Van Kampen Equity Trust Ii NCSRS Certified semi-annual shareholder report (management investment company)

Van Kampen Equity Trust Ii Inactive N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-9279

Van Kampen Equity Trust II

(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York 10036

(Address of principal executive offices) (Zip code)

Edward C. Wood III
522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-762-4000

Date of fiscal year end: 8/31

Date of reporting period: 2/28/10

Item 1. Report to Shareholders.

The Fund’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:

SEMIANNUAL REPORT

February 28, 2010





		MUTUAL FUNDS Van Kampen Technology Fund

		Privacy Notice information on the back.

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Technology Fund performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the fund’s financial statements and a list of fund investments as of February 28, 2010.

This material must be preceded or accompanied by a prospectus for the fund being offered. The prospectus contains information about the fund, including the investment objectives, risks, charges and expenses. To obtain an additional prospectus, contact your financial advisor or download one at vankampen.com. Please read the prospectus carefully before investing.

Market forecasts provided in this report may not necessarily come to pass. There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of the fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this fund.

Performance Summary as of 2/28/10 (Unaudited)


	A Shares						B Shares						C Shares						I Shares
	since 7/26/99						since 7/26/99						since 7/26/99						since 10/15/09
				w/max						w/max						w/max
				5.75%						5.00%						1.00%
Average Annual	w/o sales			sales			w/o sales			sales			w/o sales			sales			w/o sales
Total Returns	charges			charge			charges			charge			charges			charge			charges

Since Inception		–6.77	%		–7.29	%		–7.31	%		–7.31	%		–7.48	%		–7.48	%		1.48	%

10-year		–16.42			–16.92			–16.92			–16.92			–17.06			–17.06			—

5-year		1.40			0.21			0.65			0.36			0.65			0.65			—

1-year		49.22			40.83			47.81			42.81			47.81			46.81			—

6-month		8.92			2.59			8.40			3.40			8.40			7.40			—


Gross Expense Ratios	3.24%						3.99%						4.01%							2.99%

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit vankampen.com or speak with your financial advisor. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. Expenses are as of the fund’s fiscal year-end as outlined in the fund’s current prospectus.

The returns shown in this report do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance of share classes will vary due to differences in sales charges and expenses. Average annual total return with sales charges includes payment of the maximum sales charge of 5.75 percent for Class A shares, a contingent deferred sales charge of 5.00 percent for Class B shares (in year one and declining to zero after year five), a contingent deferred sales charge of 1.00 percent for Class C shares in year one and combined Rule 12b-1 fees and service fees of up to 0.25 percent per year of the fund’s average daily net assets for Class A shares and up to 1.00 percent per year of the fund’s average daily net assets for Class B and C shares. The since inception and 10-year returns for Class B shares reflect the conversion of Class B shares into Class A shares eight years after purchase. Class I shares are available for purchase exclusively by (i) eligible institutions (e.g., a financial institution, corporation, trust, estate, or educational, religious or charitable institution) with assets of at least $1,000,000, (ii) tax-exempt retirement plans with assets of at least $1,000,000 (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans), (iii) fee-based investment programs with assets of at least $1,000,000, (iv) qualified state tuition plan (529 plan) accounts, and (v) certain Van Kampen investment companies. Class I shares are offered without any upfront or deferred sales charge on purchases or sales and without any distribution (12b-1) fee or service fee. Figures shown above assume reinvestment of all dividends and capital gains. The fund’s adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements the fund’s returns would have been lower. Periods of less than one year are not annualized.

The NYSE Arca Tech 100 Index^® is a price-weighted index comprised of common stocks and ADRs of technology-related companies listed on U.S. exchanges. The Standard & Poor’s 500^® Index (S&P 500^®) measures the performance of the large cap segment of the U.S. equities market, covering approximately 75% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. The Indices are unmanaged and their returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

Fund Report

For the six-month period ended February 28, 2010

Market Conditions

The equity market continued to advance during the six-month period under review. Although unemployment remained high, the economy overall continued to expand, with economic growth moving into positive territory in the fourth quarter of 2009. This, coupled with strong corporate earnings reports, ongoing low interest rates and stable credit conditions appeared to buoy investor confidence. As a result, the broad stock market, as measured by the S&P 500^® Index, gained 9.32 percent for six-month period ended February 28, 2010.

Technology stocks, as measured by the NYSE Arca Tech 100 Index^® (the “Index”), outperformed the broad market, returning 10.75 percent. All industries within the Index had positive returns for the period. The top three performing industries on an absolute return basis were life sciences tools and services (+28.5 percent), electronic equipment and instruments (+20.7 percent) and wireless telecommunications (+19.2 percent). The industries with the lowest returns were biotechnology (+1.9 percent), IT services (+2.7 percent) and semiconductors (+4.0 percent).

Performance Analysis

All share classes of Van Kampen Technology Fund underperformed the NYSE Arca Tech 100 Index^® (the “Index”) and the S&P 500^® Index for the six months ended February 28, 2010, assuming no deduction of applicable sales charges.

Total returns for the six-month period ended February 28, 2010


									NYSE Arca Tech			S&P 500^®
Class A			Class B			Class C			100 Index^®			Index

	8.92	%		8.40	%		8.40	%		10.75	%		9.32	%

The performance for the three share classes varies because each has different expenses. The Fund’s total return figures assume the reinvestment of all distributions, but do not reflect the deduction of any applicable sales charges. Such costs would lower performance. Past performance is no guarantee of future results. See Performance Summary for standardized performance information and index definitions. Class I shares commenced operations on October 15, 2009 and therefore is not listed on the table above.

The Fund’s underperformance of the Index for the period was primarily attributable to the following:


•	An underweight to the life sciences tools and services was disadvantageous as this was the best performing industry within the Index for the period.

•	Stock selection in the software industry detracted from relative returns.

•	Stock selection in communications equipment also hindered performance.

Other positions, however, were additive to relative performance. The following positions contributed the most to returns for the period:


•	A position in the internet and catalog retail industry, an industry which is not represented in the Index, was beneficial. Specifically, the Fund held one stock which gained 45.8 percent.

•	An underweight and strong security selection in IT services contributed to returns.

•	An overweight and strong security selection in the computers and peripherals industry also bolstered relative performance.

Market Outlook

We will continue to pursue our strategy of investing in technology stocks through a process that combines fundamental sell-side research with quantitative portfolio construction. Thank you for your continued support.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.


Top 10 Holdings as of 2/28/10 (Unaudited)

Apple, Inc.	9.1	%
IBM Corp.	4.9
Hewlett-Packard Co.	4.6
Cisco Systems, Inc.	3.7
QUALCOMM, Inc.	3.5
McAfee, Inc.	3.5
Synopsys, Inc.	3.5
Oracle Corp.	3.2
Yahoo!, Inc.	3.1
Juniper Networks, Inc.	3.1


Summary of Investments by Industry Classification as of 2/28/10 (Unaudited)

Computer Hardware	18.7	%
Communications Equipment	14.9
Systems Software	14.8
Application Software	10.1
Semiconductors	7.6
Biotechnology	7.6
Internet Software & Services	7.0
Semiconductor Equipment	4.6
Computer Storage & Peripherals	4.3
Aerospace & Defense	3.1
Internet Retail	2.9
Home Entertainment Software	2.2
Fertilizers & Agricultural Chemicals	1.4
Life Sciences Tools & Services	0.6
Health Care Equipment	0.2
Data Processing & Outsourced Services	0.2
Pharmaceuticals	0.1
Electronic Equipment Manufacturers	0.1
Wireless Telecommunication Services	0.1
Office Electronics	0.0	*
Electrical Components & Equipment	0.0	*

Total Long-Term Investments	100.5
Total Repurchase Agreements	0.1

Total Investments	100.6
Liabilities in Excess of Other Assets	(0.6	)

Net Assets	100.0	%


*		Amount is less than 0.1%

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the industries shown above. All percentages are as a percentage of net assets. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.

For More Information About Portfolio Holdings

Each Van Kampen fund provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the fund’s second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to fund shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each fund files a complete schedule of portfolio holdings with the SEC for the fund’s first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s Web site, http://www.sec.gov. You may also review and copy them at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s email address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-1520.

You may obtain copies of a fund’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 847-2424.

Householding Notice

To reduce Fund expenses, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents to investors who share an address, even if the accounts are registered under different names. The Fund’s prospectuses and shareholder reports (including annual privacy notices) will be delivered to you in this manner indefinitely unless you instruct us otherwise. You can request multiple copies of these documents by either calling (800) 341-2911 or writing to Van Kampen Investor Services at P.O. Box 219286, Kansas City, MO 64121-9286. Once Investor Services has received your instructions, we will begin sending individual copies for each account within 30 days.

Proxy Voting Policy and Procedures and Proxy Voting Record

You may obtain a copy of the Fund’s Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 847-2424 or by visiting our Web site at www.vankampen.com. It is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.

You may obtain information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 without charge by visiting our Web site at www.vankampen.com. This information is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments of Class A Shares and contingent deferred sales charges on redemptions of Class B and C Shares; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 9/1/09 - 2/28/10.

Actual Expense

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or contingent deferred sales charges. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*

	9/1/09		2/28/10		9/1/09-2/28/10

Class A
Actual	$	1,000.00	$	1,089.24	$	10.10
Hypothetical		1,000.00		1,015.12		9.74
(5% annual return before expenses)

Class B
Actual		1,000.00		1,083.95		13.95
Hypothetical		1,000.00		1,011.41		13.47
(5% annual return before expenses)

Class C
Actual		1,000.00		1,083.95		13.95
Hypothetical		1,000.00		1,011.41		13.47
(5% annual return before expenses)

Class I
Actual		1,000.00		1,014.83		6.38
Hypothetical		1,000.00		1,016.36		8.50
(5% annual return before expenses)


*		Expenses are equal to the Fund’s annualized expense ratio of 1.95%, 2.70%, 2.70% and 1.70% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) except for Class I Shares “Actual” information, which reflects the period from Commencement of Operations through February 28, 2010. These expense ratios reflect an expense waiver.

Assumes all dividends and distributions were reinvested.

Van Kampen Technology Fund

Portfolio of Investments n February 28, 2010 (Unaudited)


	Number of
Description	Shares		Value


Common Stocks 100.5%
Aerospace & Defense 3.1%
Goodrich Corp.		2,100	$	137,823
Lockheed Martin Corp.		47,100		3,662,496
Raytheon Co.		2,100		118,104

				3,918,423

Application Software 10.1%
Adobe Systems, Inc. (a)		43,100		1,493,415
Amdocs Ltd. (Guernsey) (a)		102,100		2,969,068
Autodesk, Inc. (a)		45,700		1,274,116
Citrix Systems, Inc. (a)		62,100		2,670,921
Compuware Corp. (a)		2,100		15,729
Mentor Graphics Corp. (a)		2,100		17,472
SAP AG—ADR (Germany)		2,100		93,618
Synopsys, Inc. (a)		202,100		4,425,990

				12,960,329

Biotechnology 7.6%
Amgen, Inc. (a)		42,100		2,383,281
Biogen Idec, Inc. (a)		7,400		407,074
Celgene Corp. (a)		20,000		1,190,400
Genzyme Corp. (a)		42,900		2,453,880
Gilead Sciences, Inc. (a)		45,000		2,142,450
Myriad Genetics, Inc. (a)		50,000		1,150,000

				9,727,085

Communications Equipment 14.9%
Arris Group, Inc. (a)		2,100		21,672
Aviat Networks, Inc. (a)		521		3,204
Ciena Corp. (a)		2,100		30,114
Cisco Systems, Inc. (a)		194,200		4,724,886
Corning, Inc.		2,100		37,023
F5 Networks, Inc. (a)		43,100		2,404,980
Harmonic, Inc. (a)		2,100		13,776
Harris Corp.		2,100		94,962
InterDigital, Inc. (a)		2,100		53,865
Juniper Networks, Inc. (a)		142,100		3,975,958
Nokia Corp.—ADR (Finland)		2,100		28,287
Polycom, Inc. (a)		2,100		54,831
QUALCOMM, Inc.		122,400		4,490,856
Research In Motion Ltd. (Canada) (a)		45,000		3,189,600

				19,124,014

Computer Hardware 18.7%
Apple, Inc. (a)		57,100		11,683,802
Dell, Inc. (a)		2,100		27,783
Hewlett-Packard Co.		116,700		5,927,193
IBM Corp.		49,600		6,307,136
Teradata Corp. (a)		2,100		64,029

				24,009,943

See Notes to Financial Statements

Van Kampen Technology Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


Computer Storage & Peripherals 4.3%
EMC Corp. (a)		102,100	$	1,785,729
Emulex Corp. (a)		2,100		26,670
NetApp, Inc. (a)		117,100		3,514,171
QLogic Corp. (a)		2,100		38,220
Seagate Technology (Cayman Islands) (a)		2,100		41,811
Western Digital Corp. (a)		2,100		81,123

				5,487,724

Data Processing & Outsourced Services 0.2%
Automatic Data Processing, Inc.		2,100		87,381
Computer Sciences Corp. (a)		2,100		108,759
DST Systems, Inc.		2,100		80,703

				276,843

Electrical Components & Equipment 0.0%
SunPower Corp., Class B (a)		3		49


Electronic Equipment Manufacturers 0.1%
Agilent Technologies, Inc. (a)		2,100		66,066


Fertilizers & Agricultural Chemicals 1.4%
Monsanto Co.		25,000		1,766,250


Health Care Equipment 0.2%
Boston Scientific Corp. (a)		2,100		16,254
CONMED Corp. (a)		2,100		45,948
Kinetic Concepts, Inc. (a)		1,700		71,264
Medtronic, Inc.		2,100		91,140
Saint Jude Medical, Inc. (a)		2,100		80,262

				304,868

Home Entertainment Software 2.2%
Activision Blizzard, Inc.		267,700		2,845,651


Internet Retail 2.9%
Amazon.com, Inc. (a)		31,000		3,670,400


Internet Software & Services 7.0%
Digital River, Inc. (a)		2,100		55,209
eBay, Inc. (a)		2,100		48,342
Google, Inc., Class A (a)		6,800		3,582,240
j2 Global Communications, Inc. (a)		2,100		45,570
VeriSign, Inc. (a)		45,800		1,141,336
Websense, Inc. (a)		2,100		45,066
Yahoo!, Inc. (a)		261,800		4,008,158

				8,925,921

See Notes to Financial Statements

Van Kampen Technology Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


Life Sciences Tools & Services 0.6%
Millipore Corp. (a)		7,700	$	726,957
Thermo Fisher Scientific, Inc. (a)		2,100		102,417

				829,374

Office Electronics 0.0%
Xerox Corp.		2,100		19,677


Pharmaceuticals 0.1%
Biovail Corp. (Canada)		2,100		31,143
Novartis AG—ADR (Switzerland)		2,100		116,172

				147,315

Semiconductor Equipment 4.6%
Applied Materials, Inc.		43,300		529,992
ASML Holding NV (Netherlands)		55,000		1,695,650
KLA-Tencor Corp.		44,800		1,305,024
Lam Research Corp. (a)		67,100		2,275,361
Novellus Systems, Inc. (a)		2,100		46,452
Teradyne, Inc. (a)		2,100		20,979

				5,873,458

Semiconductors 7.6%
Altera Corp.		44,800		1,094,464
Analog Devices, Inc.		45,800		1,339,192
Broadcom Corp., Class A		67,100		2,101,572
Intel Corp.		92,100		1,890,813
Linear Technology Corp.		2,100		57,057
National Semiconductor Corp.		45,000		651,600
Standard Microsystems Corp. (a)		2,100		40,992
Texas Instruments, Inc.		43,100		1,050,778
Xilinx, Inc.		59,200		1,529,136

				9,755,604

Systems Software 14.8%
BMC Software, Inc. (a)		67,100		2,471,964
CA, Inc.		2,100		47,250
Check Point Software Technologies Ltd. (Israel) (a)		107,100		3,491,460
McAfee, Inc. (a)		112,100		4,449,249
Microsoft Corp.		97,100		2,782,886
Oracle Corp.		167,100		4,119,015
Progress Software Corp. (a)		2,100		58,842
Sybase, Inc. (a)		2,100		93,219
Symantec Corp. (a)		87,100		1,441,505

				18,955,390

Wireless Telecommunication Services 0.1%
Telephone & Data Systems, Inc.		2,100		65,541


Total Long-Term Investments 100.5% (Cost $116,726,956)				128,729,925

See Notes to Financial Statements

Van Kampen Technology Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


Description	Value


Repurchase Agreements 0.1%
Banc of America Securities ($15,219 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.10%, dated 02/26/10, to be sold on 03/01/10 at $15,219)	$	15,219
JPMorgan Chase & Co. ($64,794 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.09%, dated 02/26/10, to be sold on 03/01/10 at $64,795)		64,794
State Street Bank & Trust Co. ($2,987 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 02/26/10, to be sold on 03/01/10 at $2,987)		2,987


Total Repurchase Agreements 0.1% (Cost $83,000)		83,000


Total Investments 100.6% (Cost $116,809,956)		128,812,925

Liabilities in Excess of Other Assets (0.6%)		(737,379	)


Net Assets 100.0%	$	128,075,546

Percentages are calculated as a percentage of net assets.


(a)		Non-income producing security.

ADR—American Depositary Receipt

See Notes to Financial Statements

Van Kampen Technology Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. (See Note 1(B) in the Notes to Financial Statements for further information regarding fair value measurements.)

The following is a summary of the inputs used as of February 28, 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:
Common Stocks
Aerospace & Defense	$	3,918,423	$	—	$	—	$	3,918,423
Application Software		12,960,329		—		—		12,960,329
Biotechnology		9,727,085		—		—		9,727,085
Communications Equipment		19,124,014		—		—		19,124,014
Computer Hardware		24,009,943		—		—		24,009,943
Computer Storage & Peripherals		5,487,724		—		—		5,487,724
Data Processing & Outsourced Services		276,843		—		—		276,843
Electrical Components & Equipment		49		—		—		49
Electronic Equipment Manufacturers		66,066		—		—		66,066
Fertilizers & Agricultural Chemicals		1,766,250		—		—		1,766,250
Health Care Equipment		304,868		—		—		304,868
Home Entertainment Software		2,845,651		—		—		2,845,651
Internet Retail		3,670,400		—		—		3,670,400
Internet Software & Services		8,925,921		—		—		8,925,921
Life Sciences Tools & Services		829,374		—		—		829,374
Office Electronics		19,677		—		—		19,677
Pharmaceuticals		147,315		—		—		147,315
Semiconductor Equipment		5,873,458		—		—		5,873,458
Semiconductors		9,755,604		—		—		9,755,604
Systems Software		18,955,390		—		—		18,955,390
Wireless Telecommunication Services		65,541		—		—		65,541
Repurchase Agreements		—		83,000		—		83,000

Total Investments in an Asset Position	$	128,729,925	$	83,000	$	—	$	128,812,925

See Notes to Financial Statements

Van Kampen Technology Fund

Financial Statements

Statement of Assets and Liabilities

February 28, 2010 (Unaudited)


Assets:
Total Investments (Cost $116,809,956)	$	128,812,925
Cash		857
Receivables:
Fund Shares Sold		478,791
Dividends		172,361
Other		246,797

Total Assets		129,711,731

Liabilities:
Payables:
Fund Shares Repurchased		689,293
Distributor and Affiliates		208,419
Investment Advisory Fee		52,914
Trustees’ Deferred Compensation and Retirement Plans		162,366
Accrued Expenses		523,193

Total Liabilities		1,636,185

Net Assets	$	128,075,546

Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	1,551,621,687
Net Unrealized Appreciation		12,002,969
Accumulated Net Investment Loss		(1,158,729	)
Accumulated Net Realized Loss		(1,434,390,381	)

Net Assets	$	128,075,546

Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $93,212,098 and 19,598,497 shares of beneficial interest issued and outstanding)	$	4.76
Maximum sales charge (5.75%* of offering price)		0.29

Maximum offering price to public	$	5.05

Class B Shares:
Net asset value and offering price per share (Based on net assets of $24,976,852 and 5,684,839 shares of beneficial interest issued and outstanding)	$	4.39

Class C Shares:
Net asset value and offering price per share (Based on net assets of $9,879,031 and 2,249,676 shares of beneficial interest issued and outstanding)	$	4.39

Class I Shares:
Net asset value and offering price per share (Based on net assets of $7,565 and 1,589 shares of beneficial interest issued and outstanding)	$	4.76


*		On sales of $50,000 or more, the sales charge will be reduced.

See Notes to Financial Statements

Van Kampen Technology Fund
Financial Statements continued

Statement of Operations

For the Six Months Ended February 28, 2010 (Unaudited)


Investment Income:
Dividends (Net of foreign withholding taxes of $29)	$	390,866
Interest		256

Total Income		391,122

Expenses:
Transfer Agent Fees		703,468
Investment Advisory Fee		579,688
Distribution (12b-1) and Service Fees
Class A		114,477
Class B		135,280
Class C		50,881
Reports to Shareholders		73,504
Registration Fees		33,220
Professional Fees		30,958
Accounting and Administrative Expenses		24,617
Trustees’ Fees and Related Expenses		10,973
Custody		9,832
Other		9,497

Total Expenses		1,776,395
Expense Reduction		380,790

Net Expenses		1,395,605

Net Investment Loss	$	(1,004,483	)

Realized and Unrealized Gain/Loss:
Net Realized Gain	$	933,311

Unrealized Appreciation/Depreciation:
Beginning of the Period		1,469,044
End of the Period		12,002,969

Net Unrealized Appreciation During the Period		10,533,925

Net Realized and Unrealized Gain	$	11,467,236

Net Increase in Net Assets From Operations	$	10,462,753

See Notes to Financial Statements

Van Kampen Technology Fund
Financial Statements continued

Statements of Changes in Net Assets (Unaudited)


	For The			For The
	Six Months Ended			Year Ended
	February 28, 2010			August 31, 2009


From Investment Activities:
Net Investment Loss	$	(1,004,483	)	$	(1,780,159	)
Net Realized Gain/Loss		933,311			(6,152,361	)
Net Unrealized Appreciation/Depreciation During the Period		10,533,925			(17,106,736	)


Net Change in Net Assets from Investment Activities		10,462,753			(25,039,256	)


From Capital Transactions:
Proceeds from Shares Sold		10,155,849			18,428,786
Cost of Shares Repurchased		(17,223,920	)		(30,033,302	)


Net Change in Net Assets from Capital Transactions		(7,068,071	)		(11,604,516	)

Total Increase/Decrease in Net Assets		3,394,682			(36,643,772	)
Net Assets:
Beginning of the Period		124,680,864			161,324,636

End of the Period (Including accumulated net investment loss of $1,158,729 and $154,246, respectively)	$	128,075,546		$	124,680,864

See Notes to Financial Statements

Van Kampen Technology Fund

Financial Highlights (Unaudited)

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months
	Ended
	February 28,			Year Ended August 31,
Class A Shares	2010			2009			2008			2007			2006			2005


Net Asset Value, Beginning of the Period	$	4.37		$	5.08		$	5.75		$	4.81		$	4.89		$	3.88

Net Investment Loss (a)		(0.03	)		(0.05	)		(0.08	)		(0.09	)		(0.09	)		(0.08	)
Net Realized and Unrealized Gain/Loss		0.42			(0.66	)		(0.59	)		1.03			0.01			1.09

Total from Investment Operations		0.39			(0.71	)		(0.67	)		0.94			(0.08	)		1.01

Net Asset Value, End of the Period	$	4.76		$	4.37		$	5.08		$	5.75		$	4.81		$	4.89


Total Return* (b)		8.92%	**		–13.98%			–11.65%		��	19.54%			–1.64%			26.03%
Net Assets at End of the Period (In millions)	$	93.2		$	87.2		$	103.8		$	102.9		$	98.0		$	113.1
Ratio of Expenses to Average Net Assets*		1.95%			1.95%			1.95%			2.27%			2.26%			2.42%
Ratio of Net Investment Loss to Average Net Assets*		(1.33%	)		(1.34%	)		(1.41%	)		(1.78%	)		(1.79%	)		(1.72%	)
Portfolio Turnover		0%	**		31%			119%			113%			88%			93%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		2.54%			3.24%			2.13%			2.32%			N/A			N/A
Ratio of Net Investment Loss to Average Net Assets		(1.92%	)		(2.63%	)		(1.59%	)		(1.83%	)		N/A			N/A


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen Technology Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months
	Ended
	February 28,			Year Ended August 31,
Class B Shares	2010			2009			2008			2007			2006			2005


Net Asset Value, Beginning of the Period	$	4.05		$	4.75		$	5.39		$	4.55		$	4.66		$	3.73

Net Investment Loss (a)		(0.05	)		(0.07	)		(0.11	)		(0.13	)		(0.12	)		(0.11	)
Net Realized and Unrealized Gain/Loss		0.39			(0.63	)		(0.53	)		0.97			0.01			1.04

Total from Investment Operations		0.34			(0.70	)		(0.64	)		0.84			(0.11	)		0.93

Net Asset Value, End of the Period	$	4.39		$	4.05		$	4.75		$	5.39		$	4.55		$	4.66


Total Return* (b)		8.40%	**		–14.56%			–12.06%			18.46%			–2.36%			24.93%
Net Assets at End of the Period (In millions)	$	25.0		$	27.6		$	44.3		$	90.3		$	111.2		$	144.8
Ratio of Expenses to Average Net Assets*		2.70%			2.70%			2.70%			3.04%			3.03%			3.19%
Ratio of Net Investment Loss to Average Net Assets*		(2.10%	)		(2.11%	)		(2.20%	)		(2.56%	)		(2.56%	)		(2.49%	)
Portfolio Turnover		0%	**		31%			119%			113%			88%			93%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		3.31%			3.99%			2.91%			3.09%			N/A			N/A
Ratio of Net Investment Loss to Average Net Assets		(2.71%	)		(3.40%	)		(2.41%	)		(2.61%	)		N/A			N/A


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen Technology Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months
	Ended
	February 28,			Year Ended August 31,
Class C Shares	2010			2009			2008			2007			2006			2005


Net Asset Value, Beginning of the Period	$	4.05		$	4.74		$	5.39		$	4.55		$	4.66		$	3.73

Net Investment Loss (a)		(0.05	)		(0.07	)		(0.11	)		(0.13	)		(0.12	)		(0.11	)
Net Realized and Unrealized Gain/Loss		0.39			(0.62	)		(0.54	)		0.97			0.01			1.04

Total from Investment Operations		0.34			(0.69	)		(0.65	)		0.84			(0.11	)		0.93

Net Asset Value, End of the Period	$	4.39		$	4.05		$	4.74		$	5.39		$	4.55		$	4.66


Total Return* (b)		8.40%	**		–14.56%			–12.06%			18.46%			–2.36%			24.93%
Net Assets at End of the Period (In millions)	$	9.9		$	9.9		$	13.2		$	17.9		$	24.0		$	31.8
Ratio of Expenses to Average Net Assets*		2.70%			2.70%			2.70%			3.05%			3.03%			3.19%
Ratio of Net Investment Loss to Average Net Assets*		(2.10%	)		(2.10%	)		(2.18%	)		(2.57%	)		(2.56%	)		(2.49%	)
Portfolio Turnover		0%	**		31%			119%			113%			88%			93%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		3.31%			4.01%			2.90%			3.10%			N/A			N/A
Ratio of Net Investment Loss to Average Net Assets		(2.71%	)		(3.41%	)		(2.38%	)		(2.61%	)		N/A			N/A


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen Technology Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the period indicated.


	October 15, 2009
	(Commencement of
	Operations) to
Class I Shares	February 28, 2010


Net Asset Value, Beginning of the Period	$	4.72

Net Investment Loss (a)		(0.02	)
Net Realized and Unrealized Gain		0.06

Total from Investment Operations		0.04

Net Asset Value, End of the Period	$	4.76


Total Return* (b)		0.85%	**
Net Assets at End of the Period (In thousands)	$	7.6
Ratio of Expenses to Average Net Assets*		1.70%
Ratio of Net Investment Loss to Average Net Assets*		(0.95%	)
Portfolio Turnover		0%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		2.20%
Ratio of Net Investment Loss to Average Net Assets		(1.45%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period. This return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen Technology Fund

Notes to Financial Statements n February 28, 2010 (Unaudited)

1. Significant Accounting Policies

Van Kampen Technology Fund (the “Fund”) is organized as a series of Van Kampen Equity Trust II, a Delaware statutory trust, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to seek capital appreciation. The Fund commenced investment operations on July 26, 1999. The Fund offers Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Each class of shares differs by its initial sales load, contingent deferred sales charges, the allocation of class-specific expenses and voting rights on matters affecting a single class.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification^TM (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Fund appropriately updated relevant GAAP references to reflect the new ASC.

Van Kampen Technology Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

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.

C. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis.

The Fund may invest in repurchase agreements, which are short-term investments in which the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future time and specified price. The Fund may invest independently in repurchase agreements, or transfer uninvested cash balances into a pooled cash account along with other investment companies advised by Van Kampen Asset Management (the “Adviser”) or its affiliates, the daily aggregate of which is invested in repurchase agreements. Repurchase agreements are fully collateralized by the underlying debt security. The Fund will make payment for such securities only upon physical delivery or evidence of book entry transfer to the account of the custodian bank. The seller is required to maintain the value of the underlying security at not less than the repurchase proceeds due the Fund.

D. Income and Expenses Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Income, expenses and realized and unrealized gains or losses are allocated on a pro rata basis to each class of shares, except for distribution and service fees and incremental transfer agency costs which are unique to each class of shares.

E. Federal Income Taxes It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in “Interest Expense” and penalties in “Other” expenses on the Statement of Operations. The Fund files tax returns with the

Van Kampen Technology Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

U.S. Internal Revenue Service and various states. Generally, each of the tax years in the four year period ended August 31, 2009, remains subject to examination by taxing authorities.

The Fund intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset such losses against any future realized capital gains. At August 31, 2009, the Fund had an accumulated capital loss carry forward of $1,433,480,089, which will expire according to the following schedule:


Amount		Expiration

$	1,245,430,493		August 31, 2010
	182,696,360		August 31, 2011
	5,353,236		August 31, 2017

At February 28, 2010, the cost and related gross unrealized appreciation and depreciation were as follows:


Cost of investments for tax purposes	$	118,448,625

Gross tax unrealized appreciation	$	24,755,392
Gross tax unrealized depreciation		(14,391,092	)

Net tax unrealized appreciation on investments	$	10,364,300

F. Distribution of Income and Gains The Fund declares and pays dividends at least annually from net investment income and net realized gains, if any. Distributions from net realized gains for book purposes may include short-term capital gains, including a portion of premiums received from written options, which are included as ordinary income for tax purposes. Distributions from the Fund are recorded on the ex-distribution date.

There was no taxable distribution paid during the year ended August 31, 2009.

As of August 31, 2009, there were no distributable earnings on a tax basis.

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of gains or losses on securities for tax purposes but not for book purposes and the deferral of losses relating to wash sale transactions.

G. Foreign Currency Translation Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the quoted bid and asked prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated at the rate of exchange prevailing when such securities were acquired or sold. Realized and unrealized gains and losses on securities resulting from changes in exchange rates are not segregated for financial reporting purposes from amounts arising from changes in the market prices of securities. Realized gains and losses on foreign currency transactions on the Statement of Operations, if any, include the net realized amount from the sale of foreign currency and the amount realized between trade date and settlement date on securities transactions. Income and expenses are translated at rates prevailing when accrued.

Van Kampen Technology Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

H. Reporting Subsequent Events Management has evaluated the impact of any subsequent events through April 16, 2010, the date the financial statements were effectively issued. Management has determined that there are no material events or transactions that would affect the Fund’s financial statements or require disclosure in the Fund’s financial statements through this date.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, the Adviser provides investment advice and facilities to the Fund for an annual fee payable monthly as follows:


Average Daily Net Assets	% Per Annum

First $500 million		0.90%
Next $500 million		0.85%
Over $1 billion		0.80%

The Adviser has entered into a Sub-Advisory Agreement with Morgan Stanley Investment Management Limited (the “Subadviser”), a wholly-owned subsidiary of Morgan Stanley. The Subadviser provides the Fund with investment advisory services subject to the overall supervision of the Adviser and the Fund’s officers and trustees. The Adviser pays the Subadviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

The Fund’s Adviser is currently waiving or reimbursing all or a portion of the Fund’s advisory fees or other expenses. This resulted in net expense ratios of 1.95%, 2.70%, 2.70% and 1.70% for Classes A, B, C and I Shares, respectively. The fee waivers or expense reimbursements are voluntary and can be discontinued at any time. For the six months ended February 28, 2010, the adviser waived or reimbursed approximately $380,800 of advisory fees or other expenses.

For the six months ended February 28, 2010, the Fund recognized expenses of approximately $1,700 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Fund is a partner of such firm and he and his law firm provide legal services as legal counsel to the Fund.

Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Fund. The costs of these services are allocated to each fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $22,000 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting and legal services to the Fund, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” on the Statement of Operations.

Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser, serves as the shareholder servicing agent for the Fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $228,200 representing transfer agency fees paid to VKIS and its affiliates. Transfer agency fees are determined through negotiations with the Fund’s Board of Trustees.

Van Kampen Technology Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

Certain officers and trustees of the Fund are also officers and trustees of Van Kampen. The Fund does not compensate its officers or trustees who are also officers of Van Kampen.

The Fund provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund and to the extent permitted by the 1940 Act, may be invested in the common shares of those funds selected by the trustees. Investments in such funds of approximately $75,600 are included in “Other” assets on the Statement of Assets and Liabilities at February 28, 2010. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Fund. The maximum annual benefit per trustee under the plan is $2,500.

For the six months ended February 28, 2010, Van Kampen, as Distributor for the Fund, received net commissions on sales of the Fund’s Class A Shares of approximately $9,000 and contingent deferred sales charges (CDSC) on redeemed shares of approximately $21,600. Sales charges do not represent expenses of the Fund.

3. Capital Transactions

For the six months ended February 28, 2010 and the year ended August 31, 2009, transactions were as follows:


	For The						For The
	Six Months Ended						Year Ended
	February 28, 2010						August 31, 2009
	Shares			Value			Shares			Value

Sales:
Class A		1,853,162		$	8,914,227			4,035,344		$	15,084,023
Class B		223,711			1,007,211			708,320			2,461,422
Class C		49,011			226,901			245,862			883,341
Class I		1,589			7,510			-0-			-0-

Total Sales		2,127,473		$	10,155,849			4,989,526		$	18,428,786


Repurchases:
Class A		(2,205,976	)	$	(10,315,134	)		(4,513,030	)	$	(16,772,901	)
Class B		(1,337,111	)		(5,831,177	)		(3,238,390	)		(11,226,772	)
Class C		(248,165	)		(1,077,609	)		(586,385	)		(2,033,629	)
Class I		-0-			-0-			-0-			-0-

Total Repurchases		(3,791,252	)	$	(17,223,920	)		(8,337,805	)	$	(30,033,302	)

4. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $0 and $7,315,667, respectively.

Van Kampen Technology Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

5. Derivative Financial Instruments

A derivative financial instrument in very general terms refers to a security whose value is “derived” from the value of an underlying asset, reference rate or index.

The Fund may use derivative instruments for a variety of reasons, such as to attempt to protect the Fund against possible changes in the market value of its portfolio or to generate potential gain. All of the Fund’s portfolio holdings, including derivative instruments, are marked to market each day with the change in value reflected in unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is generally recognized.

The Fund adopted FASB ASC 815, Derivatives and Hedging (ASC 815) (formerly known as FAS 161), effective March 1, 2009. ASC 815 is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

Summarized below are the specific types of derivative financial instruments used by the Fund.

Option Contracts The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use option contracts to gain exposure to, or hedge against changes in the value of equities. An option contract gives the buyer the right, but not the obligation to buy (call) or sell (put) an underlying item at a fixed exercise (strike) price during a specified period. The Fund may purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options, if any, are reported as part of “Total Investments” on the Statement of Assets and Liabilities. Premiums paid for purchasing options which expire are treated as realized losses.

The Fund may write covered call and put options. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statement of Assets and Liabilities. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying securities to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying security may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

There were no transactions in option contracts during the six months ended February 28, 2010.

Van Kampen Technology Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

6. Distribution and Service Plans

Shares of the Fund are distributed by Van Kampen Funds Inc. (the “Distributor”), an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A Shares, Class B Shares and Class C Shares to compensate the Distributor for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets. These fees are accrued daily and paid to the Distributor monthly.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (“unreimbursed receivable”) was approximately $30,069,400 and $251,800 for Class B and Class C Shares, respectively. These amounts may be recovered from future payments under the distribution plan or CDSC. To the extent the unreimbursed receivable has been fully recovered, the distribution fee is reduced.

7. Indemnifications

The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

8. Significant Event

On October 19, 2009, Morgan Stanley, the parent company of Van Kampen Investments Inc., announced that it has reached a definitive agreement to sell most of its retail asset management business to Invesco Ltd. (“Invesco”). The transaction (the “Transaction”) affects the part of the asset management business that advises funds, including the Van Kampen family of funds. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in mid-2010.

Under the Investment Company Act of 1940, the closing of the Transaction will cause the Fund’s current investment advisory agreement with Van Kampen Asset Management, a subsidiary of Van Kampen Investments Inc., to terminate. In connection with the Transaction, the Fund’s Board of Trustees (the “Board”) has approved, subject to shareholder approval, that the Fund be transitioned to the Invesco mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco, that has substantially the same investment objective, principal investment strategies and risks as the Fund (the “Reorganization”). The proposed Reorganization will be presented to shareholders of the Fund at a special meeting of shareholders. If shareholders of the Fund approve the Reorganization and certain other conditions to the closing of the Transaction are met, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund. Upon completion of the proposed Reorganization, the Fund will dissolve pursuant to a plan of dissolution adopted by the Board.

9. Accounting Pronouncement

Van Kampen Technology Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

measurements, for Level 2 or Level 3 positions ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009. However, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment to ASC 820 and the impact it will have on financial statement disclosures.

Van Kampen Technology Fund

Board of Trustees, Officers and Important Addresses


Board of Trustees David C. Arch Jerry D. Choate Rod Dammeyer Linda Hutton Heagy R. Craig Kennedy Howard J Kerr Jack E. Nelson Hugo F. Sonnenschein Wayne W. Whalen* – Chairman Suzanne H. Woolsey Officers Edward C. Wood III President and Principal Executive Officer Kevin Klingert Vice President Stefanie V. Chang Yu Vice President and Secretary John L. Sullivan Chief Compliance Officer Stuart N. Schuldt Chief Financial Officer and Treasurer		Investment Adviser Van Kampen Asset Management 522 Fifth Avenue New York, New York 10036 Subadviser Morgan Stanley Investment Management Limited 25 Cabot Square Canary Wharf London, England E14 4QA Distributor Van Kampen Funds Inc. 522 Fifth Avenue New York, New York 10036 Shareholder Servicing Agent Van Kampen Investor Services Inc. P.O. Box 219286 Kansas City, Missouri 64121-9286 Custodian State Street Bank and Trust Company One Lincoln Street Boston, Massachusetts 02111 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 155 North Wacker Drive Chicago, Illinois 60606 Independent Registered Public Accounting Firm Ernst & Young LLP 233 South Wacker Drive Chicago, Illinois 60606


*		“Interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended.

Your Notes

Van Kampen Technology Fund

An Important Notice Concerning Our

U.S. Privacy Policy

We are required by federal law to provide you with a copy of our privacy policy (“Policy”) annually.

This Policy applies to current and former individual clients of Van Kampen Funds Inc., and Van Kampen Investor Services Inc., as well as current and former individual investors in Van Kampen mutual funds and related companies.

This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, 529 Educational Savings Accounts, accounts subject to the Uniform Gifts to Minors Act, or similar accounts. We may amend this Policy at any time, and will inform you of any changes to this Policy as required by law.

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information and understand your concerns about safeguarding such information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what nonpublic personal information we collect about you, how we collect it, when we may share it with others, and how others may use it. It discusses the steps you may take to limit our sharing of information about you with affiliated Van Kampen companies (“affiliated companies”). It also discloses how you may limit our affiliates’ use of shared information for marketing purposes. Throughout this Policy, we refer to the nonpublic information that personally identifies you or your accounts as “personal information.”

1. What Personal Information Do We Collect About You?

To better serve you and manage our business, it is important that we collect and maintain accurate information about you. We obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our websites and from third parties and other sources. For example:


	•	We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through application forms you submit to us.

(continued on next page)

Van Kampen Technology Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued


	•	We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

	•	We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

	•	We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

	•	If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer’s operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of “cookies.” “Cookies” recognize your computer each time you return to one of our sites, and help to improve our sites’ content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2. When Do We Disclose Personal Information We Collect About You?

To provide you with the products and services you request, to better serve you, to manage our business and as otherwise required or permitted by law, we may disclose personal information we collect about you to other affiliated companies and to nonaffiliated third parties.

a. Information We Disclose to Our Affiliated Companies. In order to manage your account(s) effectively, including servicing and processing your transactions, to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law, we may disclose personal information about you to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

(continued on next page)

Van Kampen Technology Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be required by law.

3. How Do We Protect The Security and Confidentiality Of Personal Information We Collect About You?

We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information about you, and we require them to adhere to confidentiality standards with respect to such information.

4. How Can You Limit Our Sharing Of Certain Personal Information About You With Our Affiliated Companies For Eligibility Determination?

We respect your privacy and offer you choices as to whether we share with our affiliated companies personal information that was collected to determine your eligibility for products and services such as credit reports and other information that you have provided to us or that we may obtain from third parties (“eligibility information”). Please note that, even if you direct us not to share certain eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with those companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account. We may also share certain other types of personal information with affiliated companies—such as your name, address, telephone number, e-mail address and account number(s), and information about your transactions and experiences with us.

5. How Can You Limit the Use of Certain Personal Information About You by our Affiliated Companies for Marketing?

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Van Kampen Technology Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

assets and account history. Please note that, even if you choose to limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products and services to you, we may still share such personal information about you with them, including our transactions and experiences with you, for other purposes as permitted under applicable law.

6. How Can You Send Us an Opt-Out Instruction?

If you wish to limit our sharing of certain personal information about you with our affiliated companies for “eligibility purposes” and for our affiliated companies’ use in marketing products and services to you as described in this notice, you may do so by:


	•	Calling us at (800) 847-2424 Monday-Friday between 8 a.m. and 8 p.m. (EST)

	•	Writing to us at the following address: Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

If you choose to write to us, your written request should include: your name, address, telephone number and account number(s) to which the opt-out applies and should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply those instructions to the entire account. Please allow approximately 30 days from our receipt of your opt-out for your instructions to become effective.

Please understand that if you opt-out, you and any joint account holders may not receive certain Van Kampen or our affiliated companies’ products and services that could help you manage your financial resources and achieve your investment objectives.

If you have more than one account with us or our affiliates, you may receive multiple privacy policies from us, and would need to follow the directions stated in each particular policy for each account you have with us.

(continued on back)

Van Kampen Technology Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

SPECIAL NOTICE TO RESIDENTS OF VERMONT

This section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.

The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information (“opt-in”).

If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:


		Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

Your authorization should include: your name, address, telephone number and account number(s) to which the opt-in applies and should not be sent with any other correspondence. In order to process your authorization, we require that the authorization be provided by you directly and not through a third-party.

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

77, 177, 277

TECHSAN 04/10

IU10-01528P-Y02/10

SEMIANNUAL REPORT

February 28, 2010





		MUTUAL FUNDS Van Kampen International Advantage Fund

		Privacy Notice information on the back.

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen International Advantage Fund performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the fund’s financial statements and a list of fund investments as of February 28, 2010.

Performance Summary as of 2/28/10 (Unaudited)


	A Shares						B Shares						C Shares						I Shares
	since 9/26/01						since 9/26/01						since 9/26/01						since 8/12/05
				w/max						w/max						w/max
				5.75%						5.00%						1.00%
Average Annual	w/o sales			sales			w/o sales			sales			w/o sales			sales			w/o sales
Total Returns	charges			charge			charges			charge			charges			charge			charges

Since Inception		7.03	%		6.28	%		6.38	%		6.38	%		6.37	%		6.37	%		4.38	%

5-year		4.28			3.05			3.72			3.49			3.49			3.49			—

1-year		67.64			58.04			67.71			62.71			66.42			65.42			68.08

6-month		10.72			4.39			10.80			5.80			10.34			9.34			10.85


Gross Expense Ratio	2.20%						2.97%						2.96%							1.78%

The returns shown in this report do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance of share classes will vary due to differences in sales charges and expenses. Average annual total return with sales charges includes payment of the maximum sales charge of 5.75 percent for Class A shares, a contingent deferred sales charge of 5.00 percent for Class B shares (in year one and declining to zero after year five), a contingent deferred sales charge of 1.00 percent for Class C shares in year one, and combined Rule 12b-1 fees and service fees of up to 0.25 percent per year of the fund’s average daily net assets for Class A shares and up to 1.00 percent per year of the fund’s average daily net assets for Class B and C shares. Class I shares are available for purchase exclusively by (i) eligible institutions (e.g., a financial institution, corporation, trust, estate, or educational, religious or charitable institution) with assets of at least $1,000,000, (ii) tax-exempt retirement plans with assets of at least $1,000,000 (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans), (iii) fee-based investment programs with assets of at least $1,000,000, (iv) qualified state tuition plan (529 plan) accounts, and (v) certain Van Kampen investment companies. Class I shares are offered without any upfront or deferred sales charge on purchases or sales and without any distribution (12b-1) fee or service fee. Figures shown above assume reinvestment of all distributions. The fund’s adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements, the fund’s returns would have been lower. Periods of less than one year are not annualized.

The Morgan Stanley Capital International (MSCI) All Country World Index ex-USA is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an Index.

Fund Report

For the six-month period ended February 28, 2010

Market Conditions

After rallying for much of 2009 on prospects for improving global economic conditions, international markets faced headwinds in early 2010. Notably, several southern European economies, including Greece, Spain, Portugal, and Italy, faced solvency concerns amid massive fiscal deficits. European Union policy makers and the leaders of Europe’s larger economies debated whether to bail out these countries, dampening investor sentiment around the world. In contrast, China enacted credit tightening measures in an attempt to slow its economy. Fears of potential overheating in emerging market economies, coupled with fears of a potential double-dip recession in developed economies continued to foster uncertainty about the pace and vigor of a global economic recovery.

Performance Analysis

All share classes of Van Kampen International Advantage Fund outperformed the Morgan Stanley Capital International (MSCI) All Country World Index ex-USA (the “Index”) for the six months ended February 28, 2010, assuming no deduction of applicable sales charges.

Total returns for the six-month period ended February 28, 2010


												MSCI AC World Free
Class A			Class B			Class C			Class I			Index ex-USA

	10.72	%		10.80	%		10.34	%		10.85	%		3.74	%

The performance for the four share classes varies because each has different expenses. The Fund’s total return figures assume the reinvestment of all distributions, but do not reflect the deduction of any applicable sales charges. Such costs would lower performance. Past performance is no guarantee of future results. See Performance Summary for standardized performance information and index definition.

The Fund’s portfolio is constructed on a bottom-up basis, with individual stocks selected based on where the team is finding the most attractive opportunities. Our team seeks to invest in companies that we believe are likely to generate consistent long-term earnings growth. Although we do not engage in top-down portfolio construction, the Fund’s country and sector weights can have an impact on performance relative to the Index.

From a country perspective, stock selection within certain markets was the primary driver of Fund performance during the period.


•	Portfolio holdings in Hong Kong and Germany contributed to relative performance, while holdings in Brazil and Switzerland detracted slightly from performance.

•	The Fund did not receive any net positive effects from its country allocation. The Fund’s underweight positions in Japan and overweight positions in Israel and


	Hong Kong contributed positively to performance, while overweight positions in Spain and Germany and an underweight position in Brazil offset those gains.

At the sector level, the Fund’s relative performance for the period was also driven primarily by security selection, though sector exposure also contributed to relative returns.


•	From a security selection standpoint, consumer staples, information technology and health care contributed positively to relative returns. However, stock selection in the industrials sector was a slight detractor.

•	The Fund also benefited from overweight positions in health care and consumer staples, and an underweight position in financials.

Other factors influencing the Fund’s performance during the period included the following areas:


•	In terms of market capitalization an overweight and security selection in mid-cap stocks bolstered relative performance, as did an underweight and security selection in large-cap stocks. The Fund’s overweight position in small-cap stocks contributed positively to the Fund’s relative performance; however, stock selection within that market-cap range offset those gains.

•	Security selection in the mega-cap range was a slight detractor from relative performance.

•	Growth-oriented stocks outperformed value-oriented stocks during the six-month period, which acted as a tailwind for the Fund’s relative performance.

•	Finally, the Fund’s emerging markets exposure was a positive contributor to relative performance.

Market Outlook

While the global economy certainly appears more stable entering 2010 than it did a year ago, forecasting the future direction of the economy remains highly challenging. The bursting of the U.S. housing bubble, rising unemployment, and rising taxation seem likely to impede future economic growth, while massive fiscal and monetary stimulus promote economic growth. Given the difficulty of forecasting the direction of the economy and calling inflection points, we remain focused on investing in companies that will benefit from secular, rather than cyclical, forces over the next few years. We believe that investing in these companies at what we consider reasonable valuations may provide investors with attractive returns over the long-term, regardless of broader economic conditions. Because it is difficult to find competitively advantaged companies that are likely to experience above-average earnings growth for the next five years, we expect to continue to own only 30 to 60 stocks in the portfolio and expect low turnover, which we believe should minimize the impact of transaction costs and taxes on the return of the portfolio.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.


Top 10 Holdings as of 2/28/10 (Unaudited)

Fresenius Medical Care AG & Co. KGaA	4.5	%
Standard Chartered PLC	4.2
Intertek Group PLC	4.2
Li & Fung Ltd.	4.1
DAITO Trust Construction Co., Ltd.	3.8
United Internet AG	3.5
Sodexo	3.5
Wirecard AG	3.4
Axis Capital Holdings Ltd.	3.4
Telecity Group PLC	3.4


Summary of Investments by Country Classification as of 2/28/10 (Unaudited)

United Kingdom	16.9	%
Bermuda	12.0
Germany	11.5
Japan	8.9
France	6.0
Spain	5.8
Israel	5.4
Australia	3.3
Jersey Channel Islands	3.2
Netherlands	3.2
United States	3.2
Ireland	2.8
Republic of Korea (South Korea)	2.7
Mexico	2.3
South Africa	2.2
Thailand	2.1
Finland	2.0
China	1.8
Brazil	1.4

Total Long-Term Investments	96.7
Total Repurchase Agreements	2.6

Total Investments	99.3
Foreign Currency	0.2
Other Assets in Excess of Liabilities	0.5

Net Assets	100.0	%

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the industries shown above. All percentages are as a percentage of total net assets. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.

For More Information About Portfolio Holdings

You may obtain copies of a fund’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 847-2424.

Householding Notice

Proxy Voting Policy and Procedures and Proxy Voting Record

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments of Class A Shares and contingent deferred sales charges on redemptions of Class B and Class C Shares; and redemption fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 9/1/09 - 2/28/10.

Actual Expense

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or contingent deferred sales charges or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your cost would have been higher.


	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*

	9/1/09		2/28/10		9/1/09-2/28/10

Class A
Actual	$	1,000.00	$	1,107.21	$	8.62
Hypothetical		1,000.00		1,016.61		8.25
(5% annual return before expenses)

Class B
Actual		1,000.00		1,108.03		8.78
Hypothetical		1,000.00		1,016.46		8.40
(5% annual return before expenses)

Class C
Actual		1,000.00		1,103.38		12.52
Hypothetical		1,000.00		1,012.89		11.98
(5% annual return before expenses)

Class I
Actual		1,000.00		1,108.49		7.32
Hypothetical		1,000.00		1,017.85		7.00
(5% annual return before expenses)


*		Expenses are equal to the Fund’s annualized expense ratio of 1.65%, 1.68%, 2.40% and 1.40% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The expense ratio for Class B Shares reflects actual 12b-1 fees of less than 1%. These expense ratios reflect an expense waiver.

Assumes all dividends and distributions were reinvested.

Van Kampen International Advantage Fund

Portfolio of Investments n February 28, 2010 (Unaudited)


	Number of
Description	Shares		Value


Common Stocks 96.7%
Australia 3.3%
Computershare Ltd.		223,081	$	2,329,129


Bermuda 12.0%
Axis Capital Holdings Ltd.		76,344		2,401,019
China Yurun Food Group Ltd.		642,000		1,910,579
Esprit Holdings Ltd.		173,737		1,238,876
Li & Fung Ltd.		624,000		2,902,082

				8,452,556

Brazil 1.4%
Companhia Brasileira de Meios de Pagamento		123,200		964,657


China 1.8%
China Shenhua Energy Co., Ltd.		287,000		1,234,941


Finland 2.0%
Vacon Oyj		38,048		1,445,445


France 6.0%
Ipsen SA		35,359		1,795,386
Sodexo		41,125		2,440,387

				4,235,773

Germany 11.5%
Fresenius Medical Care AG & Co. KGaA		60,515		3,160,050
United Internet AG (a)		160,566		2,483,691
Wirecard AG		201,317		2,420,783

				8,064,524

Ireland 2.8%
ICON PLC—ADR (a)		83,700		1,971,135


Israel 5.4%
Strauss Group Ltd.		100,208		1,470,371
Teva Pharmaceutical Industries Ltd.—ADR		38,368		2,302,464

				3,772,835

Japan 8.9%
DAITO Trust Construction Co., Ltd.		54,400		2,660,454
EPS Co., Ltd.		396		1,611,278
Unicharm Petcare Corp.		62,800		2,021,588

				6,293,320

Jersey Channel Islands 3.2%
Shire Ltd.		105,242		2,257,854


Mexico 2.3%
Fomento Economico Mexicano SA de CV, Class B—ADR		37,350		1,598,580

See Notes to Financial Statements

Van Kampen International Advantage Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value



Netherlands 3.2%
QIAGEN NV (a)		103,390	$	2,254,936


Republic of Korea (South Korea) 2.7%
NHN Corp. (a)		12,215		1,906,126


South Africa 2.2%
Aspen Pharmacare Holdings Ltd. (a)		169,479		1,558,175


Spain 5.8%
Banco Santander SA		181,561		2,360,729
Telefonica SA		73,650		1,729,424

				4,090,153

Thailand 2.1%
Kasikornbank Public Co., Ltd.—NVDR		577,400		1,510,513


United Kingdom 16.9%
Intertek Group PLC		150,009		2,932,365
Man Group PLC		380,510		1,303,713
SABMiller PLC		88,089		2,310,270
Standard Chartered PLC		124,769		2,971,669
Telecity Group PLC (a)		419,900		2,388,182

				11,906,199

United States 3.2%
NII Holdings, Inc., Class B (a)		59,788		2,237,267


Total Long-Term Investments 96.7% (Cost $61,662,324)				68,084,118


Repurchase Agreements 2.6%
Banc of America Securities ($333,341 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.10%, dated 02/26/10, to be sold on 03/01/10 at $333,344)				333,341
JPMorgan Chase & Co. ($1,419,224 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.09%, dated 02/26/10, to be sold on 03/01/10 at $1,419,235)				1,419,224
State Street Bank & Trust Co. ($65,435 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 02/26/10, to be sold on 03/01/10 at $65,435)				65,435


Total Repurchase Agreements 2.6% (Cost $1,818,000)				1,818,000


Total Investments 99.3% (Cost $63,480,324)				69,902,118

See Notes to Financial Statements

Van Kampen International Advantage Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


Description	Value



Foreign Currency 0.2% (Cost $133,623)	$	131,116

Other Assets in Excess of Liabilities 0.5%		360,231


Net Assets 100.0%	$	70,393,465

Percentages are calculated as a percentage of net assets.


(a)		Non-income producing security.

ADR—American Depositary Receipt

Fair Value Measurements

The following is a summary of the inputs used as of February 28, 2010 in valuing the Fund’s investments carried at value.


	Level 1		Level 2		Level 3
					Significant
			Other Significant		Unobservable				Percent of
Investment	Quoted Prices		Observable Inputs		Inputs		Total		Net Assets


Investments in an Asset Position
Common Stocks
Apparel Retail	$	1,238,876	$	—	$	—	$	1,238,876		1.8	%
Asset Management & Custody Banks		1,303,713		—		—		1,303,713		1.8
Brewers		2,310,270		—		—		2,310,270		3.3
Coal & Consumable Fuels		1,234,941		—		—		1,234,941		1.7
Data Processing & Outsourced Services		3,293,786		—		—		3,293,786		4.7
Distributors		2,902,083		—		—		2,902,083		4.1
Diversified Banks		6,842,910		—		—		6,842,910		9.7
Diversified Commercial & Professional Services		5,353,148		—		—		5,353,148		7.6
Electrical Components & Equipment		1,445,445		—		—		1,445,445		2.0
Health Care Services		3,160,050		—		—		3,160,050		4.5
Homebuilding		2,660,454		—		—		2,660,454		3.8
Integrated Telecommunication Services		1,729,424		—		—		1,729,424		2.5
Internet Software & Services		6,777,998		—		—		6,777,998		9.6
Life Sciences Tools & Services		5,837,349		—		—		5,837,349		8.3

See Notes to Financial Statements

Van Kampen International Advantage Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Level 1		Level 2		Level 3
					Significant
			Other Significant		Unobservable				Percent of
Investment	Quoted Prices		Observable Inputs		Inputs		Total		Net Assets


Packaged Foods & Meats	$	5,402,538	$	—	$	—	$	5,402,538		7.7	%
Pharmaceuticals		7,913,880		—		—		7,913,880		11.2
Property & Casualty Insurance		2,401,019		—		—		2,401,019		3.4
Restaurants		2,440,387		—		—		2,440,387		3.5
Soft Drinks		1,598,580		—		—		1,598,580		2.3
Wireless Telecommunication Services		2,237,267		—		—		2,237,267		3.2
Repurchase Agreements		—		1,818,000		—		1,818,000		2.6

Total Investments in an Asset Position	$	68,084,118	$	1,818,000	$	—	$	69,902,118		99.3	%

See Notes to Financial Statements

Van Kampen International Advantage Fund

Financial Statements

Statement of Assets and Liabilities

February 28, 2010 (Unaudited)


Assets:
Total Investments (Cost $63,480,324)	$	69,902,118
Foreign Currency (Cost $133,623)		131,116
Cash		49
Receivables:
Investments Sold		738,743
Fund Shares Sold		179,652
Dividends		82,569
Interest		13
Other		281,758

Total Assets		71,316,018

Liabilities:
Payables:
Investments Purchased		364,159
Fund Shares Repurchased		146,073
Investment Advisory Fee		39,760
Distributor and Affiliates		29,927
Trustees’ Deferred Compensation and Retirement Plans		171,430
Accrued Expenses		171,204

Total Liabilities		922,553

Net Assets	$	70,393,465

Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	84,225,119
Net Unrealized Appreciation		6,432,965
Accumulated Undistributed Net Investment Loss		(457,858	)
Accumulated Net Realized Loss		(19,806,761	)

Net Assets	$	70,393,465

Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $51,716,100 and 4,585,360 shares of beneficial interest issued and outstanding)	$	11.28
Maximum sales charge (5.75%* of offering price)		0.69

Maximum offering price to public	$	11.97

Class B Shares:
Net asset value and offering price per share (Based on net assets of $9,524,464 and 860,759 shares of beneficial interest issued and outstanding)	$	11.07

Class C Shares:
Net asset value and offering price per share (Based on net assets of $7,762,992 and 699,098 shares of beneficial interest issued and outstanding)	$	11.10

Class I Shares:
Net asset value and offering price per share (Based on net assets of $1,389,909 and 123,346 shares of beneficial interest issued and outstanding)	$	11.27


*		On sales of $50,000 or more, the sales charge will be reduced.

See Notes to Financial Statements

Van Kampen International Advantage Fund
Financial Statements continued

Statement of Operations

For the Six Months Ended February 28, 2010 (Unaudited)


Investment Income:
Dividends (Net of foreign withholding taxes of $38,708)	$	515,660
Interest		914

Total Income		516,574

Expenses:
Investment Advisory Fee		322,395
Transfer Agent Fees		129,014
Distribution (12b-1) and Service Fees
Class A		66,588
Class B		14,297
Class C		37,742
Professional Fees		46,990
Registration Fees		35,076
Reports to Shareholders		32,856
Accounting and Administrative Expenses		25,166
Custody		20,428
Trustees’ Fees and Related Expenses		11,391
Other		9,224

Total Expenses		751,167
Expense Reduction		131,037

Net Expenses		620,130

Net Investment Loss	$	(103,556	)

Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments	$	3,230,891
Foreign Currency Transactions		8,104

Net Realized Gain		3,238,995

Unrealized Appreciation/Depreciation:
Beginning of the Period		2,461,966

End of the Period:
Investments		6,421,794
Foreign Currency Translation		11,171

		6,432,965

Net Unrealized Appreciation During the Period		3,970,999

Net Realized and Unrealized Gain	$	7,209,994

Net Increase in Net Assets From Operations	$	7,106,438

See Notes to Financial Statements

Van Kampen International Advantage Fund
Financial Statements continued

Statements of Changes in Net Assets (Unaudited)


	For The			For The
	Six Months Ended			Year Ended
	February 28, 2010			August 31, 2009


From Investment Activities:
Operations:
Net Investment Income/Loss	$	(103,556	)	$	426,762
Net Realized Gain/Loss		3,238,995			(15,610,856	)
Net Unrealized Appreciation/Depreciation During the Period		3,970,999			(5,014,833	)

Change in Net Assets from Operations		7,106,438			(20,198,927	)


Distributions from Net Investment Income:
Class A Shares		(170,343	)		(377,239	)
Class B Shares		(29,168	)		(34,514	)
Class C Shares		-0-			(22,309	)
Class I Shares		(1,102	)		(1,571	)

		(200,613	)		(435,633	)


Return of Capital Distributions:
Class A Shares		-0-			(560,676	)
Class B Shares		-0-			(51,296	)
Class C Shares		-0-			(33,157	)
Class I Shares		-0-			(2,335	)

		-0-			(647,464	)

Total Distributions		(200,613	)		(1,083,097	)


Net Change in Net Assets from Investment Activities		6,905,825			(21,282,024	)


From Capital Transactions:
Proceeds from Shares Sold		8,521,143			11,119,103
Net Asset Value of Shares Issued Through Dividend Reinvestment		192,831			1,047,275
Cost of Shares Repurchased		(14,266,248	)		(39,010,412	)


Net Change in Net Assets from Capital Transactions		(5,552,274	)		(26,844,034	)

Total Increase/Decrease in Net Assets		1,353,551			(48,126,058	)
Net Assets:
Beginning of the Period		69,039,914			117,165,972

End of the Period (Including accumulated undistributed net investment loss of $457,858 and $153,689, respectively)	$	70,393,465		$	69,039,914

See Notes to Financial Statements

Van Kampen International Advantage Fund

Financial Highlights (Unaudited)

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months
	Ended
	February 28,			Year Ended August 31,
Class A Shares	2010			2009			2008			2007		2006		2005


Net Asset Value, Beginning of the Period	$	10.22		$	11.60		$	16.28		$	14.52	$	12.56	$	10.86

Net Investment Income/Loss (a)		(0.01	)		0.06			0.09			0.06		0.06		0.13
Net Realized and Unrealized Gain/Loss		1.11			(1.27	)		(2.59	)		3.64		2.16		2.14

Total from Investment Operations		1.10			(1.21	)		(2.50	)		3.70		2.22		2.27

Less:
Distributions from Net Investment Income		0.04			0.07			0.19			0.07		0.10		-0-
Distributions from Net Realized Gain		-0-			-0-			1.97			1.87		0.16		0.57
Return of Capital Distributions		-0-			0.10			0.02			-0-		-0-		-0-

Total Distributions		0.04			0.17			2.18			1.94		0.26		0.57

Net Asset Value, End of the Period	$	11.28		$	10.22		$	11.60		$	16.28	$	14.52	$	12.56


Total Return* (b)		10.72%	**		–9.88%			–18.36%			27.06%		17.91%		21.36%
Net Assets at End of the Period (In millions)	$	51.7		$	51.9		$	71.3		$	144.3	$	97.7	$	70.3
Ratio of Expenses to Average Net Assets*		1.65%			1.65%			1.63%			1.62%		1.65%		1.70%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.21%	)		0.77%			0.64%			0.41%		0.44%		1.08%
Portfolio Turnover		16%	**		31%			39%			22%		124%		69%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		2.02%			2.20%			N/A			N/A		1.68%		1.97%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.58%	)		0.22%			N/A			N/A		0.41%		0.81%


(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**		Non-Annualized

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen International Advantage Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months
	Ended
	February 28,			Year Ended August 31,
Class B Shares	2010			2009			2008			2007			2006			2005


Net Asset Value, Beginning of the Period	$	10.02		$	11.23		$	15.85		$	14.22		$	12.32		$	10.73

Net Investment Income/Loss (a)		(0.01	)		0.05			-0-	(b)		(0.06	)		(0.05	)		0.05
Net Realized and Unrealized Gain/Loss		1.09			(1.19	)		(2.54	)		3.56			2.13			2.11

Total from Investment Operations		1.08			(1.14	)		(2.54	)		3.50			2.08			2.16

Less:
Distributions from Net Investment Income		0.03			0.03			0.09			-0-			0.02			-0-
Distributions from Net Realized Gain		-0-			-0-			1.97			1.87			0.16			0.57
Return of Capital Distributions		-0-			0.04			0.02			-0-			-0-			-0-

Total Distributions		0.03			0.07			2.08			1.87			0.18			0.57

Net Asset Value, End of the Period	$	11.07		$	10.02		$	11.23		$	15.85		$	14.22		$	12.32


Total Return* (c)		10.80%	(d)**		–9.97%	(d)		–19.01%			26.13%			17.05%			20.57%
Net Assets at End of the Period (In millions)	$	9.5		$	10.3		$	17.3		$	25.5		$	22.8		$	25.3
Ratio of Expenses to Average Net Assets*		1.68%	(d)		1.76%	(d)		2.40%			2.37%			2.40%			2.41%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.24%	)(d)		0.64%	(d)		(0.02%	)		(0.38%	)		(0.37%	)		0.42%
Portfolio Turnover		16%	**		31%			39%			22%			124%			69%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		2.05%	(d)		2.33%	(d)		N/A			N/A			2.43%			2.66%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.61%	)(d)		0.07%	(d)		N/A			N/A			(0.40%	)		0.17%


(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net Investment Income/Loss to Average Net Assets reflect actual 12b-1 fees of less than 1% (See Note 6 in the Notes to Financial Statements).

**		Non-Annualized

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen International Advantage Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months
	Ended
	February 28,			Year Ended August 31,
Class C Shares	2010			2009			2008			2007			2006			2005


Net Asset Value, Beginning of the Period	$	10.06		$	11.37		$	16.02		$	14.36		$	12.45		$	10.84

Net Investment Income/Loss (a)		(0.05	)		-0-	(b)		-0-	(b)		(0.06	)		(0.05	)		0.04
Net Realized and Unrealized Gain/Loss		1.09			(1.23	)		(2.56	)		3.59			2.15			2.14

Total from Investment Operations		1.04			(1.23	)		(2.56	)		3.53			2.10			2.18

Less:
Distributions from Net Investment Income		-0-			0.03			0.10			-0-			0.03			-0-
Distributions from Net Realized Gain		-0-			-0-			1.97			1.87			0.16			0.57
Return of Capital Distributions		-0-			0.05			0.02			-0-			-0-			-0-

Total Distributions		-0-			0.08			2.09			1.87			0.19			0.57

Net Asset Value, End of the Period	$	11.10		$	10.06		$	11.37		$	16.02		$	14.36		$	12.45


Total Return* (c)		10.34%	**		–10.59%			–18.97%			26.08%			17.05%			20.54%	(d)
Net Assets at End of the Period (In millions)	$	7.8		$	6.6		$	8.9		$	12.0		$	8.9		$	7.6
Ratio of Expenses to Average Net Assets*		2.40%			2.40%			2.40%			2.37%			2.40%			2.40%	(d)
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.95%	)		0.02%			(0.02%	)		(0.37%	)		(0.34%	)		0.34%	(d)
Portfolio Turnover		16%	**		31%			39%			22%			124%			69%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		2.77%			2.96%			N/A			N/A			2.43%			2.67%	(d)
Ratio of Net Investment Income/Loss to Average Net Assets		(1.32%	)		(0.54%	)		N/A			N/A			(0.37%	)		0.07%	(d)


(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net Investment Income/Loss to Average Net Assets reflect actual 12b-1 fees of less than 1% (See Note 6 in the Notes to Financial Statements).

**		Non-Annualized

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen International Advantage Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months													August 12, 2005
	Ended													(Commencement
	February 28,			Year Ended August 31,										of Operations) to
Class I Shares	2010			2009			2008			2007		2006		August 31, 2005


Net Asset Value, Beginning of the Period	$	10.22		$	11.61		$	16.31		$	14.54	$	12.56	$	12.77

Net Investment Income/Loss (a)		0.00	(c)		0.03			0.14			0.11		0.08		0.01
Net Realized and Unrealized Gain/Loss		1.11			(1.22	)		(2.61	)		3.63		2.19		(0.22	)

Total from Investment Operations		1.11			(1.19	)		(2.47	)		3.74		2.27		(0.21	)

Less:
Distributions from Net Investment Income		0.06			0.08			0.24			0.10		0.13		-0-
Distributions from Net Realized Gain		-0-			-0-			1.97			1.87		0.16		-0-
Return of Capital Distributions		-0-			0.12			0.02			-0-		-0-		-0-

Total Distributions		0.06			0.20			2.23			1.97		0.29		-0-

Net Asset Value, End of the Period	$	11.27		$	10.22		$	11.61		$	16.31	$	14.54	$	12.56


Total Return* (b)		10.85%	**		–9.57%			–18.19%			27.37%		18.27%		–1.64%	**
Net Assets at End of the Period (In millions)	$	1.4		$	0.2		$	19.6		$	18.9	$	10.3	$	9.4
Ratio of Expenses to Average Net Assets*		1.40%			1.40%			1.39%			1.37%		1.40%		1.40%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.05%	)		0.29%			1.01%			0.68%		0.61%		1.00%
Portfolio Turnover		16%	**		31%			39%			22%		124%		69%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		1.77			1.78%			N/A			N/A		1.43%		1.52%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.42%	)		(0.09%	)		N/A			N/A		0.58%		0.88%


(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(c)		Amount is less than $0.01 per share.

**		Non-Annualized

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen International Advantage Fund

Notes to Financial Statements n February 28, 2010 (Unaudited)

1. Significant Accounting Policies

Van Kampen International Advantage Fund (the “Fund”) is organized as a series of the Van Kampen Equity Trust II, a Delaware statutory trust, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the“1940 Act”). The Fund’s investment objective is to seek long-term capital appreciation. The Fund commenced investment operations on September 26, 2001. The Fund offers Class A Shares, Class B Shares, Class C Shares and Class I Shares. Each class of shares differs by its initial sales load, contingent deferred sales charges, the allocation of class-specific expenses and voting rights on matters affecting a single class.

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification^tm (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Fund appropriately updated relevant GAAP references to reflect the new ASC.

A. Security Valuation Investments in securities listed on a securities exchange are valued at their last sale price as of the close of such securities exchange. Equity securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Unlisted securities and listed securities for which the last sales price is not available are valued at the mean of the last reported bid and asked prices. For those securities where quotations or prices are not readily available, valuations are determined in accordance with procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Most foreign markets close before the New York Stock Exchange (NYSE). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuation may be adjusted to reflect the estimated fair value as of close of the NYSE, as determined in good faith under procedures established by the Board of Trustees. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.

Van Kampen International Advantage Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

B. Fair Value Measurements FASB 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.

C. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis.

D. Income and Expenses Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distributions and service fees and incremental transfer agency costs which are unique to each class of shares.

Van Kampen International Advantage Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in “Interest Expense” and penalties in “Other” expenses on the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service and various states. Generally, each of the tax years in the four year period ended August 31, 2009, remains subject to examination by taxing authorities.

At February 28, 2010, the cost and related gross unrealized appreciation and depreciation were as follows:


Cost of investments for tax purposes	$	63,980,850

Gross tax unrealized appreciation	$	10,670,563
Gross tax unrealized depreciation		(4,749,295	)

Net tax unrealized appreciation on investments	$	5,921,268

F. Distribution of Income and Gains The Fund declares and pays dividends at least annually from net investment income and from net realized gains, if any. Distributions from net realized gains for book purposes may include short-term capital gains, which are included in ordinary income for tax purposes. Distributions from the Fund are recorded on the ex-distribution date.

The tax character of distributions paid during the year ended August 31, 2009 was as follows:


Distributions paid from:
Ordinary income	$	435,633
Long-term capital gain		-0-
Return of capital		647,464

	$	1,083,097

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of gains and losses recognized on partnership interest for tax purposes but not for book purposes, and the deferral of losses resulting from wash sale transactions.

G. Foreign Currency Translation Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the last quoted bid and asked prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated at the rate of exchange prevailing when such securities were acquired or sold. Income and expenses are translated at rates prevailing when accrued. Realized and unrealized gains and losses on securities resulting from changes in exchange rates are not segregated for financial reporting purposes from amounts arising from changes in the market prices of securities. The unrealized gains and losses on translations of other assets or liabilities denominated in foreign currencies are included in foreign currency translation on the Statement of Operations.

Van Kampen International Advantage Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

Realized gains and losses on foreign currency transactions on the Statement of Operations includes the net realized amount from the sale of the foreign currency and the amount realized between trade date and settlement date on security transactions.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, the Adviser will provide investment advice and facilities to the Fund for an annual fee payable monthly as follows:


Average Daily Net Assets	% Per Annum

First $500 million		0.90%
Next $500 million		0.85%
Over $1 billion		0.80%

The Fund’s Adviser is currently waiving or reimbursing all or a portion of the Fund’s advisory fees or other expenses. This resulted in net expense ratios of 1.65%, 1.68%, 2.40% and 1.40% for Classes A, B, C, and I Shares, respectively. The fee waivers or expense reimbursement are voluntary and can be discontinued at any time. For the six months ended February 28, 2010, the Adviser waived or reimbursed approximately $131,000 of advisory fees or other expenses.

For the six months ended February 28, 2010, the Fund recognized expenses of approximately $7,100 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Fund is a partner of such firm and he and his law firm provide legal services as legal counsel to the Fund.

Under separate Legal Services, Accounting Services, and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Fund. The costs of these services are allocated to each fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $28,100 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting and legal services to the Fund, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” on the Statement of Operations.

Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser, serves as the shareholder servicing agent for the Fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $52,800 representing transfer agency fees paid to VKIS and its affiliates. Transfer agency fees are determined through negotiations with the Fund’s Board of Trustees.

Certain officers and trustees of the Fund are also officers and directors of Van Kampen. The Fund does not compensate its officers or trustees who are also officers of Van Kampen.

Van Kampen International Advantage Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

The Fund provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund, and to the extent permitted by the 1940 Act, may be invested in the common shares of those funds selected by the trustees. Investments in such funds of approximately $89,100 are included in “Other” assets on the Statement of Assets and Liabilities at February 28, 2010. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Fund. The maximum annual benefit per trustee under the plan is $2,500.

For the six months ended February 28, 2010, the Fund paid brokerage commissions to Morgan Stanley & Co., Inc., an affiliate of the Adviser, totaling $7,567.

For the six months ended February 28, 2010, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $8,800 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $7,900. Sales charges do not represent expenses of the Fund.

At February 28, 2010, Morgan Stanley & Co., Inc., an affiliate of the Adviser, owned 559 shares of Class I.

Van Kampen International Advantage Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

3. Capital Transactions

For the six months ended February 28, 2010 and the year ended August 31, 2009, transactions were as follows:


	For The						For The
	Six Months Ended						Year Ended
	February 28, 2010						August 31, 2009
	Shares			Value			Shares			Value

Sales:
Class A		463,735		$	5,342,802			861,626		$	7,723,295
Class B		61,229			697,497			195,626			1,727,924
Class C		105,419			1,176,557			106,267			974,843
Class I		114,199			1,304,287			82,932			693,041

Total Sales		744,582		$	8,521,143			1,246,451		$	11,119,103


Dividend Reinvestment:
Class A		14,448		$	164,559			122,905		$	910,727
Class B		2,463			27,514			11,250			81,785
Class C		-0-			-0-			7,011			51,462
Class I		67			758			446			3,301

Total Dividend Reinvestment		16,978		$	192,831			141,612		$	1,047,275


Repurchases:
Class A		(976,790	)	$	(10,947,693	)		(2,049,692	)	$	(17,123,147	)
Class B		(231,720	)		(2,538,740	)		(722,306	)		(5,917,051	)
Class C		(64,600	)		(708,255	)		(234,604	)		(1,918,876	)
Class I		(6,393	)		(71,560	)		(1,758,878	)		(14,051,338	)

Total Repurchases		(1,279,503	)	$	(14,266,248	)		(4,765,480	)	$	(39,010,412	)

4. Redemption Fee

The Fund will assess a 2% redemption fee on the proceeds of Fund shares that are redeemed (either by sale or exchange) within 30 days of purchase. The redemption fee is paid directly to the Fund and allocated on a pro rata basis to each class of shares. For the six months ended February 28, 2010, the Fund received redemption fees of approximately $1,000 which are reported as part of “Cost of Shares Repurchased” on the Statements of Changes in Net Assets. The per share impact from redemption fees paid to the Fund was less than $0.01.

5. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $10,988,411 and $16,969,177, respectively.

6. Distribution and Service Plans

Van Kampen International Advantage Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets. These fees are accrued daily and paid to the Distributor monthly.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (“unreimbursed receivable”) was approximately $-0- and $800 for Class B and Class C Shares, respectively. These amounts may be recovered from future payments under the distribution plan or CDSC. To the extent the unreimbursed receivable has been fully recovered, the distribution fee is reduced.

7. Indemnifications

8. Legal Matters

A class action complaint was brought against the Adviser and other defendants relating to the operations of another fund that merged into the Fund in 2004. The complaint generally alleges that the defendants breached their duties of care to long-term shareholders of the merged Fund by valuing portfolio securities at the closing prices of the foreign exchanges on which they trade without accounting for significant market information that became available after the close of the foreign exchanges but before calculation of net asset value. As a result, the complaint alleges, short-term traders were able to exploit stale pricing information to capture arbitrage profits that diluted the value of shares held by long-term investors. The complaint seeks unspecified compensatory damages, punitive damages, fees and costs. On October 16, 2006, pursuant to an Order of the United States Supreme Court finding a lack of appellate jurisdiction, the federal court of appeals vacated a prior order of the district court dismissing the case with prejudice, and remanded the case to the Illinois state court where it had been filed. In November 2006, defendants again removed the case to the federal district court based on intervening authority. In December 2006, plaintiffs moved to remand the case back to Illinois state court. In July 2007 the federal district court again remanded the case to the state Circuit Court in Madison County, Illinois. On October 24, 2007, the Adviser and the Fund filed a motion to dismiss in the Circuit Court, which the court denied on May 20, 2008. Defendants sought an interlocutory appeal of that ruling but agreed to continue their motion in light of a similar appeal filed by another mutual fund that was already pending in the Illinois appellate court.

The Circuit Court stayed discovery pending the outcome of that appeal, Kircher v. Putnam (5th Dist. App. No. 5-08-0260). On January 6, 2010, the Appellate Court ruled for the defendants in Kircher, and remanded with instructions to dismiss that case. On January 27, 2010, plaintiffs in Kircher moved for rehearing before the Appellate Court. While the defendants believe that they have meritorious defenses, the ultimate outcome of this matter is not presently determinable at this stage in the litigation.

9. Significant Event

On October 19, 2009, Morgan Stanley, the parent company of Van Kampen Investments, Inc., announced that it has reached a definitive agreement to sell most of its retail asset management business to Invesco Ltd. (“Invesco”). The transaction (the “Transaction”) affects the part of the asset management business that advises funds, including the Van Kampen

Van Kampen International Advantage Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

family of funds. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in mid-2010.

Under the Investment Company Act of 1940, the closing of the Transaction will cause the Fund’s current investment advisory agreement with Van Kampen Asset Management, a subsidiary of Van Kampen Investments Inc., to terminate. In connection with the Transaction, the Fund’s Board of Trustees (the “Board”) has approved, subject to shareholder approval, that the Fund be transitioned to the Invesco mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco, that has substantially the same investment objective, principal investment strategies and risks as the Fund (the “Reorganization”). The proposed Reorganization will be presented to shareholders of the Fund at a special meeting of shareholders. If shareholders of the Fund approve the Reorganization and certain other conditions to closing of the Transaction are met, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund. Upon completion of the proposed Reorganization, the Fund will dissolve pursuant to a plan of dissolution adopted by the Board.

10. Accounting Pronouncement

On January 21, 2010, the FASB issued an Accounting Standards Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009. However, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment to ASC 820 and the impact it will have on financial statement disclosures.

Van Kampen International Advantage Fund

Board of Trustees, Officers and Important Addresses


Board of Trustees David C. Arch Jerry D. Choate Rod Dammeyer Linda Hutton Heagy R. Craig Kennedy Howard J Kerr Jack E. Nelson Hugo F. Sonnenschein Wayne W. Whalen- Chairman Suzanne H. Woolsey* Officers Edward C. Wood III President and Principal Executive Officer Kevin Klingert Vice President Stefanie V. Chang Yu Vice President and Secretary John L. Sullivan Chief Compliance Officer Stuart N. Schuldt Chief Financial Officer and Treasurer		Investment Adviser Van Kampen Asset Management 522 Fifth Avenue New York, New York 10036 Distributor Van Kampen Funds Inc. 522 Fifth Avenue New York, New York 10036 Shareholder Servicing Agent Van Kampen Investor Services Inc. P.O. Box 219286 Kansas City, Missouri 64121-9286 Custodian State Street Bank and Trust Company One Lincoln Street Boston, Massachusetts 02111 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 155 North Wacker Drive Chicago, Illinois 60606 Independent Registered Public Accounting Firm Ernst & Young LLP 233 South Wacker Drive Chicago, Illinois 60606


*		“Interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended.

Your Notes

Van Kampen International Advantage Fund

An Important Notice Concerning Our

U.S. Privacy Policy

We are required by federal law to provide you with a copy of our privacy policy (“Policy”) annually.

We Respect Your Privacy

1. What Personal Information Do We Collect About You?


	•	We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through application forms you submit to us.

(continued on next page)

Van Kampen International Advantage Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued


	•	We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

	•	We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

	•	We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

	•	If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer’s operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of “cookies.” “Cookies” recognize your computer each time you return to one of our sites, and help to improve our sites’ content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2. When Do We Disclose Personal Information We Collect About You?

(continued on next page)

Van Kampen International Advantage Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

3. How Do We Protect The Security and Confidentiality Of Personal Information We Collect About You?

4. How Can You Limit Our Sharing Of Certain Personal Information About You With Our Affiliated Companies For Eligibility Determination?

5. How Can You Limit the Use of Certain Personal Information About You by our Affiliated Companies for Marketing?

(continued on next page)

Van Kampen International Advantage Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

6. How Can You Send Us an Opt-Out Instruction?


	•	Calling us at (800) 847-2424 Monday-Friday between 8 a.m. and 8 p.m. (EST)

	•	Writing to us at the following address: Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

(continued on back)

Van Kampen International Advantage Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

SPECIAL NOTICE TO RESIDENTS OF VERMONT

If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:


		Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

185, 285, 385, 687

IASAN 04/10

IU10-01545P-Y02/10

SEMIANNUAL REPORT

February 28, 2010





		MUTUAL FUNDS Van Kampen American Franchise Fund

		Privacy Notice information on the back.

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen American Franchise Fund performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the fund’s financial statements and a list of fund investments as of February 28, 2010.

Performance Summary as of 2/28/10 (Unaudited)


	A Shares						B Shares						C Shares						I Shares
	since 6/23/05						since 6/23/05						since 6/23/05						since 6/23/05
				w/max						w/max						w/max
				5.75%						5.00%						1.00%
Average Annual	w/o sales			sales			w/o sales			sales			w/o sales			sales			w/o sales
Total Returns	charges			charge			charges			charge			charges			charge			charges

Since Inception		2.41	%		1.12	%		1.61	%		1.31	%		1.65	%		1.65	%		2.64	%

1-year		53.83			44.90			52.70			47.70			52.82			51.82			54.24

6-month		12.55			6.09			12.04			7.04			12.17			11.17			12.52


Gross Expense Ratio	1.41%						2.16%						2.16%							1.16%

Past performance is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit vankampen.com or speak with your financial advisor. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. Expenses are as of the fund’s fiscal year-end as outlined in the fund’s current prospectus.

Figures shown above assume reinvestment of all dividends and capital gains. The fund’s adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements, the fund’s returns would have been lower. Periods of less than one year are not annualized.

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index is an index of approximately 1,000 of the largest U.S. companies based on a combination of market capitalization and current index membership.

Based on the Fund’s asset composition, the Fund’s investment adviser believes that the Russell 1000^® Growth Index is a more appropriate broad-based benchmark for the Fund than the S&P 500^® Index. Accordingly, both indices will be shown in the prospectus and shareholder reports for a one-year period, after which the S&P 500 Index will not be shown in future prospectuses or shareholder reports for the Fund. The Indices are unmanaged and their returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

Fund Report

For the six-month period ended February 28, 2010

Market Conditions

For most of the six-month period, the stock market continued to advance on news of stabilizing or improving economic conditions, despite the persistence of high unemployment and weak housing market data. However, in early 2010, concerns about the global economy also came to the forefront. Greece and several other European nations faced significant national debt and potential bailouts by the European Union, while China took steps to tighten credit. These events served to remind investors that the global recovery is still fragile.

The start of 2010 has been volatile. We do not make predictions on how the market will perform. In our view, having an outlook can be an anchor. Rather, we prefer to focus on company fundamentals over a three- to five-year period. We remain optimistic overall but believe there is potential for periods of volatility in 2010.

Performance Analysis

All share classes of Van Kampen American Franchise Fund outperformed the Russell 1000^® Growth Index (the “Index”) and the S&P 500^® Index for the six months ended February 28, 2010, assuming no deduction of applicable sales charges.

Total returns for the six-month period ended February 28, 2010


												Russell 1000^®
Class A			Class B			Class C			Class I			Growth Index			S&P 500^® Index

	12.55	%		12.04	%		12.17	%		12.52	%		11.32	%		9.32	%

The following three sectors were the largest contributors to the Fund’s overall outperformance of the Index during the period:


•	Stock selection in health care had the largest positive effect on relative performance. Within the sector, the biotechnology industry led outperformance.

•	Both stock selection and an overweight in consumer discretionary were advantageous. Here, the diversified retail industry was the most additive to relative returns.

•	Stock selection in technology outperformed the Index, although an underweight in the sector did detract. The computer technology industry contributed most to relative performance.

Although the portfolio outperformed the Index during the period, there were other areas that were detrimental to overall performance:


•	Stock selection in materials and processing was the largest detractor from relative performance, primarily due to exposure to the cement industry.

•	Stock selection in energy also dampened relative performance. Within the sector, natural gas producers had a negative impact on relative returns.

•	An underweight in producer durables hurt relative performance. The environmental, maintenance and security industry was the main area of underperformance.

Market Outlook

In our view, the market seems to be stabilizing but there is little visibility. We remain optimistic and focused on company fundamentals rather than macro forecasting. We will continue to focus on quality, the nature and sustainability of competitive advantage and balance sheet strength.

Thank you for your continued support.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.


Top 10 Holdings as of 2/28/10 (Unaudited)

Apple, Inc.	6.0	%
MasterCard, Inc., Class A	5.1
Berkshire Hathaway, Inc., Class B	4.7
Amazon.com, Inc.	4.3
Starbucks Corp.	4.1
Cisco Systems, Inc.	4.0
Mead Johnson Nutrition Co., Class A	3.9
American Express Co.	3.8
Alcon, Inc.	3.4
eBay, Inc.	3.2


Summary of Investments by Industry Classification as of 2/28/10 (Unaudited)

Health Care Supplies	6.4	%
Internet Software & Services	6.1
Restaurants	6.1
Computer Hardware	6.0
Consumer Finance	5.3
Data Processing & Outsourced Services	5.1
Soft Drinks	4.8
Property & Casualty Insurance	4.7
Tobacco	4.7
Internet Retail	4.3
Communications Equipment	4.0
Pharmaceuticals	3.8
Industrial Machinery	3.0
Oil & Gas Exploration & Production	3.0
Life Sciences Tools & Services	2.8
Multi-Line Insurance	2.8
Packaged Foods & Meats	2.8
Construction Materials	2.5
Distillers & Vintners	2.3
Household Products	2.1
Food Retail	2.1
Asset Management & Custody Banks	2.0
Hypermarkets & Super Centers	1.9
Footwear	1.6
Diversified Commercial & Professional Services	1.4
Home Improvement Retail	1.4
Other Diversified Financial Services	1.4
Real Estate Management & Development	1.4
Gas Utilities	1.4
Multi-Sector Holdings	0.8

Total Long-Term Investments	98.0
Total Repurchase Agreements	2.3

Total Investments	100.3
Foreign Currency	0.0	*
Liabilities in Excess of Other Assets	(0.3	)

Net Assets	100.0	%


*		Amount is less than 0.1%

For More Information About Portfolio Holdings

You may obtain copies of a fund’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 847-2424.

Householding Notice

Proxy Voting Policy and Procedures and Proxy Voting Record

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments of Class A Shares and contingent deferred sales charges on redemptions of Class B and Class C Shares; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 9/1/09 - 2/28/10.

Actual Expense

Hypothetical Example for Comparison Purposes


	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*

	9/1/09		2/28/10		9/1/09-2/28/10

Class A
Actual	$	1,000.00	$	1,125.53	$	7.11
Hypothetical		1,000.00		1,018.10		6.76
(5% annual return before expenses)

Class B
Actual		1,000.00		1,120.39		11.04
Hypothetical		1,000.00		1,014.38		10.49
(5% annual return before expenses)

Class C
Actual		1,000.00		1,121.70		10.57
Hypothetical		1,000.00		1,014.83		10.04
(5% annual return before expenses)

Class I
Actual		1,000.00		1,125.19		5.80
Hypothetical		1,000.00		1,019.34		5.51
(5% annual return before expenses)


*		Expenses are equal to the Fund’s annualized expense ratio of 1.35%, 2.10%, 2.01% and 1.10% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The expense ratio for Class C Shares reflects actual 12b-1 fees or less than 1%. These expense ratios reflect an expense waiver.

Assumes all dividends and distributions were reinvested.

Van Kampen American Franchise Fund

Portfolio of Investments n February 28, 2010 (Unaudited)


	Number of
Description	Shares		Value


Common Stocks 98.0%
Asset Management & Custody Banks 2.0%
Franklin Resources, Inc.		47,544	$	4,836,176


Communications Equipment 4.0%
Cisco Systems, Inc. (a)		397,717		9,676,455


Computer Hardware 6.0%
Apple, Inc. (a)		71,473		14,624,805


Construction Materials 2.5%
Cemex SAB de CV—ADR (Mexico) (a)		226,516		2,165,493
Martin Marietta Materials, Inc.		50,034		3,963,693

				6,129,186

Consumer Finance 5.3%
American Express Co.		241,528		9,223,954
Redecard SA (Brazil)		252,715		3,677,838

				12,901,792

Data Processing & Outsourced Services 5.1%
MasterCard, Inc., Class A		55,123		12,367,947


Distillers & Vintners 2.3%
Diageo PLC—ADR (United Kingdom)		86,708		5,660,298


Diversified Commercial & Professional Services 1.4%
Cintas Corp.		142,373		3,529,427


Food Retail 2.1%
Tesco PLC (United Kingdom)		784,459		5,020,210


Footwear 1.6%
NIKE, Inc., Class B		57,224		3,868,342


Gas Utilities 1.4%
Questar Corp.		78,788		3,308,308


Health Care Supplies 6.4%
Alcon, Inc. (Switzerland)		51,472		8,221,108
Millipore Corp. (a)		77,161		7,284,770

				15,505,878

Home Improvement Retail 1.4%
Sherwin-Williams Co.		55,018		3,487,041


Household Products 2.1%
Procter & Gamble Co.		79,606		5,037,468

See Notes to Financial Statements

Van Kampen American Franchise Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value



Hypermarkets & Super Centers 1.9%
Costco Wholesale Corp.		78,081	$	4,760,599


Industrial Machinery 3.0%
Schindler Holding AG (Switzerland)		92,079		7,354,320


Internet Retail 4.3%
Amazon.com, Inc. (a)		88,111		10,432,342


Internet Software & Services 6.1%
eBay, Inc. (a)		335,096		7,713,910
Google, Inc., Class A (a)		13,482		7,102,318

				14,816,228

Life Sciences Tools & Services 2.8%
Thermo Fisher Scientific, Inc. (a)		140,174		6,836,286


Multi-Line Insurance 2.8%
Loews Corp.		185,257		6,754,470


Multi-Sector Holdings 0.8%
Leucadia National Corp. (a)		87,391		2,074,662


Oil & Gas Exploration & Production 3.0%
Ultra Petroleum Corp. (Canada) (a)		157,744		7,213,633


Other Diversified Financial Services 1.4%
BM&F BOVESPA SA (Brazil)		528,552		3,462,942


Packaged Foods & Meats 2.8%
Nestle SA (Switzerland)		135,398		6,736,815


Pharmaceuticals 3.8%
Mead Johnson Nutrition Co., Class A		198,309		9,380,016


Property & Casualty Insurance 4.7%
Berkshire Hathaway, Inc., Class B (a)		143,400		11,490,642


Real Estate Management & Development 1.4%
Brookfield Asset Management, Inc., Class A (Canada)		144,020		3,408,953


Restaurants 6.1%
McDonald’s Corp.		76,319		4,872,968
Starbucks Corp. (a)		431,900		9,894,829

				14,767,797

See Notes to Financial Statements

Van Kampen American Franchise Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


Soft Drinks 4.8%
Coca-Cola Co.		104,852	$	5,527,798
Dr. Pepper Snapple Group, Inc.		193,951		6,157,944

				11,685,742

Tobacco 4.7%
British American Tobacco PLC—ADR (United Kingdom)		76,749		5,211,257
Philip Morris International, Inc.		127,874		6,263,269

				11,474,526


Total Long-Term Investments 98.0% (Cost $185,013,488)				238,603,306


Repurchase Agreements 2.3%
Banc of America Securities ($1,047,145 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.10%, dated 02/26/10, to be sold on 03/01/10 at $1,047,154)				1,047,145
JPMorgan Chase & Co. ($4,458,300 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.09%, dated 02/26/10, to be sold on 03/01/10 at $4,458,334)				4,458,300
State Street Bank & Trust Co. ($205,555 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 02/26/10, to be sold on 03/01/10 at $205,555)				205,555


Total Repurchase Agreements 2.3% (Cost $5,711,000)				5,711,000


Total Investments 100.3% (Cost $190,724,488)				244,314,306

Foreign Currency 0.0% (Cost $63)				63

Liabilities in Excess of Other Assets (0.3%)				(815,177	)


Net Assets 100.0%			$	243,499,192

Percentages are calculated as a percentage of net assets.


(a)		Non-income producing security.

ADR—American Depositary Receipt

See Notes to Financial Statements

Van Kampen American Franchise Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued

Fair Value Measurements

The following is a summary of the inputs used as of February 28, 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
Common Stocks
Asset Management & Custody Banks	$	4,836,176	$	—	$	—	$	4,836,176
Communications Equipment		9,676,455		—		—		9,676,455
Computer Hardware		14,624,805		—		—		14,624,805
Construction Materials		6,129,186		—		—		6,129,186
Consumer Finance		12,901,792		—		—		12,901,792
Data Processing & Outsourced Services		12,367,947		—		—		12,367,947
Distillers & Vintners		5,660,298		—		—		5,660,298
Diversified Commercial & Professional Services		3,529,427		—		—		3,529,427
Food Retail		5,020,210		—		—		5,020,210
Footwear		3,868,342		—		—		3,868,342
Gas Utilities		3,308,308		—		—		3,308,308
Health Care Supplies		15,505,878		—		—		15,505,878
Home Improvement Retail		3,487,041		—		—		3,487,041
Household Products		5,037,468		—		—		5,037,468
Hypermarkets & Super Centers		4,760,599		—		—		4,760,599
Industrial Machinery		7,354,320		—		—		7,354,320
Internet Retail		10,432,342		—		—		10,432,342
Internet Software & Services		14,816,228		—		—		14,816,228
Life Sciences Tools & Services		6,836,286		—		—		6,836,286
Multi-Line Insurance		6,754,470		—		—		6,754,470
Multi-Sector Holdings		2,074,662		—		—		2,074,662
Oil & Gas Exploration & Production		7,213,633		—		—		7,213,633
Other Diversified Financial Services		3,462,942		—		—		3,462,942
Packaged Foods & Meats		6,736,815		—		—		6,736,815
Pharmaceuticals		9,380,016		—		—		9,380,016
Property & Casualty Insurance		11,490,642		—		—		11,490,642
Real Estate Management & Development		3,408,953		—		—		3,408,953
Restaurants		14,767,797		—		—		14,767,797
Soft Drinks		11,685,742		—		—		11,685,742
Tobacco		11,474,526		—		—		11,474,526
Repurchase Agreements		—		5,711,000		—		5,711,000

Total Investments in an Asset Position	$	238,603,306	$	5,711,000	$	—	$	244,314,306

See Notes to Financial Statements

Van Kampen American Franchise Fund

Financial Statements

Statement of Assets and Liabilities

February 28, 2010 (Unaudited)


Assets:
Total Investments (Cost $190,724,488)	$	244,314,306
Foreign Currency (Cost $63)		63
Cash		369
Receivables:
Fund Shares Sold		728,620
Dividends		271,564
Interest		43
Other		40,237

Total Assets		245,355,202

Liabilities:
Payables:
Fund Shares Repurchased		1,260,045
Investment Advisory Fee		129,639
Distributor and Affiliates		119,636
Trustees’ Deferred Compensation and Retirement Plans		100,244
Accrued Expenses		246,446

Total Liabilities		1,856,010

Net Assets	$	243,499,192

Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	292,395,831
Net Unrealized Appreciation		53,594,140
Accumulated Undistributed Net Investment Income		(496,760	)
Accumulated Net Realized Loss		(101,994,019	)

Net Assets	$	243,499,192

Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $191,454,655 and 19,424,197 shares of beneficial interest issued and outstanding)	$	9.86
Maximum sales charge (5.75%* of offering price)		0.60

Maximum offering price to public	$	10.46

Class B Shares:
Net asset value and offering price per share (Based on net assets of $24,156,457 and 2,479,326 shares of beneficial interest issued and outstanding)	$	9.74

Class C Shares:
Net asset value and offering price per share (Based on net assets of $25,390,395 and 2,599,739 shares of beneficial interest issued and outstanding)	$	9.77

Class I Shares:
Net asset value and offering price per share (Based on net assets of $2,497,685 and 252,753 shares of beneficial interest issued and outstanding)	$	9.88


*		On sales of $50,000 or more, the sales charge will be reduced.

See Notes to Financial Statements

Van Kampen American Franchise Fund
Financial Statements continued

Statement of Operations

For the Six Months Ended February 28, 2010 (Unaudited)


Investment Income:
Dividends (Net of foreign withholding taxes of $20,942)	$	1,478,599
Interest		1,479

Total Income		1,480,078

Expenses:
Investment Advisory Fee		889,848
Distribution (12b-1) and Service Fees
Class A		251,322
Class B		123,401
Class C		118,417
Transfer Agent Fees		298,958
Reports to Shareholders		62,862
Professional Fees		40,085
Accounting and Administrative Expenses		34,266
Registration Fees		29,232
Trustees’ Fees and Related Expenses		17,180
Custody		11,630
Other		12,426

Total Expenses		1,889,627
Expense Reduction		532

Net Expenses		1,889,095

Net Investment Loss	$	(409,017	)

Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments	$	6,955,153
Foreign Currency Transactions		(30,358	)

Net Realized Gain		6,924,795

Unrealized Appreciation/Depreciation:
Beginning of the Period		29,984,322

End of the Period:
Investments		53,589,818
Foreign Currency Translation		4,322

		53,594,140

Net Unrealized Appreciation During the Period		23,609,818

Net Realized and Unrealized Gain	$	30,534,613

Net Increase in Net Assets From Operations	$	30,125,596

See Notes to Financial Statements

Van Kampen American Franchise Fund
Financial Statements continued

Statements of Changes in Net Assets (Unaudited)


	For The			For The
	Six Months Ended			Year Ended
	February 28, 2010			August 31, 2009


From Investment Activities:
Operations:
Net Investment Income/Loss	$	(409,017	)	$	3,443,820
Net Realized Gain/Loss		6,924,795			(90,771,161	)
Net Unrealized Appreciation During the Period		23,609,818			49,533,241

Change in Net Assets from Operations		30,125,596			(37,794,100	)


Distributions from Net Investment Income:
Class A Shares		(2,517,727	)		(4,110,002	)
Class B Shares		(162,720	)		(269,527	)
Class C Shares		(152,378	)		(281,286	)
Class I Shares		(39,480	)		(29,245	)

Total Distributions		(2,872,305	)		(4,690,060	)


Net Change in Net Assets from Investment Activities		27,253,291			(42,484,160	)


From Capital Transactions:
Proceeds from Shares Sold		14,898,218			98,653,024
Net Asset Value of Shares Issued Through Dividend Reinvestment		2,791,563			4,284,372
Cost of Shares Repurchased		(51,550,179	)		(106,411,396	)


Net Change in Net Assets from Capital Transactions		(33,860,398	)		(3,474,000	)

Total Decrease in Net Assets		(6,607,107	)		(45,958,160	)
Net Assets:
Beginning of the Period		250,106,299			296,064,459

End of the Period (Including accumulated undistributed net investment income of $(496,760) and $2,784,562, respectively)	$	243,499,192		$	250,106,299

See Notes to Financial Statements

Van Kampen American Franchise Fund

Financial Highlights (Unaudited)

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months														June 23, 2005
	Ended														(Commencement
	February 28,			Year Ended August 31,											of Operations) to
Class A Shares	2010			2009			2008			2007			2006		August 31, 2005


Net Asset Value, Beginning of the Period	$	8.87		$	10.23		$	12.19		$	11.41		$	10.17	$	10.00

Net Investment Income/Loss (a)		(0.01	)		0.13			0.13			0.36			0.15		0.02
Net Realized and Unrealized Gain/Loss		1.12			(1.33	)		(1.20	)		0.52			1.15		0.15

Total from Investment Operations		1.11			(1.20	)		(1.07	)		0.88			1.30		0.17

Less:
Distributions from Net Investment Income		0.12			0.16			0.31			0.10			0.06		-0-
Distributions from Net Realized Gain		-0-			-0-			0.58			-0-	(b)		-0-		-0-

Total Distributions		0.12			0.16			0.89			0.10			0.06		-0-

Net Asset Value, End of the Period	$	9.86		$	8.87		$	10.23		$	12.19		$	11.41	$	10.17


Total Return* (c)		12.55%	**		–11.40%			–9.31%			7.75%			12.80%		1.70%	**
Net Assets at End of the Period (In millions)	$	191.5		$	200.1		$	241.0		$	394.0		$	173.7	$	40.2
Ratio of Expenses to Average Net Assets* (d)		1.35%			1.35%			1.24%			1.19%			1.36%		1.38%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.18%	)		1.60%			1.22%			2.93%			1.39%		1.03%
Portfolio Turnover		6%	**		105%			18%			39%			17%		0%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (d)		1.35%			1.41%			N/A			N/A			1.46%		3.97%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.18%	)		1.54%			N/A			N/A			1.29%		(1.56%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.01% and 0.03% for the periods ended August 31, 2006 and August 31, 2005, respectively.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen American Franchise Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months														June 23, 2005
	Ended														(Commencement
	February 28,			Year Ended August 31,											of Operations) to
Class B Shares	2010			2009			2008			2007			2006		August 31, 2005


Net Asset Value, Beginning of the Period	$	8.75		$	10.08		$	12.03		$	11.30		$	10.15	$	10.00

Net Investment Income/Loss (a)		(0.04	)		0.07			0.05			0.26			0.07		-0-	(b)
Net Realized and Unrealized Gain/Loss		1.09			(1.31	)		(1.18	)		0.53			1.13		0.15

Total from Investment Operations		1.05			(1.24	)		(1.13	)		0.79			1.20		0.15

Less:
Distributions from Net Investment Income		0.06			0.09			0.24			0.06			0.05		-0-
Distributions from Net Realized Gain		-0-			-0-			0.58			-0-	(b)		-0-		-0-

Total Distributions		0.06			0.09			0.82			0.06			0.05		-0-

Net Asset Value, End of the Period	$	9.74		$	8.75		$	10.08		$	12.03		$	11.30	$	10.15


Total Return* (c)		12.04%	**		–12.09%			–9.98%			7.01%			11.90%		1.50%	**
Net Assets at End of the Period (In millions)	$	24.2		$	23.5		$	28.3		$	38.4		$	19.5	$	4.1
Ratio of Expenses to Average Net Assets* (d)		2.10%			2.10%			2.00%			1.95%			2.11%		2.13%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.94%	)		0.86%			0.45%			2.15%			0.65%		0.27%
Portfolio Turnover		6%	**		105%			18%			39%			17%		0%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (d)		2.10%			2.16%			N/A			N/A			2.21%		5.69%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.94%	)		0.80%			N/A			N/A			0.55%		(3.28%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.01% and 0.03% for the periods ended August 31, 2006 and August 31, 2005, respectively.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen American Franchise Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months														June 23, 2005
	Ended														(Commencement of
	February 28,						Year Ended August 31,								Operations) to
Class C Shares	2010			2009			2008			2007			2006		August 31, 2005


Net Asset Value, Beginning of the Period	$	8.76		$	10.10		$	12.02		$	11.30		$	10.15	$	10.00

Net Investment Income/Loss (a)		(0.04	)		0.06			0.06			0.26			0.07		-0-	(b)
Net Realized and Unrealized Gain/Loss		1.11			(1.30	)		(1.18	)		0.53			1.13		0.15

Total from Investment Operations		1.07			(1.24	)		(1.12	)		0.79			1.20		0.15

Less:
Distributions from Net Investment Income		0.06			0.10			0.22			0.07			0.05		-0-
Distributions from Net Realized Gain		-0-			-0-			0.58			-0-	(b)		-0-		-0-

Total Distributions		0.06			0.10			0.80			0.07			0.05		-0-

Net Asset Value, End of the Period	$	9.77		$	8.76		$	10.10		$	12.02		$	11.30	$	10.15


Total Return* (c)		12.17%	(d)**		–12.11%			–9.89%	(d)		6.99%			11.91%		1.50%	**
Net Assets at End of the Period (In millions)	$	25.4		$	25.1		$	26.6		$	46.4		$	24.8	$	4.0
Ratio of Expenses to Average Net Assets* (e)		2.01%	(d)		2.16%			1.92%	(d)		1.95%			2.11%		2.13%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.85%	)(d)		0.78%			0.55%	(d)		2.15%			0.64%		0.25%
Portfolio Turnover		6%	**		105%			18%			39%			17%		0%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (e)		2.01%	(d)		2.22%			N/A			N/A			2.21%		5.69%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.85%	)(d)		0.72%			N/A			N/A			0.54%		(3.31%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net Investment Income to Average Net Assets reflect actual 12b-1 fees of less than 1% (See Note 5 in the Notes to Financial Statements).

(e)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.01% and 0.03% for the periods ended August 31, 2006 and August 31, 2005, respectively.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen American Franchise Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months														June 23, 2005
	Ended														(Commencement
	February 28,			Year Ended August 31,											of Operations) to
Class I Shares	2010			2009			2008			2007			2006		August 31, 2005


Net Asset Value, Beginning of the Period	$	8.91		$	10.27		$	12.23		$	11.44		$	10.17	$	10.00

Net Investment Income/Loss (a)		-0-	(b)		0.14			0.18			0.42			0.18		0.01
Net Realized and Unrealized Gain/Loss		1.11			(1.31	)		(1.22	)		0.48			1.15		0.16

Total from Investment Operations		1.11			(1.17	)		(1.04	)		0.90			1.33		0.17

Less:
Distributions from Net Investment Income		0.14			0.19			0.34			0.11			0.06		-0-
Distributions from Net Realized Gain		-0-			-0-			0.58			-0-	(b)		-0-		-0-

Total Distributions		0.14			0.19			0.92			0.11			0.06		-0-

Net Asset Value, End of the Period	$	9.88		$	8.91		$	10.27		$	12.23		$	11.44	$	10.17


Total Return* (c)		12.52%	**		–11.07%			–9.05%			7.93%			13.22%		1.60%	**
Net Assets at End of the Period (In millions)	$	2.5		$	1.5		$	0.1		$	1.6		$	1.0	$	0.1
Ratio of Expenses to Average Net Assets* (d)		1.10%			1.10%			1.00%			0.93%			1.11%		1.13%
Ratio of Net Investment Income to Average Net Assets*		0.02%			1.77%			1.65%			3.42%			1.79%		0.76%
Portfolio Turnover		6%	**		105%			18%			39%			17%		0%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (d)		1.10%			1.18%			N/A			N/A			1.21%		6.94%
Ratio of Net Investment Income/Loss to Average Net Assets		0.02%			1.69%			N/A			N/A			1.69%		(5.05%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.01% and 0.03% for the periods ended August 31, 2006 and August 31, 2005, respectively.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen American Franchise Fund

Notes to Financial Statements n February 28, 2010 (Unaudited)

1. Significant Accounting Policies

Van Kampen American Franchise Fund (the “Fund”) is organized as a series of the Van Kampen Equity Trust II, a Delaware statutory trust, and is registered as a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests primarily in equity securities of U.S. issuers that, in the judgment of the Fund’s portfolio management team have, among other things, resilient business franchises and growth potential. The Fund commenced investment operations on June 23, 2005. The Fund offers Class A Shares, Class B Shares, Class C Shares and Class I Shares. Each class of shares differs by its initial sales load, contingent deferred sales charges, the allocation of class-specific expenses and voting rights on matters affecting a single class.

A. Security Valuation Investments in securities listed on a securities exchange are valued at their last sale price as of the close of such securities exchange. Equity securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Listed and unlisted securities for which the last sale price is not available are valued at the mean of the last reported bid and asked prices. For those securities where quotations or prices are not readily available, valuations are determined in accordance with procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Most foreign markets close before the New York Stock Exchange (NYSE). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Board of Trustees. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.

Van Kampen American Franchise Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued


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.

C. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis.

The Fund may invest in repurchase agreements, which are short-term investments in which the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future time and specified price. The Fund may invest independently in repurchase agreements, or transfer uninvested cash balances into a pooled cash account along with other investment companies advised by Van Kampen Asset Management (the “Adviser”), or its affiliates, the daily aggregate of which is invested in repurchase agreements. Repurchase agreements are fully collateralized by the underlying debt security. The Fund will make payment for such securities only upon physical delivery or evidence of book entry transfer to the account of the custodian bank. The seller is required to maintain the value of the underlying security at not less than the repurchase proceeds due the Fund.

D. Income and Expenses Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distributions and service fees and incremental transfer agency costs which are unique to each class of shares.

Van Kampen American Franchise Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

The Fund intends to utilize provisions of the federal income tax law which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset such losses against any future realized capital gains. At August 31, 2009, the Fund had an accumulated capital loss carryforward for tax purposes of $39,233,333, which will expire according to the following schedule:


Amount		Expiration

$	3,318,019		August 31, 2016
	35,915,314		August 31, 2017

At February 28, 2010, the cost and related gross unrealized appreciation and depreciation were as follows:


Cost of investments for tax purposes	$	191,196,694

Gross tax unrealized appreciation	$	53,925,714
Gross tax unrealized depreciation		(808,102	)

Net tax unrealized appreciation on investments	$	53,117,612

F. Distribution of Income and Gains The Fund declares and pays dividends at least annually from net investment income and from net realized gains, if any. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Distributions from the Fund are recorded on the ex-distribution date.

The tax character of distributions paid during the year ended August 31, 2009 was as follows:


Distributions paid from:
Ordinary income	$	4,690,060
Long-term capital gain		-0-

	$	4,690,060

As of August 31, 2009, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income		$	2,870,622

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of the deferral of losses relating to wash sale transactions.

Van Kampen American Franchise Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

G. Foreign Currency Translation Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the quoted bid and asked prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated at the rate of exchange prevailing when such securities were acquired or sold. Realized and unrealized gains and losses on securities resulting from changes in exchange rates are not segregated for financial reporting purposes from amounts arising from changes in the market prices of securities. Realized gain and loss on foreign currency transactions on the Statement of Operations includes the net realized amount from the sale of foreign currency and the amount realized between trade date and settlement date on security transactions. Income and expense are translated at rates prevailing when accrued.

H. Reporting Subsequent Events Management has evaluated the impact of any subsequent events through April 16, 2010, the date the financial statement were effectively issued. Management has determined that there are no material events or transactions that would affect the Fund’s financial statements or require disclosure in the Fund’s financial statements through this date.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, the Adviser will provide investment advice and facilities to the Fund for an annual fee payable monthly as follows:


Average Daily Net Assets	% Per Annum

First $500 million		0.70%
Next $500 million		0.65%
Over $1 billion		0.60%

The Fund’s Adviser is currently waiving or reimbursing all or portion of the Fund’s advisory fees or other expenses. This resulted in net expense ratios of 1.35%, 2.10%, 2.01% and 1.10% for Classes A, B, C, and I Shares, respectively. The fee waivers or expense reimbursements are voluntary and can be discontinued at any time. For the six months ended February 28, 2010, the Adviser reimbursed approximately $500 of its advisory fees or other expenses.

For the six months ended February 28, 2010, the Fund recognized expenses of approximately $5,400 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Fund is a partner of such firm and he and his law firm provide legal services as legal counsel to the Fund.

Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Fund. The costs of these services are allocated to each fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $34,100 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting and legal services to the Fund, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” on the Statement of Operations.

Van Kampen American Franchise Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser, serves as the shareholder servicing agent for the Fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $58,600 representing transfer agency fees paid to VKIS and its affiliates. Transfer agency fees are determined through negotiations with the Fund’s Board of Trustees.

Certain officers and trustees of the Fund are also officers and directors of Van Kampen. The Fund does not compensate its officers or trustees who are also officers of Van Kampen.

The Fund provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund, and to the extent permitted by the 1940 Act may be invested in the common shares of those funds selected by the trustees. Investments in such funds of approximately $38,300 are included in “Other” assets on the Statement of Assets and Liabilities at February 28, 2010. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Fund. The maximum annual benefit per trustee under the plan is $2,500.

For the six months ended February 28, 2010, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $22,000 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $39,800. Sales charges do not represent expenses of the Fund.

Van Kampen American Franchise Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

3. Capital Transactions

For the six months ended February 28, 2010 and year ended August 31, 2009, transactions were as follows:


	For The						For The
	Six Months Ended						Year Ended
	February 28, 2010						August 31, 2009
	Shares			Value			Shares			Value

Sales:
Class A		1,126,989		$	10,728,562			10,262,168		$	80,713,964
Class B		134,093			1,286,176			846,247			6,505,002
Class C		109,501			1,052,299			1,254,211			9,691,211
Class I		192,048			1,831,181			223,949			1,742,847

Total Sales		1,562,631		$	14,898,218			12,586,575		$	98,653,024


Dividend Reinvestment:
Class A		254,295		$	2,479,382			505,826		$	3,743,187
Class B		16,396			158,221			35,704			262,070
Class C		14,122			136,561			34,206			251,415
Class I		1,781			17,399			3,738			27,700

Total Dividend Reinvestment		286,594		$	2,791,563			579,474		$	4,284,372


Repurchases:
Class A		(4,509,939	)	$	(43,475,907	)		(11,771,734	)	$	(89,993,407	)
Class B		(352,347	)		(3,374,220	)		(1,011,800	)		(7,700,871	)
Class C		(384,239	)		(3,693,783	)		(1,061,620	)		(8,148,482	)
Class I		(103,985	)		(1,006,269	)		(75,308	)		(568,636	)

Total Repurchases		(5,350,510	)	$	(51,550,179	)		(13,920,462	)	$	(106,411,396	)

4. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $15,261,395 and $53,638,667, respectively.

5. Distribution and Service Plans

Shares of the Fund are distributed by Van Kampen Funds Inc. (the “Distributor”), an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act and a service plan (collectively, the “Plans”) for Class A Shares, Class B Shares and Class C Shares to compensate the Distributor for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets. These fees are accrued daily and paid to the Distributor monthly.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (“unreimbursed receivable”) was approximately $392,200 and $0 for Class B and Class C Shares, respectively. These amounts may be recovered from future payments under the distribution plan or CDSC. To the extent the unreimbursed receivable has been fully recovered, the distribution fee is reduced.

Van Kampen American Franchise Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

6. Indemnifications

7. Significant Event

Under the Investment Company Act of 1940, the closing of the Transaction will cause the Fund’s current investment advisory agreement with Van Kampen Asset Management, a subsidiary of Van Kampen Investment Inc., to terminate. In connection with the Transaction, the Fund’s Board of Trustees (the “Board”) has approved, subject to shareholder approval, that the Fund be transitioned to the Invesco mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco that has substantially the same investment objective, principal investment strategies and risks as the Fund (the “Reorganization”). The proposed Reorganization will be presented to shareholders of the Fund at a special meeting of shareholders. If shareholders of the Fund approve the Reorganization and certain other conditions to the closing of the Transaction are met, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund. Upon completion of the proposed Reorganization, the Fund will dissolve pursuant to a plan of dissolution adopted by the Board.

8. Accounting Pronouncement

Van Kampen American Franchise Fund

Board of Trustees, Officers and Important Addresses


Board of Trustees David C. Arch Jerry D. Choate Rod Dammeyer Linda Hutton Heagy R. Craig Kennedy Howard J Kerr Jack E. Nelson Hugo F. Sonnenschein Wayne W. Whalen* – Chairman Suzanne H. Woolsey Officers Edward C. Wood III President and Principal Executive Officer Kevin Klingert Vice President Stefanie V. Chang Yu Vice President and Secretary John L. Sullivan Chief Compliance Officer Stuart N. Schuldt Chief Financial Officer and Treasurer		Investment Adviser Van Kampen Asset Management 522 Fifth Avenue New York, New York 10036 Distributor Van Kampen Funds Inc. 522 Fifth Avenue New York, New York 10036 Shareholder Servicing Agent Van Kampen Investor Services Inc. P.O. Box 219286 Kansas City, Missouri 64121-9286 Custodian State Street Bank and Trust Company One Lincoln Street Boston, Massachusetts 02111 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 155 North Wacker Drive Chicago, Illinois 60606 Independent Registered Public Accounting Firm Ernst & Young LLP 233 South Wacker Drive Chicago, Illinois 60606


*		“Interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended.

Your Notes

Van Kampen American Franchise Fund

An Important Notice Concerning Our

U.S. Privacy Policy

We are required by federal law to provide you with a copy of our privacy policy (“Policy”) annually.

We Respect Your Privacy


	•	We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

	•	We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

	•	We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

(continued on next page)

Van Kampen American Franchise Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued


	•	If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer’s operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of “cookies.” “Cookies” recognize your computer each time you return to one of our sites, and help to improve our sites’ content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2. When Do We Disclose Personal Information We Collect About You?

b. Information We Disclose to Third Parties. We do not disclose personal information that we collect about you to nonaffiliated third parties except to enable them to provide marketing services on our behalf, to perform joint marketing agreements with other financial institutions, and as otherwise required or permitted by law. For example, some instances where we may disclose information about you to third parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be required by law.

(continued on next page)

Van Kampen American Franchise Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

3. How Do We Protect The Security and Confidentiality Of Personal Information We Collect About You?

4. How Can You Limit Our Sharing Of Certain Personal Information About You With Our Affiliated Companies For Eligibility Determination?

5. How Can You Limit the Use of Certain Personal Information About You by our Affiliated Companies for Marketing?

You may limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products or services to you. This information includes our transactions and other experiences with you such as your assets and account history. Please note that, even if you choose to limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products and services to you, we may still share such personal information about you with them, including our transactions and experiences with you, for other purposes as permitted under applicable law.

(continued on next page)

Van Kampen American Franchise Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

6. How Can You Send Us an Opt-Out Instruction?


	•	Calling us at (800) 847-2424 Monday-Friday between 8 a.m. and 8 p.m. (EST)

	•	Writing to us at the following address: Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

(continued on back)

Van Kampen American Franchise Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

SPECIAL NOTICE TO RESIDENTS OF VERMONT

If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:


		Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

146, 246, 346, 646

AMFRSAN 04/10

IU10-01494P-Y02/10

SEMIANNUAL REPORT

February 28, 2010





		MUTUAL FUNDS Van Kampen International Growth Fund

		Privacy Notice information on the back.

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen International Growth Fund performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the fund’s financial statements and a list of fund investments as of February 28, 2010.

Market forecasts provided in this report may not necessarily come to pass. There is no assurance that the fund will achieve its investment objective. The fund is subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of the fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this fund.

Pursuant to an agreement and plan of reorganization between Van Kampen International Growth Fund and 1838 International Equity Fund, on December 16, 2005, Van Kampen International Growth Fund acquired substantially all of the assets and substantially all of the liabilities of the 1838 International Equity Fund in exchange for Class I shares of Van Kampen International Growth Fund. As a result of the reorganization, Class I shares of Van Kampen International Growth Fund are the accounting successor of the 1838 International Equity Fund.

Performance Summary as of 2/28/10 (Unaudited)


	A Shares						B Shares						C Shares						I Shares*			R Shares
	since 12/19/05						since 12/19/05						since 12/19/05						since 8/3/95			since 3/20/07
				w/max						w/max						w/max
				5.75%						5.00%						1.00%
Average Annual	w/o sales			sales			w/o sales			sales			w/o sales			sales			w/o sales			w/o sales
Total Returns	charges			charges			charges			charges			charges			charges			charges			charges

Since Inception		–0.35	%		–1.74	%		–0.92	%		–1.26	%		–1.08	%		–1.08	%		5.61	%		–9.15	%

10-year		—			—			—			—			—			—			1.28			—

5-year		—			—			—			—			—			—			2.57			—

1-year		61.48			52.13			60.31			55.31			60.27			59.27			61.80			61.01

6-month		5.60			–0.50			5.25			0.25			5.30			4.30			5.74			5.50


Gross Expense Ratio	1.40%						2.15%						2.15%							1.15	%		1.65	%

Pursuant to an agreement and plan of reorganization between the Van Kampen International Growth Fund and 1838 International Equity Fund (the “Predecessor Fund”), on December 16, 2005, the Van Kampen International Growth Fund acquired substantially all of the assets and substantially all of the liabilities of the Predecessor Fund in exchange for Class I shares of the Van Kampen International Growth Fund. As a result of the reorganization, Class I shares of the Van Kampen International Growth Fund are the accounting successor of the Predecessor Fund. Class I shares of the Van Kampen International Growth Fund for the period prior to the reorganization reflects the historical performance information of the shares of the Predecessor Fund.

Average annual total return with sales charges includes payment of the maximum sales charge of 5.75 percent for Class A shares, a contingent deferred sales charge of 5.00 percent for Class B shares (in year one and declining to zero after year five), a contingent deferred sales charge of 1.00 percent for Class C shares in year one, and combined Rule 12b-1 fees and service fees of up to 0.25 percent per year of the fund’s average daily net assets for Class A shares and up to 1.00 percent per year of the fund’s average daily net assets for Class B and C shares. Class I shares are available for purchase exclusively by (i) eligible institutions (e.g., a financial institution, corporation, trust, estate, or educational, religious or charitable institution) with assets of at least $1,000,000, (ii) tax-exempt retirement plans with assets of at least $1,000,000 (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans), (iii) fee-based investment programs with assets of at least $1,000,000, (iv) qualified state tuition plan (529 plan) accounts, and (v) certain Van Kampen investment companies. Class I shares are offered without any upfront or deferred sales charge on purchases or sales and without any distribution (12b-1) fee or service fee. Class R shares are available for purchase exclusively by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. Class R shares are offered without any upfront or deferred sales charges on purchases or sales. The combined Rule 12b-1 fees and service fees for Class R shares is up to 0.50 percent per year of the fund’s average daily net assets for Class R shares. Figures shown above assume reinvestment of all distributions. The fund’s adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements, the fund’s returns would have been lower. Periods of less than one year are not annualized.

The Morgan Stanley Capital International (MSCI) EAFE Index (Europe, Australasia, Far East) is a free float adjusted market capitalization index that is designed to measure the international equity market performance of developed markets, excluding the U.S. & Canada. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI EAFE Index currently consists of 21 developed market country indices. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an Index.

Fund Report

For the six-month period ended February 28, 2010

Market Conditions

During the six-month period ended February 28, 2010, international equity markets continued to recover, albeit at a much slower pace and with more volatility than in the Fund’s previous fiscal period.

While investors were bolstered by positive economic indicators such as the Eurozone’s first positive gross domestic product (GDP) growth quarter, the U.K.’s exit from recession, and continued growth in Asia (particularly China and Australia), there still appears to be widespread concern about the sustainability of recovery. The transition from stimulus-driven growth to demand-driven growth will be challenging with each central bank’s actions determined by domestic inflation risk, fiscal health, employment, and trade balance, and with fiscal stimulus potentially exhausted before the private sector is able to sustain economic growth on its own.

Within the Eurozone, the European Central Bank’s mandate has been complicated by the fiscal issues of Greece, Portugal and Ireland. In addition to impairing their own markets and economies, these countries’ issues may become the issues of their stronger Eurozone partners as doubt prevails about each country’s ability to independently solve its budget problems.

Asia continued to see solid economic growth. However, the central banks in China and India have raised banks’ reserve requirements and considered raising interest rates to head off inflation and asset price bubbles. While Japan has experienced a record-breaking increase in exports driven by Chinese demand and increased shipments to the U.S., frail domestic demand resulting from falling wages keeps its economy at risk of stumbling.

During this period of uneven recovery, international growth stocks, as represented by the MSCI EAFE Growth Index, outperformed international value stocks, as represented by the MSCI EAFE Value Index, by 6 percent for the six months ended February 28, 2010, indicating that investors have begun to shift their attention to fundamental quality and to focus on earnings growth.

Performance Analysis

All share classes of Van Kampen International Growth Fund outperformed the MSCI EAFE Index (the “Index”) for the six months ended February 28, 2010, assuming no deduction of applicable sales charges.

Total returns for the six-month period ended February 28, 2010


Class A			Class B			Class C			Class I			Class R			MSCI EAFE Index

	5.60	%		5.25	%		5.30	%		5.74	%		5.50	%		0.72	%

The performance for the five share classes varies because each has different expenses. The Fund’s total return figures assume the reinvestment of all distributions, but do not reflect the deduction of any applicable sales charges. Such costs would lower performance. Past performance is no guarantee of future results. See Performance Summary for standardized performance information and index definition.

For the period, the Fund’s outperformance relative to the Index was driven by strong returns from holdings primarily in these areas:


•	Within Europe, a holding in a global provider of mobile electricity generators, based in the United Kingdom, increased on reports of higher-than-anticipated earnings for 2009 and continued strong demand in emerging markets during 2010.

•	In Japan, a market-leading clothing retailer that designs and sells affordable, casual clothing gained on reports of significant increases in same store sales and company forecasted profits.

•	Outperformance in the emerging markets and the information technology sector was driven by a Chinese internet provider that has consistently grown revenues and earnings during the period, building on its leading social networking business by introducing internet gaming.

•	In consumer discretionary, a Japanese cable television provider holding gained on news that a Japanese mobile communications provider will acquire a minority stakeholder’s interest in the company. Concurrently, another minority stakeholder announced a tender offer to increase its stake.

However, the Fund underperformed elsewhere during the period:


•	Despite overall outperformance in Europe, a holding in a Greek bank decreased on deteriorating macroeconomic conditions and concerns about the Greek government’s fiscal issues.

•	Furthermore, the Fund underperformed in materials due to an underweight to the sector and not holding an international mining company that increased on takeover speculation. In our view, the mining company does not meet the Fund’s fundamental criteria due to its highly levered balance sheet.

Market Outlook

Despite continued mixed economic data, the Index posted gains four out of the past six months. Additionally, we are hearing signs of optimism during our conversations with company management teams. Early economic indicators such as restocking and increases in temporary employment are becoming more widespread. Furthermore, it is clear to us that many high-quality companies have effectively managed through the downturn and are returning to profitable growth. We continue to believe that investing in a portfolio of well-managed, high-quality growth companies may lead to long-term outperformance versus the benchmark and attractive return potential for our shareholders.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.


Top 10 Holdings as of 2/28/2010 (Unaudited)

Nestle SA	2.3	%
Reckitt Benckiser PLC	2.0
DBS Group Holdings Ltd.	2.0
SGS SA	2.0
BHP Billiton Ltd.	2.0
Teva Pharmaceutical Industries Ltd.	1.9
BNP Paribas	1.9
Linde AG	1.9
Roche Holding AG	1.9
Nippon Electric Glass Co., Ltd.	1.8


Top Five Industries as of 2/28/2010 (Unaudited)

Diversified Banks	11.4	%
Pharmaceuticals	4.9
Integrated Oil & Gas	4.3
Wireless Telecommunication Services	3.7
Life & Health Insurance	3.7


Summary of Investments by Country Classification as of 2/28/10 (Unaudited)

Japan	17.1	%
United Kingdom	15.8
France	7.9
Switzerland	7.4
China	5.2
Australia	4.7
Germany	4.4
Spain	3.8
Finland	3.5
Singapore	3.2
Sweden	2.7
Canada	2.6
Greece	2.1
Portugal	2.1
Israel	1.9
Brazil	1.7
Ireland	1.6
Luxembourg	1.4
Austria	1.4
Norway	1.4
Mexico	1.3
India	1.1

(continued on next page)


Summary of Investments by Country Classification as of 2/28/10 (Unaudited)
(continued from previous page)

Belgium	1.1	%
Italy	0.9
Egypt	0.9
Denmark	0.8
Republic of Korea (South Korea)	0.7

Total Long-Term Investments	98.7
Total Repurchase Agreements	0.2

Total Investments	98.9
Foreign Currency	0.0	*
Other Assets in Excess of Liabilities	1.1

Net Assets	100.0	%


*		Amount is less than 0.1%.

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the industries shown above. All percentages are as a percentage of total net assets. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.

For More Information About Portfolio Holdings

You may obtain copies of a fund’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 847-2424.

Householding Notice

Proxy Voting Policy and Procedures and Proxy Voting Record

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments of Class A Shares and contingent deferred sales charges on redemptions of Class B and Class C Shares; and redemption fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing cost (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 9/1/09 - 2/28/10.

Actual Expense

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or contingent deferred sales charges or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*

	9/1/09		2/28/10		9/1/09-2/28/10

Class A
Actual	$	1,000.00	$	1,055.97	$	6.58
Hypothetical		1,000.00		1,018.40		6.46
(5% annual return before expenses)

Class B
Actual		1,000.00		1,052.54		10.43
Hypothetical		1,000.00		1,014.63		10.24
(5% annual return before expenses)

Class C
Actual		1,000.00		1,053.02		10.38
Hypothetical		1,000.00		1,014.68		10.19
(5% annual return before expenses)

Class I
Actual		1,000.00		1,057.42		5.31
Hypothetical		1,000.00		1,019.64		5.21
(5% annual return before expenses)

Class R
Actual		1,000.00		1,055.04		7.85
Hypothetical		1,000.00		1,017.16		7.70
(5% annual return before expenses)


*		Expenses are equal to the Fund’s annualized expense ratio of 1.29%, 2.05%, 2.04%, 1.04% and 1.54% for Class A, B, C, I and R Shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The expense ratio for Class C Shares reflects actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

Van Kampen International Growth Fund

Portfolio of Investments n February 28, 2010 (Unaudited)


	Number of
Description	Shares		Value


Common Stocks 98.7%
Australia 4.7%
BHP Billiton Ltd.		505,564	$	18,621,859
CSL Ltd.		411,780		12,691,195
Westpac Banking Corp.		545,584		12,776,330

				44,089,384

Austria 1.4%
Vienna Insurance Group		271,187		13,068,176


Belgium 1.1%
Groupe Bruxelles Lambert SA		112,848		9,880,306


Brazil 1.7%
Petroleo Brasileiro SA—ADR		410,000		15,744,000


Canada 2.6%
Cameco Corp.		490,668		13,476,816
EnCana Corp.		343,085		11,245,962

				24,722,778


China 5.2%
China Construction Bank Corp., Class H		14,481,072		10,951,076
China Resources Power Holdings Co., Ltd.		5,640,024		11,204,263
Li & Fung Ltd.		2,930,000		13,626,766
Tencent Holdings Ltd.		619,948		12,155,921

				47,938,026

Denmark 0.8%
Vestas Wind Systems A/S (a)		143,389		7,083,400


Egypt 0.9%
Orascom Construction Industries—GDR		196,247		8,369,935


Finland 3.5%
Fortum Oyj		647,839		16,504,654
Kone Oyj, Class B		379,069		16,000,941

				32,505,595


France 7.9%
ArcelorMittal		411,677		15,678,865
AXA SA		550,250		11,077,632
BNP Paribas		250,383		18,113,827
LVMH Moet Hennessy Louis Vuitton SA		119,904		12,996,078
Total SA		282,694		15,774,445

				73,640,847

See Notes to Financial Statements

Van Kampen International Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value



Germany 4.4%
Bayer AG		155,268	$	10,289,846
Deutsche Bank AG		203,892		12,947,256
Linde AG		158,698		17,868,578

				41,105,680

Greece 2.1%
Coca-Cola Hellenic Bottling Co., SA		503,439		12,339,141
National Bank of Greece SA (a)		420,581		7,845,773

				20,184,914


India 1.1%
Reliance Industries Ltd.		476,476		10,117,041


Ireland 1.6%
Ryanair Holdings PLC—ADR (a)		543,770		14,937,362


Israel 1.9%
Teva Pharmaceutical Industries Ltd.—ADR		304,944		18,299,689


Italy 0.9%
ENI SpA		394,667		8,904,692


Japan 17.1%
FamilyMart Co., Ltd.		287,568		9,214,993
Fast Retailing Co., Ltd.		71,543		12,078,845
Honda Motor Co., Ltd.		316,547		10,973,772
Jupiter Telecommunications Co., Ltd.		12,663		14,851,535
Komatsu Ltd.		624,945		12,548,842
Kurita Water Industries Ltd.		385,200		10,613,649
Nidec Corp.		162,902		15,823,561
Nippon Electric Glass Co., Ltd.		1,282,889		16,663,334
Rakuten, Inc.		17,432		13,440,171
Shin-Etsu Chemical Co., Ltd.		246,013		13,235,884
Shionogi & Co., Ltd.		491,022		10,031,008
Sony Financial Holdings, Inc.		2,919		8,502,867
Stanley Electric Co., Ltd.		692,561		12,721,701

				160,700,162

Luxembourg 1.4%
Millicom International Cellular SA		159,651		13,528,826


Mexico 1.3%
America Movil SAB de CV—ADR		270,665		12,063,539


Norway 1.4%
Storebrand ASA (a)		1,874,873		13,033,876

See Notes to Financial Statements

Van Kampen International Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value



Portugal 2.1%
Banco Espirito Santo SA		1,792,889	$	8,932,672
Jeronimo Martins SGPS SA		1,134,151		10,884,346

				19,817,018

Republic of Korea (South Korea) 0.7%
LG Electronics, Inc.		75,687		6,982,075


Singapore 3.2%
DBS Group Holdings Ltd.		1,891,004		18,833,361
Keppel Corp., Ltd.		1,901,499		11,376,259

				30,209,620

Spain 3.8%
Banco Santander SA		987,640		12,841,688
Industria de Diseno Textil SA		199,130		11,743,308
Red Electrica Corp. SA		217,173		10,929,577

				35,514,573

Sweden 2.7%
Investor AB, Class B		658,496		11,683,321
Tele2 AB, Class B		916,476		13,625,411

				25,308,732


Switzerland 7.4%
Nestle SA		427,586		21,274,817
Roche Holding AG		105,282		17,582,118
SGS SA		14,033		18,784,691
Syngenta AG		45,530		11,782,490

				69,424,116


United Kingdom 15.8%
Aggreko PLC		888,871		13,214,662
Autonomy Corp. PLC (a)		475,107		11,083,975
Cobham PLC		3,544,413		13,057,317
Prudential PLC		1,413,923		12,989,592
Reckitt Benckiser PLC		360,423		18,949,268
SABMiller PLC		487,093		12,774,768
Smith & Nephew PLC		1,317,976		13,534,986
Standard Chartered PLC		680,628		16,210,766
Tesco PLC		2,247,944		14,385,904
Vedanta Resources PLC		326,691		12,692,562
Vodafone Group PLC		4,403,812		9,498,268

				148,392,068


Total Long-Term Investments 98.7% (Cost $849,758,433)				925,566,430

See Notes to Financial Statements

Van Kampen International Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


Description	Value


Repurchase Agreements 0.2%
Banc of America Securities ($429,236 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.10%, dated 02/26/10, to be sold on 03/01/10 at $429,240)	$	429,236
JPMorgan Chase & Co. ($1,827,505 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.09%, dated 02/26/10, to be sold on 03/01/10 at $1,827,519)		1,827,505
State Street Bank & Trust Co. ($84,259 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 02/26/10, to be sold on 03/01/10 at $84,259)		84,259


Total Repurchase Agreements 0.2% (Cost $2,341,000)		2,341,000


Total Investments 98.9% (Cost $852,099,433)		927,907,430

Foreign Currency 0.0% (Cost $40,775)		40,895

Other Assets in Excess of Liabilities 1.1%		9,865,195


Net Assets 100.0%	$	937,813,520

Percentages are calculated as a percentage of net assets.


(a)		Non-income producing security.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

See Notes to Financial Statements

Van Kampen International Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below. (See Note 1(B) in the Notes to Financial Statements for further information regarding fair value measurements.)

The following is a summary of the inputs used as of February 28, 2010 in valuing the Fund’s investments carried at value.


	Level 1		Level 2		Level 3
			Other		Significant
			Significant		Unobservable				Percent of
Investments	Quoted Prices		Observable Inputs		Inputs		Total		Net Assets


Investments in an Assets Position:
Common Stocks
Diversified Banks	$	106,505,493	$	—	$	—	$	106,505,493		11.4	%
Pharmaceuticals		45,912,816		—		—		45,912,816		4.9
Integrated Oil & Gas		40,423,137		—		—		40,423,137		4.3
Wireless Telecommunication Services		35,090,633		—		—		35,090,633		3.7
Life & Health Insurance		34,526,335		—		—		34,526,335		3.7
Food Retail		34,485,243		—		—		34,485,243		3.7
Electronic Equipment Manufacturers		32,486,895		—		—		32,486,895		3.5
Diversified Commercial & Professional Services		31,999,352		—		—		31,999,352		3.4
Diversified Metals & Mining		31,314,421		—		—		31,314,421		3.3
Integrated Telecommunication Services		28,476,946		—		—		28,476,946		3.0
Electric Utilities		27,434,231		—		—		27,434,231		2.9
Industrial Machinery		26,614,589		—		—		26,614,589		2.8
Multi-Line Insurance		24,145,808		—		—		24,145,808		2.6
Apparel Retail		23,822,153		—		—		23,822,153		2.5
Multi-Sector Holdings		21,563,627		—		—		21,563,627		2.3
Packaged Foods & Meats		21,274,817		—		—		21,274,817		2.3
Household Products		18,949,269		—		—		18,949,269		2.0
Industrial Gases		17,868,579		—		—		17,868,579		1.9
Steel		15,678,865		—		—		15,678,865		1.7
Airlines		14,937,362		—		—		14,937,362		1.6
Distributors		13,626,766		—		—		13,626,766		1.5
Health Care Equipment		13,534,986		—		—		13,534,986		1.4
Coal & Consumable Fuels		13,476,815		—		—		13,476,815		1.4
Internet Retail		13,440,171		—		—		13,440,171		1.4
Specialty Chemicals		13,235,884		—		—		13,235,884		1.4
Aerospace & Defense		13,057,317		—		—		13,057,317		1.4
Apparel, Accessories & Luxury Goods		12,996,078		—		—		12,996,078		1.4
Diversified Capital Markets		12,947,256		—		—		12,947,256		1.4
Brewers		12,774,768		—		—		12,774,768		1.4
Auto Parts & Equipment		12,721,701		—		—		12,721,701		1.4
Biotechnology		12,691,195		—		—		12,691,195		1.3

See Notes to Financial Statements

Van Kampen International Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Level 1		Level 2		Level 3
			Other		Significant
			Significant		Unobservable				Percent of
Investments	Quoted Prices		Observable Inputs		Inputs		Total		Net Assets


Common Stocks (continued)
Construction & Farm Machinery & Heavy Trucks	$	12,548,842	$	—	$	—	$	12,548,842		1.3	%
Soft Drinks		12,339,141		—		—		12,339,141		1.3
Internet Software & Services		12,155,921		—		—		12,155,921		1.3
Fertilizers & Agricultural Chemicals		11,782,490		—		—		11,782,490		1.3
Industrial Conglomerates		11,376,259		—		—		11,376,259		1.2
Oil & Gas Exploration & Production		11,245,962		—		—		11,245,962		1.2
Independent Power Producers & Energy Traders		11,204,263		—		—		11,204,263		1.2
Application Software		11,083,975		—		—		11,083,975		1.2
Automobile Manufacturers		10,973,772		—		—		10,973,772		1.2
Diversified Chemicals		10,289,846		—		—		10,289,846		1.1
Oil & Gas Refining & Marketing		10,117,041		—		—		10,117,041		1.1
Construction & Engineering		8,369,935		—		—		8,369,935		0.9
Heavy Electrical Equipment		7,083,400		—		—		7,083,400		0.8
Consumer Electronics		6,982,075		—		—		6,982,075		0.7
Repurchase Agreements		—		2,341,000		—		2,341,000		0.2

Total Investments in an Asset Position	$	925,566,430	$	2,341,000	$	—	$	927,907,430		98.9	%

See Notes to Financial Statements

Van Kampen International Growth Fund

Financial Statements

Statement of Assets and Liabilities

February 28, 2010 (Unaudited)


Assets:
Total Investments (Cost $852,099,433)	$	927,907,430
Foreign Currency (Cost $40,775)		40,895
Cash		121
Receivables:
Investments Sold		7,203,499
Fund Shares Sold		3,814,993
Dividends		1,481,794
Other		64,512

Total Assets		940,513,244

Liabilities:
Payables:
Fund Shares Repurchased		1,458,382
Investment Advisory Fee		540,634
Distributor and Affiliates		205,697
Trustees’ Deferred Compensation and Retirement Plans		127,795
Accrued Expenses		367,216

Total Liabilities		2,699,724

Net Assets	$	937,813,520

Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	1,214,128,369
Net Unrealized Appreciation		75,803,276
Accumulated Undistributed Net Investment Income		(6,680,957	)
Accumulated Net Realized Loss		(345,437,168	)

Net Assets	$	937,813,520

Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $347,749,201 and 22,782,664 shares of beneficial interest issued and outstanding)	$	15.26
Maximum sales charge (5.75%* of offering price)		0.93

Maximum offering price to public	$	16.19

Class B Shares:
Net asset value and offering price per share (Based on net assets of $31,195,927 and 2,060,280 shares of beneficial interest issued and outstanding)	$	15.14

Class C Shares:
Net asset value and offering price per share (Based on net assets of $18,086,174 and 1,191,905 shares of beneficial interest issued and outstanding)	$	15.17

Class I Shares:
Net asset value and offering price per share (Based on net assets of $539,141,590 and 35,258,265 shares of beneficial interest issued and outstanding)	$	15.29

Class R Shares:
Net asset value and offering price per share (Based on net assets of $1,640,628 and 108,195 shares of beneficial interest issued and outstanding)	$	15.16


*		On sales of $50,000 or more, the sales charge will be reduced.

See Notes to Financial Statements

Van Kampen International Growth Fund
Financial Statements continued

Statement of Operations

For the Six Months Ended February 28, 2010 (Unaudited)


Investment Income:
Dividends (Net of foreign withholding taxes of $475,828)	$	6,753,955
Interest		7,718

Total Income		6,761,673

Expenses:
Investment Advisory Fee		3,755,284
Transfer Agent Fees		857,687
Distribution (12b-1) and Service Fees
Class A		463,988
Class B		163,693
Class C		96,834
Class R		3,521
Custody		183,058
Reports to Shareholders		150,761
Accounting and Administrative Expenses		98,239
Professional Fees		68,848
Registration Fees		55,234
Trustees’ Fees and Related Expenses		25,406
Other		21,085

Total Expenses		5,943,638

Net Investment Income	$	818,035

Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments	$	(17,829,904	)
Foreign Currency Transactions		(28,859	)

Net Realized Loss		(17,858,763	)

Unrealized Appreciation/Depreciation:
Beginning of the Period		(929,889	)

End of the Period:
Investments		75,807,997
Foreign Currency Translation		(4,721	)

		75,803,276

Net Unrealized Appreciation During the Period		76,733,165

Net Realized and Unrealized Gain	$	58,874,402

Net Increase in Net Assets From Operations	$	59,692,437

See Notes to Financial Statements

Van Kampen International Growth Fund
Financial Statements continued

Statement of Changes in Net Assets (Unaudited)


	For The			For The
	Six Months Ended			Year Ended
	February 28, 2010			August 31, 2009


From Investment Activities:
Operations:
Net Investment Income	$	818,035		$	9,327,367
Net Realized Loss		(17,858,763	)		(291,095,120	)
Net Unrealized Appreciation During the Period		76,733,165			63,185,684

Change in Net Assets from Operations		59,692,437			(218,582,069	)


Distributions from Net Investment Income:
Class A Shares		(5,874,528	)		(10,132,930	)
Class B Shares		(338,686	)		(454,198	)
Class C Shares		(181,570	)		(279,008	)
Class I Shares		(9,541,470	)		(9,402,472	)
Class R Shares		(22,284	)		(14,216	)

Total Distributions		(15,958,538	)		(20,282,824	)


Net Change in Net Assets from Investment Activities		43,733,899			(238,864,893	)


From Capital Transactions:
Proceeds from Shares Sold		268,661,484			478,175,914
Net Asset Value of Shares Issued Through Dividend Reinvestment		12,721,126			15,524,811
Cost of Shares Repurchased		(352,453,276	)		(335,305,486	)


Net Change in Net Assets from Capital Transactions		(71,070,666	)		158,395,239

Total Decrease in Net Assets		(27,336,767	)		(80,469,654	)
Net Assets:
Beginning of the Period		965,150,287			1,045,619,941

End of the Period (Including accumulated undistributed net investment income of $(6,680,957) and $8,459,546, respectively)	$	937,813,520		$	965,150,287

See Notes to Financial Statements

Van Kampen International Growth Fund

Financial Highlights (Unaudited)

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months											December 19, 2005
	Ended											(Commencement of
	February 28,			Year Ended August 31,								Operations) to
Class A Shares	2010			2009			2008			2007		August 31, 2006


Net Asset Value, Beginning of the Period	$	14.68		$	19.28		$	22.77		$	18.77	$	16.47

Net Investment Income (a)		-0-			0.14			0.43			0.18		0.15
Net Realized and Unrealized Gain/Loss		0.83			(4.40	)		(3.59	)		3.88		2.15

Total from Investment Operations		0.83			(4.26	)		(3.16	)		4.06		2.30

Less:
Distributions from Net Investment Income		0.25			0.34			0.10			0.06		-0-
Distributions from Net Realized Gain		-0-			-0-			0.23			-0-		-0-

Total Distributions		0.25			0.34			0.33			0.06		-0-

Net Asset Value, End of the Period	$	15.26		$	14.68		$	19.28		$	22.77	$	18.77


Total Return* (b)		5.60%	**		–21.59%			–14.17%			21.65%		13.96%	**
Net Assets at End of the Period (In millions)	$	347.7		$	376.5		$	638.6		$	583.0	$	209.4
Ratio of Expenses to Average Net Assets* (c)		1.29%			1.39%			1.26%			1.31%		1.52%
Ratio of Net Investment Income to Average Net Assets*		0.06%			1.14%			1.93%			0.82%		1.22%
Portfolio Turnover		21%	**		45%			38%			21%		14%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (c)		N/A			N/A			N/A			N/A		1.80%
Ratio of Net Investment Income to Average Net Assets		N/A			N/A			N/A			N/A		0.94%


**		Non-annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(c)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.02% for the period ended August 31, 2006.

N/A =Not Applicable

See Notes to Financial Statements

Van Kampen International Growth Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months											December 19, 2005
	Ended											(Commencement of
	February 28,			Year Ended August 31,								Operations) to
Class B Shares	2010			2009			2008			2007		August 31, 2006


Net Asset Value, Beginning of the Period	$	14.53		$	18.99		$	22.52		$	18.68	$	16.47

Net Investment Income/Loss (a)		(0.05	)		0.05			0.25			0.01		0.05
Net Realized and Unrealized Gain/Loss		0.82			(4.32	)		(3.55	)		3.86		2.16

Total from Investment Operations		0.77			(4.27	)		(3.30	)		3.87		2.21

Less:
Distributions from Net Investment Income		0.16			0.19			-0-			0.03		-0-
Distributions from Net Realized Gain		-0-			-0-			0.23			-0-		-0-

Total Distributions		0.16			0.19			0.23			0.03		-0-

Net Asset Value, End of the Period	$	15.14		$	14.53		$	18.99		$	22.52	$	18.68


Total Return* (b)		5.25%	**		–22.25%			–14.82%			20.73%		13.42%	**
Net Assets at End of the Period (In millions)	$	31.2		$	30.8		$	51.0		$	49.8	$	18.5
Ratio of Expenses to Average Net Assets* (c)		2.05%			2.15%			2.01%			2.07%		2.27%
Ratio of Net Investment Income/loss to Average Net Assets*		(0.71%	)		0.39%			1.15%			0.05%		0.43%
Portfolio Turnover		21%	**		45%			38%			21%		14%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (c)		N/A			N/A			N/A			N/A		2.53%
Ratio of Net Investment Income to Average Net Assets		N/A			N/A			N/A			N/A		0.17%


**		Non-annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(c)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.02% for the period ended August 31, 2006.

N/A =Not Applicable

See Notes to Financial Statements

Van Kampen International Growth Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months											December 19, 2005
	Ended											(Commencement of
	February 28,			Year Ended August 31,								Operations) to
Class C Shares	2010			2009			2008			2007		August 31, 2006


Net Asset Value, Beginning of the Period	$	14.55		$	18.99		$	22.53		$	18.68	$	16.47

Net Investment Income/Loss (a)		(0.05	)		0.05			0.25			0.02		0.05
Net Realized and Unrealized Gain/Loss		0.82			(4.32	)		(3.54	)		3.86		2.16

Total from Investment Operations		0.77			(4.27	)		(3.29	)		3.88		2.21

Less:
Distributions from Net Investment Income		0.15			0.17			0.02			0.03		-0-
Distributions from Net Realized Gain		-0-			-0-			0.23			-0-		-0-

Total Distributions		0.15			0.17			0.25			0.03		-0-

Net Asset Value, End of the Period	$	15.17		$	14.55		$	18.99		$	22.53	$	18.68


Total Return* (b)		5.30%(d	)**		–22.20%	(d)		–14.83%			20.77%		13.42%	**
Net Assets at End of the Period (In millions)	$	18.1		$	19.8		$	37.4		$	32.0	$	9.8
Ratio of Expenses to Average Net Assets* (c)		2.04%(d	)		2.14%	(d)		2.01%			2.06%		2.27%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.68%	) (d)		0.37%	(d)		1.16%			0.10%		0.42%
Portfolio Turnover		21%	**		45%			38%			21%		14%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (c)		N/A			N/A			N/A			N/A		2.51%
Ratio of Net Investment Income to Average Net Assets		N/A			N/A			N/A			N/A		0.19%


**		Non-annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(c)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.02% for the period ended August 31, 2006.

(d)		The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net Investment Income/Loss to Average Net Assets reflect actual 12b-1 fees of less than 1% (See Note 6 in the Notes to Financial Statements).

N/A =Not Applicable

See Notes to Financial Statements

Van Kampen International Growth Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months
	Ended												Nov 1, 2005			Year Ended
	February 28,			Year Ended August 31,									to August 31,			October 31,
Class I Shares	2010			2009			2008			2007			2006			2005


Net Asset Value, Beginning of the Period	$	14.72		$	19.36		$	22.85		$	18.80		$	15.36		$	12.57

Net Investment Income		0.02	(a)		0.19	(a)		0.49	(a)		0.23	(a)		0.16	(a)		0.13
Net Realized and Unrealized Gain/Loss		0.83			(4.45	)		(3.62	)		3.89			3.33			2.66

Total from Investment Operations		0.85			(4.26	)		(3.13	)		4.12			3.49			2.79

Less:
Distributions from Net Investment Income		0.28			0.38			0.13			0.07			0.05			-0-
Distributions from Net Realized Gain		-0-			-0-			0.23			-0-			-0-			-0-

Total Distributions		0.28			0.38			0.36			0.07			0.05			-0-

Net Asset Value, End of the Period	$	15.29		$	14.72		$	19.36		$	22.85		$	18.80		$	15.36


Total Return* (b)		5.74%	**		–21.42%			–13.95%			21.95%			22.68%	**		22.20%
Net Assets at End of the Period (In millions)	$	539.1		$	537.0		$	317.9		$	173.5		$	46.8		$	18.3
Ratio of Expenses to Average Net Assets* (c)		1.04%			1.15%			1.01%			1.06%			1.27%			1.25%
Ratio of Net Investment Income to Average Net Assets*		0.31%			1.53%			2.20%			1.05%			1.14%			0.64%
Portfolio Turnover		21%	**		45%			38%			21%			14%	**		17%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (c)		N/A			N/A			N/A			N/A			1.89%			2.37%
Ratio of Net Investment Income/Loss to Average Net Assets		N/A			N/A			N/A			N/A			0.52%			(0.48%	)


**		Non-annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.

(c)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.02% for the period ended August 31, 2006.

N/A =Not Applicable

See Notes to Financial Statements

Van Kampen International Growth Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months									March 20, 2007
	Ended									(Commencement of
	February 28,			Year Ended August 31,						Operations) to
Class R Shares	2010			2009			2008			August 31, 2007


Net Asset Value, Beginning of the Period	$	14.59		$	19.21		$	22.74		$	21.30

Net Investment Income/Loss (a)		(0.02	)		0.12			0.33			0.05
Net Realized and Unrealized Gain/Loss		0.83			(4.41	)		(3.54	)		1.39

Total from Investment Operations		0.81			(4.29	)		(3.21	)		1.44

Less:
Distributions from Net Investment Income		0.24			0.33			0.09			-0-
Distributions from Net Realized Gain		-0-			-0-			0.23			-0-

Total Distributions		0.24			0.33			0.32			-0-

Net Asset Value, End of the Period	$	15.16		$	14.59		$	19.21		$	22.74


Total Return (b)		5.50%	*		–21.84%			–14.36%			6.76%	*
Net Assets at End of the Period (In millions)	$	1.6		$	1.1		$	0.7		$	0.3
Ratio of Expenses to Average Net Assets		1.54%			1.64%			1.52%			1.54%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.22%	)		0.96%			1.50%			0.53%
Portfolio Turnover		21%	*		45%			38%			21%	*


*		Non-annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period. These returns include combined Rule 12b-1 fees and service fees of up to 0.50% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen International Growth Fund

Notes to Financial Statements n February 28, 2010 (Unaudited)

1. Significant Accounting Policies

Van Kampen International Growth Fund (the “Fund”), is organized as a series of the Van Kampen Equity Trust II, a Delaware statutory trust and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to seek capital appreciation, with a secondary objective of income. The Fund seeks to achieve its objectives by investing primarily in a diversified portfolio of equity securities of issuers located in countries other than the United States. The Class I Shares of the Fund commenced operations on December 16, 2005. Pursuant to an agreement and plan of reorganization between the Fund and 1838 International Equity Fund, at the close of business on December 16, 2005, the Fund acquired substantially all of the net assets of the 1838 International Equity Fund in exchange for Class I Shares of the Fund through a tax-free exchange under Section 368 of the Internal Revenue Code. As a result of the reorganization, Class I Shares of the Fund became the accounting successor of the 1838 International Equity Fund and the fiscal year end changed from October 31 to August 31. The 1838 International Equity Fund commenced operations on August 3, 1995. The Fund offers Class A Shares, Class B Shares, Class C Shares, Class I Shares, and Class R Shares. Each class of shares differs by its initial sales load, contingent deferred sales charges, the allocation of class-specific expenses and voting rights on matters affecting a single class.

Van Kampen International Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

(NYSE). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Board of Trustees. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value. Forward foreign currency contracts are valued using quoted foreign exchange rates.


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.

C. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis.

The Fund may invest in repurchase agreements, which are short-term investments in which the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future time and specified price. The Fund may invest independently in repurchase agreements, or transfer uninvested cash balances into a pooled cash account along with other investment companies advised by Van Kampen Asset Management (the “Adviser”) or its affiliates, the daily aggregate of which is invested in repurchase agreements. Repurchase agreements are fully collateralized by the underlying debt security. The Fund will make payment for such security only upon physical delivery or evidence of book entry transfer to the account of the custodian bank. The seller is required to maintain the value of the underlying security at not less than the repurchase proceeds due the Fund.

Van Kampen International Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

D. Income and Expenses Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service fees and incremental transfer agency costs which are unique to each class of shares.

The Fund intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset such losses against future realized capital gains. At August 31, 2009, the Fund had an accumulated capital loss carryforward for tax purposes of $67,545,833, which will expire on August 31, 2017.

At February 28, 2010, the cost and related gross unrealized appreciation and depreciation were as follows:


Cost of investments for tax purposes	$	867,105,339

Gross tax unrealized appreciation	$	119,972,899
Gross tax unrealized depreciation		(59,170,808	)

Net tax unrealized appreciation on investments	$	60,802,091

F. Distribution of Income and Gains The Fund declares and pays dividends at least annually from net investment income and from net realized gains, if any. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Distributions from the Fund are recorded on the ex-distribution date.

The tax character of distributions paid during the year ended August 31, 2009 was as follows:

As of August 31, 2009, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income		$	15,434,042

Van Kampen International Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

Net realized gains and losses may differ for financial reporting and tax purposes primarily as a result of the deferral of losses relating to wash sale transactions.

G. Foreign Currency Translation Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the quoted bid and asked prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated at the rate of exchange prevailing when such securities were acquired or sold. Income and expenses are translated at rates prevailing when accrued. Realized and unrealized gains and losses on securities resulting from changes in exchange rates are not segregated for financial reporting purposes from amounts arising from changes in the market prices of securities. The unrealized gains and losses on translations of other assets or liabilities denominated in foreign currencies are included in foreign currency translation on the Statement of Operations. Realized gains and losses on foreign currency transactions on the Statement of Operations include the net realized amount from the sale of the foreign currency and the amount realized between trade date and settlement date on security transactions.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, the Adviser will provide investment advice and facilities to the Fund for an annual fee payable monthly as follows:


Average Daily Net Assets	% Per Annum

First $1 billion		0.75%
Over $1 billion		0.70%

For the six months ended February 28, 2010, the Fund recognized expenses of approximately $15,500 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Fund is a partner of such firm and he and his law firm provide legal services as legal counsel to the Fund.

Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Fund. The costs of these services are allocated to each fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $63,700 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting and legal services to the Fund, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” on the Statement of Operations.

Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser, serves as the shareholder servicing agent for the Fund. For the six months ended February 28, 2010, the

Van Kampen International Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

Fund recognized expenses of approximately $126,200 representing transfer agency fees paid to VKIS and its affiliates. Transfer agency fees are determined through negotiations with the Fund’s Board of Trustees.

Certain officers and trustees of the Fund are also officers and directors of Van Kampen. The Fund does not compensate its officers or trustees who are also officers of Van Kampen.

The Fund provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund, and to the extent permitted by the 1940 Act may be invested in the common shares of those funds selected by the trustees. Investments in such funds of approximately $60,600 are included in “Other” assets on the Statement of Assets and Liabilities at February 28, 2010. Appreciation/ depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Fund. The maximum annual benefit per trustee under the plan is $2,500.

For the six months ended February 28, 2010 , Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $91,800 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $37,000. Sales charges do not represent expenses of the Fund.

Van Kampen International Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

3. Capital Transactions

For the six months ended February 28, 2010 and the year ended August 31, 2009, transactions were as follows:


	For The						For The
	Six Months Ended						Year Ended
	February 28, 2010						August 31, 2009
	Shares			Value			Shares			Value

Sales:
Class A		2,001,866		$	31,419,744			6,247,420		$	77,237,345
Class B		217,455			3,383,660			409,092			5,050,383
Class C		75,723			1,168,790			273,896			3,415,685
Class I		14,844,151			231,950,878			30,499,933			391,820,197
Class R		47,649			738,412			53,038			652,304

Total Sales		17,186,844		$	268,661,484			37,483,379		$	478,175,914


Dividend Reinvestment:
Class A		365,195		$	5,740,874			835,473		$	9,407,433
Class B		20,944			327,145			38,983			437,001
Class C		10,046			157,219			20,858			234,241
Class I		411,284			6,473,604			482,119			5,433,477
Class R		1,426			22,284			1,129			12,659

Total Dividend Reinvestment		808,895		$	12,721,126			1,378,562		$	15,524,811


Repurchases:
Class A		(5,234,022	)	$	(81,690,601	)		(14,561,924	)	$	(179,398,561	)
Class B		(296,272	)		(4,586,307	)		(1,016,019	)		(12,355,029	)
Class C		(252,000	)		(3,895,656	)		(904,029	)		(11,304,957	)
Class I		(16,483,968	)		(261,997,409	)		(10,911,500	)		(132,070,106	)
Class R		(18,450	)		(283,303	)		(15,181	)		(176,833	)

Total Repurchases		(22,284,712	)	$	(352,453,276	)		(27,408,653	)	$	(335,305,486	)

4. Redemption Fee

The Fund will assess a 2% redemption fee on proceeds of Fund shares that are redeemed (either by sale or exchange) within 30 days of purchase. The redemption fee is paid directly to the Fund and allocated on a pro rata basis to each class of shares. For the six months ended February 28, 2010, the Fund received redemption fees of approximately $10,300, which are reported as part of “Cost of Shares Repurchased” on the Statements of Changes in Net Assets. The per share impact from redemption fees paid to the Fund was less than $0.01.

5. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $202,176,950 and $281,361,004, respectively.

6. Distribution and Service Plans

Shares of the Fund are distributed by Van Kampen Funds Inc. (the “Distributor”), an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the

Van Kampen International Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

1940 Act and a service plan (collectively, the “Plans”) for Class A Shares, Class B Shares, Class C Shares and Class R Shares to compensate the Distributor for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets. These fees are accrued daily and paid to the Distributor monthly.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (“unreimbursed receivable”) was approximately $375,000 and $0 for Class B and Class C Shares, respectively. These amounts may be recovered from future payments under the distribution plan or CDSC. To the extent the unreimbursed receivable has been fully recovered, the distribution fee is reduced.

7. Indemnifications

8. Significant Event

Under the Investment Company Act of 1940, the closing of the Transaction will cause the Fund’s current investment advisory agreement with Van Kampen Asset Management, a subsidiary of Van Kampen Investments Inc., to terminate. In connection with the Transaction, the Fund’s Board of Trustees (the “Board”) has approved, subject to shareholder approval, that the Fund be transitioned to the Invesco mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco, that has substantially the same investment objective, principal investment strategies and risks as the Fund (the “Reorganization”). The proposed Reorganization will be presented to shareholders of the Fund at a special meeting of shareholders. If shareholders of the Fund approve the Reorganization and certain other conditions to closing of the Transaction are met, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund. Upon completion of the proposed Reorganization, the Fund will dissolve pursuant to a plan of dissolution adopted by the Board.

9. Accounting Pronouncement

Van Kampen International Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009. However, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment to ASC 820 and the impact it will have on financial statement disclosures.

Van Kampen International Growth Fund

Board of Trustees, Officers and Important Addresses


Board of Trustees David C. Arch Jerry D. Choate Rod Dammeyer Linda Hutton Heagy R. Craig Kennedy Howard J Kerr Jack E. Nelson Hugo F. Sonnenschein Wayne W. Whalen* – Chairman Suzanne H. Woolsey Officers Edward C. Wood III President and Principal Executive Officer Kevin Klingert Vice President Stefanie V. Chang Yu Vice President and Secretary John L. Sullivan Chief Compliance Officer Stuart N. Schuldt Chief Financial Officer and Treasurer		Investment Adviser Van Kampen Asset Management 522 Fifth Avenue New York, New York 10036 Distributor Van Kampen Funds Inc. 522 Fifth Avenue New York, New York 10036 Shareholder Servicing Agent Van Kampen Investor Services Inc. P.O. Box 219286 Kansas City, Missouri 64121-9286 Custodian State Street Bank and Trust Company One Lincoln Street Boston, Massachusetts 02111 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 155 North Wacker Drive Chicago, Illinois 60606 Independent Registered Public Accounting Firm Ernst & Young LLP 233 South Wacker Drive Chicago, Illinois 60606


*		“Interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended.

Your Notes

Van Kampen International Growth Fund

An Important Notice Concerning Our

U.S. Privacy Policy

We are required by federal law to provide you with a copy of our privacy policy (“Policy”) annually.

We Respect Your Privacy

1. What Personal Information Do We Collect About You?


	•	We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through application forms you submit to us.

(continued on next page)

Van Kampen International Growth Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued


	•	We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

	•	We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

	•	We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

	•	If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer’s operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of “cookies.” “Cookies” recognize your computer each time you return to one of our sites, and help to improve our sites’ content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2. When Do We Disclose Personal Information We Collect About You?

(continued on next page)

Van Kampen International Growth Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

3. How Do We Protect The Security and Confidentiality Of Personal Information We Collect About You?

4. How Can You Limit Our Sharing Of Certain Personal Information About You With Our Affiliated Companies For Eligibility Determination?

5. How Can You Limit the Use of Certain Personal Information About You by our Affiliated Companies for Marketing?

(continued on next page)

Van Kampen International Growth Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

6. How Can You Send Us an Opt-Out Instruction?


	•	Calling us at (800) 847-2424 Monday-Friday between 8 a.m. and 8 p.m. (EST)

	•	Writing to us at the following address: Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

(continued on back)

Van Kampen International Growth Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

SPECIAL NOTICE TO RESIDENTS OF VERMONT

If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:


		Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

34, 134, 234, 634, 334

IGFSAN 04/10

IU10-01505P-Y02/10

SEMIANNUAL REPORT

February 28, 2010





		MUTUAL FUNDS Van Kampen Equity Premium Income Fund

		Privacy Notice information on the back.

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Equity Premium Income Fund performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the fund’s financial statements and a list of fund investments as of February 28, 2010.

Performance Summary as of 2/28/10 (Unaudited)

A Shares

B Shares

C Shares

I Shares

since 6/26/06

w/max

5.75%

5.00%

1.00%

Average Annual

w/o sales

sales

w/o sales

sales

w/o sales

sales

w/o sales

Total Returns

charges

charge

charges

charge

charges

charge

charges

Since Inception

–0.08

–1.68

–0.84

–1.39

–0.84

0.11

1-year

54.14

45.30

52.98

47.98

52.98

51.98

54.33

6-month

10.56

4.17

10.01

5.01

10.01

9.01

10.53

Gross Expense Ratio

1.40%

2.16%

2.15%

1.12%

The returns shown in this report do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance of share classes will vary due to differences in sales charges and expenses. Average annual total return with sales charges includes payment of the maximum sales charge of 5.75 percent for Class A shares, a contingent deferred sales charge of 5.00 percent for Class B shares (in year one and declining to zero after year five), a contingent deferred sales charge of 1.00 percent for Class C shares in year one, and combined Rule 12b-1 fees and service fees of up to 0.25 percent per year of the fund’s average daily net assets for Class A shares and up to 1.00 percent per year of the fund’s average daily net assets for Class B and C shares. Class I shares are available for purchase exclusively by (i) eligible institutions (e.g., a financial institution, corporation, trust, estate, or educational, religious or charitable institution) with assets of at least $1,000,000, (ii) tax-exempt retirement plans with assets of at least $1,000,000 (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans), (iii) fee-based investment programs with assets of at least $1,000,000, (iv) qualified state tuition plan (529 plan) accounts, and (v) certain Van Kampen investment companies. Class I shares are offered without any upfront or deferred sales charge on purchases or sales and without any distribution (12b-1) fee or service fee. Figures shown above assume reinvestment of all distributions. The fund’s adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements, the fund’s returns would have been lower. Periods of less than one year are not annualized.

The Standard & Poor’s 500^® Index (S&P 500^®) measures the performance of the large cap segment of the U.S. equities market, covering approximately 75% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. The CBOE S&P 500^® BuyWrite Index (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500^® Index. BXM is a passive total return index based on (1) buying an S&P 500 index portfolio, and (2) “writing” (or selling) the near-term S&P 500^® Index (SPX^sm) “covered” call option, generally on the third Friday of each month. The SPX^sm call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The SPX^sm call is held until expiration and cash settled, at which time a new one-month, near-the-money call is written. The Indices are unmanaged and their returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

Fund Report

For the six-month period ended February 28, 2010

Market Conditions

During the second half of 2009 and early part of 2010, the U.S. economic decline halted and turned around with help from a barrage of fiscal and monetary stimulus programs from the Treasury and the Federal Reserve. As investors became more confident that the government would do what was necessary to get the economy back on its feet, they returned to riskier assets—investment grade bonds, high yield bonds and equities which posted large gains for the second half of 2009. There was a “junk” rally in equities, with small-capitalization stocks outperforming large capitalization, and high-beta stocks outperforming low beta.

U.S. real gross domestic product posted gains in both the third and fourth quarters of 2009, but given the severity of the credit-induced downturn and its detrimental effect on the financial industry, we believe the gains were smaller than they otherwise would have been in a more “normal” recovery scenario. The economic expansion was led by the manufacturing industry, with the Institute for Supply Management (ISM) index bottoming in December 2008 and rising into expansionary territory by August 2009. Exports and corporate capital expenditures led the way. However, the service industry lagged behind. The ISM Non-Manufacturing index bottomed in November of 2008, reached the border between expansion and contraction by September 2009, and then moved sideways for several months.

Despite the improvement in the economy and capital markets, the recovery remains fragile. The unemployment rate peaked at 10.1 percent, but declined to 9.7 percent by February 2010, mostly because workers have left the workforce. Bank lending to consumers and small businesses, having tightened aggressively, has yet to moderate, though bank credit is available to large corporations.

Performance Analysis

All share classes of Van Kampen Equity Premium Income Fund outperformed the CBOE S&P 500^® BuyWrite Index (the “Index”), the S&P 500^® Index and the 75% CBOE BXM Index/25% S&P 500^® Index for the six months ended February 28, 2010, assuming no deduction of applicable sales charges.

Total returns for the six-month period ended February 28, 2010


												CBOE						75% CBOE
												S&P 500^®						BXM Index/
												BuyWrite			S&P 500^®			25% S&P 500^®
Class A			Class B			Class C			Class I			Index			Index			Index

	10.56	%		10.01	%		10.01	%		10.53	%		9.61	%		9.32	%		9.55	%

The Fund’s outperformance during the period relative to the Index was attributable to the options portfolio. We remained active with the options portfolio, employing several strategies to manage risk and return in the Fund. First, we used an option hedging strategy called delta hedging that seeks to reduce the losses of written call options during market rallies. We also rolled the options to higher strike prices, which can help reduce the losses realized on a written call option if the market rises and remains at an elevated level relative to the option’s strike price on option expiration. Finally, during market declines, we utilized beta matching, a strategy which brings the beta of the Fund in-line with that of the Index to avoid excess market exposure relative to the Index.

The underlying stock portfolio modestly underperformed the S&P 500^® Index, due to stock selection. Detractors from relative performance were stock selection primarily in the consumer staples, financials, and industrials sectors. However, stock selection in energy, health care, and utilities contributed to relative performance for the period.

Market Outlook

Price-to-earnings (P/E) ratio contraction has begun, sooner than expected by the market consensus. The Chinese increase of bank reserve ratios, the U.S. financial policy initiatives, and the Eurozone troubles have resulted in some fiscal tightening and a rise in sovereign bond risk premiums, and all have contributed to a withdrawal of liquidity from the global economy. We believe developed markets’ sovereign yields are poised to rise further due to increased competition for credit from the private sector as the global economy recovers. This is likely to contribute to further P/E contraction and lower potential growth for developed economies. In addition,

leading economic indicators seem to be peaking, which does not bode well for equities in the medium term as they usually decline when leading indicators peak. Europe will likely be most affected by its current crisis, but given the interrelationships across the global banking system, there is a possibility that the Eurozone trouble spreads beyond its borders. For now, however, the impact on the U.S. economy seems to be small.

In the U.S., corporate spending and exports are helping the economy recover from the recession. Forward-looking indicators of job growth seem to be signaling that an increase in employment is imminent, with the follow-on potential benefits of higher consumption and lower loan defaults. Our 2010 theme is growth dynamics in the energy, industrials, materials, technology and financial sectors.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.

For the fiscal year ended August 31, 2009, we have determined that a portion of the Fund’s total distributions will be characterized as a return of capital for federal income tax purposes. A return of capital occurs when the aggregate amount of the Fund’s distributions exceed the Fund’s aggregate earnings and profits during its fiscal year. It is determined, at the end of the fiscal year, whether all, or a portion of the Fund’s distributions should be characterized as a return of capital.

When a return of capital occurs, some of the money an investor invested in the Fund is returned to the investor. Such return of capital distributions may decrease the Fund’s assets and may increase the Fund’s expense ratios. For Federal income tax purposes, returns of capital distributions are reported on Form 1099DIV. Information regarding return of capital is included in the financial statements of this report, and can also be found on www.vankampen.com.

Moreover, given past and current market conditions, we believe there is a strong likelihood that substantially all, if not all, of the distributions for fiscal year ended August 31, 2010 may be characterized as return of capital. The final characterization of such distributions will be determined at the fiscal year end of August 2010.


Top 10 Holdings as of 2/28/10 (Unaudited)

Exxon Mobil Corp.	2.7	%
Microsoft Corp.	2.6
Apple, Inc.	2.4
Procter & Gamble Co.	2.1
Merck & Co., Inc.	2.1
IBM Corp.	1.9
Cisco Systems, Inc.	1.9
Bank of America Corp.	1.9
Hewlett-Packard Co.	1.7
JPMorgan Chase & Co.	1.6


Summary of Investments by Industry Classification as of 2/28/10 (Unaudited)

Computer Hardware	6.1	%
Pharmaceuticals	5.7
Integrated Oil & Gas	5.7
Systems Software	4.0
Other Diversified Financial Services	3.5
Household Products	2.8
Aerospace & Defense	2.7
Oil & Gas Exploration & Production	2.7
Communications Equipment	2.6
Soft Drinks	2.5
Semiconductors	2.5
Health Care Equipment	2.4
Industrial Conglomerates	2.2
Tobacco	2.2
Internet Software & Services	1.9
Integrated Telecommunication Services	1.8
Property & Casualty Insurance	1.7
Health Care Services	1.7
Packaged Foods & Meats	1.7
Diversified Banks	1.6
Movies & Entertainment	1.5
Consumer Finance	1.4
Apparel Retail	1.4
Managed Health Care	1.4
Asset Management & Custody Banks	1.3
Electric Utilities	1.3
Industrial Machinery	1.3
Diversified Metals & Mining	1.2
Oil & Gas Equipment & Services	1.2
Construction & Farm Machinery & Heavy Trucks	1.2
Gas Utilities	1.1
Data Processing & Outsourced Services	1.1
Regional Banks	1.0
Life & Health Insurance	1.0
Hypermarkets & Super Centers	1.0
Oil & Gas Storage & Transportation	0.9
Electrical Components & Equipment	0.9
Internet Retail	0.9
Investment Banking & Brokerage	0.9
Airlines	0.8

(continued on next page)


Summary of Investments by Industry Classification as of 2/28/10 (Unaudited)
(continued from previous page)

Diversified Chemicals	0.8	%
Life Sciences Tools & Services	0.8
Drug Retail	0.7
Broadcasting—Diversified	0.7
Department Stores	0.7
Multi-Line Insurance	0.7
Wireless Telecommunication Services	0.7
Automobile Manufacturers	0.7
Railroads	0.6
Multi-Utilities	0.6
Paper Products	0.6
Health Care Distributors	0.6
Hotels, Resorts & Cruise Lines	0.5
Food Retail	0.5
Retail REIT’s	0.5
Application Software	0.5
Restaurants	0.5
Air Freight & Logistics	0.5
Household Appliances	0.4
Specialized Finance	0.4
Aluminum	0.4
Specialty Stores	0.4
Distillers & Vintners	0.4
Apparel, Accessories & Luxury Goods	0.4
IT Consulting & Other Services	0.4
Oil & Gas Drilling	0.4
Specialty Chemicals	0.4
Cable & Satellite	0.4
Home Furnishings	0.3
Industrial REIT’s	0.3
Commercial Printing	0.3
Personal Products	0.3
Industrial Gases	0.3
Electronic Equipment Manufacturers	0.3
Real Estate Management & Development	0.3
Thrifts & Mortgage Finance	0.3
Catalog Retail	0.2
Auto Parts & Equipment	0.2
Biotechnology	0.2
Residential REIT’s	0.2
Independent Power Producers & Energy Traders	0.2
Consumer Electronics	0.2
Alternative Carriers	0.2
Publishing	0.2
Coal & Consumable Fuels	0.1
Footwear	0.1
Oil & Gas Refining & Marketing	0.1
Casinos & Gaming	0.1
Steel	0.1

(continued on next page)


Summary of Investments by Industry Classification as of 2/28/10 (Unaudited)
(continued from previous page)

Agricultural Products	0.0	*%
Health Care Supplies	0.0	*

Total Long-Term Investments	100.5
Total Repurchase Agreements	0.6

Total Investments	101.1
Liabilities in Excess of Other Assets	(0.3	)
Written Options	(0.8	)

Net Assets	100.0	%


*		Amount is less than 0.1%.

For More Information About Portfolio Holdings

You may obtain copies of a fund’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 847-2424.

Householding Notice

Proxy Voting Policy and Procedures and Proxy Voting Record

Expense Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 9/1/09 - 2/28/10.

Actual Expense

Hypothetical Example for Comparison Purposes


	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*

	9/1/09		2/28/10		9/1/09-2/28/10

Class A
Actual	$	1,000.00	$	1,105.61	$	6.47
Hypothetical		1,000.00		1,018.65		6.21
(5% annual return before expenses)

Class B
Actual		1,000.00		1,100.11		10.36
Hypothetical		1,000.00		1,014.93		9.94
(5% annual return before expenses)

Class C
Actual		1,000.00		1,100.15		10.36
Hypothetical		1,000.00		1,014.93		9.94
(5% annual return before expenses)

Class I
Actual		1,000.00		1,105.34		5.17
Hypothetical		1,000.00		1,019.89		4.96
(5% annual return before expenses)


*		Expenses are equal to the Fund’s annualized expense ratio of 1.24%, 1.99%, 1.99% and 0.99% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). These expense ratios reflect an expense waiver.

Assumes all dividends and distributions were reinvested.

Van Kampen Equity Premium Income Fund

Portfolio of Investments n February 28, 2010 (Unaudited)


	Number of
Description	Shares		Value


Common Stocks 100.5%
Aerospace & Defense 2.7%
BE Aerospace, Inc. (a)		23,759	$	615,358
Boeing Co.		15,152		957,000
General Dynamics Corp.		12,508		907,455
Precision Castparts Corp.		9,374		1,056,919
Rockwell Collins, Inc.		16,000		900,480
United Technologies Corp.		14,200		974,830

				5,412,042

Agricultural Products 0.0%
Archer-Daniels-Midland Co.		1,105		32,443


Air Freight & Logistics 0.5%
FedEx Corp.		10,900		923,884


Airlines 0.8%
Continental Airlines, Inc., Class B (a)		30,431		628,704
Southwest Airlines Co.		74,300		934,694

				1,563,398

Alternative Carriers 0.2%
tw telecom, Inc., Class A (a)		24,300		386,127


Aluminum 0.4%
Alcoa, Inc.		57,689		767,264


Apparel, Accessories & Luxury Goods 0.4%
Polo Ralph Lauren Corp., Class A		4,473		357,527
VF Corp.		4,674		361,674

				719,201

Apparel Retail 1.4%
Abercrombie & Fitch Co., Class A		11,200		407,904
Chico’s FAS, Inc. (a)		440		5,962
Guess?, Inc.		8,063		328,890
Limited Brands, Inc.		39,000		862,290
TJX Cos., Inc.		19,200		799,296
Urban Outfitters, Inc. (a)		13,326		429,230

				2,833,572

Application Software 0.5%
Salesforce.com, Inc. (a)		14,645		995,128


Asset Management & Custody Banks 1.3%
Ameriprise Financial, Inc.		17,100		684,513
BlackRock, Inc.		1,800		393,840
Franklin Resources, Inc.		7,100		722,212
Invesco Ltd. (Bermuda)		17,781		348,508
T. Rowe Price Group, Inc.		9,855		499,550

				2,648,623

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


Auto Parts & Equipment 0.2%
Autoliv, Inc.		9,967	$	444,628


Automobile Manufacturers 0.7%
Ford Motor Co. (a)		110,900		1,301,966


Biotechnology 0.2%
Amgen, Inc. (a)		7,779		440,369


Broadcasting—Diversified 0.7%
Time Warner Cable, Inc.		19,788		923,902
Virgin Media, Inc.		31,500		510,300

				1,434,202

Cable & Satellite 0.4%
Scripps Networks Interactive, Inc., Class A		17,500		692,650


Casinos & Gaming 0.1%
Las Vegas Sands Corp. (a)		2,944		48,959
Wynn Resorts Ltd.		2,748		174,690

				223,649

Catalog Retail 0.2%
Liberty Media Corp.—Interactive, Class A (a)		37,800		475,902


Coal & Consumable Fuels 0.1%
Massey Energy Corp.		6,800		292,876


Commercial Printing 0.3%
R.R. Donnelley & Sons Co.		29,700		590,733


Communications Equipment 2.6%
Cisco Systems, Inc. (a)		156,942		3,818,399
Harris Corp.		11,200		506,464
Motorola, Inc. (a)		17,551		118,645
QUALCOMM, Inc.		16,399		601,679

				5,045,187

Computer Hardware 6.1%
Apple, Inc. (a)		22,932		4,692,346
Dell, Inc. (a)		14,851		196,478
Hewlett-Packard Co.		64,825		3,292,462
IBM Corp.		30,045		3,820,522

				12,001,808

Construction & Farm Machinery & Heavy Trucks 1.2%
Caterpillar, Inc.		25,300		1,443,365
Joy Global, Inc.		11,422		580,238
Manitowoc Co., Inc.		6,703		78,157
Terex Corp. (a)		11,000		214,170

				2,315,930

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


Consumer Electronics 0.2%
Garmin Ltd. (Cayman Islands)		3,505	$	111,985
Harman International Industries, Inc.		6,700		289,038

				401,023

Consumer Finance 1.4%
American Express Co.		55,661		2,125,694
Capital One Financial Corp.		18,900		713,475

				2,839,169

Data Processing & Outsourced Services 1.1%
MasterCard, Inc., Class A		2,900		650,673
Visa, Inc., Class A		16,800		1,432,704

				2,083,377

Department Stores 0.7%
Macy’s, Inc.		44,610		854,282
Nordstrom, Inc.		14,828		547,746

				1,402,028

Distillers & Vintners 0.4%
Brown-Forman Corp., Class B		14,200		743,512


Diversified Banks 1.6%
U.S. Bancorp		53,744		1,322,640
Wells Fargo & Co.		67,235		1,838,205

				3,160,845

Diversified Chemicals 0.8%
Dow Chemical Co.		35,000		990,850
Eastman Chemical Co.		8,908		530,471

				1,521,321

Diversified Metals & Mining 1.2%
Freeport-McMoRan Copper & Gold, Inc.		8,889		668,097
Peabody Energy Corp.		18,700		859,639
Rio Tinto PLC—ADR (United Kingdom)		4,204		873,591

				2,401,327

Drug Retail 0.7%
CVS Caremark Corp.		17,514		591,097
Walgreen Co.		24,012		846,183

				1,437,280

Electric Utilities 1.3%
American Electric Power Co., Inc.		27,200		914,464
Duke Energy Corp.		63,400		1,036,590
Pinnacle West Capital Corp.		18,800		684,508

				2,635,562

Electrical Components & Equipment 0.9%
Emerson Electric Co.		27,800		1,316,052
Hubbell, Inc., Class B		8,900		416,965

				1,733,017

Electronic Equipment Manufacturers 0.3%
Amphenol Corp., Class A		13,202		549,863

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value



Food Retail 0.5%
Safeway, Inc.		671	$	16,721
SUPERVALU, Inc.		26,323		401,952
Whole Foods Market, Inc. (a)		17,057		605,353

				1,024,026

Footwear 0.1%
CROCS, Inc. (a)		7,665		54,038
NIKE, Inc., Class B		3,490		235,924

				289,962

Gas Utilities 1.1%
National Fuel Gas Co.		15,300		761,022
ONEOK, Inc.		15,700		695,981
Questar Corp.		17,677		742,257

				2,199,260

Health Care Distributors 0.6%
AmerisourceBergen Corp.		27,700		776,708
McKesson Corp.		5,700		337,155

				1,113,863

Health Care Equipment 2.4%
Hospira, Inc. (a)		23,600		1,234,988
Medtronic, Inc.		20,000		868,000
Stryker Corp.		26,072		1,384,423
Varian Medical Systems, Inc. (a)		9,800		479,906
Waters Corp. (a)		13,900		829,274

				4,796,591

Health Care Services 1.7%
DaVita, Inc. (a)		10,315		635,507
Express Scripts, Inc. (a)		16,159		1,551,425
Medco Health Solutions, Inc. (a)		19,257		1,217,813

				3,404,745

Health Care Supplies 0.0%
Inverness Medical Innovations, Inc. (a)		633		24,700


Home Furnishings 0.3%
Tempur-Pedic International, Inc. (a)		23,456		666,150


Hotels, Resorts & Cruise Lines 0.5%
Wyndham Worldwide Corp.		46,085		1,059,494


Household Appliances 0.4%
Whirlpool Corp.		9,162		771,074


Household Products 2.8%
Colgate-Palmolive Co.		13,700		1,136,278
Kimberly-Clark Corp.		3,507		213,015
Procter & Gamble Co.		66,500		4,208,120

				5,557,413

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


Hypermarkets & Super Centers 1.0%
Costco Wholesale Corp.		8,800	$	536,536
Wal-Mart Stores, Inc.		25,300		1,367,971

				1,904,507

Independent Power Producers & Energy Traders 0.2%
AES Corp. (a)		37,040		432,998


Industrial Conglomerates 2.2%
3M Co.		21,600		1,731,240
General Electric Co.		157,381		2,527,539

				4,258,779

Industrial Gases 0.3%
Air Products & Chemicals, Inc.		8,100		555,498


Industrial Machinery 1.3%
Danaher Corp.		10,600		784,082
Flowserve Corp.		3,200		320,288
Illinois Tool Works, Inc.		14,400		655,488
Pall Corp.		22,000		868,340

				2,628,198

Industrial REIT’s 0.3%
ProLogis		48,341		623,115


Integrated Oil & Gas 5.7%
Chevron Corp.		29,054		2,100,604
ConocoPhillips		39,977		1,918,896
Exxon Mobil Corp.		81,316		5,285,540
Occidental Petroleum Corp.		22,822		1,822,337

				11,127,377

Integrated Telecommunication Services 1.8%
AT&T, Inc.		98,787		2,450,905
Verizon Communications, Inc.		38,289		1,107,701

				3,558,606

Internet Retail 0.9%
Amazon.com, Inc. (a)		5,100		603,840
Expedia, Inc.		17,752		394,804
Priceline.com, Inc. (a)		3,200		725,632

				1,724,276

Internet Software & Services 1.9%
Akamai Technologies, Inc. (a)		18,500		486,550
Google, Inc., Class A (a)		5,351		2,818,907
WebMD Health Corp., Class A (a)		11,501		495,463

				3,800,920

Investment Banking & Brokerage 0.9%
Goldman Sachs Group, Inc.		7,007		1,095,544
Raymond James Financial, Inc.		22,800		589,608

				1,685,152

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


IT Consulting & Other Services 0.4%
Cognizant Technology Solutions Corp., Class A (a)		14,852	$	714,827


Life & Health Insurance 1.0%
Aflac, Inc.		21,853		1,080,631
Lincoln National Corp.		34,000		856,120

				1,936,751

Life Sciences Tools & Services 0.8%
Life Technologies Corp. (a)		18,044		915,914
Thermo Fisher Scientific, Inc. (a)		12,016		586,020

				1,501,934

Managed Health Care 1.4%
Humana, Inc. (a)		23,680		1,120,774
UnitedHealth Group, Inc.		11,900		402,934
WellPoint, Inc. (a)		18,381		1,137,233

				2,660,941

Movies & Entertainment 1.5%
News Corp., Class A		27,851		372,368
Time Warner, Inc.		33,415		970,372
Viacom, Inc., Class B (a)		22,100		655,265
Walt Disney Co.		33,089		1,033,700

				3,031,705

Multi-Line Insurance 0.7%
American International Group, Inc. (a)		1,603		39,706
Hartford Financial Services Group, Inc.		16,012		390,213
Loews Corp.		25,705		937,204

				1,367,123

Multi-Utilities 0.6%
CenterPoint Energy, Inc.		40,900		547,242
DTE Energy Co.		14,400		625,248

				1,172,490

Oil & Gas Drilling 0.4%
Atwood Oceanics, Inc. (a)		6,100		204,106
Nabors Industries Ltd. (Bermuda) (a)		22,897		504,650
Pride International, Inc. (a)		107		2,994

				711,750

Oil & Gas Equipment & Services 1.2%
Halliburton Co.		27,640		833,346
Helix Energy Solutions Group, Inc. (a)		7,839		90,227
Schlumberger Ltd. (Netherlands Antilles)		23,956		1,463,711

				2,387,284

Oil & Gas Exploration & Production 2.7%
Anadarko Petroleum Corp.		25,645		1,798,484
Apache Corp.		14,500		1,502,780
Concho Resources, Inc. (a)		14,900		692,105

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


Oil & Gas Exploration & Production (Continued)
Devon Energy Corp.		3,100	$	213,466
Pioneer Natural Resources Co.		25,000		1,166,250

				5,373,085

Oil & Gas Refining & Marketing 0.1%
Valero Energy Corp.		13,383		234,470


Oil & Gas Storage & Transportation 0.9%
Overseas Shipholding Group, Inc.		121		5,383
Spectra Energy Corp.		43,448		947,167
Williams Cos., Inc.		40,200		865,908

				1,818,458

Other Diversified Financial Services 3.5%
Bank of America Corp.		219,544		3,657,603
JPMorgan Chase & Co.		75,779		3,180,445

				6,838,048

Packaged Foods & Meats 1.7%
ConAgra Foods, Inc.		30,541		747,033
HJ Heinz Co.		17,700		812,430
Kellogg Co.		17,700		923,055
Kraft Foods, Inc., Class A		28,339		805,678

				3,288,196

Paper Products 0.6%
International Paper Co.		20,800		481,936
MeadWestvaco Corp.		28,600		656,084

				1,138,020

Personal Products 0.3%
Estee Lauder Cos., Inc., Class A		9,300		559,209


Pharmaceuticals 5.7%
Abbott Laboratories		8,700		472,236
Bristol-Myers Squibb Co.		35,469		869,345
Johnson & Johnson		40,851		2,573,613
Merck & Co., Inc.		111,483		4,111,493
Mylan, Inc. (a)		29,700		633,798
Pfizer, Inc.		151,746		2,663,142

				11,323,627

Property & Casualty Insurance 1.7%
Allstate Corp.		16,218		506,813
Berkshire Hathaway, Inc., Class B (a)		14,300		1,145,859
Chubb Corp.		9,511		479,925
Travelers Cos., Inc.		14,482		761,608
XL Capital Ltd., Class A (Cayman Islands)		30,000		548,100

				3,442,305

Publishing 0.2%
McGraw-Hill Cos., Inc.		11,100		379,620

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value



Railroads 0.6%
Norfolk Southern Corp.		10,100	$	519,443
Union Pacific Corp.		9,942		669,793

				1,189,236

Real Estate Management & Development 0.3%
Jones Lang LaSalle, Inc.		8,366		532,831


Regional Banks 1.0%
Fifth Third Bancorp		47,600		581,196
M & T Bank Corp.		6,800		526,524
PNC Financial Services Group, Inc.		16,735		899,674

				2,007,394

Residential REIT’s 0.2%
AvalonBay Communities, Inc.		5,400		439,668


Restaurants 0.5%
McDonald’s Corp.		10,406		664,423
Starbucks Corp. (a)		13,534		310,064

				974,487

Retail REIT’s 0.5%
Simon Property Group, Inc.		13,077		1,023,798


Semiconductors 2.5%
Cree, Inc. (a)		15,200		1,031,016
Intel Corp.		112,544		2,310,528
NVIDIA Corp. (a)		29,600		479,520
Texas Instruments, Inc.		42,057		1,025,350

				4,846,414

Soft Drinks 2.5%
Coca-Cola Co.		32,300		1,702,856
Coca-Cola Enterprises, Inc.		48,909		1,249,625
Pepsi Bottling Group, Inc.		26,231		1,002,811
PepsiCo, Inc.		16,900		1,055,743

				5,011,035

Specialized Finance 0.4%
CME Group, Inc.		1,800		543,042
IntercontinentalExchange, Inc. (a)		2,100		225,309

				768,351

Specialty Chemicals 0.4%
Albemarle Corp.		18,900		708,561


Specialty Stores 0.4%
Tiffany & Co.		16,900		750,191


Steel 0.1%
United States Steel Corp.		3,152		166,867

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value



Systems Software 4.0%
Microsoft Corp.		175,729	$	5,036,393
Oracle Corp.		90,795		2,238,097
Red Hat, Inc. (a)		17,900		502,095
VMware, Inc., Class A (a)		3,512		173,879

				7,950,464

Thrifts & Mortgage Finance 0.3%
Federal Home Loan Mortgage Corp. (a)		10,165		11,995
Federal National Mortgage Association (a)		58,353		57,769
Washington Federal, Inc.		21,600		420,984

				490,748

Tobacco 2.2%
Altria Group, Inc.		62,126		1,249,975
Lorillard, Inc.		4,625		337,810
Philip Morris International, Inc.		41,048		2,010,531
Reynolds American, Inc.		12,312		650,074

				4,248,390

Wireless Telecommunication Services 0.7%
American Tower Corp., Class A (a)		18,400		784,944
NII Holdings, Inc., Class B (a)		14,421		539,634

				1,324,578


Total Long-Term Investments 100.5% (b) (Cost 242,426,085)				197,969,466


Repurchase Agreements 0.6%
Banc of America Securities ($209,759 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.10%, dated 02/26/10, to be sold on 03/01/10 at $209,761)				209,759
JPMorgan Chase & Co. ($893,065 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.09%, dated 02/26/10, to be sold on 03/01/10 at $893,072)				893,065
State Street Bank & Trust Co. ($41,176 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 02/26/10, to be sold on 03/01/10 at $41,176)				41,176


Total Repurchase Agreements 0.6% (Cost $1,144,000)				1,144,000


Total Investments 101.1% (Cost $243,570,085)				199,113,466

Liabilities in Excess of Other Assets (0.3%)				(645,827	)

Written Options (0.8%)				(1,495,000	)


Net Assets 100.0%			$	196,972,639

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued

Percentages are calculated as a percentage of net assets.


(a)		Non-income producing security.

(b)		The Fund may designate up to 100% of its common stock investments to cover outstanding call options.

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

Written options outstanding as of February 28, 2010:


	Exercise		Expiration	Number of
Name of Issuer	Price		Date	Contracts		Premium			Value

Call—S&P 500 Index, March 2010	$	1,115.00	03/20/10		1,300	$	(2,227,082	)	$	(1,495,000	)

Fair Value Measurements

The following is a summary of the inputs used as of February 28, 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:
Common Stocks
Aerospace & Defense	$	5,412,042	$	—	$	—	$	5,412,042
Agricultural Products		32,443		—		—		32,443
Air Freight & Logistics		923,884		—		—		923,884
Airlines		1,563,398		—		—		1,563,398
Alternative Carriers		386,127		—		—		386,127
Aluminum		767,264		—		—		767,264
Apparel, Accessories & Luxury Goods		719,201		—		—		719,201
Apparel Retail		2,833,572		—		—		2,833,572
Application Software		995,128		—		—		995,128
Asset Management & Custody Banks		2,648,623		—		—		2,648,623
Auto Parts & Equipment		444,628		—		—		444,628
Automobile Manufacturers		1,301,966		—		—		1,301,966
Biotechnology		440,369		—		—		440,369
Broadcasting—Diversified		1,434,202		—		—		1,434,202
Cable & Satellite		692,650		—		—		692,650
Casinos & Gaming		223,649		—		—		223,649
Catalog Retail		475,902		—		—		475,902
Coal & Consumable Fuels		292,876		—		—		292,876
Commercial Printing		590,733		—		—		590,733
Communications Equipment		5,045,187		—		—		5,045,187
Computer Hardware		12,001,808		—		—		12,001,808

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Level 1		Level 2		Level 3
					Significant
			Other Significant		Unobservable
Investments	Quoted Prices		Observable Inputs		Inputs		Total


Construction & Farm Machinery & Heavy Trucks	$	2,315,930	$	—	$	—	$	2,315,930
Consumer Electronics		401,023		—		—		401,023
Consumer Finance		2,839,169		—		—		2,839,169
Data Processing & Outsourced Services		2,083,377		—		—		2,083,377
Department Stores		1,402,028		—		—		1,402,028
Distillers & Vintners		743,512		—		—		743,512
Diversified Banks		3,160,845		—		—		3,160,845
Diversified Chemicals		1,521,321		—		—		1,521,321
Diversified Metals & Mining		2,401,327		—		—		2,401,327
Drug Retail		1,437,280		—		—		1,437,280
Electric Utilities		2,635,562		—		—		2,635,562
Electrical Components & Equipment		1,733,017		—		—		1,733,017
Electronic Equipment Manufacturers		549,863		—		—		549,863
Food Retail		1,024,026		—		—		1,024,026
Footwear		289,962		—		—		289,962
Gas Utilities		2,199,260		—		—		2,199,260
Health Care Distributors		1,113,863		—		—		1,113,863
Health Care Equipment		4,796,591		—		—		4,796,591
Health Care Services		3,404,745		—		—		3,404,745
Health Care Supplies		24,700		—		—		24,700
Home Furnishings		666,150		—		—		666,150
Hotels, Resorts & Cruise Lines		1,059,494		—		—		1,059,494
Household Appliances		771,074		—		—		771,074
Household Products		5,557,413		—		—		5,557,413
Hypermarkets & Super Centers		1,904,507		—		—		1,904,507
Independent Power Producers & Energy Traders		432,998		—		—		432,998
Industrial Conglomerates		4,258,779		—		—		4,258,779
Industrial Gases		555,498		—		—		555,498
Industrial Machinery		2,628,198		—		—		2,628,198
Industrial REIT’s		623,115		—		—		623,115
Integrated Oil & Gas		11,127,377		—		—		11,127,377
Integrated Telecommunication Services		3,558,606		—		—		3,558,606
Internet Retail		1,724,276		—		—		1,724,276
Internet Software & Services		3,800,920		—		—		3,800,920
Investment Banking & Brokerage		1,685,152		—		—		1,685,152
IT Consulting & Other Services		714,827		—		—		714,827
Life & Health Insurance		1,936,751		—		—		1,936,751
Life Sciences Tools & Services		1,501,934		—		—		1,501,934
Managed Health Care		2,660,941		—		—		2,660,941
Movies & Entertainment		3,031,705		—		—		3,031,705
Multi-Line Insurance		1,367,123		—		—		1,367,123
Multi-Utilities		1,172,490		—		—		1,172,490
Oil & Gas Drilling		711,750		—		—		711,750

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Level 1			Level 2		Level 3
						Significant
				Other Significant		Unobservable
Investments	Quoted Prices			Observable Inputs		Inputs		Total


Oil & Gas Equipment & Services	$	2,387,284		$	—	$	—	$	2,387,284
Oil & Gas Exploration & Production		5,373,085			—		—		5,373,085
Oil & Gas Refining & Marketing		234,470			—		—		234,470
Oil & Gas Storage & Transportation		1,818,458			—		—		1,818,458
Other Diversified Financial Services		6,838,048			—		—		6,838,048
Packaged Foods & Meats		3,288,196			—		—		3,288,196
Paper Products		1,138,020			—		—		1,138,020
Personal Products		559,209			—		—		559,209
Pharmaceuticals		11,323,627			—		—		11,323,627
Property & Casualty Insurance		3,442,305			—		—		3,442,305
Publishing		379,620			—		—		379,620
Railroads		1,189,236			—		—		1,189,236
Real Estate Management & Development		532,831			—		—		532,831
Regional Banks		2,007,394			—		—		2,007,394
Residential REIT’s		439,668			—		—		439,668
Restaurants		974,487			—		—		974,487
Retail REIT’s		1,023,798			—		—		1,023,798
Semiconductors		4,846,414			—		—		4,846,414
Soft Drinks		5,011,035			—		—		5,011,035
Specialized Finance		768,351			—		—		768,351
Specialty Chemicals		708,561			—		—		708,561
Specialty Stores		750,191			—		—		750,191
Steel		166,867			—		—		166,867
Systems Software		7,950,464			—		—		7,950,464
Thrifts & Mortgage Finance		490,748			—		—		490,748
Tobacco		4,248,390			—		—		4,248,390
Wireless Telecommunication Services		1,324,578			—		—		1,324,578
Repurchase Agreements		—			1,144,000		—		1,144,000

Total Investments in an Asset Position	$	197,969,466		$	1,144,000	$	—	$	199,113,466

Investments in an Liability Position:
Written Options	$	(1,495,000	)	$	—	$	—	$	(1,495,000	)

Total Investments in an Liability Position	$	(1,495,000	)	$	—	$	—	$	(1,495,000	)

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund

Financial Statements

Statement of Assets and Liabilities

February 28, 2010 (Unaudited)


Assets:
Total Investments (Cost $243,570,085)	$	199,113,466
Cash		511
Receivables:
Dividends		418,225
Fund Shares Sold		348,712
Other		30,666

Total Assets		199,911,580

Liabilities:
Payables:
Options Written, at value (premiums received of $2,227,082)		1,495,000
Fund Shares Repurchased		779,445
Income Distributions		138,144
Distributor and Affiliates		125,775
Investment Advisory Fee		103,234
Trustees’ Deferred Compensation and Retirement Plans		58,503
Accrued Expenses		238,840

Total Liabilities		2,938,941

Net Assets	$	196,972,639

Net Assets Consist of:
Capital (Par value of $0.001 per share with an unlimited number of shares authorized)	$	351,842,490
Accumulated Undistributed Net Investment Income		141,877
Net Unrealized Depreciation		(43,724,537	)
Accumulated Net Realized Loss		(111,287,191	)

Net Assets	$	196,972,639

Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $103,338,018 and 13,119,138 shares of beneficial interest issued and outstanding)	$	7.88
Maximum sales charge (5.75%* of offering price)		0.48

Maximum offering price to public	$	8.36

Class B Shares:
Net asset value and offering price per share (Based on net assets of $17,156,222 and 2,207,891 shares of beneficial interest issued and outstanding)	$	7.77

Class C Shares:
Net asset value and offering price per share (Based on net assets of $73,041,298 and 9,398,960 shares of beneficial interest issued and outstanding)	$	7.77

Class I Shares:
Net asset value and offering price per share (Based on net assets of $3,437,101 and 435,589 shares of beneficial interest issued and outstanding)	$	7.89


*		On sales of $50,000 or more, the sales charge will be reduced.

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Financial Statements continued

Statement of Operations

For the Six Months Ended February 28, 2010 (Unaudited)


Investment Income:
Dividends		$	1,957,628
Interest			130

Total Income			1,957,758

Expenses:
Investment Advisory Fee			713,669
Distribution (12b-1) and Service Fees
Class A	��		134,470
Class B			87,319
Class C			379,170
Transfer Agent Fees			106,174
Reports to Shareholders			61,553
Accounting and Administrative Expenses			41,301
Professional Fees			38,765
Registration Fees			31,085
Custody			17,103
Trustees’ Fees and Related Expenses			11,562
Other			10,577

Total Expenses			1,632,748
Expense Reduction			22,457

Net Expenses			1,610,291

Net Investment Income		$	347,467

Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments		$	(68,910,446	)
Options			3,541,447
Futures			680,551

Net Realized Loss			(64,688,448	)

Unrealized Appreciation/Depreciation:
Beginning of the Period			(128,426,220	)

End of the Period:
Investments			(44,456,619	)
Options			732,082

			(43,724,537	)

Net Unrealized Appreciation During the Period			84,701,683

Net Realized and Unrealized Gain		$	20,013,235

Net Increase in Net Assets From Operations		$	20,360,702

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Financial Statements continued

Statements of Changes in Net Assets (Unaudited)


	For The Six			For The
	Months Ended			Year Ended
	February 28, 2010			August 31, 2009


From Investment Activities:
Operations:
Net Investment Income	$	347,467		$	1,764,485
Net Realized Loss		(64,688,448	)		(38,211,891	)
Net Unrealized Appreciation/Depreciation During the Period		84,701,683			(39,048,691	)

Change in Net Assets from Operations		20,360,702			(75,496,097	)


Distributions from Net Investment Income:
Class A Shares		-0-			(1,525,738	)
Class B Shares		-0-			(82,151	)
Class C Shares		-0-			(381,251	)
Class I Shares		-0-			(39,060	)

		-0-			(2,028,200	)


Distributions from Net Realized Gain:
Class A Shares		-0-			(4,265,305	)
Class B Shares		-0-			(656,365	)
Class C Shares		-0-			(3,033,524	)
Class I Shares		-0-			(104,640	)

		-0-			(8,059,834	)


Return of Capital Distributions:
Class A Shares		(3,122,361	)		(1,607,116	)
Class B Shares		(452,657	)		(229,849	)
Class C Shares		(1,965,020	)		(1,062,292	)
Class I Shares		(98,498	)		(36,642	)

		(5,638,536	)		(2,935,899	)

Total Distributions		(5,638,536	)		(13,023,933	)


Net Change in Net Assets from Investment Activities		14,722,166			(88,520,030	)


From Capital Transactions:
Proceeds from Shares Sold		9,420,687			22,052,295
Net Asset Value of Shares Issued Through Dividend Reinvestment		4,767,784			10,730,378
Cost of Shares Repurchased		(40,384,655	)		(133,184,093	)

Net Change in Net Assets from Capital Transactions		(26,196,184	)		(100,401,420	)

Total Increase/Decrease in Net Assets		(11,474,018	)		(188,921,450	)
Net Assets:
Beginning of the Period		208,446,657			397,368,107

End of the Period (Including accumulated undistributed net investment income of $141,877 and $(205,590), respectively)	$	196,972,639		$	208,446,657

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund

Financial Highlights (Unaudited)

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months											June 26, 2006
	Ended											(Commencement of
	February 28,			Year Ended August 31,								Operations) to
Class A Shares	2010			2009			2008			2007		August 31, 2006


Net Asset Value, Beginning of the Period	$	7.34		$	9.06		$	10.71		$	10.29	$	10.00

Net Investment Income (a)		0.03			0.07			0.06			0.04		0.01
Net Realized and Unrealized Gain/Loss		0.74			(1.39	)		(1.02	)		1.11		0.36

Total from Investment Operations		0.77			(1.32	)		(0.96	)		1.15		0.37

Less:
Distributions from Net Investment Income		-0-			0.06			0.05			0.03		0.01
Distributions from Net Realized Gain		-0-			0.25			0.64			0.70		0.07
Return of Capital Distributions		0.23			0.09			-0-			-0-		-0-

Total Distributions		0.23			0.40			0.69			0.73		0.08

Net Asset Value, End of the Period	$	7.88		$	7.34		$	9.06		$	10.71	$	10.29


Total Return* (b)		10.56%	**		–13.90%			–9.31%			11.31%		3.75%	**
Net Assets at End of the Period (In millions)	$	103.3		$	112.3		$	230.0		$	290.7	$	31.2
Ratio of Expenses to Average Net Assets* (c)		1.24%			1.24%			1.14%			1.25%		1.24%
Ratio of Net Investment Income to Average Net Assets*		0.68%			1.11%			0.56%			0.40%		1.32%
Portfolio Turnover		45%	**		13%			80%			73%		26%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (c)		1.26%			1.40%			N/A			1.29%		4.35%
Ratio of Net Investment Income/Loss to Average Net Assets		0.66%			0.95%			N/A			0.36%		(1.79%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(c)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.01% for the year ended August 31, 2007.

N/A = Not Applicable

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months												June 26, 2006
	Ended												(Commencement of
	February 28,			Year Ended August 31,									Operations) to
Class B Shares	2010			2009			2008			2007			August 31, 2006


Net Asset Value, Beginning of the Period	$	7.25		$	8.97		$	10.64		$	10.28		$	10.00

Net Investment Income/Loss (a)		(0.00	)(b)		0.02			(0.02	)		(0.04	)		0.01
Net Realized and Unrealized Gain/Loss		0.72			(1.37	)		(1.00	)		1.10			0.34

Total from Investment Operations		0.72			(1.35	)		(1.02	)		1.06			0.35

Less:
Distributions from Net Investment Income		-0-			0.03			0.01			0.00	(b)		0.00	(b)

Distributions from Net Realized Gain		-0-			0.25			0.64			0.70			0.07
Return of Capital Distributions		0.20			0.09			-0-			-0-			-0-

Total Distributions		0.20			0.37			0.65			0.70			0.07

Net Asset Value, End of the Period	$	7.77		$	7.25		$	8.97		$	10.64		$	10.28


Total Return* (c)		10.01%	**		–14.47%			–9.93%			10.45%			3.56%	**
Net Assets at End of the Period (In millions)	$	17.2		$	17.7		$	26.2		$	31.8		$	5.5
Ratio of Expenses to Average Net Assets* (d)		1.99%			1.99%			1.89%			2.00%			1.99%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.07%	)		0.36%			(0.19%	)		(0.35%	)		(0.37%	)
Portfolio Turnover		45%	**		13%			80%			73%			26%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (d)		2.01%			2.16%			N/A			2.04%			5.10%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.09%	)		0.19%			N/A			(0.39%	)		(2.74%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.01% for the year ended August 31, 2007.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months												June 26, 2006
	Ended												(Commencement of
	February 28,			Year Ended August 31,									Operations) to
Class C Shares	2010			2009			2008			2007			August 31, 2006


Net Asset Value, Beginning of the Period	$	7.25		$	8.97		$	10.64		$	10.28		$	10.00

Net Investment Income/Loss (a)		(0.00	)(b)		0.02			(0.02	)		(0.04	)		0.01
Net Realized and Unrealized Gain/Loss		0.72			(1.37	)		(1.00	)		1.10			0.35

Total from Investment Operations		0.72			(1.35	)		(1.02	)		1.06			0.36

Less:
Distributions from Net Investment Income		-0-			0.03			0.01			0.00	(b)		0.01
Distributions from Net Realized Gain		-0-			0.25			0.64			0.70			0.07
Return of Capital Distributions		0.20			0.09			-0-			-0-			-0-

Total Distributions		0.20			0.37			0.65			0.70			0.08

Net Asset Value, End of the Period	$	7.77		$	7.25		$	8.97		$	10.64		$	10.28


Total Return* (c)		10.01%	**		–14.47%			–9.93%			10.45%			3.57%	**
Net Assets at End of the Period (In millions)	$	73.0		$	76.9		$	137.1		$	154.6		$	13.0
Ratio of Expenses to Average Net Assets* (d)		1.99%			1.99%			1.89%			2.00%			1.99%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.07%	)		0.36%			(0.19%	)		(0.35%	)		0.46%
Portfolio Turnover		45%	**		13%			80%			73%			26%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (d)		2.01%			2.15%			N/A			2.04%			5.10%
Ratio of Net Investment Income/Loss to Average Net Assets		(0.09%	)		0.20%			N/A			(0.39%	)		(2.65%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and services fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.01% for the year ended August 31, 2007.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months											June 26, 2006
	Ended											(Commencement of
	February 28,			Year Ended August 31,								Operations) to
Class I Shares	2010			2009			2008			2007		August 31, 2006


Net Asset Value, Beginning of the Period	$	7.36		$	9.07		$	10.71		$	10.29	$	10.00

Net Investment Income (a)		0.04			0.10			0.08			0.07		0.02
Net Realized and Unrealized Gain/Loss		0.73			(1.40	)		(1.01	)		1.09		0.35

Total from Investment Operations		0.77			(1.30	)		(0.93	)		1.16		0.37

Less:
Distributions from Net Investment Income		-0-			0.07			0.07			0.04		0.01
Distributions from Net Realized Gain		-0-			0.25			0.64			0.70		0.07
Return of Capital Distributions		0.24			0.09			-0-			-0-		-0-

Total Distributions		0.24			0.41			0.71			0.74		0.08

Net Asset Value, End of the Period	$	7.89		$	7.36		$	9.07		$	10.71	$	10.29


Total Return* (b)		10.53%	**		–13.63%			–9.04%			11.44%		3.77%	**
Net Assets at End of the Period (In millions)	$	3.4		$	1.6		$	4.1		$	2.7	$	2.7
Ratio of Expenses to Average Net Assets* (c)		0.99%			0.99%			0.89%			1.00%		0.99%
Ratio of Net Investment Income to Average Net Assets*		0.94%			1.51%			0.81%			0.65%		1.33%
Portfolio Turnover		45%	**		13%			80%			73%		26%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (c)		1.01%			1.12%			N/A			1.04%		4.10%
Ratio of Net Investment Income/Loss to Average Net Assets		0.92%			1.38%			N/A			0.61%		(1.78%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.

(c)		The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ratios would decrease by 0.01% for the year ended August 31, 2007.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen Equity Premium Income Fund

Notes to Financial Statements n February 28, 2010 (Unaudited)

1. Significant Accounting Policies

The Van Kampen Equity Premium Income Fund (the “Fund”) is organized as a series of the Van Kampen Equity Trust II (the “Trust”), a Delaware statutory trust, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary investment objective is to seek current income and its secondary investment objective is to seek long-term capital appreciation. The Fund invests primarily in a portfolio of equity securities of U.S. issuers and utilizes an option writing strategy to enhance current distributions. The Fund commenced operations on June 26, 2006. The Fund offers Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Each class of shares differs by its initial sales load, contingent deferred sales charges, the allocation of class-specific expenses and voting rights on matters affecting a single class.

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification^tm (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC became effective for financial statements issued for interim and annual periods ended after September 15, 2009. The Fund appropriately updated relevant GAAP references to reflect the new ASC.

A. Security Valuation Investments in securities and written options listed on a securities exchange are valued at their last sale price as of the close of such securities exchange. Equity securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Unlisted securities and listed securities for which the last sale price is not available are valued at the mean of the last reported bid and asked price. For those securities where quotations or prices are not readily available, valuations are determined in accordance with procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Purchased options are valued at the last sale price while written options that are not listed on a securities exchange are valued by independent broker quotes. Future contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.

Van Kampen Equity Premium Income Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

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.

C. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis.

D. Income and Expenses Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service fees and incremental transfer agency costs which are unique to each class of shares.

Van Kampen Equity Premium Income Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

interest accrued related to unrecognized tax benefits in “Interest Expense” and penalties in “Other” expenses on the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service and various states. Generally, each of the tax years in the four year period ended August 31, 2009, remains subject to examination by taxing authorities.

At February 28, 2010, the cost and related gross unrealized appreciation and depreciation are as follows:


Cost of investments for tax purposes	$	243,590,103

Gross tax unrealized appreciation	$	7,678,769
Gross tax unrealized depreciation		(52,155,406	)

Net tax unrealized depreciation on investments	$	(44,476,637	)

F. Distribution of Income and Gains The Fund declares and pays monthly dividends from investment company taxable income, which generally includes qualified dividend income, ordinary income, short-term capital gains, including a portion of premiums received from written options. Realized short-term gains are considered ordinary income for tax purposes. Net realized long-term capital gains, if any, are distributed at least annually. Distributions from the Fund are recorded on the ex-distribution date.

The tax character of distributions paid during the year ended August 31, 2009 were as follows:


Distributions paid from:
Ordinary income	$	8,064,083
Long-term capital gain		2,268,017
Return of capital		2,935,899

	$	13,267,999

As of August 31, 2009, there were no distributable earnings on a tax basis.

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of the deferral of losses relating to wash sale transactions.

G. Reporting Subsequent Events Management has evaluated the impact of any subsequent events through April 16, 2010, the date the financial statements were effectively issued. Management has determined that there are no material events or transactions that would affect the Fund’s financial statements or require disclosure in the Fund’s financial statements through this date.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, the Adviser will provide investment advice and facilities to the Fund for an annual fee payable monthly as follows:


Average Daily Net Assets	% Per Annum

First $500 million		0.70%
Next $500 million		0.65%
Over $1 billion		0.60%

Van Kampen Equity Premium Income Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

The Fund’s Adviser is currently waiving or reimbursing all or a portion of the Fund’s advisory fees or other expenses. This resulted in net expense ratios of 1.24%, 1.99%, 1.99% and 0.99% for Classes A, B, C and I Shares, respectively. The fee waivers or expense reimbursements are voluntary and can be discontinued at any time. For the six months ended February 28, 2010, the Adviser waived or reimbursed approximately $22,500 of advisory fees or other expenses.

For the six months ended February 28, 2010, the Fund recognized expenses of approximately $3,800 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Fund is a partner of such firm and he and his law firm provide legal services as legal counsel to the Fund.

Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Fund. The costs of these services are allocated to each fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $28,500 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting and legal services to the Fund, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” on the Statement of Operations.

Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser, serves as the shareholder servicing agent for the Fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $41,000 representing transfer agency fees paid to VKIS and its affiliates. Transfer agency fees are determined through negotiations with the Fund’s Board of Trustees.

Certain officers and trustees of the Fund are also officers and trustees of Van Kampen. The Fund does not compensate its officers or trustees who are also officers of Van Kampen.

The Fund provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund and to the extent permitted by the 1940 Act may be invested in the common shares of those funds selected by the trustees. Investments in such funds of approximately $29,000 are included in “Other” assets on the Statement of Assets and Liabilities at February 28, 2010. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Fund. The maximum annual benefit per trustee under the plan is $2,500.

For the six months ended February 28, 2010, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $9,400 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $30,300. Sales charges do not represent expenses of the Fund.

Van Kampen Equity Premium Income Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

3. Capital Transactions

For the six months ended February 28, 2010 and the year ended August 31, 2009, transactions were as follows:


	For The						For The
	Six Months Ended						Year Ended
	February 28, 2010						August 31, 2009
	Shares			Value			Shares			Value

Sales:
Class A		638,808		$	4,961,664			1,737,444		$	11,576,397
Class B		41,868			320,888			269,048			1,827,439
Class C		266,370			2,030,603			915,501			5,835,518
Class I		274,715			2,107,532			449,723			2,812,941

Total Sales		1,221,761		$	9,420,687			3,371,716		$	22,052,295


Dividend Reinvestment:
Class A		368,225		$	2,832,180			980,970		$	6,432,419
Class B		48,304			365,614			121,450			785,952
Class C		202,005			1,529,287			528,688			3,424,867
Class I		5,278			40,703			13,479			87,140

Total Dividend Reinvestment		623,812		$	4,767,784			1,644,587		$	10,730,378


Repurchases:
Class A		(3,178,892	)	$	(24,587,316	)		(12,809,381	)	$	(84,024,936	)
Class B		(323,682	)		(2,474,205	)		(872,254	)		(5,527,505	)
Class C		(1,678,469	)		(12,827,834	)		(6,119,529	)		(39,623,987	)
Class I		(63,599	)		(495,300	)		(692,893	)		(4,007,665	)

Total Repurchases		(5,244,642	)	$	(40,384,655	)		(20,494,057	)	$	(133,184,093	)

4. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $94,190,328 and $123,503,701, respectively.

5. Derivative Financial Instruments

A derivative financial instrument in very general terms refers to a security whose value is “derived” from the value of an underlying asset, reference rate or index.

The Fund may use derivative instruments for a variety of reasons, such as to attempt to protect the Fund against possible changes in the market value of its portfolio or to generate potential gain. All of the Fund’s portfolio holdings, including derivative instruments, are marked to market each day with the change in value reflected in the unrealized appreciation/ depreciation. Upon disposition, a realized gain or loss is generally recognized.

Summarized below are the specific types of derivative financial instruments used by the Fund.

A. Futures Contracts The Fund is subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, and foreign

Van Kampen Equity Premium Income Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

currencies. A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities with a value equal to a percentage of the contract amount with either a futures commission merchant pursuant to rules and regulations promulgated under the 1940 Act, or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (variation margin). When entering into futures contracts, the Fund bears the risk of securities prices or currency prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.

Transactions in futures contracts for the six months ended February 28, 2010 were as follows:


	Contracts

Outstanding at August 31, 2009		-0-
Futures Opened		2,797
Futures Closed		(2,797	)

Outstanding at February 28, 2010		-0-

B. Option Contracts The Fund is subject to equity price risk and foreign currency exchange rate risk in the normal course of pursing its investment objectives. The Fund may use options contracts to gain exposure to, or hedge against changes in the value of equities or foreign currencies. An option contract gives the buyer the right, but not the obligation to buy (call) or sell (put) an underlying item at a fixed exercise (strike) price during a specified period. The Fund may purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however, the risk of loss is limited to the premium paid. Purchased options are reported as part of “Total Investments” on the Statement of Assets and Liabilities. Premiums paid for purchasing options which expire are treated as realized losses.

The Fund may write call and put options on stock indices, futures, securities, or currencies it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying stock indices, futures, securities or currency transactions to determine the realized

Van Kampen Equity Premium Income Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

gain or loss. The Fund as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Transactions in written options were as follows:


	Number of
	Contracts			Premium Received

Options outstanding at August 31, 2009		1,530		$	2,761,604
Options written		10, 270			15,411,423
Options terminated in closing purchase transactions		(7,400	)		(11,069,270	)
Options exercised		-0-			-0-
Options expired		(3,100	)		(4,876,675	)

Options outstanding at February 28, 2010		1,300		$	2,227,082

FASB ASC 815, Derivatives and Hedging (ASC 815) (formerly known as FAS 161) is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The following table sets forth the fair value of the Fund’s derivative contracts by primary risk exposure as of February 28, 2010.

Asset Derivatives

Liability Derivatives

Statement of Assets

Primary Risk

& Liabilities

Exposure

Location

Fair Value

Location

Fair Value

Equity Contracts

Written Options

-0-

Written Options

(1,495,000

)

The following tables set forth by primary risk exposure the Fund’s realized gains/losses and change in unrealized appreciation/depreciation by type of derivative contract for the six months ended February 28, 2010.


	Amount of Realized Gain/Loss on
	Derivative Contracts
	Futures		Written
Primary Risk Exposure	Contracts		Options		Total

Equity Contracts	$	680,551	$	3,541,447	$	4,221,998

Van Kampen Equity Premium Income Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued


	Change in Unrealized
	Appreciation/Depreciation on
	Derivative Contracts
	Futures		Written
Primary Risk Exposure	Contracts		Options			Total

Equity Contracts	$	-0-	$	(126,722	)	$	(126,722	)

6. Distributions and Service Plans

Shares of the Fund are distributed by Van Kampen Funds Inc. (the “Distributor”), an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act and a service plan (collectively, the “Plans”) for Class A Shares, Class B Shares and Class C Shares to compensate the Distributor for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets. These fees are accrued daily and paid to the Distributor monthly.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (“unreimbursed receivable”) was approximately $642,600 and $89,900 for Class B and Class C Shares, respectively. These amounts may be recovered from future payments under the distribution plan or CDSC. To the extent the unreimbursed receivable has been fully recovered, the distribution fee is reduced.

7. Indemnifications

8. Significant Events

Van Kampen Equity Premium Income Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

shares of the Fund. Upon completion of the proposed Reorganization, the Fund will dissolve pursuant to a plan of dissolution adopted by the Board.

9. Accounting Pronouncement

Van Kampen Equity Premium Income Fund

Board of Trustees, Officers and Important Addresses


Board of Trustees David C. Arch Jerry D. Choate Rod Dammeyer Linda Hutton Heagy R. Craig Kennedy Howard J Kerr Jack E. Nelson Hugo F. Sonnenschein Wayne W. Whalen* – Chairman Suzanne H. Woolsey Officers Edward C. Wood III President and Principal Executive Officer Kevin Klingert Vice President Stefanie V. Chang Yu Vice President and Secretary John L. Sullivan Chief Compliance Officer Stuart N. Schuldt Chief Financial Officer and Treasurer		Investment Adviser Van Kampen Asset Management 522 Fifth Avenue New York, New York 10036 Distributor Van Kampen Funds Inc. 522 Fifth Avenue New York, New York 10036 Shareholder Servicing Agent Van Kampen Investor Services Inc. P.O. Box 219286 Kansas City, Missouri 64121-9286 Custodian State Street Bank and Trust Company One Lincoln Street Boston, Massachusetts 02111 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 155 North Wacker Drive Chicago, Illinois 60606 Independent Registered Public Accounting Firm Ernst & Young LLP 233 South Wacker Drive Chicago, Illinois 60606


*		“Interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended.

Your Notes

Van Kampen Equity Premium Income Fund

An Important Notice Concerning Our

U.S. Privacy Policy

We are required by federal law to provide you with a copy of our privacy policy (“Policy”) annually.

We Respect Your Privacy

1. What Personal Information Do We Collect About You?


	•	We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through application forms you submit to us.

(continued on next page)

Van Kampen Equity Premium Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued


	•	We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

	•	We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

	•	We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

	•	If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer’s operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of “cookies.” “Cookies” recognize your computer each time you return to one of our sites, and help to improve our sites’ content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2. When Do We Disclose Personal Information We Collect About You?

(continued on next page)

Van Kampen Equity Premium Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

3. How Do We Protect The Security and Confidentiality Of Personal Information We Collect About You?

4. How Can You Limit Our Sharing Of Certain Personal Information About You With Our Affiliated Companies For Eligibility Determination?

5. How Can You Limit the Use of Certain Personal Information About You by our Affiliated Companies for Marketing?

(continued on next page)

Van Kampen Equity Premium Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

6. How Can You Send Us an Opt-Out Instruction?


	•	Calling us at (800) 847-2424 Monday-Friday between 8 a.m. and 8 p.m. (EST)

	•	Writing to us at the following address: Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

(continued on back)

Van Kampen Equity Premium Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

SPECIAL NOTICE TO RESIDENTS OF VERMONT

If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:


		Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

110, 210, 310, 610

EPISAN 04/10

IU10-01544P-Y02/10

SEMIANNUAL REPORT

February 28, 2010





		MUTUAL FUNDS Van Kampen Core Growth Fund

		Privacy Notice information on the back.

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Core Growth Fund performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the fund’s financial statements and a list of fund investments as of February 28, 2010.

Performance Summary as of 2/28/10 (Unaudited)

A Shares

B Shares

C Shares

I Shares

R Shares

since 6/30/08

w/max

w/o

5.75%

w/o

5.00%

w/o

1.00%

w/o

Average Annual

sales

Total Returns

charges

charge

charges

charge

charges

charge

charges

Since Inception

–5.15

–8.47

–5.62

–7.87

–5.24

–4.92

–5.37

1-year

64.32

54.99

63.21

58.21

64.85

63.85

64.81

64.01

6-month

13.12

6.56

12.85

7.85

13.28

12.28

13.32

13.05

Gross Expense Ratios

11.97%

12.38%

12.27%

11.78%

12.28%

Because Class C shares incurred lower expenses under the 12b-1 Plan than did Class A shares for the six months ended February 28, 2010, the total operating expense ratio for Class C shares was lower and, as a result, the performance of Class C shares was higher than that of Class A shares. There can be no assurance that this will continue to occur in the future as the maximum fees payable by Class C shares under the 12b-1 Plan are higher than those payable by Class A shares.

The returns shown in this report do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance of share classes will vary due to differences in sales charges and expenses. Average annual total return with sales charges includes payment of the maximum sales charge of 5.75 percent for Class A shares, a contingent deferred sales charge of 5.00 percent for Class B shares (in year one and declining to zero after year five), a contingent deferred sales charge of 1.00 percent for Class C shares in year one, and combined Rule 12b-1 fees and service fees of up to 0.25 percent per year of the fund’s average daily net assets for Class A shares and up to 1.00 percent per year of the fund’s average daily net assets for Class B and C shares. Class I shares are available for purchase exclusively by (i) eligible institutions (e.g., a financial institution, corporation, trust, estate, or educational, religious or charitable institution) with assets of at least $1,000,000, (ii) tax-exempt retirement plans with assets of at least $1,000,000 (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans), (iii) fee-based investment programs with assets of at least $1,000,000, (iv) qualified state tuition plan (529 plan) accounts, and (v) certain Van Kampen investment companies. Class I shares are offered without any upfront or deferred sales charge on purchases or sales and without any distribution (12b-1) fee or service fee. Class R shares are available for purchase exclusively by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. Class R shares are offered without any upfront or deferred sales charges on purchases or sales. The combined Rule 12b-1 fees and service fees for Class R shares is up to 0.50 percent per year of the fund’s average daily net assets for Class R shares. Figures shown above assume reinvestment of all distributions. The fund’s adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements, the fund’s returns would have been lower. Periods of less than one year are not annualized.

Fund Report

For the six-month period ended February 28, 2010

Market Conditions

The start of 2010 has been volatile. We do not make predictions on how the market will perform and it is our belief that volatility alone does not measure risk. We continue to focus on company fundamentals over a three- to five-year period. Our long-term outlook remains optimistic.

Performance Analysis

All share classes of Van Kampen Core Growth Fund outperformed the Russell 1000^® Growth Index (the “Index”) for the six months ended February 28, 2010, assuming no deduction of applicable sales charges.

Total returns for the six-month period ended February 28, 2010


															Russell 1000^®
Class A			Class B			Class C			Class I			Class R			Growth Index

	13.12	%		12.85	%		13.28	%		13.32	%		13.05	%		11.32	%

These three sectors were the largest contributors to the Fund’s overall outperformance of the Index during the period:


•	Stock selection and an overweight in the consumer discretionary sector added the most to relative performance, led by a position in diversified retail.

•	Stock selection in the health care sector also contributed to relative gains. Within the sector, exposure to biotechnology drove the Fund’s outperformance.

•	Finally, stock selection in financial services helped relative performance, although an overweight in the sector did hurt. Within the sector, multi-line insurance was the best performing industry on a relative basis.

Although the portfolio outperformed the Index during the period, there were other sectors that were detrimental to overall performance:


•	Stock selection in materials and processing was the largest detractor from relative returns. A position in the cement industry hampered performance.

•	Relative losses from stock selection in energy more than offset the relative gains of an underweight in the sector. Within the sector, natural gas producers detracted from relative performance.

•	An underweight in the producer durables sector also dampened relative performance, although stock selection was beneficial. Relative underperformance was primarily due to a position in the environmental, maintenance and services industry.

Market Outlook

Thank you for your continued support.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.


Top 10 Holdings as of 2/28/10 (Unaudited)

Apple, Inc.	5.6	%
MasterCard, Inc., Class A	4.7
Berkshire Hathaway, Inc., Class B	4.4
Starbucks Corp.	4.1
Amazon.com, Inc.	4.0
Mead Johnson Nutrition Co., Class A	3.9
Cisco Systems, Inc.	3.7
Brookfield Asset Management, Inc., Class A	3.5
American Express Co.	3.5
Google, Inc., Class A	3.3


Summary of Investments by Industry Classification as of 2/28/10 (Unaudited)

Internet Software & Services	6.4	%
Health Care Supplies	6.2
Restaurants	6.1
Computer Hardware	5.6
Consumer Finance	4.9
Soft Drinks	4.9
Tobacco	4.7
Data Processing & Outsourced Services	4.7
Property & Casualty Insurance	4.4
Internet Retail	4.0
Pharmaceuticals	3.9
Communications Equipment	3.7
Real Estate Management & Development	3.5
Oil & Gas Exploration & Production	3.0
Industrial Machinery	2.8
Packaged Foods & Meats	2.8
Life Sciences Tools & Services	2.6
Multi-Line Insurance	2.6
Construction Materials	2.4
Distillers & Vintners	2.3
Multi-Sector Holdings	2.2
Household Products	2.1
Food Retail	2.1
Asset Management & Custody Banks	2.0
Hypermarkets & Super Centers	2.0
Footwear	1.6
Home Improvement Retail	1.4
Other Diversified Financial Services	1.4
Diversified Commercial & Professional Services	1.3
Gas Utilities	1.3
Alternative Energy	0.6

Total Long-Term Investments	99.5
Total Repurchase Agreements	3.0

Total Investments	102.5
Foreign Currency	0.0	*
Liabilities in Excess of Other Assets	(2.5	)

Net Assets	100.0	%


*		Amount is less than 0.1%

For More Information About Portfolio Holdings

You may obtain copies of a fund’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 847-2424.

Householding Notice

Proxy Voting Policy and Procedures and Proxy Voting Record

Expense Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 9/1/09 - 2/28/10.

Actual Expense

Hypothetical Example for Comparison Purposes


	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*

	9/1/09		2/28/10		9/1/09-2/28/10

Class A
Actual	$	1,000.00	$	1,131.24	$	6.87
Hypothetical		1,000.00		1,018.35		6.51
(5% annual return before expenses)

Class B
Actual		1,000.00		1,128.46		10.29
Hypothetical		1,000.00		1,015.12		9.74
(5% annual return before expenses)

Class C
Actual		1,000.00		1,132.84		5.55
Hypothetical		1,000.00		1,019.59		5.26
(5% annual return before expenses)

Class I
Actual		1,000.00		1,133.21		5.55
Hypothetical		1,000.00		1,019.59		5.26
(5% annual return before expenses)

Class R
Actual		1,000.00		1,130.51		8.19
Hypothetical		1,000.00		1,017.11		7.75
(5% annual return before expenses)


*		Expenses are equal to the Fund’s annualized expense ratio of 1.30%, 1.95%, 1.05%, 1.05% and 1.55% for Class A, B, C, I and R Shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). These expense ratios reflect an expense waiver. The expense ratios of Class B and Class C Shares reflect actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

Van Kampen Core Growth Fund

Portfolio of Investments n February 28, 2010 (Unaudited)


	Number of
Description	Shares		Value


Common Stocks 98.9%
Asset Management & Custody Banks 2.0%
Franklin Resources, Inc.		1,088	$	110,671


Communications Equipment 3.7%
Cisco Systems, Inc. (a)		8,319		202,401


Computer Hardware 5.6%
Apple, Inc. (a)		1,495		305,907


Construction Materials 2.4%
Cemex SAB de CV—ADR (Mexico) (a)		4,738		45,295
Martin Marietta Materials, Inc.		1,104		87,459

				132,754

Consumer Finance 4.9%
American Express Co.		5,052		192,936
Redecard SA (Brazil)		5,286		76,929

				269,865

Data Processing & Outsourced Services 4.7%
MasterCard, Inc., Class A		1,153		258,699


Distillers & Vintners 2.3%
Diageo PLC—ADR (United Kingdom)		1,982		129,385


Diversified Commercial & Professional Services 1.3%
Cintas Corp.		2,978		73,825


Food Retail 2.1%
Tesco PLC (United Kingdom)		17,947		114,853


Footwear 1.6%
NIKE, Inc., Class B		1,297		87,677


Gas Utilities 1.3%
Questar Corp.		1,741		73,105


Health Care Supplies 6.2%
Alcon, Inc. (Switzerland)		1,127		180,004
Millipore Corp. (a)		1,700		160,497

				340,501

Home Improvement Retail 1.4%
Sherwin-Williams Co.		1,250		79,225


Household Products 2.1%
Procter & Gamble Co.		1,819		115,106

See Notes to Financial Statements

Van Kampen Core Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value



Hypermarkets & Super Centers 2.0%
Costco Wholesale Corp.		1,785	$	108,831


Industrial Machinery 2.8%
Schindler Holding AG (Switzerland)		1,926		153,829


Internet Retail 4.0%
Amazon.com, Inc. (a)		1,843		218,211


Internet Software & Services 6.4%
eBay, Inc. (a)		7,517		173,042
Google, Inc., Class A (a)		344		181,219

				354,261


Life Sciences Tools & Services 2.6%
Thermo Fisher Scientific, Inc. (a)		2,932		142,994


Multi-Line Insurance 2.6%
Loews Corp.		3,875		141,283


Multi-Sector Holdings 2.2%
Leucadia National Corp. (a)		5,210		123,685


Oil & Gas Exploration & Production 3.0%
Ultra Petroleum Corp. (Canada) (a)		3,554		162,524


Other Diversified Financial Services 1.4%
BM&F BOVESPA SA (Brazil)		11,927		78,143


Packaged Foods & Meats 2.8%
Nestle SA—ADR (Switzerland)		3,052		151,807


Pharmaceuticals 3.9%
Mead Johnson Nutrition Co., Class A		4,501		212,897


Property & Casualty Insurance 4.4%
Berkshire Hathaway, Inc., Class B (a)		3,000		240,390


Real Estate Management & Development 3.5%
Brookfield Asset Management, Inc., Class A (Canada)		8,211		194,354


Restaurants 6.1%
McDonald’s Corp.		1,737		110,907
Starbucks Corp. (a)		9,880		226,351

				337,258

See Notes to Financial Statements

Van Kampen Core Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Number of
Description	Shares		Value


Soft Drinks 4.9%
Coca-Cola Co.		2,395	$	126,265
Dr. Pepper Snapple Group, Inc.		4,435		140,811

				267,076

Tobacco 4.7%
British American Tobacco PLC—ADR (United Kingdom)		1,755		119,165
Philip Morris International, Inc.		2,877		140,915

				260,080


Total Common Stocks 98.9%				5,441,597


Preferred Stock 0.6%

Alternative Energy 0.6%
Better Place (a)(b)(c)(d)		10,818		32,454


Total Long-Term Investments 99.5% (Cost $5,452,843)				5,474,051

Repurchase Agreements 3.0%
Banc of America Securities ($30,437 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.10%, dated 02/26/10, to be sold on 03/01/10 at $30,437)				30,437
JPMorgan Chase & Co. ($129,588 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.09%, dated 02/26/10, to be sold on 03/01/10 at $129,589)				129,588
State Street Bank & Trust Co. ($5,975 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 02/26/10, to be sold on 03/01/10 at $5,975)				5,975


Total Repurchase Agreements 3.0% (Cost $166,000)				166,000


Total Investments 102.5% (Cost $5,618,843)				5,640,051

Foreign Currency 0.0% (Cost $166)				165

Liabilities in Excess of Other Assets (2.5%)				(136,825	)


Net Assets 100.0%			$	5,503,391

Percentages are calculated as a percentage of net assets.

See Notes to Financial Statements

Van Kampen Core Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


(a)		Non-income producing security.

(b)		Market value is determined in accordance with procedures established in good faith by the Board of Trustees.

(c)		Security has been deemed illiquid.

(d)		Security purchased on a when-issued or delayed delivery basis.

ADR—American Depositary Receipt

Fair Value Measurements

The following is a summary of the inputs used as of February 28, 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
Common Stocks
Asset Management & Custody Banks	$	110,671	$	—	$	—	$	110,671
Communications Equipment		202,401		—		—		202,401
Computer Hardware		305,907		—		—		305,907
Construction Materials		132,754		—		—		132,754
Consumer Finance		269,865		—		—		269,865
Data Processing & Outsourced Services		258,699		—		—		258,699
Distillers & Vintners		129,385		—		—		129,385
Diversified Commercial & Professional Services		73,825		—		—		73,825
Food Retail		114,853		—		—		114,853
Footwear		87,677		—		—		87,677
Gas Utilities		73,105		—		—		73,105
Health Care Supplies		340,501		—		—		340,501
Home Improvement Retail		79,225		—		—		79,225
Household Products		115,106		—		—		115,106
Hypermarkets & Super Centers		108,831		—		—		108,831
Industrial Machinary		153,829		—		—		153,829
Internet Retail		218,211		—		—		218,211
Internet Software & Services		354,261		—		—		354,261
Life Sciences Tools & Services		142,994		—		—		142,994
Multi-Line Insurance		141,283		—		—		141,283
Multi-Sector Holdings		123,685		—		—		123,685
Oil & Gas Exploration & Production		162,524		—		—		162,524
Other Diversified Financial Services		78,143		—		—		78,143
Packaged Foods & Meats		151,807		—		—		151,807
Pharmaceuticals		212,897		—		—		212,897
Property & Casualty Insurance		240,390		—		—		240,390

See Notes to Financial Statements

Van Kampen Core Growth Fund
Portfolio of Investments n February 28, 2010 (Unaudited) continued


	Level 1		Level 2		Level 3
					Significant
			Other Significant		Unobservable
Investments	Quoted Prices		Observable Inputs		Inputs		Total


Real Estate Management & Development	$	194,354	$	—	$	—	$	194,354
Restaurants		337,258		—		—		337,258
Soft Drinks		267,076		—		—		267,076
Tobacco		260,080		—		—		260,080
Preferred Stock
Alternative Energy		—		—		32,454		32,454
Repurchase Agreements		—		166,000		—		166,000

Total Investments in an Asset Position	$	5,441,597	$	166,000	$	32,454	$	5,640,051

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:


	Preferred Stock


Balance as of 8/31/09	$	-0-
Accrued Discounts/Premiums		-0-
Realized Gain/Loss		-0-
Change in Unrealized Appreciation/Depreciation		-0-
Net Purchases/Sales		32,454
Net Transfers in and/or out of Level 3		-0-

Balance as of 2/28/10	$	32,454

Net change in Unrealized Appreciation/Depreciation from Investments still held as of 2/28/10	$	-0-

See Notes to Financial Statements

Van Kampen Core Growth Fund

Financial Statements

Statement of Assets and Liabilities

February 28, 2010 (Unaudited)


Assets:
Total Investments (Cost $5,618,843)	$	5,640,051
Cash		246
Foreign Currency (Cost $166)		165
Receivables:
Expense Reimbursement from Adviser		12,293
Dividends		6,268
Other		11,077

Total Assets		5,670,100

Liabilities:
Payables:
Investments Purchased		32,454
Distributor and Affiliates		19,390
Trustees’ Deferred Compensation and Retirement Plans		19,921
Accrued Expenses		94,944

Total Liabilities		166,709

Net Assets	$	5,503,391

Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	5,818,918
Net Unrealized Appreciation		21,207
Accumulated Undistributed Net Investment Income		(10,023	)
Accumulated Net Realized Loss		(326,711	)

Net Assets	$	5,503,391

Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $902,302 and 100,545 shares of beneficial interest issued and outstanding)	$	8.97
Maximum sales charge (5.75%* of offering price)		0.55

Maximum offering price to public	$	9.52

Class B Shares:
Net asset value and offering price per share (Based on net assets of $224,197 and 25,035 shares of beneficial interest issued and outstanding)	$	8.96

Class C Shares:
Net asset value and offering price per share (Based on net assets of $154,370 and 17,167 shares of beneficial interest issued and outstanding)	$	8.99

Class I Shares:
Net asset value and offering price per share (Based on net assets of $4,132,822 and 460,000 shares of beneficial interest issued and outstanding)	$	8.98

Class R Shares:
Net asset value and offering price per share (Based on net assets of $89,700 and 10,000 shares of beneficial interest issued and outstanding)	$	8.97


*		On sales of $50,000 or more, the sales charge will be reduced.

See Notes to Financial Statements

Van Kampen Core Growth Fund
Financial Statements continued

Statement of Operations

For the Six Months Ended February 28, 2010 (Unaudited)


Investment Income:
Dividends (Net of foreign withholding taxes of $525)	$	32,008
Interest		17

Total Income		32,025

Expenses:
Registration Fees		28,170
Professional Fees		23,184
Accounting and Administrative Expenses		22,911
Reports to Shareholders		20,411
Investment Advisory Fee		20,049
Trustees’ Fees and Related Expenses		7,616
Transfer Agent Fees		7,473
Custody		5,665
Distribution (12b-1) and Service Fees
Class A		1,102
Class B		1,085
Class C		-0-
Class R		216
Other		6,855

Total Expenses		144,737
Expense Reduction		114,305

Net Expenses		30,432

Net Investment Income	$	1,593

Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments	$	(60,548	)
Foreign Currency Transactions		(507	)

Net Realized Loss		(61,055	)

Unrealized Appreciation/Depreciation:
Beginning of the Period		(691,819	)

End of the Period:
Investments		21,208
Foreign Currency Translation		(1	)

		21,207

Net Unrealized Appreciation During the Period		713,026

Net Realized and Unrealized Gain	$	651,971

Net Increase in Net Assets From Operations	$	653,564

See Notes to Financial Statements

Van Kampen Core Growth Fund
Financial Statements continued

Statements of Changes in Net Assets (Unaudited)


	For The			For The
	Six Months Ended			Year Ended
	February 28, 2010			August 31, 2009


From Investment Activities:
Operations:
Net Investment Income	$	1,593		$	16,107
Net Realized Loss		(61,055	)		(251,334	)
Net Unrealized Appreciation/Depreciation During the Period		713,026			(466,211	)

Change in Net Assets from Operations		653,564			(701,438	)


Distributions from Net Investment Income:
Class A Shares		(3,509	)		(5,880	)
Class B Shares		-0-			(1,185	)
Class C Shares		(469	)		(2,044	)
Class I Shares		(23,414	)		(49,266	)
Class R Shares		(173	)		(891	)

Total Distributions		(27,565	)		(59,266	)


Net Change in Net Assets from Investment Activities		625,999			(760,704	)


From Capital Transactions:
Proceeds from Shares Sold		61,135			1,029,425
Net Asset Value of Shares Issued Through Dividend Reinvestment		3,694			6,368
Cost of Shares Repurchased		(135,942	)		(420,175	)


Net Change in Net Assets from Capital Transactions		(71,113	)		615,618

Total Increase/Decrease in Net Assets		554,886			(145,086	)
Net Assets:
Beginning of the Period		4,948,505			5,093,591

End of the Period (Including accumulated undistributed net investment income of $(10,023) and $15,949, respectively)	$	5,503,391		$	4,948,505

See Notes to Financial Statements

Van Kampen Core Growth Fund

Financial Highlights (Unaudited)

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months			Year			June 30, 2008
	Ended			Ended			(Commencement of
	February 28,			August 31,			Operations) to
Class A Shares	2010			2009			August 31, 2008


Net Asset Value, Beginning of the Period	$	7.96		$	9.54		$	10.00

Net Investment Income/Loss (a)		(0.00	)(b)		0.02			0.00	(b)
Net Realized and Unrealized Gain/Loss		1.04			(1.50	)		(0.46	)

Total from Investment Operations		1.04			(1.48	)		(0.46	)
Less Distributions from Net Investment Income		0.03			0.10			-0-

Net Asset Value, End of the Period	$	8.97		$	7.96		$	9.54


Total Return* (c)		13.12%	**		–15.16%			–4.60%	**
Net Assets at End of the Period (In millions)	$	0.9		$	0.8		$	0.4
Ratio of Expenses to Average Net Assets*		1.30%			1.30%			1.30%
Ratio of Net Investment Income/Loss to Average Net Assets*		(0.10%	)		0.27%			(0.06%	)
Portfolio Turnover		7%	**		14%			2%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		5.57%			11.97%			15.46%
Ratio of Net Investment Loss to Average Net Assets		(4.38%	)		(10.40%	)		(14.22%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total return would be lower. This return includes combined Rule 12b-1 fees and service fees of up to 0.25% and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen Core Growth Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months			Year			June 30, 2008
	Ended			Ended			(Commencement of
	February 28,			August 31,			Operations) to
Class B Shares	2010			2009			August 31, 2008


Net Asset Value, Beginning of the Period	$	7.94		$	9.54		$	10.00

Net Investment Loss (a)		(0.03	)		(0.02	)		(0.01	)
Net Realized and Unrealized Gain/Loss		1.05			(1.50	)		(0.45	)

Total from Investment Operations		1.02			(1.52	)		(0.46	)
Less Distributions from Net Investment Income		-0-			0.08			-0-

Net Asset Value, End of the Period	$	8.96		$	7.94		$	9.54


Total Return* (b) (c)		12.85%	**		–15.64%			–4.60%	**
Net Assets at End of the Period (In millions)	$	0.2		$	0.2		$	0.1
Ratio of Expenses to Average Net Assets* (c)		1.95%			1.93%			1.68%
Ratio of Net Investment Loss to Average Net Assets* (c)		(0.76%	)		(0.32%	)		(0.43%	)
Portfolio Turnover		7%	**		14%			2%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (c)		6.23%			12.38%			15.60%
Ratio of Net Investment Loss to Average Net Assets (c)		(5.03%	)		(10.77%	)		(14.35%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total return would be lower. This return includes combined Rule 12b-1 fees and service fees of up to 1% and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(c)		The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net Investment Loss to Average Net Assets reflect actual 12b-1 fees of less than 1% (See footnote 5).

See Notes to Financial Statements

Van Kampen Core Growth Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months			Year			June 30, 2008
	Ended			Ended			(Commencement of
	February 28,			August 31,			Operations) to
Class C Shares	2010			2009			August 31, 2008


Net Asset Value, Beginning of the Period	$	7.96		$	9.54		$	10.00

Net Investment Income/Loss (a)		0.01			(0.00	)(b)		(0.00	)(b)
Net Realized and Unrealized Gain/Loss		1.05			(1.50	)		(0.46	)

Total from Investment Operations		1.06			(1.50	)		(0.46	)
Less Distributions from Net Investment Income		0.03			0.08			-0-

Net Asset Value, End of the Period	$	8.99		$	7.96		$	9.54


Total Return* (c) (d)		13.28%	**		–15.40%			–4.60%	**
Net Assets at End of the Period (In millions)	$	0.2		$	0.2		$	0.1
Ratio of Expenses to Average Net Assets* (d)		1.05%			1.48%			1.50%
Ratio of Net Investment Income/Loss to Average Net Assets* (d)		0.20%			(0.01%	)		(0.20%	)
Portfolio Turnover		7%	**		14%			2%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (d)		5.32%			12.27%			15.79%
Ratio of Net Investment Loss to Average Net Assets (d)		(4.08%	)		(10.80%	)		(14.49%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total return would be lower. This return includes combined Rule 12b-1 fees and service fees of up to 1% and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)		The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net Investment Income/Loss to Average Net Assets reflect actual 12b-1 fees of less than 1% (See footnote 5).

See Notes to Financial Statements

Van Kampen Core Growth Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months			Year			June 30, 2008
	Ended			Ended			(Commencement of
	February 28,			August 31,			Operations) to
Class I Shares	2010			2009			August 31, 2008


Net Asset Value, Beginning of the Period	$	7.97		$	9.55		$	10.00

Net Investment Income (a)		0.01			0.03			0.00	(b)
Net Realized and Unrealized Gain/Loss		1.05			(1.50	)		(0.45	)

Total from Investment Operations		1.06			(1.47	)		(0.45	)
Less Distributions from Net Investment Income		0.05			0.11			-0-

Net Asset Value, End of the Period	$	8.98		$	7.97		$	9.55


Total Return* (c)		13.32%	**		–15.05%			–4.50%	**
Net Assets at End of the Period (In millions)	$	4.1		$	3.7		$	4.4
Ratio of Expenses to Average Net Assets*		1.05%			1.05%			1.05%
Ratio of Net Investment Income to Average Net Assets*		0.15%			0.49%			0.20%
Portfolio Turnover		7%	**		14%			2%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		5.32%			11.78%			14.97%
Ratio of Net Investment Loss to Average Net Assets		(4.13%	)		(10.24%	)		(13.72%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period. This return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen Core Growth Fund
Financial Highlights (Unaudited) continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Six Months			Year			June 30, 2008
	Ended			Ended			(Commencement of
	February 28,			August 31,			Operations) to
Class R Shares	2010			2009			August 31, 2008


Net Asset Value, Beginning of the Period	$	7.95		$	9.54		$	10.00

Net Investment Loss (a)		(0.02	)		(0.00	)(b)		(0.01	)
Net Realized and Unrealized Gain/Loss		1.06			(1.50	)		(0.45	)

Total from Investment Operations		1.04			(1.50	)		(0.46	)
Less Distributions from Net Investment Income		0.02			0.09			-0-

Net Asset Value, End of the Period	$	8.97		$	7.95		$	9.54


Total Return* (c)		13.05%	**		–15.43%			–4.60%	**
Net Assets at End of the Period (In millions)	$	0.1		$	0.1		$	0.1
Ratio of Expenses to Average Net Assets*		1.55%			1.55%			1.55%
Ratio of Net Investment Loss to Average Net Assets*		(0.35%	)		(0.02%	)		(0.31%	)
Portfolio Turnover		7%	**		14%			2%	**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets		5.82%			12.28%			15.47%
Ratio of Net Investment Loss to Average Net Assets		(4.63%	)		(10.75%	)		(14.23%	)


**		Non-Annualized

(a)		Based on average shares outstanding.

(b)		Amount is less than $0.01 per share.

(c)		Assumes reinvestment of all distributions for the period. This return includes combined Rule 12b-1 fees and service fees of up to 0.50% and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen Core Growth Fund

n February 28, 2010 (Unaudited)" --> Notes to Financial Statements n February 28, 2010 (Unaudited)

1. Significant Accounting Policies

Van Kampen Core Growth Fund (the “Fund”) is organized as a series of the Van Kampen Equity Trust II, a Delaware statutory trust, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization companies. The Fund commenced investment operations on June 30, 2008. The Fund offers Class A Shares, Class B Shares, Class C Shares, Class I Shares and Class R Shares. Each class of shares differs by its initial sales load, contingent deferred sales charges, the allocation of class-specific expenses and voting rights on matters affecting a single class.

A. Security Valuation Investments in securities listed on a securities exchange are valued at their last sale price as of the close of such securities exchange. Equity securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Listed and unlisted securities for which the last sale price is not available are valued at the mean of the last reported bid and asked prices. For those securities where quotations or prices are not readily available, valuations are determined in accordance with procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Most foreign markets close before the New York Stock Exchange (NYSE). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Board of Trustees. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.

Van Kampen Core Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued


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.

C. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis.

The Fund may purchase and sell securities on a “when-issued” or “delayed delivery” basis with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. The Fund will segregate assets with the custodian having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until after payment is made. At February 28, 2010, the Fund had $32,454 of when-issued or delayed delivery purchase commitments.

D. Income and Expenses Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service fees and incremental transfer agency costs which are unique to each class of shares.

Van Kampen Core Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

The Fund intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset such losses against any future realized capital gains. At August 31, 2009, the Fund had an accumulated capital loss carryforward for tax purposes of $169,007, which will expire on August 31, 2017.

At February 28, 2010, the cost and related gross unrealized appreciation and depreciation were as follows:


Cost of investments for tax purposes	$	5,621,398

Gross tax unrealized appreciation	$	721,090
Gross tax unrealized depreciation		(702,437	)

Net tax unrealized appreciation on investments	$	18,653

F. Distribution of Income and Gains The Fund declares and pays dividends at least annually from net investment income and from net realized gains, if any. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Distributions from the Fund are recorded on the ex-distribution date.

The tax character of distributions paid during the year ended August 31, 2009 was as follows:


Distributions paid from:
Ordinary income	$	59,266

As of August 31, 2009, the component of distributable earnings on a tax basis was as follows:


Undistributed ordinary income		$	27,525

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of deferral of losses relating to wash sale transactions.

Van Kampen Core Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

G. Foreign Currency Translation Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the quoted bid and asked prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated at the rate of exchange prevailing when such securities were acquired or sold. Income and expenses are translated at rates prevailing when accrued. Realized and unrealized gains and losses on securities resulting from changes in exchange rates are not segregated for financial reporting purposes from amounts arising from changes in the market prices of securities. The unrealized gains and losses on translations of other assets or liabilities denominated in foreign currencies are included in foreign currency translation on the Statement of Operations. Realized gains and losses on foreign currency transactions on the Statement of Operations include the net realized amount from the sale of the foreign currency and the amount realized between trade date and settlement date on security transactions.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, the Adviser provides investment advice and facilities to the Fund for an annual fee payable monthly as follows:


Average Daily Net Assets	% Per Annum

First $750 million		0.75%
Next $750 million		0.70%
Over $1.5 billion		0.65%

The Fund’s Adviser is currently waiving or reimbursing all or a portion of the Fund’s advisory fees or other expenses. This resulted in net expense ratios of 1.30%, 1.95%, 1.05%, 1.05%, and 1.55% for Classes A, B, C, I, and R Shares, respectively. The fee waivers or expense reimbursements are voluntary and can be discontinued at any time. For the six months ended February 28, 2010, the adviser waived or reimbursed approximately $114,300 of advisory fees or other expenses.

For the six months ended February 28, 2010, the Fund recognized expenses of approximately $100 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Fund is a partner of such firm and he and his law firm provide legal services as legal counsel to the Fund.

Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Fund. The costs of these services are allocated to each fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $16,700 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting and legal services to the Fund, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting

Van Kampen Core Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” expense on the Statement of Operations.

Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser, serves as the shareholder servicing agent for the Fund. For the six months ended February 28, 2010, the Fund recognized expenses of approximately $7,400 representing transfer agency fees paid to VKIS and its affiliates. Transfer agency fees are determined through negotiations with the Fund’s Board of Trustees.

Certain officers and trustees of the Fund are also officers and directors of Van Kampen. The Fund does not compensate its officers or trustees who are also officers of Van Kampen.

The Fund provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund and to the extent permitted by the 1940 Act, may be invested in the common shares of those funds selected by the trustees. Investments in such funds of approximately $11,000 are included in “Other” assets on the Statement of Assets and Liabilities at February 28, 2010. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Fund. The maximum annual benefit per trustee under the plan is $2,500.

For the six months ended February 28, 2010, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $20 and no contingent deferred sales charges (CDSC) on redeemed shares. Sales charges do not represent expenses of the Fund.

At February 28, 2010, Morgan Stanley Investment Management, Inc., an affiliate of the Adviser, owned 10,000 shares of Class B, 10,000 shares of Class C, 460,000 shares of Class I, and 10,000 shares of Class R.

Van Kampen Core Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

3. Capital Transactions

For the six months ended February 28, 2010 and the year ended August 31, 2009, transactions were as follows:


	For The						For The
	Six Months Ended						Year Ended
	February 28, 2010						August 31, 2009
	Shares			Value			Shares			Value

Sales:
Class A		6,820		$	59,573			108,093		$	699,416
Class B		176			1,562			27,963			182,561
Class C		-0-			-0-			18,308			147,448
Class I		-0-			-0-			-0-			-0-
Class R		-0-			-0-			-0-			-0-

Total Sales		6,996		$	61,135			154,364		$	1,029,425


Dividend Reinvestment:
Class A		395		$	3,495			801		$	4,790
Class B		-0-			-0-			61			368
Class C		23			199			201			1,210
Class I		-0-			-0-			-0-			-0-
Class R		-0-			-0-			-0-			-0-

Total Dividend Reinvestment		418		$	3,694			1,063		$	6,368

��
Repurchases:
Class A		(9,884	)	$	(85,950	)		(43,725	)	$	(268,353	)
Class B		(3,064	)		(27,055	)		(10,101	)		(63,594	)
Class C		(2,915	)		(22,937	)		(13,906	)		(88,228	)
Class I		-0-			-0-			-0-			-0-
Class R		-0-			-0-			-0-			-0-

Total Repurchases		(15,863	)	$	(135,942	)		(67,732	)	$	(420,175	)

4. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $385,381 and $625,179, respectively.

5. Distribution and Service Plans

Shares of the Fund are distributed by Van Kampen Funds Inc. (the “Distributor”), an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act and a service plan (collectively, the “Plans”) for Class A Shares, Class B Shares, Class C Shares and Class R Shares to compensate the Distributor for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets. These fees are accrued daily and paid to the Distributor monthly.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (“unreimbursed receivable”) was approximately $200 and $0 for Class B and Class C Shares,

Van Kampen Core Growth Fund
Notes to Financial Statements n February 28, 2010 (Unaudited) continued

respectively. These amounts may be recovered from future payments under the distribution plan or CDSC. To the extent the unreimbursed receivable has been fully recovered, the distribution fee is reduced.

6. Indemnifications

7. Significant Event

On October 19, 2009, Morgan Stanley, the parent company of Van Kampen Investments Inc., announced that it has reached a definitive agreement to sell most of its retail asset management business to Invesco Ltd. (“Invesco”). The transaction (“Transaction”) affects the part of the asset management business that advises funds, including the Van Kampen family of funds.

In connection with the Transaction, on December 8, 2009, management of the Fund proposed the reorganization (the “Reorganization”) of the Fund into a fund on the Morgan Stanley institutional platform with the same investment objective and principal investment strategy as the Fund (the “Acquiring Fund”). The Board of Trustees has approved the proposed Reorganization, subject to shareholder approval. The proposed Reorganization will be presented to shareholders of the Fund for approval at a special meeting of shareholders. If the proposed Reorganization is approved, Fund shareholders will receive shares of the Acquiring Fund in exchange for their shares of the Fund. Upon completion of the proposed Reorganization, the Fund will dissolve pursuant to a plan of dissolution adopted by the Board of Trustees.

8. Accounting Pronouncement

Van Kampen Core Growth Fund

Board of Trustees, Officers and Important Addresses


Board of Trustees David C. Arch Jerry D. Choate Rod Dammeyer Linda Hutton Heagy R. Craig Kennedy Howard J Kerr Jack E. Nelson Hugo F. Sonnenschein Wayne W. Whalen* – Chairman Suzanne H. Woolsey Officers Edward C. Wood III President and Principal Executive Officer Kevin Klingert Vice President Stefanie V. Chang Yu Vice President and Secretary John L. Sullivan Chief Compliance Officer Stuart N. Schuldt Chief Financial Officer and Treasurer		Investment Adviser Van Kampen Asset Management 522 Fifth Avenue New York, New York 10036 Distributor Van Kampen Funds Inc. 522 Fifth Avenue New York, New York 10036 Shareholder Servicing Agent Van Kampen Investor Services Inc. P.O. Box 219286 Kansas City, Missouri 64121-9286 Custodian State Street Bank and Trust Company One Lincoln Street Boston, Massachusetts 02111 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 155 North Wacker Drive Chicago, Illinois 60606 Independent Registered Public Accounting Firm Ernst & Young LLP 233 South Wacker Drive Chicago, Illinois 60606


*		“Interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended.

Your Notes

Van Kampen Core Growth Fund

An Important Notice Concerning Our

U.S. Privacy Policy

We are required by federal law to provide you with a copy of our privacy policy (“Policy”) annually.

We Respect Your Privacy

1. What Personal Information Do We Collect About You?


	•	We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through application forms you submit to us.

(continued on next page)

Van Kampen Core Growth Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued


	•	We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

	•	We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

	•	We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

	•	If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer’s operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of “cookies.” “Cookies” recognize your computer each time you return to one of our sites, and help to improve our sites’ content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2. When Do We Disclose Personal Information We Collect About You?

(continued on next page)

Van Kampen Core Growth Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

3. How Do We Protect The Security and Confidentiality Of Personal Information We Collect About You?

4. How Can You Limit Our Sharing Of Certain Personal Information About You With Our Affiliated Companies For Eligibility Determination?

5. How Can You Limit the Use of Certain Personal Information About You by our Affiliated Companies for Marketing?

(continued on next page)

Van Kampen Core Growth Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

6. How Can You Send Us an Opt-Out Instruction?


	•	Calling us at (800) 847-2424 Monday-Friday between 8 a.m. and 8 p.m. (EST)

	•	Writing to us at the following address: Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

(continued on back)

Van Kampen Core Growth Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

SPECIAL NOTICE TO RESIDENTS OF VERMONT

If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:


		Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

156, 256, 315, 626, 515

CGSAN 04/10

IU10-01495P-Y02/10

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Schedule of Investments.

(a) Please refer to Item #1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures

(a) The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-CSRS was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(1) Code of Ethics – Not applicable for semi-annual reports.

(2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.CERT.

(2)(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Van Kampen Equity Trust II


By: Name:		/s/ Edward C. Wood III Edward C. Wood III
Title:		Principal Executive Officer
Date:		April 15, 2010

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: Name:		/s/ Edward C. Wood III Edward C. Wood III
Title:		Principal Executive Officer
Date:		April 15, 2010


By: Name:		/s/ Stuart N. Schuldt Stuart N. Schuldt
Title:		Principal Financial Officer
Date:		April 15, 2010

NOT FDIC INSURED

OFFER NO BANK GUARANTEE

MAY LOSE VALUE

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

NOT A DEPOSIT