UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6471
Van Kampen Trust For Investment Grade Municipals
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
(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: 4/30/07
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, 2007.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
---------------------------------------------------------------------------------------
Performance Summary as of 4/30/07
TRUST FOR INVESTMENT GRADE MUNICIPALS
SYMBOL: VGM
------------------------------------------------------------
AVERAGE ANNUAL BASED BASED ON
TOTAL RETURNS ON NAV MARKET PRICE
Since Inception (1/24/92) 7.95% 7.50%
10-year 7.38 7.50
5-year 7.19 8.40
1-year 7.08 12.87
6-month 1.29 8.25
------------------------------------------------------------
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 and preferred shares, by
the total number of common shares outstanding. The common share market price is
the price the market is willing to pay for shares of the trust at a given time.
Common share market price is influenced by a range of factors, including supply
and demand and market conditions. Total return assumes an investment at the
beginning of the period, reinvestment of all distributions for the period in
accordance with the trust's dividend reinvestment plan, and sale of all shares
at the end of the period. The trust's advisor has waived or reimbursed fees and
expenses from time to time; absent such waivers/reimbursements the trust's
returns would have been lower.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The index does not include any expenses, fees or sales
charges, which would lower performance. The index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007
MARKET CONDITIONS
The overall environment for municipal bonds was favorable during the reporting
period, but mixed economic indicators and concerns about the residential housing
sector led to increased market uncertainty and volatility. At the beginning of
the period, the pace of economic growth appeared to be slowing, but in December,
the outlook for the economy turned positive following a slate of
stronger-than-expected economic releases. The improved economic picture pushed
bond yields higher and effectively reversed the run-up in prices that had begun
in July on concern over the weak housing market's potential drag on the economy.
Bonds continued to decline until February, when the sub-prime mortgage market
showed signs of deterioration, causing a sell-off in equities and a
flight-to-quality bond market rally. In March, the rally ended as strong
employment reports and upward movement in inflationary pressures sparked selling
in an overbought Treasury market. At month end, however, the short end of the
bond market rebounded strongly following news that the Federal Open Market
Committee (the "Fed") had dropped its bias toward higher rates. This came as
somewhat of a surprise, given the fact that core inflation readings remained
elevated.
Municipal bond yields followed the general movement of the Treasury market.
However, the 30-year AAA municipal yield reached lows not seen in decades,
declining to 4.00 percent in the first half of the reporting period before
reversing course and ending the period higher at 4.10 percent. Yields on the
short end of the municipal curve rose more than long-term yields during the
period. As a result, the short end of the curve posted the lowest returns while
the long end outperformed other portions of the curve by as much as 70 basis
points. The slope of the municipal curve (which is defined by the traditional
yield advantage of bonds with longer maturities) still remained relatively flat
and as such, the yield differential between long maturity and short maturity
issues was quite small.
New issue supply rose dramatically during the period, increasing by 34 percent
versus the same six-month period a year ago, as relatively low interest rates
spurred municipalities to refinance their debt. Demand for municipal bonds was
robust as well, particularly for high-yield securities as investors proved
increasingly willing to take on more risk in return for relatively higher
yields. The strong demand caused most credit spreads, which were already near
historically tight levels, to further narrow. As a result, the lower-quality,
higher yielding segment of the market considerably outperformed, returning 182
basis points more than the investment-grade segment for the overall period.
2
PERFORMANCE ANALYSIS
The Trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the trust's portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common shares
outstanding, while market price reflects the supply and demand for the shares.
As a result, the two returns can differ, as they did during the reporting
period. On an NAV basis, the Trust underperformed its benchmark index, the
Lehman Brothers Municipal Bond Index. On a market price basis, the Trust
outperformed its benchmark.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007
---------------------------------------------------------------
BASED ON BASED ON LEHMAN BROTHERS MUNICIPAL
NAV MARKET PRICE BOND INDEX
1.29% 8.25% 1.59%
---------------------------------------------------------------
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.
A variety of strategies drove the Trust's performance during the course of the
period. One of the key drivers was our focus on the long end of the yield curve.
Given the relatively flat shape of the curve throughout the period, we invested
in bonds with maturities of 25 years or more in order to capture more attractive
yields. The emphasis on longer-maturity issues proved beneficial to performance
as this segment of the curve outperformed for the overall period.
We also began to selectively add higher-yielding BBB rated bonds to the
portfolio, as well as to add to the Trust's holdings of inverse floating-rate
securities.* These strategies were additive to the Trust's performance during
the first four months of the period. In the last two months, however, spread
widening led the performance of lower-rated bonds to wane and rising interest
rates hurt the performance of inverse floating-rate securities. As a result, the
Trust's holdings in these credits detracted somewhat from performance late in
the period. The biggest contributor to the Trust's underperformance versus the
Lehman Brothers Municipal Bond Index, however, was its holdings of tobacco
revenue bonds. A large amount of older tobacco bonds were pre-refunded during
the period. Unlike the Lehman Brothers Municipal Bond Index, which contained
these older bonds, the Trust only had positions in newer tobacco bonds which
were not pre-refunded. As such, the portfolio was not able to benefit from the
refundings that took place during the period, which detracted from the
performance of the Trust's holdings in this sector relative to those of the
Lehman Brothers Municipal Bond Index. In addition, spread widening in
*An inverse floating-rate security, or "inverse floater", is a variable rate
security whose coupon rate changes in the opposite direction from the change in
the reference rate used to calculate the coupon rate.
3
the sector in the latter months of the period also caused these holdings to
hinder performance.
Because the Trust's inverse floating-rate securities effectively added to the
portfolio's duration (a measure of interest-rate risk), we hedged that risk by
selling U.S. Treasury futures. This strategy was additive to performance for the
overall period and served to keep the Trust's duration neutral to that of the
Lehman Brothers Municipal Bond Index. We also purchased various A and BBB rated
health care bonds during the period, which enhanced the Trust's overall
performance. An abundant supply of housing bonds created some favorable
opportunities to add to the Trust's holdings in this sector as well. Although
these holdings detracted from the portfolio's total return during the period,
they did serve to enhance the Trust's yield, as did additional purchases of
discount coupon bonds. The Trust remained well diversified across a broad
spectrum of municipal market sectors. As of the end of the period, hospital,
general purpose and public education bonds represented the portfolio's largest
sector weightings.
The Trustees have approved a procedure whereby the trust may, when appropriate,
repurchase its shares in the open market or in privately negotiated transactions
at a price not above market value or NAV, whichever is lower at the time of
purchase. This may help support the market value of the trust's shares.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the Trust in
the future.
4
RATINGS ALLOCATION AS OF 4/30/07
AAA/Aaa 58.8%
AA/Aa 10.5
A/A 8.3
BBB/Baa 10.3
BB/Ba 0.2
B/B 0.2
Non-Rated 11.7
TOP FIVE SECTORS AS OF 4/30/07
Hospital 18.9%
General Purpose 8.8
Public Education 7.2
Airports 6.6
Master Tobacco 6.4
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/07
California 17.3%
New York 8.7
Texas 6.4
Florida 6.1
Illinois 5.8
New Jersey 4.6
South Carolina 4.6
Washington 2.9
Alabama 2.9
Colorado 2.8
Michigan 2.8
North Carolina 2.6
Pennsylvania 2.5
Arizona 2.1
Georgia 1.9
Kentucky 1.9
Indiana 1.9
Ohio 1.8
Nevada 1.8
Massachusetts 1.8
Missouri 1.7
Oregon 1.4
Tennessee 1.4
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/07
(continued from previous page)
Louisiana 1.3%
Iowa 1.2
Alaska 1.2
Virginia 1.2
Minnesota 0.9
Oklahoma 0.9
South Dakota 0.8
Maryland 0.8
District of Columbia 0.5
Guam 0.4
Puerto Rico 0.4
Connecticut 0.4
Wisconsin 0.4
Kansas 0.3
West Virginia 0.3
Nebraska 0.2
North Dakota 0.2
Wyoming 0.2
New Hampshire 0.2
Mississippi 0.1
Arkansas 0.1
New Mexico 0.1
Utah 0.1
Delaware 0.1
-----
Total Investments 100.0%
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings allocation and summary of
investments by state classification are as a percentage of total investments.
Sectors are as a percentage of long-term investments. Securities are classified
by sectors that represent broad groupings of related industries. Van Kampen is a
wholly owned subsidiary of a global securities firm which is engaged in a wide
range of financial services including, for example, securities trading and
brokerage activities, investment banking, research and analysis, financing and
financial advisory services. Rating allocations based upon ratings as issued by
Standard and Poor's and Moody's, respectively.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen
also delivers the semiannual and annual reports to trust 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
(800) SEC-0330. You can also request copies of these materials, upon
payment of a duplicating fee, by electronic request at the SEC's e-mail
address (publicinfo@sec.gov) or by writing the Public Reference section
of the SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 341-2929.
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the Trust's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 341-2929 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the Trust voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
7
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MUNICIPAL BONDS 191.4%
ALABAMA 5.5%
$ 6,500 Alabama Hsg Fin Auth Single Family Mtg Rev
Rfdg Ser B (GNMA Collateralized) (AMT)
(a)......................................... 4.700% 04/01/38 $ 6,421,480
3,660 Alabama St Brd Ed Rev & Impt Southn Univ St
Cmnty Rfdg (MBIA Insd) (b).................. 5.250 07/01/20 3,923,373
7,700 Birmingham Baptist Med Ctr AL Baptist Hlth
Sys Ser A................................... 5.000 11/15/30 7,858,081
750 Birmingham Baptist Med Ctr AL Baptist Hlth
Sys Ser A................................... 5.875 11/15/24 800,115
1,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A... 5.000 01/01/24 1,045,170
2,250 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A... 5.250 01/01/23 2,396,137
7,710 University AL at Birmingham Hosp Rev Ser A
(a)......................................... 5.000 09/01/36 7,882,704
9,840 University AL at Birmingham Hosp Rev Ser A
(a)......................................... 5.000 09/01/41 10,038,047
--------------
40,365,107
--------------
ALASKA 2.2%
2,000 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC
Insd)....................................... 5.000 12/01/30 2,095,660
1,250 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC
Insd)....................................... 5.250 12/01/34 1,336,562
3,650 Alaska St Intl Arpt Rev Ser B (AMBAC Insd)
(Prerefunded @ 10/01/12).................... 5.250 10/01/27 3,928,203
1,575 Matanuska-Susitna Boro, AK Ctf Partn Pub
Safety Bldg Lease (FSA Insd)................ 5.750 03/01/16 1,660,649
7,300 Northern Tob Sec Corp Rev Bkd Ser A......... 5.000 06/01/46 7,182,616
--------------
16,203,690
--------------
ARIZONA 3.9%
1,000 Arizona Hlth Fac Auth Hosp Sys Rev John C
Lincoln Hlth Network (Prerefunded @
12/01/12)................................... 6.375 12/01/37 1,139,010
6,075 Glendale, AZ Indl Dev Auth John C Lincoln
Hlth Rfdg Ser B............................. 5.000 12/01/37 6,169,648
3,050 Glendale, AZ Indl Dev Auth Rfdg............. 5.000 12/01/35 3,097,763
3,500 Maricopa Cnty, AZ Hosp Rev Sun Hlth Corp.... 5.000 04/01/35 3,551,275
2,800 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien
(FGIC Insd) (AMT)........................... 5.375 07/01/29 2,805,936
11,750 University of AZ Med Ctr Corp............... 5.000 07/01/35 11,926,368
--------------
28,690,000
--------------
ARKANSAS 0.2%
1,395 Washington Cnty, AR Hosp Rev Regl Med Ctr
Rfdg Ser B.................................. 5.000 02/01/30 1,425,006
--------------
8 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
CALIFORNIA 33.2%
$ 1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt
Proj Ser C (FSA Insd)....................... 6.000% 09/01/16 $ 1,506,648
11,235 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist
Fac Ser A (FSA Insd)........................ 5.000 10/01/31 11,738,216
1,500 California Cnty, CA Tob Agy Tob Sec Merced
Cnty Rfdg Ser A............................. 5.125 06/01/38 1,504,860
1,000 California Cnty, CA Tob Agy Tob Sec Sonoma
Cnty Corp Rfdg.............................. 5.250 06/01/45 1,013,890
6,355 California Ed Fac Auth Rev Pepperdine Univ
Rfdg Ser A (FGIC Insd)...................... 5.000 09/01/33 6,615,491
1,200 California Hlth Fac Fin Auth Rev Kaiser
Permanente Ser A............................ 5.250 04/01/39 1,260,528
10,380 California Hlth Fac Fin Auth Rev Cedars
Sinai Med Ctr Rfdg (a)...................... 5.000 11/15/34 10,662,959
3,500 California Hsg Fin Agy Rev Home Mtg Ser M
(AMT) (a)................................... 4.625 08/01/26 3,490,998
6,360 California Hsg Fin Agy Rev Home Mtg Ser M
(AMT) (a)................................... 4.650 08/01/31 6,327,564
4,450 California Hsg Fin Agy Rev Home Mtg Ser M
(AMT) (a)................................... 4.700 08/01/36 4,438,555
7,300 California Hsg Fin Agy Rev Home Mtg Ser M
(AMT) (a)................................... 4.750 08/01/42 7,281,224
1,500 California Pollutn Ctl Fin Auth Solid Waste
Disp Rev Waste Mgmt Inc Proj Ser B (AMT).... 5.000 07/01/27 1,528,050
1,050 California St (AMBAC Insd).................. 5.125 10/01/27 1,065,393
6,295 California St (AMBAC Insd) (Prerefunded @
10/01/07)................................... 5.125 10/01/27 6,395,657
1,350 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A............. 5.000 07/01/39 1,368,441
9,015 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A............. 5.250 07/01/30 9,375,420
3,000 California Statewide Cmnty Dev Auth Rev Hlth
Fac Adventist Hlth Ser A.................... 5.000 03/01/30 3,080,010
3,750 California Statewide Cmnty Dev Auth Rev Hlth
Fac Adventist Hlth Ser A.................... 5.000 03/01/35 3,835,125
2,300 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser B..................... 5.000 03/01/41 2,358,489
4,000 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser B..................... 5.250 03/01/45 4,200,120
3,360 California Statewide Cmnty Dev Auth Rev
Sutter Hlth Ser A........................... 5.000 11/15/43 3,462,581
1,000 California St Dept Wtr Res Ctr Vly Proj Rev
Wtr Sys Ser X (FGIC Insd)................... 5.000 12/01/29 1,045,000
6,500 California St Dept Wtr Res Pwr Ser A (AMBAC
Insd) (Prerefunded @ 5/01/12)............... 5.375 05/01/18 7,079,865
See Notes to Financial Statements 9
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 2,000 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 5/01/12)..................... 6.000% 05/01/15 $ 2,235,180
11,000 California St (Prerefunded @ 2/01/14)....... 5.000 02/01/33 11,870,870
1,000 California St Pub Wks Brd UCLA Replacement
Hosp Ser A (FSA Insd)....................... 5.375 10/01/20 1,077,720
5,000 California St Rfdg.......................... 5.000 08/01/28 5,253,100
5,000 California St Univ Rev & Co Systemwide Ser A
(AMBAC Insd)................................ 5.000 11/01/33 5,222,200
2,000 El Dorado, CA Irr Dist Ctf Ser A (FGIC
Insd)....................................... 5.000 03/01/21 2,096,180
2,000 Florin, CA Res Consv Dist Cap Impt Elk Grove
Wtr Svc Ser A (MBIA Insd)................... 5.000 09/01/33 2,102,380
3,000 Florin, CA Res Consv Dist Cap Impt Elk Grove
Wtr Svc Ser B (MBIA Insd)................... 5.000 03/01/33 3,149,040
2,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Cap Apprec Rfdg (MBIA Insd)................. * 01/15/17 1,241,700
10,750 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Sr Lien Ser A (e)........................... * 01/01/23 5,502,495
3,000 Fremont, CA Uni Sch Dist Ser A (FGIC
Insd)....................................... 5.000 08/01/25 3,159,240
5,000 Golden St Tob Sec Corp CA Tob Settlement Rev
Enhanced Ser A.............................. 5.000 06/01/45 5,183,150
22,000 Golden St Tob Sec Corp CA Tob Settlement Rev
Enhanced Ser A (FGIC Insd) (a).............. 5.000 06/01/38 23,079,980
1,500 Golden St Tob Sec Corp CA Tob Settlement Rev
Ser A (a)................................... 5.000 06/01/33 1,574,520
4,000 Golden St Tob Sec Corp CA Tob Settlement Rev
Ser A (a)................................... 5.750 06/01/47 4,198,720
4,000 Los Angeles, CA Dept Wtr & Pwr Ser A (FGIC
Insd)....................................... 5.125 07/01/40 4,189,040
2,000 Los Angeles, CA Wtr & Pwr Rev Pwr Sys Ser B
(FSA Insd).................................. 5.000 07/01/28 2,092,700
1,500 Metropolitan Wtr Dist Southn CA Wtrwks Rev
Auth Ser B1 (FGIC Insd)..................... 5.000 10/01/33 1,572,015
3,500 Palm Springs, CA Fin Auth Lease Rev
Convention Ctr Proj Ser A (MBIA Insd)....... 5.500 11/01/35 3,876,145
2,000 Salinas, CA Uni High Sch Dist Ser A (MBIA
Insd) (Prerefunded @ 6/01/12)............... 5.000 06/01/27 2,146,180
3,000 San Francisco, CA City & Cnty Second Rfdg
Ser Issue 29 B (FGIC Insd).................. 5.125 05/01/20 3,176,070
1,000 Santa Clara Cnty, CA Brd Ed Ctf Partn Rfdg
(MBIA Insd)................................. 5.000 04/01/25 1,049,530
3,000 Temecula, CA Redev Agy Tax Temecula Redev
Proj No 1 (MBIA Insd)....................... 5.250 08/01/36 3,103,020
4,700 Tobacco Sec Auth Northn CA Tob Settlement
Rev Ser A1.................................. 5.375 06/01/38 4,828,733
3,550 Tobacco Sec Auth Northn CA Tob Settlement
Rev Ser A1.................................. 5.500 06/01/45 3,662,180
10 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 3,800 Tobacco Sec Auth Southn CA Tob Settlement
Ser A....................................... 5.000% 06/01/37 $ 3,773,514
9,650 Tobacco Sec Auth Southn CA Tob Settlement
Ser A....................................... 5.125 06/01/46 9,660,904
1,600 Turlock, CA Hlth Fac Rev Emanuel
Med Ctr Inc................................. 5.375 10/15/34 1,672,368
6,746 University CA Rev Gen Ser J (a)............. 4.500 05/15/28 6,759,104
6,747 University CA Rev Gen Ser J (a)............. 4.500 05/15/31 6,760,106
6,747 University CA Rev Gen Ser J (a)............. 4.500 05/15/35 6,760,106
--------------
242,663,274
--------------
COLORADO 5.4%
2,000 Aurora, CO Ctf Partn (AMBAC Insd)
(Prerefunded @ 12/01/10).................... 5.500 12/01/30 2,117,380
3,405 Colorado Ed & Cultural Fac Auth Rev Impt
Charter Sch Rfdg (XLCA Insd)................ 5.250 12/01/23 3,638,004
4,650 Colorado Ed & Cultural Fac Auth Rev Student
Hsg Univ CO Fndtn Proj (AMBAC Insd)......... 5.000 07/01/32 4,838,511
5,500 Colorado Hlth Fac Auth Rev Adventist Hlth/
Sunbelt Ser D Rfdg (a)...................... 5.250 11/15/27 5,832,365
2,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Initiatives Ser A (e)....................... 5.500 03/01/32 2,148,800
3,000 Colorado Hlth Fac Auth Rev Covenant
Retirement Cmntys Inc....................... 5.000 12/01/35 3,046,980
1,125 Colorado Hlth Fac Auth Rev Hosp Portercare
Adventist Hlth (Prerefunded @ 11/15/11)..... 6.500 11/15/31 1,262,317
11 Colorado Hsg Fin Auth Single Family Pgm Sr
Ser B1 (AMT)................................ 7.650 11/01/26 11,175
6,440 Colorado Hsg Fin Auth Single Family Mtg Rev
Ser C3 (AMT) (a)............................ 4.625 11/01/36 6,348,230
3,000 Colorado Springs, CO Util Rev Sys Sub Lien
Impt Rfdg Ser A............................. 5.000 11/15/29 3,100,110
2,650 Colorado Springs, CO Util Rev Sys Sub Lien
Impt Ser B.................................. 5.000 11/15/30 2,753,138
1,000 El Paso Cnty, CO Ctf Partn Detention Fac
Proj Ser B (AMBAC Insd)..................... 5.375 12/01/18 1,077,780
1,805 Lakewood, CO Ctf Partn (AMBAC Insd)
(Prerefunded @ 12/01/10) (b)................ 5.300 12/01/16 1,902,037
1,500 University of CO Hosp Auth Rev Ser A........ 5.250 11/15/39 1,557,375
--------------
39,634,202
--------------
CONNECTICUT 0.7%
3,580 Connecticut St Spl Oblig Pkg Rev Bradley
Intl Arpt Ser A (ACA Insd) (AMT)............ 6.600 07/01/24 3,886,949
1,000 Hartford, CT Pkg Sys Rev Ser A (Prerefunded
@ 7/01/10).................................. 6.500 07/01/25 1,082,170
--------------
4,969,119
--------------
See Notes to Financial Statements 11
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
DELAWARE 0.2%
$ 1,000 Mashantucket Westn Pequot Tribe Sub Spl Rev
Bd Ser A (f)................................ 5.500% 09/01/36 $ 1,057,890
--------------
DISTRICT OF COLUMBIA 1.0%
2,775 District of Columbia Hosp Rev Medlantic
Hlthcare Rfdg Ser A (MBIA Insd) (e)......... 5.250 08/15/12 2,828,946
2,000 District of Columbia Rev Friendship Pub
Charter Sch Inc (ACA Insd).................. 5.750 06/01/18 2,185,660
5 District of Columbia Ser E (FSA Insd) (b)... 6.000 06/01/13 5,008
2,000 Metropolitan Washington DC Arpt Auth Sys Ser
A (FGIC Insd) (AMT)......................... 5.250 10/01/32 2,101,760
--------------
7,121,374
--------------
FLORIDA 11.8%
3,500 Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac
Rev Hlth First Inc Proj..................... 5.000 04/01/34 3,583,335
3,180 Dade Cnty, FL Spl Oblig Cap Apprec Ser B
(AMBAC Insd) (Prerefunded @ 10/01/08)....... * 10/01/26 1,001,255
570 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC
Insd)....................................... 5.950 07/01/20 591,808
1,000 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 2
(GNMA Collateralized) (AMT) (g)............. 4.800 07/01/32 1,004,160
1,000 Florida St Brd Ed Lottery Rev Ser A (FGIC
Insd) (Prerefunded @ 7/01/10)............... 6.000 07/01/14 1,077,500
2,500 Florida St Brd of Ed Cap Outlay Pub Ed Ser C
(FGIC Insd) (Prerefunded @ 6/01/10)......... 5.750 06/01/29 2,671,550
7,295 Florida St Dept Trans Tpk Rev Ser A......... 5.000 07/01/29 7,702,426
5,000 Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg
Ser A....................................... 5.000 06/01/38 5,081,950
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Rfdg Ser C................... 5.000 11/15/31 1,024,700
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Ser D (Prerefunded @
11/15/13)................................... 5.375 11/15/35 1,090,150
1,900 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Sys Ser C.................... 5.250 11/15/36 1,991,485
3,520 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Sys Ser D.................... 5.000 11/15/35 3,592,266
11,205 Hillsborough Cnty, FL Indl Dev Auth Hosp Rev
Tamp Gen Hosp Proj (a)...................... 5.000 10/01/36 11,402,544
1,745 Hillsborough Cnty, FL Port Dist Rev Tampa
Port Auth Proj Ser A (MBIA Insd) (AMT)...... 5.375 06/01/27 1,852,823
5,120 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth
Sys Rfdg (a)................................ 5.000 11/15/25 5,300,634
1,500 Miami Beach, FL Stormwtr Rev (FGIC Insd).... 5.250 09/01/25 1,574,430
1,720 Miami-Dade Cnty, FL Aviation Rev Miami Intl
Arpt (FGIC Insd) (AMT)...................... 5.375 10/01/32 1,816,045
12 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 2,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl
Arpt Hub Ser A (FGIC Insd) (AMT)............ 5.375% 10/01/27 $ 2,113,660
2,000 Miami-Dade Cnty, FL Aviation Ser A (FSA
Insd) (AMT)................................. 5.125 10/01/35 2,076,880
2,905 Miami-Dade Cnty, FL Pub Fac Rev Jackson Hlth
Sys Ser A (MBIA Insd)....................... 5.000 06/01/31 3,051,644
2,000 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC
Insd) (Prerefunded @ 10/01/09).............. 5.500 10/01/31 2,085,120
4,000 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC
Insd) (Prerefunded @ 10/01/09).............. 5.625 10/01/14 4,181,680
4,000 Palm Beach Cnty, FL Hlth Fac Auth Retirement
Cmnty Rev Act Retirement Life Ser A (a)..... 4.500 11/15/36 3,808,500
5,860 Saint Lucie Cnty, FL Sch Brd Ctf Partn (FSA
Insd)....................................... 5.000 07/01/29 6,162,376
1,210 Saint Lucie Cnty, FL Sch Brd Ctf Ser A (FSA
Insd) (b)................................... 5.500 07/01/14 1,303,025
1,000 Tallahassee, FL Lease Rev FL St Univ Proj
Ser A (MBIA Insd) (b)....................... 5.500 08/01/17 1,063,820
1,115 Tallahassee, FL Lease Rev FL St Univ Proj
Ser A (MBIA Insd) (b)....................... 5.500 08/01/19 1,185,624
1,250 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt
Ser A....................................... 5.750 07/01/19 1,296,625
2,880 Tampa, FL Occupational License Rfdg Ser A
(FGIC Insd)................................. 5.375 10/01/15 3,109,248
1,000 Tampa-Hillsborough Cnty, FL Expwy Auth Rev
(AMBAC Insd)................................ 5.000 07/01/25 1,066,190
1,000 Village Ctr Cmnty Dev Dist FL Recreational
Rev Ser A (MBIA Insd)....................... 5.125 11/01/36 1,064,460
--------------
85,927,913
--------------
GEORGIA 3.5%
2,000 Atlanta, GA Arpt Passenger Fac Charge Rev
Gen Sub Lien Ser C (FSA Insd)............... 5.000 01/01/33 2,091,120
2,872 Fulton Cnty, GA Lease Rev (Acquired
12/23/94, Cost $2,872,000) (h).............. 7.250 06/15/10 2,926,541
1,500 George L Smith II GA World Congress Cent
Auth Rev Domed Stadium Proj Rfdg (MBIA Insd)
(AMT)....................................... 5.500 07/01/20 1,578,345
3,000 Georgia Muni Elec Auth Pwr Rev Rfdg Ser B
(FGIC Insd)................................. 6.250 01/01/17 3,556,530
2,635 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA
Insd)....................................... 6.500 01/01/20 3,265,239
5,575 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA
Insd)....................................... 6.500 01/01/17 6,488,074
240 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA
Insd) (e)................................... 6.500 01/01/17 287,172
See Notes to Financial Statements 13
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
GEORGIA (CONTINUED)
$ 85 Georgia Muni Elec Auth Pwr Rev Ser Y (MBIA
Insd) (Prerefunded @ 1/01/14)............... 6.500% 01/01/17 $ 98,702
2,000 Municipal Elec Auth GA Combustion Turbine
Proj Ser A (MBIA Insd)...................... 5.250 11/01/22 2,132,560
800 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare
Sys Inc..................................... 6.700 07/01/16 834,448
2,500 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare
Sys Inc Rfdg................................ 6.500 07/01/27 2,593,675
--------------
25,852,406
--------------
ILLINOIS 11.1%
2,000 Bedford Park, IL Rfdg Ser A (FSA Insd)...... 5.250 12/15/20 2,171,020
4,000 Chicago, IL Brd of Ed Chicago Sch Reform Ser
A (AMBAC Insd).............................. 5.250 12/01/27 4,106,680
2,000 Chicago, IL Brd of Ed (FGIC Insd)
(Prerefunded @ 12/01/10).................... 5.500 12/01/31 2,120,140
1,500 Chicago, IL Lakefront Millennium Pk Fac
(MBIA Insd) (Prerefunded @ 1/01/09)......... 5.125 01/01/28 1,563,555
3,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien C-2 Rfdg (XLCA Insd) (AMT)....... 5.250 01/01/34 3,165,330
1,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Rfdg Ser C-2 (FSA Insd) (AMT).... 5.250 01/01/30 1,583,550
5,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien (FGIC Insd) (a).................. 5.250 01/01/23 5,421,400
4,400 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien (MBIA Insd) (a).................. 5.250 01/01/24 4,758,347
11,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien (MBIA Insd) (a).................. 5.250 01/01/25 12,436,589
1,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien
Passenger Fac Ser B (AMBAC Insd)............ 5.500 01/01/16 1,065,660
2,000 Chicago, IL O'Hare Intl Arpt Rev Second Lien
Passenger Fac Ser B (AMBAC Insd)............ 5.500 01/01/17 2,131,320
3,500 Chicago, IL Proj Rfdg Ser A (MBIA Insd)
(d)......................................... 5.000 01/01/31 3,618,160
375 Chicago, IL Proj Rfdg Ser C (FGIC Insd)..... 5.750 01/01/14 400,759
375 Chicago, IL Proj Rfdg Ser C (FGIC Insd)..... 5.750 01/01/15 400,759
1,000 Chicago, IL Rfdg Ser B (AMBAC Insd)......... 5.125 01/01/15 1,067,900
3,230 Cook Cnty, IL Rfdg Ser A (MBIA Insd)........ 5.625 11/15/16 3,294,212
1,000 Cook Cnty, IL Ser A (FGIC Insd) (Prerefunded
@ 5/15/11).................................. 5.500 11/15/31 1,067,560
3,500 Du Page Cnty, IL Fst Presv Dist............. * 11/01/10 3,061,310
2,310 Illinois Dev Fin Auth Rev Adventist Hlth Ser
A (MBIA Insd)............................... 5.500 11/15/13 2,522,659
2,500 Illinois Dev Fin Auth Rev Adventist Hlth Ser
A (MBIA Insd)............................... 5.500 11/15/15 2,755,325
1,475 Illinois Dev Fin Auth Rev Loc Govt Pgm
Geneva Cmnty 304 Ser B (FSA Insd) (b)....... 5.750 01/01/15 1,600,862
14 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 1,145 Illinois Dev Fin Auth Rev Loc Govt Pgm
Geneva Cmnty 304 Ser B (FSA Insd) (b)....... 5.750% 01/01/17 $ 1,238,111
1,330 Illinois Fin Auth Solid Waste Rev Disp Waste
Mgmt Inc Proj (AMT)......................... 5.050 08/01/29 1,360,364
1,325 Illinois Fin Auth Student Hsg Rev MJH Ed
Assistance IV Sr Ser A...................... 5.125 06/01/35 1,360,563
1,250 Illinois Hlth Fac Auth Rev Evangelical Hosp
Ser C (FSA Insd)............................ 6.750 04/15/17 1,474,037
700 Illinois Hlth Fac Auth Rev Highland Park
Hosp Proj Ser A (MBIA Insd) (Prerefunded @
10/01/07)................................... 5.750 10/01/17 719,558
2,275 Illinois Hlth Fac Auth Rev South Suburban
Hosp (e).................................... 7.000 02/15/18 2,694,419
4,750 Illinois Hsg Dev Auth Rev Homeowner Mtg Sub
Ser C-2 (AMT)............................... 5.150 08/01/37 4,910,217
1,000 Illinois St (FGIC Insd)..................... 5.250 12/01/20 1,008,840
1,900 Kendall, Kane & Will Cntys, IL Cmnty Unit
Sch Dist No 308 Ser B (FGIC Insd)........... 5.250 10/01/21 2,033,247
250 Metropolitan Pier & Expo Auth IL Dedicated
St Tax Rev McCormick Pl Expn Proj Ser A
(FGIC Insd)................................. 5.375 12/15/18 262,228
1,000 Schaumburg, IL Ser B (FGIC Insd)............ 5.000 12/01/41 1,044,540
3,020 University IL Univ Revs Auxiliary Fac Sys
(MBIA Insd)................................. 4.500 04/01/36 3,002,967
--------------
81,422,188
--------------
INDIANA 3.5%
2,560 East Washington, IN Multi Sch Bldg Corp
First Mtg (FGIC Insd) (Prerefunded @
7/15/12).................................... 5.375 07/15/28 2,765,696
1,660 Indiana Hlth & Ed Fac Fin Auth Hosp Rev
Clarian Hlth Oblig Ser A.................... 5.000 02/15/36 1,705,650
3,500 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty
Proj Ser A (AMBAC Insd)..................... 5.000 05/01/35 3,660,790
4,000 Indiana Hlth Fac Fin Auth Rev Deaconess Hosp
Ser A (AMBAC Insd).......................... 5.375 03/01/34 4,290,040
1,300 Indiana St Hsg & Cmnty Dev Auth Single
Family Mtg Rev Ser D1 (GNMA Collateralized)
(AMT) (a)................................... 4.600 07/01/31 1,278,505
5,500 Indiana St Hsg & Cmnty Dev Auth Single
Family Mtg Rev Ser D1 (GNMA Collateralized)
(AMT) (a)................................... 4.625 07/01/38 5,366,653
1,280 North Adams, IN Cmnty Sch Renovation Bldg
Corp Cap Apprec First Mtg (FSA Insd) (b).... * 01/15/19 784,986
1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt
(AMT)....................................... 5.950 12/01/29 1,599,915
See Notes to Financial Statements 15
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
INDIANA (CONTINUED)
$ 1,605 Richland Beanblossom, IN Sch First Mtg (FGIC
Insd) (Prerefunded @ 7/15/11) (b)........... 5.500% 07/15/12 $ 1,718,794
2,530 Vigo Cnty, IN Sch Bldg Corp First Mtg Impt &
Rfdg (FSA Insd)............................. 5.250 07/10/24 2,671,680
--------------
25,842,709
--------------
IOWA 2.2%
1,685 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd)
(b)......................................... 5.750 06/01/15 1,783,303
1,785 Des Moines, IA Pub Pkg Sys Ser A (FGIC Insd)
(b)......................................... 5.750 06/01/16 1,890,190
2,750 Tobacco Settlement Auth IA Tob Settlement
Rev Ser C................................... 5.375 06/01/38 2,816,110
6,700 Tobacco Settlement Auth IA Tob Settlement
Rev Ser C................................... 5.500 06/01/42 6,961,367
2,750 Tobacco Settlement Auth IA Tob Settlement
Rev Ser C................................... 5.625 06/01/46 2,879,992
--------------
16,330,962
--------------
KANSAS 0.6%
3,810 Kansas St Dev Fin Auth Rev KS Proj Ser N
(AMBAC Insd) (b)............................ 5.250 10/01/22 4,047,477
--------------
KENTUCKY 3.6%
1,000 Kenton Cnty, KY Arpt Brd Rev
Cincinnati/Northn KY Intl Arpt Rfdg Ser A
(MBIA Insd) (AMT)........................... 6.200 03/01/08 1,019,120
3,690 Kenton Cnty, KY Arpt Brd Rev
Cincinnati/Northn KY Intl Arpt Rfdg Ser A
(MBIA Insd) (AMT) (b)....................... 6.250 03/01/09 3,833,098
5,900 Kentucky Hsg Corp Hsg Rev Ser A (AMT) (a)... 4.650 07/01/37 5,841,502
2,450 Louisville & Jefferson Cnty, KY Swr Ser A
(MBIA Insd) (b)............................. 5.500 05/15/16 2,652,542
12,390 Louisville & Jefferson Cnty, KY Metro Govt
Hlth Sys Rev (a)............................ 5.250 10/01/36 12,889,730
--------------
26,235,992
--------------
LOUISIANA 2.4%
4,395 Ernest N Morial New Orleans, LA Exhib Hall
Auth Spl Tax Sub Ser A (AMBAC Insd)......... 5.250 07/15/22 4,692,849
3,000 Lafayette, LA Util Rev (MBIA Insd).......... 5.250 11/01/21 3,245,040
2,460 Louisiana Hsg Fin Agy Rev Azalea Estates
Rfdg Ser A (GNMA Collateralized) (AMT)...... 5.375 10/20/39 2,579,458
6,600 Louisiana St Gas & Fuels Tax Rev Ser A (FGIC
Insd) (a)................................... 5.000 05/01/41 6,949,437
--------------
17,466,784
--------------
16 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MARYLAND 1.5%
$ 470 Baltimore, MD Convention Ctr Hotel Rev Ser A
(XLCA Insd) (a)............................. 5.250% 09/01/24 $ 512,121
2,530 Baltimore, MD Convention Ctr Hotel Rev Ser A
(XLCA Insd) (a)............................. 5.250 09/01/25 2,756,739
2,500 Maryland St Hlth & Higher Ed Fac Auth Rev MD
Inst College of Art......................... 5.000 06/01/40 2,548,350
2,250 Maryland St Trans Auth Arpt Baltimore/WA
Intl Arpt Ser B (AMBAC Insd) (AMT).......... 5.125 03/01/24 2,356,402
2,350 Northeast, MD Waste Disp Auth Rfdg (AMBAC
Insd) (AMT)................................. 5.500 04/01/16 2,522,302
--------------
10,695,914
--------------
MASSACHUSETTS 3.4%
500 Massachusetts St Hlth & Ed Fac Auth Rev
Hlthcare Sys Covenant Hlth.................. 6.000 07/01/31 540,450
1,000 Massachusetts St Hlth & Ed Fac Auth Rev
Partn Hlthcare Sys Ser C.................... 5.750 07/01/32 1,077,610
5,835 Massachusetts St Hlth & Ed Fac Auth Rev Univ
MA Mem Issue Ser D.......................... 5.000 07/01/33 5,926,493
7,780 Massachusetts St Hsg Fin Agy Hsg Rev Single
Family Hsg Ser 126 (AMT) (a)................ 4.550 06/01/27 7,644,045
2,000 Massachusetts St Hsg Fin Agy Hsg Rev Single
Family Hsg Ser 126 (AMT) (a)................ 4.625 06/01/32 1,988,180
2,805 Massachusetts St Port Auth Rev Ser A (MBIA
Insd)....................................... 5.000 07/01/22 2,949,037
4,500 Massachusetts St Wtr Res Auth Gen Ser A
(a)......................................... 5.000 08/01/41 4,739,850
--------------
24,865,665
--------------
MICHIGAN 5.4%
3,015 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1.................................. * 07/01/17 1,885,219
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (b).............................. * 07/01/18 1,813,133
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (b).............................. * 07/01/19 1,725,507
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (b).............................. * 07/01/22 1,479,128
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (b).............................. * 07/01/23 1,408,002
3,050 Detroit, MI Downtown Dev Auth Tax Increment
Rev Ser C1 (b).............................. * 07/01/24 1,340,048
2,965 Detroit, MI Wtr Supply Sys Ser C (MBIA Insd)
(b)......................................... 5.250 07/01/20 3,195,084
3,500 Grand Rapids, MI Downtown Dev Cap Apprec
(MBIA Insd)................................. * 06/01/15 2,546,110
2,765 Grand Rapids, MI Downtown Dev Cap Apprec
(MBIA Insd)................................. * 06/01/16 1,925,242
See Notes to Financial Statements 17
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MICHIGAN (CONTINUED)
$ 2,000 Grand Rapids, MI Wtr Supply Sys Rfdg (FGIC
Insd)....................................... 5.750% 01/01/13 $ 2,137,940
1,180 Hillsdale, MI Hosp Fin Auth Hosp Rev
Hillsdale Cmnty Hlth Ctr.................... 5.750 05/15/18 1,252,818
2,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj
Ser A....................................... 6.000 07/01/35 2,204,480
4,000 Michigan St Bldg Auth Rev Fac Pgm Rfdg Ser
III (FSA Insd) (Prerefunded @ 10/15/12)..... 5.000 10/15/26 4,258,680
2,850 Michigan St Hosp Fin Auth Rev Ascension Hlth
Cr Ser A (MBIA Insd) (Prerefunded @
11/15/09)................................... 5.750 11/15/18 3,017,466
2,500 Michigan St Strategic Fd Detroit Edison Co
Proj Rfdg Ser C (XLCA Insd) (AMT)........... 5.450 12/15/32 2,657,700
2,500 Michigan St Strategic Fd Detroit Edison Co
Proj Ser A (XLCA Insd) (AMT)................ 5.500 06/01/30 2,692,650
2,500 Michigan St Strategic Fd Detroit Edison
Pollutn Ctl Rfdg (AMBAC Insd) (c)........... 4.850 09/01/30 2,593,275
1,000 Michigan St Strategic Fd Ltd Detroit Edison
Pollutn Ctl Rfdg Ser B (AMT)................ 5.650 09/01/29 1,053,870
--------------
39,186,352
--------------
MINNESOTA 1.8%
1,250 Dakota Cnty, MN Cmnty Dev Agy Multi-family
Hsg Rev Commons Marice Proj Rfdg Ser A...... 5.000 05/01/42 1,250,000
1,175 Maple Grove, MN Hlthcare Fac Rev North Mem
Hlthcare.................................... 5.000 09/01/35 1,211,683
5,000 Minneapolis & Saint Paul, MN Metro Arpt Comm
Arpt Rev Ser A (FGIC Insd) (Prerefunded @
1/01/09).................................... 5.125 01/01/31 5,164,800
50 Minnesota Agric & Econ Dev Brd Rev Hlthcare
Sys A (MBIA Insd)........................... 5.750 11/15/26 51,467
2,750 Minnesota Agric & Econ Dev Brd Rev Hlthcare
Sys A (MBIA Insd) (Prerefunded @
11/15/07)................................... 5.750 11/15/26 2,833,737
1,100 Saint Paul, MN Hsg & Redev Auth Hosp Rev
Hlth East Proj.............................. 6.000 11/15/30 1,219,625
1,250 Saint Paul, MN Hsg & Redev Auth Hosp Rev
Hlth East Proj.............................. 6.000 11/15/35 1,380,238
--------------
13,111,550
--------------
MISSISSIPPI 0.2%
1,500 Mississippi Hosp Equip & Fac Auth Rev MS
Baptist Med Ctr Rfdg (MBIA Insd)
(Prerefunded @ 5/01/07)..................... 6.000 05/01/13 1,500,090
--------------
18 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MISSOURI 3.2%
$ 240 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc.... 5.625% 06/01/27 $ 251,753
1,260 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc
(Prerefunded @ 6/01/12)..................... 5.625 06/01/27 1,350,040
1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac
Rev Lutheran Sr Svc Heisinger Proj.......... 5.500 02/01/35 1,319,775
1,625 Jefferson Cnty, MO Reorg Sch Dist No R-6
(FGIC Insd)................................. 5.625 03/01/20 1,704,154
1,500 Kansas City, MO Metro Cmnty Leasehold Jr
College Impt & Rfdg (FGIC Insd) (Prerefunded
@ 7/01/11).................................. 5.500 07/01/17 1,601,865
3,275 Missouri Jt Muni Elec Util Comnty Pwr Proj
Rev Plum Point Proj (MBIA Insd)............. 5.000 01/01/26 3,481,914
1,250 Saint Charles, MO Ctf Partn Ser B........... 5.500 05/01/18 1,336,112
3,025 Springfield, MO Pub Bldg Corp Leasehold Rev
Springfield Branson Arpt Ser B (AMT) (AMBAC
Insd) (a)................................... 4.550 07/01/29 2,971,927
3,675 Springfield, MO Pub Bldg Corp Leasehold Rev
Springfield Branson Arpt Ser B (AMT) (AMBAC
Insd) (a)................................... 4.600 07/01/36 3,610,522
6,000 Springfield, MO Pub Util Rev (FGIC Insd).... 4.500 08/01/36 5,965,800
--------------
23,593,862
--------------
NEBRASKA 0.4%
2,615 Omaha Pub Pwr Dist NE Elec Rev Sys Ser A.... 5.000 02/01/34 2,732,806
--------------
NEVADA 3.5%
8,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2
(FGIC Insd)................................. 5.000 07/01/36 8,349,440
3,620 Clark Cnty, NV Bd Bk (MBIA Insd)............ 5.000 06/01/32 3,781,054
4,900 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser A (FGIC Insd) (a)............. 4.750 09/01/36 4,932,806
3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser A (AMBAC Insd) (AMT).......... 5.250 07/01/34 3,172,170
3,500 Clark Cnty, NV Indl Dev Southwest Gas Corp
Proj Ser D1 (FGIC Insd) (AMT)............... 5.250 03/01/38 3,723,090
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj
(AMBAC Insd) (Prerefunded @ 6/01/12)........ 5.125 06/01/32 1,596,435
--------------
25,554,995
--------------
NEW HAMPSHIRE 0.3%
1,000 New Hampshire Hlth & Ed Fac Auth Rev
Derryfield Sch.............................. 7.000 07/01/30 1,083,400
1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev
Pennichuck Wtrwks Inc (AMBAC Insd) (AMT).... 6.300 05/01/22 1,021,840
--------------
2,105,240
--------------
See Notes to Financial Statements 19
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
NEW JERSEY 8.8%
$ 1,000 Bergen Cnty, NJ Impt Auth Sch Dist Rev
Wyckoff Twp Brd Ed Proj..................... 5.000% 04/01/32 $ 1,059,750
1,200 New Jersey Econ Dev Auth Cig Tax............ 5.750 06/15/29 1,299,468
1,500 New Jersey Econ Dev Auth Cig Tax............ 5.750 06/15/34 1,615,785
3,000 New Jersey Econ Dev Auth Rev Motor Vehicle
Sur Rev Ser A (MBIA Insd)................... 5.000 07/01/23 3,167,040
25,000 New Jersey Econ Dev Auth St Contract Econ
Recovery (MBIA Insd)........................ 5.900 03/15/21 29,768,250
3,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt
Ser A (AMBAC Insd) (Prerefunded @
9/01/12).................................... 5.250 09/01/19 3,229,920
1,835 New Jersey St Ed Fac Auth Higher Ed Cap Impt
Ser A (AMBAC Insd) (Prerefunded @
9/01/12).................................... 5.250 09/01/21 1,975,634
6,000 New Jersey St Tpk Auth Tpk Rev Ser C-1
(AMBAC Insd)................................ 5.000 01/01/35 6,154,740
2,095 New Jersey St Trans Tr Fd Auth Trans Sys Ser
A........................................... 5.750 06/15/17 2,390,186
14,000 Tobacco Settlement Fin Corp NJ Ser 1A (a)... 5.000 06/01/41 13,805,400
--------------
64,466,173
--------------
NEW MEXICO 0.2%
1,250 Jicarilla, NM Apache Nation Rev Ser A
(Acquired 10/23/03, Cost $1,275,475) (h).... 5.500 09/01/23 1,348,750
--------------
NEW YORK 16.6%
2,700 Long Island NY Pwr Auth Elec Sys Rev Gen Ser
B........................................... 5.000 12/01/35 2,846,016
3,000 Metropolitan Trans Auth NY Commuter Fac Rev
Ser A (MBIA Insd) (Prerefunded @ 1/01/08)... 5.625 07/01/27 3,084,090
2,500 Metropolitan Trans Auth NY Rev Rfdg Ser A
(FGIC Insd)................................. 5.250 11/15/31 2,656,450
13,300 Metropolitan Trans Auth NY Rev Trans Ser B
(a)......................................... 4.500 11/15/36 13,224,356
1,000 Nassau Cnty, NY Tob Settlement Corp Asst Bkd
Ser A-3..................................... 5.000 06/01/35 1,017,130
2,000 Nassau Cnty, NY Tob Settlement Corp Asst Bkd
Ser A-3..................................... 5.125 06/01/46 2,046,580
445 New York City Ser C (b)..................... 7.000 08/15/08 446,143
690 New York City Ser H (Prerefunded @
3/15/11).................................... 5.750 03/15/13 748,533
1,700 New York City Ser I......................... 6.000 04/15/12 1,719,805
1,775 New York City Tob Tr IV Settlement Pass Thru
Ser A....................................... 5.000 06/01/42 1,797,897
16,930 New York City Trans Auth Trans Fac
Livingston Plaza Proj Rfdg Ser 1993 (FSA
Insd) (e)................................... 5.400 01/01/18 18,776,894
3,810 New York City Trans Future Tax Second Ser C
(AMBAC Insd)................................ 5.250 08/01/20 4,090,302
2,000 New York City Trans Future Tax Second Ser C
(AMBAC Insd)................................ 5.250 08/01/22 2,134,840
20 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
$ 1,495 New York City Trans Future Tax Second Ser C
(AMBAC Insd) (Prerefunded @ 8/01/12)........ 5.250% 08/01/20 $ 1,610,160
4,545 New York City Trans Future Tax Second Ser D
(MBIA Insd)................................. 5.250 02/01/21 4,888,466
2,500 New York St Dorm Auth Lease Rev Muni Hlth
Fac Impt Pgm Ser A (FSA Insd)............... 5.500 05/15/25 2,553,275
9,635 New York St Dorm Auth Rev City Univ Sys Ser
C........................................... 7.500 07/01/10 10,187,471
3,000 New York St Dorm Auth Rev Hosp (MBIA
Insd)....................................... 5.000 08/01/33 3,155,220
2,000 New York St Dorm Auth Rev Sch Dist Fin Pgm
Ser D (MBIA Insd)........................... 5.500 10/01/17 2,177,500
2,000 New York St Dorm Auth Rev St Univ Ed Fac
1989 Res (MBIA Insd) (Prerefunded @
5/15/10).................................... 6.000 05/15/16 2,154,120
3,000 New York St Dorm Auth Rev St Univ Ed Fac
(FGIC Insd) (Prerefunded @ 5/15/10)......... 5.750 05/15/24 3,209,760
2,840 New York St Loc Govt Assistance Corp Rfdg
Ser E....................................... 6.000 04/01/14 3,163,760
1,500 New York St Urban Dev Corp Rev Correctional
Fac......................................... 5.500 01/01/13 1,601,985
12,080 Port Auth NY & NJ (a)....................... 5.000 10/01/35 12,810,538
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Terminal 6 (MBIA Insd) (AMT)...... 5.750 12/01/22 3,091,020
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Terminal 6 (MBIA Insd) (AMT)...... 5.750 12/01/25 3,032,340
6,000 Tsasc, Inc NY Ser 1......................... 5.000 06/01/34 6,100,980
5,000 Tsasc, Inc NY Ser 1......................... 5.125 06/01/42 5,116,450
1,700 Westchester, NY Tob Asset Sec Corp.......... 5.125 06/01/38 1,740,596
--------------
121,182,677
--------------
NORTH CAROLINA 5.0%
2,000 Charlotte, NC Ctf Partn Convention Fac Proj
Rfdg Ser A.................................. 5.500 08/01/19 2,175,260
4,000 North Carolina Eastern Muni Pwr Agy Pwr Sys
Rev Ser D................................... 6.750 01/01/26 4,294,200
25,000 North Carolina Muni Pwr Agy No 1 Catawba
Elec Rev Rfdg (MBIA Insd)................... 6.000 01/01/12 27,404,250
2,300 North Carolina Muni Pwr Agy Ser A (MBIA
Insd)....................................... 5.250 01/01/19 2,463,093
--------------
36,336,803
--------------
NORTH DAKOTA 0.3%
695 North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm
Home Mtg Fin Ser B (MBIA Insd) (AMT)........ 5.500 07/01/29 703,375
1,500 Ward Cnty, ND Hlthcare Fac Rev Trinity
Ovligated Group Rfdg........................ 5.125 07/01/29 1,543,005
--------------
2,246,380
--------------
See Notes to Financial Statements 21
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
OHIO 3.5%
$ 1,000 Cleveland, OH Muni Sch Dist (FSA Insd)...... 5.250% 12/01/23 $ 1,080,920
3,000 Columbus, OH City Sch Dist Sch Fac Constr &
Impt (FSA Insd) (Prerefunded @ 12/01/14).... 5.250 12/01/22 3,294,000
2,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj........................................ 7.500 01/01/30 2,192,260
1,000 Delaware Cnty, OH Cap Fac (Prerefunded @
12/01/10)................................... 6.000 12/01/25 1,086,890
1,000 Hamilton, OH One Renaissance Ctr Ser A
(AMBAC Insd)................................ 5.500 11/01/16 1,082,590
1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare
Ser S....................................... 5.375 10/01/30 1,053,660
2,000 Lorain, OH City Sch Dist Classroom Fac Impt
(MBIA Insd)................................. 5.250 12/01/20 2,168,740
13,460 Ohio St Air Quality Dev Auth Rev (FGIC Insd)
(a)......................................... 4.800 09/01/36 13,614,353
--------------
25,573,413
--------------
OKLAHOMA 1.7%
1,505 Alva, OK Hosp Auth Hosp Rev Sales Tax
(Radian Insd)............................... 5.250 06/01/25 1,611,810
1,500 Jenks, OK Aquarium Auth Rev First Mtg (MBIA
Insd) (Prerefunded @ 7/01/10)............... 6.100 07/01/30 1,620,705
1,575 Oklahoma City, OK Arpt Tr Jr Lien 27th Ser B
(FSA Insd) (AMT)............................ 5.750 07/01/16 1,654,506
1,000 Oklahoma City, OK Pub Ppty Auth Hotel Tax
Rev (FGIC Insd)............................. 5.250 10/01/29 1,091,560
6,220 Tulsa Cnty, OK Indl Auth Hlthcare Rev Saint
Francis Hlth Sys (a)........................ 5.000 12/15/36 6,433,439
--------------
12,412,020
--------------
OREGON 2.7%
5,350 Oregon Hlth Sciences Univ Insd Ser A (MBIA
Insd)....................................... 5.250 07/01/22 5,697,108
5,060 Oregon St Dept Admin Rfdg Ser C (MBIA
Insd)....................................... 5.250 11/01/17 5,376,503
3,000 Oregon St Hsg & Cmnty Svcs Mtg Rev Ser B
(AMT) (a) (g)............................... 4.750 07/01/27 3,017,808
1,340 Oregon St Hsg & Cmnty Svcs Mtg Rev Ser B
(AMT) (a) (g)............................... 4.800 07/01/32 1,340,913
1,900 Oregon St Hsg & Cmnty Svcs Mtg Rev Ser B
(AMT) (a) (g)............................... 4.850 07/01/37 1,911,278
1,985 Portland, OR Urban Renewal & Redev Downtown
Wtrfront Ser A (AMBAC Insd)................. 5.750 06/15/16 2,121,052
--------------
19,464,662
--------------
22 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
PENNSYLVANIA 4.8%
$ 575 Allegheny Cnty, PA Rfdg Ser C-53 (FGIC
Insd)....................................... 5.500% 11/01/14 $ 612,674
230 Allegheny Cnty, PA San Auth Swr Rev (MBIA
Insd)....................................... 5.500 12/01/30 244,437
2,900 Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med
Rfdg (FHA Gtd).............................. 7.000 08/01/22 2,917,864
1,000 Greensburg Salem, PA Sch Dist Rfdg (FGIC
Insd)....................................... 5.375 09/15/15 1,078,550
1,000 Lehigh Cnty, PA Gen Purp Auth Rev Var-St
Lukes Hosp Bethlehem PA (i)................. 4.609 08/15/42 999,850
60 Penn Hills, PA (FGIC Insd) (Prerefunded @
12/01/07)................................... 5.900 12/01/17 60,755
1,600 Pennsylvania Hsg Fin Agy Single Family Mtg
Rev Ser 94-A (AMT).......................... 5.100 10/01/31 1,646,816
1,000 Pennsylvania St Higher Ed Fac Auth College &
Univ Rev Bryn Mawr College (MBIA Insd)...... 5.625 12/01/27 1,021,380
13,520 Pennsylvania St Pub Sch Bldg Auth Lease Rev
Sch Dist Philadelphia Proj Ser B (a)........ 4.500 06/01/32 13,469,165
2,600 Philadelphia, PA Auth Indl Dev Lease Rev Ser
B (FSA Insd)................................ 5.500 10/01/16 2,810,444
1,000 Philadelphia, PA Auth Indl Dev PA Arpt Sys
Proj Ser A (FGIC Insd) (AMT)................ 5.125 07/01/19 1,044,410
2,400 Philadelphia, PA Gas Wks Rev 1998 Gen
Ordinance Ser 4 (FSA Insd).................. 5.250 08/01/22 2,556,840
2,350 Pittsburgh, PA Ser A (AMBAC Insd)........... 5.500 09/01/16 2,521,409
2,220 Pittsburgh, PA Ser A (AMBAC Insd)
(Prerefunded @ 3/01/12)..................... 5.500 09/01/16 2,396,867
1,795 Ridley Park, PA Hosp Auth Rev Taylor Hosp
Ser A (e)................................... 6.000 12/01/13 1,922,211
--------------
35,303,672
--------------
SOUTH CAROLINA 8.7%
2,275 Beaufort Cnty, SC Tax Increment New Riv
Redev Proj Area (MBIA Insd) (b)............. 5.500 06/01/19 2,472,106
2,375 Berkeley Cnty, SC Sch Dist Ctf Partn
Berkeley Sch Fac Grp Inc (MBIA Insd) (e).... 5.250 02/01/16 2,560,440
13,500 Charleston Ed Excellence Fin Corp SC Rev
(a)......................................... 5.250 12/01/25 14,454,653
6,510 Charleston Ed Excellence Fin Corp SC Rev
(AGC Insd) (a).............................. 5.250 12/01/28 7,033,274
3,490 Charleston Ed Excellence Fin Corp SC Rev
(AGC Insd) (a).............................. 5.250 12/01/30 3,770,526
5,000 Kershaw Cnty, SC Pub Sch Fndt Kershaw Cnty
Sch Dist Proj (CIFG Insd)................... 5.000 12/01/25 5,294,600
2,080 Laurens Cnty, SC Sch Dist No 55 Installment
Pur Rev..................................... 5.250 12/01/30 2,205,216
2,300 Medical Univ SC Hosp Auth Fac Rev Mtg Rfdg
Ser A (MBIA Insd)........................... 5.250 08/15/25 2,455,388
See Notes to Financial Statements 23
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
SOUTH CAROLINA (CONTINUED)
$ 1,840 Myrtle Beach, SC Hospitality Fee Rev Ser A
(FGIC Insd) (b)............................. 5.375% 06/01/21 $ 2,002,987
1,935 Myrtle Beach, SC Hospitality Fee Rev Ser A
(FGIC Insd) (b)............................. 5.375 06/01/22 2,106,402
1,000 Newberry Invtg in Newberry Cnty Sch Dist
Proj........................................ 5.000 12/01/30 1,036,690
4,500 South Carolina Jobs Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser A (AMBAC Insd)....... 5.200 11/01/27 4,757,535
3,750 South Carolina Jobs Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser B (AMBAC Insd)
(AMT)....................................... 5.450 11/01/32 3,982,163
9,290 South Carolina Trans Infrastructure Bk Rev
Ser A (AMBAC Insd).......................... 5.000 10/01/33 9,717,340
--------------
63,849,320
--------------
SOUTH DAKOTA 1.5%
2,250 Deadwood, SD Ctf Partn (ACA Insd)........... 6.375 11/01/20 2,383,492
2,200 South Dakota Hsg Dev Auth Homeownership Mtg
Ser E (a)................................... 4.500 11/01/26 2,153,855
4,500 South Dakota Hsg Dev Auth Homeownership Mtg
Ser E (a)................................... 4.625 05/01/36 4,408,493
1,000 South Dakota St Hlth & Ed Fac Auth Rev
Childrens Care Hosp Rfdg (Prerefunded @
11/01/09)................................... 6.125 11/01/29 1,066,210
980 South Dakota St Hlth & Ed Fac Auth
Vocational Ed Pgm Ser A (AMBAC Insd)........ 5.400 08/01/13 999,914
--------------
11,011,964
--------------
TENNESSEE 2.6%
4,345 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev
CDFI Phase I LLC Proj Rfdg Ser A............ 5.125 10/01/35 4,443,197
3,500 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev
First Mtg Mtn St Hlth Rfdg Ser A (MBIA
Insd)....................................... 7.500 07/01/25 4,177,775
6,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev
First Mtg Mtn St Hlth Ser A................. 5.500 07/01/36 6,392,940
410 Montgomery Cnty, TN Pub Impt Rfdg (FGIC
Insd) (b)................................... 5.500 05/01/16 442,976
2,000 Sullivan Cnty, TN Hlth Ed & Hsg Fac Brd Hosp
Rev Wellmont Hlth Sys Proj Ser C............ 5.250 09/01/36 2,076,860
1,500 Tennessee Hsg Dev Agy Homeownership Prog
2006 (AMT).................................. 5.150 01/01/37 1,551,285
--------------
19,085,033
--------------
TEXAS 12.3%
1,370 Alliance Arpt Auth Inc TX Spl Fac Rev FedEx
Corp Proj Rfdg (AMT)........................ 4.850 04/01/21 1,400,811
2,685 Beaumont, TX Wtrwks & Swr Sys (FGIC Insd)
(Prerefunded @ 9/01/10) (b)................. 6.250 09/01/15 2,898,296
300 Brazos Cnty, TX Hlth Fac Dev Oblig Grp...... 5.375 01/01/32 313,554
24 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A
(FGIC Insd) (AMT)........................... 5.750% 11/01/30 $ 4,165,440
4,000 Dallas-Fort Worth, TX Intl Rev Impt Jt Rfdg
Ser A (FGIC Insd) (AMT)..................... 5.500 11/01/31 4,225,600
7,250 Harris Cnty-Houston, TX Sports Auth Spl Rev
Jr Lien Rfdg Ser B (MBIA Insd).............. 5.250 11/15/40 7,625,912
1,000 Harris Cnty, TX Hlth Fac Dev Mem Hermann
Hlthcare Ser A (Prerefunded @ 6/01/11)...... 6.375 06/01/29 1,106,140
4,820 Harris Cnty, TX Toll Rd (AMBAC Insd)
(Prerefunded @ 8/15/09)..................... * 08/15/18 2,382,574
1,000 Harris Cnty, TX Toll Rd (AMBAC Insd)
(Prerefunded @ 8/15/09)..................... * 08/15/21 402,110
4,000 Harris Cnty, TX Toll Rd Sub Lien Rfdg....... 5.000 08/01/33 4,044,240
1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA
Insd) (AMT)................................. 5.625 07/01/30 1,047,100
5,105 Houston, TX Hotel Occupancy Tax & Spl Rev
Convention & Entmt Ser B (AMBAC Insd)....... 5.750 09/01/15 5,512,583
225 Houston, TX Pub Impt & Rfdg (FSA Insd)...... 5.750 03/01/15 239,121
6,000 Houston, TX Util Sys Rev First Lien Rfdg Ser
A (FSA Insd)................................ 5.250 05/15/21 6,467,640
6,000 Houston, TX Util Sys Rev First Lien Rfdg Ser
A (FGIC Insd)............................... 5.250 05/15/23 6,475,320
2,750 Lower CO Riv Auth TX Transmission Proj Corp
(FGIC Insd)................................. 5.000 05/15/33 2,825,295
1,500 Mesquite, TX Hlth Fac Dev Retirement Fac
Christian Care Ctr.......................... 5.625 02/15/35 1,582,830
1,500 Mesquite, TX Hlth Fac Dev Retirement Fac
Christian Care Ctr (Prerefunded @
2/15/10).................................... 7.500 02/15/18 1,655,490
1,100 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj......................... 7.200 01/01/21 1,141,305
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj......................... 7.250 01/01/31 1,555,680
1,500 North Central, TX Hlth Fac Dev Corp Rev Hosp
Baylor Hlthcare Sys Proj Ser A.............. 5.125 05/15/29 1,536,210
5,750 North Central, TX Hlth Fac Dev Corp Rev Hosp
Childrens Med Ctr Dallas (AMBAC Insd)....... 5.250 08/15/32 6,062,513
2,805 Tarrant Regl Wtr Dist TX Wtr Rev Impt Rfdg
(FSA Insd).................................. 5.250 03/01/19 3,004,576
253 Texas Muni Pwr Agy Rev (AMBAC Insd) (e)..... * 09/01/07 249,883
3,272 Texas Muni Pwr Agy Rev (AMBAC Insd)......... * 09/01/07 3,231,493
1,305 Texas St Pub Ppty Fin Corp Rev Mental Hlth &
Retardation Rfdg (FSA Insd)................. 5.500 09/01/13 1,311,682
3,500 Texas St Trans Commn Mobility Fd Ser A (FGIC
Insd)....................................... 4.500 04/01/35 3,469,620
2,750 Texas St Vets Housing Assistance Pgm Vet Ser
B (FHA/VA Gtd) (AMT)........................ 6.100 06/01/31 2,880,652
See Notes to Financial Statements 25
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 1,000 Texas Tech Univ Rev Fin Sys Ser 7 (MBIA
Insd) (Prerefunded @ 2/15/12)............... 5.000% 08/15/25 $ 1,055,870
1,500 Texas Wtr Dev Brd Rev St Revolving Fd Sr
Lien Ser B.................................. 5.250 07/15/17 1,556,175
3,000 University of TX Univ Rev Fin Sys Ser A
(Prerefunded @ 8/15/13)..................... 5.250 08/15/20 3,252,570
2,500 University of TX Univ Rev Fin Sys Ser B
(Prerefunded @ 8/15/13)..................... 5.250 08/15/20 2,710,475
2,300 University of TX Univ Rev Fin Sys Ser C
(Prerefunded @ 8/15/11)..................... 5.375 08/15/19 2,444,417
--------------
89,833,177
--------------
UTAH 0.1%
1,000 Salt Lake Cnty, UT College Rev Westminster
College Proj (Prerefunded @ 10/01/07)....... 5.750 10/01/27 1,017,800
25 Utah St Hsg Fin Agy Single Family Mtg, Class
II Ser B-2 (FHA/VA) (AMT)................... 6.250 07/01/14 25,480
--------------
1,043,280
--------------
VIRGINIA 2.2%
1,320 Fairfax Cnty, VA Ctf Partn.................. 5.300 04/15/23 1,406,143
800Tobacco Settlement Fin Corp VA........... 5.500 06/01/26 855,648
5,920 Tobacco Settlement Fin Corp VA (Prerefunded
@ 6/01/15).................................. 5.625 06/01/37 6,585,290
3,160 Virginia St Hsg Auth Dev Auth Rental Hsg Ser
D (AMT) (a)................................. 4.500 07/01/29 3,114,054
3,660 Virginia St Hsg Auth Dev Auth Rental Hsg Ser
D (AMT) (a)................................. 4.600 07/01/33 3,635,021
--------------
15,596,156
--------------
WASHINGTON 5.5%
2,500 Energy Northwest WA Elec Rev Proj No 3 Rfdg
Ser A (FSA Insd)............................ 5.500 07/01/18 2,688,200
5,360 Energy Northwest WA Elec Rev Proj No 3 Rfdg
Ser B (FSA Insd)............................ 6.000 07/01/16 5,928,267
2,500 Goat Hill Ppty WA Lease Rev Govt Office Bldg
Proj (MBIA Insd)............................ 5.000 12/01/33 2,613,000
4,400 King Cnty, WA Rfdg Ser B (MBIA Insd)........ 5.250 01/01/34 4,480,036
7,720 Klickitat Cnty, WA Pub Util Dist No 001 Elec
Rev Rfdg Ser B (FGIC Insd) (b).............. 5.000 12/01/25 8,237,549
1,000 Port Seattle, WA Rev Ser B (MBIA Insd)
(AMT)....................................... 5.625 02/01/24 1,048,260
1,435 Radford Ct Ppty WA Student Hsg Rev (MBIA
Insd) (b)................................... 6.000 06/01/15 1,541,879
1,585 Radford Ct Ppty WA Student Hsg Rev (MBIA
Insd) (b)................................... 6.000 06/01/16 1,703,526
1,000 Seattle, WA Muni Lt & Pwr Rev............... 5.625 12/01/18 1,059,400
26 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
WASHINGTON (CONTINUED)
$ 1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Skagit
Vly Hosp.................................... 5.500% 12/01/30 $ 1,314,962
2,100 Spokane, WA Pub Fac Dist Hotel (MBIA
Insd)....................................... 5.750 12/01/21 2,315,964
3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales
Use Tax (MBIA Insd)......................... 5.250 09/01/33 3,196,380
1,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales
Use Tax (MBIA Insd)......................... 5.750 12/01/20 1,107,420
1,350 Tacoma, WA Elec Sys Rev Rfdg Ser A (FSA
Insd)....................................... 5.750 01/01/15 1,454,423
1,650 Tacoma, WA Elec Sys Rev Rfdg Ser B (FSA
Insd)....................................... 5.500 01/01/12 1,773,635
--------------
40,462,901
--------------
WEST VIRGINIA 0.5%
3,750 West Virginia Univ Rev Impt Univ Proj Ser C
(FGIC Insd)................................. 5.000 10/01/34 3,943,087
--------------
WISCONSIN 1.8%
2,345 Appleton, WI Wtrwks Rev Rfdg (FGIC Insd)
(Prerefunded @ 1/01/12)..................... 5.375 01/01/19 2,513,465
510 Badger Tob Asset Sec Corp WI................ 6.375 06/01/32 554,028
7,520 Wisconsin Hsg & Econ Dev Auth Home Ownership
Rev Ser A (a)............................... 4.750 09/01/33 7,516,766
2,000 Southeast WI Professional Baseball Pk Dist
Sales Tax Rev Rfdg Ser A (MBIA Insd)........ 5.500 12/15/20 2,304,700
--------------
12,888,959
--------------
WYOMING 0.3%
2,000 Sweetwater Cnty, WY Solid Waste Disp Rev FMC
Corp Proj Rfdg (AMT)........................ 5.600 12/01/35 2,125,160
--------------
GUAM 0.8%
5,800 Guam Pwr Auth Rev Ser A (AMBAC Insd)........ 5.250 10/01/34 6,027,650
--------------
See Notes to Financial Statements 27
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
PUERTO RICO 0.8%
$ 1,110 Puerto Rico Comwlth Aqueduct & Swr Auth Rev
Rfdg (Comwth Gtd)........................... 5.000% 07/01/15 $ 1,122,177
1,000 Puerto Rico Indl Tourist Ed Med &
Environmental Ctl Fac Fin Auth Higher Ed
Rev......................................... 5.375 02/01/19 1,027,410
3,500 Puerto Rico Pub Bldg Auth Rev Govt Fac Ser I
(Comwth Gtd)................................ 5.250 07/01/33 3,719,695
--------------
5,869,282
--------------
TOTAL LONG-TERM INVESTMENTS 191.4%
(Cost $1,335,816,633).................................................... $1,398,673,086
SHORT TERM INVESTMENTS 0.2%
(Cost $1,400,000)........................................................ 1,400,000
--------------
TOTAL INVESTMENTS 191.6%
(Cost $1,337,216,633).................................................... 1,400,073,086
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES
HELD (34.4%)
(Cost ($251,355,000))
(251,355) Notes with interest rates ranging from 3.94 to 4.08% at April
30, 2007 and contractual maturities of collateral ranging from
2023 to 2047 (See Note 1) (j).................................. (251,355,000)
--------------
TOTAL NET INVESTMENTS 157.2%
(Cost $1,085,861,633).................................................... 1,148,718,086
OTHER ASSETS IN EXCESS OF LIABILITIES 1.7%................................ 12,462,334
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (58.9%)................ (430,465,140)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................. $ 730,715,280
==============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) Underlying security related to Inverse Floaters entered into by the Trust.
See Note 1.
(b) The Trust owns 100% of the outstanding bond issuance.
(c) Variable Rate Coupon
(d) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(e) Escrowed to Maturity
28 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
(f) 144A-Private Placement security which is exempt from registration under Rule
144A of the Securities Act of 1933, as amended. This security may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(g) Security purchased on a when-issued or delayed delivery basis.
(h) Security is restricted and may be resold only in transactions exempt from
registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 0.6% of net assets
applicable to common shares.
(i) Floating Rate Coupon.
(j) Floating Rate notes. The interest rates shown reflect the rates in effect at
April 30, 2007.
ACA--American Capital Access
AGC--AGC Insured Custody Certificates
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CIFG--CDC IXIS Financial Guaranty
COMWTH--Commonwealth of Puerto Rico
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FHA/VA--Federal Housing Administration/Department of Veterans Affairs
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corp.
Radian--Radian Asset Assurance
XLCA--XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF APRIL 30, 2007:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS
U.S. Treasury Bonds Futures, June 2007 (Current Notional
Value of $111,750 per contract)........................... 1,693 $881,827
----- --------
See Notes to Financial Statements 29
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2007 (Unaudited)
ASSETS:
Total Investments (Cost $1,337,216,633)..................... $1,400,073,086
Cash........................................................ 95,283
Receivables:
Investments Sold.......................................... 6,235,829
Interest.................................................. 18,249,210
Other....................................................... 5,854
--------------
Total Assets............................................ 1,424,659,262
--------------
LIABILITIES:
Floating Rate Note Obligations.............................. 251,355,000
Payables:
Investments Purchased..................................... 8,791,654
Variation Margin on Futures............................... 1,428,468
Investment Advisory Fee................................... 428,884
Trust Shares Repurchased.................................. 179,759
Income Distributions--Common Shares....................... 131,069
Other Affiliates.......................................... 51,272
Trustees' Deferred Compensation and Retirement Plans........ 938,747
Accrued Expenses............................................ 173,989
--------------
Total Liabilities....................................... 263,478,842
Preferred Shares (including accrued distributions).......... 430,465,140
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 730,715,280
==============
NET ASSET VALUE PER COMMON SHARE ($730,715,280 divided by
43,656,348 shares outstanding)............................ $ 16.74
==============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
shares authorized, 43,656,348 shares issued and
outstanding).............................................. $ 436,563
Paid in Surplus............................................. 662,382,337
Net Unrealized Appreciation................................. 63,738,280
Accumulated Net Realized Gain............................... 1,355,066
Accumulated Undistributed Net Investment Income............. 2,803,034
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 730,715,280
==============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
shares, 17,200 issued with liquidation preference of
$25,000 per share)........................................ $ 430,000,000
==============
NET ASSETS INCLUDING PREFERRED SHARES....................... $1,160,715,280
==============
30 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2007 (Unaudited)
INVESTMENT INCOME:
Interest.................................................... $33,247,932
-----------
EXPENSES:
Interest and Residual Trust Expense......................... 3,980,648
Investment Advisory Fee..................................... 3,189,409
Preferred Share Maintenance................................. 551,438
Accounting and Administrative Expenses...................... 99,107
Professional Fees........................................... 90,815
Trustees' Fees and Related Expenses......................... 72,466
Reports to Shareholders..................................... 46,346
Custody..................................................... 45,507
Transfer Agent Fees......................................... 37,003
Registration Fees........................................... 21,936
Other....................................................... 30,381
-----------
Total Expenses.......................................... 8,165,056
Investment Advisory Fee Reduction....................... 483,381
-----------
Net Expenses............................................ 7,681,675
-----------
NET INVESTMENT INCOME....................................... $25,566,257
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 1,488,802
Futures................................................... (1,560,577)
Swap Contracts............................................ (1,206,495)
-----------
Net Realized Loss........................................... (1,278,270)
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 72,244,625
-----------
End of the Period:
Investments............................................. 62,856,453
Futures................................................. 881,827
-----------
63,738,280
-----------
Net Unrealized Depreciation During the Period............... (8,506,345)
-----------
NET REALIZED AND UNREALIZED LOSS............................ $(9,784,615)
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(8,038,610)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 7,743,032
===========
See Notes to Financial Statements 31
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, 2007 OCTOBER 31, 2006
------------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................... $ 25,566,257 $ 48,694,580
Net Realized Gain/Loss.................................. (1,278,270) 7,168,695
Net Unrealized Appreciation/Depreciation During
the Period............................................ (8,506,345) 13,247,789
Distributions to Preferred Shareholders:
Net Investment Income................................. (7,756,704) (12,658,380)
Net Realized Gain..................................... (281,906) (2,632,105)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................ 7,743,032 53,820,579
Distributions to Common Shareholders:
Net Investment Income................................. (17,337,112) (35,827,315)
Net Realized Gain..................................... (814,663) (10,581,860)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM INVESTMENT ACTIVITIES............................ (10,408,743) 7,411,404
FROM CAPITAL TRANSACTIONS:
Cost of Shares Repurchased.............................. (2,242,970) -0-
------------ ------------
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO
COMMON SHARES......................................... (12,651,713) 7,411,404
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period................................. 743,366,993 735,955,589
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $2,803,034 and $2,330,593,
respectively)......................................... $730,715,280 $743,366,993
============ ============
32 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, -----------------------------------------------
2007 2006 2005 2004 2003 2002
------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD........ $ 16.97 $ 16.80 $ 17.34 $ 17.15 $ 17.46 $ 17.51
------- ------- ------- ------- ------- -------
Net Investment Income.......................... 0.58(a) 1.11(a) 1.09 1.09 1.10 1.18
Net Realized and Unrealized Gain/Loss.......... (0.20) 0.47 (0.48) 0.31 0.09 0.18
Common Share Equivalent of Distributions Paid
to Preferred Shareholders:
Net Investment Income........................ (0.18) (0.29) (0.22) (0.10) (0.08) (0.10)
Net Realized Gain............................ (0.01) (0.06) 0.00 (0.01) (0.03) (0.07)
------- ------- ------- ------- ------- -------
Total from Investment Operations................ 0.19 1.23 0.39 1.29 1.08 1.19
Distributions Paid to Common Shareholders:
Net Investment Income........................ (0.40) (0.82) (0.93) (1.00) (1.07) (1.03)
Net Realized Gain............................ (0.02) (0.24) 0.00 (0.10) (0.32) (0.21)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD.............. $ 16.74 $ 16.97 $ 16.80 $ 17.34 $ 17.15 $ 17.46
======= ======= ======= ======= ======= =======
Common Share Market Price at End of the
Period......................................... $ 15.75 $ 14.94 $ 14.61 $ 15.34 $ 15.58 $ 15.80
Total Return* (b)............................... 8.25%** 9.86% 1.31% 5.76% 7.60% 14.56%
Net Assets Applicable to Common Shares at End of
the Period (In millions)....................... $ 730.7 $ 743.3 $ 736.0 $ 468.3 $ 463.3 $ 471.6
Ratio of Expenses to Average Net Assets
Applicable to Common Shares* (c)............... 2.10% 1.28% 1.17% 1.27% 1.28% 1.41%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares* (c)........ 6.97% 6.68% 6.51% 6.43% 6.40% 6.89%
Portfolio Turnover.............................. 6%** 25% 25% 18% 23% 33%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and
the ratios would have been as follows:
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c)............. 2.23% N/A N/A N/A N/A N/A
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (c)...... 6.84% N/A N/A N/A N/A N/A
SUPPLEMENTAL RATIOS:
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net Assets
Applicable to Common Shares (c)................ 1.01% 1.17% 1.17% 1.27% 1.28% 1.41%
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net Assets
Including Preferred Shares (c)................. 0.64% 0.73% 0.74% 0.80% 0.82% 0.89%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (d)......... 4.86% 4.94% 5.22% 5.82% 5.92% 6.30%
SENIOR SECURITIES:
Total Preferred Shares Outstanding.............. 17,200 17,200 17,200 10,600 10,600 10,600
Asset Coverage Per Preferred Share (e).......... $67,510 $68,253 $67,812 $69,204 $68,721 $69,511
Involuntary Liquidating Preference Per Preferred
Share.......................................... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Average Market Value Per Preferred Share........ $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
** Non-Annualized
(a)Based on average shares outstanding.
(b)Total return assumes an investment at the common share market price at the
beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing common share market price at the end of the period
indicated.
(c)Ratios do not reflect the effect of dividend payments to preferred
shareholders.
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
(e)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares) from the Trust's total assets and dividing this by the
number of preferred shares outstanding.
N/A=Not applicable
See Notes to Financial Statements 33
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Trust for Investment Grade Municipals (the "Trust") is registered as
a diversified, closed-end management investment company under the Investment
Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment
objective is to seek to provide a high level of current income exempt from
federal income taxes, consistent with preservation of capital. The Trust will
invest substantially all of its assets in municipal securities rated investment
grade at the time of investment. The Trust commenced investment operations on
January 24, 1992.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the last reported bid and asked prices or, in the
absence of market quotations, at fair value based upon yield data relating to
municipal bonds with similar characteristics and general market conditions.
Securities which are not valued by independent pricing services or dealers are
valued at fair value using procedures established in good faith by the Board of
Trustees. Futures contracts are valued at the settlement price established each
day on the exchange on which they are traded. Interest rate swaps are valued
using market quotations obtained from brokers. Short-term securities with
remaining maturities of 60 days of 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, 2007, the Trust had $8,791,654 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.
34
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued
At April 30, 2007, the cost and related gross unrealized appreciation and
depreciation are as follows:
Cost of investments for tax purposes........................ $1,083,192,717
==============
Gross tax unrealized appreciation........................... $ 67,286,966
Gross tax unrealized depreciation........................... (1,761,597)
--------------
Net tax unrealized appreciation on investments.............. $ 65,525,369
==============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed at least annually on a pro rata basis to common and
preferred shareholders. Distributions from net realized gains for book purposes
may include short-term capital gains and a portion of future gains, which are
included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31,
2006 was as follows:
Distributions paid from:
Ordinary income........................................... $ 105,360
Tax exempt income......................................... 48,205,641
Long-term capital gain.................................... 13,213,965
-----------
$61,524,966
===========
As of October 31, 2006, the components of distributable earnings on a tax
basis were as follows:
Undistributed ordinary income............................... $ 207,646
Undistributed tax exempt income............................. 2,453,164
Undistributed long-term capital gain........................ 1,092,071
Net realized gains or losses may differ for financial reporting and tax
purposes as a result of gains or losses recognized for tax purposes but not for
book.
F. FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters
into transactions in which it transfers to dealer trusts fixed rate bonds in
exchange for cash and residual interests in the dealer trusts' assets and cash
flows, which are in the form of inverse floating rate investments. The dealer
trusts fund the purchases of the fixed rate bonds by issuing floating rate notes
to third parties and allowing the Trust to retain residual interests in the
bonds. The Trust enters into shortfall agreements with the dealer trusts, which
commit the Trust to pay the dealer trusts, in certain circumstances, the
difference between the liquidation value of the fixed rate bonds held by the
dealer trusts and the liquidation value of the floating rate notes held by third
parties, as well as any shortfalls in interest cash flows. The residual
interests held by the Trust (inverse floating rate investments) include the
right of the Trust (1) to cause the holders of the floating rate notes to tender
their notes at par at the next interest rate reset date, and (2) to transfer the
municipal bond from the dealer trusts to the Trust, thereby collapsing the
dealer trusts. The Trust accounts for the transfer of the bonds to the dealer
trusts as secured borrowings, with the securities transferred remaining in
35
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued
the Trust's investment assets, and the related floating rate notes reflected as
Trust liabilities under the caption "Floating Rate Note Obligations" on the
Statement of Assets and Liabilities. The Trust records the interest income from
the fixed rate bonds under the caption "Interest" and records the expenses
related to floating rate note obligations and any administrative expenses of the
dealer trusts under the caption "Interest and Residual Trust Expenses" on the
Trust's Statement of Operations. The notes issued by the dealer trusts have
interest rates that reset weekly and the floating rate note holders have the
option to tender their notes to the dealer trusts for redemption at par at each
reset date. At April 30, 2007, Trust investments with a value of $348,951,038
are held by the dealer trusts and serve as collateral for the $251,355,000 in
floating rate notes outstanding at that date. Contractual maturities of the
floating rate notes and interest rates in effect at April 30, 2007 are presented
on the Portfolio of Investments.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") will provide investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
including preferred shares of the Trust. Effective December 1, 2006, the Adviser
has agreed to waive investment advisory fees equal to .10% of the average daily
net assets including preferred shares of the Trust. During the period ended
April 30, 2007, the Adviser waived $483,381 of its advisory fees. This waiver is
voluntary and can be discontinued at any time.
For the six months ended April 30, 2007, the Trust recognized expenses of
approximately $46,600 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
Under separate Legal Services, Accounting Services and Chief Compliance
Officer (CCO) Employment agreements, the Adviser provides accounting and legal
services and the CCO provides compliance services to the Trust. The costs of
these services are allocated to each trust. For the six months ended April 30,
2007, the Trust recognized expenses of approximately $48,000 representing Van
Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting and legal services to the Trust, as well as the salary,
benefits and related costs of the CCO and related support staff paid by Van
Kampen. Services provided pursuant to the Legal Services agreement are reported
as part of "Professional Fees" on the Statement of Operations. Services provided
pursuant to the Accounting Services and CCO Employment agreement are reported as
part of "Accounting and Administrative Expenses" on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
also officers of Van Kampen.
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.
36
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued
3. CAPITAL TRANSACTIONS
For the six months ended April 30, 2007 and the year ended October 31, 2006,
transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, 2006
Beginning Shares........................................ 43,799,086 43,799,086
Shares Repurchased*..................................... (142,738) -0-
---------- ----------
Ending Shares........................................... 43,656,348 43,799,086
========== ==========
* On February 28, 2007, the Trust commenced a share repurchase program for
purposes of enhancing stockholder value and reducing the discount at which the
Trust's shares trade from their net asset value. For the period ended April 30,
2007 the Trust repurchased 142,738 of its shares at an average discount of 6.56%
from net asset value per share. The Trust expects to continue to repurchase its
outstanding shares at such time and in such amounts as it believes such activity
will further the accomplishment of the foregoing objectives, subject to the
review of the Trustees.
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $205,764,624 and $82,570,934,
respectively.
5. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage in transactions involving interest
rate swaps, caps, floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management or for risk management
purposes, but may also enter into these transactions to generate additional
income. All of the Trust's portfolio holdings, including derivative instruments,
are marked to market each day with the change in value reflected in unrealized
appreciation/depreciation. Upon disposition, a realized gain or loss is
recognized accordingly, except when taking delivery of a security underlying a
futures contract. In this instance, the recognition of gain or loss is postponed
until the disposal of the security underlying the futures contract. Risks may
arise as a result of the potential inability of the counterparties to meet the
terms of their contracts.
Summarized below are the specific types of derivative financial instruments
used by the Trust.
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Trust generally invests in exchange traded futures contracts on U.S. Treasury
Bonds and Notes and typically closes the contract prior to the delivery date.
These contracts are generally used to manage the Trust's effective maturity and
duration. Upon entering into futures contracts, the Trust maintains an amount of
cash or liquid securities with a value equal to a percentage of the
37
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued
contract amount with either a futures commission merchant pursuant to the rules
and regulations promulgated under the 1940 Act, as amended, or with its
custodian in an account in the broker's name. This amount is known as initial
margin. During the period the futures contract is open, payments are received
from or made to the broker based upon changes in the value of the contract (the
variation margin). The risk of loss associated with a futures contract is in
excess of the variation margin reflected on the Statement of Assets and
Liabilities.
Transactions in futures contacts for the six months ended April 30, 2007
were as follows:
CONTRACTS
Outstanding at October 31, 2006............................. 1,121
Futures Opened.............................................. 5,349
Futures Closed.............................................. (4,777)
------
Outstanding at April 30, 2007............................... 1,693
======
B. INVERSE FLOATING RATE INVESTMENTS The Trust may invest a portion of its
assets in inverse floating rate instruments, either through outright purchases
of inverse floating rate securities or through the transfer of bonds to a dealer
trust in exchange for cash and residual interests in the dealer trust. These
investments are typically used by the Trust in seeking to enhance the yield of
the portfolio. These instruments typically involve greater risks than a fixed
rate municipal bond. In particular, these instruments are acquired through
leverage or may have leverage embedded in them and therefore involve many of the
risks associated with leverage. Leverage is a speculative technique that may
expose the Trust to greater risk and increased costs. Leverage may cause the
Trust's net asset value to be more volatile than if it had not been leveraged
because leverage tends to magnify the effect of any increases or decreases in
the value of the Trust's portfolio securities. The use of leverage may also
cause the Trust to liquidate portfolio positions when it may not be advantageous
to do so in order to satisfy its obligations with respect to inverse floating
rate instruments.
C. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap
transactions intended to help the Trust manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Trust's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve the Trust's agreement with a
counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Trust a variable or fixed rate payment, the
accruals for which would begin at a specified date in the future (the "effective
date"). The amount of the payment obligation is based on the notional amount of
the forward swap contract and the termination date of the swap (which is akin to
a bond's maturity). The value of the Trust's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
The Trust may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. The Trust
intends, but is not obligated, to terminate its forward swaps before the
effective date. Accordingly, the risk of loss with respect to the swap
counterparty on such transactions is limited to the credit risk associated with
a counterparty
38
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued
failing to honor its commitment to pay any realized gain to the Trust upon
termination. To reduce such credit risk, all counterparties are required to
pledge collateral daily (based on the daily valuation of each swap) on behalf of
the Trust with a value approximately equal to the amount of any unrealized gain.
Reciprocally, when the Trust has an unrealized loss on a swap contract, the
Trust has instructed the custodian to pledge cash or liquid securities as
collateral with a value approximately equal to the amount of the unrealized
loss. Collateral pledges are monitored and subsequently adjusted if and when the
swap valuations fluctuate. Restricted cash, if any, for segregating purposes is
shown on the Statement of Assets and Liabilities.
6. PREFERRED SHARES
The Trust has outstanding 17,200 Auction Preferred Share (APS) in seven series.
Series A, B and C contain 3,000 shares each, Series D contains 1,600 shares and
Series E, F and G contain 2,200 shares each. Dividends are cumulative and the
dividend rates are generally reset every 28 days through an auction process. The
average rate in effect on April 30, 2007 was 3.797%. During the six months ended
April 30, 2007, the rates ranged from 3.310% to 5.400%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of 25,000 per share plus accumulated and unpaid dividends. The
Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
7. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
8. ACCOUNTING PRONOUNCEMENTS
In July 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation 48, Accounting for Uncertainty in Income Taxes--an interpretation
of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes
by prescribing the minimum recognition threshold a tax position must meet before
being recognized in the financial statements. FIN 48 is effective for the fiscal
years beginning after December 15, 2006 and is to be applied to all open tax
years as of the effective date. Recent SEC guidance allows implementing FIN 48
in the trust NAV calculations as late as the trust's last NAV calculation in the
first required financial statement period. As a result, the Trust will
incorporate FIN 48 in its semiannual report on April 30, 2008. The impact to the
Trust's financial statements, if any, is currently being assessed.
In addition, in September 2006, Statement of Financial Accounting Standards
No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for
fiscal years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. Management is currently evaluating the impact the
adoption of SFAS 157 will have on the Trust's financial statement disclosures.
39
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENT -- APRIL 30, 2007 (UNAUDITED) continued
9. SUBSEQUENT EVENTS
On June 8, 2007, the Trust acquired all of the assets and liabilities of the Van
Kampen Trust for Investment Grade Florida Municipals (ticker symbol VTF) through
a tax free reorganization approved by VTF Trust shareholders on May 18, 2007.
The Trust issued 11,627,712 common shares and 4,240 APS valued at $189,066,403
and $106,000,000, respectively, in exchange for VTF's net assets. The shares of
VTF Trust were converted into Trust shares at a ratio of 0.996574 to 1 and 1 to
1, for common shares and APS, respectively. Net unrealized appreciation of VTF
as of June 8, 2007 was $288,372,376. Combined net assets applicable to common
shares on the day of reorganization were $897,812,082 and net assets including
preferred shares of $1,433,812,082.
40
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
RONALD E. ROBISON
President and Principal Executive Officer
DENNIS SHEA
Vice President
J. DAVID GERMANY
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE 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
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
c/o Computershare Investor Services
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
111 South Wacker Drive
Chicago, Illinois 60606
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
41
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
RESULTS OF SHAREHOLDER VOTES
With regard to the approval of the issuance of additional common shares, a
meeting was held on May 18, 2007, and the results of the votes for common
shareholders is as follows:
# OF SHARES
-----------------------------------
IN FAVOR AGAINST WITHHELD
---------------------------------------------------------------------------------------------
20,432,084 1,613,857 860,368
42
Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza, Suite 100
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2007 Van Kampen Funds Inc.
All rights reserved. Member NASD/SIPC.
VGMSAR 6/07
(VAN KAMPEN INVESTMENTS LOGO) IU07-01452P-Y04/07
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
TOTAL NUMBER OF MAXIMUM NUMBER
SHARES PURCHASED AS OF SHARES THAT MAY
PART OF PUBLICLY YET BE PURCHASED
TOTAL NUMBER OF AVERAGE PRICE ANNOUNCED PLANS UNDER THE PLANS OR
PERIOD* SHARES PURCHASED PAID PER SHARE OR PROGRAMS PROGRAMS
------- ---------------- -------------- ------------------- ------------------
November -- -- -- --
December -- -- -- --
January -- -- -- --
February -- -- -- 4,379,909
March 67,838 15.71 67,838 4,312,071
April 74,900 15.66 74,900 4,237,171
* The Share Repurchase Program commenced on 2/28/2007.
The Trust expects to continue to repurchase its outstanding shares at such time
and in such amounts as it believes will further the accomplishment of the
foregoing objectives, subject to review by the Board of Trustees.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form
N-CSRS was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Trust For
Investment Grade Municipals
By: /s/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 21, 2007
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 21, 2007
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 21, 2007