UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6472
Van Kampen Trust For Insured Municipals
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 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
Date of reporting period: 4/30/06
Item 1. Reports to Shareholders.
The Trust's semiannual 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
Trust for Insured Municipals performed during the semiannual period. The
portfolio management team will provide an overview of the market
conditions and discuss some of the factors that affected investment
performance during the reporting period. In addition, this report
includes the trust's financial statements and a list of trust investments
as of April 30, 2006.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
<Table>
<Caption>
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
---------------------------------------------------------------------------------------
</Table>
Performance Summary as of 4/30/2006
<Table>
<Caption>
TRUST FOR INSURED MUNICIPALS
SYMBOL: VIM
- ------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET PRICE
Since Inception (1/24/92) 7.52% 6.99%
10-year 7.10 6.35
5-year 7.15 8.13
1-year 2.33 5.32
6-month 1.84 8.74
- ------------------------------------------------------------
</Table>
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, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities and preferred shares, by
the total number of common shares outstanding. The common share market price is
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. Total return assumes an investment at the
beginning of the period, reinvestment of all distributions for the period in
accordance with the trust's dividend reinvestment plan, and sale of all shares
at the end of the period.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The index does not include any expenses, fees or sales
charges, which would lower performance. The index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2006
MARKET CONDITIONS
The economy continued to grow during the six-month period ended April 30, 2006,
demonstrating some resiliency in the face of rising oil and other commodity
prices, the Gulf Coast hurricanes, and emerging weakness in the housing market.
This expansion was more modest in the final months of 2005, but gained
considerable momentum in the first quarter.
Against the backdrop of growth and good employment data, the Federal Open Market
Committee (the "Fed") continued raising the federal funds target rate during the
period, implementing four additional increases of 25 basis points each. These
moves brought the target rate to 4.75 percent. The final hike of the period
represented the fifteenth consecutive increase--the longest stretch of increases
in 25 years. As the period came to a close, market observers speculated about
the Fed's near-term intentions, given the central bank's view that although
longer-term inflation currently appeared contained, commodity prices could
amplify inflationary pressures.
Returns across the municipal bond market varied significantly. As investors
sought income opportunities, lower rated bonds outpaced investment-grade bonds
by a wide margin. Long-term bonds earned the best returns, broadly speaking,
while bonds in the three-to-seven year range posted the most muted gains.
Municipal bond issuance was robust during the final months of 2005. (In fact,
2005 marked a record high for municipal bond volume.) The tide changed in 2006,
however. As rising rates discouraged issuers from refinancing debt, national
municipal issuance dropped by approximately 25 percent in the first four months
of the year versus the same period in 2005. While supply ebbed, the market's
appetite for municipal bonds remained strong, with particularly heavy demand
from high yield municipal bond funds.
2
PERFORMANCE ANALYSIS
The trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the trust's portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common shares
outstanding, while market price reflects the supply and demand for the shares.
As a result, the two returns can differ, as they did during the reporting
period. On both an NAV basis and on a market price basis, the trust outperformed
its benchmark index, the Lehman Brothers Municipal Bond Index.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2006
<Table>
<Caption>
- -----------------------------------------------------
LEHMAN BROTHERS
BASED ON BASED ON MUNICIPAL
NAV MARKET PRICE BOND INDEX
1.84% 8.74% 1.56%
- -----------------------------------------------------
</Table>
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. Investment return, net asset value and common share market price will
fluctuate and trust shares, when sold, may be worth more or less than their
original cost. See Performance Summary for additional performance information
and index definition.
The trust uses leverage to enhance its dividend to common shareholders. The
trust borrows money at short-term rates through the issuance of preferred
shares. The proceeds are reinvested in longer-term securities, taking advantage
of the difference between short- and longer-term rates. The Fed's policy of
raising interest rates throughout the period made the trust's borrowing activity
more expensive, which reduced the benefits of the trust's leverage activities.
We managed the trust according to our long-standing "relative value" discipline.
Our strategy involved buying bonds when our research indicates they are
attractively valued, and then selling them when they reached our return targets.
We then invested the proceeds into bonds which we believe offered greater future
total return prospects. We used rigorous research to seek fundamentally strong
issues with high liquidity. (Liquid securities are those for which there is a
robust market of purchasers and sellers.)
The trust invests in insured securities, with most bonds holding a credit rating
of AAA. Throughout the period, we followed a variety of strategies to pursue
yield within the parameters of our quality-driven approach.
We positioned the portfolio to reflect our view that yields would continue to
rise, with the yields of short-term bonds rising more rapidly than those of
long-term bonds. Reflecting this analysis, we kept the trust's duration shorter
than that of its benchmark; and this strategy served the trust well. (Duration
is a measure of interest rate sensitivity.)
3
The trust also benefited from our view that the long-term segment of the yield
curve was most compelling. We sold shorter-maturity bonds that were pre-
refunded, capturing appreciation gains. We redeployed these assets, along with
proceeds from bonds that were called by their issuers, into longer-term bonds.
In our purchases, we generally selected bonds with maturities of 25 to 30 years,
and favored issues with premium coupons and defensive characteristics. In
contrast, we avoided non-callable bonds and zero-coupon bonds, as these tend to
underperform during periods of rising interest rates.
Although the supply of insured issuance dropped dramatically in 2006, we
maintained a well-diversified portfolio, with a bias to the essential services
sector of the market that proved advantageous. As of the close of the period,
the trust's largest sector weightings were in the airports, public education and
general purpose sectors. Overall, the trust's preference for well-known issues
with strong demand from in-state investors enhanced performance as well.
We also found attractive yield opportunities by diversifying the portfolio to
include securities insured by less well-known, but financially sound companies
with AAA ratings. These bonds often offered higher yields than comparable issues
insured by more recognized companies.
A small stake in inverse floating rate securities, representing 2.4 percent of
assets at the close of the period, provided an additional boost to performance.
VIM's procedure for reinvesting all dividends and distributions in common shares
is through purchases in the open market. This method helps support the market
value of the Fund's shares. In addition, we would like to remind you that the
Trustees have approved a procedure whereby the Fund may, when appropriate,
purchase shares in the open market or in privately negotiated transactions at a
price not above market value or net asset value, whichever is lower at the time
of purchase.
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 trust in
the future.
4
<Table>
<Caption>
TOP FIVE SECTORS AS OF 4/30/06
INDUSTRY
Airports 18.2%
Public Education 13.3
General Purpose 13.2
Higher Education 9.2
Public Buildings 9.0
<Caption>
RATINGS ALLOCATION AS OF 4/30/06
AAA/Aaa 98.5%
AA/Aa 0.1
A/A 1.4
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/06
Illinois 13.4%
Texas 11.1
California 7.8
Pennsylvania 4.7
Alabama 4.7
Indiana 4.3
Ohio 4.1
Florida 3.6
Arkansas 3.4
Colorado 3.1
Arizona 2.8
Louisiana 2.6
New York 2.5
Puerto Rico 2.5
South Carolina 2.5
Washington 2.5
Michigan 2.1
Georgia 2.1
Tennessee 2.0
Nevada 1.7
Oregon 1.7
West Virginia 1.5
Hawaii 1.4
Missouri 1.4
North Carolina 1.4
District of Columbia 1.4
New Jersey 1.1
</Table>
<Table>
(continued on next page)
</Table>
5
<Table>
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/06
(continued from previous page)
South Dakota 1.1
Rhode Island 0.9
Oklahoma 0.9
Kansas 0.9
North Dakota 0.8
Wisconsin 0.7
Virginia 0.6
Nebraska 0.4
Idaho 0.2
New Mexico 0.1
-----
Total Investments 100.0%
</Table>
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 and summary of investments by
state classification are as a percentage of total investments. Sectors are as a
percentage of long-term investments. 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 trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust'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 trust 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 trust files a complete schedule of portfolio
holdings with the SEC for the trust'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 e-mail
address (publicinfo@sec.gov) or by writing the Public Reference section
of the SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 847-2424.
7
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the trust'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 a http://www.sec.gov.
You may obtain information regarding how the trust 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
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED)
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL BONDS 154.3%
ALABAMA 7.3%
$ 915 Alabama Drinking Wtr Fin Auth Revolving Fd Ln
Ser A (AMBAC Insd).............................. 5.125% 08/15/16 $ 966,524
1,380 Alabama Drinking Wtr Fin Auth Revolving Fd Ln
Ser A (AMBAC Insd).............................. 5.250 08/15/18 1,461,862
750 Alabama St Brd Ed Rev Jefferson St Cmnty College
(AMBAC Insd).................................... 5.000 10/01/21 782,325
3,080 Clarke & Mobile Cntys, AL Gas Dist Gas Rev
(AMBAC Insd) (a)................................ 5.250 01/01/18 3,277,859
100 Dothan, AL Wtr (AMBAC Insd)..................... 5.000 09/01/15 106,346
1,000 Dothan, AL Wtr (AMBAC Insd)..................... 5.000 09/01/18 1,052,150
1,480 Dothan-Houston Cnty, AL Arpt Auth Arpt Rev (AMT)
(MBIA Insd)..................................... 5.600 12/01/20 1,573,521
1,985 Elmore Cnty, AL Ltd Oblig Sch Wts (FSA Insd)
(a)............................................. 5.000 02/01/21 2,064,063
------------
11,284,650
------------
ARIZONA 4.4%
1,395 Greater AZ Dev Auth Infrastructure Rev Ser A
(MBIA Insd)..................................... 5.000 08/01/22 1,458,528
2,000 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien
(AMT) (FGIC Insd)............................... 5.375 07/01/29 2,027,920
965 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig
Irvington Proj Tucson Ser A Rfdg (FSA Insd)..... 7.250 07/15/10 971,041
1,150 Tucson, AZ Wtr Rev Rfdg (FGIC Insd)............. 5.500 07/01/17 1,250,659
1,000 University AZ Univ Rev Sys Ser A (AMBAC Insd)... 5.000 06/01/28 1,036,550
------------
6,744,698
------------
ARKANSAS 5.3%
1,500 Heber Springs, AR Hosp & Baptist Hlth (CIFG
Insd)........................................... 4.625 05/01/31 1,460,940
1,000 University AR Univ Rev Pine Bluff Campus Ser A
Rfdg (AMBAC Insd)............................... 5.000 12/01/30 1,032,660
1,010 University AR Univ Rev Var Fac UAM Campus (FGIC
Insd)........................................... 5.000 03/01/23 1,056,692
1,920 University AR Univ Rev Var Fac UAM Campus (FGIC
Insd)........................................... 5.000 03/01/27 1,996,320
2,485 University AR Univ Rev Var Fac UAM Campus (FGIC
Insd)........................................... 5.000 03/01/28 2,581,766
------------
8,128,378
------------
CALIFORNIA 12.2%
1,715 Baldy Mesa, CA Wtr Dist Ctf Partn Parity Wtr Sys
Impt Proj (AMBAC Insd).......................... 5.000 08/01/36 1,766,947
2,000 California Stwide Cmnty Pooled Fin Pgm Ser S
(FSA Insd)...................................... 5.250 10/01/19 2,136,680
1,750 Huntington Pk, CA Pub Fin Ser A Rfdg (FSA
Insd)........................................... 5.250 09/01/18 1,898,925
5,000 Placentia Yorba Linda CA Uni Sch Dist Ctf Partn
(FGIC Insd)..................................... 5.000 10/01/30 5,149,450
</Table>
See Notes to Financial Statements 9
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$3,000 Sacramento, CA City Fin Auth Rev Tax Alloc Ser A
(FGIC Insd)..................................... 5.000% 12/01/34 $ 3,079,440
2,000 University CA Rev Ltd Proj Ser B (FSA Insd)..... 5.000 05/15/30 2,066,160
2,585 Woodland, CA Fin Auth Waste Wtr Rev Second Sr
Lien (MBIA Insd)................................ 5.000 03/01/35 2,654,537
------------
18,752,139
------------
COLORADO 4.9%
1,600 Arkansas Riv Pwr Auth CO Pwr Rev Impt (XLCA
Insd)........................................... 5.250 10/01/40 1,683,264
1,255 Colorado Ed & Cultural Fac Auth Rev Charter Sch
Aurora Academy Proj (XLCA Insd) (a)............. 5.250 02/15/24 1,324,263
1,200 Colorado Ed & Cultural Fac Charter Sch Ridgeview
Ser A (XLCA Insd)............................... 5.500 08/15/35 1,296,420
560 Weld & Adams Cntys, CO Sch Dist Ser J (FSA
Insd)........................................... 5.000 12/15/22 584,903
2,425 Weld Cnty, CO Sch Dist No 006 (Prerefunded @
12/01/11) (FSA Insd) (b)........................ 5.500 12/01/19 2,631,853
------------
7,520,703
------------
DISTRICT OF COLUMBIA 2.1%
2,035 District of Columbia Tax Increment Rev Gallery
Place Proj (FSA Insd) (a)....................... 5.500 07/01/14 2,182,599
1,000 District of Columbia Tax Increment Rev Gallery
Place Proj (FSA Insd)........................... 5.500 07/01/15 1,076,760
------------
3,259,359
------------
FLORIDA 5.7%
230 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC
Insd)........................................... 5.950 07/01/20 241,512
2,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt
Hub Ser A (AMT) (FGIC Insd)..................... 5.375 10/01/27 2,086,880
4,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt
Hub Ser A (AMT) (FGIC Insd)..................... 4.750 10/01/36 3,929,080
280 Orange Cnty, FL Hsg Fin Auth Single Family Mtg
Rev Ser A (AMT) (GNMA Collateralized)........... 6.200 10/01/16 285,104
2,000 Pasco Cnty, FL Solid Waste Disp & Res Recovery
Sys Rev (AMT) (AMBAC Insd)...................... 6.000 04/01/11 2,145,260
------------
8,687,836
------------
GEORGIA 3.3%
1,000 Cobb Cnty, GA Dev Auth Rev KSU Town Point Real
Estate Ser A (CIFG Insd)........................ 5.000 07/15/26 1,035,950
1,895 Georgia Sch Brds Assn Inc Ctf Partn Dekalb Cnty
Pub Sch Proj (MBIA Insd)........................ 5.000 12/01/23 1,970,326
2,000 Newton Cnty, GA Indl Dev Auth Gpc Fndtn Real
Estate Newton (CIFG Insd)....................... 5.000 06/01/34 2,050,120
------------
5,056,396
------------
</Table>
10 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
HAWAII 2.3%
$2,000 Hawaii St Dept Budget & Fin Spl Purp Rev
Hawaiian Elec Co Proj Ser C (AMT) (AMBAC
Insd)........................................... 6.200% 11/01/29 $ 2,154,300
1,250 Hawaii St Dept Budget & Fin Spl Purp Rev
Hawaiian Elec Co Proj Ser D Rfdg (AMT) (AMBAC
Insd)........................................... 6.150 01/01/20 1,325,913
------------
3,480,213
------------
ILLINOIS 20.9%
2,000 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd).... * 01/01/32 489,680
2,705 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third
Lien Ser E Rfdg (CIFG Insd) (a)................. 5.250 01/01/20 2,850,502
5,000 Chicago, IL O'Hare Intl Arpt Rev RR II (AMT)
(Inverse Floating Rate) (Acquired 08/18/03, Cost
$5,323,550) (FSA Insd) (a) (c).................. 7.550 01/01/22 5,894,400
845 Chicago, IL Pk Dist Ltd Tax Ser A (Prerefunded @
01/01/11) (FGIC Insd)........................... 5.500 01/01/18 907,640
155 Chicago, IL Pk Dist Ltd Tax Ser A (FGIC Insd)
(a)............................................. 5.500 01/01/18 164,103
5,000 Chicago, IL Proj & Rfdg (FGIC Insd)............. 5.250 01/01/28 5,204,850
1,120 Chicago, IL Proj Ser C Rfdg (FGIC Insd)......... 5.500 01/01/40 1,192,542
1,770 Glenwood, IL (FSA Insd) (a)..................... 5.375 12/01/30 1,868,058
1,000 Illinois Ed Fac Auth Rev Robert Morris College
(MBIA Insd)..................................... 5.800 06/01/30 1,029,470
3,000 Illinois St First Ser (FGIC Insd)............... 5.500 02/01/16 3,228,720
1,500 Illinois St First Ser (FGIC Insd)............... 5.500 02/01/17 1,606,005
2,000 Illinois St First Ser (FGIC Insd)............... 5.500 02/01/18 2,141,340
1,000 Illinois St Sales Tax Rev (FSA Insd)............ 5.000 06/15/28 1,033,640
2,000 Illinois St Sales Tax Rev (FSA Insd)............ 5.000 06/15/30 2,065,780
1,260 Kendall, Kane & Will Cntys, IL (FGIC Insd)...... 5.500 10/01/12 1,357,675
1,050 Kendall, Kane & Will Cntys, IL Ser B (FGIC
Insd)........................................... 5.000 10/01/22 1,088,157
------------
32,122,562
------------
INDIANA 6.7%
2,025 Aurora, IN Sch Bldg Ind Corp First Mtg (FGIC
Insd)........................................... 5.000 07/15/23 2,099,399
1,085 Indiana St Rec Dev Cmnty Rev (AMBAC Insd) (a)... 5.000 07/01/18 1,131,123
1,235 Indianapolis, IN Loc Pub Impt Ser D (AMBAC
Insd)........................................... 5.500 02/01/21 1,308,631
1,000 New Albany Floyd Cnty, IN Sch Bldg Corp First
Mtg Rfdg (FSA Insd)............................. 5.000 07/15/23 1,038,450
2,000 New Albany Floyd Cnty, IN Sch Bldg Corp First
Mtg Rfdg (FSA Insd)............................. 5.000 07/15/25 2,070,800
1,195 Saint Joseph Cnty, IN Econ Dev Saint Mary's
College Proj (MBIA Insd)........................ 5.125 04/01/28 1,229,607
1,290 Shelbyville, IN Cent Renovation Sch Bldg Corp
First Mtg (MBIA Insd)........................... 5.000 07/15/20 1,345,547
------------
10,223,557
------------
KANSAS 1.4%
1,990 Kansas St Dev Fin Auth Lease Juvenile Justice
Auth Ser D (MBIA Insd).......................... 5.250 05/01/15 2,112,365
------------
</Table>
See Notes to Financial Statements 11
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
LOUISIANA 4.1%
$3,145 Calcasieu Parish, LA Mem Hosp Svc Dist Hosp Rev
Lake Charles Mem Hosp Proj Ser A (Connie Lee
Insd)........................................... 6.650% 12/01/21 $ 3,196,484
1,000 Louisiana Hsg Fin Agy Mtg Rev Coll Mtg Malta
Square Proj (AMT) (GNMA Collateralized)......... 6.450 09/01/27 1,032,110
985 Louisiana Hsg Fin Agy Rev Azalea Estates Ser A
Rfdg (AMT) (GNMA Collateralized)................ 5.375 10/20/39 1,004,867
1,000 Louisiana Loc Govt Envir Fac Cmnty Dev Auth Rev
Ascension Parish Lib Proj (AMBAC Insd).......... 5.250 04/01/35 1,047,480
------------
6,280,941
------------
MICHIGAN 2.2%
1,000 Detroit, MI Ser A (XLCA Insd)................... 5.250 04/01/23 1,049,930
1,000 Monroe Cnty, MI Econ Dev Corp Ltd Oblig Rev Coll
Detroit Edison Co Ser AA Rfdg (FGIC Insd)....... 6.950 09/01/22 1,279,500
1,000 Plymouth Canton, MI Cmnty Sch Dist (FGIC
Insd)........................................... 5.000 05/01/28 1,031,610
------------
3,361,040
------------
MISSOURI 2.2%
1,000 Chesterfield, MO Ctf Partn (FGIC Insd).......... 5.000 12/01/21 1,042,920
520 Missouri St Hsg Dev Commn Multi-Family Hsg
Brookstone Ser A (AMT).......................... 6.000 12/01/16 532,173
655 Missouri St Hsg Dev Commn Multi-Family Hsg
Truman Farm Ser A (AMT) (FSA Insd).............. 5.750 10/01/11 669,161
1,175 Nixa, MO Elec Sys Rev (XLCA Insd)............... 5.000 04/01/25 1,203,611
------------
3,447,865
------------
NEBRASKA 0.7%
985 Nebraska Invt Fin Auth Multi-Family Rev Hsg
Summit Club Apt Proj (AMT)...................... 5.700 10/01/12 1,003,735
------------
NEVADA 2.7%
4,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp
Proj Ser A (AMT) (AMBAC Insd)................... 5.250 07/01/34 4,143,520
------------
NEW JERSEY 1.7%
2,510 Essex Cnty, NJ Impt Auth Arpt Rev Cnty Gtd Rfdg
(AMT) (MBIA Insd)............................... 5.125 10/01/21 2,582,363
------------
NEW MEXICO 0.1%
205 New Mexico Mtg Fin Auth Single Family Mtg Pgm A2
(AMT) (GNMA Collateralized)..................... 6.050 07/01/16 205,670
------------
</Table>
12 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
NEW YORK 4.0%
$1,000 Buffalo, NY Sch Ser B (MBIA Insd)............... 5.375% 11/15/18 $ 1,075,510
1,800 New York City Transitional Future Tax Secd Ser D
(MBIA Insd)..................................... 5.250 02/01/18 1,917,720
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Terminal 6 (AMT) (MBIA Insd).......... 5.750 12/01/25 3,085,020
------------
6,078,250
------------
NORTH CAROLINA 2.2%
1,585 Brunswick Cnty, NC Enterprise Ser A (FSA
Insd)........................................... 5.250 04/01/24 1,684,078
1,110 Buncombe Cnty, NC Ctf Partn Ser 2005 (AMBAC
Insd)........................................... 5.000 04/01/18 1,162,436
500 Buncombe Cnty, NC Ctf Partn Ser 2005 (AMBAC
Insd)........................................... 5.000 04/01/22 519,870
------------
3,366,384
------------
NORTH DAKOTA 1.3%
1,900 North Dakota St Brd Higher Ed Rev Univ ND Hsg &
Aux Fac (FSA Insd) (a).......................... 5.000 04/01/26 1,974,537
------------
OHIO 6.4%
2,500 Cuyahoga Falls, OH Ser 1 (FGIC Insd)............ 5.250 12/01/17 2,600,700
1,820 Garfield Heights, OH City Sch Dist Sch Impt
(MBIA Insd) (a)................................. 5.500 12/15/19 1,953,952
1,500 Hamilton Cnty, OH Swr Sys Rev Impt Met Swr Dist
Ser B (MBIA Insd)............................... 5.000 12/01/30 1,554,885
1,000 New Albany, OH Cmnty Auth Cmnty Fac Rev Ser B
(AMBAC Insd).................................... 5.500 10/01/17 1,074,470
790 Ohio Hsg Fin Agy Mtg Rev Residential Mtg Bkd Sec
Ser C (AMT) (GNMA Collateralized)............... 4.900 03/01/11 808,691
1,715 Ohio St Bldg Auth St Fac Admin Bldg Fd Proj Ser
A (FSA Insd).................................... 5.500 04/01/18 1,840,847
------------
9,833,545
------------
OKLAHOMA 1.4%
735 Leflore Cnty, OK Pub Bldgs Auth Jail Pub Fac
Lease Rev Jail & Courthouse Expansion Proj
(AMBAC Insd).................................... 5.000 12/01/44 756,528
1,250 Tulsa, OK Arpt Impt Tr Gen Rev Ser A (AMT) (FGIC
Insd)........................................... 6.000 06/01/20 1,404,875
------------
2,161,403
------------
OREGON 2.6%
2,150 Oregon St Bd Bk Rev OR Econ Cmnty Dev Dept Ser A
(MBIA Insd) (a)................................. 5.500 01/01/16 2,249,029
1,715 Oregon St Dept Admin Ser C Rfdg (MBIA Insd)..... 5.250 11/01/18 1,815,808
------------
4,064,837
------------
</Table>
See Notes to Financial Statements 13
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA 7.4%
$2,000 Allegheny Cnty, PA Hosp Dev Auth Rev Pittsburgh
Mercy Hlth Sys Inc (Escrowed to Maturity) (AMBAC
Insd)........................................... 5.625% 08/15/26 $ 2,126,260
5,000 Philadelphia, PA Auth Indl Dev Lease Rev Ser B
(FSA Insd)...................................... 5.500 10/01/15 5,411,350
1,300 Philadelphia, PA Gas Wks Rev 18th Ser (AGL
Insd)........................................... 5.250 08/01/16 1,379,703
2,300 Philadelphia, PA Redev Auth Rev Neighborhood
Transformation Ser A (FGIC Insd)................ 5.500 04/15/22 2,456,768
------------
11,374,081
------------
RHODE ISLAND 1.4%
1,500 Rhode Island Port Auth & Econ Dev Corp Arpt Rev
Ser A (AMT) (FSA Insd).......................... 7.000 07/01/14 1,703,355
500 Rhode Island St Econ Dev Ser A Rfdg (AMT) (FSA
Insd)........................................... 5.000 07/01/21 511,245
------------
2,214,600
------------
SOUTH CAROLINA 3.9%
2,000 Dorchester Cnty, SC Sch Dist No 002 Installment
Pur Rev Growth (AGL Insd)....................... 5.000 12/01/29 2,050,360
3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec
& Gas Co Proj Ser B (AMT) (AMBAC Insd).......... 5.450 11/01/32 3,928,800
------------
5,979,160
------------
SOUTH DAKOTA 1.7%
1,475 Minnehaha Cnty, SD Ctf Ltd Tax (FSA Insd) (a)... 5.000 12/01/17 1,548,529
985 South Dakota St Hlth & Ed Fac Auth Vocational Ed
Pgm Ser A (AMBAC Insd).......................... 5.400 08/01/13 1,018,303
------------
2,566,832
------------
TENNESSEE 3.2%
4,315 Metropolitan Nashville Arpt Auth TN Arpt Rev
Impt Ser A Rfdg (FGIC Insd)..................... 6.600 07/01/15 4,864,386
------------
TEXAS 16.5%
2,675 Dallas Cnty, TX Cmnty College Fin Sys (AMBAC
Insd) (a)....................................... 5.375 02/15/18 2,802,544
2,000 Dallas-Fort Worth, TX Intl Arpt Rev Impt Jt Ser
A Rfdg (AMT) (FGIC Insd)........................ 5.875 11/01/17 2,148,460
1,500 Dallas-Fort Worth, TX Intl Arpt Rev Impt Jt Ser
A Rfdg (AMT) (FGIC Insd)........................ 5.875 11/01/18 1,611,345
5,000 Dallas-Fort Worth, TX Intl Arpt Rev Impt Jt Ser
A Rfdg (AMT) (FGIC Insd)........................ 5.500 11/01/31 5,231,350
2,000 Dallas-Fort Worth, TX Intl Arpt Rev Impt Jt Ser
A Rfdg (AMT) (MBIA Insd)........................ 5.500 11/01/33 2,116,440
1,820 Galveston Cnty, TX Ctf Oblig Ser C (AMBAC Insd)
(a)............................................. 5.250 02/01/20 1,915,441
1,380 Houston, TX Cmnty College Sys Rev Sr Lien
Student Fee Rfdg (FSA Insd)..................... 5.250 04/15/19 1,467,671
</Table>
14 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 500 Laredo, TX ISD Pub Fac Corp Lease Rev Ser A
(AMBAC Insd).................................... 5.000% 08/01/29 $ 507,460
1,000 Laredo, TX ISD Pub Fac Corp Lease Rev Ser C
(AMBAC Insd).................................... 5.000 08/01/29 1,014,920
5,000 Texas St Tpk Auth Cent TX Tpk First Tier Ser A
(AMBAC Insd).................................... 5.500 08/15/39 5,367,800
1,150 Wichita Falls, TX Wtr & Swr Rev Priority Lien
(AMBAC Insd).................................... 5.375 08/01/17 1,221,162
------------
25,404,593
------------
VIRGINIA 1.0%
1,495 Harrisonburg, VA Redev & Hsg Auth Multi-Family
Hsg Rev Greens of Salem Run Proj (AMT).......... 6.200 04/01/17 1,533,661
------------
WASHINGTON 3.8%
2,000 Chelan Cnty, WA Pub Util Dist No 001 Cons Rev
Chelan Hydro Ser A (AMT) (MBIA Insd)............ 5.600 01/01/36 2,123,160
835 Cowlitz Cnty, WA Pub Util (FGIC Insd)........... 5.000 09/01/23 862,839
2,760 Spokane Cnty, WA Sch Dist No 363 (FGIC Insd).... 5.250 12/01/21 2,932,638
------------
5,918,637
------------
WEST VIRGINIA 2.3%
3,475 West Virginia St Wtr Dev Auth Wtr Dev Rev Ln Pgm
II Ser A-II Rfdg (FGIC Insd).................... 5.000 11/01/33 3,585,123
------------
WISCONSIN 1.1%
1,610 Wisconsin St Ser 3 Rfdg (FGIC Insd)............. 5.250 05/01/22 1,712,702
------------
PUERTO RICO 3.9%
5,000 Puerto Rico Commwlth Hwy & Trans Auth Hwy Rev
Ser Y Rfdg (FSA Insd)........................... 6.250 07/01/21 6,031,350
------------
TOTAL LONG-TERM INVESTMENTS 154.3%
(Cost $229,567,901)....................................................... 237,062,071
SHORT-TERM INVESTMENTS 2.1%
(Cost $3,300,000)......................................................... 3,300,000
------------
TOTAL INVESTMENTS 156.4%
(Cost $232,867,901)....................................................... 240,362,071
OTHER ASSETS IN EXCESS OF LIABILITIES 2.2%................................. 3,386,304
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (58.6%)................. (90,093,193)
------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.............................. $153,655,182
============
</Table>
See Notes to Financial Statements 15
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2006 (UNAUDITED) continued
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the outstanding bond issuance.
(b) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(c) 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 3.8% of net assets
applicable to common shares.
AGL--Assured Guaranty Ltd.
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
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.
XLCA--XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF APRIL 30, 2006:
<Table>
<Caption>
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 5-Year Futures June 2006 (Current
Notional Value of $104,156 per contract).................. 257 $135,175
=== ========
</Table>
SWAP AGREEMENTS OUTSTANDING AS OF APRIL 30, 2006:
INTEREST RATE SWAPS
<Table>
<Caption>
PAY/
RECEIVE NOTIONAL UNREALIZED
FLOATING FIXED EXPIRATION AMOUNT APPRECIATION/
COUNTERPARTY FLOATING RATE INDEX RATE RATE DATE (000) DEPRECIATION
JP Morgan Chase Bank,
N.A. ............... USD-BMA Municipal
Swap Index Receive 4.375% 7/11/26 $3,270 $ 3,338
JP Morgan Chase Bank,
N.A. ............... USD-BMA Municipal
Swap Index Receive 4.137 6/28/26 5,090 147,372
-------------
$150,710
=============
</Table>
16 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2006 (Unaudited)
<Table>
ASSETS:
Total Investments (Cost $232,867,901)....................... $240,362,071
Cash........................................................ 254,220
Interest Receivable......................................... 3,530,428
Swap Contracts.............................................. 150,710
Other....................................................... 3,502
------------
Total Assets............................................ 244,300,931
------------
LIABILITIES:
Payables:
Investment Advisory Fee................................... 110,321
Variation Margin on Futures............................... 40,156
Income Distributions--Common Shares....................... 30,285
Other Affiliates.......................................... 12,810
Trustees' Deferred Compensation and Retirement Plans........ 298,958
Accrued Expenses............................................ 60,026
------------
Total Liabilities....................................... 552,556
Preferred Shares (including accrued distributions).......... 90,093,193
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $153,655,182
============
NET ASSET VALUE PER COMMON SHARE ($153,655,182 divided by
9,808,246 shares outstanding)............................. $ 15.67
============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
shares authorized, 9,808,246 shares issued and
outstanding).............................................. $ 98,082
Paid in Surplus............................................. 144,784,532
Net Unrealized Appreciation................................. 7,780,055
Accumulated Net Realized Gain............................... 507,972
Accumulated Undistributed Net Investment Income............. 484,541
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $153,655,182
============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
shares, 3,600 issued with liquidation preference of
$25,000 per share)........................................ $ 90,000,000
============
NET ASSETS INCLUDING PREFERRED SHARES....................... $243,655,182
============
</Table>
See Notes to Financial Statements 17
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2006 (Unaudited)
<Table>
INVESTMENT INCOME:
Interest.................................................... $ 5,869,764
-----------
EXPENSES:
Investment Advisory Fee..................................... 672,041
Preferred Share Maintenance................................. 123,598
Trustees' Fees and Related Expenses......................... 34,288
Legal....................................................... 24,240
Custody..................................................... 10,928
Other....................................................... 110,661
-----------
Total Expenses........................................ 975,756
-----------
NET INVESTMENT INCOME....................................... $ 4,894,008
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 900,248
Futures................................................... (104,380)
-----------
Net Realized Gain........................................... 795,868
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 9,831,801
-----------
End of the Period:
Investments............................................. 7,494,170
Futures................................................. 135,175
Swap Contracts.......................................... 150,710
-----------
7,780,055
-----------
Net Unrealized Depreciation During the Period............... (2,051,746)
-----------
NET REALIZED AND UNREALIZED LOSS............................ $(1,255,878)
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(1,460,334)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 2,177,796
===========
</Table>
18 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................... $ 4,894,008 $ 10,095,207
Net Realized Gain....................................... 795,868 2,800,221
Net Unrealized Depreciation During the Period........... (2,051,746) (6,912,510)
Distributions to Preferred Shareholders:
Net Investment Income................................. (858,169) (1,949,592)
Net Realized Gain..................................... (602,165) -0-
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................ 2,177,796 4,033,326
Distributions to Common Shareholders:
Net Investment Income................................. (3,854,641) (8,488,496)
Net Realized Gain..................................... (2,523,662) -0-
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM INVESTMENT ACTIVITIES............................ (4,200,507) (4,455,170)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period................................. 157,855,689 162,310,859
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $484,541 and
$303,343, respectively)............................... $153,655,182 $157,855,689
============ ============
</Table>
See Notes to Financial Statements 19
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
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 YEAR ENDED OCTOBER 31,
APRIL 30, ------------------------------------------------
2006 2005 2004 2003 2002 (g) 2001
-------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE
PERIOD................................... $ 16.09 $ 16.55 $ 16.37 $ 16.87 $ 17.00 $ 15.88
------- ------- ------- ------- ------- -------
Net Investment Income.................... .50(a) 1.03 1.02 1.07 1.11 1.21
Net Realized and Unrealized Gain/Loss.... (.12) (.42) .36 -0-(f) .33 1.11
Common Share Equivalent of Distributions
Paid to Preferred Shareholders:
Net Investment Income.................. (.09) (.20) (.09) (.08) (.05) (.29)
Net Realized Gain...................... (.06) -0- (.01) (.02) (.12) (.02)
------- ------- ------- ------- ------- -------
Total from Investment Operations.......... .23 .41 1.28 .97 1.27 2.01
Distributions Paid to Common Shareholders:
Net Investment Income.................... (.39) (.87) (.95) (1.08) (1.01) (.83)
Net Realized Gain........................ (.26) -0- (.15) (.39) (.39) (.06)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD........ $ 15.67 $ 16.09 $ 16.55 $ 16.37 $ 16.87 $ 17.00
======= ======= ======= ======= ======= =======
Common Share Market Price at End of the
Period................................... $ 14.62 $ 14.06 $ 15.22 $ 16.70 $ 16.12 $ 14.98
Total Return (b).......................... 8.74%* -2.08% -2.23% 13.12% 17.34% 11.18%
Net Assets Applicable to Common Shares at
End of the Period (In millions).......... $ 153.7 $ 157.9 $ 162.3 $ 160.3 $ 164.5 $ 165.6
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c).......... 1.26% 1.19% 1.26% 1.25% 1.40% 1.49%
Ratio of Net Investment Income to Average
Net Assets Applicable to Common Shares
(c)...................................... 6.31% 6.25% 6.29% 6.44% 6.73% 7.34%
Portfolio Turnover........................ 16%* 48% 25% 39% 50% 53%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets
Including Preferred Shares (c)........... .80% .77% .81% .81% .90% .95%
Ratio of Net Investment Income to Average
Net Assets Applicable to Common Shares
(d)...................................... 5.20% 5.05% 5.73% 5.94% 6.46% 5.58%
SENIOR SECURITIES:
Total Preferred Shares Outstanding........ 3,600 3,600 3,600 3,600 3,600 3,600
Asset Coverage Per Preferred Share (e).... $67,708 $68,895 $70,110 $69,554 $70,721 $70,990
Involuntary Liquidating Preference Per
Preferred Share.......................... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Average Market Value Per Preferred
Share.................................... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
</Table>
* Non-Annualized
(a)Based on average shares outstanding
(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 market 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.
(f)Amount is less than $.01
(g)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 less than $.01, decrease net realized and unrealized
gains and losses per share by less than $.01, and increase the ratio of net
investment income to average net assets applicable to common shares by .01%.
Per share, ratios and supplemental data for periods prior to October 31, 2002
have not been restated to reflect this change in presentation.
20 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Trust for Insured Municipals (the "Trust") is registered as a
diversified, closed-end management investment company under the Investment
Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment
objective is to seek to provide a high level of current income exempt from
federal income taxes, consistent with preservation of capital. In normal market
conditions, the Trust intends to invest substantially all of its assets in
municipal securities which are covered by insurance with respect to the timely
payment of principal and interest. The Trust commenced investment operations on
January 24, 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.
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
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
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 April 30, 2006, the Trust had no when-issued and 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.
D. FEDERAL INCOME TAXES It is the Trust'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 Trust 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. During the prior fiscal year, the Trust utilized capital losses carried
forward of $303,797.
21
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED) continued
At April 30, 2006, the cost and related gross unrealized appreciation and
depreciation are as follows:
<Table>
Cost of investments for tax purposes........................ $232,821,733
============
Gross tax unrealized appreciation........................... $ 8,466,641
Gross tax unrealized depreciation........................... (926,303)
------------
Net tax unrealized appreciation on investments.............. $ 7,540,338
============
</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 and a portion of futures gains, which are
included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31,
2005 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
Tax exempt income........................................... $10,365,246
</Table>
As of October 31, 2005, the components of distributable earnings on a tax
basis were as follows:
<Table>
Undistributed ordinary income............................... $ 523,075
Undistributed tax exempt income............................. 729,742
Undistributed long-term capital gain........................ 2,601,812
</Table>
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") provides investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
of the Trust.
For the six months ended April 30, 2006, the Trust recognized expenses of
approximately $6,900 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
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 Trust. The costs of
these services are allocated to each trust. For the six months ended April 30,
2006, the Trust recognized expenses of approximately $27,700, representing Van
Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting and legal services to the Trust, 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 "Legal" expenses on the Statement of Operations. Services provided
pursuant to the Accounting Services and CCO Employment agreement are reported as
part of "Other" expenses 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
also 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
22
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED) continued
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.
3. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $37,612,840 and $41,105,206,
respectively.
4. 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.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage 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 or for risk management purposes,
but may also enter into these transactions to generate additional income. All of
the Trust'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
recognized accordingly, except when taking delivery of a security underlying a
futures contract. In this instance, the recognition of gain or loss is postponed
until the disposal of the security underlying the futures contract.
Summarized below are the specific types of derivative financial instruments
used by the Trust.
A. FUTURES CONTRACTS A futures contract is an arrangement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Trust 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 Trust's effective maturity and
duration. Upon entering into futures contracts, the Trust 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 the rules and
regulations promulgated under the 1940 Act, as amended, 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.
Transaction in futures contracts for the six months ended April 30, 2006,
were as follows:
<Table>
<Caption>
CONTRACTS
Outstanding at October 31, 2005............................. 438
Futures Opened.............................................. 1,263
Futures Closed.............................................. (1,444)
------
Outstanding at April 30, 2006............................... 257
======
</Table>
23
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2006 (UNAUDITED) continued
B. INDEXED SECURITY An inverse floating rate security is one where the coupon is
inversely indexed to a short-term floating interest rate multiplied by a
specific factor. As the floating rate rises, the coupon is reduced. Conversely,
as the floating rate declines, the coupon is increased. The price of these
securities may be more volatile than the price of a comparable fixed rate
security. These instruments are typically used by the Trust to enhance the yield
of the portfolio. These instruments are identified in the portfolio of
investments.
C. INTEREST RATE SWAPS The Trust may enter into interest rate swaps primarily to
preserve a return or spread on a particular investment or portion of its
portfolio, as a duration management technique or to protect against any increase
in the price of securities the Trust anticipates purchasing at a later date.
Interest rate swaps are contractual agreements to exchange periodic interest
payment streams calculated on a predetermined notional principal amount.
Interest rate swaps generally involve one party paying a fixed interest rate and
the other party paying a variable rate. The Trust will usually enter into swaps
on a net basis, i.e, the two payment streams are netted out in a cash settlement
on the payment date or dates specified in the instrument, with the Trust
receiving or paying, as the case may be, only the net amount of the two
payments. The Trust accrues the net amount with respect to each swap on a daily
basis. This net amount is recorded within unrealized appreciation/ depreciation
on swap contracts. Upon cash settlement of the periodic payments, the net amount
is recorded as realized gain/loss on swap contracts on the Statement of
Operations. Risks may arise as a result of the potential inability of the
counterparties to meet the terms of their contracts. If there is a default by
the counterparty, the Trust will have contractual remedies pursuant to the
agreements related to the transaction.
5. PREFERRED SHARES
The Trust has outstanding 3,600 Auction Preferred Shares (APS) in two series of
1,800 shares each. Dividends are cumulative and the dividend rate is generally
reset every 28 days for both series through an auction process. The average rate
in effect on April 30, 2006 was 3.595%. During the six months ended April 30,
2006, the rates ranged from 2.590% to 4.500%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. 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.
6. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
24
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
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, EquiServe Trust Company, N.A., 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
25
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
DIVIDEND REINVESTMENT PLAN continued
of the Trust's Common Shares, resulting in 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 EquiServe Trust Company, N.A., c/o Computershare Investor Services, P.O.
Box 43010, Providence, Rhode Island 02940-3010. 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
26
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
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
RONALD E. ROBISON
President and Principal Executive Officer
DENNIS SHEA
Vice President
J. DAVID GERMANY
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
PHILLIP G. GOFF
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
c/o Computershare Investor Services
P.O. Box 43010
Providence, Rhode Island 02940-3010
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, IL 60606
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
27
Van Kampen Trust for Insured Municipals
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.
The following 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. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Trust for Insured Municipals
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- 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 serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Trust for Insured Municipals
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, 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.
Van Kampen Funds Inc.
1 Parkview Plaza
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2006 Van Kampen Funds Inc. All rights reserved.
Member NASD/SIPC.
VIM SAR 6/06
(VAN KAMPEN INVESTMENTS SHINE LOGO) RN06-01506P-Y04/06
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form
N-CSRS was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Trust For Insured Municipals
By: /s/ Ronald E. Robison
------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 20, 2006
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 20, 2006
By: /s/ Phillip G. Goff
------------------------------
Name: Phillip G. Goff
Title: Principal Financial Officer
Date: June 20, 2006