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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-22043
Invesco Van Kampen Dynamic Credit Opportunities Fund*
 
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 2500 Houston, Texas 77046
 
(Address of principal executive offices) (Zip code)
Colin Meadows 11 Greenway Plaza, Suite 2500 Houston, Texas 77046
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 7/31
Date of reporting period: 4/30/10
 
 
     
*   On June 1, 2010, Invesco completed its acquisition of Van Kampen Investments and Morgan Stanley’s retail assets management business. This Trust was included in that acquisition and as of that date, became Invesco Van Kampen Dynamic Credit Opportunities Fund. Please visit www.invesco.com/transaction for more information or call Invesco’s Client Services team at 800-959-4246.

 

 

Item 1. Schedule of Investments.
Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited)
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Variable Rate Senior Loan Interests** 103.5%
                        
       
Aerospace/Defense 0.7%
                        
$ 1,969    
Booz Allen Hamilton, Inc. Term Loan C
    6.000 %     07/31/15     $ 1,977,117  
  2,107    
IAP Worldwide Services, Inc. Term Loan (a)
    9.250       12/30/12       2,012,486  
  254    
TASC, Inc. Term Loan A
    5.500       12/18/14       254,984  
  520    
TASC, Inc. Term Loan B
    5.750       12/18/15       523,037  
  2,000    
Wesco Aircraft Hardware Corp. Second Lien Term Loan
    6.030       03/28/14       1,947,500  
       
 
                      
       
 
                     6,715,124  
       
 
                      
       
Automotive 3.3%
                        
  1,587    
Acument Global Technologies, Inc. Term Loan (a)
    14.000       08/11/13       1,543,205  
  4,597    
Federal-Mogul Corp. Term Loan B
     2.190       12/29/14       4,213,497  
  3,338    
Federal-Mogul Corp. Term Loan C
     2.200       12/28/15       3,059,431  
  11,014    
Ford Motor Co. Term Loan
    3.280       12/16/13       10,654,016  
  3,837    
MetoKote Corp. Term Loan Refinance
    9.000       11/27/11       3,500,873  
  3,325    
Oshkosh Truck Corp. Term Loan B
     6.260       12/06/13       3,346,942  
€ 3,768    
Sensata Technologies BV Term Loan B
    2.646       04/26/13       4,797,515  
  944    
TRW Automotive, Inc. Term Loan A2
    5.014       05/30/15       948,299  
       
 
                      
       
 
                     32,063,778  
       
 
                      
       
Banking 0.0%
                        
  114    
Dollar Financial Corp. CAD Term Loan
    7.000       10/30/12       110,320  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Banking (continued)
                        
$ 84    
Dollar Financial Corp. Delayed Draw Term Loan
    7.000 %     10/30/12     $ 81,142  
       
 
                      
       
 
                     191,462  
       
 
                      
       
Beverage, Food & Tobacco 8.9%
                        
€ 7,000    
Alliance Boots Holdings Ltd. Term Loan B2 (United Kingdom)
    3.347       07/05/15       8,846,377  
£ 8,000    
Alliance Boots Holdings Ltd. Term Loan B1 (United Kingdom)
    3.554       07/05/15       11,492,874  
£ 3,000    
Brake Brothers PLC Term Loan B (United Kingdom) (i)
    —       09/01/14       4,245,891  
  4,534    
Coleman Natural Foods, LLC First Lien Term Loan
    6.930       08/22/12       4,194,132  
  633    
Dole Food Co., Inc. Credit Link Deposit
    7.879       08/30/10       640,591  
  1,995    
Dole Food Co., Inc. Term Loan B
     5.042       03/02/17       2,018,518  
  4,954    
Dole Food Co., Inc. Term Loan C
     5.010       03/02/17       5,013,494  
  10,000    
DSW Holdings, Inc. Term Loan
    4.259       03/02/12       9,868,750  
  12,000    
Farley’s & Sathers Candy Co., Inc. Second Lien Term Loan
    11.250       01/02/12       11,640,000  
€ 1,276    
Foodvest Ltd. Term Loan C2 (Sweden)
    4.893       10/02/16       1,671,376  
  5,000    
FSB Holdings, Inc. Second Lien Term Loan
    6.063       03/29/14       4,700,000  
€ 1,000    
Liberator Midco Ltd. Term Loan B1 (United Kingdom)
    2.658       11/03/14       1,315,362  
  957    
Liberator Midco Ltd. Term loan C1 (United Kingdom)
    3.033       11/03/15       1,259,183  
  3,000    
LJVH Holding, Second Lien Term Loan (Canada)
    5.790       01/19/15       2,799,999  
€ 1,600    
Panrico Inc. Term Loan B (Spain)
    3.363       05/30/14       1,583,852  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Beverage, Food & Tobacco (continued)
                        
€ 1,960    
Panrico Inc. Term Loan C (Spain)
    3.738 %     05/29/15     $ 1,940,307  
  5,066    
Pinnacle Foods Finance, LLC Term Loan C
    7.500       04/02/14       5,112,697  
  7,402    
Pinnacle Foods Finance, LLC Term Loan B
    2.999       04/02/14       7,224,145  
       
 
                      
       
 
                     85,567,548  
       
 
                      
       
Broadcasting — Cable 6.7%
                        
€ 3,250    
Bultel Cable Bulgaria EAD Term Loan A (Bulgaria) (b)
    5.408       10/27/15       4,327,212  
€ 3,250    
Bultel Cable Bulgaria EAD Term Loan B (Bulgaria) (b)
    6.408       10/27/16       4,327,212  
  15,901    
Charter Communications Operating, LLC Extended Term Loan
    3.550       09/06/16       15,228,203  
  1,959    
Charter Communications Operating, LLC Replacement Term Loan (c)
    2.300       03/06/14       1,862,211  
  5,000    
Charter Communications Operating, LLC Third Lien Term Loan (c)
    2.752       09/06/14       4,654,165  
  2,448    
CSC Holdings, Inc. Extended Term Loan A3
    1.004       02/24/12       2,426,731  
€ 5,000    
Kabel Baden-Wuerttemberg GmBH Term Loan B (Germany)
    2.904       06/09/14       6,551,152  
€ 5,000    
Kabel Baden-Wuerttemberg GmBH Term Loan C (Germany)
    3.404       06/09/15       6,551,152  
  4,039    
Knology Inc. Extended Term Loan
    3.792       06/30/14       4,011,514  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Broadcasting — Cable (continued)
                        
$ 898    
MCC Iowa, LLC Term Loan F
    4.500 %     10/23/17     $ 898,525  
€ 10,000    
UPC Broadband Holding B.V. Term Loan U (Netherlands)
    4.995       12/31/17       12,845,468  
  1,250    
UPC Financing Partnership Term Loan T (Netherlands)
    3.930       12/30/16       1,236,563  
       
 
                      
       
 
                     64,920,108  
       
 
                      
       
Broadcasting — Diversified 0.8%
                        
  1,800    
Alpha Topco, Ltd., Second Lien Term Loan (United Kingdom)
    3.822       06/30/14       1,641,681  
  3,529    
Alpha Topco, Ltd., Term Loan B1 (United Kingdom)
     2.447       12/31/13       3,325,186  
  2,384    
Alpha Topco, Ltd., Term Loan B2 (United Kingdom)
     2.447       12/31/13       2,246,069  
  857    
Cumulus Media, Inc. Term Loan B
     4.259       06/11/14       789,898  
       
 
                      
       
 
                     8,002,834  
       
 
                      
       
Broadcasting — Radio 0.6%
                        
  1,887    
CMP KC, LLC Term Loan (b)(d)
    6.250       05/03/11       575,425  
  4,782    
CMP Susquehanna Corp. Term Loan 2.313
             05/05/13       4,087,163  
  1,646    
Multicultural Radio Broadcasting, Inc. Term Loan
    3.000       12/18/12       1,355,504  
       
 
                      
       
 
                     6,018,092  
       
 
                      
       
Broadcasting — Television 2.5%
                        
  2,625    
FoxCo Acquisition Sub, LLC Term Loan
    7.500       07/14/15       2,614,860  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Broadcasting — Television (continued)
                        
$ 636    
High Plains Broadcasting Operating Co., LLC Term Loan
     9.000 %     09/14/16     $ 623,204  
  2,420    
Newport Television, LLC Term Loan B
    9.000       09/14/16       2,371,888  
  19,801    
Univision Communications, Inc. Initial Term Loan
    2.540       09/29/14       18,088,069  
       
 
                      
       
 
                     23,698,021  
       
 
                      
       
Buildings & Real Estate 1.4%
                        
  1,305    
CB Richard Ellis Services, Inc. Term Loan B
    6.000       12/20/13       1,306,494  
  2,000    
El Ad IDB Las Vegas, LLC Term Loan A2
    4.251       08/09/12       800,000  
  2,032    
Ginn LA CS Borrower First Lien Term Loan (d)
    6.196       06/08/11       147,290  
  948    
Ginn LA CS Borrower First Lien A Credit Linked (d)
    7.750       06/08/11       68,710  
  4,500    
Ginn LA CS Borrower Second Lien Term Loan (b)(d)
    10.196       06/08/12       7,501  
  2,382    
Kyle Acquisition Group, LLC Term Loan B (d)(e)
    5.750       07/20/09       238,243  
  2,618    
Kyle Acquisition Group, LLC Term Loan C (d)
    4.000       07/20/11       261,757  
  3,000    
Lake At Las Vegas Joint Venture, LLC DIP Term Loan (a)(c)
    9.773       07/15/10       900,000  
  37    
Lake At Las Vegas Joint Venture, LLC Mezzanine Term Loan (a)(c)(d)
     20.000       10/01/10       597  
  20,431    
Lake At Las Vegas Joint Venture, LLC New Term Loan (a)(c)(d)
    14.333       06/20/12       327,759  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Buildings & Real Estate (continued)
                        
$ 1,806    
Lake At Las Vegas Joint Venture, LLC Revolving Credit Agreement (a)(c)(d)
    14.350 %     06/20/12     $ 28,965  
  3,000    
Metroflag BP, LLC Second Lien Term Loan (d)(e)
    11.250       07/06/09       31,500  
  1,638    
NLV Holdings, LLC Second Lien Term Loan (a)(c)(d)
    5.250       05/09/12       120,772  
  1,554    
Realogy Corp. Letter of Credit
    3.375       10/10/13       1,412,182  
  5,771    
Realogy Corp. Term Loan
    3.292       10/10/13       5,245,246  
  385    
Rhodes Homes New Term Loan
    2.291       03/31/16       307,915  
  2,000    
Standard Pacific Corp. Term Loan
     2.000       05/05/13       1,843,334  
  1,008    
Tamarack Resorts, LLC (d)
     8.051       05/19/11       15,113  
  209    
Tamarack Resorts, LLC Term Loan (d)(e)
    20.250       07/02/09       166,886  
  1,489    
Tamarack Resorts, LLC Term Loan B (d)
    7.500       05/19/11       22,330  
  216    
WCI Communities, Inc. First Lien Term Loan
    10.070       09/03/14       215,611  
  322    
WCI Communities, Inc. PIK Term Loan (a)
    10.000       09/02/16       312,675  
       
 
                      
       
 
                     13,780,880  
       
 
                      
       
Business Equipment & Services 2.9%
                        
  4,000    
Affinion Group, Inc. Term Loan B
     5.000       10/10/16       3,980,000  
  2,917    
GSI Holdings, LLC Term Loan
     3.260       08/01/14       2,727,665  
  4,548    
NCO Financial Systems Term Loan B
     6.910       05/15/13       4,498,901  
  9,620    
Nielsen Finance, LLC Term Loan A
     2.251       08/09/13       9,399,188  
  175    
RGIS Holdings, LLC Delayed Draw Term Loan
     2.790       04/30/14       165,962  
  3,499    
RGIS Holdings, LLC Term Loan B
     2.790       04/30/14       3,319,252  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
        Business Equipment & Services (continued)                
$ 3,881    
SMG Holdings, Inc. Term Loan B
     3.330 %     07/27/14     $ 3,648,010  
       
 
                      
       
 
                     27,738,978  
       
 
                      
        Chemicals, Plastics & Rubber 4.9%                
  5,000    
Brenntag Holdings GmbH & Co. Second Lien Term Loan (Germany)
    6.473       07/07/15       5,017,500  
  458    
Hexion Specialty Chemicals, Inc. Extended Term Loan C1
    4.063       05/05/15       442,288  
  95    
Hexion Specialty Chemicals, Inc. Extended Term Loan C2
    4.063       05/05/15       91,922  
  1,430    
Hexion Specialty Chemicals, Inc. Extended Term Loan C4
    4.000       05/05/15       1,380,276  
  4,877    
Hexion Specialty Chemicals, Inc. Extended Term Loan C5
    4.063       05/05/15       4,633,338  
  3,952    
Huntsman International, LLC Term Loan C
    2.518       06/30/16       3,832,561  
  529    
Lyondell Chemical Co. DIP Term Loan (f)
    5.796       04/06/10       546,216  
  3,149    
Lyondell Chemical Co. DIP Term Loan Roll-Up
    6.560       04/06/10       3,456,450  
  13,243    
LyondellBasell Cam Exchange Term Loan (c)
     3.748       12/22/14       12,018,394  
  72    
LyondellBasell Cam Exchange US Primary Revolving Credit
Agreement (c) (f)
    7.000       12/20/13       65,301  
  787    
Nalco Co. Add On Term Loan
    2.023       05/13/16       784,003  
  1,002    
Nalco Co. Term Loan
    6.500       05/13/16       1,011,639  
  1,501    
Nusil Technology LLC New Term Loan B
    6.000       02/18/15       1,516,229  
  4,913    
PQ Corp. Term Loan B
    3.570       07/30/14       4,540,555  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Chemicals, Plastics & Rubber (continued)
                        
$ 3,173    
Solutia, Inc. Term Loan B
    4.750 %     03/17/17     $ 3,199,425  
  5,105    
Univar Inc. Opco Term Loan
    3.273       10/10/14       5,024,384  
       
 
                      
       
 
                     47,560,481  
       
 
                      
       
Construction Material 2.1%
                        
  164    
Axia Acquisition Corp. Second Lien Term Loan A
    3.390       03/11/16       160,319  
  324    
Axia Acquisition Corp. Second Lien Term Loan B
    3.390       03/12/16       302,823  
€ 546    
Baxi Group Ltd. Term Loan B1 (United Kingdom)
    3.351       10/07/15       705,221  
€ 210    
Baxi Group Ltd. Term Loan B2 (United Kingdom)
    3.500       06/13/11       270,788  
€ 500    
Baxi Group Ltd. Term Loan C1 (United Kingdom)
    4.351       10/07/16       643,811  
€ 704    
Baxi Group Ltd. Term Loan C2 (United Kingdom)
    4.500       06/13/12       908,568  
£ 4,757    
Baxi Group Ltd. Term Loan B (United Kingdom)
    3.351       12/27/11       7,038,939  
£ 4,757    
Baxi Group Ltd. Term Loan C (United Kingdom)
    4.351       12/27/12       7,038,939  
  949    
Building Materials Holding Corp. Second Lien Term Loan (a)
    8.000       01/04/15       759,443  
  2,331    
Contech Construction Products, Inc. Term Loan
    2.260       01/31/13       2,132,830  
  813    
Custom Building Products, Inc. Term Loan B
    5.750       03/19/15       814,528  
       
 
                      
       
 
                     20,776,209  
       
 
                      
       
Containers, Packaging & Glass 2.4%
                        
  4,032    
Anchor Glass Container Corp. First Lien Term Loan
     6.000       03/02/16       4,024,744  
  1,350    
Anchor Glass Container Corp. Second Lien Term Loan
     10.000       09/02/16       1,343,250  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Containers, Packaging & Glass (continued)
                        
$ 3,000    
Berlin Packaging, LLC Second Lien Term Loan
    6.760 %     08/17/15     $ 1,950,000  
  5,826    
Berlin Packaging, LLC Term Loan
     3.280       08/17/14       5,287,432  
  2,678    
Berry Plastics Group, Inc. Term Loan C
    2.257       04/03/15       2,508,755  
  110    
Graham Packaging Co., LP New Term Loan B
    2.500       10/07/11       108,998  
  5,611    
Graham Packaging Co., LP Term Loan C
    6.750       04/05/14       5,666,058  
  2,783    
Reynolds Group Holdings Inc. Dollar Term Loan
    6.250       05/05/16       2,800,586  
       
 
                      
       
 
                     23,689,823  
       
 
                      
       
Diversified Manufacturing 0.5%
                        
  2,532    
Euramax International, Inc. Cash Pay Term Loan
    10.000       06/29/13       2,234,583  
  2,594    
Euramax International, Inc. PIK Pay Term Loan (a)
    14.000       06/29/13       2,289,279  
       
 
                      
       
 
                     4,523,862  
       
 
                      
       
Ecological 0.6%
                        
  6,850    
Synagro Technologies, Inc. Second Lien Term Loan
    5.010       10/02/14       5,577,044  
       
 
                      
 
       
Education & Child Care 2.1%
                        
  640    
Bright Horizons Family Solutions, Inc. Revolving Credit Agreement (f)
    1.270       05/28/14       601,600  
  1,164    
Bright Horizons Family Solutions, Inc. Term Loan B
    7.500       05/28/15       1,170,158  
  13,099    
Cengage Learning Holdings II, Inc., LP Term Loan
    2.790       07/03/14       11,747,087  
  500    
Educate, Inc. Second Lien Term Loan
    5.550       06/16/14       441,875  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Education & Child Care (continued)
                        
$ 1,958    
Education Management, LLC Term Loan C
    2.063 %     06/03/13     $ 1,920,005  
  5,000    
Nelson Education Ltd. Second Lien Term Loan (Canada)
    6.290       07/03/15       4,175,000  
       
 
                      
       
 
                     20,055,725  
       
 
                      
       
Electronics 2.9%
                        
  2,465    
Dealer Computer Services, Inc. Term Loan B
    5.250       04/21/17       2,464,699  
  4,196    
Edwards, Ltd. First Lien Term Loan (Cayman Islands)
    2.252       05/31/14       3,899,193  
  5,167    
Edwards, Ltd. Second Lien Term Loan (Cayman Islands) (a)
    6.002       11/30/14       4,404,683  
  2,025    
Infor Enterprise Solutions Holdings, Inc. Extended Delayed Draw Term Loan
    6.030       07/28/15       1,964,670  
  3,882    
Infor Enterprise Solutions Holdings, Inc. Extended Initial Term Loan
    6.030       07/28/15       3,770,470  
  1,000    
Kronos, Inc. Second Lien Term Loan
    6.040       06/11/15       948,750  
  5,789    
Open Solutions, Inc. Term Loan B
     2.445       01/23/14       5,231,693  
  424    
Sungard Data Systems, Inc. Incremental Term Loan Add on
    6.750       02/28/14       426,651  
  54    
Sungard Data Systems, Inc. Term Loan A
    2.001       02/28/14       52,807  
  1,463    
Sungard Data Systems, Inc. Term Loan B
    3.880       02/26/16       1,456,960  
  3,100    
Verint Systems, Inc. Term Loan B
     3.540       05/25/14       2,985,885  
       
 
                      
       
 
                     27,606,461  
       
 
                      

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Entertainment & Leisure 1.7%
                        
$ 1,177    
Fender Musical Instruments Corp. Delayed Draw Term Loan
    2.500 %     06/09/14     $ 1,047,745  
  2,331    
Fender Musical Instruments Corp. Term Loan B
    2.550       06/09/14       2,074,162  
  1,750    
Hicks Sports Group, LLC Term Loan (d)
    6.750       12/22/10       1,579,375  
  12,728    
Metro-Goldwyn-Mayer Studios, Inc. Term Loan B (d)
    20.500       04/09/12       5,910,761  
  9,401    
Metro-Goldwyn-Mayer Studios, Inc. Term B1 Loan (d)
    20.500       04/09/12       4,365,369  
  1,414    
Ticketmaster Entertainment, Inc. Delayed Draw Term Loan B
    7.000       07/25/14       1,428,871  
       
 
                      
       
 
                     16,406,283  
       
 
                      
       
Farming & Agriculture 0.2%
                        
  1,032    
Wm. Bolthouse Farms, Inc. New First Lien Term Loan
    5.500       02/11/16       1,040,323  
  1,091    
Wm. Bolthouse Farms, Inc. New Second Lien Term Loan
    9.500       08/11/16       1,101,478  
       
 
                      
       
 
                     2,141,801  
       
 
                      
       
Finance 5.7%
                        
  1,818    
American General Finance Corp. Term Loan B
    7.250       04/21/15       1,823,636  
  3,635    
C.G. JCF Corp. Term Loan
    3.280       08/01/14       3,441,975  
  5,545    
First Data Corp. Term Loan B1
    3.010       09/24/14       4,999,401  
  13,114    
First Data Corp. Term Loan B2
    3.032       09/24/14       11,803,959  
  12,062    
First Data Corp. Term Loan B3
    3.030       09/24/14       10,860,019  
  2,500    
National Processing Co. Group, Inc. Second Lien Term Loan
    10.750       09/29/14       2,285,418  
  3,212    
National Processing Co. Group, Inc. Term Loan B
    7.000       09/29/13       3,195,570  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Finance (continued)
                        
$ 5,829    
Nuveen Investments, Inc. Term Loan
    3.320 %     11/13/14     $ 5,345,407  
  3,234    
Oxford Acquisition III, Ltd., U.S. Term Loan (United Kingdom)
    2.063       05/12/14       3,015,697  
  5,046    
RJO Holdings Corp. Second Lien Term Loan (a)
    9.010       07/13/15       529,830  
  4,785    
RJO Holdings Corp. Term Loan B (a)
    5.260       07/12/14       3,238,177  
  1,887    
Transfirst Holdings, Inc. Second Lien Term Loan (a)
    7.040       06/15/15       1,596,082  
  2,917    
Transfirst Holdings, Inc. Term Loan B
    3.040       06/15/14       2,764,331  
       
 
                      
       
 
                     54,899,502  
       
 
                      
       
Health & Beauty 0.9%
                        
  5,081    
American Safety Razor Co. Second Lien Term Loan
    10.500       01/30/14       3,006,050  
  1,125    
Marietta Intermediate Holding Corp. Term Loan B (a)
    8.250       02/19/15       1,034,647  
  4,776    
Philosophy, Inc. Term Loan B
    2.030       03/16/14       4,471,762  
       
 
                      
       
 
                     8,512,459  
       
 
                      
       
Healthcare 5.5%
                        
  3,234    
Capella Healthcare, Inc. First Lien Term Loan
    5.750       03/02/15       3,233,645  
  1,975    
Catalent Pharma Solutions, Inc. Dollar Term Loan
    2.513       04/10/14       1,883,293  
  269    
Community Health Systems, Inc. Delayed Draw Term Loan
    2.502       07/25/14       262,336  
  5,262    
Community Health Systems, Inc. Term Loan
    2.502       07/25/14       5,122,020  
  3,170    
Concentra, Inc. Second Lien Term Loan (a)
    5.800       06/25/15       2,922,440  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Healthcare (continued)
                        
$ 4,234    
HCA, Inc. Extended Term Loan B2
    3.540 %     03/31/17     $ 4,212,051  
  1,766    
HCA, Inc. Term Loan B
    2.540       11/18/13       1,720,403  
  4,329    
HCR Healthcare, LLC Term Loan B
    2.773       12/22/14       4,264,318  
  6,124    
Health Management Associates, Inc. Term Loan B
    2.040       02/28/14       5,942,006  
  1,689    
Healthcare Partners, LLC Term Loan B
    2.040       10/31/13       1,640,441  
  1,250    
IMS Health Inc. Term Loan B
    5.250       02/26/16       1,259,504  
  2,918    
Inverness Medical Innovations, Inc. First Lien Term Loan
    2.270       06/26/14       2,871,549  
  5,400    
Multiplan, Corp. Incremental Term Loan
    6.000       04/12/13       5,415,100  
  1,662    
Rehabcare Group, Inc. Term Loan B
    6.000       11/24/15       1,672,891  
  1,325    
Skilled Healthcare Group, Inc. Term Loan B
    5.250       04/08/16       1,328,614  
  5,857    
Surgical Care Affiliates, LLC Term Loan
    2.290       12/29/14       5,652,050  
  622    
United Surgical Partners, International, Inc. Delayed Draw Term Loan
    2.270       04/21/14       604,587  
  3,295    
United Surgical Partners, International, Inc. Term Loan B
     2.290       04/19/14       3,200,143  
       
 
                      
       
 
                     53,207,391  
       
 
                      
       
Home & Office Furnishings, Housewares & Durable Consumer
Products 1.2%
                
  6,789    
Hunter Fan Co. Second Lien Term Loan
    7.000       10/16/14       4,226,447  
  1,845    
Hunter Fan Co. Term Loan
    2.760       04/16/14       1,682,228  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Home & Office Furnishings, Housewares & Durable Consumer Products (continued)
                        
$ 4,875    
Mattress Holdings Corp. Term Loan B
    2.690 %     01/18/14     $ 4,050,311  
  2,208    
National Bedding Co., LLC Second Lien Term Loan
    5.313       02/28/14       2,053,145  
       
 
                      
       
 
                     12,012,131  
       
 
                      
       
Hotels, Motels, Inns & Gaming 10.1%
                        
€ 3,071    
Amadeus IT Group SA Term Loan A1 (Spain)
     1.402       07/07/12       4,022,046  
€ 4,000    
Amadeus IT Group SA Term Loan B1 (Spain)
     2.399       07/01/13       5,245,912  
€ 4,000    
Amadeus IT Group SA Term Loan C1 (Spain)
     2.899       07/01/14       5,245,912  
  3,149    
Amadeus IT Group SA Term Loan A2 (Spain)
     1.260       12/31/19       3,092,228  
  5,500    
BLB Worldwide Holdings, Inc. Second Lien Term Loan (d)
     6.500       07/18/12       330,000  
  1,996    
BLB Worldwide Holdings, Inc. Term Loan B (a)
     4.750       07/18/11       1,434,126  
  2,500    
Cannery Casino Resorts, LLC Second Lien Term Loan
     4.509       05/16/14       2,112,500  
  1,820    
Cannery Casino Resorts, LLC Delayed Draw Term Loan
     4.501       05/20/13       1,700,637  
  2,201    
Cannery Casino Resorts, LLC Term Loan B
     4.509       05/18/13       2,056,776  
  4,424    
CCM Merger, Inc. Term Loan B
     8.500       07/13/12       4,389,596  
£ 1,690    
Gala Group Ltd. Term Loan A (United Kingdom)
     3.500       12/01/12       2,523,453  
  360    
Golden Nugget, Inc. New Delayed Draw Term Loan (a)
     3.270       06/30/14       281,583  
  633    
Golden Nugget, Inc. Term Loan B (a)
     3.280       06/30/14       494,683  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
        Hotels, Motels, Inns & Gaming (continued)                
$ 32    
Greektown Casino, LLC Incremental Term Loan B (a)(c)(d)
    7.000 %     12/03/12     $ 35,016  
  499    
Harrah’s Operating Co., Inc. Incremental Term Loan B4
    9.500       10/31/16       518,804  
  6,718    
Harrah’s Operating Co., Inc. Term Loan B1
    3.316       01/28/15       5,921,606  
  3,710    
Harrah’s Operating Co., Inc. Term Loan B2
    3.316       01/28/15       3,272,462  
  7,766    
Harrah’s Operating Co., Inc. Term Loan B3
    3.320       01/28/15       6,825,590  
  501    
Isle of Capri Casinos, Inc. New Delayed Draw Term Loan A
    5.000       11/25/13       490,440  
  569    
Isle of Capri Casinos, Inc. New Delayed Draw Term Loan B
    5.000       11/25/13       557,634  
  1,423    
Isle of Capri Casinos, Inc. New Term Loan B
    5.000       11/25/13       1,394,084  
  1,500    
Las Vegas Sands, LLC/Venetian Casino Delayed Draw Term Loan
    2.050       05/23/14       1,420,389  
  7,422    
Las Vegas Sands, LLC/Venetian Casino Term Loan B
    2.050       05/23/14       7,029,660  
  1,222    
Magnolia Hill, LLC Delayed Draw Term Loan
    3.516       10/30/13       1,100,168  
  4,650    
Magnolia Hill, LLC Mezzanine Loan
    14.000       04/30/14       4,556,861  
  3,479    
Magnolia Hill, LLC Term Loan
    3.530       10/30/13       3,131,248  
  2,529    
MGM Mirage Class D Term Loan
    6.000       10/03/11       2,489,090  
€ 10,250    
Regency Entertainment SA Term Loan B (Greece)
    2.904       03/03/14       10,212,770  
€ 10,250    
Regency Entertainment SA Term Loan C (Greece)
    3.279       03/02/15       10,212,770  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Hotels, Motels, Inns & Gaming (continued)
                        
$ 1,097    
Venetian Macau, Ltd. Delayed Draw Term Loan B
    4.800 %     05/25/12     $ 1,083,583  
  1,479    
Venetian Macau, Ltd. New Project Term Loan
    4.800       05/27/13       1,458,828  
  2,745    
Venetian Macau, Ltd. Term Loan B
     4.800       05/27/13       2,711,465  
       
 
                      
       
 
                     97,351,920  
       
 
                      
       
Insurance 2.5%
                        
  3,884    
Alliant Holdings I, Inc. Term Loan B
     3.290       08/21/14       3,723,388  
  6,003    
AmWins Group, Inc. First Lien Term Loan
    2.770       06/08/13       5,632,783  
  2,324    
Conseco, Inc. New Term Loan
    7.500       10/10/13       2,268,551  
  1,750    
HMSC Corp. Second Lien Term Loan
    5.838       10/03/14       1,176,875  
  3,654    
Mitchell International, Inc. Second Lien Term Loan
    5.563       03/30/15       3,114,635  
  1,990    
USI Holdings Corp. Incremental Term Loan
    7.000       05/05/14       1,948,210  
  500    
Vertafore, Inc. Second Lien Term Loan
    6.252       01/31/13       470,000  
  1,961    
Vertafore, Inc. Additional Term Loan
    7.500       01/31/12       1,951,058  
  3,667    
Vertafore, Inc. Term Loan B2
    5.500       07/31/14       3,565,833  
       
 
                      
       
 
                     23,851,333  
       
 
                      
       
Machinery 1.1%
                        
  5,655    
Goodman Global, Inc. Term Loan B
     6.250       02/13/14       5,682,099  
  1,500    
Manitowoc Co., Inc. Term Loan B
     4.813       11/06/14       1,505,893  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Machinery (continued)
                        
$ 3,891    
Mold-Masters Luxembourg Holdings, SA Mold Masters Term Loan
    3.875 %     10/11/14     $ 3,209,860  
       
 
                      
       
 
                     10,397,852  
       
 
                      
       
Medical Products & Services 0.4%
                        
  1,832    
Biomet, Inc. Term Loan B
    3.280       03/25/15       1,809,699  
  1,610    
Carestream Health, Inc. First Lien Term Loan
    2.273       04/30/13       1,569,637  
  407    
Orthofix Holdings, Inc. Term Loan
    6.750       09/22/13       406,764  
       
 
                      
       
 
                     3,786,100  
       
 
                      
       
Mining, Steel, Iron & Non-Precious Metals 0.2%
                        
  2,185    
John Maneely Co. Term Loan
    3.550       12/09/13       2,105,942  
       
 
                      
 
       
Natural Resources 0.4%
                        
  4,000    
Dresser, Inc. Second Lien Term Loan
    6.000       05/04/15       3,892,000  
  294    
Targa Resources, Inc. New Term Loan
    6.000       07/05/16       295,526  
       
 
                      
       
 
                     4,187,526  
       
 
                      
       
Non-Durable Consumer Products 4.6%
                        
  6,193    
Amscan Holdings, Inc. New Term Loan
    2.534       05/25/13       5,961,157  
  1,933    
Huish Detergents, Inc. Term Loan B
    2.030       04/26/14       1,894,036  
  198    
KIK Custom Products, Inc. Canadian Term Loan
    2.570       06/02/14       174,269  
  1,157    
KIK Custom Products, Inc. First Lien Term Loan
    2.570       06/02/14       1,016,570  
  7,000    
KIK Custom Products, Inc. Second Lien Term Loan
    5.316       11/30/14       4,620,000  
€ 8,064    
Ontex Term Loan B (Belgium)
    3.279       07/05/12       10,515,206  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Non-Durable Consumer Products (continued)
                        
€ 8,064    
Ontex Term Loan C (Belgium)
    4.529 %     07/05/13     $ 10,515,206  
  9,200    
Spectrum Brands, Inc. Dollar Term Loan
    8.000       06/29/12       9,201,937  
  475    
Spectrum Brands, Inc. Letter of Credit
    8.000       06/29/12       475,410  
       
 
                      
       
 
                     44,373,791  
       
 
                      
       
Paper & Forest Products 0.5%
                        
  3,200    
Ainsworth Lumber Co., Ltd. Term Loan
    5.313       06/26/14       2,944,000  
  414    
Verso Paper Holding, LLC Term Loan (a)
    6.570       02/01/13       345,481  
  56    
White Birch Paper Co. DIP Delayed Draw Term Loan (Canada) (f)
    4.770       12/01/10       56,212  
  584    
White Birch Paper Co. DIP Term Loan B (Canada)
    12.000       12/01/10       584,349  
  2,652    
White Birch Paper Co. First Lien Term Loan (Canada) (a)(d)
    7.000       05/08/14       1,071,315  
       
 
                      
       
 
                     5,001,357  
       
 
                      
       
Pharmaceuticals 2.4%
                        
  11,639    
Nyco Holdings 2 Aps Term Loan A (Denmark)
    1.790       12/29/13       10,955,371  
  3,962    
Nyco Holdings 2 Aps Term Loan B2 (Denmark)
    2.540       12/29/14       3,725,283  
  3,962    
Nyco Holdings 2 Aps Term Loan C2
     3.290       12/29/15       3,725,283  
€ 1,486    
Nyco Holdings 2 Aps Term Loan B
     2.885       12/29/14       1,870,543  
€ 1,486    
Nyco Holdings 2 Aps Term Loan C
     3.635       12/29/15       1,870,543  
  639    
Nyco Holdings 3 Aps Facility A2
     1.790       12/29/13       601,245  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Pharmaceuticals (continued)
                        
$ 20    
Nyco Holdings 3 Aps Facility A3 (Denmark)
    1.790 %     12/29/13     $ 18,894  
  13    
Nyco Holdings 3 Aps Facility A4 (Denmark)
    1.790       12/29/13       12,035  
  90    
Nyco Holdings 3 Aps Facility A5 (Denmark)
    1.790       12/29/13       85,101  
       
 
                      
       
 
                     22,864,298  
       
 
                      
       
Printing & Publishing 6.2%
                        
  1,474    
Affiliated Media New Term Loan
    8.250       03/19/14       1,389,400  
  4,000    
Endurance Business Media, Inc. Second Lien Term Loan (b)(d)
    11.250       01/26/14       0  
  912    
Gatehouse Media, Inc. Delayed Draw Term Loan
    2.260       08/28/14       451,377  
  2,445    
Gatehouse Media, Inc. Term Loan B
    2.280       08/28/14       1,210,246  
  2,000    
Knowledgepoint360 Group, LLC Second Lien Term Loan
    7.250       04/13/15       1,220,000  
  1,161    
Knowledgepoint360 Group, LLC First Lien Term Loan
    3.500       04/14/14       870,797  
  4,927    
Merrill Communications, LLC Second Lien Term Loan (a)
    14.752       11/15/13       4,188,049  
  2,333    
Newsday, LLC Term Loan
    6.553       08/01/13       2,383,890  
€ 3,935    
Primacom Term Loan B (Germany)
    4.724       12/05/13       4,243,467  
€ 3,935    
Primacom Term Loan C (Germany)
    5.224       12/05/14       4,243,467  
€ 4,019    
Primacom Term Loan C2 (Germany)
    5.224       09/25/10       4,334,119  
  1,443    
Primedia Inc. Term Loan B
    2.540       08/01/14       1,261,696  
€ 7,500    
Prosiebensat.1 Media AG Term Loan C2 (Germany) (i)
    —       07/03/15       9,159,772  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Printing & Publishing (continued)
                        
€ 7,500    
Prosiebensat.1 Media AG Term Loan C3 (Germany) (i)
    —       07/03/15     $ 9,159,772  
  1,508    
R.H. Donnelley, Inc. New Term Loan
    9.250 %     10/24/14       1,471,735  
  1,497    
SuperMedia, Inc. Exit Term loan
    11.000       12/31/15       1,405,225  
  6,476    
Tribune Co. Bridge Loan (c)(d)
    8.250       12/20/15       153,808  
  10,146    
Tribune Co. Term Loan B (c)(d)
    5.250       06/04/14       6,826,987  
  7,071    
Yell Group PLC New Term Loan B1 (United Kingdom)
     4.023       07/31/14       5,895,348  
       
 
                      
       
 
                     59,869,155  
       
 
                      
       
Restaurants & Food Service 0.5%
                        
  1,360    
Center Cut Hospitality, Inc. Term Loan
    9.250       07/06/14       1,292,346  
  3,174    
Volume Services America, Inc. Term Loan
    9.250       12/31/12       3,173,628  
       
 
                      
       
 
                     4,465,974  
       
 
                      
       
Retail — Oil & Gas 0.6%
                        
  860    
The Pantry, Inc. Delayed Draw Term Loan B
    2.030       05/15/14       828,841  
  2,988    
The Pantry, Inc. Term Loan B
    2.030       05/15/14       2,878,742  
  2,323    
Pilot Travel Centers, LLC Term Loan B (i)
    —       11/24/15       2,343,319  
       
 
                      
       
 
                     6,050,902  
       
 
                      
       
Retail — Specialty 0.6%
                        
€ 5,500    
Zapf Creation AG Term Loan (Germany) (b)
    5.136       11/30/12       5,492,230  
       
 
                      
       
Retail — Stores 2.5%
                        
  2,000    
CDW Corp. Term Loan
    4.338       10/10/14       1,871,072  
  4,268    
Dollar General Corp. Term Loan B2
    3.010       07/07/14       4,195,722  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*   Value  
 
       
Retail — Stores (continued)
                        
$ 6,499    
General Nutrition Centers, Inc. Term Loan B
    2.540 %     09/16/13     $ 6,330,226  
  4,027    
Guitar Center, Inc. Term Loan B
    3.770       10/09/14       3,769,444  
  6,454    
Rite Aid Corp. Term Loan 3
    6.000       06/04/14       6,387,400  
  1,020    
Sally Holdings, Inc. Term Loan B
    2.520       11/15/13       1,009,833  
  953    
Savers, Inc. Term Loan B
    5.750       03/11/16       958,824  
       
 
                      
       
 
                     24,522,521  
       
 
                      
       
Software 1.3%
                        
€ 9,786    
NDS Finance Ltd. Term Loan B2 (United Kingdom)
    4.900       10/14/15       12,540,899  
       
 
                      
 
       
Telecommunications — Equipment & Services 1.4%
                        
  5,386    
Avaya, Inc. Term Loan
    3.002       10/24/14       4,945,951  
€ 2,387    
EWT (Escaline S.A.R.L) Term Loan B (Germany)
    3.160       10/31/14       2,690,132  
€ 2,387    
EWT (Escaline S.A.R.L) Term Loan C (Germany)
    3.647       10/30/15       2,690,131  
€ 1,926    
Fibernet Term Loan B (Bulgaria) (b)
    3.155       12/20/14       1,666,840  
€ 1,926    
Fibernet Term Loan C (Bulgaria) (b)
    3.655       12/20/15       1,666,840  
       
 
                      
       
 
                     13,659,894  
       
 
                      
       
Telecommunications — Local Exchange Carriers 0.9%
                        
  4,904    
Global Tel*Link Corp. Term Loan B
     6.000       03/02/16       4,916,544  
  3,238    
Hawaiian Telcom Communications, Inc Term Loan C (a)(c)
    4.750       06/01/14       2,363,520  
  1,385    
Sorenson Communications, Inc. Term Loan C
    6.000       08/16/13       1,358,316  
       
 
                      
       
 
                     8,638,380  
       
 
                      

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*   Value  
 
        Telecommunications — Long Distance 0.5%                
$ 167    
Level 3 Communications, Inc. Add On Term Loan
    11.500 %     03/13/14     $ 182,604  
  5,000    
Level 3 Communications, Inc. Term Loan A
    2.548       03/13/14       4,692,190  
       
 
                      
       
 
                     4,874,794  
       
 
                      
       
Telecommunications — Wireless 0.9%
                        
  2,909    
Asurion Corp. First Lien Term Loan
    3.250       07/03/14       2,879,750  
  3,778    
MetroPCS Wireless, Inc. Term Loan B
    2.520       11/04/13       3,700,937  
  1,809    
NTELOS, Inc. Term Loan B
    5.750       08/07/15       1,821,529  
       
 
                      
       
 
                     8,402,216  
       
 
                      
       
Textiles & Leather 0.8%
                        
  1,384    
Gold Toe Investment Corp. First Lien Term Loan B
    8.500       10/30/13       1,346,120  
  2,000    
Gold Toe Investment Corp. Second Lien Term Loan
    11.750       04/30/14       1,720,000  
  5,000    
Levi Strauss & Co. Term Loan
    2.513       03/27/14       4,812,460  
       
 
                      
       
 
                     7,878,580  
       
 
                      
       
Utilities 6.0%
                        
  5,000    
Bicent Power, LLC Second Lien Term Loan
    4.300       12/31/14       3,450,000  
  4,353    
BRSP, LLC Term Loan B
    7.500       06/04/14       4,364,291  
  22,605    
Calpine Corp. First Priority Term Loan
    3.165       03/29/14       21,835,902  
  2,900    
First Light Power Resources, Inc. Second Lien Term Loan
    4.813       05/01/14       2,668,000  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*   Value  
 
       
Utilities (continued)
                        
$ 614    
First Light Power Resources, Inc. Synthetic Letter of Credit
    2.813 %     11/01/13     $ 596,721  
  733    
First Light Power Resources, Inc. Term Loan B
    2.813       11/01/13       712,758  
  187    
Mach Gen, LLC Letter of Credit
    2.540       02/22/13       174,612  
  1,392    
NRG Energy, Inc. Synthetic Letter of Credit
    2.040       12/09/13       1,367,029  
  2,111    
NRG Energy, Inc. Term Loan
    2.000       12/09/13       2,072,975  
  4,516    
Primary Energy Operations, LLC New Term Loan
    6.500       10/23/14       4,448,359  
  1,990    
Texas Competitive Electric Holdings Co., LLC Delayed Draw Term Loan
    3.750       10/10/14       1,617,000  
  8,989    
Texas Competitive Electric Holdings Co., LLC Term Loan B2
     3.750       10/10/14       7,393,473  
  1,975    
Texas Competitive Electric Holdings Co., LLC Term Loan B3
     3.752       10/10/14       1,614,029  
  6,000    
TPF Generation Holdings, LLC Second Lien Term Loan C
    4.540       12/15/14       5,569,500  
       
 
                      
       
 
                     57,884,649  
       
 
                      
        Total Variable Rate Senior Loan Interests** 103.5%             993,866,310  
       
 
                      
 
       
Notes 23.4%
                        
       
Broadcasting — Cable 1.3%
                        
  5,000    
Kabel Deutschland GmbH (Germany)
    10.625       07/01/14       5,237,500  
€ 5,000    
UPC Germany GmbH (Germany) (g)
    9.625       12/01/19       7,189,829  
       
 
                      
       
 
                     12,427,329  
       
 
                      

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Buildings & Real Estate 0.4%
                        
£ 3,160    
European Loan Conduit (United Kingdom) (b) (g)
    0.776 %     07/25/17     $ 3,964,668  
       
 
                     3,964,668  
       
 
                      
       
Chemicals, Plastics & Rubber 0.7%
                        
  5,000    
Cognis GmbH (Germany) (g)
    2.257       09/15/13       4,935,415  
  1,993    
Wellman, Inc. (a)(b)
    5.000       01/29/19       1,992,869  
       
 
                      
       
 
                     6,928,284  
       
 
                      
       
Construction Material 0.4%
                        
  2,000    
Builders Firstsource, Inc. (h)
    13.000       02/15/16       2,075,000  
  2,000    
Compression Polymers Corp. (h)
    7.180       07/01/12       1,930,000  
       
 
                      
       
 
                     4,005,000  
       
 
                      
       
Containers, Packaging & Glass 5.9%
                        
€ 11,200    
Ardagh Glass Finance (Ireland) (g)
    7.125       06/15/17       14,663,695  
€ 6,000    
Ardagh Glass Finance BV (Ireland) (g)
    8.750       02/01/20       8,428,077  
  2,800    
Berry Plastics Group, Inc. (h)
    5.053       02/15/15       2,751,000  
€ 4,500    
Impress Holdings (Netherlands) (g)
    9.250       09/15/14       6,321,058  
€ 9,000    
Impress Metal Packaging Holdings BV (Netherlands) (g)
    3.769       09/15/13       11,713,430  
€ 10,875    
Pregis Corp.
     5.644       04/15/13       13,610,745  
       
 
                      
       
 
                     57,488,005  
       
 
                      
       
Entertainment & Leisure 0.8%
                        
£ 5,000    
Manchester United Finance, PLC (United Kingdom) (g)
    8.750       02/01/17       7,498,015  
       
 
                      
 
       
Finance 1.7%
                        
€ 7,000    
GMAC, Inc.
     5.375       06/06/11       9,366,749  

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Finance (continued)
                        
€ 5,000    
GMAC, Inc.
     6.000 %     05/23/12     $ 6,707,844  
       
 
                      
       
 
                     16,074,593  
       
 
                      
       
Healthcare 0.7%
                        
  6,167    
Apria Healthcare Group, Inc. (g)
     11.250       11/01/14       6,806,458  
       
 
                      
 
       
Hotels, Motels, Inns & Gaming 0.7%
                        
£ 4,145    
Spirit Issuer PLC (United Kingdom)
    5.472       12/28/28       4,986,763  
  2,000    
Wynn Las Vegas, LLC
    7.875       05/01/20       2,027,500  
       
 
                      
       
 
                     7,014,263  
       
 
                      
       
Insurance 0.6%
                        
€ 1,000    
American International Group
    0.819       07/19/13       1,200,181  
€ 4,000    
American International Group
    4.375       04/26/16       4,878,693  
       
 
                      
       
 
                     6,078,874  
       
 
                      
       
Media 1.2%
                        
€ 5,000    
Royal Bank of Scotland PLC (United Kingdom)
    6.934       04/09/18       7,043,942  
  4,250    
Virgin Media Finance PLC (United Kingdom)
    9.500       08/15/16       4,685,625  
       
 
                      
       
 
                     11,729,567  
       
 
                      
        Mining, Steel, Iron & Non-Precious Metals 1.4%                
  11,500    
FMG Finance Pty Ltd. (Australia) (g)
    10.625       09/01/16       13,570,000  
       
 
                      
 
       
Non-Durable Consumer Products 0.2%
                        
  1,539    
Targus Group International, Inc. (b)
    10.000       12/15/15       1,500,360  
       
 
                      
 
       
Telecommunications — Equipment & Services 2.4%
                        
€ 19,750    
Versatel AG (Germany) (g)
    3.400       06/15/14       23,403,558  
       
 
                      

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Telecommunications — Wireless 1.6%
                        
$ 14,000    
Wind Acquisition Fin SA (Italy (g)
    10.750 %     12/01/15     $ 15,015,000  
       
 
                      
 
       
Transportation — Cargo 2.8%
                        
€ 22,112    
CB Bus AB (Sweden) (b)
    9.125       08/01/12       26,894,370  
       
 
                      
 
       
Transportation Infrastructure 0.6%
                        
€ 5,000    
Channel Link United Kingdom) (b)
     2.247       06/30/12       5,458,944  
£ 5,000    
Channel Link (United Kingdom) (b)
     2.084       06/20/12       6,273,209  
       
 
                      
       
 
                     11,732,153  
 
       
Total Notes 23.4%
                    232,130,497  
       
 
                      
 
Description           Value  
 
Equities 0.6%                        
Affiliated Media Inc. (87,369 common shares, Acquired 04/23/10, Cost $5,595,972)
                     1,397,900  
Axia Acquisition Holdings Corp. (101 common shares, Acquired 04/21/10, Cost $1,404,030) (k)
                     251,903  
Building Materials Holding Corp. (512,204 common shares, Acquired 01/11/10, Cost $770,554) (k) (l)
                     409,763  
Cumulus Media, Inc. (Warrants for 1,568 common shares, Expiration date 06/29/19, Acquired 01/14/10, Cost $0) (b)(k)
                     5,817  
Euramax International, Inc. (1,870 common shares, Acquired 07/09/09, Cost $1,962,106) (k) (l)
                     336,564  
Marietta Holdings Corp. (1,641,483 common shares, Acquired 04/22/10, Cost $2,591,511) (b)(k)
                     607,677  
Marietta Holdings Corp.. (Warrants for 413,194 common shares, Expiration date 04/21/10, Acquired 03/17/10, Cost $0) (b)(k)
                     0  
Mega Brands Inc. (600,814 common shares, Acquired 03/31/10, Cost $1,080,625)
                    313,478  
Newhall Holding Co., LLC (235,259 common shares, Acquired 8/26/09, Cost $2,010,219) (l)
                     441,111  
Rhodes Homes (750,544 common shares, Acquired 04/13/10, Cost $963,538)
                     187,636  
SuperMedia Inc. (7,080 common shares, Acquired 01/07/10, Cost $525,307) (l)
                     317,892  
Targus Group International, Inc. (62,413 common shares, Acquired 12/16/09, Cost $0) (b)(k)(l)
                     0  
Vitruvian Exploration, LLC (76,400 common shares, Acquired 10/19/09, Cost $3,276,000)(l)
                     802,200  
WCI Communities, Inc. (1,830 common shares, Acquired 09/23/09, Cost $205,427) (l)
                     155,550  
Wellman, Inc. (1,892 common shares, Acquired 02/12/09 & 06/16/09, Cost $4,958,713) (b)(l)
                     622,790  
       
 
                      
Total Equities 0.6%
                     5,850,281  
       
 
                      
 
Total Long-Term Investments 127.5%
(Cost $1,388,847,342)
                     1,231,847,088  
 
Time Deposit 2.9%
                        
State Street Bank & Trust Corp. ($27,901,430 par, 0.01% coupon, dated 4/30/10, to be sold on 5/01/10 at $27,901,453)
                   $ 27,901,430  
       
 
                      
 
Total Investments 130.4%
     (Cost $1,416,748,772)		                     1,259,748,518  
Foreign Currency 0.1%
     (Cost $979,695)		                     994,088  
Borrowings (28.2%)                     (272,500,000 )
Liabilities in Excess of Other Assets (2.3%)                     (22,443,976 )
       
 
                      
Net Assets 100.0%                   $ 965,798,630  
       
 
                      

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
 
Par amounts are denominated in US currency unless otherwise noted.
 
£ — Great Britain Pound
 
€ — Euro
 
Percentages are calculated as a percentage of net assets.
 
(a)   All or a portion of this security is payment-in-kind.
 
(b)   Market value is determined in accordance with procedures established in good faith by the Board of Trustees.
 
(c)   This borrower has filed for protection in federal bankruptcy court.
 
(d)   This Senior Loan interest is non-income producing.
 
(e)   The borrower is in the process of restructuring or amending the terms of this loan.
 
(f)   All or a portion of this holding is subject to unfunded loan commitments.
 
(g)   144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
 
(h)   Variable rate security. Interest rate shown is that in effect at April 30, 2010.
 
(i)   This floating rate interest will settle after April 30, 2010, at which time the interest rate will be determined.
 
(k)   Restricted security. Securities were acquired through the restructuring of senior loans. These securities are restricted, as they are not allowed to be deposited via the Depository Trust Company. If at a later point in time, the company wishes to register, the issuer will bear the costs associated with registration. The aggregate value of restricted securities represents 0.20% of the net assets of the Fund.
 
(l)   Non-income producing security.
 
*   Senior Loans in the Fund’s portfolio generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans in the Fund’s portfolio may occur. As a result, the actual remaining maturity of Senior Loans held in the Fund’s portfolio may be substantially less than the stated maturities shown.
 
**   Senior Loans in which the Fund invests generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more major United States banks or (iii) the certificate of deposit rate. Senior Loans are generally considered to be restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan.
Swap agreements outstanding as of April 30, 2010:
 
Credit Default Swaps
                                                         
            Pay/                                   Credit
            Receive           Notional                   Rating of
        Buy/Sell   Fixed   Expiration   Amount   Upfront           Reference
Counterparty   Reference Entity   Protection   Rate   Date   (000)   Payments   Value   Equity*
Bank of America N.A.
  Lighthouse International   Sell     3.350 %     09/20/12     $ 6,657     $ 0     $ (1,207,265 )     B  
Bank of America N.A.
   Lighthouse International   Sell     3.650       12/20/12       6,657       0       (1,351,347 )     B  
Credit Suisse International
   Codere Finance Luxemburg SA   Sell     3.420       09/20/12       6,657       0       (55,073 )     B  
Goldman Sachs International
   ArcelorMittal   Sell     5.400       06/20/11       6,657       0       405,268     BBB
Goldman Sachs International
   ArcelorMittal   Sell     5.750       06/20/10       6,657       0       91,435     BBB

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
                                                     
            Pay/                                     Credit
            Receive             Notional                     Rating of
        Buy/Sell   Fixed     Expiration     Amount     Upfront             Reference
Counterparty   Reference Entity   Protection   Rate     Date     (000)     Payments     Value     Equity*
Goldman Sachs International
   Calpine Corporation   Sell     5.000 %     03/20/11     $ 2,000     $ (65,000 )   $ 47,899     B
Goldman Sachs International
   CDX.NA.HY.9   Sell     3.750       12/20/12       34,400       (1,431,000 )     895,720     NR
Goldman Sachs International
   CDX.NA.HY.10   Sell     5.000       06/20/13       17,400       (1,128,250 )     999,166     NR
Goldman Sachs International
   Citgo Petroleum Corp.   Sell     3.000       12/20/10       5,000       0       47,982     BB
Goldman Sachs International
   Gala Group Finance   Sell     3.450       12/20/12       6,657       0       (78,785 )   NR
Goldman Sachs International
   Gala Group Finance   Sell     4.150       03/20/13       6,657       0       26,011     NR
Goldman Sachs International
   LCDX.NA.10   Sell     3.250       12/20/12       47,400       (5,293,000 )     1,356,167     NR
Goldman Sachs International
   LCDX9   Sell     2.250       12/20/12       39,500       (3,208,750 )     197,500     NR
Goldman Sachs International
   Peermont Global   Sell     3.500       09/20/12       6,657       0       (406,476 )   B
Goldman Sachs International
   Texas Competitive Electric Holdings Company, LLC   Sell     2.850       06/20/10       5,000       0       4,129     B
Goldman Sachs International
   Texas Competitive Electric Holdings Company, LLC   Sell     5.000       06/20/10       3,000       (97,500 )     18,689     B
Goldman Sachs International
   Texas Competitive Electric Holdings Company, LLC   Sell     5.000       03/20/12       5,000       (112,500 )     (83,546 )   B
Goldman Sachs International
   UPC Holding   Sell     3.450       09/20/12       6,657       0       47,608     BBB
Goldman Sachs International
   Xstrata PLC   Sell     5.800       06/20/10       6,657       0       93,506      
 
                                              
Total Credit Default Swaps
                       $ 225,270     $ (11,336,000 )   $ 1,048,588      
 
                                              
 
NR – Not Rated
 
*   Credit rating as issued by Standard and Poor’s (Unaudited).

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
Forward foreign currency contracts outstanding as of April 30, 2010:
                         
                    Unrealized  
                    Appreciation/  
    In Exchange for     Current Value     Depreciation  
Short Contracts:
                        
Euro
                        
222,166,596 expiring 06/04/2010
   US $     295,836,989       (31,275 )
Pound Sterling
                        
33,542,093 expiring 06/04/10
   US $     51,315,013       457,207  
 
                      
Total Short Contracts
                     425,932  
 
                      
Total Forward Foreign Currency Contracts
                   $ 425,932  
 
                      
Summary of Long-Term Investments by Country Classification (Unaudited)
                 
            Percentage of
            Long-Term
Country
   Value   Investment
United States
     790,530,605       64.2 %
United Kingdom
     116,536,828       9.5  
Germany
     100,899,196       8.2  
Netherlands
     30,879,955       2.5  
Sweden
     26,894,369       2.2  
Ireland
     23,091,772       1.9  
Denmark
     22,864,299       1.8  
Spain
     21,130,257       1.7  
Belgium
     21,030,413       1.7  
Greece
     20,425,540       1.6  
Luxembourg
     15,015,000       1.2  
Australia
     13,570,000       1.1  
Bulgaria
     11,988,103       1.0  
Canada
     8,686,875       0.7  
Cayman Islands
     8,303,876       0.7  
     
 
   $ 1,231,847,088       100.0 %
     
Security Valuation The Fund’s loans and debt obligations are valued by the Fund following valuation guidelines established and periodically reviewed by the Fund’s Board of Trustees. Under the valuation guidelines, loans and debt obligations for which reliable market quotes are readily available are valued at the mean of such bid and ask quotes. Where reliable market quotes are not readily available, loans and debt obligations are valued, where possible, using independent market indicators provided by independent pricing sources approved by the Board of Trustees. Other loans and debt obligations are valued by independent pricing sources approved by the Board of Trustees based upon pricing

 

 

Van Kampen Dynamic Credit Opportunities Fund
Portfolio of Investments § April 30, 2010 (Unaudited) continued
models developed, maintained and operated by those pricing sources or valued by Van Kampen Asset Management (the “Adviser”) by considering a number of factors including consideration of market indicators, transactions in instruments which the Adviser believes may be comparable (including comparable credit quality, interest rate, interest rate redetermination period and maturity), the credit worthiness of the Borrower, the current interest rate, the period until next interest rate redetermination and the maturity of such loan. Consideration of comparable instruments may include commercial paper, negotiable certificates of deposit and short-term variable rate securities which have adjustment periods comparable to the loans in the Fund’s portfolio. The fair value of loans are reviewed and approved by the Fund’s Valuation Committee and the Board of Trustees. Forward foreign currency contracts are valued using quoted foreign exchange rates.
     Equity securities are valued on the basis of prices furnished by pricing services or at fair value as determined in good faith by the Adviser under the direction of the Board of Trustees.
     Credit default swaps are valued using quotations obtained from brokers. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value. Short-term loan participations are valued at cost in the absence of any indication of impairment.
     The Fund adopted the provisions of the FASB Staff Position Paper No. FAS 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45 (“FSP FAS 133-1 and FIN 45-4”), effective November 30, 2008. FSP FAS 133-1 and FIN 45-4 requires the seller of credit derivatives to provide additional disclosure about its credit derivatives.
     The Fund may enter into credit default swap contracts, a type of credit derivative, for hedging purposes or to gain exposure to a credit or index of credits in which the Fund may otherwise invest. A credit default swap is an agreement between two parties to exchange the credit risk of an issuer or index of issuers. A buyer of a credit default swap is said to buy protection by paying periodic fees in return for a contingent payment from the seller if the issuer has a credit event such as bankruptcy, a failure to pay outstanding obligations or deteriorating credit while the swap is outstanding. A seller of a credit default swap is said to sell protection and thus collects the periodic fees and profits if the credit of the issuer remains stable or improves while the swap is outstanding. The seller in a credit default swap contract would be required to pay an agreed-upon amount to the buyer in the event of an adverse credit event of the issuer. This agreed-upon amount approximates the notional amount of the swap as disclosed in the table following the Portfolio of Investments and is estimated to be the maximum potential future payment that the seller could be required to make under the credit default swap contract. In the event of an adverse credit event, the seller generally does not have any contractual remedies against the issuer or any other third party. However, if a physical settlement is elected, the seller would receive the defaulted credit and, as a result, become a creditor of the issuer.
     The current credit rating of each individual issuer is listed in the table following the Portfolio of Investments and serves as an indicator of the current status of the payment/performance risk of the credit derivative. Alternatively, for credit default swaps on an index of credits, the quoted market prices and current values serve as an indicator of the current status of the payment/performance risk of the credit derivative. Generally, lower credit ratings and increasing market values, in absolute terms, represent a deterioration of the credit and a greater likelihood of an adverse credit event of the issuer.
     Credit default swaps may involve greater risks than if a Fund had invested in the issuer directly. Credit default swaps are subject to general market risk, counterparty risk and credit risk. Swap agreements are not entered into or traded on exchanges and there is no central clearing or guaranty function for swaps. Therefore, swaps are subject to the risk of default or non-performance by the counterparty. If there is a default by the counterparty to a swap agreement, the Fund will have contractual remedies pursuant to the agreements related to the transaction. Counterparties are required to pledge collateral daily (based on the valuation of each swap) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain. Reciprocally, when the Fund has an unrealized loss on a swap contract, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. Cash collateral is disclosed in the table following the Portfolio of Investments. For cash collateral received, the Fund pays a monthly fee to the counterparty based on the effective rate for Federal Funds.
Fair Value Measurements Financial Accounting Standards Board Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820) (formerly known as FAS 157), defines fair value as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.
Level 1 —   quoted prices in active markets for identical investments
Level 2 —   other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 —   significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

 

The following is a summary of the inputs used as of April 30, 2010 in valuing the Fund’s investments carried at value.
                                 
    Level 1   Level 2   Level 3    
                Significant    
        Other Significant   Unobservable    
Investments   Quoted Prices   Observable Inputs   Inputs   Total
 
Investments in an Asset Position:
                                
Variable Rate Senior Loan Interests
   $ —     $ 975,803,050     $ 18,063,260     $ 993,866,310  
Notes
     —       186,046,077       46,084,420       232,130,497  
Equities
                                
Broadcasting — Diversified
     —       5,817       —       5,817  
Buildings & Real Estate
     784,297       —       —       784,297  
Chemicals, Plastics & Rubber
     —       —       622,790       622,790  
Construction Material
     661,666       —       —       661,666  
Diversified Manufacturing
     336,564       —       —       336,564  
Health & Beauty
     —       —       607,677       607,677  
Natural Resources
     802,200       —       —       802,200  
Non-Durable Consumer Products
     313,478       —       —       313,478  
Printing & Publishing
     1,715,792       —       —       1,715,792  
Short-term Investments
     —       27,901,430       —       27,901,430  
Forward Foreign Currency Contracts
     —       457,207       —       457,207  
Credit Default Swap
     —       4,231,080       —       4,231,080  
Unfunded Commitments
     —       50,080       —       50,080  
 
Total Investments in an Asset Position
   $ 4,613,997     $ 1,194,494,741     $ 65,378,147     $ 1,264,486,885  
 
 
                                
Investments in a Liability Position:
                                
Forward Foreign Currency Contracts
     —       (31,275 )     —       (31,275 )
Credit Default Swap
     —       (3,182,492 )     —       (3,182,492 )
Unfunded Commitments
     —       (3,679,988 )     —       (3,679,988 )
 
Total Investments in a Liability Position
   $ —     $ (6,893,755 )   $ —     $ (6,893,755 )
 
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
                                                                 
    Investments in Loans and Securities          
                    Equities            
    Variable                           Chemicals,                
    Rate Senior           Health   Construction   Plastics   Diversified           Unfunded
    Loan Interest   Notes   & Beauty   Materials   & Rubber   Manufacturing   Total   Commitments
Balance as of August 1, 2009
   $ 20,874,117     $ 37,161,648     $ —     $ 14,163     $ 1,103,660     $ 95,360     $ 59,248,948     $ (13,947 )
Accrued Discounts/Premiums
     117,245       654,539               —       —       0       771,784       —  
Realized Gain/Loss
     (8,144,843 )     (342,691 )             (98,533 )     —       0       (8,586,067 )     —  
Change in Unrealized Appreciation/Depreciation
   10,761,336       (925,882 )     (1,983,834 )     128,368       (480,870 )     1,866,746       9,365,864       13,947  
Net Purchases/Sales
     (2,293,576 )     9,536,806       2,591,511       (43,998 )     —       (1,962,106 )     7,828,637       —  
Net Transfers In and/or Out of Level 3*
     (3,251,019 )                     —       —       —       (3,251,019 )     —  
     
Balance as of April 30, 2010
   $ 18,063,260     $ 46,084,420     $ 607,677     $ —     $ 622,790     $ —     $ 65,378,147     $ —  
     
Net Change in Unrealized Appreciation/Depreciation from Investments Still Held as of 4/30/10
                                                         $ 6,230,934  
 
*   The value of Net Transfers In and/or Out of Level 3 was measured using the market value as of the beginning of the period for transfer in and the market value as of the end of the period for transfers out.

 

 

Item 2. Controls and Procedures.
  (a)   As of June 25, 2010, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 25, 2010, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
 
  (b)   There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
      Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant:     Invesco Van Kampen Dynamic Credit Opportunities
         
By:
  /s/ Colin Meadows    
 
 
 
Colin Meadows 		   
 
  Principal Executive Officer    
 
        
Date:
  June 29, 2010    
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Colin Meadows    
 
 
 
Colin Meadows 		   
 
  Principal Executive Officer    
 
        
Date:
  June 29, 2010    
 
        
By:
  /s/ Sheri Morris    
 
 
 
Sheri Morris 		   
 
  Principal Financial Officer    
 
        
Date:
  June 29, 2010