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 811-6538 Van Kampen Trust for Investment Grade Florida Municipals - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 1221 Avenue of the Americas NY NY 10020 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Ronald Robison 1221 Avenue of the Americas New York, NY 10020 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 ----------------------------- Date of fiscal year end: 10/31/03 ----------- Date of reporting period: 04/30/03 ----------- Item 1. Report to Shareholders PERFORMANCE SUMMARY RETURN HIGHLIGHTS (as of April 30, 2003) - ----------------------------- NYSE Ticker Symbol - VTF - ----------------------------- <Table> - ----------------------------------------------------------------------- Six-month total return(1) 11.67% - ----------------------------------------------------------------------- One-year total return(1) 20.21% - ----------------------------------------------------------------------- Five-year average annual total return(1) 7.13% - ----------------------------------------------------------------------- Ten-year average annual total return(1) 7.35% - ----------------------------------------------------------------------- Life-of-Trust average annual total return(1) 7.69% - ----------------------------------------------------------------------- Commencement date 03/27/92 - ----------------------------------------------------------------------- Distribution rate as a % of closing common share market price(2) 6.70% - ----------------------------------------------------------------------- Taxable-equivalent distribution rate as a % of closing common share market price(3) 10.91% - ----------------------------------------------------------------------- Preferred share rate(4) 0.80% - ----------------------------------------------------------------------- Net asset value $17.63 - ----------------------------------------------------------------------- Closing common share market price $16.48 - ----------------------------------------------------------------------- Six-month high common share market price (04/30/03) $16.48 - ----------------------------------------------------------------------- Six-month low common share market price (12/11/02) $15.36 - ----------------------------------------------------------------------- </Table> NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE 1 (1) Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust's dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. (2) Distribution rate represents the monthly annualized distributions of the Trust at the end of the period and not the earnings of the Trust. (3) The taxable-equivalent distribution rate is calculated assuming the maximum 38.6% federal income tax rate effective for the calendar year 2003. (4) See "Notes to Financial Statements" footnote #4, for more information concerning Preferred Share reset periods. A portion of the interest income may be taxable for those investors subject to the federal alternative minimum tax (AMT). Past performance is no guarantee of future results. Investment return, common share market price and net asset value will fluctuate and Trust shares, when sold, may be worth more or less than their original cost. An investment in the Trust is subject to investment risks, and you could lose money on your investment in the Trust. As a result of recent market activity, current performance may vary from the figures shown. For more up-to-date information, please visit vankampen.com or speak with your financial advisor. 2 PORTFOLIO AT A GLANCE CREDIT QUALITY (as a percentage of long-term investments) <Table> <Caption> As of April 30, 2003 AAA/Aaa........................... 80.2% AA/Aa............................. 11.3% A/A............................... 7.3% BBB/Baa........................... 1.2% </Table> TOP FIVE SECTORS (as a percentage of long-term investments) <Table> <Caption> As of April 30, 2003 Public Education.................. 23.5% Health Care....................... 14.1% General Purpose................... 11.4% Water & Sewer..................... 9.8% Transportation.................... 8.7% </Table> Based upon the credit quality ratings as issued by Standard & Poor's Credit Market Services/Moody's Investor Services, respectively. Subject to change daily. NET ASSET VALUE AND COMMON SHARE MARKET PRICE (based upon quarter-end values--April 1993 through April 2003) [LINE GRAPH] <Table> <Caption> NET ASSET VALUE COMMON SHARE MARKET PRICE --------------- ------------------------- 4/93 $16.9500 $15.8750 6/93 $17.2400 $16.0000 $17.9500 $16.6250 $18.1300 $16.3750 $16.1400 $14.6250 6/94 $16.0100 $14.8750 $15.8600 $14.3750 $15.2900 $13.2500 $16.5100 $14.5000 6/95 $16.7000 $14.8750 $16.9900 $14.3750 $17.8000 $15.7500 $17.1100 $16.7500 6/96 $16.8400 $15.8750 $17.1500 $16.3750 $17.3200 $16.2500 $16.8600 $16.0000 6/97 $17.3300 $16.8750 $17.6600 $17.2500 $17.8300 $17.8750 $17.7200 $17.5625 6/98 $17.7100 $17.5625 $18.0300 $18.3125 $17.7200 $18.7500 $17.5200 $17.8750 6/99 $16.7900 $16.8750 $16.3400 $15.8750 $15.8000 $13.8750 $16.0900 $13.8750 6/00 $16.1600 $14.0625 $16.3600 $14.1250 $17.1600 $14.0625 $17.2600 $14.5000 6/01 $17.0300 $14.5900 $17.4700 $14.9900 $16.8700 $15.0500 $16.7600 $14.6700 6/02 $17.3900 $15.6900 $18.4900 $16.6400 $17.4500 $15.9500 $17.4500 $15.9300 4/03 $17.6300 $16.4800 </Table> The solid line above represents the trust's net asset value (NAV), which indicates overall changes in value among the trust's underlying securities. The trust's common share market price is represented by the dashed line, which indicates the price the market is willing to pay for shares of the trust at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. 3 Q&A WITH YOUR PORTFOLIO MANAGER WE RECENTLY SPOKE WITH THE MANAGEMENT TEAM OF VAN KAMPEN TRUST FOR INVESTMENT GRADE FLORIDA MUNICIPALS ABOUT THE KEY EVENTS AND ECONOMIC FORCES THAT SHAPED THE MARKETS AND INFLUENCED THE TRUST'S RETURN DURING THE SIX MONTHS ENDED APRIL 30, 2003. TOM BYRON, PORTFOLIO MANAGER, HAS MANAGED THE TRUST SINCE 2000 AND HAS WORKED IN THE INVESTMENT INDUSTRY SINCE 1981. THE FOLLOWING DISCUSSION REFLECTS HIS VIEWS ON THE TRUST'S PERFORMANCE. Q WHAT WAS THE MARKET ENVIRONMENT OF THE PAST SIX MONTHS, AND HOW DID THE TRUST PERFORM IN THAT ENVIRONMENT? A The environment over the past six months has been defined by two major themes. The first of these was the level of interest rates. The period began with interest rates at levels not seen in over three decades and, surprisingly for many, ended with rates slightly lower. The Federal Reserve Board (the Fed) helped keep rates low with a widely anticipated rate cut in November, driven by economic uncertainty and geopolitical risk. The low level of rates led to a boom in issuance by municipalities seeking to lock in low financing costs. As a result, issuance reached a record level of $354 billion in 2002 and continued to be exceptional in the first quarter of 2003. The other theme in the market during the period was the relative attractiveness of municipal bonds, which produced enough demand to absorb the record issuance. Investors, wary of volatility in the equity market and in the geopolitical arena, flocked to perceived safe haven investments. Their risk aversion counteracted growing expectations for economic recovery and rising interest rates and was a key factor in keeping interest rates at historically low levels. In their ongoing preference for low-risk assets, investors bid Treasury prices up to such high levels that municipal bonds became as attractively valued as they have ever been relative to Treasuries. Insurance companies also moved heavily into municipal bonds as their mainstay corporate bond holdings became less attractive. At the same time, issuers recognized investor concerns over economic weakness by insuring roughly 50 percent of all issuance. This credit enhancement made municipal bonds even more attractive to risk averse investors. While lower financing costs were a boon to municipal issuers, the continuing weakness in the economy had a negative impact on municipal credit quality, particularly in the first quarter of 2003. Moody's upgrades barely exceeded the number of downgrades in the first quarter, with 4 credit quality facing continued pressure from rising social service costs and weak national and regional economic conditions. As a result, municipalities face enormous deficits in 2003, when their combined shortfall is expected to reach $90 billion. Performance along the yield curve was varied. The Fed's November rate cut fueled a rally in short-term bonds that helped pull yields lower at the front end of the curve. Despite that rally, the best performing segment of the curve was the long-intermediate portion where performance was largely driven by buying activity among institutional investors drawn by the bonds' attractive total return potential. The Florida economy appeared to be on the path to recovery during the period. The state's reliance on tourism revenues meant that it was especially hard hit by the drop in travel after the tragic events of September 11, 2001. Tax revenues rose in both fiscal 2002 and 2003, however, and the state is now among the most stable of all. In fact, the state government has even managed to escape dipping into its stabilization fund, a feat most states would envy. The trust's monthly dividend of $0.0920 per share translated to a distribution rate of 6.70 percent based on the trust's closing common share market price on April 30, 2003. Based on these figures, investors would have to earn a distribution rate of 10.91 percent on a taxable investment (for an investor in the 38.60 percent federal income tax bracket) to match the tax-exempt yield provided by the trust. For the six months ended April 30, 2003, the trust produced a total return of 11.67 percent based on common share market price. By comparison, the Lehman Brothers Florida Municipal Bond Index posted a total return of 3.85 percent for the same period. Of course, past performance is no guarantee of future results. Investment return, common share market price and net asset value will fluctuate and trust shares, when sold, may be worth more or less than their original cost. As a result of recent market activity, current performance may vary from the figures shown. For more up-to-date information, please visit vankampen.com or speak with your financial advisor. The Lehman Brothers Florida Municipal Bond Index is an unmanaged, broad-based statistical composite of municipal bonds. Index returns do not include any sales charges or fees that would be paid by an investor purchasing the securities the index represents. Such costs would lower performance. It is not possible to invest directly in an index. For additional information, please refer to the performance summary section. Q WHAT STRATEGIES DID YOU PURSUE IN MANAGING THE TRUST? A While interest rates fell somewhat during the period, they remained largely confined to a relatively tight trading range at historically low levels. Consequently, there were fewer compelling opportunities for reinvesting the proceeds of sales from the portfolio than we've seen in some time. This kept the portfolio's turnover relatively low and helped us protect the trust's dividend by limiting the 5 likelihood of having to reinvest in lower-yielding securities. Overall, our focus over the period was on positioning the portfolio to perform well in the event of rising interest rates, while also maintaining an attractive yield. One of our primary methods for doing this was to purchase premium bonds with maturities of between 15 and 20 years whose interest rate volatility is more closely related to the bonds' 10-year call feature. Our quantitative analysis showed that this segment of the yield curve offered the optimal combination of potential for total return and downside protection. The portfolio also enjoyed the fruits of a long-running strategy during the period. Several years ago we purchased some securities that were at the time deeply discounted, with coupons well below the market rate. They were so out of favor at the time that we were able to purchase them at extremely attractive prices. As interest rates have fallen over the intervening years, however, the bonds have come closer and closer to being current coupons. Their falling yields have given the portfolio a substantial boost in terms of price performance. Once the bonds met their performance objectives we sold them into strong retail demand and reinvested the proceeds into premium intermediate and other securities with better total return prospects. We followed a similar relative-value strategy with other holdings as well. The portfolio entered the period with a position in Hillsborough County bonds, which are tied to an electric power project. The bond appreciated over the course of the period and eventually reached--and exceeded--our price target for it. We sold the issue in order to capture those profits and put the resulting cash to work elsewhere. 6 BY THE NUMBERS YOUR TRUST'S INVESTMENTS April 30, 2003 (Unaudited) THE FOLLOWING PAGES DETAIL YOUR TRUST'S PORTFOLIO OF INVESTMENTS AT THE END OF THE REPORTING PERIOD. <Table> <Caption> PAR AMOUNT MARKET (000) DESCRIPTION COUPON MATURITY VALUE MUNICIPAL BONDS 153.9% FLORIDA 146.6% $1,000 Alachua Cnty, FL Hlth Fac Auth Hlth Fac Rev Shands Hosp at the Univ of FL (MBIA Insd) (a)......................................... 6.000% 12/01/11 $ 1,003,620 1,000 Alachua Cnty, FL Hlth Fac Auth Hlth Fac Rev Shands Hosp at the Univ of FL (MBIA Insd) (a)......................................... 5.750 12/01/15 1,018,900 2,000 Bay Cnty, FL Sch Brd Ctf Partn (Prerefunded @ 07/01/04) (AMBAC Insd) (a)................ 6.750 07/01/12 2,170,260 1,750 Broward Cnty, FL Ed Fac Auth Rev Nova Southeastn Univ Proj (Connie Lee Insd)...... 5.875 04/01/07 1,859,357 2,500 Broward Cnty, FL Wtr & Swr Util Rfdg (MBIA Insd)....................................... 5.000 10/01/21 2,646,725 1,400 Collier Cnty, FL Cap Impt Rev Rfdg (FGIC Insd)................................. 5.750 10/01/13 1,432,872 2,640 Daytona Beach, FL Util Sys Rev Ser D Rfdg (FSA Insd).................................. 5.250 11/15/15 2,958,516 1,250 Escambia Cnty, FL Hlth Fac Auth Rev FL Hlthcare Fac Ln VHA Pgm (AMBAC Insd)........ 5.950 07/01/20 1,370,175 1,000 Escambia Cnty, FL Util Auth Util Sys Rev (FGIC Insd)................................. 5.250 01/01/29 1,053,450 1,250 Florida Agric & Mechanical Univ Rev Student Apt Fac (MBIA Insd)......................... 6.500 07/01/23 1,267,700 1,750 Florida Hsg Fin Agy Hsg Willow Lake Apts Ser J-1 (AMBAC Insd)............................ 5.350 07/01/27 1,800,435 865 Florida Hsg Fin Corp Rev Homeowner Mtg Ser 4 (FSA Insd).................................. 6.250 07/01/22 936,302 1,800 Florida Muni Ln Council Rev Ser A (MBIA Insd)................................. 5.250 11/01/15 2,007,450 2,000 Florida Ports Fin Comm Rev St Trans Tr Fd (MBIA Insd)................................. 5.375 06/01/27 2,053,620 3,350 Florida Ports Fin Comm Rev St Trans Tr Fd Intermodal Pgm (FGIC Insd).................. 5.500 10/01/29 3,496,194 2,000 Florida St Brd of Ed Cap Outlay Pub Ed Ser C (FGIC Insd)................................. 5.750 06/01/29 2,244,940 </Table> See Notes to Financial Statements 7 YOUR TRUST'S INVESTMENTS April 30, 2003 (Unaudited) <Table> <Caption> PAR AMOUNT MARKET (000) DESCRIPTION COUPON MATURITY VALUE FLORIDA (CONTINUED) $1,600 Florida St Brd of Ed Cap Outlay Pub Ed Ser C Rfdg........................................ 5.000% 06/01/16 $ 1,719,344 3,000 Florida St Brd of Ed Cap Outlay Pub Ed Ser D Rfdg........................................ 5.750 06/01/22 3,377,520 2,000 Florida St Brd of Ed Lottery Rev Ser A (FGIC Insd)....................................... 5.250 07/01/17 2,189,200 1,500 Florida St Brd of Ed Lottery Rev Ser A (FGIC Insd)....................................... 5.500 07/01/17 1,681,230 1,000 Florida St Brd of Ed Rev FL St Univ Hsg Fac Ser A (MBIA Insd)........................... 5.000 05/01/29 1,030,330 2,000 Florida St Brd of Regt Hsg Rev Univ FL (FGIC Insd)....................................... 5.500 07/01/28 2,174,900 1,000 Florida St Correctional Privatization Commn Ctf Part (MBIA Insd)........................ 5.375 08/01/14 1,127,420 1,500 Florida St Dept Environmental FL Forever Ser A (MBIA Insd)............................... 5.375 07/01/17 1,680,255 1,000 Florida St Muni Pwr Agy Rev Stanton Proj Rfdg (FSA Insd)............................. 5.500 10/01/14 1,147,600 500 Gainesville, FL Util Sys Rev (Escrowed to Maturity)................................... 8.125 10/01/14 609,745 1,310 Gainesville, FL Util Sys Rev Ser A (FSA Insd)....................................... 5.250 10/01/19 1,437,240 1,150 Greater Orlando Aviation Auth Orlando FL Arpt Fac Rev Ser C Rfdg (MBIA Insd)......... 5.250 10/01/06 1,284,435 500 Gulf Breeze, FL Rev Loc Govt (Variable Rate Coupon) (FGIC Insd)......................... 5.650 12/01/20 556,550 730 Gulf Breeze, FL Rev Loc Govt (Variable Rate Coupon) (FGIC Insd)......................... 5.750 12/01/20 812,884 1,500 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist/Sunbelt Ser A..................... 6.000 11/15/31 1,596,360 750 Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (FSA Insd)........................ 5.000 03/01/15 814,560 750 Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (FSA Insd)........................ 5.000 09/01/15 814,560 2,000 Hillsborough Cnty, FL Cap Impt Pgm Rev Criminal Justice Fac Rfdg (FGIC Insd)....... 5.250 08/01/16 2,038,200 2,000 Hillsborough Cnty, FL Hosp Auth Hosp Rev Tampa Genl Hosp Proj Rfdg (FSA Insd)........ 6.375 10/01/13 2,047,040 </Table> See Notes to Financial Statements 8 YOUR TRUST'S INVESTMENTS April 30, 2003 (Unaudited) <Table> <Caption> PAR AMOUNT MARKET (000) DESCRIPTION COUPON MATURITY VALUE FLORIDA (CONTINUED) $1,750 Hillsborough Cnty, FL Indl Dev Auth Indl Dev Rev Univ Cmnty Hosp (MBIA Insd)............. 5.750% 08/15/14 $ 1,828,277 1,000 Hillsborough Cnty, FL Port Dist Tampa Port Auth Proj Ser A (MBIA Insd)................. 5.375 06/01/27 1,043,690 1,000 Hillsborough Cnty, FL Sch Brd Ctf Partn (Prerefunded @ 07/01/04) (MBIA Insd)........ 6.000 07/01/12 1,076,320 2,000 Hillsborough Cnty, FL Sch Dist (AMBAC Insd)....................................... 5.375 10/01/18 2,198,620 2,630 Jacksonville, FL Cap Impt Rev Crossover Ser B Rfdg (AMBAC Insd)......................... 5.000 10/01/12 2,945,731 2,005 Jacksonville, FL Cap Impt Rev Crossover Ser B Rfdg (AMBAC Insd)......................... 5.250 10/01/14 2,259,555 1,000 Jacksonville, FL Elec Auth Rev Ser 3-B (Prerefunded @ 10/01/03).................... 5.500 10/01/11 1,018,460 2,500 Jacksonville, FL Excise Tax Rev Ser B (AMBAC Insd)....................................... 5.375 10/01/20 2,733,625 1,000 Jacksonville, FL Hosp Rev Univ Med Cent Inc Proj (Connie Lee Insd)...................... 6.500 02/01/11 1,014,150 2,250 Jacksonville, FL Hosp Rev Univ Med Cent Inc Proj (Connie Lee Insd)...................... 6.600 02/01/21 2,281,702 2,000 Jacksonville, FL Rev Better Jacksonville (MBIA Insd)................................. 5.250 10/01/21 2,166,020 750 Jacksonville, FL Sales Tax Rev (AMBAC Insd)....................................... 5.000 10/01/30 770,985 1,000 Lake Cnty, FL Sch Brd Ctf Part (AMBAC Insd)....................................... 5.375 07/01/15 1,126,290 7,000 Lakeland, FL Elec & Wtr Rev (Escrowed to Maturity)................................... * 10/01/13 4,622,310 2,230 Lakeland, FL Elec & Wtr Rev (Escrowed to Maturity)................................... 5.750 10/01/19 2,494,969 1,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys......................................... 5.500 11/15/32 1,017,180 1,000 Lee Cnty, FL Arpt Rev Ser A (FSA Insd)...... 5.750 10/01/22 1,081,640 1,500 Lee Cnty, FL Arpt Rev Ser B (FSA Insd)...... 5.750 10/01/33 1,645,095 750 Leesburg, FL Hosp Rev Leesburg Regl Med Ctr Proj........................................ 5.500 07/01/32 762,083 750 Marion Cnty, FL Hosp Dist Rev & Impt Hlth Sys Munroe Reg Rfdg......................... 5.500 10/01/29 758,378 2,135 Marion Cnty, FL Sch Brd Ctf (FSA Insd)...... 5.250 06/01/19 2,337,014 </Table> See Notes to Financial Statements 9 YOUR TRUST'S INVESTMENTS April 30, 2003 (Unaudited) <Table> <Caption> PAR AMOUNT MARKET (000) DESCRIPTION COUPON MATURITY VALUE FLORIDA (CONTINUED) $ 260 Miami Beach, FL Stormwtr Rev (FGIC Insd).... 5.750% 09/01/14 $ 300,201 1,045 Miami Beach, FL Stormwtr Rev (FGIC Insd).... 5.750 09/01/15 1,205,481 1,500 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (FGIC Insd)............................ 5.375 10/01/32 1,547,130 870 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt Ser B (FGIC Insd)...................... 5.450 10/01/15 970,215 1,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt Ser B (FGIC Insd)...................... 5.750 10/01/29 1,096,860 1,000 Miami-Dade Cnty, FL Aviation Ser A (FSA Insd).................................. 5.000 10/01/33 1,004,810 1,000 Miami-Dade Cnty, FL Sch Brd Ser A (Prerefunded @ 05/01/11) (MBIA Insd)........ 5.000 05/01/20 1,127,530 1,000 New Smyrna Beach, FL Util Comm Rev Util Sys Ctf Rfdg (AMBAC Insd)....................... 5.000 10/01/11 1,120,930 2,250 North Broward, FL Hosp Dist Rev Impt........ 6.000 01/15/31 2,359,328 1,000 Orange Cnty, FL Cap Impt Rev Rfdg (AMBAC Insd)....................................... * 10/01/12 694,180 1,000 Orange Cnty, FL Cap Impt Rev Rfdg (AMBAC Insd)....................................... * 10/01/13 656,970 1,000 Orange Cnty, FL Sales Tax Rev Ser A Rfdg (FGIC Insd)................................. 5.125 01/01/20 1,071,600 650 Orange Cnty, FL Tourist Dev Tax Rev Ser A Rfdg (AMBAC Insd)........................... 4.750 10/01/21 663,494 1,500 Orlando & Orange Cnty Expwy Auth FL Expwy Rev Jr Lien (FGIC Insd)..................... 5.000 07/01/28 1,538,040 1,500 Orlando, FL Util Commn Wtr & Elec Rev Ser A Rfdg (b).............................. 5.000 10/01/22 1,569,825 1,000 Osceola Cnty, FL Sch Brd Ctf Ser A (AMBAC Insd)....................................... 5.125 06/01/22 1,060,600 2,000 Osceola Cnty, FL Sch Brd Ctf Ser A (AMBAC Insd)....................................... 5.250 06/01/27 2,115,640 1,000 Palm Beach Cnty, FL Criminal Justice Fac Rev Rfdg........................................ 5.000 06/01/13 1,115,260 1,000 Palm Beach Cnty, FL Pub Impt Rev Convention Ctr Proj (FGIC Insd)........................ 5.125 11/01/30 1,036,960 </Table> See Notes to Financial Statements 10 YOUR TRUST'S INVESTMENTS April 30, 2003 (Unaudited) <Table> <Caption> PAR AMOUNT MARKET (000) DESCRIPTION COUPON MATURITY VALUE FLORIDA (CONTINUED) $1,000 Palm Beach Cnty, FL Sch Brd Ctf Ser A (AMBAC Insd)....................................... 5.500% 08/01/16 $ 1,128,630 750 Palm Beach Cnty, FL Sch Brd Ctf Ser A (Prerefunded @ 08/01/04) (AMBAC Insd)....... 6.000 08/01/06 802,665 1,500 Palm Beach Cnty, FL Sch Brd Ctf Ser A (Prerefunded @ 08/01/04) (AMBAC Insd)....... 6.375 08/01/15 1,612,305 1,500 Palm Beach Cnty, FL Sch Brd Ctf Ser D (FSA Insd)....................................... 5.250 08/01/20 1,619,025 1,000 Palm Beach Cnty, FL Sch Brd Ctf Ser E Rfdg (AMBAC Insd)................................ 5.250 08/01/11 1,135,410 1,705 Pembroke Pines, FL Charter Sch Ser A (MBIA Insd)....................................... 5.375 07/01/14 1,925,678 1,000 Pembroke Pines, FL Cons Util Sys Rev (Escrowed to Maturity) (FGIC Insd).......... 6.250 09/01/11 1,180,320 1,200 Polk Cnty, FL Sch Brd Ctf Partn (FSA Insd)....................................... 5.000 01/01/14 1,249,620 500 Polk Cnty, FL Sch Brd Ctf Partn Master Lease Ser A (FSA Insd)............................ 5.500 01/01/25 537,165 1,000 Port Saint Lucie, FL Loc Opt Gas Tax Rev Impt (FGIC Insd)............................ 5.500 03/01/15 1,111,090 1,000 Port Saint Lucie, FL Util Rev (MBIA Insd) (b)......................................... 5.000 09/01/23 1,047,230 1,000 Saint Lucie Cnty, FL Sch Brd Ctf Ser A (FSA Insd)....................................... 5.000 07/01/21 1,051,360 365 Saint Petersburg, FL Excise Tax Rev (Escrowed to Maturity) (FGIC Insd).......... 5.000 10/01/16 410,906 635 Saint Petersburg, FL Excise Tax Rev (FGIC Insd)................................. 5.000 10/01/16 650,284 1,420 Sebring, FL Wtr & Wastewtr Rev Rfdg (FGIC Insd)....................................... 5.250 01/01/19 1,549,788 1,000 Seminole Cnty, FL Sales Tax Rev (FGIC Insd)....................................... 5.375 10/01/18 1,106,490 1,000 Seminole Cnty, FL Sales Tax Rev (FGIC Insd)....................................... 5.000 10/01/31 1,030,650 750 Tallahassee, FL Hlth Fac Rev Tallahassee Mem Hlthcare Proj............................... 6.375 12/01/30 775,883 1,750 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt Ser A....................................... 5.750 07/01/19 1,836,450 </Table> See Notes to Financial Statements 11 YOUR TRUST'S INVESTMENTS April 30, 2003 (Unaudited) <Table> <Caption> PAR AMOUNT MARKET (000) DESCRIPTION COUPON MATURITY VALUE FLORIDA (CONTINUED) $1,000 Tampa, FL Occupational License Ser A Rfdg (FGIC Insd)................................. 5.375% 10/01/15 $ 1,130,890 1,000 Village Ctr Cmnty Dev Dist FL Util Rev (Escrowed to Maturity) (FGIC Insd).......... 6.000 11/01/18 1,214,980 1,500 West Orange Hlthcare Dist FL Ser A.......... 5.800 02/01/31 1,542,000 1,090 West Palm Beach, FL......................... 5.000 03/01/13 1,184,416 ------------ 143,730,272 ------------ PUERTO RICO 5.1% 4,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev Ser Y Rfdg (FSA Insd)....................... 6.250 07/01/21 5,002,440 ------------ U. S. VIRGIN ISLANDS 2.2% 1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A........................... 6.500 10/01/24 1,110,400 1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A (ACA Insd)................ 6.125 10/01/29 1,076,230 ------------ 2,186,630 ------------ TOTAL LONG-TERM INVESTMENTS 153.9% (Cost $138,900,840).................................................. 150,919,342 SHORT-TERM INVESTMENTS 2.0% (Cost $2,000,000).................................................... 2,000,000 ------------ TOTAL INVESTMENTS 155.9% (Cost $140,900,840).................................................. 152,919,342 OTHER ASSETS IN EXCESS OF LIABILITIES 1.2%............................ 1,197,076 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (57.1%)............ (56,034,361) ------------ NET ASSETS APPLICABLE TO COMMON SHARES 100.0%......................... $ 98,082,057 ============ </Table> * Zero coupon bond (a) Assets segregated as collateral for when-issued or delayed delivery purchase commitments. (b) Securities purchased on a when-issued or delayed delivery basis. See Notes to Financial Statements 12 YOUR TRUST'S INVESTMENTS April 30, 2003 (Unaudited) ACA--American Capital Access AMBAC--AMBAC Indemnity Corp. Connie Lee--Connie Lee Insurance Co. FGIC--Financial Guaranty Insurance Co. FSA--Financial Security Assurance Inc. MBIA--Municipal Bond Investors Assurance Corp. See Notes to Financial Statements 13 FINANCIAL STATEMENTS Statement of Assets and Liabilities April 30, 2003 (Unaudited) <Table> ASSETS: Total Investments (Cost $140,900,840)....................... $152,919,342 Cash........................................................ 44,416 Receivables: Investments Sold.......................................... 2,279,850 Interest.................................................. 1,854,296 Other....................................................... 288 ------------ Total Assets............................................ 157,098,192 ------------ LIABILITIES: Payables: Investments Purchased..................................... 2,602,038 Investment Advisory Fee................................... 75,340 Affiliates................................................ 9,357 Administrative Fee........................................ 6,278 Trustees' Deferred Compensation and Retirement Plans........ 239,879 Accrued Expenses............................................ 48,882 ------------ Total Liabilities....................................... 2,981,774 Preferred Shares (including accrued distributions).......... 56,034,361 ------------ NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 98,082,057 ============ NET ASSET VALUE PER COMMON SHARE ($98,082,057 divided by 5,562,561 shares outstanding)............................. $ 17.63 ============ NET ASSETS CONSIST OF: Common Shares ($.01 par value with an unlimited number of shares authorized, 5,562,561 shares issued and outstanding).............................................. $ 55,626 Paid in Surplus............................................. 85,510,841 Net Unrealized Appreciation................................. 12,018,502 Accumulated Undistributed Net Investment Income............. 1,183,081 Accumulated Net Realized Loss............................... (685,993) ------------ NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 98,082,057 ============ PREFERRED SHARES ($.01 par value, authorized 100,000,000 shares, 2,240 issued with liquidation preference of $25,000 per share)........................................ $ 56,000,000 ============ NET ASSETS INCLUDING PREFERRED SHARES....................... $154,082,057 ============ </Table> See Notes to Financial Statements 14 Statement of Operations For the Six Months Ended April 30, 2003 (Unaudited) <Table> INVESTMENT INCOME: Interest.................................................... $3,770,555 ---------- EXPENSES: Investment Advisory Fee..................................... 454,535 Preferred Share Maintenance................................. 76,730 Administrative Fee.......................................... 37,878 Trustees' Fees and Related Expenses......................... 37,800 Legal....................................................... 10,384 Custody..................................................... 4,871 Other....................................................... 64,256 ---------- Total Expenses.......................................... 686,454 Less Credits Earned on Cash Balances.................... 178 ---------- Net Expenses............................................ 686,276 ---------- NET INVESTMENT INCOME....................................... $3,084,279 ========== REALIZED AND UNREALIZED GAIN/LOSS: Net Realized Gain........................................... $1,070,182 ---------- Unrealized Appreciation/Depreciation: Beginning of the Period................................... 10,486,551 End of the Period......................................... 12,018,502 ---------- Net Unrealized Appreciation During the Period............... 1,531,951 ---------- NET REALIZED AND UNREALIZED GAIN............................ $2,602,133 ========== DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (366,263) ========== NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS................................................ $5,320,149 ========== </Table> See Notes to Financial Statements 15 Statements of Changes in Net Assets (Unaudited) <Table> <Caption> SIX MONTHS ENDED YEAR ENDED APRIL 30, 2003 OCTOBER 31, 2002 ------------------------------------ FROM INVESTMENT ACTIVITIES: Operations: Net Investment Income.............................. $ 3,084,279 $ 6,620,139 Net Realized Gain.................................. 1,070,182 4,072,170 Net Unrealized Appreciation/Depreciation During the Period........................................... 1,531,951 (3,428,512) Distributions to Preferred Shareholders: Net Investment Income............................ -0- (764,104) Net Realized Gain................................ (366,263) (81,776) ----------- ----------- Change in Net Assets Applicable to Common Shares from Operations.................................. 5,320,149 6,417,917 Distributions to Common Shareholders: Net Investment Income............................ (3,039,339) (5,372,884) Net Realized Gain................................ (3,141,178) (510,087) ----------- ----------- NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM INVESTMENT ACTIVITIES................ (860,368) 534,946 NET ASSETS APPLICABLE TO COMMON SHARES: Beginning of the Period............................ 98,942,425 98,407,479 ----------- ----------- End of the Period (Including accumulated undistributed net investment income of $1,183,081 and $1,138,141, respectively).................... $98,082,057 $98,942,425 =========== =========== </Table> See Notes to Financial Statements 16 Financial Highlights (Unaudited) THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED. <Table> <Caption> SIX MONTHS ENDED APRIL 30, ------------------- 2003 2002 (a) 2001 --------------------------------- NET ASSET VALUE, BEGINNING OF THE PERIOD............. $ 17.79 $ 17.69 $ 16.53 ------- ------- ------- Net Investment Income.............................. .55 1.20 1.16 Net Realized and Unrealized Gain/Loss.............. .47 .12 1.40 Common Share Equivalent of Distributions Paid to Preferred Shareholders: Net Investment Income............................ -0- (.14) (.27) Net Realized Gain................................ (.07) (.02) (.10) ------- ------- ------- Total from Investment Operations..................... .95 1.16 2.19 Distributions Paid to Common Shareholders: Net Investment Income............................ (.55) (.97) (.83) Net Realized Gain................................ (.56) (.09) (.20) ------- ------- ------- NET ASSET VALUE, END OF THE PERIOD................... $ 17.63 $ 17.79 $ 17.69 ======= ======= ======= Common Share Market Price at End of the Period....... $ 16.48 $ 15.80 $ 15.14 Total Return (b)..................................... 11.67%* 11.63% 20.31% Net Assets Applicable to Common Shares at End of the Period (In millions)............................... $ 98.1 $ 98.9 $ 98.4 Ratio of Expenses to Average Net Assets Applicable to Common Shares (c).................................. 1.43% 1.52% 2.01% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c).................... 6.43% 6.84% 7.72% Portfolio Turnover................................... 14%* 33% 23% SUPPLEMENTAL RATIOS: Ratio of Expenses to Average Net Assets Including Preferred Shares (c)............................... .91% .96% 1.14% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d).................... 6.43% 6.05% 5.99% SENIOR SECURITIES: Total Preferred Shares Outstanding................... 2,240 2,240 2,240 Asset Coverage Per Preferred Share (e)............... $68,802 $69,188 $68,932 Involuntary Liquidating Preference Per Preferred Share.............................................. $25,000 $25,000 $25,000 Average Market Value Per Preferred Share............. $25,000 $25,000 $25,000 </Table> * Non-Annualized (a) As required, effective November 1, 2001, the Trust has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting market discount on fixed income securities. The effect of this change for the year ended October 31, 2002 was to increase net investment income per share by $.01, decrease net realized and unrealized gains and losses per share by $.01 and increase the ratio of net investment income to average net assets applicable to common shares by .07%. Per share, ratios, and supplemental data for periods prior to October 31, 2002 have not been restated to reflect this change in presentation. (b) Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust's dividend reinvestment plan, and sale of all shares at the closing common share price at the end of the period indicated. (c) Ratios do not reflect the effect of dividend payments to preferred shareholders. (d) Ratios reflect the effect of dividend payments to preferred shareholders. (e) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets and dividing this by the number of preferred shares outstanding. See Notes to Financial Statements 17 <Table> <Caption> YEAR ENDED OCTOBER 31, - --------------------------------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 1994 1993 - --------------------------------------------------------------------------------------- $ 16.00 $ 17.89 $ 17.71 $ 17.32 $ 17.24 $ 15.24 $ 17.96 $ 14.88 ------- ------- -------- -------- -------- -------- -------- -------- 1.25 1.26 1.28 1.30 1.29 1.30 1.29 1.29 .60 (1.79) .26 .50 .11 2.02 (2.73) 3.02 (.38) (.30) (.34) (.32) (.34) (.37) (.26) (.29) -0- (.02) (.01) (.02) -0- -0- (.02) -0- ------- ------- -------- -------- -------- -------- -------- -------- 1.47 (.85) 1.19 1.46 1.06 2.95 (1.72) 4.02 (.94) (.99) (.99) (.99) (.98) (.95) (.93) (.94) -0- (.05) (.02) (.08) -0- -0- (.07) -0- ------- ------- -------- -------- -------- -------- -------- -------- $ 16.53 $ 16.00 $ 17.89 $ 17.71 $ 17.32 $ 17.24 $ 15.24 $ 17.96 ======= ======= ======== ======== ======== ======== ======== ======== $ 13.50 $ 14.75 $ 18.625 $17.1875 $ 16.50 $ 15.25 $ 13.50 $ 16.75 -2.28% -15.79% 14.75% 11.00% 14.89% 20.50% -13.92% 19.30% $ 68.6 $ 66.4 $ 74.1 $ 73.3 $ 71.7 $ 71.3 $ 63.0 $ 74.3 1.78% 1.73% 1.68% 1.70% 1.77% 1.79% 1.81% 1.76% 7.76% 7.36% 7.19% 7.47% 7.48% 7.97% 7.68% 7.72% 42% 24% 18% 2% 12% 6% 10% 9% 1.11% 1.11% 1.09% 1.09% 1.13% 1.12% 1.15% 1.12% 5.39% 5.59% 5.27% 5.62% 5.51% 5.67% 6.15% 6.01% 1,600 1,600 800 800 800 800 800 800 $67,875 $66,491 $142,646 $141,590 $139,590 $139,140 $128,796 $142,898 $25,000 $25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $25,000 $25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 </Table> See Notes to Financial Statements 18 NOTES TO FINANCIAL STATEMENTS April 30, 2003 (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES Van Kampen Trust for Investment Grade Florida Municipals (the "Trust") is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. The Trust's investment objective is to seek to provide a high level of current income exempt from federal income taxes and Florida state intangibles taxes, consistent with preservation of capital. The Trust will invest in a portfolio consisting substantially of Florida municipal obligations rated investment grade at the time of investment. The Trust commenced investment operations on March 27, 1992. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. 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 Trust 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 Trust will maintain, in a segregated account with its custodian, assets having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until payment is made. At April 30, 2003, the Trust had $2,602,038 of when-issued or delayed delivery purchase commitments. C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. 19 NOTES TO FINANCIAL STATEMENTS April 30, 2003 (Unaudited) D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements 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. At April 30, 2003, the cost and related gross unrealized appreciation and depreciation are as follows: <Table> Cost of investments for tax purposes........................ $140,742,873 ============ Gross tax unrealized appreciation........................... $ 12,176,469 Gross tax unrealized depreciation........................... -0- ------------ Net tax unrealized appreciation on investments.............. $ 12,176,469 ============ </Table> E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly dividends from net investment income to common shareholders. Net realized gains, if any, are distributed annually on a pro rata basis to common and preferred shareholders. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. The tax character of distributions paid during the year ended October 31, 2002 was as follows: <Table> <Caption> 2002 Distributions paid from: Ordinary income........................................... $ 9,753 Long-term capital gain.................................... 656,297 -------- $666,050 ======== </Table> As of October 31, 2002, the components of distributable earnings on a tax basis were as follows: <Table> Undistributed ordinary income............................... $ 67,910 Undistributed long-term capital gain........................ 3,558,608 </Table> F. EXPENSE REDUCTIONS During the six months ended April 30, 2003, the Fund's custody fee was reduced by $178 as a result of credits earned on cash balances. 2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Investment Advisory Corp. (the "Adviser") will provide investment advice and 20 NOTES TO FINANCIAL STATEMENTS April 30, 2003 (Unaudited) facilities to the Trust for an annual fee payable monthly of .60% of the average daily net assets of the Trust. In addition, the Trust will pay a monthly administrative fee to Van Kampen Investments Inc. or its affiliates (collectively "Van Kampen"), the Trust's Administrator, at an annual rate of ..05% of the average daily net assets of the Trust. The administrative services provided by the Administrator include record keeping and reporting responsibilities with respect to the Trust's portfolio and preferred shares and providing certain services to shareholders. For the six months ended April 30, 2003, the Trust recognized expenses of approximately $3,800 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom (Illinois), counsel to the Trust, of which a trustee of the Trust is an affiliated person. Under separate Accounting Services and Legal Service agreements, the Adviser provides accounting and legal services to the Trust. The Adviser allocates the cost of such services to each trust. For the six months ended April 30, 2003, the Trust recognized expenses of approximately $12,600 representing Van Kampen's cost of providing accounting and legal services to the Trust, which are reported as part of "Other" and "Legal" expenses, respectively, on the Statement of Operations. Certain officers and trustees of the Trust are also officers and directors of Van Kampen. The Trust does not compensate its officers or trustees who are officers of Van Kampen. The Trust 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 to a later date. 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 Trust. The maximum annual benefit per trustee under the plan is $2,500. At April 30, 2003, Van Kampen owned 5,619 common shares of the Trust. 3. INVESTMENT TRANSACTIONS During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $21,418,575 and $22,069,315, respectively. 4. PREFERRED SHARES The Trust has outstanding 2,240 Auction Preferred Shares ("APS"). Dividends are cumulative and the dividend rate is currently reset every 28 days through an auction process. The rate in effect on April 30, 2003 was 0.800%. During the six months ended April 30, 2003, the rates ranged from 0.800% to 1.650%. The Trust pays annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auctions. 21 NOTES TO FINANCIAL STATEMENTS April 30, 2003 (Unaudited) These fees are included as a component of "Preferred Share Maintenance" expense on the Statement of Operations. The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of $25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption if the tests are not met. 5. DERIVATIVE FINANCIAL INSTRUMENTS A derivative financial instrument in very general terms refers to a security whose value is "derived" from the value of an underlying asset, reference rate or index. The Trust may seek to manage the portfolio's interest rate exposure in a changing interest rate environment by engaging in transactions involving interest rate swaps, caps, floors or collars. The Trust expects to enter into these transactions primarily as a hedge against anticipated interest rate or fixed-income market changes, for duration management purposes or for risk management purposes but may also enter into these transactions to generate additional income. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts or agreements. During the six months ended April 30, 2003, the Trust did not enter into any of these transactions. 22 DIVIDEND REINVESTMENT PLAN The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which Common Shareholders may elect to have dividends and capital gains distributions reinvested in Common Shares of the Trust. The Trust declares dividends out of net investment income, and will distribute annually net realized capital gains, if any. Common Shareholders may join or withdraw from the Plan at any time. If you decide to participate in the Plan, State Street Bank and Trust Company, as your Plan Agent, will automatically invest your dividends and capital gains distributions in Common Shares of the Trust for your account. HOW TO PARTICIPATE If you wish to participate and your shares are held in your own name, call 1-800-341-2929 for more information and a Plan brochure. If your shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it would participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank or nominee is unable to participate on your behalf, you should request that your shares be re-registered in your own name which will enable your participation in the Plan. HOW THE PLAN WORKS Participants in the Plan will receive the equivalent in Common Shares valued on the valuation date, generally at the lower of market price or net asset value, except as specified below. The valuation date will be the dividend or distribution payment date or, if that date is not a trading day on the national securities exchange or market system on which the Common Shares are listed for trading, the next preceding trading day. If the market price per Common Share on the valuation date equals or exceeds net asset value per Common Share on that date, the Trust will issue new Common Shares to participants valued at the higher of net asset value or 95% of the market price on the valuation date. In the foregoing situation, the Trust will not issue Common Shares under the Plan below net asset value. If net asset value per Common Share on the valuation date exceeds the market price per Common Share on that date, or if the Board of Trustees should declare a dividend or capital gains distribution payable to the Common Shareholders only in cash, participants in the Plan will be deemed to have elected to receive Common Shares from the Trust valued at the market price on that date. Accordingly, in this circumstance, the Plan Agent will, as agent for the participants, buy the Trust's Common Shares in the open market for the participants' accounts on or shortly after the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the net asset value per share of the Common Shares, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the Trust's Common Shares, resulting in 23 the acquisition of fewer Common Shares than if the dividend or distribution had been paid in Common Shares issued by the Trust. All reinvestments are in full and fractional Common Shares and are carried to three decimal places. Experience under the Plan may indicate that changes are desirable. Accordingly, the Trust reserves the right to amend or terminate the Plan as applied to any dividend or distribution paid subsequent to written notice of the changes sent to all Common Shareholders of the Trust at least 90 days before the record date for the dividend or distribution. The Plan also may be amended or terminated by the Plan Agent by at least 90 days written notice to all Common Shareholders of the Trust. COSTS OF THE PLAN The Plan Agent's fees for the handling of the reinvestment of dividends and distributions will be paid by the Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open market purchases in connection with the reinvestment of dividends and distributions. No other charges will be made to participants for reinvesting dividends or capital gains distributions, except for certain brokerage commissions, as described above. TAX IMPLICATIONS You will receive tax information annually for your personal records and to help you prepare your federal income tax return. The automatic reinvestment of dividends and capital gains distributions does not relieve you of any income tax which may be payable on dividends or distributions. RIGHT TO WITHDRAW Plan participants may withdraw at any time by calling 1-800-341-2929 or by writing State Street Bank and Trust Company, P.O. Box 8200, Boston, MA 02266-8200. If you withdraw, you will receive, without charge, a share certificate issued in your name for all full Common Shares credited to your account under the Plan and a cash payment will be made for any fractional Common Share credited to your account under the Plan. You may again elect to participate in the Plan at any time by calling 1-800-341-2929 or writing to the Trust at: Van Kampen Funds Inc. Attn: Closed-End Funds 2800 Post Oak Blvd. Houston, TX 77056 24 BOARD OF TRUSTEES AND IMPORTANT ADDRESSES VAN KAMPEN TRUST FOR INVESTMENT GRADE FLORIDA MUNICIPALS BOARD OF TRUSTEES DAVID C. ARCH ROD DAMMEYER HOWARD J KERR THEODORE A. MYERS RICHARD F. POWERS, III* - Chairman HUGO F. SONNENSCHEIN WAYNE W. WHALEN* INVESTMENT ADVISER VAN KAMPEN INVESTMENT ADVISORY CORP. 1 Parkview Plaza P.O. Box 5555 Oakbrook Terrace, Illinois 60181-5555 CUSTODIAN AND TRANSFER AGENT STATE STREET BANK AND TRUST COMPANY c/o EquiServe P.O. Box 43011 Providence, Rhode Island 02940-3011 LEGAL COUNSEL SKADDEN, ARPS, SLATE, MEAGHER & FLOM (ILLINOIS) 333 West Wacker Drive Chicago, Illinois 60606 INDEPENDENT AUDITORS DELOITTE & TOUCHE LLP 180 North Stetson Avenue Chicago, Illinois 60601 * "Interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended. 25 Van Kampen Privacy Notice The Van Kampen companies and investment products* respect your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain nonpublic personal information about you. This is information we collect from you on applications or other forms, and from the transactions you make with us, our affiliates, or third parties. We may also collect information you provide when using our web site, and text files (a.k.a. "cookies") may be placed on your computer to help us to recognize you and to facilitate transactions you initiate. We do not disclose any nonpublic personal information about you or any of our former customers to anyone, except as permitted by law. For instance, so that we may continue to offer you Van Kampen investment products and services that meet your investing needs, and to effect transactions that you request or authorize, we may disclose the information we collect to companies that perform services on our behalf, such as printers and mailers that assist us in the distribution of investor materials. These companies will use this information only for the services for which we hired them, and are not permitted to use or share this information for any other purpose. To protect your nonpublic personal information internally, we permit access to it only by authorized employees, and maintain physical, electronic and procedural safeguards to guard your nonpublic personal information. * Includes Van Kampen Investments Inc., Van Kampen Investment Advisory Corp., Van Kampen Asset Management Inc., Van Kampen Advisors Inc., Van Kampen Management Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc., Van Kampen Trust Company, Van Kampen System Inc. and Van Kampen Exchange Corp., as well as the many Van Kampen mutual funds and Van Kampen unit investment trusts. Van Kampen Funds Inc. 1 Parkview Plaza, P.O. Box 5555 Oakbrook Terrace, IL 60181-5555 www.vankampen.com [VAN KAMPEN INVESTMENTS LOGO] Copyright (C)2003 Van Kampen Funds Inc. All rights reserved. VTF SAR 6/03 Member NASD/SIPC. 11223F03-AS-6/03 Item 2. Code of Ethics. Not applicable for semi-annual reports. Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports. Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports. Item 5. Audit Committee of Listed Registrants. Not applicable for semi-annual reports. Item 6. [Reserved.] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable for semi-annual reports. Item 8. [Reserved.] Item 9. 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. There were no significant changes or corrective actions with regard to significant deficiencies or material weaknesses in the Trust's internal controls or in other factors that could significantly affect the Trust's internal controls subsequent to the date of their evaluation. Item 10. Exhibits. (a) Code of Ethics - Not applicable for semi-annual reports. (b) Certifications of Principal Executive Officer and Principal Financial Officer 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 Trust for Investment Grade Florida Municipals ------------------------------------------------------------------- By: /s/ Ronald E. Robison ---------------------------------------------------------------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: June 23, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Ronald E. Robison ---------------------------------------------------------------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: June 23, 2003 By: /s/ John L. Sullivan ---------------------------------------------------------------------------- Name: John Sullivan Title: Principal Financial Officer Date: June 23, 2003