FORM N-CSR
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6471
Van Kampen Trust For Investment Grade Municipals
 
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
 
(Address of principal executive offices) (Zip code)
Edward C. Wood III
522 Fifth Avenue, New York, New York 10036
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 10/31/08
 
 

 


 

Item 1. Report to Shareholders.
 
The Trust’s 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 annual 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 October 31, 2008.
 
 
Market forecasts provided in this report may not necessarily come to pass. There is no assurance that the trust will achieve its investment objective. Trusts are subject to market risk, which is the possibility that the market values of securities owned by the trust will decline and that the value of trust shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this trust.
 
Income may subject certain individuals to the federal Alternative Minimum Tax (AMT).
 
             
NOT FDIC INSURED
    OFFER NO BANK GUARANTEE     MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
    NOT A DEPOSIT
             


 

Performance Summary as of 10/31/08
 
                         
Trust for Investment Grade Municipals
Symbol: VGM
Average Annual
    Based on
    Based on
Total Returns     NAV     Market Price
                         
Since Inception (1/24/92)       5.10 %         4.57 %  
                         
10-year       2.11           1.66    
                         
5-year       –2.50           –2.22    
                         
1-year       –26.55           –23.77    
 
 
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit vankampen.com or speak with your financial adviser. Investment returns, net asset value (NAV) and common share market price will fluctuate and trust shares, when sold, may be worth more or less than their original cost.
 
NAV per share is determined by dividing the value of the trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. Total return assumes an investment at the beginning of the period, reinvestment of all distributions for the period in accordance with the trust’s dividend reinvestment plan, and sale of all shares at the end of the period. The Trust’s adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/ reimbursements the trust’s returns would have been lower. Periods of less than a year are not annualized.
 
The Lehman Brothers Municipal Bond Index is generally representative of investment-grade, tax-exempt bonds. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.
 
 
1


 

Trust Report
For the 12-month period ended October 31, 2008
 
Market Conditions
 
The broad financial markets were highly volatile throughout the reporting period as the credit crisis intensified, the housing market continued to decline, and the economy appeared headed into recession. In early September 2008, investor confidence plummeted and the markets began a downward spiral following the government’s takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers. In the weeks that followed, several other financial institutions were forced into mergers, rescued by government loans, or failed altogether as the value of their assets severely eroded. The credit markets became paralyzed as banks refused to lend while investors fled risky assets in favor of Treasury securities. In an effort to unlock the credit markets, the federal government interceded with various supportive measures, including a $700 billion bailout plan.
 
The municipal bond market had already been under pressure for several months prior to September, due in part to the credit rating downgrades of various monoline bond insurers and the deterioration of the auction rate and variable rate markets. The failure of Lehman Brothers, however, prompted a wave of forced selling in the municipal market as leveraged buyers, mutual funds and brokerage firms began deleveraging, putting significant pressure on prices and severely eroding liquidity. As a result, municipal yields rose, particularly on the long end of the yield curve, far exceeding those of comparable Treasuries by the end of the period. For the three-month period ended October 31, 2008, the short end of the curve outperformed the long end by roughly 1,000 basis points. The disparity in performance was even greater over the one-year reporting period as the short end outperformed by more than 1,800 basis points. As would be expected in the risk-averse and volatile environment, higher-quality municipal bonds outperformed lower-quality issues. For the overall period, high yield municipal spreads widened from approximately 170 basis points to 410 basis points.
 
 
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 and a market price basis, the Trust underperformed its benchmark index, the Lehman Brothers Municipal Bond Index (“the Index”).
 
Total return for the 12-month period ended October 31, 2008
 
                                       
    Based on
    Based on
    Lehman Brothers
   
    NAV     Market Price     Municipal Bond Index    
                                       
      –26.55 %         –23.77 %         –3.30 %      
 
 
 
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment return, net asset value and common share market price will fluctuate and Trust shares, when sold, may be worth more or less than their original cost. See Performance Summary for additional performance information and index definition.
 
The Trust held an overweight to lower- and non-rated bonds relative to the Index, which is comprised entirely of investment-grade issues. This allocation to the lower-quality segment of the market hindered performance as the flight to quality that persisted throughout most of the reporting period led higher-quality issues to outperform. Overweights to triple-B rated hospital and tobacco bonds relative to the Index also held back relative returns as these sectors struggled during the period. The hospital sector was particularly hard hit, with spreads widening from 100 basis points to 300 basis points by the end of October. The Trust’s yield-curve positioning was also disadvantageous. We maintained an overweight exposure to the longer end of the municipal yield curve, which underperformed the short end of the curve as the curve steepened.
 
Other positions, however, were additive to performance. An overweight to pre-refunded bonds enhanced returns as these shorter-maturity securities benefited from the outperformance of the short end of the municipal yield curve. Additionally, holdings in municipal auction rate securities with zero durations (a measure of interest-rate sensitivity) were additive to performance as the yield on these securities remained well above those of long-maturity municipal bonds.
 
The Trust’s Board of Trustees has 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.
 
 
3


 

         
Ratings Allocations as of 10/31/08 (Unaudited)
 
AAA/Aaa
    32.6 %
AA/Aa
    29.2  
A/A
    10.7  
BBB/Baa
    16.7  
BB/Ba
    0.9  
Non-Rated
    9.9  
         
         
Top 5 Sectors as of 10/31/08 (Unaudited)
 
Hospital
    22.1 %
Public Education
    7.7  
Airports
    6.7  
General Purpose
    6.1  
Master Tobacco Settlement
    5.9  
         
         
Summary of Investments by State/Country Classification as of 10/31/08 (Unaudited)
 
Florida
    21.5 %
California
    9.8  
Texas
    9.2  
New York
    6.7  
Illinois
    6.4  
Ohio
    4.4  
New Jersey
    3.8  
South Carolina
    3.0  
Michigan
    2.6  
North Carolina
    2.6  
Arizona
    2.3  
Massachusetts
    2.3  
Washington
    2.2  
Colorado
    2.1  
Georgia
    2.0  
Missouri
    1.4  
Wisconsin
    1.3  
Indiana
    1.2  
Tennessee
    1.2  
Alabama
    1.2  
District of Columbia
    1.1  
Nevada
    1.1  
Pennsylvania
    1.0  
Kansas
    1.0  
Connecticut
    1.0  
Iowa
    0.9  
Alaska
    0.8  
Maryland
    0.7  
Minnesota
    0.5  
Louisiana
    0.5  
Kentucky
    0.5  
Puerto Rico
    0.4  
Guam
    0.4  
Oklahoma
    0.4  
West Virginia
    0.3  
South Dakota
    0.3  
(continued on next page)
 
 
 
4


 

         
Summary of Investments by State Classification as of 10/31/08
(continued from previous page)
 
U.S. Virgin Islands
    0.3 %
Virginia
    0.3  
Rhode Island
    0.3  
Nebraska
    0.2  
Oregon
    0.2  
New Hampshire
    0.1  
Utah
    0.1  
North Dakota
    0.1  
Wyoming
    0.1  
New Mexico
    0.1  
Idaho
    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.
 
 
5


 

For More Information About Portfolio Holdings
 
Each Van Kampen trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the trust’s second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to fund shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each fund files a complete schedule of portfolio holdings with the SEC for the trust’s first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s Web site, http://www.sec.gov. You may also review and copy them at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102.
 
You may obtain copies of a trust’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 341-2929.
 
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.
 
 
6


 

Investment Advisory Agreement Approval
 
Both the Investment Company Act of 1940 and the terms of the Fund’s investment advisory agreement require that the investment advisory agreement between the Fund and its investment adviser be approved annually both by a majority of the Board of Trustees and by a majority of the independent trustees voting separately.
 
At meetings held on April 15, 2008 and May 8, 2008, the Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board of Trustees considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. Finally, the Board considered materials it had received in approving an acquisition by the Fund of another fund that was completed in 2007, materials it had received in connection with fee waivers currently in place for the Fund and materials it had received in connection with the share repurchase program currently in place for the Fund. The Board of Trustees considered the investment advisory agreement over a period of several months and the trustees held sessions both with the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement.
 
In approving the investment advisory agreement, the Board of Trustees considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser’s expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund’s shareholders, and the propriety of breakpoints in the Fund’s investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and
 
 
7


 

disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and, after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered.
 
Nature, Extent and Quality of the Services Provided. On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund’s portfolio management team and the Fund’s portfolio management strategy over time. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement.
 
Performance, Fees and Expenses of the Fund. On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund’s weighted performance is under the fund’s benchmark, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund’s overall expense ratio. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement.
 
Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser’s expenses in providing services to the Fund and other funds advised by the investment adviser and the profitability of the investment adviser. These profitability reports are put together
 
 
8


 

by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser’s expenses and profitability support its decision to approve the investment advisory agreement.
 
Economies of Scale. On a regular basis, the Board of Trustees considers the size of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s portfolio and whether the advisory fee level is appropriate relative to current asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement.
 
Other Benefits of the Relationship. On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its affiliates derived from its relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to funds’ sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement.
 
 
9


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Municipal Bonds  205.2%
Alabama  2.4%
$ 3,660     Alabama St Brd Ed Rev & Impt Southn Univ St Cmnty Rfdg (MBIA Insd)     5.250 %   07/01/20   $ 3,647,080  
  3,225     Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (b)     5.000     06/01/39     2,847,933  
  750     Birmingham Baptist Med Ctr AL Baptist Hlth Sys, Ser A     5.875     11/15/24     657,630  
  7,600     Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Inc, Ser A     5.000     11/15/30     5,483,020  
  2,525     Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj     5.500     01/01/43     1,564,793  
                             
                          14,200,456  
                             
        Alaska  1.6%
  950     Alaska St Hsg Fin Corp Gen Hsg, Ser A (FGIC Insd)     5.000     12/01/30     874,844  
  3,650     Alaska St Intl Arpt Rev, Ser B (AMBAC Insd) (Prerefunded @ 10/01/12)     5.250     10/01/27     3,930,940  
  1,575     Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (FSA Insd)     5.750     03/01/16     1,620,092  
  5,300     Northern Tob Sec Corp Rev Bkd, Ser A     5.000     06/01/46     2,819,600  
                             
                          9,245,476  
                             
        Arizona  4.8%
  1,000     Arizona Hlth Fac Auth Hosp Sys Rev John C Lincoln Hlth Network (Prerefunded @ 12/01/12)     6.375     12/01/37     1,116,020  
  2,560     Arizona St Trans Brd Hwy Rev, Ser B     5.000     07/01/25     2,554,086  
  3,835     Arizona St Trans Brd Hwy Rev, Ser B     5.000     07/01/26     3,812,489  
  6,075     Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg, Ser B     5.000     12/01/37     4,175,834  
  3,050     Glendale, AZ Indl Dev Auth Rfdg     5.000     12/01/35     2,118,499  
  3,000     Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd)     5.250     01/01/32     2,706,210  
  3,500     Maricopa Cnty, AZ Hosp Rev Sun Hlth Corp (Prerefunded @ 4/01/24)     5.000     04/01/35     3,475,710  
  3,400     Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Resh LLC Proj (AMT)     6.550     12/01/37     2,494,546  
  8,500     University of AZ Med Ctr Corp     5.000     07/01/35     6,086,170  
                             
                          28,539,564  
                             
        California  20.0%
  900     Aliso Viejo, CA Cmnty Fac Dist Spl Tax No 2005-01 Glenwood at Aliso     6.000     09/01/38     685,161  
  1,300     Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj, Ser C (FSA Insd)     6.000     09/01/16     1,416,870  
  1,000     California Cnty, CA Tob Agy Tob Sec Sonoma Cnty Corp Rfdg     5.250     06/01/45     602,970  
 
 
10
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        California (Continued)
$ 3,000     California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (b)     4.950 %   08/01/23   $ 2,449,155  
  2,000     California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (b)     5.050     02/01/29     1,596,560  
  7,300     California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (b)     4.800     08/01/36     5,096,641  
  4,800     California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (b)     5.300     08/01/23     4,204,560  
  5,500     California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (b)     5.450     08/01/28     4,677,860  
  1,500     California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser B (AMT)     5.000     07/01/27     1,008,570  
  695     California St (AMBAC Insd)     5.125     10/01/27     662,988  
  1,000     California St Dept Wtr Res Wtr Ctl Wtr Sys, Ser X (FGIC Insd) (Prerefunded @ 12/01/12)     5.000     12/01/29     947,684  
  1,500     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (b)     5.000     12/01/25     1,472,925  
  1,500     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (b)     5.000     12/01/26     1,463,348  
  875     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (b)     5.000     12/01/27     846,759  
  1,175     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (b)     5.000     12/01/28     1,159,637  
  1,500     California St Dept Wtr Res Wtr Cent Vy Proj, Ser AE (b)     5.000     12/01/28     1,441,163  
  5,000     California St Univ Rev & Co Systemwide, Ser A (AMBAC Insd)     5.000     11/01/33     4,573,850  
  9,150     California St Veterans, Ser CD (AMT) (b)     4.600     12/01/32     6,453,404  
  9,015     California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth, Ser A     5.250     07/01/30     6,554,266  
  1,500     California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (c)     5.125     04/01/37     1,046,520  
  2,700     California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A     5.000     03/01/30     2,193,129  
  3,750     California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A     5.000     03/01/35     2,937,150  
  3,360     California Statewide Cmnty Dev Auth Rev Sutter Hlth, Ser A     5.000     11/15/43     2,731,075  
  600     Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg, Ser C     6.500     12/15/47     428,118  
  1,750     Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser A (MBIA Insd)     5.000     09/01/33     1,468,040  
  3,000     Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser B (MBIA Insd)     5.000     03/01/33     2,520,810  
  2,000     Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (MBIA Insd)     *       01/15/17     1,089,620  
 
 
11
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        California (Continued)
$ 10,750     Foothill/Eastern Corridor Agy CA Toll Rd Rev Sr Lien, Ser A (d)     *       01/01/23   $ 5,046,372  
  3,000     Fremont, CA Uni Sch Dist, Ser A (MBIA Insd)     5.000 %   08/01/25     2,900,640  
  11,840     Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1     5.750     06/01/47     7,794,035  
  5,000     Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced, Ser A     5.000     06/01/45     3,611,250  
  1,000     Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (Syncora Gtd)     5.000     09/01/37     787,290  
  4,000     Los Angeles, CA Dept Wtr & Pwr, Ser A (MBIA Insd)     5.125     07/01/40     3,610,280  
  2,000     Los Angeles, CA Wtr & Pwr Rev Pwr Sys, Ser B (FSA Insd)     5.000     07/01/28     1,894,380  
  1,500     Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser B1 (MBIA Insd)     5.000     10/01/33     1,402,710  
  700     Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (c)     5.500     03/01/18     616,924  
  3,500     Palm Springs, CA Fin Auth Lease Rev Convention Ctr Proj, Ser A (MBIA Insd)     5.500     11/01/35     3,380,755  
  1,000     Palomar Pomerado Hlthcare Dist CA Ctf Partn, Ser C (FSA Insd) (e) (f)     7.000     11/01/36     1,000,000  
  3,400     Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj     7.000     12/01/27     2,728,330  
  2,400     Rancho Mirage, CA Jt Pwr Fin Auth Rev Eisenhower Med Ctr, Ser A     5.000     07/01/47     1,784,616  
  1,850     San Francisco, CA City & Cnty Arpts Commn Intl Arpt Rfdg, Ser A-4 (AMT) (a) (f)     6.500     05/01/19     1,852,757  
  1,000     Santa Clara Cnty, CA Brd Ed Ctf Partn Rfdg (MBIA Insd)     5.000     04/01/25     935,060  
  3,000     Temecula, CA Redev Agy Tax Temecula Redev Proj No 1 (MBIA Insd)     5.250     08/01/36     2,778,510  
  4,700     Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1     5.375     06/01/38     2,996,532  
  3,550     Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1     5.500     06/01/45     2,235,613  
  3,800     Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1     5.000     06/01/37     2,285,700  
  9,650     Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1     5.125     06/01/46     5,675,358  
  1,600     Turlock, CA Hlth Fac Rev Emanuel Med Ctr Inc     5.375     10/15/34     1,206,336  
                             
                          118,252,281  
                             
        Colorado  4.3%
  2,000     Aurora, CO Ctf Partn (AMBAC Insd) (Prerefunded @ 12/01/10)     5.500     12/01/30     2,125,260  
 
 
12
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Colorado (Continued)
$ 3,405     Colorado Ed & Cultural Fac Auth Rev Impt Charter Sch Rfdg (Syncora Gtd)     5.250 %   12/01/23   $ 3,271,115  
  800     Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A     5.250     07/01/27     486,008  
  600     Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A     5.300     07/01/37     335,106  
  7,300     Colorado Hlth Fac Auth Rev Catholic Hlth (FSA Insd) (b)     5.000     09/01/36     6,507,038  
  2,000     Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives, Ser A (d)     5.500     03/01/32     2,011,320  
  3,000     Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc     5.000     12/01/35     2,028,690  
  1,125     Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)     6.500     11/15/31     1,248,986  
  1,400     Colorado Hlth Fac Auth Rev Poudre Vly CO Hlth Fac Auth Hosp, Ser A (FSA Insd)     5.200     03/01/31     1,315,440  
  6     Colorado Hsg Fin Auth Single Family Pgm Sr, Ser B1 (AMT)     7.650     11/01/26     6,000  
  1,805     Lakewood, CO Ctf Part (AMBAC Insd) (Prerefunded @ 12/01/10)     5.300     12/01/16     1,911,892  
  985     Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg     5.900     10/01/37     668,579  
  1,200     North Range, CO Met Dist No 2 Ltd Tax     5.500     12/15/37     804,564  
  2,050     Salida, CO Hosp Dist Rev     5.250     10/01/36     1,332,746  
  1,500     University of CO Hosp Auth Rev, Ser A     5.250     11/15/39     1,083,300  
                             
                          25,136,044  
                             
        Connecticut  2.0%
  1,175     Connecticut St Dev Auth Solid Waste Disp Fac Rev Pwr LLC Proj, Ser A (AMT)     5.750     11/01/37     921,858  
  7,500     Connecticut St Hsg Fin Auth Hsg Mtg Fin Pg Sub, Ser B-2 (AMT)     5.100     05/15/38     5,634,000  
  3,580     Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A (ACA Insd) (AMT)     6.600     07/01/24     2,909,359  
  1,000     Hartford, CT Pkg Sys Rev, Ser A (Prerefunded @ 7/01/10)     6.500     07/01/25     1,067,990  
  1,925     Mashantucket Western Pequot Tribe CT 2006 Sub Spl Rev Bd, Ser A (c)     5.500     09/01/36     1,298,932  
                             
                          11,832,139  
                             
        District of Columbia  2.4%
  1,725     District Columbia Rev Univ George Washington Univ, Ser B (MBIA Insd) (e) (f)     8.830     09/15/29     1,725,000  
  1,150     District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (b)     5.000     10/01/29     1,065,561  
  2,350     District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (b)     5.000     10/01/34     2,096,564  
 
 
13
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        District of Columbia (Continued)
$ 6,000     District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien (FSA Insd)     5.500 %   10/01/41   $ 5,661,180  
  2,000     District of Columbia Rev Friendship Pub Charter Sch Inc (ACA Insd)     5.750     06/01/18     1,757,400  
  5     District of Columbia, Ser E (FSA Insd)     6.000     06/01/13     5,013  
  2,000     Metropolitan Washington DC Arpt Auth Sys, Ser A (MBIA Insd) (AMT)     5.250     10/01/32     1,604,160  
                             
                          13,914,878  
                             
        Florida  44.1%
  1,000     Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg     5.250     11/15/17     794,280  
  1,000     Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg     5.875     11/15/36     683,260  
  500     Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg     5.875     11/15/42     331,165  
  340     Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A     6.000     05/01/38     237,704  
  250     Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B     6.200     05/01/38     178,017  
  12,960     Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev First Inc Proj (b)     5.000     04/01/34     8,668,814  
  5,000     Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj     5.000     04/01/34     3,344,300  
  1,800     Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc     6.750     01/01/37     1,385,928  
  1,000     Broward Cnty, FL Hsg Fin Auth Multi-Family Hsg Rev Pembroke Pk Apts Proj (AMT)     5.650     10/01/28     842,850  
  1,000     Broward Cnty, FL Sch Brd Ctf Partn, Ser A (FSA Insd)     5.000     07/01/22     950,020  
  1,500     Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT)     5.750     01/01/32     1,110,225  
  995     Cross Creek Cmnty Dev Dist FL Spl Assmt Rev Cross Creek Comm Dev, Ser B     5.500     05/01/17     582,791  
  675     Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)     5.950     07/01/20     684,065  
  1,000     Escambia Cnty, FL Util Auth Util Sys Rev (FGIC Insd) (Prerefunded @ 1/01/09)     5.250     01/01/29     1,015,830  
  1,250     Florida Agric & Mechanical Univ Rev Student Apt Fac (MBIA Insd)     6.500     07/01/23     1,253,175  
  260     Florida Hsg Fin Agy Homeownership Mtg, Ser B (AMT)     8.595     11/01/18     283,148  
  2,750     Florida Hsg Fin Agy Hsg Willow Lake Apts, Ser J-1 (AMBAC Insd) (AMT)     5.350     07/01/27     2,329,057  
  430     Florida Hsg Fin Corp Rev Homeowner Mtg, Ser 4 (FSA Insd) (AMT)     6.250     07/01/22     437,099  
 
 
14
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Florida (Continued)
$ 1,000     Florida Hsg Fin Corp Rev Hsg Wentworth II Apts, Ser A (AMBAC Insd) (AMT)     5.375 %   11/01/29   $ 831,200  
  5,045     Florida Hsg Fin Corp Rev, Ser 6 (AMT) (b)     4.625     07/01/31     3,577,182  
  4,690     Florida Hsg Fin Corp Rev, Ser 6 (AMT) (b)     4.700     07/01/37     3,187,418  
  8,475     Florida Ports Fin Comm Rev St Trans Tr Fd Intermodal Pgm (MBIA Insd) (AMT)     5.500     10/01/29     7,056,624  
  2,000     Florida Ports Fin Comm Rev St Trans Tr Fd (MBIA Insd) (AMT)     5.375     06/01/27     1,671,220  
  15,000     Florida St Brd of Ed Pub Ed Cap Outlay Pub Ed Rfdg, Ser D (b)     4.750     06/01/35     12,770,175  
  12,775     Florida St Brd of Ed Cap Outlay Pub Ed Rfdg, Ser D     5.750     06/01/22     13,220,209  
  4,500     Florida St Brd of Ed Cap Outlay Pub Ed, Ser C (FGIC Insd) (Prerefunded @ 6/01/10)     5.750     06/01/29     4,777,605  
  2,000     Florida St Brd of Ed Lottery Rev, Ser A (MBIA Insd)     5.250     07/01/17     2,042,920  
  5,000     Florida St Brd of Ed Lottery Rev, Ser A (FGIC Insd) (Prerefunded @ 7/01/10)     5.500     07/01/17     5,309,400  
  1,000     Florida St Brd of Ed Lottery Rev, Ser A (FGIC Insd) (Prerefunded @ 7/01/10)     6.000     07/01/14     1,070,010  
  1,000     Florida St Brd of Ed Rev FL St Univ Hsg Fac, Ser A (MBIA Insd)     5.000     05/01/29     932,000  
  4,735     Florida St Brd of Regt Hsg Rev Univ FL (FGIC Insd) (Prerefunded @ 7/01/10)     5.500     07/01/28     5,028,002  
  3,000     Florida St Dept Trans     5.000     07/01/32     2,855,910  
  7,295     Florida St Dept Trans Tpk Rev, Ser A (b)     5.000     07/01/29     6,813,348  
  1,500     Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000, Ser A (AMBAC Insd)     5.000     07/01/11     1,502,310  
  2,000     Florida St Div Bd Fin Dept Gen Svc Rev Dept Envrnmtl Preservtn 2000, Ser A (MBIA Insd)     5.250     07/01/12     2,048,200  
  1,910     Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (b)     5.000     07/01/26     1,831,996  
  1,935     Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (b)     5.000     07/01/27     1,844,558  
  2,100     Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (b)     5.000     07/01/28     1,984,280  
  2,500     Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (b)     5.000     07/01/32     2,280,063  
  1,475     Florida St Tpk Auth Tpk Rev Dept Trans, Ser B     5.000     07/01/30     1,362,871  
  1,635     Fort Myers, FL Util Rev Rfdg, Ser A (MBIA Insd)     5.500     10/01/24     1,563,125  
  365     Gainesville, FL Util Sys Rev (d)     8.125     10/01/14     412,983  
  1,000     Gramercy Farms Cmnty Dev Dist FL Spl Assmt, Ser B     5.100     05/01/14     751,070  
  500     Gulf Breeze, FL Rev Loc Govt (FGIC Insd)     5.650     12/01/20     506,690  
  730     Gulf Breeze, FL Rev Loc Govt (FGIC Insd)     5.750     12/01/20     734,782  
 
 
15
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Florida (Continued)
$ 1,000     Gulf Breeze, FL Rev Loc Govt (FGIC Insd)     5.800 %   12/01/20   $ 1,014,280  
  5,000     Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A     5.000     06/01/38     3,421,100  
  5,500     Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A     5.250     06/01/26     4,374,480  
  3,000     Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist/Sunbelt, Ser A (Prerefunded @ 11/15/11)     6.000     11/15/31     3,287,370  
  1,285     Highlands, FL Cmnty Dev Dist Spl Assmt     5.550     05/01/36     845,440  
  750     Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (FSA Insd)     5.000     03/01/15     774,728  
  750     Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (FSA Insd)     5.000     09/01/15     774,728  
  1,450     Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (b)     5.375     10/01/33     1,166,018  
  3,260     Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (b)     5.500     10/01/38     2,606,240  
  14,150     Hillsborough Cnty, FL Indl Dev Auth Hosp Rev Tampa Gen Hosp Proj (b)     5.250     10/01/41     9,946,106  
  1,100     Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty Ida Rfdg (AMBAC Insd)     5.000     12/01/34     1,108,008  
  1,225     Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B     5.150     09/01/25     1,215,102  
  1,000     Hillsborough Cnty, FL Indl Dev Tampa Gen Hosp Proj, Ser B     5.250     10/01/28     764,080  
  1,000     Hillsborough Cnty, FL Indl Dev Tampa Gen Hosp Proj, Ser B     5.250     10/01/34     717,150  
  2,745     Hillsborough Cnty, FL Port Dist Rev Tampa Port Auth Proj, Ser A (MBIA Insd) (AMT)     5.375     06/01/27     2,293,749  
  10,000     Hillsborough Cnty, FL Solid Waste & Res Recovery Rev, Ser A (BHAC Insd) (AMT)     4.500     09/01/34     7,238,900  
  1,380     Hollywood, FL Cmnty Redev Agy Beach Cra     5.625     03/01/24     1,199,068  
  1,500     Jacksonville, FL Econ Dev Commn Indl Dev Rev Metro Pkg Solutions Proj (ACA Insd) (AMT)     5.500     10/01/30     1,126,350  
  7,000     Lakeland, FL Elec & Wtr Rev (d)     *       10/01/13     5,799,080  
  2,230     Lakeland, FL Elec & Wtr Rev (d)     5.750     10/01/19     2,345,380  
  5,105     Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys (b)     5.000     11/15/25     3,978,888  
  1,000     Lee Cnty, FL Arpt Rev, Ser A (FSA Insd) (AMT)     5.750     10/01/22     909,760  
  1,170     Lee Cnty, FL Hsg Fin Auth Single Family Mtg Rev Multi-Cnty Pgm, Ser A (GNMA Collateralized) (AMT)     5.000     03/01/39     862,103  
  2,400     Lee Cnty, FL Indl Dev Auth Hlthcare Fac Rev Shell PT/Alliance Oblig Group     5.125     11/15/36     1,544,688  
  1,000     Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn, Ser A     5.375     06/15/37     641,610  
 
 
16
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Florida (Continued)
$ 1,000     Leesburg, FL Hosp Rev Leesburg Regl Med Ctr Proj     5.500 %   07/01/32   $ 771,750  
  1,025     Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A     6.800     05/01/38     832,956  
  650     Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B     6.900     05/01/17     591,604  
  3,500     Marion Cnty, FL Hosp Dist Rev Hlth Sys Munroe Reg Impt & Rfdg     5.000     10/01/34     2,475,655  
  650     Marion Cnty, FL Hosp Dist Rev Hlth Sys Munroe Reg Impt & Rfdg (Prerefunded @ 10/01/09)     5.500     10/01/29     678,730  
  1,500     Miami Beach, FL Stormwtr Rev (MBIA Insd)     5.250     09/01/25     1,383,180  
  1,460     Miami Beach, FL Stormwtr Rev (MBIA Insd)     5.750     09/01/14     1,514,224  
  1,045     Miami Beach, FL Stormwtr Rev (MBIA Insd)     5.750     09/01/15     1,083,811  
  3,200     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)     5.000     10/01/38     2,345,984  
  2,000     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)     5.375     10/01/27     1,672,020  
  4,720     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)     5.375     10/01/32     3,814,421  
  870     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (MBIA Insd)     5.450     10/01/15     889,262  
  3,000     Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (MBIA Insd)     5.750     10/01/29     3,002,940  
  2,000     Miami-Dade Cnty, FL Aviation Rev, Ser A (FSA Insd) (AMT)     5.000     10/01/33     1,514,220  
  2,000     Miami-Dade Cnty, FL Aviation, Ser A (FSA Insd) (AMT)     5.125     10/01/35     1,524,720  
  2,000     Miami-Dade Cnty, FL Ed Fac Auth Rev, Ser A (AMBAC Insd) (Prerefunded @ 4/01/10)     5.750     04/01/29     2,116,840  
  940     Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A     6.000     05/01/24     760,375  
  4,250     North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)     6.000     01/15/31     4,573,255  
  1,000     Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd)     *       10/01/12     847,810  
  1,000     Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd)     *       10/01/13     804,450  
  980     Orange Cnty, FL Hlth Fac Auth Hosp Hlthcare, Ser E     6.000     10/01/26     916,731  
  20     Orange Cnty, FL Hlth Fac Auth Hosp Hlthcare, Ser E (Prerefunded @ 10/01/09)     6.000     10/01/26     20,956  
  2,475     Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower     5.500     07/01/32     1,637,237  
  1,000     Orange Cnty, FL Hlth Fac Auth Rev Hosp Orlando Regl Hlthcare, Ser B     5.125     11/15/39     746,780  
 
 
17
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Florida (Continued)
$ 1,000     Orange Cnty, FL Hsg Fin Auth Multi-Family Rev Mtg Hands Inc Proj, Ser A (Acquired 06/19/95, Cost $1,000,000) (g)     7.000 %   10/01/25   $ 1,021,460  
  2,000     Orange Cnty, FL Tourist Dev Tax Rev (AMBAC Insd) (Prerefunded @ 10/01/09)     5.500     10/01/31     2,070,020  
  1,500     Orlando & Orange Cnty Expwy Auth FL Expwy Rev Jr Lien (MBIA Insd)     5.000     07/01/28     1,337,580  
  890     Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A     6.125     05/01/35     640,115  
  1,650     Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj     5.875     11/15/37     1,304,028  
  1,000     Palm Beach Cnty, FL Sch Brd Ctf Partn, Ser A (FGIC Insd) (Prerefunded @ 8/01/10)     5.875     08/01/21     1,068,360  
  765     Pembroke Pines, FL Cons Util Sys Rev (FGIC Insd) (d)     6.250     09/01/11     811,596  
  1,500     Pensacola, FL Arpt Rev Rfdg, Ser A (MBIA Insd) (AMT)     6.000     10/01/12     1,515,015  
  1,565     Pensacola, FL Arpt Rev Rfdg, Ser A (MBIA Insd) (AMT)     6.125     10/01/18     1,524,717  
  500     Polk Cnty, FL Sch Brd Ctf Partn Master Lease, Ser A (FSA Insd)     5.500     01/01/25     496,785  
  2,000     Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist, Ser 1-B (MBIA Insd)     5.000     07/01/33     1,680,880  
  4,675     Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd)     5.350     03/15/42     4,418,576  
  890     Reunion East Cmnty Dev Dist FL Spl Assmt     5.800     05/01/36     621,852  
  1,000     Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A     5.250     01/01/26     673,830  
  1,500     Saint John’s Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A     5.375     01/01/40     910,140  
  2,000     Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (FSA Insd)     5.000     07/01/21     1,957,640  
  750     Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (FSA Insd)     5.000     07/01/23     723,495  
  600     Seminole Tribe, FL Spl Oblig Rev, Ser A (c)     5.250     10/01/27     458,298  
  1,430     Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A     5.875     05/01/35     992,320  
  1,000     South Lake Cnty Hosp Dist FL South Lake Hosp Inc     6.375     10/01/28     866,960  
  1,500     South Miami, FL Hlth Fac Auth Hosp Rev Baptist Hlth South FL Group     5.000     08/15/37     1,206,945  
  2,845     South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A     5.700     05/01/35     2,033,862  
  500     Split Pine Cmnty Dev Dist FL Spl Assmt, Ser A     5.250     05/01/39     327,745  
  1,250     Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A     6.200     05/01/35     1,009,700  
 
 
18
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Florida (Continued)
$ 1,000     Tallahassee, FL Hlth Fac Rev Tallahassee Mem Hlthcare Proj     6.375 %   12/01/30   $ 835,410  
  1,000     Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (MBIA Insd)     5.500     08/01/17     1,042,150  
  1,115     Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (MBIA Insd)     5.500     08/01/19     1,130,499  
  3,000     Tampa, FL Hosp Rev Cap Impt H Lee Moffitt, Ser A     5.750     07/01/19     2,782,770  
  1,800     Tampa, FL Hosp Rev Cap Impt H Lee Moffitt, Ser A     5.750     07/01/29     1,511,172  
  300     Tolomato Cmnty, FL Dev Dist Spl Assmt     6.550     05/01/27     250,797  
  3,170     Tolomato Cmnty, FL Dev Dist Spl Assmt     6.650     05/01/40     2,559,046  
  3,500     Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (MBIA Insd)     5.125     11/01/36     2,934,120  
  1,000     Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (MBIA Insd)     5.200     11/01/25     943,940  
  1,000     Village Ctr Cmnty Dev Dist FL Util Rev (FGIC Insd) (d)     6.000     11/01/18     1,115,290  
  2,000     Village Ctr Cmnty Dev Dist FL Util Rev (MBIA Insd)     5.250     10/01/23     1,947,480  
  1,000     Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A     5.750     10/15/29     828,380  
  3,000     West Orange Hlthcare Dist FL, Ser A     5.800     02/01/31     2,486,520  
  820     West Palm Beach, FL Cmnty Redev Agy Northwood — Pleasant Cmnty Redev, Ser A     5.000     03/01/35     573,098  
  750     World Comm Cmnty Dev Dist FL Spl Assmt     5.500     05/01/38     499,343  
                             
                          260,664,130  
                             
        Georgia  4.0%
  5,250     Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd) (b)     5.000     01/01/33     4,783,538  
  2,000     Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd)     5.000     01/01/33     1,822,260  
  1,421     Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $1,420,926) (g)     7.250     06/15/10     1,442,552  
  1,500     George L Smith II GA World Congress Cent Auth Rev Domed Stadium Proj Rfdg (MBIA Insd) (AMT)     5.500     07/01/20     1,327,920  
  2,635     Georgia Muni Elec Auth Pwr Rev, Ser A (MBIA Insd)     6.500     01/01/20     3,063,161  
  5,815     Georgia Muni Elec Auth Pwr Rev, Ser Y (MBIA Insd)     6.500     01/01/17     6,218,973  
  85     Georgia Muni Elec Auth Pwr Rev, Ser Y (MBIA Insd) (Prerefunded @ 1/01/14)     6.500     01/01/17     97,060  
  2,400     Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1     5.100     06/01/23     2,252,232  
 
 
19
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Georgia (Continued)
$ 800     Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc     6.700 %   07/01/16   $ 714,816  
  2,500     Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc Rfdg     6.500     07/01/27     1,982,875  
                             
                          23,705,387  
                             
        Idaho  0.2%
  1,305     Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg     6.125     11/15/27     963,234  
                             
         
        Illinois  13.1%
  1,910     Bartlett, IL Tax Increment Rev Quarry Redev Proj Rfdg     5.600     01/01/23     1,500,821  
  11,675     Chicago, IL Brd Ed Rfdg, Ser C (FSA Insd) (b)     5.000     12/01/27     11,284,530  
  2,000     Chicago, IL Brd of Ed (FGIC Insd) (Prerefunded @ 12/01/10)     5.500     12/01/31     2,125,260  
  4,400     Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien (AGC Insd) (b)     5.250     01/01/24     4,340,908  
  11,500     Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien (AGC Insd) (b)     5.250     01/01/25     11,314,793  
  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     1,212,255  
  1,000     Chicago, IL O’Hare Intl Arpt Rev Second Lien Passenger Fac, Ser B (AMBAC Insd)     5.500     01/01/16     1,022,330  
  2,000     Chicago, IL O’Hare Intl Arpt Rev Second Lien Passenger Fac, Ser B (AMBAC Insd)     5.500     01/01/17     2,034,080  
  5,700     Chicago, IL O’Hare Intl Arpt Rev, Ser A (FSA Insd) (b)     5.000     01/01/33     5,083,773  
  2,370     Chicago, IL Proj Rfdg, Ser A (MBIA Insd) (Prerefunded @ 1/01/11)     5.000     01/01/31     2,508,052  
  375     Chicago, IL Proj Rfdg, Ser C (FGIC Insd)     5.750     01/01/14     392,936  
  375     Chicago, IL Proj Rfdg, Ser C (FGIC Insd)     5.750     01/01/15     392,936  
  1,000     Chicago, IL Rfdg, Ser B (AMBAC Insd)     5.125     01/01/15     1,028,930  
  3,500     Chicago, IL, Ser A (AGL Insd)     5.250     01/01/25     3,458,455  
  1,130     Chicago, IL Proj Rfdg (MBIA Insd) (Prerefunded @ 1/01/11)     5.000     01/01/31     1,036,380  
  3,500     Du Page Cnty, IL Fst Presv Dist     *       11/01/10     3,287,270  
  2,310     Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (MBIA Insd)     5.500     11/15/13     2,422,081  
  2,500     Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (MBIA Insd)     5.500     11/15/15     2,611,025  
  2,460     Illinois Fin Auth Hosp Rev Rfdg Kishhlth Sys Oblig Group     5.500     10/01/22     2,215,919  
  400     Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A     5.750     05/15/31     273,396  
  1,000     Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ     5.500     04/01/37     800,510  
 
 
20
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Illinois (Continued)
$ 2,000     Illinois Fin Auth Rev IL Inst of Technology, Ser A     5.000 %   04/01/31   $ 1,532,140  
  4,500     Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A     5.750     11/15/37     3,595,725  
  4,500     Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A     5.500     08/01/37     3,113,280  
  1,330     Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj (AMT)     5.050     08/01/29     845,361  
  1,250     Illinois Hlth Fac Auth Rev Evangelical Hosp, Ser C (FSA Insd)     6.750     04/15/17     1,427,350  
  2,275     Illinois Hlth Fac Auth Rev South Suburban Hosp (d)     7.000     02/15/18     2,619,435  
  285     Illinois St (FGIC Insd)     5.250     12/01/20     285,479  
  250     Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj, Ser A (MBIA Insd)     5.375     12/15/18     254,045  
  1,920     University IL Univ Rev Auxiliary Fac Sys (MBIA Insd)     4.500     04/01/36     1,525,939  
  775     Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)     7.000     12/01/42     620,016  
  1,500     Yorkville, IL Utd City Spl Svc Area Spl Tax No 2006-113 Cannonball/Beecher     5.750     03/01/28     1,085,910  
                             
                          77,251,320  
                             
        Indiana  2.6%
  1,300     Indiana Hlth & Ed Fac Fin Auth Hosp Rev Cmnty Fndtn Northwest IN     5.500     03/01/37     956,904  
  5,600     Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Credit (b)     5.000     11/15/36     4,622,072  
  4,000     Indiana Hlth Fac Fin Auth Rev Deaconess Hosp, Ser A (AMBAC Insd)     5.375     03/01/34     3,529,760  
  5,500     Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev, Ser D (GNMA Collateralized) (AMT) (b)     4.625     07/01/38     3,671,168  
  1,280     North Adams, IN Cmnty Sch Renovation Bldg Corp Cap Apprec First Mtg (FSA Insd)     *       01/15/19     746,726  
  1,500     Petersburg, IN Pollutn Ctl Rev IN Pwr &
Lt (AMT)
    5.950     12/01/29     1,213,680  
  500     Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (c)     5.750     09/01/42     328,560  
                             
                          15,068,870  
                             
        Iowa  1.9%
  1,685     Des Moines, IA Pub Pkg Sys, Ser A (MBIA Insd)     5.750     06/01/15     1,730,006  
  1,785     Des Moines, IA Pub Pkg Sys, Ser A (MBIA Insd)     5.750     06/01/16     1,832,677  
  500     Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C     5.950     08/01/37     353,955  
 
 
21
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Iowa (Continued)
$ 500     Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj     6.000 %   12/01/37   $ 348,830  
  2,750     Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C     5.375     06/01/38     1,627,120  
  2,750     Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C     5.625     06/01/46     1,635,948  
  6,700     Tobacco Settlement Auth IA Tob Settlement Rev, Ser C     5.500     06/01/42     3,939,667  
                             
                          11,468,203  
                             
        Kansas  2.0%
  2,100     Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (XLCA Insd)     5.000     12/01/23     2,118,438  
  3,810     Kansas St Dev Fin Auth Rev KS Proj, Ser N (AMBAC Insd)     5.250     10/01/22     3,836,594  
  1,100     Labette Cnty, KS Hosp Rev Rfdg & Impt, Ser A     5.750     09/01/37     767,481  
  1,250     Lenexa, KS Hlthcare Fac Rev Rfdg & Impt     5.500     05/15/39     830,938  
  3,300     Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A     5.000     05/15/24     2,227,533  
  1,650     Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A     5.000     05/15/36     980,430  
  700     Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser B     5.125     05/15/42     413,238  
  1,075     Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A     6.000     11/15/38     755,284  
                             
                          11,929,936  
                             
        Kentucky  1.0%
  2,300     Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev, Ser A-1 (AGL Insd)     5.750     12/01/28     2,235,876  
  4,915     Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev (b)     5.250     10/01/36     3,398,084  
  450     Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc     5.250     10/01/36     311,103  
                             
                          5,945,063  
                             
        Louisiana  1.1%
  830     Colonial Pinnacle Cmnty Dev Dist Dev     6.750     05/01/23     735,604  
  1,489     Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt     5.250     07/01/17     1,242,988  
  2,315     Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg, Ser A (GNMA Collateralized) (AMT)     5.375     10/20/39     1,810,191  
  2,750     Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)     5.250     11/01/37     2,609,805  
                             
                          6,398,588  
                             
        Maryland  1.4%
  1,050     Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A     5.125     01/01/36     735,724  
 
 
22
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Maryland (Continued)
$ 1,535     Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev, Ser H (AMT)     5.100 %   09/01/37   $ 1,169,394  
  2,500     Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art     5.000     06/01/40     1,699,525  
  2,750     Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A     5.500     07/01/42     2,108,865  
  2,250     Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC Insd) (AMT)     5.125     03/01/24     1,869,930  
  950     Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj     5.200     07/01/34     637,602  
                             
                          8,221,040  
                             
        Massachusetts  4.7%
  650     Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A     5.750     11/15/35     422,194  
  750     Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A     5.750     11/15/42     468,982  
  7,000     Massachusetts St Hlth & Ed Fac Auth Rev Harvard Univ, Ser B (b)     5.000     10/01/38     6,778,310  
  500     Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12)     6.000     07/01/31     481,767  
  35     Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C     5.750     07/01/32     32,726  
  965     Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C (Prerefunded @ 7/01/11)     5.750     07/01/32     1,047,749  
  5,835     Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D     5.000     07/01/33     3,835,346  
  5,015     Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg, Ser 126 (AMT) (b)     4.550     06/01/27     3,693,698  
  1,440     Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg, Ser 126 (AMT) (b)     4.700     06/01/38     974,491  
  1,000     Massachusetts St Hsg Fin Agy Hsg,
Ser A (AMT)
    5.100     12/01/27     820,650  
  6,750     Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AMBAC Insd) (b)     4.500     08/15/35     5,532,165  
  3,850     Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (FSA Insd) (b)     5.000     08/15/30     3,668,107  
                             
                          27,756,185  
                             
        Michigan  5.3%
  3,015     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1     *       07/01/17     1,840,778  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1     *       07/01/18     1,723,128  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1     *       07/01/19     1,596,797  
 
 
23
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Michigan (Continued)
$ 3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1     *       07/01/22   $ 1,280,207  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1     *       07/01/23     1,191,238  
  3,050     Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1     *       07/01/24     1,102,117  
  3,500     Grand Rapids, MI Downtown Dev Cap Apprec (MBIA Insd)     *       06/01/15     2,526,755  
  2,765     Grand Rapids, MI Downtown Dev Cap Apprec (MBIA Insd)     *       06/01/16     1,873,232  
  2,000     Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A     6.000 %   07/01/35     1,579,660  
  1,350     Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A     5.250     01/15/47     1,349,042  
  600     Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A     5.500     01/15/47     601,698  
  2,850     Michigan St Hosp Fin Auth Rev Ascension Hlth Cr, Ser A (MBIA Insd) (Prerefunded @ 11/15/09)     5.750     11/15/18     2,977,110  
  2,500     Michigan St Strategic Fd Detroit Edison Co Proj Rfdg, Ser C (Syncora Gtd) (AMT)     5.450     12/15/32     2,008,250  
  2,500     Michigan St Strategic Fd Detroit Edison Pollutn Ctl Rfdg (AMBAC Insd) (f)     4.850     09/01/30     2,517,075  
  2,250     Michigan St Strategic Fd Detroit Ltd Oblig Rev Detroit Edison Co Proj Rfdg, Ser A
(Syncora Gtd) (AMT)
    5.500     06/01/30     1,855,283  
  1,000     Michigan St Strategic Fd Detroit Edison Polutnl Ctl Rfdg, Ser B (AMT)     5.650     09/01/29     852,060  
  7,000     Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A     6.000     06/01/48     4,558,680  
                             
                          31,433,110  
                             
        Minnesota  1.1%
  1,380     Annandale, MN Econ Dev Auth Sr Hsg & Hlthcare Rev Annandale Care Ctr Proj, Ser A     5.900     11/01/37     959,459  
  525     Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj     6.000     08/01/42     367,831  
  1,250     Dakota Cnty, MN Cmnty Dev Agy Multi-Family Hsg Rev Commons Marice Proj Rfdg, Ser A     5.000     05/01/42     714,575  
  1,000     Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj     5.750     11/01/37     716,840  
  50     Minnesota Agric & Econ Dev Brd Rev Hlthcare Sys (MBIA Insd)     5.750     11/15/26     44,069  
  300     North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks     6.000     10/01/27     228,402  
  875     North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks     6.000     10/01/33     627,725  
 
 
24
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Minnesota (Continued)
$ 275     North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks     6.125 %   10/01/39   $ 195,038  
  2,200     Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj     5.250     05/15/36     1,523,588  
  1,400     Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj     6.000     11/15/35     1,063,440  
                             
                          6,440,967  
                             
        Missouri  2.9%
  245     Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc     5.625     06/01/27     204,906  
  1,700     Cass Cnty, MO Hosp Rev     5.625     05/01/38     1,280,219  
  1,250     Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj     5.500     02/01/35     1,015,812  
  1,625     Jefferson Cnty, MO Reorg Sch Dist No R-6 (FGIC Insd)     5.625     03/01/20     1,689,968  
  2,500     Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc, Ser F     5.750     05/15/26     1,756,450  
  1,000     Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F     5.750     05/15/31     674,270  
  1,265     Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A     5.500     09/01/18     1,091,063  
  1,250     Saint Charles, MO Ctf Partn, Ser B     5.500     05/01/18     1,244,525  
  1,250     Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship Vlg West Cnty, Ser A     5.375     09/01/21     1,055,275  
  975     Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A     6.375     12/01/30     731,903  
  2,335     Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A     6.375     12/01/41     1,685,006  
  900     Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Rfdg     5.750     11/01/27     716,481  
  2,765     Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)     4.550     07/01/29     1,991,408  
  3,195     Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)     4.600     07/01/36     2,148,254  
                             
                          17,285,540  
                             
        Nebraska  0.4%
  2,615     Omaha Pub Dist NE Elec Rev Sub Sys, Ser A (b)     5.000     02/01/34     2,368,144  
                             
         
        Nevada  2.2%
  3,545     Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (BHAC Insd) (AMT)     4.750     09/01/36     2,465,158  
  3,000     Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT)     5.250     07/01/34     1,930,680  
 
 
25
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Nevada (Continued)
$ 3,500     Clark Cnty, NV Indl Dev Southwest Gas Corp Proj, Ser D1 (MBIA Insd) (AMT)     5.250 %   03/01/38   $ 2,211,580  
  4,100     Nevada Hsg Div Single Family Mtg Rev, Ser A (GNMA Collateralized) (AMT)     5.875     04/01/38     3,469,953  
  3,460     Reno, NV Hosp Rev Regl Med Ctr Proj, Ser A (b)     5.250     06/01/37     2,684,528  
                             
                          12,761,899  
                             
        New Hampshire  0.3%
  1,000     New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10)     7.000     07/01/30     853,300  
  950     New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)     6.300     05/01/22     912,513  
                             
                          1,765,813  
                             
        New Jersey  7.8%
  375     Burlington Cnty, NJ Brdg Cmnty Econ Dev Rev The Evergreens Proj     5.625     01/01/38     253,894  
  1,200     New Jersey Econ Dev Auth Rev Cig Tax     5.750     06/15/29     936,348  
  3,150     New Jersey Econ Dev Auth Rev Cig Tax     5.750     06/15/34     2,364,201  
  25,000     New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd)     5.900     03/15/21     27,046,000  
  2,000     New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp     5.000     07/01/36     1,343,500  
  2,300     New Jersey Hlthcare Fac Fin Auth Rev Saint Peter’s Univ Hosp Oblig     5.750     07/01/37     1,788,365  
  2,095     New Jersey St Trans Tr Fd Auth Trans Sys, Ser A     5.750     06/15/17     2,266,015  
  4,500     Tobacco Settlement Fin Corp NJ, Ser A1     4.750     06/01/34     2,477,790  
  14,000     Tobacco Settlement Fin Corp NJ, Ser A1 (b)     5.000     06/01/41     7,565,880  
                             
                          46,041,993  
                             
        New Mexico  0.2%
  1,250     Jicarilla, NM Apache Nation Rev, Ser A (Acquired 10/23/03, Cost $1,275,475) (g)     5.500     09/01/23     1,231,225  
                             
         
        New York  13.7%
  2,500     Metropolitan Trans Auth NY Rev Rfdg, Ser A (FGIC Insd)     5.250     11/15/31     2,261,700  
  13,750     Metropolitan Trans Auth NY Rev, Ser B (BHAC Insd)     4.500     11/15/36     11,174,213  
  2,400     New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser E1 (AMT)     5.350     11/01/37     1,879,392  
  3,650     New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B     6.750     03/01/15     3,140,825  
  16,930     New York City Trans Auth Trans Fac Livingston Plaza Proj Rfdg, Ser 1993 (FSA Insd) (d)     5.400     01/01/18     18,262,391  
  7,225     New York, NY Sub, Ser I-1 (b)     5.000     02/01/26     6,756,387  
 
 
26
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        New York (Continued)
$ 2,500     New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm, Ser A (FSA Insd)     5.500 %   05/15/25   $ 2,501,650  
  5,170     New York St Dorm Auth Rev City Univ Sys, Ser C     7.500     07/01/10     5,408,802  
  3,000     New York St Dorm Auth Rev Hosp (MBIA Insd)     5.000     08/01/33     2,462,250  
  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     2,135,300  
  3,000     New York St Dorm Auth Rev St Univ Ed Fac (FGIC Insd) (Prerefunded @ 5/15/10)     5.750     05/15/24     3,191,670  
  2,840     New York St Loc Assistance Corp Rfdg, Ser E     6.000     04/01/14     3,056,919  
  1,500     New York St Urban Dev Corp Rev Correctional Fac Rfdg     5.500     01/01/13     1,596,135  
  12,100     Port Auth NY & NJ (b)     5.000     10/01/35     11,159,468  
  3,000     Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)     5.750     12/01/22     2,667,360  
  3,000     Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)     5.750     12/01/25     2,597,250  
  950     Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (c)     5.000     12/01/23     712,320  
                             
                          80,964,032  
                             
        North Carolina  5.3%
  4,000     North Carolina Eastern Muni Pwr Agy Pwr Sys Rev, Ser D     6.750     01/01/26     4,009,840  
  1,500     North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A     5.750     10/01/37     1,041,615  
  25,000     North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd)     6.000     01/01/12     26,281,750  
                             
                          31,333,205  
                             
        North Dakota  0.3%
  515     North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm Home Mtg Fin, Ser B (MBIA Insd) (AMT)     5.500     07/01/29     507,893  
  1,500     Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg     5.125     07/01/29     1,026,210  
                             
                          1,534,103  
                             
        Ohio  9.1%
  12,400     Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2     5.750     06/01/34     8,258,400  
  6,500     Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2     5.875     06/01/30     4,556,565  
  6,750     Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2     5.875     06/01/47     4,222,867  
  450     Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A     5.750     05/15/27     320,036  
  2,000     Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj     7.500     01/01/30     2,035,540  
 
 
27
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Ohio (Continued)
$ 1,000     Delaware Cnty, OH Cap Fac (Prerefunded @ 12/01/10)     6.000 %   12/01/25   $ 1,082,240  
  1,000     Lorain Cnty, OH Hosp Rev Catholic Hlthcare, Ser S     5.375     10/01/30     898,480  
  4,525     Lorain Cnty Ohio Hosp Rev Fac Catholic (FSA Insd) (b)     5.000     02/01/24     4,356,444  
  4,500     Lorain Cnty Ohio Hosp Rev Fac Catholic (FSA Insd) (b)     5.000     02/01/24     4,332,375  
  4,800     Lorain Cnty Ohio Hosp Rev Rfdg Catholic (FSA Insd) (b)     5.000     04/01/24     4,620,120  
  1,625     Montgomery Cnty, OH Rev Catholic Hlth, Ser C (FSA Insd) (b)     5.000     10/01/41     1,422,127  
  8,000     Ohio St Air Quality Dev Auth Rev Dayton Pwr (BHAC Insd) (AMT) (b)     4.800     09/01/36     6,125,120  
  1,000     Ohio St Higher Ed Fac Commn Rev Hosp Univ Hosp Hlth Sys Inc, Ser A (BHAC Insd)     5.250     01/15/46     898,270  
  3,110     Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (b)     5.300     09/01/28     2,593,989  
  5,475     Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (b)     5.400     03/01/33     4,441,347  
  3,780     Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser F (GNMA Collateralized) (b)     5.500     09/01/39     3,356,640  
                             
                          53,520,560  
                             
        Oklahoma  0.8%
  2,175     Chickasaw Nation, OK Hlth Sys (c)     6.250     12/01/32     1,685,690  
  1,500     Jenks, OK Aquarium Auth Rev First Mtg
(MBIA Insd) (Prerefunded @ 7/01/10)
    6.100     07/01/30     1,607,445  
  1,575     Oklahoma City, OK Arpt Tr Jr Lien 27th, Ser B (FSA Insd) (AMT)     5.750     07/01/16     1,549,044  
                             
                          4,842,179  
                             
        Oregon  0.3%
  1,985     Portland, OR Urban Renewal & Redev Downtown Wtrfront, Ser A (AMBAC Insd)     5.750     06/15/16     2,025,633  
                             
         
        Pennsylvania  2.1%
  2,750     Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A     5.000     11/15/28     1,581,937  
  230     Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)     5.500     12/01/30     227,668  
  2,465     Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg (FHA Gtd)     7.000     08/01/22     2,481,294  
  875     Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj     6.250     02/01/35     625,327  
  1,550     Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT)     6.750     12/01/36     1,032,424  
 
 
28
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Pennsylvania (Continued)
$ 1,600     Pennsylvania Hsg Fin Agy Single Family Mtg Rev, Ser 94-A (AMT)     5.100 %   10/01/31   $ 1,264,528  
  1,000     Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (FGIC Insd) (AMT)     5.125     07/01/19     886,470  
  2,350     Pittsburgh, PA, Ser A (AMBAC Insd)     5.500     09/01/16     2,395,379  
  1,580     Ridley Park, PA Hosp Auth Rev Taylor Hosp, Ser A (d)     6.000     12/01/13     1,691,137  
                             
                          12,186,164  
                             
        Rhode Island  0.5%
  1,100     Rhode Island Hsg & Mtg Fin Corp Homeownership Oppty, Ser 57-B (AMT)     5.350     10/01/37     861,531  
  3,000     Tobacco Settlement Fin Corp, Ser A     6.250     06/01/42     2,190,870  
                             
                          3,052,401  
                             
        South Carolina  6.2%
  2,375     Berkeley Cnty, SC Sch Dist Ctf Partn Berkeley Sch Fac Grp Inc (MBIA Insd) (d)     5.250     02/01/16     2,536,975  
  3,375     Charleston Ed Excellence Fin Corp SC Rev (b)     5.250     12/01/25     3,228,204  
  10,125     Charleston Ed Excellence Fin Corp SC Rev (b)     5.250     12/01/26     9,658,541  
  1,840     Myrtle Beach, SC Hospitality Fee Rev, Ser A (MBIA Insd)     5.375     06/01/21     1,782,390  
  1,935     Myrtle Beach, SC Hospitality Fee Rev, Ser A (MBIA Insd)     5.375     06/01/22     1,742,061  
  1,400     South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg     5.300     10/01/36     884,198  
  1,100     South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg     5.500     05/01/28     760,551  
  1,000     South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg     5.625     05/01/42     639,280  
  3,000     South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A     6.250     08/01/31     2,604,930  
  4,500     South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd)     5.200     11/01/27     4,281,030  
  3,750     South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT)     5.450     11/01/32     3,043,312  
  750     South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A     6.000     11/15/27     549,435  
  5,000     Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg     5.000     06/01/18     4,786,400  
                             
                          36,497,307  
                             
        South Dakota  0.7%
  2,250     Deadwood, SD Ctf Partn (ACA Insd)     6.375     11/01/20     2,336,715  
  1,000     South Dakota St Hlth & Ed Fac Auth Rev Children’s Care Hosp Rfdg (Prerefunded @ 11/01/09)     6.125     11/01/29     1,053,330  
 
 
29
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        South Dakota (Continued)
$ 710     South Dakota St Hlth & Ed Fac Auth Vocational Ed Pgm, Ser A (AMBAC Insd)     5.400 %   08/01/13   $ 713,273  
                             
                          4,103,318  
                             
        Tennessee  2.5%
  4,345     Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A     5.125     10/01/35     2,885,645  
  3,500     Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg, Ser A (MBIA Insd) (Prerefunded @ 7/01/12)     7.500     07/01/25     3,831,485  
  5,345     Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth, Ser A     5.500     07/01/36     3,766,087  
  4,550     Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (FSA Insd) (b)     5.250     09/01/27     4,459,159  
                             
                          14,942,376  
                             
        Texas  18.8%
  2,375     Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)     4.850     04/01/21     1,697,769  
  300     Brazos Cnty, TX Hlth Fac Dev Oblig Grp     5.375     01/01/32     231,216  
  1,155     Dallas Cnty, TX Flood Ctl Dist Rfdg     6.750     04/01/16     1,144,328  
  4,000     Dallas-Fort Worth, TX Intl Arpt Rev Impt & Rfdg, Ser A (BHAC Insd) (AMT)     5.500     11/01/31     3,565,200  
  1,050     Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C
(MBIA Insd) (AMT)
    5.750     11/01/18     989,299  
  2,000     Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C
(MBIA Insd) (AMT)
    6.000     11/01/23     1,826,460  
  4,000     Dallas-Fort Worth, TX Intl Arpt Rev, Ser A
(MBIA Insd) (AMT)
    5.750     11/01/30     3,411,200  
  7,960     El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (b)     5.000     08/15/37     7,063,226  
  10,000     Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Baylor College Med, Ser A-1 (AMBAC Insd) (e) (f)     13.000     11/15/47     10,000,000  
  1,000     Harris Cnty, TX Hlth Fac Dev Corp Rev Christus Hlth, Ser A-4 (FSA Insd) (e) (f)     11.500     07/01/31     1,000,000  
  1,000     Harris Cnty, TX Hlth Fac Dev Corp Rev Mem Hermann Hlthcare, Ser A (Prerefunded @ 6/01/11)     6.375     06/01/29     1,094,830  
  4,820     Harris Cnty, TX Toll Rd (AMBAC Insd) (Prerefunded @ 8/15/09)     *       08/15/18     2,551,467  
  1,000     Harris Cnty, TX Toll Rd (AMBAC Insd) (Prerefunded @ 8/15/09)     *       08/15/21     430,620  
  1,000     Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT)     5.625     07/01/30     850,660  
  5,105     Houston, TX Hotel Occupancy Tax & Spl Rev Convention & Entmt, Ser B (AMBAC Insd)     5.750     09/01/15     5,257,129  
  225     Houston, TX Pub Impt & Rfdg (FSA Insd)     5.750     03/01/15     234,963  
 
 
30
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Texas (Continued)
$ 12,800     Houston, TX Util Sys Rev Rfdg Comb First Lien, Ser A (FSA Insd) (b)     5.000 %   11/15/36   $ 11,520,192  
  5,025     Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (b)     5.000     02/01/37     4,494,938  
  1,650     Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX     5.500     02/15/32     1,290,498  
  1,250     Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX     5.500     02/15/37     955,675  
  1,500     Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr     5.625     02/15/35     1,066,050  
  1,500     Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr (Prerefunded @ 2/15/10)     7.500     02/15/18     1,610,385  
  1,100     Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj     7.200     01/01/21     1,004,322  
  1,500     Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj     7.250     01/01/31     1,294,125  
  1,500     Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT)     6.000     08/01/20     1,353,195  
  1,500     North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj, Ser A     5.125     05/15/29     1,298,445  
  5,750     North Central, TX Hlth Fac Dev Corp Rev Hosp Childrens Med Ctr Dallas (AMBAC Insd)     5.250     08/15/32     5,081,045  
  2,250     North TX Twy Auth Rev Rfdg Sys First Tier Put, Ser L-2 (f) (a)     6.000     01/01/38     2,253,870  
  1,000     North TX Twy Auth Rev Rfdg Sys First Tier, Ser B     5.625     01/01/28     932,760  
  1,000     North TX Twy Auth Rev Rfdg Sys First Tier, Ser B     6.000     01/01/26     984,130  
  1,420     North TX Twy Auth Rev Rfdg Sys First Tier, Ser B     6.000     01/01/27     1,392,182  
  4,300     North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F     5.750     01/01/33     3,726,466  
  1,000     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc     5.625     11/15/27     710,100  
  4,200     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc     5.750     11/15/37     2,822,484  
  8,000     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj     5.250     11/15/37     5,927,200  
  650     Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home Proj     5.750     02/15/25     475,319  
  3,225     Tarrant Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Cook Childrens Med Ctr, Ser B (FSA Insd)     5.000     12/01/30     2,947,037  
 
 
31
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Texas (Continued)
$ 8,700     Texas Commn Mobility Fd (b)     5.000 %   04/01/28   $ 8,551,230  
  535     Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (FSA Insd)     5.500     09/01/13     539,387  
  2,750     Texas St Vets Housing Assistance Pgm Vet, Ser B (FHA Gtd) (AMT)     6.100     06/01/31     2,680,810  
  1,500     Texas Wtr Dev Brd Rev St Revolving Fd Sr Lien, Ser B     5.250     07/15/17     1,535,565  
  4,900     Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg, Ser A     5.375     11/01/37     3,542,210  
                             
                          111,337,987  
                             
        Utah  0.3%
  1,000     Utah Hsg Corp Single Family Mtg Rev, Ser E (AMT) (b)     5.250     01/01/39     768,095  
  1,100     Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A     5.800     06/15/38     813,417  
                             
                          1,581,512  
                             
        Virginia  0.6%
  750     Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal at Lexington, Ser A     5.500     01/01/37     478,440  
  750     Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig     6.450     09/01/37     559,823  
  800     Tobacco Settlement Fin Corp VA     5.500     06/01/26     842,920  
  2,000     White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev     5.300     03/01/17     1,728,520  
                             
                          3,609,703  
                             
        Washington  4.4%
  2,500     Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (FSA Insd)     5.500     07/01/18     2,556,850  
  5,360     Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser B (FSA Insd)     6.000     07/01/16     5,739,810  
  1,000     Goat Hill Ppty WA Lease Rev Govt Office Bldg Proj (MBIA Insd)     5.000     12/01/33     897,320  
  1,950     Kalispel Tribe Indians Priority Dist WA Rev     6.625     01/01/28     1,597,323  
  1,000     Port Seattle, WA Rev, Ser B (MBIA Insd) (AMT)     5.625     02/01/24     889,410  
  1,435     Radford Ct Ppty WA Student Hsg Rev (MBIA Insd)     6.000     06/01/15     1,498,341  
  1,585     Radford Ct Ppty WA Student Hsg Rev (MBIA Insd)     6.000     06/01/16     1,654,962  
  1,000     Seattle, WA Muni Lt & Pwr Rev     5.625     12/01/18     1,040,670  
  1,250     Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp     5.500     12/01/30     887,512  
  1,250     Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp     5.750     12/01/28     943,825  
  1,140     Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp     5.750     12/01/32     829,840  
  2,100     Spokane, WA Pub Fac Dist Hotel (MBIA Insd)     5.750     12/01/21     2,151,849  
 
 
32
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Washington (Continued)
$ 3,000     Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd)     5.250 %   09/01/33   $ 2,832,960  
  2,325     Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpts Wesley Homes, Ser 2007A-2027 (Acquired 05/07/08, Cost $2,325,000) (g)     6.000     01/01/27     1,985,852  
  1,000     Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj, Ser A     5.625     01/01/38     663,500  
                             
                          26,170,024  
                             
        West Virginia  0.7%
  250     Ohio Cnty, VA Cnty Commn Tax Increment Rev Fort Henry Ctr Fin Dist, Ser A     5.625     06/01/22     211,605  
  1,500     Pleasants Cnty, WV Pollutn Ctl Rev Cnty Comm Allegheny Rfdg, Ser F     5.250     10/15/37     1,093,695  
  1,500     West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys     6.000     10/01/20     1,238,955  
  2,000     West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys     6.250     10/01/23     1,624,800  
                             
                          4,169,055  
                             
        Wisconsin  2.6%
  510     Badger Tob Asset Sec Corp WI     6.375     06/01/32     461,637  
  2,000     Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg, Ser A (MBIA Insd)     5.500     12/15/20     2,088,300  
  4,100     Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (b)     5.300     09/01/23     3,589,735  
  4,895     Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (b)     5.500     09/01/28     4,188,211  
  6,050     Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd) (b)     5.000     08/01/34     5,282,739  
                             
                          15,610,622  
                             
        Wyoming  0.2%
  2,000     Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)     5.600     12/01/35     1,306,760  
                             
         
        Guam  0.8%
  5,800     Guam Pwr Auth Rev, Ser A (AMBAC Insd)     5.250     10/01/34     4,858,834  
                             
         
        Puerto Rico  0.9%
  4,000     Puerto Rico Comwlth Hwy & Transn Auth Hwy Rev, Ser Y (FSA Insd) (b)     6.250     07/01/21     4,278,320  
  1,000     Puerto Rico Indl Tourist Ed Med & Environmental Ctl Fac Fin Auth Higher Ed Rev     5.375     02/01/19     860,040  
  50     Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd) (Prerefunded @ 7/01/14)     5.250     07/01/33     53,308  
                             
                          5,191,668  
                             
 
 
33
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        U.S. Virgin Islands  0.6%
$ 1,500     Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A     6.375 %   10/01/19   $ 1,520,340  
  1,000     Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A (ACA Insd) (Prerefunded @ 10/01/10)     6.125     10/01/29     1,074,690  
  1,000     Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A (Prerefunded @ 10/01/10)     6.500     10/01/24     1,086,770  
                             
                          3,681,800  
                             
         
Total Investments  205.2%
(Cost $1,391,321,874)
  $ 1,212,340,728  
 
Liability for Floating Rate Note Obligations Related to Securities Held  (34.7%)
(Cost ($205,005,000))
  (205,005 )   Notes with interest rates ranging from 1.77% to 3.32% at October 31, 2008 and contractual maturities of collateral ranging from 2021 to 2041 (See Note 1) (h)     (205,005,000 )
                 
         
Total Net Investments  170.5%
(Cost $1,186,316,874)
    1,007,335,728  
         
Other Assets in Excess of Liabilities  2.2%
    12,938,026  
         
Preferred Shares (including accrued distributions)  (72.7%)
    (429,448,130 )
         
         
Net Assets Applicable to Common Shares  100.0%
  $ 590,825,624  
         
 
 
Percentages are calculated as a percentage of net assets applicable to common shares.
 
* Zero coupon bond
 
(a) Security purchased on a when-issued or delayed delivery basis.
 
(b) Underlying security related to Inverse Floaters entered into by the Trust. (See Note 1).
 
(c) 144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
 
(d) Escrowed to Maturity
 
(e) Security includes a feature allowing the Trust an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.
 
(f) Variable Rate Coupon
 
 
34
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Portfolio of Investments  n  October 31, 2008  
continued
 
 
(g) 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 1.0% of net assets applicable to common shareholders.
 
(h) Floating rate notes. The interest rates shown reflect the rates in effect at October 31, 2008.
 
ACA—American Capital Access
AGC—AGC Insured Custody Certificates
AGL—Assured Guaranty Ltd.
AMBAC—AMBAC Indemnity Corp.
AMT—Alternative Minimum Tax
BHAC—Berkshire Hathaway Assurance Corp.
Comwth—Commonwealth of Puerto Rico
FGIC—Financial Guaranty Insurance Co.
FHA—Federal Housing Administration
FSA—Financial Security Assurance Inc.
GNMA—Government National Mortgage Association
MBIA—Municipal Bond Investors Assurance Corp.
Syncora—Syncora Guarantee Inc.
 
 
35
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Statements
 
Statement of Assets and Liabilities
October 31, 2008
 
             
Assets:
           
Total Investments (Cost $1,391,321,874)
  $ 1,212,340,728      
Receivables:
           
Interest
    21,131,415      
Investments Sold
    1,295,870      
Other
    932      
             
Total Assets
    1,234,768,945      
             
Liabilities:
           
Payables:
           
Floating Rate Note Obligations
    205,005,000      
Investments Purchased
    5,114,244      
Custodian Bank
    2,024,802      
Investment Advisory Fee
    435,319      
Income Distributions—Common Shares
    159,779      
Other Affiliates
    65,232      
Trustees’ Deferred Compensation and Retirement Plans
    1,355,875      
Accrued Expenses
    334,940      
             
Total Liabilities
    214,495,191      
Preferred Shares (including accrued distributions)
    429,448,130      
             
Net Assets Applicable to Common Shares
  $ 590,825,624      
             
Net Asset Value Per Common Share ($590,825,624 divided by 53,831,731 shares outstanding)
  $ 10.98      
             
Net Assets Consist of:
           
Common Shares ($0.01 par value with an unlimited number of shares authorized, 53,831,731 shares issued and outstanding)
  $ 538,317      
Paid in Surplus
    822,947,410      
Accumulated Undistributed Net Investment Income
    10,317,706      
Accumulated Net Realized Loss
    (63,996,663 )    
Net Unrealized Depreciation
    (178,981,146 )    
             
Net Assets Applicable to Common Shares
  $ 590,825,624      
             
Preferred Shares ($0.01 par value, authorized 100,000,000 shares, 17,152 issued with liquidation preference of $25,000 per share)
  $ 428,800,000      
             
Net Assets Including Preferred Shares
  $ 1,019,625,624      
             
             
 
 
36
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Statements  
continued
 
Statement of Operations
For the Year Ended October 31, 2008
 
             
Investment Income:
           
Interest
  $ 86,300,674      
             
Expenses:
           
Interest & Residual Trust Expense
    9,759,884      
Investment Advisory Fee
    7,254,064      
Preferred Share Maintenance
    1,313,090      
Accounting and Administrative Expenses
    251,500      
Professional Fees
    224,255      
Transfer Agent Fees
    108,416      
Reports to Shareholders
    74,381      
Custody
    73,231      
Registration Fees
    39,072      
Trustees’ Fees and Related Expenses
    19,166      
Depreciation in Trustees’ Deferred Compensation Accounts
    (360,409 )    
Other
    35,846      
             
Total Expenses
    18,792,496      
Investment Advisory Fee Reduction
    1,318,921      
Less Credits Earned on Cash Balances
    1,273      
             
Net Expenses
    17,472,302      
             
Net Investment Income
  $ 68,828,372      
             
Realized and Unrealized Gain/Loss:
           
Realized Gain/Loss:
           
Investments
  $ (44,573,237 )    
Futures
    (9,518,643 )    
             
Net Realized Loss
    (54,091,880 )    
             
Unrealized Appreciation/Depreciation:
           
Beginning of the Period
    40,999,027      
End of the Period
    (178,981,146 )    
             
Net Unrealized Depreciation During the Period
    (219,980,173 )    
             
Net Realized and Unrealized Loss
  $ (274,072,053 )    
             
Distributions to Preferred Shareholders
  $ (16,126,788 )    
             
Net Decrease in Net Assets Applicable to Common Shares from Operations
  $ (221,370,469 )    
             
             
 
 
37
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Statements  
continued
 
Statements of Changes in Net Assets
 
                 
    For The
  For The
    Year Ended
  Year Ended
    October 31, 2008   October 31, 2007
     
 
From Investment Activities:
               
Operations:
               
Net Investment Income
  $ 68,828,372     $ 56,902,599  
Net Realized Loss
    (54,091,880 )     (10,925,564 )
Net Unrealized Depreciation During the Period
    (219,980,173 )     (30,994,070 )
                 
Distributions to Preferred Shareholders:
               
Net Investment Income
    (16,126,788 )     (17,748,008 )
Net Realized Gain
    -0-       (281,906 )
                 
Change in Net Assets Applicable to Common Shares from Operations
    (221,370,469 )     (3,046,949 )
                 
Distributions to Common Shareholders:
               
Net Investment Income
    (45,002,791 )     (38,512,865 )
Net Realized Gain
    -0-       (814,663 )
                 
                 
Net Change in Net Assets Applicable to Common Shares from Investment Activities
    (266,373,260 )     (42,374,477 )
                 
                 
From Capital Transactions:
               
Proceeds from Common Shares Acquired Through Merger
    -0-       178,974,855  
Repurchase of Shares
    (10,565,264 )     (12,203,223 )
                 
Net Change in Net Assets Applicable to Common Shares from Capital Transactions
    (10,565,264 )     166,771,632  
Net Change in Net Assets Applicable to Common Shares
    (276,938,524 )     124,397,155  
Net Assets Applicable to Common Shares:
               
Beginning of the Period
    867,764,148       743,366,993  
                 
End of the Period (Including accumulated undistributed net investment income of $10,317,706 and $2,741,177, respectively)
  $ 590,825,624     $ 867,764,148  
                 
                 
 
 
38
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Statements  
continued
 
Statement of Cash Flows
For the Year Ended October 31, 2008
 
             
Change in Net Assets from Operations (including Preferred Share Distributions)
  $ (221,370,469 )    
             
Adjustments to Reconcile the Change in Net Assets from Operations to
           
Net Cash Provided by Operating Activities:
           
Purchases of Investments
    (855,880,497 )    
Proceeds from Sales of Investments
    1,097,960,256      
Net Sales of Short-Term Investments
    8,300,000      
Amortization of Premium
    1,615,007      
Accretion of Discount
    (2,257,059 )    
Net Realized Loss on Investments
    44,573,237      
Net Change in Unrealized Depreciation on Investments
    220,567,796      
Decrease in Interest Receivables
    518,198      
Increase in Receivable for Investments Sold
    (1,070,870 )    
Decrease in Variation Margin on Futures
    1,595,000      
Increase in Other Assets
    (26 )    
Decrease in Investments Purchased Payable
    (15,411,950 )    
Decrease in Investment Advisory Fees
    (103,410 )    
Increase in Other Affiliates Payable
    11,642      
Decrease in Trustees’ Deferred Compensation and Retirement Plans
    (352,413 )    
Decrease in Accrued Expenses
    (587,770 )    
Increase in Custodian Bank Payable
    2,024,802      
             
Total Adjustments
    501,501,943      
             
Net Cash Provided by Operating Activities
    281,131,474      
             
Cash Flows From Financing Activities
           
Repurchased Shares
    (10,847,708 )    
Dividends Paid
    (45,295,405 )    
Proceeds from and Repayments of Floating Rate Note Obligations
    (116,790,000 )    
Retirement of Preferred Shares
    (107,200,000 )    
             
Net Cash Used for Financing Activities
    (280,133,113 )    
             
Net Decrease in Cash
    (1,639 )    
Cash at the Beginning of the Period
    1,639      
             
Cash at the End of the Period
  $ -0-      
             
Supplemental Disclosures of Cash Flow Information
           
Cash Paid During the Year for Interest
  $ 9,759,884      
             
 
 
39
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Financial Highlights
 
The following schedule presents financial highlights for one common share of the Trust outstanding throughout the periods indicated.
                                         
    Year Ended October 31,
    2008   2007   2006   2005   2004
     
 
Net Asset Value, Beginning of the Period
  $ 15.89     $ 16.97     $ 16.80     $ 17.34     $ 17.15  
                                         
Net Investment Income
    1.27 (a)     1.18 (a)     1.11 (a)     1.09       1.09  
Net Realized and Unrealized Gain/Loss
    (5.05 )     (1.06 )     0.47       (0.48 )     0.31  
Common Share Equivalent of Distributions Paid to Preferred Shareholders:
                                       
Net Investment Income
    (0.30 )     (0.37 )     (0.29 )     (0.22 )     (0.10 )
Net Realized Gain
    -0-       (0.01 )     (0.06 )     -0-       (0.01 )
                                         
Total from Investment Operations
    (4.08 )     (0.26 )     1.23       0.39       1.29  
Distributions Paid to Common Shareholders:
                                       
Net Investment Income
    (0.83 )     (0.80 )     (0.82 )     (0.93 )     (1.00 )
Net Realized Gain
    -0-       (0.02 )     (0.24 )     -0-       (0.10 )
                                         
Net Asset Value, End of the Period
  $ 10.98     $ 15.89     $ 16.97     $ 16.80     $ 17.34  
                                         
                                         
Common Share Market Price at End of the Period
  $ 10.11     $ 14.11     $ 14.94     $ 14.61     $ 15.34  
Total Return* (b)
    –23.77%       –0.39%       9.86%       1.31%       5.76%  
Net Assets Applicable to Common Shares at End of the Period (In millions)
  $ 590.8     $ 867.8     $ 744.4     $ 736.0     $ 468.3  
Ratio of Expenses to Average Net Assets Applicable to Common Shares* (c)
    2.23%       2.45%       1.28%       1.17%       1.27%  
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares* (c)
    8.78%       7.85%       6.68%       6.51%       6.43%  
Portfolio Turnover
    55%       26%       25%       25%       18%  
*  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)
    2.40%       2.61%       N/A       N/A       N/A  
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c)
    8.61%       7.69%       N/A       N/A       N/A  
                                         
Supplemental Ratios:                                        
Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable to Common Shares (c)
    0.98%       1.12%       1.17%       1.17%       1.27%  
Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable Including Preferred Shares (c)
    0.60%       0.64%       0.73%       0.74%       0.80%  
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d)
    6.72%       5.36%       4.94%       5.22%       5.82%  
                                         
Senior Securities:                                        
Total Preferred Shares Outstanding
    17,152       21,440       17,200       17,200       10,600  
Asset Coverage Per Preferred Share (e)
  $ 59,484     $ 65,519     $ 68,253     $ 67,812     $ 69,204  
Involuntary Liquidating Preference Per Preferred Share
  $ 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  
                                         
 
(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
 
 
40
See Notes to Financial Statements


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  n  October 31, 2008
 
1. Significant Accounting Policies
Van Kampen Trust for Investment Grade Municipals (the “Trust”) is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust’s investment objective is to seek to provide a high level of current income exempt from federal income taxes, consistent with preservation of capital. The Trust will invest substantially all of its assets in municipal securities rated investment grade at the time of investment. The Trust commenced investment operations on January 24, 1992.
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of 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. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.
 
B. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The Trust may purchase and sell securities on a “when-issued” or “delayed delivery” basis, with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. The Trust will segregate assets with the custodian having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until payment is made. At October 31, 2008, the Trust had $4,102,757 of when-issued or delayed delivery purchase commitments.
 
C. Investment Income Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security.
 
D. Federal Income Taxes It is the Trust’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Trust adopted the provisions of the Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty in Income Taxes on April 30, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. If applicable, the Trust recognizes interest accrued
 
 
41


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  October 31, 2008  continued
 
related to unrecognized tax benefits in “Interest Expense” and penalties in “Other” expenses on the Statement of Operations. The Trust files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four year period ended October 31, 2008, remains subject to examination by taxing authorities.
The Trust intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset these losses against any future realized capital gains. At October 31, 2008, the Trust had an accumulated capital loss carryforward for tax purposes of $64,375,229, which will expire according to the following schedule:
 
                 
Amount       Expiration
 
$ 11,260,708           October 31, 2015  
  53,114,521           October 31, 2016  
 
At October 31, 2008, the cost and related gross unrealized appreciation and depreciation were as follows:
 
             
Cost of investments for tax purposes
  $ 1,183,930,540      
             
Gross tax unrealized appreciation
  $ 21,495,164      
Gross tax unrealized depreciation
    (198,089,976 )    
             
Net tax unrealized depreciation on investments
  $ (176,594,812 )    
             
 
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 years ended October 31, 2008 and 2007 was as follows:
 
                 
    2008   2007
 
Distributions paid from:
               
Ordinary income
  $ 142,380     $ 215,879  
Tax exempt income
    61,279,813       55,661,853  
Long-term capital gain
    -0-       1,092,071  
                 
    $ 61,422,193     $ 56,969,803  
                 
 
Permanent differences, primarily due to accretion, resulted in the following reclassifications among the Trust’s components of net assets at October 31, 2008:
 
                     
Accumulated Undistributed
  Accumulated Net
   
Net Investment Income   Realized Loss   Paid In Surplus
 
$ (122,264 )   $ 122,264     $ -0-  
 
 
42


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  October 31, 2008  continued
 
As of October 31, 2008, the components of distributable earnings on a tax basis were as follows:
 
         
Undistributed ordinary income
  $ 262,882  
Undistributed tax-exempt income
    10,808,732  
 
Net realized gains or losses may differ for financial reporting and tax purposes as a result of the deferral of gains relating to wash sale transactions and gains or losses recognized for tax purposes but not for book.
 
F. Floating Rate Note Obligations Related to Securities Held The Trust enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interests in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The Trust enters into shortfall agreements with the dealer trusts, which commit the Trust to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption “Interest and Residual Trust Expenses” on the Trust’s Statement of Operations. The notes issued by the dealer trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At October 31, 2008, Trust investments with a value of $302,044,990 are held by the dealer trusts and serve as collateral for the $205,005,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at October 31, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the year ended October 31, 2008 were $302,550,542 and 3.23%, respectively.
 
G. Credits Earned on Cash Balances During the year ended October 31, 2008, the Trust’s custody fee was reduced by $1,273 as a result of credits earned on cash balances.
 
2. Investment Advisory Agreement and Other Transactions with Affiliates
Under the terms of the Trust’s Investment Advisory Agreement, Van Kampen Asset Management (the “Adviser”) provides investment advice and facilities to the Trust for an annual fee payable monthly of .55% of the average daily net assets including current preferred
 
 
43


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  October 31, 2008  continued
 
shares and leverage of $107,200,000 entered into to retire previously issued preferred shares of the Trust. The Adviser has agreed to waive investment advisory fees equal to 0.10% of the average daily net assets including current preferred shares and leverage of $107,200,000 entered into to retire previously issued shares of the Trust. During the year ended October 31, 2008, the Adviser waived approximately $1,318,900 of its advisory fees. This waiver is voluntary and can be discontinued at any time.
For the year ended October 31, 2008, the Trust recognized expenses of approximately $118,200 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 year ended October 31, 2008, the Trust recognized expenses of approximately $139,200 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.
 
3. Capital Transactions
For the years ended October 31, 2008 and 2007, transactions in common shares were as follows:
 
                 
    Year Ended
  Year Ended
    October 31, 2008   October 31, 2007
 
Beginning Shares
    54,609,130       43,799,086  
Shares Issued Through Merger
    -0-       11,627,529  
Shares Issued Through Dividend Reinvestment
    182       -0-  
Shares Repurchased*
    (777,581 )     (817,485 )
                 
Ending Shares
    53,831,731       54,609,130  
                 
 
* On February 28, 2007, the Trust commenced a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Trust’s shares trade from their net asset value. For the years ended October 31, 2008 and 2007, the Trust repurchased 777,581 and 817,485 of its shares, respectively at an average discount of 8.60% and 7.45%, respectively from net asset value per share. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes such activity will further the accomplishment of the foregoing objectives, subject to the review of the Trustees.
 
 
44


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  October 31, 2008  continued
 
On June 8, 2007, the Trust acquired all of the assets and liabilities of the Van Kampen Trust for Investment Grade Florida Municipals (ticker symbol VTF) through a tax free reorganization approved by VTF Trust shareholders on May 18, 2007. The Trust issued 11,627,712 common shares, of which 183 shares were sold off for cash in lieu of fractional share funding, with a net asset value of $189,066,403 and 4,240 Auction Preferred Shares (APS) with a liquidation value of $106,000,000, in exchange for VTF’s net assets. The shares of VTF were converted into Trust shares at a ratio of 0.996574 to 1 and 1 to 1, for common shares and APS, respectively. Net unrealized appreciation of VTF as of June 8, 2007 was $288,372,376. The Trust assumed VTF’s book to tax accretion differences, which resulted in a $251,528 increase to accumulated undistributed net investment income and a corresponding decrease to net unrealized appreciation. Combined net assets applicable to common shares on the day of reorganization were $897,812,082 and net combined assets including preferred shares of $1,433,812,082. Included in these net assets was a Trustees deferred compensation balance of $687,411 and Trustees retirement plan balance of $111,766 which are included in accumulated undistributed net investment income. Also, included in these net assets were losses recognized for tax purposes for open futures transactions at June 8, 2007 of $1,032,418 which is included in accumulated net realized gain. The Trust incurred merger expenses of $297,338, which represent costs related to the preparation, printing, and distribution of the Proxy Statement/Prospectus, Reorganization Agreement and registration statements as well as legal, audit, and filing fees.
 
4. Investment Transactions
During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $855,800,497 and $1,097,960,256, 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 the unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is generally recognized.
Summarized below are the specific types of derivative financial instruments used by the Trust.
 
A. Futures Contracts A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Trust generally invests in exchange traded futures contracts on U.S. Treasury Bonds and Notes and typically closes the contract prior to the delivery date. These contracts are generally used to manage the Trust’s effective maturity and duration. Upon entering into futures contracts, the Trust maintains an amount of cash or liquid securities with a value equal to a percentage of the contract amount
 
 
45


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  October 31, 2008  continued
 
with either a futures commission merchant pursuant to the rules and regulations promulgated under the 1940 Act, or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.
Transactions in futures contracts for the year ended October 31, 2008 were as follows:
 
             
    Contracts    
 
Outstanding at October 31, 2007
    1,595      
Futures Opened
    2,356      
Futures Closed
    (3,951 )    
             
Outstanding at October 31, 2008
    -0-      
             
 
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 or used as an alternative form of leverage in order to redeem a portion of the Trust’s preferred shares. 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.
 
6. Preferred Shares
The Trust has outstanding 17,152 APS in nine series. Series A, B and C contain 2,400 shares each, Series D contains 1,280 shares, Series E, F and G contain 1,760 shares each, Series H contains 1,792 shares and Series I contains 1,600 shares. Dividends are cumulative and the dividend rates are generally reset every 28 days through an auction process. Beginning on February 15, 2008 and continuing through October 31, 2008, all series of preferred shares of the Trust were not successfully remarketed. As a result, the dividend rates of these preferred shares were reset to the maximum applicable rate on APS. The average rate in effect on October 31, 2008 was 3.200%. During the year ended October 31, 2008, the rates ranged from 2.358% to 5.130%.
The Trust pays annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auctions. These fees are included as a component of “Preferred Share Maintenance” expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of 25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption if the tests are not met.
 
 
46


 

Van Kampen Trust for Investment Grade Municipals
Notes to Financial Statements  
n  October 31, 2008  continued
 
The Trust entered into additional inverse floating rate securities as an alternative form of leverage in order to redeem and retire a portion of its preferred shares. For the year ended October 31, 2008, transactions in preferred shares were as follows:
 
                                                     
    Series A   Series B   Series C    
    Shares   Value   Shares   Value   Shares   Value    
 
Outstanding at 10/31/07
    3,000     $ 75,000,000       3,000     $ 75,000,000       3,000     $ 75,000,000      
Amount Retired
    (600 )     (15,000,000 )     (600 )     (15,000,000 )     (600 )     (15,000,000 )    
                                                     
Outstanding at 10/31/08
    2,400     $ 60,000,000       2,400     $ 60,000,000       2,400     $ 60,000,000
     
                                                     
    Series D   Series E   Series F    
    Shares   Value   Shares   Value   Shares   Value    
 
Outstanding at 10/31/07
    1,600     $ 40,000,000       2,200     $ 55,000,000       2,200     $ 55,000,000      
Amount Retired
    (320 )     (8,000,000 )     (440 )     (11,000,000 )     (440 )     (11,000,000 )    
                                                     
Outstanding at 10/31/08
    1,280     $ 32,000,000       1,760     $ 44,000,000       1,760     $ 44,000,000
     
                                                     
    Series G   Series H   Series I    
    Shares   Value   Shares   Value   Shares   Value    
 
Outstanding at 10/31/07
    2,200     $ 55,000,000       2,240     $ 56,000,000       2,000     $ 50,000,000      
Amount Retired
    (440 )     (11,000,000 )     (448 )     (11,200,000 )     (400 )     (10,000,000 )    
                                                     
Outstanding at 10/31/08
    1,760     $ 44,000,000       1,792     $ 44,800,000       1,600     $ 40,000,000      
                                                     
 
7. Indemnifications
The Trust enters into contracts that contain a variety of indemnifications. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
 
8. Accounting Pronouncements
In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of October 31, 2008, the Adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.
On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.
 
 
 
47


 

Van Kampen Trust for Investment Grade Municipals
Report of Independent Registered Public Accounting Firm
 
To the Board of Trustees and Shareholders of Van Kampen Trust for
Investment Grade Municipals
 
We have audited the accompanying statement of assets and liabilities of Van Kampen Trust for Investment Grade Municipals (the “Trust”), including the portfolio of investments, as of October 31, 2008, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen Trust for Investment Grade Municipals as of October 31, 2008, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
 
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 18, 2008
 
 
48


 

Van Kampen Trust for Investment Grade Municipals
Dividend Reinvestment Plan
 
The dividend reinvestment plan (the “Plan”) offers you a prompt and simple way to reinvest your dividends and capital gains distributions into additional shares of the Trust. Under the Plan, the money you earn from dividends and capital gains distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time.
 
Plan benefits
 
• Add to your account
 
You may increase your shares in the Trust easily and automatically with the Plan.
 
• Low transaction costs
 
Shareholders who participate in the Plan are able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value. In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the brokerage commission is shared among all participants.
 
• Convenience
 
You will receive a detailed account statement from Computershare Trust Company, N.A., which administers the Plan, whenever shares are reinvested for you. The statement shows your total distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account via the Internet. To do this, please go to vankampen.com.
 
• Safekeeping
 
Computershare Trust Company, N.A. will hold the shares it has acquired for you in safekeeping.
 
How to participate in the Plan
 
If you own shares in your own name, you can participate directly in the Plan. If your shares are held in “street name”—in the name of your brokerage firm, bank, or other financial institution—you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.
If you choose to participate in the Plan, your dividends and capital gains distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its net asset value
 
 
49


 

Van Kampen Trust for Investment Grade Municipals
Dividend Reinvestment Plan  
continued
 
(NAV), you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:
  1.  Premium If the Trust is trading at a premium—a market price that is higher than its NAV—you’ll pay either the NAV or 95 percent of the market price, whichever is greater. When the Trust trades at a premium, you’ll pay less for your reinvested shares than an ordinary investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.
  2.  Discount If the Trust is trading at a discount—a market price that is lower than its NAV—you’ll pay the market price for your reinvested shares.
 
How to enroll
 
To enroll in the Plan, please read the Terms and Conditions in the Plan brochure. You can obtain a copy of the Plan Brochure and enroll in the Plan by visiting vankampen.com, calling toll-free (800) 341-2929 or notifying us in writing at Van Kampen Closed End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next dividend or capital gains distribution payable after Computershare Trust Company, N.A. receives your authorization, as long as they receive it before the “record date,” which is generally ten business days before the dividend is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following dividend or distribution.
 
Costs of the plan
 
There is no direct charge to you for reinvesting dividends and capital gains distributions because the Plan’s fees are paid by the Trust. However, when applicable, you will pay your portion of any brokerage commissions incurred when the new shares are purchased on the open market. These brokerage commissions are typically less than the standard brokerage charges for individual transactions, because shares are purchased for all participants in blocks, resulting in lower commissions for each individual participant. Any brokerage commissions or service fees are averaged into the purchase price.
 
Tax implications
 
The automatic reinvestment of dividends and capital gains distributions does not relieve you of any income tax that may be due on dividends or distributions.
 
 
50


 

Van Kampen Trust for Investment Grade Municipals
Dividend Reinvestment Plan  
continued
 
You will receive tax information annually to help you prepare your federal and state income tax returns.
Van Kampen does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used by any taxpayer, for avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax advisor for information concerning their individual situation.
 
How to withdraw from the Plan
 
To withdraw from the Plan please visit vankampen.com or call (800) 341-2929 or notify us in writing at the address below.
Van Kampen Closed-End Funds
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
All shareholders listed on the account must sign any written withdrawal instructions. If you withdraw, you have three options with regard to the shares held in your account:
  1.  If you opt to continue to hold your non-certificated shares, they will be held by Computershare Trust Company N.A.
  2.  If you opt to sell your shares through Van Kampen, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting brokerage commissions and a $2.50 service fee.
  3.  You may sell your shares through your financial advisor through the Direct Registration Systems (“DRS”). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a stock certificate.
The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan. Participants will receive written notice at least 30 days before the effective date of any amendment. In the case of termination, Participants will receive written notice at least 30 days before the record date for the payment of any dividend or capital gains distribution by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.
 
To obtain a complete copy of the Dividend Reinvestment Plan, please call our Client Relations department at 800-341-2929 or visit vankampen.com.
 
 
 
51


 

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
Edward C. Wood III
President and Principal Executive Officer
Dennis Shea
Vice President
Kevin Klingert
Vice President
Amy R. Doberman
Vice President
Stefanie V. Chang Yu
Vice President and Secretary
John L. Sullivan
Chief Compliance Officer
Stuart N. Schuldt
Chief Financial Officer and Treasurer
  Investment Adviser
Van Kampen Asset Management
522 Fifth Avenue
New York, New York 10036

Custodian
State Street Bank
and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Transfer Agent
Computershare Trust Company, N.A.
c/o Computershare Investor Services
P.O. Box 43078
Providence, Rhode Island 02940-3078

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

Independent Registered
Public Accounting Firm
Deloitte & Touche LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
 
 
For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Trust during its taxable year ended October 31, 2008. The Trust designated 99.8% of the income distributions as a tax-exempt income distribution. In January, the Trust provides tax information to shareholders for the preceding calendar year.
 
 
* “Interested persons” of the Trust, as defined in the Investment Company Act of 1940, as amended.
 
 
52


 

Van Kampen Trust for Investment Grade Municipals
Results of Shareholders Votes
 
The Annual Meeting of the Shareholders of the Trust was held on June 18, 2008, where shareholders voted on the election of trustees.
 
With regard to the election of the following trustees by the common shareholders of the Trust:
 
                 
    # of Shares
    In Favor   Withheld
 
 
David C. Arch
    49,708,165       1,105,148  
Jerry D. Choate
    49,695,781       1,117,533  
Howard J Kerr
    49,676,102       1,137,211  
Suzanne H. Woolsey
    49,704,361       1,108,952  
 
The other trustees of the Trust whose terms did not expire in 2008 are Rod Dammeyer, Linda Hutton Heagy, R. Craig Kennedy, Jack E. Nelson, Hugo F. Sonnenschein, and Wayne W. Whalen.
 
 
53


 

Van Kampen Trust for Investment Grade Municipals
Trustee and Officer Information
 
 
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees of the Fund generally serve three year terms or until their successors are duly elected and qualified. Officers are annually elected by the trustees.
 
                         
Independent Trustees:
                Number of
   
        Term of
      Funds in
   
        Office and
      Fund
   
    Position(s)
  Length of
      Complex
   
Name, Age and Address
  Held with
  Time
  Principal Occupation(s)
  Overseen
  Other Directorships
of Independent Trustee   Fund   Served   During Past 5 Years   By Trustee   Held by Trustee
 
David C. Arch (63)
Blistex Inc.
1800 Swift Drive
Oak Brook, IL 60523
  Trustee   Trustee
since 1991
  Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Heartland Alliance, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan.
 
 
54


 

                         
Van Kampen Trust for Investment Grade Municipals
Trustee and Officer Information  continued
                Number of
   
        Term of
      Funds in
   
        Office and
      Fund
   
    Position(s)
  Length of
      Complex
   
Name, Age and Address
  Held with
  Time
  Principal Occupation(s)
  Overseen
  Other Directorships
of Independent Trustee   Fund   Served   During Past 5 Years   By Trustee   Held by Trustee
 
Jerry D. Choate (70)
33971 Selva Road
Suite 130
Dana Point, CA 92629
  Trustee   Trustee
since 2003
  Prior to January 1999, Chairman and Chief Executive Officer of the Allstate Corporation (“Allstate”) and Allstate Insurance Company. Prior to January 1995, President and Chief Executive Officer of Allstate. Prior to August 1994, various management positions at Allstate.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Amgen Inc., a biotechnological company, and Valero Energy Corporation, an independent refining company.
Rod Dammeyer (68)
CAC, LLC
4370 LaJolla Village Drive
Suite 685
San Diego, CA 92122-1249
  Trustee   Trustee
since 1991
  President of CAC, LLC, a private company offering capital investment and management advisory services.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Quidel Corporation, Stericycle, Inc., and Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc.
 
 
55


 

                         
Van Kampen Trust for Investment Grade Municipals
Trustee and Officer Information  continued
                Number of
   
        Term of
      Funds in
   
        Office and
      Fund
   
    Position(s)
  Length of
      Complex
   
Name, Age and Address
  Held with
  Time
  Principal Occupation(s)
  Overseen
  Other Directorships
of Independent Trustee   Fund   Served   During Past 5 Years   By Trustee   Held by Trustee
 
Linda Hutton Heagy† (60)
4939 South Greenwood
Chicago, IL 60615
  Trustee   Trustee
since 2003
  Prior to February 2008, Managing Partner of Heidrick & Struggles, an international executive search firm. Prior to 1997, Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company. Prior to 1990, Executive Vice President of The Exchange National Bank.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.
R. Craig Kennedy (56)
1744 R Street, NW
Washington, DC 20009
  Trustee   Trustee
since 2003
  Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.
Howard J Kerr (73)
14 Huron Trace
Galena, IL 61036
  Trustee   Trustee
since 1992
  Prior to 1998, President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.
 
 
56


 

                         
Van Kampen Trust for Investment Grade Municipals
Trustee and Officer Information  continued
                Number of
   
        Term of
      Funds in
   
        Office and
      Fund
   
    Position(s)
  Length of
      Complex
   
Name, Age and Address
  Held with
  Time
  Principal Occupation(s)
  Overseen
  Other Directorships
of Independent Trustee   Fund   Served   During Past 5 Years   By Trustee   Held by Trustee
 
Jack E. Nelson (72)
423 Country Club Drive
Winter Park, FL 32789
  Trustee   Trustee
since 2003
  President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex.
Hugo F. Sonnenschein (68)
1126 E. 59th Street
Chicago, IL 60637
  Trustee   Trustee
since 1994
  President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences.
 
 
57


 

                         
Van Kampen Trust for Investment Grade Municipals
Trustee and Officer Information  continued
                Number of
   
        Term of
      Funds in
   
        Office and
      Fund
   
    Position(s)
  Length of
      Complex
   
Name, Age and Address
  Held with
  Time
  Principal Occupation(s)
  Overseen
  Other Directorships
of Independent Trustee   Fund   Served   During Past 5 Years   By Trustee   Held by Trustee
 
Suzanne H. Woolsey, Ph.D. (67)
815 Cumberstone Road
Harwood, MD 20776
  Trustee   Trustee
since 2003
  Chief Communications Officer of the National Academy of Sciences/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Prior to 1993, Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council. From 1980 through 1989, Partner of Coopers & Lybrand.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Director of Fluor Corp., an engineering, procurement and construction organization, since January 2004. Director of Intelligent Medical Devices, Inc., a symptom based diagnostic tool for physicians and clinical labs. Director of the Institute for Defense Analyses, a federally funded research and development center, Director of the German Marshall Fund of the United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.
 
 
58


 

Van Kampen Trust for Investment Grade Municipals
Trustee and Officer Information  continued
 
                         
Interested Trustee*
                Number of
   
        Term of
      Funds in
   
        Office and
      Fund
   
    Position(s)
  Length of
      Complex
   
Name, Age and Address
  Held with
  Time
  Principal Occupation(s)
  Overseen
  Other Directorships
of Independent Trustee   Fund   Served   During Past 5 Years   By Trustee   Held by Trustee
 
Wayne W. Whalen* (69)
333 West Wacker Drive
Chicago, IL 60606
  Trustee   Trustee
since 1991
  Partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex.     81     Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Abraham Lincoln Presidential Library Foundation.
 
As indicated above, prior to February 2008, Ms. Heagy was an employee of Heidrick and Struggles, an international executive search firm (“Heidrick”). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley.
 
* Mr. Whalen is an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex.
 
 
59


 

Van Kampen Trust for Investment Grade Municipals
Trustee and Officer Information  continued
 
             
Officers:
        Term of
   
        Office and
   
    Position(s)
  Length of
   
Name, Age and
  Held with
  Time
  Principal Occupation(s)
Address of Officer   Fund   Served   During Past 5 Years
 
Edward C. Wood III (52)
1 Parkview Plaza - Suite 100
Oakbrook Terrace, IL 60181
  President and
Principal Executive
Officer
  Officer
since 2008
  President and Principal Executive Officer of funds in the Fund Complex since November 2008. Managing Director of Van Kampen Investments Inc., the Adviser, the Distributor, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2003. Chief Administrative Officer of Van Kampen Investments Inc., the Adviser, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2002. Chief Operating Officer of the Distributor since December 2002. Director of Van Kampen Advisors Inc., the Distributor and Van Kampen Exchange Corp. since March 2004. Director of the Adviser since August 2008. Director of Van Kampen Investments Inc. and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and Van Kampen Investments Inc. from March 2004 to January 2005.
             
Dennis Shea (55)
522 Fifth Avenue
New York, NY 10036
  Vice President   Officer
since 2006
  Managing Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., the Adviser and Van Kampen Advisors Inc. Chief Investment Officer—Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006.
             
Kevin Klingert (45)
522 Fifth Avenue
New York, NY 10036
  Vice President   Officer
since 2008
  Vice President of funds in the Fund Complex since May 2008. Chief Operating Officer of the Fixed Income portion of Morgan Stanley Investment Management Inc. since May 2008. Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management since December 2007. Managing Director of Morgan Stanley Investment Management Inc. from December 2007 to March 2008. Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock from October 1991 to January 2007. Assistant Vice President municipal portfolio manager at Merrill Lynch from March 1985 to October 1991.
 
 
60


 

             
Van Kampen Trust for Investment Grade Municipals
Trustee and Officer Information  continued
        Term of
   
        Office and
   
    Position(s)
  Length of
   
Name, Age and
  Held with
  Time
  Principal Occupation(s)
Address of Officer   Fund   Served   During Past 5 Years
 
Amy R. Doberman (46)
522 Fifth Avenue
New York, NY 10036
  Vice President   Officer
since 2004
  Managing Director and General Counsel—U.S. Investment Management; Managing Director of Morgan Stanley Investment Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000.
             
Stefanie V. Chang Yu (42)
522 Fifth Avenue
New York, NY 10036
  Vice President
and Secretary
  Officer
since 2003
  Managing Director of Morgan Stanley Investment Management Inc. Vice President and Secretary of funds in the Fund Complex.
             
John L. Sullivan (53)
1 Parkview Plaza - Suite 100
Oakbrook Terrace, IL 60181
  Chief Compliance
Officer
  Officer
since 1998
  Chief Compliance Officer of funds in the Fund Complex since August 2004. Prior to August 2004, Director and Managing Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc.
             
Stuart N. Schuldt (46)
1 Parkview Plaza - Suite 100
Oakbrook Terrace, IL 60181
  Chief Financial
Officer and
Treasurer
  Officer
since 2007
  Executive Director of Morgan Stanley Investment Management Inc. since June 2007. Chief Financial Officer and Treasurer of funds in the Fund Complex since June 2007. Prior to June 2007, Senior Vice President of Northern Trust Company, Treasurer and Principal Financial Officer for Northern Trust U.S. mutual fund complex.
 
 
61


 

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.
 
This 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 and understand your concerns about safeguarding such information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what nonpublic personal information we collect about you, how we collect it, when we may share it with others, and how others may use it. It discusses the steps you may take to limit our sharing of information about you with affiliated Van Kampen companies (“affiliated companies”). It also discloses how you may limit our affiliates’ use of shared information for marketing purposes. Throughout this Policy, we refer to the nonpublic information that personally identifies you or your accounts as “personal information.”
 
1. What Personal Information Do We Collect About You?
 
To better serve you and manage our business, it is important that we collect and maintain accurate information about you. We obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies and from third parties and other sources. For example:
 
  •   We collect information such as your name, address, e-mail address, phone number and account title.  
 
(continued on next page)
 


 


Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our
U.S. Privacy Policy  continued
 
  •   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 better serve you, to manage our business and as otherwise required or permitted by law, we may disclose personal information we collect about you to other Morgan Stanley companies and to nonaffiliated third parties.
 
A. Information We Disclose to Our Affiliated Companies. In order to manage your account(s) effectively, including servicing and processing your transactions, to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law, we may disclose personal information to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.
 
B. Information We Disclose to Third Parties. We do not disclose personal information that we collect about you to nonaffiliated third parties except to enable them to provide marketing services on our behalf, to perform joint marketing agreements with other financial institutions, and as otherwise required or permitted by law. For example, some instances where we may disclose information about you to third
 
(continued on next page)
 


 


Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our
U.S. Privacy Policy  continued
 
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 a nonaffiliated third party, 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.
 
4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?
 
We respect your privacy and offer you choices as to whether we share with affiliated companies personal information that was collected to determine your eligibility for products and services you request (“eligibility information”). Please note that, even if you direct us not to share eligibility information with affiliated companies (“opt-out”), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out under applicable law, such as to process transactions or to service your account. We may also share certain other types of personal information with affiliated companies—such as your name, address, telephone number, e-mail address and account number(s), and information about your transactions and experiences with us.
 
5. How Can You Limit the Use of Certain Types of Personal Information by Affiliated Companies for Marketing?
 
You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.
 
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Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our
U.S. Privacy Policy  continued
 
If you wish to opt-out of sharing and to limit marketing offers, you may do so by:
 
  •   Calling us at (800) 847-2424
Monday-Friday between 8 a.m. and 8 p.m. (ET)
 
 
  •   Writing to us at the following address:
Van Kampen Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
 
 
If you choose to write to us, your written request should include your name, address, telephone number and account number(s) to which the opt-out applies and should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party.
 
If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.
 
Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.
 
If you hold more than one account with Van Kampen, you may receive multiple privacy policies from us, and would need to follow the directions stated in each particular policy for each account you have with us.
 
SPECIAL NOTICE TO RESIDENTS OF VERMONT
 
This section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.
 
The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information (“opt-in”).
 
(continued on back)
 


 


Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our
U.S. Privacy Policy  continued
 
If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:
 
      Van Kampen Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
 
 
Your authorization should include your name, address, telephone number and account number(s) to which the opt-in applies and should not be sent with any other correspondence. In order to process your authorization, we require that the authorization be provided by you directly and not through a third-party.
 
 
Van Kampen Funds Inc.
522 Fifth Avenue
New York, New York 10036
www.vankampen.com
 
Copyright ©2008 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC
 
VGMANN 12/08
IU08-06095P-Y10/08
(VAN KAMPEN INVESTMENTS LOGO)
 


 

Item 2. Code of Ethics.
(a) The Trust has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party.
(b)   No information need be disclosed pursuant to this paragraph.
(c)   Due to personnel changes at the Adviser, the list of covered officers set forth in Exhibit B was amended in June 2008 and November 2008 and the general counsel’s designee set forth in Exhibit C was amended in January 2008. All three editions of Exhibit B and both editions of Exhibit C are attached.
(d)   Not applicable.
(e)   Not applicable.
(f)    
  (1)   The Trust’s Code of Ethics is attached hereto as Exhibit 12(1).
 
  (2)   Not applicable.
 
  (3)   Not applicable.
Item 3. Audit Committee Financial Expert.
The Trust’s Board of Trustees has determined that it has three “audit committee financial experts” serving on its audit committee, each of whom are “independent” Trustees : Rod Dammeyer, Jerry Choate and R. Craig Kennedy. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

 


 

Item 4. Principal Accountant Fees and Services.
    (a)(b)(c)(d) and (g). Based on fees billed for the periods shown:
     2008
                 
    Registrant   Covered Entities(1)
Audit Fees
  $ 37,945       N/A  
 
               
Non-Audit Fees
 
Audit-Related Fees
  $ 415 (3)   $ 215,000 (2)
Tax Fees
  $ 2,750 (4)   $ 0  
All Other Fees
  $ 0     $ 0  
Total Non-Audit Fees
  $ 3,165     $ 215,000  
 
               
Total
  $ 41,110     $ 215,000  
     2007
                 
    Registrant   Covered Entities(1)
Audit Fees
  $ 34,475       N/A  
 
               
Non-Audit Fees
 
Audit-Related Fees
  $ 400 (3)   $ 244,200 (2)
Tax Fees
  $ 1,600 (4)   $ 0
All Other Fees
  $ 0     $ 0  
Total Non-Audit Fees
  $ 2,000     $ 244,200  
 
               
Total
  $ 36,475     $ 244,200  
 
N/A- Not applicable, as not required by Item 4.
 
(1)   Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.
 
(2)   Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities’ and funds advised by the Adviser or its affiliates, specifically attestation services provided in connection with a SAS 70 Report.
 
(3)   Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Registrant, specifically annual agreed upon procedures for rating agencies.
 
(4)   Tax Fees represent tax advice and compliance services provided in connection with the review of the Registrant’s tax.

 


 

(e)(1) The audit committee’s pre-approval policies and procedures are as follows:
JOINT AUDIT COMMITTEE
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY AND PROCEDURES
OF THE
VAN KAMPEN FUNDS
AS ADOPTED JULY 23, 2003 AND AMENDED MAY 26, 20041
1. STATEMENT OF PRINCIPLES
     The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor’s independence from the Fund.2
     The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor. The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee (“specific pre-approval”). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.
     For both types of pre-approval, the Audit Committee will consider whether such services are consistent with the SEC’s rules on auditor independence. The Audit Committee will also consider whether the Independent Auditors are best positioned to provide the most effective and efficient services, for reasons such as its familiarity with the Fund’s business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Fund’s ability to manage or control risk or improve audit quality. All such factors will be considered as a whole, and no one factor should necessarily be determinative.
     The Audit Committee is also mindful of the relationship between fees for audit and non-audit services in deciding whether to pre-approve any such services and may determine for each fiscal year, the appropriate ratio between the total amount of fees for Audit, Audit-related and Tax services for the Fund (including any Audit-related or Tax service fees for Covered Entities that were subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as All Other services for the Fund (including any such services for Covered Entities subject to pre-approval).
     The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval
 
1   This Joint Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the “Policy”), amended as of the date above, supercedes and replaces all prior versions that may have been amended from time to time.
 
2   Terms used in this Policy and not otherwise defined herein shall have the meanings as defined in the Joint Audit Committee Charter.

 


 

from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.
     The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.
     The Fund’s Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors’ independence.
2. Delegation
     As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.
3. Audit Services
     The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund’s financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit. The Audit Committee will monitor the Audit services engagement as necessary, but no less than on a quarterly basis, and will also approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.
     In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide. Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.
     The Audit Committee has pre-approved the Audit services in Appendix B.1. All other Audit services not listed in Appendix B.1 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).
4. Audit-related Services
     Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or, to the extent they are Covered Services, the Covered Entities’ financial statements, or that are traditionally performed by the Independent Auditors. Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-SAR and/or N-CSR.

 


 

     The Audit Committee has pre-approved the Audit-related services in Appendix B.2. All other Audit-related services not listed in Appendix B.2 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).
5. Tax Services
     The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services. Hence, the Audit Committee believes it may grant general pre-approval to those Tax services that have historically been provided by the Independent Auditors, that the Audit Committee has reviewed and believes would not impair the independence of the Independent Auditors, and that are consistent with the SEC’s rules on auditor independence. The Audit Committee will not permit the retention of the Independent Auditors in connection with a transaction initially recommended by the Independent Auditors, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with Director of Tax or outside counsel to determine that the tax planning and reporting positions are consistent with this policy.
     Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix B.3. All Tax services involving large and complex transactions not listed in Appendix B.3 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated), including tax services proposed to be provided by the Independent Auditors to any executive officer or trustee/director/managing general partner of the Fund, in his or her individual capacity, where such services are paid for by the Fund (generally applicable only to internally managed investment companies).
6. All Other Services
     The Audit Committee believes, based on the SEC’s rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.
     The Audit Committee has pre-approved the All Other services in Appendix B.4. Permissible All Other services not listed in Appendix B.4 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).
     A list of the SEC’s prohibited non-audit services is attached to this policy as Appendix B.5. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these services and the applicability of exceptions to certain of the prohibitions.
7. Pre-Approval Fee Levels or Budgeted Amounts
     Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriate ratio between the total amount of fees for Audit, Audit-related, and Tax services for the Fund (including any Audit-related or Tax services fees for Covered Entities subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as All Other services for the Fund (including any such services for Covered Entities subject to pre-approval).

 


 

8. Procedures
     All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund’s Chief Financial Officer and must include a detailed description of the services to be rendered. The Fund’s Chief Financial Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors. Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the Independent Auditors and the Fund’s Chief Financial Officer, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
     The Audit Committee has designated the Fund’s Chief Financial Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy. The Fund’s Chief Financial Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. A sample report is included as Appendix B.7. Both the Fund’s Chief Financial Officer and management will immediately report to the chairman of the Audit Committee any breach of this Policy that comes to the attention of the Fund’s Chief Financial Officer or any member of management.
9. Additional Requirements
     The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with Independence Standards Board No. 1, and discussing with the Independent Auditors its methods and procedures for ensuring independence.
10. Covered Entities
     Covered Entities include the Fund’s investment adviser(s) and any entity controlling, controlled by or under common control with the Fund’s investment adviser(s) that provides ongoing services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund’s audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund. This list of Covered Entities would include:
  -   Van Kampen Investments Inc.
 
  -   Van Kampen Asset Management
 
  -   Van Kampen Advisors Inc.
 
  -   Van Kampen Funds Inc.
 
  -   Van Kampen Investor Services Inc.
 
  -   Morgan Stanley Investment Management Inc.
 
  -   Morgan Stanley Trust Company
 
  -   Morgan Stanley Investment Management Ltd.
 
  -   Morgan Stanley Investment Management Company
 
  -   Morgan Stanley Asset & Investment Trust Management Company Ltd.
(e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services

 


 

are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (included herein).
(f) Not applicable.
(g) See table above.
(h) The audit committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors’ independence in performing audit services.
Item 5. Audit Committee of Listed Registrants.
(a) The Trust has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are: R. Craig Kennedy, Jerry Choate and Rod Dammeyer.
(b) Not applicable.
Item 6. Schedule of Investments.
(a) Please refer to Item #1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
The Trust invests in exclusively non-voting securities and therefore this item is not applicable to the Trust.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
PORTFOLIO MANAGEMENT. As of the date of this report, the Fund is managed by members of the Municipals team. The team consists of portfolio managers and analysts. Current members of the team jointly and primarily responsible for the day-to-day management of the Fund’s portfolio and the overall execution of the strategy of the Fund are Thomas Byron, a Vice President of the Adviser, William Black, an Executive Director of the Adviser and Robert W. Wimmel, an Executive Director of the Adviser.
Mr. Byron has been associated with the Adviser in an investment management capacity since September 1981 and began managing the Fund in January 1997. Mr. Black has been associated with the Adviser as a High Yield Municipal Analyst since June 1998 and began managing the Fund in December 2007. Mr. Wimmel has been associated with the Adviser in an investment management capacity since August 1996 and began managing the Fund in November 2001.
The composition of the team may change from time to time.
OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS
As of October 31, 2008:
Mr. Byron managed 4 registered investment companies with a total of approximately $2.0 billion in assets; no pooled investment vehicles other than registered investment companies; and two other accounts with a total of approximately $561.0 million in assets.

 


 

Mr. Wimmel managed 16 registered investment companies with a total of approximately $7.0 billion in assets; no pooled investment vehicles other than registered investment companies; and no other accounts.
Mr. Black managed 12 registered investment companies with a total of approximately $9.4 billion in assets; no pooled investment vehicles other than registered investment companies; and no other accounts.
Because the portfolio managers manage assets for other investment companies, pooled investment vehicles, and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the Fund. The portfolio managers of the Fund do not currently manage accounts for other investment companies, pooled investment vehicles or other accounts that charge a performance-based fee. In addition, a conflict of interest could exist to the extent the Adviser has proprietary investments in certain accounts, where portfolio managers have personal investments in certain accounts or when certain accounts are investment options in the Adviser’s employee benefits and/or deferred compensation plans. The portfolio manager may have an incentive to favor these accounts over others. If the Adviser manages accounts that engage in short sales of securities of the type in which the Fund invests, the Adviser could be seen as harming the performance of the Fund for the benefit of the accounts engaged in short sales if the short sales cause the market value of the securities to fall. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.
PORTFOLIO MANAGER COMPENSATION STRUCTURE
Portfolio managers receive a combination of base compensation and discretionary compensation, comprised of a cash bonus and several deferred compensation programs described below. The methodology used to determine portfolio manager compensation is applied across all accounts managed by the portfolio manager.
BASE SALARY COMPENSATION. Generally, portfolio managers receive base salary compensation based on the level of their position with the Adviser.
DISCRETIONARY COMPENSATION. In addition to base compensation, portfolio managers may receive discretionary compensation.
Discretionary compensation can include:
- Cash Bonus;
- Morgan Stanley’s Long-Term Incentive Compensation Program awards — a mandatory program that defers a portion of discretionary year-end compensation into restricted stock units or other awards or other investments based on Morgan Stanley common stock that are subject to vesting and other conditions;
- Investment Management Alignment Plan (IMAP) awards — a mandatory program that defers a portion of discretionary year-end compensation and notionally invests it in designated funds advised by the Adviser or its affiliates. The award is subject to vesting and other conditions. Portfolio managers must notionally invest a minimum of 25% to a maximum of 100% of the IMAP deferral into a combination of the designated open-end funds they manage that are included in the IMAP Fund menu;

 


 

- Voluntary Deferred Compensation Plans — voluntary programs that permit certain employees to elect to defer a portion of their discretionary year-end compensation and directly or notionally invest the deferred amount: (1) across a range of designated investment funds, including funds advised by the Adviser or its affiliates; and/or (2) in Morgan Stanley stock units.
Several factors determine discretionary compensation, which can vary by portfolio management team and circumstances. In order of relative importance, these factors include:
- Investment performance. A portfolio manager’s compensation is linked to the pre-tax investment performance of the funds/accounts managed by the portfolio manager. Investment performance is calculated for one-, three- and five-year periods measured against an appropriate securities market index (or indices) for the funds/accounts managed by the portfolio manager. The assets managed by the portfolio managers in funds, pooled investment vehicles and other accounts are described in “Other Accounts Managed by the Portfolio Managers” above. Generally, the greatest weight is placed on the three- and five-year periods.
- Revenues generated by the investment companies, pooled investment vehicles and other accounts managed by the portfolio manager.
- Contribution to the business objectives of the Adviser.
- The dollar amount of assets managed by the portfolio manager.
- Market compensation survey research by independent third parties.
- Other qualitative factors, such as contributions to client objectives.
- Performance of Morgan Stanley and Morgan Stanley Investment Management Inc., and the overall performance of the investment team(s) of which the portfolio is a member.
SECURITIES OWNERSHIP OF PORTFOLIO MANAGERS
As of October 31, 2008, the portfolio managers did not own any shares of the Fund.
Item 9. Purchase 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
    126,968       13.77       126,968       3,435,456  
December
    191,100       13.77       191,100       3,244,356  
January
    162,700       14.72       162,700       3,081,656  
February
    55,800       14.15       55,800       3,025,856  
March
    53,143       13.47       53,143       2,972,713  
April
    20,000       14.04       20,000       2,952,713  
May
    39,170       14.14       39,170       2,913,543  
June
    8,700       14.14       8,700       2,904,843  
July
    15,000       13.68       15,000       2,889,843  
August
                      2,889,843  
September
    38,600       12.18       38,600       2,851,243  
October
    66,400       9.97       66,400       2,784,843  

 


 

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-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the 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) The Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.
(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/ Edward C. Wood III    
 
       
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: December 17, 2008
   
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Edward C. Wood III    
 
       
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: December 17, 2008
   
         
By:
  /s/ Stuart N. Schuldt    
 
       
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: December 17, 2008