Van Kampen Tax Free Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4386

Van Kampen Tax Free Trust

(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: 9/30

Date of reporting period: 9/30/08

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

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Insured Tax Free Income Fund performed during the annual 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 September 30, 2008.

This material must be preceded or accompanied by a Class A, B, and C share or Class I share prospectus for the fund being offered. The prospectuses contain 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 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, therefore, the value of the fund shares may be less than what you paid for them. Accordingly, you can lose money investing in this fund.

Income may subject certain individuals to the federal Alternative Minimum
Tax (AMT).

NOT FDIC INSURED	OFFER NO BANK GUARANTEE	MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY		NOT A DEPOSIT

Performance Summaryas of 9/30/08

Performance of a $10,000 investment

This chart compares your fund’s performance to that of the Lehman Brothers Municipal Bond Index from 9/30/98 through 9/30/08. Class A shares, adjusted for sales charges.

A Shares

B Shares

C Shares

I Shares

since 12/14/84

since 5/3/93

since 8/13/93

since 8/12/05

w/max

w/max

w/max

4.75%

4.00%

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

6.41

%

6.19

%

3.41

%

3.41

%

2.88

%

2.88

%

–1.69

%

10-year

2.55

2.05

1.91

1.91

1.75

1.75

—

5-year

0.31

–0.66

–0.44

–0.69

–0.45

–0.45

—

1-year

–9.57

–13.85

–10.27

–13.73

–10.28

–11.14

–9.34

SEC 30 Day Yield

4.44%

3.89%

3.88%

4.92%

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.

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 4.75 percent for Class A shares, a contingent deferred sales charge of 4.00 percent for Class B shares (in year one and declining to zero after year six), 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 for Class A shares and up to 1.00 percent for Class B and C shares. The since inception and 10-year returns for Class B shares reflect their conversion into Class A shares eight years after purchase. Class I shares are available for purchase exclusively by investors through (i) tax-exempt retirement plans with assets of at least $1 million (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), (ii) fee-based investment programs with assets of at least $1 million, (iii) qualified state tuition plan (529 plan) accounts, (iv) institutional clients with assets of at least $1 million and (v) certain Van Kampen investment companies. Class I shares are offered without any sales charges on purchases or sales and do not include combined Rule 12b-1 fees and service fees. Figures shown above assume reinvestment of all dividends and capital gains. Periods less than one year are not annualized.

1

SEC yield is a calculation for determining the amount of portfolio income, excluding non-income items as prescribed by the SEC. Yields are subject to change.

The Lehman Brothers Municipal Bond Index is generally representative of investment-grade, tax exempt bonds. The index does not include any expenses, fees or sales charges, which would lower performance. 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.

2

Fund Report

For the 12-month period ended September 30, 2008

Market Conditions

The broad financial markets were highly volatile throughout the reporting period as the credit crisis intensified, the housing market continued to decline, inflationary pressures grew and the economy appeared headed into recession. In early September 2008, investor confidence plummeted and the markets began a downward spiral following the government’s takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers. In the weeks that followed, several other financial institutions were forced into mergers, rescued by government loans, or failed altogether as the value of their assets severely eroded. The credit markets became paralyzed as banks refused to lend while investors fled risky assets in favor of Treasury securities. In an effort to unlock the credit markets the Federal government interceded with various supportive measures including a $700 billion bailout plan.

The municipal bond market had already been under pressure for several months prior to September, due in part to the credit rating downgrades of various monoline bond insurers and the deterioration of the auction rate and variable rate markets. The failure of Lehman Brothers, however, prompted a wave of forced selling in the municipal market as leveraged buyers, mutual funds and brokerage firms began deleveraging, putting significant pressure on prices and severely eroding liquidity. As a result, municipal yields rose, particularly on the long end of the yield curve, far exceeding those of comparable Treasuries by the end of the period. For the third quarter of 2008, the short end of the curve outperformed the long end by roughly 870 basis points. The disparity in performance was even greater over the one-year reporting period as the short end outperformed by more than 1,400 basis points. As would be expected in the risk-averse and volatile environment, higher-quality municipal bonds outperformed lower-quality issues. For the overall period, high yield municipal spreads widened from approximately 165 basis points to 305 basis points.

3

Performance Analysis

All share classes of Van Kampen Insured Tax Free Income Fund underperformed the Lehman Brothers Municipal Bond Index for the 12 months ended September 30, 2008, assuming no deduction of applicable sales charges.

Total returns for the 12-month period ended September 30, 2008

Lehman Brothers

Municipal Bond

Class A

Class B

Class C

Class I

Index

–9.57

%

–10.27

%

–10.28

%

–9.34

%

–1.87

%

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 yield-curve positioning detracted from relative performance for the reporting period. We favored longer maturity bonds in an effort to enhance the Fund’s yield. Unfortunately, this emphasis on the long end of the municipal yield curve was disadvantageous as the short end of the curve outperformed for the overall period. The Fund’s overweight to triple-B rated issues hindered performance as the flight to quality that persisted throughout most of the period led higher-rated bonds to outpace lower-rated bonds. Additionally, holdings in tobacco, health care, and housing bonds detracted from returns due to ongoing spread widening in the sectors. It should be noted that over the course of the period, we reduced the Fund’s exposure to the long end of the municipal curve, reduced holdings in lower quality insured issues, and trimmed exposure to the tobacco sector. These actions improved the quality of the portfolio and may help position the Fund for a more volatile market over the next few quarters.

Holdings in municipal auction rate securities with zero duration (a measure of interest-rate sensitivity) were beneficial to performance as the yields on these securities remained well above those of long-maturity municipal bonds. Holdings of general obligation bonds were also beneficial to performance as this stable, higher-quality sector held up well over the period.

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.

4

Summary of Investments by State Classification as of 9/30/08
California	20.8	%
Illinois	17.1
Texas	9.8
Florida	9.6
Washington	7.9
Georgia	5.3
Louisiana	3.5
Colorado	3.1
Pennsylvania	2.5
South Carolina	2.3
Nebraska	2.3
Alaska	2.2
Arizona	1.8
Oklahoma	1.8
New Jersey	1.8
New York	1.8
South Dakota	1.6
Massachusetts	1.4
North Dakota	1.3
Arkansas	1.0
Alabama	1.0
Idaho	1.0
Nevada	0.9
Ohio	0.7
North Carolina	0.7
District of Columbia	0.7
Wyoming	0.5
Minnesota	0.5
Kentucky	0.5
Wisconsin	0.4
Puerto Rico	0.4
Missouri	0.3
Indiana	0.3
Iowa	0.3
Michigan	0.3
New Hampshire	0.2
West Virginia	0.2
Utah	0.2
Tennessee	0.2
Mississippi	0.1
Total Investments	108.3
Liability for Floating Rate Note Obligations	(10.3	)
Total Net Investments	98.0
Other Assets in Excess of Liabilities	2.0
Net Assets	100.0	%
Ratings Allocations as of 9/30/08
AAA/Aaa	44.6	%
AA/Aa	37.2
A/A	6.2
BBB/Baa	7.5
BB/Ba	0.5
NR	4.0

(continued on next page)

5

Top Five Sectors as of 9/30/08
(continued from previous page)
Hospital	12.9	%
Airports	12.5
Wholesale Electric	11.7
Public Education	8.9
Higher Education	8.8

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the sectors shown above. Ratings allocations and sectors are as a percentage of total long-term investments. Summary of investments by state classification are as a percentage of total net assets. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor’s and Moody’s, respectively.

6

For More Information About Portfolio Holdings

Each Van Kampen 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 20549-0102.

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

7

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.

8

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 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 4/1/08-9/30/08.

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 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*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	948.43	$	5.11
Hypothetical		1,000.00		1,019.75		5.30
(5% annual return before expenses)
Class B
Actual		1,000.00		944.73		8.75
Hypothetical		1,000.00		1,016.00		9.07
(5% annual return before expenses)
Class C
Actual		1,000.00		944.68		8.80
Hypothetical		1,000.00		1,015.95		9.12
(5% annual return before expenses)
Class I
Actual		1,000.00		949.65		3.90
Hypothetical		1,000.00		1,021.00		4.04
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 1.05%, 1.80%, 1.81%, and 0.80%, for Class A, B, C, and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Assumes all dividends and distributions were reinvested.

9

The following table shows what expenses a shareholder would have paid, excluding interest and residual trust expenses.

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	948.43	$	4.29
Hypothetical		1,000.00		1,020.60		4.45
(5% annual return before expenses)
Class B
Actual		1,000.00		944.73		7.88
Hypothetical		1,000.00		1,016.90		8.17
(5% annual return before expenses)
Class C
Actual		1,000.00		944.68		7.92
Hypothetical		1,000.00		1,016.85		8.22
(5% annual return before expenses)
Class I
Actual		1,000.00		949.65		3.07
Hypothetical		1,000.00		1,021.85		3.18
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.88%, 1.62%, 1.63% and 0.63% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Assumes all dividends and distributions were reinvested.

10

Investment Advisory Agreement Approval

Both the Investment Company Act of 1940 and the terms of the Fund’s investment advisory agreement require that the investment advisory agreement between the Fund and its investment adviser be approved annually both by a majority of the Board of Trustees and by a majority of the independent trustees voting separately.

At meetings held on April 15, 2008 and May 8, 2008, the Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board of Trustees considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. The Board of Trustees considered the investment advisory agreement over a period of several months and the trustees held sessions both with the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement.

In approving the investment advisory agreement, the Board of Trustees considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser’s expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund’s shareholders, and the propriety of existing and alternative breakpoints in the Fund’s investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry versus historical and projected assets of the Fund. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and,

11

after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered.

Nature, Extent and Quality of the Services Provided. On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund’s portfolio management team and the Fund’s portfolio management strategy over time. The Fund discloses information about its portfolio management team members and their experience in its prospectus. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement.

Performance, Fees and Expenses of the Fund. On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund’s weighted performance is under the fund’s benchmark, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report and in the Fund’s prospectus. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund’s overall expense ratio. The Fund discloses more information about its fees and expenses in its prospectus. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement.

Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser’s expenses in providing services to the Fund and other funds advised by the investment adviser and the

12

profitability of the investment adviser. These profitability reports are put together by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser’s expenses and profitability support its decision to approve the investment advisory agreement.

Economies of Scale. On a regular basis, the Board of Trustees considers the size and growth prospects of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s portfolio and whether the advisory fee level is appropriate relative to current and projected asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement.

Other Benefits of the Relationship. On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its affiliates derived from its relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to funds’ sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement.

13

Van Kampen Insured Tax Free Income Fund

Portfolio of Investments  n  September 30, 2008

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Municipal Bonds  107.9% Alabama  1.0%
$	4,485	Alabama St Brd Ed Rev Athens St Univ (MBIA Insd) (a)		5.000	%	09/01/27	$	4,148,624
	1,095	Birmingham, AL Wtrwks & Swr Brd Rev, Ser A (FGIC Insd)		5.000		01/01/21		1,076,221
	3,670	Houston Cnty, AL Hlthcare Auth, Ser A (AMBAC Insd)		5.250		10/01/30		3,307,220
								8,532,065
		Alaska  2.2%
	1,500	Alaska St Hsg Fin Corp Gen Hsg, Ser A (FGIC Insd)		5.000		12/01/30		1,373,955
	6,525	Alaska St Intl Arpt Rev Rfdg, Ser B (MBIA Insd)		5.000		10/01/24		6,187,397
	9,570	Alaska St Intl Arpt Rev Rfdg, Ser D (MBIA Insd) (a)		5.000		10/01/24		9,074,848
	1,215	Anchorage, AK Wtr Rev Rfdg (AMBAC Insd)		6.000		09/01/19		1,252,155
	210	Anchorage, AK Wtr Rev Rfdg (AMBAC Insd) (Prerefunded @ 9/01/09)		6.000		09/01/19		219,122
								18,107,477
		Arizona  1.8%
	5,000	Arizona Hlth Fac Auth Rev Banner Hlth, Ser D (BHAC Insd)		5.500		01/01/38		4,735,700
	1,225	Arizona St Univ Ctf Partn Resh Infrastructure Proj (AMBAC Insd)		5.250		09/01/24		1,196,543
	2,800	Goodyear, AZ McDowell Rd Coml Corridor Dist (AMBAC Insd)		5.250		01/01/32		2,628,248
	4,500	Maricopa Cnty, AZ Pollutn Ctl Corp Pollutn Ctl Rev El Paso Elec Co Rfdg, Ser A (FGIC Insd)		4.800		08/01/40		3,597,615
	1,900	Pima Cnty, AZ Indl Dev Auth AZ Charter Sch Proj, Ser O		5.000		07/01/26		1,471,930
	1,750	Pima Cnty, AZ Indl Dev Auth AZ Charter Sch Proj, Ser O		5.250		07/01/31		1,338,663
	385	Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Elec Pwr Co Rfdg, Ser A (FSA Insd)		7.250		07/15/10		387,029
								15,355,728
		Arkansas  1.0%
	2,500	Arkansas St Dev Fin Auth Rev St Agy Fac Donaghey Plaza Proj (FSA Insd)		5.000		06/01/29		2,352,475
	6,265	Little Rock, AR Sch Dist Rfdg, Ser B (FSA Insd)		5.500		02/01/25		6,277,279
								8,629,754

14

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California  20.8%
$	3,780	Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A (XLCA Insd)		5.250	%	09/01/35	$	3,285,954
	3,205	Bell, CA Cmnty Hsg Auth Lease Rev Rfdg (AMBAC Insd)		5.000		10/01/30		2,895,942
	2,675	California Ed Fac Auth Rev Occidental College, Ser A (MBIA Insd)		5.000		10/01/36		2,431,896
	2,000	California Hsg Fin Agy Rev Home Mtg, Ser E (FGIC Insd) (AMT)		5.000		02/01/24		1,742,980
	10,935	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (b)		5.050		02/01/29		9,340,021
	3,500	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT)		5.300		08/01/23		3,200,155
	4,000	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT)		5.450		08/01/28		3,621,000
	4,900	California Hsg Fin Agy Rev, Ser J (AMT)		5.050		08/01/27		4,150,594
	12,085	California St Dept Vet Affairs Home Pur Rev, Ser A (AMT) (b)		4.950		12/01/37		9,530,291
	4,250	California St Dept Vet Affairs Home Pur Rev, Ser B (AMT)		5.150		12/01/27		3,622,573
	3,320	California Stwide Cmnty Dev Auth Rev Mtg Ridgecrest Rgl, Ser A (MBIA Insd)		5.000		02/01/37		2,982,090
	2,980	California Stwide Cmnty Dev Auth Wtr & Wastewtr Rev Pooled Fin Pgm, Ser C (FSA Insd) (a)		5.000		10/01/29		2,799,293
	4,000	California Stwide Cmnty Dev Auth Wtr & Wastewtr Rev Pooled Fin Pgm, Ser C (FSA Insd)		5.250		10/01/34		3,811,040
	1,095	California Stwide Cmnty Dev Auth Wtr & Wastewtr Rev Pooled Fin, Ser 2004A (FSA Insd)		5.000		10/01/29		1,028,599
	3,920	California Stwide Cmnty Dev Auth Wtr & Wastewtr Rev Pooled Fin, Ser 2004A (FSA Insd)		5.250		10/01/24		3,920,000
	4,615	California Stwide Cmnty Dev Auth Wtr & Wastewtr Rev, Ser D (FSA Insd) (a)		5.000		10/01/26		4,419,509
	7,430	Capistrano, CA Uni Sch Dist (FGIC Insd) (a)		5.000		09/01/25		6,646,729
	7,995	Capistrano, CA Uni Sch Dist (FGIC Insd) (a)		5.000		09/01/26		7,075,895
	5,600	Capistrano, CA Uni Sch Dist (FGIC Insd)		5.000		09/01/27		4,908,176
	3,000	Capistrano, CA Uni Sch Dist (FGIC Insd)		5.000		09/01/29		2,590,530
	2,000	Desert Hot Springs, CA Redev Agy Tax Alloc Merged Redev Proj, Ser A-2		5.250		09/01/28		1,792,680
	425	Earlimart, CA Elem Sch Dist, Ser 1 (AMBAC Insd)		6.700		08/01/21		495,444
	5,500	Golden St Tob Sec Corp CA Tob Settlement Rev, Ser A-1		5.750		06/01/47		4,123,570

15

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	265	Golden West Sch Fin Auth CA Rev Rfdg, Ser A (MBIA Insd) (a)		5.750	%	08/01/19	$	285,291
	7,000	Hawthorne, CA Cmnty Redev Agy Tax Alloc Proj Area No 2 (XLCA Insd)		5.250		09/01/36		6,452,250
	690	Jurupa, CA Univ Sch Dist Election 2001 (FGIC Insd)		5.000		08/01/26		659,357
	3,360	Loma Linda, CA Redev Agy Tax Alloc, Ser A (XLCA Insd)		5.250		07/01/30		3,097,853
	10,000	Merced, CA Irr Dist Rev Ctf Partn Elec Sys Proj (XLCA Insd)		5.250		09/01/36		8,674,700
	5,000	Palm Springs, CA Fin Lease Rev Convention Ctr Proj, Ser A (MBIA Insd)		5.500		11/01/29		4,914,050
	4,000	Port Oakland, CA Rfdg Inter Lien, Ser A (MBIA Insd) (AMT)		5.000		11/01/29		3,332,320
	10,000	Poway, CA Uni Sch Dist Spl Tax Cmnty Fac Dist No 6-4S Ranch (AMBAC Insd)		5.000		09/01/35		8,978,700
	2,390	San Francisco, CA City & Cnty Arpts Commn Intl Arpt, Ser 23-A (FSA Insd) (AMT)		5.000		05/01/30		2,011,089
	5,140	San Marcos, CA Pub Fac Auth Rev Tax Increment Pass-Thru Rfdg, Ser A (AMBAC Insd)		5.000		10/01/31		4,591,408
	2,785	Santa Monica, CA Cmnty College Rfdg, Ser A (AMBAC Insd)		5.000		02/01/27		2,514,883
	5,380	South Orange Cnty, CA Pub Fin Auth Spl Tax Rev Ladera Ranch, Ser A (AMBAC Insd)		5.000		08/15/27		4,965,202
	2,000	South Tahoe, CA, Jt Pwr Fin Redev Proj Area No 1 Rfdg, Ser A (AMBAC Insd)		5.000		10/01/35		1,795,580
	10,005	Tobacco Sec Auth Southn CA Tob Settlement, Ser A1 (b)		5.125		06/01/46		6,752,074
	8,780	University CA Regt, Ser A (BHAC Insd)		4.500		05/15/47		7,022,156
	2,000	Vallecitos Wtr Dist Wtr, Ser A (FSA Insd)		5.000		07/01/35		1,834,440
	700	Vallejo City, CA Uni Sch Rfdg, Ser A (MBIA Insd)		5.900		08/01/25		679,595
	11,000	Vernon, CA Nat Gas Fin Auth Rev Vernon Gas Proj, Ser C (MBIA Insd) (c) (d)		9.750		08/01/21		11,000,000
	4,440	Washington, CA Uni Sch Dist Yolo Cnty Partn New High Sch Proj (AMBAC Insd)		5.000		08/01/30		3,967,628
								173,943,537
		Colorado  3.1%
	2,965	Arkansas River Pwr Auth CO Pwr Rev Impt (XLCA Insd)		5.000		10/01/43		2,268,373
	3,745	Colorado Ed & Cultural Fac Auth Rev Charter Sch Aurora Academy Sch Proj Rfdg, Ser A (XLCA Insd) (a)		5.250		02/15/34		3,421,919
	2,500	Colorado Ed & Cultural Fac Auth Rev Charter Sch Bromley Sch Proj Rfdg (XLCA Insd)		5.250		09/15/32		2,292,900

16

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Colorado (Continued)
$	1,000	Colorado Ed & Cultural Fac Auth Rev Charter Sch Woodrow Wilson Sch Proj Rfdg, Ser A (XLCA Insd)		5.250	%	12/01/34	$	912,560
	1,070	Colorado Ed & Cultural Fac Auth Rev Rfdg Charter Sch Challenge Proj Rfdg (CIFG Insd)		5.000		06/01/37		949,625
	1,500	Colorado Hlth Fac Auth Rev Hosp Valley View Assn Proj		5.125		05/15/37		1,151,145
	1,600	Colorado Hlth Fac Auth Rev Poudre Vly CO Hlth Fac Auth Hosp, Ser A (FSA Insd)		5.200		03/01/31		1,429,520
	3,475	Colorado Springs, CO Hosp Rev Conv (FSA Insd)		5.250		12/15/20		3,453,386
	3,630	Colorado Springs, CO Hosp Rev Conv (FSA Insd)		5.250		12/15/21		3,555,258
	2,000	Compark Business Campus Met Dist Co Rfdg & Impt, Ser A (Radian Insd)		5.600		12/01/34		1,729,960
	6,180	Denver, CO Convention Ctr Hotel Auth Rev Rfdg (XLCA Insd)		5.000		12/01/35		4,759,465
								25,924,111
		District of Columbia  0.7%
	5,600	District Columbia Rev Univ George Washington Univ, Ser B (MBIA Insd) (c) (d)		10.000		09/15/29		5,600,000
		Florida  9.6%
	140	Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)		5.950		07/01/20		142,127
	2,500	Florida Hsg Fin Corp Rev Homeowner Mtg, Ser 1 (GNMA Collateralized) (AMT)		5.800		07/01/28		2,341,900
	1,500	Florida Hsg Fin Corp Rev Homeowner Mtg, Ser 1 (GNMA Collateralized) (AMT)		6.000		07/01/39		1,413,840
	3,255	Florida Hsg Fin Corp Rev, Ser 6 (AMT) (b)		4.625		07/01/31		2,525,229
	2,275	Florida Hsg Fin Corp Rev, Ser 6 (AMT) (b)		4.700		07/01/37		1,728,215
	1,000	Florida Intergovnmtl Fin, Ser C1 (AMBAC Insd)		5.125		02/01/31		942,230
	575	Florida Muni Ln Council Rev, Ser B (MBIA Insd)		5.750		11/01/14		602,439
	1,185	Florida St Brd Ed Cap Outlay Pub Ed, Ser C (FGIC Insd)		5.000		06/01/23		1,170,377
	2,750	Florida St Brd Ed Lottery Rev, Ser B (FGIC Insd)		5.250		07/01/13		2,781,047
	750	Florida St Brd of Regt Hsg Rev (MBIA Insd)		5.750		07/01/14		782,910
	1,900	Fort Myers, FL Impt Rev Rfdg (MBIA Insd)		4.450		12/01/35		1,540,957
	1,340	Gulf Breeze, FL Rev Loc Govt (FGIC Insd)		5.150		12/01/20		1,341,300
	500	Gulf Breeze, FL Rev Loc Govt (FGIC Insd)		5.650		12/01/20		509,465
	5,000	Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Sys, Ser B (AGL Insd) (c) (d)		8.500		11/15/37		5,000,000

17

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Florida (Continued)
$	2,500	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT)		5.375	%	10/01/33	$	2,192,325
	800	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty Rfdg (AMBAC Insd)		5.000		12/01/34		809,040
	1,000	Indian River Cnty, FL Hosp Rev Rfdg (FSA Insd)		6.100		10/01/18		1,001,840
	1,000	Key West, FL Util Brd Elec Rev Cap Apprec, Ser D (AMBAC Insd) (e)		*		10/01/13		810,150
	16,100	Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGL Insd) (AMT)		5.000		10/01/38		13,183,324
	5,000	Miami-Dade Cnty, FL Sch Brd Ctf Partn, Ser B (AGL Insd)		5.250		05/01/26		4,838,100
	1,000	Orlando, FL Cmnty Redev Agy Tax Rep Drive Unvl Blvd Rfdg (AMBAC Insd)		5.125		04/01/20		1,005,560
	2,200	Palm Beach Cnty, FL Hlth Fac Auth Rev Waterford Proj		5.250		11/15/17		2,099,900
	750	Polk Cnty, FL Sch Brd Ctf Partn Master Lease, Ser A (FSA Insd)		5.500		01/01/16		780,735
	985	Port Saint Lucie, FL Spl Assmt Rev Util Svc Area No 3 & 4A (MBIA Insd)		5.000		10/01/18		989,009
	3,000	Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd)		5.350		03/15/42		2,881,830
	5,000	Saint Johns Cnty, FL Indl Dev Auth First Mtg Rev Presbyterian Retirement, Ser A		5.625		08/01/34		4,354,400
	535	Saint Johns Cnty, FL Indl Dev Auth Professional Golf Proj Rfdg (MBIA Insd)		5.250		09/01/12		562,344
	1,000	Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (FSA Insd)		5.000		07/01/21		984,190
	2,125	Santa Rosa Bay Brdg Auth FL Rev Cap Apprec (MBIA Insd)		*		07/01/18		1,267,392
	500	Seminole Tribe FL Spl Oblig Rev, Ser A (f)		5.250		10/01/27		428,080
	500	Seminole Tribe FL Spl Oblig Rev, Ser A (f)		5.750		10/01/22		467,215
	4,000	Sunrise, FL Util Sys Rev Rfdg (AMBAC Insd)		5.200		10/01/22		3,915,960
	8,825	Tallahassee, FL Hlth Fac Rev Tallahassee Mem Regl Med Rfdg, Ser A (MBIA Insd)		6.625		12/01/13		8,848,739
	1,000	Village Ctr Cmnty Dev Dist FL, Ser A (MBIA Insd)		5.200		11/01/25		982,190
	3,735	Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Rfdg, Ser B (AMBAC Insd)		5.250		10/15/19		3,692,720
	1,000	Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Rfdg, Ser B (AMBAC Insd)		5.250		10/15/22		995,070
								79,912,149

18

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Georgia  5.3%
$	1,370	Atlanta, GA Tax Allocation Rfdg Atlantic Sta Proj (AGL Insd)		5.250	%	12/01/21	$	1,341,353
	1,000	Atlanta, GA Tax Allocation Rfdg Atlantic Sta Proj (AGL Insd)		5.250		12/01/22		966,180
	4,390	Bleckley-Cochran, GA Dev Auth Student Hsg Fac Rev MGC Real Estate Fndtn, Ser A (CIFG Insd)		5.000		07/01/25		4,133,010
	11,355	Bleckley-Cochran, GA Dev Auth Student Hsg Fac Rev MGC Real Estate Fndtn, Ser A (CIFG Insd) (a)		5.000		07/01/36		10,281,839
	14,530	Georgia Muni Elec Auth Pwr Rev 2005, Ser Y (AMBAC Insd)		6.400		01/01/13		15,691,528
	160	Georgia Muni Elec Auth Pwr Rev 2005, Ser Y (AMBAC Insd) (Prerefunded @ 1/01/11)		6.400		01/01/13		172,245
	9,445	Georgia Muni Elec Auth Pwr Rev 2005, Ser Y (MBIA Insd)		6.500		01/01/17		10,488,295
	145	Georgia Muni Elec Auth Pwr Rev 2005, Ser Y (MBIA Insd) (Prerefunded @ 1/01/14)		6.500		01/01/17		165,510
	860	Georgia Muni Elec Auth Pwr Rev, Ser Y (AMBAC Insd) (e)		6.400		01/01/13		933,057
	410	Georgia Muni Elec Auth Pwr Rev, Ser Y (MBIA Insd)		6.500		01/01/17		464,813
								44,637,830
		Idaho  1.0%
	1,000	Idaho Hsg & Fin Assn Single Family Mtg Rev, Class I, Ser A (AMT)		5.625		07/01/28		919,460
	1,290	Idaho Hsg & Fin Assn Single Family Mtg Rev, Class I, Ser B (AMT)		5.375		07/01/28		1,152,073
	3,800	Idaho Hsg & Fin Assn Single Family Mtg Rev, Class III, Ser A (AMT)		5.700		07/01/28		3,522,144
	3,265	Idaho Hsg & Fin Assn Single Family Mtg Rev, Class III, Ser B (AMT)		5.400		07/01/28		2,925,048
								8,518,725
		Illinois  17.1%
	3,755	Bourbonnais, IL Indl Proj Rev Olivet Nazarene Univ Proj (Radian Insd)		5.125		11/01/37		2,985,863
	1,500	Chicago, IL Brd Ed Cap Apprec Sch Reform, Ser A (FGIC Insd)		*		12/01/19		836,355
	1,020	Chicago, IL Brd Ed Cap Apprec Sch Reform, Ser A (FGIC Insd)		*		12/01/25		372,739
	2,845	Chicago, IL Brd Ed Cap Apprec Sch Reform, Ser B-1 (FGIC Insd)		*		12/01/19		1,586,287
	5,925	Chicago, IL Midway Arpt Rev Second Lien Rfdg, Ser B (AMBAC Insd) (a)		5.000		01/01/21		5,786,651
	6,220	Chicago, IL Midway Arpt Rev Second Lien Rfdg, Ser B (AMBAC Insd) (a)		5.000		01/01/22		5,986,128

19

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Illinois (Continued)
$	1,000	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser A (AGL Insd)		5.000	%	01/01/29	$	931,220
	6,000	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGL Insd)		5.250		01/01/24		5,839,920
	3,855	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGL Insd)		5.250		01/01/26		3,735,611
	17,500	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lein Rfdg, Ser A-2 (FSA Insd) (b)		5.750		01/01/20		16,935,625
	20,000	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lein Rfdg, Ser A-2 (FSA Insd) (b)		5.750		01/01/21		19,019,300
	5,000	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser E (AGL Insd)		5.000		01/01/34		4,590,350
	2,840	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser E (AGL Insd)		5.250		01/01/21		2,844,913
	3,120	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser E (AGL Insd)		5.250		01/01/23		3,055,416
	1,430	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser E (AGL Insd)		5.250		01/01/24		1,391,848
	615	Chicago, IL Pk Dist, Ser C (FGIC Insd)		5.500		01/01/19		627,503
	145	Chicago, IL Proj Rfdg, Ser A (AMBAC Insd)		5.625		01/01/39		145,861
	3,230	Chicago, IL Proj Rfdg, Ser A (FGIC Insd)		5.375		01/01/34		3,209,845
	1,305	Chicago, IL Proj Rfdg, Ser A (MBIA Insd)		5.500		01/01/38		1,307,571
	50	Chicago, IL Proj Rfdg, Ser A (MBIA Insd) (Prerefunded @ 1/01/11)		5.500		01/01/38		53,321
	4,200	Chicago, IL, Ser A (AGL Insd)		5.250		01/01/24		4,147,584
	4,400	Chicago, IL, Ser A (AGL Insd)		5.250		01/01/25		4,324,144
	4,945	Chicago, IL Single Family Mtg Rev Coll, Ser I (GNMA Collateralized) (AMT)		5.300		06/01/43		4,619,520
	345	Cook Cnty, IL Sch Dist No 100 Berwyn South Cap Apprec (FSA Insd) (a)		8.100		12/01/16		434,941
	290	Cook Cnty, IL Sch Dist No 100 Berwyn South Cap Apprec (FSA Insd) (a)		8.200		12/01/14		358,611
	2,605	Cook Cnty, IL Sch Dist No 122 Oak Lawn Cap Apprec (FGIC Insd) (a)		*		12/01/17		1,633,231
	2,995	Cook Cnty, IL Sch Dist No 122 Oak Lawn Cap Apprec (FGIC Insd) (a)		*		12/01/18		1,758,035
	4,210	Cook Cnty, IL Sch Dist No 122 Oak Lawn Cap Apprec (FGIC Insd) (a)		*		12/01/19		2,311,921
	4,050	Cook Cnty, IL Sch Dist No 122 Oak Lawn Cap Apprec (FGIC Insd)		*		12/01/20		2,065,824
	3,000	Du Page Cnty, IL Cmnty High Sch (FSA Insd)		5.600		01/01/22		3,050,700
	540	Grundy, Kendall & Will Cntys, IL (AMBAC Insd)		5.500		05/01/20		547,101
	340	Grundy, Kendall & Will Cntys, IL (AMBAC Insd)		5.500		05/01/21		343,322

20

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Illinois (Continued)
$	3,000	Huntley, IL Spl Svc Area No 10 Spl Tax Rfdg (AGL Insd)		5.100	%	03/01/29	$	2,829,150
	2,000	Illinois Dev Fin Auth Rev Sch Dist Pgm Rockford Sch 205 (FSA Insd)		6.650		02/01/11		2,157,380
	1,000	Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ		5.400		04/01/27		893,450
	12,000	Illinois Fin Auth Rev Resurrection Hlthcare, Ser A (FSA Insd)		5.500		05/15/24		11,489,880
	2,000	Illinois Med Dist (MBIA Insd)		5.250		06/01/32		1,913,700
	1,200	Lake Cnty, IL Cmnty Cons Sch Dist No 50 Woodland Cap Apprec, Ser B (FGIC Insd)		*		12/01/14		910,416
	6,790	Lake Cnty, IL Cmnty Unit Sch Dist No 60 Waukegan Cap Apprec, Ser A (FSA Insd)		*		12/01/17		4,384,574
	3,000	McHenry & Kane Cnty, IL Cmnty Cons Sch Dist No 158 Cap Apprec (FGIC Insd)		*		01/01/17		1,934,160
	4,000	McHenry & Kane Cnty, IL Cmnty Cons Sch Dist No 158 Cap Apprec (FGIC Insd)		*		01/01/18		2,410,320
	1,330	McHenry Cnty, IL Cmnty High Sch Dist No 154 Cap Apprec (FGIC Insd)		*		01/01/16		934,219
	6,000	Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn, Ser A (MBIA Insd)		5.250		06/15/42		5,804,460
								142,498,970
		Indiana  0.3%
	325	Indiana Bd Bk Spl Pgm, Ser A (AMBAC Insd) (e)		9.750		08/01/09		337,691
	2,000	Indiana Hlth & Ed Fac Fin Auth Rev Rfdg Saint Francis, Ser E (FSA Insd)		5.250		05/15/41		1,856,080
	500	Plainfield, IN Cmnty High Sch Bldg Corp First Mtg (FGIC Insd)		5.000		01/15/30		457,685
								2,651,456
		Iowa  0.3%
	2,375	Iowa Fin Auth Hosp Fac Rev Trinity Regl Hosp Proj (FSA Insd)		5.750		07/01/17		2,403,453
		Kentucky  0.5%
	4,000	Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev, Subser A-1 (AGL Insd)		6.000		12/01/38		3,854,080
		Louisiana  3.5%
	3,075	Calcasieu Parish, LA Mem Hosp Svc Dist Hosp Rev Lake Charles Mem Hosp Proj, Ser A (Connie Lee Insd)		6.375		12/01/12		3,270,478
	5,530	Calcasieu Parish, LA Mem Hosp Svc Dist Hosp Rev Lake Charles Mem Hosp Proj, Ser A (Connie Lee Insd)		6.500		12/01/18		6,211,738

21

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Louisiana (Continued)
$	7,500	Lafayette, LA Util Rev (MBIA Insd)		5.250	%	11/01/24	$	7,499,625
	10,000	Louisiana Pub Fac Auth Rev Christus Hlth, Subser C-2 (AMBAC Insd) (c) (d)		8.500		07/01/41		10,000,000
	2,500	Louisiana St Gas & Fuels Tax Rev, Ser A (AGL Insd)		5.000		05/01/28		2,365,475
								29,347,316
		Massachusetts  1.4%
	2,350	Massachusetts Muni Whsl Elec Co Nuclear Mix, Ser 1-A (MBIA Insd)		5.250		07/01/13		2,463,669
	175	Massachusetts Muni Whsl Elec Co Proj No. 6-A, Ser A (MBIA Insd)		5.250		07/01/16		178,213
	2,000	Massachusetts St Hlth & Ed Fac Auth Rev Caregroup, Ser B-2 (MBIA Insd)		5.375		02/01/27		1,863,020
	1,060	Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg, Ser 126 (AMT) (b)		4.550		06/01/27		845,080
	300	Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg, Ser 126 (AMT) (b)		4.700		06/01/38		227,133
	1,745	Massachusetts St Hsg Fin Agy Hsg, Ser C (AMT)		5.100		12/01/27		1,517,173
	5,000	Massachusetts St Wtr Pollutn Abatement Tr Pool Pgm, Ser 12 (b)		4.375		08/01/31		4,219,225
								11,313,513
		Michigan  0.3%
	75	Chippewa Valley, MI Sch Bldg & Site (FSA Insd)		5.000		05/01/20		75,667
	3,000	Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A		6.000		06/01/48		2,266,230
								2,341,897
		Minnesota  0.5%
	4,020	Minneapolis, MN Hlthcare Sys Rev Var Rfdg Fairview Hlth Svc, Ser C (MBIA Insd) (a) (c) (d)		9.750		11/15/26		4,020,000
		Mississippi  0.1%
	1,000	Harrison Cnty, MS Wastewtr Mgmt & Solid Wastewtr Treatment Fac Rfdg, Ser A (FGIC Insd) (e)		8.500		02/01/13		1,202,140
		Missouri  0.3%
	220	Mehlville, MO Sch Dist No R-9 Ctf Partn, Ser A (FSA Insd)		5.500		03/01/16		227,808
	230	Mehlville, MO Sch Dist No R-9 Ctf Partn, Ser A (FSA Insd)		5.500		03/01/17		238,163

22

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Missouri (Continued)
$	2,975	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.600	%	07/01/36	$	2,221,908
								2,687,879
		Nebraska  2.3%
	15,570	Nebraska Pub Pwr Dist Rev Gen, Ser B (FSA Insd) (a) (b)		5.000		01/01/37		14,354,450
	3,620	Saunders Cnty, NE (FSA Insd) (a)		5.000		11/01/35		3,361,641
	2,000	Washington Cnty, NE Wastewtr & Solid Waste Disp Fac Rev Cargill Inc Proj (AMT)		4.850		04/01/35		1,566,640
								19,282,731
		Nevada  0.9%
	1,500	Clark Cnty, NV Arpt Impt Rev Rfdg, Ser A (MBIA Insd) (c) (d)		9.750		07/01/12		1,500,000
	3,045	Clark Cnty, NV Arpt Rev Sub Lien, Ser A-1 (FGIC Insd) (AMT)		5.500		07/01/20		2,833,768
	3,000	Clark Cnty, NV Arpt Rev Sub Lien, Ser A-1 (FGIC Insd) (AMT)		5.500		07/01/21		2,737,410
	935	Reno, NV Cap Impt Rev (FGIC Insd)		5.125		06/01/26		851,290
								7,922,468
		New Hampshire  0.2%
	1,810	New Hampshire St Hsg Fin Auth Single Family Mth Rev Acquisition, Ser D (AMT)		5.500		07/01/28		1,641,779
		New Jersey  1.8%
	12,430	Tobacco Settlement Fin Corp NJ, Ser A-1 (b)		4.750		06/01/34		8,145,938
	10,500	Tobacco Settlement Fin Corp NJ, Ser A-1 (b)		5.000		06/01/41		6,649,388
								14,795,326
		New York  1.8%
	5,470	New York City Hlth & Hosp Hlth Sys, Ser A (FSA Insd)		5.000		02/15/21		5,405,126
	2,360	New York City Hsg Dev Corp, Ser B-1 (AMT)		5.125		11/01/32		2,010,743
	5,000	New York City Indl Dev Agy Civic Fac Rev Polytechnic Univ Proj (ACA Insd) (b)		5.250		11/01/27		4,206,350
	3,105	New York St Dorm Auth Rev Insd Brooklyn Law Sch, Ser B (XLCA Insd) (a)		5.375		07/01/21		3,107,950
								14,730,169
		North Carolina  0.7%
	6,000	Johnston, NC Mem Hosp Auth (FSA Insd)		5.250		10/01/24		5,872,920
		North Dakota  1.3%
	5,000	Mercer Cnty, ND Pollutn Ctl Rev Antelope Vly Station Rfdg (AMBAC Insd)		7.200		06/30/13		5,504,450
	5,000	Oliver Cnty, ND Pollutn Ctl Rev Square Butte Elec Coop Rfdg, Ser A (AMBAC Insd)		5.300		01/01/27		4,778,800

23

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		North Dakota (Continued)
$	675	Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group		5.125	%	07/01/25	$	587,264
								10,870,514
		Ohio  0.7%
	3,500	Lorain Cnty, OH Hosp Rev Catholic Rfdg, Ser C-1 (FSA Insd)		5.000		04/01/24		3,336,550
	2,845	Ohio Hsg Fin Agy Multifamily Hsg Mtg Covenant, Ser C (GNMA Collateralized) (AMT) (a)		6.100		09/20/49		2,659,591
								5,996,141
		Oklahoma  1.8%
	1,000	Chickasaw Nation, OK Hlth Sys (f)		6.250		12/01/32		933,950
	2,395	Grand River Dam Auth OK Rev, Ser A (BHAC Insd)		5.000		06/01/21		2,409,801
	2,395	Grand River Dam Auth OK Rev, Ser A (BHAC Insd		5.000		06/01/22		2,386,857
	4,075	Grand River Dam Auth OK Rev, Ser A (BHAC Insd)		5.000		06/01/23		4,016,442
	4,320	McAlester, OK Pub Wks Auth Util Cap Apprec, Ser A (FSA Insd)		*		02/01/30		1,140,567
	2,000	Oklahoma Colleges Brd Regt Stad Univ Cent OK, Ser B (AMBAC Insd)		5.500		06/01/24		2,009,500
	2,000	Tulsa, OK Cmnty College Rev (AMBAC Insd)		5.500		07/01/22		2,017,960
								14,915,077
		Pennsylvania  2.5%
	5,000	Allegheny Cnty, PA Hosp Dev Auth Rev Insd Hlth Sys, Ser A (MBIA Insd) (Prerefunded @ 11/15/10)		6.500		11/15/30		5,490,650
	4,875	Allegheny Cnty, PA Hosp Dev Auth Rev Pittsburgh Mercy Hlth Sys Inc (AMBAC Insd) (e)		5.625		08/15/26		5,094,814
	250	Harrisburg, PA Auth Res Gtd Sub, Ser D-2 (FSA Insd)		5.000		12/01/33		256,680
	3,000	Lycoming Cnty, PA Auth College Rev PA College of Technology (AMBAC Insd)		5.350		07/01/26		2,952,480
	3,000	Pennsylvania Hsg Fin Agy Single Family Mtg Rev, Ser 102-A (AMT)		5.250		10/01/23		2,737,890
	4,555	Philadelphia, PA Gas Wks Rev 1998 Gen Ordinance 4th Ser (FSA Insd)		5.250		08/01/21		4,556,412
								21,088,926
		South Carolina  2.3%
	5,170	Easley, SC Util Rev Impt & Rfdg (FSA Insd) (Prerefunded @ 12/01/15)		5.000		12/01/34		5,434,239
	3,800	Scago Ed & Fac Corp for Cherokee Cnty SC Proj, Ser B (FSA Insd)		5.000		12/01/30		3,548,782

24

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		South Carolina (Continued)
$	6,500	South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd)		5.200	%	11/01/27	$	6,256,120
	4,465	Spartanburg Cnty, SC Regl Hlth Svc Dist Rfdg, Ser D (AGL Insd)		5.250		04/15/22		4,355,116
								19,594,257
		South Dakota  1.6%
	3,000	South Dakota St Hlth & Ed Fac Auth Rev Vocational Ed Prog (AGL Insd)		5.500		08/01/38		2,816,280
	5,205	South Dakota St Lease Rev Tr Ctf, Ser A (FSA Insd)		6.625		09/01/12		5,606,253
	4,000	South Dakota St Lease Rev Tr Ctf, Ser A (FSA Insd)		6.700		09/01/17		4,570,320
								12,992,853
		Tennessee  0.2%
	1,335	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (FSA Insd)		5.250		09/01/27		1,279,344
		Texas  9.4%
	620	Alamo, TX Cmnty College Dist Combined Fee Rfdg (FSA Insd)		5.000		11/01/22		610,737
	5,000	Brazos Riv Auth TX Rev Houston Ind Inc Proj, Ser C (AMBAC Insd)		5.125		05/01/19		4,905,750
	4,000	Dallas Fort Worth, TX Intl Arpt Rev Impt, Ser B (FSA Insd) (AMT) (b)		5.375		11/01/21		3,660,640
	6,110	Dallas Fort Worth, TX Intl Arpt Rev Impt, Ser B (FSA Insd) (AMT) (b)		5.500		11/01/19		5,860,132
	1,000	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Baylor College Med, Ser A-1 (AMBAC Insd) (c) (d)		9.500		11/15/47		1,000,000
	12,500	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Baylor College Med, Ser A-4 (AMBAC Insd) (c) (d)		9.500		11/15/47		12,500,000
	2,000	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Baylor College Med, Ser A-5 (AMBAC Insd) (c) (d)		9.000		11/15/47		2,000,000
	4,000	Harris Cnty, TX Hlth Fac Dev Corp Rev Christus Hlth, Ser A-3 (FSA Insd) (c) (d)		9.000		07/01/31		4,000,000
	22,500	Houston, TX Util Sys Rev First Lien Rfdg, Ser A (BHAC Insd)		5.250		05/15/23		22,272,300
	750	Laredo, TX Cmnty College Dist Unrefunded Balance Bldg & Rfdg (AMBAC Insd)		5.300		08/01/26		733,860
	3,000	Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT)		6.000		08/01/20		2,963,640
	2,500	North TX Twy Auth Rev Rfdg Sys First Tier, Ser A		5.625		01/01/33		2,297,175

25

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Texas (Continued)
$	2,750	Nueces Riv Auth TX Wtr Supply Rev Fac Corpus Christi Proj Rfdg (FSA Insd)		5.000	%	07/15/25	$	2,594,543
	2,000	Nueces Riv Auth TX Wtr Supply Rev Fac Corpus Christi Proj Rfdg (FSA Insd)		5.000		03/01/27		1,869,640
	1,750	Tarrant Cnty, TX Hlth Fac Dev Corp Hlth Sys Rev, Ser B (FGIC Insd) (e)		5.000		09/01/15		1,823,325
	10,000	Texas St Tpk Auth Cent TX Tpk First Tier, Ser A (AMBAC Insd)		5.500		08/15/39		9,380,100
								78,471,842
		Utah  0.2%
	475	Provo, UT Elec Rev 1984 Rfdg, Ser A (AMBAC Insd) (e)		10.375		09/15/15		589,793
	1,000	Utah Hsg Corp Single Family Mtg Rev, Class III, Ser C-1 (AMT)		5.700		07/01/28		926,880
								1,516,673
		Washington  7.9%
	4,115	Chelan Cnty, WA Sch Dist No 246 (FSA Insd)		5.000		12/01/21		4,124,300
	11,340	Energy Northwest WA Elec Rev Columbia Generating Rfdg, Ser A (FSA Insd)		5.500		07/01/17		11,904,959
	4,500	Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (FSA Insd)		5.500		07/01/17		4,707,855
	14,500	Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (FSA Insd)		5.500		07/01/18		15,121,180
	5,000	Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser B (FSA Insd)		6.000		07/01/16		5,358,400
	1,365	Energy Northwest WA Wind Proj (AMBAC Insd)		5.000		07/01/23		1,265,260
	1,215	Fife, WA Wtr & Swr Rev (MBIA Insd) (a)		5.000		04/01/24		1,153,387
	1,160	Fife, WA Wtr & Swr Rev (MBIA Insd) (a)		5.000		04/01/29		1,066,492
	1,600	Fife, WA Wtr & Swr Rev (MBIA Insd)		5.125		04/01/24		1,570,640
	1,025	King Cnty, WA Hsg Auth Cap Fd Pgm Rev Egis Hsg Pgm (FSA Insd) (AMT)		5.300		06/01/23		937,793
	4,140	Lynnwood, WA Pub Fac Dist Rev Convention Ctr (AMBAC Insd)		5.000		12/01/34		3,742,850
	145	Snohomish Cnty, WA Pub Util 1 (FSA Insd)		5.000		12/01/24		139,542
	2,565	Snohomish Cnty, WA Pub Util 1 (FSA Insd)		5.500		12/01/23		2,593,318
	3,000	Spokane, WA Pub Fac Dist Hotel (MBIA Insd)		5.250		09/01/33		2,844,270
	2,000	Spokane, WA Pub Fac Dist Hotel (MBIA Insd)		5.750		12/01/25		2,040,060
	2,420	Spokane, WA Pub Fac Dist Hotel (MBIA Insd)		5.750		12/01/26		2,458,647
	5,000	Washington St Hlthcare Fac Auth Rev Providence Hlth, Ser D (FSA Insd)		5.250		10/01/33		4,708,450
								65,737,403

26

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		West Virginia  0.2%
$	1,530	West Virginia Econ Dev Auth Lease Rev Correctional Juvenile & Pub, Ser A (MBIA Insd)		5.500	%	06/01/19	$	1,570,361
		Wisconsin  0.4%
	1,000	Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd)		5.000		08/01/31		907,590
	3,000	Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd)		5.000		08/01/34		2,702,640
								3,610,230
		Wyoming  0.5%
	4,500	Wyoming Cmnty Dev Auth Hsg Rev, Ser 1 (AMT)		5.300		12/01/23		4,109,220
		Puerto Rico  0.4%
	3,000	Puerto Rico Indl Tourist Ed Med & Environmental Ctl Fac Hosp Aux (MBIA Insd)		6.250		07/01/16		3,006,990
Total Long-Term Investments  107.9% (Cost $969,663,077)								900,487,304
Total Short-Term Investments  0.4% (Cost $3,100,000)								3,100,000
Total Investments  108.3% (Cost $972,763,077)								903,587,304
Liability for Floating Rate Note Obligations Related to Securities Held  (10.3%) (Cost ($85,610,000))
	(85,610)	Notes with interest rates ranging from 5.73% to 8.79% at September 30, 2008 and contractual maturities of collateral ranging from 2019 to 2046 (See Note 1) (g)						(85,610,000	)
Total Net Investments  98.0% (Cost $887,409,741)								817,977,304
Other Assets in Excess of Liabilities  2.0%								16,376,643
Net Assets  100.0%							$	834,353,947

27

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Percentages are calculated as a percentage of net assets.

*	Zero coupon bond
(a)	The Fund owns 100% of the outstanding bond issuance.
(b)	Underlying security related to Inverse Floaters entered into by the Fund. See Notes 1H and 6B.
(c)	Security includes a feature allowing the Fund an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.
(d)	Variable Rate Coupon
(e)	Escrowed to Maturity
(f)	144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
(g)	Floating rate notes. The interest rates shown reflect the rates in effect at September 30, 2008.

ACA—American Capital Access

AGL—Assured Guaranty Ltd.

AMBAC—AMBAC Indemnity Corp.

AMT—Alternative Minimum Tax

BHAC—Berkshire Hathaway Assurance Corp.

CIFG—CDC IXIS Financial Guaranty

Connie Lee—Connie Lee Insurance Co.

FGIC—Financial Guaranty Insurance Co.

FSA—Financial Security Assurance Inc.

GNMA—Government National Mortgage Association

MBIA—Municipal Bond Investors Assurance Corp.

Radian—Radian Asset Assurance

XLCA—XL Capital Assurance Inc.

28

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund

Financial Statements

Statement of Assets and Liabilities

September 30, 2008

Assets:
Total Investments (Cost $972,763,077)	$	903,587,304
Cash		3,926,669
Receivables:
Interest		12,775,751
Investments Sold		3,101,323
Fund Shares Sold		894,009
Other		265,795
Total Assets		924,550,851
Liabilities:
Payables:
Floating Rate Note Obligations		85,610,000
Fund Shares Repurchased		1,865,652
Investments Purchased		890,000
Income Distributions		596,624
Investment Advisory Fee		369,760
Distributor and Affiliates		259,941
Trustees’ Deferred Compensation and Retirement Plans		350,337
Accrued Expenses		254,590
Total Liabilities		90,196,904
Net Assets	$	834,353,947
Net Assets Consist of:
Capital (Par value of $.01 per share with an unlimited number of shares authorized)	$	959,008,589
Accumulated Undistributed Net Investment Income		3,288,218
Accumulated Net Realized Loss		(58,767,087	)
Net Unrealized Depreciation		(69,175,773	)
Net Assets	$	834,353,947
Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $794,432,630 and 51,922,796 shares of beneficial interest issued and outstanding)	$	15.30
Maximum sales charge (4.75%* of offering price)		0.76
Maximum offering price to public	$	16.06
Class B Shares:
Net asset value and offering price per share (Based on net assets of $20,694,815 and 1,354,201 shares of beneficial interest issued and outstanding)	$	15.28
Class C Shares:
Net asset value and offering price per share (Based on net assets of $18,388,012 and 1,204,554 shares of beneficial interest issued and outstanding)	$	15.27
Class I Shares:
Net asset value and offering price per share (Based on net assets of $838,490 and 54,801 shares of beneficial interest issued and outstanding)	$	15.30

* On sales of $100,000 or more, the sales charge will be reduced.

29

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Financial Statements  continued

Statement of Operations

For the Year Ended September 30, 2008

Investment Income:
Interest	$	57,528,196
Expenses:
Interest and Residual Trust Expenses		5,557,095
Investment Advisory Fee		4,880,960
Distribution (12b-1) and Service Fees
Class A		2,234,855
Class B		257,293
Class C		187,064
Transfer Agent Fees		565,644
Accounting and Administrative Expenses		191,718
Professional Fees		137,157
Custody		93,954
Registration Fees		68,440
Reports to Shareholders		64,930
Trustees’ Fees and Related Expenses		40,557
Other		50,416
Total Expenses		14,330,083
Less Credits Earned on Cash Balances		33,608
Net Expenses		14,296,475
Net Investment Income	$	43,231,721
Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments	$	(43,296,311	)
Futures		(11,672,511	)
Net Realized Loss		(54,968,822	)
Unrealized Appreciation/Depreciation:
Beginning of the Period		11,207,932
End of the Period		(69,175,773	)
Net Unrealized Depreciation During the Period		(80,383,705	)
Net Realized and Unrealized Loss	$	(135,352,527	)
Net Decrease in Net Assets From Operations	$	(92,120,806	)

30

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Financial Statements  continued

Statements of Changes in Net Assets

	For The			For The
	Year Ended			Year Ended
	September 30, 2008			September 30, 2007
From Investment Activities:
Operations:
Net Investment Income	$	43,231,721		$	43,645,112
Net Realized Loss		(54,968,822	)		(5,564,246	)
Net Unrealized Depreciation During the Period		(80,383,705	)		(44,531,309	)
Change in Net Assets from Operations		(92,120,806	)		(6,450,443	)
Distributions from Net Investment Income:
Class A Shares		(40,787,122	)		(40,174,291	)
Class B Shares		(960,926	)		(1,163,640	)
Class C Shares		(704,919	)		(610,672	)
Class I Shares		(51,364	)		(88,748	)
		(42,504,331	)		(42,037,351	)
Distributions from Net Realized Gain:
Class A Shares		-0-			(3,149,919	)
Class B Shares		-0-			(122,192	)
Class C Shares		-0-			(59,328	)
Class I Shares		-0-			(7,068	)
		-0-			(3,338,507	)
Total Distributions		(42,504,331	)		(45,375,858	)
Net Change in Net Assets from Investment Activities		(134,625,137	)		(51,826,301	)
From Capital Transactions:
Proceeds from Shares Sold		59,362,955			61,750,099
Net Asset Value of Shares Issued Through Dividend Reinvestment		34,710,512			36,270,893
Cost of Shares Repurchased		(158,433,865	)		(155,459,171	)
Net Change in Net Assets from Capital Transactions		(64,360,398	)		(57,438,179	)
Total Decrease in Net Assets		(198,985,535	)		(109,264,480	)
Net Assets:
Beginning of the Period		1,033,339,482			1,142,603,962
End of the Period (Including accumulated undistributed net investment income of $3,288,218 and $2,625,987, respectively)	$	834,353,947		$	1,033,339,482

31

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Financial Statements  continued

Statement of Cash Flows

For the Year Ended September 30, 2008

Change in Net Assets from Operations	$	(92,120,806	)
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided by Operating Activities:
Purchases of Investments		(653,190,306	)
Proceeds from Sales		869,129,543
Net Purchases of Short-Term Investments		45,625,000
Amortization of Premium		1,707,938
Accretion of Discount		(1,437,394	)
Net Realized Loss on Investments		43,296,311
Net Change in Unrealized Appreciation on Investments		78,685,447
Decrease in Interest Receivables and Other Assets		797,504
Increase in Receivable for Investments Sold		(3,101,323	)
Decrease in Accrued Expenses and Other Payables		(122,706	)
Decrease in Investments Purchased Payable		(19,279,895	)
Total Adjustments		362,110,119
Net Cash Provided by Operating Activities		269,989,313
Cash Flows from Financing Activities
Proceeds from Shares Sold		58,645,376
Repurchased Shares		(159,122,559	)
Dividends Paid		(7,854,424	)
Proceeds from and Repayments of Floating Rate Note Obligations		(159,115,000	)
Net Cash Used for Financing Activities		(267,446,607	)
Net Change in Cash		2,542,706
Cash at the Beginning of the Period		1,383,963
Cash at the End of the Period	$	3,926,669
Supplemental Disclosures of Cash Flow Information
Cash Paid During the Year for Interest	$	5,557,095

32

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund

Financial Highlights

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

	Year Ended September 30,
Class A Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	17.72		$	18.59		$	18.87		$	19.07		$	19.27
Net Investment Income		0.77	(a)		0.74	(a)		0.72	(a)		0.72			0.76
Net Realized and Unrealized Gain/Loss		(2.43	)		(0.84	)		0.09			(0.01	)		0.02
Total from Investment Operations		(1.66	)		(0.10	)		0.81			0.71			0.78
Less:
Distributions from Net Investment Income		0.76			0.71			0.71			0.74			0.75
Distributions from Net Realized Gain		-0-			0.06			0.38			0.17			0.23
Total Distributions		0.76			0.77			1.09			0.91			0.98
Net Asset Value, End of the Period	$	15.30		$	17.72		$	18.59		$	18.87		$	19.07
Total Return (b)		–9.57%			–0.63%			4.49%			3.77%			4.22%
Net Assets at End of the Period (In millions)	$	794.4		$	983.3		$	1,075.9		$	1,114.2		$	1,137.2
Ratio of Expenses to Average Net Assets		1.47%			1.54%			1.00%			0.94%			0.89%
Ratio of Net Investment Income to Average Net Assets		4.58%			4.02%			3.87%			3.81%			3.99%
Portfolio Turnover		59%			51%			45%			65%			39%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.89%			0.88%			0.88%			0.88%			0.87%

(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 4.75% 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 .25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

33

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class B Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	17.70		$	18.57		$	18.85		$	19.05		$	19.24
Net Investment Income		0.64	(a)		0.60	(a)		0.58	(a)		0.59			0.62
Net Realized and Unrealized Gain/Loss		(2.43	)		(0.84	)		0.09			(0.02	)		0.02
Total from Investment Operations		(1.79	)		(0.24	)		0.67			0.57			0.64
Less:
Distributions from Net Investment Income		0.63			0.57			0.57			0.60			0.60
Distributions from Net Realized Gain		-0-			0.06			0.38			0.17			0.23
Total Distributions		0.63			0.63			0.95			0.77			0.83
Net Asset Value, End of the Period	$	15.28		$	17.70		$	18.57		$	18.85		$	19.05
Total Return (b)		–10.27%			–1.38%			3.71%			3.04%			3.43%
Net Assets at End of the Period (In millions)	$	20.7		$	30.0		$	43.0		$	56.2		$	66.4
Ratio of Expenses to Average Net Assets		2.22%			2.29%			1.75%			1.70%			1.65%
Ratio of Net Investment Income to Average Net Assets		3.79%			3.25%			3.11%			3.05%			3.23%
Portfolio Turnover		59%			51%			45%			65%			39%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.64%			1.63%			1.63%			1.64%			1.63%

(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 4%, charged on certain redemptions made within one year of purchase and declining to 0% after the sixth 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.

34

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class C Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	17.68		$	18.55		$	18.84		$	19.04		$	19.23
Net Investment Income		0.65	(a)		0.60	(a)		0.58	(a)		0.58			0.62
Net Realized and Unrealized Gain/Loss		(2.43	)		(0.84	)		0.08			(0.01	)		0.02
Total from Investment Operations		(1.78	)		(0.24	)		0.66			0.57			0.64
Less:
Distributions from Net Investment Income		0.63			0.57			0.57			0.60			0.60
Distributions from Net Realized Gain		-0-			0.06			0.38			0.17			0.23
Total Distributions		0.63			0.63			0.95			0.77			0.83
Net Asset Value, End of the Period	$	15.27		$	17.68		$	18.55		$	18.84		$	19.04
Total Return (b)		-10.28%			-1.38%			3.66%			3.04%			3.43%
Net Assets at End of the Period (In millions)	$	18.4		$	19.0		$	21.3		$	21.7		$	19.9
Ratio of Expenses to Average Net Assets		2.23%			2.29%			1.75%			1.70%			1.65%
Ratio of Net Investment Income to Average Net Assets		3.83%			3.26%			3.11%			3.05%			3.23%
Portfolio Turnover		59%			51%			45%			65%			39%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.64%			1.63%			1.63%			1.64%			1.63%

(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.

35

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund
Financial Highlights  continued

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

										August 12, 2005
										(Commencement of
	Year Ended September 30,									Operations) to
Class I Shares	2008			2007			2006			September 30, 2005
Net Asset Value, Beginning of the Period	$	17.72		$	18.59		$	18.87		$	18.93
Net Investment Income		0.82	(a)		0.78	(a)		0.75	(a)		0.10
Net Realized and Unrealized Gain/Loss		(2.44	)		(0.84	)		0.10			(0.06	)
Total from Investment Operations		(1.62	)		(0.06	)		0.85			0.04
Less:
Distributions from Net Investment Income		0.80			0.75			0.75			0.10
Distributions from Net Realized Gain		-0-			0.06			0.38			-0-
Total Distributions		0.80			0.81			1.13			0.10
Net Asset Value, End of the Period	$	15.30		$	17.72		$	18.59		$	18.87
Total Return (b)		–9.34%			–0.38%			4.75%			0.20%	*
Net Assets at End of the Period (In millions)	$	0.8		$	1.1		$	2.4		$	1.9
Ratio of Expenses to Average Net Assets		1.22%			1.29%			0.75%			0.70%
Ratio of Net Investment Income to Average Net Assets		4.83%			4.23%			4.11%			4.06%
Portfolio Turnover		59%			51%			45%			65%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.64%			0.63%			0.63%			0.64%

*	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 of Fund shares.

36

See Notes to Financial Statements

Van Kampen Insured Tax Free Income Fund

Notes to Financial Statements  n  September 30, 2008

1. Significant Accounting Policies

Van Kampen Insured Tax Free Income Fund (the “Fund”) is organized as a series of the Van Kampen Tax Free 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 investment objective is to provide investors with a high level of current income exempt from federal income taxes, with liquidity and safety of principal, primarily through investment in a diversified portfolio of insured municipal securities. The Fund commenced investment operations on December 14, 1984. 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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A. Security Valuation Municipal bonds are valued by independent pricing services or dealers using the mean of the last reported bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

B. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The 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 payment is made. At September 30, 2008, the Fund had $890,000 of when-issued and delayed delivery purchase commitments.

C. Income and Expenses Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. 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.

D. 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

37

Van Kampen Insured Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

for federal income taxes is required. The Fund adopted the provisions of the Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty in Income Taxes on March 31, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying 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, New York and various states. Generally, each of the tax years in the four year period ended September 30, 2008, 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 these losses against any future realized capital gains. At September 30, 2008, the Fund had an accumulated capital loss carryforward for tax purposes of $8,200,776 which will expire according to the following schedule:

Amount		Expiration
$	210,390		September 30, 2015
	7,990,386		September 30, 2016

At September 30, 2008, the cost and related gross unrealized appreciation and depreciation were as follows:

Cost of investments for tax purposes	$	872,267,693
Gross tax unrealized appreciation	$	10,899,413
Gross tax unrealized depreciation		(65,189,802	)
Net tax unrealized depreciation on investments	$	(54,290,389	)

E. Distribution of Income and Gains The Fund declares daily and pays monthly dividends from net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains and a portion of futures gains, which are included in ordinary income for tax purposes.

The tax character of distributions paid during the years ended September 30, 2008 and 2007 was as follows:

	2008		2007
Distributions paid from:
Ordinary income	$	90,745	$	368,719
Tax-exempt income		42,474,190		41,829,550
Long-term capital gain		-0-		3,333,429
	$	42,564,935	$	45,531,698

38

Van Kampen Insured Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

Permanent differences, primarily due to the Fund’s investment in other regulated investment companies, resulted in the following reclassification among the Fund’s components of net assets at September 30, 2008:

Accumulated Undistributed			Accumulated Net
Net Investment Income			Realized Loss		Capital
$	(65,159	)	$	65,159	$	-0-

As of September 30, 2008, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	27,581
Undistributed tax-exempt income		3,985,891

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of post-October losses of $65,205,726 which are not recognized for tax purposes until the first day of the following fiscal year.

F. Insurance Expense The Fund typically invests in insured bonds. Any portfolio securities not specifically covered by a primary insurance policy are insured secondarily through the Fund’s portfolio insurance policy. Insurance premiums are based on the daily balances of uninsured bonds in the portfolio of investments and are charged to expense on an accrual basis. The insurance policy guarantees the timely payment of principal and interest on the securities in the Fund’s portfolio.

G. Credits Earned on Cash Balances During the year ended September 30, 2008, the Fund’s custody fee was reduced by $33,608 as a result of credits earned on cash balances.

H. Floating Rate Note Obligations Related to Securities Held The Fund enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interest in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The Fund enters into shortfall agreements with the dealer trusts, which commit the Fund to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Fund, thereby collapsing the dealer trusts. The Fund accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Fund’s investments assets, and the related floating rate notes reflected as Fund liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption “Interest and Residual Trust Expenses” on the Fund’s Statement

39

Van Kampen Insured Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

of Operations. The notes issued by the dealer trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At September 30, 2008, Fund investments with a value of $113,999,091 are held by the dealer trusts and serve as collateral for the $85,610,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at September 30, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average interest and fee rate related to residual interests during the year ended September 30, 2008 were $176,245,000 and 3.15%, respectively.

2.  Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, Van Kampen Asset Management (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		0.525%
Next $500 million		0.500%
Next $500 million		0.475%
Over $1.5 billion		0.450%

For the year ended September 30, 2008, the Fund recognized expenses of approximately $28,900 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 year ended September 30, 2008, the Fund recognized expenses of approximately $106,900 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 year ended September 30, 2008, the Fund recognized expenses of approximately $295,900 representing transfer agency fees paid to VKIS and its affiliates. The 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 $229,600 are included in

40

Van Kampen Insured Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

“Other” assets on the Statement of Assets and Liabilities at September 30, 2008. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligations 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 year ended September 30, 2008, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $100,700 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $43,300. Sales charges do not represent expenses of the Fund.

3. Capital Transactions

For the years ended September 30, 2008 and 2007, transactions were as follows:

	For The						For The
	Year Ended						Year Ended
	September 30, 2008						September 30, 2007
	Shares			Value			Shares			Value
Sales:
Class A		3,018,441		$	51,020,898			3,029,192		$	55,440,204
Class B		117,124			1,962,206			119,180			2,169,642
Class C		361,871			6,101,624			202,348			3,648,363
Class I		16,700			278,227			26,658			491,890
Total Sales		3,514,136		$	59,362,955			3,377,378		$	61,750,099
Dividend Reinvestment:
Class A		2,007,553		$	33,440,836			1,901,728		$	34,806,744
Class B		43,319			720,678			48,204			882,182
Class C		30,057			498,051			26,612			486,151
Class I		3,059			50,947			5,217			95,816
Total Dividend Reinvestment		2,083,988		$	34,710,512			1,981,761		$	36,270,893
Repurchases:
Class A		(8,586,406	)	$	(145,175,116	)		(7,320,562	)	$	(133,746,892	)
Class B		(501,734	)		(8,448,262	)		(788,918	)		(14,359,946	)
Class C		(260,696	)		(4,392,221	)		(301,386	)		(5,496,161	)
Class I		(25,477	)		(418,266	)		(102,322	)		(1,856,172	)
Total Repurchases		(9,374,313	)	$	(158,433,865	)		(8,513,188	)	$	(155,459,171	)

4. Redemption Fee

Until November 3, 2008, the Fund will assess a 2% redemption fee on the proceeds of Fund shares that are redeemed (either by sale or exchange) within seven 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 year ended September 30, 2008, the Fund received redemption fees of approximately $1,700, which are reported as part of “Cost of Shares Repurchased” on the Statement of Changes in Net Assets. The per share impact from redemption fees paid to the

41

Van Kampen Insured Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

Fund was less than $0.01. The redemption fee will no longer be applied after November 3, 2008.

5. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $653,190,306 and $869,129,543, respectively.

6. 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 and to manage the portfolio’s effective yield, maturity and duration. 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. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts.

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

A. Futures Contracts A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Fund generally invests in exchange traded futures contracts on U.S. Treasury Bonds or Notes for duration and risk management purposes and typically closes the contract prior to the delivery date. 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 (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.

Transactions in futures contracts for the year ended September 30, 2008, were as follows:

	Contracts
Outstanding at September 30, 2007		1,926
Futures Opened		2,435
Futures Closed		(4,361	)
Outstanding at September 30, 2008		-0-

B. Inverse Floating Rate Investments The Fund may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Fund in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have

42

Van Kampen Insured Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. Leverage may cause the Fund’s net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the value of the Fund’s portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments.

7. 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 .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 $646,000 and $67,200 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.

8. 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.

9. Accounting Pronouncement

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of September 30, 2008, the Adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.

On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.

43

Van Kampen Insured Tax Free Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Van Kampen Insured Tax Free Income Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Van Kampen Insured Tax Free Income Fund (one of the Funds constituting the Van Kampen Tax Free Trust (the “Fund”)) as of September 30, 2008, and the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2008, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen Insured Tax Free Income Fund of the Van Kampen Tax Free Trust at September 30, 2008, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

November 19, 2008

44

Van Kampen Insured Tax Free 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
Dennis Shea
Vice President
Kevin Klingert
Vice President
Amy R. Doberman
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
333 West Wacker Drive
Chicago, Illinois 60606

Independent Registered
Public Accounting Firm
Ernst & Young LLP
233 South Wacker Drive
Chicago, Illinois 60606

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2008. The Fund designated 99.8% of the income distributions as a tax-exempt income distribution. In January, the Fund provides tax information to shareholders for the preceding calendar year.

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

45

Van Kampen Insured Tax Free Income Fund

Trustee and Officer Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees serve until reaching their retirement age or until their successors are duly elected and qualified. Officers are annually elected by the trustees.

Independent Trustees:
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
David C. Arch (63) Blistex Inc. 1800 Swift Drive Oak Brook, IL 60523	Trustee	Trustee since 2003	Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Heartland Alliance, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan.

46

Van Kampen Insured Tax Free Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jerry D. Choate (70) 33971 Selva Road Suite 130 Dana Point, CA 92629	Trustee	Trustee since 1999	Prior to January 1999, Chairman and Chief Executive Officer of the Allstate Corporation (“Allstate”) and Allstate Insurance Company. Prior to January 1995, President and Chief Executive Officer of Allstate. Prior to August 1994, various management positions at Allstate.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Amgen Inc., a biotechnological company, and Valero Energy Corporation, an independent refining company.
Rod Dammeyer (68) CAC, LLC 4370 LaJolla Village Drive Suite 685 San Diego, CA 92122-1249	Trustee	Trustee since 2003	President of CAC, LLC, a private company offering capital investment and management advisory services.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Quidel Corporation, Stericycle, Inc., and Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc.

47

Van Kampen Insured Tax Free Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Linda Hutton Heagy† (60) 4939 South Greenwood Chicago, IL 60615	Trustee	Trustee since 1995	Prior to February 2008, Managing Partner of Heidrick & Struggles, an international executive search firm. Prior to 1997, Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company. Prior to 1990, Executive Vice President of The Exchange National Bank.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.
R. Craig Kennedy (56) 1744 R Street, NW Washington, DC 20009	Trustee	Trustee since 1993	Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.
Howard J Kerr (73) 14 Huron Trace Galena, IL 61036	Trustee	Trustee since 2003	Prior to 1998, President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.

48

Van Kampen Insured Tax Free Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jack E. Nelson (72) 423 Country Club Drive Winter Park, FL 32789	Trustee	Trustee since 1984	President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex.
Hugo F. Sonnenschein (68) 1126 E. 59th Street Chicago, IL 60637	Trustee	Trustee since 2003	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences.

49

Van Kampen Insured Tax Free Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Suzanne H. Woolsey, Ph.D. (66) 815 Cumberstone Road Harwood, MD 20776	Trustee	Trustee since 1999	Chief Communications Officer of the National Academy of Sciences/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Prior to 1993, Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council. From 1980 through 1989, Partner of Coopers & Lybrand.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Director of Fluor Corp., an engineering, procurement and construction organization, since January 2004. Director of Intelligent Medical Devices, Inc., a symptom based diagnostic tool for physicians and clinical labs. Director of the Institute for Defense Analyses, a federally funded research and development center, Director of the German Marshall Fund of the United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.

50

Van Kampen Insured Tax Free Income Fund
Trustee and Officer Information  continued
Interested Trustees:*
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Interested Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Wayne W. Whalen* (69) 333 West Wacker Drive Chicago, IL 60606	Trustee	Trustee since 1984	Partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Abraham Lincoln Presidential Library Foundation.

†

As indicated above, prior to February 2008, Ms. Heagy was an employee of Heidrick and Struggles, an international executive search firm (“Heidrick”). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley.

*

Mr. Whalen is an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex.

51

Van Kampen Insured Tax Free Income Fund

Trustee and Officer Information  continued

Officers:
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Edward C. Wood III (52) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	President and Principal Executive Officer	Officer since 2008	President and Principal Executive Officer of funds in the Fund Complex since November 2008. Managing Director of Van Kampen Investments Inc., the Adviser, the Distributor, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2003. Chief Administrative Officer of Van Kampen Investments Inc., the Adviser, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2002. Chief Operating Officer of the Distributor since December 2002. Director of Van Kampen Advisors Inc., the Distributor and Van Kampen Exchange Corp. since March 2004. Director of the Adviser since August 2008. Director of the Distributor and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and the Distributor from March 2004 to January 2005.
Dennis Shea (55) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2006	Managing Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., the Adviser and Van Kampen Advisors Inc. Chief Investment Officer—Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006.
Kevin Klingert (45) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2008	Vice President of funds in the Fund Complex since May 2008. Chief Operating Officer of the Fixed Income portion of Morgan Stanley Investment Management Inc. since May 2008. Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management since December 2007. Managing Director of Morgan Stanley Investment Management Inc. from December 2007 to March 2008. Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock from October 1991 to January 2007. Assistant Vice President municipal portfolio manager at Merrill Lynch from March 1985 to October 1991.

52

Van Kampen Insured Tax Free Income Fund
Trustee and Officer Information  continued
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Amy R. Doberman (46) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2004	Managing Director and General Counsel—U.S. Investment Management; Managing Director of Morgan Stanley Investment Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000.
Stefanie V. Chang Yu (42) 522 Fifth Avenue New York, NY 10036	Vice President and Secretary	Officer since 2003	Managing Director of Morgan Stanley Investment Management Inc. Vice President and Secretary of funds in the Fund Complex.
John L. Sullivan (53) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Compliance Officer	Officer since 1996	Chief Compliance Officer of funds in the Fund Complex since August 2004. Prior to August 2004, Director and Managing Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc.
Stuart N. Schuldt (46) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Financial Officer and Treasurer	Officer since 2007	Executive Director of Morgan Stanley Investment Management Inc. since June 2007. Chief Financial Officer and Treasurer of funds in the Fund Complex since June 2007. Prior to June 2007, Senior Vice President of Northern Trust Company, Treasurer and Principal Financial Officer for Northern Trust U.S. mutual fund complex.

53

Van Kampen Insured Tax Free 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 annually.

This Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies.

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

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information 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 and from third parties and other sources. For example:

•   We collect information such as your name, address, e-mail address, phone number and account title.

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Van Kampen Insured Tax Free 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?

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 to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

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

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Van Kampen Insured Tax Free Income 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 to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

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

4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?

We respect your privacy and offer you choices as to whether we share with affiliated companies personal information that was collected to determine your eligibility for products and services you request (“eligibility information”). Please note that, even if you direct us not to share eligibility information with affiliated companies (“opt-out”), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out 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 Types of Personal Information by Affiliated Companies for Marketing?

You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.

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Van Kampen Insured Tax Free Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

If you wish to opt-out of sharing and to limit marketing offers, you may do so by:

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

•   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.

If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.

Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.

If you hold more than one account with Van Kampen, 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.

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”).

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Van Kampen Insured Tax Free Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

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.

The Statement of Additional Information includes additional information about Fund trustees and is available, without charge, upon request by calling 1-800-847-2424.

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

Copyright ^©2008 Van Kampen Funds Inc.

All rights reserved. Member FINRA/SIPC

32, 332, 532, 632

TFINANN 11/08

IU08-05763P-Y09/08

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Strategic Municipal Income Fund performed during the annual 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 September 30, 2008.

This material must be preceded or accompanied by a Class A, B, and C share or Class I share 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 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, therefore, the value of fund shares may be less than what you paid for them. Accordingly, you can lose money investing in this fund.

Income may subject certain individuals to the federal Alternative Minimum Tax (AMT).

NOT FDIC INSURED	OFFER NO BANK GUARANTEE	MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY		NOT A DEPOSIT

Performance Summaryas of 9/30/08

This chart compares your fund’s performance to that of the Lehman Brothers Municipal Bond Index from 9/30/98 through 9/30/08. Class A shares adjusted for sales charges.

	A Shares						B Shares						C Shares						I Shares
	6/28/85						4/30/93						8/13/93						since 12/19/07
				w/ max						w/max						w/ max
				4.75%						4.00%						1.00%
Average Annual	w/o sales			sales			w/o sales			sales			w/o sales			sales			w/o sales
Total Returns	charges			charges			charges			charges			charges			charges			charges
Since Inception		5.61	%		5.39	%		3.70	%		3.70	%		3.13	%		3.13	%		-7.71	%
10-year		2.44			1.94			1.82			1.82			1.73			1.73			—
5-year		2.18			1.19			1.41			1.17			1.41			1.41			—
1-year		-10.19			-14.48			-10.88			-14.27			-10.87			-11.72			—
30 day SEC Yield	5.60%						5.14%						5.14%							6.14%

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.

Average annual total return with sales charges includes payment of the maximum sales charge of 4.75 percent for Class A shares, a contingent deferred sales charge of 4.00 percent for Class B shares (in year one and declining to zero after year six), 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 for Class A shares and up to 1.00 percent 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 investors through (i) tax-exempt retirement plans with assets of at least $1 million (including 401(k) plans, 457 plans, employersponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans), (ii) fee-based investment programs with assets of at least $1 million, (iii) qualified state tuition plan (529 plan) accounts, (iv) institutional clients with assets of at least $1 million and (v) certain Van Kampen investment companies. Class I shares are offered without any sales charges on purchases or sales and do not include combined rule 12b-1 fees and service fees. Figures shown above assume reinvestment of all dividends and capital gains. Periods less than one year are not annualized. SEC yield is a calculation for determining the amount of portfolio income, excluding non-income items as prescribed by the SEC. Yields are subject to change.

The Lehman Brothers Municipal Bond Index is generally representative of investment-grade, tax-exempt bonds. The index does not include any expenses, fees or sales charges, which would lower performance. 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.

1

Fund Report

For the 12-month period ended September 30, 2008

Market Conditions

The broad financial markets were highly volatile throughout the reporting period as the credit crisis intensified, the housing market continued to decline, inflationary pressures grew and the economy appeared headed into recession. In early September 2008, investor confidence plummeted and the markets began a downward spiral following the government’s takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers. In the weeks that followed, several other financial institutions were forced into mergers, rescued by government loans, or failed altogether as the value of their assets severely eroded. The credit markets became paralyzed as banks refused to lend while investors fled risky assets in favor of Treasury securities. In an effort to unlock the credit markets the Federal government interceded with various supportive measures including a $700 billion bailout plan.

The municipal bond market had already been under pressure for several months prior to September, due in part to the credit rating downgrades of various monoline bond insurers and the deterioration of the auction rate and variable rate markets. The failure of Lehman Brothers, however, prompted a wave of forced selling in the municipal market as leveraged buyers, mutual funds and brokerage firms began deleveraging, putting significant pressure on prices and severely eroding liquidity. As a result, municipal yields rose, particularly on the long end of the yield curve, far exceeding those of comparable Treasuries by the end of the period. For the third quarter of 2008, the short end of the curve outperformed the long end by roughly 870 basis points. The disparity in performance was even greater over the one-year reporting period as the short end outperformed by more than 1,400 basis points. As would be expected in the risk-averse and volatile environment, higher-quality municipal bonds outperformed lower-quality issues. For the overall period, high yield municipal spreads widened from approximately 165 basis points to 305 basis points.

Performance Analysis

Class A, B and C shares of Van Kampen Strategic Municipal Income Fund underperformed the Lehman Brothers Municipal Bond Index for the 12 months ended September 30, 2008, assuming no deduction of applicable sales charges.

Total returns for the 12-month period ended September 30, 2008

									Lehman Brothers
Class A			Class B			Class C			Municipal Bond Index
	-10.19	%		-10.88	%		-10.87	%		-1.87	%

Share classes listed above represent classes with the full 12 month period total returns to report. Class I shares commenced operations on December 19, 2007 and therefore are not listed on the table above.

2

The performance for the 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 investment focus on higher-yielding, lower- and non-rated municipal bonds was the primary detractor from performance relative to the Lehman Brothers Municipal Bond Index, which is comprised entirely of investment-grade issues. The risk-averse environment and market-wide flight to quality that persisted throughout the reporting period pushed high-yield spreads dramatically wider. Over the course of the period, the Fund’s allocation to non-rated securities rose by roughly 25 percent, due primarily to our reduction in holdings of inverse floating-rate securities in favor of traditional high-yield bonds. The credit rating downgrades of various monoline bond insurers was hindering the performance of the inverse floating-rate securities. Therefore, we trimmed holdings in these higher quality securities and invested the proceeds in traditional high yield municipal bonds which had become much more attractively priced.

Holdings of hospital, special tax, and life care bonds, which are the Fund’s top three sectors, also hindered performance. Although spreads widened in virtually every sector of the municipal market, these sectors were particularly hard hit. The Fund’s exposure to tobacco bonds also detracted, but the allocation to the sector was comparatively smaller at approximately six percent of holdings as of the end of the reporting period.

The Fund’s holdings in pre-refunded bonds, however, were additive to returns for the period. These triple-A rated, short-maturity securities benefited from the outperformance of the high-quality sector of the market and the front end of the yield curve.

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.

3

Ratings Allocation as of 9/30/08
AAA/Aaa	8.1	%
AA/Aa	1.6
A/A	2.5
BBB/Baa	10.6
BB/Ba	4.2
B/B	0.7
Non-Rated	72.3
Top 5 Sectors as of 9/30/08
Special Tax Districts	21.2	%
Life Care	17.5
Hospital	16.5
Master Tobacco Settlement	6.2
Tax Allocation/Increment	3.7
Summary of Investments by State Classification as of 9/30/08
Florida	16.2	%
Illinois	10.6
California	9.1
Minnesota	7.3
Pennsylvania	5.5
Texas	5.4
New York	4.4
Ohio	4.1
Michigan	3.5
Colorado	3.3
Arizona	3.1
Missouri	3.0
Tennessee	2.5
New Jersey	2.1
Virginia	1.9
Massachusetts	1.8
Maryland	1.7
Georgia	1.7
Washington	1.7
Nevada	1.6
Iowa	1.6
Indiana	1.5
Alabama	1.2
Wisconsin	1.1
South Carolina	1.1
Oklahoma	1.1
Louisiana	1.0
Oregon	0.8
Connecticut	0.8
West Virginia	0.7
New Mexico	0.6
Mississippi	0.6
Idaho	0.5
South Dakota	0.5
Hawaii	0.4

(continued on next page)

4

Summary of Investments by State Classification as of 9/30/08
(continued from previous page)
Kansas	0.4
Rhode Island	0.4
Alaska	0.3
New Hampshire	0.3
North Carolina	0.3
Wyoming	0.3
Vermont	0.3
District of Columbia	0.3
Utah	0.2
Montana	0.2
Delaware	0.2
North Dakota	0.1
U.S. Virgin Islands	0.1
Puerto Rico	0.0	*
Total Investments	107.4
Liability for Floating Rate Note Obligations Related to Securities Held	(8.5	)
Net Investments	98.9
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 sectors shown above. Ratings allocations are as a percentage of long-term investments. Sectors are as a percentage of total investments. Summary of investments by state classification is as a percentage of total net assets. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor’s and Moody’s, respectively.

5

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 20549-0102.

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

6

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.

7

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 4/1/08 - 9/30/08.

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 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*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	949.19	$	4.82
Hypothetical		1,000.00		1,020.05		5.00
(5% annual return before expenses)
Class B
Actual		1,000.00		944.70		8.46
Hypothetical		1,000.00		1,016.30		8.77
(5% annual return before expenses)
Class C
Actual		1,000.00		945.16		8.56
Hypothetical		1,000.00		1,016.20		8.87
(5% annual return before expenses)
Class I
Actual		1,000.00		951.21		3.71
Hypothetical		1,000.00		1,021.20		3.84
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.99%, 1.74%, 1.76% and 0.76% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Assumes all dividends and distributions were reinvested.

8

The following table shows what expenses a shareholder would have paid, excluding interest and residual trust expenses.

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	949.19	$	4.00
Hypothetical		1,000.00		1,020.90		4.14
(5% annual return before expenses)
Class B
Actual		1,000.00		944.70		7.63
Hypothetical		1,000.00		1,017.15		7.92
(5% annual return before expenses)
Class C
Actual		1,000.00		945.16		7.63
Hypothetical		1,000.00		1,017.15		7.92
(5% annual return before expenses)
Class I
Actual		1,000.00		951.21		2.68
Hypothetical		1,000.00		1,022.25		2.78
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.82%, 1.57%, 1.57% and 0.55% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Assumes all dividends and distributions were reinvested.

9

Investment Advisory Agreement Approval

Both the Investment Company Act of 1940 and the terms of the Fund’s investment advisory agreement require that the investment advisory agreement between the Fund and its investment adviser be approved annually both by a majority of the Board of Trustees and by a majority of the independent trustees voting separately.

At meetings held on April 15, 2008 and May 8, 2008, the Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board of Trustees considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. The Board of Trustees considered the investment advisory agreement over a period of several months and the trustees held sessions both with the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement.

In approving the investment advisory agreement, the Board of Trustees considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser’s expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund’s shareholders, and the propriety of existing and alternative breakpoints in the Fund’s investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry versus historical and projected assets of the Fund. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and,

10

after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered.

Nature, Extent and Quality of the Services Provided. On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund’s portfolio management team over time. The Fund discloses information about its portfolio management team members and their experience in its prospectus. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement.

Performance, Fees and Expenses of the Fund. On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund’s weighted performance is under the fund’s benchmark, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report and in the Fund’s prospectus. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund’s overall expense ratio. The Fund discloses more information about its fees and expenses in its prospectus. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement.

Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser’s expenses in providing services to the Fund and other funds advised by the investment adviser and the profitability of the investment adviser. These profitability reports are put together

11

by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser’s expenses and profitability support its decision to approve the investment advisory agreement.

Economies of Scale. On a regular basis, the Board of Trustees considers the size and growth prospects of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s portfolio and whether the advisory fee level is appropriate relative to current and projected asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement.

Other Benefits of the Relationship. On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its affiliates derived from its relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to funds’ sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement.

12

Van Kampen Strategic Municipal Income Fund

Portfolio of Investments  n  September 30, 2008

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Municipal Bonds  107.4% Alabama  1.2%
$	1,500	Alexander City, AL Spl Care Fac Fin Auth Med Fac Rev Russell Hosp Corp, Ser A		5.750	%	12/01/36	$	1,295,085
	1,000	Butler, AL Indl Dev Brd Solid Waste Disp Rev Rfdg GA Pacific Corp Proj (AMT)		5.750		09/01/28		734,220
	1,500	Colbert Cnty Northwest Auth Hlthcare Fac		5.750		06/01/27		1,324,590
	3,490	Cullman, AL Cullman Med Pk South Med Clinic Brd Rev Cullman Regl Med Ctr, Ser A		6.500		02/15/23		3,369,769
	1,000	Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj		5.500		01/01/28		790,130
	1,470	Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj, Ser A		6.875		01/01/43		1,348,387
	250	Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth, Ser A (Prerefunded @ 12/01/12)		8.250		12/01/32		299,037
	3,785	Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj		5.500		01/01/43		2,787,880
	3	Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg		6.950		01/01/20		285
	1,395	Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp, Ser A		5.600		11/01/16		1,349,704
	1,750	Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp, Ser A		5.650		11/01/22		1,538,285
								14,837,372
		Alaska  0.3%
	1,000	Alaska Indl Dev & Expt Auth Williams Lynxs AK Cargoport (AMT) (Acquired 05/17/01, Cost $1,000,000) (a)		7.800		05/01/14		990,800
	3,670	Juneau, AK City & Borough Rev Saint Ann’s Care Ctr Proj		6.875		12/01/25		3,342,196
								4,332,996
		Arizona  3.1%
	1,000	Arizona Hlth Fac Auth Rev Terraces Proj, Ser A (Prerefunded @ 11/15/13)		7.500		11/15/23		1,148,490
	1,250	Arizona Hlth Fac Auth Rev Terraces Proj, Ser A (Prerefunded @ 11/15/13)		7.750		11/15/33		1,481,775
	2,500	Casa Grande, AZ Indl Dev Auth Hosp Rev Casa Grande Regl Med Ctr Rfdg, Ser A		7.625		12/01/29		2,332,125
	5,525	Cochise Cnty, AZ Indl Dev Sierra Vista Cmnty Hosp Rfdg, Ser A		6.750		12/01/26		5,213,169
	965	Flagstaff, AZ Indl Dev Auth Rev Sr Living Cmnty Northn AZ Proj (Prerefunded @ 3/01/13)		7.500		03/01/35		1,134,164
	2,700	Flagstaff, AZ Indl Dev Auth Rev Sr Living Cmnty Northn AZ Rfdg		5.700		07/01/42		2,079,081

13

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Arizona (Continued)
$	1,500	Peoria, AZ Indl Dev Auth Rev Sierra Winds Life Rfdg, Ser A		6.375	%	08/15/29	$	1,362,735
	2,525	Pima Cnty, AZ Indl Dev Auth Ed Rev Fac Choice Ed & Dev Corp Proj		6.250		06/01/26		2,236,418
	1,590	Pima Cnty, AZ Indl Dev Auth Ed Rev Fac PLC Charter Schs Proj		6.500		04/01/26		1,437,853
	2,805	Pima Cnty, AZ Indl Dev Auth Ed Rev Fac PLC Charter Schs Proj		6.750		04/01/36		2,518,329
	4,225	Pima Cnty, AZ Indl Dev Auth Ed Rev Fac Premier & Air Co		7.000		09/01/35		3,213,873
	1,865	Pima Cnty, AZ Indl Dev Auth Ed Rev Milestones Charter Sch Proj		6.750		11/01/33		1,500,915
	800	Pima Cnty, AZ Indl Dev Auth Fac Skyline Tech High Sch Proj		7.500		02/01/34		692,856
	6,000	Pima Cnty, AZ Indl Dev Auth Lease Rev Constellation Schs Proj		7.000		01/01/38		5,318,460
	1,000	Pima Cnty, AZ Indl Dev Auth Rev La Posada at Pk Ctr, Ser A		7.000		05/15/27		1,000,730
	2,000	Pima Cnty, AZ Indl Dev Auth Wtr & Waste Rev Global Wtr Res LLC Proj (AMT) (Acquired 12/15/06, Cost $2,000,000) (a)		5.600		12/01/22		1,670,060
	3,000	Pima Cnty, AZ Indl Dev Auth Wtr & Waste wtr Rev Global Wtr Resources LLC Proj (AMT) (b)		7.500		12/01/38		2,852,400
	775	Red Hawk Canyon Cmnty Fac Dist No 2 AZ Dist Assmt Rev, Ser A		6.500		12/01/12		799,963
	1,980	Tucson, AZ Multi-Family Rev Hsg Catalina Asstd Living, Ser A (AMT)		6.500		07/01/31		1,413,185
								39,406,581
		California  9.1%
	1,000	ABAG Fin Auth Nonprofit Corp CA Amern Baptist Homes Rfdg, Ser A		5.850		10/01/27		923,920
	1,000	Beaumont, CA Fin Auth Loc Agy, Ser A		5.600		09/01/25		879,300
	2,000	Beaumont, CA Fin Auth Loc Agy, Ser A		5.650		09/01/30		1,717,860
	2,000	Beaumont, CA Fin Auth Loc Agy, Ser A		5.700		09/01/35		1,700,760
	1,000	Beaumont, CA Fin Auth Loc Agy, Ser D		5.800		09/01/35		902,140
	1,000	Blythe, CA Redev Agy Proj		5.750		05/01/34		859,450
	2,000	California Statewide Cmntys Dev Auth Chf Irvine LLC UCI East Campus		6.000		05/15/40		1,855,000
	2,500	California Statewide Cmntys Dev Auth Rev CA Baptist Univ, Ser A		5.500		11/01/38		2,021,175
	1,720	California Statewide Cmntys Dev Auth Rev Lancer Ed Student Hsg Proj		5.625		06/01/33		1,405,876
	3,250	California Statewide Cmntys Dev Auth Rev Thomas Jefferson Sch Law, Ser A		7.250		10/01/38		2,970,858

14

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	1,000	California Statewide Cmntys Dev Auth San Francisco Art Institute (Acquired 07/05/02, Cost $1,000,000) (a)		7.375	%	04/01/32	$	932,240
	2,735	California Statewide Cmntys Dev Auth Spl Tax Cmnty Fac Dist 2007-1 Orinda		6.000		09/01/29		2,472,768
	2,700	California Statewide Cmntys Dev Auth Statewide Cmnty, Ser A		6.625		09/02/38		2,537,757
	1,000	Chino, CA Cmnty Fac Dist No 03 Impt Area 1		5.700		09/01/29		866,710
	1,500	Corona-Norco, CA Univ Sch Dist Pub Fin Auth Spl Tax Rev, Ser A		5.800		09/01/35		1,294,395
	1,435	Fairfield, CA Cmnty Fac Dist Spl Tax No 2007-1 Fairfield Commons		6.500		09/01/23		1,327,906
	1,530	Fairfield, CA Cmnty Fac Dist Spl Tax No 2007-1 Fairfield Commons		6.875		09/01/38		1,423,650
	2,000	Fontana, CA Spl Tax Cmnty Fac Dist No 22 Sierra Hills		6.000		09/01/34		1,868,240
	2,300	Foothill/Eastern Tran Corridor Agy CA Toll Rd Rev (MBIA Insd)		*		01/15/18		1,278,593
	9,650	Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1		5.750		06/01/47		7,234,991
	30,000	Golden St Tob Securitization Corp CA Tob Settlement Rev Enhanced Asset Bkd, Ser A (BHAC Insd) (c)		5.000		06/01/45		26,699,700
	1,750	Huntington Beach, CA Cmnty No 2003 1 Huntington Ctr		5.800		09/01/23		1,641,938
	2,000	Indio, CA Redev Agy Tax Alloc Sub Merged Proj Area, Ser B (Prerefunded @ 8/15/14)		6.375		08/15/33		2,275,320
	490	Indio, CA Redev Agy Tax Alloc Sub Merged Proj Area, Ser B (Prerefunded @ 8/15/14)		6.500		08/15/34		536,472
	1,000	Jurupa, CA Cmnty Svc Dist Spl Cmnty Fac Dist No 4, Ser A		5.700		09/01/34		852,380
	2,500	Lake Elsinore, CA Spl Tax Cmnty Fac Dist 2 Area AA		5.450		09/01/36		2,040,375
	1,000	Lee Lake Wtr Dist CA Cmnty Fac Dist No 1 Spl Tax Sycamore Creek		6.000		09/01/33		880,670
	1,335	Millbrae, CA Residential Fac Rev Magnolia of Millbrae Proj, Ser A (AMT)		7.375		09/01/27		1,314,187
	1,000	Murrieta, CA Cmnty Fac Dist No 2 the Oaks Impt Area A		5.900		09/01/27		927,970
	1,000	Murrieta, CA Cmnty Fac Dist No 2 the Oaks Impt Area A		6.000		09/01/34		922,430
	1,000	Murrieta, CA Cmnty Fac Dist No 2 the Oaks Impt Area B		6.000		09/01/27		900,770
	3,000	Northstar Cmnty Svc Dist CA Spl Tax Cmnty Fac Dist No 1		5.450		09/01/28		2,535,480

15

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	1,000	Palmdale, CA Spl Tax Cmnty Fac 03-1 Anaverde A		5.350	%	09/01/30	$	731,700
	1,100	Palmdale, CA Spl Tax Cmnty Fac 03-1 Anaverde A		5.400		09/01/35		785,235
	1,000	Perris, CA Cmnty Fac Dist Spl Tax No 01-2, Ser A		6.375		09/01/32		943,310
	2,500	Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj		7.000		12/01/27		2,259,525
	2,000	Rancho Cordova Cmnty Fac Dist CA Spl Tax No 2003 1 Sunridge Anatolia		5.500		09/01/37		1,638,340
	2,000	Riverside, CA Univ Sch Dist Tax Cmnty Fac Dist 15 Impt Area 1		5.550		09/01/30		1,693,840
	2,535	Sacramento Cnty, CA Spl Tax Cmnty Fac Dist No 05-2, Ser A		6.000		09/01/37		2,239,216
	6,000	San Jose, CA Multi-Family Hsg Rev Helzer Courts Apt Proj, Ser A (AMT)		6.400		12/01/41		5,207,400
	2,000	San Marcos, CA Pub Fac Auth Spl Tax Rev, Ser A		5.650		09/01/36		1,785,000
	5,700	Silicon Vly Tob Securitization Auth CA Tob Settlement Rev Cap Apprec Turbo Santa Clara, Ser A		*		06/01/36		575,700
	4,645	Silicon Vly Tob Securitization Auth CA Tob Settlement Rev Cap Apprec Turbo Santa Clara, Ser A		*		06/01/41		310,007
	9,000	Silicon Vly Tob Securitization Auth CA Tob Settlement Rev Cap Apprec Turbo Santa Clara, Ser A		*		06/01/47		365,310
	22,500	Silicon Vly Tob Securitization Auth CA Tob Settlement Rev Cap Apprec Turbo Santa Clara, Ser C		*		06/01/56		340,200
	7,500	Silicon Vly Tob Securitization Auth CA Tob Settlement Rev Cap Apprec Turbo Santa Clara, Ser D		*		06/01/56		95,775
	4,550	Sweet Wtr CA Un High Sch Dist Election 2000, Ser C (FSA Insd) (c)		5.000		08/01/29		4,334,649
	3,000	Temecula, CA Pub Fin Auth Spl Tax Roripaugh Cmnty Fac Dist 03-2		5.500		09/01/36		1,837,080
	35,000	Tobacco Securitization Auth Southn CA Tob Settlement Cabs First Sub, Ser B		*		06/01/46		1,543,500
	27,200	Tobacco Securitization Auth Southn CA Tob Settlement Cabs Second Sub, Ser C		*		06/01/46		1,076,304
	47,000	Tobacco Securitization Auth Southn CA Tob Settlement Cabs Third Sub		*		06/01/46		1,711,740
	1,000	Upland, CA Cmnty Fac Dist 2003 San Antonio Impt, Ser 1A		5.900		09/01/24		923,270

16

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	1,500	Upland, CA Cmnty Fac Dist 2003 San Antonio Impt, Ser 1A		6.000	%	09/01/34	$	1,357,980
	890	Vallejo, CA Pub Fin Auth Loc Hiddenbrooke Impt Dist, Ser A		5.800		09/01/31		767,990
	995	Woodland, CA Spl Tax Cmnty Fac Dist 1 Spring Lake		6.250		09/01/34		919,599
	1,800	Yuba City, CA Redev Agy Tax Proj, Ser A		6.000		09/01/31		1,612,800
	3,000	Yuba City, CA Redev Agy Tax Proj, Ser A		6.000		09/01/39		2,636,910
								115,693,661
		Colorado  3.3%
	1,060	Beacon Pt Metro Dist CO, Ser A		6.125		12/01/25		867,515
	1,005	Beacon Pt Metro Dist CO, Ser A		6.250		12/01/35		792,784
	1,000	Bromley Pk Metro Dist CO No 2, Ser B (Prerefunded @ 12/01/12)		8.050		12/01/32		1,192,140
	1,000	Castle Oaks Metro Dist CO Ltd Tax		6.000		12/01/25		810,890
	1,500	Castle Oaks Metro Dist CO Ltd Tax		6.125		12/01/35		1,162,980
	1,700	Colorado Ed & Cultural Fac Auth Rev Charter Sch Brighton Sch Proj		6.000		11/01/36		1,335,826
	570	Colorado Ed & Cultural Fac Auth Rev Charter Sch Frontier Academy (Prerefunded @ 6/01/11)		7.250		06/01/20		619,630
	980	Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A		5.300		07/01/37		746,505
	3,000	Colorado Hlth Fac Auth Rev Amern Baptist Home, Ser A		5.900		08/01/37		2,395,020
	1,410	Confluence Metro Dist, CO Tax Supported Rev		5.400		12/01/27		1,148,191
	1,800	Confluence Metro Dist, CO Tax Supported Rev		5.450		12/01/34		1,413,504
	2,000	Copperleaf Metro Dist No 2 CO		5.950		12/01/36		1,482,260
	2,000	Elbert & Hwy 86 Coml Metro Dist Pub Impt Fee Rev, Ser A		7.500		12/01/32		1,893,440
	2,500	Elk Vly, CO Pub Impt Fee, Ser A		7.300		09/01/22		2,446,075
	1,150	High Plains Metro Dist CO, Ser A		6.125		12/01/25		923,070
	2,250	High Plains Metro Dist CO, Ser A		6.250		12/01/35		1,735,357
	510	Lafayette, CO Indl Dev Rev Rocky Mtn Instr Proj, Ser A (g)		6.750		10/01/14		414,707
	1,855	Lafayette, CO Indl Dev Rev Rocky Mtn Instr Proj, Ser A (AMT)		7.000		10/01/18		1,444,136
	4,405	Lake Creek Affordable Hsg Corp Hsg Proj Rfdg, Ser A		6.250		12/01/23		4,209,462
	2,000	Lincoln Pk, CO Metro Dist Rfdg & Impt		6.125		12/01/30		1,856,020
	1,665	Lincoln Pk, CO Metro Dist Rfdg & Impt		6.200		12/01/37		1,540,758
	1,975	Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg		5.900		10/01/37		1,585,925
	500	Neu Towne, CO Metro Dist (d)		7.250/1.800		12/01/34		291,160

17

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Colorado (Continued)
$	3,500	Northwest CO Metro Dist No 3 Ltd Tax		6.125	%	12/01/25	$	2,864,435
	1,000	Serenity Ridge, CO Metro Dist No 2(d)		7.500/3.750		12/01/34		713,250
	1,555	Skyland Metro Dist CO Gunnison Cnty Rfdg		6.750		12/01/22		1,555,700
	1,000	Southlands Metro Dist No 1 CO (Prerefunded @ 12/01/14)		7.000		12/01/24		1,172,530
	3,500	Tallgrass Metro Dist CO Rfdg & Impt		5.250		12/01/37		2,588,460
	1,000	Vista Ridge Metro Dist CO Rfdg Ltd Tax Sub, Ser B		6.625		12/01/40		846,760
								42,048,490
		Connecticut  0.8%
	1,500	Connecticut St Dev Auth Indl Afco Cargo Bdlg LLC Proj (AMT)		8.000		04/01/30		1,501,005
	2,500	Mashantucket Westn Pequot Tribe Conn Spl Rev Sub, Ser A (e)		5.750		09/01/34		1,972,275
	2,190	Mashantucket Westn Pequot Tribe Conn Spl Rev Sub, Ser A (e)		6.500		09/01/31		1,934,493
	3,500	Mohegan Tribe Indians CT Pub Impt Priority Dist (e)		5.250		01/01/33		2,660,420
	2,000	Mohegan Tribe Indians CT Pub Impt Priority Dist (Acquired 09/27/01, Cost $1,955,120) (a)		6.250		01/01/31		1,736,940
								9,805,133
		Delaware  0.2%
	850	Sussex Cnty, DE Rev Adj First Mtg Cadbury Lewes, Ser A		5.900		01/01/26		719,457
	1,000	Sussex Cnty, DE Rev Adj First Mtg Cadbury Lewes, Ser A		6.000		01/01/35		818,070
	1,015	Wilmington, DE Multi-Family Rent Rev Hsg Electra Arms Sr Assoc Proj (AMT)		6.250		06/01/28		878,919
								2,416,446
		District of Columbia  0.3%
	85	District of Columbia Prerefunded Rfdg, Ser A1 (MBIA Insd) (f)		6.500		06/01/10		89,934
	1,000	District of Columbia Rev Methodist Home Issue		6.000		01/01/29		862,520
	13,940	District of Columbia Tob Settlement Fin Corp, Ser A		*		06/15/46		563,873
	17,500	District of Columbia Tob Settlement Fin Corp, Ser B		*		06/15/46		653,800
	67,660	District of Columbia Tob Settlement Fin Corp, Ser C		*		06/15/55		1,073,764
								3,243,891

18

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Florida  16.2%
$	2,000	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875	%	11/15/36	$	1,616,180
	4,500	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875		11/15/42		3,538,215
	2,710	Anthem Pk Cmnty Dev Dist FL Cap Impt Rev		5.800		05/01/36		2,124,261
	2,000	Bainebridge Cmnty Dev Dist FL Spl Assmt		5.500		05/01/38		1,427,640
	2,465	Bartram Pk Cmnty Dev Dist FL Assmt		5.400		05/01/37		1,802,408
	1,345	Bay Laurel Ctr Cmnty Dev Dist FL Spl Assmt Candler		5.450		05/01/37		1,003,343
	1,500	Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A		6.000		05/01/38		1,189,710
	1,500	Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B		6.200		05/01/38		1,188,525
	1,320	Beeline Cmnty Dev Dist FL Spl Assmt, Ser A		7.000		05/01/37		1,220,842
	1,000	Bellalago Ed Fac Benefits, Ser A		6.000		05/01/33		938,970
	955	Bellalago Ed Fac Benefits, Ser B		5.800		05/01/34		866,605
	4,205	Bloomingdale, FL Cmnty Dev Dist Spl Assmt Rev		5.875		05/01/36		3,607,512
	955	Bluewaters Cmnty Dev Dist of FL		6.000		05/01/35		889,200
	1,725	Boca Raton, FL Hsg Auth Mtg Hsg First Lien Banyan Pl Sr Apts Rfdg (Acquired 03/23/06, Cost $1,684,601) (a)		5.800		10/01/26		1,395,663
	2,350	Boca Raton, FL Hsg Auth Mtg Hsg First Lien Banyan Pl Sr Apts Rfdg (Acquired 03/23/06, Cost $2,317,265) (a)		5.900		10/01/36		1,873,584
	2,500	Bonnet Creek Resort Cmnty Dev		7.500		05/01/34		2,504,525
	3,750	Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj		5.000		04/01/34		3,057,937
	2,000	Brevard Cnty, FL Hlth Fac Auth
		Residential Care Fac Rev Buena Vida Estates Inc		6.750		01/01/37		1,786,300
	765	Caribe Palm Cmnty Dev Dist FL Spl Assmt, Ser A		5.850		05/01/35		697,925
	3,000	City Ctr Cmnty Dev Dist FL Spl Assmt Rev, Ser A		6.000		05/01/38		2,437,680
	810	City Ctr Cmnty Dev Dist FL Spl Assmt Rev, Ser A		6.125		05/01/36		676,844
	715	Escambia Cnty, FL Rev ICF/MR Pensacola Care Dev Ctr		10.250		07/01/11		719,905
	1,670	Escambia Cnty, FL Rev ICF/MR Pensacola Care Dev Ctr, Ser A		10.250		07/01/11		1,681,456
	4,900	Fiddlers Creek Cmnty Dev Dist		6.000		05/01/38		3,957,387
	2,475	Florida Hsg Fin Corp Multi-Family Hsg Whistlers Cove Apt Proj (AMT)		6.500		01/01/39		2,112,907

19

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Florida (Continued)
$	3,565	Florida Hsg Fin Corp Rev Hsg Beacon Hill Apt, Ser C (AMT)		6.610	%	07/01/38	$	3,366,929
	6,915	Florida Hsg Fin Corp Rev Hsg Cypress Trace Apt, Ser G (AMT)		6.600		07/01/38		6,330,959
	4,655	Florida Hsg Fin Corp Rev Hsg Westchase Apt, Ser B (AMT)		6.610		07/01/38		4,033,697
	2,450	Gramercy Farms Cmnty Dev Dist FL Spl Assmt, Ser A1		5.250		05/01/39		1,595,807
	2,100	Gramercy Farms Cmnty Dev Dist FL Spl Assmt, Ser B		5.100		05/01/14		1,625,820
	4,000	Grand Bay at Doral Cmnty Dev Dist FL, Ser B		6.000		05/01/17		3,409,720
	19,750	Halifax Hosp Med Ctr FL Hosp Rev Rfdg & Impt, Ser A (c)		5.375		06/01/46		15,863,200
	2,430	Hammock Bay Cmnty Dev Dist FL Spl Assmt Rev, Ser A		6.125		05/01/35		2,286,047
	1,435	Harbour Isles Cmnty Dev Dist of FL		6.125		05/01/35		1,167,014
	1,450	Hawks Pt Cmnty Dev Dist FL Spl Assmt Hawk’s Point Cmnty Dev A		5.300		05/01/39		998,861
	270	Heritage Harbor Cmnty Dev Dist FL Rev Rec		7.750		05/01/23		270,418
	710	Heritage Harbor Cmnty Dev Dist FL Rev Spl Assmt, Ser A (Prerefunded @ 11/01/08)		6.700		05/01/19		711,952
	1,950	Highlands, FL Cmnty Dev Dist Spl Assmt		5.550		05/01/36		1,438,222
	3,500	Hillsborough Cnty, FL Hsg Fin Hsg Clipper Cove Apt Proj, Ser A (AMT)		7.375		07/01/40		3,504,515
	4,500	Hillsborough Cnty, FL Indl Dev Auth Indl Dev Rev Hlth Fac Univ Cmnty Hosp, Ser A		5.625		08/15/29		3,843,360
	960	Islands at Doral III Cmnty 2004, Ser A		5.900		05/01/35		671,923
	1,000	Islands at Doral NE Cmnty Dev		6.250		05/01/34		962,930
	3,200	Jacksonville, FL Econ Dev Commn Hlthcare Fac Rev Rfdg FL Proton Therapy Inst A (Acquired 08/09/07, 09/10/08, Cost $3,211,920) (a)		6.250		09/01/27		2,903,584
	1,485	Kendall Breeze West Cmnty Dev Dist FL Spl Assmt (g)		5.875		05/01/34		1,248,781
	1,920	Keys Cove Cmnty Dev Dist FL Assmt Rev		5.875		05/01/35		1,757,664
	2,855	Keys Cove Cmnty Dev Dist II FL		5.500		05/01/36		2,127,660
	1,000	Lakeside Landings Cmnty Dev Dist FL Spl Assmt, Ser A		5.500		05/01/38		713,820
	1,980	Lakeside Landings Cmnty Dev Dist FL Spl Assmt, Ser B		5.250		05/01/13		1,770,714
	4,000	Landmark at Doral Cmnty Dev Dist FL Spl Assmt, Ser A		5.500		05/01/38		2,573,400
	2,475	Landmark at Doral Cmnty Dev Dist FL Spl Assmt, Ser B		5.200		05/01/15		2,020,367

20

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Florida (Continued)
$	2,000	Lee Cnty, FL Indl Dev Auth Hlthcare Fac Rev Cypress Cove Hlthpk, Ser A		6.750	%	10/01/32	$	1,885,940
	1,500	Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn, Ser A		5.250		06/15/27		1,164,570
	1,500	Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn, Ser A		5.375		06/15/37		1,108,155
	3,290	Leon Cnty, FL Ed Fac Auth Rev Southgate Residence Hall Rfdg, Ser A		6.750		09/01/28		2,831,012
	1,220	Lexington Cmnty Dev Dist FL		6.125		05/01/34		1,141,664
	2,330	Meadow Woods Cmnty Dev Dist FL, Ser A		6.050		05/01/35		1,864,513
	1,000	Miami Beach, FL Hlth Fac Auth Hosp Rev Mt Sinai Med Ctr FL Proj		5.375		11/15/28		771,120
	1,500	Miami Beach, FL Hlth Fac Auth Hosp Rev Rfdg Mt Sinai Med Ctr FL (Acquired 09/09/08, Cost $1,497,000) (a)		6.750		11/15/21		1,407,495
	2,500	Miami Beach, FL Hlth Fac Auth Hosp Rev Rfdg Mt Sinai Med Ctr FL (Acquired 04/26/04, Cost $2,411,600) (a)		6.750		11/15/29		2,267,500
	6,000	Miami Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser A (AGL Insd) (AMT) (c)		5.250		10/01/33		5,165,100
	2,500	Miami Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser A (AGL Insd) (AMT) (c)		5.500		10/01/24		2,258,200
	3,000	Miami Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser A (AGL Insd) (AMT) (c)		5.500		10/01/25		2,702,580
	4,565	Miami Dade Cnty, FL Bldg Better Cmntys Prog, Ser A (AGL Insd) (c)		5.000		07/01/30		4,255,242
	4,710	Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A		6.000		05/01/24		4,145,224
	1,465	Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A		6.250		05/01/37		1,258,069
	890	Miromar Lakes Cmnty Dev Dist Rfdg, Ser B		7.250		05/01/12		881,661
	835	Northern Palm Beach Cnty Impt Dist FL Impt Wtr Ctl & Impt Unit Dev No 16 Rfdg		7.500		08/01/24		835,927
	1,705	Oak Creek Cmnty Dev Dist FL Spl Assmt		5.800		05/01/35		1,423,914
	500	Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower		5.500		07/01/38		378,670
	1,000	Orange Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Sys (Prerefunded @ 11/15/10)		6.375		11/15/20		1,081,990
	2,000	Orange Cnty, FL Hlth Fac Auth Rev Westminster Cmnty Care		6.600		04/01/24		1,900,420
	960	Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A		6.125		05/01/35		771,715
	4,935	Palm Coast Pk Cmnty Dev Dist FL Spl Assmt Rev		5.700		05/01/37		3,732,587

21

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Florida (Continued)
$	955	Parklands Lee Cmnty Dev Dist FL Spl Assmt, Ser A		5.800	%	05/01/35	$	773,674
	4,515	Pier Park, FL Cmnty Dev Dist Cap Impt Rev, Ser 1		7.150		05/01/34		4,436,620
	950	Pine Island Cmnty Dev Dist FL Spl Assmt		5.750		05/01/35		764,161
	3,000	Pinellas Cnty, FL Hlth Fac Auth Oaks of Clearwtr Proj		6.250		06/01/34		2,810,940
	1,855	Reunion East Cmnty Dev Dist FL Spl Assmt		5.800		05/01/36		1,445,416
	1,950	Reunion West Cmnty Dev Dist FL Spl Assmt		6.250		05/01/36		1,590,595
	940	Saddlebrook, FL Cmnty, Ser A		6.900		05/01/33		951,788
	1,600	Saint John’s Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A		5.375		01/01/40		1,153,584
	470	Saint John’s Cnty, FL Indl Dev Auth Hlthcare Glenmoor Saint John’s Proj, Ser A (Prerefunded @ 1/01/10)		8.000		01/01/17		506,637
	2,550	Sarasota Natl Cmnty Dev Dist FL Spl Assmt		5.300		05/01/39		1,756,619
	1,895	Silver Palms Cmnty Dev Dist		5.900		05/01/34		1,742,964
	1,500	Six Mile Creek Cmnty Dev Dist FL Cap Impt Rev		5.875		05/01/38		1,082,265
	1,300	South Dade Venture Cmnty Dev		6.125		05/01/34		1,231,776
	1,460	South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A		5.700		05/01/35		1,180,235
	1,000	Split Pine Cmnty Dev Dist FL Spl Assmt, Ser A		5.250		05/01/39		750,450
	2,000	Sweetwater Creek Cmnty Dev Dist FL Cap Impt Rev, Ser A		5.500		05/01/38		1,402,400
	3,945	Tisons Landing Cmnty Dev Dist FL Spl Assmt, Ser A		5.625		05/01/37		2,379,190
	4,160	Tolomato Cmnty Dev Dist FL Spl Assmt		6.650		05/01/40		3,827,699
	1,465	Town Ctr at Palm Coast Cmnty Dev Dist FL Cap Impt Rev		6.000		05/01/36		1,167,752
	2,475	Treeline Presv Cmnty Dev Dist FL Spl Assmt, Ser A		6.800		05/01/39		2,124,837
	3,790	Turnbull Creek Cmnty Dev Dist FL Spl Assmt		5.250		05/01/37		2,641,137
	1,440	Turnbull Creek Cmnty Dev Dist FL Spl Assmt		5.800		05/01/35		1,112,386
	1,497	University Square Cmnty Dev Dist FL Cap Impt Rev (Acquired 10/07/99, Cost $1,497,000) (a)		6.750		05/01/20		1,512,733
	3,150	Village Cmnty Dev Dist No 8, FL Spl Assmt Rev		6.375		05/01/38		3,038,301
	1,970	West Vlgs Impt Dist FL Rev Spl Assmt Unit of Dev No 3		5.500		05/01/37		1,386,388

22

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Florida (Continued)
$	3,000	West Vlgs Impt Dist FL Rev West Vlg Imp Dist		5.500	%	05/01/38	$	2,103,600
	1,975	Winter Garden Vlg at Fowler Groves Cmnty Dev Dist FL Spl		5.650		05/01/37		1,746,493
	920	World Comm Cmnty Dev Dist, Ser A1		6.250		05/01/22		819,389
	1,650	World Comm Cmnty Dev Dist, Ser A2		6.125		05/01/35		1,406,774
								205,592,959
		Georgia  1.7%
	1,680	Atlanta, GA Tax Alloc Atlantic Sta Proj (Prerefunded @ 12/01/11)		7.750		12/01/14		1,858,970
	3,675	Atlanta, GA Tax Alloc Princeton Lakes Proj (Acquired 03/10/06, 04/11/07, 04/12/07, Cost $3,717,165) (a)		5.500		01/01/31		3,021,732
	2,225	Atlanta, GA Urban Residential Fin Auth Multi-Family Rev John Eagan Proj, Ser A (AMT)		6.750		07/01/30		2,081,955
	1,000	Effingham Cnty, GA Dev Auth Solfort James Proj (AMT)		5.625		07/01/18		844,140
	1,800	Fulton Cnty, GA Residential Care Canterbury Court Proj, Ser A		6.000		02/15/22		1,624,878
	650	Fulton Cnty, GA Residential Care Canterbury Crt Proj, Ser A		6.125		02/15/34		556,315
	3,500	Fulton Cnty, GA Residential Care Sr Lien RHA Asstd Living, Ser A		7.000		07/01/29		2,786,385
	1,000	Private Colleges & Univ Auth GA Mercer Hsg Corp Proj, Ser A		6.000		06/01/21		987,690
	2,930	Renaissance on Peachtree Unit Invt Tr Ctf GA Custody Ctfs		6.000		10/01/25		2,238,666
	2,500	Rockdale Cnty, GA Dev Auth Proj Rev Visy Paper Proj, Ser A (AMT)		6.125		01/01/34		2,192,625
	1,245	Savannah, GA Econ Dev Auth Rev First Mtg Marshes of Skidaway A		6.250		01/01/12		1,213,863
	2,245	Savannah, GA Econ Dev Auth Rev First Mtg Marshes of Skidaway A		6.850		01/01/19		2,181,422
								21,588,641
		Hawaii  0.4%
	2,500	Hawaii St Dept Budget & Fin Spl Purp Rev Kahala Nui Proj, Ser A		8.000		11/15/33		2,622,375
	2,825	Kuakini, HI Hlth Sys Spl Purp Rev, Ser A		6.375		07/01/32		2,709,768
								5,332,143
		Idaho  0.5%
	2,290	Gooding Cnty, ID Indl Dev Corp Solid Waste Disp Rev Intrepid Technology & Res Proj (AMT) (Acquired 11/03/06, Cost $2,290,000) (a) (d)		7.500/3.750		11/01/24		1,372,237
	2,505	Idaho Hlth Fac Auth Rev Rfdg Vly Vista Care Corp		6.125		11/15/37		2,071,434

23

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Idaho (Continued)
$	3,000	Idaho Hlth Fac Auth Rev Rfdg Vly Vista Care, Ser A		7.875	%	11/15/29	$	3,227,550
								6,671,221
		Illinois  10.6%
	2,300	Annawan, IL Tax Increment Rev Patriot Renewable Fuels LLC Proj		5.625		01/01/18		2,017,606
	1,590	Bolingbrook, IL Cap Apprec, Ser B (MBIA Insd) (Prerefunded @ 1/01/09)		*		01/01/29		534,717
	4,000	Bolingbrook, IL Sales Tax Rev Bolingbrook (h)		0.000/6.250		01/01/24		3,691,760
	1,965	Bolingbrook, IL Spl Svc Area No 01-1 (Prerefunded @ 7/01/11)		7.375		07/01/31		2,186,848
	1,486	Bolingbrook, IL Spl Svc Area No 1 Spl Tax Augusta Vlg Proj (Prerefunded @ 3/01/32) (Acquired 11/13/02, Cost $1,486,000) (a)		6.750		03/01/32		1,640,128
	1,665	Bolingbrook, IL Spl Svc Area No 1 Spl Tax Augusta Vlg Proj, Ser 2004 (Prerefunded @ 3/01/12)		6.250		03/01/32		1,811,570
	2,000	Bolingbrook, IL Spl Svc Area No 1 Spl Tax Forest City Tax Proj (h)		0.000/5.900		03/01/27		1,740,540
	1,874	Bolingbrook, IL Spl Svc Area No 3 Spl Tax Lakewood Ridge Proj (Prerefunded @ 3/01/11)		7.050		03/01/31		2,052,517
	910	Bolingbrook, IL Unrefunded Balance Cap Apprec, Ser B (MBIA Insd)		*		01/01/29		254,063
	735	Cary, IL Spl Tax Svc Area No 1 Cambridge, Ser A (Prerefunded @ 3/01/10)		7.625		03/01/30		797,166
	1,750	Chicago, IL Increment Alloc Rev Diversey Narragansett Proj		7.460		02/15/26		1,743,053
	15,500	Chicago, IL O’Hare Intl Arpt Rev Rfdg Gen Arpt Third Lien, Ser A2 (FSA Insd) (AMT)(c)		5.750		01/01/19		15,251,380
	50	Chicago, IL Proj Rfdg, Ser A (MBIA Insd) (Prerefunded @ 1/01/11)		5.500		01/01/38		53,321
	4,000	Chicago, IL Spl Assmt Lakeshore East Proj		6.625		12/01/22		3,852,160
	600	Chicago, IL Tax Increment Alloc Read Dunning, Ser B (ACA Insd)		7.250		01/01/14		601,740
	1,925	Chicago, IL Tax Increment Alloc Sub Cent Rev Loop, Ser A (ACA Insd)		6.500		12/01/08		1,931,237
	3,439	Cortland, IL Spl Tax Rev Sheaffer Sys Proj (Acquired 05/02/06, Cost $3,439,000) (a)		5.500		03/01/17		2,902,447
	2,000	Deerfield, IL Ed Fac Chicagoland Jewish High Sch Proj		6.000		05/01/41		1,728,620
	811	Gilberts, IL Spl Svc Area No 9 Spl Tax Big Timber Proj (f)		7.375		03/01/11		859,279

24

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Illinois (Continued)
$	1,245	Gilberts, IL Spl Svc Area No 9 Spl Tax Big Timber Proj (Prerefunded @ 3/01/11)		7.750	%	03/01/27	$	1,401,633
	1,500	Godfrey, IL Rev Utd Methodist Vlg, Ser A		5.875		11/15/29		1,114,200
	1,270	Hampshire, IL Spl Svc Area No 16 Spl Tax Crown Dev Proj Prairie Ridge Proj, Ser A		6.000		03/01/46		975,233
	2,085	Hampshire, IL Spl Svc Area No 17 Spl Tax Crown Dev Proj Oakstead, Ser A		6.000		03/01/45		1,603,323
	2,730	Hampshire, IL Spl Svc Area No 19 Spl Tax Crown Dev Prairie Ridge East, Ser A		6.000		03/01/46		2,096,367
	2,700	Hoopeston, IL Hosp Cap Impt Rev Hoopeston Cmnty Mem Hosp Impt & Rfdg		6.550		11/15/29		2,301,426
	1,480	Huntley, IL Increment Alloc Rev Huntley Redev Proj, Ser A		8.500		12/01/15		1,484,973
	4,850	Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A		5.750		05/15/26		4,006,391
	8,000	Illinois Fin Auth Rev Clare at Wtr Tower Proj, Ser A		6.125		05/15/38		6,443,760
	4,500	Illinois Fin Auth Rev Clare Oaks Proj, Ser A		6.000		11/15/39		3,654,135
	1,310	Illinois Fin Auth Rev Cmnty Fac Clinic Altgeld Proj		8.000		11/15/16		1,310,079
	11,790	Illinois Fin Auth Rev Elmhurst Mem, Ser A		5.625		01/01/37		10,434,386
	1,000	Illinois Fin Auth Rev Friendship Vlg Schaumburg A		5.375		02/15/25		787,770
	3,000	Illinois Fin Auth Rev Landing at Plymouth Pl Proj, Ser A		6.000		05/15/37		2,436,870
	3,000	Illinois Fin Auth Rev Luther Oaks Proj, Ser A		6.000		08/15/26		2,576,370
	2,000	Illinois Fin Auth Rev Luther Oaks Proj, Ser A		6.000		08/15/39		1,634,900
	1,000	Illinois Fin Auth Rev Montgomery Place Proj		5.500		05/15/26		798,620
	600	Illinois Fin Auth Rev Norwegian Amern Hosp Inc		7.625		09/15/28		571,428
	900	Illinois Fin Auth Rev Norwegian Amern Hosp Inc		7.750		09/15/38		845,991
	2,500	Illinois Fin Auth Rev Rfdg Fairview Oblig Group, Ser A		6.250		08/15/35		2,156,000
	1,500	Illinois Fin Auth Rev Three Crowns Pk Plaza, Ser A		5.875		02/15/38		1,226,535
	650	Illinois Hlth Fac Auth Rev Loyola Univ Hlth Sys, Ser A (Prerefunded @ 7/01/11)		6.000		07/01/21		698,711
	1,200	Illinois Hlth Fac Auth Rev Lutheran Sr Ministries Oblig, Ser A (Prerefunded @ 8/15/11)		7.375		08/15/31		1,347,492
	250	Illinois Hlth Fac Auth Rev Rfdg, Ser A		6.200		08/15/23		222,075
	1,125	Illinois Hlth Fac Auth Rev Rfdg, Ser A		6.400		08/15/33		985,399

25

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Illinois (Continued)
$	400	Illinois Hlth Fac Auth Rev Silver Cross		5.500	%	08/15/19	$	391,808
	80	Lake, Cook, Kane & McHenry Cntys, IL Cmnty Unit Sch Dist No 22 (FGIC Insd)		5.750		12/01/19		83,113
	2,163	Manhattan, IL No 04 -1 Brookstone Springs Proj		6.100		03/01/35		1,854,059
	981	Minooka, IL Spl Assmt Impt Lakewood Trails Unit 2 Proj		6.375		03/01/34		898,831
	1,180	Montgomery, IL Spl Assmt Impt Lakewood Creek Proj (Prerefunded @ 3/01/11)		7.750		03/01/30		1,322,544
	2,973	Pingree Grove, IL Spl Svc Area No 2 Spl Tax Cambridge Lakes Proj, Ser 05-2		6.000		03/01/35		2,463,190
	2,244	Pingree Grove, IL Spl Svc Area No 7 Spl Tax Cambridge Lakes Proj, Ser 06-1		6.000		03/01/36		1,854,644
	1,600	Pingree Grove Vlg, IL Rev Cambridge Lakes Learning Ctr		6.000		06/01/36		1,305,728
	1,961	Plano, IL Spl Svc Area No 1 Lakewood Springs Proj, Ser A		6.200		03/01/34		1,775,725
	1,815	Plano, IL Spl Svc Area No 6 Spl Tax Lakewood Springs Club Proj		5.800		03/01/37		1,445,375
	1,370	Quad Cities Reg Econ Dev Auth IL Multi-Family Hsg Heritage Woods Moline Slf Proj (AMT)		6.000		12/01/41		1,083,971
	2,095	Regional Tran Auth IL, Ser B (AMBAC Insd)		8.000		06/01/17		2,607,500
	910	Sterling, IL Rev Hoosier Care Proj, Ser A		7.125		06/01/34		848,994
	4,000	Upper IL Riv Vy Dev Auth Multi-Family Hsg Rev Living Springs Mchenry Slf Proj (AMT)		6.100		12/01/41		3,212,280
	1,921	Volo Vlg, IL Spl Svc Area No 3 Symphony Meadows Proj, Ser 1		6.000		03/01/36		1,578,159
	3,135	Wheeling, IL Tax Increment Rev N Milwaukee/Lake Cook TIF Proj		6.000		01/01/25		2,691,805
	2,500	Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)		7.000		12/01/42		2,232,325
	1,405	Yorkville, IL Utd City Business Dist Rev Storm Wtr Impt Proj		6.000		01/01/26		1,161,387
	385	Yorkville, IL Utd City Business Dist Rev Storm Wtr Impt Proj		6.000		01/01/27		316,466
	5,597	Yorkville, IL Utd City Spl Svc Area Spl Tax No 2004-107 Raintree Vlg IL Proj		6.250		03/01/35		4,825,565
	1,550	Yorkville, IL Utd City Spl Svc Area Spl Tax No 2006-113 Cannonball/Beecher		5.750		03/01/28		1,259,871
	1,892	Yorkville, IL Utd City Spl Svc Area Spl Tax No 4 104 MPI Grade Res Proj		6.375		03/01/34		1,521,963
								135,499,522

26

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Indiana  1.5%
$	1,835	Indiana Hlth Fac Fin Auth Rev Hoosier Care Proj, Ser A		7.125	%	06/01/34	$	1,711,982
	5,500	Indiana Hlth Fac Hosp Rev Cmnty Fndtn Northwest IN, Ser A		6.000		03/01/34		4,916,175
	3,300	Indianapolis, IN Arpt Auth Rev Rfdg Spl Fac Fed Ex Corp Proj (GTY AGMT: Federal Express Co) (AMT)		5.100		01/15/17		2,989,173
	2,000	Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)		6.375		11/01/29		1,875,660
	1,785	Portage, IN Spl Impt Dist Rev Marina Shores Proj		6.375		03/01/35		1,315,081
	265	Saint Joseph Cnty, IN Econ Dev Rev Holy Cross Vlg Notre Dame Proj A		5.700		05/15/28		215,018
	230	Saint Joseph Cnty, IN Econ Dev Rev Holy Cross Vlg Notre Dame Proj A		6.000		05/15/26		197,745
	470	Saint Joseph Cnty, IN Econ Dev Rev Holy Cross Vlg Notre Dame Proj A, Ser A		6.000		05/15/38		380,465
	4,000	Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (e)		5.700		09/01/37		3,181,320
	2,000	Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (e)		5.750		09/01/42		1,563,620
	1,000	Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (e)		5.800		09/01/47		783,120
								19,129,359
		Iowa  1.6%
	600	Altoona, IA Urban Renewal Tax Increment Rev Annual Appropriation		6.000		06/01/28		554,394
	1,500	Altoona, IA Urban Renewal Tax Increment Rev Annual Appropriation		6.000		06/01/39		1,347,825
	1,650	Altoona, IA Urban Renewal Tax Increment Rev Annual Appropriation		6.000		06/01/43		1,476,799
	1,000	Bremer Cnty, IA Retirement Fac Rev Bartels Lutheran, Ser A		5.375		11/15/27		773,940
	3,635	Des Moines Iowa Multi-family Hsg Rev Rfdg Luther Pk Apts Inc, Ser A (Acquired 04/05/07, Cost $3,635,000) (a) (g)		5.300		12/01/36		2,795,497
	2,000	Estherville, IA Hosp Rev Avera Holy Family Proj		6.250		07/01/26		2,027,400
	365	Evansdale, IA Hlthcare Westn Home Proj		6.000		11/01/26		311,568
	3,305	Evansdale, IA Hlthcare Westn Home Proj, Ser A		6.000		11/01/26		2,821,181
	500	Iowa Fin Auth Retirement Cmnty Friendship Haven Proj, Ser A		5.750		11/15/19		453,455
	500	Iowa Fin Auth Retirement Cmnty Friendship Haven Proj, Ser A		6.000		11/15/24		447,195

27

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Iowa (Continued)
$	800	Iowa Fin Auth Retirement Cmnty Friendship Haven Proj, Ser A		6.125	%	11/15/32	$	692,368
	350	Iowa Fin Auth Sr Hsg Rev Rfdg Bethany Life Cmnty Proj A		5.450		11/01/26		279,244
	1,000	Iowa Fin Auth Sr Hsg Rev Rfdg Bethany Life Cmnty Proj A		5.550		11/01/41		750,200
	1,900	Iowa Fin Auth Sr Living Fac Rev Deerfield Ret Cmnty Inc, Ser A		5.250		11/15/37		1,287,079
	2,300	Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C		5.950		08/01/37		1,932,989
	1,000	Polk Cnty, IA Hlthcare Fac Rev Luther Pk Hlth Ctr Inc Proj		6.150		10/01/36		832,040
	2,000	Pottawattamie Cnty Iowa Rev Rfdg Christian Homes Inc, Ser E		5.750		05/15/31		1,584,960
								20,368,134
		Kansas  0.4%
	1,000	Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A		6.000		11/15/26		875,820
	1,000	Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A		6.000		11/15/38		828,810
	1,500	Overland Pk, KS Dev Corp Rev First Tier Overland Pk, Ser A (Prerefunded @ 1/01/11)		7.375		01/01/32		1,645,215
	1,570	Overland Pk, KS Trans Dev Dist Spl Assmt Grass Creek Proj		5.125		09/01/28		1,252,609
								4,602,454
		Louisiana  1.0%
	3,557	Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt		5.250		07/01/17		3,095,373
	5,850	Louisiana Pub Fac Auth Hosp Rev Rfdg Lake Charles Mem Hosp (e)		6.375		12/01/34		5,117,521
	1,500	Louisiana Pub Fac Auth Rev Progressive Hlthcare		6.375		10/01/20		1,328,940
	1,000	Louisiana Pub Fac Auth Rev Progressive Hlthcare		6.375		10/01/28		845,470
	2,627	Louisiana St Univ & Agric & Mechanical College Univ Rev Master Agreement (Acquired 11/30/98, Cost $2,627,155) (a)		5.750		10/30/18		2,453,448
								12,840,752
		Maryland  1.7%
	3,000	Baltimore, MD Spl Oblig Spc Oblig, Ser A		7.000		09/01/38		2,704,170
	4,700	Brunswick, MD Spl Oblg Brunswick Crossing Spl Taxing		5.500		07/01/36		3,508,738
	4,000	Frederick Cnty, MD Spl Oblig Urbana Cmnty Dev Auth, Ser A		5.950		07/01/30		3,481,680

28

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Maryland (Continued)
$	967	Frederick Cnty, MD Spl Oblig Urbana Cmnty Dev Auth, Ser B		6.250	%	07/01/30	$	840,033
	1,140	Maryland St Econ Dev Corp MD Golf Course Sys (Prerefunded @ 6/01/11)		8.250		06/01/28		1,285,635
	1,500	Maryland St Econ Dev Corp Sr Lien Proj Chesapeake Bay, Ser B		5.250		12/01/31		1,093,995
	1,540	Maryland St Hlth & Higher Ed Calvert Hlth Sys		5.500		07/01/36		1,433,447
	2,000	Maryland St Hlth & Higher Ed Fac Auth Rev Washington Cnty Hosp		6.000		01/01/43		1,741,100
	1,500	Maryland St Hlth & Higher Edl Fac Auth Rev Washington Christian Academy		5.500		07/01/38		1,124,790
	3,000	Montgomery Cnty, MD Econ Dev Editorial Proj In Ed, Ser A (Acquired 09/28/98, Cost $3,000,000) (a)		6.400		09/01/28		2,182,200
	1,000	Westminster, MD Econ Dev Carroll Lutheran Vlg, Ser A		6.000		05/01/24		906,830
	1,500	Westminster, MD Econ Dev Carroll Lutheran Vlg, Ser A		6.250		05/01/34		1,348,815
								21,651,433
		Massachusetts  1.8%
	1,000	Massachusetts St Dev Fin Agy Briarwood, Ser B (Prerefunded @ 12/01/10)		8.000		12/01/22		1,116,960
	250	Massachusetts St Dev Fin Agy
		Rev Evergreen Ctr Inc		5.000		01/01/24		207,245
	500	Massachusetts St Dev Fin Agy Rev Evergreen Ctr Inc		5.500		01/01/35		405,310
	1,820	Massachusetts St Dev Fin Agy Rev Hillcrest Ed Ctr Inc		6.375		07/01/29		1,626,971
	2,815	Massachusetts St Dev Fin Agy Rev Hlthcare Fac Alliance, Ser A		7.100		07/01/32		2,792,227
	1,000	Massachusetts St Dev Fin Agy Rev MCHSP Human Svc Providers, Ser A (Prerefunded @ 7/01/10)		8.000		07/01/20		1,097,340
	3,515	Massachusetts St Dev Fin Agy Rev New England Ctr for Children		6.000		11/01/19		3,198,826
	4,875	Massachusetts St Dev Fin Agy Rev Rfdg First Mtg Reeds Accd Invt		5.750		10/01/31		3,696,517
	3,100	Massachusetts St Hlth & Ed Fac Auth Rev Civic Invt, Ser B (Prerefunded @ 12/15/12)		9.150		12/15/23		3,800,073
	780	Massachusetts St Hlth & Ed Fac Auth Rev Nichols College Issue, Ser C		6.000		10/01/17		774,126
	1,000	Massachusetts St Hlth & Ed Fac Auth Rev Northn Berkshire Hlth, Ser B		6.250		07/01/24		907,720
	415	Massachusetts St Indl Fin Agy Rev First Mtg GF/Pilgrim Inc Proj		6.500		10/01/15		366,669

29

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Massachusetts (Continued)
$	2,000	Massachusetts St Indl Fin Agy Rev First Mtg GF/Pilgrim Inc Proj		6.750	%	10/01/28	$	1,644,700
	1,500	Massachusetts St Indl Fin Agy Rev Swr Fac Res Ctl Composting (AMT) (Acquired 08/10/89, Cost $1,500,000) (a)		9.250		06/01/10		1,509,540
								23,144,224
		Michigan  3.5%
	2,500	Chelsea, MI Econ Dev Corp Rev Utd Methodist Retirement Rfdg		5.400		11/15/27		2,213,675
	1,700	Dearborn, MI Econ Dev Corp Rev Rfdg Ltd Oblig Henry Ford Vlg (b)		7.000		11/15/28		1,615,595
	1,800	Dearborn, MI Econ Dev Corp Rev RFdg Ltd Oblig Henry Ford Vlg (b)		7.125		11/15/43		1,685,088
	9,005	Detroit, MI Sew Disp Rev Frdg Sr Lien, Ser C2 (BHAC Insd) (c)		5.250		07/01/29		8,630,977
	2,035	East Lansing MI Econ Dev Corp Ltd Oblig Rev First Mtg Burcham Hills B1		5.250		07/01/37		1,512,880
	1,000	Gaylord, MI Hosp Fin Auth Ltd Oblig Rev Otsego Mem Hosp Rfdg		6.500		01/01/31		888,490
	1,500	Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A		6.250		07/01/40		1,344,975
	1,550	Meridian, MI Econ Dev Corp Ltd Oblig Rev Rfdg First Mtg Burcham Hills A1		5.250		07/01/26		1,296,606
	2,000	Michigan St Hosp Fin Auth Rev Presbyterian Vlg Rfdg		5.500		11/15/35		1,536,980
	13,375	Michigan St Hosp Fin Auth Rev Rfdg Henry Ford Hlth Sys A (c)		5.250		11/15/46		10,990,104
	1,500	Michigan St Hosp Fin Auth Rev Rfdg Presbyterian Vlg		5.250		11/15/25		1,180,440
	3,060	Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj Rfdg, Ser A (XLCA Insd) (AMT)		5.500		06/01/30		2,551,612
	8,500	Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A		6.000		06/01/48		6,420,985
	5,120	Wenonah Pk Ppty Inc Bay City Hotel Rev Bd		7.500		04/01/33		2,993,664
								44,862,071
		Minnesota  7.3%
	2,000	Aitkin, MN Hlth Fac Rev Riverwood Hlthcare Ctr Proj (Prerefunded @ 2/01/11)		7.750		02/01/31		2,216,540
	700	Aitkin, MN Hlthcare Fac Rev Rfdg Riverwood Hlthcare Ctr		5.500		02/01/24		619,577
	2,540	Aitkin, MN Hlthcare Fac Rev Rfdg Riverwood Hlthcare Ctr		5.600		02/01/32		2,196,262
	1,000	Cambridge, MN Hsg & Hlthcare Fac Rev Grandview West Proj, Ser B		6.000		10/01/33		842,550

30

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Minnesota (Continued)
$	1,895	Carlton, MN Hlth & Hsg Fac Inter Faith Social Svc Inc Proj (Prerefunded @ 4/01/10)		7.500	%	04/01/19	$	2,035,855
	2,000	Carlton, MN Hlth & Hsg Fac Inter Faith Social Svc Inc Proj (Prerefunded @ 4/01/10)		7.750		04/01/29		2,179,780
	2,700	Carlton, MN Hlthcare & Hsg Fac Rev Rfdg Inter Faith Care Ctr Proj		5.700		04/01/36		2,220,642
	1,500	Columbia Heights, MN Multi-Family & Hlthcare Fac Rev Rfdg Crest View Corp Proj A		5.700		07/01/42		1,238,640
	2,000	Crookston, MN Hlthcare Fac Rev Rfdg Riverview Hlth Proj		5.300		05/01/32		1,582,220
	2,000	Cuyuna, MN Sr Hsg Rev Crosby Sr Svcs Proj, Ser B		6.100		10/01/47		1,681,980
	2,250	Cuyuna Range Hosp Dist MN Hlth Fac Gross Rev		5.500		06/01/35		1,923,682
	4,800	Dakota Cnty, MN Cmnty Dev Agy Multi-Family Hsg Rev Highview Hills Sr Hsg Proj, Ser A		7.000		08/01/45		4,569,312
	560	Duluth, MN Econ Dev Auth Hlthcare Fac Rev Saint Luke’s Hosp		6.000		06/15/12		558,107
	1,500	Duluth, MN Econ Dev Auth Hlthcare Fac Rev Saint Luke’s Hosp		7.250		06/15/32		1,534,260
	2,000	Glencoe, MN Hlthcare Fac Rev (Prerefunded @ 4/01/11)		7.500		04/01/31		2,228,620
	6,695	Minneapolis & Saint Paul MN Metro Arpts Commn Arpt Rev Sub, Ser B (BHAC Insd) (AMT) (c)		5.000		01/01/21		6,086,893
	7,385	Minneapolis & Saint Paul MN Metro Arpts Commn Arpt Rev Sub, Ser B (BHAC Insd) (AMT) (c)		5.000		01/01/23		6,579,370
	3,000	Minneapolis, MN Hsg & Hlthcare Fac Rev Rfdg Providence Proj, Ser A		5.750		10/01/37		2,464,170
	1,400	Minneapolis, MN Student Hsg Rev Riverton Cmnty Hsg Proj, Ser A		5.600		08/01/26		1,199,380
	3,100	Minneapolis, MN Student Hsg Rev Riverton Cmnty Hsg Proj, Ser A		5.700		08/01/40		2,521,757
	1,000	Minneapolis, MN Tax Increment Rev Ivy Tower Proj		5.700		02/01/29		831,710
	900	Minnesota Agric & Econ Dev Brd Rev Hlthcare Benedictine Proj, Ser A		5.500		08/01/23		782,541
	875	Minnesota Agric & Econ Dev Brd Rev Hlthcare Benedictine Proj, Ser A		5.750		02/01/30		748,632
	3,770	Moorhead, MN Sr Hsg Rev Sheyenne Crossing Proj		5.650		04/01/41		3,051,740
	875	New Ulm, MN Econ Dev Auth Hsg Fac Rev Rfdg HADC Ridgeway Proj, Ser A (GTY AGMT)		5.750		06/01/28		767,471

31

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Minnesota (Continued)
$	2,150	New Ulm, MN Econ Dev Auth Hsg Fac Rev Rfdg HADC Ridgeway Proj, Ser A (GTY AGMT)		6.000	%	06/01/41	$	1,887,399
	3,000	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.500		10/01/47		2,815,470
	850	Northwest, MN Multi-Cnty Hsg & Redev Auth Govt Hsg Rev Pooled Hsg Prog Rfdg		5.250		07/01/26		706,086
	2,340	Northwest, MN Multi-Cnty Hsg & Redev Auth Govt Hsg Rev Pooled Hsg Prog Rfdg		5.450		07/01/41		1,851,268
	2,500	Northwest, MN Multi-Cnty Hsg & Redev Auth Govt Hsg Rev Pooled Hsg Prog Rfdg, Ser A		6.250		07/01/40		2,233,025
	1,500	Oakdale, MN Rev Sr Hsg Oak Meadows Proj Rfdg		6.250		04/01/34		1,344,270
	2,450	Oronoco, MN Multi-Family Hsg Rev Wedum Shorewood Campus Proj Rfdg		5.400		06/01/41		1,940,596
	1,350	Park Rapids, MN Hsg Hlth Fac Cdl Homes LLC Proj		5.400		08/01/36		1,064,569
	1,100	Pine City, MN Lease Rev Lakes Intl Language Academy, Ser A		6.250		05/01/35		928,136
	2,000	Prior Lake, MN Sr Hsg Rev Shepards Path, Ser B		5.700		08/01/36		1,728,780
	2,000	Prior Lake, MN Sr Hsg Rev Shepards Path, Ser B		5.750		08/01/41		1,725,320
	1,425	Ramsey, MN Lease Rev Pact Charter Sch Proj, Ser A		6.750		12/01/33		1,322,029
	1,500	Saint Cloud, MN Hsg & Redev Auth Sterling Heights Apt Proj (AMT)		7.550		04/01/39		1,403,985
	2,355	Saint Louis Pk, MN Rev Roitenberg Family Asstd Proj Rfdg		5.700		08/15/41		1,999,937
	1,000	Saint Paul, MN Hsg & Redev Auth Higher Ground Academy Rfdg, Ser A		6.625		12/01/23		948,380
	400	Saint Paul, MN Hsg & Redev Auth Hmong Academy Proj, Ser A		5.750		09/01/26		339,604
	3,000	Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj		6.000		11/15/30		2,821,650
	2,185	Saint Paul, MN Hsg & Redev Auth Lease Rev Hope Cmnty Academy Proj		6.250		12/01/33		1,917,622
	2,000	Saint Paul, MN Hsg & Redev Auth Lse Rev Hmong Academy Proj, Ser A		6.000		09/01/36		1,665,140
	1,000	Saint Paul, MN Hsg & Redev Auth Rfdg Marian Ctr Proj A		5.300		11/01/30		788,230
	3,990	Saint Paul, MN Hsg & Redev Auth Rfdg Marian Ctr Proj A		5.375		05/01/43		3,009,857
	1,000	Saint Paul, MN Hsg & Redev Cmnty of Peace Academy Proj, Ser A (Prerefunded @ 12/01/10)		7.875		12/01/30		1,123,190

32

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Minnesota (Continued)
$	1,250	Saint Paul, MN Port Auth Lease Rev Hltheast Midway Campus 03, Ser A		5.875	%	05/01/30	$	1,129,813
	700	Saint Paul, MN Port Auth Lease Rev Hltheast Midway Campus 03, Ser B		6.000		05/01/30		644,448
	1,000	Vadnais Heights, MN Lease Rev Agric & Food Sciences, Ser A		6.375		12/01/24		892,470
	1,000	Vadnais Heights, MN Lease Rev Agric & Food Sciences, Ser A		6.600		12/01/34		867,970
	1,450	Winona, MN Hlthcare Winona Hlth, Ser A		6.000		07/01/34		1,344,455
								93,105,390
		Mississippi  0.6%
	615	Mississippi Biss Fin Corp Rev Bldg, Ser 2004 (AMT)		7.250		07/01/34		553,537
	4,250	Mississippi Business Fin Corp MS Polluntn Ctl Rev Sys Energy Res Inc Proj		5.875		04/01/22		3,923,855
	1,800	Mississippi Home Corp Rev Grove Apts Proj, Ser 1 (AMT)		6.250		04/01/37		1,458,504
	2,000	Mississippi Home Corp Rev Kirkwood Apts Proj (AMT)		6.800		11/01/37		1,731,640
								7,667,536
		Missouri  3.0%
	1,455	Branson Hills Infrastructure Fac Cmnty Impt Dist MO Spl, Ser A		5.500		04/01/22		1,272,106
	1,500	Branson Hills Infrastructure Fac Cmnty Impt Dist MO Spl, Ser A		5.500		04/01/27		1,229,595
	4,750	Branson, MO Regl Arpt Transn Dev Dist Arpt Rev, Ser B (AMT)		6.000		07/01/37		3,479,755
	1,500	Carthage, MO Hosp Rev		5.875		04/01/30		1,221,900
	8,500	Carthage, MO Hosp Rev		6.000		04/01/38		6,800,680
	1,250	Cole Cnty, MO Indl Dev Auth Sr
		Living Fac Rev Lutheran Sr Svc Heisinger Proj		5.500		02/01/35		1,101,800
	960	Fenton, MO Tax Increment Rev & Impt Gravois Bluffs Proj Rfdg (Prerefunded @ 10/01/11)		7.000		10/01/21		1,072,531
	910	Fenton, MO Tax Increment Rev & Impt Gravois Bluffs Proj Rfdg (Prerefunded @ 10/01/12)		6.125		10/01/21		1,001,537
	1,150	Ferguson, MO Tax Increment Rev Crossings at Halls Ferry Proj		5.000		04/01/17		1,039,358
	2,000	Kansas City, MO Indl Dev Auth First Mtg Bishop Spencer, Ser A		6.250		01/01/24		1,793,180
	1,500	Kansas City, MO Indl Dev Auth First Mtg Bishop Spencer, Ser A		6.500		01/01/35		1,325,610
	956	Kansas City, MO Indl Dev Auth Multi-Family Hsg Rev Brentwood Manor Apt Proj, Ser B (AMT)		7.250		10/15/38		940,455
	3,000	Kansas City, MO Indl Dev Plaza Lib Proj		5.900		03/01/24		2,665,650

33

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Missouri (Continued)
$	1,710	Kansas City, MO Multi-Family Hsg Rev Northwoods Apts Proj, Ser A (AMT)		6.450	%	05/01/40	$	1,555,519
	2,220	Nevada, MO Hosp Rev Nevada Regl Med Ctr (Prerefunded @ 10/01/11)		6.750		10/01/22		2,470,527
	2,750	Saint Joseph, MO Indl Dev Auth Hlthcare Rev Living Cmnty Saint Joseph Proj		7.000		08/15/32		2,520,733
	1,270	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A		6.375		12/01/30		1,103,084
	1,630	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A		6.375		12/01/41		1,380,643
	4,615	Saline Cnty, MO Indl Dev Auth Hlth Fac Rev (Acquired 01/12/99, Cost $4,526,310) (a)		6.500		12/01/28		4,287,289
								38,261,952
		Montana  0.2%
	1,000	Montana Fac Fin Auth Rev Sr Living Saint Johns Lutheran, Ser A		6.000		05/15/25		869,820
	2,000	Montana Fac Fin Auth Rev Sr Living Saint Johns Lutheran, Ser A		6.125		05/15/36		1,709,760
								2,579,580
		Nevada  1.6%
	10,560	Clark Cnty, NV Sch Dist Ltd Tax Bldg, Ser A (c)		5.000		06/15/24		10,202,439
	2,400	Director St NV Dept Business & Industry Las Vegas Monorail Proj Second Tier		7.375		01/01/40		576,960
	3,600	Henderson, NV Loc Impt Dist No T 18		5.300		09/01/35		2,304,972
	975	Las Vegas, NV Loc Impt Bds Spl Impt Dist No 607		6.000		06/01/19		832,923
	5,425	Reno, NV Redev Agy Tax Alloc Sub Lien, Ser C		5.400		06/01/27		4,203,778
	1,000	Sparks NV Loc Impt Dists Ltd Oblig Dist No 3		6.500		09/01/20		941,500
	2,000	Sparks NV Loc Impt Dists Ltd Oblig Dist No 3		6.750		09/01/27		1,841,940
								20,904,512
		New Hampshire  0.3%
	1,500	New Hampshire Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant Hlth		5.500		07/01/34		1,298,445
	1,690	New Hampshire Hlth & Ed Fac Auth Rev Huntington at Nashua, Ser A		6.875		05/01/33		1,666,796
	1,500	New Hampshire Hlth & Ed Fac Speare Mem Hosp		5.875		07/01/34		1,335,555
								4,300,796

34

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		New Jersey  2.1%
$	1,000	Middlesex Cnty, NJ Pollutn Ctl Amerada Rfdg		6.050	%	09/15/34	$	954,720
	1,200	New Jersey Econ Dev Auth Econ Dev Rev Kullman Assoc Proj, Ser A (AMT)		6.125		06/01/18		1,033,260
	2,500	New Jersey Econ Dev Auth Econ Dev Rev Utd Methodist Homes, Ser A1		6.000		07/01/18		2,336,825
	2,000	New Jersey Econ Dev Auth First Mtg Franciscan Oaks Proj		5.700		10/01/17		1,876,940
	750	New Jersey Econ Dev Auth First Mtg Seashore Gardens Proj		5.300		11/01/26		589,658
	900	New Jersey Econ Dev Auth First Mtg Seashore Gardens Proj		5.375		11/01/36		676,341
	1,000	New Jersey Econ Dev Auth Retirement Cmnty Rev, Ser A (Prerefunded @ 11/15/08)		8.125		11/15/18		1,006,190
	1,000	New Jersey Econ Dev Auth Retirement Cmnty Rev, Ser A (Prerefunded @ 11/15/10)		8.000		11/15/15		1,114,380
	1,440	New Jersey Econ Dev Auth Retirement Cmnty Rev, Ser A (Prerefunded @ 11/15/10)		8.125		11/15/23		1,608,235
	710	New Jersey Econ Dev Auth Rev First Mtg Lions Gate Proj A		5.750		01/01/25		612,517
	1,230	New Jersey Econ Dev Auth Rev First Mtg Lions Gate Proj A		5.875		01/01/37		1,009,510
	2,000	New Jersey Econ Dev Auth Rev Sr Living Fac Esplanade Bear (AMT)		7.000		06/01/39		1,468,820
	1,500	New Jersey Econ Dev Auth Rev Unrefunded Bal Sr Mtg Arbor, Ser A		6.000		05/15/28		1,289,775
	3,500	New Jersey Econ Dev Auth Utd Methodist Homes NJ Oblig		5.750		07/01/29		2,970,380
	900	New Jersey Hlthcare Fac Fin Auth Rev Avalon at Hillsborough, Ser A (AMT)		6.375		07/01/25		785,619
	575	New Jersey Hlthcare Fac Fin Auth Rev Avalon at Hillsborough, Ser A (AMT)		6.625		07/01/35		497,358
	555	New Jersey Hlthcare Fac Fin Auth Rev Raritan Bay Med Ctr Issue Rfdg		7.250		07/01/14		554,650
	3,390	New Jersey Hlthcare Fac Fin Auth Rev Saint Joseph’s Hlthcare Sys		6.625		07/01/38		3,072,696
	3,000	New Jersey Hlthcare Fac Fin Inst Inc Cherry Hill Proj		8.000		07/01/27		2,976,420
								26,434,294
		New Mexico  0.6%
	3,960	Albuquerque, NM Retirement Fac Rev La Vida Llena Proj Rfdg, Ser B		6.600		12/15/28		3,608,352
	1,505	Cabezon Pub Impt Dist NM Spl Leverage Rev		6.000		09/01/24		1,348,510
	976	New Mexico Hsg Auth Region lll Sr Brentwood Gardens Apt, Ser A (AMT)		6.850		12/01/31		936,257

35

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		New Mexico (Continued)
$	2,000	New Mexico St Hosp Equip Ln Council Hosp Rev Rehoboth Proj Rfdg, Ser A		5.250	%	08/15/26	$	1,521,180
	750	Ventana West Pub Impt Dist NM		6.875		08/01/33		690,900
								8,105,199
		New York  4.4%
	1,400	Brookhaven, NY Indl Dev Agy Sr Residential Hsg Rev Woodcrest Estates Fac, Ser A (AMT)		6.375		12/01/37		1,273,160
	3,245	Dutchess Cnty, NY Indl Dev Agy Saint Francis Hosp Rfdg, Ser A		7.500		03/01/29		3,390,246
	1,690	Monroe Cnty, NY Indl Dev Agy Woodland Vlg Proj (Prerefunded @ 11/15/10)		8.000		11/15/15		1,828,513
	15,400	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr, Ser A		6.500		03/01/35		15,525,202
	17,780	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr, Ser A (c)		6.250		03/01/15		17,769,243
	2,500	New York St Energy Resh & Dev Reg Ribs (i)		9.258		04/01/20		2,608,025
	2,770	Suffolk Cnty, NY Indl Dev Agy Civic Fac Rev Eastn Long Isl Hosp Assoc, Ser A (Prerefunded @ 1/01/12)		7.750		01/01/22		3,105,004
	1,000	Suffolk Cnty, NY Indl Dev Agy Civic Fac Rev Gurwin Jewish Phase II		6.700		05/01/39		936,350
	1,380	Suffolk Cnty, NY Indl Dev Agy Cont Care Retirement Peconic Landing, Ser A		8.000		10/01/20		1,460,978
	4,000	Suffolk Cnty, NY Indl Dev Agy Medford Hamlet Asstd Living Proj (AMT)		6.375		01/01/39		3,368,920
	1,000	Syracuse, NY Indl Dev Agy Rev First Mtg Jewish Home, Ser A		7.375		03/01/31		1,019,690
	2,315	Utica, NY Indl Dev Agy Civic Utica College Civic Fac		6.750		12/01/21		2,347,387
	1,000	Westchester Cnty, NY Indl Dev Hebrew Hosp Sr Hsg Inc, Ser A (Prerefunded @ 7/01/10)		7.375		07/01/30		1,094,800
								55,727,518
		North Carolina  0.3%
	2,145	North Carolina Med Care Commn Hlthcare Fac Rev Pennybyrn at Maryfield, Ser A		6.125		10/01/35		1,777,905
	2,600	North Carolina Med Care Commn Retirement Fac Rev First Mtg, Ser A 05		5.500		10/01/35		2,151,448
								3,929,353
		North Dakota  0.1%
	1,820	Traill Cnty, ND Hlthcare Rev Hillsboro Med Ctr		5.500		05/01/42		1,342,669

36

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Ohio  4.1%
$	7,200	Adams Cnty Hosp Fac Impt Rev Adams Cnty Hosp Proj		6.500	%	09/01/36	$	5,577,984
	5,000	Athens Cnty, OH Hosp Fac Rev Impt O’Bleness Mem Rfdg, Ser A		7.125		11/15/33		4,945,850
	1,000	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.750		06/01/34		777,550
	16,000	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.875		06/01/30		12,929,120
	15,000	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.875		06/01/47		11,123,100
	3,000	Cleveland-Cuyahoga Cnty, OH Spl Assmt/Tax Increment		7.000		12/01/18		3,088,410
	2,000	Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A		6.000		05/15/37		1,634,440
	1,000	Cuyahoga Cnty, OH Hlthcare Fac Franciscan Cnty OH Inc Proj, Ser C		6.250		05/15/32		891,730
	1,760	Dayton, OH Spl Fac Rev Air Fght Cargo Day LLC Proj (AMT)		6.300		04/01/22		1,502,107
	5,955	Franklin Cnty, OH Hlthcare Fac Rev Impt Lutheran Sr City Proj Rfdg		6.125		12/15/28		4,895,725
	1,500	Lucas Cnty, OH Hlthcare & Impt Sunset Retirement Rfdg		6.500		08/15/20		1,519,440
	4,340	Norwood, OH Tax Increment Rev Fin Cornerstone at Norwood		6.200		12/01/31		3,608,406
								52,493,862
		Oklahoma  1.1%
	1,000	Citizen Potawatomi Nation, OK, Ser A		6.500		09/01/16		1,008,160
	225	Langston, OK Econ Dev Langston Cmnty Dev Corp Proj, Ser A (f)		7.000		08/01/10		235,647
	2,000	Oklahoma Cnty, OK Fin Auth Rev Epworth Villa Proj Rfdg		6.000		04/01/18		1,872,080
	750	Oklahoma Cnty, OK Fin Auth Rev Epworth Villa Proj Rfdg, Ser A		5.700		04/01/25		629,640
	1,250	Oklahoma Cnty, OK Fin Auth Rev Epworth Villa Proj Rfdg, Ser A		5.875		04/01/30		1,023,900
	1,000	Oklahoma Cnty, OK Fin Auth Rev Epworth Villa Proj Rfdg, Ser A		7.000		04/01/25		970,560
	5,500	Oklahoma Cnty, OK Fin Auth Rev Retirement Fac Concordia, Ser A		6.000		11/15/38		4,447,575
	1,500	Oklahoma Cnty, OK Fin Auth Rev Retirement Fac Concordia, Ser A		6.125		11/15/25		1,295,010
	1,065	Oklahoma Dev Fin Auth Rev Hillcrest Hlthcare Sys Rfdg, Ser A (Prerefunded @ 8/15/09)		5.750		08/15/12		1,107,067

37

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Oklahoma (Continued)
$	1,000	Oklahoma Dev Fin Auth Rev Hillcrest Hlthcare Sys Rfdg, Ser A (Prerefunded @ 8/15/09)		5.750	%	08/15/15	$	1,039,500
								13,629,139
		Oregon  0.8%
	2,145	Clatsop Care Ctr Hlth Dist OR Rev Sr Hsg		6.875		08/01/28		1,972,735
	2,400	Multnomah Cnty, OR Hosp Fac Auth Rev Terwilliger Plaza Proj Rfdg (Acquired 12/27/05, Cost $2,344,512) (a)		6.500		12/01/29		2,130,816
	4,788	Oregon St Hlth Hsg Ed & Cultural Fac Auth Saint Anthony Vlg Hsg, Ser A (AMT)		7.250		06/01/28		4,840,402
	910	Oregon St Hlth Hsg Ed Auth OR Baptist Retirement Homes, Ser A		8.000		11/15/26		910,500
								9,854,453
		Pennsylvania  5.5%
	15,500	Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A		5.375		11/15/40		10,769,090
	1,840	Allegheny Cnty, PA Hosp Dev Hlth Sys, Ser B (Prerefunded @ 11/15/10)		9.250		11/15/15		2,062,677
	1,500	Allegheny Cnty, PA Redev Auth Pittsburgh Mills Proj		5.600		07/01/23		1,350,600
	1,500	Berks Cnty, PA Indl Dev Auth First Mtg Rev Rfdg One Douglassville Proj A (AMT)		6.125		11/01/34		1,284,840
	1,250	Bucks Cnty, PA Indl Dev Auth Retirement Cmnty Fac Rev Ann’s Choice Inc, Ser A		6.250		01/01/35		1,018,200
	1,500	Bucks Cnty, PA Indl Dev Auth Retirement Cmnty Rev Ann’s Choice Inc Fac, Ser A		6.125		01/01/25		1,269,330
	1,000	Bucks Cnty, PA Indl Dev Auth Rev First Mtg Hlthcare Fac Chandler		6.200		05/01/19		904,460
	1,800	Bucks Cnty, PA Indl Dev Auth Rev First Mtg Hlthcare Fac Chandler		6.300		05/01/29		1,560,600
	1,500	Chester Cnty, PA Hlth & Ed Fac Chester Cnty Hosp, Ser A		6.750		07/01/31		1,504,710
	3,000	Dauphin Cnty, PA Gen Auth Rev Office & Pkg Riverfront Office		6.000		01/01/25		2,422,350
	1,000	Fulton Cnty, PA Indl Dev Auth Hosp Rev Fulton Cnty Med Ctr Proj		5.875		07/01/31		837,540
	1,900	Fulton Cnty, PA Indl Dev Auth Hosp Rev Fulton Cnty Med Ctr Proj		5.900		07/01/40		1,550,989
	465	Harrisburg, PA Auth Univ Rev Harrisburg Univ of Science, Ser A		5.400		09/01/16		448,725
	3,050	Harrisburg, PA Auth Univ Rev Harrisburg Univ of Science, Ser B		6.000		09/01/36		2,634,773
	2,200	Indiana Cnty, PA Indl Dev Auth PSEG Pwr LLC Proj Rfdg (AMT)		5.850		06/01/27		1,952,786
	1,000	Lancaster Cnty, PA Hosp Auth Rev Hlth Ctr Saint Anne’s Home		6.625		04/01/28		930,080

38

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Pennsylvania (Continued)
$	1,200	Lehigh Cnty, PA Gen Purp Auth First Mtg Bible Fellowship Church		7.625	%	11/01/21	$	1,225,476
	3,000	Lehigh Cnty, PA Gen Purp Auth Rev Good Shepherd Grp, Ser A		5.500		11/01/24		2,793,720
	3,585	Lehigh Cnty, PA Gen Purp Auth Rev Kidspeace Oblig Grp		6.200		11/01/14		3,431,920
	5,500	Lehigh Cnty, PA Gen Purp Auth Rev Kidspeace Oblig Grp Rfdg		6.000		11/01/23		4,280,320
	1,000	Lehigh Cnty, PA Indl Dev Auth Hlth Fac Rev Lifepath Inc Proj		6.100		06/01/18		874,220
	4,180	Montgomery Cnty, PA Higher Ed & Hlth Auth Rev Rfdg & Impt Montgomery		6.875		04/01/36		3,975,222
	1,085	Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsch Cont Care Proj		6.000		02/01/21		964,164
	4,500	Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Cont Care Proj		6.250		02/01/35		3,772,260
	1,315	Northeastern, PA Hosp & Ed Auth Hlthcare Rev		7.125		10/01/29		1,254,852
	1,635	Northeastern, PA Hosp & Ed Auth Hlthcare Rev Oakwood Ter Proj (e)		6.500		10/01/32		1,415,387
	3,750	Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT) (k)		6.750		12/01/36		3,303,112
	1,500	Pennsylvania Econ Dev Fin Auth Reliant Energy, Ser A (AMT) (k)		6.750		12/01/36		1,321,245
	3,000	Pennsylvania Econ Dev Fin Auth Reliant Energy Seward, Ser A (AMT) (k)		6.750		12/01/36		2,642,490
	980	Pennsylvania St Higher Ed Student Assn Inc Proj, Ser A		6.750		09/01/32		980,421
	2,150	Philadelphia, PA Auth Indl Dev Rev Coml Dev Rfdg (AMT)		7.750		12/01/17		2,150,710
	1,455	Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Centralized Comp Human Svc, Ser A		6.125		01/01/13		1,408,673
	1,500	Westmoreland Cnty, PA Indl Dev Hlthcare Fac Redstone, Ser B (Prerefunded @ 11/15/10)		8.000		11/15/23		1,664,985
								69,960,927
		Rhode Island  0.4%
	1,825	Rhode Island St Econ Dev Corp Rev Oblig Providence Pl		7.250		07/01/20		1,751,726
	2,915	Tobacco Settlement Fin Corp RI Asset Bkd, Ser A		6.000		06/01/23		2,744,094
								4,495,820
		South Carolina  1.1%
	2,500	Lancaster Cnty, SC Assmt Rev Edenmoor Impt Dist, Ser B (Acquired 05/19/06, Cost $2,500,000) (a)		5.750		12/01/37		1,772,300

39

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		South Carolina (Continued)
$	1,700	Lancaster Cnty, SC Assmt Rev Sun City Carolina Lakes Impt		5.450	%	12/01/37	$	1,238,059
	1,000	Myrtle Beach, SC Tax Increment Myrtle Beach Air Force Base, Ser A		5.250		11/01/26		782,170
	1,250	Myrtle Beach, SC Tax Increment Myrtle Beach Air Force Base, Ser A		5.300		11/01/35		918,812
	3,000	South Carolina Jobs Econ Dev Auth Econ Dev Rev Westminster Impt & Rfdg		5.375		11/15/30		2,236,080
	2,250	South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg		5.300		10/01/36		1,694,093
	800	South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A		6.000		11/15/27		679,768
	2,000	South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A		6.000		11/15/37		1,632,640
	1,000	South Carolina Jobs Econ Dev Episcopal Home Still Proj, Ser A		6.000		05/15/17		929,850
	2,000	South Carolina Jobs Econ Dev First Mtg Westley Com Proj (Prerefunded @ 10/01/10)		7.750		10/01/24		2,234,580
								14,118,352
		South Dakota  0.5%
	1,010	Keystone, SD Econ Dev Rev Wtr Quality Mgmt Corp A (AMT) (Mun Govt Gtd.)		6.000		12/15/18		893,577
	1,750	Sioux Falls, SD Hlth Fac Rev Rfdg Dow Rummel Vlg Proj		5.000		11/15/33		1,235,570
	4,025	Sioux Falls, SD Multi-Family Rev Rfdg Hsg Inn on Westport Proj A1 (Acquired 08/04/06, Cost $4,025,000) (a)		6.000		03/01/40		3,172,062
	1,020	Sioux Falls, SD Multi-Family Rev Rfdg Hsg Inn on Westport Sub B (Acquired 08/04/06, Cost $1,020,000) (a) (g)		7.500		03/01/40		915,777
								6,216,986
		Tennessee  2.5%
	1,675	Blount Cnty, TN Hlth & Ed Fac Brd Rev Rfdg Asbury Inc., Ser A		5.125		04/01/23		1,364,020
	1,200	Elizabethton, TN Hlth & Ed Fac Brd Rev Rfdg, Ser B (MBIA Insd) (Prerefunded @ 7/01/12)		7.750		07/01/29		1,321,200
	1,000	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg, Ser A (Prerefunded @ 7/01/12)		7.500		07/01/33		1,169,860
	1,000	Johnson City, TN Hlth & Ed Fac Brd Retirement Fac Rev Appalachian Christian Vlg Proj, Ser A		6.250		02/15/32		862,060
	2,230	Memphis, TN Hlth Ed & Hsg Fac Brd Multi-Family Hsg Rev Hilldale Apt Proj (AMT)		6.700		11/01/37		1,992,081

40

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Tennessee (Continued)
$	1,750	Shelby Cnty, TN Hlth & Ed Germantown Vlg, Ser A		7.000	%	12/01/23	$	1,623,545
	2,500	Shelby Cnty, TN Hlth & Ed Germantown Vlg, Ser A		7.250		12/01/34		2,352,150
	1,000	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Trezevant Manor Proj, Ser A		5.625		09/01/26		859,200
	4,500	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Trezevant Manor Proj, Ser A		5.750		09/01/37		3,729,375
	800	Shelby Cnty, TN Hlth Ed Hsg Vlg at Germantown		6.250		12/01/34		605,416
	3,600	Sullivan Cnty, TN Hlth Ed & Hsg Fac Brd Hosp Rev Wellmont Hlth Sys Proj, Ser C		5.250		09/01/36		2,898,468
	4,700	Sullivan Cnty, TN Hlth Ed & Hsg First Mtg Fac Brd Rev Inc Proj (g)		8.410		11/01/19		4,822,905
	7,645	Tennessee Energy Acquisition Corp Gas Rev, Ser A		5.250		09/01/22		6,072,882
	2,515	Trenton, TN Hlth & Ed Fac Brd Rev Inc Proj, Ser A (Acquired 06/08/89, Cost $2,515,000) (a)		10.000		11/01/19		2,265,688
	1,160	Trenton, TN Hlth & Ed Fac Brd Rev Inc Proj, Ser B (Acquired 06/08/89, Cost $1,160,000) (a) (g) (l)		10.000		11/01/20		12
								31,938,862
		Texas  5.4%
	155	Abia Dev Corp TX Arpt Fac Rev Austin Belly Port Dev LLC Proj, Ser A (AMT)		6.250		10/01/08		154,992
	3,000	Abia Dev Corp TX Arpt Fac Rev Austin Belly Port Dev LLC Proj, Ser A (AMT)		6.500		10/01/23		2,586,270
	2,000	Angelina & Neches Riv Auth TX Indl Dev Corp Environmental Aspen Pwr LLC Proj, Ser A (AMT)		6.500		11/01/29		1,542,580
	1,000	Atlanta, TX Hosp Auth Fac Rev		6.700		08/01/19		947,320
	2,035	Atlanta, TX Hosp Auth Fac Rev		6.750		08/01/29		1,891,248
	985	Austin-Bergstorm Landhost Enterprises Inc TX Arpt Hotel Sr, Ser A		6.750		04/01/27		678,783
	950	Bexar Cnty, TX Hsg Fin Corp Multi-Family Hsg Rev Woodland Ridge Apt Proj, Ser A (AMT)		7.000		01/01/39		907,497
	1,825	Dallas Cnty, TX Flood Ctl Dist No 1 Cap Apprec Rfdg (Acquired 08/28/89, Cost $660,829) (a)		*		08/01/11		1,562,127
	3,445	Dallas Cnty, TX Flood Ctl Dist No 1 Rfdg		7.250		04/01/32		3,461,329
	2,500	Decatur, TX Hosp Auth Hosp Wise Regl Hlth Sys, Ser A		7.000		09/01/25		2,378,775
	3,500	Decatur, TX Hosp Auth Hosp Wise Regl Hlth Sys, Ser A		7.125		09/01/34		3,417,750

41

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Texas (Continued)
$	1,500	Grand Prairie, TX Hsg Fin Corp Indpt Sr Living Ctr Rev (d)		7.500/3.750	%	07/01/17	$	1,287,165
	3,000	Grand Prairie, TX Hsg Fin Corp Indpt Sr Living Ctr Rev (d)		7.750/2.580		01/01/34		2,339,310
	40	Lower Colorado River Auth TX Rev Rfdg, Ser A (FSA Insd) (Prerefunded @ 5/15/09)		5.875		05/14/14		41,290
	20	Lower Colorado River Auth TX Rev Rfdg, Ser A (FSA Insd) (Prerefunded @ 5/15/09)		5.875		05/15/15		20,645
	1,000	Lubbock, TX Hlth Fac Dev Corp Rev Dev Rfdg First Mtg Carillon Proj A		6.500		07/01/26		893,610
	5,000	Lubbock, TX Hlth Fac Dev Corp Rev Dev Rfdg First Mtg Carillon Proj A		6.625		07/01/36		4,466,550
	2,500	Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX		5.500		02/15/37		2,101,700
	2,600	Mc Allen TX Indpt Sch Dist Rfdg (PSF Gtd) (c)		5.000		02/15/23		2,524,613
	2,735	Mc Allen TX Indpt Sch Dist Rfdg (PSF Gtd) (c)		5.000		02/15/24		2,643,719
	2,875	Mc Allen TX Indpt Sch Dist Rfdg (PSF Gtd) (c)		5.000		02/15/25		2,759,928
	3,020	Mc Allen TX Indpt Sch Dist Rfdg (PSF Gtd) (c)		5.000		02/15/26		2,884,764
	2,210	Meadow Parc Dev Inc TX Multi-Family Rev Hsg Meadow Parc Apt Proj		6.500		12/01/30		2,037,355
	2,500	Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj		7.250		01/01/31		2,508,725
	1,500	Midlothian, TX Dev Auth Tax Increment Contract Rev (Acquired 12/02/04, Cost $1,150,000) (a)		6.200		11/15/29		1,374,660
	2,000	Midlothian, TX Dev Auth Tax Increment Contract Rev (Prerefunded @ 5/15/11)		7.875		11/15/26		2,265,740
	3,150	Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT) (k)		6.000		08/01/20		3,111,822
	1,000	Richardson, TX Hosp Auth Rev Baylor & Richardson Impt Rfdg		5.625		12/01/28		871,950
	2,500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Northwest Sr Hsg Edgemere Proj, Ser A		6.000		11/15/36		2,150,725
	850	Texas St Dept Hsg & Cmnty Affairs Home Mtg Rev (GNMA Collateralized) (AMT)		6.900		07/02/24		870,936
	1,675	Texas St Pub Fin Auth Sch Excellence Ed Proj, Ser A (Acquired 12/02/04, Cost $1,654,197) (a)		7.000		12/01/34		1,510,733
	1,500	Texas St Student Hsg Corp MSU Proj Midwestern St Univ (Prerefunded @ 9/01/12)		6.500		09/01/34		1,683,435

42

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Texas (Continued)
$	2,950	Tomball, TX Hosp Auth Rev Hosp Tomball Regl Hosp		6.000	%	07/01/29	$	2,658,983
	1,000	Travis Cnty, TX Hlth Fac Dev Corp Retirement Fac Rev Querencia Barton Creek Proj		5.500		11/15/25		823,860
	2,950	Travis Cnty, TX Hlth Fac Dev Corp Retirement Fac Rev Querencia Barton Creek Proj		5.650		11/15/35		2,337,816
	905	Wichita Cnty, TX Hlth Fac Rolling Meadows Fac Rfdg, Ser A		6.250		01/01/28		799,794
	2,500	Woodhill Pub Fac Corp TX Hsg-Woodhill Apt Proj		7.500		12/01/29		2,181,300
								68,679,799
		Utah  0.2%
	1,000	Hildale, UT Elec Rev Gas Turbine Elec Fac Proj (l)		7.800		09/01/15		281,250
	585	Hildale, UT Elec Rev Gas Turbine Elec Fac Proj (l)		7.800		09/01/25		164,531
	1,165	Hildale, UT Elec Rev Gas Turbine Elec Fac Proj (l)		8.000		09/01/20		327,657
	2,275	Utah St Hsg Fin Agy Rev RHA Cmnty Svc Proj, Ser A		6.875		07/01/27		2,036,671
								2,810,109
		Vermont  0.3%
	2,750	Vermont Econ Dev Auth Mtg Rev Wake Robin Corp Proj, Ser A		5.375		05/01/36		2,096,050
	1,000	Vermont Ed & Hlth Bldg Fin Agy Rev Bennington College Proj		6.625		10/01/29		921,220
	525	Vermont Ed & Hlth Bldg Fin Agy Rev VT Council Dev Mental Hlth, Ser A		6.000		12/15/09		537,553
								3,554,823
		Virginia  1.9%
	4,000	Albemarle Cnty, VA Indl Dev Auth Ed Fac Rev Covenant Sch Inc, Ser A		7.750		07/15/32		4,145,000
	5,000	Celebrate, VA South Cmnty Dev Celebrate VA South Proj		6.250		03/01/37		3,963,450
	2,500	Farms New Kent, VA Cmnty Dev, Ser B		5.450		03/01/36		1,776,725
	2,500	Farms New Kent, VA Cmnty Dev, Ser C		5.800		03/01/36		1,840,400
	2,500	Henrico Cnty, VA Econ Dev Auth Residential Care Fac Rev Utd Methodist Rfdg, Ser A		6.500		06/01/22		2,435,775
	1,000	New Port Cmnty Dev Auth VA Spl Assmt		5.500		09/01/26		766,400
	2,500	New Port Cmnty Dev Auth VA Spl Assmt		5.600		09/01/36		1,784,950
	4,000	Peninsula Ports Auth VA Rfdg Residential Care Fac Rev VA Baptist Homes, Ser C		5.400		12/01/33		3,050,720
	1,500	Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig		6.350		09/01/28		1,280,685
	1,250	Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig		6.450		09/01/37		1,044,137

43

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Virginia (Continued)
$	4,000	Roanoke Cnty, VA Indl Dev Auth Glebe Inc, Ser A		6.300	%	07/01/35	$	1,600,000
	1,700	Virginia Small Business Fin Auth Rev Indl Dev SIL Clean Wtr Proj (AMT) (l)		7.250		11/01/24		55,250
								23,743,492
		Washington  1.7%
	2,000	Kalispel Tribe Indians Priority Dist WA Rev		6.750		01/01/38		1,794,820
	1,000	King Cnty, WA Pub Hosp Dist No 004 Snoqualmie Vly Hosp		7.250		12/01/15		1,018,860
	8,830	Tobacco Settlement Auth WA Tob Settlement Rev		6.625		06/01/32		8,060,554
	7,225	Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpts
		Wesley Homes, Ser A (Acquired 05/07/08, Cost $7,225,000) (a)		6.200		01/01/36		6,531,400
	1,000	Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj, Ser A		5.625		01/01/27		838,870
	4,000	Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj, Ser A		5.625		01/01/38		3,200,400
								21,444,904
		West Virginia  0.7%
	2,250	Harrison Cnty, WV Cnty Commn Solid Waste Disp Rev Allegheny Energy Rfdg, Ser D (AMT)		5.500		10/15/37		1,915,222
	8,000	West Virginia St Hosp Fin Auth Hosp Rev Thomas Health Sys		6.500		10/01/38		7,102,160
								9,017,382
		Wisconsin  1.1%
	800	Baldwin, WI Hosp Rev Mtg, Ser A		6.125		12/01/18		721,544
	1,000	Baldwin, WI Hosp Rev Mtg, Ser A		6.375		12/01/28		881,020
	1,730	Milwaukee, WI Rev Sr Air Cargo (AMT)		6.500		01/01/25		1,596,963
	1,000	Waukesha, WI Redev Auth Hsg Rfdg Sr Kirkland Crossings Proj		5.500		07/01/31		843,350
	1,500	Waukesha, WI Redev Auth Hsg Sr Kirkland Crossings Proj Rfdg		5.600		07/01/41		1,242,855
	750	Wisconsin Hlth & Ed Fac Eastcastle Pl Inc Proj		6.000		12/01/24		635,572
	2,000	Wisconsin St Hlth & Ed Fac Auth Rev Newcastle Place Inc., Ser A		6.150		12/01/37		1,659,880
	1,000	Wisconsin St Hlth & Ed Fac Auth Rev Oakwood Vlg Proj, Ser A		7.625		08/15/30		1,047,220
	1,500	Wisconsin St Hlth & Ed Fac Beaver Dam Cmnty Hosp Inc, Ser A		6.750		08/15/34		1,457,910

44

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Wisconsin (Continued)
$	1,000	Wisconsin St Hlth & Ed Fac Divine Savior Hlthcare, Ser C (Prerefunded @ 5/01/12)		7.500	%	05/01/32	$	1,129,890
	2,000	Wisconsin St Hlth & Ed Fac Fort Hlthcare Inc Proj		6.100		05/01/34		1,867,320
	1,500	Wisconsin St Hlth & Ed Fac Southwest Hlth Ctr, Ser A		6.125		04/01/24		1,344,405
								14,427,929
		Wyoming  0.3%
	3,000	Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)		5.600		12/01/35		2,475,030
	1,500	Teton Cnty, WY Hosp Dist Hosp Saint Johns Med Ctr		6.750		12/01/27		1,398,585
								3,873,615
		Puerto Rico  0.0%
	75	Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd) (Prerefunded @ 7/01/14)		5.250		07/01/33		79,830
		U.S. Virgin Islands  0.1%
	1,000	Virgin Islands Pub Fin Auth Refinery Fac Rev Sr Sec Hovensa Refinery (AMT)		5.875		07/01/22		898,290
Total Investments  107.4% (Cost $1,572,569,565)								1,366,664,856
Liability for Floating Rate Note Obligations Related to Securities Held  (8.5%) (Cost ($108,450,000))
(108,450) Notes with interest rates ranging from 6.27% to 8.42% at September 30, 2008 and contractual maturities of collateral ranging from 2015 to 2046 (i) (See Note 1)							$	(108,450,000	)
Total Net Investments  98.9%   (Cost $1,464,119,565)								1,258,214,856
Other Assets in Excess of Liabilities  1.1%								14,735,552
Net Assets  100.0%							$	1,272,950,408

Percentages are calculated as a percentage of net assets.

*	Zero coupon bond
(a)	Security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 4.7% of net assets.

45

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

(b)	Security purchased on a when-issued or delayed delivery basis.
(c)	Underlying security related to Inverse Floaters entered into by the Fund. See Note 1.
(d)	Interest is accruing at less than the stated coupon. Coupon is shown as stated coupon/actual coupon.
(e)	144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
(f)	Escrowed to Maturity
(g)	The Fund owns 100% of the outstanding bond issuance.
(h)	Security is a “step-up” bond where the coupon increases or steps up at a predetermined date.
(i)	Floating rate notes. The interest rates shown reflect the rates in the effect at September 30, 2008.
(j)	Inverse Floating Rate
(k)	Variable Rate Coupon
(l)	Non-income producing security.

ACA—American Capital Access

AGL—Assured Guaranty Ltd.

AMBAC—AMBAC Indemnity Corp.

AMT—Alternative Minimum Tax

BHAC—Berkshire Hathaway Assurance Corp.

Comwth—Commonwealth of Puerto Rico

FGIC—Financial Guaranty Insurance Co.

FSA—Financial Security Assurance Inc.

GNMA—Government National Mortgage Association

GTY AGMT—Guarantee Agreement

MBIA—Municipal Bond Investors Assurance Corp.

Mun Govt Gtd—Municipal Government Guaranteed

PSF—Public School Fund

XLCA—XL Capital Assurance Inc.

46

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

September 30, 2008

Assets:
Total Investments (Cost $1,572,569,565)	$	1,366,664,856
Receivables:
Interest		26,830,713
Investments Sold		5,045,750
Fund Shares Sold		854,825
Other		229,635
Total Assets		1,399,625,779
Liabilities:
Payables:
Floating Rate Note Obligations		108,450,000
Investments Purchased		7,461,221
Fund Shares Repurchased		6,108,898
Custodian Bank		1,684,988
Income Distributions		1,365,398
Investment Advisory Fee		518,737
Distributor and Affiliates		482,739
Trustees’ Deferred Compensation and Retirement Plans		281,891
Accrued Expenses		321,499
Total Liabilities		126,675,371
Net Assets	$	1,272,950,408
Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	1,612,803,948
Accumulated Undistributed Net Investment Income		3,470,211
Accumulated Net Realized Loss		(137,419,042	)
Net Unrealized Depreciation		(205,904,709	)
Net Assets	$	1,272,950,408
Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $1,044,735,535 and 95,198,290 shares of beneficial interest issued and outstanding)	$	10.97
Maximum sales charge (4.75%* of offering price)		0.55
Maximum offering price to public	$	11.52
Class B Shares:
Net asset value and offering price per share (Based on net assets of $70,162,067 and 6,397,071 shares of beneficial interest issued and outstanding)	$	10.97
Class C Shares:
Net asset value and offering price per share (Based on net assets of $157,848,717 and 14,264,285 shares of beneficial interest issued and outstanding)	$	11.07
Class I Shares:
Net asset value and offering price per share (Based on net assets of $204,089 and 18,597 shares of beneficial interest issued and outstanding)	$	10.97

* On sales of $100,000 or more, the sales charge will be reduced.

47

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Financial Statements  continued

Statement of Operations

For the Year Ended September 30, 2008

Investment Income:
Interest	$	99,901,044
Expenses:
Investment Advisory Fee		6,671,323
Interest and Residual Trust Expense		5,192,155
Distribution (12b-1) and Service Fees
Class A		2,929,566
Class B		818,794
Class C		1,688,667
Transfer Agent Fees		635,356
Accounting and Administrative Expenses		286,528
Professional Fees		181,999
Custody		173,014
Reports to Shareholders		150,642
Registration Fees		77,673
Trustees’ Fees and Related Expenses		50,004
Other		57,997
Total Expenses		18,913,718
Less Credits Earned on Cash Balances		16,934
Net Expenses		18,896,784
Net Investment Income	$	81,004,260
Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments	$	(17,441,302	)
Futures		(3,279,765	)
Net Realized Loss		(20,721,067	)
Unrealized Appreciation/Depreciation:
Beginning of the Period		6,828,549
End of the Period		(205,904,709	)
Net Unrealized Depreciation During the Period		(212,733,258	)
Net Realized and Unrealized Loss	$	(233,454,325	)
Net Decrease in Net Assets From Operations	$	(152,450,065	)

48

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Financial Statements  continued

Statements of Changes in Net Assets

	For The			For The
	Year Ended			Year Ended
	September 30, 2008			September 30, 2007
From Investment Activities:
Operations:
Net Investment Income	$	81,004,260		$	81,520,408
Net Realized Loss		(20,721,067	)		(10,249,973	)
Net Unrealized Depreciation During the Period		(212,733,258	)		(66,824,924	)
Change in Net Assets from Operations		(152,450,065	)		4,445,511
Distributions from Net Investment Income:
Class A Shares		(66,087,307	)		(69,372,970	)
Class B Shares		(3,978,745	)		(4,750,158	)
Class C Shares		(8,143,974	)		(8,315,260	)
Class I Shares		(18,573	)		-0-
Total Distributions		(78,228,599	)		(82,438,388	)
Net Change in Net Assets from Investment Activities		(230,678,664	)		(77,992,877	)
From Capital Transactions:
Proceeds from Shares Sold		365,253,833			204,818,983
Net Asset Value of Shares Issued Through Dividend Reinvestment		57,959,746			56,452,751
Cost of Shares Repurchased		(426,646,705	)		(332,787,775	)
Net Change in Net Assets from Capital Transactions		(3,433,126	)		(71,516,041	)
Total Decrease in Net Assets		(234,111,790	)		(149,508,918	)
Net Assets:
Beginning of the Period		1,507,062,198			1,656,571,116
End of the Period (Including accumulated undistributed net investment income of $3,470,211 and $726,302, respectively)	$	1,272,950,408		$	1,507,062,198

49

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Financial Statements  continued

Statement of Cash Flows

For the Year Ended September 30, 2008

Change in Net Assets from Operations	$	(152,450,065	)
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided by Operating Activities:
Purchases of Investments		(466,663,928	)
Proceeds from Sales of Investments		597,805,148
Net Sales of Short-Term Investments		3,600,000
Amortization of Premium		1,389,183
Accretion of Discount		(1,940,582	)
Net Realized Loss on Investments		17,441,302
Net Change in Unrealized Depreciation on Investments		211,514,278
Increase in Interest Receivable		(718,435	)
Decrease in Receivable for Investments Sold		1,823,290
Decrease in Other Assets		16,919
Decrease in Investments Purchased Payable		(2,935,919	)
Change in Custodian Bank Payable		(1,637,364	)
Decrease in Distributor and Affiliates Payable		(126,961	)
Decrease in Trustees’ Deferred Compensation and Retirement Plans		(33,381	)
Decrease in Investment Advisory and Administrative Fees		(56,583	)
Increase in Accrued Expenses		181,829
Total Adjustments		359,658,796
Net Cash Provided by Operating Activities		207,208,731
Cash Flows From Financing Activities
Proceeds from Shares Sold		367,598,340
Repurchased Shares		(424,020,293	)
Dividends Paid (net of reinvested dividends $57,959,746)		(20,826,778	)
Proceeds from and Repayments of Floating Rate Note Obligations		(129,960,000	)
Net Cash Provided by Financing Activities		(207,208,731	)
Net Increase in Cash		-0-
Cash at the Beginning of the Period		-0-
Cash at the End of the Period	$	-0-
Supplemental Disclosures of Cash Flow Information
Cash Paid During the Year for Interest	$	5,192,155

50

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund

Financial Highlights

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

	Year Ended September 30,
Class A Shares	2008			2007			2006		2005		2004
Net Asset Value, Beginning of the Period	$	12.94		$	13.59		$	13.23	$	13.00	$	13.03
Net Investment Income(a)		0.71			0.69			0.71		0.72		0.74
Net Realized and Unrealized Gain/Loss		(2.00	)		(0.64	)		0.37		0.27		-0-
Total from Investment Operations		(1.29	)		0.05			1.08		0.99		0.74
Less:
Distributions from Net Investment Income		0.68			0.70			0.72		0.76		0.77
Net Asset Value, End of the Period	$	10.97		$	12.94		$	13.59	$	13.23	$	13.00
Total Return (b)		–10.19%			0.26%			8.41%		7.75 %		5.87%
Net Assets at End of the Period (In millions)	$	1,044.7		$	1,245.4		$	1,338.7	$	1,267.3	$	766.1
Ratio of Expenses to Average Net Assets		1.19%			1.73%			1.39%		1.04%		0.99%
Ratio of Net Investment Income to Average Net Assets		5.81%			5.11%			5.34%		5.41%		5.74%
Portfolio Turnover		30%			28%			48%		34%		10%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.83%			0.82%			0.84%		0.86%		0.91%

(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 4.75% 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 .25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

51

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class B Shares	2008			2007			2006		2005		2004
Net Asset Value, Beginning of the Period	$	12.93		$	13.58		$	13.22	$	12.99	$	13.02
Net Investment Income(a)		0.62			0.59			0.61		0.62		0.65
Net Realized and Unrealized Gain/Loss		(1.99	)		(0.65	)		0.37		0.27		(0.01	)
Total from Investment Operations		(1.37	)		(0.06	)		0.98		0.89		0.64
Less:
Distributions from Net Investment Income		0.59			0.59			0.62		0.66		0.67
Net Asset Value, End of the Period	$	10.97		$	12.93		$	13.58	$	13.22	$	12.99
Total Return(b)		−10.88%			−0.49%			7.54%		7.04%		5.07%
Net Assets at End of the Period (In millions)	$	70.2		$	91.4		$	120.0	$	144.9	$	123.8
Ratio of Expenses to Average Net Assets		1.95%			2.48%			2.14%		1.79%		1.75%
Ratio of Net Investment Income to Average Net Assets		5.05%			4.35%			4.58%		4.67%		5.00%
Portfolio Turnover		30%			28%			48%		34%		10%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.58%			1.57%			1.59%		1.61%		1.67%

(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 4%, charged on certain redemptions made within one year of purchase and declining to 0% after the sixth 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.

52

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class C Shares	2008			2007			2006		2005		2004
Net Asset Value, Beginning of the Period	$	13.04		$	13.69		$	13.32	$	13.09	$	13.11
Net Investment Income(a)		0.62			0.59			0.61		0.62		0.64
Net Realized and Unrealized Gain/Loss		(2.00	)		(0.65	)		0.38		0.27		0.01
Total from Investment Operations		(1.38	)		(0.06	)		0.99		0.89		0.65
Less:
Distributions from Net Investment Income		0.59			0.59			0.62		0.66		0.67
Net Asset Value, End of the Period	$	11.07		$	13.04		$	13.69	$	13.32	$	13.09
Total Return (b)		–10.87%			–0.49%			7.55%		6.98%		5.10%	(c)
Net Assets at End of the Period (In millions)	$	157.8		$	170.3		$	198.0	$	200.0	$	84.0
Ratio of Expenses to Average Net Assets		1.95%			2.48%			2.14%		1.80%		1.73%
Ratio of Net Investment Income to Average Net Assets		5.06%			4.35%			4.59%		4.62%		4.94%	(c)
Portfolio Turnover		30%			28%			48%		34%		10%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.58%			1.57%			1.59%		1.62%		1.65%

(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 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 footnote 7)

53

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund
Financial Highlights  continued

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

	December 19, 2007
	(Commencement of
	Operations) to
Class I Shares	September 30, 2008
Net Asset Value, Beginning of the Period	$	12.46
Net Investment Income (a)		0.56
Net Realized and Unrealized Gain/Loss		(1.50	)
Total from Investment Operations		(0.94	)
Less:
Distributions from Net Investment Income		0.55
Net Asset Value, End of the Period	$	10.97
Total Return (b)		−7.71%	*
Net Assets at End of the Period (In millions)	$	0.2
Ratio of Expenses to Average Net Assets		0.94%
Ratio of Net Investment Income to Average Net Assets		6.08%
Portfolio Turnover		30%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.58%

(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.
*	Non-Annualized

54

See Notes to Financial Statements

Van Kampen Strategic Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008

1. Significant Accounting Policies

Van Kampen Strategic Municipal Income Fund (the “Fund”) is organized as a series of the Van Kampen Tax Free 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 investment objective is to seek to provide investors a high level of current income exempt from federal income tax primarily through investment in a diversified portfolio of medium- and lower-grade municipal securities. The Fund commenced investment operations on June 28, 1985. 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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A. Security Valuation Municipal bonds are valued by independent pricing services or dealers using the mean of the bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

B. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. Legal expenditures that are expected to result in the restructuring of or a plan of reorganization for an investment are recorded as realized losses. 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 payment is made. At September 30, 2008, the Fund had $6,471,290 of when-issued or delayed delivery purchase commitments.

C. Income and Expenses Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. 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.

D. 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

55

Van Kampen Strategic Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Fund adopted the provisions of the Financial Accounting Standards Board (”FASB”) Interpretation No. 48 (”FIN 48”) Accounting for Uncertainty in Income Taxes on March 31, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying 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 September 30, 2008, 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 these losses against any future realized capital gains. At September 30, 2008, the Fund had an accumulated capital loss carryforward for tax purposes of $121,582,967, which will expire according to the following schedule:

Amount		Expiration
$	10,147,307		September 30, 2009
	16,221,240		September 30, 2010
	22,472,916		September 30, 2011
	3,607,121		September 30, 2012
	28,957,443		September 30, 2013
	24,197,373		September 30, 2014
	6,419,495		September 30, 2015
	9,560,072		September 30, 2016

At September 30, 2008, the cost and related gross unrealized appreciation and depreciation are as follows:

Cost of investments for tax purposes	$	1,448,882,449
Gross tax unrealized appreciation	$	11,968,309
Gross tax unrealized depreciation		(202,635,902	)
Net tax unrealized depreciation on investments	$	(190,667,593	)

E. Distribution of Income and Gains The Fund declares daily and pays monthly dividends from net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included in ordinary income for tax purposes.

56

Van Kampen Strategic Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

The tax character of distributions paid during the years ended September 30, 2008 and 2007 were as follows:

	2008		2007
Distributions paid from:
Ordinary income	$	48,797	$	195,125
Tax-exempt income		78,737,727		82,599,666
	$	78,786,524	$	82,794,791

Permanent differences, primarily due to capital loss of $9,610,374 expired in current year, resulted in the following reclassifications among the Fund’s components of net assets at September 30, 2008:

Accumulated Undistributed Net			Accumulated Net Realized
Investment Income			Loss		Capital
$	(31,752	)	$	9,642,126	$	(9,610,374	)

As of September 30, 2008, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	204,490
Undistributed tax-exempt income		6,214,159

Net realized gains or losses may differ for financial and tax reporting purposes primarily as a result of the capitalization of reorganization and restructuring costs, and post October losses of $30,543,541 which are not recognized for tax purposes until the first day of the following fiscal year.

F. Credit Earned on Cash Balances During the year ended September 30, 2008, the Fund’s custody fee was reduced by $16,934 as a result of credits earned on cash balances.

G. Floating Rate Note Obligations Related to Securities Held The Fund enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interest in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The Fund enters into shortfall agreements with the dealer trusts, which commit the Fund to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Fund, thereby collapsing the dealer trusts. The Fund accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Fund’s investments assets, and the related floating rate notes reflected as Fund liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the

57

Van Kampen Strategic Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

dealer trusts under the caption ”Interest and Residual Trust Expenses” on the Fund’s Statement of Operations. The notes issued by the dealer trust have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At September 30, 2008, Fund investments with a value of $147,602,101 are held by the dealer trusts and serve as collateral for the $108,450,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at September 30, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the fiscal year ended September 30, 2008 were $170,962,141 and 3.04%, respectively.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, Van Kampen Asset management (“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		.50%
Over $500 million		.45%

For the year ended September 30, 2008, the Fund recognized expenses of approximately $40,800 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 year ended September 30, 2008, the Fund recognized expenses of approximately $148,800 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 year ended September 30, 2008, the Fund recognized expenses of approximately $227,300 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

58

Van Kampen Strategic Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

selected by the trustees. Investments in such funds of approximately $164,300 are included in “Other” assets on the Statement of Assets and Liabilities at September 30, 2008. 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 year ended September 30, 2008, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $427,200 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $253,900. Sales charges do not represent expenses of the Fund.

3. Capital Transactions

For the years ended September 30, 2008 and 2007, transactions were as follows:

	For The						For The
	Year Ended						Year Ended
	September 30, 2008						September 30, 2007
	Shares			Value			Shares			Value
Sales:
Class A		23,278,380		$	286,468,234			13,359,816		$	179,556,041
Class B		703,508			8,570,363			254,573			3,420,137
Class C		5,608,467			69,427,740			1,619,525			21,842,805
Class I		64,111			787,496			-0-			-0-
Total Sales		29,654,466		$	365,253,833			15,233,914		$	204,818,983
Dividend Reinvestment:
Class A		4,155,890		$	49,845,865			3,620,350		$	48,736,241
Class B		261,522			3,134,913			244,599			3,293,023
Class C		411,425			4,962,066			325,970			4,423,487
Class I		1,417			16,902			-0-			-0-
Total Dividend Reinvestment		4,830,254		$	57,959,746			4,190,919		$	56,452,751
Repurchases:
Class A		(28,462,846	)	$	(347,202,239	)		(19,239,544	)	$	(257,128,757	)
Class B		(1,633,806	)		(19,796,928	)		(2,264,108	)		(30,483,079	)
Class C		(4,809,263	)		(59,089,651	)		(3,350,119	)		(45,175,939	)
Class I		(46,931	)		(557,887	)		-0-			-0-
Total Repurchases		(34,952,846	)	$	(426,646,705	)		(24,853,771	)	$	(332,787,775	)

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 pro rata basis to each class of shares. For the year ended September 30, 2008, the Fund received redemption fees of approximately $29,700, 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.

59

Van Kampen Strategic Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

5. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $466,663,928 and $597,805,148, respectively.

6. 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, to manage the portfolio’s effective yield, maturity and duration, or 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. Risks may arise as a result of the potential inability of the counter parties to meet the terms of their contracts.

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

A. Futures Contracts A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Fund generally invests in exchange traded futures contracts on U.S. Treasury Securities and typically closes the contract prior to the delivery date. These contracts are generally used to manage the Fund’s effective maturity and duration. 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 (the variation margin).

Transactions in future contracts for year ended September 30, 2008, are as follows:

	Contracts
Outstanding at September 30, 2007		810
Futures Opened		498
Futures Closed		(1,308	)
Outstanding at September 30, 2008		-0-

B. Inverse Floating Rate Investments The Fund may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Fund in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. Leverage may cause the Fund’s net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the

60

Van Kampen Strategic Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

value of the Fund’s portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments.

7. 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 .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 $1,393,200 and $203,200 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.

8. 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.

9. Accounting Pronouncements

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of September 30, 2008, the Adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.

On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.

 

61

Van Kampen Strategic Municipal Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Van Kampen Strategic Municipal Income Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Van Kampen Strategic Municipal Income Fund (one of the Funds constituting the Van Kampen Tax Free Trust (the “Fund”)) as of September 30, 2008, and the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2008, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen Strategic Municipal Income Fund of the Van Kampen Tax Free Trust at September 30, 2008, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

November 19, 2008

62

Van Kampen Strategic Municipal 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
Dennis Shea
Vice President
Kevin Klingert
Vice President
Amy R. Doberman
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
333 West Wacker Drive
Chicago, Illinois 60606

Independent Registered
Public Accounting Firm
Ernst & Young LLP
233 South Wacker Drive
Chicago, Illinois 60606

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2008. The Fund designated 100% of the income distributions as a tax exempt income distribution. In January, the Fund provides tax information to shareholders for the preceding calendar year.

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

63

Van Kampen Strategic Municipal Income Fund

Trustee and Officer Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees serve until reaching their retirement age or until their successors are duly elected and qualified. Officers are annually elected by the trustees.

Independent Trustees:
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
David C. Arch (63) Blistex Inc. 1800 Swift Drive Oak Brook, IL 60523	Trustee	Trustee since 2003	Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Heartland Alliance, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan.

64

Van Kampen Strategic Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jerry D. Choate (70) 33971 Selva Road Suite 130 Dana Point, CA 92629	Trustee	Trustee since 1999	Prior to January 1999, Chairman and Chief Executive Officer of the Allstate Corporation (“Allstate”) and Allstate Insurance Company. Prior to January 1995, President and Chief Executive Officer of Allstate. Prior to August 1994, various management positions at Allstate.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Amgen Inc., a biotechnological company, and Valero Energy Corporation, an independent refining company.
Rod Dammeyer (68) CAC, LLC 4370 LaJolla Village Drive Suite 685 San Diego, CA 92122-1249	Trustee	Trustee since 2003	President of CAC, LLC, a private company offering capital investment and management advisory services.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Quidel Corporation, Stericycle, Inc., and Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc.

65

Van Kampen Strategic Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Linda Hutton Heagy† (60) 4939 South Greenwood Chicago, IL 60615	Trustee	Trustee since 1995	Prior to February 2008, Managing Partner of Heidrick & Struggles, an international executive search firm. Prior to 1997, Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company. Prior to 1990, Executive Vice President of The Exchange National Bank.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.
R. Craig Kennedy (56) 1744 R Street, NW Washington, DC 20009	Trustee	Trustee since 1993	Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.
Howard J Kerr (73) 14 Huron Trace Galena, IL 61036	Trustee	Trustee since 2003	Prior to 1998, President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.

66

Van Kampen Strategic Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jack E. Nelson (72) 423 Country Club Drive Winter Park, FL 32789	Trustee	Trustee since 1985	President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex.
Hugo F. Sonnenschein (68) 1126 E. 59th Street Chicago, IL 60637	Trustee	Trustee since 2003	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences.

67

Van Kampen Strategic Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Suzanne H. Woolsey, Ph.D. (66) 815 Cumberstone Road Harwood, MD 20776	Trustee	Trustee since 1999	Chief Communications Officer of the National Academy of Sciences/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Prior to 1993, Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council. From 1980 through 1989, Partner of Coopers & Lybrand.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Director of Fluor Corp., an engineering, procurement and construction organization, since January 2004. Director of Intelligent Medical Devices, Inc., a symptom based diagnostic tool for physicians and clinical labs. Director of the Institute for Defense Analyses, a federally funded research and development center, Director of the German Marshall Fund of the United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.

68

Van Kampen Strategic Municipal Income Fund
Trustee and Officer Information  continued
Interested Trustees:*
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Interested Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Wayne W. Whalen* (69) 333 West Wacker Drive Chicago, IL 60606	Trustee	Trustee since 1985	Partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Abraham Lincoln Presidential Library Foundation.

†

As indicated above, prior to February 2008, Ms. Heagy was an employee of Heidrick and Struggles, an international executive search firm (“Heidrick”). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley.

*

Mr. Whalen is an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex.

69

Van Kampen Strategic Municipal Income Fund

Trustee and Officer Information  continued

Officers:
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Edward C. Wood III (52) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	President and Principal Executive Officer	Officer since 2008	President and Principal Executive Officer of funds in the Fund Complex since November 2008. Managing Director of Van Kampen Investments Inc., the Adviser, the Distributor, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2003. Chief Administrative Officer of Van Kampen Investments Inc., the Adviser, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2002. Chief Operating Officer of the Distributor since December 2002. Director of Van Kampen Advisors Inc., the Distributor and Van Kampen Exchange Corp. since March 2004. Director of the Adviser since August 2008. Director of the Distributor and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and the Distributor from March 2004 to January 2005.
Dennis Shea (55) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2006	Managing Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., the Adviser and Van Kampen Advisors Inc. Chief Investment Officer—Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006.
Kevin Klingert (45) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2008	Vice President of funds in the Fund Complex since May 2008. Chief Operating Officer of the Fixed Income portion of Morgan Stanley Investment Management Inc. since May 2008. Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management since December 2007. Managing Director of Morgan Stanley Investment Management Inc. from December 2007 to March 2008. Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock from October 1991 to January 2007. Assistant Vice President municipal portfolio manager at Merrill Lynch from March 1985 to October 1991.

70

Van Kampen Strategic Municipal Income Fund
Trustee and Officer Information  continued
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Amy R. Doberman (46) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2004	Managing Director and General Counsel—U.S. Investment Management; Managing Director of Morgan Stanley Investment Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000.
Stefanie V. Chang Yu (42) 522 Fifth Avenue New York, NY 10036	Vice President and Secretary	Officer since 2003	Managing Director of Morgan Stanley Investment Management Inc. Vice President and Secretary of funds in the Fund Complex.
John L. Sullivan (53) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Compliance Officer	Officer since 1996	Chief Compliance Officer of funds in the Fund Complex since August 2004. Prior to August 2004, Director and Managing Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc.
Stuart N. Schuldt (46) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Financial Officer and Treasurer	Officer since 2007	Executive Director of Morgan Stanley Investment Management Inc. since June 2007. Chief Financial Officer and Treasurer of funds in the Fund Complex since June 2007. Prior to June 2007, Senior Vice President of Northern Trust Company, Treasurer and Principal Financial Officer for Northern Trust U.S. mutual fund complex.

71

Van Kampen Strategic Municipal 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 annually.

This Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies.

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

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information 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 and from third parties and other sources. For example:

•   We collect information such as your name, address, e-mail address, phone number and account title.

(continued on next page)

Van Kampen Strategic Municipal 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?

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 to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

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

(continued on next page)

Van Kampen Strategic Municipal Income 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 to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

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

4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?

We respect your privacy and offer you choices as to whether we share with affiliated companies personal information that was collected to determine your eligibility for products and services you request (“eligibility information”). Please note that, even if you direct us not to share eligibility information with affiliated companies (“opt-out”), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out 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 Types of Personal Information by Affiliated Companies for Marketing?

You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.

(continued on next page)

Van Kampen Strategic Municipal Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

If you wish to opt-out of sharing and to limit marketing offers, you may do so by:

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

•   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.

If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.

Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.

If you hold more than one account with Van Kampen, 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.

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”).

(continued on back)

Van Kampen Strategic Municipal Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

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.

The Statement of Additional Information includes additional information about Fund trustees and is available, without charge, upon request by calling 1-800-847-2424.

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

Copyright ^©2008 Van Kampen Funds Inc.

All rights reserved. Member FINRA/SIPC

39, 339, 539

STMIANN 11/08

IU08-05754P-Y09/08

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen California Insured Tax Free Fund performed during the annual 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 September 30, 2008.

This material must be preceded or accompanied by a Class A, B, and C share or Class I share prospectus for the fund being offered. The prospectuses contain 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 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, therefore, the value of the fund shares may be less than what you paid for them. Accordingly, you can lose money investing in this fund.

NOT FDIC INSURED	OFFER NO BANK GUARANTEE	MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY		NOT A DEPOSIT

Performance Summaryas of 9/30/08

Performance of a $10,000 investment

This chart compares your fund’s performance to that of the Lehman Brothers Municipal Bond Index and the Lehman Brothers California Insured Municipal Bond Index from 9/30/98 through 9/30/08. Class A shares, adjusted for sale charges.

	A Shares						B Shares						C Shares						I Shares
	since 12/13/85						since 4/30/93						since 8/13/93						since 8/12/05
				w/max						w/max						w/max
				4.75%						4.00%						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		5.90	%		5.67	%		3.75	%		3.75	%		3.20	%		3.20	%		–0.63	%
10-year		2.91			2.41			2.56			2.56			2.19			2.19			—
5-year		1.08			0.10			1.12			0.87			0.39			0.39			—
1-year		–6.81			–11.24			–6.81			–10.39			–7.40			–8.29			–6.57
30-Day SEC Yield	4.39%						4.62%						4.09%							4.87%

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 4.75 percent for Class A shares, a contingent deferred sales charge of 4.00 percent for Class B shares (in years one and two 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 for Class A shares and up to 1.00 percent 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 investors through (i) tax-exempt retirement plans with assets of at least $1 million (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), (ii) fee-based investment programs with assets of at least $1 million, (iii) qualified state tuition plan (529 plan) accounts, (iv) institutional clients with assets of at least $1 million and (v) certain Van Kampen investment companies. Class I shares are offered without any sales charges on purchases or sales and do not include combined Rule 12b-1 fees and service fees. Figures shown above assume reinvestment of all dividends and capital gains. SEC yield is a calculation for determining the amount of portfolio income, excluding non-income items as prescribed by the SEC. Yields are subject to change. Periods of less than one year are not annualized.

The Lehman Brothers Municipal Bond Index is generally representative of investment-grade, tax-exempt bonds. The Lehman Brothers California Insured Municipal Bond Index is comprised of insured California municipal bond issues. 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.

1

Fund Report

For the 12-month period ended September 30, 2008

Market Conditions

The broad financial markets were highly volatile throughout the reporting period as the credit crisis intensified, the housing market continued to decline, inflationary pressures grew and the economy appeared headed into recession. In early September 2008, investor confidence plummeted and the markets began a downward spiral following the government’s takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers. In the weeks that followed, several other financial institutions were forced into mergers, rescued by government loans, or failed altogether as the value of their assets severely eroded. The credit markets became paralyzed as banks refused to lend while investors fled risky assets in favor of Treasury securities. In an effort to unlock the credit markets the Federal government interceded with various supportive measures including a $700 billion bailout plan.

The municipal bond market had already been under pressure for several months prior to September, due in part to the credit rating downgrades of various monoline bond insurers and the deterioration of the auction rate and variable rate markets. The failure of Lehman Brothers, however, prompted a wave of forced selling in the municipal market as leveraged buyers, mutual funds and brokerage firms began deleveraging, putting significant pressure on prices and severely eroding liquidity. As a result, municipal yields rose, particularly on the long end of the yield curve, far exceeding those of comparable Treasuries by the end of the period. For the third quarter of 2008, the short end of the curve outperformed the long end by roughly 870 basis points. The disparity in performance was even greater over the one-year reporting period as the short end outperformed by more than 1,400 basis points. As would be expected in this risk-averse and volatile environment, higher-quality municipal bonds outperformed lower-quality issues. For the overall period, high yield municipal spreads widened from approximately 165 basis points to 305 basis points.

The state of California still benefits from its large and diverse economic base, above average wealth levels, and historically strong employment growth. However, the state faces many challenges from its large exposure to the housing crisis, falling tax revenues, and recent budgetary shortfalls. The state typically leads the national economy and its financial performance will be monitored closely.

2

Performance Analysis

All share classes of Van Kampen California Insured Tax Free Fund underperformed the Lehman Brothers California Insured Municipal Bond Index and the Lehman Brothers Municipal Bond Index for the 12 months ended September 30, 2008, assuming no deduction of applicable sales charges.

Total returns for the 12-month period ended September 30, 2008

Lehman Brothers

California Insured

Lehman Brothers

Municipal Bond

Municipal Bond

Class A

Class B

Class C

Class I

Index

Index

–6.81

%

–6.81

%

–7.40

%

–6.57

%

–4.33

%

–1.87

%

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 definitions.

The Fund’s yield-curve positioning detracted from relative performance for the reporting period. We favored longer-maturity bonds in an effort to enhance the Fund’s yield. Unfortunately, this emphasis on the long end of the municipal yield curve was disadvantageous as the short end of the curve outperformed for the overall period. The Fund’s overweight to lower-rated yet still investment-grade bonds, specifically triple-B and single-A rated issues, hindered performance as the flight to quality that persisted throughout most of the period led the higher-rated segment of the market to outpace the lower-rated segment. Additionally, holdings in tobacco and health care bonds detracted from returns due to ongoing spread widening in the sectors. It should be noted that over the course of the period, we reduced the Fund’s exposure to the long end of the municipal curve, reduced holdings in lower quality insured issues, and trimmed exposure to the tobacco sector. These actions improved the quality of the portfolio and may help position the Fund for a more volatile market over the next few quarters.

Holdings in municipal auction rate securities with zero duration (a measure of interest-rate sensitivity) were beneficial to performance as the yields on these securities remained well above those of long-maturity municipal bonds. The Fund’s exposure to pre-refunded bonds enhanced returns for the period as these shorter-maturity securities benefited from the outperformance of the short end of the municipal yield curve.

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.

3

Top Five Sectors as of 9/30/08
Tax Allocation	31.2	%
Public Education	14.8
Public Buildings	11.3
Higher Education	8.4
Water & Sewer	6.0
Ratings Allocation as of 9/30/08
AAA/Aaa	17.3	%
AA/Aa	58.1
A/A	12.9
BBB/Baa	10.8
Non-Rated	0.9

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. Ratings allocations are a percentage of total investments. Top 5 sectors percentages are as a percentage of long-term investments. 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. Ratings allocations based upon ratings as issued by Standard & Poor’s and Moody’s, respectively.

4

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 20549-0102.

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

5

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.

6

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 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 4/1/08 - 9/30/08.

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 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*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	953.71	$	5.13
Hypothetical		1,000.00		1,019.75		5.30
(5% annual return before expenses)
Class B
Actual		1,000.00		953.33		4.93
Hypothetical		1,000.00		1,019.95		5.10
(5% annual return before expenses)
Class C
Actual		1,000.00		951.34		7.76
Hypothetical		1,000.00		1,017.05		8.02
(5% annual return before expenses)
Class I
Actual		1,000.00		954.93		3.86
Hypothetical		1,000.00		1,021.05		3.99
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 1.05%, 1.01%, 1.59% and 0.79%, for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The expense ratios for Class B and C Shares reflect actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

7

The following table shows what expenses a shareholder would have paid, excluding interest and residual trust expenses.

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	953.71	$	4.25
Hypothetical		1,000.00		1,020.65		4.39
(5% annual return before expenses)
Class B
Actual		1,000.00		953.33		4.25
Hypothetical		1,000.00		1,020.65		4.39
(5% annual return before expenses)
Class C
Actual		1,000.00		951.34		6.73
Hypothetical		1,000.00		1,018.10		6.96
(5% annual return before expenses)
Class I
Actual		1,000.00		954.93		3.03
Hypothetical		1,000.00		1,021.90		3.13
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.87%, 0.87%, 1.38% and 0.62%, for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The expense ratios for Class B and C Shares reflect actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

8

Investment Advisory Agreement Approval

Both the Investment Company Act of 1940 and the terms of the Fund’s investment advisory agreement require that the investment advisory agreement between the Fund and its investment adviser be approved annually both by a majority of the Board of Trustees and by a majority of the independent trustees voting separately.

At meetings held on April 15, 2008 and May 8, 2008, the Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board of Trustees considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. The Board of Trustees considered the investment advisory agreement over a period of several months and the trustees held sessions both with the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement.

In approving the investment advisory agreement, the Board of Trustees considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser’s expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund’s shareholders, and the propriety of existing and alternative breakpoints in the Fund’s investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry versus historical and projected assets of the Fund. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and,

9

after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered.

Nature, Extent and Quality of the Services Provided. On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund’s portfolio management team and the Fund’s portfolio management strategy over time. The Fund discloses information about its portfolio management team members and their experience in its prospectus. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement.

Performance, Fees and Expenses of the Fund. On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund’s weighted performance is under the fund’s benchmark, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report and in the Fund’s prospectus. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund’s overall expense ratio. The Fund discloses more information about its fees and expenses in its prospectus. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement.

Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser’s expenses in providing services to the Fund and other funds advised by the investment adviser and the

10

profitability of the investment adviser. These profitability reports are put together by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser’s expenses and profitability support its decision to approve the investment advisory agreement.

Economies of Scale. On a regular basis, the Board of Trustees considers the size and growth prospects of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s portfolio and whether the advisory fee level is appropriate relative to current and projected asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement.

Other Benefits of the Relationship. On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its affiliates derived from its relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to funds’ sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement.

11

Van Kampen California Insured Tax Free Fund

Portfolio of Investments  n  September 30, 2008

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Municipal Bonds  102.3% California  102.3%
$	1,925	Alhambra, CA City Elem Sch Dist Cap Apprec, Ser A (FSA Insd)		*		09/01/20	$	1,033,475
	2,365	Apple Valley, CA Pub Fin Town Hall Annex Proj, Ser A (AMBAC Insd)		5.000	%	09/01/27		2,167,049
	1,430	Bay Area Govt Assn CA Lease Rev Cap Proj, Ser A (AMBAC Insd)		5.250		07/01/17		1,468,553
	2,735	Bay Area Govt Assn CA Lease West Sacramento, Ser A (XLCA Insd)		5.000		09/01/29		2,493,308
	1,250	Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser F1		5.000		04/01/39		1,153,400
	1,000	Bonita, CA Uni Sch Dist Election 2004, Ser A (MBIA Insd)		5.000		08/01/28		940,000
	1,070	Bonita, CA Uni Sch Dist Election 2004, Ser A (MBIA Insd)		5.250		08/01/24		1,073,114
	1,850	Brea & Olinda, CA Uni Sch Dist Rfdg, Ser A (FSA Insd)		5.500		08/01/18		1,943,129
	1,745	Byron Bethany JT Pwrs Auth CA Lease Rev Admin Bldg Proj, Ser A (CIFG Insd)		4.625		10/01/32		1,538,846
	2,165	California Ed Fac Auth Rev Univ Pacific (MBIA Insd)		5.875		11/01/20		2,257,294
	10,000	California Hlth Fac Fin Auth Rev Sutter Hlth, Ser A (b)		5.000		11/15/42		8,580,150
	2,000	California Mobilehome Pk Fin Auth Rev Union City Tropics Rfdg, Ser A		4.500		12/15/36		1,443,460
	1,050	California Spl Dist Assn Fin Corp Ctf Partn Pgm, Ser DD (FSA Insd)		5.625		01/01/27		1,050,336
	945	California St (FGIC Insd)		6.250		09/01/12		1,017,056
	1,000	California Statewide Cmnty Dev Auth Rev CA Statewide Inland Regl Ctr Proj		5.375		12/01/37		855,920
	1,000	California Statewide Cmnty Dev Auth Rev Sutter Hlth, Ser A		5.000		11/15/43		862,060
	1,900	California Statewide Cmnty Dev Auth Wtr Rev, Ser A (FSA Insd)		5.000		10/01/26		1,819,516
	2,000	Castaic Lake Wtr Agy CA Ctf Partn Wtr Sys Impt Proj Rfdg, Ser A (MBIA Insd)		7.000		08/01/12		2,245,140
	3,000	Castaic Lake Wtr Agy CA Rev Ctf Partn, Ser A (MBIA Insd)		5.250		08/01/23		3,004,320
	100	Cerritos, CA Cmnty College Election 2004, Ser A (MBIA Insd)		5.000		08/01/26		96,336
	125	Cerritos, CA Cmnty College Election 2004, Ser A (MBIA Insd)		5.000		08/01/28		119,095
	1,160	Coachella, CA Fin Auth Tax Proj 1 & 2 Rfdg, Ser A (XLCA Insd)		5.250		12/01/30		1,025,521
	3,400	Contra Costa, CA Cmnty College Election 2002 (MBIA Insd)		5.000		08/01/29		3,234,964

12

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	950	Corona, CA Redev Agy Tax Alloc Temescal Canyon Proj Area, Ser A (AGL Insd)		4.375	%	11/01/26	$	792,984
	2,000	Desert Hot Springs, CA Redev Agy Tax Alloc Merged Redev Proj, Ser A-2		5.750		09/01/38		1,835,040
	2,400	Dinuba, CA Redev Agy Tax Alloc Merged City Redev Proj No 2 Rfdg (AMBAC Insd)		5.000		09/01/34		2,205,096
	800	Eastern Muni Wtr Dist CA Wtr & Swr Rev Ctf Partn, Ser H		5.000		07/01/33		726,128
	1,200	Fairfield, CA Cmnty Fac Dist Spl Tax No 3 North Cordelia Gen Impt		6.000		09/01/32		1,158,612
	2,330	Fairfield, CA Ctf Partn Fairfield Wtr, Ser A (MBIA-IBC Insd)		5.000		04/01/42		2,120,906
	1,280	Fillmore, CA Uni Sch Dist Election 2004, Ser A (FSA Insd)		5.000		08/01/27		1,234,509
	1,480	Fontana, CA Redev Agy Tax Alloc Dwntwn Redev Proj Rfdg (MBIA Insd)		5.000		09/01/21		1,456,438
	1,735	Fortuna, CA Pub Fin Auth Rev Escrow (AGL Insd)		5.000		11/01/38		1,554,265
	650	Fresno, CA Jt Pwrs Fin Auth, Ser A (FSA Insd)		5.000		06/01/17		656,175
	590	Fresno, CA Uni Sch Dist Rfdg, Ser C (MBIA Insd)		5.900		08/01/17		632,604
	630	Fresno, CA Uni Sch Dist Rfdg, Ser C (MBIA Insd)		5.900		08/01/18		670,711
	675	Fresno, CA Uni Sch Dist Rfdg, Ser C (MBIA Insd)		5.900		08/01/19		709,769
	720	Fresno, CA Uni Sch Dist Rfdg, Ser C (MBIA Insd)		5.900		08/01/20		745,956
	1,000	Gilroy, CA Uni Sch Dist Ctf Partn Sch Fac Proj (AGL Insd)		5.000		04/01/39		895,340
	2,000	Glendale, CA Redev Agy Tax Ctr Glendale Redev Proj (MBIA Insd)		5.250		12/01/20		2,007,580
	2,425	Glendora, CA Pub Fin Auth Tax Alloc Proj No 1, Ser A (MBIA Insd)		5.000		09/01/24		2,285,102
	6,000	Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A1		5.750		06/01/47		4,498,440
	2,000	Golden Vly Uni Sch Dist CA Election 2006, Ser A (FSA Insd)		5.000		08/01/41		1,826,080
	2,230	Hanford, CA High Sch Dist Election 1998, Ser C (MBIA Insd)		5.700		08/01/28		2,309,143
	2,275	Hawaiian Gardens, CA Redev Agy Proj No 1 Tax Alloc, Ser A (AMBAC Insd)		5.000		12/01/25		2,078,599
	3,000	Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (XLCA Insd)		5.000		09/01/31		2,523,780
	2,000	Imperial Irr Dist CA Ctf Partn Elec Sys Proj (FSA Insd)		5.250		11/01/23		1,993,720
	1,950	Imperial Irr Dist CA Ctf Partn Wtr Sys Proj (AMBAC Insd)		5.000		07/01/19		1,951,833
	2,000	Indio, CA Redev Agy Tax Alloc Sub-merged Redev Proj Area, Ser A		5.625		08/15/35		1,880,100
	2,000	Inglewood, CA Redev Agy Tax Alloc Merged Redev Proj Rfdg, Ser A (AMBAC Insd)		5.250		05/01/23		2,009,420

13

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	1,715	Irvine, CA Pub Fac & Infrastructure, Ser B (AMBAC Insd)		5.000	%	09/02/23	$	1,592,103
	2,000	La Canada, CA Uni Sch Dist Election 2004, Ser A (MBIA Insd)		5.500		08/01/28		1,997,440
	2,000	La Quinta, CA Fin Auth Loc, Ser A (AMBAC Insd)		5.250		09/01/24		1,968,140
	2,000	La Quinta, CA Redev Agy Tax Alloc Redev Proj Area No 1 (AMBAC Insd)		5.000		09/01/22		1,941,360
	1,000	Lodi, CA Wastewater Sys Rev, Ser A (FSA Insd)		5.000		10/01/37		911,790
	1,545	Long Beach, CA Bd Fin Auth Pub Lease Safety Fac Proj (AMBAC Insd)		5.250		11/01/20		1,537,816
	2,000	Long Beach, CA Cmnty College Dist 2002 Election, Ser B (FGIC Insd)		5.000		05/01/25		1,908,760
	1,975	Los Angeles, CA Ctf Partn Real Ppty Pgm, Ser T (MBIA Insd)		5.000		02/01/19		1,986,909
	2,000	Los Angeles, CA Dept Wtr & Pwr Sys, Ser C (MBIA Insd)		5.000		07/01/26		1,944,800
	1,140	Los Angeles, CA Mtg Rev FHA Sec 8 Asstd Proj Rfdg, Ser A (MBIA Insd)		6.100		07/01/25		1,140,410
	1,375	Los Angeles, CA Spl Assmt Landscaping & Dist No 96, Ser 1 (AMBAC Insd)		5.000		03/01/21		1,371,164
	1,000	Los Angeles Cnty, CA Ctf Partn Disney Pkg Proj Rfdg (AMBAC Insd)		4.750		03/01/23		895,590
	1,000	Los Angeles Cnty, CA Metro Tran Auth Sales Tax Rev Prop A First Tier Sr Rfdg, Ser C (AMBAC Insd)		5.000		07/01/23		979,490
	1,265	Los Angeles Cnty, CA Sch Regionalized Business Svcs Ctf Partn Cap Apprec Pooled Fin, Ser A (AMBAC Insd)		*		08/01/24		500,624
	1,000	Lynwood, CA Uni Sch Dist 2002 Election, Ser A (FSA Insd)		5.000		08/01/27		961,000
	1,105	Monrovia, CA Fin Auth Lease Rev Hillside Wilderness Preserve (AMBAC Insd)		5.000		12/01/20		1,103,331
	2,000	Montclair, CA Redev Agy Tax Redev Proj No V Rfdg (MBIA Insd)		5.000		10/01/20		2,003,580
	1,000	Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (c)		5.500		03/01/18		948,380
	1,000	Morongo Band Of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (c)		6.500		03/01/28		927,120
	1,570	Mountain View, CA Shoreline Tax Alloc, Ser A (MBIA Insd)		5.250		08/01/16		1,630,366
	1,105	National City, CA Cmnty Dev Commn Tax Alloc Redev Proj Rfdg, Ser B (AMBAC Insd)		5.250		08/01/32		1,017,583
	3,915	Oak Grove, CA Sch Dist 1995 Election (FGIC Insd)		5.250		08/01/25		3,906,035
	1,300	Oceanside, CA Ctf Partn Rfdg, Ser A (AMBAC Insd)		5.200		04/01/23		1,257,841
	1,145	Pacifica, CA Wastewtr Rev Rfdg (AMBAC Insd)		5.000		10/01/25		1,094,460

14

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	1,200	Palm Desert, CA Fin Auth Tax Alloc Rev Proj Area No 4 Rfdg, Ser A (MBIA Insd)		5.000	%	10/01/29	$	1,091,064
	1,340	Palm Springs, CA Fin Lease Rev Convention Ctr Proj Rfdg, Ser A (MBIA Insd)		5.250		11/01/19		1,366,867
	1,045	Panama-Buena Vista Uni Sch Dist CA Ctf Partn Sch Constr Proj (MBIA Insd)		5.000		09/01/30		962,644
	2,020	Pomona, CA Pub Fin Auth Rev Merged Redev Proj, Ser AD (MBIA Insd)		5.000		02/01/15		2,064,844
	1,110	Pomona, CA Pub Fin Auth Rev Merged Redev Proj, Ser AD (MBIA Insd)		5.000		02/01/16		1,126,805
	1,000	Pomona, CA Pub Fin Auth Rev Sub Merged Redev Proj		5.125		02/01/33		834,030
	1,430	Pomona, CA Pub Fin Auth Rev Swr Proj, Ser BA (AMBAC Insd)		4.500		12/01/46		1,129,228
	1,360	Port Hueneme, CA Ctf Partn Cap Impt Pgm Rfdg (MBIA Insd)		6.000		04/01/19		1,472,390
	1,055	Poway, CA Redev Agy Tax Alloc Paguay Redev Proj (AMBAC Insd)		5.375		06/15/20		1,071,764
	3,000	Rancho Cucamonga, CA Redev Agy Rancho Redev Proj (MBIA Insd)		5.375		09/01/25		3,002,670
	1,000	Rancho Cucamonga, CA Redev Agy Tax Alloc Rancho Redev Hsg Set Aside, Ser A (MBIA Insd)		5.000		09/01/34		904,510
	1,000	Rancho Mirage, CA Jt Pwr Fin Auth Ctf Partn Eisenhower Med Rmkt, Ser B (MBIA Insd)		4.875		07/01/22		927,400
	1,300	Rancho Mirage, CA Jt Pwr Fin Auth Rev Eisenhower Med Ctr, Ser A		5.000		07/01/47		1,078,558
	775	Redding, CA Elec Sys Rev Ctf Partn Reg Ribs (MBIA Insd) (d) (e)		10.656		07/01/22		978,197
	1,400	Redding, CA Redev Agy Tax Alloc Canby Hilltop Cypress Redev, Ser A (MBIA Insd)		5.000		09/01/23		1,364,048
	3,775	Riverside Cnty, CA Ctf Partn Historic Courthouse Proj, Ser B (FGIC Insd)		5.000		11/01/27		3,566,243
	6,375	Rohnert Pk, CA Cmnty Dev Commn Tax Alloc Rev Hsg Redev Proj, Ser H (FGIC Insd)		4.375		08/01/30		5,000,359
	2,160	Roseville, CA Jt Uni High Sch Election 2004, Ser A (FGIC Insd)		5.000		08/01/26		2,090,513
	70	Sacramento, CA City Fin Auth Rev Cap Impt (AMBAC Insd)		5.000		12/01/33		63,661
	2,000	Sacramento Cnty, CA Pub Fin Auth Tax Alloc Rev Mather/McClellan Merged Proj, Ser A (AGL Insd)		5.000		12/01/38		1,791,380
	2,000	Sacramento Cnty, CA San Dist Fin Auth Rev Sacramento Regl Cnty San (FGIC Insd)		5.000		12/01/29		1,875,680
	2,535	San Diego, CA Pub Fac Fin Auth Rev Pooled Fin Southcrest, Ser B (Radian Insd)		5.250		10/01/27		2,184,638
	2,000	San Francisco, CA City & Cnty Second, Ser Issue 26B (FGIC Insd)		5.000		05/01/22		1,942,320

15

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	1,000	San Leandro, CA Jt Proj Area Fin (MBIA Insd)		5.100	%	12/01/26	$	966,590
	1,340	Sanger, CA Uni Sch Dist Ctf Cap Impt Prog (FSA Insd)		5.000		03/01/25		1,322,232
	775	Santa Fe Springs, CA Cmnty Dev Commn Tax Alloc (MBIA Insd)		5.375		09/01/20		782,556
	800	Santa Fe Springs, CA Cmnty Dev Commn Tax Alloc (MBIA Insd)		5.375		09/01/21		804,352
	1,225	Santa Fe Springs, CA Cmnty Dev Commn Tax Alloc, Ser A (MBIA Insd) (Prerefunded @ 9/01/10)		5.375		09/01/20		1,302,518
	1,265	Santa Fe Springs, CA Cmnty Dev Commn Tax Alloc, Ser A (MBIA Insd) (Prerefunded @ 9/01/10)		5.375		09/01/21		1,345,049
	2,450	Santa Monica, CA Cmnty College Rfdg, Ser A (AMBAC Insd)		5.250		02/01/23		2,328,970
	1,460	Shafter, CA Cmnty Dev Agy Tax Alloc Rev Cmnty Dev Proj Area No 1 Rfdg, Ser A (FSA Insd)		5.000		11/01/36		1,344,397
	1,000	Shasta, CA Jt Pwr Fin Auth Cnty Admin Bldg Proj, Ser A (MBIA Insd)		5.250		04/01/22		982,930
	1,340	Soledad, CA Redev Agy Tax Alloc Soledad Redev Proj, Ser A (XLCA Insd)		5.000		12/01/32		1,187,186
	1,000	South Gate, CA Pub Fin Auth South Gate Redev Proj No 1 (XLCA Insd)		5.750		09/01/22		1,003,920
	2,365	Southern CA Logistics Arpt Auth		5.375		12/01/22		2,127,885
	1,250	Southern CA Logistics Arpt Auth		6.100		12/01/37		1,153,550
	2,000	Southern CA Logistics Arpt Auth		6.150		12/01/43		1,840,460
	1,475	Southern CA Logistics Arpt Auth, Ser A		6.000		12/01/33		1,364,360
	2,150	Temecula, CA Redev Agy Tax Alloc Rev Temecula Redev Proj No 1 (MBIA Insd)		5.125		08/01/27		2,051,143
	5,000	Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A1 (b)		5.125		06/01/46		3,374,350
	2,500	Turlock, CA Pub Fin Auth Tax Alloc Rev (FSA Insd)		5.000		09/01/36		2,292,625
	8,830	University CA Regt Med Ctr Pooled Rev, Ser A (BHAC Insd)		4.500		05/15/47		7,062,146
	1,340	Vallejo City, CA Uni Sch Dist Rfdg, Ser A (MBIA Insd)		5.900		02/01/20		1,355,785
	2,000	Vernon, CA Nat Gas Fin Auth Rev Vernon Gas Proj, Ser C (MBIA Insd) (f) (g)		9.750		08/01/21		2,000,000
	3,170	Washington, CA Uni Sch Dist New High Sch Proj (AMBAC Insd)		5.125		08/01/37		2,831,190
	3,655	Woodland, CA Fin Auth Wastewater Rev Second Sr Lien (MBIA Insd)		5.000		03/01/30		3,387,491
Total Long-Term Investments  102.3%   (Cost $218,050,622)								201,807,962

16

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Portfolio of Investments  n  September 30, 2008  continued

Description				Value
Total Short-Term Investments  1.1% (Cost $2,100,000)				$	2,100,000
Total Investments  103.4% (Cost $220,150,622)					203,907,962
Liability for Floating Rate Note Obligations Related to Securities Held  (4.6%) (Cost ($9,165,000))
	(9,165	)	Note with interest rates ranging from 6.58% to 8.28% at September 30, 2008 and a contractual maturities of collateral ranging from 2042 to 2046 (See Note 1) (a)		(9,165,000	)
Total Net Investments  98.8% (Cost $210,985,622)					194,742,962
Other Assets in Excess of Liabilities  1.2%					2,492,374
Net Assets  100.0%				$	197,235,336

Percentages are calculated as a percentage of net assets.

*	Zero coupon bond
(a)	Floating rate notes. The interest rates shown reflect the rates in effect at September 30, 2008
(b)	Underlying security related to Inverse Floaters entered into by the Fund. See Note 1.
(c)	144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
(d)	Inverse Floating Rate
(e)	Escrowed to Maturity
(f)	Security includes a feature allowing the Fund an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.
(g)	Variable Rate Coupon

AGL—Assured Guaranty Ltd.

AMBAC—AMBAC Indemnity Corp.

BHAC—Berkshire Hathaway Assurance Corp.

CIFG—CDC IXIS Financial Guaranty

FGIC—Financial Guaranty Insurance Co.

FSA—Financial Security Assurance Inc.

MBIA—Municipal Bond Investors Assurance Corp.

MBIA-IBC—MBIA Insured Bond Certificates

Radian—Radian Asset Assurance

XLCA—XL Capital Assurance Inc.

17

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund

Financial Statements

Statement of Assets and Liabilities

September 30, 2008

Assets:
Total Investments (Cost $220,150,622)	$	203,907,962
Cash		76,265
Receivables:
Interest		2,716,171
Fund Shares Sold		449,461
Investments Sold		107,904
Other		139,640
Total Assets		207,397,403
Liabilities:
Floating Rate Note Obligations		9,165,000
Payables:
Fund Shares Repurchased		385,185
Income Distributions		154,261
Investment Advisory Fee		80,778
Distributor and Affiliates		34,985
Trustees’ Deferred Compensation and Retirement Plans		222,657
Accrued Expenses		119,201
Total Liabilities		10,162,067
Net Assets	$	197,235,336
Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	216,698,812
Accumulated Undistributed Net Investment Income		759,863
Accumulated Net Realized Loss		(3,980,679	)
Net Unrealized Depreciation		(16,242,660	)
Net Assets	$	197,235,336
Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $172,117,203 and 10,813,480 shares of beneficial interest issued and outstanding)	$	15.92
Maximum sales charge (4.75%* of offering price)		0.79
Maximum offering price to public	$	16.71
Class B Shares:
Net asset value and offering price per share (Based on net assets of $11,174,167 and 690,300 shares of beneficial interest issued and outstanding)	$	16.19
Class C Shares:
Net asset value and offering price per share (Based on net assets of $10,572,471 and 663,433 shares of beneficial interest issued and outstanding)	$	15.94
Class I Shares:
Net asset value and offering price per share (Based on net assets of $3,371,495 and 211,900 shares of beneficial interest issued and outstanding)	$	15.91

* On sales of $100,000 or more, the sales charge will be reduced.

18

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Financial Statements  continued

Statement of Operations

For the Year Ended September 30, 2008

Investment Income:
Interest	$	12,650,809
Expenses:
Investment Advisory Fee		1,049,519
Interest and Residual Trust Expenses		866,889
Distribution (12b-1) and Service Fees
Class A		478,996
Class B		36,756
Class C		98,281
Transfer Agent Fees		106,507
Professional Fees		98,303
Accounting and Administrative Expenses		90,378
Trustees’ Fees and Related Expenses		26,905
Reports to Shareholders		24,845
Custody		20,396
Registration Fees		280
Other		26,975
Total Expenses		2,925,030
Less Credits Earned on Cash Balances		5,663
Net Expenses		2,919,367
Net Investment Income	$	9,731,442
Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments	$	(3,225,514	)
Futures		(730,576	)
Net Realized Loss		(3,956,090	)
Unrealized Appreciation/Depreciation:
Beginning of the Period		4,169,761
End of the Period		(16,242,660	)
Net Unrealized Depreciation During the Period		(20,412,421	)
Net Realized and Unrealized Loss	$	(24,368,511	)
Net Decrease in Net Assets From Operations	$	(14,637,069	)

19

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Financial Statements  continued

Statements of Changes in Net Assets

	For The			For The
	Year Ended			Year Ended
	September 30, 2008			September 30, 2007
From Investment Activities:
Operations:
Net Investment Income	$	9,731,442		$	8,894,538
Net Realized Loss		(3,956,090	)		(255,145	)
Net Unrealized Depreciation During the Period		(20,412,421	)		(8,346,809	)
Change in Net Assets from Operations		(14,637,069	)		292,584
Distributions from Net Investment Income:
Class A Shares		(8,144,888	)		(7,471,118	)
Class B Shares		(611,219	)		(824,873	)
Class C Shares		(404,734	)		(328,345	)
Class I Shares		(168,886	)		(161,601	)
		(9,329,727	)		(8,785,937	)
Distributions from Net Realized Gain:
Class A Shares		-0-			(785,151	)
Class B Shares		-0-			(94,337	)
Class C Shares		-0-			(40,739	)
Class I Shares		-0-			(15,774	)
		-0-			(936,001	)
Total Distributions		(9,329,727	)		(9,721,938	)
Net Change in Net Assets from Investment Activities		(23,966,796	)		(9,429,354	)
From Capital Transactions:
Proceeds from Shares Sold		43,010,367			45,950,720
Net Asset Value of Shares Issued Through Dividend Reinvestment		6,834,863			6,991,136
Cost of Shares Repurchased		(54,594,002	)		(46,667,483	)
Net Change in Net Assets from Capital Transactions		(4,748,772	)		6,274,373
Total Decrease in Net Assets		(28,715,568	)		(3,154,981	)
Net Assets:
Beginning of the Period		225,950,904			229,105,885
End of the Period (Including accumulated undistributed net investment income of $759,863 and $647,297, respectively)	$	197,235,336		$	225,950,904

20

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Financial Statements  continued

Statement of Cash Flows

For the Year Ended September 30, 2008

Change in Net Assets from Operations	$	(14,637,069	)
Adjustments to Reconcile the Change in Net Assets from Operations to
Net Cash Provided by Operating Activities:
Purchases of Investments		(81,563,698	)
Proceeds from Sales of Investments		96,650,137
Net Sales of Short-Term Investments		8,300,000
Amortization of Premium		369,904
Accretion of Discount		(38,051	)
Net Realized Loss on Investments		3,225,514
Net Change in Unrealized Depreciation on Investments		20,347,908
Increase in Interest Receivables		(145,877	)
Decrease in Other Assets		38,437
Decrease in Receivable for Investments Sold		1,530,984
Decrease in Investment Advisory Fee		(6,421	)
Increase in Accrued Expenses		19,852
Increase in Distributor and Affiliates Payable		583
Decrease in Trustees’ Deferred Compensation and Retirement Plans		(30,462	)
Decrease in Investments Purchased Payable		(1,637,720	)
Total Adjustments		47,061,090
Net Cash Provided by Operating Activities		32,424,021
Cash Flows From Financing Activities
Proceeds from Shares Sold		42,670,853
Repurchased Shares		(54,543,580	)
Dividends Paid (net of reinvested dividends $6,834,863)		(2,552,330	)
Proceeds from and Repayments of Floating Rate Note Obligations		(18,365,000	)
Net Cash Provided by Financing Activities		(32,790,057	)
Net Decrease in Cash		(366,036	)
Cash at the Beginning of the Period		442,301
Cash at the End of the Period	$	76,265
Supplemental Disclosures of Cash Flow Information
Cash Paid During the Year for Interest	$	866,889

21

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund

Financial Highlights

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

	Year Ended September 30,
Class A Shares	2008			2007			2006			2005		2004
Net Asset Value, Beginning of the Period	$	17.83		$	18.57		$	18.80		$	18.93	$	18.84
Net Investment Income		0.77	(a)		0.72	(a)		0.71	(a)		0.72		0.75
Net Realized and Unrealized Gain/Loss		(1.94	)		(0.68	)		0.03			0.01		0.06
Total from Investment Operations		(1.17	)		0.04			0.74			0.73		0.81
Less:
Distributions from Net Investment Income		0.74			0.71			0.73			0.74		0.72
Distributions from Net Realized Gain		-0-			0.07			0.24			0.12		-0-
Total Distributions		0.74			0.78			0.97			0.86		0.72
Net Asset Value, End of the Period	$	15.92		$	17.83		$	18.57		$	18.80	$	18.93
Total Return (b)		–6.81%			0.15%			4.14%			3.96%		4.42%
Net Assets at End of the Period (In millions)	$	172.1		$	194.2		$	190.0		$	188.0	$	183.0
Ratio of Expenses to Average Net Assets		1.29%			1.16%			0.91%			0.92%		0.89%
Ratio of Net Investment Income to Average Net Assets		4.41%			3.91%			3.86%			3.83%		4.00%
Portfolio Turnover		34%			37%			31%			25%		16%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.90%			0.93%			0.91%			0.92%		0.89%

(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 4.75% 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 .25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

22

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class B Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	18.12		$	18.86		$	19.07		$	19.03		$	18.82
Net Investment Income		0.78	(a)		0.73	(a)		0.77	(a)		0.79			0.72
Net Realized and Unrealized Gain/Loss		(1.97	)		(0.69	)		0.02			(0.03	)		0.07
Total from Investment Operations		(1.19	)		0.04			0.79			0.76			0.79
Less:
Distributions from Net Investment Income		0.74			0.71			0.76			0.60			0.58
Distributions from Net Realized Gain		-0-			0.07			0.24			0.12			-0-
Total Distributions		0.74			0.78			1.00			0.72			0.58
Net Asset Value, End of the Period	$	16.19		$	18.12		$	18.86		$	19.07		$	19.03
Total Return (b)		–6.81%	(c)		0.10%	(c)		4.40%	(c)		4.10%	(c)		4.29%	(c)
Net Assets at End of the Period (In millions)	$	11.2		$	17.2		$	25.3		$	33.7		$	41.1
Ratio of Expenses to Average Net Assets		1.30%	(c)		1.17%	(c)		0.69%	(c)		0.81%	(c)		1.09%	(c)
Ratio of Net Investment Income to Average Net Assets		4.38%	(c)		3.90%	(c)		4.08%	(c)		3.96%	(c)		3.80%	(c)
Portfolio Turnover		34%			37%			31%			25%			16%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.90%	(c)		0.93%	(c)		0.69%	(c)		0.81%	(c)		1.09%	(c)

(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 4%, 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 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 footnote 7).

23

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class C Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	17.84		$	18.58		$	18.81		$	18.93		$	18.82
Net Investment Income		0.66	(a)		0.58	(a)		0.57	(a)		0.59			0.61
Net Realized and Unrealized Gain/Loss		(1.95	)		(0.68	)		0.03			0.01			0.08
Total from Investment Operations		(1.29	)		(0.10	)		0.60			0.60			0.69
Less:
Distributions from Net Investment Income		0.61			0.57			0.59			0.60			0.58
Distributions from Net Realized Gain		-0-			0.07			0.24			0.12			-0-
Total Distributions		0.61			0.64			0.83			0.72			0.58
Net Asset Value, End of the Period	$	15.94		$	17.84		$	18.58		$	18.81		$	18.93
Total Return (b)		–7.40%	(c)		–0.57%	(c)		3.36%			3.26%	(c)		3.75%	(c)
Net Assets at End of the Period (In millions)	$	10.6		$	10.7		$	9.9		$	12.0		$	12.6
Ratio of Expenses to Average Net Assets		1.90%	(c)		1.88%	(c)		1.66%			1.61%	(c)		1.59%	(c)
Ratio of Net Investment Income to Average Net Assets		3.82%	(c)		3.19%	(c)		3.11%			3.15%	(c)		3.30%	(c)
Portfolio Turnover		34%			37%			31%			25%			16%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.51%	(c)		1.65%	(c)		1.66%			1.61%	(c)		1.59%	(c)

(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 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 footnote 7).

24

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund
Financial Highlights  continued

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

										August 12, 2005
										(Commencement of
	Year Ended September 30,									Operations) to
Class I Shares	2008			2007			2006			September 30, 2005
Net Asset Value, Beginning of the Period	$	17.82		$	18.57		$	18.80		$	18.87
Net Investment Income		0.81	(a)		0.76	(a)		0.74	(a)		0.09
Net Realized and Unrealized Gain/Loss		(1.94	)		(0.69	)		0.05			(0.06	)
Total from Investment Operations		(1.13	)		0.07			0.79			0.03
Less:
Distributions from Net Investment Income		0.78			0.75			0.78			0.10
Distributions from Net Realized Gain		-0-			0.07			0.24			-0-
Total Distributions		0.78			0.82			1.02			0.10
Net Asset Value, End of the Period	$	15.91		$	17.82		$	18.57		$	18.80
Total Return (b)		–6.57%			0.35%			4.40%			0.17%	*
Net Assets at End of the Period (In millions)	$	3.4		$	3.9		$	3.9		$	2.6
Ratio of Expenses to Average Net Assets		1.04%			0.91%			0.66%			0.73%
Ratio of Net Investment Income to Average Net Assets		4.65%			4.16%			4.11%			4.03%
Portfolio Turnover		34%			37%			31%			25%	*
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.65%			0.68%			0.66%			0.73%

(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.
*	Non-Annualized

25

See Notes to Financial Statements

Van Kampen California Insured Tax Free Fund

Notes to Financial Statements  n  September 30, 2008

1. Significant Accounting Policies

Van Kampen California Insured Tax Free Fund (the “Fund”) is organized as a series of the Van Kampen Tax Free 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 investment objective is to provide only California investors with a high level of current income exempt from federal and California income taxes, with liquidity and safety of principal, primarily through investment in a diversified portfolio of insured California municipal securities. The Fund commenced investment operations on December 13, 1985. 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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A. Security Valuation Municipal bonds are valued by independent pricing services or dealers using the mean of the last reported bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

B. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The 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 payment is made. At September 30, 2008, the Fund had no when-issued and delayed delivery purchase commitments.

C. Income and Expenses Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. 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.

D. 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

26

Van Kampen California Insured Tax Free Fund

Notes to Financial Statements  n  September 30, 2008  continued

for federal income taxes is required. The Fund adopted the provisions of the Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty in Income Taxes on March 31, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying 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 September 30, 2008, 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 September 30, 2008, the Fund had an accumulated capital loss carryforward for tax purposes of $848,657, which will expire on September 30, 2016.

At September 30, 2008, the cost and related gross unrealized appreciation and depreciation were as follows:

Cost of investments for tax purposes	$	210,926,160
Gross tax unrealized appreciation	$	1,449,441
Gross tax unrealized depreciation		(17,632,639	)
Net tax unrealized depreciation on investments	$	(16,183,198	)

E. Distribution of Income and Gains The Fund declares daily and pays monthly dividends from net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains and a portion of futures gains, which are included in ordinary income for tax purposes.

The tax character of distributions paid during the years ended September 30, 2008 and 2007 was as follows:

	2008		2007
Distributions paid from:
Ordinary income	$	2,137	$	70,484
Tax exempt income		9,385,056		8,771,483
Long-term capital gain		-0-		866,832
	$	9,387,193	$	9,708,799

Permanent differences, primarily due to the Fund’s accretion and amortization, resulted in the following reclassification among the Fund’s components of net assets at September 30, 2008:

Accumulated Undistributed			Accumulated
Net Investment Income			Net Realized Loss		Capital
$	(289,149	)	$	289,149	$	-0-

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Van Kampen California Insured Tax Free Fund

Notes to Financial Statements  n  September 30, 2008  continued

As of September 30, 2008, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	598
Undistributed tax-exempt income		1,075,410

Net realized gains or losses may differ for financial reporting and tax purposes as a result of the deferral of losses relating to wash sales transactions, and post October losses of $3,125,835 which are not recognized for tax purposes until the first day of the following fiscal year, and gains or losses recognized on securities for tax purposes but not for book on September 30, 2008.

F.  Floating Rate Note Obligations Related to Securities Held The Fund enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interest in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The Fund enters into shortfall agreements with the dealer trusts, which commit the Fund to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Fund, thereby collapsing the dealer trusts. The Fund accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Fund’s investments assets, and the related floating rate notes reflected as Fund liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption “Interest and Residual Trust Expenses” in the Fund’s Statement of Operations. The notes issued by the dealer trust have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At September 30, 2008, Fund investments with a value of $11,954,500 are held by the dealer trusts and serve as collateral for the $9,165,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at September 30, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the year ended September 30, 2008 were $28,989,669 and 2.99%, respectively.

G. Insurance Expense The Fund typically invests in insured bonds. Any portfolio securities not specifically covered by a primary insurance policy are insured secondarily through the Fund’s portfolio insurance policy. Insurance premiums are based on the daily balances of uninsured bonds in the portfolio of investments and are charged to expense on an accrual basis. The insurance policy guarantees the timely payment of principal and interest on the securities in the Fund’s portfolio.

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Van Kampen California Insured Tax Free Fund

Notes to Financial Statements  n  September 30, 2008  continued

H. Credits Earned on Cash Balances During the year ended September 30, 2008, the Fund’s custody fee was reduced by $5,663 as a result of credits earned on cash balances.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, Van Kampen Asset Management (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 $100 million		0.500%
Next $150 million		0.450%
Next $250 million		0.425%
Over $500 million		0.400%

For the year ended September 30, 2008, the Fund recognized expenses of approximately $16,000 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 year ended September 30, 2008, the Fund recognized expenses of approximately $65,200 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 year ended September 30, 2008, the Fund recognized expenses of approximately $39,400 representing transfer agency fees paid to VKIS and its affiliates. The 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 $118,500 are included in “Other” assets on the Statement of Assets and Liabilities at September 30, 2008. 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.

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Van Kampen California Insured Tax Free Fund

Notes to Financial Statements  n  September 30, 2008  continued

For the year ended September 30, 2008, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $51,500 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $22,200. Sales charges do not represent expenses of the Fund.

At September 30, 2008, Morgan Stanley Investment Management Inc., an affiliate of the Adviser, owned 569 shares of Class I.

3. Capital Transactions

For the years ended September 30, 2008 and 2007, transactions were as follows:

	For The						For The
	Year Ended						Year Ended
	September 30, 2008						September 30, 2007
	Shares			Value			Shares			Value
Sales:
Class��A		2,119,191		$	36,796,398			2,286,579		$	41,753,037
Class B		43,984			777,087			46,367			859,170
Class C		277,876			4,876,385			146,193			2,686,456
Class I		32,077			560,497			35,591			652,057
Total Sales		2,473,128		$	43,010,367			2,514,730		$	45,950,720
Dividend Reinvestment:
Class A		346,261		$	5,937,353			323,583		$	5,922,642
Class B		25,756			450,475			34,865			649,311
Class C		16,241			278,547			13,208			241,808
Class I		9,819			168,488			9,695			177,375
Total Dividend Reinvestment		398,077		$	6,834,863			381,351		$	6,991,136
Repurchases:
Class A		(2,546,725	)	$	(44,026,124	)		(1,945,511	)	$	(35,463,292	)
Class B		(328,640	)		(5,783,087	)		(471,233	)		(8,732,613	)
Class C		(228,227	)		(3,972,696	)		(97,048	)		(1,775,435	)
Class I		(46,673	)		(812,095	)		(38,170	)		(696,143	)
Total Repurchases		(3,150,265	)	$	(54,594,002	)		(2,551,962	)	$	(46,667,483	)

4. Redemption Fee

Until November 3, 2008, the Fund will assess a 2% redemption fee on the proceeds of Fund shares that are redeemed (either by sale or exchange) within seven 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 year ended September 30, 2008, the Fund received redemption fees of approximately $100 which are reported as part of “Cost of Shares Repurchased” on the Statement of Changes of Net Assets. The per share impact from redemption fees paid to the Fund was less than $0.01. The redemption fee will no longer be applied after November 3, 2008.

5. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $81,563,698 and $96,650,137, respectively.

30

Van Kampen California Insured Tax Free Fund

Notes to Financial Statements  n  September 30, 2008  continued

6. 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 and to manage the portfolio’s effective yield, maturity and duration. 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. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Summarized below are the specific types of derivative financial instruments used by the Fund.

A. Futures Contracts A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Fund generally invests in futures on U.S. Treasury Notes and typically closes the contract prior to the delivery date. 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 (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.

Transactions in futures contracts for the year ended September 30, 2008, were as follows:

	Contracts
Outstanding at September 30, 2007		73
Futures Opened		206
Futures Closed		(279	)
Outstanding at September 30, 2008		-0-

B. Inverse Floating Rate Investments The Fund may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Fund in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. Leverage may cause the Fund’s net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the value of the Fund’s portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments.

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Van Kampen California Insured Tax Free Fund

Notes to Financial Statements  n  September 30, 2008  continued

7. 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 .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.

All distribution expenses incurred by the Distributor have been reimbursed by the Fund which has resulted in a reduced distribution fee for both Class B and Class C Shares. To the extent distribution expenses are incurred by the Distributor in the future, these amounts may be recovered from subsequent payments under the distribution plan or CDSC.

8. 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.

9. Accounting Pronouncements

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of September 30, 2008, the Adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.

On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.

32

Van Kampen California Insured Tax Free Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Van Kampen California Insured Tax Free Income Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Van Kampen California Insured Tax Free Income Fund (one of the Funds constituting the Van Kampen Tax Free Trust (the “Fund”)) as of September 30, 2008, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2008, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen California Insured Tax Free Income Fund of the Van Kampen Tax Free Trust at September 30, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

November 19, 2008

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Van Kampen California Insured Tax Free 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
Dennis Shea
Vice President
Kevin Klingert
Vice President
Amy R. Doberman
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
333 West Wacker Drive
Chicago, Illinois 60606

Independent Registered
Public Accounting Firm
Ernst & Young LLP
233 South Wacker Drive
Chicago, Illinois 60606

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2008. The Fund designated 100.0% of the income distributions as a tax-exempt income distribution. In January, the Fund provides tax information to shareholders for the preceding calendar year

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

34

Van Kampen California Insured Tax Free Fund

Trustee and Officer Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees serve until reaching their retirement age or until their successors are duly elected and qualified. Officers are annually elected by the trustees.

Independent Trustees:
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
David C. Arch (63) Blistex Inc. 1800 Swift Drive Oak Brook, IL 60523	Trustee	Trustee since 2003	Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Heartland Alliance, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan.

35

Van Kampen California Insured Tax Free Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jerry D. Choate (70) 33971 Selva Road Suite 130 Dana Point, CA 92629	Trustee	Trustee since 1999	Prior to January 1999, Chairman and Chief Executive Officer of the Allstate Corporation (“Allstate”) and Allstate Insurance Company. Prior to January 1995, President and Chief Executive Officer of Allstate. Prior to August 1994, various management positions at Allstate.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Amgen Inc., a biotechnological company, and Valero Energy Corporation, an independent refining company.
Rod Dammeyer (68) CAC, LLC 4370 LaJolla Village Drive Suite 685 San Diego, CA 92122-1249	Trustee	Trustee since 2003	President of CAC, LLC, a private company offering capital investment and management advisory services.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Quidel Corporation, Stericycle, Inc., and Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc.

36

Van Kampen California Insured Tax Free Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Linda Hutton Heagy† (60) 4939 South Greenwood Chicago, IL 60615	Trustee	Trustee since 1995	Prior to February 2008, Managing Partner of Heidrick & Struggles, an international executive search firm. Prior to 1997, Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company. Prior to 1990, Executive Vice President of The Exchange National Bank.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.
R. Craig Kennedy (56) 1744 R Street, NW Washington, DC 20009	Trustee	Trustee since 1993	Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.
Howard J Kerr (73) 14 Huron Trace Galena, IL 61036	Trustee	Trustee since 2003	Prior to 1998, President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.

37

Van Kampen California Insured Tax Free Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jack E. Nelson (72) 423 Country Club Drive Winter Park, FL 32789	Trustee	Trustee since 1985	President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex.
Hugo F. Sonnenschein (68) 1126 E. 59th Street Chicago, IL 60637	Trustee	Trustee since 2003	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences.

38

Van Kampen California Insured Tax Free Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Suzanne H. Woolsey, Ph.D. (66) 815 Cumberstone Road Harwood, MD 20776	Trustee	Trustee since 1999	Chief Communications Officer of the National Academy of Sciences/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Prior to 1993, Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council. From 1980 through 1989, Partner of Coopers & Lybrand.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Director of Fluor Corp., an engineering, procurement and construction organization, since January 2004. Director of Intelligent Medical Devices, Inc., a symptom based diagnostic tool for physicians and clinical labs. Director of the Institute for Defense Analyses, a federally funded research and development center, Director of the German Marshall Fund of the United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.

39

Van Kampen California Insured Tax Free Fund
Trustee and Officer Information  continued
Interested Trustees:*
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Interested Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Wayne W. Whalen* (69) 333 West Wacker Drive Chicago, IL 60606	Trustee	Trustee since 1985	Partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Abraham Lincoln Presidential Library Foundation.

†

As indicated above, prior to February 2008, Ms. Heagy was an employee of Heidrick and Struggles, an international executive search firm (“Heidrick”). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley.

*

Mr. Whalen is an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex.

40

Van Kampen California Insured Tax Free Fund

Trustee and Officer Information  continued

Officers:
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Edward C. Wood III (52) 1 Parkview Plaza — Suite 100 Oakbrook Terrace, IL 60181	President and Principal Executive Officer	Officer since 2008	President and Principal Executive Officer of funds in the Fund Complex since November 2008. Managing Director of Van Kampen Investments Inc., the Adviser, the Distributor, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2003. Chief Administrative Officer of Van Kampen Investments Inc., the Adviser, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2002. Chief Operating Officer of the Distributor since December 2002. Director of Van Kampen Advisors Inc., the Distributor and Van Kampen Exchange Corp. since March 2004. Director of the Adviser since August 2008. Director of the Distributor and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and the Distributor from March 2004 to January 2005.
Dennis Shea (55) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2006	Managing Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., the Adviser and Van Kampen Advisors Inc. Chief Investment Officer—Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006.
Kevin Klingert (45) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2008	Vice President of funds in the Fund Complex since May 2008. Chief Operating Officer of the Fixed Income portion of Morgan Stanley Investment Management Inc. since May 2008. Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management since December 2007. Managing Director of Morgan Stanley Investment Management Inc. from December 2007 to March 2008. Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock from October 1991 to January 2007. Assistant Vice President municipal portfolio manager at Merrill Lynch from March 1985 to October 1991.

41

Van Kampen California Insured Tax Free Fund
Trustee and Officer Information  continued
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Amy R. Doberman (46) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2004	Managing Director and General Counsel—U.S. Investment Management; Managing Director of Morgan Stanley Investment Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000.
Stefanie V. Chang Yu (42) 522 Fifth Avenue New York, NY 10036	Vice President and Secretary	Officer since 2003	Managing Director of Morgan Stanley Investment Management Inc. Vice President and Secretary of funds in the Fund Complex.
John L. Sullivan (53) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Compliance Officer	Officer since 1996	Chief Compliance Officer of funds in the Fund Complex since August 2004. Prior to August 2004, Director and Managing Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc.
Stuart N. Schuldt (46) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Financial Officer and Treasurer	Officer since 2007	Executive Director of Morgan Stanley Investment Management Inc. since June 2007. Chief Financial Officer and Treasurer of funds in the Fund Complex since June 2007. Prior to June 2007, Senior Vice President of Northern Trust Company, Treasurer and Principal Financial Officer for Northern Trust U.S. mutual fund complex.

42

Van Kampen California Insured Tax Free 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 annually.

This Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies.

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

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information 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 and from third parties and other sources. For example:

•   We collect information such as your name, address, e-mail address, phone number and account title.

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Van Kampen California Insured Tax Free 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 to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

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

(continued on next page)

Van Kampen California Insured Tax Free 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 to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

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

4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?

We respect your privacy and offer you choices as to whether we share with affiliated companies personal information that was collected to determine your eligibility for products and services you request (“eligibility information”). Please note that, even if you direct us not to share eligibility information with affiliated companies (“opt-out”), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out 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 Types of Personal Information by Affiliated Companies for Marketing?

You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.

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Van Kampen California Insured Tax Free Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

If you wish to opt-out of sharing and to limit marketing offers, you may do so by:

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

•   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.

If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.

Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.

If you hold more than one account with Van Kampen, 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.

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”).

(continued on back)

Van Kampen California Insured Tax Free Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

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.

The Statement of Additional Information includes additional information about Fund trustees and is available, without charge, upon request by calling 1-800-847-2424.

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

Copyright ^©2008 Van Kampen Funds Inc.

All rights reserved. Member FINRA/SIPC

41, 341, 541, 641

CAIANN 11/08

IU08-05769P-Y09/08

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Municipal Income Fund performed during the annual 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 September 30, 2008.

This material must be preceded or accompanied by a Class A, B and C share or Class I share prospectus for the fund being offered. The prospectuses contain 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 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, therefore, the value of the fund shares may be less than what you paid for them. Accordingly, you can lose money investing in this fund.

Income may subject certain individuals to the federal Alternative Minimum Tax (AMT).

NOT FDIC INSURED	OFFER NO BANK GUARANTEE	MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY		NOT A DEPOSIT

Performance Summaryas of 9/30/08

Performance of a $10,000 investment

This chart compares your fund’s performance to that of the Lehman Brothers Municipal Bond Index from 9/30/98 through 9/30/08. Class A shares, adjusted for sales charges.

	A Shares						B Shares						C Shares						I Shares
	since 8/1/90						since 8/24/92						since 8/13/93						since 8/12/05
				w/max						w/max						w/max
				4.75%						4.00%						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		4.84	%		4.55	%		3.61	%		3.61	%		2.76	%		2.76	%		–0.43	%
10-year		2.35			1.86			1.74			1.74			1.59			1.59			—
5-year		1.03			0.05			0.28			0.02			0.28			0.28			—
1-year		–8.31			–12.65			–9.02			–12.51			–8.97			–9.84			–8.07
30-Day SEC Yield	4.97%						4.45%						4.43%							5.48%

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.

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 4.75 percent for Class A shares, a contingent deferred sales charge of 4.00 percent for Class B shares (in year one and declining to zero after year six), 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 for Class A shares and up to 1.00 percent 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 investors through (i) tax-exempt retirement plans with assets of at least $1 million (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), (ii) fee-based investment programs with assets of at least $1 million, (iii) qualified state tuition plan (529 plan) accounts, (iv) institutional clients with assets of at least $1 million and (v) certain Van Kampen investment companies. Class I shares are offered without any sales charges on purchases or sales and do not include combined rule 12b-1 fees and service fees. Figures shown above assume reinvestment of all dividends and capital gains. Periods of less than a year are not annualized.

1

SEC yield is a calculation for determining the amount of portfolio income, excluding non-income items as prescribed by the SEC. Yields are subject to change.

The Lehman Brothers Municipal Bond Index is generally representative of investment-grade, tax-exempt bonds. The index does not include any expenses, fees or sales charges, which would lower performance. 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.

2

Fund Report

For the 12-month period ended September 30, 2008

Market Conditions

The broad financial markets were highly volatile throughout the reporting period as the credit crisis intensified, the housing market continued to decline, inflationary pressures grew and the economy appeared headed into recession. In early September 2008, investor confidence plummeted and the markets began a downward spiral following the government’s takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers. In the weeks that followed, several other financial institutions were forced into mergers, rescued by government loans, or failed altogether as the value of their assets severely eroded. The credit markets became paralyzed as banks refused to lend while investors fled risky assets in favor of Treasury securities. In an effort to unlock the credit markets the Federal government interceded with various supportive measures including a $700 billion bailout plan.

The municipal bond market had already been under pressure for several months prior to September, due in part to the credit rating downgrades of various monoline bond insurers and the deterioration of the auction rate and variable rate markets. The failure of Lehman Brothers, however, prompted a wave of forced selling in the municipal market as leveraged buyers, mutual funds and brokerage firms began deleveraging, putting significant pressure on prices and severely eroding liquidity. As a result, municipal yields rose, particularly on the long end of the yield curve, far exceeding those of comparable Treasuries by the end of the period. For the third quarter of 2008, the short end of the curve outperformed the long end by roughly 870 basis points. The disparity in performance was even greater over the one-year reporting period as the short end outperformed by more than 1,400 basis points. As would be expected in the risk-averse and volatile environment, higher-quality municipal bonds outperformed lower-quality issues. For the overall period, high yield municipal spreads widened from approximately 165 basis points to 305 basis points.

3

Performance Analysis

All share classes of Van Kampen Municipal Income Fund underperformed the Lehman Brothers Municipal Bond Index for the 12 months ended September 30, 2008, assuming no deduction of applicable sales charges.

Total returns for the 12-month period ended September 30, 2008

Lehman Brothers

Class A

Class B

Class C

Class I

Municipal Bond Index

–8.31

%

–9.02

%

–8.97

%

–8.07

%

–1.87

%

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.

During the reporting period, the Fund held an overweight to lower- and non-rated bonds relative to the Lehman Brothers Municipal Bond Index, which is comprised entirely of investment-grade issues. This allocation to the lower-quality segment of the market hindered performance as the flight to quality that persisted throughout most of the reporting period led higher-quality issues to outperform. Overweights to triple-B rated hospital and tobacco bonds relative to the Index also held back relative returns as spreads in these sectors widened over the course of the period. The Fund’s yield-curve positioning was also disadvantageous. We maintained an overweight exposure to the longer end of the municipal yield curve, which underperformed the short end of the curve as the curve steepened.

Other positions, however, were additive to performance. An overweight to pre-refunded bonds enhanced returns as these shorter-maturity securities benefited from the outperformance of the short end of the municipal yield curve. Additionally, holdings in municipal auction rate securities with zero durations (a measure of interest-rate sensitivity) were additive to performance for the period as the yield on these securities remained well above those of long-maturity municipal bonds.

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.

4

Ratings Allocations as of 9/30/08
AAA/Aaa	21.8	%
AA/Aa	27.4
A/A	7.8
BBB/Baa	21.0
BB/Ba	1.2
Non-Rated	20.8
Top 5 Sectors as of 9/30/08
Hospital	19.7	%
Life Care	10.7
General Purpose	7.4
Single-Family	7.1
Bridge, Tunnel & Toll Road	5.4
Summary of Investments by State Classification as of 9/30/08
Illinois	10.8	%
California	8.9
New Jersey	7.4
New York	7.1
Texas	6.5
Florida	6.3
Colorado	6.0
Ohio	5.2
Missouri	4.5
Wisconsin	3.4
Arizona	3.4
Massachusetts	3.1
Michigan	2.8
Utah	2.8
Minnesota	2.5
Tennessee	2.4
Maryland	2.2
District of Columbia	2.1
Iowa	1.9
Alabama	1.6
Indiana	1.6
South Carolina	1.3
Nevada	1.3
Kansas	1.2
Oklahoma	1.1
Louisiana	0.9
Hawaii	0.9
Oregon	0.9
Idaho	0.8
Virginia	0.7
Washington	0.7
Pennsylvania	0.7
Kentucky	0.7
Georgia	0.6
North Carolina	0.6
Rhode Island	0.5

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5

Summary of Investments by State Classification as of 9/30/08
(continued from previous page)
North Dakota	0.5	%
Wyoming	0.4
West Virginia	0.3
Mississippi	0.3
New Hampshire	0.3
Vermont	0.3
Connecticut	0.2
Alaska	0.2
South Dakota	0.2
Delaware	0.1
Total Long-Term Investments	108.2
Total Short-Term Investments	1.9
Total Investments	110.1
Liability for Floating Rate Note Obligations Related to Securities Held	(11.8	)
Total Net Investments	98.3
Other Assets in Excess of Liabilities	1.7
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 sectors shown above. Ratings allocations and sectors are as a percentage of total investments. Summary of investments by state classification is as a percentage of net assets. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Ratings allocation based upon ratings as issued by Standard and Poor’s and Moody’s, respectively.

6

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 20549-0102.

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

7

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.

8

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 4/1/08 - 9/30/08.

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 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*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	950.37	$	6.39
Hypothetical		1,000.00		1,018.45		6.61
(5% annual return before expenses)
Class B
Actual		1,000.00		946.67		10.03
Hypothetical		1,000.00		1,014.70		10.38
(5% annual return before expenses)
Class C
Actual		1,000.00		946.60		10.07
Hypothetical		1,000.00		1,014.65		10.43
(5% annual return before expenses)
Class I
Actual		1,000.00		951.63		5.07
Hypothetical		1,000.00		1,019.80		5.25
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 1.31%, 2.06%, 2.07% and 1.04% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Assumes all dividends and distributions were reinvested.

9

The following table shows what expenses a shareholder would have paid, excluding interest and residual trust expenses.

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	950.37	$	4.29
Hypothetical		1,000.00		1,020.60		4.45
(5 % annual return before expenses)
Class B
Actual		1,000.00		946.67		7.98
Hypothetical		1,000.00		1,016.80		8.27
(5% annual return before expenses)
Class C
Actual		1,000.00		946.60		7.98
Hypothetical		1,000.00		1,016.80		8.27
(5% annual return before expenses)
Class I
Actual		1,000.00		951.63		3.07
Hypothetical		1,000.00		1,021.85		3.18
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.88%, 1.64%, 1.64% and 0.63% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Assumes all dividends and distributions were reinvested.

10

Investment Advisory Agreement Approval

Both the Investment Company Act of 1940 and the terms of the Fund’s investment advisory agreement require that the investment advisory agreement between the Fund and its investment adviser be approved annually both by a majority of the Board of Trustees and by a majority of the independent trustees voting separately.

At meetings held on April 15, 2008 and May 8, 2008, the Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board of Trustees considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. The Board of Trustees considered the investment advisory agreement over a period of several months and the trustees held sessions both with the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement.

In approving the investment advisory agreement, the Board of Trustees considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser’s expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund’s shareholders, and the propriety of existing and alternative breakpoints in the Fund’s investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry versus historical and projected assets of the Fund. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and,

11

after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered.

Nature, Extent and Quality of the Services Provided. On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund’s portfolio management team over time. The Fund discloses information about its portfolio management team members and their experience in its prospectus. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement.

Performance, Fees and Expenses of the Fund. On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund’s weighted performance is under the fund’s benchmark, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report and in the Fund’s prospectus. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund’s overall expense ratio. The Fund discloses more information about its fees and expenses in its prospectus. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement.

Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser’s expenses in providing services to the Fund and other funds advised by the investment adviser and the profitability of the investment adviser. These profitability reports are put together

12

by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser’s expenses and profitability support its decision to approve the investment advisory agreement.

Economies of Scale. On a regular basis, the Board of Trustees considers the size and growth prospects of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s portfolio and whether the advisory fee level is appropriate relative to current and projected asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement.

Other Benefits of the Relationship. On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its affiliates derived from its relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to funds’ sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement.

13

Van Kampen Municipal Income Fund

Portfolio of Investments  n  September 30, 2008

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Municipal Bonds  108.2% Alabama  1.6%
$	2,000	Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Inc, Ser A		5.000	%	11/15/30	$	1,585,240
	3,960	Cullman, AL Cullman Med Pk South Med Clinic Brd Rev Cullman Regl Med Ctr, Ser A		6.500		02/15/13		3,962,653
	900	Huntsville-Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj		5.500		01/01/43		662,904
	3	Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg		6.950		01/01/20		285
	3,000	University AL at Birmingham Hosp Rev, Ser A		5.750		09/01/22		3,009,960
								9,221,042
		Alaska  0.2%
	2,000	Northern Tob Sec Corp Rev Bkd, Ser A		5.000		06/01/46		1,272,800
		Arizona  3.4%
	1,000	Flagstaff, AZ Indl Dev Auth Rev Sr Living Cmnty Northn AZ Rfdg		5.700		07/01/42		770,030
	7,000	Glendale, AZ Indl Dev Auth Rfdg		5.000		12/01/35		5,556,180
	1,000	Phoenix, AZ Civic Impt Corp Arpt Rev Sr Lien, Ser B (AMT)		5.250		07/01/19		944,890
	5,000	Phoenix, AZ Civic Impt Corp Arpt Rev Sr Lien, Ser B (FGIC Insd) (AMT)		5.250		07/01/32		4,248,350
	815	Pima Cnty, AZ Indl Dev Auth Wtr & Waste Wtr Rev Global Wtr Res LLC Proj (AMT) (a)		6.375		12/01/18		789,768
	1,600	Pima Cnty, AZ Indl Dev Auth Wtr & Waste Wtr Rev Global Wtr Res LLC Proj (AMT)		6.550		12/01/37		1,350,144
	550	Pinal Cnty, AZ Elec Dist 4 Elec Sys Rev		6.000		12/01/23		520,371
	740	Pinal Cnty, AZ Elec Dist 4 Elec Sys Rev		6.000		12/01/28		681,917
	2,000	Scottsdale, AZ Indl Dev Auth Hosp Rev Hlthcare Rfdg		5.250		09/01/30		1,758,600
	2,750	University of AZ Med Ctr Corp		5.000		07/01/35		2,185,948
								18,806,198
		California  8.9%
	4,870	Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (FSA Insd)		*		09/01/20		2,557,529
	1,875	California Cnty, CA Tob Agy Tob Sec Sonoma Cnty Corp Rfdg		5.250		06/01/45		1,296,394
	2,000	California Cnty, CA Tob Sec Agy Tob LA Cnty Sec (b)		0/5.250		06/01/21		1,411,340
	6,690	California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (c)		4.800		08/01/36		5,190,871
	2,000	California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Svc Inc Rfdg, Ser A (AMT)		4.500		06/01/18		1,974,320
	1,250	California Statewide Cmnty Dev Auth Rev CA Baptist Univ, Ser A		5.500		11/01/38		1,010,587

14

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		California (Continued)
$	1,000	California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (d)		5.125	%	04/01/37	$	776,900
	2,250	California Statewide Cmnty Dev Auth Rev Windrush Sch		5.500		07/01/37		1,747,890
	1,610	Desert Hot Springs, CA Redev Agy Tax Alloc Merged Redev Proj, Ser A-2		5.000		09/01/23		1,443,864
	3,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (MBIA Insd)		*		01/15/17		1,783,650
	21,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg		*		01/15/24		7,553,280
	15,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg		*		01/15/30		3,430,950
	8,000	Golden St Tob Securitization, Ser A-1		5.750		06/01/47		5,997,920
	2,000	Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (XLCA Insd)		5.000		09/01/37		1,635,400
	1,650	Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj		7.000		12/01/27		1,491,287
	1,500	Southern CA Pub Pwr Auth Nat Gas Proj No 1, Ser A		5.250		11/01/21		1,204,440
	5,000	Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1		5.000		06/01/37		3,442,900
	1,600	Turlock, CA Hlth Fac Rev Emanuel Med Ctr Inc		5.375		10/15/34		1,330,176
	5,000	West Contra Costa CA Uni Election of 2002, Ser B (FSA Insd)		5.000		08/01/26		4,777,950
								50,057,648
		Colorado  6.0%
	2,840	Adams Cnty, CO Single Family Mtg Rev, Ser A (e) (f)		8.875		08/01/10		3,153,053
	5,000	Arapahoe Cnty, CO Wtr & Waste Proj, Ser A (MBIA Insd)		5.125		12/01/32		4,763,400
	5,000	Colorado Ed & Cultural Fac Auth Rev Impt Charter Sch Peak to Peak Rfdg (XLCA Insd)		5.250		08/15/34		4,565,000
	3,000	Colorado Hlth Fac Auth Rev Amern Baptist Home, Ser A		5.900		08/01/37		2,395,020
	3,000	Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc		5.000		12/01/35		2,260,140
	1,000	Colorado Hlth Fac Auth Rev Evangelical Lutheran, Ser A		5.250		06/01/34		828,640
	5,000	Colorado Hlth Fac Auth Rev Poudre Vly CO Hlth Fac Auth Hosp, Ser A (FSA Insd)		5.200		03/01/31		4,467,250
	6,000	Denver, CO City & Cnty Just Sys (c)		5.000		08/01/24		5,922,150
	1,500	Denver, CO City & Cnty Just Sys (c)		5.000		08/01/25		1,466,505
	2,000	Lincoln Pk, CO Metro Dist Rfdg & Impt		6.200		12/01/37		1,850,760
	500	Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg		5.900		10/01/37		401,500

15

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Colorado (Continued)
$	1,830	North Range Metro Dist No 2 CO Ltd Tax		5.500	%	12/15/27	$	1,484,295
								33,557,713
		Connecticut  0.2%
	1,000	Connecticut St Dev Auth Hlth Fac Rev Alzheimers Res Ctr Conn Inc Proj		5.500		08/15/27		787,830
	575	Connecticut St Dev Auth Solid Waste Disp Fac Rev Pwr LLC Proj, Ser A (AMT)		5.750		11/01/37		488,658
								1,276,488
		Delaware  0.1%
	630	New Castle Cnty, DE Rev Newark Charter Sch Inc Proj		5.000		09/01/22		543,740
		District of Columbia  2.1%
	5,150	District Columbia Tax Incrmnt Gallery Place Proj (FSA Insd)		5.250		07/01/27		5,029,490
	4,000	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien (FSA Insd) (c)		5.500		10/01/41		3,946,080
	3,000	Metropolitan Washington DC Arpt Auth Sys, Ser A (FGIC Insd) (AMT)		5.250		10/01/32		2,524,980
								11,500,550
		Florida  6.3%
	1,000	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.250		11/15/17		888,310
	1,000	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875		11/15/36		808,090
	5,000	Broward Cnty, FL Arpt Sys Rev, Ser J-I (AMBAC Insd) (AMT)		5.250		10/01/26		4,309,150
	1,100	Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT)		5.750		01/01/32		892,595
	570	Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)		5.950		07/01/20		578,658
	2,465	Fiddlers Creek Cmnty Dev Dist No 1 FL Spl Assmt Rev		6.000		05/01/38		2,117,953
	1,305	Florida St Tpk Auth Rev Dept Trans Rfdg, Ser A (c)		5.000		07/01/26		1,247,208
	1,325	Florida St Tpk Auth Rev Dept Trans Rfdg, Ser A (c)		5.000		07/01/27		1,259,890
	1,440	Florida St Tpk Auth Rev Dept Trans Rfdg, Ser A (c)		5.000		07/01/28		1,362,096
	2,500	Florida St Tpk Auth Rev Dept Trans Rfdg, Ser A (c)		5.000		07/01/32		2,305,600
	5,000	Grand Bay at Doral Cmnty Dev Dist FL, Ser B		6.000		05/01/17		4,262,150
	1,000	Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A		5.250		06/01/26		866,870

16

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Florida (Continued)
$	1,375	Lakeland, FL Retirement Cmnty 1st Mtg Carpenters Acc Inv Rfdg (Acquired 4/25/08, Cost $1,375,000) (g)		5.875	%	01/01/19	$	1,291,483
	1,000	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B		6.900		05/01/17		959,380
	1,750	Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower		5.500		07/01/38		1,325,345
	800	Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj		5.875		11/15/37		687,808
	2,200	Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd)		5.350		03/15/42		2,113,342
	495	Reunion East Cmnty Dev Dist FL Spl Assmt		5.800		05/01/36		385,704
	1,675	Sarasota Cnty, FL Hlth Fac Auth Retirement Fac Rev Vlg on the Isle Proj Rfdg		5.500		01/01/27		1,392,511
	3,000	Seminole Tribe, FL Spl Oblig Rev, Ser A (d)		5.250		10/01/27		2,568,480
	1,435	Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A		6.400		05/01/34		1,408,352
	400	Tolomato Cmnty Dev Dist FL Spl Assmt		6.550		05/01/27		371,624
	1,225	Tolomato Cmnty Dev Dist FL Spl Assmt		6.650		05/01/40		1,127,147
	1,000	World Comm Cmnty Dev Dist FL Spl Assmt		5.500		05/01/38		735,700
								35,265,446
		Georgia  0.6%
	2,000	Atlanta, GA Tax Alloc Eastside Proj, Ser B		5.600		01/01/30		1,657,920
	2,000	Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1		5.100		06/01/23		1,865,040
								3,522,960
		Hawaii  0.9%
	5,125	Hawaii St, Ser DK (c)		5.000		05/01/23		5,077,722
		Idaho  0.8%
	675	Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg		6.125		11/15/27		576,585
	2,000	Idaho Hsg & Fin Assn Single Family Mtg Rev, Ser A (AMT)		5.750		07/01/39		1,818,460
	2,000	Idaho Hsg & Fin Assn Single Family Mtg Rev, Ser A (AMT)		5.850		07/01/36		1,845,680
								4,240,725
		Illinois  10.8%
	2,250	Bartlett, IL Tax Increment Rev Rfdg Sr Lien Quarry Redev Proj		5.600		01/01/23		2,007,652
	1,500	Bolingbrook, IL Sales Tax Rev Bolingbrook (b)		0/6.250		01/01/24		1,384,410
	500	Chicago, IL Increment Alloc Rev Diversey Narragansett Proj (Acquired 8/01/06, Cost $533,660) (g)		7.460		02/15/26		498,015
	3,000	Chicago, IL Lakefront Millennium Pkg Fac (MBIA Insd) (Prerefunded @ 1/01/12)		5.650		01/01/19		3,285,660

17

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Illinois (Continued)
$	1,000	Chicago, IL Met Wtr Reclamation Capital Impt Bonds (e)		7.000	%	01/01/11	$	1,049,370
	3,000	Chicago, IL O’Hare Intl Arpt Rev, Ser A (FSA Insd) (c)		5.000		01/01/33		2,751,390
	1,200	Chicago, IL Proj Rfdg, Ser C (FGIC Insd) (f)		5.750		01/01/16		1,251,408
	805	Chicago, IL Tax Increment Alloc Santn Drain & Ship Canal, Ser A		7.750		01/01/14		808,317
	1,000	Gilberts, IL Spl Svc Area No 19 Spl Tax, Ser 1		5.375		03/01/16		633,790
	3,000	Hampshire, IL Spl Svc Area No 17 Spl Tax Crown Dev Proj Oakstead, Ser A		6.000		03/01/45		2,306,940
	1,115	Huntley, IL Increment Alloc Rev Huntley Redev Proj, Ser A		8.500		12/01/15		1,118,746
	5,050	Illinois Dev Fin Auth Pollutn Ctl Rev Amerencips Rfdg, Ser A		5.500		03/01/14		4,795,631
	1,500	Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A		5.750		05/15/31		1,196,805
	970	Illinois Fin Auth Rev Kewanee Hosp Proj		5.100		08/15/31		720,671
	4,700	Illinois Fin Auth Rev Resurrection Hlthcare (FSA Insd)		5.000		05/15/15		4,815,244
	5,100	Illinois Fin Auth Rev Resurrection Hlthcare (FSA Insd)		5.000		05/15/17		5,129,529
	5,050	Illinois Fin Auth Rev Resurrection Hlthcare (FSA Insd)		5.000		05/15/18		5,014,701
	250	Illinois Fin Auth Rev Rfdg Fairview Oblig Group, Ser A		6.000		08/15/22		220,133
	1,000	Illinois Fin Auth Rev Rfdg Fairview Oblig Grp, Ser A		5.500		08/15/18		893,590
	1,500	Illinois Fin Auth Rev Rfdg Fairview Oblig Grp, Ser A		6.125		08/15/28		1,288,500
	1,000	Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A		5.500		08/01/37		858,860
	5,000	Illinois St, Ser 1 (FSA Insd)		5.250		12/01/21		5,059,300
	1,500	Metropolitan Pier & Expo Auth IL Dedicated St Tax McCormick Pl Expn Proj A Rfdg		5.500		06/15/27		1,445,580
	9,250	Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev Cap Apprec McCormick Rfdg (MBIA Insd) (b)		0/5.400		06/15/19		7,730,133
	1,694	Pingree Grove Village, IL Spl Svc Area No 1 Spl Tax Cambridge Lakes Proj, Ser 05		5.250		03/01/15		1,585,889
	1,500	Plano, IL Spl Svc Area No 6 Spl Tax Lakewood Springs Club Proj		5.800		03/01/37		1,194,525
	549	Volo Vlg, IL Spl Svc Area No 3 Symphony Meadows Proj, Ser 1		6.000		03/01/36		451,020
	425	Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)		7.000		12/01/42		379,495

18

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Illinois (Continued)
$	991	Yorkville, IL Utd City Spl Svc Area Spl Tax No 2004-107 Raintree Vlg IL Proj		6.250	%	03/01/35	$	854,410
								60,729,714
		Indiana  1.6%
	4,350	Indiana Hlth & Ed Fac Fin Auth Hosp Rev Cmnty Fndtn Northwest IN		5.500		03/01/37		3,590,838
	1,830	Indiana Hlth Fac Fin Auth Rev Hoosier Care Proj, Ser A		7.125		06/01/34		1,707,317
	1,500	Indianapolis, IN Arpt Auth Rev Rfdg Spl Fac Fed Ex Corp Proj (GTY AGMT: Federal Express Co) (AMT)		5.100		01/15/17		1,358,715
	550	Indianapolis, IN Loc Pub Impt Ser D		6.750		02/01/14		604,093
	140	Saint Joseph Cnty, IN Redev Dist Tax Increment Rev, Ser B (f)		*		06/30/11		113,667
	140	Saint Joseph Cnty, IN Redev Dist Tax Increment Rev, Ser B (f)		*		06/30/12		105,273
	135	Saint Joseph Cnty, IN Redev Dist Tax Increment Rev, Ser B (f)		*		06/30/13		94,023
	130	Saint Joseph Cnty, IN Redev Dist Tax Increment Rev, Ser B (f)		*		06/30/14		83,862
	130	Saint Joseph Cnty, IN Redev Dist Tax Increment Rev, Ser B (f)		*		06/30/15		77,672
	135	Saint Joseph Cnty, IN Redev Dist Tax Increment Rev, Ser B (f)		*		06/30/16		74,709
	225	Saint Joseph Cnty, IN Redev Dist Tax Increment Rev, Ser B (f)		*		06/30/17		115,322
	1,500	Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (d)		5.500		09/01/27		1,233,270
								9,158,761
		Iowa  1.9%
	1,000	Altoona, IA Urban Renewal Tax Increment Rev Annual Appropriation		5.750		06/01/25		915,680
	1,860	Altoona, IA Urban Renewal Tax Increment Rev Annual Appropriation		6.000		06/01/34		1,686,536
	1,125	Coralville, IA Ctf Partn, Ser D		5.250		06/01/26		1,002,262
	1,100	Iowa Fin Auth Hlthcare Fac Rev Madrid Home Proj		5.750		11/15/24		918,368
	2,400	Iowa Fin Auth Hosp Fac Rev Trinity Regl Hosp Proj (FSA Insd)		5.750		07/01/17		2,428,752
	1,000	Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C		5.950		08/01/37		840,430
	225	Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj		6.000		12/01/37		185,909
	1,000	Tobacco Settlement Auth IA Tob Settlement Rev, Ser C		5.375		06/01/38		709,320

19

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Iowa (Continued)
$	2,500	Tobacco Settlement Auth IA Tob Settlement Rev, Ser C		5.625	%	06/01/46	$	1,774,175
								10,461,432
		Kansas  1.2%
	1,000	Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (XLCA Insd) (i)		5.000		12/01/23		1,012,890
	1,100	Labette Cnty, KS Hosp Rev Rfdg & Impt, Ser A		5.750		09/01/37		930,358
	3,000	Lenexa, KS Hlthcare Fac Rev Rfdg & Impt		5.500		05/15/39		2,425,500
	1,600	Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A		5.000		05/15/24		1,251,408
	1,000	Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A		5.000		05/15/36		711,970
	400	Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser B		5.125		05/15/42		283,584
								6,615,710
		Kentucky  0.7%
	4,000	Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Sub Ser A-1 (AGL Insd)		6.000		12/01/33		3,868,680
		Louisiana  0.9%
	500	Colonial Pinnacle Cmnty Dev Dist Dev		6.750		05/01/23		470,960
	1,370	Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt		5.250		07/01/17		1,192,201
	1,550	Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)		5.250		11/01/37		1,490,449
	2,000	Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)		6.000		10/01/38		1,999,460
								5,153,070
		Maryland  2.2%
	1,000	Baltimore, MD Spl Oblig Spc Oblig, Ser A		7.000		09/01/38		901,390
	4,500	Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A		5.125		01/01/36		3,598,335
	2,000	Howard Cnty, MD Retirement Cmnty Vantage House Fac Rfdg, Ser B		5.250		04/01/37		1,441,040
	5,605	Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev, Ser H (AMT)		5.050		09/01/32		4,720,531
	1,000	Maryland St Hlth & Higher Ed Fac Auth Rev Washington Cnty Hosp		6.000		01/01/43		870,550
	1,250	Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj		5.200		07/01/34		986,800
								12,518,646
		Massachusetts  3.1%
	2,400	Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A		5.750		11/15/35		1,824,288

20

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Massachusetts (Continued)
$	400	Massachusetts St Hlth & Ed Fac Auth Rev, Ser G (MBIA Insd)		5.000	%	07/01/13	$	400,480
	2,000	Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D		5.000		07/01/33		1,563,580
	2,650	Massachusetts St Indl Fin Agy Rev First Mtg Reeds Landing Proj (Prerefunded @ 10/01/08)		7.550		10/01/28		2,729,738
	10,000	Massachusetts St Rites PA 1290 (FSA Insd) (c)		5.000		03/01/24		10,741,800
								17,259,886
		Michigan  2.8%
	2,495	Iron River, MI Hosp Fin Auth Rfdg Iron Cnty Cmnty Hosp		6.000		05/15/20		2,326,662
	650	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A		5.250		01/15/47		659,412
	375	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A		5.500		01/15/47		381,866
	5,000	Michigan St Strategic Fd Detroit Edison Co Proj Rfdg, Ser C (XLCA Insd) (AMT)		5.450		12/15/32		4,100,600
	1,775	Michigan St Strategic Fd Solid Genesee Pwr Stad Proj Rfdg (AMT)		7.500		01/01/21		1,640,633
	2,000	Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A		6.000		06/01/48		1,510,820
	5,000	Western Townships MI Util Rfdg, Ser A (MBIA Insd)		5.250		01/01/16		5,103,600
								15,723,593
		Minnesota  2.5%
	450	Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj		6.000		08/01/42		389,353
	1,000	Columbia Heights, MN Multi-Family & Hlthcare Fac Rev Rfdg Crest View Corp Proj A		5.700		07/01/42		825,760
	1,000	Dakota Cnty, MN Cmnty Dev Agy Multi-Family Hsg Rev Commons Marice Proj Rfdg, Ser A		5.000		05/01/42		712,270
	380	Duluth, MN Hsg & Redev Auth Hlthcare & Hsg Rev Benedictine Hlth Ctr Proj		5.700		11/01/22		337,109
	750	Duluth, MN Hsg & Redev Auth Hlthcare & Hsg Rev Benedictine Hlth Ctr Proj		5.875		11/01/33		645,750
	550	Inver Grove Heights, MN Presbyterian Homes Care Rfdg		5.500		10/01/33		483,709
	1,000	Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj		5.750		11/01/37		864,230
	5,000	Minneapolis, MN Hlthcare Sys Rev Var Rfdg Fairview Hlth Svc, Ser C (MBIA Insd) (h) (i)		9.750		11/15/26		5,000,000
	2,000	Minneapolis, MN Hsg & Hlthcare Fac Rev Providence Proj Rfdg, Ser A		5.625		10/01/27		1,662,700
	150	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.000		10/01/27		138,204

21

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Minnesota (Continued)
$	425	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.000	%	10/01/33	$	380,192
	125	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.125		10/01/39		111,513
	2,000	Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj		5.250		05/15/36		1,645,720
	675	Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj		6.000		11/15/35		625,718
								13,822,228
		Mississippi  0.3%
	2,000	Mississippi Business Fin Corp MS Polluntn Ctl Rev Sys Energy Res Inc Proj		5.875		04/01/22		1,846,520
		Missouri  4.5%
	1,000	Carthage, MO Hosp Rev		5.750		04/01/22		859,460
	1,000	Carthage, MO Hosp Rev		5.875		04/01/30		814,600
	3,000	Kansas City, MO Indl Dev Auth Plaza Lib Proj		6.000		03/01/16		2,957,580
	500	Kansas City, MO Tax Increment Fin Comm Kansas City MO Maincor Proj, Ser A		5.250		03/01/18		461,095
	670	Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A		5.500		09/01/18		621,070
	2,275	Missouri Jt Muni Elec Util Comnty Pwr Proj Rev Plum Point Proj (MBIA Insd)		5.000		01/01/26		2,010,031
	2,700	Missouri St Environmental Impt & Energy Res Auth Pwr & LT Co Proj (AMT)		4.900		05/01/38		2,603,664
	1,200	Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran Rfdg, Ser B		5.125		02/01/27		1,028,052
	3,325	Raytown, MO Annual Raytown Live Redev Plan Proj 1		5.125		12/01/31		3,028,842
	1,300	Saint Louis Cnty, MO Indl Dev Auth Hlth Fac Rev Ranken Jordan Proj Rfdg		5.000		11/15/35		939,367
	1,000	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship Vlg West Cnty, Ser A		5.375		09/01/21		889,760
	3,000	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship Vlg West Cnty, Ser A		5.500		09/01/28		2,548,710
	500	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A		6.375		12/01/30		434,285
	1,250	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A		6.375		12/01/41		1,058,775
	450	Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Rfdg		5.750		11/01/27		395,951
	210	Saint Louis, MO Tax Increment Rev Scullin Redev Area, Ser A		10.000		08/01/10		226,010
	2,600	Springfield, MO Pub Bldg Corp Leasehold Rev, Ser B (AMBAC Insd) (AMT)		4.550		07/01/29		1,997,190

22

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Missouri (Continued)
$	2,980	Springfield, MO Pub Bldg Corp Leasehold Rev, Ser B (AMBAC Insd) (AMT)		4.600	%	07/01/36	$	2,225,643
								25,100,085
		Nevada  1.3%
	1,000	Clark Cnty, NV Arpt Impt Rev Rfdg, Ser A (MBIA Insd) (h) (i)		9.750		07/01/12		1,000,000
	3,740	Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (BHAC Insd) (AMT)		4.750		09/01/36		2,929,579
	655	Mesquite, NV Spl Impt Dist No 07-01 Loc Impt-Anthem at Mesquite		5.850		08/01/18		608,167
	560	Mesquite, NV Spl Impt Dist No 07-01 Loc Impt-Anthem at Mesquite		6.000		08/01/27		466,570
	2,490	Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A (c)		5.250		06/01/37		2,113,051
								7,117,367
		New Hampshire  0.3%
	170	New Hampshire Higher Ed & Hlth Fac Auth Rev Daniel Webster College Issue Rfdg (f)		6.100		07/01/09		169,562
	525	New Hampshire St Business Fin Auth Elec Fac Rev Plymouth Cogeneration (AMT) (Acquired 6/29/93, Cost $513,855) (g)		7.750		06/01/14		525,551
	1,000	New Hampshire St Business Fin Auth Rev Alice Peck Day Hlth Sys, Ser A (Prerefunded @ 10/01/09)		6.875		10/01/19		1,057,100
								1,752,213
		New Jersey  7.4%
	375	Burlington Cnty, NJ Brdg Cmnty Econ Dev Rev The Evergreens Proj		5.625		01/01/38		304,245
	3,000	Landis, NJ Sew Auth Swr Rev (FGIC Insd) (j)		7.170		09/19/19		3,462,840
	2,685	Middlesex Cnty, NJ Util Auth Swr Rev Rfdg, Ser A (MBIA Insd)		6.250		08/15/10		2,775,458
	2,000	New Jersey Econ Dev Auth Cig Tax		5.750		06/15/34		1,704,160
	750	New Jersey Econ Dev Auth Ret Cmnty Rev Seabrook Vlg Inc Fac Rfdg		5.250		11/15/26		600,262
	1,000	New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ Hosp Oblig		5.750		07/01/37		888,670
	2,830	New Jersey Hthcare Fac Fin Auth Rev Saint Josephs Hlthcare Sys		5.750		07/01/15		2,668,690
	4,025	New Jersey St Hsg & Mtg Fin Agy Single Family Hsg, Ser X (AMT)		5.100		10/01/23		3,633,005
	565	New Jersey St Tpk Auth Tpk Rev, Ser C (MBIA Insd)		6.500		01/01/16		646,620
	2,725	New Jersey St Tpk Auth Tpk Rev, Ser C (MBIA Insd) (e)		6.500		01/01/16		3,025,567
	5,710	New Jersey St Trans Corp Ctf Fed Trans Admin Gnt, Ser A (AMBAC Insd)		5.750		09/15/10		5,837,676

23

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		New Jersey (Continued)
$	10,000	New Jersey St Trans Corp Ctf Fed Trans Admin Gnt, Ser B (AMBAC Insd) (Prerefunded @ 9/15/10)		6.000	%	09/15/15	$	10,630,900
	2,000	Tobacco Settlement Fin Corp NJ, Ser A1		4.750		06/01/34		1,310,660
	6,000	Tobacco Settlement Fin Corp NJ, Ser A1 (c)		5.000		06/01/41		3,799,650
								41,288,403
		New York  7.1%
	5,000	Metropolitan Trans Auth NY Rev, Ser B (FGIC Insd)		5.250		11/15/18		5,100,400
	2,500	New York City Indl Dev Agy Civic Fac Rev Polytechnic Univ Proj (ACA Insd)		5.250		11/01/37		2,003,525
	3,000	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr, Ser A		6.250		03/01/15		2,999,820
	2,845	New York City, Ser B (MBIA Insd)		5.875		08/01/15		2,982,697
	10,000	New York City, Ser C (MBIA Insd) (c)		5.000		06/15/27		9,588,700
	10,000	New York City Transitional Fin Auth Future Tax Secd, Ser C (AMBAC Insd) (c)		5.250		08/01/19		10,218,500
	750	New York Liberty Dev Corp Rev Natl Sports Museum Proj, Ser A (Acquired 8/07/06, Cost $750,000) (g) (k)		6.125		02/15/19		262,155
	2,500	New York St Energy Resh & Dev Auth Gas Fac Rev (j)		9.258		04/01/20		2,608,025
	3,000	New York St Energy Resh & Dev Auth Gas Fac Rev Brooklyn Union Gas, Ser B (AMT) (j)		10.585		07/01/26		3,016,890
	1,300	Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (d)		5.000		12/01/23		1,078,389
								39,859,101
		North Carolina  0.6%
	1,100	North Carolina Med Care Commn Hlthcare Fac Rev First Mtg Salemtowne Proj Rfdg		5.100		10/01/30		867,339
	2,000	North Carolina Med Care Commn Retirement Fac Rev First Mtg Forest at Duke Rfdg		5.125		09/01/27		1,750,240
	1,000	North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A		5.625		10/01/27		887,670
								3,505,249
		North Dakota  0.5%
	1,000	Grand Forks, ND Sr Hsg Rev 4000 Vly Square Proj Rfdg		5.200		12/01/26		768,300
	1,025	Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg		5.125		07/01/25		891,770
	1,000	Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg		5.125		07/01/29		850,500
								2,510,570

24

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Ohio  5.2%
$	3,340	Adams Cnty Hosp Fac Impt Rev Adams Cnty Hosp Proj		6.250	%	09/01/20	$	2,814,317
	6,000	Buckeye, OH Tob Settlement Fin Auth Sr Turbo, Ser A-2		5.875		06/01/30		4,848,420
	2,000	Buckeye, OH Tob Settlement Fin Auth Sr Turbo, Ser A-2		5.875		06/01/47		1,483,080
	500	Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A		5.750		05/15/27		412,240
	6,000	Hamilton Cnty, OH Hlthcare Rev Life Enriching Cmnty Proj Rfdg, Ser A		5.000		01/01/37		4,584,240
	4,810	Lorain Cnty, OH Hosp Rev Fac Catholic Rmkt, Ser H (AGL Insd)		5.000		02/01/24		4,505,816
	3,000	Ohio St Higher Ed Fac Commn Rev Hosp Hlth Sys Inc, Ser A (BHAC Insd)		5.250		01/15/46		2,792,010
	2,865	Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser D (GNMA Collateralized) (AMT) (c)		5.300		09/01/28		2,533,391
	5,045	Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser D (GNMA Collateralized) (AMT) (c)		5.400		03/01/33		4,431,377
	1,000	Tuscarawas Cnty, OH Hosp Fac Rev Twin City Hosp Proj		6.100		11/01/22		900,940
								29,305,831
		Oklahoma  1.1%
	1,050	Chickasaw Nation, OK Hlth Sys (d)		6.250		12/01/32		980,648
	1,340	Grand River Dam Auth OK Rev, Ser A (BHAC Insd)		5.000		06/01/21		1,348,281
	1,340	Grand River Dam Auth OK Rev, Ser A (BHAC Insd)		5.000		06/01/22		1,335,444
	2,275	Grand River Dam Auth OK Rev, Ser A (BHAC Insd)		5.000		06/01/23		2,242,308
	180	Oklahoma Hsg Fin Agy Single Family Rev Mtg (GNMA Collateralized) (AMT)		7.997		08/01/18		189,790
								6,096,471
		Oregon  0.9%
	3,815	Oregon Hlth Sciences Univ Insd, Ser A (MBIA Insd)		5.250		07/01/22		3,785,205
	1,000	Port Morrow, OR Pollutn Ctl Portland Rfdg, Ser A		5.200		05/01/33		1,005,140
								4,790,345
		Pennsylvania  0.7%
	2,000	Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A		5.000		11/15/28		1,437,400
	1,885	Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj		6.250		02/01/35		1,580,158

25

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Pennsylvania (Continued)
$	1,000	Pennsylvania Hsg Fin Agy Single Family Mtg Rev, Ser 103 (AMT)		5.700	%	04/01/22	$	963,560
								3,981,118
		Rhode Island  0.5%
	1,075	Rhode Island Hsg & Mtg Fin Corp Homeownership Oppty, Ser 57-B (AMT)		5.350		10/01/37		925,747
	1,810	Rhode Island St Econ Dev Corp Arpt Rev, Ser A (AGL Insd) (AMT)		5.250		07/01/28		1,560,130
	490	Rhode Island St Econ Dev Corp Rev (f)		7.250		07/01/10		487,349
								2,973,226
		South Carolina  1.3%
	700	Piedmont Muni Pwr Agy SC Elec Rev Rfdg		5.000		01/01/25		630,595
	2,000	Piedmont Muni Pwr Agy SC Elec Rev Rfdg, Ser A-2		5.000		01/01/24		1,812,920
	500	South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg		5.125		10/01/26		394,660
	500	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg		5.000		05/01/12		479,395
	500	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg		5.125		05/01/13		474,215
	200	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev Rfdg First Mtg Lutheran Homes		5.000		05/01/15		181,128
	1,000	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev Rfdg First Mtg Lutheran Homes		5.625		05/01/42		759,830
	1,000	South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A		6.000		11/15/27		849,710
	2,000	Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg		5.000		06/01/18		1,919,680
								7,502,133
		South Dakota  0.2%
	1,250	South Dakota St Hlth & Ed Fac Auth Rev Sioux Vly Hosp & Hlth Sys A		5.250		11/01/34		1,133,200
		Tennessee  2.4%
	1,000	Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A		5.000		10/01/25		800,430
	4,000	Elizabethton, TN Hlth & Ed Fac Brd Rev Rfdg, Ser B (MBIA Insd) (Prerefunded @ 7/01/12)		7.750		07/01/29		4,404,000
	8,000	Knox Cnty, TN Hlth Ed & Hsg Fac Brd Hosp Rev Covenant Hlth, Ser B-2 (AGL Insd) (h) (i)		8.000		01/01/46		8,000,000
								13,204,430
		Texas  6.5%
	2,815	Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)		4.850		04/01/21		2,332,650

26

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Texas (Continued)
$	450	Angelina & Neches Riv Auth TX Indl Dev Corp Environmental Aspen Pwr LLC Proj, Ser A (AMT)		6.500	%	11/01/29	$	347,080
	500	Bexar Cnty, TX Hlth Fac Dev Corp Hosp Rev Saint Luke’s Lutheran Hosp (e)		7.000		05/01/21		598,525
	5,000	Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg, Ser A (BHAC Insd) (AMT)		5.500		11/01/31		4,584,500
	500	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		5.750		11/01/18		488,030
	1,000	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		6.000		11/01/23		937,710
	1,805	Hopkins Cnty, TX Hosp Dist Rev		5.500		02/15/23		1,637,875
	40	Lower CO Riv Auth TX Rev Rfdg, Ser A (FSA Insd) (Prerefunded @ 5/15/09)		5.875		05/14/14		41,289
	30	Lower CO Riv Auth TX Rev Rfdg, Ser A (FSA Insd) (Prerefunded @ 5/15/09)		5.875		05/15/15		30,967
	15	Lower CO Riv Auth TX Rev Rfdg, Ser A (FSA Insd) (Prerefunded @ 5/15/09)		5.875		05/15/16		15,484
	1,250	Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX		5.500		02/15/37		1,050,850
	2,000	Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj		7.200		01/01/21		2,007,080
	2,000	Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT)		6.000		08/01/20		1,975,760
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser A		5.625		01/01/33		918,870
	2,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser A		6.000		01/01/23		1,995,980
	4,000	North TX Twy Auth Rev Toll 2nd Tier Rfdg, Ser F		6.125		01/01/31		3,860,760
	500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Buckner Retirement Svc Inc Proj		5.000		11/15/17		475,435
	2,200	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement CC Young Mem Home Proj		5.750		02/15/25		1,850,222
	1,500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement CC Young Mem Hom Proj		5.750		02/15/29		1,206,690
	1,750	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc Fac		5.750		11/15/37		1,394,488
	5,000	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj		5.250		11/15/37		4,092,600
	825	Texas St Dept Hsg & Cmnty Affairs Home Mtg Rev Coll Rfdg, Ser C-2 (GNMA Collateralized) (AMT) (j)		10.481		07/02/24		865,615

27

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Texas (Continued)
$	4,000	Texas St Trans Commn Mobility Fd (c)		5.000	%	04/01/28	$	3,850,540
								36,559,000
		Utah  2.8%
	1,340	Hildale, UT Elec Rev Gas Turbine Elec Fac Proj (k)		7.800		09/01/15		376,875
	1,000	Hildale, UT Elec Rev Gas Turbine Elec Fac Proj (k)		7.800		09/01/25		281,250
	1,000	Hildale, UT Elec Rev Gas Turbine Elec Fac Proj (k)		8.000		09/01/20		281,250
	11,000	Salt Lake City, UT Hosp Rev IHC Hosp Inc Rfdg		6.150		02/15/12		11,747,010
	2,000	Utah Hsg Corp Single Family Mtg Rev, Ser C-1 (AMT)		5.700		07/01/28		1,853,760
	600	Utah St Charter Sch Fin Auth Charter Sch Rev Channing Hall, Ser A (d)		5.750		07/15/22		534,264
	600	Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A		5.800		06/15/38		514,356
								15,588,765
		Vermont  0.3%
	1,000	Vermont Econ Dev Auth Mtg Rev Wake Robin Corp Proj, Ser A		5.375		05/01/36		762,200
	1,000	Vermont Ed & Hlth Bldg Fin Agy Rev Bennington College Proj		6.625		10/01/29		921,220
								1,683,420
		Virginia  0.7%
	896	Farms New Kent VA Cmnty Dev Auth Spl Assmt, Ser A		5.125		03/01/36		615,839
	1,300	Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal at Lexington, Ser A		5.500		01/01/37		1,013,935
	1,000	Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig		6.450		09/01/37		835,310
	1,750	White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev		5.300		03/01/17		1,612,170
								4,077,254
		Washington  0.7%
	950	Kalispel Tribe Indians Priority Dist WA Rev		6.625		01/01/28		864,082
	1,440	Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp		5.750		12/01/32		1,234,426
	1,000	Washington St Hlthcare Fac Auth Rev Multicare Hlth Sys, Ser A (FSA Insd)		5.250		08/15/28		944,550
	1,100	Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007 A (Acquired 5/07/08, Cost $1,100,000) (g)		6.000		01/01/27		1,002,221
								4,045,279

28

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)			Description	Coupon			Maturity	Value
			West Virginia  0.3%
$	1,000		Harrison Cnty, WV Cmnty Solid Waste Disp Rev Allegheny Energy Rfdg, Ser D (AMT)		5.500	%	10/15/37	$	851,210
	250		Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry Centre Fin Dist, Ser A		5.850		06/01/34		217,253
	1,000		Pleasants Cnty, WV Pollutn Ctl Rev Cnty Comm Allegheny Rfdg, Ser F		5.250		10/15/37		857,280
									1,925,743
			Wisconsin  3.4%
	8,125		Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (c)		5.300		09/01/23		7,426,819
	6,000		Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser C (AMT) (c)		5.125		09/01/28		5,181,540
	8,000		Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser C (AMT) (c)		5.200		03/01/38		6,716,280
									19,324,639
			Wyoming  0.4%
	2,360		Wyoming Muni Pwr Agy Pwr Supply, Ser A		5.500		01/01/33		2,192,936
Total Long-Term Investments  108.2% (Cost $673,581,017)									607,018,050
Short-Term Investments  1.9% (Cost $10,900,000)									10,900,000
Total Investments  110.1% (Cost $684,481,017)									617,918,050
Liability for Floating Rate Note Obligations Related to Securities Held  (11.8%) (Cost ($66,300,000))
	(66,300	)	Notes with interest rates ranging from 5.39% to 8.75% at September 30, 2008 and contractual maturities of collateral ranging from 2019 to 2041 (See Note 1) (l)						(66,300,000	)
Total Net Investments  98.3% (Cost $618,181,017)									551,618,050
Other Assets in Excess of Liabilities  1.7%									9,319,568
Net Assets  100.0%								$	560,937,618

Percentages are calculated as a percentage of net assets.

*	Zero coupon bond
(a)	Security purchased on a when-issued or delayed delivery basis.

29

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

(b)	Security is a “step-up” bond where the coupon increases or steps up at a predetermined date.
(c)	Underlying security related to Inverse Floaters entered into by the Fund. See Note 1.
(d)	144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
(e)	Escrowed to Maturity
(f)	The Fund owns 100% of the outstanding bond issuance.
(g)	This security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 0.6% of net assets.
(h)	Security includes a feature allowing the Fund an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.
(i)	Variable Rate Coupon
(j)	Inverse Floating Rate
(k)	Non-income producing as security is in default.
(l)	Floating Rate Notes. The interest rates shown reflect rates in effect at September 30, 2008.

ACA—American Capital Access

AGL—Assured Guaranty Ltd.

AMBAC—AMBAC Indemnity Corp.

AMT—Alternative Minimum Tax

BHAC—Berkshire Hathaway Assurance Corp.

FGIC—Financial Guaranty Insurance Co.

FSA—Financial Security Assurance Inc.

GNMA—Government National Mortgage Association

GTY AGMT—Guarantee Agreement

MBIA—Municipal Bond Investors Assurance Corp.

XLCA—XL Capital Assurance Inc.

30

See Notes to Financial Statements

Van Kampen Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

September 30, 2008

Assets:
Total Investments (Cost $684,481,017)	$	617,918,050
Cash		194,794
Receivables:
Investments Sold		10,256,374
Interest		8,709,944
Fund Shares Sold		421,090
Other		196,621
Total Assets		637,696,873
Liabilities:
Payables:
Floating Rate Note Obligations		66,300,000
Investments Purchased		7,720,761
Fund Shares Repurchased		1,319,175
Income Distributions		488,618
Investment Advisory Fee		238,132
Distributor and Affiliates		182,575
Trustees’ Deferred Compensation and Retirement Plans		275,617
Accrued Expenses		234,377
Total Liabilities		76,759,255
Net Assets	$	560,937,618
Net Assets Consist of:
Capital (Par value of $.01 per share with an unlimited number of shares authorized)	$	662,346,420
Accumulated Undistributed Net Investment Income		3,296,756
Accumulated Net Realized Loss		(38,142,591	)
Net Unrealized Depreciation		(66,562,967	)
Net Assets	$	560,937,618
Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $526,693,350 and 42,299,513 shares of beneficial interest issued and outstanding)	$	12.45
Maximum sales charge (4.75%* of offering price)		0.62
Maximum offering price to public	$	13.07
Class B Shares:
Net asset value and offering price per share (Based on net assets of $15,687,590 and 1,261,716 shares of beneficial interest issued and outstanding)	$	12.43
Class C Shares:
Net asset value and offering price per share (Based on net assets of $18,292,551 and 1,473,680 shares of beneficial interest issued and outstanding)	$	12.41
Class I Shares:
Net asset value and offering price per share (Based on net assets of $264,127 and 21,215 shares of beneficial interest issued and outstanding)	$	12.45

* On sales of $100,000 or more, the sales charge will be reduced.

31

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Financial Statements  continued

Statement of Operations

For the Year Ended September 30, 2008

Investment Income:
Interest	$	40,462,017
Expenses:
Interest and Residual Trust Expenses		3,353,631
Investment Advisory Fee		3,077,541
Distribution (12b-1) and Service Fees
Class A		1,468,409
Class B		186,155
Class C		196,603
Transfer Agent Fees		344,561
Accounting and Administrative Expenses		163,105
Professional Fees		134,710
Custody		65,300
Registration Fees		61,332
Reports to Shareholders		51,163
Trustees’ Fees and Related Expenses		30,668
Other		27,926
Total Expenses		9,161,104
Less Credits Earned on Cash Balances		12,787
Net Expenses		9,148,317
Net Investment Income	$	31,313,700
Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Futures	$	(1,052,946	)
Investments		(4,607,589	)
Net Realized Loss		(5,660,535	)
Unrealized Appreciation/Depreciation:
Beginning of the Period		10,834,798
End of the Period		(66,562,967	)
Net Unrealized Depreciation During the Period		(77,397,765	)
Net Realized and Unrealized Loss	$	(83,058,300	)
Net Decrease in Net Assets From Operations	$	(51,744,600	)

32

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Financial Statements  continued

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	September 30, 2008			September 30, 2007
From Investment Activities:
Operations:
Net Investment Income	$	31,313,700		$	27,914,832
Net Realized Loss		(5,660,535	)		(4,540,254	)
Net Unrealized Depreciation During the Period		(77,397,765	)		(19,599,518	)
Change in Net Assets from Operations		(51,744,600	)		3,775,060
Distributions from Net Investment Income:
Class A Shares		(29,764,166	)		(27,862,124	)
Class B Shares		(797,185	)		(951,197	)
Class C Shares		(851,637	)		(595,050	)
Class I Shares		(18,149	)		(53,788	)
Total Distributions		(31,431,137	)		(29,462,159	)
Net Change in Net Assets from Investment Activities		(83,175,737	)		(25,687,099	)
From Capital Transactions:
Proceeds from Shares Sold		87,886,640			128,071,880
Net Asset Value of Shares Issued Through Dividend Reinvestment		24,675,563			21,913,353
Cost of Shares Repurchased		(133,106,128	)		(118,477,242	)
Net Change in Net Assets from Capital Transactions		(20,543,925	)		31,507,991
Net Change in Net Assets		(103,719,662	)		5,820,892
Net Assets:
Beginning of the Period		664,657,280			658,836,388
End of the Period (Including accumulated undistributed net investment income of $3,296,756 and $3,475,267, respectively)	$	560,937,618		$	664,657,280

33

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Financial Statements  continued

Statement of Cash Flows

For the Year Ended September 30, 2008

Change in Net Assets from Operations	$	(51,744,600	)
Adjustments to Reconcile the Change in Net Assets from Operations to
Net Cash Provided by Operating Activities:
Purchases of Investments		(453,689,972	)
Proceeds from Sales/Maturities of Investments		524,143,920
Net Purchases of Short-Term Investments		(10,900,000	)
Amortization of Premium		1,241,545
Accretion of Discount		(1,595,199	)
Net Realized Loss on Investments		4,607,589
Net Change in Unrealized Depreciation on Investments		77,187,674
Increase in Receivable for Investments Sold		(10,206,374	)
Decrease in Interest Receivables		233,346
Decrease in Other Assets		51,752
Increase in Investments Purchased Payable		5,212,049
Decrease in Distributor and Affiliates Payable		(40,994	)
Decrease in Investment Advisory Fee		(28,329	)
Decrease in Trustees’ Deferred Compensation and Retirement Plans		(48,632	)
Increase in Accrued Expenses		52,284
Decrease in Custodian Bank Payable		(1,536,080	)
Total Adjustments		134,684,579
Net Cash Provided by Operating Activities		82,939,979
Cash Flows From Financing Activities
Proceeds from Shares Sold		88,408,144
Repurchased Shares		(133,517,952	)
Dividends Paid (net of reinvested dividends of $24,675,563)		(6,885,377	)
Proceeds from and Repayments of Floating Rate Note Obligations		(30,750,000	)
Net Cash Used for Financing Activities		(82,745,185	)
Net Increase in Cash		194,794
Cash at the Beginning of the Period		-0-
Cash at the End of the Period	$	194,794
Supplemental Disclosures of Cash Flow Information
Cash Paid During the Year for Interest	$	3,353,631

34

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Financial Highlights

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

	Year Ended September 30,
Class A Shares	2008			2007			2006		2005			2004
Net Asset Value, Beginning of the Period	$	14.29		$	14.84		$	14.71	$	14.81		$	14.84
Net Investment Income (a)		.69			.62			.64		.64			.66
Net Realized and Unrealized Gain/Loss		(1.84	)		(.52	)		.14		(.09	)		(.05	)
Total from Investment Operations		(1.15	)		.10			.78		.55			.61
Less Distributions from Net Investment Income		.69			.65			.65		.65			.64
Net Asset Value, End of the Period	$	12.45		$	14.29		$	14.84	$	14.71		$	14.81
Total Return (b)		–8.31%			.66%			5.46%		3.78%			4.20%
Net Assets at End of the Period (In millions)	$	526.7		$	625.9		$	613.6	$	587.6		$	609.4
Ratio of Expenses to Average Net Assets		1.41%			1.28%			1.11%		1.04%			.98%
Ratio of Net Investment Income to Average Net Assets		5.03%			4.21%			4.40%		4.35%			4.46%
Portfolio Turnover		62%			28%			16%		30%			11%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		.88%			.87%			.89%		.88%			.89%

(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 4.75% 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 .25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

35

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class B Shares	2008			2007			2006		2005			2004
Net Asset Value, Beginning of the Period	$	14.27		$	14.82		$	14.69	$	14.79		$	14.82
Net Investment Income (a)		.59			.51			.53		.53			.55
Net Realized and Unrealized Gain/Loss		(1.84	)		(.52	)		.14		(.09	)		(.05	)
Total from Investment Operations		(1.25	)		(.01	)		.67		.44			.50
Less Distributions from Net Investment Income		.59			.54			.54		.54			.53
Net Asset Value, End of the Period	$	12.43		$	14.27		$	14.82	$	14.69		$	14.79
Total Return (b)		–9.02%			–.09%			4.69%		3.03%			3.41%
Net Assets at End of the Period (In millions)	$	15.7		$	20.9		$	29.6	$	38.1		$	48.8
Ratio of Expenses to Average Net Assets		2.17%			2.03%			1.86%		1.79%			1.73%
Ratio of Net Investment Income to Average Net Assets		4.26%			3.45%			3.64%		3.60%			3.71%
Portfolio Turnover		62%			28%			16%		30%			11%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.63%			1.62%			1.64%		1.63%			1.64%

(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 4%, charged on certain redemptions made within one year of purchase and declining to 0% after the sixth 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.

36

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class C Shares	2008			2007			2006		2005			2004
Net Asset Value, Beginning of the Period	$	14.24		$	14.79		$	14.67	$	14.77		$	14.80
Net Investment Income (a)		.59			.50			.53		.53			.55
Net Realized and Unrealized Gain/Loss		(1.83	)		(.51	)		.13		(.09	)		(.05	)
Total from Investment Operations		(1.24	)		(.01	)		.66		.44			.50
Less Distributions from Net Investment Income		.59			.54			.54		.54			.53
Net Asset Value, End of the Period	$	12.41		$	14.24		$	14.79	$	14.67		$	14.77
Total Return (b)		–8.97%			–.10%			4.62%		3.03%			3.43%
Net Assets at End of the Period (In millions)	$	18.3		$	17.4		$	14.3	$	12.5		$	13.7
Ratio of Expenses to Average Net Assets		2.17%			2.04%			1.86%		1.79%			1.73%
Ratio of Net Investment Income to Average Net Assets		4.31%			3.46%			3.65%		3.60%			3.71%
Portfolio Turnover		62%			28%			16%		30%			11%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.63%			1.62%			1.64%		1.63%			1.64%

(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.

37

See Notes to Financial Statements

Van Kampen Municipal Income Fund
Financial Highlights  continued

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

									August 12, 2005
									(Commencement
									of Operations) to
	Year Ended September 30,								September 30,
Class I Shares	2008			2007			2006		2005
Net Asset Value, Beginning of the Period	$	14.29		$	14.83		$	14.71	$	14.71
Net Investment Income (a)		.72			.65			.68		.09
Net Realized and Unrealized Gain/Loss		(1.83	)		(.50	)		.13		-0-	**
Total from Investment Operations		(1.11	)		.15			.81		.09
Less Distributions from Net Investment Income		.73			.69			.69		.09
Net Asset Value, End of the Period	$	12.45		$	14.29		$	14.83	$	14.71
Total Return (b)		–8.07%			.98%			5.65%		.60%	*
Net Assets at End of the Period (In millions)	$	0.3		$	0.4		$	1.4	$	1.3
Ratio of Expenses to Average Net Assets		1.16%			1.03%			.86%		.82%
Ratio of Net Investment Income to Average Net Assets		5.25%			4.42%			4.67%		4.56%
Portfolio Turnover		62%			28%			16%		30%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		.63%			.62%			.64%		.66%

*	Non-Annualized
**	Amount is less than $.01.
(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.

38

See Notes to Financial Statements

Van Kampen Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008

1. Significant Accounting Policies

Van Kampen Municipal Income Fund (the “Fund”) is organized as a series of the Van Kampen Tax Free 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 investment objective is to provide a high level of current income exempt from federal income tax, consistent with preservation of capital. The Fund commenced investment operations on August 1, 1990. 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 the 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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A. Security Valuation Municipal bonds are valued by independent pricing services or dealers using the mean of the bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

B. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. Legal expenditures that are expected to result in the restructuring of or a plan of reorganization for an investment are recorded as realized losses. 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 payment is made. At September 30, 2008, the Fund had $5,720,761 of when-issued and delayed delivery purchase commitments.

C. Income and Expenses Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. 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.

D. 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

39

Van Kampen Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008  continued

for federal income taxes is required. The Fund adopted the provisions of the Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty in Income Taxes on March 31, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying 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 September 30, 2008, 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 these losses against any future realized capital gains. At September 30, 2008, the Fund had an accumulated capital loss carryforward for tax purposes of $32,199,885, which will expire according to the following schedule:

Amount		Expiration
$	9,728,055		September 30, 2009
	7,248,633		September 30, 2010
	10,905,393		September 30, 2015
	4,317,804		September 30, 2016

At September 30, 2008, the cost and related gross unrealized appreciation and depreciation are as follows:

Cost of investments for tax purposes	$	615,807,056
Gross tax unrealized appreciation	$	4,469,402
Gross tax unrealized depreciation		(68,658,408	)
Net tax unrealized depreciation investments	$	(64,189,006	)

E. Distribution of Income and Gains The Fund declares daily and pays monthly dividends from net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains and gains on futures transactions. All short-term capital gains and a portion of futures gains are included in ordinary income for tax purposes.

The tax character of distributions paid during the years ended September 30, 2008 and 2007 were as follows:

	2008		2007
Distributions paid from:
Ordinary income	$	9,579	$	35,564
Tax-exempt income		31,551,361		29,485,531
	$	31,560,940	$	29,521,095

40

Van Kampen Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008  continued

Permanent differences, primarily due to the capital loss carry-forward in the amount of $4,180,889 expiring in the current year, resulted in the following reclassifications among the Fund’s components of net assets at September 30, 2008:

Accumulated Undistributed			Accumulated
Net Investment Income			Net Realized Loss		Capital
$	(61,074	)	$	4,241,963	$	(4,180,889	)

As of September 30, 2008, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	11,184
Undistributed tax-exempt income		5,640,321

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of post October losses of $8,496,845 which are not recognized for tax purposes until the first day of the following fiscal year.

F. Credits Earned on Cash Balances During the year ended September 30, 2008, the Fund’s custody fee was reduced by $12,787 as a result of credits earned on cash balances.

G. Floating Rate Note Obligations Related to Securities Held The Fund enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interest in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The Fund enters into shortfall agreements with the dealer trusts, which commit the Fund to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Fund, thereby collapsing the dealer trusts. The Fund accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Fund’s investments assets, and the related floating rate notes reflected as Fund liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption “Interest and Residual Trust Expenses” in the Fund’s Statement of Operations. The notes issued by the dealer trust have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At September 30, 2008, Fund investments with a value of $97,131,159 are held by the dealer trusts and serve as collateral for the $66,300,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at September 30, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to

41

Van Kampen Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008  continued

residual interests during the year ended September 30, 2008 were $110,734,600 and 3.03%, respectively.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, Van Kampen Asset Management (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		.50%
Over $500 million		.45%

For the year ended September 30, 2008, the Fund recognized expenses of approximately $23,300 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 year ended September 30, 2008, the Fund recognized expenses of approximately $94,000 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 year ended September 30, 2008, the Fund recognized expenses of approximately $149,500 representing transfer agency fees paid to VKIS and its affiliates. The 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 $166,000 are included in “Other” assets on the Statements of Assets and Liabilities at September 30, 2008. 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.

42

Van Kampen Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008  continued

For the year ended September 30, 2008, Van Kampen as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $112,300 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $42,700. Sales charges do not represent expenses of the Fund.

At September 30, 2008, Morgan Stanley Investment Management, Inc., an affiliate of the Adviser, owned 710 shares of Class I Shares.

3. Capital Transactions

For the years ended September 30, 2008 and 2007, transactions were as follows:

	For The						For The
	Year Ended						Year Ended
	September 30, 2008						September 30, 2007
	Shares			Value			Shares			Value
Sales:
Class A		5,406,899		$	74,290,756			7,958,556		$	116,581,855
Class B		216,388			2,957,972			232,994			3,415,117
Class C		769,281			10,621,116			529,298			7,705,059
Class I		1,209			16,796			25,014			369,849
Total Sales		6,393,777		$	87,886,640			8,745,862		$	128,071,880
Dividend Reinvestment:
Class A		1,733,312		$	23,438,460			1,420,178		$	20,771,004
Class B		44,260			597,790			45,058			659,229
Class C		46,229			621,630			29,448			429,344
Class I		1,303			17,683			3,660			53,776
Total Dividend Reinvestment		1,825,104		$	24,675,563			1,498,344		$	21,913,353
Repurchases:
Class A		(8,655,800	)	$	(118,944,913	)		(6,919,500	)	$	(100,953,481	)
Class B		(466,983	)		(6,396,345	)		(805,247	)		(11,759,781	)
Class C		(562,831	)		(7,646,423	)		(302,403	)		(4,386,869	)
Class I		(8,741	)		(118,447	)		(94,713	)		(1,377,111	)
Total Repurchases		(9,694,355	)	$	(133,106,128	)		(8,121,863	)	$	(118,477,242	)

4. Redemption Fee

Until November 3, 2008, the Fund will assess a 2% redemption fee on the proceeds of Fund shares that are redeemed (either by sale or exchange) within seven 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 year ended September 30, 2008, the Fund received redemption fees of approximately $23,700, which are reported as part of “Cost of Shares Repurchased” on the Statement of Changes in Net Assets. The per share impact from redemption fees paid to the Fund was less than $0.01. The redemption fee will no longer be applied after November 3, 2008.

43

Van Kampen Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008  continued

5. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $453,689,972 and $524,143,920, respectively.

6. 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, to manage the portfolio’s effective yield, maturity and duration, or 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. Risks may arise as a result of the potential inability of the counter parties to meet the terms of their contracts.

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

A. Futures Contracts A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Fund generally invests in exchange traded futures on U.S. Treasury Notes and typically closes the contract prior to delivery date. 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 (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.

Transactions in futures contracts for the year ended September 30, 2008, were as follows:

	Contracts
Outstanding at September 30, 2007		238
Futures Opened		430
Futures Closed		(668	)
Outstanding at September 30, 2008		-0-

B. Inverse Floating Rate Investments The Fund may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Fund in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that my expose the Fund to greater risk and increased costs. Leverage may cause the Fund’s net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the

44

Van Kampen Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008  continued

value of the Fund’s portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments.

7. 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 .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 $2,486,800 and $233,800 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.

8. 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.

9. Accounting Pronouncements

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of September 30, 2008, the Adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.

On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.

 

45

Van Kampen Municipal Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Van Kampen Municipal Income Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Van Kampen Municipal Income Fund (one of the Funds constituting the Van Kampen Tax Free Trust (the “Fund”)) as of September 30, 2008, and the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2008, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen Municipal Income Fund of the Van Kampen Tax Free Trust at September 30, 2008, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

November 19, 2008

46

Van Kampen Municipal 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
Dennis Shea
Vice President
Kevin Klingert
Vice President
Amy R. Doberman
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
333 West Wacker Drive
Chicago, Illinois 60606
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
233 South Wacker Drive
Chicago, Illinois 60606

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2008. The Fund designated 99.97% of the income distributions as a tax-exempt income distribution. In January, the Fund provides tax information to shareholders for the preceding calendar year.

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

47

Van Kampen Municipal Income Fund

Trustee and Officer Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees serve until reaching their retirement age or until their successors are duly elected and qualified. Officers are annually elected by the trustees.

Independent Trustees:
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
David C. Arch (63) Blistex Inc. 1800 Swift Drive Oak Brook, IL 60523	Trustee	Trustee since 2003	Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Heartland Alliance, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan.

48

Van Kampen Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jerry D. Choate (70) 33971 Selva Road Suite 130 Dana Point, CA 92629	Trustee	Trustee since 1999	Prior to January 1999, Chairman and Chief Executive Officer of the Allstate Corporation (“Allstate”) and Allstate Insurance Company. Prior to January 1995, President and Chief Executive Officer of Allstate. Prior to August 1994, various management positions at Allstate.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Amgen Inc., a biotechnological company, and Valero Energy Corporation, an independent refining company.
Rod Dammeyer (68) CAC, LLC 4370 LaJolla Village Drive Suite 685 San Diego, CA 92122-1249	Trustee	Trustee since 2003	President of CAC, LLC, a private company offering capital investment and management advisory services.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Quidel Corporation, Stericycle, Inc., and Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc.

49

Van Kampen Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Linda Hutton Heagy† (60) 4939 South Greenwood Chicago, IL 60615	Trustee	Trustee since 1995	Prior to February 2008, Managing Partner of Heidrick & Struggles, an international executive search firm. Prior to 1997, Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company. Prior to 1990, Executive Vice President of The Exchange National Bank.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.
R. Craig Kennedy (56) 1744 R Street, NW Washington, DC 20009	Trustee	Trustee since 1993	Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.
Howard J Kerr (73) 14 Huron Trace Galena, IL 61036	Trustee	Trustee since 2003	Prior to 1998, President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.

50

Van Kampen Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jack E. Nelson (72) 423 Country Club Drive Winter Park, FL 32789	Trustee	Trustee since 1990	President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex.
Hugo F. Sonnenschein (68) 1126 E. 59th Street Chicago, IL 60637	Trustee	Trustee since 2003	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences.

51

Van Kampen Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Suzanne H. Woolsey, Ph.D. (66) 815 Cumberstone Road Harwood, MD 20776	Trustee	Trustee since 1999	Chief Communications Officer of the National Academy of Sciences/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Prior to 1993, Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council. From 1980 through 1989, Partner of Coopers & Lybrand.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Director of Fluor Corp., an engineering, procurement and construction organization, since January 2004. Director of Intelligent Medical Devices, Inc., a symptom based diagnostic tool for physicians and clinical labs. Director of the Institute for Defense Analyses, a federally funded research and development center, Director of the German Marshall Fund of the United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.

52

						��
Van Kampen Municipal Income Fund
Trustee and Officer Information  continued
Interested Trustees:*
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen			Other Directorships
of Interested Trustee	Fund	Served	During Past 5 Years	By Trustee			Held by Trustee
Wayne W. Whalen* (69) 333 West Wacker Drive Chicago, IL 60606	Trustee	Trustee since 1990	Partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex.		71		Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Abraham Lincoln Presidential Library Foundation.

†

As indicated above, prior to February 2008, Ms. Heagy was an employee of Heidrick and Struggles, an international executive search firm (“Heidrick”). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley.

*

Mr. Whalen is an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex.

53

Van Kampen Municipal Income Fund

Trustee and Officer Information  continued

Officers:
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Edward C. Wood III (52) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	President and Principal Executive Officer	Officer since 2008	President and Principal Executive Officer of funds in the Fund Complex since November 2008. Managing Director of Van Kampen Investments Inc., the Adviser, the Distributor, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2003. Chief Administrative Officer of Van Kampen Investments Inc., the Adviser, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2002. Chief Operating Officer of the Distributor since December 2002. Director of Van Kampen Advisors Inc., the Distributor and Van Kampen Exchange Corp. since March 2004. Director of the Adviser since August 2008. Director of the Distributor and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and the Distributor from March 2004 to January 2005.
Dennis Shea (55) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2006	Managing Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., the Adviser and Van Kampen Advisors Inc. Chief Investment Officer—Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006.
Kevin Klingert (45) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2008	Vice President of funds in the Fund Complex since May 2008. Chief Operating Officer of the Fixed Income portion of Morgan Stanley Investment Management Inc. since May 2008. Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management since December 2007. Managing Director of Morgan Stanley Investment Management Inc. from December 2007 to March 2008. Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity and BlackRock from October 1991 to January 2007. Assistant Vice President municipal portfolio manager at Merrill Lynch from March 1985 to October 1991.

54

Van Kampen Municipal Income Fund
Trustee and Officer Information  continued
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Amy R. Doberman (46) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2004	Managing Director and General Counsel—U.S. Investment Management; Managing Director of Morgan Stanley Investment Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000.
Stefanie V. Chang Yu (42) 522 Fifth Avenue New York, NY 10036	Vice President and Secretary	Officer since 2003	Managing Director of Morgan Stanley Investment Management Inc. Vice President and Secretary of funds in the Fund Complex.
John L. Sullivan (53) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Compliance Officer	Officer since 1996	Chief Compliance Officer of funds in the Fund Complex since August 2004. Prior to August 2004, Director and Managing Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc.
Stuart N. Schuldt (46) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Financial Officer and Treasurer	Officer since 2007	Executive Director of Morgan Stanley Investment Management Inc. since June 2007. Chief Financial Officer and Treasurer of funds in the Fund Complex since June 2007. Prior to June 2007, Senior Vice President of Northern Trust Company, Treasurer and Principal Financial Officer for Northern Trust U.S. mutual fund complex.

55

Van Kampen Municipal 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 annually.

This Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies.

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

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information 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 and from third parties and other sources. For example:

•   We collect information such as your name, address, e-mail address, phone number and account title.

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Van Kampen Municipal 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?

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 to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

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

(continued on next page)

Van Kampen Municipal Income 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 to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

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

4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?

We respect your privacy and offer you choices as to whether we share with affiliated companies personal information that was collected to determine your eligibility for products and services you request (“eligibility information”). Please note that, even if you direct us not to share eligibility information with affiliated companies (“opt-out”), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out 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 Types of Personal Information by Affiliated Companies for Marketing?

You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.

(continued on next page)

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

If you wish to opt-out of sharing and to limit marketing offers, you may do so by:

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

•   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.

If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.

Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.

If you hold more than one account with Van Kampen, 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.

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”).

(continued on back)

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

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.

The Statement of Additional Information includes additional information about Fund trustees and is available, without charge, upon request by calling 1-800-847-2424.

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

Copyright ^©2008 Van Kampen Funds Inc.

All rights reserved. Member FINRA/SIPC

49, 349, 549, 649

MIFANN 11/08

IU08-05765P-Y09/08

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Intermediate Term Municipal Income Fund performed during the annual 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 September 30, 2008.

This material must be preceded or accompanied by a Class A, B, and C share or Class I share prospectus for the fund being offered. The prospectuses contain 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 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, therefore, the value of the fund shares may be less than what you paid for them. Accordingly, you can lose money investing in this fund.

Income may subject certain individuals to the Federal Alternative Minimum Tax (AMT).

NOT FDIC INSURED	OFFER NO BANK GUARANTEE	MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY		NOT A DEPOSIT

Performance Summaryas of 9/30/08

Performance of a $10,000 investment

This chart compares your fund’s performance to that of the Lehman Brothers Municipal Bond Index from 9/30/98 through 9/30/08. Class A shares, adjusted for sales charges.

	A Shares						B Shares						C Shares						I Shares
	since 5/28/93						since 5/28/93						since 10/19/93						since 8/12/05
				w/max						w/max						w/max
				4.75%						4.00%						1.00%
Average Annual	w/o sales			sales			w/o sales			sales			w/o sales			sales			w/o sales
Total Returns	charges			charges			charges			charges			charges			charges			charges
Since Inception		4.66	%		4.33	%		4.26	%		4.26	%		3.51	%		3.51	%		1.94	%
10-year		3.49			2.99			3.13			3.13			2.74			2.74			—
5-year		2.43			1.44			2.36			2.10			1.69			1.69			—
1-year		–1.42			–6.12			–1.45			–5.25			–2.17			–3.12			–1.27
SEC 30-day Yield	4.11%						4.32%						3.56%							4.57	%
Unsubsidized SEC 30-day Yield	4.01%						4.21%						3.45%							4.47	%

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.

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 4.75 percent for Class A shares, a contingent deferred sales charge of 4.00 percent for Class B shares (in years one and two 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 for Class A shares and up to 1.00 percent 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 investors through (i) tax-exempt retirement plans with assets of at least $1 million (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), (ii) fee-based investment programs with assets of at least $1 million, (iii) qualified state tuition plan (529 plan) accounts, (iv) institutional clients with assets of at least $1 million and (v) certain Van Kampen investment companies. Class I shares are offered without any sales charges on purchases or sales and do not include combined Rule 12b-1 fees and service fees. 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. SEC 30-day yield is a calculation for determining the amount of portfolio income, excluding non-income items as prescribed by the SEC. The unsubsidized SEC 30-day yields reflect some or all of the expenses that the adviser had voluntarily waived. Yields are subject to change. Periods of less than one year are not annualized.

The Lehman Brothers Municipal Bond Index is generally representative of investment-grade, tax-exempt bonds. The index does not include any expenses, fees or sales charges, which would lower performance. 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.

1

Fund Report

For the 12-month period ended September 30, 2008

Market Conditions

The broad financial markets were highly volatile throughout the reporting period as the credit crisis intensified, the housing market continued to decline, inflationary pressures grew and the economy appeared headed into recession. In early September 2008, investor confidence plummeted and the markets began a downward spiral following the government’s takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers. In the weeks that followed, several other financial institutions were forced into mergers, rescued by government loans, or failed altogether as the value of their assets severely eroded. The credit markets became paralyzed as banks refused to lend while investors fled risky assets in favor of Treasury securities. In an effort to unlock the credit markets the Federal government interceded with various supportive measures including a $700 billion bailout plan.

The municipal bond market had already been under pressure for several months prior to September, due in part to the credit rating downgrades of various monoline bond insurers and the deterioration of the auction rate and variable rate markets. The failure of Lehman Brothers, however, prompted a wave of forced selling in the municipal market as leveraged buyers, mutual funds and brokerage firms began deleveraging, putting significant pressure on prices and severely eroding liquidity. As a result, municipal yields rose, particularly on the long end of the yield curve, far exceeding those of comparable Treasuries by the end of the period. For the third quarter of 2008, the short end of the curve outperformed the long end by roughly 870 basis points. The disparity in performance was even greater over the one-year reporting period as the short end outperformed by more than 1,400 basis points. As would be expected in this risk-averse and volatile environment, higher-quality municipal bonds outperformed lower-quality issues. For the overall period, high yield municipal spreads widened from approximately 165 basis points to 305 basis points.

2

Performance Analysis

Van Kampen Intermediate Term Municipal Income Fund Class A, B and I shares outperformed and Class C shares underperformed the Lehman Brothers Municipal Bond Index for the 12 months ended September 30, 2008, assuming no deduction of applicable sales charges.

Total returns for the 12-month period ended September 30, 2008

Lehman Brothers Municipal

Class A

Class B

Class C

Class I

Bond Index

–1.42

%

–1.45

%

–2.17

%

–1.27

%

–1.87

%

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 significant position in municipal auction rate securities with zero durations (a measure of interest-rate sensitivity) was additive to performance as the yield on these securities remained well above those of long-maturity municipal bonds. An underweight allocation to housing bonds was also beneficial as spread widening hurt the performance of this sector during the period.

The Fund’s yield-curve and credit-quality positioning, however, detracted from relative performance. We maintained an underweight to the three- to five-year portion of the yield curve and an overweight to the 10-year portion of the curve. This positioning was disadvantageous as shorter-maturity issues outperformed those with longer maturities for the overall reporting period. With regard to credit quality, the Fund maintained an allocation to non-rated bonds, which are not represented in the investment-grade Lehman Brothers Municipal Bond Index. This exposure to the lower-quality segment of the market hindered relative performance as the flight to quality that persisted throughout most of the period led higher-quality bonds to outperform. An underweight to pre-refunded bonds also held back returns as these shorter-maturity securities benefited from the outperformance of the short end of the municipal yield curve.

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.

3

Ratings Allocation as of 9/30/08
AAA/Aaa	13.5	%
AA/Aa	27.7
A/A	16.0
BBB/Baa	20.5
Non-Rated	22.3
Top 5 Sectors as of 9/30/08
Hospital	15.1	%
Public Education	8.8
Life Care	6.9
Tax Allocation/Increment	6.7
General Purpose	6.6
Summary of Investments by State Classification as of 9/30/08
Pennsylvania	6.6	%
Florida	6.4
California	6.3
Texas	6.0
Missouri	5.6
Illinois	5.1
Ohio	4.8
Georgia	4.2
Colorado	4.1
South Carolina	4.1
New Jersey	3.5
Indiana	3.3
Michigan	3.0
Massachusetts	2.6
Tennessee	2.5
Maryland	2.5
New York	2.4
Louisiana	2.0
Kansas	2.0
North Carolina	1.8
New Mexico	1.8
Alabama	1.7
Arizona	1.7
Wisconsin	1.7
West Virginia	1.6
Hawaii	1.4
Nebraska	1.2
Nevada	1.1
Iowa	1.0
Virginia	0.9
Kentucky	0.9
Oregon	0.8
Arkansas	0.7
Wyoming	0.7
Mississippi	0.7
Idaho	0.7
Minnesota	0.6

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4

Summary of Investments by State Classification as of 9/30/08
(continued from previous page)
Oklahoma	0.4
Delaware	0.3
North Dakota	0.3
Washington	0.2
Utah	0.1
Connecticut	0.0	*
Total Investments	99.3
Liability for Floating Rate Note Obligations	(3.4	)
Total Net Investments	95.9
Other Assets in Excess of Liabilities	4.1
Net Assets	100.0	%

* Amount is less than 0.1%

Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the sectors shown above. Subject to change daily. Ratings allocations and sector percentages are as a percentage of long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Summary of investments by state classification 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. Rating allocations based upon ratings as issued by Standard and Poor’s and Moody’s, respectively.

5

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 20549-0102.

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

6

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.

7

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 4/1/08 - 9/30/08.

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 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*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	980.94	$	4.85
Hypothetical		1,000.00		1,020.10		4.95
(5% annual return before expenses)
Class B
Actual		1,000.00		979.84		5.35
Hypothetical		1,000.00		1019.60		5.45
(5% annual return before expenses)
Class C
Actual		1,000.00		976.22		8.55
Hypothetical		1,000.00		1016.35		8.72
(5% annual return before expenses)
Class I
Actual		1,000.00		981.22		3.52
Hypothetical		1,000.00		1021.45		3.59
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.98%, 1.08%, 1.73% and 0.71% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). These expense ratios reflect an expense waiver. The expense ratio for Class B Shares reflects actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

8

The following table shows what expenses a shareholder would have paid, excluding interest and residual trust expenses.

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	980.94	$	4.51
Hypothetical		1,000.00		1,020.45		4.60
(5% annual return before expenses)
Class B
Actual		1,000.00		979.84		4.95
Hypothetical		1,000.00		1,020.00		5.05
(5% annual return before expenses)
Class C
Actual		1,000.00		976.22		8.20
Hypothetical		1,000.00		1,016.70		8.37
(5% annual return before expenses)
Class I
Actual		1,000.00		981.22		3.27
Hypothetical		1,000.00		1,021.70		3.34
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.91%, 1.00%, 1.66% and 0.66% for Class A, B, C and I Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). These expense ratios reflect an expense waiver. The expense ratio for Class B Shares reflects actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

9

Investment Advisory Agreement Approval

Both the Investment Company Act of 1940 and the terms of the Fund’s investment advisory agreement require that the investment advisory agreement between the Fund and its investment adviser be approved annually both by a majority of the Board of Trustees and by a majority of the independent trustees voting separately.

At meetings held on April 15, 2008 and May 8, 2008, the Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board of Trustees considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. The Board of Trustees considered the investment advisory agreement over a period of several months and the trustees held sessions both with the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement.

In approving the investment advisory agreement, the Board of Trustees considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser’s expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund’s shareholders, and the propriety of existing and alternative breakpoints in the Fund’s investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry versus historical and projected assets of the Fund. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and,

10

after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered.

Nature, Extent and Quality of the Services Provided. On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund’s portfolio management team and the Fund’s portfolio management strategy over time. The Fund discloses information about its portfolio management team members and their experience in its prospectus. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement.

Performance, Fees and Expenses of the Fund. On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund’s weighted performance is under the fund’s benchmark, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report and in the Fund’s prospectus. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund’s overall expense ratio. The Fund discloses more information about its fees and expenses in its prospectus. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement.

Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser’s expenses in providing services to the Fund and other funds advised by the investment adviser and the

11

profitability of the investment adviser. These profitability reports are put together by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser’s expenses and profitability support its decision to approve the investment advisory agreement.

Economies of Scale. On a regular basis, the Board of Trustees considers the size and growth prospects of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s portfolio and whether the advisory fee level is appropriate relative to current and projected asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement.

Other Benefits of the Relationship. On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its affiliates derived from its relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to funds’ sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement.

12

Van Kampen Intermediate Term Municipal Income Fund

Portfolio of Investments  n  September 30, 2008

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Municipal Bonds  95.6% Alabama  1.7%
$	1,000	Cullman, AL Cullman Med Pk South Med Clinic Brd Rev Cullman Regl Med Ctr, Ser A		6.500	%	02/15/13	$	1,000,670
	1,260	Dothan Houston Cnty, AL Arpt Auth (MBIA Insd) (AMT) (a)		5.400		12/01/15		1,250,021
								2,250,691
		Arizona  1.7%
	1,000	Phoenix, AZ Civic Impt Corp. Arpt Rev Sr Lien, Ser B (AMT)		5.000		07/01/13		996,580
	500	Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Res LLC Proj (AMT) (b)		6.375		12/01/18		484,520
	290	Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Rfdg, Ser A (FSA Insd)		7.250		07/15/10		291,528
	500	Pinal Cnty, AZ Elec Dist No. 4 Sys Rev		5.250		12/01/18		467,920
								2,240,548
		Arkansas  0.7%
	950	University of AR Rev UALR Cap Impt, Ser B (FSA Insd)		4.500		12/01/19		950,608
		California  6.3%
	875	California Muni Fin Auth Ed Fac Rev High Tech High Chula Vista, Ser B (a) (c)		5.500		07/01/18		829,351
	1,000	California Pollutn Ctl Fin Auth Solid Waste Disp Rfdg USA Waste Svc Inc, Ser A (AMT) (g)		4.500		06/01/18		987,160
	1,500	California St Dept Wtr Res Pwr, Ser A (AMBAC Insd) (Prerefunded @ 5/01/12)		5.375		05/01/18		1,632,375
	1,000	Carlsbad, CA Spl Tax Non Escrow Cmnty Fac 3 Impt 2		5.700		09/01/22		917,610
	1,000	Desert Hot Springs, CA Redev Agy Tax Alloc Merged Redev Proj, Ser A2		5.000		09/01/23		896,810
	500	Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (c)		5.500		03/01/18		474,190
	495	Palm Springs, CA Arpt Passenger Fac Charge Rev Rfdg Sub Palm Springs Arpt (AMT)		5.300		07/01/13		482,001
	565	Perris, CA Pub Fin Auth Rev Tax Alloc (a)		4.750		10/01/13		550,412
	500	Quechan Indian Tribe Ft Yuma Indian Res CA Govt Proj		6.625		12/01/17		469,190
	250	Southern CA Pub Pwr Auth Nat Gas Proj No 1, Ser A		5.250		11/01/21		200,740
	1,000	West Contra Costa, CA Uni Sch Dist Election of 2005, Ser B		6.000		08/01/23		1,004,790
								8,444,629
		Colorado  4.1%
	500	Colorado Hlth Fac Auth Rev Christian Living Cmnty Proj, Ser A		5.250		01/01/15		461,240
	1,560	Colorado Springs, CO Util Rev Sys Sub Lien Impt, Ser A		5.000		11/15/19		1,570,280

13

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Colorado (Continued)
$	1,000	Denver, CO City & Cnty Arpt Rev Rfdg, Ser D (FSA Insd) (AMT)		5.500	%	11/15/12	$	1,021,720
	2,000	Denver, CO City & Cnty Just Sys (d)		5.000		08/01/24		1,974,050
	500	Denver, CO City & Cnty Just Sys (d)		5.000		08/01/25		488,835
								5,516,125
		Connecticut  0.0%
	60	New Haven, CT Indl Fac Rev Adj Govt Ctr Thermal Energies (AMT)		7.250		07/01/09		60,157
		Delaware  0.3%
	500	New Castle Cnty, DE Rev Newark Charter Sch Inc Proj		5.000		09/01/22		431,540
		Florida  6.4%
	1,000	Brevard Cnty, FL Sch Brd Ctf Rfdg, Ser B (FGIC Insd)		5.000		07/01/20		975,200
	1,000	Broward Cnty, FL Arpt Sys Rev Rfdg, Ser E (MBIA Insd) (AMT)		5.375		10/01/13		1,004,610
	500	Halifax, FL Hosp Med Ctr Hosp Rfdg & Impt, Ser A		5.250		06/01/19		468,955
	500	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Ida Rfdg (AMBAC Insd)		5.000		12/01/34		505,650
	500	Lakeland, FL Retirement Cmnty Rfdg First Mtg Carpenters (Acquired 04/08/2025, Cost $500,000) (e)		5.875		01/01/19		469,630
	250	Landmark at Doral Cmnty Dev Dist FL Spl Assmt, Ser B		5.200		05/01/15		204,077
	250	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B		6.900		05/01/17		239,845
	500	Orange Cnty, FL Hlth Fac Auth Rev Hlthcare Orlando Lutheran Rfdg		5.375		07/01/20		423,770
	1,500	Orange Cnty, FL Sch Brd Ctf, Ser A (AMBAC Insd)		5.250		08/01/14		1,572,480
	1,000	Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd)		5.350		03/15/42		960,610
	500	Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A		5.000		01/01/16		440,440
	750	Seminole Tribe, FL Spl Oblig Rev, Ser A (c)		5.750		10/01/22		700,823
	670	Tolomato Cmnty Dev Dist FL Spl Assmt		6.450		05/01/23		630,778
								8,596,868
		Georgia  1.3%
	1,000	Atlanta, GA Tax Alloc Atlantic Sta Proj Rfdg (AGL Insd)		5.250		12/01/17		1,028,880
	80	Forsyth Cnty, GA Hosp Auth Rev Antic Ctf GA Baptist Hlthcare Sys Proj (a) (f)		6.000		10/01/08		80,005
	600	Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1		5.100		06/01/23		559,512
								1,668,397
		Hawaii  1.4%
	1,875	Hawaii St, Ser DK (d)		5.000		05/01/23		1,857,703

14

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Idaho  0.7%
$	955	Idaho Hsg & Fin Assn Single Family Mtg Rev, Class I, Ser A (AMT) (a)		5.000	%	07/01/17	$	921,136
		Illinois  5.1%
	1,000	Bartlett, IL Tax Increment Rev Rfdg Sr Lien Quarry Redev Proj		5.600		01/01/23		892,290
	545	Clay Cnty, IL Hosp Rev (Prerefunded @ 12/01/08) (a)		5.500		12/01/10		557,862
	500	Hodgkins, IL Tax Increment Rev Sr Lien Rfdg		5.000		01/01/14		500,650
	31	Huntley, IL Spl Svc Area No 7 Spl Tax (f)		6.000		03/01/09		31,414
	1,197	Huntley, IL Spl Svc Area No 7 Spl Tax Rfdg (AGL Insd) (a)		4.600		03/01/17		1,220,497
	1,000	Illinois Dev Fin Auth Pollutn Ctl Rev Rfdg Amerencips, Ser A		5.500		03/01/14		949,630
	500	Illinois Fin Auth Rev Landing at Plymouth Pl Proj, Ser A		5.250		05/15/14		465,775
	750	Illinois Fin Auth Rev Rfdg Fairview Oblig Group, Ser A		6.000		08/15/22		660,398
	400	Lincolnshire, IL Spl Svc Area Sedgebrook Proj		5.000		03/01/11		390,656
	202	Pingree Grove Village, IL Spl Svc Area No 1 Spl Tax Cambridge Lakes Proj, Ser 05		5.250		03/01/15		189,108
	1,000	Round Lake Beach, IL Tax Increment Rev		4.650		12/15/13		988,700
								6,846,980
		Indiana  3.3%
	1,000	Allen Cnty, IN Juvenile Just Ctr First Mtg (AMBAC Insd)		5.500		01/01/18		1,031,990
	1,000	Carmel Cnty, IN Redev Auth Opt Income Tax Lease Rent Rev (MBIA Insd)		5.000		07/01/22		977,560
	830	Hobart, IN Bldg Corp First Mtg (FGIC Insd) (a)		5.500		07/15/13		894,059
	365	Indiana Hlth & Edl Fac Fin Auth Rev Rfdg Saint Francis (FSA Insd)		5.250		11/01/24		353,429
	200	Indiana Hlth & Edl Fac Fin Auth Rev Rfdg Saint Francis (FSA Insd)		5.250		11/01/25		192,354
	175	Indiana Hlth & Edl Fac Fin Auth Rev Rfdg Saint Francis (FSA Insd)		5.250		11/01/26		167,507
	500	Indianapolis, IN Arpt Auth Rev Rfdg Spl Fac Fed Ex Corp Proj (GTY AGMT: Federal Express Co) (AMT)		5.100		01/15/17		452,905
	400	Saint Joseph Cnty, IN Econ Dev Rev Holy Cross Vlg Notre Dame Proj, Ser A		5.750		05/15/13		386,832
								4,456,636
		Iowa  1.0%
	1,000	Altoona, IA Urban Renewal Taxincrement Rev Annual Appropriation		5.625		06/01/23		918,840
	500	Coralville, IA Ctf Partn, Ser D		5.250		06/01/22		460,925
								1,379,765

15

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Kansas  2.0%
$	1,000	Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (XLCA Insd)		5.000	%	12/01/23	$	1,012,890
	500	Kansas St Dev Fin Auth Hlth Fac Rev Hays Med Ctr Inc, Ser L		5.250		11/15/16		503,955
	1,000	Shawnee Cnty, KS Sch Dist 501 Topeka (Prerefunded @ 2/01/12)		5.000		02/01/20		1,058,600
	120	Wyandotte Cnty, KS City KS Univ Brd of Public Util Office Bldg Complex Proj (MBIA Insd)		5.000		05/01/11		124,633
								2,700,078
		Kentucky  0.9%
	310	Kentucky Hsg Corp Hsg Rev, Ser A (AMT)		5.000		01/01/23		274,294
	1,000	Louisville & Jefferson Cnty, KY, Ser C (FSA Insd) (AMT)		5.500		07/01/17		979,200
								1,253,494
		Louisiana  2.0%
	250	Colonial Pinnacle Cmnty Dev Dist Dev		6.750		05/01/23		235,480
	596	Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt		5.250		07/01/17		518,651
	1,000	Louisiana Pub Fac Auth Rev Christus Hlth Sub, Ser C-2 (AMBAC Insd) (g) (h)		8.500		07/01/41		1,000,000
	1,000	Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)		5.250		11/01/37		961,580
								2,715,711
		Maryland  2.5%
	1,000	Maryland St Econ Dev Corp Student Hsg Rev Univ MD College Pk Proj Rfdg (CIFG Insd)		5.000		06/01/13		1,010,710
	625	Maryland St Econ Dev Corp Univ MD College Pk Proj (f)		5.750		06/01/13		688,312
	500	Maryland St Hlth & Higher Ed Fac Auth Rev Johns Hopkins Hlth Sys, Ser B		5.000		05/15/48		517,925
	250	Maryland St Hlth & Higher Ed Fac Auth Rev Washington Cnty Hosp		5.250		01/01/23		219,315
	500	Maryland St Hlth & Higher King Farm Presbyterian Cmnty, Ser B		5.000		01/01/17		450,255
	500	Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj		4.700		07/01/15		471,185
								3,357,702
		Massachusetts  2.6%
	1,500	Massachusetts St Hlth & Ed Fac Auth Rev Caregroup, Ser D (MBIA Insd)		5.250		07/01/23		1,413,135
	2,250	Massachusetts St Hlth & Edl Fac Auth Rev Quincy Med Ctr, Ser A		5.850		01/15/18		2,091,240
								3,504,375
		Michigan  3.0%
	1,000	Brighton, MI Area Sch Dist Rfdg (a)		5.250		05/01/18		1,030,310
	1,000	Brighton, MI Area Sch Dist Rfdg		5.250		05/01/20		1,018,280
	250	Dearborn, MI Econ Dev Corp Rev Rfdg Ltd Oblig-Henry Ford Vlg (b)		6.000		11/15/18		234,987

16

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Michigan (Continued)
$	500	Iron River, MI Hosp Fin Auth Rfdg Iron Cnty Cmnty Hosp		6.000	%	05/15/20	$	466,265
	1,000	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A		5.500		01/15/47		1,018,310
	250	Michigan St Strategic Fd Ltd Oblig United Waste Sys Proj (AMT)		5.200		04/01/10		249,138
								4,017,290
		Minnesota  0.6%
	250	Dakota Cnty, MN Cmnty Dev Agy Multi Family Hsg Rev Rfdg Com On Marice Proj, Ser A		5.000		11/01/22		207,027
	250	Duluth, MN Hsg & Redev Auth Hlthcare & Hsg Rev Benedictine Hlth Ctr Proj		5.500		11/01/17		231,738
	430	Inver Grove Heights, MN Presbyterian Homes Care Rfdg		5.000		10/01/16		402,467
								841,232
		Mississippi  0.7%
	1,000	Mississippi Business Fin Corp MS Polluntn Ctl Rev Sys Energy Res Inc Proj		5.875		04/01/22		923,260
		Missouri  5.6%
	500	Fenton, MO Tax Increment Rev Gravois Bluffs Redev Proj Rfdg		5.000		04/01/13		514,810
	610	Ferguson, MO Tax Increment Rev Crossing at Halls Ferry Rfdg (a)		5.500		04/01/14		596,720
	1,350	Kansas City, MO Indl Dev Auth Plaza Lib Proj		6.000		03/01/16		1,330,911
	1,000	Macon, MO Ctf Partn (MBIA Insd)		5.250		08/01/17		1,013,650
	240	Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A		5.500		09/01/18		222,473
	1,000	Missouri St Environmental Impt & Energy Res Auth K C Pwr & Lt Co Proj (AMT)		4.900		05/01/38		964,320
	500	Raytown, MO Annual Raytown Live Redev Plan Proj 1		5.000		12/01/16		502,900
	2,000	Saint Charles, MO Ctf Partn, Ser B		5.500		05/01/18		2,029,800
	250	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship Vlg West Cnty, Ser A		5.250		09/01/17		234,668
								7,410,252
		Nebraska  1.2%
	1,500	University of NE Fac Corp Defd Maint (AMBAC Insd)		5.000		07/15/17		1,548,540
		Nevada  1.1%
	1,400	Clark Cnty, NV Arpt Impt Rev Rfdg, Ser A (MBIA Insd) (g) (h)		9.750		07/01/12		1,400,000
		New Jersey  3.5%
	1,500	New Jersey Econ Dev Auth Rev Cig Tax		5.500		06/15/16		1,404,825
	1,000	New Jersey Hlthcare Fac Fin Auth Rev Saint Clare’s Hosp Inc Rfdg, Ser A (Radian Insd) (f)		5.250		07/01/20		1,041,360

17

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		New Jersey (Continued)
$	500	New Jersey Hthcare Fac Fin Auth Rev Saint Josephs Hlthcare Sys		5.750	%	07/01/15	$	471,500
	455	Rahway, NJ Ctf Partn (MBIA Insd)		5.500		02/15/16		469,665
	565	Rahway, NJ Ctf Partn (MBIA Insd)		5.600		02/15/17		583,961
	855	Tobacco Settlement Fin Corp NJ, Ser 1A		4.500		06/01/23		724,296
								4,695,607
		New Mexico  1.8%
	1,000	Jicarilla, NM Apache Nation Rev, Ser A (Acquired 10/23/03, Cost $1,020,380) (e)		5.500		09/01/23		978,070
	1,310	New Mexico Fin Auth Rev Sr Lien Pub Proj Revolving Fd, Ser B (MBIA Insd)		5.000		06/01/17		1,356,741
								2,334,811
		New York  2.4%
	500	Albany, NY Indl Dev Agy Civic Fac Rev Saint Peters Hosp Proj, Ser A		5.750		11/15/22		483,550
	85	Brookhaven, NY Indl Dev Agy Sr Residential Hsg Rev Woodcrest Estates Fac, Ser A (AMT)		5.875		12/01/09		85,780
	1,000	Long Island Pwr Auth NY Elec Gen, Ser C (Prerefunded @ 9/01/13)		5.500		09/01/17		1,097,930
	230	Madison Cnty, NY Indl Dev Agy Civic Fac Rev Oneida Hlth Sys Inc Proj, Ser A		4.500		02/01/17		211,269
	500	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr, Ser A		6.250		03/01/15		499,970
	780	New York City Indl Dev Agy Spl Fac Rev Term One Group Assn Proj (AMT)		5.000		01/01/10		789,009
	5	Niagara Falls, NY Pub Impt (MBIA Insd)		6.900		03/01/20		5,005
								3,172,513
		North Carolina  1.8%
	630	North Carolina Eastn Muni Pwr Agy Pwr Sys Rev, Ser D		6.450		01/01/14		649,070
	500	North Carolina Med Care Commn Hlthcare Fac Rev Rfdg First Mtg Salemtowne (a)		5.000		10/01/15		483,940
	250	North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A		5.300		10/01/19		229,813
	1,000	North Carolina Muni Pwr Agy, Ser A (MBIA Insd)		5.250		01/01/19		1,006,350
								2,369,173
		North Dakota  0.3%
	500	Grand Forks, ND Sr Hsg Rev 4000 Vly Square Proj Rfdg		5.000		12/01/16		428,730
		Ohio  4.8%
	500	Adams Cnty Hosp Fac Impt Rev Adams Cnty Hosp Proj		6.250		09/01/20		421,305
	500	Athens Cnty, OH Hosp Fac Rev & Impt O’ Bleness Mem Rfdg, Ser A		6.250		11/15/13		488,215
	2,235	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A2		5.125		06/01/24		1,865,957

18

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Ohio (Continued)
$	1,370	Cleveland, OH Non Tax Rev Cleveland Stad Proj Rfdg (AMBAC Insd)		5.125	%	12/01/20	$	1,374,137
	185	Dayton, OH Spl Fac Rev Afco Cargo Day LLC Proj (AMT) (a)		6.000		04/01/09		183,868
	1,500	Lorain Cnty, OH Hosp Rev Fac Catholic, Ser H (AGL Insd)		5.000		02/01/24		1,405,140
	750	Ohio Muni Elec Generation Agy Jt Venture 5 Ctf Ben Int Rfdg (AMBAC Insd)		5.000		02/15/21		728,070
								6,466,692
		Oklahoma  0.4%
	500	Chickasaw Nation, OK Hlth Sys (c)		5.375		12/01/17		475,120
		Oregon  0.8%
	1,000	Port Morrow, OR Pollutn Ctl Portland Gen Rfdg, Ser A		5.200		05/01/33		1,005,140
		Pennsylvania  5.8%
	500	Allegheny Cnty, PA Indl Dev Auth Lease Rev Residential Res Inc Proj		5.000		09/01/21		440,070
	225	Allegheny Cnty, PA Redev Auth Rev Pittsburgh Mills Proj		5.100		07/01/14		219,771
	1,120	Canon McMillan Sch Dist PA Rfdg, Ser A (MBIA Insd)		5.000		12/15/15		1,165,226
	250	Lancaster Cnty, PA Hosp Auth Rev Brethren Vlg Proj, Ser A		5.200		07/01/12		248,895
	500	Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr		5.000		01/01/17		480,665
	500	Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsch Cont Care Proj		6.000		02/01/21		444,315
	1,000	Pennsylvania Hsg Fin Agy Single Family Mtg Rev, Ser 103 (AMT)		5.700		04/01/22		963,560
	900	Philadelphia, PA Gas Wks Rev, Ser 3 (FSA Insd)		5.000		08/01/10		933,471
	750	Philadelphia, PA Gas Wks Rev, Ser 18 (AGL Insd)		5.250		08/01/18		766,380
	2,000	Philadelphia, PA Redev Auth Rev Neighborhood Trans, Ser A (FGIC Insd)		5.500		04/15/16		2,050,940
								7,713,293
		South Carolina  4.1%
	1,000	Kershaw Cnty, SC Pub Sch Fndtn Installment Pwr Rev Kershaw Cnty Sch Dist Proj (CIFG Insd)		5.000		12/01/22		947,390
	1,065	Lexington, SC Wtr & Swr Rev & Impt Comb Rfdg, Ser A (MBIA Insd) (a)		5.000		04/01/14		1,091,881
	1,000	Piedmont Muni Pwr Agy SC Elec Rev, Ser A-2		5.000		01/01/24		906,460
	500	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg		5.000		05/01/12		479,395

19

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		South Carolina (Continued)
$	135	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg		5.125	%	05/01/13	$	128,038
	2,000	Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg		5.000		06/01/18		1,919,680
								5,472,844
		Tennessee  2.5%
	370	Chattanooga, TN Hlth Ed Hsg Fac CDFI Phase I LLC Proj Rfdg, Ser A		5.000		10/01/15		348,488
	700	Franklin, TN Spl Sch Dist Cap Apprec (FSA Insd)		*		06/01/15		524,699
	1,000	Gatlinburg, TN Pub Bldg Auth Rfdg (AMBAC Insd)		5.750		12/01/11		1,077,170
	500	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Trezevant Manor Proj, Ser A		5.250		09/01/16		460,300
	1,000	Shelby Cnty, TN Hlth Edl & Hsg Fac Brd Rev, Ser C		5.250		06/01/18		985,930
								3,396,587
		Texas  6.0%
	1,000	Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)		4.850		04/01/21		828,650
	240	Dallas Cnty, TX Flood Ctl Dist Rfdg		6.750		04/01/16		247,296
	500	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		5.750		11/01/18		488,030
	500	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		6.000		11/01/23		468,855
	1,000	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Baylor College Med, Ser A-4 (AMBAC Insd) (g) (h)		9.500		11/15/47		1,000,000
	1,000	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Baylor College Med, Ser A-5 (AMBAC Insd) (g) (h)		9.000		11/15/47		1,000,000
	500	Hidalgo Cnty, TX Hlth Svc Mission Hosp Inc Proj		5.000		08/15/13		495,395
	350	Hidalgo Cnty, TX Hlth Svc Mission Hosp Inc Proj		5.000		08/15/19		317,492
	500	Hopkins Cnty, TX Hosp Dist Hosp Rev		5.500		02/15/23		453,705
	250	Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem East Texas		5.125		02/15/22		222,240
	500	Mesquite, TX Hlth Fac Dev Retirement Christian Care		5.000		02/15/15		481,605
	500	Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT)		6.000		08/01/20		493,940
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser A		6.000		01/01/23		997,990
	500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Buckner Retirement Svc Inc Proj		5.000		11/15/17		475,435
								7,970,633
		Utah  0.1%
	150	Utah St Charter Sch Fin Auth Charter Sch Rev Channing Hall, Ser A (c)		5.750		07/15/22		133,566

20

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)			Description	Coupon			Maturity	Value
			Virginia  0.9%
$	1,000		Tobacco Settlement Fin Corp VA Asset Bkd		5.250	%	06/01/19	$	1,031,630
	250		White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev		5.300		03/01/17		230,310
									1,261,940
			Washington  0.2%
	200		Kalispel Tribe Indians Priority Dist WA Rev		6.200		01/01/16		195,902
			West Virginia  1.6%
	250		Ohio Cnty, VA Cnty Commn Tax Increment Rev Fort Henry Ctr Fin Dist, Ser A		5.625		06/01/22		230,358
	2,000		West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.000		10/01/20		1,859,300
									2,089,658
			Wisconsin  1.7%
	1,875		Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (d)		5.300		09/01/23		1,713,881
	500		Wisconsin St Hlth & Ed Fac Beaver Dam Cmnty Hosp Inc, Ser A		5.500		08/15/14		483,660
									2,197,541
			Wyoming  0.7%
	1,000		Wyoming Muni Pwr Agy Pwr Supply, Ser A		5.375		01/01/25		938,550
Total Long-Term Investments  95.6% (Cost $132,636,446)									127,612,017
Total Short-Term Investments  3.7% (Cost $4,945,000)									4,945,000
Total Investments  99.3% (Cost $137,581,446)									132,557,017
Liability for Floating Rate Note Obligations Related to Securities Held  (3.4%) (Cost ($4,525,000))
	(4,525	)	Notes with interest rates ranging from 5.39% to 7.29% at September 30, 2008 and contractual maturities of collateral ranging from 2023 to 2025 (See Note 1) (i)						(4,525,000	)
Total Net Investments  95.9% (Cost $133,056,446)									128,032,017
Other Assets in Excess of Liabilities  4.1%									5,452,468
Net Assets  100.0%								$	133,484,485

Percentages are calculated as a percentage of net assets.

* Zero coupon bond

21

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Portfolio of Investments  n  September 30, 2008  continued

(a)	The Fund owns 100% of the outstanding bond issuance.
(b)	Security purchased on a when-issued or delayed delivery basis.
(c)	144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
(d)	Underlying security related to Inverse Floaters entered into by the Trust. See Note 1.
(e)	Security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 1.1% of net assets.
(f)	Escrowed to Maturity
(g)	Variable Rate Coupon
(h)	Security includes a feature allowing the Fund an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.
(i)	Floating rate notes. The interest rates shown reflect the rates in effect at September 30, 2008.

AGL—Assured Guaranty Ltd.

AMBAC—AMBAC Indemnity Corp.

AMT—Alternative Minimum Tax

CIFG—CDC IXIS Financial Guaranty

FGIC—Financial Guaranty Insurance Co.

FSA—Financial Security Assurance Inc.

GTY AGMT—Guarantee Agreement

MBIA—Municipal Bond Investors Assurance Corp.

Radian—Radian Asset Assurance

XLCA—XL Capital Assurance Inc.

22

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

September 30, 2008

Assets:
Total Investments (Cost $137,581,446)	$	132,557,017
Cash		1,372,250
Receivables:
Investments Sold		2,542,026
Interest		1,941,443
Fund Shares Sold		1,057,980
Other		135,682
Total Assets		139,606,398
Liabilities:
Payables:
Floating Rate Note Obligations		4,525,000
Investments Purchased		743,515
Fund Shares Repurchased		390,746
Income Distributions		90,267
Investment Advisory Fee		43,602
Distributor and Affiliates		31,124
Trustees’ Deferred Compensation and Retirement Plans		212,573
Accrued Expenses		85,086
Total Liabilities		6,121,913
Net Assets	$	133,484,485
Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	138,050,418
Accumulated Undistributed Net Investment Income		463,959
Accumulated Net Realized Loss		(5,463	)
Net Unrealized Depreciation		(5,024,429	)
Net Assets	$	133,484,485
Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $103,656,764 and 10,316,723 shares of beneficial interest issued and outstanding)	$	10.05
Maximum sales charge (4.75%* of offering price)		0.50
Maximum offering price to public	$	10.55
Class B Shares:
Net asset value and offering price per share (Based on net assets of $10,519,428 and 1,032,630 shares of beneficial interest issued and outstanding)	$	10.19
Class C Shares:
Net asset value and offering price per share (Based on net assets of $18,424,893 and 1,836,117 shares of beneficial interest issued and outstanding)	$	10.03
Class I Shares:
Net asset value and offering price per share (Based on net assets of $883,400 and 87,960 shares of beneficial interest issued and outstanding)	$	10.04

* On sales of $100,000 or more, the sales charge will be reduced.

23

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Financial Statements  continued

Statement of Operations

For the Year Ended September 30, 2008

Investment Income:
Interest	$	5,817,946
Expenses:
Investment Advisory Fee		588,899
Distribution (12b-1) and Service Fees
Class A		231,647
Class B		30,008
Class C		143,209
Accounting and Administrative Expenses		77,138
Transfer Agent Fees		65,041
Professional Fees		64,663
Registration Fees		51,925
Interest and Residual Trust Expenses		47,980
Reports to Shareholders		29,266
Trustees’ Fees and Related Expenses		26,022
Custody		19,735
Other		26,262
Total Expenses		1,401,795
Expense Reduction		117,780
Less Credits Earned on Cash Balances		779
Net Expenses		1,283,236
Net Investment Income	$	4,534,710
Realized and Unrealized Gain/Loss:
Net Realized Gain	$	77,603
Unrealized Appreciation/Depreciation:
Beginning of the Period		1,892,489
End of the Period		(5,024,429	)
Net Unrealized Depreciation During the Period		(6,916,918	)
Net Realized and Unrealized Loss	$	(6,839,315	)
Net Decrease in Net Assets From Operations	$	(2,304,605	)

24

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Financial Statements  continued

Statements of Changes in Net Assets

	For The			For The
	Year Ended			Year Ended
	September 30, 2008			September 30, 2007
From Investment Activities:
Operations:
Net Investment Income	$	4,534,710		$	3,726,472
Net Realized Gain/Loss		77,603			(102,179	)
Net Unrealized Depreciation During the Period		(6,916,918	)		(947,962	)
Change in Net Assets from Operations		(2,304,605	)		2,676,331
Distributions from Net Investment Income:
Class A Shares		(3,525,581	)		(2,770,289	)
Class B Shares		(378,779	)		(441,554	)
Class C Shares		(437,480	)		(373,168	)
Class I Shares		(22,448	)		(33,145	)
Total Distributions		(4,364,288	)		(3,618,156	)
Net Change in Net Assets from Investment Activities		(6,668,893	)		(941,825	)
From Capital Transactions:
Proceeds from Shares Sold		74,551,458			26,136,611
Net Asset Value of Shares Issued Through Dividend Reinvestment		3,384,884			2,714,649
Cost of Shares Repurchased		(43,527,174	)		(31,830,839	)
Net Change in Net Assets from Capital Transactions		34,409,168			(2,979,579	)
Total Increase/Decrease in Net Assets		27,740,275			(3,921,404	)
Net Assets:
Beginning of the Period		105,744,210			109,665,614
End of the Period (Including accumulated undistributed net investment income of $463,959 and $306,740, respectively)	$	133,484,485		$	105,744,210

25

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund

Financial Highlights

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

	Year Ended September 30,
Class A Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	10.59		$	10.68		$	10.69		$	10.72		$	10.76
Net Investment Income		0.41	(a)		0.38	(a)		0.37	(a)		0.36			0.37
Net Realized and Unrealized Gain/Loss		(0.55	)		(0.10	)		0.04			(0.01	)		0.04
Total from Investment Operations		(0.14	)		0.28			0.41			0.35			0.41
Less:
Distributions from Net Investment Income		0.40			0.37			0.37			0.37			0.37
Distributions from Net Realized Gain		-0-			-0-			0.05			0.01			0.08
Total Distributions		0.40			0.37			0.42			0.38			0.45
Net Asset Value, End of the Period	$	10.05		$	10.59		$	10.68		$	10.69		$	10.72
Total Return* (b)		–1.42%			2.63%			3.91%			3.31%			3.84%
Net Assets at End of the Period (In millions)	$	103.7		$	81.4		$	79.4		$	88.2		$	76.5
Ratio of Expenses to Average Net Assets*		1.00%			0.98%			0.99%			0.99%			0.93%
Ratio of Net Investment Income to Average Net Assets*		3.95%			3.54%			3.46%			3.32%			3.50%
Portfolio Turnover		61%			11%			21%			34%			60%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)*		0.95%			0.98%			0.99%			0.99%			0.93%
*  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		1.10%			1.08%			1.09%			1.09%			1.03%
Ratio of Net Investment Income to Average Net Assets		3.85%			3.44%			3.36%			3.22%			3.40%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.06%			1.08%			1.09%			1.09%			1.03%

(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 4.75% 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 .25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

26

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class B Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	10.73		$	10.82		$	10.82		$	10.75		$	10.78
Net Investment Income		0.41	(a)		0.38	(a)		0.39	(a)		0.40			0.30
Net Realized and Unrealized Gain/Loss		(0.56	)		(0.10	)		0.04			(0.03	)		0.04
Total from Investment Operations		(0.15	)		0.28			0.43			0.37			0.34
Less:
Distributions from Net Investment Income		0.39			0.37			0.38			0.29			0.29
Distributions from Net Realized Gain		-0-			-0-			0.05			0.01			0.08
Total Distributions		0.39			0.37			0.43			0.30			0.37
Net Asset Value, End of the Period	$	10.19		$	10.73		$	10.82		$	10.82		$	10.75
Total Return* (b)		–1.45%	(c)		2.59%	(c)		4.13%	(c)		3.47%	(c)		3.15%	(c)
Net Assets at End of the Period (In millions)	$	10.5		$	11.1		$	14.6		$	16.9		$	20.3
Ratio of Expenses to Average Net Assets*		1.05%	(c)		0.98%	(c)		0.78%	(c)		0.82%	(c)		1.67%	(c)
Ratio of Net Investment Income to Average Net Assets*		3.87%	(c)		3.55%	(c)		3.67%	(c)		3.51%	(c)		2.76%	(c)
Portfolio Turnover		61%			11%			21%			34%			60%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)*		1.00%	(c)		0.98%	(c)		0.78%	(c)		0.82%	(c)		1.67%	(c)
*  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		1.15%	(c)		1.08%	(c)		0.88%	(c)		0.92%	(c)		1.77%	(c)
Ratio of Net Investment Income to Average Net Assets		3.77%	(c)		3.45%	(c)		3.57%	(c)		3.41%	(c)		2.66%	(c)
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.11%	(c)		1.08%	(c)		0.88%	(c)		0.92%	(c)		1.77%	(c)

(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 4%, charged on certain redemptions made within the first and second 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 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 footnote 7).

27

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class C Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	10.57		$	10.66		$	10.68		$	10.70		$	10.73
Net Investment Income		0.33	(a)		0.30	(a)		0.29	(a)		0.29			0.30
Net Realized and Unrealized Gain/Loss		(0.55	)		(0.10	)		0.03			(0.01	)		0.04
Total from Investment Operations		(0.22	)		0.20			0.32			0.28			0.34
Less:
Distributions from Net Investment Income		0.32			0.29			0.29			0.29			0.29
Distributions from Net Realized Gain		-0-			-0-			0.05			0.01			0.08
Total Distributions		0.32			0.29			0.34			0.30			0.37
Net Asset Value, End of the Period	$	10.03		$	10.57		$	10.66		$	10.68		$	10.70
Total Return* (b)		–2.17%			1.88%	(c)		3.04%			2.64%	(c)		3.17%	(c)
Net Assets at End of the Period (In millions)	$	18.4		$	13.0		$	14.7		$	16.5		$	18.1
Ratio of Expenses to Average Net Assets*		1.75%			1.72%	(c)		1.74%			1.64%	(c)		1.66%	(c)
Ratio of Net Investment Income to Average Net Assets*		3.20%			2.81%	(c)		2.71%			2.69%	(c)		2.77%	(c)
Portfolio Turnover		61%			11%			21%			34%			60%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)*		1.70%			1.72%	(c)		1.74%			1.64%	(c)		1.66%	(c)
*  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		1.85%			1.82%	(c)		1.84%			1.74%	(c)		1.76%	(c)
Ratio of Net Investment Income to Average Net Assets		3.10%			2.71%	(c)		2.61%			2.59%	(c)		2.67%	(c)
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.81%			1.82%	(c)		1.84%			1.74%	(c)		1.76%	(c)

(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 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 footnote 7).

28

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund
Financial Highlights  continued

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

										August 12, 2005
										(Commencement of
	Year Ended September 30,									Operations) to
Class I Shares	2008			2007			2006			September 30, 2005
Net Asset Value, Beginning of the Period	$	10.59		$	10.67		$	10.69		$	10.70
Net Investment Income		0.45	(a)		0.40	(a)		0.39	(a)		0.05
Net Realized and Unrealized Gain/Loss		(0.58	)		(0.09	)		0.03			(0.01	)
Total from Investment Operations		(0.13	)		0.31			0.42			0.04
Less:
Distributions from Net Investment Income		0.42			0.39			0.39			0.05
Distributions from Net Realized Gain		-0-			-0-			0.05			-0-
Total Distributions		0.42			0.39			0.44			0.05
Net Asset Value, End of the Period	$	10.04		$	10.59		$	10.67		$	10.69
Total Return* (b)		–1.27%			2.98%			4.08%			0.38%	**
Net Assets at End of the Period (In millions)	$	0.9		$	0.2		$	0.9		$	0.6
Ratio of Expenses to Average Net Assets*		0.73%			0.72%			0.72%			0.77%
Ratio of Net Investment Income to Average Net Assets*		4.33%			3.79%			3.73%			3.59%
Portfolio Turnover		61%			11%			21%			34%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)*		0.69%			0.72%			0.72%			0.77%
*  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		0.83%			0.82%			0.82%			0.87%
Ratio of Net Investment Income to Average Net Assets		4.23%			3.69%			3.63%			3.49%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.79%			0.82%			0.82%			0.87%

(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.
**	Non-Annualized.

29

See Notes to Financial Statements

Van Kampen Intermediate Term Municipal Income Fund

Notes to Financial Statements  n  September 30, 2008

1. Significant Accounting Policies

Van Kampen Intermediate Term Municipal Income Fund (the “Fund”) is organized as a series of the Van Kampen Tax Free 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 investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital. The Fund commenced investment operations on May 28, 1993. 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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A. Security Valuation Municipal bonds are valued by independent pricing services or dealers using the mean of the bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

B. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. Legal expenditures that are expected to result in the restructuring of or a plan of reorganization for an investment are recorded as realized losses. 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 payment is made. At September 30, 2008, the Fund had $743,515 of when-issued or delayed delivery purchase commitments.

C. Income and Expenses Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. 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.

D. 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

30

Van Kampen Intermediate Term Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

for federal income taxes is required. The Fund adopted the provisions of the Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty in Income Taxes on March 31, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying 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 September 30, 2008, 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 these losses against any future realized capital gains. During the current year, the Fund utilized capital losses carried forward of $54,717.

At September 30, 2008, the cost and related gross unrealized appreciation and depreciation were as follows:

Cost of investments for tax purposes	$	133,051,824
Gross tax unrealized appreciation	$	604,183
Gross tax unrealized depreciation		(5,623,990	)
Net tax unrealized depreciation on investments	$	(5,019,807	)

E. Distribution of Income and Gains The Fund declares daily and pays monthly dividends from net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains and gains on futures transactions. All short-term capital gains and a portion of futures gains are included in ordinary income for tax purposes.

The tax character of distributions paid during the years ended September 30, 2008 and 2007 were as follows.

	2008		2007
Distributions paid from:
Ordinary income	$	978	$	336
Tax-exempt income		4,342,162		3,627,442
	$	4,343,140	$	3,627,778

Permanent differences, primarily due to the Fund’s investment in other regulated investment companies, resulted in the following reclassifications among the Fund’s components of net assets at September 30, 2008:

Accumulated Undistributed			Accumulated
Net Investment Income			Net Realized Loss		Capital
$	(13,203	)	$	13,203	$	-0-

31

Van Kampen Intermediate Term Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

As of September 30, 2008, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	1,482
Undistributed tax-exempt income		757,533
Undistributed long-term capital gain		77

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of gains or losses recognized on securities for tax purposes but not for book.

F. Credits Earned on Cash Balances During the year ended September 30, 2008, the Fund’s custody fee was reduced by $779 as a result of credits earned on cash balances.

G. Floating Rate Note Obligations Related to Securities Held The Fund enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interest in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The Fund enters into shortfall agreements with the dealer trusts, which commit the Fund to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Fund, thereby collapsing the dealer trusts. The Fund accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Fund’s investments assets, and the related floating rate notes reflected as Fund liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption “Interest and Residual Trust Expenses” on the Fund’s Statement of Operations. The notes issued by the dealer trust have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At September 30, 2008, Fund investments with a value of $6,034,469 are held by the dealer trusts and serve as collateral for the $4,525,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at September 30, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the year ended September 30, 2008 were $3,183,142 and 2.26%, respectively.

32

Van Kampen Intermediate Term Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, Van Kampen Asset Management (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		.50%
Over $500 million		.45%

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 1.00%, 1.05%, 1.75%, and 0.73% 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 year ended September 30, 2008, the Adviser waived or reimbursed approximately $117,800 of advisory fees or other expenses.

For the year ended September 30 2008, the Fund recognized expenses of approximately $10,100 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 year ended September 30, 2008, the Fund recognized expenses of approximately $55,800 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 year ended September 30, 2008, the Fund recognized expenses of approximately $30,100 representing transfer agency fees paid to VKIS and its affiliates. The 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 $111,100 are included in “Other” assets on the Statements of Assets and Liabilities at September 30, 2008. 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

33

Van Kampen Intermediate Term Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

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 year ended September 30, 2008, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $43,300 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $14,500. Sales charges do not represent expenses of the Fund.

3. Capital Transactions

For the years ended September 30, 2008 and 2007, transactions were as follows:

	For The						For The
	Year Ended						Year Ended
	September 30, 2008						September 30, 2007
	Shares			Value			Shares			Value
Sales:
Class A		5,695,354		$	59,629,064			2,069,571		$	21,969,724
Class B		365,499			3,859,784			87,996			948,261
Class C		977,211			10,211,605			258,040			2,730,716
Class I		81,184			851,005			45,869			487,910
Total Sales		7,119,248		$	74,551,458			2,461,476		$	26,136,611
Dividend Reinvestment:
Class A		274,356		$	2,861,672			207,569		$	2,204,540
Class B		24,004			253,956			24,258			261,159
Class C		23,933			248,986			20,340			215,805
Class I		1,950			20,270			3,120			33,145
Total Dividend Reinvestment		324,243		$	3,384,884			255,287		$	2,714,649
Repurchases:
Class A		(3,341,761	)	$	(35,025,984	)		(2,027,021	)	$	(21,501,383	)
Class B		(391,926	)		(4,167,529	)		(429,923	)		(4,619,061	)
Class C		(395,541	)		(4,155,245	)		(427,744	)		(4,534,247	)
Class I		(17,032	)		(178,416	)		(111,522	)		(1,176,148	)
Total Repurchases		(4,146,260	)	$	(43,527,174	)		(2,996,210	)	$	(31,830,839	)

4. Redemption Fee

Until November 3, 2008, the Fund will assess a 2% redemption fee on the proceeds of Fund shares that are redeemed (either by sale or exchange) within seven 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 year ended September 30, 2008, the Fund received redemption fees of approximately $15,600 which are reported as part of “Cost of Shares Repurchased” on the Statement of Changes in Net Assets. The per share impact from redemption fees paid to the Fund was less than $0.01. The redemption fee will no longer be applied after November 3, 2008.

34

Van Kampen Intermediate Term Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

5. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $102,642,575 and $72,037,521, respectively.

6. 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, to manage the portfolio’s effective yield, maturity and duration, or 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.

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

A. Futures Contracts A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Fund generally invests in exchange traded futures contracts on U.S. Treasury Securities and typically closes the contract prior to delivery date. 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 (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities. There were no futures transactions entered into during the year ended September 30, 2008.

B. Inverse Floating Rate Investments The Fund may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Fund in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that my expose the Fund to greater risk and increased costs. Leverage may cause the Fund’s net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the value of the Fund’s portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments.

7. 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

35

Van Kampen Intermediate Term Municipal Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to .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 $7,800 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.

8. 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.

9. Accounting Pronouncements

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of September 30, 2008, the Adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.

On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.

36

Van Kampen Intermediate Term Municipal Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Van Kampen Intermediate Term Municipal Income Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Van Kampen Intermediate Term Municipal Income Fund (one of the Funds constituting the Van Kampen Tax Free Trust (the “Fund”)) as of September 30, 2008, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2008, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen Intermediate Term Municipal Income Fund of the Van Kampen Tax Free Trust at September 30, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

November 19, 2008

37

Van Kampen Intermediate Term Municipal 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
Dennis Shea
Vice President
Kevin Klingert
Vice President
Amy R. Doberman
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
333 West Wacker Drive
Chicago, Illinois 60606

Independent Registered
Public Accounting Firm
Ernst & Young LLP
233 South Wacker Drive
Chicago, Illinois 60606

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2008. The Fund designated 100% of the income distributions as a tax-exempt income distribution. In January, the Fund provides tax information to shareholders for the preceding calendar year.

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

38

Van Kampen Intermediate Term Municipal Income Fund

Trustee and Officer Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees serve until reaching their retirement age or until their successors are duly elected and qualified. Officers are annually elected by the trustees.

Independent Trustees:
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
David C. Arch (63) Blistex Inc. 1800 Swift Drive Oak Brook, IL 60523	Trustee	Trustee since 2003	Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Heartland Alliance, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan.

39

Van Kampen Intermediate Term Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jerry D. Choate (70) 33971 Selva Road Suite 130 Dana Point, CA 92629	Trustee	Trustee since 1999	Prior to January 1999, Chairman and Chief Executive Officer of the Allstate Corporation (“Allstate”) and Allstate Insurance Company. Prior to January 1995, President and Chief Executive Officer of Allstate. Prior to August 1994, various management positions at Allstate.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Amgen Inc., a biotechnological company, and Valero Energy Corporation, an independent refining company.
Rod Dammeyer (68) CAC, LLC 4370 LaJolla Village Drive Suite 685 San Diego, CA 92122-1249	Trustee	Trustee since 2003	President of CAC, LLC, a private company offering capital investment and management advisory services.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Quidel Corporation, Stericycle, Inc., and Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc.

40

Van Kampen Intermediate Term Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Linda Hutton Heagy† (60) 4939 South Greenwood Chicago, IL 60615	Trustee	Trustee since 1995	Prior to February 2008, Managing Partner of Heidrick & Struggles, an international executive search firm. Prior to 1997, Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company. Prior to 1990, Executive Vice President of The Exchange National Bank.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.
R. Craig Kennedy (56) 1744 R Street, NW Washington, DC 20009	Trustee	Trustee since 1993	Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.
Howard J Kerr (73) 14 Huron Trace Galena, IL 61036	Trustee	Trustee since 2003	Prior to 1998, President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.

41

Van Kampen Intermediate Term Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jack E. Nelson (72) 423 Country Club Drive Winter Park, FL 32789	Trustee	Trustee since 1993	President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex.
Hugo F. Sonnenschein (68) 1126 E. 59th Street Chicago, IL 60637	Trustee	Trustee since 2003	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences.

42

Van Kampen Intermediate Term Municipal Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Suzanne H. Woolsey, Ph.D. (66) 815 Cumberstone Road Harwood, MD 20776	Trustee	Trustee since 1999	Chief Communications Officer of the National Academy of Sciences/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Prior to 1993, Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council. From 1980 through 1989, Partner of Coopers & Lybrand.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Director of Fluor Corp., an engineering, procurement and construction organization, since January 2004. Director of Intelligent Medical Devices, Inc., a symptom based diagnostic tool for physicians and clinical labs. Director of the Institute for Defense Analyses, a federally funded research and development center, Director of the German Marshall Fund of the United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.

43

Van Kampen Intermediate Term Municipal Income Fund
Trustee and Officer Information  continued
Interested Trustees:*
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Interested Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Wayne W. Whalen* (69) 333 West Wacker Drive Chicago, IL 60606	Trustee	Trustee since 1993	Partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Abraham Lincoln Presidential Library Foundation.

†

As indicated above, prior to February 2008, Ms. Heagy was an employee of Heidrick and Struggles, an international executive search firm (“Heidrick”). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley.

*

Mr. Whalen is an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex.

44

Van Kampen Intermediate Term Municipal Income Fund

Trustee and Officer Information  continued

Officers:
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Edward C. Wood III (52) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	President and Principal Executive Officer	Officer since 2008	President and Principal Executive Officer of funds in the Fund Complex since November 2008. Managing Director of Van Kampen Investments Inc., the Adviser, the Distributor, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2003. Chief Administrative Officer of Van Kampen Investments Inc., the Adviser, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2002. Chief Operating Officer of the Distributor since December 2002. Director of Van Kampen Advisors Inc., the Distributor and Van Kampen Exchange Corp. since March 2004. Director of the Adviser since August 2008. Director of the Distributor and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and the Distributor from March 2004 to January 2005.
Dennis Shea (55) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2006	Managing Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., the Adviser and Van Kampen Advisors Inc. Chief Investment Officer—Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006.
Kevin Klingert (45) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2008	Vice President of funds in the Fund Complex since May 2008. Chief Operating Officer of the Fixed Income portion of Morgan Stanley Investment Management Inc. since May 2008. Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management since December 2007. Managing Director of Morgan Stanley Investment Management Inc. from December 2007 to March 2008. Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock from October 1991 to January 2007. Assistant Vice President municipal portfolio manager at Merrill Lynch from March 1985 to October 1991.

45

Van Kampen Intermediate Term Municipal Income Fund
Trustee and Officer Information  continued
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Amy R. Doberman (46) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2004	Managing Director and General Counsel—U.S. Investment Management; Managing Director of Morgan Stanley Investment Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000.
Stefanie V. Chang Yu (42) 522 Fifth Avenue New York, NY 10036	Vice President and Secretary	Officer since 2003	Managing Director of Morgan Stanley Investment Management Inc. Vice President and Secretary of funds in the Fund Complex.
John L. Sullivan (53) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Compliance Officer	Officer since 1996	Chief Compliance Officer of funds in the Fund Complex since August 2004. Prior to August 2004, Director and Managing Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc.
Stuart N. Schuldt (46) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Financial Officer and Treasurer	Officer since 2007	Executive Director of Morgan Stanley Investment Management Inc. since June 2007. Chief Financial Officer and Treasurer of funds in the Fund Complex since June 2007. Prior to June 2007, Senior Vice President of Northern Trust Company, Treasurer and Principal Financial Officer for Northern Trust U.S. mutual fund complex.

46

Van Kampen Intermediate Term Municipal 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 annually.

This Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies.

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

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information 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 and from third parties and other sources. For example:

•   We collect information such as your name, address, e-mail address, phone number and account title.

(continued on next page)

Van Kampen Intermediate Term Municipal 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?

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 to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

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

(continued on next page)

Van Kampen Intermediate Term Municipal Income 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 to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

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

4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?

We respect your privacy and offer you choices as to whether we share with affiliated companies personal information that was collected to determine your eligibility for products and services you request (“eligibility information”). Please note that, even if you direct us not to share eligibility information with affiliated companies (“opt-out”), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out 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 Types of Personal Information by Affiliated Companies for Marketing?

You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.

(continued on next page)

Van Kampen Intermediate Term Municipal Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

If you wish to opt-out of sharing and to limit marketing offers, you may do so by:

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

•   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.

If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.

Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.

If you hold more than one account with Van Kampen, 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.

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”).

(continued on back)

Van Kampen Intermediate Term Municipal Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

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.

The Statement of Additional Information includes additional information about Fund trustees and is available, without charge, upon request by calling 1-800-847-2424.

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

Copyright ^©2008 Van Kampen Funds Inc.

All rights reserved. Member FINRA/SIPC

138, 338, 538, 638

INFANN 11/08

IU08-05764P-Y09/08

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen New York Tax Free Income Fund performed during the annual 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 September 30, 2008.

This material must be preceded or accompanied by a Class A, B, and C share 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 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, therefore, the value of the fund shares may be less than what you paid for them. Accordingly, you can lose money investing in this fund.

Income may subject certain individuals to the federal Alternative Minimum Tax (AMT).

NOT FDIC INSURED	OFFER NO BANK GUARANTEE	MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY		NOT A DEPOSIT

Performance Summaryas of 9/30/08

Performance of a $10,000 investment

This chart compares your fund’s performance to that of the Lehman Brothers Municipal Bond Index and the Lehman Brothers New York Municipal Bond Index from 9/30/98 through 9/30/08. Class A shares, adjusted for sales charges.

	A Shares						B Shares						C Shares
	since 7/29/94						since 7/29/94						since 7/29/94
				w/max						w/max						w/max
				4.75%						4.00%						1.00
Average Annual	w/o sales			sales			w/o sales			sales			w/o sales			sales
Total Returns	charges			charge			charges			charge			charges			charge
Since Inception		5.03	%		4.67	%		4.59	%		4.59	%		4.25	%		4.25	%
10-year		3.48			2.98			2.86			2.86			2.72			2.72
5-year		1.79			0.80			1.26			1.01			1.02			1.02
1-year		–6.32			–10.78			–6.22			–9.80			–7.04			–7.93
30-Day SEC Subsidized Yield	4.60%						4.84%						4.04%
30-Day SEC Yield	4.35%						4.58%						3.78%

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.

Because Class B shares incurred lower expenses under the 12b-1 Plan than did Class A shares for the fiscal period ended September 30, 2008, the total operating expense ratio for Class B shares was lower and, as a result, the performance of Class B 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 B 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 4.75 percent for Class A shares, a contingent deferred sales charge of 4.00 percent for Class B shares (in year one and declining to zero after year six), 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 for Class A shares and up to 1.00 percent for Class B and C shares. The since inception and 10-year returns for Class B shares reflect its conversion into Class A shares eight years after purchase. 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 less than one year are not annualized. SEC yield is a calculation for determining the amount of portfolio income, excluding non-income items as prescribed by the SEC. The unsubsidized SEC yields reflect some or all of the expenses that the adviser had voluntarily waived. Yields are subject to change. Periods of less than one year are not annualized.

The Lehman Brothers Municipal Bond Index is generally representative of investment-grade, tax-exempt bonds. The Lehman Brothers NY Municipal Bond Index tracks the performance of NY issued municipal bonds rated at least Baa or BBB by Moody’s Investors Service, Inc. or Standard & Poor’s Corporation, respectively, and with maturities of 2 years or greater. 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.

1

Fund Report

For the 12-month period ended September 30, 2008

Market Conditions

The broad financial markets were highly volatile throughout the reporting period as the credit crisis intensified, the housing market continued to decline, inflationary pressures grew and the economy appeared headed into recession. In early September 2008, investor confidence plummeted and the markets began a downward spiral following the government’s takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers. In the weeks that followed, several other financial institutions were forced into mergers, rescued by government loans, or failed altogether as the value of their assets severely eroded. The credit markets became paralyzed as banks refused to lend while investors fled risky assets in favor of Treasury securities. In an effort to unlock the credit markets the Federal government interceded with various supportive measures including a $700 billion bailout plan.

The municipal bond market had already been under pressure for several months prior to September, due in part to the credit rating downgrades of various monoline bond insurers and the deterioration of the auction rate and variable rate markets. The failure of Lehman Brothers, however, prompted a wave of forced selling in the municipal market as leveraged buyers, mutual funds and brokerage firms began deleveraging, putting significant pressure on prices and severely eroding liquidity. As a result, municipal yields rose, particularly on the long end of the yield curve, far exceeding those of comparable Treasuries by the end of the period. For the third quarter of 2008, the short end of the curve outperformed the long end by roughly 870 basis points. The disparity in performance was even greater over the one-year reporting period as the short end outperformed by more than 1,400 basis points. As would be expected in this risk-averse and volatile environment, higher-quality municipal bonds outperformed lower-quality issues. For the overall period, high yield municipal spreads widened from approximately 165 basis points to 305 basis points.

The state of New York benefits from its broad-based and wealthy economy and has seen an improvement in its finances and budgetary reserves over the past few years. However, the national housing and economic slowdown as well as the volatility in the financial markets will pose challenges for the state over the next year. We continue to monitor the state’s fiscal position during the financial crisis and will look for opportunities to invest in more stable sectors.

2

Performance Analysis

All share classes of Van Kampen New York Tax Free Income Fund underperformed the Lehman Brothers New York Municipal Bond Index and the Lehman Brothers Municipal Bond Index for the 12 months ended September 30, 2008, assuming no deduction of applicable sales charges.

Total returns for the 12-month period ended September 30, 2008

Lehman Brothers

New York

Lehman Brothers

Municipal Bond

Municipal Bond

Class A

Class B

Class C

Index

Index

–6.32

%

–6.22

%

–7.04

%

–1.12

%

–1.87

%

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.

An emphasis on higher-yielding, lower-rated bonds and bonds with longer maturities was the primary contributor to the Fund’s relative underperformance for the reporting period. The Fund was positioned this way in an effort to enhance its yield. Unfortunately, over the course of the period the short end of the municipal yield curve outpaced the long end and the emphasis on bonds with longer maturities was disadvantageous. The Fund’s overweight to lower-rated issues hindered performance as the flight to quality that persisted throughout most of the period led the higher-quality segment of the market to outperform. In particular, holdings in non-rated bonds and triple-B rated health care, tobacco, and industrial development revenue bonds hindered performance as these sectors all suffered amid ongoing spread widening.

Other positions, however, were additive to performance. The Fund’s holdings of pre-refunded bonds enhanced returns as these shorter-maturity securities benefited from the outperformance of the short end of the municipal yield curve. Additionally, holdings in municipal auction rate securities with zero duration (a measure of interest-rate sensitivity) were beneficial to performance for the period as the yields on these securities remained well above those of long-maturity municipal bonds.

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.

3

Ratings Allocations as of 9/30/08
AAA/Aaa	20.7	%
AA/Aa	39.7
A/A	10.5
BBB/Baa	14.6
BB/Ba	5.2
Non-Rated	9.3
Top 5 Sectors as of 9/30/08
Hospital	17.2	%
General Purpose	13.4
Student Housing	6.9
Higher Education	6.7
Bridge, Tunnel & Road	6.2

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. Ratings allocations are as a percentage of total investments. Top Five sectors percentages are as a percentage of long-term investments. 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. Ratings allocations based upon ratings as issued by Standard & Poor’s and Moody’s, respectively.

4

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 20549-0102.

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

5

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.

6

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 4/1/08 - 9/30/08.

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 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*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	953.62	$	4.10
Hypothetical		1,000.00		1,020.80		4.24
(5% annual return before expenses)
Class B
Actual		1,000.00		953.50		4.25
Hypothetical		1,000.00		1,020.65		4.39
(5% annual return before expenses)
Class C
Actual		1,000.00		949.94		7.75
Hypothetical		1,000.00		1,017.05		8.02
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.84%, 0.87%, and 1.59% for Class A, B, and C Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). These expense ratios reflect an expense waiver. The expense ratio for Class B Shares reflects actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

7

The following table shows what expenses a shareholder would have paid, excluding interest and residual trust expenses.

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period*
	4/1/08		9/30/08		4/1/08-9/30/08
Class A
Actual	$	1,000.00	$	953.62	$	3.52
Hypothetical		1,000.00		1,021.40		3.64
(5% annual return before expenses)
Class B
Actual		1,000.00		953.50		3.66
Hypothetical		1,000.00		1,021.25		3.79
(5% annual return before expenses)
Class C
Actual		1,000.00		949.94		7.17
Hypothetical		1,000.00		1,017.65		7.41
(5% annual return before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.72%, 0.75%, and 1.47% for Class A, B, and C Shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). These expense ratios reflect an expense waiver. The expense ratio for Class B Shares reflects actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

8

Investment Advisory Agreement Approval

Both the Investment Company Act of 1940 and the terms of the Fund’s investment advisory agreement require that the investment advisory agreement between the Fund and its investment adviser be approved annually both by a majority of the Board of Trustees and by a majority of the independent trustees voting separately.

At meetings held on April 15, 2008 and May 8, 2008, the Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board of Trustees considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. The Board of Trustees considered the investment advisory agreement over a period of several months and the trustees held sessions both with the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement.

In approving the investment advisory agreement, the Board of Trustees considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser’s expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund’s shareholders, and the propriety of existing and alternative breakpoints in the Fund’s investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry versus historical and projected assets of the Fund. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and,

9

after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered.

Nature, Extent and Quality of the Services Provided. On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund’s portfolio management team and the Fund’s portfolio management strategy over time. The Fund discloses information about its portfolio management team members and their experience in its prospectus. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement.

Performance, Fees and Expenses of the Fund. On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund’s weighted performance is under the fund’s benchmark, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report and in the Fund’s prospectus. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund’s overall expense ratio. The Fund discloses more information about its fees and expenses in its prospectus. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement.

Investment Adviser’s Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser’s expenses in providing services to the Fund and other funds advised by the investment adviser and the

10

profitability of the investment adviser. These profitability reports are put together by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser’s expenses and profitability support its decision to approve the investment advisory agreement.

Economies of Scale. On a regular basis, the Board of Trustees considers the size and growth prospects of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s portfolio and whether the advisory fee level is appropriate relative to current and projected asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement.

Other Benefits of the Relationship. On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its affiliates derived from its relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to funds’ sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement.

11

Van Kampen New York Tax Free Income Fund

Portfolio of Investments  n  September 30, 2008

Par
Amount
(000)		Description	Coupon			Maturity	Value
		Municipal Bonds  106.4% New York  104.5%
$	2,000	Albany, NY Indl Dev Agy Civic Fac Rev Albany Law Sch Univ, Ser A		5.000	%	07/01/31	$	1,649,020
	600	Albany, NY Indl Dev Agy Civic Fac Rev Saint Peters Hosp Proj, Ser A		5.250		11/15/32		511,164
	400	Albany, NY Indl Dev Agy Civic Fac Rev Saint Peters Hosp Proj, Ser D		5.750		11/15/27		376,556
	1,290	Albany, NY Indl Dev Agy Indl Dev Rev Albany College of Pharmacy, Ser A		5.625		12/01/34		1,116,946
	1,200	Broome Cnty, NY Indl Dev Continuing Care Retirement Good Shepard Vlg, Ser A		6.875		07/01/40		1,111,908
	395	Dutchess Cnty, NY Indl Dev Agy Civic Fac Rev Elant Fishkill Inc, Ser A		5.250		01/01/37		296,408
	1,000	East Rochester, NY Hsg Auth Rev Sr Living Woodland Vlg Proj Rfdg		5.500		08/01/33		788,210
	1,250	Erie Cnty, NY Indl Dev Agy Sch Fac Rev City of Buffalo Proj (FSA Insd)		5.750		05/01/21		1,304,737
	1,250	Erie Cnty, NY Indl Dev Agy Sch Fac Rev City of Buffalo Proj (FSA Insd)		5.750		05/01/22		1,285,612
	1,000	Erie Cnty, NY Tob Asset Sec Corp, Ser A		5.000		06/01/45		750,570
	1,530	Hempstead Town, NY Indl Dev Adelphi Univ Civic Fac		5.000		10/01/35		1,397,012
	1,250	Hempstead Town, NY Indl Dev Adelphi Univ Civic Fac		5.750		06/01/22		1,263,037
	1,290	Islip, NY Res Recovery Agy Res 1985 Fac, Ser E (FSA Insd) (AMT)		5.750		07/01/22		1,243,586
	1,000	Livingston Cnty, NY Indl Dev Agy Civic Fac Rev Nicholas H Noyes Mem Hosp		6.000		07/01/30		849,620
	1,000	Metropolitan Trans Auth NY Rev Rfdg, Ser A (AMBAC Insd)		5.500		11/15/19		1,023,900
	1,500	Metropolitan Trans Auth NY Rev, Ser A		5.000		11/15/23		1,426,515
	1,000	Metropolitan Trans Auth NY Svc Contract Rfdg, Ser A		5.125		01/01/29		934,770
	1,000	Monroe Cnty, NY Indl Dev Agy Nazareth College Rochester Proj (MBIA Insd)		5.250		10/01/21		1,005,010
	1,320	Montgomery Cnty, NY Indl Dev Agy Lease Rev HFM Boces, Ser A (XLCA Insd)		5.000		07/01/34		1,200,698
	2,000	Nassau Cnty, NY Indl Dev Agy Continuing Care Retirement Amsterdam at Harborside, Ser A		6.700		01/01/43		1,915,140
	1,500	Nassau Cnty, NY, Ser C (FSA Insd)		5.000		07/01/22		1,472,835
	1,500	New York City Hlth & Hosp Corp Rev Hlth Sys, Ser A (FSA Insd)		5.500		02/15/18		1,552,380
	1,000	New York City Hlth & Hosp Corp Rev Hlth Sys, Ser A (FSA Insd)		5.500		02/15/19		1,027,120
	2,000	New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser B1 (AMT)		5.150		11/01/37		1,701,940

12

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		New York (Continued)
$	1,000	New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser E1 (AMT)		5.350	%	11/01/37	$	866,840
	1,000	New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser K (AMT)		5.000		11/01/37		807,280
	1,000	New York City Hsg Dev Corp, Ser A (AMT)		5.500		11/01/34		892,290
	435	New York City Indl Dev Agy Civic Fac Rev Cmnty Res Developmentally Disabled		7.500		08/01/26		440,781
	1,180	New York City Indl Dev Agy Civic Fac Rev Ctr for Nursing, Ser B		5.375		08/01/27		924,105
	1,405	New York City Indl Dev Agy Fac Rev Royal Charter-NY Presbyterian (FSA Insd)		5.375		12/15/16		1,455,735
	500	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr, Ser A		6.250		03/01/15		499,970
	500	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr, Ser A		6.500		03/01/35		504,065
	1,125	New York City Indl Dev Agy Rev Liberty Iac/Interactive Corp		5.000		09/01/35		904,961
	2,000	New York City Indl Dev Agy Spl Fac Rev Term One Group Assn Proj (AMT) (a)		5.500		01/01/19		1,915,680
	4,000	New York City Muni Fin Auth Wtr & Swr Sys Rev, Ser D (a)		5.000		06/15/37		3,712,680
	500	New York City Muni Wtr Fin, Ser B		6.000		06/15/33		529,430
	2,500	New York City, Ser A		5.500		08/01/20		2,533,850
	1,500	New York City, Ser G		5.000		08/01/24		1,427,370
	2,390	New York City, Ser G		5.000		12/01/28		2,225,998
	1,500	New York City, Ser J		5.000		03/01/24		1,428,630
	1,000	New York City Transitional Cultural Res Rev Amern Museum Nat History Rfdg, Ser A (MBIA Insd)		5.000		07/01/44		919,160
	1,335	New York City Transitional Fin Auth Rev Future Tax Secd, Ser C (AMBAC Insd)		5.250		08/01/21		1,341,341
	1,025	New York City Transitional Future Tax Secd, Ser B		5.500		02/01/15		1,073,729
	750	New York Liberty Dev Corp Rev Natl Sports Museum Proj, Ser A (Acquired 08/07/06, Cost $750,000) (c)(h)		6.125		02/15/19		262,155
	2,000	New York St Dorm Auth Rev Catholic Hlth L.I. Oblig Group		5.000		07/01/27		1,766,220
	1,000	New York St Dorm Auth Rev City Univ Cons Third, Ser 1 (FGIC Insd)		5.250		07/01/25		1,000,250
	1,230	New York St Dorm Auth Rev City Univ Rfdg, Ser D (FSA Insd)		5.750		07/01/12		1,299,015
	650	New York St Dorm Auth Rev City Univ Sys Cons, Ser A		5.625		07/01/16		698,906
	1,000	New York St Dorm Auth Rev City Univ Sys Cons, Ser B		6.000		07/01/14		1,068,670
	1,890	New York St Dorm Auth Rev Dept Ed (b)		5.250		07/01/21		1,903,835

13

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		New York (Continued)
$	1,000	New York St Dorm Auth Rev Insd Brooklyn Law Sch, Ser B (XLCA Insd)		5.375	%	07/01/23	$	955,290
	1,040	New York St Dorm Auth Rev Insd NY St Rehab Assn, Ser A (AMBAC Insd) (b)		5.500		07/01/15		1,090,638
	1,200	New York St Dorm Auth Rev Miriam Osborn Mem Home, Ser B (ACA Insd)		6.375		07/01/29		1,127,112
	2,000	New York St Dorm Auth Rev Mtg Montefiore Hosp (FHA Gtd)		5.000		08/01/33		1,776,260
	1,000	New York St Dorm Auth Rev Non St Supported Debt L I Jewish (a)		5.000		11/01/26		887,480
	1,000	New York St Dorm Auth Rev Non St Supported Debt L I Jewish (a)		5.000		11/01/34		858,415
	2,000	New York St Dorm Auth Rev Non St Supported Debt Mt Sinai NYU Hlth, Ser C		5.500		07/01/26		1,840,280
	3,000	New York St Dorm Auth Rev Non St Supported Debt NYU Hosp Ctr, Ser A		5.000		07/01/36		2,418,180
	1,000	New York St Dorm Auth Rev Non St Supported Debt Orange Reg Med Ctr		6.500		12/01/21		971,510
	2,000	New York St Dorm Auth Rev Non St Supported Debt Providence Rest (ACA Insd)		5.250		07/01/25		1,610,400
	1,500	New York St Dorm Auth Rev Non St Supported Sch Dist Fin Prog, Ser B (FSA Insd)		5.000		04/01/36		1,412,505
	750	New York St Dorm Auth Rev Nursing Home Menorah Campus (FHA Gtd)		5.950		02/01/17		756,863
	1,000	New York St Dorm Auth Rev Secd Hosp North Gen Hosp Rfdg		5.750		02/15/18		1,040,350
	1,000	New York St Dorm Auth Rev St Supported Debt Lease St Univ Dorm Fac, Ser A		5.000		07/01/25		949,840
	1,000	New York St Dorm Auth Rev St Supported Debt Lease St Univ Dorm Fac, Ser A		5.000		07/01/26		944,790
	2,000	New York St Dorm Auth Rev St Supported Debt Mental Hlth Svc Fac, Ser C (FSA Insd) (AMT)		5.250		02/15/28		1,801,860
	365	New York St Dorm Auth Rev St Supported Debt Mental Hlth Svc Ser B (MBIA Insd)		5.250		08/15/31		343,239
	500	New York St Energy Resh & Dev Auth Gas Fac Rev Brooklyn Union Gas, Ser B (AMT) (d)		10.585		07/01/26		502,815
	1,000	New York St Environmental Fac Corp St Clean Wtr & Drinking Revolving Fd Pooled Fin Pgm, Ser I		5.250		09/15/19		1,028,760
	2,280	New York St Loc Assistance Corp Rfdg, Ser E		6.000		04/01/14		2,481,301
	620	New York St Mtg Agy Rev Homeowner Mtg, Ser 82 (AMT)		5.650		04/01/30		627,223
	875	New York St Mtg Agy Rev Homeowner Mtg, Ser 101 (AMT)		5.400		04/01/32		774,218
	2,390	New York St Twy Auth Second Gen Hwy & Brdg Tr Fd, Ser B		5.000		04/01/25		2,288,951

14

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)		Description	Coupon			Maturity	Value
		New York (Continued)
$	500	New York St Urban Dev Corp Rev Correctional Fac Rfdg, Ser A		5.500	%	01/01/14	$	533,525
	220	Oneida Cnty, NY Indl Dev Agy Civic Fac Saint Elizabeth Med, Ser A		5.875		12/01/29		190,362
	2,000	Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)		5.750		12/01/22		1,860,500
	1,000	Rensselaer Cnty, NY Indl Dev Agy Indl Dev Rev Franciscan Heights LP Proj, Ser A (AMT) (LOC: JPMorgan Chase Bank)		5.375		12/01/36		937,330
	1,000	Rockland Cnty, NY Solid Waste, Ser B (AMBAC Insd) (AMT)		5.000		12/15/23		862,450
	1,500	Saratoga Cnty, NY Wtr Auth Water Sys		5.000		09/01/38		1,382,220
	1,000	Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (e)		5.000		12/01/23		829,530
	1,475	Suffolk Cnty, NY Indl Dev Agy Civic Fac Rev Eastrn Long Island Hosp Assn (e)		5.375		01/01/27		1,162,212
	825	Suffolk Cnty, NY Indl Dev Agy Civic Fac Rev Family Svc League Suffolk Cnty (LOC:
		Fleet National Bank)		5.000		11/01/34		749,414
	250	Syracuse, NY Indl Dev Agy Rev First Mtg Jewish Home, Ser A		7.375		03/01/21		255,113
	2,000	Tobacco Settlement Fin Corp NY, Ser B		5.500		06/01/22		2,009,640
	325	Triborough Brdg & Tunl Auth NY Rev Gen Purp, Ser A		5.000		01/01/32		305,009
	2,000	Triborough Brdg & Tunl Auth NY Rev Gen Purp, Ser A		5.250		01/01/18		2,062,240
	2,500	Triborough Brdg & Tunl Auth NY Rev Gen Purp, Ser C (AMBAC Insd) (b) (f) (g)		8.250		01/01/32		2,500,000
	1,090	Tsasc, Inc NY, Ser 1		5.000		06/01/34		846,134
	2,500	Tsasc, Inc NY, Ser 1		5.125		06/01/42		1,929,025
	1,000	Ulster Cnty, NY Res Recovery Agy Solid Waste Sys Rev Rfdg (AMBAC Insd)		5.250		03/01/18		1,021,680
	160	Upper Mohawk Vly Regl Wtr Fin Auth NY Wtr Sys Rev (AMBAC Insd)		5.750		04/01/20		164,131
	310	Utica, NY Indl Dev Agy Civic Fac Rev Utica College Proj, Ser A		5.750		08/01/28		269,644
	1,000	Warren & Washington Cnty, NY Indl Dev Agy Civic Fac Rev Glens Falls Hosp Proj, Ser A (FSA Insd)		5.000		12/01/35		927,180
	500	Westchester Cnty, NY Indl Dev Agy Mtg Kendal on Hudson Proj, Ser A		6.375		01/01/24		472,710
	1,000	Westchester Cnty, NY Indl Dev Guiding Eyes For The Blind		5.375		08/01/24		905,270
	2,000	Westchester Tob Asset Sec Corp NY		5.125		06/01/45		1,534,480

15

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

Par
Amount
(000)			Description	Coupon			Maturity	Value
			New York (Continued)
$	1,000		Yonkers, NY Indl Dev Agy Civic Fac Rev Cmnty Dev Ppty Yonkers Inc, Ser A (Prerefunded @ 2/01/11)		6.625	%	02/01/26	$	1,084,260
									112,889,979
			Puerto Rico  0.9%
	1,000		Puerto Rico Elec Pwr Auth Rev, Ser WW		5.500		07/01/21		976,640
			U.S. Virgin Islands  1.0%
	1,000		Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A		6.375		10/01/19		1,025,330
Total Investments  106.4%   (Cost $124,505,943)									114,891,949
Liability for Floating Rate Note Obligations related to Securities Held  (5.6%)   (Cost ($6,010,000))
	(6,010	)	Notes with interest rates ranging from 5.85% to 6.32% at September 30, 2008 and contractual maturities of collateral ranging from 2019 to 2037 (See Note 1) (i)						(6,010,000	)
Total Net Investments  100.8%   (Cost $118,495,943)									108,881,949
Liabilities in Excess of Other Assets (0.8%)									(846,138	)
Net Assets 100.0%								$	108,035,811

Percentages are calculated as a percentage of net assets.

(a)	Underlying security related to Inverse Floaters entered into by the Fund. See Note 1.
(b)	The Fund owns 100% of the outstanding bond issuance.
(c)	Security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 0.2% of net assets.
(d)	Inverse Floating Rate. The interest rates shown reflect the rates in effect at September 30, 2008.
(e)	144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
(f)	Security includes a feature allowing the Fund an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.
(g)	Variable Rate Coupon

16

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Portfolio of Investments  n  September 30, 2008  continued

(h)	Non-income producing security.
(i)	Floating rate notes. The interest rates shown reflect the rates in effect at September 30, 2008.

ACA—American Capital Access

AMBAC—AMBAC Indemnity Corp.

AMT—Alternative Minimum Tax

FGIC—Financial Guaranty Insurance Co.

FHA—Federal Housing Administration

FSA—Financial Security Assurance Inc.

LOC—Letter of Credit

MBIA—Municipal Bond Investors Assurance Corp.

XLCA—XL Capital Assurance Inc.

17

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund

Financial Statements

Statement of Assets and Liabilities

September 30, 2008

Assets:
Total Investments (Cost $124,505,943)	$	114,891,949
Receivables:
Interest		1,722,262
Fund Shares Sold		111,718
Investments Sold		15,000
Other		91,992
Total Assets		116,832,921
Liabilities:
Payables:
Floating Rate Note Obligations		6,010,000
Custodian Bank		2,194,972
Fund Shares Repurchased		186,235
Income Distributions		105,386
Investment Advisory Fee		20,961
Distributor and Affiliates		6,227
Trustees’ Deferred Compensation and Retirement Plans		167,785
Accrued Expenses		105,544
Total Liabilities		8,797,110
Net Assets	$	108,035,811
Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	119,028,297
Accumulated Undistributed Net Investment Income		234,032
Accumulated Net Realized Loss		(1,612,524	)
Net Unrealized Depreciation		(9,613,994	)
Net Assets	$	108,035,811
Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $74,376,020 and 5,197,722 shares of beneficial interest issued and outstanding)	$	14.31
Maximum sales charge (4.75%* of offering price)		0.71
Maximum offering price to public	$	15.02
Class B Shares:
Net asset value and offering price per share (Based on net assets of $15,015,574 and 1,052,533 shares of beneficial interest issued and outstanding)	$	14.27
Class C Shares:
Net asset value and offering price per share (Based on net assets of $18,644,217 and 1,304,844 shares of beneficial interest issued and outstanding)	$	14.29

* On sales of $100,000 or more, the sales charge will be reduced.

18

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Financial Statements  continued

Statement of Operations

For the Year Ended September 30, 2008

Investment Income:
Interest	$	6,302,377
Expenses:
Investment Advisory Fee		555,611
Distribution (12b-1) and Service Fees
Class A		199,856
Class B		30,558
Class C		196,595
Interest and Residual Trust Expenses		184,703
Professional Fees		72,756
Accounting and Administrative Expenses		58,394
Transfer Agent Fees		51,825
Reports to Shareholders		47,675
Trustees’ Fees and Related Expenses		23,972
Custody		22,515
Registration Fees		16,569
Other		18,219
Total Expenses		1,479,248
Expense Reduction		295,538
Less Credits Earned on Cash Balances		1,705
Net Expenses		1,182,005
Net Investment Income	$	5,120,372
Realized and Unrealized Gain/Loss:
Net Realized Loss	$	(1,670,717	)
Unrealized Appreciation/Depreciation:
Beginning of the Period		1,489,643
End of the Period		(9,613,994	)
Net Unrealized Depreciation During the Period		(11,103,637	)
Net Realized and Unrealized Loss	$	(12,774,354	)
Net Decrease in Net Assets From Operations	$	(7,653,982	)

19

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Financial Statements  continued

Statements of Changes in Net Assets

	For The			For The
	Year Ended			Year Ended
	September 30, 2008			September 30, 2007
From Investment Activities:
Operations:
Net Investment Income	$	5,120,372		$	4,849,974
Net Realized Gain/Loss		(1,670,717	)		246,559
Net Unrealized Depreciation During the Period		(11,103,637	)		(3,665,365	)
Change in Net Assets from Operations		(7,653,982	)		1,431,168
Distributions from Net Investment Income:
Class A Shares		(3,627,282	)		(3,319,285	)
Class B Shares		(869,093	)		(945,559	)
Class C Shares		(745,022	)		(620,061	)
		(5,241,397	)		(4,884,905	)
Distributions from Net Realized Gain:
Class A Shares		(94,394	)		(112,999	)
Class B Shares		(22,820	)		(41,402	)
Class C Shares		(24,133	)		(26,599	)
		(141,347	)		(181,000	)
Total Distributions		(5,382,744	)		(5,065,905	)
Net Change in Net Assets from Investment Activities		(13,036,726	)		(3,634,737	)
From Capital Transactions:
Proceeds from Shares Sold		28,822,686			31,644,946
Net Asset Value of Shares Issued Through Dividend Reinvestment		3,929,806			3,695,428
Cost of Shares Repurchased		(33,364,748	)		(29,862,385	)
Net Change in Net Assets from Capital Transactions		(612,256	)		5,477,989
Total Increase/Decrease in Net Assets		(13,648,982	)		1,843,252
Net Assets:
Beginning of the Period		121,684,793			119,841,541
End of the Period (Including accumulated undistributed net investment income of $234,032 and $351,015, respectively)	$	108,035,811		$	121,684,793

20

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund

Financial Highlights

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

	Year Ended September 30,
Class A Shares	2008			2007			2006			2005		2004
Net Asset Value, Beginning of the Period	$	16.01		$	16.47		$	16.67		$	16.60	$	16.40
Net Investment Income		0.69	(a)		0.67	(a)		0.66	(a)		0.64		0.65
Net Realized and Unrealized Gain/Loss		(1.66	)		(0.43	)		0.11			0.06		0.17
Total from Investment Operations		(0.97	)		0.24			0.77			0.70		0.82
Less:
Distributions from Net Investment Income		0.71			0.68			0.65			0.63		0.62
Distributions from Net Realized Gain		0.02			0.02			0.32			-0-		-0-
Total Distributions		0.73			0.70			0.97			0.63		0.62
Net Asset Value, End of the Period	$	14.31		$	16.01		$	16.47		$	16.67	$	16.60
Total Return* (b)		–6.32%			1.34%			4.96%			4.29%		5.13%
Net Assets at End of the Period (In millions)	$	74.4		$	82.3		$	73.8		$	67.8	$	62.2
Ratio of Expenses to Average Net Assets*		0.89%			0.81%			0.73%			0.76%		0.76%
Ratio of Net Investment Income to Average Net Assets*		4.44%			4.12%			4.05%			3.87%		3.94%
Portfolio Turnover		34%			13%			30%			41%		15%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)*		0.73%			0.72%			0.73%			0.76%		0.76%
*  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		1.14%			1.06%			0.98%			1.01%		1.09%
Ratio of Net Investment Income to Average Net Assets		4.19%			3.87%			3.80%			3.62%		3.60%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.98%			0.97%			0.98%			1.01%		1.09%

(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 4.75% 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 of up to .25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

21

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class B Shares	2008			2007			2006			2005		2004
Net Asset Value, Beginning of the Period	$	15.97		$	16.43		$	16.63		$	16.58	$	16.38
Net Investment Income		0.70	(a)		0.60	(a)		0.54	(a)		0.52		0.52
Net Realized and Unrealized Gain/Loss		(1.65	)		(0.43	)		0.11			0.04		0.18
Total from Investment Operations		(0.95	)		0.17			0.65			0.56		0.70
Less:
Distributions from Net Investment Income		0.73			0.61			0.53			0.51		0.50
Distributions from Net Realized Gain		0.02			0.02			0.32			-0-		-0-
Total Distributions		0.75			0.63			0.85			0.51		0.50
Net Asset Value, End of the Period	$	14.27		$	15.97		$	16.43		$	16.63	$	16.58
Total Return* (b)		–6.22%	(c)		0.95%	(c)		4.18%			3.40%		4.36%
Net Assets at End of the Period (In millions)	$	15.0		$	20.5		$	28.6		$	33.9	$	38.6
Ratio of Expenses to Average Net Assets*		0.81%	(c)		1.23%	(c)		1.48%			1.51%		1.51%
Ratio of Net Investment Income to Average Net Assets*		4.52%	(c)		3.69%	(c)		3.30%			3.12%		3.19%
Portfolio Turnover		34%			13%			30%			41%		15%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)*		0.65%	(c)		1.14%	(c)		1.48%			1.51%		1.51%
*  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		1.06%	(c)		1.48%	(c)		1.73%			1.76%		1.84%
Ratio of Net Investment Income to Average Net Assets		4.27%	(c)		3.44%	(c)		3.05%			2.87%		2.85%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		0.90%	(c)		1.39%	(c)		1.73%			1.76%		1.84%

(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 4%, charged on certain redemptions made within one year of purchase and declining to 0% after the sixth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 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 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 Footnote 7).

22

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund
Financial Highlights  continued

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

	Year Ended September 30,
Class C Shares	2008			2007			2006			2005			2004
Net Asset Value, Beginning of the Period	$	15.99		$	16.45		$	16.65		$	16.59		$	16.39
Net Investment Income		0.58	(a)		0.55	(a)		0.54	(a)		0.52			0.52
Net Realized and Unrealized Gain/Loss		(1.67	)		(0.43	)		0.11			0.05			0.18
Total from Investment Operations		(1.09	)		0.12			0.65			0.57			0.70
Less:
Distributions from Net Investment Income		0.59			0.56			0.53			0.51			0.50
Distributions from Net Realized Gain		0.02			0.02			0.32			-0-			-0-
Total Distributions		0.61			0.58			0.85			0.51			0.50
Net Asset Value, End of the Period	$	14.29		$	15.99		$	16.45		$	16.65		$	16.59
Total Return* (b)		–7.04%			0.66%	(c)		4.14%	(c)		3.46%	(c)		4.36%
Net Assets at End of the Period (In millions)	$	18.6		$	18.9		$	17.4		$	18.1		$	17.5
Ratio of Expenses to Average Net Assets*		1.64%			1.55%	(c)		1.46%	(c)		1.47%	(c)		1.51%
Ratio of Net Investment Income to Average Net Assets*		3.70%			3.37%	(c)		3.32%	(c)		3.14%	(c)		3.19%
Portfolio Turnover		34%			13%			30%			41%			15%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)*		1.48%			1.46%	(c)		1.46%	(c)		1.47%	(c)		1.51%
*  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		1.89%			1.80%	(c)		1.71%	(c)		1.72%	(c)		1.84%
Ratio of Net Investment Income to Average Net Assets		3.45%			3.12%	(c)		3.10%	(c)		2.89%	(c)		2.85%
Supplemental Ratio:
Ratio of Expenses to Average Net Assets (Excluding Interest and Residual Trust Expenses)		1.73%			1.71%	(c)		1.71%	(c)		1.72%	(c)		1.84%

(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 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 Footnote 7).

23

See Notes to Financial Statements

Van Kampen New York Tax Free Income Fund

Notes to Financial Statements  n  September 30, 2008

1. Significant Accounting Policies

Van Kampen New York Tax Free Income Fund (the “Fund”) is organized as a series of the Van Kampen Tax Free Trust, 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 provide investors with a high level of current income exempt from federal, New York State and New York City income taxes, consistent with the preservation of capital. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of New York municipal securities that are rated investment grade at the time of purchase. The Fund commenced investment operations on July 29, 1994. 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. As of September 30, 2008, there have been no sales of Class I Shares.

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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A. Security Valuation Municipal bonds are valued by independent pricing services or dealers using the mean of the bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Future contracts are valued at the settlement price established each day on the exchange on which they are traded. Interest rate swaps are valued using market quotations from brokers. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

B. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The 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 payment is made. At September 30, 2008, there were no when-issued or delayed delivery purchase commitments.

C. Income and Expenses Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. 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.

24

Van Kampen New York Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

D. 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 adopted the provisions of the Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty in Income Taxes on March 31, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying 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, New York and various states. Generally, each of the tax years in the four year period ended September 30, 2008, remains subject to examination by taxing authorities.

At September 30, 2008, the cost and related gross unrealized appreciation and depreciation are as follows:

Cost of investments for tax purposes	$	118,272,279
Gross tax unrealized appreciation		792,007
Gross tax unrealized depreciation		(10,182,337	)
Net tax unrealized depreciation on investments	$	(9,390,330	)

E. Distribution of Income and Gains The Fund declares and pays monthly dividends from net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains and gains on futures transactions. All short-term capital gains and a portion of futures gains are included as ordinary income for tax purposes.

The tax character of distributions paid during the years ended September 30, 2008 and 2007 was as follows:

	2008		2007
Distributions paid from:
Ordinary income	$	1,340	$	7,504
Tax-exempt income		5,255,748		4,864,884
Long-term capital gain		141,267		181,000
	$	5,398,355	$	5,053,388

Permanent differences, primarily due to excise taxes paid which are non deductible for tax purposes, resulted in the following reclassifications among the Fund’s components of net assets at September 30, 2008:

Accumulated Undistributed		Accumulated
Net Investment Income		Net Realized Loss		Capital
$	4,042	$	1,498	$	(5,540	)

25

Van Kampen New York Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

As of September 30, 2008, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	318
Undistributed tax-exempt income		498,075

Net realized gains or losses may differ for financial reporting and tax purposes as a result of gains or losses recognized on securities for tax purposes but not for book purposes and post October losses of $1,826,601, which are not recognized for tax purposes until the first day of the following fiscal year.

F. Credits Earned on Cash Balances During the year ended September 30, 2008, the Fund’s custody fee was reduced by $1,705 as a result of credits earned on cash balances.

G. Floating Rate Note Obligations Related to Securities Held The Fund enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interests in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The Fund enters into shortfall agreements with the dealer trusts, which commit the Fund to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Fund, thereby collapsing the dealer trusts. The Fund accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption “Interest and Residual Trust Expenses” on the Fund’s Statement of Operations. The notes issued by the dealer trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At September 30, 2008, Fund investments with a value of $7,374,255 are held by the dealer trusts and serve as collateral for the $6,010,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at September 30, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the year ended September 30, 2008 were $4,846,950 and 3.81%, respectively.

26

Van Kampen New York Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, Van Kampen Asset Management (“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		.470%
Over $500 million		.445%

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 0.89%, 0.81%, and 1.64% for Classes A, B, and C Shares, respectively. The fee waivers or expense reimbursements are voluntary and can be discontinued at any time. For the year ended September 30, 2008, the Adviser waived or reimbursed approximately $295,500 of advisory fees or other expenses.

For the year ended September 30, 2008, the Fund recognized expenses of approximately $11,400 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 year ended September 30, 2008, the Fund recognized expenses of approximately $50,100, 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 year ended September 30, 2008, the Fund recognized expenses of approximately $23,500 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 $70,000 are included in “Other” assets on the Statement of Assets and Liabilities at September 30, 2008. 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

27

Van Kampen New York Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

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 year ended September 30, 2008, Van Kampen, as Distributor for the Fund, received commissions on sales of the Fund’s Class A Shares of approximately $26,400 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $36,400. Sales charges do not represent expenses of the Fund.

3. Capital Transactions

For the years ended September 30, 2008 and 2007, transactions were as follows:

	For The						For The
	Year Ended						Year Ended
	September 30, 2008						September 30, 2007
	Shares			Value			Shares			Value
Sales:
Class A		1,351,842		$	21,089,271			1,535,307		$	25,062,602
Class B		82,949			1,295,726			96,750			1,586,178
Class C		411,493			6,437,689			306,654			4,996,166
Total Sales		1,846,284		$	28,822,686			1,938,711		$	31,644,946
Dividend Reinvestment:
Class A		177,292		$	2,734,663			156,432		$	2,553,492
Class B		43,957			677,878			43,499			708,551
Class C		33,588			517,265			26,581			433,385
Total Dividend Reinvestment		254,837		$	3,929,806			226,512		$	3,695,428
Repurchases:
Class A		(1,468,237	)	$	(22,797,808	)		(1,037,755	)	$	(16,785,256	)
Class B		(358,404	)		(5,537,790	)		(597,695	)		(9,710,635	)
Class C		(322,913	)		(5,029,150	)		(207,771	)		(3,366,494	)
Total Repurchases		(2,149,554	)	$	(33,364,748	)		(1,843,221	)	$	(29,862,385	)

4. Redemption Fee

Until November 3, 2008, the Fund will assess a 2% redemption fee on the proceeds of Fund shares that are redeemed (either by sale or exchange) within seven 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 year ended September 30, 2008, the Fund did not receive any redemption fees. The redemption fee will no longer be applied after November 3, 2008.

5. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $45,761,871 and $40,302,561, respectively.

6. 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.

28

Van Kampen New York Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

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 and to manage the portfolio’s effective maturity and duration. 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 different types of derivative financial instruments used by the Fund.

A. Futures Contracts The Fund may invest in futures contracts, a type of derivative investment. A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Fund generally invests in exchange traded futures contracts on U.S. Treasury Bonds or Notes and typically closes the contract prior to the delivery date. 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 (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.

There were no futures transactions entered into during the year ended September 30, 2008.

B. Inverse Floating Rate Investments The Fund may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Fund in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. Leverage may cause the Fund’s net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the value of the Fund’s portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments.

7. 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 .25% of Class A average daily net assets and up to 1.00% each of

29

Van Kampen New York Tax Free Income Fund
Notes to Financial Statements  n  September 30, 2008  continued

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 $12,900 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.

8. 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.

9. Accounting Pronouncements

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of September 30, 2008, the Adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.

On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.

30

Van Kampen New York Tax Free Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Van Kampen New York Tax Free Income Fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Van Kampen New York Tax Free Income Fund (one of the Funds constituting the Van Kampen Tax Free Trust (the “Fund”)) as of September 30, 2008, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2008, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen New York Tax Free Income Fund of the Van Kampen Tax Free Trust at September 30, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

November 19, 2008

31

Van Kampen New York Tax Free 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
Dennis Shea
Vice President
Kevin Klingert
Vice President
Amy R. Doberman
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
333 West Wacker Drive
Chicago, Illinois 60606

Independent Registered Public
Accounting Firm
Ernst & Young LLP
233 South Wacker Drive
Chicago, Illinois 60606

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2008. The Fund designated 100.0% of the income distributions as a tax-exempt income distribution. The Fund designated and paid $141,267 as a long-term capital gain distribution. In January, the Fund provides tax information to shareholders for the preceding calendar year.

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

32

Van Kampen New York Tax Free Income Fund

Trustee and Officer Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees serve until reaching their retirement age or until their successors are duly elected and qualified. Officers are annually elected by the trustees.

Independent Trustees:
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
David C. Arch (63) Blistex Inc. 1800 Swift Drive Oak Brook, IL 60523	Trustee	Trustee since 2003	Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Heartland Alliance, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan.

33

Van Kampen New York Tax Free Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jerry D. Choate (70) 33971 Selva Road Suite 130 Dana Point, CA 92629	Trustee	Trustee since 1999	Prior to January 1999, Chairman and Chief Executive Officer of the Allstate Corporation (“Allstate”) and Allstate Insurance Company. Prior to January 1995, President and Chief Executive Officer of Allstate. Prior to August 1994, various management positions at Allstate.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Amgen Inc., a biotechnological company, and Valero Energy Corporation, an independent refining company.
Rod Dammeyer (68) CAC, LLC 4370 LaJolla Village Drive Suite 685 San Diego, CA 92122-1249	Trustee	Trustee since 2003	President of CAC, LLC, a private company offering capital investment and management advisory services.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Quidel Corporation, Stericycle, Inc., and Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc.

34

Van Kampen New York Tax Free Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Linda Hutton Heagy† (60) 4939 South Greenwood Chicago, IL 60615	Trustee	Trustee since 1995	Prior to February 2008, Managing Partner of Heidrick & Struggles, an international executive search firm. Prior to 1997, Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company. Prior to 1990, Executive Vice President of The Exchange National Bank.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.
R. Craig Kennedy (56) 1744 R Street, NW Washington, DC 20009	Trustee	Trustee since 1994	Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.
Howard J Kerr (73) 14 Huron Trace Galena, IL 61036	Trustee	Trustee since 2003	Prior to 1998, President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.

35

Van Kampen New York Tax Free Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Jack E. Nelson (72) 423 Country Club Drive Winter Park, FL 32789	Trustee	Trustee since 1994	President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex.
Hugo F. Sonnenschein (68) 1126 E. 59th Street Chicago, IL 60637	Trustee	Trustee since 2003	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences.

36

Van Kampen New York Tax Free Income Fund
Trustee and Officer Information  continued
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Independent Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Suzanne H. Woolsey, Ph.D. (66) 815 Cumberstone Road Harwood, MD 20776	Trustee	Trustee since 1999	Chief Communications Officer of the National Academy of Sciences/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Prior to 1993, Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council. From 1980 through 1989, Partner of Coopers & Lybrand.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Director of Fluor Corp., an engineering, procurement and construction organization, since January 2004. Director of Intelligent Medical Devices, Inc., a symptom based diagnostic tool for physicians and clinical labs. Director of the Institute for Defense Analyses, a federally funded research and development center, Director of the German Marshall Fund of the United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.

37

Van Kampen New York Tax Free Income Fund
Trustee and Officer Information  continued
Interested Trustees:*
				Number of
		Term of		Funds in
		Office and		Fund
	Position(s)	Length of		Complex
Name, Age and Address	Held with	Time	Principal Occupation(s)	Overseen		Other Directorships
of Interested Trustee	Fund	Served	During Past 5 Years	By Trustee		Held by Trustee
Wayne W. Whalen* (69) 333 West Wacker Drive Chicago, IL 60606	Trustee	Trustee since 1994	Partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex.		71	Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Abraham Lincoln Presidential Library Foundation.

†

As indicated above, prior to February 2008, Ms. Heagy was an employee of Heidrick and Struggles, an international executive search firm (“Heidrick”). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley.

*

Mr. Whalen is an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex.

38

Van Kampen New York Tax Free Income Fund

Trustee and Officer Information  continued

Officers:
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Edward C. Wood III (52) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	President and Principal Executive Officer	Officer since 2008	President and Principal Executive Officer of funds in the Fund Complex since November 2008. Managing Director of Van Kampen Investments Inc., the Adviser, the Distributor, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2003. Chief Administrative Officer of Van Kampen Investments Inc., the Adviser, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2002. Chief Operating Officer of the Distributor since December 2002. Director of Van Kampen Advisors Inc., the Distributor and Van Kampen Exchange Corp. since March 2004. Director of the Adviser since August 2008. Director of the Distributor and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and the Distributor from March 2004 to January 2005.
Dennis Shea (55) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2006	Managing Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., the Adviser and Van Kampen Advisors Inc. Chief Investment Officer—Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006.
Kevin Klingert (45) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2008	Vice President of funds in the Fund Complex since May 2008. Chief Operating Officer of the Fixed Income portion of Morgan Stanley Investment Management Inc. since May 2008. Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management since December 2007. Managing Director of Morgan Stanley Investment Management Inc. from December 2007 to March 2008. Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock from October 1991 to January 2007. Assistant Vice President municipal portfolio manager at Merrill Lynch from March 1985 to October 1991.

39

Van Kampen New York Tax Free Income Fund
Trustee and Officer Information  continued
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years
Amy R. Doberman (46) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2004	Managing Director and General Counsel—U.S. Investment Management; Managing Director of Morgan Stanley Investment Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000.
Stefanie V. Chang Yu (42) 522 Fifth Avenue New York, NY 10036	Vice President and Secretary	Officer since 2003	Managing Director of Morgan Stanley Investment Management Inc. Vice President and Secretary of funds in the Fund Complex.
John L. Sullivan (53) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Compliance Officer	Officer since 1996	Chief Compliance Officer of funds in the Fund Complex since August 2004. Prior to August 2004, Director and Managing Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc.
Stuart N. Schuldt (46) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Financial Officer and Treasurer	Officer since 2007	Executive Director of Morgan Stanley Investment Management Inc. since June 2007. Chief Financial Officer and Treasurer of funds in the Fund Complex since June 2007. Prior to June 2007, Senior Vice President of Northern Trust Company, Treasurer and Principal Financial Officer for Northern Trust U.S. mutual fund complex.

40

Van Kampen New York Tax Free 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 annually.

This Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies.

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

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information 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 and from third parties and other sources. For example:

•   We collect information such as your name, address, e-mail address, phone number and account title.

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Van Kampen New York Tax Free 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?

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 Morgan Stanley 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 to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

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

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Van Kampen New York Tax Free Income 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 to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

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

4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?

We respect your privacy and offer you choices as to whether we share with affiliated companies personal information that was collected to determine your eligibility for products and services you request (“eligibility information”). Please note that, even if you direct us not to share eligibility information with affiliated companies (“opt-out”), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out 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 Types of Personal Information by Affiliated Companies for Marketing?

You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.

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Van Kampen New York Tax Free Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

If you wish to opt-out of sharing and to limit marketing offers, you may do so by:

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

•   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.

If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.

Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.

If you hold more than one account with Van Kampen, 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.

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”).

(continued on back)

Van Kampen New York Tax Free Income Fund
An Important Notice Concerning Our
U.S. Privacy Policy  continued

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.

The Statement of Additional Information includes additional information about Fund trustees and is available, without charge, upon request by calling 1-800-847-2424.

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

Copyright ^©2008 Van Kampen Funds Inc.

All rights reserved. Member FINRA/SIPC

235, 325, 425

NYTFANN 11/08

IU08-05766P-Y09/08

Item 2. Code of Ethics.

(a) The Trust has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party.

(b)	No information need be disclosed pursuant to this paragraph.
(c)	Due to personnel changes at the Adviser, the list of covered officers set forth in Exhibit B was amended in June 2008 and November 2008 and the general counsel’s designee set forth in Exhibit C was amended in January 2008. All three editions of Exhibit B and both editions of Exhibit C are attached.
(d)	Not applicable.
(e)	Not applicable.
(f)

(1)	The Trust’s Code of Ethics is attached hereto as Exhibit 12(1).
(2)	Not applicable.
(3)	Not applicable.

Item 3. Audit Committee Financial Expert.

The Trust’s Board of Trustees has determined that it has three “audit committee financial experts” serving on its audit committee, each of whom are “independent” Trustees : Rod Dammeyer, Jerry D. Choate and R. Craig Kennedy. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:

2008
	Registrant			Covered Entities(1)
Audit Fees	$	284,700			N/A
Non-Audit Fees
Audit-Related Fees	$	0		$	300,200	(2)
Tax Fees	$	18,600	(3)	$	144,357	(4)
All Other Fees	$	0		$	652,677	(5)
Total Non-Audit Fees	$	18,600		$	1,097,234
Total	$	303,300		$	1,097,234

2007
	Registrant			Covered Entities(1)
Audit Fees	$	256,500			N/A
Non-Audit Fees
Audit-Related Fees	$	0		$	781,800	(2)
Tax Fees	$	17,025	(3)	$	59,185	(4)
All Other Fees	$	0		$	74,100	(5)
Total Non-Audit Fees	$	17,025		$	915,085
Total	$	273,525		$	915,085

N/A- Not applicable, as not required by Item 4.
(1)	Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.
(2)	Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities’ and funds advised by the Adviser or its affiliates, specifically attestation services provided in connection with a SAS 70 Report.
(3)	Tax Fees represent tax advice and compliance services provided in connection with the review of the Registrant’s tax.
(4)	Tax Fees represent tax advice services provided to Covered Entities, including research and identification of PFIC entities.
(5)	All Other Fees represent attestation services provided in connection with performance presentation standards and assistance with compliance policies and procedures.

(e)(1) The audit committee’s pre-approval policies and procedures are as follows:

JOINT AUDIT COMMITTEE
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY AND PROCEDURES
OF THE
VAN KAMPEN FUNDS

AS ADOPTED JULY 23, 2003 AND AMENDED MAY 26, 2004¹

1. STATEMENT OF PRINCIPLES

     The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor’s independence from the Fund.²

     The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor. The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee (“specific pre-approval”). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

     For both types of pre-approval, the Audit Committee will consider whether such services are consistent with the SEC’s rules on auditor independence. The Audit Committee will also consider whether the Independent Auditors are best positioned to provide the most effective and efficient services, for reasons such as its familiarity with the Fund’s business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Fund’s ability to manage or control risk or improve audit quality. All such factors will be considered as a whole, and no one factor should necessarily be determinative.

     The Audit Committee is also mindful of the relationship between fees for audit and non-audit services in deciding whether to pre-approve any such services and may determine for each fiscal year, the appropriate ratio between the total amount of fees for Audit, Audit-related and Tax services for the Fund (including any Audit-related or Tax service fees for Covered Entities that were subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as All Other services for the Fund (including any such services for Covered Entities subject to pre-approval).

     The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

     The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.

1	This Joint Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the “Policy”), amended as of the date above, supercedes and replaces all prior versions that may have been amended from time to time.
2	Terms used in this Policy and not otherwise defined herein shall have the meanings as defined in the Joint Audit Committee Charter.

     The Fund’s Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors’ independence.

2. Delegation

     As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

3. Audit Services

     The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund’s financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit. The Audit Committee will monitor the Audit services engagement as necessary, but no less than on a quarterly basis, and will also approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.

     In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide. Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

     The Audit Committee has pre-approved the Audit services in Appendix B.1. All other Audit services not listed in Appendix B.1 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

4. Audit-related Services

     Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or, to the extent they are Covered Services, the Covered Entities’ financial statements, or that are traditionally performed by the Independent Auditors. Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-SAR and/or N-CSR.

     The Audit Committee has pre-approved the Audit-related services in Appendix B.2. All other Audit-related services not listed in Appendix B.2 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

5. Tax Services

     The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services. Hence, the Audit Committee believes it may grant general pre-approval to those Tax services that have historically been provided by the Independent Auditors, that the Audit Committee has reviewed and believes would not impair the independence of the Independent Auditors, and that are consistent with the SEC’s rules on auditor independence. The Audit Committee will not permit the retention of the

Independent Auditors in connection with a transaction initially recommended by the Independent Auditors, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with Director of Tax or outside counsel to determine that the tax planning and reporting positions are consistent with this policy.

     Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix B.3. All Tax services involving large and complex transactions not listed in Appendix B.3 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated), including tax services proposed to be provided by the Independent Auditors to any executive officer or trustee/director/managing general partner of the Fund, in his or her individual capacity, where such services are paid for by the Fund (generally applicable only to internally managed investment companies).

6. All Other Services

     The Audit Committee believes, based on the SEC’s rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

     The Audit Committee has pre-approved the All Other services in Appendix B.4. Permissible All Other services not listed in Appendix B.4 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

     A list of the SEC’s prohibited non-audit services is attached to this policy as Appendix B.5. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these services and the applicability of exceptions to certain of the prohibitions.

7. Pre-Approval Fee Levels or Budgeted Amounts

     Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriate ratio between the total amount of fees for Audit, Audit-related, and Tax services for the Fund (including any Audit-related or Tax services fees for Covered Entities subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as All Other services for the Fund (including any such services for Covered Entities subject to pre-approval).

8. Procedures

     All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund’s Chief Financial Officer and must include a detailed description of the services to be rendered. The Fund’s Chief Financial Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors. Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the Independent Auditors and the Fund’s Chief Financial Officer, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

     The Audit Committee has designated the Fund’s Chief Financial Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy. The Fund’s Chief Financial Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. A sample report is included as Appendix B.7. Both the Fund’s Chief Financial Officer and management will immediately report to the chairman of the Audit Committee any breach of this Policy that comes to the attention of the Fund’s Chief Financial Officer or any member of management.

9. Additional Requirements

     The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with Independence Standards Board No. 1, and discussing with the Independent Auditors its methods and procedures for ensuring independence.

10. Covered Entities

     Covered Entities include the Fund’s investment adviser(s) and any entity controlling, controlled by or under common control with the Fund’s investment adviser(s) that provides ongoing services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund’s audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund. This list of Covered Entities would include:

— Van Kampen Investments Inc.

— Van Kampen Asset Management

— Van Kampen Advisors Inc.

— Van Kampen Funds Inc.

— Van Kampen Investor Services Inc.

— Morgan Stanley Investment Management Inc.

— Morgan Stanley Trust Company

— Morgan Stanley Investment Management Ltd.

— Morgan Stanley Investment Management Company

— Morgan Stanley Asset & Investment Trust Management Company Ltd.

(e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (included herein).

(f) Not applicable.

(g) See table above.

(h) The audit committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors’ independence in performing audit services.

Item 5. Audit Committee of Listed Registrants.

(a) The Trust has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are: R. Craig Kennedy, Jerry D. Choate, Rod Dammeyer.

(b) Not applicable.

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-CSR 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) The Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

(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 Tax Free Trust

By: /s/ Edward C. Wood III
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: November 18, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Edward C. Wood III
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: November 18, 2008

By: /s/ Stuart N. Schuldt
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: November 18, 2008