UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6471
Van Kampen Trust For Investment Grade Municipals
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/06
Item 1. Reports to Shareholders.
The Trust's semiannual report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Trust for Investment Grade Municipals performed during the semiannual
period. The portfolio management team will provide an overview of the
market conditions and discuss some of the factors that affected
investment performance during the reporting period. In addition, this
report includes the trust's financial statements and a list of trust
investments as of April 30, 2006.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
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NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
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Performance Summary as of 4/30/06
TRUST FOR INVESTMENT GRADE MUNICIPALS
SYMBOL: VGM
------------------------------------------------------------
AVERAGE ANNUAL BASED BASED ON
TOTAL RETURNS ON NAV MARKET PRICE
Since Inception (1/24/92) 8.02% 7.14%
10-year 7.57 6.70
5-year 7.66 7.63
1-year 3.23 7.45
6-month 2.66 5.37
------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities and preferred shares, by
the total number of common shares outstanding. The common share market price is
the price the market is willing to pay for shares of the trust at a given time.
Common share market price is influenced by a range of factors, including supply
and demand and market conditions. Total return assumes an investment at the
beginning of the period, reinvestment of all distributions for the period in
accordance with the trust's dividend reinvestment plan, and sale of all shares
at the end of the period.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The index does not include any expenses, fees or sales
charges, which would lower performance. The index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2006
MARKET CONDITIONS
The economy continued to grow during the six-month period ended April 30, 2006,
demonstrating some resiliency in the face of rising oil and other commodity
prices, the Gulf Coast hurricanes, and emerging weakness in the housing market.
This expansion was more modest in the final months of 2005, but gained
considerable momentum in the first quarter.
Against the backdrop of growth and good employment data, the Federal Open Market
Committee (the "Fed") continued raising the federal funds target rate during the
period, implementing four additional increases of 25 basis points each. These
moves brought the target rate to 4.75 percent. The final hike of the period
represented the fifteenth consecutive increase--the longest stretch of increases
in 25 years. As the period came to a close, market observers speculated about
the Fed's near-term intentions, given the central bank's view that although
longer-term inflation currently appeared contained, commodity prices could
amplify inflationary pressures.
Returns across the municipal bond market varied significantly. As investors
sought income opportunities, lower rated bonds outpaced investment-grade bonds
by a wide margin. Long-term bonds earned the best returns, broadly speaking,
while bonds in the three-to-seven year range posted the most muted gains.
Municipal bond issuance was robust during the final months of 2005. (In fact,
2005 marked a record high for municipal bond volume.) The tide changed in 2006,
however. As rising rates discouraged issuers from refinancing debt, national
municipal issuance dropped by approximately 25 percent in the first four months
of the year versus the same period in 2005. While supply ebbed, the market's
appetite for municipal bonds remained strong, with particularly heavy demand
from high yield municipal bond funds.
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 both an NAV basis and a market price basis, the trust outperformed
its benchmark index, the Lehman Brothers Municipal Bond Index.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2006
-------------------------------------------------------------
LEHMAN BROTHERS
BASED ON BASED ON MUNICIPAL
NAV MARKET PRICE BOND INDEX
2.66% 5.37% 1.56%
-------------------------------------------------------------
Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. Investment return, net asset value and common share market price will
fluctuate and trust shares, when sold, may be worth more or less than their
original cost. See Performance Summary for additional performance information
and index definition.
The trust uses leverage to enhance its dividend to common shareholders. The
trust borrows money at short-term rates through the issuance of preferred
shares. The proceeds are reinvested in longer-term securities, taking advantage
of the difference between short- and longer-term rates. The Fed's policy of
raising interest rates throughout the period made the trust's borrowing activity
more expensive, which reduced the benefits of the trust's leverage activities.
We managed the trust according to our well-established "relative value"
discipline. We used rigorous fundamental research to seek high quality
securities that we believed had good liquidity and total return potential.
(Liquid securities are those for which there is a robust market of purchasers
and sellers.) We purchased bonds we believed to be attractively valued, and held
them until they reached our return targets or until we found bonds that offered
more compelling prospects.
Throughout the period, we sought opportunities to enhance the trust's yield,
while adhering to our quality-driven criteria. We pared exposure to AAA rated
securities and increased the trust's allocation to relatively higher yielding
tiers of the investment-grade market. The trust considerably bolstered its stake
in BBB rated credits; as of the end of the reporting period, these represented
approximately 14 percent of bonds. Tobacco revenue issues were notable among
these purchases. Our confidence in tobacco bonds was underpinned by the strong
fundamentals of the tobacco industry as well as by an improving litigation
climate for tobacco companies. The trust was also well served by the addition of
higher yielding hospital bonds rated single A and BBB.
3
We structured the portfolio to reflect our opinion that interest rates would
continue to rise, with short-term rates rising more rapidly than long-term
rates. To mitigate the trust's sensitivity to changing interest rates, we
positioned the trust's duration to be shorter than its benchmark's. (Duration is
a measure of interest rate sensitivity.)
Reflecting our belief that the long-term segment of the bond market would offer
the strongest performance, our purchases emphasized issues with maturities of 20
years and longer. Where possible, we favored bonds with defensive
characteristics, such as pricing to shorter calls. Meanwhile, sales included
zero-coupon bonds with a variety of maturities. (Zero-coupon bonds tend to
underperform during periods of rising interest rates.) We pared positions in
pre-refunded issues with maturities of 10 years or less, particularly
emphasizing those with maturities of five years or less. Within the longer-term
portion of the portfolio, we found opportunities for relative value trading.
The trust remained well diversified across the major sectors of the municipal
bond market, with a bias toward essential services. As of the close of the
reporting period, the trust's largest allocations were hospital and general
purpose sectors, followed by public education issues. The trust's bond holdings
were invested in investment grade holdings, with credits rated AA or above
accounting for approximately 75 percent of bond assets.
VGM's procedure for reinvesting all dividends and distributions in common shares
is through purchases in the open market. This method helps support the market
value of the Trust's shares. In addition, we would like to remind you that the
Trustees have approved a procedure whereby the Trust may, when appropriate,
purchase shares in the open market or in privately negotiated transactions at a
price not above market value or net asset value, whichever is lower at the time
of purchase.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the trust in
the future.
4
RATINGS ALLOCATION AS OF 4/30/06
AAA/Aaa 69.6%
AA/Aa 4.9
A/A 9.1
BBB/Baa 14.0
BB/Ba 0.4
B/B 0.2
Non-Rated 1.8
TOP FIVE SECTORS AS OF 4/30/06
Hospital 15.0%
General Purpose 12.9
Public Education 8.5
Airports 7.2
Wholesale Electric 6.5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/06
California 15.5%
New York 11.8
Texas 8.9
Illinois 7.1
Florida 5.3
New Jersey 4.5
South Carolina 4.1
Michigan 3.4
North Carolina 3.2
Arizona 2.9
Washington 2.8
Colorado 2.6
Georgia 2.5
Indiana 2.0
Nevada 2.0
Pennsylvania 1.9
Iowa 1.4
Alabama 1.4
Tennessee 1.3
Oregon 1.3
Louisiana 1.2
Minnesota 1.2
Massachusetts 1.1
Ohio 1.0
Maryland 0.9
Alaska 0.8
Virginia 0.7
Connecticut 0.7
Kentucky 0.7
Missouri 0.7
District of Columbia 0.6
Oklahoma 0.6
Guam 0.5
Puerto Rico 0.5
Wisconsin 0.5
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/06
(continued from previous page)
South Dakota 0.4
Kansas 0.4
West Virginia 0.4
Vermont 0.2
New Hampshire 0.2
Wyoming 0.2
Mississippi 0.1
Arkansas 0.1
New Mexico 0.1
Montana 0.1
Utah 0.1
North Dakota 0.1
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Total Investments 100.0%
-----
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings allocation and summary of
investments by state classification are as a percentage of total investments.
Sectors are as a percentage of long-term investments. Securities are classified
by sectors that represent broad groupings of related industries. Van Kampen is a
wholly owned subsidiary of a global securities firm which is engaged in a wide
range of financial services including, for example, securities trading and
brokerage activities, investment banking, research and analysis, financing and
financial advisory services. Rating allocations based upon ratings as issued by
Standard and Poor's and Moody's, respectively.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen
also delivers the semiannual and annual reports to trust shareholders,
and makes these reports available on its public Web site,
www.vankampen.com. In addition to the semiannual and annual reports that
Van Kampen delivers to shareholders and makes available through the Van
Kampen public Web site, each trust files a complete schedule of portfolio
holdings with the SEC for the trust's first and third fiscal quarters on
Form N-Q. Van Kampen does not deliver the reports for the first and third
fiscal quarters to shareholders, nor are the reports posted to the Van
Kampen public Web site. You may, however, obtain the Form N-Q filings (as
well as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web
site, http://www.sec.gov. You may also review and copy them at the SEC's
Public Reference Room in Washington, DC. Information on the operation of
the SEC's Public Reference Room may be obtained by calling the SEC at
(800) SEC-0330. You can also request copies of these materials, upon
payment of a duplicating fee, by electronic request at the SEC's e-mail
address (publicinfo@sec.gov) or by writing the Public Reference section
of the SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 847-2424.
7
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the trust's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 847-2424 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the trust voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
8
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
MUNICIPAL BONDS 157.1%
ALABAMA 2.2%
$ 3,660 Alabama St Brd Ed Rev & Impt Southn Univ
St Cmnty Rfdg (MBIA Insd) (a)............ 5.250% 07/01/20 $ 3,883,443
750 Birmingham Baptist Med Ctr AL Baptist
Hlth Sys Ser A........................... 5.875 11/15/24 786,877
7,700 Birmingham Baptist Med Ctr AL Baptist
Hlth Sys Ser A........................... 5.000 11/15/30 7,513,660
2,250 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser
A........................................ 5.250 01/01/23 2,356,852
1,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser
A........................................ 5.000 01/01/24 1,022,310
--------------
15,563,142
--------------
ALASKA 1.2%
2,000 Alaska St Hsg Fin Corp Gen Hsg Ser A
(FGIC Insd).............................. 5.000 12/01/30 2,045,480
1,250 Alaska St Hsg Fin Corp Gen Hsg Ser A
(FGIC Insd).............................. 5.250 12/01/34 1,310,237
3,650 Alaska St Intl Arpt Rev Ser B
(Prerefunded @ 10/01/12) (AMBAC Insd).... 5.250 10/01/27 3,932,911
1,575 Matanuska-Susitna Boro, AK Ctf Partn Pub
Safety Bldg Lease (FSA Insd)............. 5.750 03/01/16 1,680,241
--------------
8,968,869
--------------
ARIZONA 4.5%
1,000 Arizona Hlth Fac Auth Hosp Sys Rev John C
Lincoln Hlth Network
(Prerefunded @ 12/01/12)................. 6.375 12/01/37 1,145,210
4,225 Arizona Tourism & Sports Auth
Multipurpose Stad Fac Ser A (MBIA
Insd).................................... 5.375 07/01/23 4,509,300
6,075 Glendale, AZ Indl Dev Auth John C Lincoln
Hlth Ser B Rfdg.......................... 5.000 12/01/37 6,022,269
3,050 Glendale, AZ Indl Dev Auth Rfdg.......... 5.000 12/01/35 3,024,258
3,500 Maricopa Cnty, AZ Hosp Rev Sun Hlth
Corp..................................... 5.000 04/01/35 3,472,875
2,800 Phoenix, AZ Civic Impt Corp Arpt Rev Jr
Lien (AMT) (FGIC Insd)................... 5.375 07/01/29 2,839,088
11,750 University of AZ Med Ctr Corp............ 5.000 07/01/35 11,603,360
--------------
32,616,360
--------------
ARKANSAS 0.2%
1,395 Washington Cnty, AR Hosp Rev Regl Med Ctr
Ser B Rfdg............................... 5.000 02/01/30 1,369,206
--------------
CALIFORNIA 24.3%
1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub
Impt Proj Ser C (FSA Insd)............... 6.000 09/01/16 1,476,800
11,235 Anaheim, CA Pub Fin Auth Rev Elec Sys
Dist Fac Ser A (FSA Insd)................ 5.000 10/01/31 11,524,863
1,500 California Cnty, CA Tob Securitization
Agy Merced Cnty Ser A Rfdg............... 5.125 06/01/38 1,463,025
See Notes to Financial Statements 9
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 1,660 California Cnty, CA Tob Securitization
Agy Tob Sonoma Cnty Corp Rfdg............ 5.000% 06/01/26 $ 1,615,811
1,000 California Cnty, CA Tob Securitization
Agy Tob Sonoma Cnty Corp Rfdg............ 5.250 06/01/45 986,050
8,100 California Ed Fac Auth Rev Pepperdine
Univ Ser A Rfdg (FGIC Insd).............. 5.000 09/01/33 8,314,083
10,380 California Hlth Fac Fin Auth Rev Cedars
Sinai Med Ctr Rfdg....................... 5.000 11/15/34 10,450,999
1,500 California Pollutn Ctl Fin Auth Solid
Waste Disp Rev Waste Mgmt Inc Proj Ser B
(AMT).................................... 5.000 07/01/27 1,495,035
5,000 California St............................ 5.000 02/01/33 5,071,850
2,500 California St (AMBAC Insd)............... 5.000 04/01/21 2,587,825
7,500 California St (AMBAC Insd)............... 5.125 10/01/27 7,681,050
13,000 California St (AMBAC Insd)............... 5.000 03/01/34 13,377,000
1,000 California St Dept Wtr Res Ctr Vly Proj
Rev Wtr Sys Ser X (FGIC Insd)............ 5.000 12/01/29 1,026,770
2,000 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12)................. 6.000 05/01/15 2,256,300
6,500 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12) (AMBAC Insd).... 5.375 05/01/18 7,119,905
1,000 California St Pub Wks Brd UCLA
Replacement Hosp Ser A (FSA Insd)........ 5.375 10/01/20 1,065,070
5,000 California St Univ Rev & Co Systemwide
Ser A (AMBAC Insd)....................... 5.000 11/01/33 5,121,250
9,015 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A.......... 5.250 07/01/30 9,168,616
1,350 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A.......... 5.000 07/01/39 1,320,799
3,000 California Statewide Cmnty Dev Auth Rev
Hlth Fac Adventist Hlth Ser A............ 5.000 03/01/30 3,013,650
3,750 California Statewide Cmnty Dev Auth Rev
Hlth Fac Adventist Hlth Ser A............ 5.000 03/01/35 3,762,787
3,360 California Statewide Cmnty Dev Auth Rev
Sutter Hlth Ser A........................ 5.000 11/15/43 3,374,851
2,000 El Dorado, CA Irr Dist Ctf Ser A (FGIC
Insd).................................... 5.000 03/01/21 2,065,940
2,000 Florin, CA Res Consv Dist Cap Impt Elk
Grove Wtr Svc Ser A (MBIA Insd).......... 5.000 09/01/33 2,055,260
3,000 Florin, CA Res Consv Dist Cap Impt Elk
Grove Wtr Svc Ser B (MBIA Insd).......... 5.000 03/01/33 3,079,050
2,000 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg (MBIA Insd).......... * 01/15/17 1,165,180
10,750 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Sr Lien Ser A (Escrowed to
Maturity)................................ * 01/01/23 4,874,265
3,000 Fremont, CA Uni Sch Dist Ser A (FGIC
Insd).................................... 5.000 08/01/25 3,099,300
5,800 Golden St, CA Tob Securitization Corp CA
Tob Settlement Rev Ser A................. 5.000 06/01/45 5,839,788
10 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 4,000 Los Angeles, CA Dept Wtr & Pwr Ser A
(FGIC Insd).............................. 5.125% 07/01/40 $ 4,108,280
2,000 Los Angeles, CA Wtr & Pwr Rev Pwr Sys Ser
B (FSA Insd)............................. 5.000 07/01/28 2,060,000
1,500 Metropolitan Wtr Dist Southn CA Wtrwks
Rev Auth Ser B 1 (FGIC Insd)............. 5.000 10/01/33 1,542,555
4,020 Oakland, CA Uni Sch Dist (FGIC Insd)
(a)...................................... 5.250 08/01/18 4,291,390
3,500 Palm Springs, CA Fin Auth Lease Rev
Convention Ctr Proj Ser A (MBIA Insd).... 5.500 11/01/35 3,817,800
3,000 Port Oakland, CA Ser M (FGIC Insd)....... 5.250 11/01/18 3,205,920
6,000 Sacramento, CA Muni Util Dist Elec Rev
Sacramento Mud Ser R (MBIA Insd)......... 5.000 08/15/33 6,178,800
2,000 Salinas, CA Uni High Sch Dist Ser A (MBIA
Insd).................................... 5.000 06/01/27 2,060,680
3,000 San Francisco, CA City & Cnty Pub Util
Com Wtr Rev Ser A (MBIA Insd)............ 5.000 11/01/32 3,070,200
3,000 San Francisco, CA City & Cnty Second Ser
Issue 29 B Rfdg (FGIC Insd).............. 5.125 05/01/20 3,134,550
1,000 Santa Clara Cnty, CA Brd Ed Ctf Partn
Rfdg (MBIA Insd)......................... 5.000 04/01/25 1,028,530
3,000 Temecula, CA Redev Agy Tax Temecula Redev
Proj No 1 (MBIA Insd).................... 5.250 08/01/36 3,107,490
4,700 Tobacco Securitization Auth Northn CA Tob
Settlement Rev Bd Ser A1................. 5.375 06/01/38 4,733,370
3,550 Tobacco Securitization Auth Northn CA Tob
Settlement Rev Bd Ser A1................. 5.500 06/01/45 3,591,570
1,600 Turlock, CA Hlth Fac Rev Ctf Partn
Emanuel Med Ctr Inc...................... 5.375 10/15/34 1,632,224
2,550 Val Verde, CA Uni Sch Dist & Sch Constr
Proj Ser B Rfdg (FGIC Insd).............. 5.000 01/01/35 2,613,877
--------------
175,630,408
--------------
COLORADO 4.1%
4,000 Adams & Arapahoe Cntys, CO Sch Dist 28
Ser A (FSA Insd)......................... 5.250 12/01/20 4,249,880
2,000 Aurora, CO Ctf Partn (Prerefunded @
12/01/10)
(AMBAC Insd)............................. 5.500 12/01/30 2,142,640
3,405 Colorado Ed & Cultural Fac Auth Rev Impt
Charter Sch Rfdg (XLCA Insd)............. 5.250 12/01/23 3,591,049
4,650 Colorado Ed & Cultural Fac Auth Rev
Student Hsg Univ CO Fndtn Proj (AMBAC
Insd).................................... 5.000 07/01/32 4,752,486
2,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Initiatives Ser A (Escrowed to
Maturity)................................ 5.500 03/01/32 2,152,100
3,000 Colorado Hlth Fac Auth Rev Covenant
Retirement Cmntys Inc.................... 5.000 12/01/35 2,929,650
See Notes to Financial Statements 11
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
COLORADO (CONTINUED)
$ 1,125 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth (Prerefunded @
11/15/11)................................ 6.500% 11/15/31 $ 1,279,294
26 Colorado Hsg Fin Auth Single Family Pgm
Sr Ser B1 (AMT).......................... 7.650 11/01/26 26,177
3,000 Colorado Springs, CO Util Rev Sys Sub
Lien Impt Ser A Rfdg..................... 5.000 11/15/29 3,057,360
2,650 Colorado Springs, CO Util Rev Sys Sub
Lien Impt Ser B.......................... 5.000 11/15/30 2,711,533
1,000 El Paso Cnty, CO Ctf Partn Detention Fac
Proj Ser B (AMBAC Insd).................. 5.375 12/01/18 1,069,800
1,805 Lakewood, CO Ctf Partn (Prerefunded @
12/01/10) (AMBAC Insd) (a)............... 5.300 12/01/16 1,921,783
--------------
29,883,752
--------------
CONNECTICUT 1.1%
2,750 Bridgeport, CT Ser A Rfdg (FGIC Insd).... 5.375 08/15/14 2,960,870
3,580 Connecticut St Spl Oblig Pkg Rev Bradley
Intl Arpt Ser A (AMT) (ACA Insd)......... 6.600 07/01/24 3,905,959
1,000 Hartford, CT Pkg Sys Rev Ser A
(Prerefunded @ 07/01/10)................. 6.500 07/01/25 1,101,030
--------------
7,967,859
--------------
DISTRICT OF COLUMBIA 1.0%
2,775 District of Columbia Hosp Rev Medlantic
Hlthcare Ser A Rfdg (Escrowed to
Maturity) (MBIA Insd).................... 5.250 08/15/12 2,841,961
2,000 District of Columbia Rev Friendship Pub
Charter Sch Inc (ACA Insd)............... 5.750 06/01/18 2,152,580
5 District of Columbia Ser E (FSA Insd)
(a)...................................... 6.000 06/01/13 5,009
2,000 Metropolitan Washington DC Arpt Auth Sys
Ser A (AMT) (FGIC Insd).................. 5.250 10/01/32 2,058,640
--------------
7,058,190
--------------
FLORIDA 8.3%
3,500 Brevard Cnty, FL Hlth Fac Auth Hlthcare
Fac Rev Hlth First Inc Proj.............. 5.000 04/01/34 3,536,435
2,500 Brevard Cnty, FL Sch Brd Ctf Partn Ser B
Rfdg (FGIC Insd)......................... 5.000 07/01/21 2,597,000
4,570 Dade Cnty, FL Spl Oblig Cap Apprec Ser B
Rfdg (Prerefunded @ 10/01/08)
(AMBAC Insd)............................. * 10/01/26 1,385,670
570 Escambia Cnty, FL Hlth Fac Auth Hlth Fac
Rev FL Hlthcare Fac Ln (AMBAC Insd)...... 5.950 07/01/20 598,528
1,000 Florida St Brd Ed Lottery Rev Ser A (FGIC
Insd).................................... 6.000 07/01/14 1,093,490
2,500 Florida St Brd of Ed Cap Outlay Pub Ed
Ser C (Prerefunded @ 06/01/10) (FGIC
Insd).................................... 5.750 06/01/29 2,710,200
12 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 1,700 Florida St Brd of Ed Pub Ed Ser A........ 5.000% 06/01/32 $ 1,747,005
7,295 Florida St Dept Trans Tpk Rev Ser A...... 5.000 07/01/29 7,546,823
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Ser C Rfdg................ 5.000 11/15/31 1,003,360
1,250 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Ser D..................... 5.000 11/15/35 1,256,187
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Ser D..................... 5.375 11/15/35 1,030,020
1,745 Hillsborough Cnty, FL Port Dist Rev Tampa
Port Auth Proj Ser A (AMT) (MBIA Insd)... 5.375 06/01/27 1,830,610
1,000 Marion Cnty, FL Sch Brd Ctf Partn
(FSA Insd)............................... 5.250 06/01/18 1,061,330
1,500 Miami Beach, FL Stormwtr Rev (FGIC
Insd).................................... 5.250 09/01/25 1,577,775
2,000 Miami-Dade Cnty, FL Aviation Miami Intl
Arpt (AMT) (FGIC Insd)................... 5.375 10/01/27 2,086,880
1,720 Miami-Dade Cnty, FL Aviation Miami Intl
Arpt (AMT) (FGIC Insd)................... 5.375 10/01/32 1,790,830
2,000 Miami-Dade Cnty, FL Aviation Ser A (AMT)
(FSA Insd)............................... 5.125 10/01/35 2,042,920
2,905 Miami-Dade Cnty, FL Pub Fac Rev Jackson
Hlth Sys Ser A (MBIA Insd)............... 5.000 06/01/31 2,988,257
2,435 Orange Cnty, FL Sch Brd Ctf Partn Ser A
(AMBAC Insd)............................. 5.250 08/01/14 2,604,427
4,000 Orange Cnty, FL Tourist Dev Tax Rev
(Prerefunded @ 10/01/09) (AMBAC Insd).... 5.625 10/01/14 4,240,800
2,000 Orange Cnty, FL Tourist Dev Tax Rev
(Prerefunded @ 10/01/09) (AMBAC Insd).... 5.500 10/01/31 2,112,440
1,655 Reedy Creek Impt Dist FL Ser A Rfdg
(AMBAC Insd)............................. 5.500 06/01/11 1,786,308
1,210 Saint Lucie Cnty, FL Sch Brd Ctf Ser A
(FSA Insd) (a)........................... 5.500 07/01/14 1,310,248
1,000 Tallahassee, FL Lease Rev FL St Univ Proj
Ser A (MBIA Insd) (a).................... 5.500 08/01/17 1,068,730
1,115 Tallahassee, FL Lease Rev FL St Univ Proj
Ser A (MBIA Insd) (a).................... 5.500 08/01/19 1,191,634
1,250 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt
Ser A.................................... 5.750 07/01/19 1,299,175
2,880 Tampa, FL Occupational License Ser A Rfdg
(FGIC Insd).............................. 5.375 10/01/15 3,104,006
1,000 Tampa-Hillsborough Cnty, FL Expwy Auth
Rev (AMBAC Insd)......................... 5.000 07/01/25 1,043,300
See Notes to Financial Statements 13
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 1,125 University Cent FL Ctf Partn UCF
Convocation Corp Ser A (FGIC Insd)....... 5.000% 10/01/35 $ 1,153,440
1,000 Village Ctr Cmnty Dev Dist FL
Recreational Rev Ser A (MBIA Insd)....... 5.125 11/01/36 1,042,960
--------------
59,840,788
--------------
GEORGIA 4.0%
2,285 Albany Dougherty, GA Inner City Auth Rev
Albany St Univ Student Hsg Ser A
(XLCA Insd).............................. 5.000 07/01/31 2,351,768
2,000 Atlanta, GA Arpt Passenger Fac Charge Rev
Gen Sub Lien Ser C (FSA Insd)............ 5.000 01/01/33 2,047,700
3,483 Fulton Cnty, GA Lease Rev (Acquired
12/23/94, Cost $3,483,124) (b)........... 7.250 06/15/10 3,567,033
1,500 George L Smith II GA World Congress Cent
Auth Rev Domed Stadium Proj Rfdg (AMT)
(MBIA Insd).............................. 5.500 07/01/20 1,578,405
2,635 Georgia Muni Elec Auth Pwr Rev Ser A
(MBIA Insd).............................. 6.500 01/01/20 3,197,362
3,000 Georgia Muni Elec Auth Pwr Rev Ser B Rfdg
(FGIC Insd).............................. 6.250 01/01/17 3,492,180
5,575 Georgia Muni Elec Auth Pwr Rev Ser Y
(MBIA Insd).............................. 6.500 01/01/17 6,464,770
240 Georgia Muni Elec Auth Pwr Rev Ser Y
(Escrowed to Maturity) (MBIA Insd)....... 6.500 01/01/17 280,382
85 Georgia Muni Elec Auth Pwr Rev Ser Y
(Prerefunded @ 01/01/14) (MBIA Insd)..... 6.500 01/01/17 98,705
2,000 Municipal Elec Auth GA Combustion Turbine
Proj Ser A (MBIA Insd)................... 5.250 11/01/22 2,115,340
800 Royston, GA Hosp Auth Hosp Rev Ctf
Hlthcare Sys Inc......................... 6.700 07/01/16 808,168
2,500 Royston, GA Hosp Auth Hosp Rev Ctf
Hlthcare Sys Inc......................... 6.500 07/01/27 2,482,675
--------------
28,484,488
--------------
ILLINOIS 11.2%
2,000 Bedford Park, IL Ser A Rfdg (FSA Insd)... 5.250 12/15/20 2,134,200
2,000 Chicago, IL Brd of Ed (Prerefunded @
12/01/10) (FGIC Insd).................... 5.500 12/01/31 2,146,120
4,000 Chicago, IL Brd of Ed Chicago Sch Reform
Ser A (AMBAC Insd)....................... 5.250 12/01/27 4,145,200
1,500 Chicago, IL Lakefront Millennium Pk Fac
(MBIA Insd).............................. 5.125 01/01/28 1,537,065
1,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Ser C-2 Rfdg (AMT) (FSA
Insd).................................... 5.250 01/01/30 1,540,380
3,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Ser C-2 Rfdg (AMT) (XLCA
Insd).................................... 5.250 01/01/34 3,080,760
14 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 7,950 Chicago, IL O'Hare Intl Arpt Rev Rols RR
II Ser 494 (Inverse Floating Rate)
(Acquired 12/16/05 & 02/17/06, Cost
$9,114,004) (MBIA Insd) (b).............. 6.586% 01/01/24 $ 8,956,072
2,500 Chicago, IL O'Hare Intl Arpt Rev Rols RR
II R Ser 522 (Inverse Floating Rate)
(Acquired 02/24/06, Cost $2,953,500)
(FGIC Insd) (b).......................... 6.586 01/01/23 2,821,475
1,000 Chicago, IL O'Hare Intl Arpt Rev Second
Lien Passenger Fac Ser B (AMBAC Insd).... 5.500 01/01/16 1,067,930
2,000 Chicago, IL O'Hare Intl Arpt Rev Second
Lien Passenger Fac Ser B (AMBAC Insd).... 5.500 01/01/17 2,128,740
3,500 Chicago, IL Proj Ser A Rfdg (MBIA Insd)
(c)...................................... 5.000 01/01/31 3,571,645
375 Chicago, IL Proj Ser C Rfdg (FGIC
Insd).................................... 5.750 01/01/14 405,562
375 Chicago, IL Proj Ser C Rfdg (FGIC
Insd).................................... 5.750 01/01/15 405,562
305 Chicago, IL Proj Ser C Rfdg (Prerefunded
@ 07/01/10) (FGIC Insd).................. 5.750 01/01/14 331,026
320 Chicago, IL Proj Ser C Rfdg (Prerefunded
@ 07/01/10) (FGIC Insd).................. 5.750 01/01/14 347,306
625 Chicago, IL Proj Ser C Rfdg (Prerefunded
@ 07/01/10) (FGIC Insd).................. 5.750 01/01/15 678,331
4,895 Chicago, IL Pub Bldg Comm Bldg Rev Cap
Apprec Ser A (Escrowed to Maturity) (MBIA
Insd).................................... * 01/01/07 4,777,569
1,000 Chicago, IL Ser B Rfdg (AMBAC Insd)...... 5.125 01/01/15 1,057,440
1,000 Cook Cnty, IL Ser A (FGIC Insd)
(Prerefunded @ 05/15/11)................. 5.500 11/15/31 1,079,060
3,230 Cook Cnty, IL Ser A Rfdg (MBIA Insd)..... 5.625 11/15/16 3,344,697
3,500 Du Page Cnty, IL Fst Presv Dist.......... * 11/01/10 2,931,565
2,310 Illinois Dev Fin Auth Rev Adventist Hlth
Ser A (MBIA Insd)........................ 5.500 11/15/13 2,506,350
2,500 Illinois Dev Fin Auth Rev Adventist Hlth
Ser A (MBIA Insd)........................ 5.500 11/15/15 2,709,400
1,475 Illinois Dev Fin Auth Rev Loc Govt Pgm
Geneva Cmnty 304 Ser B (FSA Insd) (a).... 5.750 01/01/15 1,607,927
1,145 Illinois Dev Fin Auth Rev Loc Govt Pgm
Geneva Cmnty 304 Ser B (FSA Insd) (a).... 5.750 01/01/17 1,241,226
3,285 Illinois Dev Fin Auth Rev Presbyterian
Home Lake Proj Ser B (FSA Insd).......... 6.300 09/01/22 3,375,994
2,000 Illinois Ed Fac Auth Rev Lewis Univ
(Prerefunded @ 10/01/06)................. 6.100 10/01/16 2,045,860
2,000 Illinois Ed Fac Auth Rev Lewis Univ
(Prerefunded @ 10/01/06)................. 6.125 10/01/26 2,041,640
1,330 Illinois Fin Auth Solid Waste Rev Disp
Waste Mgmt Inc Proj Ser A (AMT).......... 5.050 08/01/29 1,311,978
1,325 Illinois Fin Auth Student Hsg Rev MJH Ed
Assistance IV Sr Ser A................... 5.125 06/01/35 1,328,418
See Notes to Financial Statements 15
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 1,250 Illinois Hlth Fac Auth Rev Evangelical
Hosp Ser C (FSA Insd) (a)................ 6.750% 04/15/17 $ 1,463,463
700 Illinois Hlth Fac Auth Rev Highland Park
Hosp Proj Ser A (Prerefunded @ 10/01/07)
(MBIA Insd).............................. 5.750 10/01/17 732,956
2,275 Illinois Hlth Fac Auth Rev South Suburban
Hosp (Escrowed to Maturity).............. 7.000 02/15/18 2,686,866
1,000 Illinois St (FGIC Insd).................. 5.250 12/01/20 1,020,830
3,500 Illinois St First Ser (FGIC Insd)........ 5.375 11/01/14 3,750,635
1,900 Kendall, Kane & Will Cntys, IL Cmnty Unit
Sch Dist No 308 Ser B (FGIC Insd)........ 5.250 10/01/21 2,011,815
250 Metropolitan Pier & Expo Auth IL
Dedicated St Tax Rev McCormick Pl Expn
Proj (FGIC Insd)......................... 5.375 12/15/18 263,280
1,250 Sangamon Cnty, IL Ctf Partn.............. 10.000 12/01/06 1,293,988
1,000 Schaumburg, IL Ser B (FGIC Insd)......... 5.000 12/01/41 1,019,900
--------------
80,900,231
--------------
INDIANA 3.2%
2,560 East Washington, IN Multi Sch Bldg Corp
First Mtg (Prerefunded @ 07/15/12) (FGIC
Insd).................................... 5.375 07/15/28 2,768,333
1,660 Indiana Hlth & Ed Fac Fin Auth Hosp Rev
Clarian Hlth Oblig Ser A................. 5.000 02/15/36 1,669,462
3,500 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty
Proj Ser A (AMBAC Insd).................. 5.000 05/01/35 3,584,140
4,000 Indiana Hlth Fac Fin Auth Rev Deaconess
Hosp Ser A (AMBAC Insd).................. 5.375 03/01/34 4,214,800
4,000 Indiana Transn Fin Auth Toll Rd Lease Rev
Rfdg (AMBAC Insd)........................ 5.375 07/01/09 4,089,800
1,280 North Adams, IN Cmnty Sch Renovation Bldg
Corp Cap Apprec First Mtg (FSA Insd)
(a)...................................... * 01/15/19 699,469
1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr &
Lt (AMT)................................. 5.950 12/01/29 1,588,185
1,605 Richland Beanblossom, IN Sch First Mtg
(Prerefunded @ 07/15/11) (FGIC Insd)
(a)...................................... 5.500 07/15/12 1,733,801
2,530 Vigo Cnty, IN Sch Bldg Corp First Mtg
Impt & Rfdg (FSA Insd)................... 5.250 07/10/24 2,649,720
--------------
22,997,710
--------------
IOWA 2.2%
1,685 Des Moines, IA Pub Pkg Sys Ser A (FGIC
Insd) (a)................................ 5.750 06/01/15 1,807,045
1,785 Des Moines, IA Pub Pkg Sys Ser A (FGIC
Insd) (a)................................ 5.750 06/01/16 1,915,680
2,750 Tobacco Settlement Auth IA Tob Settlement
Rev Ser C................................ 5.375 06/01/38 2,749,863
16 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
IOWA (CONTINUED)
$ 6,700 Tobacco Settlement Auth IA Tob Settlement
Rev Ser C................................ 5.500% 06/01/42 $ 6,759,228
2,750 Tobacco Settlement Auth IA Tob Settlement
Rev Ser C................................ 5.625 06/01/46 2,806,705
--------------
16,038,521
--------------
KANSAS 0.6%
3,810 Kansas St Dev Fin Auth Rev KS Proj Ser N
(AMBAC Insd) (a)......................... 5.250 10/01/22 4,016,426
--------------
KENTUCKY 1.1%
1,000 Kenton Cnty, KY Arpt Brd Rev Cincinnati/
Northn KY Intl Arpt Ser A Rfdg (AMT)
(MBIA Insd).............................. 6.200 03/01/08 1,040,660
3,690 Kenton Cnty, KY Arpt Brd Rev Cincinnati/
Northn KY Intl Arpt Ser A Rfdg (AMT)
(MBIA Insd) (a).......................... 6.250 03/01/09 3,908,300
2,450 Louisville & Jefferson Cnty, KY Swr Ser A
(MBIA Insd) (a).......................... 5.500 05/15/16 2,667,781
--------------
7,616,741
--------------
LOUISIANA 1.9%
4,395 Ernest N Morial New Orleans, LA Exhib
Hall Auth Spl Tax Sub Ser A (AMBAC
Insd).................................... 5.250 07/15/22 4,583,458
1,000 Ernest N Morial New Orleans, LA Exhib
Hall Auth Spl Tax Sub Ser A (AMBAC
Insd).................................... 5.000 07/15/33 1,010,480
3,000 Lafayette, LA Util Rev (MBIA Insd)....... 5.250 11/01/21 3,191,400
2,470 Louisiana Hsg Fin Agy Rev Azalea Estates
Rfdg Ser A (AMT) (GNMA Collateralized)... 5.375 10/20/39 2,519,820
2,580 Louisiana Loc Govt Environmental Rev
Southeastn LA Student Hsg Ser A
(MBIA Insd).............................. 5.250 08/01/21 2,720,249
--------------
14,025,407
--------------
MARYLAND 1.4%
1,500 Baltimore, MD Conv Ctr Hotel Rev Drivers
Ser 1251 (Inverse Floating Rate)
(Acquired 02/06/06, Cost $1,765,635)
(XLCA Insd) (b).......................... 6.370 03/01/14 1,708,455
1,425 Maryland St Hlth & Higher Ed Fac Auth Rev
Hosp Cecil Cnty Issue.................... 5.000 07/01/35 1,433,764
2,500 Maryland St Hlth & Higher Ed Fac Auth Rev
MD Inst College of Art................... 5.000 06/01/40 2,436,000
2,250 Maryland St Trans Auth Arpt
Baltimore/Wash Intl Arpt Ser B (AMT)
(AMBAC Insd)............................. 5.125 03/01/24 2,335,703
2,350 Northeast, MD Waste Disp Auth Rfdg (AMT)
(AMBAC Insd)............................. 5.500 04/01/16 2,502,069
--------------
10,415,991
--------------
See Notes to Financial Statements 17
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
MASSACHUSETTS 1.7%
$ 500 Massachusetts St Hlth & Ed Fac Auth Rev
Hlthcare Sys Covenant Hlth............... 6.000% 07/01/31 $ 527,795
1,000 Massachusetts St Hlth & Ed Fac Auth Rev
Partn Hlthcare Sys Ser C................. 5.750 07/01/32 1,075,310
5,835 Massachusetts St Hlth & Ed Fac Auth Rev
Univ MA Mem Issue Ser D.................. 5.000 07/01/33 5,787,445
2,805 Massachusetts St Port Auth Rev Ser A
(MBIA Insd).............................. 5.000 07/01/22 2,912,656
1,750 Massachusetts St Wtr Res Auth Rols RR II
R Ser 526 (Inverse Floating Rate)
(Acquired 03/10/06, Cost $1,936,235)
(AMBAC Insd) (b)......................... 6.079 08/01/31 1,876,263
--------------
12,179,469
--------------
MICHIGAN 5.4%
3,015 Detroit, MI Downtown Dev Auth Tax
Increment Rev Ser C1..................... * 07/01/17 1,694,551
3,050 Detroit, MI Downtown Dev Auth Tax
Increment Rev Ser C1 (a)................. * 07/01/18 1,618,452
3,050 Detroit, MI Downtown Dev Auth Tax
Increment Rev Ser C1 (a)................. * 07/01/19 1,529,484
3,050 Detroit, MI Downtown Dev Auth Tax
Increment Rev Ser C1 (a)................. * 07/01/22 1,289,449
3,050 Detroit, MI Downtown Dev Auth Tax
Increment Rev Ser C1 (a)................. * 07/01/23 1,222,623
3,050 Detroit, MI Downtown Dev Auth Tax
Increment Rev Ser C1 (a)................. * 07/01/24 1,157,201
2,965 Detroit, MI Wtr Supply Sys Ser C (MBIA
Insd) (a)................................ 5.250 07/01/20 3,146,339
3,500 Grand Rapids, MI Downtown Dev Cap Apprec
(MBIA Insd).............................. * 06/01/15 2,350,390
2,765 Grand Rapids, MI Downtown Dev Cap Apprec
(MBIA Insd).............................. * 06/01/16 1,763,241
2,000 Grand Rapids, MI Wtr Supply Sys Rfdg
(FGIC Insd).............................. 5.750 01/01/13 2,161,040
1,180 Hillsdale, MI Hosp Fin Auth Hosp Rev
Hillsdale Cmnty Hlth Ctr................. 5.750 05/15/18 1,224,462
2,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj
Ser A.................................... 6.000 07/01/35 2,131,620
4,000 Michigan St Bldg Auth Rev Fac Pgm Ser III
Rfdg (FSA Insd).......................... 5.000 10/15/26 4,116,680
2,850 Michigan St Hosp Fin Auth Rev Ascension
Hlth Cr Ser A (Prerefunded @ 11/15/09)
(MBIA Insd).............................. 5.750 11/15/18 3,059,646
2,500 Michigan St Strategic Fd Detroit Edison
Co Proj Ser A (AMT) (XLCA Insd).......... 5.500 06/01/30 2,646,800
18 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
MICHIGAN (CONTINUED)
$ 2,500 Michigan St Strategic Fd Detroit Edison
Co Proj Ser C (AMT) (XLCA Insd).......... 5.450% 12/15/32 $ 2,619,525
2,500 Michigan St Strategic Fd Detroit Edison
Pollutn Ctl Ser B Rfdg (AMBAC Insd)...... 4.850 09/01/30 2,595,675
1,000 Michigan St Strategic Fd Detroit Edison
Pollutn Ctl Ser B Rfdg (AMT)............. 5.650 09/01/29 1,037,130
1,355 Zeeland, MI Pub Sch Bldg & Site
(MBIA Insd) (a).......................... 5.250 05/01/21 1,442,370
--------------
38,806,678
--------------
MINNESOTA 1.8%
1,175 Maple Grove, MN Hlthcare Fac North Mem
Hlthcare................................. 5.000 09/01/35 1,185,845
5,000 Minneapolis & Saint Paul, MN Metro Arpt
Comm Arpt Rev Ser A (FGIC Insd).......... 5.125 01/01/31 5,111,850
50 Minnesota Agric & Econ Dev Brd Rev
Hlthcare Sys A (MBIA Insd)............... 5.750 11/15/26 52,301
2,750 Minnesota Agric & Econ Dev Brd Rev
Hlthcare Sys A (Prerefunded @ 11/15/07)
(MBIA Insd).............................. 5.750 11/15/26 2,887,418
1,250 Saint Paul, MN Hsg & Redev Auth Hosp Rev
Hltheast Proj............................ 6.000 11/15/35 1,338,650
1,100 Saint Paul, MN Hsg & Redev Auth Hosp Rev
Hltheast Proj............................ 6.000 11/15/30 1,178,782
1,550 Stillwater, MN Hlthcare Rev Hlth Sys
Oblig Group.............................. 5.000 06/01/35 1,549,458
--------------
13,304,304
--------------
MISSISSIPPI 0.2%
1,500 Mississippi Hosp Equip & Fac Auth Rev MS
Baptist Med Ctr Rfdg (MBIA Insd)......... 6.000 05/01/13 1,517,370
--------------
MISSOURI 1.0%
1,500 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp
Assoc.................................... 5.625 06/01/27 1,536,375
1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac
Rev Lutheran Sr Svc Heisinger Proj....... 5.500 02/01/35 1,286,438
1,625 Jefferson Cnty, MO Reorg Sch Dist No R-6
(FGIC Insd).............................. 5.625 03/01/20 1,726,888
1,500 Kansas City, MO Met Cmnty Leasehold Jr
College Impt & Rfdg (FGIC Insd).......... 5.500 07/01/17 1,602,345
1,250 Saint Charles, MO Ctf Partn Ser B........ 5.500 05/01/18 1,301,700
--------------
7,453,746
--------------
MONTANA 0.2%
1,300 Forsyth, MT Pollutn Ctl Rev Northwestn
Corp Colstrip Rfdg (AMBAC Insd) (e)...... 4.650 08/01/23 1,304,446
--------------
See Notes to Financial Statements 19
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
NEVADA 3.0%
$ 8,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2
(FGIC Insd).............................. 5.000% 07/01/36 $ 8,158,080
5,165 Clark Cnty, NV Bd Bk (MBIA Insd)......... 5.000 06/01/32 5,279,663
3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser A (AMT) (AMBAC Insd)....... 5.250 07/01/34 3,107,640
3,500 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser D (AMT) (FGIC Insd)........ 5.250 03/01/38 3,634,575
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj
(Prerefunded @ 06/01/12) (AMBAC Insd).... 5.125 06/01/32 1,600,230
--------------
21,780,188
--------------
NEW HAMPSHIRE 0.3%
1,000 New Hampshire Hlth & Ed Fac Auth Rev
Derryfield Sch........................... 7.000 07/01/30 1,059,000
1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev
Pennichuck Wtrwks Inc (AMT)
(AMBAC Insd)............................. 6.300 05/01/22 1,042,840
--------------
2,101,840
--------------
NEW JERSEY 7.0%
1,000 Bergen Cnty, NJ Impt Auth Sch Dist Rev
Wyckoff Twp Brd Ed Proj.................. 5.000 04/01/32 1,038,020
1,200 New Jersey Econ Dev Auth Cig Tax......... 5.750 06/15/29 1,268,892
1,500 New Jersey Econ Dev Auth Cig Tax......... 5.750 06/15/34 1,577,880
3,000 New Jersey Econ Dev Auth Rev Motor
Vehicle Sur Rev Ser A (MBIA Insd)........ 5.000 07/01/23 3,110,820
25,000 New Jersey Econ Dev Auth St Contract Econ
Recovery (MBIA Insd)..................... 5.900 03/15/21 29,046,500
3,000 New Jersey St Ed Fac Auth Higher Ed Cap
Impt Ser A (AMBAC Insd).................. 5.250 09/01/19 3,189,930
1,835 New Jersey St Ed Fac Auth Higher Ed Cap
Impt Ser A (AMBAC Insd).................. 5.250 09/01/21 1,945,063
710 New Jersey St Tpk Auth Tpk Rev Ser A
(MBIA Insd).............................. 6.000 01/01/11 777,081
290 New Jersey St Tpk Auth Tpk Rev Ser A
(Escrowed to Maturity) (MBIA Insd)....... 6.000 01/01/11 317,921
6,000 New Jersey St Tpk Auth Tpk Rev Ser C-1
(AMBAC Insd)............................. 5.000 01/01/35 6,142,260
2,095 New Jersey St Trans Tr Fd Auth Trans Sys
Ser A.................................... 5.750 06/15/17 2,333,851
--------------
50,748,218
--------------
NEW MEXICO 0.2%
1,250 Jicarilla, NM Apache Nation Rev Ser A
(Acquired 10/23/03, Cost $1,275,475)
(b)...................................... 5.500 09/01/23 1,309,913
--------------
20 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
NEW YORK 18.3%
$ 2,980 Erie Cnty, NY Tob Asset Securitization
Corp Ser A............................... 5.000% 06/01/38 $ 2,876,058
3,000 Metropolitan Trans Auth NY Commuter Fac
Rev Ser A (Prerefunded @ 01/01/08) (MBIA
Insd).................................... 5.625 07/01/27 3,138,870
3,000 Metropolitan Trans Auth NY Rev Ser A Rfdg
(AMBAC Insd)............................. 5.500 11/15/18 3,251,490
6,000 Metropolitan Trans Auth NY Rev Ser A Rfdg
(FSA Insd)............................... 5.000 11/15/30 6,152,280
2,500 Metropolitan Trans Auth NY Rev Ser A Rfdg
(FGIC Insd).............................. 5.250 11/15/31 2,633,350
1,000 Nassau Cnty, NY Tob Settlement Corp Asset
Bkd Ser A-3.............................. 5.000 06/01/35 970,860
2,000 Nassau Cnty, NY Tob Settlement Corp Asset
Bkd Ser A-3.............................. 5.125 06/01/46 1,943,580
5,700 New York City Muni Wtr Fin Auth Wtr & Swr
Sys Rev Ser A (FSA Insd) (a)............. 5.375 06/15/17 6,112,794
445 New York City Ser C (a).................. 7.000 08/15/08 446,139
2,000 New York City Ser H...................... 5.750 03/15/13 2,162,040
1,700 New York City Ser I...................... 6.000 04/15/12 1,749,691
16,930 New York City Trans Auth Trans Fac
Livingston Plaza Proj Rfdg (Escrowed to
Maturity) (FSA Insd)..................... 5.400 01/01/18 18,541,228
6,000 New York City Trans Future Tax Second Ser
A Rfdg (d)............................... 5.500/14.000 11/01/26 6,452,340
5,305 New York City Trans Future Tax Second Ser
C (AMBAC Insd)........................... 5.250 08/01/20 5,641,125
2,000 New York City Trans Future Tax Second Ser
C (AMBAC Insd)........................... 5.250 08/01/22 2,125,480
4,545 New York City Trans Future Tax Second Ser
D (MBIA Insd)............................ 5.250 02/01/21 4,814,473
1,775 New York Cnty Tob Tr IV Settlement Pass
Thru Ser A............................... 5.000 06/01/42 1,693,758
2,500 New York St Dorm Auth Lease Rev Muni Hlth
Fac Impt Pgm Ser A (FSA Insd)............ 5.500 05/15/25 2,592,550
11,640 New York St Dorm Auth Rev City Univ Sys
Ser C.................................... 7.500 07/01/10 12,528,947
3,000 New York St Dorm Auth Rev Hosp (MBIA
Insd).................................... 5.000 08/01/33 3,088,740
2,000 New York St Dorm Auth Rev Sch Dist Fin
Pgm Ser D (MBIA Insd).................... 5.500 10/01/17 2,165,480
3,000 New York St Dorm Auth Rev St Univ Ed Fac
(Prerefunded @ 05/15/10) (FGIC Insd)..... 5.750 05/15/24 3,260,910
2,000 New York St Dorm Auth Rev St Univ Ed Fac
1989 Res (MBIA Insd)..................... 6.000 05/15/16 2,187,840
See Notes to Financial Statements 21
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
$ 1,500 New York St Environmental Fac Revolving
Fd Ser C................................. 5.000% 07/15/21 $ 1,565,025
2,840 New York St Loc Govt Assistance Corp Ser
E Rfdg................................... 6.000 04/01/14 3,209,058
1,500 New York St Urban Dev Corp Rev Proj Cent
for Indl Innovation Rfdg................. 5.500 01/01/13 1,622,820
2,680 Port Auth NY & NJ Cons 119th Ser (AMT)
(FGIC Insd).............................. 5.500 09/15/17 2,722,585
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj
JFK Intl Arpt Terminal 6 (AMT)
(MBIA Insd).............................. 5.750 12/01/22 3,141,450
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj
JFK Intl Arpt Terminal 6 (AMT)
(MBIA Insd).............................. 5.750 12/01/25 3,085,020
7,750 Triborough Brdg & Tunl Auth NY Rev Rfdg
(MBIA Insd).............................. 5.000 11/15/32 7,947,548
6,000 Tsasc Inc, NY Ser 1...................... 5.000 06/01/34 5,827,800
5,000 Tsasc Inc, NY Ser 1...................... 5.125 06/01/42 4,879,300
1,700 Westchester, NY Tob Asset Securitization
Corp..................................... 5.125 06/01/38 1,663,246
--------------
132,193,875
--------------
NORTH CAROLINA 5.1%
2,000 Charlotte, NC Ctf Partn Convention Fac
Proj Ser A Rfdg.......................... 5.500 08/01/19 2,152,460
4,000 North Carolina Eastern Muni Pwr Agy Pwr
Sys Rev Ser D............................ 6.750 01/01/26 4,353,080
25,000 North Carolina Muni Pwr Agy No 1 Catawba
Elec Rev Rfdg (MBIA Insd)................ 6.000 01/01/12 27,614,500
2,300 North Carolina Muni Pwr Agy Ser A (MBIA
Insd).................................... 5.250 01/01/19 2,432,043
--------------
36,552,083
--------------
NORTH DAKOTA 0.1%
860 North Dakota St Hsg Fin Agy Rev Hsg Fin
Pgm Home Mtg Fin Ser B (AMT)
(MBIA Insd).............................. 5.500 07/01/29 862,468
--------------
OHIO 1.6%
1,000 Cleveland, OH Muni Sch Dist (FSA Insd)... 5.250 12/01/23 1,062,550
3,000 Columbus, OH City Sch Dist Sch Fac Constr
& Impt (FSA Insd)........................ 5.250 12/01/22 3,205,020
2,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj..................................... 7.500 01/01/30 2,204,360
1,000 Delaware Cnty, OH Cap Fac
(Prerefunded @ 12/01/10)................. 6.000 12/01/25 1,102,400
1,000 Hamilton, OH One Renaissance Ctr Ser A
(AMBAC Insd)............................. 5.500 11/01/16 1,087,840
22 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
OHIO (CONTINUED)
$ 1,000 Lorain Cnty, OH Hosp Rev Catholic
Hlthcare................................. 5.375% 10/01/30 $ 1,039,830
2,000 Lorain, OH City Sch Dist Classroom Fac
Impt (MBIA Insd)......................... 5.250 12/01/20 2,135,540
--------------
11,837,540
--------------
OKLAHOMA 0.9%
1,505 Alva, OK Hosp Auth Hosp Rev Sales Tax
(Radian Insd)............................ 5.250 06/01/25 1,577,526
450 Central, OK Trans & Pkg Auth Rev Pkg Sys
(AMBAC Insd)............................. 5.000 07/01/18 467,978
1,500 Jenks, OK Aquarium Auth Rev First Mtg
(Prerefunded @ 07/01/10) (MBIA Insd)..... 6.100 07/01/30 1,647,510
1,575 Oklahoma City, OK Arpt Tr Jr Lien 27th
Ser B (AMT) (FSA Insd)................... 5.750 07/01/16 1,660,712
1,000 Oklahoma City, OK Pub Ppty Auth Hotel Tax
Rev (FGIC Insd).......................... 5.250 10/01/29 1,062,980
--------------
6,416,706
--------------
OREGON 2.1%
5,350 Oregon Hlth Sciences Univ Insd Ser A
(MBIA Insd).............................. 5.250 07/01/22 5,664,152
5,060 Oregon St Dept Admin Ser C Rfdg (MBIA
Insd).................................... 5.250 11/01/17 5,357,427
745 Oregon St Vets Welfare Ser 76A........... 6.050 10/01/28 750,960
1,135 Portland, OR Swr Sys Rev Second Lien Ser
A Rfdg (FSA Insd)........................ 5.250 06/01/19 1,206,392
1,985 Portland, OR Urban Renewal & Redev
Downtown Wtrfront Ser A (AMBAC Insd)..... 5.750 06/15/16 2,148,564
--------------
15,127,495
--------------
PENNSYLVANIA 3.1%
230 Allegheny Cnty, PA San Auth Swr Rev (MBIA
Insd).................................... 5.500 12/01/30 246,049
575 Allegheny Cnty, PA Ser C-53 Rfdg
(FGIC Insd).............................. 5.500 11/01/14 617,107
3,170 Falls Twp, PA Hosp Auth Hosp Rev DE Vly
Med Rfdg (FHA Gtd)....................... 7.000 08/01/22 3,191,936
1,000 Greensburg Salem, PA Sch Dist Rfdg (FGIC
Insd).................................... 5.375 09/15/15 1,077,410
60 Penn Hills, PA (Prerefunded @ 12/01/07)
(FGIC Insd).............................. 5.900 12/01/17 62,047
1,000 Pennsylvania St Higher Ed Fac Auth
College & Univ Rev Bryn Mawr College
(MBIA Insd).............................. 5.625 12/01/27 1,037,180
1,000 Pennsylvania St Higher Ed Fac Auth Rev
UPMC Hlth Sys Ser A...................... 6.250 01/15/18 1,089,390
2,600 Philadelphia, PA Auth Indl Dev Lease Rev
Ser B (FSA Insd)......................... 5.500 10/01/16 2,817,074
See Notes to Financial Statements 23
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
PENNSYLVANIA (CONTINUED)
$ 1,000 Philadelphia, PA Auth Indl Dev
Philadelphia Arpt Sys Proj Ser A (AMT)
(FGIC Insd).............................. 5.125% 07/01/19 $ 1,032,490
2,400 Philadelphia, PA Gas Wks Rev 1998 Gen
Ordinance Fourth Ser (FSA Insd).......... 5.250 08/01/22 2,521,608
1,290 Philadelphia, PA Gas Wks Rev 18th Ser
(AGL Insd)............................... 5.250 08/01/19 1,361,943
4,570 Pittsburgh, PA Ser A (AMBAC Insd)........ 5.500 09/01/16 4,939,256
2,000 Ridley Park, PA Hosp Auth Rev Taylor Hosp
Ser A (Escrowed to Maturity)............. 6.000 12/01/13 2,157,160
--------------
22,150,650
--------------
SOUTH CAROLINA 6.5%
2,275 Beaufort Cnty, SC Tax Increment New Riv
Redev Proj Area (MBIA Insd) (a).......... 5.500 06/01/19 2,458,206
2,375 Berkeley Cnty, SC Sch Dist Ctf Partn
Berkeley Sch Fac Grp Inc (Escrowed to
Maturity) (MBIA Insd).................... 5.250 02/01/16 2,491,755
6,750 Charleston Ed Excellence Fin Corp SC Rev
Rols RR II R Ser 471 (Inverse Floating
Rate) (Acquired 12/06/05, Cost
$7,386,660) (b).......................... 6.586 12/01/26 7,413,120
5,000 Charleston Ed Excellence Fin Corp SC Rev
Rols RR II R Ser 515 (Inverse Floating
Rate) (Acquired 02/10/06, Cost
$5,725,650) (AGC Insd) (b)............... 6.586 12/01/30 5,531,300
1,000 Chesterfield Cnty, SC Sch Dist (FSA
Insd).................................... 5.375 03/01/18 1,066,120
2,080 Laurens Cnty, SC Sch Dist No 55
Installment Pur Rev...................... 5.250 12/01/30 2,126,301
2,300 Medical Univ SC Hosp Auth Fac Rev Mtg Ser
A Rfdg (MBIA Insd)....................... 5.250 08/15/25 2,426,339
1,840 Myrtle Beach, SC Hospitality Fee Rev Ser
A (FGIC Insd) (a)........................ 5.375 06/01/21 1,979,748
1,935 Myrtle Beach, SC Hospitality Fee Rev Ser
A (FGIC Insd) (a)........................ 5.375 06/01/22 2,081,963
1,000 Newberry Invtg in Newberry Cnty Sch Dist
Proj..................................... 5.000 12/01/30 991,700
4,500 South Carolina Jobs Econ Dev Auth Indl
Rev Elec & Gas Co Proj Ser A (AMBAC
Insd).................................... 5.200 11/01/27 4,736,385
3,750 South Carolina Jobs Econ Dev Auth Indl
Rev Elec & Gas Co Proj Ser B (AMT)
(AMBAC Insd)............................. 5.450 11/01/32 3,928,800
9,290 South Carolina Trans Infrastructure Bk
Rev Ser A (AMBAC Insd)................... 5.000 10/01/33 9,535,906
--------------
46,767,643
--------------
24 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
SOUTH DAKOTA 0.6%
$ 2,250 Deadwood, SD Ctf Partn (ACA Insd)........ 6.375% 11/01/20 $ 2,426,513
1,000 South Dakota St Hlth & Ed Fac Auth Rev
Childrens Care Hosp Rfdg................. 6.125 11/01/29 1,050,610
985 South Dakota St Hlth & Ed Fac Auth
Vocational Ed Pgm Ser A (AMBAC Insd)..... 5.400 08/01/13 1,018,303
--------------
4,495,426
--------------
TENNESSEE 2.1%
4,345 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev
CDFI Phase I LLC Proj Ser A Rfdg......... 5.125 10/01/35 4,241,632
6,000 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn States Hlth Ser A...... 5.500 07/01/36 6,219,540
3,500 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn States Rfdg
(MBIA Insd).............................. 7.500 07/01/25 4,263,665
410 Montgomery Cnty, TN Pub Impt Rfdg (FGIC
Insd) (a)................................ 5.500 05/01/16 443,854
--------------
15,168,691
--------------
TEXAS 14.0%
1,370 Alliance Arpt Auth Inc TX Spl Fac Rev
Fedex Corp Proj Rfdg (AMT) (e)........... 4.850 04/01/21 1,358,889
2,685 Beaumont, TX Wtrwks & Swr Sys
(Prerefunded @ 09/01/10) (FGIC Insd)
(a)...................................... 6.250 09/01/15 2,949,795
5,425 Boerne, TX Indpt Sch Dist Bldg (PSF
Gtd)..................................... 5.000 02/01/35 5,528,943
300 Brazos Cnty, TX Hlth Fac Dev Oblig Grp... 5.375 01/01/32 309,585
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt
Impt & Rfdg Ser A (AMT) (FGIC Insd)...... 5.500 11/01/31 4,185,080
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt
Ser A (AMT) (FGIC Insd).................. 5.750 11/01/30 4,208,960
1,000 Harris Cnty, TX Hlth Fac Dev Mem Hermann
Hlthcare Ser A (Prerefunded @
06/01/11)................................ 6.375 06/01/29 1,122,700
2,000 Harris Cnty, TX Perm Impt & Rfdg......... 5.000 10/01/11 2,033,060
4,820 Harris Cnty, TX Toll Rd (Prerefunded @
08/15/09) (AMBAC Insd)................... * 08/15/18 2,285,692
1,000 Harris Cnty, TX Toll Rd (Prerefunded @
08/15/09) (AMBAC Insd)................... * 08/15/21 385,770
4,000 Harris Cnty, TX Toll Rd Sub Lien Rfdg.... 5.000 08/01/33 4,037,160
7,250 Harris Cnty-Houston, TX Sports Auth Spl
Rev Jr Lien Ser B Rfdg (MBIA Insd)....... 5.250 11/15/40 7,504,765
1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A
(AMT) (FSA Insd)......................... 5.625 07/01/30 1,052,030
5,105 Houston, TX Hotel Occupancy Tax & Spl Rev
Convention & Entmt Ser B (AMBAC Insd).... 5.750 09/01/15 5,547,706
225 Houston, TX Pub Impt & Rfdg (FSA Insd)... 5.750 03/01/15 242,210
6,000 Houston, TX Util Sys Rev First Lien Ser A
Rfdg (FSA Insd).......................... 5.250 05/15/21 6,344,400
See Notes to Financial Statements 25
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 6,000 Houston, TX Util Sys Rev First Lien Ser A
Rfdg (FGIC Insd)......................... 5.250% 05/15/23 $ 6,336,120
2,750 Lower CO Riv Auth Transmission Proj Corp
(FGIC Insd).............................. 5.000 05/15/33 2,787,235
5,000 Mabank, TX Indpt Sch Dist (PSF Gtd)...... 5.125 08/15/35 5,125,250
1,500 Mesquite, TX Hlth Fax Dev Retirement Fac
Christian Ser A (Prerefunded @
02/15/10)................................ 7.500 02/15/18 1,698,585
1,500 Mesquite, TX Hlth Fac Dev Retirement Fac
Christian Care........................... 5.625 02/15/35 1,527,450
1,100 Metropolitan Hlth Fac Dev Corp TX Wilson
N Jones Mem Hosp Proj.................... 7.200 01/01/21 1,136,278
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson
N Jones Mem Hosp Proj.................... 7.250 01/01/31 1,545,630
1,500 North Central, TX Hlth Fac Dev Corp Rev
Hosp Baylor Hlthcare Sys Proj Ser A...... 5.125 05/15/29 1,518,900
5,750 North Central, TX Hlth Fac Dev Hosp
Childrens Med Ctr Dallas (AMBAC Insd).... 5.250 08/15/32 5,967,523
2,165 San Antonio, TX Elec & Gas Rev Sys
Rfdg..................................... 5.375 02/01/16 2,317,416
2,805 Tarrant Regl Wtr Dist TX Wtr Rev Impt
Rfdg (FSA Insd).......................... 5.250 03/01/19 2,959,303
3,272 Texas Muni Pwr Agy Rev (AMBAC Insd)...... 0.010 09/01/07 3,111,247
253 Texas Muni Pwr Agy Rev (Escrowed to
Maturity) (AMBAC Insd)................... 0.010 09/01/07 241,015
1,610 Texas St Pub Ppty Fin Corp Rev Mental
Hlth & Retardation Rfdg (FSA Insd)....... 5.500 09/01/13 1,618,436
2,750 Texas St Vets Housing Assistance Pgm Vet
Ser B (AMT) (FHA/VA Gtd)................. 6.100 06/01/31 2,888,050
1,000 Texas Tech Univ Rev Fin Sys Seventh Ser
(Prerefunded @ 02/15/12) (MBIA Insd)..... 5.000 08/15/25 1,058,920
1,500 Texas Wtr Dev Brd Rev St Revolving Fd Sr
Lien Ser B............................... 5.250 07/15/17 1,563,705
3,000 University of TX Univ Rev Fin Sys Ser
A........................................ 5.250 08/15/20 3,164,190
2,500 University of TX Univ Rev Fin Sys Ser
B........................................ 5.250 08/15/20 2,636,825
2,300 University of TX Univ Rev Fin Sys Ser C
(Prerefunded @ 08/15/11)................. 5.375 08/15/19 2,468,199
--------------
100,767,022
--------------
UTAH 0.2%
1,000 Salt Lake Cnty, UT College Rev
Westminster College Proj................. 5.750 10/01/27 1,033,650
25 Utah St Hsg Fin Agy Single Family Mtg
Mezzanine Issue H1 (AMBAC Insd).......... 6.000 07/01/12 25,524
65 Utah St Hsg Fin Agy Single Family Mtg Ser
B Class 2 (AMT) (FHA/VA Gtd)............. 6.250 07/01/14 65,213
--------------
1,124,387
--------------
26 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
VERMONT 0.4%
$ 2,700 University VT & St Agric College
(MBIA Insd).............................. 5.000% 10/01/40 $ 2,772,387
--------------
VIRGINIA 1.2%
1,320 Fairfax Cnty, VA Ctf Partn............... 5.300 04/15/23 1,396,520
800 Tobacco Settlement Fin Corp VA........... 5.500 06/01/26 819,208
5,920 Tobacco Settlement Fin Corp VA........... 5.625 06/01/37 6,054,917
--------------
8,270,645
--------------
WASHINGTON 4.5%
2,500 Energy Northwest WA Elec Rev Proj No 3
Ser A Rfdg (FSA Insd).................... 5.500 07/01/18 2,688,475
5,360 Energy Northwest WA Elec Rev Proj No 3
Ser B Rfdg (FSA Insd).................... 6.000 07/01/16 5,965,841
2,500 Goat Hill Ppty WA Lease Rev Govt Office
Bldg Proj (MBIA Insd).................... 5.000 12/01/33 2,556,850
4,400 King Cnty, WA Ser B Rfdg (MBIA Insd)..... 5.250 01/01/34 4,524,828
1,000 Port Seattle, WA Rev Ser B (AMT)
(MBIA Insd).............................. 5.625 02/01/24 1,052,930
1,435 Radford Ct Ppty WA Student Hsg Rev (MBIA
Insd) (a)................................ 6.000 06/01/15 1,567,551
1,585 Radford Ct Ppty WA Student Hsg Rev (MBIA
Insd) (a)................................ 6.000 06/01/16 1,728,252
1,000 Seattle, WA Muni Lt & Pwr Rev............ 5.625 12/01/18 1,066,080
1,250 Skagit Cnty, WA Pub Hosp Dist No 001
Skagit Vly Hosp.......................... 5.500 12/01/30 1,269,950
2,100 Spokane, WA Pub Fac Dist Hotel
(MBIA Insd).............................. 5.750 12/01/21 2,312,646
1,000 Spokane, WA Pub Fac Dist Hotel Motel &
Sales Use Tax (MBIA Insd)................ 5.750 12/01/20 1,102,900
3,000 Spokane, WA Pub Fac Dist Hotel Motel &
Sales Use Tax (MBIA Insd)................ 5.250 09/01/33 3,148,140
1,350 Tacoma, WA Elec Sys Rev Ser A Rfdg (FSA
Insd).................................... 5.750 01/01/15 1,469,394
1,650 Tacoma, WA Elec Sys Rev Ser B Rfdg (FSA
Insd).................................... 5.500 01/01/12 1,783,584
--------------
32,237,421
--------------
WEST VIRGINIA 0.5%
3,750 West Virginia Univ Rev Impt VA Univ Proj
Ser C (FGIC Insd)........................ 5.000 10/01/34 3,860,250
--------------
See Notes to Financial Statements 27
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
WISCONSIN 0.7%
$ 2,345 Appleton, WI Wtrwks Rev Rfdg (FGIC
Insd).................................... 5.375% 01/01/19 $ 2,496,698
510 Badger Tob Asset Securitization Corp
WI....................................... 6.375 06/01/32 547,097
2,000 Southeast WI Professional Baseball Pk
Dist Sales Tax Rev Ser A Rfdg (MBIA
Insd).................................... 5.500 12/15/20 2,241,140
--------------
5,284,935
--------------
WYOMING 0.3%
2,000 Sweetwater Cnty, WY Solid Waste Disp Rev
FMC Corp Proj Rfdg (AMT)................. 5.600 12/01/35 2,089,360
--------------
GUAM 0.8%
5,800 Guam Pwr Auth Rev Ser A (AMBAC Insd)..... 5.250 10/01/34 6,063,320
--------------
PUERTO RICO 0.8%
1,110 Puerto Rico Comwlth Aqueduct & Swr Auth
Rev Rfdg (Comwlth Gtd)................... 5.000 07/01/15 1,122,221
1,000 Puerto Rico Indl Tourist Ed Med &
Environmental Ctl Fac Fin Auth Higher Ed
Rev...................................... 5.375 02/01/19 1,020,290
3,500 Puerto Rico Pub Bldg Auth Rev Gtd Govt
Fac Ser I (Comwlth Gtd).................. 5.250 07/01/33 3,636,395
--------------
5,778,906
--------------
TOTAL LONG-TERM INVESTMENTS 157.1%
(Cost $1,086,468,820)...................................................... 1,133,721,471
SHORT-TERM INVESTMENTS 0.4%
(Cost $2,975,000).......................................................... 2,975,000
--------------
TOTAL INVESTMENTS 157.5%
(Cost $1,089,443,820)...................................................... 1,136,696,471
OTHER ASSETS IN EXCESS OF LIABILITIES 2.1%.................................. 15,504,300
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (59.6%).................. (430,541,398)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................... $ 721,659,373
==============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the outstanding bond issuance.
(b) These securities are restricted and may be resold only in transactions
exempt from registration which are normally those transactions with
qualified institutional buyers. Restricted securities comprise 4.6% of net
assets applicable to common shares.
28 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
(c) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(d) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(e) Securities purchased on a when-issued or delayed delivery basis.
ACA--American Capital Access
AGC--AGC Insured Custody Certificates
AGL--Assured Guaranty Ltd.
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
COMWLTH--Commonwealth of Puerto Rico
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FHA/VA--Federal Housing Administration/Department of Veterans Affairs
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corp.
PSF--Public School Fund
Radian--Radian Asset Assurance
XLCA--XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF APRIL 30, 2006:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 5-Year Futures June 06 (Current Notional
Value $104,156 per contract).............................. 1,181 $859,147
===== ========
SWAP AGREEMENTS OUTSTANDING AS OF APRIL 30, 2006:
INTEREST RATE SWAPS
PAY/
RECEIVE NOTIONAL UNREALIZED
FLOATING FIXED EXPIRATION AMOUNT APPRECIATION/
COUNTERPARTY FLOATING RATE INDEX RATE RATE DATE (000) DEPRECIATION
JP Morgan Chase Bank,
N.A. ............... USD-BMA Municipal
Swap Index Receive 4.375% 07/11/26 $15,710 $ 16,034
JP Morgan Chase Bank,
N.A. ............... USD-BMA Municipal
Swap Index Receive 4.137% 06/28/26 22,800 660,135
-------------
$676,169
=============
See Notes to Financial Statements 29
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2006 (Unaudited)
ASSETS:
Total Investments (Cost $1,089,443,820)..................... $1,136,696,471
Cash........................................................ 1,389,486
Receivables:
Interest.................................................. 17,938,047
Investments Sold.......................................... 10,000
Swap Contracts.............................................. 676,169
Other....................................................... 8,756
--------------
Total Assets............................................ 1,156,718,929
--------------
LIABILITIES:
Payables:
Investments Purchased..................................... 2,670,000
Investment Advisory Fee................................... 521,676
Variation Margin on Futures............................... 184,531
Income Distributions--Common Shares....................... 142,428
Other Affiliates.......................................... 48,758
Trustees' Deferred Compensation and Retirement Plans........ 813,159
Accrued Expenses............................................ 137,606
--------------
Total Liabilities....................................... 4,518,158
Preferred Shares (including accrued distributions).......... 430,541,398
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 721,659,373
==============
NET ASSET VALUE PER COMMON SHARE ($721,659,373 divided by
43,799,086 shares outstanding)............................ $ 16.48
==============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
shares authorized, 43,799,086 shares issued and
outstanding).............................................. $ 437,991
Paid in Surplus............................................. 664,774,175
Net Unrealized Appreciation................................. 48,787,967
Accumulated Net Realized Gain............................... 5,131,484
Accumulated Undistributed Net Investment Income............. 2,527,756
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 721,659,373
==============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
shares, 17,200 issued with liquidation preference of
$25,000 per share)........................................ $ 430,000,000
==============
NET ASSETS INCLUDING PREFERRED SHARES....................... $1,151,659,373
==============
30 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2006 (Unaudited)
INVESTMENT INCOME:
Interest.................................................... $ 28,523,821
------------
EXPENSES:
Investment Advisory Fee..................................... 3,168,426
Preferred Share Maintenance................................. 556,449
Trustees' Fees and Related Expenses......................... 79,190
Legal....................................................... 73,665
Custody..................................................... 43,539
Other....................................................... 320,823
------------
Total Expenses........................................ 4,242,092
------------
NET INVESTMENT INCOME....................................... $ 24,281,729
============
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 3,881,431
Futures................................................... 4,753,633
------------
Net Realized Gain........................................... 8,635,064
------------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 58,996,836
------------
End of the Period:
Investments............................................. 47,252,651
Futures................................................. 859,147
Swap Contracts.......................................... 676,169
------------
48,787,967
------------
Net Unrealized Depreciation During the Period............... (10,208,869)
------------
NET REALIZED AND UNREALIZED LOSS............................ $ (1,573,805)
============
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (7,501,413)
============
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 15,206,511
============
See Notes to Financial Statements 31
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................ $ 24,281,729 $ 31,438,535
Net Realized Gain.................................... 8,635,064 11,321,515
Net Unrealized Depreciation During the Period........ (10,208,869) (28,276,265)
Distributions to Preferred Shareholders:
Net Investment Income.............................. (4,869,308) (6,244,112)
Net Realized Gain.................................. (2,632,105) -0-
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations......................................... 15,206,511 8,239,673
Distributions to Common Shareholders:
Net Investment Income.............................. (18,920,867) (26,316,570)
Net Realized Gain.................................. (10,581,860) -0-
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM INVESTMENT ACTIVITIES......................... (14,296,216) (18,076,897)
FROM CAPITAL TRANSACTIONS:
Proceeds from Common Shares Acquired Through
Merger............................................. -0- 285,697,964
------------ ------------
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO
COMMON SHARES...................................... (14,296,216) 267,621,067
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.............................. 735,955,589 468,334,522
------------ ------------
End of the Period (Including accumulated
undistributed net investment income of $2,527,756
and $2,036,202, respectively)...................... $721,659,373 $735,955,589
============ ============
32 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, ------------------------------------------------
2006 2005 2004 2003 2002 (f) 2001
-------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD...... $ 16.80 $ 17.34 $ 17.15 $ 17.46 $ 17.51 $ 16.22
-------- ------- ------- ------- ------- -------
Net Investment Income........................ .55(a) 1.09 1.09 1.10 1.18 1.25
Net Realized and Unrealized Gain/Loss........ (.03) (.48) .31 .09 .18 1.24
Common Share Equivalent of Distributions Paid
to Preferred Shareholders:
Net Investment Income...................... (.11) (.22) (.10) (.08) (.10) (.32)
Net Realized Gain.......................... (.06) -0- (.01) (.03) (.07) -0-
-------- ------- ------- ------- ------- -------
Total from Investment Operations.............. .35 .39 1.29 1.08 1.19 2.17
Distributions Paid to Common Shareholders:
Net Investment Income...................... (.43) (.93) (1.00) (1.07) (1.03) (.88)
Net Realized Gain.......................... (.24) -0- (.10) (.32) (.21) -0-
-------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD............ $ 16.48 $ 16.80 $ 17.34 $ 17.15 $ 17.46 $ 17.51
======== ======= ======= ======= ======= =======
Common Share Market Price at End of
the Period................................... $ 14.71 $ 14.61 $ 15.34 $ 15.58 $ 15.80 $ 14.94
Total Return (b).............................. 5.37%* 1.31% 5.76% 7.60% 14.56% 16.85%
Net Assets Applicable to Common Shares at End
of the Period (In millions).................. $ 721.7 $ 736.0 $ 468.3 $ 463.3 $ 471.6 $ 473.0
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c).............. 1.17% 1.17% 1.27% 1.28% 1.41% 1.55%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (c)....... 6.69% 6.51% 6.43% 6.40% 6.89% 7.37%
Portfolio Turnover............................ 15%* 25% 18% 23% 33% 29%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets
Including Preferred Shares (c)............... .74% .74% .80% .82% .89% .98%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (d)....... 5.35% 5.22% 5.82% 5.92% 6.30% 5.49%
SENIOR SECURITIES:
Total Preferred Shares Outstanding............ 17,200 17,200 10,600 10,600 10,600 10,600
Asset Coverage Per Preferred Share (e)........ $ 66,988 $67,812 $69,204 $68,721 $69,511 $69,623
Involuntary Liquidating Preference Per
Preferred Share.............................. $ 25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Average Market Value Per Preferred Share...... $ 25,000 $25,000 $25,000 $25,000 $25,000 $25,000
* Non-Annualized
(a)Based on average shares outstanding
(b)Total return assumes an investment at the common share market price at the
beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing common share market price at the end of the period
indicated.
(c)Ratios do not reflect the effect of dividend payments to preferred
shareholders.
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
(e)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares) from the Trust's total assets and dividing this by the
number of preferred shares outstanding.
(f)As required effective November 1, 2001, the Trust has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
accreting market discount on fixed income securities. The effect of this
change for the year ended October 31, 2002 was to increase net investment
income per share by $.01, decrease net realized and unrealized gains and
losses per share by $.01 and increase the ratio of net investment income to
average net assets applicable to common shares by .02%.
See Notes to Financial Statements 33
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Trust for Investment Grade Municipals (the "Trust") is registered as
a diversified, closed-end management investment company under the Investment
Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment
objective is to seek to provide a high level of current income exempt from
federal income tax, consistent with preservation of capital. The Trust will
invest substantially all of its assets in municipal securities rated investment
grade at the time of investment. The Trust commenced investment operations on
January 24, 1992.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the bid and asked prices or, in the absence of
market quotations, at fair value based upon yield data relating to municipal
bonds with similar characteristics and general market conditions. Securities
which are not valued by independent pricing services or dealers are valued at
fair value using procedures established in good faith by the Board of Trustees.
Futures contracts are valued at the settlement price established each day on the
exchange on which they are traded. Short-term securities with remaining
maturities of 60 days or less are valued at amortized cost, which approximates
market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when-issued" or "delayed delivery"
basis with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this period. The Trust will
segregate assets with the custodian having an aggregate value at least equal to
the amount of the when-issued or delayed delivery purchase commitments until
payment is made. At April 30, 2006, the Trust had $2,670,000 of when-issued or
delayed delivery purchase commitments.
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the expected life of each
applicable security.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset such losses against any future realized capital
gains. During the prior fiscal year, the Trust utilized capital losses carried
forward of $1,444,681.
34
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED) continued
At April 30, 2006, the cost and related gross unrealized appreciation and
depreciation are as follows:
Cost of investments for tax purposes........................ $1,088,258,988
==============
Gross tax unrealized appreciation........................... $ 50,822,511
Gross tax unrealized depreciation........................... (2,385,028)
--------------
Net tax unrealized appreciation on investments.............. $ 48,437,483
==============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed annually on a pro rata basis to common and preferred
shareholders. Distributions from net realized gains for book purposes may
include short-term capital gains and a portion of futures gains, which are
included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31,
2005 was as follows:
Distributions paid from:
Ordinary income........................................... $ 96,040
Tax exempt income......................................... 32,252,093
Long-term capital gain.................................... -0-
-----------
$32,348,133
===========
As of October 31, 2005, the components of distributable earnings on a tax
basis were as follows:
Undistributed ordinary income............................... $ 105,209
Undistributed tax exempt income............................. 1,778,426
Undistributed long-term capital gain........................ 13,213,377
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") provides investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
of the Trust.
For the six months ended April 30, 2006, the Trust recognized expenses of
approximately $38,300, representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
Under separate Legal Services, Accounting Services and Chief Compliance
Officer (CCO) Employment agreements, the Adviser provides accounting and legal
services and the CCO provides compliance services to the Trust. The costs of
these services are allocated to each trust. For the six months ended April 30,
2006, the Trust recognized expenses of approximately $62,000, representing Van
Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting and legal services to the Trust, as well as, the salary,
benefits and related costs of the CCO and related support staff paid by Van
Kampen. Services provided pursuant to the Legal Services agreement are reported
as part of "Legal" expenses on the Statement of Operations. Services provided
pursuant to the
35
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED) continued
Accounting Services and CCO Employment agreement are reported as part of "Other"
expenses on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation to a
later date. Benefits under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustee's years of service to the Trust.
The maximum annual benefit per trustee under the plan is $2,500.
3. CAPITAL TRANSACTIONS
For the six months ended April 30, 2006 and the year ended October 31, 2005,
transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
Beginning Shares........................................ 43,799,086 27,013,149
Shares Issued Through Merger............................ -0- 16,785,937
---------- ----------
Ending Shares........................................... 43,799,086 43,799,086
========== ==========
On October 7, 2005, the Trust acquired all of the assets and liabilities of
the Van Kampen Municipal Income Trust (ticker symbol VMT) through a tax free
reorganization approved by VMT shareholders on September 23, 2005. The Trust
issued 16,785,937 common shares with a net asset value of $285,697,964 and 6,600
Auction Preferred Shares (APS) with a liquidation value of $165,000,000, in
exchange for VMT net assets. The shares of VMT were converted into Trust shares
at a ratio of 0.585182 to 1 and 1 to 20, for common shares and APS,
respectively. Net unrealized appreciation on VMT as of October 7, 2005 was
$20,734,270. The Trust assumed VMT's book to tax accretion differences, which
resulted in a $404,784 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
$745,337,328 and net assets including preferred shares were $1,175,337,328.
Included in these net assets was a Trustees deferred compensation balance of
$255,898 and Trustees retirement plan balance of $74,816 which are included in
accumulated undistributed net investment income. Also, included in these net
assets were losses recognized for tax purposes on open futures transactions at
October 7, 2005 of $561,213 which is included in accumulated net realized gain.
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $175,122,998 and $179,430,214,
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.
36
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED) continued
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage in transactions involving interest
rate swaps, caps, floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management or for risk management
purposes, but may also enter into these transactions to generate additional
income. All of the Trust's portfolio holdings, including derivative instruments,
are marked to market each day with the change in value reflected in unrealized
appreciation/depreciation. Upon disposition, a realized gain or loss is
recognized accordingly, except when taking delivery of a security underlying a
futures contract. In this instance, the recognition of gain or loss is postponed
until the disposal of the security underlying the futures contract. Risks may
arise as a result of the potential inability of the counterparties to meet the
terms of their contracts.
Summarized below are the specific types of derivative financial instruments
used by the Trust.
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Trust generally invests in exchange traded futures contracts on U.S. Treasury
Bonds and Notes and typically closes the contract prior to the delivery date.
Upon entering into futures contracts, the Trust maintains an amount of cash or
liquid securities with a value equal to a percentage of the contract amount with
either a futures commission merchant pursuant to the rules and regulations
promulgated under the 1940 Act, as amended, or with its custodian in an account
in the broker's name. This amount is known as initial margin. During the period
the futures contract is open, payments are received from or made to the broker
based upon changes in the value of the contract (the variation margin). The risk
of loss associated with a futures contract is in excess of the variation margin
reflected on the Statement of Assets and Liabilities.
Transactions in futures contracts for the six months ended April 30, 2006,
were as follows:
CONTRACTS
Outstanding at October 31, 2005............................. 2,572
Futures Opened.............................................. 5,483
Futures Closed.............................................. (6,874)
------
Outstanding at April 30, 2006............................... 1,181
======
B. INDEXED SECURITY An inverse floating rate security is one where the coupon is
inversely indexed to a short-term floating interest rate multiplied by a
specific factor. As the floating rate rises, the coupon is reduced. Conversely,
as the floating rate declines, the coupon is increased. The price of these
securities may be more volatile than the price of a comparable fixed rate
security. These instruments are typically used by the Trust to enhance the yield
of the portfolio. These instruments are identified in the portfolio of
investments.
C. INTEREST RATE SWAPS The Trust may enter into interest rate swaps primarily to
preserve a return or spread on a particular investment or portion of its
portfolio, as a duration management technique or to protect against any increase
in the price of securities the Trust
37
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED) continued
anticipates purchasing at a later date. Interest rate swaps are contractual
agreements to exchange periodic interest payment streams calculated on a
predetermined notional principal amount. Interest rate swaps generally involve
one party paying a fixed interest rate and the other party paying a variable
rate. The Trust will usually enter into swaps on a net basis, i.e., the two
payment streams are netted out in a cash settlement on the payment date or dates
specified in the instrument, with the Trust receiving or paying, as the case may
be, only the net amount of the two payments. The Trust accrues the net amount
with respect to each swap on a daily basis. This net amount is recorded within
unrealized appreciation/ depreciation on swap contracts. Upon cash settlement of
the periodic payments, the net amount is recorded as realized gain/loss on swap
contracts on the Statement of Operations. Risks may arise as a result of the
potential inability of the counterparties to meet the terms of their contracts.
If there is a default by the counterparty, the Trust will have contractual
remedies pursuant to the agreements related to the transaction.
6. PREFERRED SHARES
The Trust has outstanding 17,200 APS in seven series. Series A, B, and C contain
3,000 shares each, Series D contains 1,600 shares and Series E, F and G contain
2,200 shares each. Dividends are cumulative and the dividend rates are generally
reset every 28 days through an auction process. The average rate in effect on
April 30, 2006 was 3.616%. During the six months ended April 30, 2006, the rates
ranged from 2.590% to 5.750%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
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.
38
VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
RONALD E. ROBISON
President and Principal Executive Officer
DENNIS SHEA
Vice President
J. DAVID GERMANY
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
PHILLIP G. GOFF
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
C/O COMPUTERSHARE INVESTOR SERVICES
P.O. Box 43010
Providence, Rhode Island 02940-3010
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
39
Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
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Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
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Van Kampen Trust for Investment Grade Municipals
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2006 Van Kampen Funds Inc. All rights reserved.
Member NASD/SIPC.
VGM SAR 6/06
(VAN KAMPEN INVESTMENTS SHINE LOGO) RN06-01504P-Y04/06
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form
N-CSRS was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Trust For Investment Grade Municipals
By: /s/ Ronald E. Robison
---------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 20, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 20, 2006
By: /s/ Phillip G. Goff
---------------------------
Name: Phillip G. Goff
Title: Principal Financial Officer
Date: June 20, 2006