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: 4/30/07
Item 1. Report to Shareholders.
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
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, 2007.
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 04/30/07
<Table>
<Caption>
TRUST FOR INSURED MUNICIPALS
SYMBOL: VIM
- ------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET PRICE
Since Inception (1/24/92) 7.44% 7.04%
10-year 6.87 6.44
5-year 6.61 5.94
1-year 6.34 7.72
6-month 1.47 8.27
- ------------------------------------------------------------
</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 trust's advisor has waived or reimbursed fees and
expenses from time to time; absent such waivers/reimbursements the trust's
returns would have been lower.
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, 2007
MARKET CONDITIONS
The overall environment for municipal bonds was favorable during the reporting
period, but mixed economic indicators and concerns about the residential housing
sector led to increased market uncertainty and volatility. At the beginning of
the period, the pace of economic growth appeared to be slowing, but in December,
the outlook for the economy turned positive following a slate of
stronger-than-expected economic releases. The improved economic picture pushed
bond yields higher and effectively reversed the run-up in prices that had begun
in July on concern over the weak housing market's potential drag on the economy.
Bonds continued to decline until February, when the sub-prime mortgage market
showed signs of deterioration, causing a sell-off in equities and a
flight-to-quality bond market rally. In March, the rally ended as strong
employment reports and upward movement in inflationary pressures sparked selling
in an overbought Treasury market. At month end, however, the short end of the
bond market rebounded strongly following news that the Federal Open Market
Committee (the "Fed") had dropped its bias toward higher rates. This came as
somewhat of a surprise, given the fact that core inflation readings remained
elevated.
Municipal bond yields followed the general movement of the Treasury market.
However, the 30-year AAA municipal yield reached lows not seen in decades,
declining to 4.00 percent in the first half of the reporting period before
reversing course and ending the period higher at 4.10 percent. Yields on the
short end of the municipal curve rose more than long-term yields during the
period. As a result, the short end of the curve posted the lowest returns while
the long end outperformed other portions of the curve by as much as 70 basis
points. The slope of the municipal curve (which is defined by the traditional
yield advantage of bonds with longer maturities) still remained relatively flat
and as such, the yield differential between long maturity and short maturity
issues was quite small.
New issue supply rose dramatically during the period, increasing by 34 percent
versus the same six-month period a year ago, as relatively low interest rates
spurred municipalities to refinance their debt. Insured bond issuance also rose
considerably and represented more than half of the total new issue supply.
Demand for municipal bonds was robust as well, particularly for high-yield
securities as investors proved increasingly willing to take on more risk in
return for relatively higher yields. The strong demand caused most credit
spreads, which were already near historically tight levels, to further narrow.
As a result, the lower-quality, higher yielding segment of the market
considerably outperformed, returning 182 basis points more than the
investment-grade segment for the overall period.
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 an NAV basis, the Trust underperformed its benchmark index, the
Lehman Brothers Municipal Bond Index. On a market price basis, the Trust
outperformed its benchmark.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007
<Table>
<Caption>
- ----------------------------------------------------------
BASED ON BASED ON LEHMAN BROTHERS
NAV MARKET PRICE MUNICIPAL BOND INDEX
1.47% 8.27% 1.59%
- ----------------------------------------------------------
</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.
A variety of strategies drove the Trust's performance during the course of the
period. One of the key drivers was our focus on the long end of the yield curve.
Given the relatively flat shape of the curve throughout the period, we invested
in bonds with maturities of 25 years or more in order to capture more attractive
yields. The emphasis on longer-maturity issues proved beneficial to performance
as this segment of the curve outperformed for the overall period.
Recent fund enhancements allow for up to 20 percent of assets to be invested in
uninsured--but still investment-grade--securities. (The remainder must be
invested in AAA rated insured bonds.) As such, in an effort to further enhance
the Trust's yield, we selectively added holdings in BBB, A, and AA rated credits
while also adding to the Trust's holdings of inverse floating-rate securities.*
These strategies were additive to the Trust's performance during the first four
months of the period. In the last two months, however, spread widening led the
performance of lower-rated credits to wane and rising interest rates hurt the
performance of inverse floating-rate securities. As a result, the Trust's
positions in these credits detracted somewhat from performance late in the
period.
The primary contributor to the Trust's underperformance versus the Lehman
Brothers Municipal Bond Index during the period was its holdings in insured
bonds. The Trust contains a greater amount of insured bonds than the Lehman
Brothers Municipal Bond Index. Over the course of the period, spread widening in
the sector adversely affected performance of the Trust's holdings. This,
*An inverse floating-rate security, or "inverse floater", is a variable rate
security whose coupon rate changes in the opposite direction from the change in
the reference rate used to calculate the coupon rate.
3
coupled with the portfolio's relative overweight to these bonds, detracted from
returns. Because the Trust's inverse floating-rate securities added to the
portfolio's duration (a measure of interest-rate risk), we hedged that risk by
selling 30-year U.S. Treasury futures. While this proved to be an effective
hedging strategy, it hindered the portfolio's return during the period. We
continued to keep the Trust's Alternative Minimum Tax (AMT) exposure low, but
holdings here also detracted from performance. The Trust remained well
diversified across a broad spectrum of municipal market sectors. As of the end
of the period, airports, hospitals and general purpose bonds represented the
portfolio's largest sector weightings.
The Trustees have approved a procedure whereby the trust may, when appropriate,
repurchase its shares in the open market or in privately negotiated transactions
at a price not above market value or NAV, whichever is lower at the time of
purchase. This may help support the market value of the trust's shares.
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.
CHANGES IN INVESTMENT POLICIES
The Board of Trustees of the Trust recently approved a non-fundamental
investment policy for the Trust allowing it to invest up to 20 percent of its
assets in unrated securities that have been determined by Van Kampen Asset
Management (the "Adviser") to be of comparable quality to those rated investment
grade.
Unrated securities may be less liquid than rated securities. This may have the
effect of limiting the ability of the Trust to sell such securities at their
fair value in response to changes in the economy or the financial markets.
4
<Table>
<Caption>
RATINGS ALLOCATION AS OF 4/30/07
AAA/Aaa 83.9%
AA/Aa 12.9
A/A 1.3
BBB/Baa 1.9
<Caption>
TOP 5 SECTORS AS OF 4/30/07
Airports 14.4%
Hospital 14.1
General Purpose 10.9
Public Education 7.2
Public Buildings 6.7
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/07
Illinois 16.2%
Kentucky 8.9
Texas 7.6
California 7.5
Colorado 6.6
Alabama 4.9
Florida 4.0
Pennsylvania 3.9
South Carolina 3.7
Missouri 3.4
Ohio 3.4
Washington 2.8
Indiana 2.3
Oklahoma 2.3
Louisiana 2.2
Puerto Rico 2.1
New York 2.1
South Dakoda 1.6
Nevada 1.4
Arizona 1.4
Oregon 1.4
Hawaii 1.2
Michigan 1.2
District of Columbia 1.1
Georgia 1.1
West Virginia 0.8
Kansas 0.7
Wisconsin 0.6
Delaware 0.6
North Carolina 0.6
Rhode Island 0.6
Virginia 0.5
Tennessee 0.3
</Table>
<Table>
(continued on next page)
</Table>
5
<Table>
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/07
(continued from previous page)
U.S. Virgin Islands 0.3
Nebraska 0.3
Maryland 0.3
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 total 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) 341-2929.
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) 341-2929 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the 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 a http://www.sec.gov.
7
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED)
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL BONDS 183.5%
ALABAMA 9.2%
$ 915 Alabama Drinking Wtr Fin Auth Revolving Fd Ln
Ser A (AMBAC Insd).............................. 5.125% 08/15/16 $ 968,793
1,380 Alabama Drinking Wtr Fin Auth Revolving Fd Ln
Ser A (AMBAC Insd).............................. 5.250 08/15/18 1,467,754
1,480 Dothan-Houston Cnty, AL Arpt Auth Arpt Rev (MBIA
Insd) (AMT)..................................... 5.600 12/01/20 1,578,612
3,750 Mobile, AL Wt Impt & Rfdg (AMBAC Insd).......... 5.000 02/15/23 3,989,663
1,200 Montgomery Cnty, AL Pub Bldg Auth Rev Wt Fac
Proj (MBIA Insd) (a)............................ 5.000 03/01/26 1,271,556
3,000 Trussville, AL Wt Ser A (FGIC Insd)............. 5.000 10/01/36 3,167,550
1,725 University AL at Birmingham Hosp Rev Ser A
(b)............................................. 5.000 09/01/36 1,763,640
------------
14,207,568
------------
ARIZONA 2.6%
2,000 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien
(FGIC Insd) (AMT)............................... 5.375 07/01/29 2,004,240
780 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig
Irvington Proj Tucson Rfdg Ser A (FSA Insd)..... 7.250 07/15/10 801,700
1,150 Tucson, AZ Wtr Rev Rfdg (FGIC Insd)............. 5.500 07/01/17 1,257,847
------------
4,063,787
------------
CALIFORNIA 14.0%
1,715 Baldy Mesa, CA Wtr Dist Ctf Partn Parity Wtr Sys
Impt Proj (AMBAC Insd).......................... 5.000% 08/01/36 1,811,778
1,565 California Statewide Cmnty Pooled Fin Pgm Ser S
(FSA Insd)...................................... 5.250 10/01/19 1,710,576
2,000 Cathedral City, CA Pub Fin Auth Rev Sub Tax
Alloc Redev Proj Ser C.......................... 4.500 08/01/35 1,900,180
3,390 Coachella, CA Redev Agy Tax Alloc Sub Merged
Proj Areas Ser A (AMBAC Insd) (a)............... 5.250 09/01/36 3,677,370
1,750 Huntington Pk, CA Pub Fin Rfdg Ser A (FSA
Insd)........................................... 5.250 09/01/18 1,932,840
3,000 Sacramento, CA City Fin Auth Rev Tax Alloc Ser A
(FGIC Insd)..................................... 5.000 12/01/34 3,159,450
2,000 University CA Rev Ltd Proj Ser B (FSA Insd)..... 5.000 05/15/30 2,104,720
2,500 West Sacramento, CA Fin Auth Spl Tax Rev Ser A
(XLCA Insd)..................................... 5.000 09/01/26 2,695,525
2,585 Woodland, CA Fin Auth Waste Wtr Rev Second Sr
Lien (MBIA Insd)................................ 5.000 03/01/35 2,715,568
------------
21,708,007
------------
COLORADO 12.4%
1,255 Colorado Ed & Cultural Fac Auth Rev Charter Sch
Aurora Academy Proj (XLCA Insd) (a)............. 5.250 02/15/24 1,340,102
1,250 Colorado Hlth Fac Auth Rev Evangelical Lutheran
Proj............................................ 5.250 06/01/36 1,304,537
5,460 Colorado Hsg Fin Auth Single-Family Mtg Rev
Class II Ser C-3 (AMT) (b)...................... 4.625 11/01/36 5,382,195
</Table>
8 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
COLORADO (CONTINUED)
$10,000 Denver, CO Convention Ctr Hotel Auth Rev Rfdg
(XLCA Insd) (b)................................. 5.000% 12/01/35 $ 10,561,300
560 Weld & Adams Cntys, CO Sch Dist Ser J (FSA Insd)
(Prerefunded @ 12/15/14)........................ 5.000 12/15/22 605,909
------------
19,194,043
------------
DELAWARE 1.1%
635 New Castle Cnty, DE Rev Newark Charter Sch Inc
Proj............................................ 5.000 09/01/26 656,253
1,030 New Castle Cnty, DE Rev Newark Charter Sch Inc
Proj............................................ 5.000 09/01/36 1,055,029
------------
1,711,282
------------
DISTRICT OF COLUMBIA 2.1%
2,035 District of Columbia Tax Increment Rev Gallery
Place Proj (FSA Insd) (a)....................... 5.500 07/01/14 2,189,436
1,000 District of Columbia Tax Increment Rev Gallery
Place Proj (FSA Insd)........................... 5.500 07/01/15 1,075,890
------------
3,265,326
------------
FLORIDA 7.5%
3,035 Auburndale, FL Wtr & Swr Rev (AMBAC Insd)....... 4.250 12/01/32 2,905,162
230 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC
Insd)........................................... 5.950 07/01/20 238,800
4,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt
Hub Ser A (FGIC Insd) (AMT)..................... 4.750 10/01/36 4,052,280
2,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt
Hub Ser A (FGIC Insd) (AMT)..................... 5.375 10/01/27 2,113,660
190 Orange Cnty, FL Hsg Fin Auth Single Family Mtg
Rev Ser A (GNMA Collateralized) (AMT)........... 6.200 10/01/16 192,092
2,000 Pasco Cnty, FL Solid Waste Disp & Res Recovery
Sys Rev (AMBAC Insd) (AMT)...................... 6.000 04/01/11 2,154,600
------------
11,656,594
------------
GEORGIA 2.0%
1,000 Cobb Cnty, GA Dev Auth Rev KSU Town Point Real
Estate Ser A (CIFG Insd)........................ 5.000 07/15/26 1,060,120
2,000 Newton Cnty, GA Indl Dev Auth GPC Fndtn Real
Estate Newton (CIFG Insd)....................... 5.000 06/01/34 2,105,080
------------
3,165,200
------------
HAWAII 2.2%
1,250 Hawaii St Dept Budget & Fin Spl Purp Rev
Hawaiian Elec Co Proj Rfdg Ser D (AMBAC Insd)
(AMT)........................................... 6.150 01/01/20 1,305,862
2,000 Hawaii St Dept Budget & Fin Spl Purp Rev
Hawaiian Elec Co Proj Ser C (AMBAC Insd)
(AMT)........................................... 6.200 11/01/29 2,125,900
------------
3,431,762
------------
</Table>
See Notes to Financial Statements 9
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS 28.2%
$2,000 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd).... * 01/01/32 $ 532,240
1,350 Chicago, IL Multi-Family Hsg Rev Paul G Stewart
Phase I & II (FHA Gtd) (AMT).................... 4.900% 03/20/44 1,335,595
2,705 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third
Lien Rfdg Ser E (CIFG Insd) (a)................. 5.250 01/01/20 2,895,351
10,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third
Lien Ser B (FSA Insd) (AMT) (b)................. 5.750 01/01/22 10,978,150
155 Chicago, IL Pk Dist Ltd Tax Ser A (FGIC Insd)... 5.500 01/01/18 163,964
4,020 Chicago, IL Proj Rfdg (FGIC Insd)............... 5.250 01/01/28 4,153,384
1,120 Chicago, IL Proj Rfdg Ser C (FGIC Insd)......... 5.500 01/01/40 1,181,409
1,555 Cortland, IL Spl Svc Area No 001 Spl Tax Rfdg
(AGL Insd)...................................... 4.700 03/01/32 1,556,493
1,770 Glenwood, IL (FSA Insd) (a)..................... 5.375 12/01/30 1,856,518
1,000 Illinois Ed Fac Auth Rev Robert Morris College
(MBIA Insd)..................................... 5.800 06/01/30 1,010,810
5,715 Illinois Fin Auth Rev IL Finance Auth Bradley
(XLCA Insd)..................................... 5.000 08/01/27 6,055,671
3,000 Illinois St First Ser 1 (FGIC Insd)............. 5.500 02/01/16 3,230,340
1,500 Illinois St First Ser 1 (FGIC Insd)............. 5.500 02/01/17 1,607,745
2,000 Illinois St First Ser 1 (FGIC Insd)............. 5.500 02/01/18 2,147,800
1,260 Kendall, Kane & Will Cntys, IL (FGIC Insd)...... 5.500 10/01/12 1,350,216
1,050 Kendall, Kane & Will Cntys, IL Ser B (FGIC
Insd)........................................... 5.000 10/01/22 1,099,633
1,000 Montgomery, IL Spl Assmt Rfdg Impt Lakewood
Creek Proj (Radian Insd)........................ 4.700 03/01/30 1,002,310
1,685 Round Lake, IL Lakewood Grove Spl Svc Area No 4
Spl Tax Rfdg (AGL Insd)......................... 4.700 03/01/33 1,692,414
------------
43,850,043
------------
INDIANA 4.3%
2,025 Aurora, IN Sch Bldg Ind Corp First Mtg
(FGIC Insd)..................................... 5.000 07/15/23 2,138,117
1,235 Indianapolis, IN Loc Pub Impt Ser D
(AMBAC Insd).................................... 5.500 02/01/21 1,302,604
1,800 New Albany Floyd Cnty, IN Sch Bldg Corp First
Mtg Rfdg (FSA Insd)............................. 5.000 07/15/25 1,902,204
1,195 Saint Joseph Cnty, IN Econ Dev Saint Mary's
College Proj (MBIA Insd) (Prerefunded @
4/01/12)........................................ 5.125 04/01/28 1,272,854
------------
6,615,779
------------
KANSAS 1.4%
1,990 Kansas St Dev Fin Auth Lease Juvenile Justice
Auth Ser D (MBIA Insd).......................... 5.250 05/01/15 2,101,281
------------
KENTUCKY 16.6%
24,800 Louisville & Jefferson Cntys, KY Metro Govt Hlth
Sys Rev Norton Hlthcare Inc (b)................. 5.000 10/01/30 25,800,267
</Table>
10 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
KENTUCKY (CONTINUED)
$ 10 Louisville & Jefferson Cntys, KY Metro Govt Hlth
Sys Rev Norton Hlthcare Inc (b)................. 5.250% 10/01/36 $ 10,403
------------
25,810,670
------------
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 3,160,347
1,000 Louisiana Hsg Fin Agy Mtg Rev Coll Mtg Malta
Square Proj (GNMA Collateralized) (AMT)......... 6.450 09/01/27 1,046,190
980 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg
Ser A (GNMA Collateralized) (AMT)............... 5.375 10/20/39 1,027,589
1,000 Louisiana Loc Govt Envir Fac Cmnty Dev Auth Rev
Ascension Parish Lib Proj (AMBAC Insd).......... 5.250 04/01/35 1,069,040
------------
6,303,166
------------
MARYLAND 0.5%
800 Maryland St Hlth & Higher Ed Fac Auth Rev Univ
MD Med Sys Ser A................................ 5.000 07/01/41 819,456
------------
MICHIGAN 2.2%
1,000 Detroit, MI Ser A (XLCA Insd)................... 5.250 04/01/23 1,061,210
1,000 Monroe Cnty, MI Econ Dev Corp Ltd Oblig Rev Coll
Detroit Edison Co Rfdg Ser AA (FGIC Insd)....... 6.950 09/01/22 1,310,560
1,000 Plymouth Canton, MI Cmnty Sch Dist (FGIC
Insd)........................................... 5.000 05/01/28 1,052,130
------------
3,423,900
------------
MISSOURI 6.4%
1,550 Missouri Jt Muni Elec Util Com Pwr Proj Rev Plum
Point Proj (MBIA Insd).......................... 5.000 01/01/21 1,658,422
520 Missouri St Hsg Dev Com Multi-Family Hsg
Brookstone Ser A (AMT).......................... 6.000 12/01/16 530,327
560 Missouri St Hsg Dev Com Multi-Family Hsg Truman
Farm Ser A (FSA Insd) (AMT)..................... 5.750 10/01/11 569,229
1,175 Nixa, MO Elec Sys Rev (XLCA Insd)............... 5.000 04/01/25 1,221,589
2,750 Springfield, MO Pub Bldg Corp Leasehold Rev
Springfield Branson Arpt Ser B (AMT) (AMBAC
Insd) (b)....................................... 4.550 07/01/29 2,701,751
3,350 Springfield, MO Pub Bldg Corp Leasehold Rev
Springfield Branson Arpt Ser B (AMT) (AMBAC
Insd) (b)....................................... 4.600 07/01/36 3,291,225
------------
9,972,543
------------
NEBRASKA 0.6%
985 Nebraska Invt Fin Auth Multi-Family Rev Hsg
Summit Club Apt Proj (AMT)...................... 5.700 10/01/12 998,554
------------
NEVADA 2.7%
4,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp
Proj Ser A (AMBAC Insd) (AMT)................... 5.250 07/01/34 4,229,560
------------
</Table>
See Notes to Financial Statements 11
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
NEW MEXICO 0.1%
$ 155 New Mexico Mtg Fin Auth Single Family Mtg Pgm A2
(GNMA Collateralized) (AMT)..................... 6.050% 07/01/16 $ 158,629
------------
NEW YORK 3.9%
1,000 Buffalo, NY Sch Ser B (MBIA Insd)............... 5.375 11/15/18 1,082,430
1,800 New York City Transitional Future Tax Secd Ser D
(MBIA Insd)..................................... 5.250 02/01/18 1,936,026
3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Term 6 (MBIA Insd) (AMT).............. 5.750 12/01/25 3,032,340
------------
6,050,796
------------
NORTH CAROLINA 1.1%
1,585 Brunswick Cnty, NC Enterprise Ser A (FSA
Insd)........................................... 5.250 04/01/24 1,710,627
------------
OHIO 4.7%
2,500 Cuyahoga Falls, OH Ser 1 (FGIC Insd)............ 5.250 12/01/17 2,570,625
1,500 Hamilton Cnty, OH Swr Sys Rev Impt Metro Swr
Dist Ser B (MBIA Insd).......................... 5.000 12/01/30 1,591,815
1,000 New Albany, OH Cmnty Auth Cmnty Fac Rev Ser B
(AMBAC Insd).................................... 5.500 10/01/17 1,074,570
225 Ohio Hsg Fin Agy Mtg Rev Residential Mtg Bkd Sec
Ser C (GNMA Collateralized) (AMT)............... 4.900 03/01/11 231,734
1,715 Ohio St Bldg Auth St Fac Admin Bldg Fd Proj Ser
A (FSA Insd).................................... 5.500 04/01/18 1,845,838
------------
7,314,582
------------
OKLAHOMA 4.3%
5,000 Tulsa Cnty, OK Indl Auth Hlthcare Rev Saint
Francis Hlth Sys (b)............................ 5.000 12/15/36 5,171,575
1,250 Tulsa, OK Arpt Impt Tr Gen Rev Ser A (FGIC Insd)
(AMT)........................................... 6.000 06/01/20 1,438,288
------------
6,609,863
------------
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 2,217,187
1,715 Oregon St Dept Admin Rfdg Ser C (MBIA Insd)..... 5.250 11/01/18 1,825,326
------------
4,042,513
------------
PENNSYLVANIA 7.4%
2,000 Allegheny Cnty, PA Hosp Dev Auth Rev PA Mercy
Hlth Sys Inc (AMBAC Insd) (c)................... 5.625 08/15/26 2,154,360
5,000 Philadelphia, PA Auth Indl Dev Lease Rev Ser B
(FSA Insd)...................................... 5.500 10/01/15 5,400,450
1,300 Philadelphia, PA Gas Wk Rev Ser 18 (AGL Insd)... 5.250 08/01/16 1,402,453
2,300 Philadelphia, PA Redev Auth Rev Neighborhood
Transformation Ser A (FGIC Insd)................ 5.500 04/15/22 2,463,346
------------
11,420,609
------------
</Table>
12 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
RHODE ISLAND 1.1%
$1,500 Rhode Island Port Auth & Econ Dev Corp Arpt Rev
Ser A (FSA Insd) (AMT).......................... 7.000% 07/01/14 $ 1,682,115
------------
SOUTH CAROLINA 6.8%
4,000 Dorchester Cnty, SC Sch Dist No 002 Installment
Pur Rev Growth (AGL Insd)....................... 5.000 12/01/29 4,203,480
2,310 Scago Ed Fac Corp Spartanburg Sch Dist No 3
Spartanburg Cnty (XLCA Insd).................... 5.000 12/01/30 2,436,703
3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec
& Gas Co Proj Ser B (AMBAC Insd) (AMT).......... 5.450 11/01/32 3,982,163
------------
10,622,346
------------
SOUTH DAKOTA 3.0%
3,740 South Dakota Hsg Dev Auth Homeownership Mtg Ser
E (AMT) (b)..................................... 4.625 05/01/36 3,663,947
975 South Dakota St Hlth & Ed Fac Auth Vocational Ed
Pgm Ser A (AMBAC Insd).......................... 5.400 08/01/13 994,812
------------
4,658,759
------------
TENNESSEE 0.7%
1,000 Sullivan Cnty, TN Hlth Ed & Hsg Fac Brd Hosp Rev
Wellmont Hlth Sys Proj Ser C.................... 5.250 09/01/36 1,038,430
------------
TEXAS 14.2%
5,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt &
Rfdg Ser A (FGIC Insd) (AMT).................... 5.500 11/01/31 5,282,000
2,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt &
Rfdg Ser A (MBIA Insd) (AMT).................... 5.500 11/01/33 2,150,140
2,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt &
Rfdg Ser A (FGIC Insd) (AMT).................... 5.875 11/01/17 2,150,140
1,500 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt &
Rfdg Ser A (FGIC Insd) (AMT).................... 5.875 11/01/18 1,612,605
1,820 Galveston Cnty, TX Ctf Oblig Ser C
(AMBAC Insd) (a)................................ 5.250 02/01/20 1,937,208
500 Laredo, TX ISD Pub Fac Corp Lease Rev Ser A
(AMBAC Insd).................................... 5.000 08/01/29 513,730
1,000 Laredo, TX ISD Pub Fac Corp Lease Rev Ser C
(AMBAC Insd).................................... 5.000 08/01/29 1,027,460
5,000 Texas St Tpk Auth Cent TX Tpk First Tier Ser A
(AMBAC Insd).................................... 5.500 08/15/39 5,369,000
2,000 University North TX Univ Rev Fin Sys (MBIA
Insd)........................................... 4.500 04/15/36 1,976,020
------------
22,018,303
------------
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 1,526,275
------------
</Table>
See Notes to Financial Statements 13
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON 5.3%
$2,000 Chelan Cnty, WA Pub Util Dist No 001 Cons Rev
Chelan Hydro Ser A (MBIA Insd) (AMT)............ 5.600% 01/01/36 $ 2,132,020
2,760 Spokane Cnty, WA Sch Dist No 363 (FGIC Insd).... 5.250 12/01/21 2,978,012
3,000 Washington St Univ Rev Student Fee Ser A (AMBAC
Insd)........................................... 5.000 10/01/38 3,164,340
------------
8,274,372
------------
WEST VIRGINIA 1.5%
2,220 Wheeling, WV Wtrwks & Swr Sys Rev Comb Ser A
(FSA Insd)...................................... 5.250 06/01/36 2,402,329
------------
WISCONSIN 1.1%
1,610 Wisconsin St Rfdg Ser 3 (FGIC Insd)............. 5.250 05/01/22 1,737,979
------------
PUERTO RICO 4.0%
5,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev
Rfdg Ser Y (FSA Insd) (d)....................... 6.250 07/01/21 6,186,000
------------
U.S. VIRGINIA ISLANDS 0.6%
1,000 Virgin Islands Pub Fin Auth Refinery Fac Rev Sr
Secd Hovensa Refinery (AMT)..................... 4.700 07/01/22 1,005,630
------------
TOTAL LONG-TERM INVESTMENTS 183.5%
(Cost $274,309,736)....................................................... 284,988,678
SHORT-TERM INVESTMENTS 3.8%
(Cost $5,805,000)......................................................... 5,805,000
------------
TOTAL INVESTMENTS 187.3%
(Cost $280,114,736)....................................................... 290,793,678
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES
HELD (30.9%)
(Cost ($47,915,000))
(47,915) Notes with interest rates ranging from 3.98% to 4.08% at April 30,
2007 and contractual maturities of collateral ranging from 2022 to
2036 (See Note 1) (e)............................................. (47,915,000)
------------
TOTAL NET INVESTMENTS 156.4%
(Cost $232,199,736)....................................................... 242,878,678
OTHER ASSETS IN EXCESS OF LIABILITIES 1.6%................................. 2,503,767
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (58.0%)................. (90,107,697)
------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.............................. $155,274,748
============
</Table>
14 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (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) Underlying security related to Inverse Floaters entered into by the Trust.
See Note 1.
(c) Escrowed to Maturity
(d) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(e) Floating rate notes. The interest rates shown reflect the rates in effect at
April 30, 2007.
AGL--Assured Guaranty Ltd.
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CIFG--CDC IXIS Financial Guaranty
Connie Lee--Connie Lee Insurance Co.
FHA--Federal Housing Administration
FGIC--Financial Guaranty Insurance Co.
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corp.
Radian--Radian Asset Assurance
XLCA--XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF APRIL 30, 2007:
<Table>
<Caption>
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACT
U.S. Treasury Bond Futures, June 2007 (Current Notional
Value of $111,750 per contract)........................... 377 $138,408
=== ========
</Table>
See Notes to Financial Statements 15
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2007 (Unaudited)
<Table>
ASSETS:
Total Investments (Cost $280,114,736)....................... $290,793,678
Cash........................................................ 58,592
Interest Receivable......................................... 3,354,218
Other....................................................... 3,473
------------
Total Assets............................................ 294,209,961
------------
LIABILITIES:
Floating Rate Note Obligations.............................. 47,915,000
Payables:
Variation Margin on Futures............................... 318,094
Investment Advisory Fee................................... 90,613
Trust Shares Repurchased.................................. 37,389
Income Distributions--Common Shares....................... 27,402
Other Affiliates.......................................... 17,360
Trustees' Deferred Compensation and Retirement Plans........ 350,890
Accrued Expenses............................................ 70,768
------------
Total Liabilities....................................... 48,827,516
Preferred Shares (including accrued distributions).......... 90,107,697
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $155,274,748
============
NET ASSET VALUE PER COMMON SHARE ($155,274,748 divided by
9,787,546 shares outstanding)............................. $ 15.86
============
NET ASSETS CONSIST OF:
Common Shares ($0.01 par value with an unlimited number of
shares authorized, 9,787,546 shares issued and
outstanding).............................................. $ 97,875
Paid in Surplus............................................. 144,453,135
Net Unrealized Appreciation................................. 10,817,350
Accumulated Undistributed Net Investment Income............. 320,107
Accumulated Net Realized Loss............................... (413,719)
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $155,274,748
============
PREFERRED SHARES ($0.01 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....................... $245,274,748
============
</Table>
16 See Notes to Financial Statements
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2007 (Unaudited)
<Table>
INVESTMENT INCOME:
Interest.................................................... $ 6,890,186
-----------
EXPENSES:
Interest and Residual Trust Expenses........................ 854,153
Investment Advisory Fee..................................... 672,819
Preferred Share Maintenance................................. 123,796
Professional Fees........................................... 54,378
Custody..................................................... 43,381
Trustees' Fees and Related Expenses......................... 29,213
Accounting and Administrative Expenses...................... 27,677
Reports to Shareholders..................................... 13,914
Transfer Agent Fees......................................... 12,645
Registration Fees........................................... 10,180
Other....................................................... 7,829
-----------
Total Expenses.......................................... 1,849,985
Investment Advisory Fee Reduction....................... 101,992
-----------
Net Expenses............................................ 1,747,993
-----------
NET INVESTMENT INCOME....................................... $ 5,142,193
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 532,105
Futures................................................... (186,205)
Swap Contracts............................................ (406,147)
-----------
Net Realized Loss........................................... (60,247)
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 12,278,953
-----------
End of the Period:
Investments............................................. 10,678,942
Futures................................................. 138,408
-----------
10,817,350
-----------
Net Unrealized Depreciation During the Period............... (1,461,603)
-----------
NET REALIZED AND UNREALIZED LOSS............................ $(1,521,850)
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(1,602,250)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 2,018,093
===========
</Table>
See Notes to Financial Statements 17
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, 2007 OCTOBER 31, 2006
-----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.................................... $ 5,142,193 $ 9,810,875
Net Realized Loss........................................ (60,247) (71,303)
Net Unrealized Appreciation/Depreciation During the
Period................................................. (1,461,603) 2,447,152
Distributions to Preferred Shareholders:
Net Investment Income.................................. (1,602,250) (2,463,694)
Net Realized Gain...................................... -0- (602,165)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................. 2,018,093 9,120,865
Distributions to Common Shareholders:
Net Investment Income.................................. (3,588,847) (7,298,275)
Net Realized Gain...................................... -0- (2,522,722)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
INVESTMENT ACTIVITIES.................................. (1,570,754) (700,132)
FROM CAPITAL TRANSACTIONS:
Repurchase of Shares..................................... (310,055) -0-
------------ ------------
TOTAL DECREASE IN NET ASSETS APPLICABLE TO COMMON
SHARES................................................. (1,880,809) (700,132)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................. 157,155,557 157,855,689
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $320,107 and $369,011,
respectively).......................................... $155,274,748 $157,155,557
============ ============
</Table>
18 See Notes to Financial Statements
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, -----------------------------------------------
2007 2006 2005 2004 2003 2002
------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD... $ 16.02 $ 16.09 $ 16.55 $ 16.37 $ 16.87 $ 17.00
------- ------- ------- ------- ------- -------
Net Investment Income..................... 0.52(a) 1.00(a) 1.03 1.02 1.07 1.11
Net Realized and Unrealized Gain/Loss..... (0.15) 0.24 (0.42) 0.36 0.00(f) 0.33
Common Share Equivalent of Distributions
Paid to Preferred Shareholders:
Net Investment Income................... (0.16) (0.25) (0.20) (0.09) (0.08) (0.05)
Net Realized Gain....................... 0.00 (0.06) 0.00 (0.01) (0.02) (0.12)
------- ------- ------- ------- ------- -------
Total from Investment Operations........... 0.21 0.93 0.41 1.28 0.97 1.27
Distributions Paid to Common Shareholders:
Net Investment Income................... (0.37) (0.74) (0.87) (0.95) (1.08) (1.01)
Net Realized Gain....................... 0.00 (0.26) 0.00 (0.15) (0.39) (0.39)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD......... $ 15.86 $ 16.02 $ 16.09 $ 16.55 $ 16.37 $ 16.87
======= ======= ======= ======= ======= =======
Common Share Market Price at End of the
Period.................................... $ 14.99 $ 14.19 $ 14.06 $ 15.22 $ 16.70 $ 16.12
Total Return* (b).......................... 8.27%** 8.19% -2.08% -2.23% 13.12% 17.34%
Net Assets Applicable to Common Shares at
End of the Period (In millions)........... $ 155.3 $ 157.2 $ 157.9 $ 162.3 $ 160.3 $ 164.5
Ratio of Expenses to Average Net Assets
Applicable to Common Shares* (c).......... 2.25% 1.50% 1.19% 1.26% 1.25% 1.40%
Ratio of Net Investment Income to Average
Net Assets Applicable to Common Shares*
(c)....................................... 6.62% 6.32% 6.25% 6.29% 6.44% 6.73%
Portfolio Turnover......................... 14%** 32% 48% 25% 39% 50%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower
and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c)........ 2.38% N/A N/A N/A N/A N/A
Ratio of Net Investment Income to Average
Net Assets Applicable to Common Shares
(c).................................... 6.49% N/A N/A N/A N/A N/A
SUPPLEMENTAL RATIOS:
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net
Assets Applicable to Common Shares (c).... 1.15% 1.26% 1.19% 1.26% 1.25% 1.40%
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net
Assets Including Preferred Shares (c)..... 0.73% 0.80% 0.77% 0.81% 0.81% 0.90%
Ratio of Net Investment Income to Average
Net Assets Applicable to Common Shares
(d)....................................... 4.56% 4.73% 5.05% 5.73% 5.94% 6.46%
SENIOR SECURITIES:
Total Preferred Shares Outstanding......... 3,600 3,600 3,600 3,600 3,600 3,600
Asset Coverage Per Preferred Share (e)..... $68,162 $68,720 $68,895 $70,110 $69,554 $70,721
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 $0.01.
N/A=Not Applicable
See Notes to Financial Statements 19
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (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 last reported bid and asked prices or, in the
absence of market quotations, at fair value based upon yield data relating to
municipal bonds with similar characteristics and general market conditions.
Securities which are not valued by independent pricing services or dealers are
valued at fair value using procedures established in good faith by the Board of
Trustees. Futures contracts are valued at the settlement price established each
day on the exchange on which they are traded. Interest rate swaps are valued
using market quotations obtained from brokers. Short-term securities with
remaining maturities of 60 days or less are valued at amortized cost, which
approximates market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
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, 2007, there were no 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.
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. At October 31, 2006, the Trust had an
20
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
accumulated capital loss carryforward for tax purposes of $597,359 which will
expire on October 31, 2014.
At April 30, 2007, the cost and related gross unrealized appreciation and
depreciation are as follows:
<Table>
Cost of investments for tax purposes........................ $232,590,684
============
Gross tax unrealized appreciation........................... $ 10,679,782
Gross tax unrealized depreciation........................... (391,788)
------------
Net tax unrealized appreciation on investments.............. $ 10,287,994
============
</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 at least 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,
2006 was as follows:
<Table>
Distributions paid from:
Ordinary income........................................... $ 523,076
Tax-exempt income......................................... 9,694,047
Long-term capital gain.................................... 2,601,811
-----------
$12,818,934
===========
</Table>
As of October 31, 2006, the components of distributable earnings on a tax
basis were as follows:
<Table>
Undistributed ordinary income............................... $ -0-
Undistributed tax-exempt income............................. 908,602
Undistributed long-term capital gain........................ -0-
</Table>
Net realized gains or losses may differ for financial reporting and tax
purposes primarily as a result of gains or losses recognized on securities for
tax purposes but not for book purposes.
F. FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters
into transactions in which it transfers to dealer trusts fixed rate bonds in
exchange for cash and residual interests in the dealer trusts' assets and cash
flows, which are in the form of inverse floating rate investments. The dealer
trusts fund the purchases of the fixed rate bonds by issuing floating rate notes
to third parties and allowing the Trust to retain residual interests in the
bonds. The Trust enters into shortfall agreements with the dealer trusts, which
commit the Trust to pay the dealer trusts, in certain circumstances, the
difference between the liquidation value of the fixed rate bonds held by the
dealer trusts and the liquidation value of the floating rate notes held by third
parties, as well as any shortfalls in interest cash flows. The residual
interests held by the Trust (inverse floating rate investments) include the
right of the Trust (1) to cause the holders of the floating rate notes to tender
their notes at par at the
21
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
next interest rate reset date, and (2) to transfer the municipal bond from the
dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust
accounts for the transfer of bonds to the dealer trusts as secured borrowings,
with the securities transferred remaining in the Trust's investment assets, and
the related floating rate notes reflected as Trust liabilities under the caption
"Floating Rate Note Obligations" on the Statement of Assets and Liabilities. The
Trust records the interest income from the fixed rate bonds under the caption
"Interest" and records the expenses related to floating rate note obligations
and any administrative expenses of the dealer trusts under the caption "Interest
and Residual Trust Expenses" on the Trust's Statement of Operations. The notes
issued by the dealer trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes to the dealer
trusts for redemption at par at each reset date. At April 30, 2007, Trust
investments with a value of $69,324,453 are held by the dealer trusts and serve
as collateral for the $47,915,000 in floating rate notes outstanding at that
date. Contractual maturities of the floating rate notes and interest rates in
effect at April 30, 2007 are presented on the Portfolio of Investment.
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") will provide investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
including preferred shares of the Trust. Effective December 1, 2006, the Adviser
has agreed to waive investment advisory fees equal to 0.10% of the average daily
net assets including preferred shares of the Trust. For the period ended April
30, 2007, the Adviser waived $101,992 of its advisory fees. This waiver is
voluntary and can be discontinued at any time.
For the six months ended April 30, 2007, the Trust recognized expenses of
approximately $11,800 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,
2007, the Trust recognized expenses of approximately $24,000 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 "Professional Fees" on the Statement of Operations. Services provided
pursuant to the Accounting Services and CCO Employment agreement are reported as
part of "Accounting and Administrative Expenses" on the Statement of Operations.
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 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
22
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
years of service to the Trust. The maximum annual benefit per trustee under the
plan is $2,500.
3. CAPITAL TRANSACTIONS
For the six months ended April 30, 2007 and the year ended October 31, 2006,
transactions in common shares were as follows:
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, 2006
Beginning Shares........................................ 9,808,246 9,808,246
Shares Repurchased*..................................... (20,700) -0-
--------- ---------
Ending Shares........................................... 9,787,546 9,808,246
========= =========
</Table>
* On February 28, 2007, the Trust commenced a share repurchase program for
purposes of enhancing stockholder value and reducing the discount at which the
Trust's shares trade from their net asset value. For the period ended April 30,
2007, the Trust repurchased 20,700 of its shares at an average discount of 6.02%
from net asset value per share. The Trust expects to continue to repurchase its
outstanding shares at such time and in such amounts as it believes such activity
will further the accomplishment of the foregoing objectives, subject to the
review of the Trustees.
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $46,415,828 and $40,632,208,
respectively.
5. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
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 the
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 under lying the futures contract.
Risks may arise as a result of the potential inability of the counterparties to
meet the terms of their contracts.
Summarized below are the specific types of derivative financial instruments
used by the Trust.
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
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
23
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
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.
Transactions in futures contracts for the six months ended April 30, 2007
were as follows:
<Table>
<Caption>
CONTRACTS
Outstanding at October 31, 2006............................. 425
Futures Opened.............................................. 1,315
Futures Closed.............................................. (1,363)
------
Outstanding at April 30, 2007............................... 377
======
</Table>
B. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap
transactions intended to help the Trust manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Trust's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve the Trust's agreement with a
counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Trust a variable or fixed rate payment, the
accruals for which would begin at a specified date in the future (the "effective
date"). The amount of the payment obligation is based on the notional amount of
the forward swap contract and the termination date of the swap (which is akin to
a bond's maturity). The value of the Trust's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
The Trust may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. The Trust
intends, but is not obligated, to terminate its forward swaps before the
effective date. Accordingly, the risk of loss with respect to the swap
counterparty on such transactions is limited to the credit risk associated with
a counterparty failing to honor its commitment to pay any realized gain to the
Trust upon termination. To reduce such credit risk, all counterparties are
required to pledge collateral daily (based on the daily valuation of each swap)
on behalf of the Trust with a value approximately equal to the amount of any
unrealized gain. Reciprocally, when the Trust has an unrealized loss on a swap
contract, the Trust has instructed the custodian to pledge cash or liquid
securities as collateral with a value approximately equal to the amount of the
unrealized loss. Collateral pledges are monitored and subsequently adjusted if
and when the swap valuations fluctuate. Restricted cash for segregating
purposes, if any, is shown on the Statement of Assets and Liabilities.
C. INVERSE FLOATING RATE SECURITIES The Trust may invest a portion of its assets
in inverse floating rate instruments, either through outright purchases of
inverse floating rate securities or through the transfer of bonds to a dealer
trust in exchange for cash and residual interests
24
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
in the dealer trust. These investments are typically used by the Trust in
seeking to enhance the yield of the portfolio. These instruments typically
involve greater risks than a fixed rate municipal bond. In particular, these
instruments are acquired through leverage or may have leverage embedded in them
and therefore involve many of the risks associated with leverage. Leverage is a
speculative technique that may expose the Trust to greater risk and increased
costs. Leverage may cause the Trust's net asset value to be more volatile than
if it had not been leveraged because leverage tends to magnify the effect of any
increases or decreases in the value of the Trust's portfolio securities. The use
of leverage may also cause the Trust to liquidate portfolio positions when it
may not be advantageous to do so in order to satisfy its obligations with
respect to inverse floating rate instruments.
6. 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 rates are generally
reset every 28 days for both series through an auction process. The average rate
in effect on April 30, 2007 was 3.800%. During the six months ended April 30,
2007, the rates ranged from 3.320% to 3.890%.
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.
7. 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.
8. ACCOUNTING PRONOUNCEMENTS
In July 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation 48, Accounting for Uncertainty in Income Taxes--an interpretation
of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes
by prescribing the minimum recognition threshold a tax position must meet before
being recognized in the financial statements. FIN 48 is effective for the fiscal
years beginning after December 15, 2006 and is to be applied to all open tax
years as of the effective date. Recent SEC guidance allows implementing FIN 48
in the trust NAV calculations as late as the trust's last NAV calculation in the
first required financial statement period. As a result, the Trust will
incorporate FIN 48 in its semi annual report on April 30, 2008. The impact to
the Trust's financial statements, if any, is currently being assessed.
25
VAN KAMPEN TRUST FOR INSURED MUNICIPALS
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
In addition, in September 2006, Statement of Financial Accounting Standards
No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for
fiscal years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. Management is currently evaluating the impact the
adoption of SFAS 157 will have on the Trust's financial statement disclosures.
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
JAMES W. GARRETT
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 43011
Providence, Rhode Island 02940-3011
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, Illinois 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, Suite 100
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2007 Van Kampen Funds Inc.
All rights reserved. Member NASD/SIPC.
VIMSAR 6/07
(VAN KAMPEN INVESTMENTS LOGO) IU07-01572P-Y04/07
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.
TOTAL NUMBER OF MAXIMUM NUMBER
SHARES PURCHASED AS OF SHARES THAT MAY
PART OF PUBLICLY YET BE PURCHASED
TOTAL NUMBER OF AVERAGE PRICE ANNOUNCED PLANS UNDER THE PLANS OR
PERIOD* SHARES PURCHASED PAID PER SHARE OR PROGRAMS PROGRAMS
- ------- ---------------- -------------- ------------------- ------------------
November -- -- -- --
December -- -- -- --
January -- -- -- --
February -- -- -- 98,083
March 9,300 15.00 9,300 88,783
April 11,400 14.93 11,400 77,383
* The Share Repurchase Program commenced on 2/28/2007.
The Trust expects to continue to repurchase its outstanding shares at such time
and in such amounts as it believes will further the accomplishment of the
foregoing objectives, subject to review by the Board of Trustees.
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 21, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 21, 2007
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 21, 2007