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) Ronald Robison 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: 10/31/07 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 | OCTOBER 31, 2007 (UNAUDITED) PRINCIPAL AMOUNT STATED (000) BORROWER COUPON MATURITY * VALUE --------- ------------------------------ -------------- -------------------- -------------- VARIABLE RATE** SENIOR LOAN INTERESTS 93.2% AEROSPACE/DEFENSE 0.7% $ 4,710 DeCrane Aircraft Holdings, Inc., Term Loan ...................... 7.99 to 9.25 02/21/13 $ 4,639,390 2,439 IAP Worldwide Services, Inc., Term Loan ...................... 11.50 12/30/12 2,216,760 3,000 Wesco Aircraft Hardware Corp., Term Loan ...................... 10.95 03/28/14 3,022,500 -------------- 9,878,650 -------------- AUTOMOTIVE 2.5% 24,937 Ford Motor Co., Term Loan ...................... 8.70 12/15/13 24,053,038 2,872 Metokote Corp., Term Loan ...................... 7.76 to 8.55 11/27/11 2,832,206 950 Navistar International Corp., Revolving Credit Agreement .......... 8.23 01/19/12 935,631 3,667 Navistar International Corp., Term Loan .......... 8.23 01/19/12 3,611,209 1,360 Precision Partners, Inc., Term Loan ................. 8.70 10/27/13 1,312,526 1,943 Textron Fastening Systems, Term Loan ........ 8.70 08/11/13 1,913,456 -------------- 34,658,066 -------------- BEVERAGE, FOOD & TOBACCO 6.1% 1,383 Advantage Sales & Marketing Inc., Term Loan ...................... 6.82 03/29/13 1,336,557 10,193 Birds Eye Foods Investments, Inc., Term Loan ........... 10.50 07/11/12 9,836,002 6,626 Coleman Natural Foods, LLC, Term Loan ............ 10.01 08/22/12 5,996,594 8,990 Culligan International Co., Term Loan ............ 7.26 11/24/12 8,428,125 9,976 Dole Food Co., Inc., Term Loan ................. 5.11 to 8.50 04/12/13 9,705,000 10,000 DSW Holdings, Inc., Term Loan ................. 9.13 03/07/12 9,750,000 SEK27,307 Findus Ab, Term Loan (Sweden) .................. 6.11 to 6.61 11/15/15 4,188,311 EUR 3,185 Foodvest Ltd., Term Loan (Sweden) ............ 6.59 to 7.09 03/17/14 4,475,038 5,000 FSB Holdings, Inc., Term Loan ................. 7.38 03/29/14 4,925,000 EUR 6,000 Iglo Birds Eye, Term Loan (United Kingdom) ..... 6.55 to 7.19 12/31/14 to 12/31/15 0 1,077 National Dairy Holdings, L.P., Term Loan ........... 8.82 03/15/12 1,052,959 13,965 Pinnacle Foods Finance, LLC, Term Loan ............ 7.95 04/02/14 13,533,579 3,413 Southern Wine & Spirits of America, Inc., Term Loan ................. 6.70 05/31/12 3,406,101 3,000 Van Houtte Inc., Term Loan ...................... 10.70 01/19/15 2,940,000 4,951 Volume Services America, Inc., Term Loan ...................... 8.43 to 8.75 10/01/10 4,901,494 -------------- 84,474,760 -------------- BROADCASTING - CABLE 4.1% 20,725 Charter Communications Operating, LLC, Term Loan ...................... 6.99 03/06/14 19,951,273 19,338 CSC Holdings Inc., Term Loan ................. 6.38 02/24/12 18,854,466 1,500 CW Media Holdings, Inc., Term Loan (Canada) .. 8.50 02/15/15 1,500,000 EUR12,000 Kabel Baden-Wuerttemburg, Term Loan (Germany) ....... 7.26 to 7.76 09/27/14 to 09/27/15 16,923,879 -------------- 57,229,618 -------------- BROADCASTING - DIVERSIFIED 0.6% 8,100 Alpha Topco Ltd., Term Loan (United Kingdom) .......... 7.92 to 9.04 12/31/13 to 06/30/14 7,948,950 -------------- BROADCASTING - RADIO 0.3% 1,000 NextMedia Operating, Inc., Term Loan ........... 9.36 11/15/13 955,000 3,000 Spanish Broadcasting System, Inc., Term Loan ...................... 6.95 06/11/12 2,846,250 -------------- 3,801,250 -------------- BROADCASTING - TELEVISION 2.0% 1,000 New Vision Television, Term Loan .................... 8.13 to 11.63 11/01/14 990,000 28,993 Univision Communications, Inc., Term Loan ................. 7.00 to 7.21 09/29/14 27,525,503 -------------- 28,515,503 -------------- BUILDINGS & REAL ESTATE 4.0% 2,000 El Ad IDB Las Vegas LLC, Term Loan ............ 9.12 08/10/08 1,980,000 7,490 Ginn LA CS Borrower, LLC, Term Loan (b) ........ 8.60 to 12.70 06/08/11 to 06/08/12 5,628,491 5,000 Kyle Acquisition Group, LLC, Term Loan ............ 8.38 07/20/08 to 07/20/10 4,662,500 1,806 Lake at Las Vegas Joint Venture, LLC, Revolving Credit Agreement (b) ............. 24.60 06/20/12 1,185,649 16,422 Lake at Las Vegas Joint Venture, LLC, Term Loan (b) .................. 11.21 to 15.30 01/24/08 to 06/20/12 11,809,910 2,992 Landsource Communities Development, LLC, Term Loan ................. 8.25 02/27/13 2,666,496 3,000 Metroflag BP, LLC, Term Loan ................. 14.09 07/06/09 2,970,000 2,000 North Las Vegas, Term Loan ...................... 11.82 05/30/12 1,600,000 4,996 Pivotal Promontory, Term Loan ................ 9.25 to 13.00 08/31/10 to 08/31/11 4,638,543 2,994 Realogy Corp., Term Loan ...................... 7.97 to 8.24 10/10/13 2,790,493 4,912 Rhodes Ranch General Partnership, Term Loan ...................... 8.70 to 13.11 11/21/10 to 11/21/11 4,078,823 2,985 Shea Capital I, LLC, Term Loan ................. 7.20 10/27/11 2,559,573 2,338 Shea Mountain House, LLC, Term Loan ............ 6.75 05/11/11 1,999,308 2,000 Standard Pacific Corp., Term Loan ................. 7.27 05/05/13 1,690,000 2,496 Tamarack Resort, LLC, Term Loan ................. 8.45 to 11.75 05/19/11 2,184,194 1,493 TOUSA, Inc., Term Loan .................. 9.82 07/31/12 1,463,583 1,750 WCI Communities, Inc, Term Loan ................. 8.62 12/23/10 1,682,625 -------------- 55,590,188 -------------- BUSINESS EQUIPMENT & SERVICES 2.8% 10,993 Edwards (Cayman Islands II) Ltd, Term Loan ...................... 7.54 to 11.29 05/31/14 to 11/30/14 9,982,950 2,000 HydroChem Industrial Services, Inc., Term Loan ...................... 10.85 07/12/14 1,990,000 995 NCO Financial Systems, Term Loan ................. 8.20 to 8.50 05/15/13 968,247 4,988 RGIS Services LLC., Term Loan ...................... 7.25 04/30/14 4,800,469 1,995 SMG Holdings, Inc., Term Loan ................. 8.23 to 8.31 07/27/14 1,935,150 19,950 VNU, Inc. Term Loan ................. 7.36 08/09/13 19,453,683 -------------- 39,130,499 -------------- CHEMICALS, PLASTICS & RUBBER 6.0% 5,992 Arizona Chemical, Co., Term Loan ................. 7.54 to 11.01 02/28/13 to 02/28/14 5,627,743 EUR10,931 Borsodchem, Term Loan (Hungary) ................. 6.98 to 7.48 09/19/14 to 09/09/15 15,619,566 5,000 Brenntag Holdings GMBH & Co. KG, Term Loan (Germany) ....... 9.39 07/17/15 4,809,375 EUR 3,000 Cognis Deutschland, Term Loan (Germany) ....... 6.89 09/01/13 4,197,430 4,964 Fibervisions Delaware Corp., Term Loan .......... 8.70 03/31/13 4,666,546 10,000 Foamex L.P., Term Loan ....... 9.99 02/12/14 9,183,330 EUR 6,000 Ineos Group Holdings, Plc, Term Loan (United Kingdom) .......... 7.24 to 7.74 12/01/13 8,615,871 EUR12,800 Momentive Performance, Term Loan ...................... 6.67 12/14/13 18,024,302 14,000 Wellman, Inc., Term Loan ...................... 9.36 to 12.11 02/10/09 to 02/10/10 12,526,500 -------------- 83,270,663 -------------- CONSTRUCTION MATERIAL 1.1% 1,995 Axia, Inc., Term Loan ........ 9.95 12/21/12 1,595,939 8,978 Building Materials Corp. of America, Term Loan ...................... 7.81 to 10.81 03/15/14 to 09/15/14 7,839,843 2,992 Building Materials Holdings Corp., Term Loan ...................... 7.70 11/10/13 2,768,010 2,000 Custom Building Products, Inc., Term Loan ...................... 10.20 04/29/12 1,860,000 1,995 Masonite International Corp., Term Loan (Canada) .................. 7.08 to 7.23 04/06/13 1,879,220 -------------- 15,943,012 -------------- CONTAINERS, PACKAGING & GLASS 2.3% 5,200 Altivity Packaging LLC, Term Loan ................. 9.75 12/30/13 5,235,750 8,000 Berlin Packaging LLC, Term Loan ................. 8.35 to 11.85 08/17/14 to 08/17/15 7,835,000 3,990 Berry Plastics Group, Inc., Term Loan ........... 7.36 04/03/15 3,882,744 4,042 Berry Plastics Group, Inc., Term Loan (b) ....... 12.24 06/05/14 3,719,008 6,000 Consolidated Container Co., LLC, Term Loan ....... 7.04 to 11.04 03/28/14 to 09/28/14 5,463,750 2,799 Solo Cup Co., Term Loan ...................... 8.45 to 9.75 02/27/11 2,797,907 2,992 Unifrax Corp., Term Loan ...................... 7.06 05/02/13 2,934,427 -------------- 31,868,586 -------------- DIVERSIFIED MANUFACTURING 0.5% 6,992 Euramax International, Inc., Term Loan ........... 8.24 to 13.24 06/29/12 to 06/29/13 6,393,889 -------------- ECOLOGICAL 1.0% 3,800 Energy Solutions, LLC., Term Loan ................. 9.83 12/31/14 3,804,750 10,250 Synagro Technologies, Inc., Term Loan ........... 10.25 10/02/14 9,942,500 -------------- 13,747,250 -------------- EDUCATION & CHILD CARE 1.1% 10,000 Cengage Learning Holdings II, L.P., Term Loan ...................... 7.95 07/05/14 9,694,440 500 Educate, Inc., Term Loan ...................... 10.45 06/14/14 493,750 5,000 Nelson Education Ltd., Term Loan (Canada) ........ 11.20 07/05/15 4,850,000 -------------- 15,038,190 -------------- ELECTRONICS 2.6% 3,000 Ax Acquisition, Term Loan ...................... 9.31 08/15/14 2,880,000 4,000 Dealer Computer Services, Inc., Term Loan ...................... 10.70 10/26/13 4,010,000 3,000 Infor Enterprise Solutions Holdings, Inc., Term Loan ........... 8.95 07/28/12 2,925,000 5,000 Kronos Inc., Term Loan ....... 10.95 06/11/15 4,687,500 7,980 Open Solutions, Inc., Term Loan ................. 7.28 01/23/14 7,655,768 4,980 Stratus Technologies, Inc., Term Loan ........... 8.95 03/29/11 4,706,005 9,854 Verint Systems, Inc., Term Loan ................. 8.11 05/25/14 9,632,134 -------------- 36,496,407 -------------- ENTERTAINMENT & LEISURE 5.2% 5,000 Bushnell Inc., Term Loan ...................... 8.88 08/24/13 4,975,000 2,926 Fender Musical Instruments Corp., Term Loan ................. 7.65 06/09/14 2,823,590 47,502 Metro-Goldwyn-Mayer, Studios Inc., Term Loan ...................... 8.45 04/08/12 45,661,531 4,987 Panavision, Inc., Term Loan ...................... 8.44 to 9.04 03/30/11 4,819,051 EUR 7,796 Travelport, Term Loan ........ 6.98 08/23/13 11,080,686 2,500 True Temper Sports, Inc., Term Loan ........... 8.70 03/15/11 2,412,500 -------------- 71,772,358 -------------- FARMING & AGRICULTURE 0.5% 7,000 Wm. Bolthouse Farms, Inc., Term Loan ................. 10.70 12/16/13 6,984,691 -------------- FINANCE 5.7% 4,000 Daimler Chrysler Financial Services, Term Loan ................. 9.36 08/03/12 3,999,616 2,868 DCS Business Services, Inc., Term Loan ........... 10.50 02/04/11 2,552,755 EUR15,000 First Data Corp., Term Loan ...................... 7.48 09/24/14 21,035,647 19,000 First Data Corp., Term Loan ...................... 7.96 09/24/14 18,354,579 6,490 National Processing Company Group, Term Loan ................. 8.13 to 9.50 09/29/12 6,406,067 8,000 Outsourcing Solutions, Inc., Term Loan ........... 9.86 to 10.32 06/17/10 to 09/30/10 7,960,000 2,789 Oxford Acq. III Ltd, Term Loan (United Kingdom) .......... 6.90 05/11/14 2,654,469 1,500 Riskmetrics Group Holdings, LLC, Term Loan ...................... 10.70 07/11/14 1,477,500 10,000 RJO Holdings Corp., Term Loan ................. 7.76 to 11.51 07/12/14 to 07/12/15 9,156,250 5,493 Transfirst Holdings, Inc., Term Loan ................. 7.95 to 11.20 06/15/14 to 06/15/15 5,285,300 -------------- 78,882,183 -------------- HEALTH & BEAUTY 1.2% 7,500 American Safety Razor Co., Term Loan ............ 11.69 01/30/14 7,500,000 6,772 Marietta Intermediate Holdings., Term Loan (b) .................. 9.36 to 13.15 12/17/10 to 12/17/11 5,746,728 4,988 Philosophy, Inc., Term Loan ...................... 6.85 to 6.99 03/16/14 4,463,813 -------------- 17,710,541 -------------- HEALTHCARE 4.1% 5,000 Capella Healthcare, Inc., Term Loan ................. 7.70 11/30/12 4,831,250 2,814 Community Health Systems, Inc., Term Loan ...................... 7.76 07/25/14 2,752,821 4,995 Concentra, Inc., Term Loan ...................... 7.45 to 10.86 06/25/14 to 06/25/15 4,766,381 16,930 HCA, Inc., Term Loan ......... 7.20 to 7.45 11/17/12 to 11/17/13 16,488,168 2,992 Health Management Associates, Inc., Term Loan ...................... 6.50 to 6.95 02/28/14 2,866,133 1,978 HealthCare Partners, Term Loan ................. 6.58 10/31/13 1,929,000 8,495 Inverness Medical Innovations, Inc., Term Loan ................. 7.20 to 9.45 06/26/14 to 06/26/15 8,445,406 1,994 Matria Healthcare, Inc., Term Loan ................. 7.20 to 7.50 01/19/12 1,953,847 6,250 Surgical Care Affiliates, LLC., Revolving Credit Agreement ................. 7.45 06/29/13 5,687,500 3,380 United Surgical Partners International, Term Loan ................. 7.37 to 7.43 04/19/14 3,259,385 5,000 Viant Holdings Inc., Term Loan ................. 7.45 06/25/14 4,687,500 -------------- 57,667,391 -------------- HOME & OFFICE FURNISHINGS, HOUSEWARES & DURABLE CONSUMER PRODUCTS 1.1% 9,070 Hunter Fan Co., Term Loan ...................... 8.03 to 12.28 04/16/14 to 10/16/14 7,710,551 995 Lenox, Inc., Term Loan ....... 9.32 to 9.57 04/20/13 935,300 4,000 National Bedding Co., LLC, Term Loan ............ 9.75 08/31/12 3,710,000 2,923 Quality Home Brands Holdings, LLC, Term Loan ...................... 7.64 to 7.70 12/20/12 2,686,909 -------------- 15,042,760 -------------- HOTELS, MOTELS, INNS & GAMING 2.8% 2,202 Cannery Casino Resorts, LLC, Term Loan ...................... 2.25 to 7.97 05/18/13 2,138,662 GBP 2,610 Gala Group Ltd., Term Loan (United Kingdom) .......... 8.80 12/01/12 5,201,031 1,000 Greektown Casino, LLC, Term Loan ................. 8.00 12/03/12 964,517 3,000 Kuilima Resort Co., Term Loan (c) ............. 13.00 09/30/11 1,125,000 8,700 Magnolia Hill, LLC, Term Loan ................. 8.02 to 14.00 10/30/13 to 04/24/14 8,700,000 7,500 Wembley, Inc., Term Loan ...................... 7.26 to 9.72 08/23/11 to 07/18/12 7,128,750 4,851 Wimar OPCO LLC, Term Loan ...................... 7.45 01/03/12 4,741,631 9,149 Yonkers Racing Corp., Term Loan ................. 10.88 08/12/11 9,171,743 -------------- 39,171,334 -------------- INSURANCE 2.3% 7,481 AmWins Group Inc, Term Loan ................. 8.05 to 8.17 06/08/13 7,107,188 4,922 C.G. JCF Corp., Term Loan ...................... 8.32 08/01/14 4,848,495 3,000 Concord Re, Ltd., Term Loan ...................... 9.23 02/29/12 2,985,000 6,492 HMSC Holdings Corp., Term Loan ................. 7.46 to 10.71 04/03/14 to 10/03/14 6,115,357 5,860 Mitchell International, Inc., Term Loan ........... 10.50 03/28/15 5,391,200 6,000 Vertafore, Inc., Term Loan ...................... 11.26 to 11.51 01/31/13 5,835,000 -------------- 32,282,240 -------------- MEDICAL PRODUCTS & SERVICES 1.6% 20,000 Biomet Inc., Term Loan ....... 8.20 03/25/15 19,930,680 3,000 VWR Funding, Inc., Term Loan ................. 7.70 06/29/14 2,903,439 -------------- 22,834,119 -------------- MINING, STEEL, IRON & NON-PRECIOUS METALS 1.5% 7,635 John Maneely Co., Term Loan ...................... 8.50 to 8.61 12/08/13 7,138,921 -------------- NATURAL RESOURCES 0.8% 8,000 CDX Funding, LLC, Term Loan ................. 11.39 03/31/13 7,720,000 3,000 Dresser, Inc., Term Loan ...................... 11.13 05/04/15 2,930,625 997 Key Energy Group, Inc., Term Loan ...................... 7.25 to 7.86 06/30/12 994,657 -------------- 11,645,282 -------------- NON-DURABLE CONSUMER PRODUCTS 6.2% 11,408 Aearo Technologies, Inc., Term Loan ........... 7.45 to 10.70 09/24/13 to 06/01/14 11,033,813 6,771 Amscan Holdings, Inc., Term Loan ................. 7.35 to 7.75 05/25/13 to 11/30/14 6,567,857 5,993 Huish Detergents, Inc., Term Loan ................. 7.20 to 9.45 04/26/14 to 10/26/14 5,472,661 9,400 KIK Custom Products, Inc., Term Loan ........... 7.46 to 10.20 05/31/14 to 11/30/17 8,125,000 5,000 Mattress Holdco, Inc., Term Loan ...................... 7.32 to 7.41 01/18/14 4,750,000 2,000 Mega Brands, Inc., Term Loan (Canada) ............. 7.63 07/26/12 1,922,500 998 Nice Pak Products, Term Loan ................. 8.46 to 8.65 06/18/14 987,525 EUR20,000 Ontex, Term Loan (Belgium) ................. 8.35 to 8.85 07/05/12 to 07/05/13 28,608,842 695 Spectrum Brands, Inc., Revolving Credit Agreement ................. 9.12 03/30/13 685,852 13,870 Spectrum Brands, Inc., Term Loan ................. 9.24 to 9.75 03/30/13 13,682,755 5,000 Targus Group International, Inc., Term Loan ................. 13.87 05/22/13 4,675,000 -------------- 86,511,805 -------------- PAPER & FOREST PRODUCTS 0.3% 4,000 Ainsworth Lumber Co., Ltd., Term Loan ........... 7.82 06/26/14 3,860,000 -------------- PHARMACEUTICALS 1.1% 15,000 Mylan Laboratories, Inc. Term Loan .................. 9.75 10/15/08 14,925,000 -------------- PRINTING & PUBLISHING 10.8% 2,000 Advanstar Communications, Inc., Term Loan ................. 7.45 05/31/14 1,905,000 10,000 American Media Operations, Inc., Term Loan ...................... 8.80 01/31/13 9,887,500 2,117 Ascend Media Holdings, LLC, Term Loan ............ 9.45 01/31/12 904,893 1,202 Canon Communications, LLC, Term Loan ............ 7.82 05/31/11 1,194,768 1,430 Dex Media West, LLC, Term Loan ................. 6.26 to 7.08 03/09/10 1,416,838 1,000 DRI Holdings, Inc., Term Loan ................. 8.20 to 8.31 07/03/14 970,000 4,000 Endurance Business Media, Inc., Term Loan ...................... 12.01 01/26/14 3,960,000 5,000 FSC Acquisition, LLC, Term Loan ................. 7.47 to 7.50 03/08/14 4,156,250 5,000 Gatehouse Media, Inc., Term Loan ................. 7.25 to 7.51 08/28/14 4,665,625 7,769 Haights Cross Operating Co., Term Loan ................. 9.06 to 10.06 08/20/08 7,738,393 10,000 Idearc, Inc., Term Loan ...... 6.70 11/17/13 9,727,500 2,000 Intermedia Outdoor, Inc., Term Loan ........... 8.20 01/31/13 1,950,000 9,769 MediaNews Group, Inc., Term Loan ................. 6.64 to 7.14 12/30/10 to 08/02/13 9,318,506 11,750 Merrill Communications, LLC, Term Loan ............ 11.25 11/15/13 11,573,750 5,984 Penton Media, Inc., Term Loan ................. 7.23 to 9.98 02/01/13 to 02/01/14 5,665,755 EUR 4,000 Primacom, Term Loan (Germany) ................. 7.74 to 8.24 09/25/10 5,747,118 4,500 Primedia, Inc., Term Loan ...................... 7.07 to 7.45 08/01/14 4,387,500 3,597 R.H. Donnelley, Inc., Term Loan ................. 6.70 to 7.20 12/31/09 to 06/30/11 3,552,784 9,970 Riverdeep Interactive Learning USA, Inc., Term Loan (Ireland) ....... 7.95 12/20/13 9,928,330 4,564 Thomas Nelson, Inc., Term Loan ................. 7.31 06/12/12 4,375,774 1,000 Thomson Medical, Term Loan ................. 12.53 04/26/15 997,500 49,875 Tribune Co., Term Loan ....... 8.24 05/19/14 46,433,625 -------------- 150,457,409 -------------- RESTAURANTS & FOOD SERVICE 0.3% 1,596 Center Cut Hospitality, Inc., Term Loan ........... 7.50 07/06/14 1,586,025 142 OSI Restaurant Partners, LLC, Revolving Credit Agreement ................. 7.95 06/14/13 137,340 1,858 OSI Restaurant Partners, LLC, Term Loan ...................... 7.06 06/14/13 1,794,660 1,000 Sagittarius Restaurants, LLC, Term Loan ........... 7.45 03/29/13 925,000 -------------- 4,443,025 -------------- RETAIL - OIL & GAS 0.7% 9,493 Pantry, Inc. (The), Term Loan ...................... 5.39 to 6.88 05/15/08 to 05/15/14 9,214,332 -------------- RETAIL - STORES 2.5% 15,000 Dollar General Corp, Term Loan ................. 7.71 to 8.29 07/06/14 14,328,440 6,975 General Nutrition Centers, Inc., Term Loan ...................... 7.48 09/16/13 6,654,590 9,950 Michaels Stores, Inc., Term Loan ................. 7.38 to 7.63 10/31/13 9,554,017 2,000 Neiman Marcus Group, Inc., Term Loan ........... 7.45 04/06/13 1,971,584 1,995 Sally Holdings, Inc., Term Loan ................. 8.01 11/16/13 1,960,050 -------------- 34,468,681 -------------- TELECOMMUNICATIONS - EQUIPMENT & SERVICES 1.9% EUR10,000 Fibernet, Term Loan (Bulgaria) ................ 6.91 to 7.41 12/20/14 to 12/20/15 14,413,062 EUR 8,000 Orion, Term Loan (Germany) ................. 6.49 to 7.98 02/02/14 11,454,398 -------------- 25,867,460 -------------- TELECOMMUNICATIONS - LOCAL EXCHANGE CARRIERS 1.4% 1,990 CavTel Holdings, LLC, Term Loan ................. 9.95 12/31/12 1,980,025 8,434 Global Tel*Link Corp., Term Loan ................. 5.10 to 8.70 02/14/13 8,370,900 5,586 Hawaiian Telcom Communications, Inc., Term Loan ................ 7.45 06/01/14 5,469,627 2,793 NuVox Transition Subsidiary, LLC, Term Loan ...................... 8.66 to 8.97 05/31/14 2,771,181 1,556 Sorenson Communications, Inc., Term Loan ................. 8.00 04/27/14 1,541,390 -------------- 20,133,123 -------------- TELECOMMUNICATIONS - WIRELESS 2.0% 11,466 Asurion Corp., Term Loan ...................... 8.36 07/03/14 11,233,565 16,905 MetroPCS Wireless, Inc., Term Loan ........... 7.50 to 7.63 11/03/13 16,606,865 -------------- 27,840,430 -------------- TEXTILES & LEATHER 0.5% 2,000 Gold Toe Investment Corp., Term Loan .......... 10.99 04/30/14 1,970,000 5,000 Levi Strauss & Co, Term Loan ...................... 7.57 03/27/14 4,727,085 -------------- 6,697,085 -------------- TRANSPORTATION - CARGO 0.6% 9,000 JHCI Acquisitions Inc., Term Loan ................. 10.70 12/19/14 7,920,000 -------------- TRANSPORTATION - PERSONAL 0.3% 340 Coach America Holdings Inc. Term Loan ................. 7.98 to 11.71 04/20/14 to 10/20/14 312,381 5,500 Coach America Holdings, Inc., Revolving Credit Agreement ................. 5.20 04/20/14 4,620,000 -------------- 4,932,381 -------------- UTILITIES 1.3% 5,000 Bicent Power LLC, Term Loan ...................... 9.25 12/31/14 4,731,250 2,900 First Light Power Resources, Inc., Term Loan ...................... 9.75 05/01/14 2,769,500 5,989 NRG Energy, Inc., Term Loan ...................... 6.95 02/01/13 5,873,705 5,000 TPF Generation Holdings, LLC, Term Loan ...................... 9.45 12/15/14 4,787,500 -------------- 18,161,955 -------------- TOTAL VARIABLE RATE** SENIOR LOAN INTERESTS 93.2% .................. 1,300,549,987 -------------- NOTES ** 17.1% AUTOMOTIVE 0.7% 10,000 Del Laboratories, Inc. (d) ... 10.36 11/01/11 10,250,000 -------------- BROADCASTING - CABLE 2.3% EUR21,500 Kabel Deutschland (Germany) ................. 10.63 to 10.75 07/01/14 31,741,164 -------------- BUILDINGS & REAL ESTATE 1.7% EUR14,865 Eco-bat Finance (United Kingdom) (e) ......... 10.13 01/31/13 22,959,221 -------------- CONSTRUCTION MATERIAL 0.2% 2,000 Compression Polymers Corp. ..................... 12.13 07/01/12 2,010,000 -------------- CHEMICALS, PLASTICS & RUBBER 0.3% 5,000 Cognis GMBH (Germany) (e) ............. 7.53 09/15/13 4,787,500 -------------- CONTAINERS, PACKAGING & GLASS 2.5% EUR10,000 Ardagh Glass Finance Bv (Ireland) (e) .......... 8.88 07/01/13 14,775,200 EUR 2,000 Oi European Group Bv (Netherlands) (e) ......... 6.88 03/31/17 2,864,506 EUR 6,950 Pregis Corp. ................. 9.21 04/15/13 10,351,911 EUR 5,000 Rexam Plc (United Kingdom) .......... 6.75 06/29/67 7,025,173 -------------- 35,016,790 ELECTRONICS 1.7% EUR18,450 Invensys Plc (United Kingdom) (e) ...... 9.88 03/15/11 23,653,955 -------------- FINANCE 0.3% EUR 2,700 Ford Credit Europe (United Kingdom) .......... 7.13 01/15/13 3,497,763 -------------- HOTELS, MOTELS, INNS & GAMING 1.0% 2,000 Codere Fin Luxembourg SA (Luxembourg) (e) ....... 8.25 06/15/15 2,962,283 EUR 4,000 Lottomatica SPA (Italy) (e) ............... 8.25 03/31/66 5,982,507 EUR 4,000 Peermont Global Ltd (South Africa) (e) ........ 7.75 04/30/14 5,576,913 -------------- 14,521,703 -------------- MINING, STEEL, IRON & NON-PRECIOUS METALS 1.0% EUR 2,000 FMG Finance Pty Ltd (Australia) (e) .......... 9.75 09/01/13 3,223,022 9,000 FMG Finance Pty Ltd (Australia) (e) .......... 10.63 09/01/13 to 09/01/16 10,710,000 -------------- 13,933,022 -------------- TELECOMMUNICATIONS - WIRELESS 4.1% EUR11,325 Magyar Telecom (Invtel) (Netherlands) (e) ......... 10.75 08/15/12 17,778,721 EUR29,000 Wind Acquisition Fin SA (Luxembourg) (e) .......... 9.75 to 10.75 12/01/15 38,523,634 -------------- 56,302,355 -------------- TRANSPORTATION - CARGO 1.2% EUR10,900 Cb Bus Ab (Sweden) ........... 9.13 08/01/09 16,104,968 -------------- UTILITIES 0.3% GBP 2,000 Intergen Nv (Netherlands) (e) ......... 9.50 06/30/17 4,358,733 -------------- TOTAL NOTES ** 17.1% ................................................. 239,137,174 -------------- TOTAL LONG-TERM INVESTMENTS 110.8% (Cost $1,567,358,090) ...................................................... 1,539,687,161 -------------- SHORT-TERM INVESTMENTS REPURCHASE AGREEMENTS 8.7% State Street Bank & Trust Co. ($120,500,000 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 4.45%, dated 10/31/07, to be sold on 11/01/07 at $120,514,895) (a) ....................................................... 120,500,000 TIME DEPOSIT 0.3% State Street Bank & Trust Corp. ($4,515,911 par, 0.70% coupon, dated 10/31/07, to be sold on 11/01/07 at $4,515,998) .............. 4,515,911 -------------- TOTAL SHORT-TERM INVESTMENTS 9.0% (Cost $125,015,911) ........................................................ 125,015,911 -------------- TOTAL INVESTMENTS 119.8% (Cost $1,692,374,001) ...................................................... 1,664,703,072 FOREIGN CURRENCY 1.2% (Cost $16,388,981) ......................................................... 16,564,320 LIABILITIES IN EXCESS OF OTHER ASSETS (21.0%) ................................. (289,587,757) -------------- NET ASSETS 100.0% ............................................................. $1,391,679,635 -------------- Par Amounts are denominated in US currency unless otherwise noted. Percentages are calculated as a percentage of net assets. (a) All or a portion of this security is designated in connection with unfunded loan commitments. (b) Payment-in-kind security. (c) This Senior Loan interest is non-income producing. (d) Variable rate security. Interest rate shown is that in effect at October 31, 2007. (e) 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. NR - Not rated EUR - Euro GBP - Great Britain Pound SEK - Swedish Krona SWAP AGREEMENTS OUTSTANDING AS OF OCTOBER 31, 2007: CREDIT DEFAULT SWAPS PAY/ RECEIVE NOTIONAL BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT COUNTERPARTY REFERENCE ENTITY PROTECTION RATE DATE (000 PAYMENTS VALUE ------------ -------------------- ---------- ------- ---------- --------- --------- ----------- Goldman Sachs Credit, Standard Pacific Sell 4.77% 09/20/12 $ 5,000 $ 0 $(1,080,443) Partmers, L.P. Corporation Goldman Sachs Credit, K. Hovnanian Sell 4.69 09/20/12 5,000 0 (677,007) Partmers, L.P. Enterprises. Inc. Goldman Sachs Credit, LCDX.NA.9 Sell 1.20 06/20/12 40,000 (130,000) (585,522) Partmers, L.P. Goldman Sachs Credit, CDX.NA.HY.9 Buy 3.75 12/20/12 50,000 (329,861) 971,251 Partmers, L.P. UBS AG CDX.NA.HY.9 Buy 3.75 12/20/12 40,000 (263,889) 777,000 Goldman Sachs Peermont Credit, Global Limited Sell 3.50 09/20/12 7,243 0 (52,940) Partmers, L.P. Goldman Sachs UPC Credit, Holding B.V Sell 3.45 09/20/12 7,243 0 (52,892) Partmers, L.P. Bank of WDAC America N.A. Subsidiary Corp Sell 3.30 09/20/12 7,243 0 52,079 Credit Suisse Codere Finance International (Luxembourg) S.A. Sell 3.42 09/20/12 7,243 0 2,504 Bank of Kabel Deutsche- America N.A. land GMBH Sell 3.05 09/20/10 7,243 0 43,550 Bank of Seat Pagine America N.A. Gialle S.P.A. Sell 3.35 09/20/12 7,243 0 206,762 UBS AG M-Real OYJ Sell 3.05 09/20/08 7,243 0 28,718 Goldman Sachs Credit, M-Real OYJ Sell 3.45 09/20/09 7,243 0 6,333 Partmers, L.P. Goldman Sachs Credit, M-Real OYJ Sell 3.10 09/20/08 7,243 0 32,340 Partmers, L.P. Citigroup Global Markets International Sell 3.50 09/20/12 7,243 0 186,919 Limited Power PLC Goldman Sachs Credit, British Energy Sell 3.50 12/20/12 21,728 0 396,636 Partmers, L.P. Holdings PLC Goldman Sachs Credit, Gala Group Sell 3.45 12/20/12 7,243 0 42,862 Partmers, L.P. Finance Ltd. Goldman Sachs Credit, JSG Holding Sell 3.00 09/20/12 7,243 0 27,352 Partmers, L.P. PLC ----------- TOTAL CREDIT DEFAULT SWAPS $ 325,505 ----------- FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AS OF OCTOBER 31, 2007: UNREALIZED APPRECIATION/ IN EXCHANGE FOR CURRENT VALUE DEPRECIATION --------------- ------------- ------------- LONG CONTRACTS: Euro 5,998,000 expiring 1/16/08........... US$ 8,696,293 $ 226,517 7,117,250 expiring 1/16/08........... US$ 10,319,055 149,216 1,907,941 expiring 1/16/08........... US$ 2,766,258 46,106 2,549,898 expiring 1/16/08........... US$ 3,697,009 13,299 400,989 expiring 1/16/08............. US$ 581,380 1,049 ----------- $ 436,187 ----------- SHORT CONTRACTS: Euro 176,904,839 expiring 1/16/08......... US$ 256,488,208 (7,193,908) 5,718,730 expiring 1/16/08........... US$ 8,291,389 (191,952) 5,916,111 expiring 1/16/08........... US$ 8,577,565 (160,122) 5,185,000 expiring 1/16/08........... US$ 7,517,552 (166,778) 23,747,500 expiring 1/16/08.......... US$ 34,430,679 (697,355) 3,382,416 expiring 1/16/08........... US$ 4,904,047 (67,393) 7,567,507 expiring 1/16/08........... US$ 10,971,867 (267,628) 3,969,134 expiring 1/16/08........... US$ 5,754,710 (90,518) 6,490,469 expiring 1/16/08........... US$ 9,410,307 (119,200) 1,613,150 expiring 1/16/08........... US$ 2,338,850 (15,366) ----------- (8,970,220) ----------- Pound Sterling 2,120,000 expiring 1/16/08........... US$ 4,396,980 (76,420) ----------- Swedish Krona 26,044,422 expiring 1/16/08.......... US$ 4,014,982 (90,737) 325,646 expiring 1/16/08............. US$ 51,327 (1,142) ----------- (91,879) ----------- TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(8,702,332) ----------- SUMMARY OF LONG-TERM INVESTMENTS BY COUNTRY CLASSIFICATION COUNTRY VALUE PERCENT OF NET ASSETS ------- -------------- --------------------- United States 1,158,241,556 75.2% United Kingdom 81,556,432 5.3% Germany 79,660,864 5.2% Luxembourg 41,485,917 2.7% Belgium 28,608,843 1.9% Netherlands 25,001,960 1.6% Sweden 24,768,317 1.6% Ireland 24,703,530 1.6% Hungary 15,619,567 1.0% Bulgaria 14,413,063 0.9% Australia 13,933,022 0.9% Canada 10,151,719 0.7% Cayman Islands 9,982,950 0.6% Italy 5,982,507 0.4% South Africa 5,576,914 0.4% -------------- ----- $1,539,687,161 100.0% -------------- ----- RATINGS ALLOCATION AS OF 10/31/07 BBB/Baa 0.6% BB/Ba 28.7% B/B 42.3% CCC/Caa 7.5% Non-Rated 20.9% Ratings allocations are as a percentage of 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/ Ronald E. Robison --------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: December 20, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Ronald E. Robison --------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: December 20, 2007 By: /s/ Stuart N. Schuldt --------------------- Name: Stuart N. Schuldt Title: Principal Financial Officer Date: December 20, 2007