UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22043
Van Kampen Dynamic Credit Opportunities Fund
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Jerry W. Miller
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 7/31
Date of reporting period: 4/30/08
Item 1. Schedule of Investments.
The Fund's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN DYNAMIC CREDIT OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - APRIL 30, 2008 (UNAUDITED)
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY * VALUE
------------------------------------------------------------------------------------------------------------------------
VARIABLE RATE SENIOR LOAN INTERESTS ** 117.0%
AEROSPACE/DEFENSE 1.1%
$ 4,455 DeCrane Aircraft
Holdings, Inc., Term
Loan ............................................... 5.48% 02/21/13 $ 4,099,016
2,426 IAP Worldwide
Services, Inc., Term
Loan ............................................... 9.00 12/30/12 2,025,935
3,658 Sequa Corp., Term Loan ................................ 5.95 12/03/14 3,511,200
3,000 Wesco Aircraft
Hardware Corp., Term
Loan ............................................... 8.45 03/28/14 2,932,500
--------------
12,568,651
--------------
AUTOMOTIVE 3.8%
9,975 Dana Corp., Term Loan ................................. 6.75 to 6.88 01/31/15 9,660,169
24,812 Ford Motor Co., Term
Loan ............................................... 5.80 12/15/13 22,861,518
5,556 Metokote Corp., Term
Loan ............................................... 5.90 11/27/11 4,972,992
1,333 Navistar International
Corp., Revolving
Credit Agreement ................................... 6.15 01/19/12 1,249,167
3,667 Navistar International
Corp., Term Loan .................................. 6.29 01/19/12 3,435,208
1,329 Precision Partners, Inc.,
Term Loan .......................................... 9.20 10/27/13 1,169,526
1,933 Textron Fastening
Systems, Term Loan ................................. 6.20 08/11/13 1,797,489
--------------
45,146,069
--------------
BEVERAGE, FOOD & TOBACCO 8.0%
10,723 Birds Eye Foods
Investments, Inc.,
Term Loan (a) ...................................... 7.97 07/11/12 8,953,605
5,252 Coleman Natural Foods,
LLC, Term Loan .................................... 8.50 08/22/12 4,525,583
8,930 Culligan International
Co., Term Loan .................................... 4.95 11/24/12 6,630,455
14,412 Dole Food Co., Inc.,
Term Loan ......................................... 4.71 to 6.00 04/12/13 13,465,763
10,000 DSW Holdings, Inc.,
Term Loan ......................................... 6.71 03/07/12 9,212,500
12,000 Farley's & Sathers
Candy Co., Inc., Term
Loan ............................................... 12.91 03/24/11 11,400,000
kr27,307 Findus Ab, Term Loan
(Sweden) ........................................... 7.38 to 7.88 11/15/15 4,122,151
E 3,185 Foodvest Ltd., Term
Loan (Sweden) ...................................... 7.24 to 7.74 03/17/14 4,438,493
5,000 FSB Holdings, Inc.,
Term Loan .......................................... 8.44 03/29/14 4,600,000
E 2,000 Iglo Birds Eye, Term
Loan (United Kingdom) .............................. 7.02 to 7.39 12/31/14 to 12/31/15 3,000,216
E 3,633 Panrico, Inc., Term Loan
(Spain) ............................................ 6.95 to 7.33 09/18/10 5,439,896
2,000 Pierre Foods, Inc., Term
Loan ............................................... 6.97 06/30/10 1,240,000
16,887 Pinnacle Foods Finance,
LLC, Term Loan ..................................... 5.44 04/02/14 15,796,819
3,000 Van Houtte, Inc., Term
Loan (Canada) ...................................... 8.20 01/19/15 2,625,000
--------------
95,450,481
--------------
BROADCASTING - CABLE 4.8%
23,673 Charter
Communications
Operating, LLC, Term
Loan ............................................... 4.89 to 7.34 03/06/14 to 09/06/14 20,603,826
14,888 CSC Holdings, Inc.,
Term Loan .......................................... 4.00 02/24/12 14,292,731
1,493 CW Media Holdings,
Inc., Term Loan
(Canada) ........................................... 5.95 02/15/15 1,447,725
E 12,000 KABEL
Baden-Wuerttemburg,
Term Loan
(Germany) .......................................... 6.93 to 7.43 09/27/14 to 09/27/15 17,168,153
4,985 Knology, Inc., Term
Loan ............................................... 4.93 06/30/12 4,561,241
--------------
58,073,676
--------------
BROADCASTING - DIVERSIFIED 0.9%
8,100 Alpha Topco, Ltd., Term
Loan (United
Kingdom) ........................................... 7.09 to 8.22 12/31/13 to 06/30/14 7,415,252
3,585 NEP II, Inc., Term Loan ............................... 4.95 02/16/14 3,254,563
--------------
10,669,815
--------------
BROADCASTING - RADIO 1.5%
1,887 CMP KC, LLC, Term
Loan ............................................... 6.50 05/03/11 1,462,048
3,989 CMP Susquehanna
Corp., Term Loan ................................... 4.76 to 4.93 05/05/13 3,125,102
7,975 Emmis Operating Co.,
Term Loan .......................................... 4.67 11/01/13 6,946,236
4,500 Nextmedia Operating,
Inc., Term Loan .................................... 10.86 11/15/13 3,600,000
2,985 Spanish Broadcasting
Systems, Inc., Term
Loan ............................................... 4.45 06/11/12 2,522,000
--------------
17,655,386
--------------
BROADCASTING - TELEVISION 3.1%
11,658 New Vision Television,
Term Loan .......................................... 6.08 to 9.58 11/01/13 to 11/01/14 9,501,042
32,000 Univision
Communications, Inc.,
Term Loan .......................................... 5.11 to 5.15 03/29/09 to 09/29/14 27,263,974
--------------
36,765,016
--------------
BUILDINGS & REAL ESTATE 4.0%
4,000 Contech Construction
Products, Inc., Term
Loan ............................................... 4.77 01/15/13 3,810,000
2,000 El Ad IDB Las Vegas
LLC, Term Loan ..................................... 6.72 08/10/08 1,890,000
2,000 Forestar Real Estate
Group, Inc., Term
Loan ............................................... 6.72 12/01/10 1,920,000
2,979 Ginn LA CS Borrower,
LLC, Term Loan .................................... 6.10 to 6.20 06/08/11 2,194,768
4,500 Ginn LA CS Borrower,
LLC, Term Loan (a) ................................. 10.20 06/08/12 2,362,500
3,000 Kuilima Resort Co.,
Term Loan (b) ...................................... 10.50 09/30/11 924,999
5,000 Kyle Acquisition Group,
LLC, Term Loan .................................... 5.75 to 7.75 07/20/09 to 07/20/11 2,150,000
13,645 Lake At Las Vegas Joint
Venture, LLC, Term
Loan (a)(b) ........................................ 15.31 06/20/12 4,332,345
3,000 Lake At Las Vegas Joint
Venture, LLC, Term
Loan (c) ........................................... 10.00 01/24/08 3,000,000
1,806 Lake Las Vegas Resort,
Revolving Credit
Agreement (a)(b) ................................... 15.31 06/20/12 573,264
2,616 Landsource
Communities
Development, LLC,
Term Loan ......................................... 6.75 02/27/13 1,855,033
3,000 Metroflag BP, LLC,
Term Loan............................................ 11.80 07/06/09 2,475,000
2,000 North Las Vegas, Term
Loan .............................................. 11.11 05/30/12 600,000
2,000 Pivotal Promontory,
LLC, Term
Loan (b)(d) ........................................ 10.50 08/31/11 600,000
2,994 Pivotal Promontory,
LLC, Term Loan (d) ................................. 8.75 08/31/10 2,177,943
2,977 Realogy, Term Loan .................................... 5.55 to 5.72 10/10/13 2,555,532
3,946 Re/Max International,
Inc., Term Loan ................................... 6.23 12/17/12 3,412,905
4,647 Rhodes Ranch General
Partnership, Term
Loan .............................................. 6.20 to 10.45 11/21/10 to 11/21/11 2,436,691
1,696 Shea Capital I, LLC,
Term Loan ......................................... 4.87 10/27/11 1,348,198
2,338 Shea Mountain House,
LLC, Term Loan .................................... 4.86 05/11/11 1,800,546
2,000 Standard Pacific Corp.,
Term Loan .......................................... 4.82 05/05/13 1,573,334
2,496 Tamarack Resorts, LLC,
Term Loan .......................................... 5.95 to 9.25 05/19/11 1,797,280
1,489 TOUSA, Inc., Term
Loan (d) ........................................... 9.00 07/31/12 1,355,515
1,625 WCI Communities, Inc,
Term Loan .......................................... 7.98 12/23/10 1,423,229
--------------
48,569,082
--------------
BUSINESS EQUIPMENT & SERVICES 3.2%
10,962 Edwards (Cayman
Islands II) Ltd, Term
Loan ............................................... 5.09 to 8.84 05/31/14 to 11/30/14 7,281,471
2,000 HydroChem Industrial
Services, Inc., Term
Loan ............................................... 8.84 07/12/14 1,950,000
3,944 NCO Financial Systems,
Term Loan ......................................... 7.34 05/15/13 3,693,908
6,908 RGIS Services, LLC,
Term Loan .......................................... 5.20 to 5.40 04/30/14 5,988,026
3,975 SMG Holdings, Inc.,
Term Loan .......................................... 6.19 07/27/14 3,716,602
16,849 VNU, Inc., Term Loan .................................. 5.10 08/09/13 15,978,420
--------------
38,608,427
--------------
CHEMICAL, PLASTICS & RUBBER 7.1%
5,816 Arizona Chemical Co.,
Term Loan .......................................... 6.00 to 8.59 02/28/13 to 02/28/14 4,088,375
E 10,757 Borsodchem, Term
Loan (Hungary) .................................... 6.81 to 7.31 09/19/14 to 09/09/15 15,365,191
5,000 Brenntag Holdings
GMBH & Co. KG,
Term Loan
(Germany) .......................................... 7.79 07/17/15 4,262,500
4,939 Fibervisions Delaware
Corp., Term Loan ................................... 6.95 03/31/13 3,704,456
9,271 Foamex L.P., Term Loan ................................ 7.46 to 7.47 02/12/13 to 02/12/14 7,514,504
6,975 Hexion Specialty
Chemicals, Inc., Term
Loan ............................................... 4.94 to 5.38 05/05/13 6,593,307
E 2,970 Ineos Group Holdings,
Plc, Term Loan
(United Kingdom) ................................... 7.21 to 7.71 12/01/13 4,090,251
E 19,572 Momentive
Performance, Term
Loan ............................................... 6.64 12/14/13 27,454,178
1,197 Solutia, Inc., Term Loan .............................. 8.50 02/28/14 1,175,055
4,987 Univar Inc., Term Loan ................................ 5.70 10/11/14 4,657,078
14,000 Wellman, Inc., Term
Loan (b)(d) ........................................ 7.24 to 9.99 02/10/09 to 02/10/10 6,726,664
--------------
85,631,559
--------------
CONSTRUCTION MATERIAL 1.2%
3,985 Axia, Inc., Term Loan ................................. 9.00 12/21/12 2,988,569
2,455 Beacon Sales
Acquisition, Inc., Term
Loan ............................................... 5.09 09/30/13 2,019,258
6,958 Building Materials Corp.
of America, Term
Loan ............................................... 5.69 to 8.69 03/15/14 to 09/15/14 5,315,888
2,954 Building Materials
Holding, Corp., Term
Loan ............................................... 7.20 11/10/13 2,127,220
2,000 Custom Building
Products, Inc., Term
Loan ............................................... 9.72 04/29/12 1,620,000
969 United Subcontractors,
Inc., Term Loan .................................... 7.00 to 7.57 12/27/12 634,929
--------------
14,705,864
--------------
CONTAINERS, PACKAGING & GLASS 1.9%
7,988 Berlin Packaging, LLC,
Term Loan .......................................... 5.96 to 9.46 08/17/14 to 08/17/15 7,268,250
4,294 Berry Plastics Group,
Inc., Term Loan (a) ................................ 9.73 06/05/14 3,231,569
3,970 Berry Plastics Group,
Inc., Term Loan .................................... 5.10 04/03/15 3,613,874
5,985 Consolidated Container
Co., LLC, Term Loan ................................ 5.11 to 8.59 03/28/14 to 09/28/14 3,918,185
2,526 Solo Cup, Co., Term
Loan ............................................... 6.10 02/27/11 2,444,987
2,977 Unifrax Corp., Term
Loan ............................................... 5.13 05/02/13 2,783,696
--------------
23,260,561
--------------
DIVERSIFIED MANUFACTURING 0.6%
6,870 Euramax International,
Inc., Term Loan .................................... 8.00 to 10.98 06/29/12 to 06/29/13 5,463,769
1,990 X-Rite, Inc., Term Loan ............................... 8.19 to 9.50 10/24/12 1,741,250
--------------
7,205,019
--------------
ECOLOGICAL 0.6%
10,250 Synagro Technologies,
Inc., Term Loan .................................... 7.82 10/02/14 7,328,750
167 Waste Services, Inc.,
Term Loan .......................................... 5.15 03/31/11 165,415
--------------
7,494,165
--------------
EDUCATION & CHILD CARE 1.3%
9,950 Cengage Learning
Holdings II, L.P. Term
Loan ............................................... 5.20 to 5.36 07/05/14 9,249,351
500 Educate Services, Inc.,
Term Loan .......................................... 7.95 06/14/14 412,500
2,000 Education Management
Corp., Term Loan ................................... 4.50 06/01/13 1,788,750
5,000 Nelson Education Ltd.,
Term Loan (Canada) ................................. 8.70 07/05/15 4,412,500
--------------
15,863,101
--------------
ELECTRONICS 2.7%
2,985 Ax Acquisition Corp,
Term Loan .......................................... 6.88 08/15/14 2,671,575
4,000 Dealer Computer
Services, Inc., Term
Loan ............................................... 8.39 10/26/13 3,770,000
2,985 Infor Enterprise
Solutions Holdings,
Inc., Term Loan .................................... 6.45 07/28/12 2,481,155
3,000 Kronos, Inc., Term Loan ............................... 8.45 06/11/15 2,392,500
7,940 Open Solutions, Inc.,
Term Loan .......................................... 5.19 01/23/14 6,604,971
4,955 Stratus Technologies,
Inc., Term Loan .................................... 6.45 03/29/11 4,161,989
4,987 Sungard Data Systems,
Inc., Term Loan .................................... 4.88 02/28/14 4,736,304
6,729 Verint Systems, Inc.,
Term Loan .......................................... 6.24 05/25/14 5,954,937
--------------
32,773,431
--------------
ENTERTAINMENT & LEISURE 4.4%
4,975 Bushnell, Inc., Term
Loan ............................................... 6.45 08/24/13 4,676,500
4,378 Fender Musical
Instruments Corp.,
Term Loan .......................................... 6.97 to 7.16 06/09/14 3,633,740
47,262 Metro-Goldwyn-Mayer
Studios, Inc., Term
Loan ............................................... 5.95 04/08/12 37,971,794
4,962 Panavision, Inc., Term
Loan ............................................... 8.36 03/30/11 4,192,994
2,493 True Temper Sports,
Inc., Term Loan .................................... 5.97 03/15/11 2,224,827
--------------
52,699,855
--------------
FARMING & AGRICULTURE 0.4%
5,000 Wm. Bolthouse Farms,
Inc., Term Loan .................................... 8.20 12/16/13 4,650,000
--------------
FINANCE 6.3%
4,749 C.G. JCF Corp., Term
Loan ............................................... 5.70 08/01/14 4,369,219
3,980 Daimler Chrysler
Financial Services
Americas LLC, Term
Loan ............................................... 6.80 08/03/12 3,632,303
2,737 DCS Business Services,
Inc., Term Loan .................................... 8.61 02/04/11 2,435,509
E 14,925 First Data Corp., Term
Loan ............................................... 7.41 to 7.48 09/24/14 21,236,366
20,900 First Data Corp., Term
Loan ............................................... 5.35 to 5.65 09/24/14 19,686,783
6,376 National Processing
Company Group,
Term Loan .......................................... 5.71 to 9.20 09/29/12 to 09/29/14 5,110,908
3,333 Nuveen Investments,
Term Loan .......................................... 5.70 11/13/14 3,183,853
5,214 Oxford Acq. III, Ltd.,
Term Loan (United
Kingdom) ........................................... 4.67 05/11/14 4,386,671
9,975 RJO Holdings Corp.,
Term Loan .......................................... 5.89 to 9.62 07/12/14 to 07/12/15 7,058,125
5,478 Transfirst Holdings, Inc.,
Term Loan .......................................... 5.45 to 8.70 06/15/14 to 06/15/15 4,433,263
--------------
75,533,000
--------------
HEALTH & BEAUTY 1.3%
7,500 American Safety Razor
Co., Term Loan ..................................... 9.14 01/30/14 6,675,000
6,850 Marietta Intermediate
Holdings, Term
Loan (a) ........................................... 7.72 to 12.18 12/17/10 to 12/17/11 4,965,790
4,963 Philosophy, Inc., Term
Loan ............................................... 4.87 03/16/14 4,094,063
--------------
15,734,853
--------------
HEALTHCARE 5.3%
2,721 Community Health
Systems, Inc., Term
Loan ............................................... 5.34 07/25/14 2,610,659
4,985 Concentra, Inc., Term
Loan ............................................... 4.95 to 8.20 06/25/14 to 06/25/15 3,794,019
1,995 FHC Health Systems,
Term Loan .......................................... 7.69 12/13/13 1,935,150
13,884 HCA, Inc., Term Loan .................................. 4.95 11/17/13 13,208,163
5,853 Health Management
Associates, Inc., Term
Loan ............................................... 4.45 02/28/14 5,415,991
1,978 HealthCare Partners,
LLC, Term Loan ..................................... 4.65 10/31/13 1,906,742
9,477 Inverness Medical
Innovations, Inc.,
Term Loan .......................................... 4.67 to 6.92 06/26/14 to 06/26/15 8,630,361
14,855 Manor Care, Inc., Term
Loan ............................................... 5.64 11/09/14 13,629,790
1,981 Matria Healthcare, Inc.,
Term Loan .......................................... 5.08 01/19/12 1,931,634
700 Surgical Care Affiliates,
LLC, Revolving Credit
Agreement .......................................... 4.95 06/29/13 553,000
3,000 Surgical Care Affiliates,
LLC, Term Loan ..................................... 4.95 12/29/14 2,610,000
3,869 United Surgical Partners
International, Inc.,
Term Loan .......................................... 5.49 to 6.79 04/19/14 3,559,532
4,967 Viant Holdings, Inc.,
Term Loan .......................................... 4.95 06/25/14 4,222,354
--------------
64,007,395
--------------
HOME & OFFICE FURNISHINGS, HOUSEWARES & DURABLE
CONSUMER
PRODUCTS 1.3%
8,801 Hunter Fan Co., Term
Loan ............................................... 5.57 to 9.82 04/16/14 to 10/16/14 6,445,187
990 Lenox, Inc., Term Loan ................................ 7.41 04/20/13 752,400
4,963 Mattress Holdings
Corp., Term Loan ................................... 5.15 01/18/14 3,448,938
4,000 National Bedding Co.,
LLC, Term Loan ..................................... 7.70 08/31/12 2,840,000
2,806 Quality Home Brands
Holdings, LLC, Term
Loan ............................................... 5.13 12/20/12 1,984,995
--------------
15,471,520
--------------
HOTELS, MOTELS, INNS & GAMING 6.6%
4,472 Cannery Casino
Resorts, LLC, Term
Loan ............................................... 4.98 to 5.32 05/18/13 4,231,265
L 2,610 Gala Group Ltd., Term
Loan (United
Kingdom) ........................................... 7.76 12/01/12 4,615,537
636 Golden Nugget, Inc.,
Term Loan .......................................... 4.85 06/30/14 572,727
4,000 Golden Nugget, Inc.,
Term Loan .......................................... 6.05 12/31/14 2,880,000
842 Greektown Casino, LLC,
Term Loan .......................................... 5.50 12/03/12 734,977
5,000 Green Valley Ranch
Gaming, LLC, Term
Loan ............................................... 4.64 to 4.67 02/16/14 to 08/16/14 3,530,000
3,000 Harrah's Entertainment,
Inc., Term Loan .................................... 5.91 to 5.92 01/28/15 2,823,213
8,700 Magnolia Hill, LLC,
Term Loan .......................................... 6.12 to 14.00 10/30/13 to 04/24/14 8,453,000
10,000 New World Gaming
Partners Ltd, Term
Loan ............................................... 8.19 03/31/15 7,200,000
E 19,500 Regency Entertainment,
Term Loan (Greece) ................................. 7.38 to 7.76 12/07/14 27,631,826
7,490 Wembley, Inc., Term
Loan ............................................... 7.12 to 7.19 08/23/11 to 07/18/12 3,543,124
4,851 Wimar OPCO LLC,
Term Loan .......................................... 8.25 01/03/12 4,679,482
9,630 Yonkers Racing Corp.,
Term Loan .......................................... 8.94 08/12/11 8,908,045
--------------
79,803,196
--------------
INSURANCE 2.4%
5,638 Alliant Holdings I, Inc.,
Term Loan .......................................... 5.70 11/01/14 5,300,033
7,444 AmWins Group, Inc,
Term Loan .......................................... 5.23 06/08/13 5,843,344
3,077 Conseco, Inc., Term
Loan ............................................... 4.38 10/10/13 2,358,772
6,477 HMSC Holdings Corp.,
Term Loan .......................................... 4.97 to 8.22 04/03/14 to 10/03/14 4,249,774
5,860 Mitchell International,
Inc., Term Loan .................................... 7.94 03/28/15 5,596,300
6,000 Vertafore, Inc., Term
Loan ............................................... 8.84 to 9.09 01/31/13 5,250,000
--------------
28,598,223
--------------
MACHINERY 0.8%
6,000 Goodman Global, Inc.,
Term Loan .......................................... 7.50 02/13/14 5,953,128
3,980 Mold-Masters
Luxembourg Holdings
SA, Term Loan ...................................... 6.25 10/11/14 3,711,350
--------------
9,664,478
--------------
MEDICAL PRODUCTS & SERVICES 1.6%
2,000 AGA Medical Corp.,
Term Loan .......................................... 4.73 04/28/13 1,820,000
12,905 Biomet, Inc., Term Loan ............................... 5.70 03/25/15 12,681,859
1,870 Carestream Health, Inc.,
Term Loan .......................................... 4.70 to 4.90 04/30/13 1,594,344
3,000 VWR Funding, Inc.,
Term Loan .......................................... 5.20 06/29/14 2,805,000
--------------
18,901,203
--------------
MINING, STEEL, IRON & NON-PRECIOUS METALS 0.6%
7,432 John Maneely Co., Term
Loan ............................................... 6.35 12/08/13 6,713,017
--------------
NATURAL RESOURCES 0.6%
5,867 CDX Funding, LLC,
Term Loan .......................................... 8.95 03/31/13 4,664,000
3,000 Dresser, Inc., Term
Loan ............................................... 8.82 05/04/15 2,782,500
--------------
7,446,500
--------------
NON-DURABLE CONSUMER PRODUCTS 5.5%
6,737 Amscan Holdings, Inc.,
Term Loan .......................................... 5.33 05/25/13 5,760,103
5,978 Huish Detergents, Inc.,
Term Loan .......................................... 4.45 to 6.95 04/26/14 to 10/26/14 4,941,844
9,388 KIK Custom Products,
Inc., Term Loan .................................... 5.17 to 7.92 05/31/14 to 11/30/14 4,349,161
1,980 Mega Brands, Inc.,
Term Loan (Canada) ................................. 8.25 07/26/12 1,781,668
993 Nice Pak Products, Inc.,
Term Loan .......................................... 5.70 06/18/14 927,987
E 20,000 Ontex, Term Loan
(Belgium) .......................................... 7.98 to 8.48 07/05/12 to 07/05/13 29,511,422
695 Spectrum Brands, Inc.,
Revolving Credit
Agreement .......................................... 6.71 03/30/13 637,012
13,646 Spectrum Brands, Inc.,
Term Loan .......................................... 6.72 03/30/13 12,502,976
5,000 Targus Group
International, Inc.,
Term Loan .......................................... 13.35 05/22/13 3,912,500
1,990 Wilton Products, Inc.,
Term Loan .......................................... 6.12 to 6.32 08/01/14 1,741,250
--------------
66,065,923
--------------
PAPER & FOREST PRODUCTS 1.5%
3,200 Ainsworth Lumber Co,
Ltd, Term Loan (e) ................................. 5.94 06/26/14 2,474,665
7,481 New Page, Term Loan ................................... 6.31 12/21/14 7,448,003
E 3,000 Smurfit Kappa, Term
Loan (Ireland) ..................................... 6.23 to 6.89 11/30/13 to 11/30/14 4,437,122
833 Verso Paper Holding,
LLC, Term Loan ..................................... 9.78 02/01/13 714,598
3,470 White Birch Paper Co.,
Term Loan (Canada) ................................. 5.45 05/08/14 2,605,984
--------------
17,680,372
--------------
PHARMACEUTICALS 0.2%
2,000 Generics International,
Inc., Term Loan .................................... 10.20 04/30/15 1,987,500
--------------
PRINTING & PUBLISHING 12.9%
1,990 Advanstar
Communications, Inc.,
Term Loan .......................................... 4.92 05/31/14 1,527,306
10,000 American Media
Operations, Inc., Term
Loan ............................................... 6.34 01/31/13 9,162,500
1,848 Ascend Media Holdings,
LLC, Term Loan ..................................... 6.70 01/31/12 970,384
1,196 Canon Communications,
LLC, Term Loan ..................................... 5.86 05/31/11 1,148,332
997 DRI Holdings, Term
Loan ............................................... 5.70 07/03/14 887,081
4,000 Endurance Business
Media, Term Loan ................................... 10.12 01/26/14 3,290,000
4,975 FSC Acquisition, LLC,
Term Loan .......................................... 4.96 03/08/14 3,762,344
5,000 Gatehouse Media, Inc,
Term Loan .......................................... 5.09 08/28/14 3,390,625
7,729 Haights Cross
Operating Co., Term
Loan ............................................... 6.57 to 7.57 08/20/08 7,496,810
10,000 Idearc, Inc., Term Loan ............................... 4.20 to 4.36 11/17/13 8,651,790
3,471 Intermedia Outdoor,
Inc., Term Loan .................................... 5.70 01/31/13 3,037,278
7,809 MediaNews Group, Inc.,
Term Loan .......................................... 4.63 to 5.13 12/30/10 to 08/02/13 5,897,572
11,750 Merrill Communications,
LLC, Term Loan ..................................... 9.52 11/15/13 9,899,375
5,969 Penton Media, Inc.,
Term Loan .......................................... 5.11 to 7.90 02/01/13 to 02/01/14 4,472,078
E 15,000 Primacom, Term Loan
(Germany) .......................................... 7.44 to 8.69 09/25/10 23,421,763
4,489 Primedia, Inc., Term
Loan ............................................... 4.95 to 5.11 08/01/14 3,972,544
E 13,000 Prosiebensat.1 Media
AG, Term Loan
(Germany) .......................................... 1.88 to 6.25 05/09/15 16,244,615
3,228 R.H. Donnelley, Inc.,
Term Loan .......................................... 4.37 to 4.50 12/31/09 to 06/30/11 3,065,548
4,541 Thomas Nelson
Inc.,Term Loan ..................................... 5.05 06/12/12 3,746,269
3,201 Thomson Medical
Education, Term
Loan ............................................... 6.32 to 10.07 04/26/14 to 04/26/15 3,021,009
49,625 Tribune Co., Term Loan ................................ 5.54 05/19/14 37,466,875
--------------
154,532,098
--------------
RESTAURANTS & FOOD SERVICE 0.7%
1,371 Advantage Sales &
Marketing, Inc., Term
Loan ............................................... 4.73 03/29/13 1,295,459
1,588 Center Cut Hospitality,
Inc., Term Loan .................................... 5.58 07/06/14 1,333,920
995 Sagittarius Restaurants,
LLC, Term Loan ..................................... 9.50 03/29/13 766,091
4,926 Volume Services
America, Inc., Term
Loan ............................................... 6.57 10/01/10 4,309,913
--------------
7,705,383
--------------
RETAIL - OIL & GAS 0.6%
7,660 Pantry, Inc. (The), Term
Loan ............................................... 4.62 05/15/14 6,760,171
--------------
RETAIL - SPECIALTY 2.1%
E 7,796 Travelport, Term Loan ................................. 6.98 08/23/13 10,864,015
E 9,500 Zapf, Term Loan
(Germany) .......................................... 8.31 11/30/12 14,833,784
--------------
25,697,799
--------------
RETAIL - STORES 4.4%
3,000 CSK Automotive, Inc.,
Term Loan .......................................... 9.75 06/29/12 2,985,000
15,000 Dollar General Corp,
Term Loan .......................................... 5.42 to 5.65 07/06/14 13,755,725
8,935 General Nutrition
Centers, Inc., Term
Loan ............................................... 4.94 09/16/13 7,946,487
19,000 Guitar Center, Inc.,
Term Loan .......................................... 6.40 10/09/14 16,102,500
9,899 Michaels Stores, Inc.,
Term Loan .......................................... 5.00 10/31/13 8,778,379
2,000 Neiman Marcus Group,
Inc. Term Loan ..................................... 4.76 04/06/13 1,914,584
1,985 Sally Holdings, Inc.,
Term Loan .......................................... 5.70 11/16/13 1,895,212
--------------
53,377,887
--------------
TELECOMMUNICATIONS - EQUIPMENT & SERVICES 3.5%
E 10,000 Fibernet, Term LOAN
(Bulgaria) ......................................... 7.60 to 8.10 12/20/14 to 12/20/15 14,131,131
E 18,960 Orion, Term Loan
(Germany) .......................................... 2.75 to 7.64 02/02/14 28,114,289
--------------
42,245,420
--------------
TELECOMMUNICATIONS - LOCAL EXCHANGE CARRIERS 1.1%
8,284 Global Tel*Link Corp.,
Term Loan .......................................... 6.20 to 6.56 02/14/13 7,372,385
3,156 Hawaiian Telcom
Communications, Inc.,
Term Loan .......................................... 4.95 06/01/14 2,382,921
2,779 NuVox Transition
Subsidiary, LLC, Term
Loan ............................................... 6.05 05/31/14 2,528,890
1,478 Sorenson
Communications, Inc.,
Term Loan .......................................... 5.20 04/27/14 1,391,361
--------------
13,675,557
--------------
TELECOMMUNICATIONS - WIRELESS 3.0%
5,970 Alltel Holdings, Term
Loan ............................................... 5.47 05/16/15 5,497,791
8,466 Asurion Corp., Term
Loan ............................................... 6.10 07/03/14 7,835,017
6,857 Intelsat Ltd., Term Loan
(Bermuda) .......................................... 5.20 02/01/14 6,852,000
16,819 MetroPCS Wireless,
Inc., Term Loan .................................... 5.50 11/03/13 15,890,689
--------------
36,075,497
--------------
TEXTILES & LEATHER 0.6%
3,492 Gold Toe Investment
Corp., Term Loan ................................... 5.64 to 8.87 10/30/13 to 04/30/14 2,692,459
5,000 Levi Strauss & Co, Term
Loan ............................................... 4.99 03/27/14 4,316,665
--------------
7,009,124
--------------
TRANSPORTATION - CARGO 0.5%
9,000 JHCI Acquisitions, Inc.,
Term Loan .......................................... 8.37 12/19/14 6,480,000
--------------
TRANSPORTATION - PERSONAL 0.5%
11,443 Coach America
Holdings, Inc., Term
Loan ............................................... 5.45 to 9.16 04/20/14 to 10/20/14 6,299,586
--------------
UTILITIES 2.5%
5,000 Bicent Power LLC, Term
Loan .................................................. 6.70 12/31/14 4,359,375
4,900 First Light Power
Resources, Inc., Term
Loan ............................................... 5.04 to 7.13 11/01/13 to 05/01/14 4,204,165
5,364 NRG Energy, Inc., Term
Loan ............................................... 4.20 02/01/13 5,158,144
11,292 Texas Competitive
Electric Holdings Co.,
LLC, Term Loan ..................................... 6.48 10/10/14 10,832,907
6,000 TPF Generation
Holdings, LLC, Term
Loan ............................................... 6.95 12/15/14 5,437,500
--------------
29,992,091
--------------
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS ** 117.0% ... 1,405,247,951
--------------
NOTES 23.0%
BROADCASTING - CABLE 3.0%
E 18,500 Kabel DeutschLAND
(Germany) (f) ...................................... 10.75 07/01/14 30,403,401
5,000 Kabel Deutschland
(Germany) .......................................... 10.63 07/01/14 5,225,000
--------------
35,628,401
--------------
BUILDINGS & REAL ESTATE 3.0%
E 16,865 Eco-bat Finance PLC
(United Kingdom) (f) ................................. 10.13 01/31/13 27,518,893
E 6,000 Grohe Holding GmbH
(Germany) .......................................... 7.62 01/15/14 8,548,944
--------------
36,067,837
--------------
CHEMICAL, PLASTICS & RUBBER 0.4%
5,000 Cognis GmbH
(Germany) (f) ...................................... 4.80 09/15/13 4,525,000
--------------
CONSTRUCTION MATERIAL 0.1%
2,000 Compression Polymers
Corp. .............................................. 11.47 07/01/12 1,635,000
--------------
CONTAINERS, PACKAGING & GLASS 4.6%
E 8,900 Ardagh Glass FinANCE
BV (Ireland) (f) ................................... 8.88 07/01/13 13,931,655
E 12,000 Ardagh Glass Finance
(Ireland) .......................................... 7.13 06/15/17 17,027,622
E 15,725 Pregis Corp. .......................................... 9.75 04/15/13 24,615,200
--------------
55,574,477
--------------
HOTELS, MOTELS, INNS & GAMING 0.2%
E 2,000 Codere Fin LuxembOURG
SA (Luxembourg) (f) ................................ 8.25 06/15/15 2,834,034
--------------
MINING, STEEL, IRON & NON-PRECIOUS METALS 3.2%
E 6,000 FMG Finance Pty LTD
(Australia) (f) .................................... 9.75 09/01/13 9,837,141
24,500 FMG Finance Pty Ltd
(Australia) (f) .................................... 10.63 09/01/16 27,991,250
--------------
37,828,391
--------------
TELECOMMUNICATIONS - EQUIPMENT & SERVICES 3.4%
E 15,825 Magyar Telecom (InvTEL)
(Netherlands) (f) .................................. 10.75 08/15/12 24,061,324
E 12,000 Versatel Ag
(Germany) (f) ...................................... 7.36 06/15/14 16,114,173
--------------
40,175,497
--------------
TELECOMMUNICATIONS - WIRELESS 3.2%
E 13,000 Wind Acquisition FiN SA
(Italy) (f) ........................................ 9.75 12/01/15 21,237,684
16,000 Wind Acquisition Fin SA
(Italy) (f) ........................................ 10.75 12/01/15 17,320,000
--------------
38,557,684
--------------
TRANSPORTATION - CARGO 1.6%
E 12,450 Cb Bus Ab (Sweden) .................................... 9.13 08/01/09 19,051,263
--------------
UTILITIES 0.3%
L 2,000 InterGEN NV
(Netherlands) (f) .................................. 9.50 06/30/17 4,058,401
--------------
TOTAL NOTES 23.0% ..................................... 275,935,985
--------------
TOTAL LONG-TERM INVESTMENTS 140.0%
(Cost $1,829,788,907)............................................ 1,681,183,936
SHORT-TERM INVESTMENTS 2.4%
REPURCHASE AGREEMENTS 2.2%
State Street Bank & Trust Co. ($26,800,000 par collateralized by
U.S. Government obligations in a pooled cash account,
interest rate of 1.65%, dated 04/30/08, to be sold on 5/01/08
at $26,801,228) (f) ............................................... 26,800,000
TIME DEPOSIT 0.2%
State Street Bank & Trust Corp. ($1,953,357 par, 0.20%
coupon, dated 4/30/08, to be sold on 05/01/08 at $1,953,368) (f)... 1,953,357
--------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $28,753,357)................................................. 28,753,357
--------------
TOTAL INVESTMENTS 142.4%
(Cost $1,858,542,264).............................................. 1,709,937,293
FOREIGN CURRENCY 1.0%
(Cost $12,465,622)................................................. 12,470,323
LIABILITIES IN EXCESS OF OTHER ASSETS (43.4%)......................... (521,494,573)
--------------
NET ASSETS 100.0%..................................................... $1,200,913,043
==============
Par amounts are denominated in US currency unless otherwise noted.
Percentages are calculated as a percentage of net assets.
(a) Payment-in-kind security.
(b) This Senior Loan interest is non-income producing.
(c) The borrower is in the process of restructuring or amending the terms of
this loan.
(d) This borrower has filed for protection in federal bankruptcy court.
(e) All or a portion of this security is designated in connection with unfunded
loan commitments.
(f) 144A-Private Placement security which is exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. This security may only
be resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
* 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. Although the
Fund is unable to accurately estimate the actual remaining maturity of
individual Senior Loans, the Fund estimates that the actual average
maturity of the Senior Loans held in its portfolio will be approximately
18-24 months.
** 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.
E - Euro
L - Great Britain Pound
kr - Swedish Krona
SWAP AGREEMENTS OUTSTANDING AS OF APRIL 30, 2008:
CREDIT DEFAULT SWAPS
PAY/
RECEIVE NOTIONAL
REFERENCE BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY ENTITY/INDEX PROTECTION RATE DATE (000 PAYMENTS VALUE
------------------------------------------------------------------------------------------------------------------------
Bank of America
N.A. Cognis GMBH ........ Sell 3.90% 12/20/09 $ 7,433 $ 0 $ 142,073
Bank of America Seat Pagine Gialle
N.A. S.P.A. .......... Sell 3.35 09/20/12 7,433 0 (703,400)
Bank of America Seat Pagine Gialle
N.A. S.P.A. .......... Sell 3.65 12/20/12 7,433 0 (682,722)
Bank of America
N.A. Smurfit Kappa ...... Sell 4.25 12/20/12 7,433 0 (149,787)
Citigroup Global
Markets
Limited Basell AF S.C.A. ... Sell 4.05 12/20/09 7,433 0 (447,509)
Citigroup Global
Markets
Limited M-Real Oyj ......... Sell 4.25 12/20/09 7,433 0 (312,508)
Credit Suisse Codere Finance
International (Luxembourg)
S.A. ............ Sell 3.42 09/20/12 7,433 0 (398,802)
Deutsche Bank M-Real Oyj ......... Sell 4.15 12/20/09 7,433 0 (333,569)
Goldman Sachs Boston
Capital Generating,
Markets, L.P. LLC ............. Sell 2.00 06/20/09 4,000 0 9,470
Goldman Sachs Texas
Capital Competitive
Markets, L.P. Electric
Holdings
Company ......... Sell 2.85 06/20/10 5,000 0 74,797
Goldman Sachs
Credit British Energy
Partners, L.P. PLC Sell 3.50 12/20/12 22,300 0 1,755,839
Goldman Sachs
Credit
Partners, L.P. CDX.NA.HY.9 ........ Sell 3.75 12/20/13 39,600 (1,541,500) (2,103,539)
Goldman Sachs
Credit Citgo Petroleum
Partners, L.P. Corporation ..... Sell 3.00 12/20/10 5,000 0 243,911
PAY/
RECEIVE NOTIONAL
REFERENCE BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY ENTITY/INDEX PROTECTION RATE DATE (000 PAYMENTS VALUE
------------------------------------------------------------------------------------------------------------------------
Goldman Sachs
Credit Gala Group
Partners, L.P. Finance Ltd......... Sell 3.45% 12/20/12 $ 7,433 $ 0 $ (167,670)
Goldman Sachs
Credit Gala Group
Partners, L.P. Finance Ltd........ Sell 4.15 03/20/13 7,433 0 (11,327)
Credit Grohe Holding
Partners L.P. GMBH ............ Sell 4.25 12/20/09 14,866 0 198,905
Goldman Sachs K. Hovnanian
Credit Enterprises,
Partners, L.P. Inc. ............ Sell 4.69 09/20/12 5,000 0 (1,034,612)
Goldman Sachs
Credit
Partners, L.P. LCDX.NA.9 .......... Sell 2.25 6/20/12 50,000 (3,935,000) (1,389,307)
Goldman Sachs
Credit
Partners, L.P. M-Real Oyj ......... Sell 3.10 09/20/08 7,433 0 (28,664)
Goldman Sachs
Credit
Partners, L.P. M-Real Oyj ......... Sell 3.45 09/20/09 7,433 0 (304,866)
Goldman Sachs
Credit Peermont Global
Partners, L.P. Limited ......... Sell 3.50 09/20/12 7,433 0 (536,423)
Goldman Sachs
Credit Standard Pacific
Partners, L.P. Corporation ..... Sell 4.77 09/20/12 5,000 0 (961,664)
Goldman Sachs
Credit
Partners, L.P. UPC Holding B.V. ... Sell 3.45 09/20/12 7,433 0 (162,951)
Goldman Sachs
International, L.P. CDX.NA.HY.10 ....... Sell 5.00 06/20/13 40,000 (2,093,750) (775,603)
Goldman Sachs LCDX.NA.10 .........
International, L.P. Sell 3.25 06/20/13 40,000 (875,000) (257,842)
UBS AG M-Real Oyj ......... Sell 3.05 09/20/08 7,433 424 (30,654)
UBS AG Rank Group PLC ..... Sell 4.25 12/20/12 14,866 0 (338,749)
----------- -----------
TOTAL CREDIT DEFAULT
SWAPS $(8,444,826) $(8,707,173)
----------- -----------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AS OF APRIL 30, 2008 :
UNREALIZED
IN EXCHANGE CURRENT APPRECIATION/
FOR VALUE DEPRECIATION
-----------------------------------------
LONG CONTRACTS:
Euro
752,792 expiring 7/16/08................. US $ 1,171,283 $ 2,273
799,328 expiring 7/16/08................. US $ 1,243,690 (12,694)
344,701 expiring 7/16/08................. US $ 536,327 (1,820)
7,735,000 expiring 7/16/08............... US $ 12,035,035 (170,022)
840,000 expiring 7/16/08................. US $ 1,306,972 (9,056)
165,000 expiring 7/16/08................. US $ 256,727 (4,864)
-----------
$ (196,183)
-----------
Pound Sterling
1,015,000 expiring 7/16/08............... US $ 2,007,157 5,577
-----------
Swedish Krona
154,226 expiring 7/16/08................. US $ 25,653 (73)
328,475 expiring 7/16/08................. US $ 54,637 (269)
-----------
$ (342)
-----------
Total Long Contracts (190,948)
-----------
SHORT CONTRACTS:
Euro
254,242,754 expiring 7/16/08............. US $ 395,581,165 (4,454,112)
3,100,000 expiring 7/16/08............... US $ 4,823,349 49,851
6,253,997 expiring 7/16/08............... US $ 9,730,714 56,166
3,536,228 expiring 7/16/08............... US $ 5,502,085 21,857
3,875,001 expiring 7/16/08............... US $ 6,029,188 34,413
1,342,328 expiring 7/16/08............... US $ 2,088,554 21,921
7,979,046 expiring 7/16/08............... US $ 12,414,750 209,696
13,286,703 expiring 7/16/08.............. US $ 20,673,035 494,011
7,893,387 expiring 7/16/08............... US $ 12,281,472 40,500
511,250 expiring 7/16/08................. US $ 795,464 1,856
6,220,641 expiring 7/16/08............... US $ 9,678,814 (26,868)
1,760,000 expiring 7/16/08............... US $ 2,738,418 (5,313)
-----------
(3,556,022)
-----------
Pound Sterling
4,180,160 expiring 7/16/08............... US $ 8,266,246 (33,002)
153,935 expiring 7/16/08................. US $ 304,406 (4,433)
117,371 expiring 7/16/08................. US $ 232,101 (2,359)
-----------
(39,794)
-----------
Swedish Krona
24,150,731 expiring 7/16/08.............. US $ 4,017,098 (79,265)
730,000 expiring 7/16/08................. US $ 121,424 415
578,306 expiring 7/16/08................. US $ 96,192 1,411
-----------
(77,439)
-----------
Total Short Contracts (3,673,255)
-----------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(3,864,203)
===========
SUMMARY OF LONG-TERM INVESTMENTS BY COUNTRY CLASSIFICATION
PECENTAGE OF
LONG-TERM
COUNTRY VALUE INVESTMENTS
---------------------------------------------
United States 1,174,486,541 69.9%
Germany 168,861,622 10.1%
United Kingdom 51,026,820 3.0%
Luxembourg 41,391,718 2.5%
Australia 37,828,391 2.3%
Ireland 35,396,399 2.1%
Belgium 29,511,422 1.8%
Netherlands 28,119,725 1.7%
Greece 27,631,826 1.6%
Sweden 27,611,906 1.6%
Hungary 15,365,191 0.9%
Bulgaria 14,131,131 0.8%
Canada 10,247,877 0.6%
Bermuda 6,852,000 0.4%
Cayman Islands 7,281,471 0.4%
Spain 5,439,896 0.3%
------------- -----
1,681,183,936 100.0%
------------- -----
RATINGS ALLOCATION AS OF 4/30/08
BBB/Baa 1.4%
BB/Ba 31.9%
B/B 35.1%
CCC/Caa 6.6%
Non-Rated 25.0%
RATINGS ALLOCATIONS ARE AS A PERCENTAGE OF LONG-TERM DEBT OBLIGATIONS. RATINGS
ALLOCATIONS BASED UPON RATINGS AS ISSUED BY STANDARD AND POOR'S AND MOODY'S,
RESPECTIVELY. BANK LOANS RATED BELOW BBB BY STANDARD AND POOR'S OR BAA BY
MOODY'S ARE CONSIDERED TO BE BELOW INVESTMENT GRADE.
Item 2. Controls and Procedures.
(a) The Fund's principal executive officer and principal financial officer have
concluded that the Fund's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Fund in this Form N-Q
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 Fund's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Fund's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(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 Dynamic Credit Opportunities Fund
By: /s/ Jerry W. Miller
-------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: June 19, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Jerry W. Miller
-------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: June 19, 2008
By: /s/ Stuart N. Schuldt
-------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 19, 2008