UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6471
Van Kampen Trust For Investment Grade Municipals
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/05
Item 1. Report to Shareholders
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Trust for Investment Grade Municipals performed during the semiannual
period. The portfolio management team will provide an overview of the
market conditions and discuss some of the factors that affected
investment performance during the reporting period. In addition, this
report includes the trust's financial statements and a list of trust
investments as of April 30, 2005.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
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NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
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Performance Summary as of 4/30/05
TRUST FOR INVESTMENT GRADE MUNICIPALS
SYMBOL: VGM
------------------------------------------------------------
AVERAGE ANNUAL BASED BASED ON
TOTAL RETURNS ON NAV MARKET PRICE
Since Inception (1/24/92) 8.38% 7.11%
10-year 8.12 6.87
5-year 9.77 9.79
1-year 10.18 9.23
6-month 2.49 -0.65
------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. 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, 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 Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The index does not include any expenses, fees or sales
charges, which would lower performance. The index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005
Van Kampen Trust for Investment Grade Municipals is managed by the Adviser's
Municipal Fixed Income team.(1) Current members include Thomas Byron and Robert
Wimmel, Vice Presidents of the Adviser; and John Reynoldson, Executive Director
of the Adviser.
MARKET CONDITIONS
The six-month period ended April 30, 2005, was characterized by continued
short-term interest rate increases. As crude oil prices reached record highs,
the prospect of rising inflation also cast a shadow. The Federal Open Market
Committee (the "Fed") raised the federal funds target rate 100 basis points
during the period through a series of four, "measured" 0.25 percent tightenings
to 2.75 percent by the end of April. Although rates in the short and
intermediate areas of the yield curve shifted upward as the Fed tightened, long-
term interest rates fell as buyers did not seem deterred by the prospect of
rising inflation. As a result, the yield curve (the difference between short and
longer-term yields) flattened and the long end of the municipal market handily
outperformed the shorter end.
The municipal market in total posted positive returns during the period, though
it was not uniformly strong. In contrast to the strong showing by longer-term
bonds, shorter-term municipals were hampered by the Fed's tightening and turned
in a flat to slightly negative showing. Within the investment-grade segment of
the market, yield differentials between BBB-rated and AAA-rated municipal
securities were slightly wider, though BBB-rated securities still outperformed
high grades due to their higher coupons, while securities rated below investment
grade strongly outperformed as investors sought out their higher yields.
The Fed's interest rate hikes did not dampen investors' appetites for municipal
bonds, as net inflows into municipal bond funds topped $290 million during the
period. The supply of new issues was modest during the closing months of 2004
(the first two months of the period) before soaring in the opening months of
2005 as long-term issuers rushed to bring securities to market in anticipation
of additional interest rate increases in the near term.
(1)Team members may change without notice at any time.
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, by the total number of common shares outstanding, while market
price reflects the supply and demand for the shares.
As a result, the two returns can differ, as they did during the reporting
period. On an NAV basis, the trust outperformed its benchmark index, the Lehman
Brothers Municipal Bond Index. On a market price basis, the trust underperformed
its benchmark.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005
------------------------------------------------------
BASED ON
BASED ON MARKET LEHMAN BROTHERS
NAV PRICE MUNICIPAL BOND INDEX
2.49% -0.65% 1.93%
------------------------------------------------------
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 trust uses leverage to enhance its dividend to common shareholders. The
trust borrows money at short-term rates through the issuance of preferred
shares. The proceeds are reinvested in longer-term securities, taking advantage
of the difference between short- and longer-term rates. The Fed's policy of
raising interest rates throughout the period made the trust's borrowing activity
more expensive. These expenses, however, were more than offset by the positive
performance of the bonds held by the trust.
One of our key strategies in managing the trust was to position it for rising
interest rates. This approach was largely the result of our analysis of interest
rates, which remained relatively low by historical standards even after rising
from their multi-decade lows earlier. First, we kept the trust's duration (a
measure of interest-rate sensitivity) below that of its benchmark. Second, to
limit the trust's exposure to areas of the market that would be most likely
susceptible to rising rates, we trimmed exposure to bonds with maturities in the
5- to 15-year range. We also reduced positions in pre-refunded bonds. We
reinvested the proceeds from those sales predominately into bonds with
maturities of 25 years or longer. In addition to offering relatively attractive
income streams, these longer-maturity securities positioned the trust to benefit
from any future flattening of the yield curve. When they were available, we
favored bonds with premium coupons and priced to shorter call dates.
3
We continued to focus on relative-value trading between liquid, high-quality
securities to capture relative value opportunities identified by our analysts.
The trust's overall credit exposure remained tilted toward higher-quality
securities, with approximately 88 percent of its exposure at the end of the
period in bonds rated AA or better. However, as high-yield spreads have
continued to tighten, the trust's high quality bent tempered performance during
the reporting period. The Trust did include a small allocation to BBB rated
securities. These bonds represented approximately 3 percent of the portfolio at
the end of the reporting period and provided an upward nudge to performance.
The trust's portfolio remained well diversified across the major sectors of the
municipal bond market, with its top three sectors at the end of the period being
general purpose, public education and higher education.
There is no guarantee the security sectors mentioned will continue to perform
well or be held by the trust in the future.
4
RATINGS ALLOCATION AS OF 4/30/05
AAA/Aaa 82.5%
AA/Aa 5.9
A/A 8.0
BBB/Baa 2.7
BB/Ba 0.3
B/B 0.2
NR 0.4
TOP 5 SECTORS AS OF 4/30/05
General Purpose 19.0
Public Education 11.4
Higher Education 10.1
Public Building 9.7
Transportation 8.7
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/05
New York 14.1%
California 11.5
Texas 9.3
New Jersey 8.0
Illinois 7.3
Florida 6.0
Michigan 4.3
Washington 4.1
North Carolina 3.2
Pennsylvania 3.0
Georgia 2.9
Indiana 2.5
Colorado 2.4
South Carolina 2.3
Oregon 1.7
Nevada 1.3
Massachusetts 1.2
Minnesota 1.1
Tennessee 1.1
Nebraska 1.1
Arizona 1.0
Ohio 1.0
Oklahoma 1.0
Kentucky 0.8
Connecticut 0.7
Missouri 0.7
Maryland 0.7
Puerto Rico 0.7
District of Columbia 0.6
Wisconsin 0.5
Iowa 0.5
Alabama 0.5
South Dakota 0.5
Mississippi 0.5
Guam 0.4
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/05
(continued from previous page)
Louisiana 0.4
Virginia 0.3
New Hampshire 0.3
Rhode Island 0.2
New Mexico 0.2
North Dakota 0.1
Utah 0.0
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Total Investments 100.0%
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings allocation and summary of
investments by state classification are as a percentage of total investments.
Sectors are as a percentage of long-term investments. Securities are classified
by sectors that represent broad groupings of related industries. Van Kampen is a
wholly owned subsidiary of a global securities firm which is engaged in a wide
range of financial services including, for example, securities trading and
brokerage activities, investment banking, research and analysis, financing and
financial advisory services. Rating allocations based upon ratings as issued by
Standard and Poor's and Moody's, respectively.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen fund 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 by filing the schedule
electronically with the Securities and Exchange Commission (SEC). The
semiannual reports are filed on Form N-CSRS and the annual reports are
filed on Form N-CSR. 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 trust 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, DC. Information on the operation of the SEC's Public
Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. You
can also request copies of these materials, upon payment of a duplicating
fee, by electronic request at the SEC's e-mail address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at 1-800-847-2424.
PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD
The trust's policies and procedures with respect to the voting of proxies
relating to the trust's portfolio securities and information on how the
trust voted proxies relating to portfolio securities during the most
recent twelve-month period ended June 30 is available without charge,
upon request, 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
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
MUNICIPAL BONDS 155.5%
ALABAMA 0.8%
$ 750 Birmingham Baptist Med Ctr AL Baptist Hlth
Sys Ser A.................................... 5.875% 11/15/24 $ 796,365
2,250 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A.... 5.250 01/01/23 2,404,912
435 Jefferson Cnty, AL Swr Rev Impt Wt Ser A
(Prerefunded @ 02/01/11) (FGIC Insd)......... 5.000 02/01/41 479,105
-------------
3,680,382
-------------
ARIZONA 1.6%
4,225 Arizona Tourism & Sports Auth Multipurpose
Stad Fac Ser A (MBIA Insd)................... 5.375 07/01/23 4,682,229
2,800 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien
(AMT) (FGIC Insd)............................ 5.375 07/01/29 2,851,380
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7,533,609
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CALIFORNIA 18.0%
2,895 ABC CA Uni Sch Dist Cap Apprec Ser B (FGIC
Insd)........................................ * 08/01/20 1,431,317
1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt
Proj Ser C (FSA Insd)........................ 6.000 09/01/16 1,545,674
8,500 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist
Fac Ser A (FSA Insd)......................... 5.000 10/01/31 8,866,180
6,355 California Ed Fac Auth Rev Pepperdine Univ
Ser A Rfdg (FGIC Insd)....................... 5.000 09/01/33 6,642,246
3,000 California St (AMBAC Insd)................... 5.125 10/01/27 3,141,420
1,000 California St Dept Wtr Res Pwr Ser A......... 6.000 05/01/15 1,152,210
4,000 California St Dept Wtr Res Pwr Ser A (AMBAC
Insd)........................................ 5.375 05/01/18 4,445,000
1,320 California St Dept Wtr Res Pwr Ser A (MBIA
Insd)........................................ 5.125 05/01/19 1,423,726
1,000 California St Pub Wks Brd UCLA Replacement
Hosp Ser A (FSA Insd)........................ 5.375 10/01/20 1,089,860
1,350 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A.............. 5.000 07/01/39 1,363,203
2,000 El Dorado, CA Irr Dist Ctf Ser A (FGIC
Insd)........................................ 5.000 03/01/21 2,124,340
2,000 Florin, CA Res Consv Dist Cap Impt Elk Grove
Wtr Svc Ser A (MBIA Insd).................... 5.000 09/01/33 2,097,320
3,000 Florin, CA Res Consv Dist Cap Impt Elk Grove
Wtr Svc Ser B (MBIA Insd).................... 5.000 03/01/33 3,139,980
2,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Cap Apprec Rfdg (MBIA Insd).................. * 01/15/17 1,118,360
20,750 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Sr Lien Ser A (Escrowed to Maturity)......... * 01/01/23 9,353,477
3,000 Fremont, CA Uni Sch Dist Ser A (FGIC Insd)... 5.000 08/01/25 3,161,070
1,500 Long Beach, CA Bd Fin Auth Rev Redev Hsg &
Gas Util Fin Ser A-1 (AMBAC Insd)............ 5.000 08/01/35 1,565,355
4,020 Oakland, CA Uni Sch Dist (FGIC Insd) (a)..... 5.250 08/01/18 4,422,482
8 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$1,750 Palm Springs, CA Fin Auth Lease Rev
Convention Ctr Proj Ser A (MBIA Insd)........ 5.500% 11/01/35 $ 1,951,092
3,000 Port Oakland, CA Ser M (FGIC Insd)........... 5.250 11/01/18 3,309,540
2,000 Salinas, CA Uni High Sch Dist Ser A (MBIA
Insd)........................................ 5.000 06/01/27 2,102,400
3,000 San Francisco, CA City & Cnty Pub Util Com
Wtr Rev Ser A (MBIA Insd).................... 5.000 11/01/32 3,129,000
3,000 San Francisco, CA City & Cnty Second Ser
Issue 29 B Rfdg (FGIC Insd).................. 5.125 05/01/20 3,221,820
3,000 San Jose, CA Fin Auth Lease Rev Civic Ctr
Proj Ser B (AMBAC Insd)...................... 5.000 06/01/32 3,112,380
3,745 Santa Clarita, CA Cmnty College (FGIC
Insd)........................................ 5.000 08/01/23 3,976,179
3,000 Temecula, CA Redev Agy Tax Temecula Redev
Proj No 1 (MBIA Insd)........................ 5.250 08/01/36 3,181,230
1,600 Turlock, CA Hlth Fac Rev Ctf Part Emanuel Med
Ctr Inc...................................... 5.375 10/15/34 1,640,624
-------------
83,707,485
-------------
COLORADO 3.5%
4,000 Adams & Arapahoe Cntys CO Sch Dist 28 Ser A
(FSA Insd)................................... 5.250 12/01/20 4,415,320
2,000 Aurora, CO Ctf Part (AMBAC Insd)............. 5.500 12/01/30 2,173,880
2,325 Colorado Ed & Cultural Fac Auth Rev Student
Hsg Univ CO Fndtn Proj (AMBAC Insd).......... 5.000 07/01/32 2,415,675
1,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Initiatives Ser A (Escrowed to Maturity)..... 5.500 03/01/32 1,116,660
1,125 Colorado Hlth Fac Auth Rev Hosp Portercare
Adventist Hlth............................... 6.500 11/15/31 1,241,944
51 Colorado Hsg Fin Auth Single Family Pgm Sr
Ser B1 (AMT)................................. 7.650 11/01/26 52,032
2,650 Colorado Springs, CO Util Rev Sys Sub Lien
Impt Ser B................................... 5.000 11/15/30 2,754,887
1,805 Lakewood, CO Ctf Part (AMBAC Insd) (a)....... 5.300 12/01/16 1,970,302
-------------
16,140,700
-------------
CONNECTICUT 1.1%
2,750 Bridgeport, CT Ser A Rfdg (FGIC Insd)........ 5.375 08/15/14 3,068,202
1,830 Connecticut St Spl Oblig Pkg Rev Bradley Intl
Arpt Ser A (AMT) (ACA Insd).................. 6.600 07/01/24 1,986,813
-------------
5,055,015
-------------
DISTRICT OF COLUMBIA 0.9%
2,000 District of Columbia Rev Friendship Pub
Charter Sch Inc (ACA Insd)................... 5.750 06/01/18 2,192,540
5 District of Columbia Ser E (FSA Insd) (a).... 6.000 06/01/13 5,014
2,000 Metropolitan Washington DC Arpt Auth Sys Ser
A (AMT) (FGIC Insd).......................... 5.250 10/01/32 2,087,020
-------------
4,284,574
-------------
See Notes to Financial Statements 9
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
FLORIDA 9.1%
$5,320 Dade Cnty, FL Spl Oblig Cap Apprec Ser B Rfdg
(Prerefunded @ 10/01/08) (AMBAC Insd)........ * 10/01/26 $ 1,593,766
3,000 Escambia Cnty, FL Hlth Fac Auth Hlth Fac Rev
FL Hlthcare Fac Ln (AMBAC Insd).............. 5.950% 07/01/20 3,046,530
2,500 Florida St Brd Ed Cap Outlay Pub Ed Ser C
(Prerefunded @ 06/01/10) (FGIC Insd)......... 5.750 06/01/29 2,833,625
1,000 Florida St Brd Ed Lottery Rev Ser A (FGIC
Insd)........................................ 6.000 07/01/14 1,135,040
5,000 Florida St Dept Trans Tpk Rev Ser A.......... 5.000 07/01/29 5,283,500
105 Gulf Breeze, FL Rev Venice Loc Govt Ln Ser E
(FGIC Insd) (b).............................. 5.050 12/01/20 114,107
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Sys Ser D..................... 5.375 11/15/35 1,045,950
4,550 Hillsborough Cnty, FL Sch Dist (Prerefunded @
10/01/11) (AMBAC Insd)....................... 5.375 10/01/17 5,093,634
2,000 Miami-Dade Cnty, FL Aviation Miami Intl Arpt
(AMT) (FGIC Insd)............................ 5.375 10/01/27 2,118,880
2,000 Miami-Dade Cnty, FL Aviation Ser A (AMT) (FSA
Insd)........................................ 5.125 10/01/35 2,068,240
2,000 Miami-Dade Cnty, FL Hlth Fac Miami Children
Hosp Ser A Rfdg (AMBAC Insd)................. 5.000 08/15/20 2,101,440
1,980 Miami-Dade, FL Sch Brd Ser C (Prerefunded @
10/01/11) (FSA Insd) (a)..................... 5.500 10/01/13 2,230,807
1,655 Reedy Creek Impt Dist FL Ser A Rfdg (AMBAC
Insd)........................................ 5.500 06/01/11 1,860,617
3,465 Reedy Creek Impt Dist FL Ser C (Prerefunded @
01/01/06) (AMBAC Insd)....................... 4.750 06/01/15 3,518,811
1,210 Saint Lucie Cnty, FL Sch Brd Ctf Ser A (FSA
Insd) (a).................................... 5.500 07/01/14 1,358,733
1,000 Tallahassee, FL Lease Rev FL St Univ Proj Ser
A (MBIA Insd) (a)............................ 5.500 08/01/17 1,108,710
1,250 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt Ser
A............................................ 5.750 07/01/19 1,317,175
2,880 Tampa, FL Occupational License Ser A Rfdg
(FGIC Insd).................................. 5.375 10/01/15 3,193,459
1,000 Village Ctr Cmnty Dev Dist FL Recreational
Rev Ser A (MBIA Insd)........................ 5.125 11/01/36 1,064,270
-------------
42,087,294
-------------
GEORGIA 4.5%
2,000 Atlanta, GA Arpt Passenger Fac Charge Rev Gen
Sub Lien Ser C (FSA Insd).................... 5.000 01/01/33 2,082,740
3,715 Atlanta, GA Wtr & Wastewtr Rev (FSA Insd).... 5.000 11/01/22 3,966,060
1,500 Clayton Cnty & Clayton Cnty, GA Wtr Auth Wtr
& Swr Rev.................................... 5.000 05/01/21 1,619,475
1,500 George L Smith II GA World Congress Cent Auth
Rev Domed Stad Proj Rfdg (AMT) (MBIA Insd)... 5.500 07/01/20 1,621,065
10 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
GEORGIA (CONTINUED)
$5,660 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA
Insd)........................................ 6.500% 01/01/17 $ 6,867,391
240 Georgia Muni Elec Auth Pwr Rev Ser Y
(Escrowed to Maturity) (MBIA Insd)........... 6.500 01/01/17 290,974
4,000 Municipal Elec Auth GA Combustion Turbine
Proj Ser A (MBIA Insd)....................... 5.250 11/01/16 4,407,200
-------------
20,854,905
-------------
ILLINOIS 11.4%
2,000 Bedford Park, IL Ser A Rfdg (FSA Insd)....... 5.250 12/15/20 2,203,600
2,000 Chicago, IL Brd of Ed (Prerefunded @
12/01/10) (FGIC Insd)........................ 5.500 12/01/31 2,235,280
2,000 Chicago, IL Brd of Ed Chicago Sch Reform
(Prerefunded @ 12/01/07) (AMBAC Insd)........ 5.750 12/01/20 2,178,140
4,865 Chicago, IL Cap Apprec (Prerefunded @
07/01/05) (AMBAC Insd)....................... * 07/01/16 2,411,629
1,500 Chicago, IL Lakefront Millennium Pk Fac (MBIA
Insd)........................................ 5.125 01/01/28 1,556,190
1,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien C-2 Rfdg (AMT) (XLCA Insd)........ 5.250 01/01/34 1,570,620
2,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien
Passenger Fac Ser B (AMBAC Insd)............. 5.500 01/01/17 2,196,340
3,500 Chicago, IL Proj Ser A Rfdg (MBIA Insd)
(c).......................................... 5.000 01/01/31 3,612,910
1,000 Chicago, IL Wastewtr Transmission Rev Second
Lien (Prerefunded @ 01/01/10) (MBIA Insd).... 6.000 01/01/30 1,135,490
3,500 Du Page Cnty, IL Fst Presv Dist.............. * 11/01/10 2,873,150
2,545 Du Page Cnty, IL Trans Rev (Prerefunded @
07/01/11) (FSA Insd)......................... 5.750 01/01/15 2,894,301
1,600 Grundy, Kendall, & Will Cntys (AMBAC Insd)
(a).......................................... 5.500 05/01/15 1,757,616
1,250 Illinois Dev Fin Auth Rev Bradley Univ Proj
(Prerefunded @ 08/01/09) (AMBAC Insd)........ 5.375 08/01/24 1,377,412
1,475 Illinois Dev Fin Auth Rev Loc Govt Pgm Geneva
Cmnty 304 Ser B (FSA Insd) (a)............... 5.750 01/01/15 1,652,708
1,145 Illinois Dev Fin Auth Rev Loc Govt Pgm Geneva
Cmnty 304 Ser B (FSA Insd) (a)............... 5.750 01/01/17 1,281,518
3,285 Illinois Dev Fin Auth Rev Presbyterian Home
Lake Proj Ser B (FSA Insd)................... 6.300 09/01/22 3,490,542
2,000 Illinois Ed Fac Auth Rev Lewis Univ.......... 6.100 10/01/16 2,022,280
1,325 Illinois Fin Auth Student Hsg Rev MJH Ed
Assistance IV Sr Ser A....................... 5.125 06/01/35 1,329,425
1,250 Illinois Hlth Fac Auth Rev Evangelical Hosp
Ser C (FSA Insd)............................. 6.750 04/15/17 1,520,775
700 Illinois Hlth Fac Auth Rev Highland Park Hosp
Proj Ser A (Prerefunded @ 10/01/07) (MBIA
Insd)........................................ 5.750 10/01/17 758,604
2,275 Illinois Hlth Fac Auth Rev South Suburban
Hosp (Escrowed to Maturity).................. 7.000 02/15/18 2,806,895
1,000 Illinois St (FGIC Insd)...................... 5.250 12/01/20 1,032,240
See Notes to Financial Statements 11
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$2,000 Illinois St First Ser (FGIC Insd)............ 5.375% 11/01/14 $ 2,222,380
250 Metropolitan Pier & Expo Auth IL Dedicated St
Tax Rev McCormick Pl Expn Proj (FGIC Insd)... 5.375 12/15/18 272,175
8,845 Metropolitan Pier & Expo Auth IL Dedicated St
Tax Rev McCormick Pl Expn Ser A (FGIC
Insd)........................................ * 06/15/16 5,473,374
1,105 Saint Clair Cnty, IL Pub Bldg Comm Bldg Rev
Cap Apprec Ser B (FGIC Insd)................. * 12/01/15 703,211
1,000 Southern IL Univ Rev Cap Apprec Hsg & Aux
(MBIA Insd).................................. * 04/01/29 301,170
-------------
52,869,975
-------------
INDIANA 3.7%
2,560 East Washington, IN Multi Sch Bldg Corp First
Mtg (FGIC Insd).............................. 5.375 07/15/28 2,779,136
2,000 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty Proj
Ser A (AMBAC Insd) (f)....................... 5.000 05/01/35 2,073,320
2,000 Indiana Transn Fin Auth Toll Rd Lease Rev
Rfdg (AMBAC Insd)............................ 5.375 07/01/09 2,095,360
1,935 Logansport, IN Sch Bldg Corp First Mtg
(Prerefunded @ 07/15/11) (FGIC Insd)......... 5.500 07/15/13 2,174,514
1,000 Marion Cnty, IN Convention & Rec Fac Auth
Excise Tax Rev (MBIA Insd)................... * 06/01/14 684,590
1,200 North Adams, IN Cmnty Sch Renovation Bldg
Corp Cap Apprec First Mtg (FSA Insd) (a)..... * 07/15/15 773,292
1,280 North Adams, IN Cmnty Sch Renovation Bldg
Corp Cap Apprec First Mtg (FSA Insd) (a)..... * 01/15/19 679,706
1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt
(AMT)........................................ 5.950 12/01/29 1,559,385
1,605 Richland Beanblossom, IN Sch First Mtg
(Prerefunded @ 07/15/11) (FGIC Insd) (a)..... 5.500 07/15/12 1,803,667
2,530 Vigo Cnty, IN Sch Bldg Corp First Mtg Impt &
Rfdg (FSA Insd).............................. 5.250 07/10/24 2,703,178
-------------
17,326,148
-------------
IOWA 0.8%
1,685 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd)
(a).......................................... 5.750 06/01/15 1,873,383
1,785 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd)
(a).......................................... 5.750 06/01/16 1,984,563
-------------
3,857,946
-------------
12 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
KENTUCKY 1.2%
$1,000 Kenton Cnty, KY Arpt Brd Rev
Cincinnati/Northn KY Intl Arpt Ser A Rfdg
(AMT) (MBIA Insd)............................ 6.200% 03/01/08 $ 1,080,070
1,500 Kenton Cnty, KY Arpt Brd Rev
Cincinnati/Northn KY Intl Arpt Ser A Rfdg
(AMT) (MBIA Insd)............................ 6.250 03/01/09 1,644,045
2,450 Louisville & Jefferson Cnty, KY Swr Ser A
(MBIA Insd) (a).............................. 5.500 05/15/16 2,750,811
-------------
5,474,926
-------------
LOUISIANA 0.6%
1,000 Ernest N Morial-New Orleans, LA Exhib Hall
Auth Spl Tax Sr Sub Ser A (AMBAC Insd)....... 5.000 07/15/33 1,037,420
1,495 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg
Ser A (AMT) (GNMA Collateralized)............ 5.375 10/20/39 1,557,835
-------------
2,595,255
-------------
MARYLAND 1.1%
2,250 Maryland St Trans Auth Arpt Baltimore/Wash
Intl Arpt Ser B (AMT) (AMBAC Insd)........... 5.125 03/01/24 2,373,345
2,350 Northeast, MD Waste Disp Auth Rfdg (AMT)
(AMBAC Insd)................................. 5.500 04/01/16 2,564,743
-------------
4,938,088
-------------
MASSACHUSETTS 1.8%
500 Massachusetts St Hlth & Ed Fac Auth Rev
Hlthcare Sys Covenant Hlth................... 6.000 07/01/31 532,505
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Partn
Hlthcare Sys Ser C........................... 5.750 07/01/32 1,094,600
1,000 Massachusetts St Indl Fin Agy Rev Wentworth
Institute Tech............................... 5.650 10/01/18 1,055,920
2,805 Massachusetts St Port Auth Rev Ser A (MBIA
Insd)........................................ 5.000 07/01/22 3,013,720
2,500 Massachusetts St Spl Oblig Dedicated Tax Rev
(FGIC Insd).................................. 5.000 01/01/34 2,620,800
-------------
8,317,545
-------------
MICHIGAN 6.7%
3,015 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1................................... * 07/01/17 1,670,551
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/18 1,599,633
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/19 1,514,752
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/22 1,271,606
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/23 1,197,796
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (a)............................... * 07/01/24 1,125,084
2,965 Detroit, MI Wtr Supply Sys Ser C (MBIA Insd)
(a).......................................... 5.250 07/01/20 3,260,077
See Notes to Financial Statements 13
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
MICHIGAN (CONTINUED)
$3,500 Grand Rapids, MI Downtown Dev Cap Apprec
(MBIA Insd).................................. * 06/01/15 $ 2,294,355
2,765 Grand Rapids, MI Downtown Dev Cap Apprec
(MBIA Insd).................................. * 06/01/16 1,717,590
1,000 Grand Rapids, MI Wtr Supply Sys Rfdg (FGIC
Insd)........................................ 5.750% 01/01/13 1,121,620
1,000 Kent Hosp Fin Auth MI Rev Met Hosp Proj Ser
A............................................ 6.000 07/01/35 1,070,740
4,000 Michigan St Bldg Auth Rev Fac Pgm Ser III
Rfdg (FSA Insd).............................. 5.000 10/15/26 4,177,560
2,850 Michigan St Hosp Fin Auth Rev Ascension Hlth
Cr Ser A (Prerefunded @ 11/15/09) (MBIA
Insd)........................................ 5.750 11/15/18 3,185,502
2,500 Michigan St Strategic Fd Detroit Edison Co
Proj Ser A (AMT) (XLCA Insd)................. 5.500 06/01/30 2,682,800
1,500 Michigan St Strategic Fd Detroit Edison Co
Proj Ser C Rfdg (AMT) (XLCA Insd)............ 5.450 12/15/32 1,589,670
1,355 Zeeland, MI Pub Schs Sch Bldg & Site (MBIA
Insd) (a).................................... 5.250 05/01/21 1,477,844
-------------
30,957,180
-------------
MINNESOTA 1.8%
5,000 Minneapolis & Saint Paul, MN Metro Arpt Comm
Arpt Rev Ser A (FGIC Insd)................... 5.125 01/01/31 5,184,300
2,800 Minnesota Agriculture & Econ Dev Brd Rev
Hlthcare Sys Fairview Hosp Ser A (MBIA
Insd)........................................ 5.750 11/15/26 3,008,712
-------------
8,193,012
-------------
MISSISSIPPI 0.7%
3,250 Mississippi Business Fin Corp MS Pollutn Ctl
Rev Sys Energy Res Inc Proj.................. 5.875 04/01/22 3,290,787
-------------
MISSOURI 1.1%
1,500 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc..... 5.625 06/01/27 1,545,465
1,625 Jefferson Cnty, MO Reorg Sch Dist No R-6
(FGIC Insd).................................. 5.625 03/01/20 1,794,293
1,500 Kansas City, MO Met Cmnty Leasehold Jr
College Impt & Rfdg (FGIC Insd).............. 5.500 07/01/17 1,662,960
-------------
5,002,718
-------------
NEBRASKA 1.7%
1,190 Dodge Cnty, NE Sch Dist No 001 Fremont
(Prerefunded @ 12/15/10) (FSA Insd).......... 5.750 12/15/13 1,345,759
4,000 Nebraska Pub Pwr Dist Rev Ser A (AMBAC
Insd)........................................ 5.000 01/01/35 4,186,760
2,260 University NE Univ Rev Lincoln Student Fees &
Fac Ser B.................................... 5.000 07/01/23 2,389,792
-------------
7,922,311
-------------
14 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
NEVADA 2.0%
$4,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2
(FGIC Insd).................................. 5.000% 07/01/36 $ 4,156,320
3,500 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser D (AMT) (FGIC Insd)............ 5.250 03/01/38 3,642,870
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj
(AMBAC Insd)................................. 5.125 06/01/32 1,566,765
-------------
9,365,955
-------------
NEW HAMPSHIRE 0.5%
1,000 New Hampshire Hlth & Ed Fac Auth Rev
Derryfield Sch............................... 7.000 07/01/30 1,060,170
1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev
Pennichuck Wtrwks Inc (AMT) (AMBAC Insd)..... 6.300 05/01/22 1,078,830
-------------
2,139,000
-------------
NEW JERSEY 12.4%
4,000 Essex Cnty, NJ Impt Auth Rev Proj Consldtn
Rfdg (MBIA Insd)............................. 5.125 10/01/21 4,332,280
5,650 Garden St Preservation Tr NJ Ser A (FSA
Insd)........................................ 5.250 11/01/19 6,232,007
1,500 New Jersey Econ Dev Auth Cig Tax............. 5.750 06/15/34 1,603,650
1,500 New Jersey Econ Dev Auth Rev Motor Veh Surp
Rev Ser A (MBIA Insd)........................ 5.000 07/01/23 1,600,485
1,500 New Jersey Econ Dev Auth Rev Trans Proj
Sublease Ser A (Prerefunded @ 05/01/09) (FSA
Insd)........................................ 5.250 05/01/17 1,627,785
25,000 New Jersey Econ Dev Auth St Contract Econ
Recovery (MBIA Insd)......................... 5.900 03/15/21 30,261,500
2,000 New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp
Ctr Passaic (Escrowed to Maturity) (FSA
Insd)........................................ 6.000 07/01/06 2,041,700
3,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt
Ser A (AMBAC Insd)........................... 5.250 09/01/19 3,291,270
710 New Jersey St Tpk Auth Tpk Rev Ser A (MBIA
Insd)........................................ 6.000 01/01/11 810,557
290 New Jersey St Tpk Auth Tpk Rev Ser A
(Escrowed to Maturity) (MBIA Insd)........... 6.000 01/01/11 332,366
3,000 New Jersey St Tpk Auth Tpk Rev Ser C-1 (AMBAC
Insd)........................................ 5.000 01/01/35 3,111,390
2,385 New Jersey St Trans Corp Ctfs Fed Trans Admin
Grants Ser A (Prerefunded @ 09/15/09) (AMBAC
Insd)........................................ 5.750 09/15/11 2,635,616
-------------
57,880,606
-------------
NEW MEXICO 0.3%
1,250 Jicarilla, NM Apache Nation Rev Ser A
(Acquired 10/23/03, Cost $1,274,428) (d)..... 5.500 09/01/23 1,341,913
-------------
See Notes to Financial Statements 15
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
NEW YORK 22.1%
$3,000 Metropolitan Trans Auth NY Commuter Fac Rev
Ser A (Prerefunded @ 01/01/08) (MBIA Insd)... 5.625% 07/01/27 $ 3,258,000
2,000 Metropolitan Trans Auth NY Trans Fac Rev Svc
Contract Ser R (Prerefunded @ 07/01/15)...... 5.500 07/01/17 2,312,860
2,500 New York City Muni Wtr Fin Auth Wtr & Swr Sys
Rev Ser D.................................... 5.000 06/15/39 2,606,650
3,000 New York City Ser A Rfdg..................... 7.000 08/01/06 3,151,740
3,500 New York City Ser E (FSA Insd)............... 5.000 11/01/20 3,761,590
1,850 New York City Ser G (Prerefunded @
10/15/07).................................... 5.875 10/15/14 1,999,110
1,000 New York City Ser H.......................... 5.750 03/15/13 1,117,160
2,500 New York City Ser I (MBIA Insd).............. 5.000 08/01/17 2,710,775
1,700 New York City Ser I.......................... 6.000 04/15/12 1,802,493
3,300 New York City Ser I (Prerefunded @
04/15/07).................................... 6.000 04/15/12 3,530,175
10,000 New York City Trans Auth Trans Fac Livingston
Plaza Proj Rfdg (Escrowed to Maturity) (FSA
Insd)........................................ 5.400 01/01/18 11,320,900
3,000 New York City Transitional Future Tax Secd 5.500/
Ser A Rfdg (e)............................... 14.000 11/01/26 3,337,650
5,305 New York City Transitional Future Tax Secd
Ser C (AMBAC Insd)........................... 5.250 08/01/20 5,763,936
2,000 New York City Transitional Future Tax Secd
Ser C (AMBAC Insd)........................... 5.250 08/01/22 2,173,020
4,545 New York City Transitional Future Tax Secd
Ser D (MBIA Insd)............................ 5.250 02/01/21 4,983,820
2,500 New York St Dorm Auth Lease Rev Muni Hlth Fac
Impt Pgm Ser A (FSA Insd).................... 5.500 05/15/25 2,653,675
1,250 New York St Dorm Auth Lease Rev St Univ Dorm
Fac Ser C (Prerefunded @ 07/01/09) (MBIA
Insd)........................................ 5.500 07/01/29 1,384,500
13,500 New York St Dorm Auth Rev City Univ Sys Ser
C............................................ 7.500 07/01/10 14,981,220
3,000 New York St Dorm Auth Rev St Univ Ed Fac
(Prerefunded @ 05/15/10) (FGIC Insd)......... 5.750 05/15/24 3,404,940
2,000 New York St Dorm Auth Rev St Univ Ed Fac 1989
Res (MBIA Insd).............................. 6.000 05/15/16 2,269,960
730 New York St Dorm Auth Rev St Univ Ed Fac Ser
B............................................ 5.250 05/15/10 795,569
1,500 New York St Environmental Fac Revolving Fd
Ser C........................................ 5.000 07/15/21 1,601,790
2,840 New York St Loc Govt Assistance Corp Ser E
Rfdg......................................... 6.000 04/01/14 3,328,906
5,875 New York St Med Care Fac Fin Agy Rev Saint
Peter's Hosp Proj Ser A (AMBAC Insd)......... 5.375 11/01/20 6,004,015
1,500 New York St Urban Dev Corp Rev Proj Cent for
Indl Innovation Rfdg......................... 5.500 01/01/13 1,688,970
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Terminal 6 (AMT) (MBIA Insd)....... 5.750 12/01/22 3,233,250
16 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
$3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Terminal 6 (AMT) (MBIA Insd)....... 5.750% 12/01/25 $ 3,178,170
4,000 Triborough Brdg & Tunl Auth NY Rev Rfdg (MBIA
Insd)........................................ 5.000 11/15/32 4,172,160
-------------
102,527,004
-------------
NORTH CAROLINA 5.0%
2,000 Johnston Cnty, NC (Prerefunded @ 03/01/10)
(FGIC Insd).................................. 5.900 03/01/19 2,287,920
1,000 North Carolina Eastern Muni Pwr Agy Pwr Sys
Rev Ser D.................................... 6.750 01/01/26 1,118,250
15,000 North Carolina Muni Pwr Agy No 1 Catawba Elec
Rev Rfdg (MBIA Insd)......................... 6.000 01/01/12 17,256,750
2,500 North Carolina Muni Pwr Agy Ser A (MBIA
Insd)........................................ 5.250 01/01/19 2,725,250
-------------
23,388,170
-------------
NORTH DAKOTA 0.2%
1,040 North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm
Home Mtg Fin Ser B (AMT) (MBIA Insd)......... 5.500 07/01/29 1,070,285
-------------
OHIO 1.6%
1,400 Bowling Green St Univ OH Gen Rcpt (FGIC
Insd)........................................ 5.750 06/01/12 1,574,216
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj......................................... 7.500 01/01/30 1,124,720
1,000 Delaware Cnty, OH Cap Fac (Prerefunded @
12/01/10).................................... 6.000 12/01/25 1,151,980
1,000 Hamilton, OH One Renaissance Ctr Ser A (AMBAC
Insd)........................................ 5.500 11/01/16 1,121,330
1,000 Mahoning Cnty, OH Hosp Fac Forum Hlth Oblig
Group Ser A.................................. 6.000 11/15/32 1,074,610
1,840 Pickerington, OH Loc Sch Dist Cap Apprec Sch
Fac Contr (FGIC Insd)........................ * 12/01/12 1,382,466
-------------
7,429,322
-------------
OKLAHOMA 1.5%
1,500 Jenks, OK Aquarium Auth Rev First Mtg
(Prerefunded @ 07/01/10) (MBIA Insd)......... 6.100 07/01/30 1,725,075
1,575 Oklahoma City, OK Arpt Tr Jr Lien 27th Ser B
(AMT) (FSA Insd)............................. 5.750 07/01/16 1,705,205
1,000 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev
(FGIC Insd).................................. 5.250 10/01/29 1,085,040
2,250 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev
(AMBAC Insd)................................. 6.250 11/01/22 2,566,643
-------------
7,081,963
-------------
See Notes to Financial Statements 17
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
OREGON 2.6%
$4,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA
Insd)........................................ 5.250% 07/01/22 $ 4,377,080
3,000 Oregon St Dept Admin Ser C Rfdg (MBIA
Insd)........................................ 5.250 11/01/17 3,275,940
920 Oregon St Vets Welfare Ser 76A............... 6.050 10/01/28 930,479
1,190 Portland, OR Cmnty College Dist Ser B........ 5.250 06/01/12 1,315,081
1,985 Portland, OR Urban Renewal & Redev Downtown
Wtrfront Ser A (AMBAC Insd).................. 5.750 06/15/16 2,230,088
-------------
12,128,668
-------------
PENNSYLVANIA 4.7%
1,250 Allegheny Cnty, PA San Auth Swr Rev
(Prerefunded @ 12/01/10) (MBIA Insd)......... 5.750 12/01/16 1,414,488
4,680 Erie, PA Sch Dist Cap Apprec Rfdg (FSA
Insd)........................................ * 09/01/19 2,427,797
3,420 Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med
Rfdg (FHA Gtd)............................... 7.000 08/01/22 3,500,986
1,500 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA
Insd) (b).................................... 5.000 12/01/33 1,633,335
1,775 Harrisburg, PA Cap Apprec Ser D Rfdg (AMBAC
Insd)........................................ * 09/15/16 1,080,567
1,710 Harrisburg, PA Cap Apprec Ser D Rfdg (AMBAC
Insd)........................................ * 03/15/19 905,992
1,385 Harrisburg, PA Cap Apprec Ser F Rfdg (AMBAC
Insd)........................................ * 09/15/19 717,195
1,500 Penn Cambria Sch Dist PA Cap Apprec (FGIC
Insd) (a).................................... * 08/15/20 739,290
60 Penn Hills, PA (Prerefunded @ 12/01/07) (FGIC
Insd)........................................ 5.900 12/01/17 64,453
1,000 Pennsylvania St Higher Ed Fac Auth College &
Univ Rev Bryn Mawr College (MBIA Insd)....... 5.625 12/01/27 1,063,920
1,000 Philadelphia, PA Auth Indl Dev Philadelphia
Arpt Sys Proj Ser A (AMT) (FGIC Insd)........ 5.125 07/01/19 1,055,070
1,400 Philadelphia, PA Sch Dist Ser A (Prerefunded
@ 02/01/11) (FSA Insd)....................... 5.750 02/01/12 1,585,052
1,500 Pittsburgh, PA Ser A (Prerefunded @ 09/01/09)
(FGIC Insd).................................. 5.750 09/01/23 1,641,960
1,005 Southeast Delco Sch Dist PA Cap Apprec (MBIA
Insd)........................................ * 02/01/17 595,623
3,500 State Pub Sch Bldg Auth PA Sch Rev Lease-
Philadelphia Sch Dist Proj (FSA Insd)........ 5.000 06/01/33 3,641,260
-------------
22,066,988
-------------
RHODE ISLAND 0.4%
1,490 Providence, RI Redev Agy Rev Pub Safety &
Muni Bldgs Ser A (Prerefunded @ 04/01/10)
(AMBAC Insd)................................. 5.500 04/01/14 1,666,669
-------------
18 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
SOUTH CAROLINA 3.6%
$2,275 Beaufort Cnty, SC Tax Increment New Riv Redev
Proj Area (MBIA Insd) (a).................... 5.500% 06/01/19 $ 2,547,704
2,375 Berkeley Cnty, SC Sch Dist Ctf Part Berkeley
Sch Fac Grp Inc (Escrowed to Maturity) (MBIA
Insd)........................................ 5.250 02/01/16 2,433,449
1,840 Myrtle Beach, SC Hospitality Fee Rev Ser A
(FGIC Insd) (a).............................. 5.375 06/01/21 2,023,190
1,935 Myrtle Beach, SC Hospitality Fee Rev Ser A
(FGIC Insd) (a).............................. 5.375 06/01/22 2,123,024
3,500 South Carolina Jobs Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser A (AMBAC Insd)........ 5.200 11/01/27 3,752,175
3,750 South Carolina Jobs Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser B (AMT) (AMBAC
Insd)........................................ 5.450 11/01/32 3,989,025
-------------
16,868,567
-------------
SOUTH DAKOTA 0.8%
1,375 Deadwood, SD Ctf Part (ACA Insd)............. 6.375 11/01/20 1,477,919
1,000 South Dakota St Hlth & Ed Fac Auth Rev
Childrens Care Hosp Rfdg..................... 6.125 11/01/29 1,079,510
990 South Dakota St Hlth & Ed Fac Auth Vocational
Ed Pgm Ser A (AMBAC Insd).................... 5.400 08/01/13 1,057,667
-------------
3,615,096
-------------
TENNESSEE 1.7%
1,500 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev
First Mtg Mtn States Rfdg (MBIA Insd)........ 7.500 07/01/25 1,887,405
410 Montgomery Cnty, TN Pub Impt Rfdg (FGIC Insd)
(a).......................................... 5.500 05/01/16 456,916
5,090 Montgomery Cnty, TN Pub Impt Rfdg
(Prerefunded @ 05/01/12) (FGIC Insd) (a)..... 5.500 05/01/16 5,773,383
-------------
8,117,704
-------------
TEXAS 14.6%
2,685 Beaumont, TX Wtrwk & Swr Sys (Prerefunded @
09/01/10) (FGIC Insd) (a).................... 6.250 09/01/15 3,059,531
5,425 Boerne, TX Indpt Sch Dist Bldg (PSF Gtd)..... 5.000 02/01/35 5,616,720
1,275 Cameron Cnty, TX Ctf Oblig (AMBAC Insd)
(a).......................................... 5.750 02/15/13 1,406,746
2,000 Dallas, TX Wtrwks & Swr Sys Rev Rfdg
(Prerefunded @ 10/01/10)..................... 5.750 10/01/17 2,245,100
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A
(AMT) (FGIC Insd)............................ 5.750 11/01/30 4,308,200
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A
Impt & Rfdg (AMT) (FGIC Insd)................ 5.500 11/01/31 4,231,520
2,000 Harris Cnty, TX Toll Rd Sub Lien Rfdg........ 5.000 08/01/33 2,031,960
5,000 Harris Cnty-Houston, TX Sports Auth Spl Rev
Jr Lien Ser B Rfdg (MBIA Insd)............... 5.250 11/15/40 5,203,250
1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT)
(FSA Insd)................................... 5.625 07/01/30 1,078,090
See Notes to Financial Statements 19
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$3,000 Houston, TX Hotel Occupancy Tax & Spl Rev
Convention & Entmt Ser B (AMBAC Insd)........ 5.750% 09/01/15 $ 3,376,620
130 Houston, TX Pub Impt & Rfdg (FSA Insd)....... 5.750 03/01/15 144,781
6,000 Houston, TX Util Sys Rev First Lien Ser A
Rfdg (FSA Insd).............................. 5.250 05/15/21 6,504,180
6,000 Houston, TX Util Sys Rev First Lien Ser A
Rfdg (FGIC Insd)............................. 5.250 05/15/23 6,479,280
2,500 Mabank, TX Indpt Sch Dist (PSF Gtd) (f)...... 5.125 08/15/35 2,606,800
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj.......................... 7.250 01/01/31 1,529,580
1,500 North Cent TX Hlth Fac Dev Hosp Baylor
Hlthcare Sys Proj Ser A...................... 5.125 05/15/29 1,543,500
4,000 North Cent TX Hlth Fac Dev Hosp Childrens Med
Ctr Dallas (AMBAC Insd)...................... 5.250 08/15/32 4,244,720
2,165 San Antonio, TX Elec & Gas Rev Sys Rfdg...... 5.375 02/01/16 2,366,345
835 San Antonio, TX Elec & Gas Rev Sys Rfdg
(Prerefunded @ 02/01/12)..................... 5.375 02/01/16 928,846
2,750 Texas St Vets Housing Assistance Pgm Vet Ser
B (AMT) (FHA Gtd)............................ 6.100 06/01/31 2,943,765
3,000 University of TX Univ Rev Fin Sys Ser A...... 5.250 08/15/20 3,291,150
2,300 University of TX Univ Rev Fin Sys Ser C
(Prerefunded @ 08/15/11)..................... 5.375 08/15/19 2,562,913
-------------
67,703,597
-------------
UTAH 0.0%
70 Utah St Hsg Fin Agy Single Family Mtg
Mezzanine Issue H1 (AMBAC Insd).............. 6.000 07/01/12 72,136
-------------
VIRGINIA 0.5%
1,320 Fairfax Cnty, VA Ctf Part.................... 5.300 04/15/23 1,427,936
1,000 Henrico Cnty, VA Indl Dev Auth Pub Fac Lease
Rev Henrico Cnty Regl Jail Proj (Prerefunded
@ 08/01/05).................................. 7.125 08/01/21 1,031,550
-------------
2,459,486
-------------
WASHINGTON 6.4%
2,500 Energy Northwest WA Elec Rev Proj No 3 Ser A
Rfdg (FSA Insd).............................. 5.500 07/01/18 2,764,775
5,360 Energy Northwest WA Elec Rev Proj No 3 Ser B
Rfdg (FSA Insd).............................. 6.000 07/01/16 6,142,774
1,485 Pierce Cnty, WA (AMBAC Insd) (a)............. 5.750 08/01/14 1,655,211
1,000 Port Seattle, WA Rev Ser B (AMT) (MBIA
Insd)........................................ 5.625 02/01/24 1,077,500
1,435 Radford Ct Ppty WA Student Hsg Rev (MBIA
Insd) (a).................................... 6.000 06/01/15 1,623,487
1,585 Radford Ct Ppty WA Student Hsg Rev (MBIA
Insd) (a).................................... 6.000 06/01/16 1,793,190
1,000 Seattle, WA Muni Lt & Pwr Rev................ 5.625 12/01/18 1,081,930
20 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
WASHINGTON (CONTINUED)
$5,500 Seattle, WA Wtr Sys Rev (MBIA Insd).......... 5.000% 09/01/34 $ 5,735,180
1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Rev
Skagit Vly Hosp (f).......................... 5.500 12/01/30 1,285,925
3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales
Use Tax (MBIA Insd).......................... 5.250 09/01/33 3,196,530
1,350 Tacoma, WA Elec Sys Rev Ser A Rfdg (FSA
Insd)........................................ 5.750 01/01/15 1,514,052
1,650 Tacoma, WA Elec Sys Rev Ser B Rfdg (FSA
Insd)........................................ 5.500 01/01/12 1,849,452
-------------
29,720,006
-------------
WISCONSIN 0.8%
1,340 Oconto Falls, WI Pub Sch Dist Ser A Rfdg
(Prerefunded @ 03/01/11) (FSA Insd) (a)...... 5.750 03/01/15 1,518,702
2,000 Southeast WI Professional Baseball Pk Dist
Sales Tax Rev Ser A Rfdg (MBIA Insd)......... 5.500 12/15/20 2,339,640
-------------
3,858,342
-------------
GUAM 0.7%
3,000 Guam Pwr Auth Rev Ser A (AMBAC Insd)......... 5.250 10/01/34 3,210,720
-------------
PUERTO RICO 1.0%
1,110 Puerto Rico Comwlth Aqueduct & Swr Auth Rev
Rfdg (Comwlth Gtd)........................... 5.000 07/01/15 1,139,837
3,500 Puerto Rico Pub Bldg Auth Rev Gtd Govt Fac
Ser I (Comwlth Gtd).......................... 5.250 07/01/33 3,725,050
-------------
4,864,887
-------------
TOTAL LONG-TERM INVESTMENTS 155.5%
(Cost $662,630,487)........................................................ 722,666,939
SHORT-TERM INVESTMENTS 0.7%
(Cost $3,100,000).......................................................... 3,100,000
-------------
TOTAL INVESTMENTS 156.2%
(Cost $665,730,487)........................................................ 725,766,939
OTHER ASSETS IN EXCESS OF LIABILITIES 0.9%.................................. 4,117,476
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (57.1%).................. (265,179,287)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................... $ 464,705,128
=============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the bond issuance.
See Notes to Financial Statements 21
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
(b) Security includes a put feature allowing the Trust to periodically put the
security back to the issuer at amortized cost on specified put dates. The
interest rate shown represents the current interest rate earned by the Trust
based on the most recent reset date.
(c) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(d) These securities are restricted and may be resold only in transactions
exempt from registration which are normally those transactions with
qualified institutional buyers. Restricted securities comprise 0.3% of net
assets applicable to common shares.
(e) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(f) Securities purchased on a when-issued or delayed delivery basis.
ACA--American Capital Access
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
Comwlth--Commonwealth of Puerto Rico
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corp.
PSF--Permanent School Fund
XLCA--XL Capital Assurance Inc.
22 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2005 (Unaudited)
ASSETS:
Total Investments (Cost $665,730,487)....................... $725,766,939
Cash........................................................ 42,861
Receivables:
Interest.................................................. 10,579,050
Variation Margin on Futures............................... 269,250
Investments Sold.......................................... 50,000
Other....................................................... 2,048
------------
Total Assets............................................ 736,710,148
------------
LIABILITIES:
Payables:
Investments Purchased..................................... 5,910,539
Investment Advisory Fee................................... 327,445
Income Distributions--Common Shares....................... 96,470
Other Affiliates.......................................... 35,199
Trustees' Deferred Compensation and Retirement Plans........ 358,533
Accrued Expenses............................................ 97,547
------------
Total Liabilities....................................... 6,825,733
Preferred Shares (including accrued distributions).......... 265,179,287
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $464,705,128
============
NET ASSET VALUE PER COMMON SHARE ($464,705,128 divided by
27,013,149 shares outstanding)............................ $ 17.20
============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
shares authorized, 27,013,149 shares issued and
outstanding).............................................. $ 270,131
Paid in Surplus............................................. 399,273,758
Net Unrealized Appreciation................................. 59,193,753
Accumulated Net Realized Gain............................... 3,722,996
Accumulated Undistributed Net Investment Income............. 2,244,490
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $464,705,128
============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
shares, 10,600 issued with liquidation preference of
$25,000 per share)........................................ $265,000,000
============
NET ASSETS INCLUDING PREFERRED SHARES....................... $729,705,128
============
See Notes to Financial Statements 23
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2005 (Unaudited)
INVESTMENT INCOME:
Interest.................................................... $17,746,186
-----------
EXPENSES:
Investment Advisory Fee..................................... 1,988,418
Preferred Share Maintenance................................. 349,381
Trustees' Fees and Related Expenses......................... 42,323
Legal....................................................... 37,450
Custody..................................................... 21,567
Other....................................................... 149,073
-----------
Total Expenses.......................................... 2,588,212
-----------
NET INVESTMENT INCOME....................................... $15,157,974
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 4,110,239
Futures................................................... 668,379
-----------
Net Realized Gain........................................... 4,778,618
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 66,943,615
-----------
End of the Period:
Investments............................................. 60,036,452
Futures................................................. (842,699)
-----------
59,193,753
-----------
Net Unrealized Depreciation During the Period............... (7,749,862)
-----------
NET REALIZED AND UNREALIZED LOSS............................ $(2,971,244)
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(2,553,400)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 9,633,330
===========
24 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, 2005 OCTOBER 31, 2004
-----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.................................... $ 15,157,974 $ 29,746,899
Net Realized Gain/Loss................................... 4,778,618 (3,125,821)
Net Unrealized Appreciation/Depreciation During
the Period............................................. (7,749,862) 11,324,268
Distributions to Preferred Shareholders:
Net Investment Income.................................. (2,553,400) (2,822,650)
Net Realized Gain...................................... -0- (224,871)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................. 9,633,330 34,897,825
Distributions to Common Shareholders:
Net Investment Income.................................. (13,262,724) (27,082,100)
Net Realized Gain...................................... -0- (2,811,836)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
INVESTMENT ACTIVITIES.................................. (3,629,394) 5,003,889
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................. 468,334,522 463,330,633
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $2,244,490 and $2,902,640,
respectively).......................................... $464,705,128 $468,334,522
============ ============
See Notes to Financial Statements 25
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, ------------------
2005 2004 2003
--------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD................... $ 17.34 $ 17.15 $ 17.46
------- ------- -------
Net Investment Income.................................... .56 1.09 1.10
Net Realized and Unrealized Gain/Loss.................... (.12) .31 .09
Common Share Equivalent of Distributions Paid to
Preferred Shareholders:
Net Investment Income.................................. (.09) (.10) (.08)
Net Realized Gain...................................... -0- (.01) (.03)
------- ------- -------
Total from Investment Operations........................... .35 1.29 1.08
Distributions Paid to Common Shareholders:
Net Investment Income.................................. (.49) (1.00) (1.07)
Net Realized Gain...................................... -0- (.10) (.32)
------- ------- -------
NET ASSET VALUE, END OF THE PERIOD......................... $ 17.20 $ 17.34 $ 17.15
======= ======= =======
Common Share Market Price at End of the Period............. $ 14.75 $ 15.34 $ 15.58
Total Return (b)........................................... -.65%* 5.76% 7.60%
Net Assets Applicable to Common Shares at End of the Period
(In millions)............................................ $ 464.7 $ 468.3 $ 463.3
Ratio of Expenses to Average Net Assets Applicable to
Common Shares (c)........................................ 1.12% 1.27% 1.28%
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares (c).......................... 6.59% 6.43% 6.40%
Portfolio Turnover......................................... 14%* 18% 23%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including
Preferred Shares (c)..................................... .72% .80% .82%
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares (d).......................... 5.48% 5.82% 5.92%
SENIOR SECURITIES:
Total Preferred Shares Outstanding......................... 10,600 10,600 10,600
Asset Coverage Per Preferred Share (e)..................... $68,857 $69,204 $68,721
Involuntary Liquidating Preference Per Preferred Share..... $25,000 $25,000 $25,000
Average Market Value Per Preferred Share................... $25,000 $25,000 $25,000
* Non-Annualized
(a)As required effective November 1, 2001, the Trust has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
accreting market discount on fixed income securities. The effect of this
change for the year ended October 31, 2002 was to increase net investment
income per share by $.01, decrease net realized and unrealized gains and
losses per share by $.01 and increase the ratio of net investment income to
average net assets applicable to common shares by .02%. Per share, ratios and
supplemental data for periods prior to October 31, 2002 have not been
restated to reflect this change in presentation.
(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.
26
YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------------------------------
2002 (A) 2001 2000 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------
$ 17.51 $ 16.22 $ 15.63 $ 17.64 $ 17.29 $ 16.58 $ 16.58 $ 15.03
------- ------- -------- -------- -------- -------- -------- --------
1.18 1.25 1.32 1.33 1.35 1.37 1.38 1.42
.18 1.24 .64 (1.94) .42 .74 .11 1.65
(.10) (.32) (.40) (.32) (.34) (.35) (.35) (.38)
(.07) -0- -0- (.02) (.02) -0- -0- -0-
------- ------- -------- -------- -------- -------- -------- --------
1.19 2.17 1.56 (.95) 1.41 1.76 1.14 2.69
(1.03) (.88) (.97) (.99) (1.00) (1.05) (1.14) (1.14)
(.21) -0- -0- (.07) (.06) -0- -0- -0-
------- ------- -------- -------- -------- -------- -------- --------
$ 17.46 $ 17.51 $ 16.22 $ 15.63 $ 17.64 $ 17.29 $ 16.58 $ 16.58
======= ======= ======== ======== ======== ======== ======== ========
$ 15.80 $ 14.94 $13.5625 $13.6875 $ 17.00 $ 16.125 $ 15.813 $ 15.75
14.56% 16.85% 6.41% -13.97% 12.40% 8.92% 7.84% 21.15%
$ 471.6 $ 473.0 $ 438.1 $ 422.2 $ 476.6 $ 467.0 $ 447.8 $ 447.9
1.41% 1.55% 1.68% 1.61% 1.58% 1.60% 1.62% 1.68%
6.89% 7.37% 8.44% 7.87% 7.73% 8.16% 8.37% 8.96%
33% 29% 31% 33% 29% 40% 30% 15%
.89% .98% 1.03% 1.02% 1.01% 1.01% 1.02% 1.04%
6.30% 5.49% 5.86% 6.00% 5.80% 6.06% 6.24% 6.55%
10,600 10,600 10,600 10,600 5,300 5,300 5,300 5,300
$69,511 $69,623 $ 66,332 $ 64,827 $139,932 $138,116 $134,491 $134,501
$25,000 $25,000 $ 25,000 $ 25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
$25,000 $25,000 $ 25,000 $ 25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
See Notes to Financial Statements 27
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Trust for Investment Grade Municipals (the "Trust") is registered as
a diversified, closed-end management investment company under the Investment
Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment
objective is to seek to provide a high level of current income exempt from
federal income tax, consistent with preservation of capital. The Trust will
invest substantially all of its assets in municipal securities rated investment
grade at the time of investment. The Trust commenced investment operations on
January 24, 1992.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the bid and asked prices or, in the absence of
market quotations, at fair value based upon yield data relating to municipal
bonds with similar characteristics and general market conditions. Securities
which are not valued by independent pricing services or dealers are valued at
fair value using procedures established in good faith by the Board of Trustees.
Futures contracts are valued at the settlement price established each day on the
exchange on which they are traded. Short-term securities with remaining
maturities of 60 days or less are valued at amortized cost, which approximates
market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when-issued" or "delayed delivery"
basis with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this period. The Trust will
segregate assets with the custodian having an aggregate value at least equal to
the amount of the when-issued or delayed delivery purchase commitments until
payment is made. At April 30, 2005, the Trust had $5,910,539 of when-issued or
delayed delivery purchase commitments.
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the expected life of each
applicable security.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
The Trust 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 such losses against any future realized capital
gains. At October 31, 2004, the Trust had an accumulated capital loss
carryforward for tax purposes of $1,444,681 which will expire on October 31,
2012.
28
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
At April 30, 2005, the cost and related gross unrealized appreciation and
depreciation are as follows:
Cost of investments for tax purposes........................ $664,939,383
============
Gross tax unrealized appreciation........................... $ 60,948,989
Gross tax unrealized depreciation........................... (121,433)
------------
Net tax unrealized appreciation on investments.............. $ 60,827,556
============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed annually on a pro rata basis to common and preferred
shareholders. Distributions from net realized gains for book purposes may
include short-term capital gains and a portion of futures gains, which are
included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31,
2004 was as follows:
Distributions paid from:
Ordinary income........................................... $ 142,534
Long-term capital gain.................................... 3,036,707
----------
$3,179,241
==========
As of October 31, 2004, the component of distributable earnings on a tax
basis was as follows:
Undistributed ordinary income............................... $65,384
Net realized gains or losses may differ for financial and tax reporting
purposes primarily as a result of the deferral of losses relating to wash sale
transactions.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") provides investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
of the Trust. Effective November 1, 2004, the advisory fee was reduced from .60%
to .55%.
For the six months ended April 30, 2005, the Trust recognized expenses of
approximately $19,800 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 Accounting Services and Legal Services agreements, the
Adviser provides accounting and legal services to the Trust. The Adviser
allocates the cost of such services to each trust. For the six months ended
April 30, 2005, the Trust recognized expenses of approximately $31,700
representing Van Kampen Investment Inc.'s or its affiliates' (collectively "Van
Kampen") cost of providing accounting and legal services to the Trust, which are
reported as part of "Other" and "Legal" expenses, respectively, on the Statement
of Operations.
29
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation to a
later date. Benefits under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustee's years of service to the Trust.
The maximum annual benefit per trustee under the plan is $2,500.
3. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $106,098,419 and $103,179,429,
respectively.
4. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
The Trust may invest up to 15% of its net assets in "inverse floating rate
obligations." The inverse floating rate obligations in which the Trust may
invest are typically created through a division of a fixed-rate municipal
obligation into two separate instruments, a short-term obligation and a
long-term obligation. The interest rate on the short-term obligation is set at
periodic auctions. The interest rate on the long-term obligation which the Trust
may purchase is the rate the issuer would have paid on the fixed-income
obligation, (i) plus the difference between such fixed rate and the rate on the
short-term obligation, if the short-term rate is lower than the fixed rate; or
(ii) minus such difference if the interest rate on the short-term obligation is
higher than the fixed rate. These securities have varying degrees of liquidity
and the market value of such securities generally will fluctuate in response to
changes in market rates of interest to a greater extent than the value of an
equal principal amount of a fixed rate security having similar credit quality,
redemption provisions and maturity. These securities 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. Although volatile, inverse floating rate obligations
typically offer the potential for yields exceeding the yields available on fixed
rate bonds with comparable credit quality, coupon, call provisions and maturity.
These securities usually permit the investor to convert the floating rate
security counterpart to a fixed rate (normally adjusted downward), and this
optional conversion feature may provide a partial hedge against rising rates if
exercised at an opportune time.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage in transactions involving interest
rate swaps, caps, floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management or for risk management
purposes, but may also enter into these transactions to generate additional
income. All of the Trust's portfolio holdings, including derivative instruments,
are marked to market each day with the change in value reflected in unrealized
appreciation/depreciation. Upon disposition, a realized gain or loss is
recognized accordingly, except when taking delivery of a security underlying a
futures contract. In this instance, the recognition of gain or loss is postponed
until the
30
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
disposal of the security underlying the futures contract. Risks may arise as a
result of the potential inability of the counterparties to meet the terms of
their contracts.
During the period, the Trust invested in futures contracts, a type of
derivative. A futures contract is an agreement involving the delivery of a
particular asset on a specified future date at an agreed upon price. The Trust
generally invests in exchange traded futures on U.S. Treasury Bonds and Notes
and typically closes the contract prior to delivery date. Upon entering into
futures contracts, the Trust maintains an amount of cash or liquid securities
with a value equal to a percentage of the contract amount with either a future
commission merchant pursuant to rules and regulations promulgated under the 1940
Act, as amended, or with its custodian in an account in the broker's name. This
amount is known as initial margin. During the period the futures contract is
open, payments are received from or made to the broker based upon changes in the
value of the contract (the variation margin). The risk of loss associated with a
futures contract is in excess of the variation margin reflected on the Statement
of Assets and Liabilities.
Transactions in futures contracts for the six months ended April 30, 2005,
were as follows:
CONTRACTS
Outstanding at October 31, 2004............................. 542
Futures Opened.............................................. 1,788
Futures Closed.............................................. (1,253)
------
Outstanding at April 30, 2005............................... 1,077
======
The futures contracts outstanding as of April 30, 2005, and the description
and unrealized appreciation/depreciation were as follows:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 5-Year Futures June 2005
(Current Notional Value of $108,453 per contract)......... 1,077 $(842,699)
===== =========
5. PREFERRED SHARES
The Trust has outstanding 10,600 Auction Preferred Shares ("APS") in four
series. Series A, B, and C contain 3,000 shares each while Series D contains
1,600 shares. Dividends are cumulative and the dividend rate is currently reset
through an auction process. The dividend period is 28 days for Series A, B, C
and D. The average rate in effect on April 30, 2005 was 2.604%. During the six
months ended April 30, 2005, the rates ranged from 1.539% to 2.750%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
31
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
6. 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.
7. TRUST MERGER
On March 18, 2005, the Trustees of Municipal Income Trust ("Target Trust")
announced its intention to merge the Target Trust into Trust for Investment
Grade Municipals ("Acquiring Trust"). The Trustees of each of the trusts have
approved in principal an agreement and plan of reorganization between the trusts
providing for a transfer of assets and liabilities of the Target Trust to the
Acquiring Trust in exchange for shares of beneficial interest of the Acquiring
Trust (the "Reorganization"). The Reorganization is subject to the approval by
the shareholders of the Target Trust.
32
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
DIVIDEND REINVESTMENT PLAN
The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which
Common Shareholders may elect to have dividends and capital gains distributions
reinvested in Common Shares of the Trust. The Trust declares dividends out of
net investment income, and will distribute annually net realized capital gains,
if any. Common Shareholders may join or withdraw from the Plan at any time.
If you decide to participate in the Plan, State Street Bank and Trust
Company, as your Plan Agent, will automatically invest your dividends and
capital gains distributions in Common Shares of the Trust for your account.
HOW TO PARTICIPATE
If you wish to participate and your shares are held in your own name, call
1-800-341-2929 for more information and a Plan brochure. If your shares are held
in the name of a brokerage firm, bank, or other nominee, you should contact your
nominee to see if it would participate in the Plan on your behalf. If you wish
to participate in the Plan, but your brokerage firm, bank or nominee is unable
to participate on your behalf, you should request that your shares be
re-registered in your own name which will enable your participation in the Plan.
HOW THE PLAN WORKS
Participants in the Plan will receive the equivalent in Common Shares valued
on the valuation date, generally at the lower of market price or net asset
value, except as specified below. The valuation date will be the dividend or
distribution payment date or, if that date is not a trading day on the national
securities exchange or market system on which the Common Shares are listed for
trading, the next preceding trading day. If the market price per Common Share on
the valuation date equals or exceeds net asset value per Common Share on that
date, the Trust will issue new Common Shares to participants valued at the
higher of net asset value or 95% of the market price on the valuation date. In
the foregoing situation, the Trust will not issue Common Shares under the Plan
below net asset value. If net asset value per Common Share on the valuation date
exceeds the market price per Common Share on that date, or if the Board of
Trustees should declare a dividend or capital gains distribution payable to the
Common Shareholders only in cash, participants in the Plan will be deemed to
have elected to receive Common Shares from the Trust valued at the market price
on that date. Accordingly, in this circumstance, the Plan Agent will, as agent
for the participants, buy the Trust's Common Shares in the open market for the
participants' accounts on or shortly after the payment date. If, before the Plan
Agent has completed its purchases, the market price exceeds the net asset value
per share of the Common Shares, the average per share purchase price paid by the
Plan Agent may exceed the net asset value
33
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
DIVIDEND REINVESTMENT PLAN continued
of the Trust's Common Shares, resulting in the acquisition of fewer Common
Shares than if the dividend or distribution had been paid in Common Shares
issued by the Trust. All reinvestments are in full and fractional Common Shares
and are carried to three decimal places.
Experience under the Plan may indicate that changes are desirable.
Accordingly, the Trust reserves the right to amend or terminate the Plan as
applied to any dividend or distribution paid subsequent to written notice of the
changes sent to all Common Shareholders of the Trust at least 90 days before the
record date for the dividend or distribution. The Plan also may be amended or
terminated by the Plan Agent by at least 90 days written notice to all Common
Shareholders of the Trust.
COSTS OF THE PLAN
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. No other charges will be made to participants for reinvesting
dividends or capital gains distributions, except for certain brokerage
commissions, as described above.
TAX IMPLICATIONS
You will receive tax information annually for your personal records and to
help you prepare your federal income tax return. The automatic reinvestment of
dividends and capital gains distributions does not relieve you of any income tax
which may be payable on dividends or distributions.
RIGHT TO WITHDRAW
Plan participants may withdraw at any time by calling 1-800-341-2929 or by
writing State Street Bank and Trust Company, P.O. Box 8200, Boston, MA
02266-8200. If you withdraw, you will receive, without charge, a share
certificate issued in your name for all full Common Shares credited to your
account under the Plan and a cash payment will be made for any fractional Common
Share credited to your account under the Plan. You may again elect to
participate in the Plan at any time by calling 1-800-341-2929 or writing to the
Trust at:
Van Kampen Funds Inc.
Attn: Closed-End Funds
2800 Post Oak Blvd.
Houston, TX 77056
34
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
MITCHELL M. MERIN*
JACK E. NELSON
RICHARD F. POWERS, III*
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
MITCHELL M. MERIN
President and Chief Executive Officer
RONALD E. ROBISON
Executive Vice President and
Principal Executive Officer
JOSEPH J. MCALINDEN
Executive Vice President and
Chief Investment Officer
AMY R. DOBERMAN
Vice President
STEPHANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
JAMES W. GARRETT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
CUSTODIAN
STATE STREET BANK AND TRUST COMPANY
225 Franklin Street
P.O. Box 1713
Boston, Massachusetts 02110
TRANSFER AGENT
EQUISERVE TRUST COMPANY, N.A.
P.O. Box 43011
Providence, Rhode Island 02940-3011
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
180 North Stetson Avenue
Chicago, Illinois 60601
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
35
VAN KAMPEN
AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc.,
Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange
Corp., as well as current and former individual investors in Van Kampen mutual
funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised by
us. This Policy is, however, applicable to individuals who select us to be a
custodian of securities or assets in individual retirement accounts, 401(k)
accounts, 529 Educational Savings Accounts, accounts subject to the Uniform
Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we help
you achieve your financial objectives. This Policy describes what non-public
personal information we collect about you, why we collect it, and when we may
share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies you or
your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect and
maintain accurate information about you. We may obtain this information from
applications and other forms you submit to us, from your dealings with us, from
consumer reporting agencies, from our Web sites and from third parties and other
sources.
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser,
(continued on back)
VAN KAMPEN
AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY continued
your use of our Web sites and your product and service preferences,
through the use of "cookies." "Cookies" recognize your computer each
time you return to one of our sites, and help to improve our sites'
content and personalize your experience on our sites by, for example,
suggesting offerings that may interest you. Please consult the Terms of
Use of these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you better
and to manage our business, we may disclose personal information we collect
about you to our affiliated companies and to non-affiliated third parties as
required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise required
or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except to
enable them to provide services on our behalf, to perform joint marketing
agreements with other financial institutions, or as otherwise required or
permitted by law. For example, some instances where we may disclose information
about you to non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against fraud,
for institutional risk control, to respond to judicial process or to perform
services on our behalf. When we share personal information with these companies,
they are required to limit their use of personal information to the particular
purpose for which it was shared and they are not allowed to share personal
information with others except to fulfill that limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE
COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties that
provide support or marketing services on our behalf may also receive personal
information, and we require them to adhere to confidentiality standards with
respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza, P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2005 Van Kampen Funds Inc. All rights reserved.
Member NASD/SIPC.
VGM SAR 6/05 RN05-01290P-Y04/05
(VAN KAMPEN INVESTMENTS LOGO)
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
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.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 12. Exhibits.
(a) Code of Ethics - Not applicable for semi-annual reports.
(b)(1) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(b)(2) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Trust For Investment Grade Municipals
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 16, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 16, 2005
By: /s/ James W. Garrett
---------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: June 16, 2005