board of Trustees appointed, and the Board of
 
 
44


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  April 30, 2010 (Unaudited)  continued
 
Trustees ratified thereafter and approved, PricewaterhouseCoopers LLP as the independent registered public accounting firm of the Trust. In addition, effective June 1, 2010, the Trust has changed its name to “Invesco Van Kampen Trust for Investment Grade Municipals”. The Transaction does not result in any change to the Trust’s investment objective, principal investment strategies or the Trust’s portfolio management team.
 
10. Accounting Pronouncements
During June 2009, the FASB issued ASC 860, Transfers and Servicing (ASC 860). The objective of ASC 860 is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets.
ASC 860 is effective as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of ASC 860 must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of ASC 860 should be applied to transfers that occurred both before and after the effective date of ASC 860. At this time, management is evaluating the implications of ASC 860 and the impact it will have on the financial statement amounts and disclosures, if any.
On January 21, 2010, the FASB issued an Accounting Standards Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009. However, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment to ASC 820 and the impact it will have on financial statement disclosures.
 
 
45


 

Van Kampen Trust for Investment Grade Municipals
Board of Trustees, Officers, and Important Addresses
Information below is as of June 15, 2010
 
     
Trustees
David C. Arch
Jerry D. Choate
Rod Dammeyer
Linda Hutton Heagy
R. Craig Kennedy
Howard J Kerr
Colin Meadows
Jack E. Nelson
Hugo F. Sonnenschein
Wayne W. Whalen, Chairman
Suzanne H. Woolsey
 
Officers
Colin Meadows
President and Principal Executive Officer
John M. Zerr
Senior Vice President, Chief Legal Officer and Secretary
Lisa O. Brinkley
Vice President
Kevin M. Carome
Vice President
Karen Dunn Kelly
Vice President
Sheri Morris
Vice President, Principal Financial Officer and Treasurer
Lance A. Rejsek
Anti-Money Laundering Compliance Officer
Todd L. Spillane
Chief Compliance Officer
  Transfer Agent
Computershare Trust Company, N.A.
c/o Computershare Investor Services
P.O. Box 43078
Providence, RI 02940-3078

Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
1201 Louisiana Street, Suite 2900
Houston, TX 77002-5678

Legal Counsel
Skadden, Arps, Slate,
Meagher & Flom LLP
155 West Wacker Drive
Chicago, Illinois 60606

Investment Adviser
Invesco Advisers, Inc.
1555 Peachtree Street, N.E.
Atlanta, GA 30309
 
 
46


 

Van Kampen Trust for Investment Grade Municipals
Results of Shareholder Votes
 
A Special Meeting of Shareholders of the Trust was held on April 16, 2010 and the results of the voting were as follows:
 
                         
        Votes
  Withheld/
Matter   Votes For   Against   Abstentions
 
 
(1)  Approve a new advisory agreement between the Trust and Invesco Advisors, Inc. 
    28,657,015       1,217,716       1,801,741  
(2)  Approve a new sub-advisory agreement between Invesco Advisors, Inc. and each of Invesco TriMark Ltd.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Australia Limited; Invesco Hong Kong Limited; Invesco Institutional (N.A.), Inc.; and Invesco Senior Secured Management, Inc. 
    28,601,584       1,231,776       1,843,111  
 
 
47


 

Your Notes


 

Your Notes


 


Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our
Privacy Policy
 
You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.
 
Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.
 
Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.
 
 
 
www.vankampen.com
 
Copyright ©2010 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC
 
VGMSAN 06/10
IU10-02451P-Y04/10
(VAN KAMPEN INVESTMENTS LOGO)
 


 

ITEM 2.   CODE OF ETHICS.
There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
ITEM 3.   AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4.   PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5.   AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6.   SCHEDULE OF INVESTMENTS.
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7.   DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8.   PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9.   PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11.   CONTROLS AND PROCEDURES.
(a)   As of June 25, 2010, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 25, 2010, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded,

 


 

    processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
 
(b)   There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12.   EXHIBITS.
     
12(a) (1)
  Not applicable.
 
   
12(a) (2)
  Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
 
   
12(a)(3)
  Not applicable.
 
   
12(b)
  Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Van Kampen Trust for Investment Grade Municipals
         
By:
  /s/ Colin Meadows    
 
       
 
  Colin Meadows    
 
  Principal Executive Officer    
 
       
Date: July 8, 2010    
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Colin Meadows    
 
       
 
  Colin Meadows    
 
  Principal Executive Officer    
 
       
Date: July 8, 2010    
 
       
By:
  /s/ Sheri Morris    
 
       
 
  Sheri Morris    
 
  Principal Financial Officer    
 
       
Date: July 8, 2010    

 


 

EXHIBIT INDEX
     
12(a) (1)
  Not applicable.
 
   
12(a) (2)
  Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
 
   
12(a) (3)
  Not applicable
 
   
12(b)
  Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.