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 811-5845
Van Kampen Senior Loan Fund
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
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(Address of principal executive offices) (Zip code)
Ronald Robison
522 Fifth Avenue, New York, New York 10036
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 7/31
Date of reporting period: 1/31/08
Item 1. Report to Shareholders.
The Fund's semi-annual report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Senior Loan Fund performed during the semiannual period. The portfolio
management team will provide an overview of the market conditions and
discuss some of the factors that affected investment performance during
the reporting period. In addition, this report includes the fund's
financial statements and a list of fund investments as of January 31,
2008.
THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A CLASS A, B, C, IB OR
IC SHARE PROSPECTUS FOR THE FUND BEING OFFERED. THE PROSPECTUS CONTAINS
INFORMATION ABOUT THE FUND, INCLUDING THE INVESTMENT OBJECTIVES, RISKS,
CHARGES AND EXPENSES. TO OBTAIN AN ADDITIONAL PROSPECTUS, CONTACT YOUR
FINANCIAL ADVISOR OR DOWNLOAD ONE AT VANKAMPEN.COM. PLEASE READ THE
PROSPECTUS CAREFULLY BEFORE INVESTING.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT A MUTUAL FUND WILL ACHIEVE ITS
INVESTMENT OBJECTIVE. FUNDS ARE SUBJECT TO MARKET RISK, WHICH IS THE
POSSIBILITY THAT THE MARKET VALUES OF SECURITIES OWNED BY THE FUND WILL
DECLINE AND THAT THE VALUE OF THE FUND SHARES MAY THEREFORE BE LESS THAN
WHAT YOU PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS
FUND.
AN INVESTMENT IN SENIOR LOANS IS SUBJECT TO CERTAIN RISKS SUCH AS LOAN
DEFAULTS AND ILLIQUIDITY DUE TO INSUFFICIENT COLLATERAL BACKING.
<Table>
<Caption>
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NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
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</Table>
Performance Summary as of 1/31/08
<Table>
<Caption>
A SHARES B SHARES C SHARES IB SHARES IC SHARES
since since since since since
2/18/05 2/18/05 2/18/05 10/4/89 6/13/03
- ---------------------------------------------------------------------------------------------------------------
W/MAX W/MAX W/MAX
W/O 3.25% W/O 3.00% W/O 1.00%
AVERAGE ANNUAL SALES SALES SALES SALES SALES SALES W/O SALES W/O SALES
TOTAL RETURNS CHARGES CHARGE CHARGES CHARGE CHARGES CHARGE CHARGES CHARGES
Since Inception 1.86% 0.72% 1.07% 0.63% 1.07% 1.07% 5.36% 4.82%
10-year -- -- -- -- -- -- 3.51 --
5-year -- -- -- -- -- -- 5.86 --
1-year -5.00 -8.05 -5.73 -8.37 -5.73 -6.61 -5.11 -5.00
6-month -4.45 -7.55 -4.94 -7.69 -4.94 -5.86 -4.57 -4.56
- ---------------------------------------------------------------------------------------------------------------
</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. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS AND
PRINCIPAL VALUE WILL FLUCTUATE AND FUND SHARES, WHEN REDEEMED, MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL COST.
The returns shown in this report do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
Performance of share classes will vary due to differences in sales charges and
expenses. Average annual total return with sales charges includes payment of the
maximum sales charge of 3.25 percent for Class A shares, an early withdrawal
charge of 3.00 percent for Class B shares (in year one and declining to zero
after year five), an early withdrawal charge of 1.00 percent for Class C shares
in year one, and combined distribution fees and service fees of up to 0.25
percent for Class A shares and up to 1.00 percent for Class B and C shares and a
service fee of up to 0.15 percent for Class IC shares. Effective 2/18/05,
contingent deferred sales charges for Class IB and Class IC shares have been
terminated. New investments are not available in Class IB and IC shares. Figures
shown above assume reinvestment of all distributions. The fund's adviser has
waived or reimbursed fees and expenses from time to time; absent such
waivers/reimbursements, the fund's returns would have been lower.
1
Fund Report
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2008
MARKET CONDITIONS
U.S. economic growth, as measured by gross domestic product (GDP), rose 4.9
percent in the third quarter of 2007, well above the 3.8 percent posted during
the second quarter. However, advance estimates at the end of the reporting
period show GDP expanded just 0.6 percent in the fourth quarter. The economic
slowdown translated into slower earnings growth for many corporate borrowers
within the senior loan market.
The six-month period under review was challenging for the senior loan market, as
it was for virtually all non-government bond sectors. The turmoil and
uncertainty that began in early summer persisted throughout the period as
dislocations stemming from the problems in the subprime mortgage arena permeated
the fixed income markets, leading to a significant contraction in credit and
liquidity. In an effort to spur the economy and ease the liquidity crunch, the
Federal Open Market Committee (the "Fed") lowered the target federal funds rate
a total of 2.25 percentage points during the reporting period, bringing the rate
to 3.00 percent as of the end of January. Although the Fed's moves did bring
some stability to the markets, it was relatively short-lived and riskier assets
continued to struggle as investors fled to high-quality securities.
The broad reassessment of risk pricing in the credit markets, coupled with the
significant decline in market liquidity, put considerable pressure on senior
loan prices. Although the market experienced a brief respite in September and
October, when loan values rose, a subsequent significant decline in demand and
rise in supply pushed loan values lower again. Demand from collateralized loan
obligations (CLOs) in particular, which had until recently accounted for up to
60 percent of purchases in the senior loan market, evaporated almost entirely in
the latter half of the year. At the same time, following the run up of prices in
October, a significant amount of new deals were launched. This technical
demand/supply imbalance in the market, coupled with the tightening of lending
standards, have in our view been the primary drivers of the volatility in the
senior loan market over the past several months. Increased selling by retail and
relative value investors has also pressured loan prices. Nonetheless, default
rates remain well below the historical average, though they have trended upward
slightly in recent weeks, and the overall fundamentals of the senior loan
market, in our opinion remain intact.
2
PERFORMANCE ANALYSIS
The Fund returned -4.45 percent for the six months ended January 31, 2008 (Class
A shares, unadjusted for sales charges).
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2008
<Table>
<Caption>
- -------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS IB CLASS IC
-4.45% -4.94% -4.94% -4.57% -4.56%
- -------------------------------------------------------------
</Table>
The performance for the five share classes varies because each has different
expenses. The Fund's total return figures assume the reinvestment of all
distributions, but do not reflect the deduction of any applicable sales charges.
Such costs would lower performance. Past performance is no guarantee of future
results. See Performance Summary for standardized performance information.
Although the past several months have certainly been challenging for investors,
we have not seen a meaningful decline in the credit quality of the portfolio and
we continue to see relatively strong earnings from the companies in which we
have invested. We continue to adhere to our research-intensive investment
process, employing a bottom-up asset selection process driven by thorough
analysis of individual company fundamentals, and have not relaxed our rigorous
credit standards. In fact, our team refused to participate in over 65 percent of
all the deals that were syndicated during 2006 and 2007, when a number of highly
leveraged, aggressively structured senior loans were syndicated. We believe this
has contributed to the Fund's very low default rate, which was at an all-time
low for the Fund at the end of 2007 and well below the industry average. We do
think that defaults in the senior loan market are likely to rise in the coming
months, but we believe the deals that we turned down are the ones most likely to
experience problems should the economy continue to decline.
We continued to position the portfolio defensively, generally avoiding sectors
or industries that we believe are vulnerable to cyclical economic downturns. For
example, we remain cautious about auto and airline industries because of their
susceptibility to high fuel prices. Given the decline in the residential housing
market, we have also generally avoided investments in the building and real
estate sectors. We have been very selective regarding investments in the health
care industry, particularly those assets with inherent reimbursement and
regulatory risks, but have found pockets of attractive opportunities in sub-
sectors that are not exposed to these risks. In general, we made relatively few
changes to the portfolio, and as of the end of the reporting period, the Fund's
largest sector weightings were Printing and Publishing, Healthcare and Beverage,
Food & Tobacco.
The Fund remained fully invested in senior secured loans, and used a modest
amount of leverage which may allow us to enhance the Fund's yield while keeping
credit standards high. Leverage involves borrowing at a floating short-term rate
and reinvesting the proceeds at a higher rate. Unlike other fixed-income asset
classes, using leverage in conjunction with senior loans does not
3
involve the same degree of risk from rising short-term interest rates since the
income from senior loans adjusts to changes in interest rates, as do the rates
which determine the Fund's borrowing costs. (Similarly, should short-term rates
fall, borrowing costs would also decline. The fund's portfolio, though, also
will generate less income when interest rates decline.) We might reduce leverage
in periods of weaker credit quality conditions to prevent magnifying erosion of
the Fund's net asset value.
While we believe this portfolio structure (fully invested, modest leverage) adds
value for shareholders over a full cycle, it has been a drag on performance in
the short term. Because the recent market volatility has been driven by
technical factors, rather than a change in underlying fundamentals, we have not
altered the use of leverage in the Fund as we believe it is very difficult to
"time" technical events in the market. Therefore, portfolio construction
continues to be driven by fundamental credit research. The use of leverage may,
though, increase the Fund's volatility.
Although it has been a very difficult period, it has created certain
opportunities. Loans coming to market today are offering better spreads and
stronger credit structures than we have seen in the past few years. These more
investor-friendly terms may lead to attractive risk/reward characteristics for
investors going forward. In addition, merger and acquisition activity continues,
which has historically meant greater opportunities for senior secured lenders.
The emergence of a large number of non-public funds seeking to acquire portions
of loans currently held by banks is encouraging as well, as it may serve to
reduce the supply overhang and therefore relieve some of the downward pressure
on prices in the market. We will continue to focus on maintaining a high
quality, well-diversified portfolio of issuers with stable cash flows, strong
management teams, and collateral value sufficient to provide a solid second way
out in a worst-case default scenario.
There is no guarantee that any securities mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the Fund in
the future.
4
<Table>
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION AS OF 1/31/08
Printing & Publishing 13.1%
Healthcare 11.0
Beverage, Food & Tobacco 6.9
Entertainment & Leisure 6.7
Hotels, Motels, Inns & Gaming 5.7
Chemicals, Plastics & Rubber 5.7
Broadcasting--Cable 5.2
Finance 4.4
Business Equipment & Services 4.0
Restaurants & Food Service 3.8
Utilities 3.7
Broadcasting--Television 3.5
Automotive 3.3
Buildings & Real Estate 3.3
Containers, Packaging & Glass 3.3
Electronics 3.2
Non-Durable Consumer Products 3.1
Paper & Forest Products 3.1
Retail--Stores 3.1
Insurance 3.0
Aerospace/Defense 2.6
Education & Child Care 2.4
Construction Material 2.2
Broadcasting--Radio 2.1
Medical Products & Services 2.0
Diversified Manufacturing 1.5
Telecommunications--Local Exchange Carriers 1.4
Natural Resources 1.3
Textiles & Leather 1.3
Ecological 1.1
Home & Office Furnishings, Housewares & Durable Consumer
Products 1.1
Health & Beauty 1.0
Personal & Miscellaneous Services 0.7
Broadcasting--Diversified 0.7
Pharmaceuticals 0.7
Telecommunications--Wireless 0.6
Retail--Specialty 0.6
Banking 0.5
Machinery 0.4
Grocery 0.3
Transportation-Rail Manufacturing 0.3
Transportation--Cargo 0.3
Telecommunications--Long Distance 0.3
Transportation--Personal 0.2
Mining, Steel, Iron & Non-Precious Metals 0.2
Durable Consumer Products 0.2
</Table>
<Table>
(continued on next page)
</Table>
5
<Table>
<Caption>
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION AS OF 1/31/08
(continued from previous page)
Retail--Oil & Gas 0.2
Farming & Agriculture 0.1
-----
Total Long-Term Investments 125.4
Total Short-Term Investments 1.0
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Total Investments 126.4
Borrowings (28.8)
Other Assets in Excess of Liabilities 2.4
-----
Net Assets 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. Summary of investments by industry
classification percentages are as a percentage of net assets. Securities are
classified by sectors that represent broad groupings of related industries. Van
Kampen is a wholly owned subsidiary of a global securities firm which is engaged
in a wide range of financial services including, for example, securities trading
and brokerage activities, investment banking, research and analysis, financing
and financial advisory services.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen fund provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
fund's second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen
also delivers the semiannual and annual reports to fund shareholders, and
makes these reports available on its public Web site, www.vankampen.com.
In addition to the semiannual and annual reports that Van Kampen delivers
to shareholders and makes available through the Van Kampen public Web
site, each fund files a complete schedule of portfolio holdings with the
SEC for the fund's first and third fiscal quarters on Form N-Q. Van
Kampen does not deliver the reports for the first and third fiscal
quarters to shareholders, nor are the reports posted to the Van Kampen
public Web site. You may, however, obtain the Form N-Q filings (as well
as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site,
http://www.sec.gov. You may also review and copy them at the SEC's Public
Reference Room in Washington, DC. Information on the operation of the
SEC's Public Reference Room may be obtained by calling the SEC at (800)
SEC-0330. You can also request copies of these materials, upon payment of
a duplicating fee, by electronic request at the SEC's email address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a fund's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 847-2424.
7
HOUSEHOLDING NOTICE
To reduce Fund expenses, the Fund attempts to eliminate duplicate
mailings to the same address. The Fund delivers a single copy of certain
shareholder documents to investors who share an address, even if the
accounts are registered under different names. The Fund's prospectuses
and shareholder reports (including annual privacy notices) will be
delivered to you in this manner indefinitely unless you instruct us
otherwise. You can request multiple copies of these documents by either
calling (800) 341-2911 or writing to Van Kampen Investor Services at 1
Parkview Plaza, P.O. Box 5555, Oakbrook Terrace, IL 60181. Once Investor
Services has received your instructions, we will begin sending individual
copies for each account within 30 days.
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the Fund's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 847-2424 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the Fund voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
8
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments of Class A Shares
and contingent deferred sales charges on redemptions of Class B and C Shares;
and redemption fees; and (2) ongoing costs, including management fees;
distribution and service fees; and other Fund expenses. This example is intended
to help you understand your ongoing cost (in dollars) of investing in the Fund
and to compare these costs with the ongoing costs of investing in other mutual
funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period 8/1/07 - 1/31/08.
ACTUAL EXPENSE
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads) or contingent deferred sales charges or redemption fees.
Therefore, the second line of the table is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
------------------------------------------------
8/1/07 1/31/08 8/1/07-1/31/08
Class A
Actual...................................... $1,000.00 $ 955.49 $13.08
Hypothetical................................ 1,000.00 1,011.76 13.45
(5% annual return before expenses)
Class B
Actual...................................... 1,000.00 950.60 16.72
Hypothetical................................ 1,000.00 1,007.99 17.21
(5% annual return before expenses)
Class C
Actual...................................... 1,000.00 950.60 16.72
Hypothetical................................ 1,000.00 1,007.99 17.21
(5% annual return before expenses)
Class IB
Actual...................................... 1,000.00 954.34 13.07
Hypothetical................................ 1,000.00 1,011.76 13.45
(5% annual return before expenses)
Class IC
Actual...................................... 1,000.00 954.35 13.07
Hypothetical................................ 1,000.00 1,011.76 13.45
(5% annual return before expenses)
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 2.66%, 3.41%,
3.41%, 2.66% and 2.66%, for Class A, B, C, IB and IC Shares, respectively,
multiplied by the average account value over the period, multiplied by
184/366 (to reflect the one-half year period). These expense ratios reflect
an expense waiver.
Assumes all dividends and distributions were reinvested.
9
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
VARIABLE RATE** SENIOR LOAN INTERESTS 124.8%
AEROSPACE/DEFENSE 2.6%
$ 10,435 Alion Science and Technology
Corp., Term Loan............ 7.33% 08/02/09 $ 9,651,956
2,476 Apptis, Inc., Term Loan..... 6.53 to 8.10 12/20/12 2,228,450
3,247 DeCrane Aircraft Holdings,
Inc., Term Loan............. 7.40 02/21/13 3,133,550
1,229 DynCorp International, LLC,
Term Loan................... 6.88 02/11/11 1,158,963
1,015 Hawker Beechraft Acquisition
Co., Revolving Credit
Agreement................... 6.93 03/26/14 936,325
11,903 Hawker Beechraft Acquisition
Co., Term Loan.............. 6.83 03/26/14 10,982,671
9,614 IAP Worldwide Services,
Inc., Term Loan............. 11.13 to 16.63 12/30/12 to 06/30/13 8,169,606
3,264 ILC Industries, Inc., Term
Loan........................ 7.09 02/24/12 3,035,520
3,564 Primus International, Inc.,
Term Loan................... 7.04 06/07/12 3,386,160
3,667 Sequa Corp., Term Loan...... 8.08 12/03/14 3,504,721
893 Tri-Star Electronics
International, Term Loan.... 7.83 to 8.31 02/02/13 861,986
4,218 Vangent, Inc., Term Loan.... 7.27 02/14/13 3,775,222
625 Wesco Aircraft Hardware
Corp., Term Loan............ 10.58 03/28/14 610,937
--------------
51,436,067
--------------
AUTOMOTIVE 3.3%
1,631 Accuride Corp., Term Loan
(a)......................... 7.56 01/31/12 1,573,223
1,975 Acument Global Technologies,
Inc., Term Loan............. 8.33 08/11/13 1,896,000
952 Affinia Group, Inc., Term
Loan........................ 6.24 11/30/11 930,467
6,098 EPD, Inc., Term Loan........ 5.75 to 5.78 07/31/14 5,518,457
20,555 Ford Motor Co., Term Loan... 8.00 12/15/13 18,050,949
2,195 Heartland Automotive
Holdings, Inc., Term Loan
(b) (c)..................... 10.75 02/27/12 1,536,160
8,947 MetoKote Corp., Term Loan... 6.25 to 7.84 11/27/11 8,141,505
1,820 Navistar International
Corp., Revolving Credit
Agreement................... 6.50 to 8.32 01/19/12 1,653,166
5,005 Navistar International
Corp., Term Loan............ 6.50 01/19/12 4,546,207
8,874 Oshkosh Truck Corp., Term
Loan........................ 6.90 12/06/13 8,242,647
</Table>
10 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
AUTOMOTIVE (CONTINUED)
$ 500 Performance Transportation
Services, Inc., Revolving
Credit Agreement (c)........ 10.32% 01/26/12 $ 462,785
344 Performance Transportation
Services, Inc., Term Loan
(c)......................... 10.75 01/26/12 317,791
6,965 Polypore, Inc., Term Loan... 5.52 07/03/14 6,564,512
1,455 Precision Partners, Inc.,
Term Loan................... 8.33 10/27/13 1,323,778
6,769 Sensata Technologies, Inc.,
Term Loan................... 5.06 04/27/13 6,101,757
--------------
66,859,404
--------------
BANKING 0.5%
11,154 Dollar Financial Corp., Term
Loan........................ 7.58 to 7.95 10/30/12 10,763,895
--------------
BEVERAGE, FOOD & TOBACCO 6.9%
3,162 BE Foods Investments, Inc.,
Term Loan (d)............... 9.70 07/11/12 2,893,422
5,799 Birds Eye Foods, Inc., Term
Loan........................ 6.58 03/22/13 5,451,412
14,158 Coleman Natural Foods, LLC,
Term Loan (d)............... 9.50 to 13.50 08/22/12 to 08/22/13 12,521,211
7,450 Culligan International Co.,
Term Loan................... 5.56 to 7.08 11/24/12 6,059,318
4,938 DCI Cheese Co., Term Loan... 8.08 08/07/13 4,912,812
35,287 Dole Food Co., Inc., Term
Loan........................ 6.00 to 7.13 04/12/13 32,234,631
5,840 DS Waters of America, Inc.,
Term Loan................... 5.52 10/25/12 5,547,845
4,050 DSW Holdings, Inc., Term
Loan........................ 8.60 03/07/12 3,807,000
8,335 Farley's & Sathers Candy
Co., Inc., Term Loan........ 8.43 to 12.91 06/15/10 to 03/24/11 8,218,284
5,568 FSB Holdings, Inc., Term
Loan........................ 7.00 to 10.94 09/29/13 to 03/29/14 5,248,412
7,463 LJVH Holdings, Inc.,
(Canada) Term Loan.......... 7.33 07/19/14 to 01/19/15 7,137,135
716 Mafco Worldwide Corp., Term
Loan........................ 5.99 to 6.96 12/08/11 696,752
5,742 Michelina's, Inc., Term
Loan........................ 6.31 to 7.63 04/02/11 5,613,278
5,702 OSI Group, LLC, Term Loan... 6.84 09/02/11 5,374,551
8,233 PBM Products, LLC, Term
Loan........................ 5.78 09/29/12 7,450,541
6,891 Pierre Foods, Inc., Term
Loan........................ 8.88 06/30/10 6,425,897
</Table>
See Notes to Financial Statements 11
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
BEVERAGE, FOOD & TOBACCO (CONTINUED)
$ 19,556 Pinnacle Foods Finance, LLC,
Term Loan................... 7.48 to 7.59% 04/02/14 $ 17,698,264
894 Smart Balance, Inc., Term
Loan........................ 8.09 05/18/14 860,881
--------------
138,151,646
--------------
BROADCASTING--CABLE 5.2%
3,729 Cequel Communications, LLC,
Term Loan................... 6.65 to 7.00 11/05/13 3,261,582
68,500 Charter Communications
Operating, LLC, Term Loan... 5.26 to 7.34 03/06/14 to 09/06/14 58,828,494
18,857 CSC Holdings, Inc., Term
Loan........................ 6.90 03/29/13 17,393,710
748 CW Media Holdings, Inc.,
(Canada) Term Loan.......... 8.08 02/15/15 725,681
4,622 Discovery Communications
Holding, LLC, Term Loan..... 6.83 05/14/14 4,402,684
5,522 Knology, Inc., Term Loan.... 6.95 06/30/12 5,052,859
9,181 MCC Iowa, LLC, Term Loan.... 4.88 to 5.88 03/31/10 to 01/31/15 8,237,255
1,584 Mediacom Illinois, LLC, Term
Loan........................ 5.07 to 5.74 01/31/15 1,412,589
4,975 RCN Corp., Term Loan........ 7.13 05/25/14 4,617,422
--------------
103,932,276
--------------
BROADCASTING--DIVERSIFIED 0.7%
8,700 Alpha Topco Ltd., (United
Kingdom) Term Loan (a)...... 7.09 to 8.22 12/31/13 to 06/30/14 8,082,656
2,914 Cumulus Media, Inc., Term
Loan........................ 5.02 to 6.07 06/11/14 2,622,312
3,330 NEP II, Inc., Term Loan..... 7.11 02/16/14 3,149,482
--------------
13,854,450
--------------
BROADCASTING--RADIO 2.1%
5,000 Citadel Broadcasting Corp.,
Term Loan................... 4.91 to 6.46 06/12/14 4,293,750
7,846 CMP KC, LLC, Term Loan...... 8.38 to 8.56 05/03/11 7,178,640
11,433 CMP Susquehanna Corp., Term
Loan........................ 5.30 to 6.44 05/05/13 10,103,916
4,139 Emmis Operating Co., Term
Loan........................ 6.84 to 6.85 11/01/13 3,768,965
1,179 LBI Media, Inc., Term
Loan........................ 4.77 03/31/12 1,078,785
4,028 Multicultural Radio
Broadcasting, Inc., Term
Loan........................ 7.90 to 10.90 12/18/12 to 06/18/13 3,967,313
4,418 NextMedia Operating, Inc.,
Term Loan................... 5.99 to 7.77 11/15/12 to 11/15/13 4,073,061
</Table>
12 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
BROADCASTING--RADIO (CONTINUED)
$ 2,228 Regent Broadcasting, LLC,
Term Loan................... 7.09% 11/21/13 $ 1,982,475
5,382 Spanish Broadcasting System,
Inc., Term Loan............. 6.58 06/11/12 4,897,188
--------------
41,344,093
--------------
BROADCASTING--TELEVISION 3.5%
1,975 Barrington Broadcasting,
LLC, Term Loan.............. 7.08 to 7.13 08/12/13 1,817,000
4,156 NV Broadcasting, LLC, Term
Loan........................ 8.13 11/01/13 4,062,734
3,225 Sunshine Acquisition, Ltd.,
Term Loan................... 6.60 03/20/12 2,918,627
72,819 Univision Communications,
Inc., Term Loan............. 5.49 to 5.77 03/29/09 to 09/29/14 61,300,787
--------------
70,099,148
--------------
BUILDINGS & REAL ESTATE 3.3%
2,435 California Coastal
Communities, Inc., Term
Loan........................ 7.20 09/15/11 2,386,496
2,500 El Ad IDB Las Vegas, LLC,
Term Loan................... 7.16 08/10/08 2,350,000
1,500 Forestar Real Estate Group,
Inc., Term Loan............. 8.32 12/01/10 1,485,000
13,897 Ginn LA CS Borrower, LLC,
Term Loan (d)............... 8.23 to 12.33 06/08/11 to 06/08/12 10,454,760
3,649 Kuilima Resort Co., Term
Loan (b).................... 11.50 09/30/11 1,058,195
9,800 Kyle Acquisition Group, LLC,
Term Loan................... 6.81 07/20/08 to 07/20/10 7,129,500
602 Lake at Las Vegas Joint
Venture, LLC, Revolving
Credit Agreement (d)........ 15.10 06/20/12 281,867
5,548 Lake at Las Vegas Joint
Venture, LLC, Term Loan
(d)......................... 11.00 to 15.30 03/17/08 to 06/20/12 3,130,163
3,214 Landsource Communities
Development, LLC, Term
Loan........................ 9.75 to 9.77 02/27/13 2,508,926
3,200 LNR Property Corp., Term
Loan........................ 7.63 07/12/11 2,960,000
3,037 London Arena & Waterfront
Finance, LLC, (United
Kingdom) Term Loan.......... 7.63 03/08/12 2,930,810
2,809 NLV Holdings, LLC, Term
Loan........................ 7.27 to 11.52 05/09/11 to 05/30/12 1,347,421
7,462 Realogy Corp., Term Loan.... 7.45 to 7.51 10/10/13 6,291,820
</Table>
See Notes to Financial Statements 13
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
BUILDINGS & REAL ESTATE (CONTINUED)
$ 2,370 Shea Capital I, LLC, Term
Loan........................ 6.83% 10/27/11 $ 1,925,625
1,546 Shea Mountain House, LLC,
Term Loan................... 5.27 05/11/11 1,252,325
3,248 South Edge, LLC, Term Loan.. 5.06 to 5.31 10/31/08 to 10/31/09 2,703,302
360 Standard Pacific Corp., Term
Loan........................ 6.66 05/05/13 260,100
3,964 Tamarack Resort, LLC, Term
Loan........................ 8.18 to 10.25 05/19/11 3,468,500
6,750 WCI Communities, Inc, Term
Loan........................ 9.66 12/23/10 5,976,565
6,177 Yellowstone Development,
LLC, Term Loan.............. 5.65 09/30/10 5,629,053
--------------
65,530,428
--------------
BUSINESS EQUIPMENT & SERVICES 4.0%
1,347 Audio Visual Services Corp.,
Term Loan................... 5.52 02/28/14 1,252,361
1,241 BakerCorp, Term Loan........ 5.52 to 7.19 05/08/14 1,191,000
5,058 Cellnet Group, Inc., Term
Loan........................ 6.86 to 7.11 07/22/11 4,744,916
1,763 Contec, LLC, Term Loan...... 6.75 06/15/12 1,648,793
2,617 Crawford & Co., Term Loan... 7.58 10/30/13 2,446,994
5,483 Edwards, (Cayman Islands II)
Ltd., Term Loan............. 7.08 to 10.83 05/31/14 to 11/30/14 4,367,888
4,156 First American Payment
Systems, LP, Term Loan...... 6.56 10/06/13 4,051,856
4,975 HydroChem Industrial
Services, Inc., Term Loan... 7.12 to 7.25 07/12/13 4,900,375
2,315 Information Resources, Inc.,
Term Loan................... 5.04 to 6.80 05/16/14 2,095,439
2,243 InfoUSA, Inc., Term Loan.... 6.83 02/14/12 2,187,257
7,354 KAR Holdings, Inc., Term
Loan........................ 7.08 10/20/13 6,457,382
3,403 Katun Corp., Term Loan...... 9.59 06/30/09 3,352,176
7,675 NCO Financial Systems, Term
Loan........................ 7.83 to 8.00 05/15/13 7,259,251
4,975 RGIS Services, LLC, Term
Loan........................ 5.74 to 5.77 04/30/14 4,353,125
2,000 SMG Holdings, Inc., Term
Loan........................ 7.73 07/27/14 1,940,000
965 Valassis Communications,
Inc., Term Loan............. 6.58 03/02/14 863,663
29,415 VNU, Inc., Term Loan........ 6.66 to 7.15 08/09/13 27,266,369
--------------
80,378,845
--------------
</Table>
14 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
CHEMICALS, PLASTICS & RUBBER 5.7%
$ 893 Arizona Chemical Co., Term
Loan........................ 7.08% 02/28/13 $ 768,195
1,892 Becker-Underwood, Inc., Term
Loan........................ 8.34 to 8.59 03/31/10 to 09/30/11 1,863,952
2,488 Bond US Holdings, Inc., Term
Loan........................ 7.65 07/10/14 2,226,312
12,600 Brenntag Holdings GmbH & Co.
KG, (Germany) Term Loan..... 5.79 to 7.79 01/17/14 to 07/17/15 11,689,337
1,000 Cristal Inorganic Chemicals
US, Inc., Term Loan......... 7.08 05/15/14 895,000
7,546 Ferro Corp., Term Loan...... 6.73 to 6.83 06/06/12 7,319,519
2,919 Fibervisions Delaware Corp.,
Term Loan................... 9.08 03/31/13 2,466,964
1,624 Foamex LP, Term Loan........ 6.27 to 6.51 02/12/13 1,417,882
3,182 Georgia Gulf Corp., Term
Loan........................ 5.77 to 7.04 10/03/13 2,964,797
25,175 Hexion Specialty Chemicals,
Inc., Term Loan............. 7.00 to 7.13 05/05/13 23,710,169
14,819 Huntsman International, LLC,
Term Loan................... 5.04 08/16/12 14,078,061
5,708 Ineos Holdings, Ltd.,
(United Kingdom) Term
Loan........................ 7.36 to 7.86 12/16/13 to 12/23/14 5,291,943
7,463 ISP Chemco, Inc., Term
Loan........................ 6.44 to 6.94 06/04/14 6,963,445
8,791 Kraton Polymers, LLC, Term
Loan........................ 6.75 05/12/13 8,164,920
7,423 Lucite International Group
Holdings, Ltd., (United
Kingdom) Term Loan.......... 5.50 07/07/13 6,829,296
2,621 MacDermid, Inc., Term Loan.. 6.83 04/12/14 2,430,916
2,985 OMNOVA Solutions, Inc., Term
Loan........................ 5.77 to 7.58 05/22/14 2,686,500
5,000 Univar, Inc., Term Loan..... 7.89 10/11/14 4,862,500
4,350 Valley National Gases, Inc.,
Term Loan................... 5.52 to 7.08 02/28/14 4,023,294
6,050 Wellman, Inc., Term Loan.... 8.91 to 11.66 02/10/09 to 02/10/10 3,421,335
--------------
114,074,337
--------------
CONSTRUCTION MATERIAL 1.8%
7,840 AXIA, Inc., Term Loan....... 10.00 12/21/12 7,056,000
3,555 Beacon Sales Acquisition,
Inc., Term Loan............. 6.73 to 7.08 09/30/13 3,235,050
3,000 Brand Services, Inc., Term
Loan........................ 9.31 to 11.06 02/07/15 2,748,750
</Table>
See Notes to Financial Statements 15
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
CONSTRUCTION MATERIAL (CONTINUED)
$ 13,388 Building Materials Corp. of
America, Term Loan.......... 6.69 to 9.56% 03/15/14 to 09/15/14 $ 10,582,633
5,481 Building Materials Holdings
Corp., Term Loan............ 8.83 11/10/13 4,562,620
4,905 Contech Construction
Products, Inc., Term Loan... 5.28 to 6.54 01/31/13 4,641,579
1,500 Custom Building Products,
Inc., Term Loan............. 9.72 04/29/12 1,350,000
1,771 Nortek, Inc., Term Loan..... 5.53 to 7.25 08/27/11 1,637,731
1,996 Panolam Industries
International, Inc.
(Canada), Term Loan......... 7.59 09/30/12 1,746,098
--------------
37,560,461
--------------
CONTAINERS, PACKAGING & GLASS 3.3%
1,576 Altivity Packaging, LLC,
Term Loan (a)............... 5.65 to 7.08 06/30/13 1,534,348
2,494 Berlin Packaging, LLC, Term
Loan........................ 8.00 to 8.35 08/17/14 2,456,344
7,498 Berry Plastics Group, Inc.,
Term Loan (d)............... 7.16 04/03/15 6,500,604
865 Captive Plastics, Inc., Term
Loan........................ 6.02 08/18/11 843,503
9,403 Consolidated Container Co.,
LLC, Term Loan.............. 5.50 to 10.58 03/28/14 to 09/28/14 7,006,638
100 Fleming Packaging Corp.,
Revolving Credit Agreement
(b) (c) (e)................. 6.50 03/31/03 0
871 Fleming Packaging Corp.,
Term Loan (b) (c) (e)....... 10.00 08/31/04 0
3,632 Graham Packaging Co., Term
Loan........................ 6.81 to 7.75 10/07/11 3,376,810
9,095 Graphic Packaging
International Corp., Term
Loan........................ 5.33 to 6.73 05/16/14 8,373,516
792 Kranson Industries, Inc.,
Revolving Credit
Agreement................... 6.69 to 7.25 07/31/13 774,208
13,481 Kranson Industries, Inc.,
Term Loan................... 7.09 07/31/13 12,941,465
5,915 Packaging Dynamics, Term
Loan........................ 6.83 06/09/13 5,589,628
4,045 Pertus Sechzehnte GmbH,
(Germany) Term Loan......... 5.65 to 5.90 06/13/15 to 06/13/16 2,952,832
3,658 Smurfit-Stone Container
Corp., Revolving Credit
Agreement................... 5.69 to 7.25 11/01/09 3,548,260
</Table>
16 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
CONTAINERS, PACKAGING & GLASS (CONTINUED)
$ 5,638 Tegrant Holding Corp., Term
Loan........................ 7.60 to 10.35% 03/08/14 to 03/08/15 $ 4,653,312
5,510 Unifrax Corp., Term Loan.... 5.56 05/02/13 5,248,569
--------------
65,800,037
--------------
DIVERSIFIED MANUFACTURING 1.5%
1,784 Arnold Magnectic
Technologies Corp., Term
Loan........................ 8.25 to 9.90 03/06/11 to 03/06/12 1,776,222
3,500 Euramax International, Inc.,
Term Loan................... 12.65 06/29/13 2,618,000
3,483 Jason, Inc., Term Loan...... 6.52 04/30/10 3,308,375
12,077 Mueller Water Products, Inc,
Term Loan................... 4.99 to 6.89 05/24/14 11,443,130
6,224 MW Industries, Inc., Term
Loan........................ 7.83 11/01/13 6,254,948
2,235 Wire Rope Corp. of America,
Inc., Term Loan............. 7.08 02/08/14 2,112,125
1,995 X-rite, Inc., Term Loan..... 8.38 to 8.69 10/24/12 1,997,494
--------------
29,510,294
--------------
DURABLE CONSUMER PRODUCTS 0.2%
3,333 Brown Jordan International,
Inc., Term Loan............. 9.00 to 9.28 04/30/12 3,284,903
--------------
ECOLOGICAL 1.1%
3,051 Big Dumpster Acquisition,
Inc., Term Loan............. 7.08 02/05/13 2,769,023
3,002 Energy Solutions, LLC, Term
Loan........................ 6.24 to 7.10 05/28/13 to 06/07/13 2,762,092
1,162 Environmental Systems
Products Holdings, Term
Loan........................ 10.13 to 11.70 09/12/12 1,112,695
3,043 LVI Services, Inc., Term
Loan........................ 7.99 to 9.58 11/16/11 2,913,624
3,139 Synagro Technologies, Inc.,
Term Loan................... 6.83 to 9.64 04/02/14 to 10/02/14 2,746,243
9,612 Waste Services, Inc., Term
Loan........................ 7.40 03/31/11 9,035,662
--------------
21,339,339
--------------
EDUCATION & CHILD CARE 2.4%
24,938 Cengage Learning Holdings
II, LP, Term Loan........... 6.03 to 7.58 07/05/14 22,513,026
6,045 Educate, Inc., Term Loan.... 7.08 to 10.08 06/14/13 to 06/14/14 5,708,907
</Table>
See Notes to Financial Statements 17
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
EDUCATION & CHILD CARE (CONTINUED)
$ 9,523 Education Management, LLC,
Term Loan................... 6.63% 06/01/13 $ 8,827,374
12,469 Nelson Education Ltd.,
(Canada) Term Loan.......... 7.33 07/05/14 11,541,387
--------------
48,590,694
--------------
ELECTRONICS 3.2%
12,290 Dealer Computer Services,
Inc., Term Loan............. 6.84 to 10.34 10/26/12 to 10/26/13 11,414,365
1,500 Deutsche Connector Group,
(France) Term Loan.......... 7.40 to 7.65 06/22/14 to 06/22/15 1,395,625
990 H3C Holdings, Ltd., (Cayman
Islands) Term Loan.......... 8.14 09/28/12 950,400
4,938 Infor Enterprise Solutions
Holdings, Inc., Term Loan... 8.58 07/28/12 4,493,125
3,687 Intergraph Corp., Term
Loan........................ 5.27 to 7.08 05/29/14 3,539,318
7,409 Kronos, Inc., Term Loan..... 7.08 06/11/14 6,612,469
2,758 Network Solutions, LLC, Term
Loan........................ 5.78 to 7.33 03/07/14 2,468,601
2,475 Nuance Communications, Inc.,
Term Loan................... 7.35 03/31/13 2,343,337
1,349 ON Semiconductor Corp., Term
Loan........................ 6.58 09/03/13 1,281,933
13,543 Open Solutions, Inc., Term
Loan........................ 5.85 01/23/14 12,509,910
3,675 Open Text Corp., Term
Loan........................ 5.52 10/02/13 3,589,855
394 Stratus Technologies, Inc.,
Term Loan................... 8.58 03/29/11 357,227
9,483 Sungard Data Systems, Inc.,
Term Loan................... 6.90 02/28/14 8,812,311
5,038 Verint Systems, Inc., Term
Loan........................ 7.38 05/25/14 4,509,423
--------------
64,277,899
--------------
ENTERTAINMENT & LEISURE 6.7%
1,960 AMC Entertainment, Inc.,
Term Loan (a)............... 5.04 01/26/13 1,811,600
7,377 Bombardier Capital, Inc.,
Term Loan................... 6.43 06/28/13 7,002,209
23,496 Cedar Fair, LP, Term Loan... 5.27 to 7.00 08/30/12 22,037,400
5,410 Cinemark USA, Inc., Term
Loan........................ 6.07 to 6.98 10/05/13 4,962,893
8,771 Fender Musical Instruments
Corp., Term Loan............ 6.97 to 7.16 06/09/14 7,981,307
2,228 Gibson Guitar Corp., Term
Loan........................ 7.33 12/29/13 2,182,950
</Table>
18 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE (CONTINUED)
$ 4,000 Hicks Sports Group, LLC,
Term Loan................... 5.75% 12/22/10 $ 3,820,000
288 Metro-Goldwyn-Mayer Studios,
Inc., Revolving Credit
Agreement................... 7.38 04/08/10 268,089
54,248 Metro-Goldwyn-Mayer Studios,
Inc., Term Loan............. 8.11 04/08/12 48,477,880
1,960 Mets, LP, Term Loan......... 5.38 07/25/10 1,920,800
5,699 Panavision, Inc., Term
Loan........................ 6.74 to 8.44 03/30/11 5,043,728
3,758 Playcore Holdings, Inc.,
Term Loan................... 7.33 to 7.50 02/21/14 3,607,427
14,985 Regal Cinemas, Inc., Term
Loan........................ 6.33 10/27/13 13,911,808
2,600 Tigers Ballpark, LLC, Term
Loan........................ 6.94 08/15/10 2,600,000
500 True Temper Sports, Inc.,
Revolving Credit
Agreement................... 8.12 03/15/09 489,839
10,273 True Temper Sports, Inc.,
Term Loan................... 8.10 to 10.51 03/15/11 to 06/30/11 9,277,853
--------------
135,395,783
--------------
FARMING & AGRICULTURE 0.1%
2,000 WM. Bolthouse Farms, Inc.,
Term Loan................... 7.00 to 10.33 12/16/12 to 12/16/13 1,850,000
--------------
FINANCE 4.4%
3,530 DCS Business Services, Inc.,
Term Loan................... 9.02 to 11.77 02/04/11 to 08/04/11 3,066,294
15,960 First Data Corp., Term
Loan........................ 7.58 to 7.63 09/24/14 14,464,378
3,825 Grosvenor Capital Management
Holdings, LLP, Term Loan.... 6.57 to 7.12 12/05/13 3,652,455
10,441 iPayment, Inc., Term Loan... 5.28 to 6.83 05/10/13 9,187,721
8,414 LPL Holdings, Inc., Term
Loan........................ 6.83 06/28/13 7,940,858
3,500 Metavante Corp., Term Loan
B........................... 6.66 11/01/14 3,336,666
1,472 Munder Capital Management,
Term Loan................... 5.24 to 5.27 12/29/12 1,420,738
8,595 National Processing Co.
Group, Term Loan............ 7.57 to 11.81 09/29/12 to 09/29/14 7,792,200
3,333 Nuveen Investments, Inc.,
Term Loan................... 7.83 11/13/14 3,235,677
7,814 Outsourcing Solutions, Inc.,
Term Loan................... 9.50 09/30/10 7,735,402
</Table>
See Notes to Financial Statements 19
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
FINANCE (CONTINUED)
$ 10,205 Oxford Acquisition III,
Ltd., (United Kingdom) Term
Loan........................ 5.64% 05/11/14 $ 9,167,683
1,722 Riskmetrics Group Holdings,
LLC, Term Loan.............. 7.08 01/11/14 1,661,609
7,488 RJO Holdings Corp., Term
Loan........................ 6.28 to 10.03 07/12/14 to 07/12/15 6,002,531
10,154 Transfirst Holdings, Inc.,
Term Loan................... 7.58 to 10.83 06/15/14 to 06/15/15 8,851,881
--------------
87,516,093
--------------
GROCERY 0.3%
7,059 Roundy's Supermarkets, Inc.,
Term Loan................... 7.91 11/03/11 6,799,127
--------------
HEALTH & BEAUTY 1.0%
7,247 American Safety Razor Co.,
Term Loan................... 5.75 to 11.69 07/31/13 to 01/30/14 7,106,075
1,250 Bare Escentuals Beauty,
Inc., Term Loan............. 6.57 02/18/12 1,199,799
10,057 Marietta Intermediate
Holdings Corp., Term Loan
(d)......................... 9.03 to 14.65 12/17/10 to 12/17/11 7,985,029
5,651 Philosophy, Inc., Term
Loan........................ 5.26 to 5.29 03/16/14 4,916,123
--------------
21,207,026
--------------
HEALTHCARE 11.0%
8,582 American Medical Systems,
Inc., Term Loan............. 7.06 to 7.56 07/20/12 7,809,181
12,086 Capella Healthcare, Inc.,
Term Loan................... 7.34 to 10.34 11/30/12 to 11/30/13 11,904,830
7,463 Cardinal Health 409, Inc.,
Term Loan................... 7.08 04/10/14 6,660,281
214 Cardinal Health 409, Inc.,
Revolving Credit
Agreement................... 6.27 04/10/14 185,893
45,986 Community Health Systems,
Inc., Term Loan............. 7.33 07/25/14 42,554,525
2,239 Concentra, Inc., Term
Loan........................ 7.08 06/25/14 2,093,231
5,023 CRC Health Group, Inc., Term
Loan........................ 7.09 to 7.45 02/06/13 4,859,388
7,088 DSI Renal, Inc., Term
Loan........................ 7.13 03/31/13 6,383,736
855 Emdeon Business Services,
LLC, Term Loan.............. 6.83 to 7.20 11/16/13 814,615
697 Genoa Healthcare Group, LLC,
Term Loan................... 8.00 to 8.11 08/10/12 671,111
363 Golden Living, Term Loan.... 6.02 03/14/11 348,754
8,210 Harlan Sprague Dawley, Inc.,
Term Loan................... 6.82 to 7.50 07/11/14 7,923,089
</Table>
20 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
HEALTHCARE (CONTINUED)
$ 34,804 HCA, Inc., Term Loan........ 6.83 to 7.08% 11/17/12 to 11/17/13 $ 32,170,456
7,500 HCR Healthcare, LLC, Term
Loan........................ 6.04 11/09/14 7,012,500
15,781 Health Management
Associates, Inc., Term
Loan........................ 5.02 to 6.58 02/28/14 13,924,539
3,307 HealthCare Partners, LLC,
Term Loan................... 6.58 10/31/13 3,058,843
5,597 Iasis Healthcare, LLC, Term
Loan........................ 5.24 to 7.15 03/15/14 5,116,203
10,945 Inverness Medical
Innovations, Inc., Term
Loan........................ 6.84 06/26/14 10,124,125
9,538 Lifepoint Hospitals, Inc.,
Term Loan................... 6.72 04/15/12 8,929,556
611 Matria Healthcare, Inc.,
Term Loan................... 6.83 to 7.00 01/19/12 595,716
19,465 Multiplan, Inc., Term
Loan........................ 5.77 04/12/13 18,638,109
873 Select Medical Corp.,
Revolving Credit
Agreement................... 6.94 to 7.65 02/24/11 820,933
2,418 Sterigenics International,
Inc., Term Loan............. 7.25 to 7.76 11/21/13 2,261,259
2,433 Sun Healthcare Group, Inc.,
Term Loan................... 5.38 to 6.93 04/12/14 2,287,373
336 Surgical Care Affiliates,
LLC, Revolving Credit
Agreement................... 7.08 06/29/13 305,760
11,940 Surgical Care Affiliates,
LLC, Term Loan.............. 7.08 12/29/14 10,447,500
10,755 United Surgical Partners
International, Inc., Term
Loan........................ 5.49 to 7.43 04/19/14 9,800,898
4,478 Viant Holdings, Inc., Term
Loan........................ 7.08 06/25/14 4,057,734
--------------
221,760,138
--------------
HOME & OFFICE FURNISHINGS, HOUSEWARES &
DURABLE CONSUMER PRODUCTS 1.1%
9,906 Generation Brands, LLC, Term
Loan........................ 7.64 to 10.97 12/20/12 to 06/20/13 8,392,265
1,458 Hunter Fan Co., Revolving
Credit Agreement............ 5.27 to 7.50 04/16/13 1,312,500
2,248 Hunter Fan Co., Term Loan... 7.38 to 11.63 04/16/14 to 10/16/14 1,883,556
496 Lenox, Inc., Term Loan...... 7.75 to 7.78 04/20/13 414,369
2,332 Mattress Holdings Corp.,
Inc., Term Loan............. 5.50 01/18/14 1,865,923
</Table>
See Notes to Financial Statements 21
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
HOME & OFFICE FURNISHINGS, HOUSEWARES &
DURABLE CONSUMER PRODUCTS (CONTINUED)
$ 7,400 National Bedding Co., LLC,
Term Loan................... 8.26% 08/31/12 $ 6,105,000
1,375 Sealy Mattress Co.,
Revolving Credit
Agreement................... 5.71 to 6.50 04/06/10 1,306,250
--------------
21,279,863
--------------
HOTELS, MOTELS, INNS & GAMING 5.7%
7,610 BLB Worldwide Holdings,
Inc., Term Loan............. 5.78 to 9.72 08/23/11 to 07/18/12 6,748,295
8,665 Cannery Casino Resorts, LLC,
Term Loan................... 6.20 to 7.40 05/18/13 8,361,687
2,227 Golden Nugget, Inc., Term
Loan........................ 5.32 to 5.96 06/30/14 2,004,546
8,962 Greektown Casino, LLC, Term
Loan........................ 7.19 to 8.00 12/03/12 8,379,730
8,833 Green Valley Ranch Gaming,
LLC, Term Loan.............. 6.84 to 7.08 02/16/14 7,861,759
4,314 Greenwood Racing, Inc., Term
Loan........................ 5.53 11/28/11 3,990,398
9,463 Herbst Gaming, Inc., Term
Loan........................ 9.22 to 9.64 12/02/11 8,706,075
7,967 Isle of Capri Casinos, Inc.,
Term Loan................... 5.04 to 6.58 07/26/14 7,011,012
30,193 Las Vegas Sands,
LLC/Venetian Casino, Term
Loan........................ 6.58 05/23/14 26,824,700
5,000 Magnolia Hill, LLC, Term
Loan........................ 1.75 to 6.53 10/30/13 3,478,000
9,500 MGM Mirage, Term Loan....... 4.41 to 6.50 10/03/11 8,627,188
632 Scientific Games Corp.,
Revolving Credit
Agreement................... 5.28 to 6.38 12/23/09 622,520
10,700 Venetian Macau, Ltd., Term
Loan........................ 7.08 05/25/12 to 05/25/13 10,000,787
12,059 Yonkers Racing Corp., Term
Loan........................ 9.25 08/12/11 11,637,295
--------------
114,253,992
--------------
INSURANCE 3.0%
5,653 Alliant Holdings I, Inc.,
Term Loan................... 7.83 11/01/14 5,341,613
9,950 AmWins Group, Inc., Term
Loan........................ 7.59 to 8.07 06/08/13 7,960,000
4,938 Applied Systems, Inc., Term
Loan........................ 5.74 to 7.40 09/26/13 4,690,625
2,389 Audatex North America, Inc.,
Term Loan................... 7.06 05/16/14 2,281,611
</Table>
22 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
INSURANCE (CONTINUED)
$ 10,034 HMSC Holdings Corp., Term
Loan........................ 6.25 to 9.50% 04/03/14 to 10/03/14 $ 8,652,734
8,037 Mitchell International,
Inc., Term Loan............. 6.84 to 10.13 03/28/14 to 03/28/15 7,170,350
1,800 USI Holdings Corp.,
Revolving Credit
Agreement................... 5.77 05/05/13 1,665,000
13,267 USI Holdings Corp., Term
Loan........................ 7.58 05/05/14 12,304,833
10,016 Vertafore, Inc., Term
Loan........................ 7.52 to 11.02 01/31/12 to 01/31/13 9,409,936
--------------
59,476,702
--------------
MACHINERY 0.4%
1,449 Alliance Laundry Holdings,
LLC, Term Loan.............. 7.63 01/27/12 1,398,272
2,993 Mold-Masters Luxembourg
Holdings, S.A., Term Loan... 8.13 10/11/14 2,865,319
4,475 Stolle Machinery Co., LLC,
Term Loan................... 7.94 to 11.38 09/29/12 to 09/29/13 4,382,875
--------------
8,646,466
--------------
MEDICAL PRODUCTS & SERVICES 2.0%
3,491 Accellent, Inc., Term
Loan........................ 7.79 11/22/12 2,984,621
4,218 Advanced Medical Optics,
Inc., Term Loan............. 5.06 to 6.65 04/02/14 3,943,947
8,780 AGA Medical Corp., Term
Loan........................ 6.42 to 7.17 04/28/13 8,099,201
11,680 Biomet, Inc., Term Loan..... 7.86 03/25/15 11,362,783
7,376 Carestream Health, Inc.,
Term Loan................... 5.24 to 6.83 04/30/13 6,546,047
8,500 VWR Funding, Inc., Term
Loan........................ 7.33 06/29/14 7,830,625
--------------
40,767,224
--------------
MINING, STEEL, IRON & NON-PRECIOUS METALS 0.2%
779 John Maneely Co., Term
Loan........................ 7.69 to 8.13 12/08/13 669,569
3,317 Novelis Corp., Term Loan.... 6.83 07/06/14 3,055,479
--------------
3,725,048
--------------
NATURAL RESOURCES 1.3%
255 Boston Generating, LLC,
Revolving Credit
Agreement................... 7.08 12/20/13 226,481
4,986 Boston Generating, LLC, Term
Loan........................ 7.08 12/20/13 4,428,356
2,800 CDX Funding, LLC, Term
Loan........................ 11.39 03/31/13 2,576,000
2,946 Dresser, Inc., Term Loan.... 5.77 to 7.45 05/04/14 2,648,029
1,204 Hudson Products Holdings,
Inc., Term Loan............. 6.30 to 7.88 12/05/13 1,167,528
</Table>
See Notes to Financial Statements 23
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
NATURAL RESOURCES (CONTINUED)
$ 997 Kinder Morgan, Inc., Term
Loan........................ 4.78% 05/30/14 $ 988,462
15,486 Western Refining, Inc., Term
Loan........................ 4.99 05/30/14 14,195,588
--------------
26,230,444
--------------
NON-DURABLE CONSUMER PRODUCTS 3.1%
11,222 Aearo Technologies, Inc.,
Term Loan................... 7.08 to 10.33 09/24/13 to 06/01/14 11,181,951
4,069 Amscan Holdings, Inc., Term
Loan........................ 5.63 to 7.35 05/25/13 3,723,363
2,250 Bausch & Lomb, Inc., Term
Loan........................ 6.51 to 8.08 04/27/15 2,199,375
7,328 Easton-Bell Sports, Inc.,
Term Loan................... 6.85 to 6.90 03/16/12 6,644,337
11,058 Huish Detergents, Inc., Term
Loan........................ 6.83 to 9.08 04/26/14 to 10/26/14 8,758,594
8,720 JohnsonDiversey, Inc., Term
Loan........................ 6.88 12/16/10 to 12/16/11 8,415,164
8,788 KIK Custom Products, Inc.,
Term Loan................... 7.11 to 9.84 05/31/14 to 11/30/14 5,734,340
1,170 Mega Brands, Inc., (Canada)
Term Loan................... 5.50 07/26/12 1,032,525
506 Spectrum Brands, Inc.,
Revolving Credit
Agreement................... 4.48 03/30/13 470,640
10,068 Spectrum Brands, Inc., Term
Loan........................ 8.44 to 8.90 03/30/13 9,368,167
1,800 Targus Group International,
Inc., Term Loan............. 13.35 05/22/13 1,552,500
4,155 Yankee Candle Co., Inc.,
Term Loan................... 5.29 to 6.86 02/06/14 3,765,207
--------------
62,846,163
--------------
PAPER & FOREST PRODUCTS 3.1%
3,000 Ainsworth Lumber Co., Ltd.,
Term Loan (a)............... 6.29 06/26/14 2,790,000
42,819 Georgia-Pacific Corp., Term
Loan........................ 6.58 to 6.90 12/20/12 to 12/29/12 39,634,014
7,500 NewPage Corp., Term Loan.... 8.69 12/21/14 7,304,168
2,073 Tidi Products, LLC, Term
Loan........................ 7.83 to 9.33 12/31/11 2,062,848
7,280 White Birch Paper Co.,
(Canada) Term Loan.......... 7.58 05/08/14 5,416,397
5,061 Xerium Technologies, Inc.,
Term Loan................... 7.58 05/18/12 4,592,471
--------------
61,799,898
--------------
</Table>
24 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
PERSONAL & MISCELLANEOUS SERVICES 0.7%
$ 10,010 Affinion Group, Inc., Term
Loan (a).................... 6.46 to 7.48% 10/17/12 $ 9,392,921
1,597 Omniflight Helicopters,
Inc., Term Loan............. 7.75 to 8.63 06/30/11 to 09/30/12 1,572,589
4,027 Sedgwick CMS Holdings, Inc.,
Term Loan................... 7.08 01/31/13 3,835,493
--------------
14,801,003
--------------
PHARMACEUTICALS 0.7%
4,500 Generics International,
Inc., Term Loan............. 8.33 10/31/14 4,398,750
2,228 Stiefel Laboratories, Inc.,
Term Loan................... 6.69 12/28/13 2,138,400
6,823 Warner Chilcott Holdings
Co., Term Loan.............. 5.27 to 6.88 01/18/12 6,516,388
--------------
13,053,538
--------------
PRINTING & PUBLISHING 13.1%
4,975 Advanstar Communications,
Inc., Term Loan............. 7.09 05/31/14 4,104,375
3,300 American Media Operations,
Inc., Term Loan............. 8.16 to 8.34 01/31/13 3,102,000
1,693 Ascend Media Holdings, LLC,
Term Loan................... 8.85 to 9.14 01/31/12 723,723
1,939 Black Press Group, Ltd.,
(Canada) Term Loan.......... 7.08 08/02/13 1,814,938
5,356 Canon Communications, LLC,
Term Loan................... 6.27 05/31/11 5,275,757
2,096 Caribe Information
Investment, Inc., Term
Loan........................ 5.52 to 7.31 03/31/13 1,948,962
10,546 Cygnus Business Media, Inc.,
Term Loan................... 8.36 to 8.44 07/13/09 10,387,564
998 DRI Holdings, Inc., Term
Loan........................ 6.27 to 7.83 07/03/14 953,434
13,946 Endurance Business Media,
Inc., Term Loan............. 6.03 to 10.53 07/26/13 to 01/26/14 11,784,668
7,910 FSC Acquisition, LLC, Term
Loan........................ 6.31 to 6.98 03/08/14 6,258,598
8,144 F&W Publications, Inc., Term
Loan........................ 7.13 to 9.16 02/05/13 to 08/05/13 7,519,890
2,213 Gatehouse Media, Inc,
Revolving Credit
Agreement................... 5.28 to 6.38 02/28/14 1,637,250
12,375 Gatehouse Media, Inc., Term
Loan........................ 6.45 to 7.07 08/28/14 9,900,000
8,283 Haights Cross Operating Co.,
Term Loan................... 8.37 to 9.37 08/20/08 8,197,000
4,455 Idearc, Inc., Term Loan..... 6.83 11/17/14 4,072,275
</Table>
See Notes to Financial Statements 25
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING (CONTINUED)
$ 1,559 Intermedia Outdoor, Inc.,
Term Loan................... 7.83% 01/31/13 $ 1,286,381
1,995 Knowledgepoint360 Group,
LLC, Term Loan.............. 8.13 to 11.88 04/26/14 to 04/26/15 1,907,725
2,319 MC Communications, LLC, Term
Loan........................ 5.78 to 7.85 12/31/10 2,179,560
12,603 MediaNews Group, Inc., Term
Loan........................ 6.58 to 7.08 12/30/10 to 08/02/13 11,091,036
2,222 MediMedia USA, Inc., Term
Loan........................ 7.08 to 7.63 10/05/13 2,144,109
11,229 Merrill Communications, LLC,
Term Loan................... 5.52 to 9.77 05/15/11 to 11/15/13 10,478,664
3,990 Network Communications,
Inc., Term Loan............. 5.49 to 7.37 11/30/12 3,830,400
7,422 Penton Media, Inc., Term
Loan........................ 5.52 to 8.27 02/01/13 to 02/01/14 6,509,369
3,345 Proquest CSA LLC, Term
Loan........................ 5.69 to 7.35 02/09/14 3,203,236
3,721 Questex Media Group, Inc.,
Term Loan................... 7.79 to 8.13 05/04/14 3,628,219
18,014 Reader's Digest Association,
Inc., Term Loan............. 7.13 03/02/14 15,799,664
7,404 R.H. Donnelley, Inc., Term
Loan........................ 4.75 to 6.66 12/31/09 to 06/30/11 7,048,307
795 SGS International, Inc.,
Term Loan................... 7.22 to 7.65 12/30/11 775,410
1,635 Source Media, Inc., Term
Loan........................ 7.08 11/08/11 1,552,880
1,496 Summit Business Media
Intermediate, Term Loan..... 6.03 07/06/14 1,428,919
3,597 Thomas Nelson Publishers,
Term Loan................... 5.52 to 7.54 06/12/12 3,408,604
126,367 Tribune Co., Term Loan...... 7.91 to 9.43 12/20/08 to 05/19/14 99,687,930
10,375 Yell Group, PLC, (United
Kingdom) Term Loan.......... 4.77 to 5.27 04/30/11 to 02/10/13 9,713,185
--------------
263,354,032
--------------
RESTAURANTS & FOOD SERVICE 3.8%
10,796 Acosta Sales Co., Inc., Term
Loan (a).................... 5.53 07/28/13 10,093,877
11,411 Advantage Sales & Marketing,
LLC, Term Loan.............. 5.28 to 6.83 03/29/13 10,611,875
21,586 Aramark Corp., Term Loan
(a)......................... 6.71 to 6.85 01/26/14 19,940,469
7,198 Arby's, LLC, Term Loan
(a)......................... 5.49 to 7.08 07/25/12 6,896,144
1,743 CBRL Group, Inc., Term
Loan........................ 6.38 to 6.40 04/27/13 1,648,730
</Table>
26 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
RESTAURANTS & FOOD SERVICE (CONTINUED)
$ 3,184 Center Cut Hospitality,
Inc., Term Loan............. 6.46% 07/06/14 $ 3,072,560
5,964 NPC International, Inc.,
Term Loan................... 5.00 to 6.63 05/03/13 5,508,909
558 OSI Restaurant Partners,
LLC, Revolving Credit
Agreement................... 7.49 06/14/13 471,677
6,677 OSI Restaurant Partners,
LLC, Term Loan.............. 5.56 06/14/13 5,649,453
5,930 Sagittarius Restaurants,
LLC, Term Loan.............. 7.08 03/29/13 5,336,728
2,878 Sbarro, Inc., Term Loan..... 7.41 to 7.58 01/31/14 2,622,805
1,367 Volume Services America,
Inc., Revolving Credit
Agreement................... 7.50 04/01/10 1,326,419
3,890 Volume Services America,
Inc., Term Loan............. 7.18 to 7.25 10/01/10 3,792,750
--------------
76,972,396
--------------
RETAIL--OIL & GAS 0.2%
3,486 The Pantry, Inc., Term
Loan........................ 5.03 05/15/14 3,189,252
--------------
RETAIL--SPECIALTY 0.6%
11,629 Nebraska Book Co., Inc.,
Term Loan................... 7.65 03/04/11 11,294,287
--------------
RETAIL--STORES 3.1%
5,925 Csk Auto, Inc., Term Loan... 11.63 06/29/12 5,125,449
20,000 Dollar General Corp., Term
Loan........................ 5.99 07/06/14 17,743,760
5,360 General Nutrition Centers,
Inc., Term Loan............. 6.98 to 7.08 09/16/13 4,585,052
9,500 Guitar Center, Inc., Term
Loan........................ 7.28 10/09/14 8,265,000
13,150 Michael's Stores, Inc., Term
Loan........................ 6.00 to 7.63 10/31/13 11,291,171
8,286 Neiman Marcus Group, Inc.,
Term Loan................... 6.29 to 6.90 04/06/13 7,636,517
5,102 Sally Holdings, Inc., Term
Loan........................ 7.52 11/16/13 4,831,631
2,827 Savers, Inc., Term Loan..... 7.58 08/11/12 2,741,715
--------------
62,220,295
--------------
TELECOMMUNICATIONS--LOCAL EXCHANGE CARRIERS 1.2%
5,000 Fairpoint Communications,
Inc., Term Loan............. 6.63 02/08/12 4,933,750
4,044 Global Tel*Link Corp., Term
Loan........................ 8.33 02/14/13 3,922,965
1,442 Hargray Acquisition Co.,
Term Loan................... 7.08 06/29/14 1,380,787
</Table>
See Notes to Financial Statements 27
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--LOCAL EXCHANGE CARRIERS (CONTINUED)
$ 3,085 NuVox Transition Subsidiary,
LLC, Term Loan.............. 8.24% 05/31/14 $ 2,949,553
5,953 Orius Corp., LLC, Term Loan
(b) (c) (e)................. 9.50 to 10.00 01/23/09 to 01/23/10 744,094
2,249 Paetec Holding Corp., Term
Loan........................ 5.77 02/28/13 2,126,575
8,177 Sorenson Communications,
Inc., Term Loan............. 7.38 to 11.83 02/16/14 to 04/27/14 8,074,324
--------------
24,132,048
--------------
TELECOMMUNICATIONS--LONG DISTANCE 0.3%
1,350 Intelsat, Ltd., (Bermuda)
Term Loan................... 7.13 02/01/14 1,322,437
4,000 Level 3 Communications,
Inc., Term Loan............. 6.57 to 6.63 03/13/14 3,710,000
--------------
5,032,437
--------------
TELECOMMUNICATIONS--WIRELESS 0.6%
10,000 Asurion Corp., Term Loan
(a)......................... 7.88 07/03/14 9,125,000
2,219 Centennial Cellular, Inc.,
Term Loan................... 6.83 02/09/11 2,151,279
1,333 MetroPCS Wireless, Inc.,
Term Loan................... 7.13 to 7.19 11/03/13 1,248,138
--------------
12,524,417
--------------
TEXTILES & LEATHER 1.3%
10,923 Gold Toe Investment Corp.,
Term Loan................... 6.01 to 9.26 10/30/13 to 04/30/14 9,925,410
1,192 HanesBrands, Inc., Term
Loan........................ 6.63 09/05/12 1,145,957
5,850 HBI Branded Apparel Ltd.,
Inc., Term Loan............. 6.99 03/05/14 5,803,686
3,150 Levi Strauss & Co., Term
Loan........................ 7.57 03/27/14 2,543,625
3,551 St. John Knits
International, Inc., Term
Loan........................ 7.84 03/21/12 3,498,181
2,990 Varsity Brands, Inc., Term
Loan........................ 7.50 to 8.13 02/22/14 2,930,108
--------------
25,846,967
--------------
TRANSPORTATION--CARGO 0.3%
893 Cardinal Logistics
Management, Inc., Term
Loan........................ 7.02 09/23/13 866,419
4,975 JHCI Acquisitions, Inc.,
Term Loan................... 5.82 to 6.46 06/19/14 3,756,125
1,641 Kenan Advantage Group, Inc.,
Term Loan................... 7.58 12/16/11 1,542,448
--------------
6,164,992
--------------
</Table>
28 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
PRINCIPAL
AMOUNT STATED
(000) BORROWER COUPON MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
TRANSPORTATION--PERSONAL 0.2%
$ 6,508 Coach America Holdings,
Inc., Term Loan............. 7.48 to 11.36% 04/20/14 to 10/20/14 $ 4,381,323
500 US Airways Group, Inc., Term
Loan........................ 5.79 03/24/14 441,250
--------------
4,822,573
--------------
TRANSPORTATION--RAIL MANUFACTURING 0.3%
5,397 Helm Holding Corp., Term
Loan........................ 5.53 to 7.33 07/08/11 5,073,592
1,579 Standard Steel, LLC, Term
Loan........................ 5.79 to 7.50 06/30/12 1,531,306
--------------
6,604,898
--------------
UTILITIES 3.7%
800 Astoria Generating Co., LP,
Term Loan (a)............... 8.66 08/23/13 764,500
3,863 Bicent Power, LLC, Term
Loan........................ 6.83 06/30/14 3,746,963
12,953 First Light Power Resources,
Inc., Term Loan............. 7.38 to 9.44 11/01/13 to 05/01/14 11,892,509
2,101 InfrastruX Group, Inc., Term
Loan (d).................... 7.77 11/03/12 1,880,245
4,002 Longview, Power LLC, Term
Loan........................ 5.56 to 7.25 02/28/14 3,751,875
170 Mirant North America, LLC,
Revolving Credit
Agreement................... 6.00 01/03/12 158,966
37,833 NRG Energy, Inc., Term
Loan........................ 6.48 to 6.58 02/01/13 34,849,284
2,180 NSG Holdings, LLC, Term
Loan........................ 6.56 06/15/14 1,961,957
4,200 Primary Energy Operating,
LLC, Term Loan.............. 8.92 08/24/09 4,053,000
2,328 Texas Competitive Electric
Holdings Co., LLC, Term
Loan........................ 8.40 10/10/14 2,146,325
6,123 TPF Generation Holdings,
LLC, Term Loan.............. 6.83 to 9.08 12/15/13 to 12/15/14 5,507,271
4,975 USPF Holdings, LLC, Term
Loan........................ 6.29 to 6.96 04/11/14 4,577,000
--------------
75,289,895
--------------
TOTAL VARIABLE RATE** SENIOR LOAN INTERESTS 124.8%............................. 2,505,645,213
--------------
</Table>
<Table>
<Caption>
DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------
NOTES 0.6%
Builders FirstSource, Inc. ($6,300,000 par, 9.12% coupon, maturing 02/15/12)
(h)......................................................................... $ 5,158,125
Compression Polymers Corp. ($2,300,000 par, 11.47% coupon, maturing 07/01/12)
(h)......................................................................... 2,058,500
</Table>
See Notes to Financial Statements 29
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------
NOTES (CONTINUED)
Qwest Corp. ($3,500,000 par, 8.24% coupon, maturing 06/15/13) (h)............ $ 3,430,000
Verso Paper Holdings, LLC ($1,500,000 par, 6.99% coupon, maturing 08/01/14)
(h) (i)..................................................................... 1,432,500
--------------
TOTAL NOTES 0.6%............................................................ 12,079,125
--------------
EQUITIES 0.0%
Aladdin Gaming Holdings, LLC (8.63% ownership interest, Acquisition date
09/03/04, Cost $240,062) (j)................................................ 53,798
DecorateToday.com (198,600 common shares, Acquisition date 12/31/98, Cost
$3,505,909) (f) (g) (j)..................................................... 0
Environmental Systems Products Holdings, Inc. (6,195 preferred Shares,
Acquisition date 06/22/04, Cost $25) (g) (j)................................ 154,875
Environmental Systems Products Holdings, Inc. (6,195 common shares,
Acquisition date 06/22/04, Cost $0) (g) (j)................................. 0
Gentek, Inc. (Canada) (1,040 common shares, Acquisition date 09/19/06, Cost
$0) (g) (j)................................................................. 28,860
Gentek, Inc. (Canada) (Warrants for 1,597 common shares, Acquisition date
10/17/06, Expiration date 10/31/10, Cost $0) (g) (j)........................ 38,567
IDT Corp. (22,898 common shares) (j)......................................... 158,912
London Fog Industries, Inc. (515,922 common shares) (j)...................... 0
Railworks Corp. (Warrants for 1,037 common shares, Acquisition date 07/28/05,
Expiration date 06/14/11, Cost $2,557,518) (g) (j).......................... 0
Rotech Medical Corp. (94,289 common shares, Acquisition date 06/12/02, Cost
$377,156) (g) (j)........................................................... 0
Safelite Realty (48,903 common shares, Acquisition date 10/20/00, Cost $0)
(f) (g) (j)................................................................. 0
--------------
TOTAL EQUITIES 0.0%......................................................... 435,012
--------------
TOTAL LONG-TERM INVESTMENTS 125.4%
(Cost $2,836,188,311)....................................................... 2,518,159,350
--------------
SHORT-TERM INVESTMENTS 1.0%
REPURCHASE AGREEMENTS 0.9%
State Street Bank & Trust Corp. ($18,500,000 par collateralized by U.S.
Government obligations in a pooled cash account, interest rate of 2.48%,
dated 01/31/08, to be sold on 02/01/08 at $18,501,274)...................... 18,500,000
TIME DEPOSIT 0.1%
State Street Bank & Trust Corp. ($2,479,686 par, 1.50% coupon, dated
01/31/08, to be sold on 02/01/08 at $2,479,789)............................. 2,479,686
--------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $20,979,686).......................................................... 20,979,686
--------------
</Table>
30 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------
TOTAL INVESTMENTS 126.4%
(Cost $2,857,167,997)....................................................... $2,539,139,036
BORROWINGS (28.8%).......................................................... (578,000,000)
OTHER ASSETS IN EXCESS OF LIABILITIES 2.4%.................................. 47,686,855
--------------
NET ASSETS 100.0%........................................................... $2,008,825,891
==============
</Table>
Percentages are calculated as a percentage of net assets.
(a) All or a portion of this security is designated in connection with unfunded
loan commitments.
(b) This Senior Loan interest is non-income producing.
(c) This borrower has filed for protection in federal bankruptcy court.
(d) Payment-in-kind security.
(e) This borrower is currently in liquidation.
(f) Affiliated company.
(g) Restricted security. Securities were acquired through the restructuring of
senior loans. These securities are restricted as they are not allowed to be
deposited via the Depository Trust Company. If at a later point in time, the
company wishes to register, the issuer will bear the costs associated with
registration. The aggregate value of restricted securities represents 0.1%
of the net assets of the Fund.
(h) Variable rate security. Interest rate shown is that in effect at January 31,
2008.
(i) 144A-Private Placement security which is exempt from registration under Rule
144A of the Securities Act of 1933, as amended. This security may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(j) Non-income producing security as the stock or warrant currently does not
declare income dividends.
* Senior Loans in the Fund's portfolio generally are subject to mandatory
and/or optional prepayment. Because of these mandatory prepayment conditions
and because there may be significant economic incentives for a Borrower to
prepay, prepayments of Senior Loans in the Fund's portfolio may occur. As a
result, the actual remaining maturity of Senior Loans held in the Fund's
portfolio may be substantially less than the stated maturities shown.
Although the Fund is unable to accurately estimate the actual remaining
maturity of individual Senior Loans, the Fund estimates that the actual
average maturity of the Senior Loans held in its portfolio will be
approximately 18-24 months.
** Senior Loans in which the Fund invests generally pay interest at rates which
are periodically redetermined by reference to a base lending rate plus a
premium. These base lending rates are generally (i) the lending rate offered
by one or more major European banks, such as the London Inter-Bank Offered
Rate ("LIBOR"), (ii) the prime rate offered by one or more major United
States banks or (iii) the certificate of deposit rate. Senior Loans are
generally considered to be restricted in that the Fund ordinarily is
contractually obligated to receive approval from the Agent Bank and/or
Borrower prior to the disposition of a Senior Loan.
See Notes to Financial Statements 31
VAN KAMPEN SENIOR LOAN FUND
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
<Table>
<Caption>
RATINGS ALLOCATION AS OF 1/31/08
BBB/Baa..................................................... 0.2%
BB/Ba....................................................... 52.4
B/B......................................................... 27.6
CCC/Caa..................................................... 3.0
Non-Rated................................................... 16.8
</Table>
RATINGS ALLOCATIONS ARE AS A PERCENTAGE OF LONG TERM DEBT OBLIGATIONS. RATINGS
ALLOCATIONS BASED UPON RATINGS AS ISSUED BY STANDARD AND POOR'S AND MOODY'S,
RESPECTIVELY. BANK LOANS RATED BELOW BBB BY STANDARD AND POOR'S OR BAA BY
MOODY'S ARE CONSIDERED TO BE BELOW INVESTMENT GRADE.
SWAP AGREEMENTS OUTSTANDING AS OF JANUARY 31, 2008:
CREDIT DEFAULT SWAPS
<Table>
<Caption>
PAY/
REFERENCE RECEIVE NOTIONAL
ENTITY/ BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY INDEX PROTECTION RATE DATE (000) PAYMENTS VALUE
Goldman Sachs Credit K. Hovnanian
Partners, L.P...... Enterprises, Inc. Sell 2.15% 06/20/09 $1,500 $0 $ (271,635)
Goldman Sachs Credit K. Hovnanian
Partners, L.P...... Enterprises, Inc. Sell 3.75 06/20/12 1,500 0 (422,969)
Goldman Sachs Credit Standard Pacific
Partners, L.P...... Corporation Sell 3.40 03/20/14 2,500 0 (876,505)
Goldman Sachs Credit Standard Pacific
Partners, L.P...... Corporation Sell 3.70 06/20/14 2,500 0 (865,805)
-------- -----------
TOTAL CREDIT DEFAULT SWAPS............................................................. $0 $(2,436,914)
======== ===========
</Table>
32 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
January 31, 2008 (Unaudited)
<Table>
ASSETS:
Unaffiliated Investments (Cost $2,853,662,088).............. $ 2,539,139,036
Affiliated Investments (Cost $3,505,909).................... -0-
---------------
Total Investments (Cost $2,857,167,997).................. 2,539,139,036
Restricted Cash............................................. 2,560,000
Receivables:
Investments Sold........................................... 79,625,328
Interest and Fees.......................................... 20,893,518
Fund Shares Sold........................................... 1,571,039
Other....................................................... 21,179
---------------
Total Assets............................................. 2,643,810,100
---------------
LIABILITIES:
Payables:
Borrowings................................................. 578,000,000
Investments Purchased...................................... 37,230,237
Income Distributions....................................... 2,614,785
Investment Advisory Fee.................................... 1,543,438
Distributor and Affiliates................................. 880,168
Administrative Fee......................................... 451,667
Fund Shares Repurchased.................................... 539
Unfunded Commitments........................................ 6,500,426
Swap Contracts.............................................. 2,436,914
Accrued Interest Expense.................................... 2,399,378
Trustees' Deferred Compensation and Retirement Plans........ 1,407,757
Accrued Expenses............................................ 1,518,900
---------------
Total Liabilities........................................ 634,984,209
---------------
NET ASSETS.................................................. $ 2,008,825,891
===============
NET ASSETS CONSIST OF:
Capital..................................................... $ 3,459,421,192
Accumulated Undistributed Net Investment Income............. (3,854,118)
Net Unrealized Depreciation................................. (326,966,301)
Accumulated Net Realized Loss............................... (1,119,774,882)
---------------
NET ASSETS.................................................. $ 2,008,825,891
===============
NET ASSET VALUE AND MAXIMUM OFFERING PRICE PER SHARE:
Class A Shares:
Net asset value per share (Based on net assets of
$374,753,703 and 47,169,168 shares of beneficial interest
issued and outstanding).................................. $ 7.94
Maximum sales charge (3.25%* of offering price).......... 0.27
---------------
Maximum offering price to public......................... $ 8.21
===============
Class B Shares:
Net asset value and offering price per share (Based on
net assets of $37,412,014 and 4,711,204 shares of
beneficial interest issued and outstanding).............. $ 7.94
===============
Class C Shares:
Net asset value and offering price per share (Based on
net assets of $466,530,098 and 58,748,648 shares of
beneficial interest issued and outstanding).............. $ 7.94
===============
Class IB Shares:
Net asset value and offering price per share (Based on
net assets of $941,526,984 and 118,383,310 shares of
beneficial interest issued and outstanding).............. $ 7.95
===============
Class IC Shares:
Net asset value and offering price per share (Based on
net assets of $188,603,092 and 23,722,920 shares of
beneficial interest issued and outstanding).............. $ 7.95
===============
</Table>
* On sales of $100,000 or more, the sales charge will be reduced.
See Notes to Financial Statements 33
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended January 31, 2008 (Unaudited)
<Table>
INVESTMENT INCOME:
Interest from Unaffiliated Investments...................... $ 121,203,162
Other....................................................... 2,990,311
-------------
Total Income............................................ 124,193,473
-------------
EXPENSES:
Investment Advisory Fee..................................... 10,115,143
Distribution and Service Fees
Class A................................................... 621,323
Class B................................................... 207,812
Class C................................................... 2,776,933
Class IC.................................................. 163,730
Administration Fee.......................................... 2,970,075
Transfer Agent Fees......................................... 1,102,058
Credit Line................................................. 757,330
Professional Fees........................................... 346,316
Custody..................................................... 286,773
Reports to Shareholders..................................... 243,814
Accounting and Administrative Expenses...................... 147,067
Registration Fees........................................... 81,029
Trustees' Fees and Related Expenses......................... 12,218
Other....................................................... 869,879
-------------
Total Operating Expenses................................ 20,701,500
Service Fee Reimbursement............................... 1,531,239
Less Credits Earned on Cash Balances.................... 76,065
-------------
Net Operating Expenses.................................. 19,094,196
Interest Expense........................................ 14,677,409
-------------
Total Expenses.......................................... 33,771,605
-------------
NET INVESTMENT INCOME....................................... $ 90,421,868
=============
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Unaffiliated Investments.................................. $ (20,784,594)
Affiliated Investments.................................... (1,074,607)
Swap Contracts............................................ 135,217
-------------
Net Realized Loss........................................... (21,723,984)
-------------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... (159,325,913)
-------------
End of the Period:
Investments............................................. (318,028,961)
Swap Contracts.......................................... (2,436,914)
Unfunded Commitments.................................... (6,500,426)
-------------
(326,966,301)
-------------
Net Unrealized Depreciation During the Period............... (167,640,388)
-------------
NET REALIZED AND UNREALIZED LOSS............................ $(189,364,372)
=============
NET DECREASE IN NET ASSETS FROM OPERATIONS.................. $ (98,942,504)
=============
</Table>
34 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.................................. $ 90,421,868 $ 151,757,983
Net Realized Loss...................................... (21,723,984) (30,974,360)
Net Unrealized Depreciation During the Period.......... (167,640,388) (66,612,904)
-------------- --------------
Change in Net Assets from Operations................... (98,942,504) 54,170,719
-------------- --------------
Distributions from Net Investment Income:
Class A Shares....................................... (19,140,012) (20,566,767)
Class B Shares....................................... (1,440,725) (1,891,994)
Class C Shares....................................... (19,226,606) (17,252,543)
Class IB Shares...................................... (40,926,798) (98,251,723)
Class IC Shares...................................... (8,405,142) (21,257,308)
-------------- --------------
Total Distributions.................................... (89,139,283) (159,220,335)
-------------- --------------
NET CHANGE IN NET ASSETS FROM INVESTMENT ACTIVITIES.... (188,081,787) (105,049,616)
-------------- --------------
FROM CAPITAL TRANSACTIONS:
Proceeds from Shares Sold.............................. 171,568,767 1,129,759,191
Net Asset Value of Shares Issued Through Dividend
Reinvestment......................................... 52,935,318 91,115,595
Cost of Shares Repurchased............................. (548,721,761) (374,391,451)
-------------- --------------
NET CHANGE IN NET ASSETS FROM CAPITAL TRANSACTIONS..... (324,217,676) 846,483,335
-------------- --------------
TOTAL INCREASE/DECREASE IN NET ASSETS.................. (512,299,463) 741,433,719
NET ASSETS:
Beginning of the Period................................ 2,521,125,354 1,779,691,635
-------------- --------------
End of the Period (Including accumulated undistributed
net investment income of $(3,854,118) and
$(5,136,703), respectively).......................... $2,008,825,891 $2,521,125,354
============== ==============
</Table>
See Notes to Financial Statements 35
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL STATEMENTS continued
Statement of Cash Flows
For the Six Months Ended January 31, 2008
<Table>
CHANGE IN NET ASSETS FROM OPERATIONS........................ $ (98,942,504)
-------------
Adjustments to Reconcile the Change in Net Assets from
Operations to Net Cash Provided by Operating Activities:
Purchase of Investments................................... (534,502,206)
Principal Repayments/Sales of Investments................. 892,526,550
Net Purchases of Short-Term Investments................... 37,982,917
Amortization of Loan Fees................................. 130,651
Net Loan Fees Received.................................... 806,065
Accretion of Discounts.................................... (549,157)
Net Realized Gain/Loss on Investments..................... 21,859,201
Net Change in Unrealized Appreciation/Depreciation on
Investments............................................. 164,687,652
Increase in Restricted Cash............................... (1,847,698)
Increase in Receivable for Investments Sold............... (76,819,485)
Decrease in Interest and Fees Receivable and Other
Assets.................................................. 1,769,848
Decrease in Payable for Investments Purchased............. (27,142,987)
Increase in Accrued Expenses and Other Payables........... 113,031
Net Change in Unrealized Depreciation on Swap Contracts... 1,361,596
Net Change in Unfunded Commitments........................ 1,591,140
Decrease in Trustees' Deferred Compensation and Retirement
Plans................................................... (37,254)
-------------
Total Adjustments....................................... 481,929,864
-------------
NET CASH PROVIDED BY OPERATING ACTIVITIES................... 382,987,360
-------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Shares Sold................................... 179,589,837
Change in Bank Borrowings................................... 23,000,000
Change in Accrued Interest Expense.......................... 33,102
Payments on Shares Repurchased.............................. (548,917,734)
Cash Distributions Paid..................................... (36,692,565)
-------------
Net Cash from Financing Activities...................... (382,987,360)
-------------
NET INCREASE IN CASH........................................ -0-
Cash at Beginning of the Period............................. -0-
-------------
CASH AT END OF THE PERIOD................................... $ -0-
=============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash Paid During the Year for Interest...................... $ 14,644,308
=============
</Table>
36 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
FUND OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS FEBRUARY 18, 2005
ENDED YEAR ENDED JULY 31, (COMMENCEMENT OF
CLASS A SHARES JANUARY 31, -------------------- OPERATIONS) TO
2008 2007 2006 JULY 31, 2005
--------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE
PERIOD............................. $ 8.65 $ 8.99 $ 9.10 $ 9.12
-------- -------- -------- --------
Net Investment Income (a).......... 0.33 0.66 0.54 0.18
Net Realized and Unrealized Loss... (0.71) (0.29) (0.15) (0.04)
-------- -------- -------- --------
Total from Investment Operations..... (0.38) 0.37 0.39 0.14
Less Distributions from Net
Investment Income.................. 0.33 0.71 0.50 0.16
-------- -------- -------- --------
NET ASSET VALUE, END OF THE PERIOD... $ 7.94 $ 8.65 $ 8.99 $ 9.10
======== ======== ======== ========
Total Return (b)..................... -4.45%** 4.06% 4.39% 1.75%**
Net Assets at End of the Period (In
millions).......................... $ 374.8 $ 544.7 $ 91.0 $ 54.0
Ratios to Average Net Assets: *
Operating Expense.................. 1.43% 1.41% 1.39% 1.42%
Interest Expense................... 1.23% 1.09% 0.10% 0.04%
Total Net Expense.................. 2.66% 2.50% 1.49% 1.46%
Net Investment Income.............. 7.79% 7.34% 5.95% 4.44%
Portfolio Turnover (c)............... 19%** 74% 84% 90%
* 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:
Ratios to Average Net Assets:
Operating Expense.................. 1.68% 1.66% 1.64% 1.67%
Interest Expense................... 1.23% 1.09% 0.10% 0.04%
Total Gross Expense................ 2.91% 2.75% 1.74% 1.71%
Net Investment Income.............. 7.54% 7.09% 5.70% 4.19%
SENIOR INDEBTEDNESS:
Total Borrowing Outstanding (In
thousands)....................... $578,000 $555,000 $195,000 $123,000
Asset Coverage Per $1,000 Unit of
Senior Indebtedness (d).......... $ 4,475 $ 5,543 $ 10,127 $ 18,767
</Table>
** Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum sales charge of 3.25% or early withdrawal
charge. On purchases of $1 million or more, an early withdrawal charge of 1%
may be imposed on certain repurchases by the Fund made within eighteen
months of purchase. If the sales charges were included, total returns would
be lower. These returns include combined distribution and service fees of up
to .25% and do not reflect the deduction of taxes that a shareholder would
pay on Fund distributions or the repurchases by the Fund of Fund shares.
(c) Calculation includes the proceeds from principal repayments and sales of
variable rate senior loan interests.
(d) Calculated by subtracting the Fund's total liabilities (not including the
Borrowings) from the Fund's total assets and dividing by the total number of
senior indebtedness units, where one unit equals $1,000 of senior
indebtedness.
See Notes to Financial Statements 37
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
FUND OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS FEBRUARY 18, 2005
ENDED YEAR ENDED JULY 31, (COMMENCEMENT OF
CLASS B SHARES JANUARY 31, -------------------- OPERATIONS) TO
2008 2007 2006 JULY 31, 2005
--------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE
PERIOD.............................. $ 8.65 $ 8.99 $ 9.10 $ 9.12
-------- -------- -------- --------
Net Investment Income (a)........... 0.30 0.60 0.47 0.14
Net Realized and Unrealized Loss.... (0.71) (0.30) (0.14) (0.03)
-------- -------- -------- --------
Total from Investment Operations...... (0.41) 0.30 0.33 0.11
Less Distributions from Net Investment
Income.............................. 0.30 0.64 0.44 0.13
-------- -------- -------- --------
NET ASSET VALUE, END OF
THE PERIOD.......................... $ 7.94 $ 8.65 $ 8.99 $ 9.10
======== ======== ======== ========
Total Return (b)...................... -4.94%** 3.29% 3.63% 1.41%**
Net Assets at End of the Period (In
millions)........................... $ 37.4 $ 41.5 $ 17.8 $ 10.8
Ratios to Average Net Assets:*
Operating Expense................... 2.18% 2.18% 2.14% 2.18%
Interest Expense.................... 1.23% 1.10% 0.10% 0.04%
Total Net Expense................... 3.41% 3.28% 2.24% 2.22%
Net Investment Income............... 7.05% 6.67% 5.24% 3.73%
Portfolio Turnover (c)................ 19%** 74% 84% 90%
* 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:
Ratios to Average Net Assets:
Operating Expense................... 2.43% 2.43% 2.39% 2.43%
Interest Expense.................... 1.23% 1.10% 0.10% 0.04%
Total Gross Expense................. 3.66% 3.53% 2.49% 2.47%
Net Investment Income............... 6.80% 6.42% 4.99% 3.48%
SENIOR INDEBTEDNESS:
Total Borrowing Outstanding (In
thousands)...................... $578,000 $555,000 $195,000 $123,000
Asset Coverage Per $1,000 Unit of
Senior Indebtedness (d)......... $ 4,475 $ 5,543 $ 10,127 $ 18,767
</Table>
** Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum early withdrawal charge of 3%, charged on
certain repurchases by the Fund made within one year of purchase and
declining to 0% after the fifth year. If the sales charge was included,
total returns would be lower. These returns include combined distribution
and service fees of up to 1% and do not reflect the deduction of taxes that
a shareholder would pay on Fund distributions or the repurchases by the Fund
of Fund shares.
(c) Calculation includes the proceeds from principal repayments and sales of
variable rate senior loan interests.
(d) Calculated by subtracting the Fund's total liabilities (not including the
Borrowings) from the Fund's total assets and dividing by the total number of
senior indebtedness units, where one unit equals $1,000 of senior
indebtedness.
38 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
FUND OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS FEBRUARY 18, 2005
ENDED YEAR ENDED JULY 31, (COMMENCEMENT OF
CLASS C SHARES JANUARY 31, -------------------- OPERATIONS) TO
2008 2007 2006 JULY 31, 2005
--------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE
PERIOD.............................. $ 8.65 $ 8.99 $ 9.10 $ 9.12
-------- -------- -------- --------
Net Investment Income (a)........... 0.30 0.59 0.47 0.14
Net Realized and Unrealized Loss.... (0.71) (0.29) (0.14) (0.03)
-------- -------- -------- --------
Total from Investment Operations...... (0.41) 0.30 0.33 0.11
Less Distributions from Net Investment
Income.............................. 0.30 0.64 0.44 0.13
-------- -------- -------- --------
NET ASSET VALUE, END OF
THE PERIOD.......................... $ 7.94 $ 8.65 $ 8.99 $ 9.10
======== ======== ======== ========
Total Return (b)...................... -4.94%** 3.29% 3.63% 1.41%**
Net Assets at End of the Period (In
millions)........................... $ 466.5 $ 563.5 $ 72.5 $ 55.7
Ratios to Average Net Assets:*
Operating Expense................... 2.18% 2.16% 2.14% 2.17%
Interest Expense.................... 1.23% 1.09% 0.10% 0.04%
Total Net Expense................... 3.41% 3.25% 2.24% 2.21%
Net Investment Income............... 7.04% 6.55% 5.19% 3.66%
Portfolio Turnover (c)................ 19%** 74% 84% 90%
* 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:
Ratios to Average Net Assets:
Operating Expense................... 2.43% 2.41% 2.39% 2.42%
Interest Expense.................... 1.23% 1.09% 0.10% 0.04%
Total Gross Expense................. 3.66% 3.50% 2.49% 2.46%
Net Investment Income............... 6.79% 6.30% 4.94% 3.41%
SENIOR INDEBTEDNESS:
Total Borrowing Outstanding (In
thousands)...................... $578,000 $555,000 $195,000 $123,000
Asset Coverage Per $1,000 Unit of
Senior Indebtedness (d)......... $ 4,475 $ 5,543 $ 10,127 $ 18,767
</Table>
** Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum early withdrawal charge of 1%, charged on
certain repurchases by the Fund made within one year of purchase. If the
sales charge was included, total returns would be lower. These returns
include combined distribution and service fees of up to 1% and do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the repurchases by the Fund of Fund shares.
(c) Calculation includes the proceeds from principal repayments and sales of
variable rate senior loan interests.
(d) Calculated by subtracting the Fund's total liabilities (not including the
Borrowings) from the Fund's total assets and dividing by the total number of
senior indebtedness units, where one unit equals $1,000 of senior
indebtedness.
See Notes to Financial Statements 39
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
FUND OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
CLASS IB SHARES JANUARY 31, -----------------------------------------------------
2008 2007 2006 2005 2004 2003
-------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF
THE PERIOD.................... $ 8.66 $ 9.01 $ 9.11 $ 9.00 $ 8.29 $ 8.09
-------- -------- -------- -------- -------- --------
Net Investment Income (a)..... 0.33 0.68 0.54 0.37 0.30 0.33
Net Realized and Unrealized
Gain/Loss................... (0.71) (0.32) (0.14) 0.08 0.68 0.19
-------- -------- -------- -------- -------- --------
Total from Investment
Operations.................... (0.38) 0.36 0.40 0.45 0.98 0.52
-------- -------- -------- -------- -------- --------
Less:
Distributions from Net
Investment Income........... 0.33 0.71 0.50 0.34 0.25 0.29
Return of Capital
Distributions............... -0- -0- -0- -0- 0.02 0.03
-------- -------- -------- -------- -------- --------
Total Distributions............. 0.33 0.71 0.50 0.34 0.27 0.32
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF THE
PERIOD........................ $ 7.95 $ 8.66 $ 9.01 $ 9.11 $ 9.00 $ 8.29
======== ======== ======== ======== ======== ========
Total Return (b)................ -4.57%** 4.05% 4.38% 5.18% 12.03% 6.58%
Net Assets at End of the Period
(In millions)................. $ 941.5 $1,131.8 $1,307.2 $1,639.0 $1,703.1 $1,876.1
Ratios to Average Net Assets:
Operating Expense............. 1.42% 1.43% 1.39% 1.38% 1.48% 1.54%
Interest Expense.............. 1.24% 1.11% 0.10% 0.04% 0.00%(e) 0.00%(e)
Total Net Expense............. 2.66% 2.54% 1.49% 1.42% 1.48% 1.54%
Net Investment Income......... 7.81% 7.49% 5.87% 4.09% 3.44% 4.21%
Portfolio Turnover (c).......... 19%** 74% 84% 90% 94% 49%
SENIOR INDEBTEDNESS:
Total Borrowing Outstanding
(In thousands).............. $578,000 $555,000 $195,000 $123,000 -0- -0-
Asset Coverage Per $1,000 Unit
of Senior Indebtedness
(d)......................... $ 4,475 $ 5,543 $ 10,127 $ 18,767 N/A N/A
</Table>
** Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum early withdrawal charge of 3%, charged on
repurchases by the Fund made within one year of purchase and declining to 0%
after the fifth year. If the sales charge was included, total returns would
be lower. These returns do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or repurchases by the Fund of
Fund shares. The early withdrawal charge was terminated effective February
18, 2005.
(c) Calculation includes the proceeds from principal repayments and sales of
variable rate senior loan interests.
(d) Calculated by subtracting the Fund's total liabilities (not including the
Borrowings) from the Fund's total assets and dividing by the total number of
senior indebtedness units, where one unit equals $1,000 of senior
indebtedness.
(e) Amount is less than 0.01%
N/A=Not Applicable
40 See Notes to Financial Statements
VAN KAMPEN SENIOR LOAN FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
FUND OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS JUNE 13, 2003
ENDED YEAR ENDED JULY 31, (COMMENCEMENT OF
CLASS IC SHARES JANUARY 31, --------------------------------------- OPERATIONS) TO
2008 2007 2006 2005 2004 JULY 31, 2003
-----------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF
THE PERIOD..................... $ 8.66 $ 9.00 $ 9.11 $ 9.00 $ 8.29 $ 8.16
-------- -------- -------- -------- ------ ------
Net Investment Income (a)...... 0.33 0.68 0.54 0.37 0.28 0.04
Net Realized and Unrealized
Gain/Loss.................... (0.71) (0.31) (0.15) 0.07 0.69 0.12
-------- -------- -------- -------- ------ ------
Total from Investment
Operations..................... (0.38) 0.37 0.39 0.44 0.97 0.16
-------- -------- -------- -------- ------ ------
Less:
Distributions from Net
Investment Income............ 0.33 0.71 0.50 0.33 0.24 0.03
Return of Capital
Distributions................ -0- -0- -0- -0- 0.02 -0-
-------- -------- -------- -------- ------ ------
Total Distributions............. 0.33 0.71 0.50 0.33 0.26 0.03
-------- -------- -------- -------- ------ ------
NET ASSET VALUE, END OF THE
PERIOD......................... $ 7.95 $ 8.66 $ 9.00 $ 9.11 $ 9.00 $ 8.29
======== ======== ======== ======== ====== ======
Total Return (b)................ -4.56%** 4.06% 4.50% 4.98% 11.86% 2.02%**
Net Assets at End of the Period
(In millions).................. $ 188.6 $ 239.6 $ 291.3 $ 426.0 $332.0 $246.1
Ratios to Average Net Assets:*
Operating Expense............ 1.42% 1.43% 1.39% 1.44% 1.62% 1.56%
Interest Expense............. 1.24% 1.11% 0.10% 0.04% 0.00%(d) 0.00%(d)
Total Net Expense............ 2.66% 2.54% 1.49% 1.48% 1.62% 1.56%
Net Investment Income........ 7.81% 7.49% 5.85% 4.07% 3.26% 3.89%
Portfolio Turnover (c).......... 19%** 74% 84% 90% 94% 49%
* 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:
Ratios to Average Net Assets:
Operating Expense.............. 1.57% 1.58% 1.54% 1.52% N/A N/A
Interest Expense............... 1.24% 1.11% 0.10% 0.04% N/A N/A
Total Gross Expense............ 2.81% 2.69% 1.64% 1.56% N/A N/A
Net Investment Income.......... 7.66% 7.34% 5.70% 3.99% N/A N/A
SENIOR INDEBTEDNESS:
Total Borrowing Outstanding
(In thousands)............. $578,000 $555,000 $195,000 $123,000 -0- -0-
Asset Coverage Per $1,000
Unit of Senior Indebtedness
(e)........................ $ 4,475 $ 5,543 $ 10,127 $ 18,767 N/A N/A
</Table>
** Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum early withdrawal charge of 1%, charged on
repurchases by the Fund made within one year of purchase. If the sales
charge was included, total returns would be lower. These returns do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or repurchases by the Fund of Fund shares. The early
withdrawal charge was terminated effective February 18, 2005.
(c) Calculation includes the proceeds from principal repayments and sales of
variable rate senior loan interests.
(d) Amount is less than 0.01%.
(e) Calculated by subtracting the Fund's total liabilities (not including the
Borrowings) from the Fund's total assets and dividing by the total number of
senior indebtedness units, where one unit equals $1,000 of senior
indebtedness.
N/A=Not Applicable
See Notes to Financial Statements 41
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Senior Loan Fund (the "Fund") is registered as a non-diversified,
closed-end management investment company under the Investment Company Act of
1940 (the "1940 Act"), as amended. The Fund's investment objective is to provide
a high level of current income, consistent with preservation of capital. The
Fund invests primarily in adjustable rate Senior Loans. Senior Loans are
business loans that have a senior right to payment and are made to borrowers
that may be corporations, partnerships, or other entities. These borrowers
operate in a variety of industries and geographic regions. The Fund commenced
investment operations on October 4, 1989. The Fund continuously offers Class A
Shares, Class B Shares and Class C Shares. Class IB Shares and Class IC Shares
are not continuously offered. Each class of shares differs by its initial sales
load, contingent deferred sales charges, the allocation of class-specific
expenses and voting rights on matters affecting a single class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with 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 The Fund's Senior Loans and notes are valued by the Fund
following valuation guidelines established and periodically reviewed by the
Fund's Board of Trustees. Under the valuation guidelines, Senior Loans and notes
for which reliable market quotes are readily available are valued at the mean of
such bid and ask quotes. Where reliable market quotes are not readily available,
Senior Loans and notes are valued, where possible, using independent market
indicators provided by independent pricing sources approved by the Board of
Trustees. Other Senior Loans and notes are valued by independent pricing sources
approved by the Board of Trustees based upon pricing models developed,
maintained and operated by those pricing sources or valued by Van Kampen Asset
Management (the "Adviser") by considering a number of factors including
consideration of market indicators, transactions in instruments which the
Adviser believes may be comparable (including comparable credit quality,
interest rate redetermination period and maturity), the credit worthiness of the
Borrower, the current interest rate, the period until the next interest rate
redetermination and the maturity of such Senior Loans. Consideration of
comparable instruments may include commercial paper, negotiable certificates of
deposit and short-term variable rate securities which have adjustment periods
comparable to the Senior Loans in the Fund's portfolio. The fair value of Senior
Loans are reviewed and approved by the Fund's Valuation Committee and Board of
Trustees.
Equity securities are valued on the basis of prices furnished by pricing
services or at fair value as determined in good faith by the Adviser under the
direction of the Board of Trustees. Credit default swaps are valued using market
quotations from brokers.
Short-term securities with remaining maturities of 60 days or less are
valued at amortized cost, which approximates market value. Short-term loan
participations are valued at cost in the absence of any indication of
impairment.
42
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
B. SECURITY TRANSACTIONS Investment transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis.
Legal expenditures that are expected to result in the restructuring of or a plan
of reorganization for an investment are recorded as realized losses.
The Fund may purchase and sell securities on a "when-issued" or "delayed
delivery" basis with settlement to occur at a later date. The value of the
security so purchased is subject to market fluctuations during this period. The
Fund will segregate assets with the custodian having an aggregate value at least
equal to the amount of the when-issued or delayed delivery purchase commitments
until after payment is made. At January 31, 2008, the Fund had no when-issued or
delayed delivery purchase commitments.
The Fund may invest in repurchase agreements, which are short-term
investments in which the Fund acquires ownership of a debt security and the
seller agrees to repurchase the security at a future time and specified price.
Repurchase agreements are fully collateralized by the underlying debt security.
The Fund will make payment for such securities only upon physical delivery or
evidence of book entry transfer to the account of the custodian bank. The seller
is required to maintain the value of the underlying security at not less than
the repurchase proceeds due the Fund.
C. INVESTMENT INCOME Dividend income is recorded on the ex-dividend date and
interest income is recorded on an accrual basis. Facility fees on senior loans
purchased are treated as market discounts. Market premiums are amortized and
discounts are accreted over the stated life of each applicable senior loan, note
or other fixed-income security.
Other income is comprised primarily of amendment fees which are recorded
when received. Amendment fees are earned as compensation for agreeing to changes
in loan agreements. Income, expenses and realized and unrealized gains or losses
are allocated on a pro-rata basis to each class of shares except for
distribution and service fees, which are unique to each class of shares.
D. FEDERAL INCOME TAXES It is the Fund's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required. The
Fund adopted the provisions of the Financial Accounting Standards Board ("FASB")
Interpretation No. 48 ("FIN 48") Accounting for Uncertainty in Income Taxes on
January 31, 2008. FIN 48 sets forth a minimum threshold for financial statement
recognition of the benefit of a tax position taken or expected to be taken in a
tax return. The implementation of FIN 48 did not result in any unrecognized tax
benefits in the accompanying financial statements. If applicable, the Fund
recognizes interest accrued related to unrecognized tax benefits in "Interest
Expense" and penalties in "Other" expenses on the Statement of Operations. The
Fund files tax returns with the U.S. Internal Revenue Service and various
states. Generally, each of the tax years in the four year period ended July 31,
2007, remains subject to examination by taxing authorities.
The Fund intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset these losses against any future realized capital
gains. At July 31, 2007, the Fund had an
43
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
accumulated capital loss carry forward for tax purposes of $1,072,209,351, which
will expire according to the following schedule.
<Table>
<Caption>
AMOUNT EXPIRATION
$ 28,927,103 July 31, 2008
90,868,001 July 31, 2009
445,144,583 July 31, 2010
215,755,020 July 31, 2011
153,257,861 July 31, 2012
68,141,145 July 31, 2013
21,900,119 July 31, 2014
48,215,519 July 31, 2015
</Table>
Due to a merger with another regulated investment company, a portion of the
capital loss carry forward referred to above may be limited under Internal
Revenue Code Section 382.
At January 31, 2008, the cost and related gross unrealized appreciation and
depreciation were as follows:
<Table>
Cost of investments for tax purposes........................ $2,858,181,909
==============
Gross tax unrealized appreciation........................... 5,511,687
Gross tax unrealized depreciation........................... (324,554,560)
--------------
Net tax unrealized depreciation on investments.............. $ (319,042,873)
==============
</Table>
E. DISTRIBUTION OF INCOME AND GAINS The Fund declares daily and pays monthly
dividends from net investment income. Net realized gains, if any, are
distributed at least annually. Distributions from net realized gains for book
purposes may include short-term capital gains, which are included in ordinary
income for tax purposes.
The tax character of distributions paid during the year ended July 31, 2007
was as follows:
<Table>
Distributions paid from:
Ordinary income........................................... $158,093,206
Long-term capital gain.................................... -0-
------------
$158,093,206
============
</Table>
As of July 31, 2007, the components of distributable earnings on a tax basis
were as follows:
<Table>
Undistributed ordinary income............................... $692,799
</Table>
Net realized gains or losses may differ for financial reporting and tax
purposes primarily as a result of the deferral of losses related to wash sale
transactions and gains or losses recognized on securities for tax purposes but
not for book purposes.
44
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
F. CREDITS EARNED ON CASH BALANCES During the six months ended January 31, 2008,
the Fund's custody fee was reduced by $76,065 as a result of credits earned on
cash balances.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Fund's Investment Advisory Agreement, the Adviser
provides investment advice and facilities to the Fund for an annual fee payable
monthly as follows:
<Table>
<Caption>
AVERAGE DAILY
NET ASSETS % PER ANNUM
First $500 million.......................................... .900%
Next $1.0 billion........................................... .850%
Next $1.0 billion........................................... .825%
Next $500 million........................................... .800%
Over $3.0 billion........................................... .775%
</Table>
In addition, the Fund will pay a monthly administration fee to Van Kampen
Funds Inc., the Fund's Administrator, at an annual rate of .25% of the average
daily net assets of the Fund. The administration services provided by the
Administrator include monitoring the provisions of the loan agreements and any
agreements with respect to participations and assignments, record keeping
responsibilities with respect to interests in Senior Loans in the Fund's
portfolio and providing certain services to the holders of the Fund's
securities.
For the six months ended January 31, 2008, the Fund recognized expenses of
approximately $177,700 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a Trustee of the Fund is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Fund.
Under separate Legal Services and Chief Compliance Officer (CCO) Employment
agreements, the Adviser provides legal services and the CCO provides compliance
services to the Fund. The costs of these services are allocated to each fund.
For the six months ended January 31, 2008, the Fund recognized expenses of
approximately $62,700 representing Van Kampen Investments Inc.'s or its
affiliates' (collectively "Van Kampen") cost of providing legal services to the
Fund, as well as the salary, benefits and related costs of the CCO and related
support staff paid by Van Kampen. Services provided pursuant to the Legal
Services agreement are reported as part of "Professional Fees" on the Statement
of Operations. Services provided pursuant to the CCO Employment agreement are
reported as part of "Accounting and Administrative Expenses" on the Statement of
Operations.
Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser,
serves as the shareholder servicing agent for the Fund. For the six months ended
January 31, 2008, the Fund recognized expenses of approximately $764,600
representing transfer agency fees paid to VKIS. Transfer agency fees are
determined through negotiations with the Fund's Board of Trustees.
Certain officers and trustees of the Fund are also officers and directors of
Van Kampen. The Fund does not compensate its officers or trustees who are also
officers of Van Kampen.
The Fund provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation 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
45
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
years of service to the Fund. The maximum annual benefit per trustee under the
plan is $2,500.
For the six months ended January 31, 2008, Van Kampen, as Distributor for
the Fund, received net commissions on sales of the Fund's Class A Shares of
approximately $64,100 and contingent deferred sales charge (CDSC) on redeemed
shares of approximately $676,200. Sales charges do not represent expenses of the
Fund.
During the period, the Fund owned shares of the following affiliated
companies. Affiliated companies are defined by the 1940 Act, as amended, as
those companies in which a Fund holds 5% or more of the outstanding voting
securities.
<Table>
<Caption>
INTEREST/ MARKET
PAR/ DIVIDEND VALUE
NAME SHARES* INCOME 1/31/2008 COST
DecorateToday.com -- Common Shares................. 198,600 $-0- $-0- $3,505,909
Safelite Realty -- Common Shares................... 48,903 -0- -0- -0-
--------- --------- ----------
$-0- $-0- $3,505,909
========= ========= ==========
</Table>
* Shares were acquired through the restructuring of senior loan interests.
Affiliate transactions during the six months ended January 31, 2008 were as
follows:
<Table>
<Caption>
PAR/SHARES PAR/SHARES REALIZED INTEREST/
AS OF GROSS GROSS AS OF GAIN/ DIVIDEND
NAME 7/31/2007 ADDITIONS REDUCTIONS 1/31/2008 (LOSS) INCOME
Neoplan USA Corp. --
Revolver**................ $589,367 $-0- $(589,367) $-0- $ -0- $-0-
Neoplan USA Corp. -- Common
Shares**.................. 8,517 -0- (8,517) -0- (85) -0-
Neoplan USA Corp. --
Preferred Shares**........ 2,262 -0- (2,262) -0- (1,074,522) -0-
----------- ---------
$(1,074,607) $-0-
=========== =========
</Table>
** Due to transactions during the year, the issuer is no longer an affiliated
company.
46
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
3. CAPITAL TRANSACTIONS
For the six months ended January 31, 2008 and the year ended July 31, 2007,
transactions were as follows:
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
--------------------------- -----------------------------
SHARES VALUE SHARES VALUE
Sales:
Class A......................... 9,870,601 $ 84,459,661 60,949,393 $ 551,496,214
Class B......................... 582,165 4,977,168 3,189,043 28,836,440
Class C......................... 9,176,345 78,489,409 59,772,959 540,812,266
Class IB........................ 250,736 2,129,551 510,976 4,619,719
Class IC........................ 178,370 1,512,978 442,098 3,994,552
----------- ------------- ----------- --------------
Total Sales....................... 20,058,217 $ 171,568,767 124,864,469 $1,129,759,191
=========== ============= =========== ==============
Dividend Reinvestment:
Class A......................... 1,486,877 $ 12,608,138 1,489,889 $ 13,442,544
Class B......................... 102,027 863,702 122,843 1,108,324
Class C......................... 1,256,008 10,640,880 1,019,867 9,195,222
Class IB........................ 2,904,228 24,626,624 6,321,648 57,140,202
Class IC........................ 494,865 4,195,974 1,132,161 10,229,303
----------- ------------- ----------- --------------
Total Dividend Reinvestment....... 6,244,005 $ 52,935,318 10,086,408 $ 91,115,595
=========== ============= =========== ==============
Repurchases:
Class A......................... (27,136,906) $(229,581,732) (9,602,050) $ (86,649,107)
Class B......................... (765,839) (6,483,766) (493,624) (4,455,429)
Class C......................... (16,832,297) (141,989,501) (3,701,287) (33,378,803)
Class IB........................ (15,409,779) (131,348,737) (21,362,284) (193,268,547)
Class IC........................ (4,613,944) (39,318,025) (6,266,028) (56,639,565)
----------- ------------- ----------- --------------
Total Repurchases................. (64,758,765) $(548,721,761) (41,425,273) $ (374,391,451)
=========== ============= =========== ==============
</Table>
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from investments sold and
repaid, excluding short-term investments, were $534,502,206 and $892,526,550,
respectively.
5. REPURCHASE OF SHARES
The Fund has a policy of making monthly repurchase offers ("Repurchase Offers")
for the Fund's common shares pursuant to Rule 23c-3(b) of the 1940 Act, as
amended; until October 2006 Repurchase Offers had been made at quarterly
intervals.
On June 23, 2006, the shareholders of the Fund approved an amendment to the
Fund's fundamental policy regarding the Fund's offer to repurchase its shares to
allow the Fund to repurchase its shares on a monthly basis. In addition, on June
7, 2006, the Fund obtained exemptive relief from the Securities and Exchange
Commission to enable the Fund to conduct monthly Repurchase Offers, subject to
certain conditions. The Fund began conducting monthly offers to repurchase its
outstanding shares commencing in October 2006.
47
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
The Repurchase Offers will continue to be for between 5% and 25% of the
Fund's outstanding shares; however, whereas the Fund's present intent for
quarterly offers was up to 15% during any one quarter, the Fund's present intent
for monthly offers is up to between 5% and 8% (However, the Board of Trustees
may authorize an additional 2%, if necessary, without extending the repurchase
offer.). The repurchase request deadline will be the third Friday of each
calendar month (or the preceding business day if such third Friday is not a
business day). To accommodate monthly Repurchase Offers, the Fund has shorter
notice periods before each offer, shorter repurchase periods and shorter payment
periods after each offer. During the six months ended January 31, 2008, the Fund
had no quarterly Repurchase Offers and six monthly Repurchase Offers as follows:
<Table>
<Caption>
PERCENTAGE OF
REPURCHASE OUTSTANDING SHARES NUMBER OF PERCENT OF
REQUEST THE FUND OFFERED TO SHARES TENDERED OUTSTANDING SHARES TENDERED
DEADLINES REPURCHASE (ALL CLASSES) (ALL CLASSES)
August 17, 2007 5.0% 13,371,913 4.5%
September 21, 2007 5.0 8,268,558 2.9
October 19, 2007 5.0 5,545,251 1.9
November 16, 2007 5.0 9,949,692 3.5
December 21, 2007 5.0 16,587,388 6.0
January 18, 2008 5.0 11,035,963 4.2
</Table>
6. COMMITMENTS
Pursuant to the terms of certain of the Senior Loan agreements, the Fund had
unfunded loan commitments of approximately $88,074,600 as of January 31, 2008.
The Fund intends to reserve against such contingent obligations by designating
cash, liquid securities, and liquid senior loans as a reserve. The unrealized
depreciation on these commitments of $6,500,426 as of January 31, 2008 is
reported as "Unfunded Commitments" on the Statement of Assets and Liabilities.
7. BORROWINGS
The Fund has entered into a $700 million Amended and Restated Revolving Credit
and Security Agreement to finance the repurchases of shares or to purchase
additional securities for investment purposes. This revolving credit agreement
is secured by the assets of the Fund.
In connection with this agreement, for the six months ended January 31,
2008, the Fund incurred fees of approximately $757,300. For the six months ended
January 31, 2008, the average daily balance of borrowings under the Amended and
Restated Revolving Credit and Security Agreement was $528,847,826 with a
weighted average interest rate of 5.45%.
8. SENIOR LOAN PARTICIPATION COMMITMENTS
The Fund invests primarily in participations, assignments, or acts as a party to
the primary lending syndicate of a Senior Loan interest to corporations,
partnerships, and other entities. When the Fund purchases a participation of a
Senior Loan interest, the Fund typically enters into a contractual agreement
with the lender or other third party selling the participation, but not with the
borrower directly. As such, the Fund assumes the credit risk of the borrower,
selling participant or other persons interpositioned between the Fund and the
borrower.
48
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
At January 31, 2008, the following sets forth the selling participants with
respect to interests in Senior Loans purchased by the Fund on a participation
basis.
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
SELLING PARTICIPANT (000) (000)
General Electric............................................ $ 5,000 $ 4,934
Merrill Lynch............................................... 20,000 16,400
JP Morgan Chase............................................. 20,000 16,400
Citicorp North America...................................... 16,667 13,667
Bank of America, NA......................................... 10,000 8,200
------- -------
$71,667 $59,601
------- -------
</Table>
9. DISTRIBUTION AND SERVICE PLAN
Shares of the Fund are distributed by Van Kampen Funds, Inc. ("the
Distributor"), an affiliate of the Adviser. The Fund has adopted a distribution
plan (the "Distribution Plan") with respect to each of its Class A Shares, Class
B Shares and Class C Shares and in so doing has agreed to comply with rule 12b-1
under the 1940 Act, as amended, as if the Fund were an open-end investment
company. The Fund also has adopted a service plan (the "Service Plan") with
respect to each of its Class A Shares, Class B Shares, Class C Shares and Class
IC Shares. There is no Distribution Plan or Service Plan for Class IB Shares and
no Distribution Plan for Class IC Shares. All service fees under the Service
Plan applicable to Class A Shares, Class B Shares, Class C Shares and Class IC
Shares are currently being waived. For the six months ended January 31, 2008,
the Distributor waived service fees of $1,531,239. This waiver is voluntary in
nature and can be discontinued at any time. Under the Distribution Plan and
Service Plan, the Fund pays distribution fees in connection with the sale and
distribution of its Shares and service fees in connection with the provision of
ongoing services to shareholders of each such class and the maintenance of
shareholder accounts.
Under the Distribution Plan and Service Plan, the Fund may spend up to a
total of 0.25%, 1.00%, 1.00%, and 0.15% (0.25% maximum) per year of the average
daily net assets of Class A Shares, Class B Shares, Class C Shares, and Class IC
Shares, respectively. Due to voluntary fee waivers by the Distributor, the
aggregate distribution and service fees are currently 0.00%, 0.75%, 0.75%, and
0.00% per year of the average daily net assets for Class A Shares, Class B
Shares, Class C Shares, and Class IC Shares, respectively. Annual fees under the
Distribution Plan and Service Plan are accrued daily. The net annual fees for
Class B Shares and Class C Shares are paid monthly to the Distributor.
The amount of distribution expenses incurred by the Distributor and not yet
reimbursed ("unreimbursed receivable") was approximately $787,100 and $3,841,200
for Class B Shares and Class C Shares, respectively. These amounts may be
recovered from future payments under the Distribution Plan. To the extent the
unreimbursed receivable has been fully recovered, any excess fees will be
refunded to the Fund on a quarterly basis.
10. 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.
49
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
The Fund may use derivative instruments for a variety of reasons, such as to
attempt to protect the Fund against possible changes in the market value of its
portfolio or to generate potential gain. All of the Fund's portfolio holdings,
including derivative instruments, are marked to market each day with the change
in value reflected in unrealized appreciation/depreciation. Risks may arise as a
result of the potential inability of the counterparties to meet the terms of
their contracts.
The Fund may enter into credit default swap contracts for hedging purposes
or to gain exposure to a credit in which the Fund may otherwise invest. A credit
default swap is an agreement between two parties to exchange the credit risk of
an issuer. A buyer of a credit default swap is said to buy protection by paying
periodic fees in return for a contingent payment from the seller if the issuer
has a credit event such as bankruptcy, a failure to pay outstanding obligations
or deteriorating credit while the swap is outstanding. A seller of a credit
default swap is said to sell protection and thus collects the periodic fees and
profits if the credit of the issuer remains stable or improves while the swap is
outstanding but the seller in a credit default swap contract would be required
to pay an agreed-upon amount, which approximates the notional amount of the swap
as disclosed in the table following the Portfolio of Investments, to the buyer
in the event of an adverse credit event of the issuer. The Fund accrues for the
periodic fees on credit default swaps on a daily basis with the net amount
accrued recorded within unrealized appreciation/depreciation of swap contracts.
Upon cash settlement of the periodic fees, the net amount is recorded as
realized gain/loss on swap contracts on the Statements of Operations. Net
unrealized gains are recorded as an asset or net unrealized losses are reported
as a liability on the Statement of Assets and Liabilities. Payments received or
made upon entering into a credit default swap contract, if any, are recorded as
realized gain or loss on the Statement of Operations upon termination or
maturity of the swap. The change in value of the swap contracts is reported as
unrealized gains or losses on the Statement of Operations.
Credit default swaps may involve greater risks than if the Fund had invested
in the issuer directly. Credit default swaps are subject to general market risk,
counterparty risk and credit risk. If there is a default by the counterparty,
the Fund will have contractual remedies pursuant to the agreements related to
the transaction. Counterparties are required to pledge collateral daily (based
on the valuation of each swap) on behalf of the Fund with a value approximately
equal to the amount of any unrealized gain. Cash collateral, when received by
the Fund, is recorded with an offsetting liability shown on the Statement of
Assets and Liabilities. Reciprocally, when the Fund has an unrealized loss on a
swap contract, the Fund 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, if any, for segregating
purposes is shown on the Statement of Assets and Liabilities.
11. INDEMNIFICATIONS
The Fund enters into contracts that contain a variety of indemnifications. The
Fund's maximum exposure under these arrangements is unknown. However, the Fund
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
50
VAN KAMPEN SENIOR LOAN FUND
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2008 (UNAUDITED) continued
12. ACCOUNTING PRONOUNCEMENT
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. As of January 31, 2008, the Adviser does not believe the adoption
of SFAS 157 will impact the amounts reported in the financial statements,
however, additional disclosures will be required about the inputs used to
develop the measurements of fair value and the effect of certain measurements
reported on the Statement of Operations for a fiscal period.
51
VAN KAMPEN SENIOR LOAN FUND
BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
RONALD E. ROBISON
President and Principal Executive Officer
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
STUART N. SCHULDT
Chief Financial Officer and Treasurer
CHRISTINA JAMIESON
Vice President
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
522 Fifth Avenue
New York, New York 10036
DISTRIBUTOR
VAN KAMPEN FUNDS INC.
One Parkview Plaza - Suite 100
P.O. Box 5555
Oakbrook Terrace, Illinois 60181-5555
SHAREHOLDER SERVICING AGENT
VAN KAMPEN INVESTOR SERVICES INC.
P.O. Box 947
Jersey City, New Jersey 07303-0947
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606
* "Interested persons" of the Fund, as defined in the Investment Company Act
of 1940, as amended.
52
Van Kampen Senior Loan Fund
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
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 Senior Loan Fund
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 Senior Loan Fund
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)2008 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC.
18, 118, 218, 59, 359
SLFSAN 3/08
(VAN KAMPEN INVESTMENTS LOGO) IU08-01359P-Y01/08
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 Fund's principal executive officer and principal financial officer have
concluded that the Fund's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Fund 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 Senior Loan Fund
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 20, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 20, 2008
By: /s/ Stuart N. Schuldt
---------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: March 20, 2008