<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>c05989nvcsrs.txt
<DESCRIPTION>SEMI-ANNUAL CERTIFIED SHAREHOLDER REPORT
<TEXT>
<PAGE>
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 811-04746
Van Kampen Tax-Exempt Trust
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
--------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 11/30
Date of reporting period: 5/31/06
<PAGE>
Item 1. Reports to Shareholders.
The Trust's semiannual report transmitted to shareholders pursuant to
Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen High
Yield Municipal 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 May 31, 2006.
THIS PIECE MUST BE PRECEDED OR ACCOMPANIED BY THE FUND'S PROSPECTUS. THE
PROSPECTUS CONTAINS INFORMATION ABOUT THE FUND, INCLUDING THE INVESTMENT
OBJECTIVES, RISKS, CHARGES AND EXPENSES. 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 FUND SHARES MAY THEREFORE BE LESS THAN WHAT
YOU PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS
FUND.
<Table>
<Caption>
<S> <C> <C>
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
---------------------------------------------------------------------------------------
</Table>
<PAGE>
Performance Summary as of 5/31/06
<Table>
<Caption>
A SHARES B SHARES C SHARES I SHARES
since 1/2/86 since 7/20/92 since 12/10/93 since 3/1/06
-----------------------------------------------------------------------------------------------------
W/MAX W/MAX W/MAX
4.75% 4.00% 1.00%
AVERAGE ANNUAL W/O SALES SALES W/O SALES SALES W/O SALES SALES W/O SALES
TOTAL RETURNS CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES
<S> <C> <C> <C> <C> <C> <C> <C>
Since Inception 6.74% 6.48% 6.08% 6.08% 5.50% 5.50% 1.13%
10-year 6.25 5.73 5.78 5.78 5.47 5.47 n/a
5-year 6.72 5.69 5.94 5.70 5.95 5.95 n/a
1-year 5.84 0.85 5.06 1.06 5.07 4.07 n/a
6-month 3.89 -1.05 3.50 -0.50 3.51 2.51 n/a
-----------------------------------------------------------------------------------------------------
30-Day SEC Yield 4.73% 4.22% 4.22% 5.22%
</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.
Average annual total return with sales charges includes payment of the maximum
sales charge of 4.75 percent for Class A shares, a contingent deferred sales
charge of 4.00 percent for Class B shares (in year one and two and declining to
zero after year five), a contingent deferred sales charge of 1.00 percent for
Class C shares in year one and combined Rule 12b-1 fees and service fees of up
to 0.25 percent for Class A shares and up to 1.00 percent for Class B and C
shares. The since inception and 10-year returns for Class B shares reflect the
conversion of Class B shares into Class A shares six years after purchase. The
since inception returns for Class C shares reflect the conversion of Class C
into Class A shares ten years after purchase. Class I Shares are offered without
any sales charges on purchases or sales and without any distribution (12b-1) fee
and service fee. Class I Shares are available for purchase exclusively by
investors through (i) tax-exempt retirement plans with assets of at least one
million dollars (including 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase plans, defined benefit plans and
non-qualified deferred compensation plans), (ii) fee-based investment programs
with assets of at least one million dollars and (iii) institutional clients with
assets of at least one million dollars. Figures shown above assume reinvestment
of all dividends and capital gains. SEC yield is a calculation for determining
the amount of portfolio income, excluding non-income items as prescribed by the
SEC. Yields are subject to change.
The Lehman Brothers Municipal Bond Index is generally representative of
investment-grade, tax-exempt bonds. The index is unmanaged and does not include
any sales charges or fees. Such costs would lower performance. It is not
possible to invest directly in an index. Index data source: Lipper Inc.
1
<PAGE>
Fund Report
FOR THE SIX-MONTH PERIOD ENDED MAY 31, 2006
MARKET CONDITIONS
Rising oil prices, the shadow of inflation and the possibility for a slowdown in
economic growth shaped the landscape during the six-month period ended May 31,
2006. Nonetheless, the economy continued to grow during the period--and at a
particularly good pace in the first quarter of 2006.
The actions and intentions of the Federal Open Market Committee (the "Fed")
remained a focal point of investors' attention. Many speculated about the impact
of the "changing of the guard" as Chairman Alan Greenspan passed the reins to
his successor Chairman Ben S. Bernanke in February. The Fed stayed on its steady
course of monetary tightening throughout the period, however, and continued to
raise the federal funds target rate. In incremental increases of 25 basis points
each, the Fed brought the target rate to 5.00 percent as of May 31, 2006. The
central bank noted it would monitor incoming economic data closely, and
cautioned that although longer-term inflation appeared contained, commodity
prices could amplify inflationary pressures.
Although interest rates moved upward, they remained low by longer-term
historical standards. A hunger for yield combined with generally good economic
and corporate news to spur investors' interest in lower-rated, or "high-yield,"
bonds. (In periods of economic growth, the risk of a corporate loan default is
perceived to be lower.) As a result, credit spreads tightened significantly.
Credit spreads measure the incremental yield investors require to assume
additional credit risk. When credit spreads tighten, lower-rated issues
typically outperform high-grade issues.
Within the municipal bond market, supply trends shifted sharply during the
reporting period. Issuance remained strong during the final months of 2005, as
it had been throughout the year. In 2006, however, supply dwindled significantly
as rising rates discouraged issuers from refinancing debt. National municipal
issuance dropped by at least 25 percent in the first five months of 2006 versus
the same period in 2005. Meanwhile, the market's demand for municipal bonds
remained strong and drove prices upward.
2
<PAGE>
PERFORMANCE ANALYSIS
The fund returned 3.89 percent for the six months ended May 31, 2006 (Class A
shares, unadjusted for sales charges). In comparison, the fund's benchmark, the
Lehman Brothers Municipal Bond Index, returned 1.52 percent for the period.
TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED MAY 31, 2006
<Table>
<Caption>
---------------------------------------------------------
LEHMAN BROTHERS
MUNICIPAL BOND
CLASS A CLASS B CLASS C INDEX
<S> <C> <C> <C> <C> <C>
3.89% 3.50% 3.51% 1.52%
---------------------------------------------------------
</Table>
The performance for the three share classes varies because each has different
expenses. The fund's total return figures assume the reinvestment of all
distributions, but do not reflect the deduction of any applicable sales charges.
Such costs would lower performance. Past performance is no guarantee of future
results. See Performance Summary for standardized performance information and
index definition.
An overweighted position in high-yield bonds relative to the Lehman Brothers
Municipal Bond Index was instrumental in driving the fund's outperformance. As
of the close of the period, 86.5 percent of the fund's bonds were rated BBB+ or
below, and the weighted average credit rating of the portfolio was BBB+. This
positioning served the fund well as lower-rated bonds outperformed issues with
the highest credit ratings.
The fund remained well diversified across the municipal bond market, and a broad
pool of securities fuelled its advance. Special facility airport revenue bonds
represented an area of particular strength. Here, our risk-conscious analysis
led us to securities that we believed offered a compelling combination of credit
fundamentals and total return opportunities. These issues are supported by lease
obligations for some of the strongest national and international carriers
operating in U.S. domestic markets.
Infrastructure tax-backed municipal securities also contributed significantly to
positive performance. The fund's holdings in this sector have been well
positioned to benefit from demographic trends--such as population inflows into
states favored by retirees. These migrations have led to increased
infrastructure development. The life care sector was another source of
noteworthy gains. Here again, demographic trends, including the aging of baby
boomers, continue to support the long-term economic fundamentals of the sector.
The fund benefited from its stake in inverse floating rate securities, which
represented approximately 8.8 percent of assets on May 31, 2006. This position
provided yield enhancement which added to total return. Moreover, a number of
the fund's inverse floating rate securities appreciated in price during the
period.
3
<PAGE>
Although the fund outperformed its benchmark by a wide margin, certain areas did
not contribute as much as others. The fund's overall pace was slowed by selected
holdings in the skilled nursing sector, as well as by downturns in a handful of
individual securities.
Because of our dedication to the interests of the fund's current shareholders,
we have sought to manage the growth of the fund's asset base within the broader
context of market opportunities. When our investment discipline has indicated a
less robust universe of attractive securities, we have preferred to close the
fund to new investors rather than compromise our long-standing criteria.
Accordingly, we kept the fund closed to new investors throughout the reporting
period.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the fund in
the future.
4
<PAGE>
<Table>
<Caption>
RATINGS ALLOCATION AS OF 5/31/06
<S> <C>
AAA/Aaa 4.1%
AA/Aa 3.1
A/A 6.3
BBB/Baa 14.4
BB/Ba 5.5
B/B 6.5
CCC/Caa 2.6
Non-Rated 57.5
<Caption>
TOP 5 SECTORS AS OF 5/31/06
<S> <C>
Hospital 19.0%
Life Care 17.6
Special Tax 13.3
Air Carriers 7.7
Higher Education 4.0
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 5/31/06
<S> <C>
Florida 11.3%
Texas 8.7
New York 8.2
California 7.3
Illinois 5.6
Pennsylvania 5.2
Massachusetts 4.9
New Jersey 4.6
Colorado 3.4
Arizona 3.3
Minnesota 2.6
Georgia 2.5
Virginia 2.4
Wisconsin 2.3
Missouri 2.3
Michigan 2.2
South Carolina 1.8
Ohio 1.7
Oklahoma 1.6
Tennessee 1.5
Alabama 1.5
New Hampshire 1.1
Nevada 1.1
Maryland 1.0
Louisiana 0.9
Oregon 0.9
Washington 0.9
Hawaii 0.8
New Mexico 0.8
North Carolina 0.7
Indiana 0.6
Iowa 0.6
South Dakota 0.5
Vermont 0.5
</Table>
<Table>
<S> <C>
(continued on next page)
</Table>
5
<PAGE>
<Table>
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 5/31/06
(continued from previous page)
<S> <C>
Utah 0.4
Connecticut 0.4
Kansas 0.4
Mississippi 0.3
Alaska 0.3
North Dakota 0.3
Rhode Island 0.3
Kentucky 0.3
Maine 0.2
Puerto Rico 0.2
Idaho 0.1
Delaware 0.1
Wyoming 0.1
District of Columbia 0.0*
West Virginia 0.0*
-----
Total Investments 98.7%
Other Assets in Excess of Liabilities 1.3
-----
Net Assets 100.0%
</Table>
* Amounts are less than 0.1%.
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings and sectors are as a percentage
of total long-term investments. Summary of investments by state classification
are as a percentage of total net assets. Securities are classified by sectors
that represent broad groupings of related industries. Van Kampen is a wholly
owned subsidiary of a global securities firm which is engaged in a wide range of
financial services including, for example, securities trading and brokerage
activities, investment banking, research and analysis, financing and financial
advisory services. Rating allocations based upon ratings as issued by Standard
and Poor's and Moody's, respectively.
6
<PAGE>
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 e-mail address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a fund's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 847-2424.
7
<PAGE>
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
<PAGE>
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 charge on redemptions of Class B and C Shares; and
(2) ongoing costs, including management fees; distribution and service (12b-1)
fees; and other Fund expenses. This example is intended to help you understand
your ongoing 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 12/1/05 - 5/31/06.
ACTUAL EXPENSE
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing cost of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads) or contingent deferred sales charges. 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*
------------------------------------------------------------
12/1/05 5/31/06 12/1/05-5/31/06
<S> <C> <C> <C>
Class A
Actual........................... $1,000.00 $1,038.87 $4.32
Hypothetical..................... 1,000.00 1,020.73 4.28
(5% annual return before
expenses)
Class B
Actual........................... 1,000.00 1,035.01 8.12
Hypothetical..................... 1,000.00 1,016.93 8.05
(5% annual return before
expenses)
Class C
Actual........................... 1,000.00 1,035.06 8.07
Hypothetical..................... 1,000.00 1,016.93 8.00
(5% annual return before
expenses)
Class I
Actual........................... 1,000.00 1,011.34 1.51
Hypothetical..................... 1,000.00 1,021.89 3.07
(5% annual return before
expenses)
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.60%,
1.59% and 0.61% for Class A, B, C and I Shares, respectively, multiplied by
the average account value over the period, multiplied by 182/365 (to reflect
the one-half year period) except for Class I Shares "Actual" information
which reflects the period from Commencement of Operations through May 31,
2006.
Assumes all dividends and distributions were reinvested.
9
<PAGE>
Investment Advisory Agreement Approval
Both the Investment Company Act of 1940 and the terms of the Fund's investment
advisory agreement require that the investment advisory agreement between the
Fund and its investment adviser be approved annually both by a majority of the
Board of Trustees and by a majority of the independent trustees voting
separately.
On May 22, 2006, the Board of Trustees, and the independent trustees voting
separately, determined that the terms of the investment advisory agreement are
fair and reasonable and approved the continuance of the investment advisory
contract as being in the best interests of the Fund and its shareholders. In
making its determination, the Board of Trustees considered materials that were
specifically prepared by the investment adviser at the request of the Board and
Fund counsel, and by an independent provider of investment company data
contracted to assist the Board, relating to the contract review process. The
Board also considered information received periodically about the portfolio,
performance, the investment strategy, portfolio management team and fees and
expenses of the Fund. The Board of Trustees considered the contract over a
period of several months and the non-management trustees held sessions both with
the investment adviser and separate from the investment adviser in reviewing and
considering the contract.
In approving the investment advisory agreement, the Board of Trustees
considered, among other things, the nature, extent and quality of the services
provided by the investment adviser, the performance, fees and expenses of the
Fund compared to other similar funds and other products, the investment
adviser's expenses in providing the services and the profitability of the
investment adviser and its affiliated companies. The Board of Trustees
considered the extent to which any economies of scale experienced by the
investment adviser are shared with the Fund's shareholders, and the propriety of
breakpoints in the Fund's investment advisory fee schedule. The Board of
Trustees considered comparative advisory fees of the Fund and other investment
companies and/or other products at different asset levels, and considered the
trends in the industry versus historical and projected assets of the Fund. The
Board of Trustees evaluated other benefits the investment adviser and its
affiliates derive from their relationship with the Fund. The Board of Trustees
reviewed information about the foregoing factors and considered changes, if any,
in such information since its previous approval. The Board of Trustees discussed
the financial strength of the investment adviser and its affiliated companies
and the capability of the personnel of the investment adviser, and specifically
the strength and background of its portfolio management personnel. The Board of
Trustees reviewed the statutory and regulatory requirements for approval and
disclosure of investment advisory agreements. The Board of Trustees, including
the independent trustees, evaluated all of the foregoing and does not believe
any single factor or group of factors control or dominate the review process,
and, after considering all factors together, has determined, in the
10
<PAGE>
exercise of its business judgment, that approval of the investment advisory
agreement is in the best interests of the Fund and its shareholders. The
following summary provides more detail on certain matters considered but does
not detail all matters considered.
Nature, Extent and Quality of the Services Provided. On a regular basis, the
Board of Trustees considers the roles and responsibilities of the investment
adviser as a whole and for those specific portfolio management, support and
trading functions servicing the Fund. The trustees discuss with the investment
adviser the resources available and used in managing the Fund. The Fund
discloses information about its portfolio management team members and their
experience in its prospectus. The trustees also discuss certain other services
which are provided on a cost-reimbursement basis by the investment adviser or
its affiliates to the Van Kampen funds including certain accounting,
administrative and legal services. The Board has determined that the nature,
extent and quality of the services provided by the investment adviser support
its decision to approve the investment advisory contract.
Performance, Fees and Expenses of the Fund. On a regular basis, the Board of
Trustees reviews the performance, fees and expenses of the Fund compared to its
peers and to appropriate benchmarks. In addition, the Board spends more focused
time on the performance of the Fund and other funds in the Van Kampen complex,
paying specific attention to underperforming funds. The trustees discuss with
the investment adviser the performance goals and the actual results achieved in
managing the Fund. When considering a fund's performance, the trustees and the
investment adviser place emphasis on trends and longer-term returns (focusing on
one-year, three-year and five-year performance with special attention to
three-year performance) and, when a fund's weighted performance is under the
fund's benchmark, they discuss the causes and where necessary seek to make
specific changes to investment strategy or investment personnel. The Fund
discloses more information about its performance elsewhere in this report and in
the Fund's prospectus. The trustees discuss with the investment adviser the
level of advisory fees for this Fund relative to comparable funds and other
products advised by the adviser and others in the marketplace. The trustees
review not only the advisory fees but other fees and expenses (whether paid to
the adviser, its affiliates or others) and the Fund's overall expense ratio. The
Fund discloses more information about its fees and expenses in its prospectus.
The Board has determined that the performance, fees and expenses of the Fund
support its decision to approve the investment advisory contract.
Investment Adviser's Expenses in Providing the Service and Profitability. At
least annually, the trustees review the investment adviser's expenses in
providing services to the Fund and other funds advised by the investment adviser
and the profitability of the investment adviser. These profitability reports are
put together by the investment adviser with the oversight of the Board. The
trustees discuss with the investment adviser its revenues and expenses,
including among
11
<PAGE>
other things, revenues for advisory services, portfolio management-related
expenses, revenue sharing arrangement costs and allocated expenses both on an
aggregate basis and per fund. The Board has determined that the analysis of the
investment adviser's expenses and profitability support its decision to approve
the investment advisory contract.
Economies of Scale. On a regular basis, the Board of Trustees considers the size
and growth prospects of the Fund and how that relates to the Fund's expense
ratio and particularly the Fund's advisory fee rate. In conjunction with its
review of the investment adviser's profitability, the trustees discuss with the
investment adviser how more (or less) assets can affect the efficiency or
effectiveness of managing the Fund's portfolio and whether the advisory fee
level is appropriate relative to current and projected asset levels and/or
whether the advisory fee structure reflects economies of scale as asset levels
change. The Board has determined that its review of the actual and potential
economies of scale of the Fund support its decision to approve the investment
advisory contract.
Other Benefits of the Relationship. On a regular basis, the Board of Trustees
considers other benefits to the investment adviser and its affiliates derived
from its relationship with the Fund and other funds advised by the investment
adviser. These benefits include, among other things, fees for transfer agency
services provided to the funds, in certain cases research received by the
adviser generated from commission dollars spent on funds' portfolio trading, and
in certain cases distribution or service related fees related to funds' sales.
The trustees review with the investment adviser each of these arrangements and
the reasonableness of its costs relative to the services performed. The Board
has determined that the other benefits received by the investment adviser or its
affiliates support its decision to approve the investment advisory contract.
12
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED)
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS 98.7%
ALABAMA 1.5%
$ 1,000 Alabama Spl Care Fac Fin Auth Methodist
Home for the Aging........................ 6.300% 06/01/24 $ 1,023,230
4,500 Alabama St Indl Dev Auth Solid Waste Disp
Rev Pine City Fiber Co (AMT).............. 6.450 12/01/23 4,593,105
8,055 Alabama St Indl Dev Auth Solid Waste Disp
Rev Pine City Fiber Co (AMT).............. 6.450 12/01/23 8,268,135
3,500 Alexander City, AL Spl Care Fac Fin Auth
Med Fac Rev Russell Hosp Corp Ser A....... 5.750 12/01/36 3,545,430
3,000 Butler, AL Indl Dev Brd Solid GA Pacific
Corp Proj Rfdg (AMT)...................... 5.750 09/01/28 2,994,090
4,000 Colbert Cnty Northwest Auth Hlthcare
Fac....................................... 5.750 06/01/27 4,075,680
3,280 Courtland, AL Indl Dev Brd Environmental
Impt Rev Intl Paper Co Proj Ser A Rfdg
(AMT)..................................... 5.800 05/01/22 3,468,338
7,000 Courtland, AL Indl Dev Brd Environmental
Impt Rev Intl Paper Co Proj Ser B (AMT)... 6.250 08/01/25 7,597,800
1,235 Courtland, AL Indl Dev Brd Solid Waste
Disp Champion Intl Corp Proj Rfdg (AMT)... 6.000 08/01/29 1,280,670
2,460 Huntsville Carlton Cove, AL Carlton Cove
Inc Proj Ser A (a)........................ 8.000 11/15/19 1,291,992
5,000 Huntsville Carlton Cove, AL Carlton Cove
Inc Proj Ser A............................ 8.125 11/15/31 2,622,200
4,000 Huntsville Redstone Vlg, AL Spl Care Fac
Fin Auth Ser A............................ 8.125 12/01/26 4,035,840
7,500 Huntsville Redstone Vlg, AL Spl Care Fac
Fin Auth Ser A............................ 8.250 12/01/32 7,567,350
1,250 Phenix Cnty, AL Environmental Impt Rev
Rfdg (AMT)................................ 6.350 05/15/35 1,338,750
10,000 University AL Gen Rev Drivers Ser 529
(Inverse Floating Rate) (Acquired
10/05/04, Cost $10,301,478) (MBIA Insd)
(a) (b)................................... 6.200 07/01/12 10,581,800
--------------
64,284,410
--------------
ALASKA 0.3%
830 Alaska Indl Dev & Expt Auth Upper Lynn
Canal Regl Pwr (AMT)...................... 5.800 01/01/18 804,793
3,545 Alaska Indl Dev & Expt Auth Upper Lynn
Canal Regl Pwr (AMT)...................... 5.875 01/01/32 3,332,761
2,000 Alaska Indl Dev & Expt Auth Williams Lynks
AK Cargoport (AMT) (Acquired 05/17/01,
Cost $2,000,451) (b)...................... 8.125 05/01/31 2,129,920
7,690 Juneau, AK City & Boro Nonrecourse Saint
Ann's Care Ctr Proj....................... 6.875 12/01/25 7,747,598
--------------
14,015,072
--------------
</Table>
See Notes to Financial Statements 13
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
ARIZONA 3.3%
$ 5,000 Arizona Hlth Fac Auth Rev Terraces Proj
Ser A..................................... 7.500% 11/15/23 $ 5,597,050
9,000 Arizona Hlth Fac Auth Rev Terraces Proj
Ser A..................................... 7.750 11/15/33 10,103,850
6,850 Casa Grande, AZ Indl Dev Auth Hosp Rev
Casa Grande Regl Med Ctr Ser A Rfdg....... 7.250 12/01/19 7,496,160
3,000 Casa Grande, AZ Indl Dev Auth Hosp Rev
Casa Grande Regl Med Ctr Ser A Rfdg....... 7.125 12/01/24 3,269,070
6,750 Casa Grande, AZ Indl Dev Auth Hosp Rev
Casa Grande Regl Med Ctr Ser A Rfdg....... 7.625 12/01/29 7,451,055
2,895 Cochise Cnty, AZ Indl Dev Auth Sierra
Vista Regl Hlth Ctr Proj.................. 7.750 12/01/30 3,200,191
1,475 Coconino Cnty, AZ Pollutn Ctl Corp Rev
Tucson Elec Pwr Navajo Ser A (AMT)........ 7.125 10/01/32 1,543,986
5,950 Flagstaff, AZ Indl Dev Auth Rev Sr Living
Cmnty Northn AZ Proj...................... 7.500 03/01/35 6,451,049
1,000 Flagstaff, AZ Indl Dev Auth Rev Sr Living
Cmnty Northn AZ Proj...................... 6.300 09/01/38 1,002,610
7,320 Flagstaff, AZ Indl Dev Auth Rev Sr Living
Cmnty Northn AZ Ser A..................... 6.200 09/01/28 7,353,233
5,500 Maricopa Cnty, AZ Indl Dev Auth
Multi-Family Hsg Rev Natl Hlth Fac II Proj
Ser B (Acquired 01/05/98, Cost $5,500,000)
(b) (e)................................... 6.625 07/01/33 4,254,635
2,830 Maricopa Cnty, AZ Indl Dev Christian Care
Mesa Inc Proj Ser A (Prerefunded @
04/01/07)................................. 7.750 04/01/15 2,761,500
11,745 Maricopa Cnty, AZ Indl Dev Christian Care
Mesa Inc Proj Ser A (Prerefunded @
04/01/07)................................. 7.875 04/01/27 12,342,116
5,200 Peoria, AZ Indl Dev Auth Rev Sierra Winds
Life Ser A Rfdg........................... 6.375 08/15/29 5,374,148
3,500 Peoria, AZ Indl Dev Auth Rev Sierra Winds
Life Ser A Rfdg........................... 6.500 08/15/31 3,627,505
7,500 Phoenix, AZ Civic Impt Corp Excise Tax Rev
Rites PA Ser 1373 (Inverse Floating Rate)
(Acquired 05/02/06, Cost $8,124,300) (FGIC
Insd) (a) (b)............................. 7.146 07/01/41 8,191,350
800 Phoenix, AZ Indl Dev Auth Arpt Fac Rev
America West Airl Inc Proj (AMT).......... 6.250 06/01/19 744,816
4,225 Pima Cnty, AZ Indl Dev Auth Ed Fac Premier
& Air Co.................................. 7.000 09/01/35 4,245,745
2,905 Pima Cnty, AZ Indl Dev Auth Ed Rev
Excalibur Charter Sch Proj (a)............ 7.750 08/01/33 2,932,917
3,840 Pima Cnty, AZ Indl Dev Auth Ed Rev Fac
Choice Ed & Dev Corp Proj (g)............. 6.375 06/01/36 3,871,027
</Table>
14 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
ARIZONA (CONTINUED)
$ 3,030 Pima Cnty, AZ Indl Dev Auth Ed Rev
Milestones Charter Sch Dist (a)........... 7.500% 11/01/33 $ 3,070,481
1,000 Pima Cnty, AZ Indl Dev Auth Ed Rev
Milestones Charter Sch Proj............... 6.750 11/01/33 1,008,470
4,345 Pima Cnty, AZ Indl Dev Auth Fac Rev Desert
Heights Charter Sch (a)................... 7.500 08/01/33 4,496,988
3,500 Pima Cnty, AZ Indl Dev Auth Fac Skyline
Tech High Sch Proj........................ 7.500 02/01/34 3,519,740
6,750 Pima Cnty, AZ Indl Dev Auth Rev La Posada
at Park Ctr Ser A......................... 7.000 05/15/27 6,966,877
900 Red Hawk Canyon Cmnty Fac Dist No 2 AZ
Dist Assmt Rev............................ 6.500 12/01/12 890,601
1,000 Sundance Cmnty Fac Dist AZ (Acquired
09/17/04, Cost $1,000,000) (b)............ 6.250 07/15/29 1,075,970
3,621 Sundance Cmnty Fac Dist AZ Assmt Dist Spl
Assmt Rev No 2 (Acquired 04/29/03, Cost
$3,641,066) (b)........................... 7.125 07/01/27 4,015,182
929 Sundance Cmnty Fac Dist AZ Assmt Dist Spl
Assmt Rev No 3............................ 6.500 07/01/29 1,001,787
3,150 Tucson, AZ Multi-Family Rev Hsg Catalina
Asstd Living Ser A (AMT).................. 6.500 07/01/31 2,701,755
7,600 Verrado Cmnty Fac Dist No 1 AZ............ 6.500 07/15/27 8,258,920
4,000 Vistancia Cmnty Fac Dist AZ............... 6.750 07/15/22 4,260,880
4,000 Yavapai Cnty, AZ Indl Dev Auth Hosp Fac
Rev Yavapai Regl Med Ctr Ser A............ 6.000 08/01/33 4,241,840
--------------
147,323,504
--------------
CALIFORNIA 7.3%
960 Abag Fin Auth For Nonprofit Corps CA Ctf
Partn (Prerefunded @ 11/15/08)............ 6.375 11/15/15 1,012,771
3,455 Abag Fin Auth For Nonprofit Corps CA Ctf
Partn (Prerefunded @ 11/15/08)............ 6.375 11/15/28 3,728,878
1,000 Abag Fin Auth Nonprofit Corp CA American
Baptist Homes Ser A Rfdg.................. 5.850 10/01/27 1,001,190
3,200 Abag Fin Auth Nonprofit Corp CA American
Baptist Homes Ser A Rfdg.................. 6.200 10/01/27 3,240,000
4,165 Agua Mansa, CA Indl Growth Assn Spl Tax
Cmnty Fac Dist No 2002-1 (LOC: American
Express Co.).............................. 6.500 09/01/33 4,402,447
4,935 Beaumont, CA Fin Auth Loc Agy Rev Ser A... 7.000 09/01/33 5,503,167
1,875 Beaumont, CA Fin Auth Loc Agy Rev Ser D... 5.800 09/01/35 1,964,100
3,000 Blythe, CA Redev Agy Proj................. 5.750 05/01/34 3,130,530
1,500 Brentwood, CA Infrastructure CIFP
2004-1.................................... 5.875 09/02/34 1,545,510
5,950 California Cnty, CA Tob Securitization Agy
Tob Cap Apprec Stanislaus Sub Ser B....... * 06/01/46 485,341
20,000 California Cnty, CA Tob Securitization Agy
Tob Cap Apprec Stanislaus Sub Ser C....... * 06/01/55 786,200
</Table>
See Notes to Financial Statements 15
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CALIFORNIA (CONTINUED)
$ 20,000 California Cnty, CA Tob Securitization Agy
Tob Cap Apprec Stanislaus Sub Ser D....... * 06/01/55 $ 551,200
5,000 California Cnty, CA Tob Securitization Agy
Tob LA Cnty (c)........................... 0/5.450% 06/01/28 3,963,750
5,000 California Cnty, CA Tob Securitization Agy
Tob LA Cnty (c)........................... 0/5.600 06/01/36 3,958,900
2,020 California Ed Fac Auth Rev Pacific
Graduate Sch of Psych (Acquired 06/07/96,
Cost $2,082,357) (a) (b).................. 8.000 11/01/21 2,076,055
10,450 California Hlth Fac Fin Auth Rev Hlth Fac
Adventist Hlth Sys Ser A.................. 5.000 03/01/33 10,517,611
5,000 California St............................. 5.000 02/01/33 5,079,400
5,000 California St............................. 5.250 02/01/29 5,203,400
150 California St............................. 5.250 09/01/26 156,316
5,000 California St Drivers Ser 519 (Inverse
Floating Rate) (Acquired 09/22/04, Cost
$5,214,564) (MBIA Insd) (a) (b)........... 6.210 02/01/31 5,241,250
9,840 California St Drivers Ser 997 (Inverse
Floating Rate) (Acquired 07/12/05, Cost
$11,346,831) (AMBAC Insd) (a) (b)......... 6.210 09/01/12 10,376,772
6,590 California St Rites Ser A (Inverse
Floating Rate) (Acquired 06/28/05, Cost
$6,590,000) (a) (b)....................... 5.650 06/01/26 6,989,683
6,905 California St Rites Ser B (Inverse
Floating Rate) (Acquired 06/28/05, Cost
$6,905,000) (a) b)........................ 5.650 06/01/27 7,303,211
7,230 California St Rites Ser C (Inverse
Floating Rate) (Acquired 06/28/05, Cost
$7,230,000) (a) (b)....................... 5.650 06/01/28 7,614,781
2,575 California St Rites Ser D (Inverse
Floating Rate) (Acquired 06/28/05, Cost
$2,575,000) (a) (b)....................... 5.650 06/01/29 2,704,419
2,815 California Statewide Cmnty Dev Auth
Multi-Family Rev Hsg Heritage Pointe Sr
Apt Ser QQ (AMT) (Acquired 02/19/02, Cost
$2,807,963) (b)........................... 7.500 10/01/26 2,915,777
4,000 California Statewide Cmnty Dev Auth Rev
Elder Care Alliance Ser A................. 8.000 11/15/22 4,212,760
2,500 California Statewide Cmnty Dev Auth Rev
Notre Dame De Namur Univ.................. 6.625 10/01/33 2,662,175
2,000 California Statewide Cmnty Dev Auth Rev
Notre Dame De Namur Univ.................. 6.500 10/01/23 2,128,480
4,750 California Statewide Cmnty Dev Auth Rev
San Francisco Art Institute (Acquired
07/05/02, Cost $4,750,000) (b)............ 7.375 04/01/32 4,777,312
</Table>
16 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CALIFORNIA (CONTINUED)
$ 5,500 California Statewide Cmnty Dev Auth Rev
Thomas Jefferson Sch of Law (Prerefunded @
10/01/11)................................. 7.750% 10/01/31 $ 6,482,630
3,220 California Statewide Cmnty Hosp Napa Vly
Proj Ser A................................ 7.000 01/01/34 3,350,088
2,000 California Statewide Cmnty Insd Hlth Fac
LA Jewish Home (CA MTG Insd).............. 5.500 11/15/33 2,101,520
1,360 Chino, CA Fac Dist No 3 Impt Area 1....... 5.750 09/01/34 1,410,918
2,850 Contra Costa Cnty, CA Multi-Family Hsg Rev
(AMT) (Acquired 06/08/99, Cost $2,850,000)
(b)....................................... 6.750 12/01/30 2,976,739
1,500 Corona Norco, CA Uni Sch D Ser A.......... 5.700 09/01/29 1,546,470
1,905 Fontana, CA Spl Tax Cmnty Fac Dist No 11
Ser B..................................... 6.500 09/01/28 2,045,056
3,695 Fontana, CA Spl Tax Cmnty Fac Dist No 22
Sierra.................................... 5.850 09/01/25 3,880,674
3,000 Fontana, CA Spl Tax Cmnty Fac Dist No 22
Sierra.................................... 6.000 09/01/34 3,162,150
7,690 Golden St Tob Securitization Corp CA Tob
Settlement Rev Rols RR II R 448 Ser CE
(Inverse Floating Rate) (Acquired
04/03/06, Cost $7,971,762) (b)............ 6.298 06/01/45 7,839,878
2,250 Golden St Tob Securitization Corp CA Tob
Settlement Rev Ser A-1.................... 6.625 06/01/40 2,493,810
15,685 Golden St Tob Securitization Ser 2003
A-1....................................... 6.750 06/01/39 17,549,476
1,000 Imperial Beach, CA Pub Palm Ave Coml Redev
Proj Ser A................................ 5.850 06/01/28 1,033,360
3,000 Imperial Beach, CA Pub Palm Ave Coml Redev
Proj Ser A................................ 6.000 06/01/33 3,077,280
885 Indio, CA Pub Fin Auth Rev Tax Increment
(Prerefunded @ 08/15/06).................. 6.500 08/15/27 905,718
1,500 Indio, CA Redev Agy Tax Alloc Sub Merged
Proj Area Ser B........................... 6.375 08/15/33 1,623,135
1,000 Indio, CA Redev Agy Tax Alloc Sub Merged
Proj Area Ser B........................... 6.500 08/15/34 1,090,370
1,000 Irvine, CA Impt Bd Act 1915 Assmt Dist No
00 18 Grp 4............................... 5.375 09/02/26 1,026,720
1,500 Irvine, CA Impt Bd Act 1915 Assmt Dist No
03 19 Grp 2............................... 5.500 09/02/29 1,535,310
4,000 Jurupa, CA Cmnty Svcs Dist Spl Cmnty Fac
Dist No 4 Ser A........................... 5.700 09/01/34 4,123,280
3,500 La Verne, CA Ctf Partn Brethren Hillcrest
Homes Ser B............................... 6.625 02/15/25 3,794,280
2,290 Lake Elsinore, CA Pub Fin Auth Loc Agy Rev
Ser F..................................... 7.100 09/01/20 2,411,393
</Table>
See Notes to Financial Statements 17
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CALIFORNIA (CONTINUED)
$ 2,500 Lincoln, CA Spl Tax Cmnty Fac Dist No 2003
Ser 1..................................... 6.000% 09/01/34 $ 2,647,975
1,000 Los Angeles, CA Cmnty Fac Dist Spl Tax No
3 Cascades Business Pk.................... 6.400 09/01/22 1,036,170
5,415 Los Angeles, CA Regl Arpt Impt Corp Lease
Rev Fac Sublease Contl Airl (AMT)......... 9.250 08/01/24 5,432,111
3,250 Los Angeles, CA Regl Arpt Impt Corp Lease
Rev Fac Sublease LA Intl Ser A-1 Rfdg..... 7.125 12/01/24 3,452,930
3,000 Los Angeles, CA Regl Arpt Impt Corp Lease
Rev Ser C (AMT)........................... 7.000 12/01/12 3,115,440
10,700 Los Angeles, CA Regl Arpt Impt Corp Lease
Rev Ser C (AMT)........................... 7.500 12/01/24 11,519,299
6,595 Millbrae, CA Residential Fac Rev Magnolia
of Millbrae Proj Ser A (AMT).............. 7.375 09/01/27 6,889,665
1,000 Moreno Valley, CA Spl Tax Towngate Cmnty
Fac Dist 87-1............................. 7.125 10/01/23 1,007,560
2,000 Murrieta, CA Cmnty Fac Dist No 2 the Oaks
Impt Area Ser B........................... 6.000 09/01/34 2,108,100
3,645 Norco, CA Spl Tax Cmnty Fac Dist No
01-1...................................... 6.750 09/01/22 4,224,263
1,000 Oakley, CA Pub Fin Auth Rev............... 6.000 09/02/28 1,031,290
1,000 Oakley, CA Pub Fin Auth Rev............... 6.000 09/02/34 1,031,600
4,000 Perris, CA Cmnty Fac Dist Spl Tax No 01-2
Ser A..................................... 6.375 09/01/32 4,322,440
2,000 Perris, CA Pub Fin Auth Loc Agy Rev Ser
D......................................... 7.875 09/01/25 2,044,460
2,700 Reedley, CA Ctf Partn (Prerefunded @
10/01/06)................................. 7.500 10/01/26 2,782,404
1,845 Riverside, CA Uni Sch Dist Tax Cmnty Fac
Dist 15 Impt Area 1....................... 5.600 09/01/34 1,900,442
2,000 San Jose, CA Cmnty Fac Dist Spl Tax No 9
Bailey Hwy 101............................ 6.600 09/01/27 2,195,080
2,630 San Jose, CA Cmnty Fac Dist Spl Tax No 9
Bailey Hwy 101............................ 6.650 09/01/32 2,864,912
8,120 San Jose, CA Multi-Family Hsg Rev Helzer
Courts Apt Ser A (AMT).................... 6.400 12/01/41 8,181,550
1,000 San Marcos, CA Pub Fac Auth Ser A......... 5.650 09/01/36 1,026,180
10,000 San Marcos, CA Pub Fac Auth Ser B......... 6.200 09/01/35 10,466,900
7,000 Southern CA Logistics Arpt Auth Proj...... 6.250 12/01/33 7,476,280
4,000 Temecula, CA Pub Fin Auth Spl Tax
Roripaugh Cmnty Fac Dist 03 2............. 5.500 09/01/36 3,990,840
10,000 Tobacco Securitization Auth Northn CA Tob
Settlement Rev Ser A-1.................... 5.500 06/01/45 10,116,700
6,750 Tobacco Securitization Auth Southn CA Tob
Settlement Rols RR II R 572CE Ser 1
(Inverse Floating Rate) (Acquired
05/30/06, Cost 5,539,860) (a) (b) (g)..... 1.000 06/01/46 5,537,295
</Table>
18 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CALIFORNIA (CONTINUED)
$ 1,665 Torrance, CA Hosp Rev Torrance Memorial
Med Ctr Ser A............................. 5.500% 06/01/31 $ 1,726,455
1,600 Turlock, CA Hlth Fac Rev Ctf Partn Emanuel
Med Ctr Inc............................... 5.375 10/15/34 1,636,368
1,000 Upland, CA Cmnty Fac Dist 2003 San Antonio
Impt 1 A.................................. 5.900 09/01/24 1,051,910
1,500 Upland, CA Cmnty Fac Dist 2003 San Antonio
Impt 1 A.................................. 6.000 09/01/34 1,572,960
7,115 Val Verde, CA Uni Sch Dist Fin Auth Spl
Tax Rev Jr Lien Rfdg...................... 6.250 10/01/28 7,407,569
2,000 Vallejo, CA Ctf Partn Touro Univ.......... 7.250 06/01/16 2,139,040
3,790 Vallejo, CA Pub Fin Auth Loc Hiddenbrooke
Impt Dist Ser A........................... 5.800 09/01/31 3,853,293
4,000 Woodland, CA Spl Tax Cmnty Fac Dist 1
Spring Lake............................... 6.250 09/01/34 4,357,640
1,060 Yuba City, CA Redev Agy Tax Hsg Set Aside
Ser B (a)................................. 6.000 09/01/31 1,123,134
1,880 Yuba City, CA Redev Agy Tax Hsg Set Aside
Ser B (a)................................. 6.000 09/01/39 1,985,487
--------------
323,949,383
--------------
COLORADO 3.4%
2,175 Antelope Heights Met Dist CO.............. 8.000 12/01/23 2,381,755
1,540 Arvada, CO Multi-Family Rev Hsg Arvada
Nightingale Proj Rfdg (AMT) (Acquired
04/16/99, Cost $1,561,191) (b)............ 6.250 12/01/18 1,540,939
1,060 Beacon Pt Met Dist Co Ser A............... 6.125 12/01/25 1,113,721
1,005 Beacon Pt Met Dist Co Ser A............... 6.250 12/01/35 1,059,813
1,845 Bradburn Met Dist No 3 CO................. 7.500 12/01/33 2,035,533
1,890 Briargate Ctr Business Impt Dist CO Ser
A......................................... 7.450 12/01/32 2,011,187
2,410 Briargate Ctr Business Impt Dist CO Spl
Assmt Rev Impt Dist No 02-1 Ser B......... 7.400 12/01/27 2,417,857
4,000 Bromley Pk Met Dist CO No 2............... 8.050 12/01/32 4,283,600
2,000 Bromley Pk Met Dist CO No 2 Ser B......... 8.050 12/01/32 2,141,800
4,720 Broomfield Vlg Met Dist No 2 CO Impt
Rfdg...................................... 6.250 12/01/32 4,698,807
4,835 Colorado Ed & Cultural Fac Auth Rev
Charter Sch Frontier Academy.............. 7.375 06/01/31 4,982,081
2,500 Colorado Ed & Cultural Fac Auth Rev
Charter Sch Platte Academy Ser A
(Prerefunded @ 03/01/10).................. 7.250 03/01/32 2,804,650
1,005 Colorado Ed & Cultural Fac Auth Rev Denver
Academy Ser A Rfdg........................ 7.000 11/01/23 1,115,419
810 Colorado Ed & Cultural Fac Auth Rev Denver
Academy Ser A Rfdg........................ 7.125 11/01/28 898,849
2,100 Colorado Ed & Cultural Fac Montessori Sch
of Denver Proj............................ 7.500 06/01/22 2,224,236
</Table>
See Notes to Financial Statements 19
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COLORADO (CONTINUED)
$ 1,100 Colorado Hlth Fac Auth Hlth & Residential
Care Fac Volunteers of Amer Ser A......... 6.000% 07/01/29 $ 1,116,500
1,000 Colorado Hlth Fac Auth Rev Baptist Home
Assn Ser A................................ 6.250 08/15/13 994,740
5,500 Colorado Hlth Fac Auth Rev Baptist Home
Assn Ser A................................ 6.375 08/15/24 5,403,530
1,000 Colorado Hlth Fac Auth Rev Baptist Home
Assn Ser B................................ 7.250 08/15/27 997,440
1,590 Colorado Hlth Fac Auth Rev Christian
Living Campus Ser A....................... 6.850 01/01/15 1,622,341
3,000 Colorado Hlth Fac Auth Rev Christian
Living Campus Ser A....................... 6.750 01/01/30 3,014,040
1,000 Colorado Hlth Fac Auth Rev Evangelical
Lutheran Ser A............................ 5.250 06/01/34 1,021,810
4,250 Colorado Hlth Fac Auth Rev Impt Volunteers
Ser A Rfdg................................ 5.875 07/01/28 4,291,905
590 Colorado Hlth Fac Auth Rev Sr Living Fac
Eaton Ter Ser A........................... 6.800 07/01/09 610,508
3,250 Colorado Hlth Fac Auth Rev Sr Living Fac
Eaton Ter Ser A (a)....................... 7.250 07/01/22 3,372,297
290 Colorado Hsg Fin Auth Single Family Pgm Sr
B2 (AMT).................................. 6.800 04/01/30 292,923
3,000 Cottonwood Wtr & Santn Dist CO Ser A
Rfdg...................................... 7.750 12/01/20 3,098,790
3,210 Cross Creek Met Dist No 2 CO Ltd Tax
Rfdg...................................... 6.125 12/01/37 3,211,156
2,750 Denver, CO Hlth & Hosp Auth Ser A Rfdg.... 6.250 12/01/33 3,000,580
1,465 Eagle Cnty, CO Air Term Corp Rev Arpt Term
Proj (AMT)................................ 7.500 05/01/21 1,481,804
1,530 Eagle Cnty, CO Air Term Corp Ser A
(AMT)..................................... 7.000 05/01/21 1,608,979
1,160 Eagle Cnty, CO Air Term Corp Ser A
(AMT)..................................... 7.125 05/01/31 1,220,923
2,930 Eagle Riverview Affordable Hsg Corp CO
Multi-Family Rev Ser A (a)................ 6.300 07/01/29 3,027,979
1,735 Eaglebend, CO Affordable Hsg Corp
Multi-Family Rev Hsg Proj Ser A........... 6.400 07/01/17 1,787,171
1,500 Eaglebend, CO Affordable Hsg Corp
Multi-Family Rev Hsg Proj Ser A........... 6.450 07/01/21 1,542,165
3,000 Elk Valley, CO Pub Impt Pub Impt Fee Ser
A......................................... 7.350 09/01/31 3,177,420
5,300 Fronterra Vlg Met Dist CO (a)............. 8.050 12/01/31 5,899,006
1,150 High Plains Met Dist CO Ser A............. 6.125 12/01/25 1,208,282
1,750 High Plains Met Dist CO Ser A............. 6.250 12/01/35 1,845,445
4,500 La Plata Cnty, CO Rec Fac Rev Durango Mtn
Resort Proj Ser A Rfdg.................... 6.875 02/01/12 4,498,785
3,805 Lafayette, CO Indl Dev Rev Rocky Mtn Instr
Proj Ser A (AMT).......................... 7.000 10/01/18 3,074,478
405 Lafayette, CO Indl Dev Rev Rocky Mtn Instr
Proj Ser B (a)............................ 6.125 10/01/08 350,402
</Table>
20 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COLORADO (CONTINUED)
$ 6,660 Lake Creek Affordable Hsg Corp Hsg Proj
Ser A Rfdg................................ 6.250% 12/01/23 $ 6,838,688
6,200 Montrose Cnty, CO Hlthcare Fac Rev
Homestead at Montrose Ser A............... 7.000 02/01/38 6,378,684
4,185 Montrose, CO Mem Hosp Brd................. 6.000 12/01/28 4,409,442
3,000 Montrose, CO Mem Hosp Brd................. 6.000 12/01/33 3,160,890
1,000 Neu Towne Met Dist CO..................... 7.250 12/01/34 1,089,580
2,750 North Range Met Dist No 1 CO (Acquired
12/07/01, Cost $2,670,361) (b)............ 7.250 12/15/31 2,950,475
6,450 Northwest, CO Met Dist No 3 Ltd Tax....... 6.250 12/01/35 6,733,413
6,775 Rampart Range Met Dist No 1 CO Rev Rampart
Range Met Dist No 2 Proj.................. 7.750 12/01/26 7,414,018
1,950 Rendezvous Residential Met Dist CO........ 8.000 12/01/21 2,059,395
1,000 Serenity Ridge Met Dist No 2.............. 7.500 12/01/34 1,106,110
54 Skyland Met Dist CO Gunnison Cnty Rfdg.... 6.750 12/01/22 55,503
750 Snowmass Vlg, CO Multi-Family Hsg Rev Ser
A Rfdg.................................... 8.000 09/01/14 750,210
2,000 Southlands, CO Med Dist Met Dist No 1..... 7.125 12/01/34 2,194,840
637 Tallyns Reach Met Dist No 2............... 6.375 12/01/23 654,543
925 Tallyns Reach Met Dist No 3............... 6.625 12/01/23 964,322
1,000 Tallyns Reach Met Dist No 3............... 6.750 12/01/33 1,051,850
4,790 Vista Ridge Met Dist CO................... 7.500 12/01/31 5,082,046
--------------
151,375,655
--------------
CONNECTICUT 0.4%
3,405 Connecticut St Dev Auth First Mtg Gross
Rev Hlthcare Proj The Elm Pk Baptist Inc
Proj...................................... 5.850 12/01/33 3,564,899
1,500 Connecticut St Dev Auth Indl Afco Cargo
Bdl LLC Proj (AMT)........................ 8.000 04/01/30 1,621,995
500 Connecticut St Dev Auth Mystic Marinelife
Aquar Proj Ser A.......................... 7.000 12/01/27 509,980
3,660 Connecticut St Hlth & Ed Fac Auth Rev
Saint Mary's Hosp Issue Ser E............. 5.875 07/01/22 3,609,272
3,000 Connecticut St Hlth & Ed Fac Auth Rev
Windham Cmnty Mem Hosp Ser C.............. 6.000 07/01/20 3,038,010
1,560 Greenwich, CT Hsg Auth Multi-Family Rev
Hsg Greenwich Close Ser B................. 7.500 09/01/27 1,560,952
1,140 Manchester, CT Redev Agy Multi-Family Mtg
Rev Bennet Hsg Dev Rfdg (Acquired
09/05/96, Cost $1,081,799) (a) (b)........ 7.200 12/01/18 1,188,952
2,585 New Britain, CT Hsg Auth Multi-Family Rev
Hsg Franklin Square Manor Proj (AMT)
(a)....................................... 7.000 07/01/21 2,824,190
785 New Haven, CT Indl Fac Rev Adj Govt Ctr
Thermal Energies (AMT).................... 7.250 07/01/09 786,405
--------------
18,704,655
--------------
</Table>
See Notes to Financial Statements 21
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
DELAWARE 0.1%
$ 4,055 Wilmington, DE Multi-Family Rent Rev Hsg
Electra Arms Sr Assoc Proj (AMT).......... 6.250% 06/01/28 $ 4,118,299
--------------
DISTRICT OF COLUMBIA 0.0%
1,545 District of Columbia Rev Methodist Home
Issue..................................... 6.000 01/01/29 1,563,370
--------------
FLORIDA 11.3%
1,800 Anthem Pk Cmnty Dev Dist FL Cap........... 5.800 05/01/36 1,849,752
10,145 Beacon Lakes, FL Cmnty Dev Ser A.......... 6.900 05/01/35 11,037,354
990 Bellalago Ed Fac Benefits Dev Ser B....... 5.800 05/01/34 1,020,393
1,975 Bluewaters Cmnty Dev Dist of FL........... 6.000 05/01/35 2,068,556
145 Bobcat Trail Cmnty, FL Dev Dist Cap Impt
Rev Ser B................................. 6.750 05/01/07 146,053
1,855 Boca Raton, FL Hsg Auth Mtg Hsg Rev First
Lien Banyan Pl Sr Apts Rfdg (Acquired
03/23/06, Cost $1,811,556) (b)............ 5.800 10/01/26 1,813,708
2,355 Boca Raton, FL Hsg Auth Mtg Hsg Rev First
Lien Banyan Pl Sr Apts Rfdg (Acquired
03/23/06, Cost $2,322,195) (b)............ 5.900 10/01/36 2,305,003
3,000 Boca Raton, FL Hsg Auth Mtg Hsg Rev First
Lien Banyan Place Sr Living Ser A
(Prerefunded @ 10/01/07).................. 7.150 04/01/31 3,185,700
910 Boca Raton, FL Hsg Auth Mtg Hsg Rev Second
Lien Banyan Place Sr Living Ser B
(Prerefunded @ 10/01/07) (a).............. 8.700 10/01/32 983,719
3,000 Bonnet Creek Resort Cmnty Dev Dist FL Spl
Assmt..................................... 7.375 05/01/34 3,277,800
5,000 Bonnet Creek Resort Cmnty Dev Dist FL Spl
Assmt..................................... 7.500 05/01/34 5,494,050
1,480 Brighton Lakes Cmnty Dev Dist Ser A....... 6.125 05/01/35 1,553,467
3,500 Capital Tr Agy FL Rev Ft Lauderdale Proj
(AMT)..................................... 5.750 01/01/32 3,629,290
2,500 Capital Tr Agy FL Rev Sub Orlando Proj
(AMT)..................................... 6.750 01/01/32 2,674,325
3,670 Championsgate Cmnty Dev Dist Ser A........ 6.250 05/01/20 3,764,429
2,395 Citrus Cnty, FL Hosp Brd Rev Citrus Mem
Hosp Rfdg................................. 6.250 08/15/23 2,579,894
2,500 Citrus Cnty, FL Hosp Brd Rev Citrus Mem
Hosp Rfdg................................. 6.375 08/15/32 2,692,300
1,500 City Ctr Cmnty Dev Dist FL Spl Assmt Rev
Ser A..................................... 6.125 05/01/36 1,505,985
2,000 Connerton West Cmnty Dev FL Ser A......... 5.950 05/01/36 2,061,720
2,400 Culter Cay, FL Cmnty Dev Dist............. 6.300 05/01/34 2,564,256
2,935 Double Branch Cmnty Dev Dist FL Spl Assmt
Ser A..................................... 6.700 05/01/34 3,184,416
</Table>
22 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FLORIDA (CONTINUED)
$ 9,250 Escambia Cnty, FL Environmental Impt Rev
Ser A (AMT)............................... 5.750% 11/01/27 $ 9,614,080
10,000 Fiddlers Creek Cmnty Dev Dist No 2 FL Spl
Assmt Rev Ser A (Acquired 05/28/03, Cost
$9,965,746) (b)........................... 6.375 05/01/35 10,600,400
2,000 Fleming Is Plantation Cmnty Ser B......... 7.375 05/01/31 2,153,520
4,475 Florida Hsg Fin Corp Multi-Family Hsg
Whistlers Cove Apt Proj (AMT)............. 6.500 01/01/39 4,132,752
7,860 Florida Hsg Fin Corp Multi-Family Rev Mtg
Cutler Glen & Meadows Ser U (a)........... 6.500 10/01/33 8,145,475
4,785 Florida Hsg Fin Corp Rev Hsg Beacon Hill
Apt Ser C (AMT)........................... 6.610 07/01/38 4,931,708
9,210 Florida Hsg Fin Corp Rev Hsg Cypress Trace
Apt Ser G (AMT)........................... 6.600 07/01/38 9,438,684
11,620 Florida Hsg Fin Corp Rev Hsg Westbrook Apt
Ser U-1 (AMT) (a)......................... 6.450 01/01/39 11,921,771
5,820 Florida Hsg Fin Corp Rev Hsg Westchase Apt
Ser B (AMT)............................... 6.610 07/01/38 5,956,013
2,790 Greater Orlando Aviation Auth Orlando FL
Arpt Fac Rev Spl Purple Jetblue Airway
Corp (AMT)................................ 6.375 11/15/26 2,836,984
1,965 Greyhawk Landing Cmnty Dev Dist FL Spl
Assmt Rev Ser A........................... 7.000 05/01/33 2,137,173
230 Heritage Harbor Cmnty Dev Dist FL Rev
Rec....................................... 7.750 05/01/23 226,472
780 Heritage Harbor Cmnty Dev Dist FL Rev Spl
Assmt Ser A............................... 6.700 05/01/19 795,834
3,000 Hialeah Gardens, FL Indl Dev Rev Waterford
Convales Ctr Ser A Rfdg................... 8.250 12/01/14 3,003,060
11,500 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Ser D...................... 5.375 11/15/35 11,911,470
2,000 Highlands, FL Cmnty Dev Dist.............. 5.550 05/01/36 2,023,020
3,500 Hillsborough Cnty, FL Hsg Fin Hsg Clipper
Cove Apt Proj Ser A (AMT)................. 7.375 07/01/40 3,744,475
5,200 Hillsborough Cnty, FL Indl Dev Auth Hosp
Rev Tampa Gen Hosp Proj Ser B............. 5.250 10/01/34 5,347,420
8,450 Hillsborough Cnty, FL Indl Dev Auth
Pollutn Ctl Rev Tampa Elec Co Proj........ 5.500 10/01/23 8,692,008
1,405 Homestead, FL Indl Dev Rev Brookwood
Gardens Ctr Proj Ser A Rfdg............... 8.250 12/01/14 1,406,658
1,790 Islands at Doral FL....................... 6.375 05/01/35 1,919,238
2,965 Islands at Doral III Cmnty Ser 2004 A..... 5.900 05/01/35 3,057,241
10,000 Jea, FL Wtr & Swr Sys Rev Drivers Ser 805
(Inverse Floating Rate) (Acquired
03/22/05, Cost $9,779,566) (MBIA Insd)
(b)....................................... 5.700 10/01/12 9,715,400
3,190 Kendall Breeze Cmnty Dev Dist (a)......... 6.625 11/01/33 3,446,891
2,420 Kendall Breeze Cmnty Dev Dist (a)......... 6.700 11/01/23 2,634,267
</Table>
See Notes to Financial Statements 23
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FLORIDA (CONTINUED)
$ 1,430 Keys Cove Cmnty Dev Dist FL............... 5.875% 05/01/35 $ 1,491,032
920 Lake Bernadette, FL Cmnty Dev Dist Spl
Assmt Rev Ser A........................... 8.000 05/01/17 931,160
8,895 Largo, FL Sun Coast Hlth Sys Rev Hosp
Rfdg...................................... 6.300 03/01/20 8,894,199
230 Lee Cnty, FL Indl Dev Auth Econ Rev Encore
Nursing Ctr Partn Rfdg.................... 8.125 12/01/07 230,922
3,150 Lee Cnty, FL Indl Dev Auth Hlthcare Fac
Rev Cypress Cove Hlthpk Ser A............. 6.375 10/01/25 3,215,803
6,000 Lee Cnty, FL Indl Dev Auth Hlthcare Fac
Rev Cypress Cove Hlthpk Ser A............. 6.750 10/01/32 6,343,260
5,900 Leon Cnty, FL Ed Fac Auth Rev Southgate
Residence Hall Ser A Rfdg................. 6.750 09/01/28 6,068,799
2,875 Marshall Creek Cmnty Dev Dist FL Spl Assmt
Ser A (Acquired 06/12/00, Cost $2,875,000)
(b)....................................... 7.650 05/01/32 3,123,227
105 Miami Beach, FL Hlth Fac Auth Hosp Rev Mt
Sinai Med Ctr FL Proj..................... 5.375 11/15/18 106,173
3,605 Miami Beach, FL Hlth Fac Auth Hosp Rev Mt
Sinai Med Ctr FL Proj..................... 5.375 11/15/28 3,605,613
5,000 Miami Beach, FL Hlth Fac Auth Hosp Rev Mt
Sinai Med Ctr FL Rfdg (Acquired 04/26/04,
Cost $4,823,445) (b)...................... 6.750 11/15/29 5,580,800
2,540 Miami Beach, FL Hlth Fac Auth Hosp Rev Mt
Sinai Med Ctr Ser A....................... 6.125 11/15/11 2,722,296
1,000 Miami Beach, FL Hlth Fac Auth Hosp Rev Mt
Sinai Med Ctr Ser A....................... 6.700 11/15/19 1,097,130
3,465 Miami Beach, FL Hlth Fac Auth Hosp Rev Mt
Sinai Med Ctr Ser A....................... 6.800 11/15/31 3,804,570
15,000 Miami Dade Cnty, FL Aviation Rev Rites
(Inverse Floating Rate) (Acquired
06/22/05, Cost $16,433,700) (FGIC Insd)
(a) (b)................................... 5.707 10/01/37 15,639,750
12,500 Miami Dade Cnty, FL Sch Brd Drivers Ser
534 (Inverse Floating Rate) (Acquired
10/06/04, Cost $13,694,750) (FGIC Insd)
(a) (b)................................... 6.200 08/01/11 13,095,500
3,480 Midtown Miami, FL Cmnty Dev Dist Pkg
Garage Proj Ser A......................... 6.250 05/01/37 3,779,106
6,520 Midtown Miami, FL Cmnty Dev Ser B......... 6.500 05/01/37 7,186,148
5,005 Miromar Lakes Cmnty Dev Dist Ser B Rfdg... 7.250 05/01/12 5,392,787
1,575 Mount Dora, FL Hlth Fac Auth Wtrman Vlg
Proj Ser A Rfdg........................... 5.250 08/15/13 1,559,439
3,000 Mount Dora, FL Hlth Fac Auth Wtrman Vlg
Proj Ser A Rfdg........................... 5.750 08/15/18 3,020,610
3,000 Mount Dora, FL Hlth Fac Auth Wtrman Vlg
Proj Ser A Rfdg........................... 6.750 08/15/25 3,094,050
</Table>
24 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FLORIDA (CONTINUED)
$ 1,500 New Port Tampa Bay Cmnty Dev Spl Assmt Ser
A......................................... 5.875% 05/01/38 $ 1,530,870
275 North Broward, FL Hosp Dist Rev Impt...... 6.000 01/15/31 290,317
2,725 North Broward, FL Hosp Dist Rev Impt
(Prerefunded @ 01/15/11).................. 6.000 01/15/31 2,999,108
1,393 North Springs, FL Impt Dist Spl Assmt
Rev....................................... 7.000 05/01/19 1,422,922
2,345 Northern Palm Beach Cnty Dist FL Impt Wtr
Ctl & Impt Unit Dev No 16 Rfdg............ 7.500 08/01/24 2,521,321
2,500 Northern Palm Beach Cnty Impt Dist FL Impt
Wtr Ctl & Impt Unit Dev No 16............. 7.000 08/01/32 2,693,275
4,420 Northern Palm Beach Cnty Impt Dist FL Impt
Wtr Ctl & Impt Unit Dev No 2A............. 6.400 08/01/33 4,610,016
1,500 Northern Palm Beach Cnty Impt Dist FL Impt
Wtr Ctl & Impt Unit Dev No 43............. 6.125 08/01/31 1,556,655
75 Orange Cnty, FL Hlth Fac Auth Rev First
Mtg Orlando Lutheran Twr Rfdg (Escrowed to
Maturity)................................. 8.125 07/01/06 75,283
2,035 Orange Cnty, FL Hlth Fac Auth Rev First
Mtg Orlando Lutheran Twr Rfdg (Prerefunded
@ 07/01/06)............................... 8.400 07/01/14 2,104,007
3,325 Orange Cnty, FL Hlth Fac Auth Rev First
Mtg Orlando Lutheran Twr Rfdg (Prerefunded
@ 07/01/06)............................... 8.625 07/01/20 3,438,349
5,000 Orange Cnty, FL Hlth Fac Auth Rev First
Mtg Orlando Lutheran Twr Rfdg (Prerefunded
@ 07/01/06)............................... 8.750 07/01/26 5,170,950
1,000 Orange Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Sys (Prerefunded @
11/15/10)................................. 6.375 11/15/20 1,113,940
2,000 Orange Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Sys (Prerefunded @
11/15/10)................................. 6.500 11/15/30 2,238,040
3,915 Orange Cnty, FL Hlth Fac Auth Rev Hosp
Hlthcare Ser E............................ 6.000 10/01/26 4,120,655
85 Orange Cnty, FL Hlth Fac Auth Rev Hosp
Hlthcare Ser E (Prerefunded @ 10/01/09)... 6.000 10/01/26 91,728
755 Orange Cnty, FL Hlth Fac Auth Rev
Westminster Cmnty Care.................... 6.500 04/01/12 779,756
2,000 Orange Cnty, FL Hlth Fac Auth Rev
Westminster Cmnty Care.................... 6.600 04/01/24 2,062,500
2,145 Orange Cnty, FL Hsg Fin Auth Hsg Alhambra
Trace Apt Proj Ser C...................... 7.375 04/01/28 2,299,697
4,155 Orange Cnty, FL Hsg Fin Auth Multi-Family
Rev Hsg Governors Manor Apt F-4........... 7.250 10/01/31 4,413,649
850 Orange Cnty, FL Hsg Fin Auth Multi-Family
Rev Hsg Lake Davis Apt Proj F-1........... 7.250 10/01/31 902,912
220 Orange Cnty, FL Hsg Fin Auth Multi-Family
Rev Hsg Lake Jennie Phase I Proj F-2
(a)....................................... 7.250 10/01/31 233,695
</Table>
See Notes to Financial Statements 25
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FLORIDA (CONTINUED)
$ 850 Orange Cnty, FL Hsg Fin Auth Multi-Family
Rev Hsg Lake Jennie Phase II Proj F-3..... 7.250% 10/01/31 $ 902,912
350 Orange Cnty, FL Hsg Fin Auth Multi-Family
Rev Hsg Mellonville Trace Apt F-5 (a)..... 7.250 10/01/31 371,787
2,535 Orange Cnty, FL Hsg Fin Auth Multi-Family
Rev Mtg Hands Inc Proj Ser A (Acquired
06/19/95, 11/24/99, 03/31/00, Cost
$2,550,979) (b)........................... 8.000 10/01/25 2,717,013
1,785 Orange Cnty, FL Hsg Fin Auth Multi-Family
Rev Mtg Hands Inc Proj Ser A (Acquired
06/19/95, Cost $1,785,000) (a) (b)........ 7.875 10/01/15 1,934,886
2,365 Overoaks, FL Cmnty Dev Dist Cap Impt
Rev....................................... 8.250 05/01/17 2,418,189
990 Overoaks, FL Cmnty Dev Dist Ser A......... 6.125 05/01/35 1,042,005
9,900 Palm Beach Cnty, FL Hsg Fin Auth
Multi-Family Hsg Lake Delray Apt Proj Ser
A (AMT)................................... 6.400 01/01/31 10,202,742
1,875 Parklands Lee Cmnty Dev Dist Ser A........ 5.800 05/01/35 1,925,869
3,970 Parklands West Cmnty Dev Dist Spl Assmt
Ser A..................................... 6.900 05/01/32 4,251,791
1,280 Pentathlon Cmnty Dev Dist Spl Assmt Rev FL
(a)....................................... 6.700 11/01/23 1,388,237
1,720 Pentathlon Cmnty Dev Dist Spl Assmt Rev FL
(a)....................................... 6.750 11/01/33 1,853,524
4,925 Pier Park, FL Cmnty Dev Dist Ser 1........ 7.150 05/01/34 5,254,433
2,810 Pine Air Lakes Cmnty Dev Dist FL Spl Assmt
Rev....................................... 7.250 05/01/33 3,038,031
2,465 Pine Is Cmnty Dev Dist FL................. 5.750 05/01/35 2,527,685
7,805 Pinellas Cnty, FL Ed Fac Auth Clearwater
Christian College Ser A Rfdg (Acquired
11/05/01, Cost $7,461,658) (a) (b)........ 7.250 09/01/31 8,144,908
5,680 Pinellas Cnty, FL Hlth Fac Auth Oaks of
Clearwtr Proj............................. 6.250 06/01/34 5,949,232
700 Piney Z Cmnty Dev Dist FL Cap Impt Rev Ser
A......................................... 7.250 05/01/19 727,503
1,895 Poinciana Cmnty Dev Dist FL Ser A......... 7.125 05/01/31 2,009,117
8,420 Port Saint Lucie, FL Spl Assmt Rev
Glassman Spl Assmt Dist Ser C............. 6.750 07/01/23 8,851,778
5,000 Reunion West Cmnty Dev Dist............... 6.250 05/01/36 5,270,300
3,855 Saddlebrook, FL Cmnty Ser A............... 6.900 05/01/33 4,142,429
20 Saddlebrook, FL Cmnty Ser B............... 6.250 05/01/09 20,113
2,365 Saint John's Cnty, FL Indl Dev Auth
Hlthcare Glenmoor Saint John's Proj Ser
A......................................... 8.000 01/01/17 2,532,205
6,900 Saint John's Cnty, FL Indl Dev Auth
Hlthcare Glenmoor Saint John's Proj Ser
A......................................... 8.000 01/01/30 7,387,830
1,000 Saint John's Cnty, FL Indl Dev Auth
Hlthcare Rev Bayview Proj Ser A........... 7.100 10/01/16 1,012,670
</Table>
26 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FLORIDA (CONTINUED)
$ 4,000 Saint John's Cnty, FL Indl Dev Auth
Hlthcare Rev Bayview Proj Ser A........... 7.100% 10/01/26 $ 4,033,520
2,910 Sausalito Bay Cmnty Dev Dist FL Spl Assmt
(a)....................................... 6.200 05/01/35 3,072,582
1,950 Seven Oaks, FL Cmnty Dev Dist II Spl Assmt
Rev Ser A................................. 6.400 05/01/34 2,082,249
2,960 Seven Oaks, FL Cmnty Dev Dist II Spl Assmt
Rev Ser A................................. 5.875 05/01/35 3,051,286
4,655 South Dade Venture Cmnty Dev.............. 6.900 05/01/33 5,098,342
2,115 South Lake Cnty Hosp Dist FL South Lake
Hosp Inc.................................. 6.375 10/01/28 2,298,963
3,000 South Lake Cnty Hosp Dist FL South Lake
Hosp Inc.................................. 6.375 10/01/34 3,255,000
1,500 Sterling Hill Cmnty Dev Dist FL Cap Impt &
Rev Ser A................................. 6.200 05/01/35 1,573,935
920 Stoneybrook West Cmnty Dev Ser A.......... 7.000 05/01/32 981,603
115 Stoneybrook West Cmnty Dev Ser B.......... 6.450 05/01/10 115,768
11,875 Tallahassee, FL Hlth Fac Rev Tallahassee
Mem Hlthcare Proj......................... 6.375 12/01/30 12,616,475
1,745 Tamarac, FL Indl Dev Rev Sun Belt
Precision Prods Inc (AMT)................. 6.500 08/01/17 1,714,026
3,000 Tampa, FL Hosp Rev Cap Impt H Lee Moffitt
Ser A..................................... 5.750 07/01/29 3,097,410
1,485 Town Ctr at Palm Coast Cmnty Dev Dist FL
Cap Impt Rev.............................. 6.000 05/01/36 1,532,535
1,235 Trails at Monterey Cmnty Dev Dist FL Spl
Assmt (a)................................. 6.500 05/01/23 1,324,340
1,715 Trails at Monterey Cmnty Dev Dist FL Spl
Assmt (a)................................. 6.750 05/01/33 1,846,077
1,480 Turnbull Creek Cmnty Dev Dist FL Spl
Assmt..................................... 5.800 05/01/35 1,517,178
2,478 University Square Cmnty Dev Dist FL Cap
Impt Rev (Acquired 10/07/99, Cost
$2,478,000) (b)........................... 6.750 05/01/20 2,665,510
4,350 Venetian Isles, FL Ser A.................. 6.750 05/01/33 4,726,840
4,830 Verandah West Cmnty Dev Dist Cap Impt Ser
B......................................... 6.625 05/01/33 5,219,733
890 Vista Lakes Cmnty Dev Dist FL Cap Impt Rev
Ser A..................................... 7.200 05/01/32 955,157
1,925 Vista Lakes Cmnty Dev Dist FL Cap Impt Rev
Ser A..................................... 6.750 05/01/34 2,075,631
950 Waterchase Cmnty Dev Dist FL Ser A........ 6.700 05/01/32 1,013,564
2,840 Waterlefe Cmnty Dev Dist FL............... 8.125 10/01/25 2,810,862
2,000 West Vlgs Impt Dist FL Rev Spl Assmt Unit
of Dev No 3............................... 5.500 05/01/37 2,007,300
</Table>
See Notes to Financial Statements 27
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
FLORIDA (CONTINUED)
$ 1,258 Westchase East Cmnty, FL Dev Dist Cap Impt
Rev....................................... 7.500% 05/01/17 $ 1,260,141
1,700 Westchase East Cmnty, FL Dev Dist Cap Impt
Rev....................................... 7.300 05/01/18 1,723,613
2,000 World Commerce Cmnty Dev Dist Ser A1...... 6.250 05/01/22 2,118,220
4,325 World Commerce Cmnty Dev Dist Ser A1...... 6.500 05/01/36 4,574,206
--------------
502,075,458
--------------
GEORGIA 2.5%
5,250 Americus Sumter Cnty, GA Hosp Auth Rev
South GA Methodist Ser A Rfdg............. 6.375 05/15/29 5,364,870
1,370 Athens Clarke Cnty, GA Residential Care
Fac for the Elderly Auth Rev.............. 6.350 10/01/17 1,230,685
1,720 Athens Clarke Cnty, GA Residential Care
Fac for the Elderly Auth Rev.............. 6.375 10/01/27 1,448,223
2,000 Atlanta, GA Tax Alloc Atlantic Sta Proj... 7.750 12/01/14 2,216,920
3,000 Atlanta, GA Tax Alloc Atlantic Sta Proj... 7.900 12/01/24 3,326,760
20,685 Atlanta, GA Urban Residential Fin Auth
Multi-Family Rev Hsg Peachtree Tr Ctf
Partn Ser A (a)........................... 4.000 10/01/25 19,087,704
3,545 Atlanta, GA Urban Residential Fin Auth
Multi-Family Rev John Eagan Proj Ser A
(AMT)..................................... 6.750 07/01/30 3,644,295
25,000 Atlanta, GA Wtr & Waste Rev Drivers Ser
520 (Inverse Floating Rate) (Acquired
09/28/04, Cost $26,615,869) (FSA Insd) (a)
(b)....................................... 6.200 05/01/12 26,212,500
1,000 Brunswick & Glynn Cnty, GA Dev GA Pacific
Corp Proj Rfdg (AMT)...................... 5.550 03/01/26 978,200
3,500 Chatham Cnty, GA Hosp Auth Rev Hosp Impt
Mem Hlth Univ Ser A....................... 5.500 01/01/34 3,639,370
85 Coweta Cnty, GA Residential Care Fac For
The Elderly Auth Rev First Lien Wesley
Woods Ser A (Escrowed to Maturity)........ 7.625 10/01/06 86,050
1,500 Coweta Cnty, GA Residential Care Fac For
The Elderly Auth Rev First Lien Wesley
Woods Ser A (Prerefunded @ 10/01/06)...... 8.200 10/01/16 1,550,730
1,500 Coweta Cnty, GA Residential Care Fac For
The Elderly Auth Rev First Lien Wesley
Woods Ser A (Prerefunded @ 10/01/06)...... 8.250 10/01/26 1,550,970
5,250 Crisp Cnty, GA Dev Auth Intl Paper Co Proj
Ser A Rfdg (AMT).......................... 6.200 02/01/20 5,615,452
2,380 De Kalb Cnty, GA Residential Care Fac For
The Elderly Auth Rev First Lien Kings Brdg
Ser A (a)................................. 8.150 07/01/16 2,432,812
2,500 De Kalb Cnty, GA Residential Care Fac For
The Elderly Auth Rev First Lien Kings Brdg
Ser A..................................... 8.250 07/01/26 2,554,750
</Table>
28 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
GEORGIA (CONTINUED)
$ 2,000 Effingham Cnty, GA Dev Auth Solfort James
Proj (AMT)................................ 5.625% 07/01/18 $ 1,977,820
2,250 Effingham Cnty, GA Indl Dev Auth GA
Pacific Corp Proj Rfdg.................... 6.500 06/01/31 2,361,330
1,000 Fulton Cnty, GA Residential Care
Canterbury Crt Proj Ser A................. 6.125 02/15/26 1,042,750
1,750 Fulton Cnty, GA Residential Care
Canterbury Crt Proj Ser A................. 6.125 02/15/34 1,793,400
1,025 Fulton Cnty, GA Residential Care Fac
Elderly Auth Rev.......................... 6.900 07/01/19 1,061,439
3,555 Fulton Cnty, GA Residential Care Saint
Anne's Terrace Proj Rfdg.................. 7.625 12/01/33 3,979,609
4,810 Fulton Cnty, GA Residential Care Sr Lien
RHA Asstd Living Ser A.................... 7.000 07/01/29 4,969,981
2,930 Renaissance on Peachtree Unit Invt Tr Ctf
GA Custody Ctf............................ 8.352 10/01/25 2,559,882
1,000 Richmond Cnty, GA Dev Auth Intl Paper Co
Proj Ser A Rfdg (AMT)..................... 6.000 02/01/25 1,063,160
2,500 Rockdale Cnty, GA Dev Auth Solid Waste
Disp Visy Paper Inc Proj (AMT)............ 7.500 01/01/26 2,509,425
920 Savannah, GA Econ Dev Auth Rev First Mtg
Marshes of Skidway Ser A.................. 7.400 01/01/24 966,920
3,650 Savannah, GA Econ Dev Auth Rev First Mtg
Marshes of Skidway Ser A.................. 7.400 01/01/34 3,817,754
--------------
109,043,761
--------------
HAWAII 0.8%
8,500 Hawaii Pac Hlth Spl Purp Rev Ser A........ 5.600 07/01/33 8,766,390
5,300 Hawaii St Dept Budget & Fin Spl Purp Rev
Kahala Nui Proj Ser A..................... 7.400 11/15/17 6,000,607
3,000 Hawaii St Dept Budget & Fin Spl Purp Rev
Kahala Nui Proj Ser A..................... 7.875 11/15/23 3,458,130
2,500 Hawaii St Dept Budget & Fin Spl Purp Rev
Kahala Nui Proj Ser A..................... 8.000 11/15/33 2,884,700
1,520 Hawaii St Dept Budget & Fin Spl Purp Rev
Kahala Nui Proj Ser C..................... 6.250 11/15/09 1,521,140
5,000 Kuakini, HI Hlth Sys Spl Purp Rev Ser A... 6.300 07/01/22 5,415,750
5,000 Kuakini, HI Hlth Sys Spl Purp Rev Ser A... 6.375 07/01/32 5,393,200
--------------
33,439,917
--------------
IDAHO 0.1%
4,090 Idaho Hlth Fac Auth Rev Vly Vista Care Ser
A Rfdg.................................... 7.875 11/15/29 4,271,555
--------------
</Table>
See Notes to Financial Statements 29
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
ILLINOIS 5.6%
$ 3,835 Antioch Vlg, IL Spl Svc Area No 1 Spl Tax
Deercrest Proj............................ 6.625% 03/01/33 $ 4,034,497
5,700 Antioch Vlg, IL Spl Svc Area No 2 Spl Tax
Clublands Proj............................ 6.625 03/01/33 5,996,514
4,487 Bolingbrook, IL Spl Svc Area No 01-1...... 7.375 07/01/31 4,855,921
4,000 Bolingbrook, IL Spl Svc Area No 1 Spl Tax
Augusta Vlg Proj (Acquired 11/13/02, Cost
$4,009,000) (b)........................... 6.750 03/01/32 4,227,640
3,965 Bolingbrook, IL Spl Svc Area No 3 Spl Tax
Lakewood Ridge Proj....................... 7.050 03/01/31 4,223,914
1,990 Bolingbrook, IL Spl Svc Area Ser 2004
Augusta Vlg Proj.......................... 6.250 03/01/32 2,036,427
2,000 Carol Stream, IL First Mtg Rev Windsor
Park Manor Proj Rfdg (Prerefunded @
12/01/07)................................. 7.200 12/01/14 2,129,320
274 Cary, IL Spl Tax Svc Area No 1 Cambridge
Ser A (a)................................. 7.500 03/01/10 290,615
1,079 Cary, IL Spl Tax Svc Area No 1 Cambridge
Ser A..................................... 7.625 03/01/30 1,195,510
5,690 Chicago, IL Midway Arpt Rev Drivers Ser
229 (Inverse Floating Rate) (Acquired
09/19/01, Cost $5,899,111) (FSA Insd) (a)
(b)....................................... 6.680 01/01/18 6,390,211
155 Chicago, IL Neighborhoods Alive
(Prerefunded @ 07/01/10) (FGIC Insd)...... 6.000 01/01/28 169,570
5,000 Chicago, IL O'Hare Intl Arpt Rev Drivers
Ser 383 (Inverse Floating Rate) (AMT)
(Acquired 01/14/04, Cost $5,301,837) (MBIA
Insd) (a) (b)............................. 6.670 01/01/12 5,292,400
6,400 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien C-2 Rfdg (AMT) (XLCA Insd)..... 5.250 01/01/34 6,546,304
6,250 Chicago, IL O'Hare Intl Arpt Rev Rols RR
II R Ser 556 (Inverse Floating Rate)
(Acquired 05/05/06, Cost $7,213,688) (a)
(b)....................................... 9.513 01/01/29 7,321,125
4,000 Chicago, IL Spl Assmt Lake Shore East
Proj...................................... 6.750 12/01/32 4,297,520
1,140 Chicago, IL Tax Increment Alloc Read
Dunning Ser B (ACA Insd) (a).............. 7.250 01/01/14 1,181,656
10,000 Cook County, IL Drivers Ser 559 (Inverse
Floating Rate) (Acquired 10/26/04, Cost
$10,629,593) (MBIA Insd) (a) (b).......... 6.200 05/15/12 10,590,000
4,985 Cortland, IL Spl Svc Area No 01 Spl Tax
Neucort Lakes Proj (a).................... 6.875 03/01/32 5,307,131
3,000 Gilberts, IL Spl Svc Area No 9 Spl Tax Big
Timber Proj (Prerefunded @ 03/01/11)...... 7.750 03/01/27 3,535,320
2,500 Godfrey, IL Rev United Methodist Vlg Ser
A......................................... 5.875 11/15/29 2,047,000
3,250 Hoopeston, IL Hosp Cap Impt Rev Hoopeston
Cmnty Mem Hosp Rfdg....................... 6.550 11/15/29 3,137,940
</Table>
30 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
ILLINOIS (CONTINUED)
$ 2,915 Huntley, IL Increment Alloc Rev Huntley
Redev Proj Ser A.......................... 8.500% 12/01/15 $ 3,005,452
3,987 Huntley, IL Spl Svc Area No 10 Ser A...... 6.500 03/01/29 4,227,695
4,386 Huntley, IL Spl Svc Area No 6 (a)......... 6.750 02/01/25 4,610,432
3,850 Huntley, IL Spl Svc Area No 7............. 6.300 03/01/28 4,062,828
110 Illinois Dev Fin Auth Rev Cmnty Fac Clinic
Altgeld Proj.............................. 8.000 11/15/06 111,232
3,100 Illinois Dev Fin Auth Rev Midwestern Univ
Ser B..................................... 6.000 05/15/31 3,281,846
2,000 Illinois Ed Fac Auth Rev Lewis Univ....... 6.000 05/15/25 2,043,520
4,000 Illinois Ed Fac Auth Rev Lewis Univ
(Prerefunded @ 10/01/06).................. 6.125 10/01/26 4,110,680
4,000 Illinois Fin Auth Rev Clare Wtr Tower Proj
Ser A..................................... 6.125 05/15/38 4,097,760
1,750 Illinois Fin Auth Rev Cmnty Fac Clinic
Altgeld Proj.............................. 8.000 11/15/16 1,799,752
2,500 Illinois Fin Auth Rev Fairview Oblig Grp
Ser A Rfdg................................ 6.125 08/15/27 2,529,750
2,500 Illinois Fin Auth Rev Franciscan Cmntys
Saint Joseph Ser A........................ 6.000 05/15/34 2,526,675
1,000 Illinois Fin Auth Student Hsg Rev MJH Ed
Assistance IV Sr Ser A.................... 5.125 06/01/35 1,001,950
2,365 Illinois Hlth Fac Auth Rev Chestnut Square
at Glen Proj Ser A (a).................... 6.625 08/15/24 2,379,899
3,255 Illinois Hlth Fac Auth Rev Chestnut Square
at Glen Proj Ser A (a).................... 7.000 08/15/29 3,364,042
2,000 Illinois Hlth Fac Auth Rev Condell Med
Ctr....................................... 5.500 05/15/32 2,044,200
1,250 Illinois Hlth Fac Auth Rev Covenant
Retirement Cmntys......................... 5.875 12/01/31 1,292,075
5,000 Illinois Hlth Fac Auth Rev Covenant
Retirement Cmntys Ser B................... 6.125 12/01/28 5,222,700
2,000 Illinois Hlth Fac Auth Rev Ctr Baptist
Home Proj................................. 7.125 11/15/29 2,108,180
3,000 Illinois Hlth Fac Auth Rev Fairview Oblig
Grp Ser A Rfdg (Prerefunded @ 08/15/06)... 7.400 08/15/23 3,080,850
3,530 Illinois Hlth Fac Auth Rev Friendship Vlg
Schaumburg Ser A (Prerefunded @
12/01/07)................................. 5.250 12/01/18 3,660,045
1,000 Illinois Hlth Fac Auth Rev Lifelink Corp
Oblig Grp Rfdg............................ 5.850 02/15/20 624,660
4,295 Illinois Hlth Fac Auth Rev Lifelink Corp
Oblig Grp Rfdg............................ 5.700 02/15/24 2,677,847
990 Illinois Hlth Fac Auth Rev Loyola Univ
Hlth Sys Ser A............................ 6.000 07/01/21 1,039,569
6,000 Illinois Hlth Fac Auth Rev Lutheran Sr
Ministries Oblig Ser A.................... 7.375 08/15/31 6,505,620
</Table>
See Notes to Financial Statements 31
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
ILLINOIS (CONTINUED)
$ 2,000 Illinois Hlth Fac Auth Rev OSF Hlthcare
Sys (Prerefunded @ 11/15/09).............. 6.250% 11/15/29 $ 2,179,200
1,915 Illinois Hlth Fac Auth Rev Proctor Cmnty
Hosp Proj................................. 7.500 01/01/11 1,917,241
6,750 Illinois Hlth Fac Auth Rev Saint Benedict
Ser 2003 A-1.............................. 6.900 11/15/33 7,370,730
2,650 Illinois Hlth Fac Auth Rev Ser A.......... 7.000 11/15/32 2,843,476
750 Illinois Hlth Fac Auth Rev Ser A Rfdg..... 6.200 08/15/23 758,377
3,375 Illinois Hlth Fac Auth Rev Ser A Rfdg..... 6.400 08/15/33 3,419,246
11,400 Illinois St Drivers Ser 605 (Inverse
Floating Rate) (Acquired 11/17/04,
12/01/04, Cost $11,957,916) (MBIA Insd)
(b)....................................... 6.200 09/01/12 12,121,392
7,282 Illinois St Real Estate Lease Ctf
(Acquired 07/01/98, Cost $8,358,737) (ACA
Insd) (b)................................. 8.717 06/15/18 7,735,614
1,825 Lincolnshire, IL Spl Svc Area Sedgebrook
Proj...................................... 6.250 03/01/34 1,918,549
930 Loves Park, IL Rev Hoosier Care Proj Ser
A......................................... 7.125 06/01/34 942,006
2,215 Manhattan, IL No 04-1 Brookstone Springs
Proj...................................... 6.100 03/01/35 2,237,327
1,500 Metropolitan Pier & Expo IL McCormick Pl
Expn Proj Ser A Rfdg...................... 5.500 06/15/27 1,500,705
3,990 Minooka, IL Spl Assmt Impt Lakewood Trails
Proj...................................... 6.625 03/01/33 4,211,525
1,925 Minooka, IL Spl Assmt Impt Lakewood Trails
Unit 2 Proj............................... 6.375 03/01/34 2,005,600
2,995 Minooka, IL Spl Assmt Impt Praire Ridge
Proj...................................... 6.875 03/01/33 3,212,078
2,151 Montgomery, IL Spl Assmt Impt Lakewood
Creek Proj................................ 7.750 03/01/30 2,355,022
325 Peoria, IL Spl Tax Weaverridge Spl Svc
Area...................................... 7.625 02/01/08 338,767
2,050 Peoria, IL Spl Tax Weaverridge Spl Svc
Area...................................... 8.050 02/01/17 2,137,740
3,000 Pingree Grove, IL Spl Svc Area No 2 Spl
Tax Ser 05-2 Cambridge Lakes Proj......... 6.000 03/01/35 3,029,250
2,250 Pingree Grove, IL Spl Svc Area No 7 Spl
Tax Ser 06-1 Cambridge Lakes Proj......... 6.000 03/01/36 2,263,882
2,325 Plano, IL Spl Svc Area No 1 Lakewood
Springs Proj Ser A........................ 6.200 03/01/34 2,387,170
5,040 Round Lake, IL Lakewood Grove Spl Svc Area
No 4 Spl Tax (a).......................... 6.750 03/01/33 5,362,560
3,700 Round Lake, IL Rev........................ 6.700 03/01/33 3,924,257
3,355 Saint Charles, IL Spl Svc Area No 21
(a)....................................... 6.625 03/01/28 3,524,126
3,200 Wheeling, IL Tax Increment Rev N
Milwaukee/Lake Cook Tif Proj.............. 6.000 01/01/25 3,093,824
</Table>
32 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
ILLINOIS (CONTINUED)
$ 2,097 Yorkville, IL Utd City Spl Svc Area Spl
Tax No 2003-100 Raintree Vlg Proj
(Acquired 09/05/03, Cost $2,097,000)
(b)....................................... 6.875% 03/01/33 $ 2,234,186
2,901 Yorkville, IL Utd City Spl Svc Area Spl
Tax No 2003-101 Windett Ridge Proj
(Acquired 09/03/03, Cost $2,901,000)
(b)....................................... 6.875 03/01/33 3,070,476
3,500 Yorkville, IL Utd City Spl Svc Area Spl
Tax No 2005-108 Autumn Creek Proj......... 6.000 03/01/36 3,487,575
2,400 Yorkville, IL Utd City Spl Svc No 04 104
MPI Grande Res Proj....................... 6.375 03/01/34 2,482,440
--------------
250,280,135
--------------
INDIANA 0.6%
1,500 Anderson, IN Econ Dev Rev Anderson Univ
Proj...................................... 6.375 10/01/26 1,547,595
1,100 Crawfordsville, IN Redev Cmnty Dist Tax
Increment Rev (Acquired 10/15/97, Cost
$1,100,000) (a) (b)....................... 7.350 02/01/17 1,137,796
1,080 Delaware Cnty, IN Redev Dist Tax Increment
Rev....................................... 6.875 02/01/18 1,086,102
300 Indiana Hlth Fac Fin Auth Rev Cmnty
Hartsfield Vlg Proj Ser A................. 6.250 08/15/14 300,276
3,975 Indiana Hlth Fac Fin Auth Rev Cmnty
Hartsfield Vlg Proj Ser A................. 6.375 08/15/27 3,978,856
3,435 Indiana Hlth Fac Fin Auth Rev Franciscan
Cmnty Ser A Rfdg (a)...................... 6.400 05/15/24 3,460,488
2,350 Indiana Hlth Fac Fin Auth Rev Hoosier Care
Proj Ser A................................ 7.125 06/01/34 2,380,338
1,500 Indiana Hlth Fac Hosp Rev................. 6.250 03/01/25 1,600,740
1,000 Indiana Hlth Fac Hosp Rev Cmnty Fndtn
Northwest IN Ser A........................ 5.375 03/01/19 1,017,150
2,000 Indiana Hlth Fac Hosp Rev Cmnty Fndtn
Northwest IN Ser A........................ 6.000 03/01/34 2,101,560
3,000 North Manchester, IN Rev Peabody
Retirement Cmnty Proj Ser A............... 7.250 07/01/33 3,120,360
2,000 Portage, IN Spl Impt Dist Rev Marina
Shores Proj............................... 6.375 03/01/35 1,993,220
175 Saint Joseph Cnty, IN Redev Dist Tax
Increment Rev Ser B (a)................... * 12/30/10 123,655
135 Saint Joseph Cnty, IN Redev Dist Tax
Increment Rev Ser B (a)................... * 12/30/11 88,379
130 Saint Joseph Cnty, IN Redev Dist Tax
Increment Rev Ser B (a)................... * 12/30/12 78,836
130 Saint Joseph Cnty, IN Redev Dist Tax
Increment Rev Ser B (a)................... * 12/30/13 73,039
125 Saint Joseph Cnty, IN Redev Dist Tax
Increment Rev Ser B (a)................... * 12/30/14 65,067
</Table>
See Notes to Financial Statements 33
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
INDIANA (CONTINUED)
$ 125 Saint Joseph Cnty, IN Redev Dist Tax
Increment Rev Ser B (a)................... * 12/30/15 $ 60,274
125 Saint Joseph Cnty, IN Redev Dist Tax
Increment Rev Ser B (a)................... * 12/30/16 55,842
225 Valparaiso, IN Econ Dev Rev First Mtg
Whispering Pines Ctr (a).................. 7.500% 01/01/07 225,607
1,405 Valparaiso, IN Econ Dev Rev First Mtg
Whispering Pines Ctr (a).................. 7.750 01/01/12 1,411,351
2,045 Valparaiso, IN Econ Dev Rev First Mtg
Whispering Pines Ctr (a).................. 8.000 01/01/17 2,067,699
--------------
27,974,230
--------------
IOWA 0.6%
2,515 Black Hawk Cnty, IA Hlthcare Fac Rev
Western Home Proj Ser B................... 6.625 05/01/33 2,536,302
1,000 Bremer Cnty, IA Hlthcare & Residential Fac
Rev Proj Rfdg (Prerefunded @ 11/15/09).... 7.250 11/15/29 1,110,050
2,245 Des Moines, IA Sr Hsg Rev Luther Park Apts
Inc Proj.................................. 6.250 12/01/34 2,292,437
615 Evansdale, IA Hlthcare Western Home
Proj...................................... 6.000 11/01/39 623,807
5,600 Evansdale, IA Hlthcare Western Home Proj
Ser A (a)................................. 6.000 11/01/39 5,642,952
3,000 Iowa Fin Auth Cmnty Provider Rev Boys &
Girls Home Family Proj (ACA Insd) (a)..... 6.250 12/01/28 3,102,480
2,925 Iowa Fin Auth Hlthcare Fac Care
Initiatives Proj Rfdg..................... 9.250 07/01/25 3,485,050
2,265 Iowa Fin Auth Retirement Fac Presbyterian
Homes Mill Pond........................... 6.000 10/01/33 2,164,230
2,000 Polk Cnty, IA Hlthcare Fac Rev Luther Pk
Hlth Ctr Inc Proj......................... 6.750 10/01/33 2,054,740
1,500 Polk Cnty, IA Hlthcare Fac Rev Luther Pk
Hlth Ctr Inc Proj......................... 6.150 10/01/36 1,520,535
1,250 Scott Cnty, IA Rev Ridgecrest Vlg Rfdg.... 5.625 11/15/18 1,273,862
--------------
25,806,445
--------------
KANSAS 0.4%
915 Lawrence, KS Coml Dev Rev Holiday Inn Sr
Ser A Rfdg (e)............................ 8.000 07/01/16 488,537
4,000 Lenexa, KS Hlthcare Fac Rev Lakeview Vlg
Inc Ser B................................. 6.250 05/15/26 4,064,480
2,000 Lenexa, KS Hlthcare Fac Rev Lakeview Vlg
Inc Ser C................................. 6.700 05/15/27 2,019,540
1,750 Lenexa, KS Hlthcare Fac Rev Lakeview Vlg
Inc Ser C................................. 6.875 05/15/32 1,871,467
2,745 Manhattan, KS Coml Dev Rev Holiday Inn Sr
Ser A Rfdg (e)............................ 8.000 07/01/16 1,491,194
1,500 Olathe, KS Sr Living Fac Rev Aberdeen Vlg
Inc Ser A Rfdg............................ 5.600 05/15/28 1,487,415
</Table>
34 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
KANSAS (CONTINUED)
$ 1,000 Olathe, KS Sr Living Fac Rev Catholic Care
Campus Inc Ser A.......................... 6.000% 11/15/26 $ 1,047,430
1,000 Olathe, KS Sr Living Fac Rev Catholic Care
Campus Inc Ser A.......................... 6.000 11/15/38 1,039,650
3,000 Overland Pk, KS Dev Corp Rev First Tier
Overland Park Ser A....................... 7.375 01/01/32 3,283,380
--------------
16,793,093
--------------
KENTUCKY 0.3%
10,000 Louisville & Jefferson Cnty, KY Swr Rolls
Ser 304 (Inverse Floating Rate) (Acquired
10/04/04, Cost $11,595,133) (FGIC Insd)
(a) (b)................................... 6.906 05/15/37 11,195,700
--------------
LOUISIANA 0.9%
7,000 Hodge, LA Util Rev Com Rfdg (AMT)......... 7.450 03/01/24 7,936,110
3,195 Louisiana Loc Govt Environment Fac Cmnty
Dev Auth Rev Eunice Student Hsg Fndtn
Proj...................................... 7.375 09/01/33 2,878,727
3,852 Louisiana Loc Govt Environment Fac Cmnty
Hlthcare Saint James Place Ser A Rfdg..... 7.000 11/01/25 3,924,418
3,200 Louisiana Loc Govt Environment Fac Cmnty
Hlthcare Saint James Place Ser A Rfdg..... 7.000 11/01/29 3,252,896
1,450 Louisiana Loc Govt Environment Fac Sr Air
Cargo (AMT)............................... 6.650 01/01/25 1,552,109
1,450 Louisiana Pub Fac Auth Rev Hlth Fac Glen
Retirement Ser A.......................... 6.700 12/01/25 1,465,848
13,250 Louisiana Pub Fac Auth Rev Ochsner Clinic
Fndtn Proj Ser B.......................... 5.500 05/15/27 13,584,032
1,000 Louisiana Pub Fac Auth Rev Progressive
Hlthcare.................................. 6.375 10/01/20 986,510
1,000 Louisiana Pub Fac Auth Rev Progressive
Hlthcare.................................. 6.375 10/01/28 949,220
3,000 Louisiana St Hlth Ed Auth Lambeth House
Proj Ser A Rfdg........................... 6.200 01/01/28 3,006,090
2,000 Saint Tammany, LA Pub Trust Fin Auth Rev
Christwood Proj Rfdg...................... 5.700 11/15/28 2,027,120
--------------
41,563,080
--------------
MAINE 0.2%
2,000 Maine Hlth & Higher Ed Fac Piper Shores
Ser A (Prerefunded @ 01/01/09)............ 7.550 01/01/29 2,169,700
8,050 Rumford, ME Solid Waste Disp Rev Boise
Cascade Corp Proj Rfdg (AMT).............. 6.875 10/01/26 8,740,448
--------------
10,910,148
--------------
</Table>
See Notes to Financial Statements 35
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MARYLAND 1.0%
$ 1,908 Anne Arundel Cnty, MD Spl Tax Farmington
Vlg Proj Ser A............................ 6.250% 06/01/25 $ 1,997,027
2,500 Baltimore Cnty, MD Mtg Rev Shelter Elder
Care Ser A................................ 7.250 11/01/29 2,585,425
1,500 Frederick Cnty, MD Spl Oblig Urbana Cmnty
Dev Auth.................................. 6.625 07/01/25 1,560,150
1,105 Maryland St Cmnty Dev Admin Residential
Ser B (AMT)............................... 5.450 09/01/32 1,140,890
6,715 Maryland St Econ Dev Corp Air Cargo BW II
LLC Rfdg (AMT)............................ 6.500 07/01/24 6,578,350
1,635 Maryland St Econ Dev Corp Air Cargo BW II
LLC Rfdg (AMT)............................ 7.340 07/01/24 1,701,806
2,950 Maryland St Econ Dev Corp MD Golf Course
Sys (Prerefunded @ 06/01/11).............. 8.250 06/01/28 3,484,835
2,000 Maryland St Hlth & Higher Collington
Episcopal................................. 6.750 04/01/23 1,941,520
1,400 Maryland St Hlth & Higher Ed Fac Auth Rev
Medstar Hlth Rfdg......................... 5.375 08/15/24 1,454,348
7,770 Maryland St Hlth & Higher Ed Fac Auth Rev
Medstar Hlth Rfdg......................... 5.500 08/15/33 8,078,624
465 Montgomery Cnty, MD Econ Dev Rev Editorial
Proj In Ed Ser A (Acquired 09/28/98, Cost
$466,517) (b)............................. 6.250 09/01/08 426,033
3,730 Montgomery Cnty, MD Econ Dev Rev Editorial
Proj In Ed Ser A (Acquired 09/28/98, Cost
$3,730,000) (b)........................... 6.400 09/01/28 3,368,563
1,355 Montgomery Cnty, MD Spl Oblig West
Germantown Dev Dist Ser B (a)............. 6.700 07/01/27 1,477,153
3,000 Prince Georges Cnty, MD Spl Oblig Spl
Assmt Woodview Ser A...................... 8.000 07/01/26 3,119,400
4,000 Prince Georges Cnty, MD Spl Oblig Woodview
Vlg Phase II Subdist...................... 7.000 07/01/32 4,270,120
1,000 Westminster, MD Econ Dev Carroll Lutheran
Vlg Ser A................................. 6.000 05/01/24 1,035,060
1,500 Westminster, MD Econ Dev Carroll Lutheran
Vlg Ser A................................. 6.250 05/01/34 1,567,620
--------------
45,786,924
--------------
MASSACHUSETTS 4.9%
1,620 Boston, MA Indl Dev Fin Auth First Mtg
Springhouse Inc Rfdg...................... 5.875 07/01/18 1,643,036
4,750 Boston, MA Indl Dev Fin Auth First Mtg
Springhouse Inc Rfdg...................... 6.000 07/01/28 4,826,855
1,500 Massachusetts St Dev Fin Agy Briarwood Ser
B (Prerefunded @ 12/01/10) (a)............ 8.000 12/01/18 1,759,995
2,500 Massachusetts St Dev Fin Agy Briarwood Ser
B (Prerefunded @ 12/01/10)................ 8.000 12/01/22 2,933,325
</Table>
36 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MASSACHUSETTS (CONTINUED)
$ 6,165 Massachusetts St Dev Fin Agy Criterion
Child Enrichment (a)...................... 6.750% 01/01/34 $ 6,513,199
1,125 Massachusetts St Dev Fin Agy Dimock Cmnty
Hlth Ctr (a).............................. 6.250 12/01/13 1,132,819
7,565 Massachusetts St Dev Fin Agy Dimock Cmnty
Hlth Ctr (a).............................. 6.750 12/01/33 7,783,175
2,000 Massachusetts St Dev Fin Agy First Mtg
Loomis Cmntys Proj Ser A.................. 6.900 03/01/32 2,137,860
850 Massachusetts St Dev Fin Agy First Mtg
Overlook Cmntys Ser A..................... 6.125 07/01/24 872,261
1,845 Massachusetts St Dev Fin Agy First Mtg
Overlook Cmntys Ser A..................... 6.250 07/01/34 1,882,361
5,865 Massachusetts St Dev Fin Agy Regis
College................................... 5.500 10/01/28 5,328,880
860 Massachusetts St Dev Fin Agy Rev Boston
Architectural Ctr (ACA Insd).............. 6.100 09/01/18 897,960
1,445 Massachusetts St Dev Fin Agy Rev Boston
Architectural Ctr (ACA Insd).............. 6.250 09/01/28 1,503,826
1,685 Massachusetts St Dev Fin Agy Rev
Developmental Disabilities Inc (a)........ 6.750 06/01/20 1,756,714
9,355 Massachusetts St Dev Fin Agy Rev
Developmental Disabilities Inc (Acquired
10/04/01, 12/20/02, 11/19/03, Cost
$9,745,451) (a) (b)....................... 8.000 06/01/20 9,924,719
735 Massachusetts St Dev Fin Agy Rev Gtr Lynn
Mental Hlth (Prerefunded @ 06/01/08)
(Acquired 07/27/00, Cost $735,000) (b).... 7.750 06/01/18 801,282
1,080 Massachusetts St Dev Fin Agy Rev Gtr Lynn
Mental Hlth Ser B (Prerefunded @ 06/01/18)
(Acquired 11/19/98, Cost $1,080,000)
(b)....................................... 6.375 06/01/18 1,149,325
1,500 Massachusetts St Dev Fin Agy Rev Hampshire
College................................... 5.700 10/01/34 1,569,585
4,680 Massachusetts St Dev Fin Agy Rev Hillcrest
Ed Ctr Inc................................ 6.375 07/01/29 4,720,997
4,825 Massachusetts St Dev Fin Agy Rev Hlthcare
Fac Alliance Ser A........................ 7.100 07/01/32 4,932,597
2,250 Massachusetts St Dev Fin Agy Rev Lexington
Montessori Sch Issue (Acquired 07/30/99,
Cost $2,276,878) (a) (b).................. 6.625 08/01/29 2,360,655
750 Massachusetts St Dev Fin Agy Rev MCHSP
Human Svc Providers Ser A................. 6.750 07/01/18 777,382
490 Massachusetts St Dev Fin Agy Rev MCHSP
Human Svc Providers Ser A (Escrowed to
Maturity) (a)............................. 7.500 07/01/10 528,436
1,025 Massachusetts St Dev Fin Agy Rev MCHSP
Human Svc Providers Ser A (Prerefunded @
07/01/10)................................. 8.000 07/01/20 1,186,089
</Table>
See Notes to Financial Statements 37
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MASSACHUSETTS (CONTINUED)
$ 2,400 Massachusetts St Dev Fin Agy Rev MCHSP
Human Svc Providers Ser C (a)............. 7.750% 07/01/30 $ 2,509,488
5,045 Massachusetts St Dev Fin Agy Rev New
England Ctr For Children.................. 6.000 11/01/19 5,167,442
3,010 Massachusetts St Dev Fin Agy Rev Whitney
Academy Issue (a)......................... 7.500 09/01/30 3,225,365
720 Massachusetts St Hlth & Ed Baystate Fac
Auth Rev Med Ctr Ser F.................... 5.500 07/01/22 750,910
2,500 Massachusetts St Hlth & Ed Fac Auth Rev
Caritas Christi Oblig Grp Ser A........... 5.750 07/01/28 2,550,725
5,000 Massachusetts St Hlth & Ed Fac Auth Rev
Caritas Christi Oblig Grp Ser B........... 6.750 07/01/16 5,536,550
9,845 Massachusetts St Hlth & Ed Fac Auth Rev
Caritas Christi Oblig Grp Ser B........... 6.250 07/01/22 10,526,668
10,145 Massachusetts St Hlth & Ed Fac Auth Rev
Christopher House Ser A Rfdg.............. 6.875 01/01/29 10,197,754
6,800 Massachusetts St Hlth & Ed Fac Auth Rev
Civic Investments Ser B................... 9.150 12/15/23 8,378,348
3,610 Massachusetts St Hlth & Ed Fac Auth Rev
Jordan Hosp Ser D......................... 5.250 10/01/23 3,584,152
1,465 Massachusetts St Hlth & Ed Fac Auth Rev
Jordan Hosp Ser D......................... 5.375 10/01/28 1,465,718
6,750 Massachusetts St Hlth & Ed Fac Auth Rev
Jordan Hosp Ser E......................... 6.750 10/01/33 7,301,542
7,490 Massachusetts St Hlth & Ed Fac Auth Rev
Lasell College Ser A (a).................. 5.625 07/01/29 7,436,971
5,600 Massachusetts St Hlth & Ed Fac Auth Rev
Milford Whitinsville Hosp Ser D........... 6.350 07/15/32 5,884,704
3,000 Massachusetts St Hlth & Ed Fac Auth Rev
Nichols College Issue Ser C............... 6.125 10/01/29 3,157,350
2,000 Massachusetts St Hlth & Ed Fac Auth Rev
Partn Hlthcare Sys Ser C.................. 5.750 07/01/32 2,157,160
7,600 Massachusetts St Hlth & Ed Fac Auth Rev
Saint Mem Med Ctr Ser A................... 6.000 10/01/23 7,605,244
1,867 Massachusetts St Hlth & Ed Nichols College
Issue Ser C............................... 6.000 10/01/17 1,967,874
1,000 Massachusetts St Hlth & Ed Northn
Berkshire Hlth Ser B...................... 6.250 07/01/24 1,054,690
3,005 Massachusetts St Hlth & Ed Northn
Berkshire Hlth Ser B...................... 6.375 07/01/34 3,153,567
5,000 Massachusetts St Hlth & Ed Rols RR II R
294 (Inverse Floating Rate) (Acquired
08/23/04, Cost $5,182,444) (a) (b)........ 6.399 07/15/35 5,251,250
5,865 Massachusetts St Indl Fin Agy Assisted
Living Fac Rev Marina Bay LLC Proj (AMT)
(Prerefunded @ 12/01/07).................. 7.500 12/01/27 6,212,619
</Table>
38 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MASSACHUSETTS (CONTINUED)
$ 7,720 Massachusetts St Indl Fin Agy Assisted
Living Fac Rev Newton Grp Pptys LLC Proj
(AMT) (Prerefunded @ 09/01/07)............ 8.000% 09/01/27 $ 8,266,036
700 Massachusetts St Indl Fin Agy HMEA Issue
(a)....................................... 7.000 09/01/12 716,989
2,555 Massachusetts St Indl Fin Agy Rev East
Boston Neighborhood Proj (a).............. 7.500 07/01/16 2,563,023
2,560 Massachusetts St Indl Fin Agy Rev East
Boston Neighborhood Proj.................. 7.625 07/01/26 2,580,403
720 Massachusetts St Indl Fin Agy Rev First
Mtg GF/Pilgrim Inc Proj................... 6.500 10/01/15 697,457
2,000 Massachusetts St Indl Fin Agy Rev First
Mtg GF/Pilgrim Inc Proj................... 6.750 10/01/28 1,877,340
12,685 Massachusetts St Indl Fin Agy Rev First
Mtg Reeds Landing Proj (c)................ 7.350/7.450 10/01/28 12,243,562
1,455 Massachusetts St Indl Fin Agy Rev First
Mtg Stone Institute & Newton.............. 7.700 01/01/14 1,468,648
485 Massachusetts St Indl Fin Agy Rev Gtr Lynn
Mental Hlth (Acquired 06/24/98, Cost
$485,000) (Escrowed to Maturity) (b)...... 6.200 06/01/08 505,549
4,300 Massachusetts St Indl Fin Agy Rev Gtr Lynn
Mental Hlth (Prerefunded @ 06/01/08)
(Acquired 06/24/98, Cost $4,300,000)
(b)....................................... 6.375 06/01/18 4,576,017
3,380 Massachusetts St Indl Fin Agy Rev JRC
Assisted Living........................... 7.500 07/01/26 3,457,402
2,600 Massachusetts St Indl Fin Agy Rev
Montserrat College Art Issue Ser A
(Acquired 12/23/97, Cost $2,600,000)
(b)....................................... 7.000 12/01/27 2,692,430
2,000 Massachusetts St Indl Fin Agy Rev Sr
Living Fac Forge Hill Proj (AMT).......... 6.750 04/01/30 2,053,220
--------------
217,697,500
--------------
MICHIGAN 2.2%
1,000 Chelsea, MI Econ Dev Corp Rev Utd
Methodist Retirement Rfdg................. 5.400 11/15/18 1,005,510
3,715 Chelsea, MI Econ Dev Corp Rev Utd
Methodist Retirement Rfdg................. 5.400 11/15/27 3,656,043
2,875 Detroit, MI Loc Dev Fin Auth Tax Increment
Sr Ser B (Acquired 09/08/97, Cost
$2,875,000) (b)........................... 6.850 05/01/21 2,935,835
790 Detroit, MI Loc Dev Fin Auth Tax Increment
Sub Ser C (Acquired 09/08/97, Cost
$790,000) (b)............................. 6.700 05/01/21 805,705
13,670 Flint, MI Hosp Bldg Auth Rev Hurley Med
Ctr Rfdg.................................. 6.000 07/01/20 14,106,210
1,500 Gaylord, MI Hosp Fin Auth Ltd Otsego Mem
Hosp Rfdg................................. 6.500 01/01/37 1,546,395
</Table>
See Notes to Financial Statements 39
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MICHIGAN (CONTINUED)
$ 1,590 Grand Blanc Academy, MI Ctf Partn......... 7.750% 02/01/30 $ 1,629,034
2,845 John Tollfree Hlth Sys Corp Rfdg.......... 6.000 09/15/23 2,885,200
3,000 Kalamazoo, MI Econ Dev Corp Rev Econ Dev
Heritage Ser A............................ 7.250 05/15/25 3,240,240
2,750 Kent Hosp Fin Auth MI Rev Metro Hosp Proj
Ser A..................................... 5.250 07/01/30 2,776,565
1,500 Kent Hosp Fin Auth MI Rev Metro Hosp Proj
Ser A..................................... 6.250 07/01/40 1,634,445
4,250 Macomb Cnty, MI Hosp Fin Auth Hosp Rev Mt
Clemens Gen Hosp Ser B.................... 5.750 11/15/25 4,428,245
9,725 Macomb Cnty, MI Hosp Fin Auth Hosp Rev Mt
Clemens Gen Hosp Ser B.................... 5.875 11/15/34 10,286,132
2,390 Meridian, MI Econ Dev Corp Ltd Oblig Rev
First Mtg Burcham Hills Ser A Rfdg........ 7.500 07/01/13 2,439,903
3,430 Meridian, MI Econ Dev Corp Ltd Oblig Rev
First Mtg Burcham Hills Ser A Rfdg........ 7.750 07/01/19 3,502,030
2,095 Michigan St Hosp Fin Auth Rev Hosp Central
MI Cmnty Hosp............................. 6.250 10/01/27 2,123,052
1,000 Michigan St Hosp Fin Auth Rev Hosp Holland
Cmnty Hosp Ser A.......................... 5.250 01/01/30 1,021,590
2,000 Michigan St Hosp Fin Auth Rev Hosp Holland
Cmnty Hosp Ser A.......................... 5.375 01/01/34 2,058,200
5,000 Michigan St Hosp Fin Auth Rev Hosp Oakwood
Oblig Group Ser A......................... 5.750 04/01/32 5,269,100
1,530 Michigan St Hosp Fin Auth Rev Hosp Pontiac
Osteopathic Ser A Rfdg.................... 6.000 02/01/14 1,530,138
7,315 Michigan St Hosp Fin Auth Rev Hosp Pontiac
Osteopathic Ser A Rfdg.................... 6.000 02/01/24 7,316,682
400 Michigan St Hosp Fin Auth Rev Presbyterian
Vlg MI Oblig (Prerefunded @ 01/01/07)..... 6.375 01/01/15 413,968
1,750 Michigan St Hosp Fin Auth Rev Presbyterian
Vlg Rfdg.................................. 5.500 11/15/35 1,804,337
3,000 Michigan St Strategic Fd Detroit Edison
Pollutn Ctl Ser B Rfdg (AMT).............. 5.650 09/01/29 3,118,560
1,678 Michigan St Strategic Fd Ltd Oblig Rev
Great Lakes Pulp & Fiber Proj (AMT) (e)
(f) (h)................................... 8.000 12/01/27 264,955
3,810 Michigan St Strategic Fd Solid Genesee Pwr
Stad Proj Rfdg (AMT)...................... 7.500 01/01/21 3,801,275
4,500 Pontiac, MI Hosp Fin Auth Hosp Rev NOMC
Oblig Group............................... 6.000 08/01/23 4,246,650
3,000 Star Intl Academy MI Ctf Partn............ 8.000 03/01/33 3,217,350
5,500 Wenonah Pk Pptys Inc Bay City Hotel Rev
Bd........................................ 7.500 04/01/33 5,228,575
--------------
98,291,924
--------------
</Table>
40 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MINNESOTA 2.6%
$ 5,000 Aitkin, MN Hlth Fac Rev Riverwood Hlthcare
Ctr Proj.................................. 7.750% 02/01/31 $ 5,440,300
1,750 Albertville, MN Multi-Family Rev Hsg
Cottages Albertville Proj Ser A........... 6.750 09/01/29 1,788,272
2,460 Cambridge, MN Hsg & Hlthcare Fac Rev
Grandview West Proj Ser A................. 6.000 10/01/28 2,461,353
2,000 Cambridge, MN Hsg & Hlthcare Fac Rev
Grandview West Proj Ser B................. 6.000 10/01/33 2,000,060
1,375 Carlton, MN Hlth & Hsg Fac Inter Faith
Social Svc Inc Proj....................... 7.500 04/01/19 1,469,284
2,250 Carlton, MN Hlth & Hsg Fac Inter Faith
Social Svc Inc Proj....................... 7.750 04/01/29 2,412,270
3,000 Coon Rapids, MN Sr Hsg Rev Epiphany Sr
Citizens Proj Rfdg........................ 6.000 11/01/28 3,000,090
840 Detroit Lakes, MN Hsg & Hlth CDL Homes
Proj Ser B................................ 6.000 08/01/24 855,112
1,435 Detroit Lakes, MN Hsg & Hlth CDL Homes
Proj Ser B................................ 6.125 08/01/34 1,476,658
2,500 Duluth, MN Econ Dev Auth Hlthcare Fac Rev
Saint Luke's Hosp......................... 7.250 06/15/22 2,702,475
5,630 Duluth, MN Econ Dev Auth Hlthcare Fac Rev
Saint Luke's Hosp......................... 7.250 06/15/32 6,026,633
1,000 Edina, MN Hlthcare Fac Rev VOA Care Ctrs
MN Proj Ser A............................. 6.625 12/01/30 1,041,410
3,935 Fridley, MN Sr Hsg Banfill Crossing Homes
Proj...................................... 6.750 09/01/34 3,863,895
2,500 Glencoe, MN Hlthcare Fac Glencoe Regl Hlth
Svc Proj (Prerefunded @ 04/01/11)......... 7.500 04/01/31 2,881,900
625 Marshall, MN Med Ctr Gross Rev Weiner Mem
Med Ctr Proj Ser A........................ 6.000 11/01/28 670,300
800 Minneapolis & Saint Paul, MN Hsg & Redev
Auth Hlthcare Hlth Partners Oblig Grp
Proj...................................... 5.875 12/01/29 848,208
350 Minneapolis, MN Multi-Family Rev Hsg
Belmont Apt Proj (AMT).................... 7.250 11/01/16 350,161
1,320 Minneapolis, MN Multi-Family Rev Hsg
Belmont Apt Proj (AMT).................... 7.625 11/01/27 1,322,455
2,050 Minneapolis, MN Rev Walker Methodist Sr
Svcs Ser A................................ 5.875 11/15/18 2,057,482
4,950 Minneapolis, MN Rev Walker Methodist Sr
Svcs Ser A................................ 6.000 11/15/28 4,965,147
2,000 Minnesota Agric & Econ Dev Brd Rev
Evangelical Luthern Proj.................. 6.625 08/01/25 2,169,740
900 Minnesota Agric & Econ Dev Brd Rev
Hlthcare Benedictine Proj Ser A........... 5.500 08/01/23 895,869
875 Minnesota Agric & Econ Dev Brd Rev
Hlthcare Benedictine Proj Ser A........... 5.750 02/01/30 872,121
</Table>
See Notes to Financial Statements 41
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MINNESOTA (CONTINUED)
$ 3,500 Moorhead, MN Sr Hsg Rev Sheyenne Crossing
Proj...................................... 5.650% 04/01/41 $ 3,448,305
2,500 Northwest MN Multi-Cnty Hsg & Redev Auth
Gov Hsg Rev Pooled Hsg Prog Ser A Rfdg.... 6.250 07/01/40 2,480,650
2,000 Oakdale, MN Rev Sr Hsg Oak Meadows Proj
Rfdg...................................... 6.250 04/01/34 2,083,200
1,425 Ramsey, MN Lease Rev Pact Charter Sch Proj
Ser A..................................... 6.750 12/01/33 1,444,109
2,000 Saint Cloud, MN Hsg & Redev Auth Sterling
Heights Apts Proj (AMT)................... 7.450 10/01/32 2,099,320
2,825 Saint Louis Pk, MN Rev Roitenberg Family
Asstd Liv Ser A (a)....................... 6.750 08/15/21 2,827,316
2,420 Saint Paul, MN Hsg & Redev Auth Higher
Ground Academy Ser A Rfdg................. 6.875 12/01/33 2,462,858
2,415 Saint Paul, MN Hsg & Redev Auth Hope Cmnty
Academy Proj Ser A........................ 6.750 12/01/33 2,506,528
3,500 Saint Paul, MN Hsg & Redev Auth Lease Rev
New Spirit Schs Proj Ser A................ 7.500 12/01/31 3,555,930
1,600 Saint Paul, MN Hsg & Redev Auth LSE Rev
Achieve Language Academy Ser A Rfdg....... 7.000 12/01/32 1,668,560
2,290 Saint Paul, MN Hsg & Redev Auth LSE Rev
Rfdg...................................... 6.750 01/01/35 1,869,212
2,000 Saint Paul, MN Hsg & Redev Cmnty of Peace
Academy Proj Ser A........................ 7.875 12/01/30 2,066,500
4,035 Saint Paul, MN Hsg & Redev Model Cities
Hlth Ctr Ser A (a)........................ 7.250 11/01/26 4,186,070
7,000 Saint Paul, MN Port Auth Hotel Fac Rev
Radisson Kellogg Proj Ser 2 Rfdg
(Prerefunded @ 08/01/08).................. 7.375 08/01/29 7,701,820
1,700 Saint Paul, MN Port Auth Lease Rev
Hltheast Midway Campus 03 Ser A........... 5.750 05/01/25 1,733,150
1,000 Saint Paul, MN Port Auth Lease Rev
Hltheast Midway Campus 03 Ser B........... 6.000 05/01/30 1,017,890
4,000 Vadnais Heights, MN Lease Rev Agric & Food
Sciences Ser A............................ 6.600 12/01/34 3,967,000
4,760 Vadnais Heights, MN Multi-Family Rev Hsg
Cottages Vadnais Hghts Rfdg (AMT)......... 7.000 12/01/31 5,007,425
1,650 Victoria, MN Private Sch Fac Holy Family
Catholic High Sch Ser A................... 5.850 09/01/24 1,651,996
4,500 Victoria, MN Private Sch Fac Holy Family
Catholic High Sch Ser A................... 5.875 09/01/29 4,501,485
4,775 Washington Cnty, MN Hsg & Redev Auth Hosp
Fac Rev Hltheast Proj..................... 5.500 11/15/27 4,839,701
1,450 Winona, MN Hlthcare Winona Hlth Ser A..... 6.000 07/01/34 1,529,605
--------------
116,219,825
--------------
</Table>
42 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MISSISSIPPI 0.3%
$ 1,000 Mississippi Bus Fin Corp (AMT)............ 7.250% 07/01/34 $ 1,027,890
5,585 Mississippi Bus Fin Corp MS Pollutn Ctl
Rev Sys Energy Res Inc Proj............... 5.875 04/01/22 5,621,470
5,650 Mississippi Dev Bank Spl Oblig Diamond
Lakes Util Ser A Rfdg..................... 6.250 12/01/17 5,697,008
1,000 Mississippi Hosp Equip & Fac Auth Rev Impt
Hosp S W MS Med Rfdg...................... 5.750 04/01/23 1,028,650
2,000 Mississippi Hosp Equip & Fac Auth Rev Impt
Hosp S W MS Med Rfdg...................... 5.750 04/01/29 2,040,860
--------------
15,415,878
--------------
MISSOURI 2.3%
1,000 370 Missouri Bottom Rd Taussig Rd Trans
Dev Dist.................................. 7.000 05/01/22 1,104,310
4,750 370 Missouri Bottom Rd Taussig Rd Trans
Dev Dist.................................. 7.200 05/01/33 5,213,932
3,600 Ballwin, MO Tax Increment Rev Impt Ballwin
Town Ctr Ser A Rfdg....................... 6.500 10/01/22 3,684,600
3,000 Bridgeton, MO Indl Dev Auth Sr Hsg Rev
Sarah Cmnty Proj.......................... 5.900 05/01/28 3,019,740
1,500 Cape Girardeau Cnty, MO Indl Southeast MO
Hosp Assoc................................ 5.750 06/01/32 1,547,895
1,500 Carthage, MO Hosp Rev..................... 5.875 04/01/30 1,505,970
5,755 Carthage, MO Hosp Rev..................... 6.000 04/01/38 5,756,554
3,000 Chesterfield, MO Indl Dev Auth Sr Living
Fac Rev Willows at Brooking Pk Proj Ser
A......................................... 6.625 12/01/31 3,084,540
2,390 Ellisville, MO Indl Dev Auth Indl Dev Rev
Gambrill Gardens Phase I Proj Ser A (a)... 6.750 04/01/33 2,486,317
2,755 Ellisville, MO Indl Dev Auth Rev Gambrill
Gardens Proj Impt & Rfdg.................. 6.200 06/01/29 2,785,856
3,640 Fenton, MO Tax Increment Rev & Impt
Gravois Bluffs Proj Rfdg (Prerefunded @
10/01/12)................................. 6.125 10/01/21 4,087,138
965 Fenton, MO Tax Increment Rev & Impt
Gravois Bluffs Proj Rfdg (Prerefunded @
10/01/11)................................. 7.000 10/01/21 1,117,345
200 Ferguson, MO Tax Increment Rev Crossings
at Halls Ferry Proj (Escrowed to
Maturity)................................. 7.250 04/01/07 205,318
1,440 Ferguson, MO Tax Increment Rev Crossings
at Halls Ferry Proj....................... 5.000 04/01/17 1,401,739
2,000 Ferguson, MO Tax Increment Rev Crossings
at Halls Ferry Proj (Prerefunded @
04/01/07)................................. 7.625 04/01/17 2,097,980
306 Ferguson, MO Tax Increment Rev Crossings
at Halls Ferry Proj (Prerefunded @
04/01/07)................................. 7.625 04/01/18 320,991
3,610 Good Shepard Nursing Home Dist MO Nursing
Home Fac Rev Rfdg......................... 5.900 08/15/23 3,548,413
1,500 Joplin, MO Indl Dev Auth Hlth Freeman Hlth
Sys Proj.................................. 5.750 02/15/35 1,581,315
</Table>
See Notes to Financial Statements 43
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MISSOURI (CONTINUED)
$ 3,000 Kansas City, MO Indl Dev Auth First Mtg
Bishop Spencer Ser A...................... 6.250% 01/01/24 $ 3,125,070
4,000 Kansas City, MO Indl Dev Auth First Mtg
Bishop Spencer Ser A...................... 6.500 01/01/35 4,192,480
525 Kansas City, MO Indl Dev Auth Multi-Family
Hsg Rev Brentwood Manor Apt Proj Ser A
(AMT)..................................... 6.950 04/15/15 563,204
1,484 Kansas City, MO Indl Dev Auth Multi-Family
Hsg Rev Brentwood Manor Apt Proj Ser B
(AMT)..................................... 7.250 10/15/38 1,558,452
325 Kansas City, MO Indl Dev Auth Multi-Family
Hsg Rev Walnut Grove Apt Proj Ser B (AMT)
(a)....................................... 7.550 06/15/12 352,202
990 Kansas City, MO Indl Dev Auth Multi-Family
Hsg Rev Walnut Grove Apt Proj Ser B (AMT)
(a)....................................... 7.550 06/15/22 1,071,180
3,430 Kansas City, MO Indl Dev Auth Multi-Family
Hsg Rev Walnut Grove Apt Proj Ser B (AMT)
(a)....................................... 7.550 06/15/35 3,695,036
2,000 Kansas City, MO Indl Dev Plaza Lib Proj... 5.900 03/01/24 1,988,040
980 Kansas City, MO Multi-Family Hsg Rev
Northwoods Apts Proj Ser A (AMT).......... 6.450 05/01/40 1,015,829
1,000 Missouri St Dev Fin Brd Fac Branson
Landing Proj Ser A........................ 5.500 12/01/24 1,042,410
1,500 Missouri St Dev Fin Brd Fac Branson
Landing Proj Ser A........................ 5.625 12/01/28 1,571,865
5,000 Nevada, MO Hosp Rev Nevada Regl Med Ctr... 6.750 10/01/31 5,282,150
3,565 Osage Beach, MO Tax Increment Prewitts
Point Proj................................ 6.750 05/01/23 3,626,282
3,000 Perry Cnty, MO Nursing Home Rev Rfdg...... 5.900 03/01/28 3,004,680
5,500 Saint Joseph, MO Indl Dev Auth Hlthcare
Rev Living Cmnty Saint Joseph Proj........ 7.000 08/15/32 5,862,615
1,000 Saint Joseph, MO Indsl Dev Auth Shoppers
North Vlg Proj Ser A...................... 5.375 11/01/24 990,730
8,000 Saint Louis Cnty, MO Indl Dev Auth Hlth
Fac Rev Ranken Jordan Proj Ser A.......... 6.625 11/15/35 8,260,400
945 Saint Louis, MO Tax Increment Rev Scullin
Redev Area Ser A.......................... 10.000 08/01/10 1,040,048
3,205 Saline Cnty, MO Indl Dev Auth Hlth Fac Rev
John Fitzgibbon Mem Hosp Inc (Acquired
01/12/99, Cost $3,143,407) (b)............ 6.500 12/01/28 3,304,643
5,600 Valley Park, MO Indl Dev Auth Sr Hsg Rev
Cape Albeon Proj.......................... 6.150 12/01/33 5,699,008
--------------
101,796,277
--------------
</Table>
44 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEVADA 1.1%
$ 2,000 Boulder City, NV Hosp Rev Boulder City
Hosp Inc Proj Rfdg........................ 5.850% 01/01/22 $ 2,001,800
5,610 Clark Cnty, NV Assisted Living Homestead
Boulder City Proj (a)..................... 6.500 12/01/27 5,770,278
2,000 Clark Cnty, NV Impt Dist Spl Impt Dist
No-142 Loc Impt........................... 6.100 08/01/18 2,065,040
2,745 Clark Cnty, NV Impt Dist Spl Impt Dist
No-142 Loc Impt........................... 6.375 08/01/23 2,835,667
7,490 Clark Cnty, NV Indl Dev Rev Drivers Ser
722 (Inverse Floating Rate) (AMT)
(Acquired 02/02/05, Cost $8,091,364) (FGIC
Insd) (a) (b)............................. 6.170 12/01/12 7,639,875
2,500 Clark Cnty, NV Indl Dev Rev NV Pwr Co Proj
Ser B Rfdg (AMT).......................... 5.900 10/01/30 2,499,750
11,190 Clark Cnty, NV Indl Dev Rev NV Pwr Co Proj
Ser C Rfdg................................ 5.500 10/01/30 11,066,239
925 Henderson, NV Loc Impt Dist No T 13 Ser
A......................................... 6.800 03/01/22 943,500
3,700 Henderson, NV Loc Impt Dist No T 13 Ser
B......................................... 6.900 03/01/22 3,796,903
1,400 Las Vegas, NV Loc Impt Bds Spl Impt Dist
No 607.................................... 6.250 06/01/24 1,453,732
540 Las Vegas, NV Spl Impt Dist No 505 Elkhorn
Springs................................... 8.000 09/15/13 545,341
1,730 North Las Vegas, NV Loc Impt Spl Impt Dist
No 60 Aliante............................. 6.400 12/01/22 1,781,900
4,790 Reno, NV Spl Assmt Dist No 4 Somersett
Pkwy...................................... 6.625 12/01/22 4,942,322
--------------
47,342,347
--------------
NEW HAMPSHIRE 1.1%
4,845 New Hampshire Higher Ed & Hlth Daniel
Webster College Issue..................... 6.300 07/01/29 4,654,252
435 New Hampshire Higher Ed & Hlth Fac Auth
Rev Colby-Sawyer College Issue............ 7.200 06/01/12 444,535
2,565 New Hampshire Higher Ed & Hlth Fac Auth
Rev Colby-Sawyer College Issue............ 7.500 06/01/26 2,621,379
2,000 New Hampshire Higher Ed & Hlth Fac Auth
Rev First Mtg Odd Fellows Home Rfdg....... 9.000 06/01/14 2,184,260
1,000 New Hampshire Higher Ed & Hlth Fac Auth
Rev Havenwood-Heritage Heights............ 7.350 01/01/18 1,021,560
4,825 New Hampshire Higher Ed & Hlth Fac Auth
Rev Havenwood-Heritage Heights............ 7.450 01/01/25 4,928,979
2,020 New Hampshire Higher Ed & Hlth Fac Auth
Rev Hlthcare Visiting Nurse (Acquired
09/23/93, Cost $1,993,864) (b)............ 7.250 09/01/23 2,020,000
4,000 New Hampshire Higher Ed & Hlth Fac Auth
Rev New England College (a)............... 6.125 03/01/19 4,039,680
</Table>
See Notes to Financial Statements 45
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW HAMPSHIRE (CONTINUED)
$ 1,000 New Hampshire Higher Ed & Hlth Fac Auth
Rev Riverwoods at Exeter Ser A............ 6.500% 03/01/23 $ 1,015,160
1,500 New Hampshire Higher Ed & Hlth Hosp
Littleton Hosp Assn Ser A................. 5.900 05/01/18 1,557,750
1,250 New Hampshire Higher Ed & Hlth Hosp
Littleton Hosp Assn Ser A................. 6.000 05/01/28 1,276,088
1,570 New Hampshire Hlth & Ed Fac Auth Rev
Huntington At Nashua Ser A................ 6.875 05/01/23 1,671,375
4,600 New Hampshire Hlth & Ed Fac Auth Rev
Huntington At Nashua Ser A................ 6.875 05/01/33 4,872,780
6,315 New Hampshire Hlth & Ed Fac Daniel Webster
College Issue (a)......................... 7.500 07/01/31 6,571,705
1,735 New Hampshire Hlth & Ed Fac Hlthcare Sys
Covenant Hlth............................. 5.500 07/01/34 1,799,022
1,055 New Hampshire Hlth & Ed Fac Speare Mem
Hosp...................................... 5.500 07/01/25 1,069,243
1,150 New Hampshire Hlth & Ed Fac Speare Mem
Hosp...................................... 5.875 07/01/34 1,179,624
2,620 New Hampshire St Business Fin Auth Elec
Fac Rev Plymouth Cogeneration (AMT)
(Acquired 06/29/93, Cost $2,563,954)
(b)....................................... 7.750 06/01/14 2,691,945
3,000 New Hampshire St Business Fin Auth Rev
Alice Peck Day Hlth Sys Ser A Rfdg........ 7.000 10/01/29 3,159,120
105 New Hampshire St Hsg Fin Auth Single
Family Rev Mtg Acquisition Ser G (AMT).... 6.300 01/01/26 106,382
185 New Hampshire St Hsg Fin Auth Single
Family Rev Ser D (AMT).................... 5.900 07/01/28 189,618
--------------
49,074,457
--------------
NEW JERSEY 4.6%
4,990 Camden Cnty, NJ Impt Auth Lease Rev
Dockside Refrig (Acquired 03/08/96,
01/29/97, 02/03/97, 05/20/97, Cost
$5,162,303) (b) (d)....................... 8.400 04/01/24 4,819,841
2,000 Camden Cnty, NJ Impt Auth Rev Hlthcare
Redev Cooper Hlth Ser A................... 5.750 02/15/34 2,100,340
6,000 New Jersey Econ Dev Auth Cedar Crest Vlg
Inc Fac Ser A............................. 7.250 11/15/21 6,535,920
3,450 New Jersey Econ Dev Auth Econ Dev Rev
United Methodist Homes Ser A.............. 6.125 07/01/23 3,642,338
5,800 New Jersey Econ Dev Auth Econ Dev Rev
United Methodist Homes Ser A.............. 6.250 07/01/33 6,211,742
145 New Jersey Econ Dev Auth First Mtg Cranes
Mill Ser A (Prerefunded @ 02/01/07)....... 7.000 02/01/10 149,005
1,500 New Jersey Econ Dev Auth First Mtg Cranes
Mill Ser A (Prerefunded @ 02/01/07)....... 7.375 02/01/17 1,566,240
3,500 New Jersey Econ Dev Auth First Mtg Cranes
Mill Ser A (Prerefunded @ 02/01/07)....... 7.500 02/01/27 3,657,395
</Table>
46 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW JERSEY (CONTINUED)
$ 2,355 New Jersey Econ Dev Auth First Mtg
Franciscan Oaks Proj...................... 5.750% 10/01/23 $ 2,411,073
600 New Jersey Econ Dev Auth First Mtg
Hamilton Continuing Care Ser A............ 8.350 11/01/30 648,858
1,500 New Jersey Econ Dev Auth First Mtg
Presbyterian Ser A........................ 6.250 11/01/20 1,564,980
1,500 New Jersey Econ Dev Auth First Mtg
Presbyterian Ser A........................ 6.375 11/01/31 1,561,440
1,250 New Jersey Econ Dev Auth First Mtg
Seashore Gardens Proj..................... 8.000 04/01/23 1,340,588
3,500 New Jersey Econ Dev Auth First Mtg
Seashore Gardens Proj..................... 8.000 04/01/31 3,732,645
6,000 New Jersey Econ Dev Auth First Mtg
Seashore Gardens Proj..................... 7.750 04/01/33 6,320,640
1,000 New Jersey Econ Dev Auth Holt Hauling &
Warehsg Rev Ser G Rfdg (e)................ 8.400 12/15/15 875,000
2,000 New Jersey Econ Dev Auth Retirement Cmnty
Rev Seabrook Vlg Inc Ser A................ 8.250 11/15/30 2,237,500
1,000 New Jersey Econ Dev Auth Retirement Cmnty
Rev Ser A................................. 8.000 11/15/15 1,127,050
1,000 New Jersey Econ Dev Auth Retirement Cmnty
Rev Ser A................................. 8.125 11/15/18 1,069,120
1,440 New Jersey Econ Dev Auth Retirement Cmnty
Rev Ser A................................. 8.125 11/15/23 1,618,042
4,000 New Jersey Econ Dev Auth Rev Cig Tax...... 5.750 06/15/29 4,249,520
975 New Jersey Econ Dev Auth Rev First Mtg
Millhouse Proj Ser A (e).................. 8.250 04/01/10 539,351
2,060 New Jersey Econ Dev Auth Rev First Mtg
Millhouse Proj Ser A (e).................. 8.500 04/01/16 1,118,745
1,100 New Jersey Econ Dev Auth Rev First Mtg
Winchester Gardens Ser A (Prerefunded @
11/01/06)................................. 8.500 11/01/16 1,144,154
1,500 New Jersey Econ Dev Auth Rev First Mtg
Winchester Gardens Ser A (Prerefunded @
11/01/06)................................. 8.625 11/01/25 1,560,960
1,470 New Jersey Econ Dev Auth Rev Kullman Assoc
LLC Proj Ser A (AMT)...................... 6.125 06/01/18 1,318,428
785 New Jersey Econ Dev Auth Rev Kullman Assoc
LLC Proj Ser A (AMT)...................... 6.750 07/01/19 725,944
2,500 New Jersey Econ Dev Auth Rev Sr Living Fac
Esplanade Bear (AMT)...................... 7.000 06/01/39 1,960,350
1,155 New Jersey Econ Dev Auth Spl Fac Rev Contl
Airl Inc Proj (AMT)....................... 6.625 09/15/12 1,189,119
47,630 New Jersey Econ Dev Auth Spl Fac Rev Contl
Airl Inc Proj (AMT)....................... 6.250 09/15/29 47,278,014
</Table>
See Notes to Financial Statements 47
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW JERSEY (CONTINUED)
$ 680 New Jersey Econ Dev Auth Spl Fac Rev Contl
Airl Inc Proj (AMT)....................... 7.000% 11/15/30 $ 690,404
25,125 New Jersey Econ Dev Auth Spl Fac Rev Contl
Airl Inc Proj (AMT)....................... 9.000 06/01/33 27,803,828
4,895 New Jersey Econ Dev Auth Sr Mtg Arbor Ser
A......................................... 6.000 05/15/28 5,010,375
4,000 New Jersey Econ Dev Auth Utd Methodist
Homes NJ Oblig............................ 5.750 07/01/29 4,068,760
4,385 New Jersey Hlthcare Fac Fin Auth Rev Cap
Hlth Sys Oblig Grp Ser A.................. 5.750 07/01/23 4,627,052
1,500 New Jersey Hlthcare Fac Fin Auth Rev Cap
Hlth Sys Oblig Grp Ser A.................. 5.000 07/01/26 1,502,595
3,000 New Jersey Hlthcare Fac Fin Auth Rev Cap
Hlth Sys Oblig Grp Ser A.................. 5.375 07/01/33 3,069,870
1,595 New Jersey Hlthcare Fac Fin Auth Rev Care
Inst Inc Cherry Hill Proj (a)............. 7.750 07/01/10 1,657,061
1,000 New Jersey Hlthcare Fac Fin Auth Rev Care
Inst Inc Cherry Hill Proj................. 8.000 07/01/27 1,035,830
1,000 New Jersey Hlthcare Fac Fin Auth Rev
Palisades Med Ctr NY Hlthcare............. 6.625 07/01/31 1,092,780
1,140 New Jersey Hlthcare Fac Fin Auth Rev
Pascack Vlg Hosp Assn..................... 6.000 07/01/13 1,159,973
1,200 New Jersey Hlthcare Fac Fin Auth Rev
Pascack Vlg Hosp Assn..................... 6.500 07/01/23 1,238,316
7,000 New Jersey Hlthcare Fac Fin Auth Rev
Pascack Vlg Hosp Assn..................... 6.625 07/01/36 7,218,050
1,640 New Jersey Hlthcare Fac Fin Auth Rev
Raritan Bay Med Ctr Issue Rfdg............ 7.250 07/01/14 1,689,856
2,135 New Jersey Hlthcare Fac Fin Auth Rev South
Jersey Hosp............................... 6.000 07/01/32 2,250,845
720 New Jersey Hlthcare Fac Trinitas Hosp
Oblig Grp................................. 7.500 07/01/30 793,123
1,030 New Jersey St Ed Fac Auth Rev Caldwell
College Ser A............................. 7.250 07/01/25 1,034,893
3,565 New Jersey St Ed Fac Auth Rev Felician
College of Lodi Ser D (Acquired 11/07/97,
Cost $3,666,452) (b)...................... 7.375 11/01/22 3,722,894
5,000 New Jersey St Ed Fac Auth Rols Ser 295-1
(Inverse Floating Rate) (Acquired
08/23/04, Cost $5,307,058) (a) (b)........ 6.409 07/01/26 5,449,000
5,000 New Jersey St Ed Fac Auth Rols Ser 295-2
(Inverse Floating Rate) (Acquired
08/23/04, Cost $5,275,721) (a) (b)........ 6.409 07/01/27 5,442,100
2,085 Tobacco Settlement Fin Corp NJ............ 5.750 06/01/32 2,163,563
5,000 Tobacco Settlement Fin Corp NJ............ 6.000 06/01/37 5,247,200
</Table>
48 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW JERSEY (CONTINUED)
$ 2,000 Tobacco Settlement Fin Corp NJ............ 6.125% 06/01/42 $ 2,111,700
1,650 Tobacco Settlement Fin Corp NJ............ 6.250 06/01/43 1,787,264
--------------
206,141,674
--------------
NEW MEXICO 0.8%
6,940 Albuquerque, NM Retirement Fac Rev La Vida
Llena Proj Ser B Rfdg..................... 6.600 12/15/28 7,212,881
1,470 Bernalillo Cnty, NM Multi-Family Rev Hsg
Sr Solar Villas Apt Ser F................. 7.250 10/15/22 1,529,917
1,495 Cabezon Pub Impt Dist NM.................. 6.300 09/01/34 1,518,292
3,000 Farmington, NM Pollutn Ctl Rev Public Svc
Co NM Proj Ser A (AMT).................... 6.600 10/01/29 3,238,170
3,825 New Mexico Hsg Auth Region III Sr
Brentwood Gardens Apt Ser A (AMT)......... 6.850 12/01/31 3,921,352
2,315 New Mexico Regl Hsg Auth Hsg Wildewood Apt
Proj Sr Ser A (a)......................... 7.500 12/01/30 2,506,150
2,725 RHA Hsg Dev Corp NM Multi-Family Rev Mtg
Woodleaf Apt Proj Ser A Rfdg (GNMA
Collateralized)........................... 7.125 12/15/27 2,705,625
3,365 San Juan Cnty, NM Multi-Family Hsg Apple
Ridge Apts Sr Ser A (AMT) (a)............. 7.250 12/01/31 3,620,740
3,250 Santa Fe Cnty, NM Proj Rev El Castillo
Retirement Ser A.......................... 5.625 05/15/25 3,252,860
3,000 Santa Fe, NM Edl Fac Rev Impt College of
Santa Fe Proj............................. 5.750 10/01/28 3,129,780
750 Ventana West Pub Impt Dist NM............. 6.875 08/01/33 790,073
--------------
33,425,840
--------------
NEW YORK 8.2%
1,845 Amherst, NY Indl Dev Agy Civic Fac Rev
Sharrey Zedek Proj Ser A Rfdg............. 7.000 06/15/36 1,849,245
1,950 Bethlehem, NY Indl Dev Agy Sr Hsg Rev Van
Allen Proj Ser A.......................... 6.875 06/01/39 1,934,907
845 Brookhaven, NY Indl Dev Agy Mem Hosp Med
Ctr Inc Ser A............................. 7.750 11/15/10 911,256
3,000 Brookhaven, NY Indl Dev Agy Mem Hosp Med
Ctr Inc Ser A............................. 8.125 11/15/20 3,264,900
1,000 Brookhaven, NY Indl Dev Agy Mem Hosp Med
Ctr Inc Ser A............................. 8.250 11/15/30 1,087,740
1,340 Brookhaven, NY Indl Dev Agy Sr Residential
Hsg Rev Woodcrest Estates Fac Ser A
(AMT)..................................... 6.250 12/01/23 1,366,505
4,760 Brookhaven, NY Indl Dev Agy Sr Residential
Hsg Rev Woodcrest Estates Fac Ser A
(AMT)..................................... 6.375 12/01/37 4,844,490
505 Castle Rest Residential Hlthcare Fac NY
Rev Hlthcare Fac Ser B.................... 8.000 08/01/10 515,893
3,415 Dutchess Cnty, NY Indl Dev Agy Saint
Francis Hosp Ser A Rfdg................... 7.500 03/01/29 3,717,398
</Table>
See Notes to Financial Statements 49
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW YORK (CONTINUED)
$ 1,000 Erie Cnty, NY Indl Dev Agy Rev Orchard Pk
CCRC Inc Proj Ser A....................... 6.000% 11/15/36 $ 1,035,300
7,500 Metropolitan Transn Auth NY Rites Port
Auth 1273 (Inverse Floating Rate)
(Acquired 08/30/04, Cost $8,281,329) (FSA
Insd) (a) (b)............................. 6.207 11/15/24 8,443,200
2,000 Monroe Cnty, NY Indl Dev Agy Civic Fac Rev
Cloverwood Sr Living Ser A................ 6.750 05/01/23 1,623,820
5,000 Monroe Cnty, NY Indl Dev Agy Civic Fac Rev
Cloverwood Sr Living Ser A................ 6.875 05/01/33 4,048,350
815 Monroe Cnty, NY Indl Dev Agy Woodland Vlg
Proj...................................... 8.000 11/15/15 912,914
1,570 Monroe Cnty, NY Indl Dev Agy Woodland Vlg
Proj...................................... 8.550 11/15/32 1,769,516
1,000 Mount Vernon, NY Indl Dev Agy Civic Fac
Rev....................................... 6.200 06/01/29 1,021,190
30,000 Nassau Cnty, NY Tob Settlement Corp Cap
Apprec Second Sub Ser C................... * 06/01/46 2,533,800
160,000 Nassau Cnty, NY Tob Settlement Corp Cap
Apprec Third Ser D........................ * 06/01/60 4,787,200
2,000 New York City Indl Dev Agy Amern Airl Inc
Proj (AMT)................................ 6.900 08/01/24 1,945,360
25,000 New York City Indl Dev Agy Amern Airl JFK
Intl Arpt (AMT)........................... 7.125 08/01/11 26,095,750
2,110 New York City Indl Dev Agy British Airways
Plc Proj (AMT)............................ 5.250 12/01/32 1,983,738
12,475 New York City Indl Dev Agy British Airways
Plc Proj (AMT)............................ 7.625 12/01/32 13,804,336
3,265 New York City Indl Dev Agy Civic Fac Rev
Cmnty Res Developmentally Disabled........ 7.500 08/01/26 3,334,838
3,480 New York City Indl Dev Agy Civic Fac Rev
Our Lady of Mercy Med Ctr Pkg Corp Proj... 8.500 12/30/22 3,184,513
3,000 New York City Indl Dev Agy Civic Fac Rev
Psch Inc Proj............................. 6.375 07/01/33 3,183,330
2,650 New York City Indl Dev Agy Civic Fac Rev
Spl Place Inc Proj Ser A.................. 7.000 01/01/33 2,792,941
5,345 New York City Indl Dev Agy Civic Fac Rev
Touro College Proj Ser A (Acquired
06/29/99, 06/06/01, 07/22/02, Cost
$4,980,640) (b)........................... 6.350 06/01/29 5,567,619
4,000 New York City Indl Dev Agy JFK Intl Arpt
Proj Ser A (AMT).......................... 8.000 08/01/12 4,380,960
3,000 New York City Indl Dev Agy JFK Intl Arpt
Proj Ser B (AMT).......................... 8.500 08/01/28 3,377,550
315 New York City Indl Dev Agy Lycee Francais
De NY Proj Ser A (ACA Insd)............... 5.375 06/01/23 324,674
</Table>
50 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW YORK (CONTINUED)
$ 5,000 New York City Indl Dev Agy Lycee Francais
De NY Ser C............................... 6.800% 06/01/28 $ 5,390,650
16,900 New York City Indl Dev Agy Rev Liberty-7
World Trade Ctr Ser A..................... 6.250 03/01/15 17,750,070
12,000 New York City Indl Dev Agy Rev Liberty-7
World Trade Ctr Ser A..................... 6.500 03/01/35 12,708,240
7,500 New York City Indl Dev Agy Rev Visy Paper
Inc Proj (AMT)............................ 7.950 01/01/28 7,616,775
5,500 New York City Indl Dev Agy Spl Fac Rev
Amern Airl JFK Intl Arpt (AMT)............ 7.625 08/01/25 6,126,670
28,500 New York City Indl Dev Agy Spl Fac Rev
Amern Airl JFK Intl Arpt (AMT)............ 7.750 08/01/31 32,013,480
1,250 New York City Indl Dev Agy Spl Fac Rev
Contl Airl Inc (AMT)...................... 8.000 11/01/12 1,325,513
1,250 New York City Indl Dev Agy Spl Fac Rev
Contl Airl Inc (AMT)...................... 8.375 11/01/16 1,346,188
5,020 New York City Muni Wtr Auth Rev Drivers
Ser 297 (Inverse Floating Rate) (Acquired
09/27/02, Cost $5,236,509) (FSA Insd) (a)
(b)....................................... 6.830 06/15/26 5,483,547
5,000 New York City Muni Wtr Fin Drivers Ser 499
(Inverse Floating Rate) (Acquired
08/18/04, Cost $5,095,296) (a) (b)........ 6.200 06/15/11 5,222,950
22,500 New York City Trans Drivers Ser 508
(Inverse Floating Rate) (Acquired
08/31/04, 09/15/04, 10/20/04, Cost
$23,080,276) (b).......................... 6.200 02/01/12 23,705,550
2,000 New York St Dorm Auth Rev North Shore L I
Jewish Grp................................ 5.375 05/01/23 2,099,920
2,500 New York St Dorm Auth Rev Winthrop South
Nassau Univ............................... 5.500 07/01/23 2,600,875
5,195 New York St Dorm Auth Rev Winthrop South
Nassau Univ............................... 5.750 07/01/28 5,467,478
4,000 New York St Dorm Auth Rev Winthrop Univ
Hosp Assn Ser A........................... 5.500 07/01/23 4,156,560
2,010 Newark-Wayne Cmnty Hosp Inc NY Hosp Rev
Ser A..................................... 7.600 09/01/15 2,012,010
1,250 Oneida Cnty, NY Indl Dev Agy Civic Fac
Saint Elizabeth Med Ser A................. 5.875 12/01/29 1,265,550
1,520 Oneida Cnty, NY Indl Dev Agy Civic Fac
Saint Elizabeth Med Ser B................. 6.000 12/01/19 1,557,240
200 Onondaga Cnty, NY Indl Dev Agy Civic Fac
Rev Iroquois Nursing Home Ser B (FHA Gtd)
(a)....................................... 7.000 02/01/09 199,992
4,000 Orange Cnty, NY Indl Dev Agy Arden Hill
Life Care Ctr Proj Ser A.................. 7.000 08/01/31 4,225,000
300 Oswego Cnty, NY Indl Dev Agy Civic Fac Rev
(a)....................................... 7.000 02/01/12 310,965
</Table>
See Notes to Financial Statements 51
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW YORK (CONTINUED)
$ 2,300 Peekskill, NY Indl Dev Agy Sr Drum Hill Sr
Living Proj (AMT)......................... 6.375% 10/01/28 $ 2,238,406
6,225 Port Auth NY & NJ Rites Port Auth 1269 Ser
A (AMT) (Inverse Floating Rate) (Acquired
08/03/04, Cost $6,967,408) (MBIA Insd) (a)
(b)....................................... 6.184 05/01/12 7,061,080
3,580 Port Auth NY & NJ Rites Port Auth 1269 Ser
B (AMT) (Inverse Floating Rate) (Acquired
08/03/04, Cost $3,963,950) (MBIA Insd) (a)
(b)....................................... 6.184 05/01/12 4,041,032
5,870 Port Auth NY & NJ Rites PA 1377 Ser R
(AMT) (Inverse Floating Rate) (Acquired
05/08/06, Cost $6,390,904) (a) (b)........ 6.939 10/01/25 6,483,180
5,075 Rockland Cnty, NY Indl Dev Agy Civic Fac
Rev Dominican College Proj (Prerefunded @
05/01/08) (Acquired 06/30/98, 01/28/00,
11/13/00, 11/17/00, Cost $4,656,737)
(b)....................................... 6.250 05/01/28 5,377,064
2,255 Saratoga Cnty, NY Indl Dev Agy Sr Hsg Rev
Highpointe at Malta Proj Ser A............ 6.875 06/01/39 2,259,375
4,000 Suffolk Cnty, NY Indl Dev Agy Medford
Hamlet Asstd Living Proj (AMT)............ 6.375 01/01/39 4,003,920
1,000 Suffolk Cnty, NY Gurwin Jewish Phase II... 6.700 05/01/39 1,080,480
5,250 Suffolk Cnty, NY Indl Dev Agy Continuing
Care Retirement Cmnty Rev First Mtg
Jeffersons Ferry.......................... 7.250 11/01/28 5,875,065
1,000 Suffolk Cnty, NY Indl Dev Agy Continuing
Care Retirement Peconic Landing Ser A..... 8.000 10/01/20 1,115,850
2,000 Suffolk Cnty, NY Indl Dev Agy Continuing
Care Retirement Peconic Landing Ser A..... 8.000 10/01/30 2,216,940
6,570 Suffolk Cnty, NY Indl Dev Agy Eastern Long
Is Hosp Assoc Ser A....................... 7.750 01/01/22 6,989,166
2,960 Suffolk Cnty, NY Indl Dev Agy Indl Dev Rev
Spellman High Voltage Fac Ser A (AMT)..... 6.375 12/01/17 2,913,232
4,540 Sullivan Cnty, NY Indl Dev Agy Civic Fac
Rev Hebrew Academy Spl Children (a)....... 7.500 06/01/32 4,884,722
110 Syracuse, NY Hsg Auth Rev Sub Proj Loretto
Rest Ser B................................ 7.500 08/01/10 110,960
1,350 Syracuse, NY Indl Dev Agy Rev First Mtg
Jewish Home Ser A......................... 7.375 03/01/21 1,454,720
2,325 Syracuse, NY Indl Dev Agy Rev First Mtg
Jewish Home Ser A......................... 7.375 03/01/31 2,496,329
5,000 Triborough Brdg & Tunl Auth NY Drivers Ser
525 (Inverse Floating Rate) (Acquired
09/29/04, Cost $5,435,100) (a) (b)........ 6.200 11/15/32 5,229,400
</Table>
52 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW YORK (CONTINUED)
$ 14,845 Tsasc Inc, NY Rev Rols RR II R 513CE Ser 1
(Inverse Floating Rate) (Acquired 02/06/06
& 02/17/06, Cost $13,847,930) (b)......... 6.319% 06/01/34 $ 14,038,323
5,625 Tsasc Inc, NY Rev Rols RR II R 513CE Ser 2
(Inverse Floating Rate) (Acquired
03/01/06, Cost $5,555,334) (b)............ 6.237 06/01/26 5,436,563
495 Ulster Cnty, NY Indl Dev Agy Civic Fac Rev
Benedictine Hosp Proj Ser A............... 6.250 06/01/08 495,921
1,000 Ulster Cnty, NY Indl Dev Agy Civic Fac Rev
Benedictine Hosp Proj Ser A............... 6.400 06/01/14 1,001,440
3,895 Ulster Cnty, NY Indl Dev Agy Civic Fac Rev
Benedictine Hosp Proj Ser A............... 6.450 06/01/24 3,866,372
3,750 Utica, NY Indl Dev Agy Civic Fac Rev Utica
College Civic Fac......................... 6.850 12/01/31 3,911,550
5,000 Westchester Cnty, NY Indl Dev Agy Mtg
Kendal on Hudson Proj Ser A............... 6.375 01/01/24 5,313,700
5,000 Westchester Cnty, NY Indl Dev Agy Mtg
Kendal on Hudson Proj Ser A............... 6.500 01/01/34 5,320,950
2,000 Westchester Cnty, NY Indl Dev Hebrew Hosp
Sr Hsg Inc Ser A.......................... 7.375 07/01/30 2,149,980
--------------
365,594,176
--------------
NORTH CAROLINA 0.7%
1,000 Halifax Cnty, NC Indl Fac & Pollutn Ctl
Fin Auth Intl Paper Co Proj Ser A (AMT)... 5.900 09/01/25 1,052,150
1,000 North Carolina Med Care Commn First Mtg
Arbor Acres Cmnty Proj.................... 6.250 03/01/27 1,046,580
7,050 North Carolina Med Care Commn First Mtg
Baptist Retirement Ser A.................. 6.400 10/01/31 7,319,169
3,000 North Carolina Med Care Commn First Mtg
Forest at Duke Proj....................... 6.375 09/01/32 3,142,590
2,500 North Carolina Med Care Commn First Mtg
Presbyterian Homes Proj................... 7.000 10/01/31 2,653,425
2,500 North Carolina Med Care Commn First Mtg
Salemtowne Proj........................... 6.625 04/01/31 2,648,400
1,200 North Carolina Med Care Commn First Mtg
United Methodist Homes (Prerefunded @
10/01/09)................................. 7.000 10/01/17 1,319,160
1,250 North Carolina Med Care Commn First Mtg
United Methodist Homes (Prerefunded @
10/01/09)................................. 7.250 10/01/32 1,383,775
9,500 North Carolina Med Care Commn Retirement
Fac Rev First Mtg Givens Estates Proj Ser
A......................................... 6.500 07/01/32 10,172,980
--------------
30,738,229
--------------
</Table>
See Notes to Financial Statements 53
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NORTH DAKOTA 0.3%
$ 2,610 Devils Lake, ND Hlthcare Fac Rev & Impt Lk
Reg Lutheran Rfdg......................... 6.100% 10/01/23 $ 2,094,316
495 Fargo, ND Multi-Family Rev Hsg Trollwood
Vlg Proj Ser A Rfdg (AMT)................. 7.250 09/01/21 504,950
765 Fargo, ND Multi-Family Rev Hsg Trollwood
Vlg Proj Ser A Rfdg (AMT)................. 7.400 09/01/26 780,315
2,120 Fargo, ND Multi-Family Rev Hsg Trollwood
Vlg Proj Ser A Rfdg (AMT)................. 7.600 09/01/31 2,176,138
1,000 Grand Forks, ND Nursing Fac Vly Homes &
Svcs Proj Ser A........................... 6.250 11/01/29 1,020,820
4,000 Grand Forks, ND Sr Hsg Rev Spl Term 4000
Vly Square Proj........................... 6.250 12/01/34 4,009,600
1,850 Grand Forks, ND Sr Hsg Rev Spl Term 4000
Vly Square Proj........................... 6.375 12/01/34 1,858,362
--------------
12,444,501
--------------
OHIO 1.7%
10,255 Adams Cnty Hosp Fac Impt Rev Adams Cnty
Hosp Proj................................. 6.500 09/01/36 10,337,963
1,500 Akron Bath Copley, OH St Twp Hosp Dist Rev
Summa Hosp Ser A.......................... 5.375 11/15/24 1,516,875
4,000 Athens Cnty, OH Hosp Fac Rev Impt
O'Bleness Mem Ser A Rfdg.................. 6.900 11/15/23 4,305,680
7,650 Athens Cnty, OH Hosp Fac Rev Impt
O'Bleness Mem Ser A Rfdg.................. 7.125 11/15/33 8,291,835
5,000 Cleveland Cuyahoga Cnty, OH Spl Assmt Tax
Increment Proj............................ 7.350 12/01/31 5,362,850
2,500 Cuyahoga Cnty, OH Hlthcare Fac Franciscan
Cnty OH Inc Proj Ser C.................... 6.250 05/15/32 2,544,975
3,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj...................................... 7.500 01/01/30 3,305,850
7,000 Cuyahoga Cnty, OH Rev Ser A Rfdg.......... 6.000 01/01/32 7,692,860
4,000 Dayton, OH Spl Fac Rev Air Freight Cargo
Day LLC Proj (AMT)........................ 6.300 04/01/22 3,846,720
2,000 Dayton, OH Spl Fac Rev Air Freight Ser D
(AMT)..................................... 6.200 10/01/09 2,136,480
2,035 Hamilton Cnty, OH Multi-Family Rev Hsg
Garden Hill Washington Pk Apt (AMT)....... 7.750 10/01/21 1,803,885
2,500 Lorain Cnty, OH Hosp Rev Catholic
Hlthcare.................................. 5.375 10/01/30 2,599,675
2,100 Lorain Cnty, OH Hosp Rev Mtg Elyria United
Methodist Ser C Rfdg (Prerefunded @
06/01/06)................................. 6.875 06/01/22 2,142,000
1,000 Lucas Cnty, OH Hlthcare Impt Sunset
Retirement Ser A Rfdg..................... 6.550 08/15/24 1,063,160
500 Lucas Cnty, OH Hlthcare Impt Sunset
Retirement Ser A Rfdg..................... 6.625 08/15/30 531,165
</Table>
54 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
OHIO (CONTINUED)
$ 1,000 Madison Cnty, OH Hosp Impt Rev Madison
Cnty Hosp Proj Rfdg (Prerefunded @
08/01/08)................................. 6.250% 08/01/18 $ 1,039,720
3,265 Madison Cnty, OH Hosp Impt Rev Madison
Cnty Hosp Proj Rfdg (Prerefunded @
08/01/08)................................. 6.400 08/01/28 3,420,055
4,340 Norwood, OH Tax Increment Rev Fin
Cornerstone at Norwood.................... 6.200 12/01/31 4,307,580
2,000 Ohio St Air Quality Dev Auth Pollutn Ctl
Cleveland Ser A Rfdg...................... 6.000 12/01/13 2,067,180
1,000 Pinnacle Cmnty Infrastructure Fac Ser A... 6.000 12/01/22 1,030,280
2,000 Pinnacle Cmnty Infrastructure Fac Ser A... 6.250 12/01/36 2,040,740
500 Port Gtr Cincinnati Dev Auth Coop Pub Pkg
Infrastructure Proj....................... 6.300 02/15/24 538,100
2,030 Port Gtr Cincinnati Dev Auth Coop Pub Pkg
Infrastructure Proj....................... 6.400 02/15/34 2,183,976
--------------
74,109,604
--------------
OKLAHOMA 1.6%
1,170 Citizen Potawatomi Nation, OK Ser A....... 6.500 09/01/16 1,228,219
1,150 Langston, OK Econ Dev Langston Cmnty Dev
Corp Proj Ser A (Prerefunded @
08/01/10)................................. 7.625 08/01/20 1,331,413
1,000 Langston, OK Econ Dev Langston Cmnty Dev
Corp Proj Ser A (Prerefunded @
08/01/10)................................. 7.750 08/01/30 1,162,510
2,000 Oklahoma Cnty, OK Fin Auth Epworth Villa
Proj Rfdg................................. 6.000 04/01/22 2,030,220
750 Oklahoma Cnty, OK Fin Auth Epworth Villa
Proj Ser A Rfdg........................... 5.700 04/01/25 756,675
1,200 Oklahoma Cnty, OK Fin Auth Epworth Villa
Proj Ser A Rfdg........................... 7.000 04/01/25 1,236,288
1,250 Oklahoma Cnty, OK Fin Auth Epworth Villa
Proj Ser A Rfdg........................... 5.875 04/01/30 1,269,938
1,990 Oklahoma Cnty, OK Fin Auth Epworth Villa
Proj Ser A Rfdg (Prerefunded @
04/01/10)................................. 7.600 04/01/30 2,256,103
5,000 Oklahoma Dev Fin Auth Rev Comache Cnty
Hosp Proj Ser B........................... 6.375 07/01/21 5,478,950
500 Oklahoma Dev Fin Auth Rev Comache Cnty
Hosp Proj Ser B........................... 6.600 07/01/31 547,710
2,500 Oklahoma Dev Fin Auth Rev Hillcrest
Hlthcare Sys Ser A Rfdg (Prerefunded @
08/15/09)................................. 5.750 08/15/12 2,670,950
2,000 Oklahoma Dev Fin Auth Rev Hillcrest
Hlthcare Sys Ser A Rfdg (Prerefunded @
08/15/09)................................. 5.750 08/15/13 2,136,760
1,000 Oklahoma Dev Fin Auth Rev Hillcrest
Hlthcare Sys Ser A Rfdg (Prerefunded @
08/15/09)................................. 5.750 08/15/15 1,068,380
3,740 Oklahoma Dev Fin Auth Rev Hillcrest
Hlthcare Sys Ser A Rfdg (Prerefunded @
08/15/09)................................. 5.625 08/15/19 3,981,754
6,220 Oklahoma Dev Fin Auth Rev Hillcrest
Hlthcare Sys Ser A Rfdg (Prerefunded @
08/15/09)................................. 5.625 08/15/29 6,622,061
1,000 Stillwater, OK Med Ctr Auth............... 5.625 05/15/23 1,074,910
</Table>
See Notes to Financial Statements 55
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
OKLAHOMA (CONTINUED)
$ 2,000 Tulsa Cnty, OK Indl Auth Multi-Family Hsg
Shadybrook Apt Ser A...................... 6.375% 07/01/28 $ 1,626,880
2,250 Tulsa, OK Muni Arpt Tr Rev Amern Airl
Proj...................................... 7.350 12/01/11 2,251,755
10,000 Tulsa, OK Muni Arpt Tr Rev AMR Ser B Rfdg
(AMT)..................................... 6.000 06/01/35 10,081,200
5,000 Tulsa, OK Muni Arpt Tr Rev AMR Ser B Rfdg
(AMT)..................................... 5.650 12/01/35 5,015,900
17,450 Tulsa, OK Muni Arpt Tr Rev Ser A Rfdg
(AMT)..................................... 7.750 06/01/35 18,892,941
--------------
72,721,517
--------------
OREGON 0.9%
2,000 Clackamas Cnty, OR Hosp Fac Willamette
View Inc Proj Ser A (Prerefunded @
11/01/09)................................. 7.500 11/01/29 2,251,180
1,180 Clatsop Care Ctr Hlth Dist OR Rev Sr
Hsg....................................... 6.000 08/01/14 1,169,392
4,000 Clatsop Care Ctr Hlth Dist OR Rev Sr
Hsg....................................... 6.875 08/01/28 4,065,160
1,730 Douglas Cnty, OR Hosp Fac Auth Rev Elderly
Hsg Forest Glen Ser A (a)................. 7.500 09/01/27 1,769,306
9,500 Multnomah Cnty, OR Hosp Fac Auth Rev
Terwilliger Plaza Proj Rfdg (Acquired
05/16/03, 11/17/03, Cost $9,513,538)
(b)....................................... 6.500 12/01/29 9,737,595
3,000 Oregon St Fac Auth Rev College Hsg
Northwest Proj Ser A...................... 5.450 10/01/32 3,056,910
3,683 Oregon St Hlth Hsg Ed & Cultural Fac Auth
(AMT)..................................... 7.250 06/01/28 3,818,973
2,915 Oregon St Hlth Hsg Ed Auth OR Baptist
Retirement Homes Ser A.................... 8.000 11/15/26 2,990,907
9,925 Yamhill Cnty, OR Hosp Auth Rev Friendsview
Retirement Cmnty.......................... 7.000 12/01/34 10,819,342
--------------
39,678,765
--------------
PENNSYLVANIA 5.2%
1,000 Allegheny Cnty, PA Hosp Dev Auth Hlthcare
Fac Villa Saint Joseph.................... 5.875 08/15/18 1,002,660
4,500 Allegheny Cnty, PA Hosp Dev Auth Hlthcare
Fac Villa Saint Joseph.................... 6.000 08/15/28 4,507,785
1,000 Allegheny Cnty, PA Hosp Dev Auth Rev Hosp
South Hills Hlth Sys Ser B................ 6.625 05/01/20 1,045,360
1,000 Allegheny Cnty, PA Hosp Dev Hlth Sys Ser
B......................................... 9.250 11/15/15 1,194,540
6,240 Allegheny Cnty, PA Hosp Dev Hlth Sys Ser
B......................................... 9.250 11/15/22 7,431,154
11,925 Allegheny Cnty, PA Hosp Dev Hlth Sys Ser
B......................................... 9.250 11/15/30 14,175,963
1,695 Allegheny Cnty, PA Indl Dev Auth Lease Rev
(AMT)..................................... 6.625 09/01/24 1,698,627
6,645 Allegheny Cnty, PA Indl Dev Auth Lease Rev
Air Freight Cargo Fac Pit LLC (AMT) (a)... 7.750 09/01/31 7,140,053
4,275 Blair Cnty, PA Indl Dev Auth Vlg of PA St
Proj Ser A................................ 7.000 01/01/34 4,450,104
</Table>
56 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
PENNSYLVANIA (CONTINUED)
$ 1,000 Bucks Cnty, PA Indl Dev Auth Rev First Mtg
Hlthcare Fac Chandler..................... 6.100% 05/01/14 $ 1,001,110
900 Bucks Cnty, PA Indl Dev Auth Rev First Mtg
Hlthcare Fac Chandler..................... 6.200 05/01/19 901,917
2,000 Bucks Cnty, PA Indl Dev Auth Rev First Mtg
Hlthcare Fac Chandler..................... 6.300 05/01/29 1,995,060
1,000 Chartiers Vly, PA Indl & Com Dev Auth
First Mtg Rev Asbury Hlth Ctr Rfdg........ 6.375 12/01/19 1,035,050
2,500 Chartiers Vly, PA Indl & Com Dev Auth
First Mtg Rev Asbury Hlth Ctr Rfdg........ 6.375 12/01/24 2,590,675
2,000 Chartiers Vly, PA Indl Asbury Hlth Ctr
Proj Rfdg................................. 7.400 12/01/15 2,019,400
10,295 Chester Cnty, PA Hlth & Ed Fac Chester
Cnty Hosp Ser A........................... 6.750 07/01/31 11,167,192
2,250 Chester Cnty, PA Hlth & Ed Jenners Pond
Inc Proj.................................. 7.250 07/01/24 2,531,768
2,200 Chester Cnty, PA Hlth & Ed Jenners Pond
Inc Proj.................................. 7.625 07/01/34 2,488,640
2,500 Crawford Cnty, PA Hosp Auth Sr Living Fac
Rev....................................... 6.250 08/15/29 2,565,100
1,000 Cumberland Cnty, PA Indl Dev Auth Rev
First Mtg Woods Cedar Run Ser A Rfdg (e)
(h)....................................... 6.500 11/01/18 442,700
3,250 Cumberland Cnty, PA Indl Dev Auth Rev
First Mtg Woods Cedar Run Ser A Rfdg (e)
(h)....................................... 6.500 11/01/28 1,437,248
4,000 Dauphin Cnty, PA Gen Auth Rev Office & Pkg
Forum Place Ser A......................... 6.000 01/15/25 2,387,360
5,500 Dauphin Cnty, PA Gen Auth Rev Office & Pkg
Riverfront Office......................... 6.000 01/01/25 5,096,575
1,500 Delaware Cnty, PA Auth Rev First Mtg
Riddle Vlg Proj Rfdg (Prerefunded @
06/01/06)................................. 7.000 06/01/21 1,500,000
4,500 Delaware Cnty, PA Auth Rev First Mtg
Riddle Vlg Proj Rfdg (Prerefunded @
06/01/06)................................. 7.000 06/01/26 4,500,000
2,100 Delaware Cnty, PA Auth Rev White Horse Vlg
Proj Ser A Rfdg........................... 7.500 07/01/18 2,148,090
1,000 Delaware Cnty, PA Auth Rev White Horse Vlg
Proj Ser A Rfdg (Prerefunded @
07/01/10)................................. 7.625 07/01/30 1,146,830
1,000 Fulton Cnty, PA Indl Dev Auth Hosp Rev
Fulton Cnty Med Ctr Proj.................. 5.875 07/01/31 1,004,390
1,900 Fulton Cnty, PA Indl Dev Auth Hosp Rev
Fulton Cnty Med Ctr Proj.................. 5.900 07/01/40 1,909,063
4,295 Grove City, PA Area Hosp Auth Hlth Fac Rev
Grove Manor Proj (Prerefunded @
08/15/08)................................. 6.625 08/15/29 4,536,594
4,530 Hazleton, PA Hlth Svc Auth Hazleton Saint
Joseph's Med Ctr.......................... 6.200 07/01/26 4,503,998
2,200 Indiana Cnty, PA Indl Dev Auth PSEG Pwr
LLC Proj Rfdg (AMT)....................... 5.850 06/01/27 2,301,552
</Table>
See Notes to Financial Statements 57
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
PENNSYLVANIA (CONTINUED)
$ 1,650 Lancaster, PA Indl Dev Auth Rev Garden
Spot Vlg Proj Ser A (Prerefunded @
05/01/10)................................. 7.625% 05/01/31 $ 1,890,669
2,500 Lehigh Cnty, PA Gen Purp Auth Good
Shepherd Grp Ser A........................ 5.625 11/01/34 2,603,900
3,000 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Church Home Inc...... 7.750 11/01/33 3,311,250
3,000 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Church Home Inc Proj
Ser A..................................... 6.000 12/15/23 3,027,420
1,000 Lehigh Cnty, PA Gen Purp Auth Rev Hosp
Saint Luke's Bethlehem.................... 5.375 08/15/33 1,029,080
3,000 Lehigh Cnty, PA Gen Purp Auth Rev
Kidspeace Oblig Grp Rfdg.................. 6.000 11/01/18 2,928,120
6,085 Lehigh Cnty, PA Gen Purp Auth Rev
Kidspeace Oblig Grp Rfdg.................. 6.000 11/01/23 5,843,547
1,790 Lehigh Cnty, PA Indl Dev Auth Hlth Fac Rev
Lifepath Inc Proj......................... 6.100 06/01/18 1,712,332
4,000 Lehigh Cnty, PA Indl Dev Auth Hlth Fac Rev
Lifepath Inc Proj......................... 6.300 06/01/28 3,738,920
2,045 Luzerne Cnty, PA Indl Dev Auth First Mtg
Gross Rev Rfdg (a)........................ 7.875 12/01/13 2,046,616
2,500 Monroe Cnty, PA Hosp Auth Rev Hosp Pocono
Med Ctr................................... 6.000 01/01/43 2,633,800
4,180 Montgomery Cnty, PA Higher Ed & Hlth Auth
Rev Impt AHF/Montgomery Rfdg.............. 6.875 04/01/36 4,231,456
2,000 Montgomery Cnty, PA Indl Dev Auth Rev
First Mtg The Meadowood Corp Proj Ser A
Rfdg...................................... 6.000 12/01/10 2,001,620
1,000 Montgomery Cnty, PA Indl Dev Auth Rev
First Mtg The Meadowood Corp Proj Ser A
Rfdg...................................... 6.250 12/01/17 1,033,920
3,200 Montgomery Cnty, PA Indl Dev Auth Rev
Hlthcare Adv Geriatric Ser A.............. 8.375 07/01/23 3,201,120
1,500 Montgomery Cnty, PA Indl Dev Auth Rev Mtg
Whitemarsh Cont Care Proj................. 6.125 02/01/28 1,586,040
1,500 Montgomery Cnty, PA Indl Dev Auth Rev Mtg
Whitemarsh Cont Care Proj................. 6.250 02/01/35 1,589,310
2,660 Montgomery Cnty, PA Indl Dev Auth Rev
Wordsworth Academy (a).................... 7.750 09/01/14 2,662,155
1,600 Mount Lebanon, PA Hosp Auth Saint Clair
Mem Hosp Ser A............................ 5.625 07/01/32 1,659,888
2,315 Northeastern PA Hosp & Ed Auth Hlthcare
Rev....................................... 7.125 10/01/29 2,379,658
2,650 Pennsylvania Econ Dev Fin Auth Exempt Fac
Rev Amtrak Proj Ser A (AMT)............... 6.500 11/01/16 2,848,618
2,900 Pennsylvania Econ Dev Fin Auth Exempt Fac
Rev Amtrak Proj Ser A (AMT)............... 6.125 11/01/21 3,089,341
</Table>
58 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
PENNSYLVANIA (CONTINUED)
$ 2,755 Pennsylvania Econ Dev Fin Auth Exempt Fac
Rev Amtrak Proj Ser A (AMT)............... 6.250% 11/01/31 $ 2,949,172
3,000 Pennsylvania Econ Dev Fin Auth Exempt Fac
Rev Amtrak Proj Ser A (AMT)............... 6.375 11/01/41 3,220,200
2,230 Pennsylvania Econ Dev Fin Northwestern
Human Svc Ser A........................... 5.250 06/01/28 2,102,422
7,000 Pennsylvania Econ Dev Fin Reliant Energy
Ser B (AMT)............................... 6.750 12/01/36 7,453,670
5,000 Pennsylvania St Higher Ed Fac Auth Rev La
Salle Univ................................ 5.500 05/01/34 5,143,850
985 Pennsylvania St Higher Ed Student Assn Inc
Proj Ser A................................ 6.750 09/01/32 1,045,282
1,565 Pennsylvania St Higher Ed UPMC Hlth Sys
Ser A..................................... 6.000 01/15/31 1,695,411
2,600 Philadelphia, PA Auth for Indl Dev Baptist
Home of Philadelphia Ser A................ 5.500 11/15/18 2,435,004
5,485 Philadelphia, PA Auth for Indl Dev Baptist
Home of Philadelphia Ser A................ 5.600 11/15/28 4,983,342
3,050 Philadelphia, PA Auth for Indl Pauls Run
Ser A..................................... 5.875 05/15/28 3,079,280
1,090 Philadelphia, PA Auth Indl Dev Cathedral
Vlg Proj Ser A............................ 6.750 04/01/23 1,194,553
1,500 Philadelphia, PA Auth Indl Dev Cathedral
Vlg Proj Ser A............................ 6.875 04/01/34 1,643,220
8,500 Philadelphia, PA Auth Indl Dev Rev Coml
Dev Rfdg.................................. 7.750 12/01/17 8,601,660
2,180 Philadelphia, PA Hosp & Higher Ed Fac Auth
Hosp Rev Rfdg............................. 6.500 07/01/27 2,194,759
900 Philadelphia, PA Hosp & Higher Ed Fac Auth
Rev Centralized Comp Human Svcs Ser A..... 6.125 01/01/13 889,182
4,000 Philadelphia, PA Hosp & Higher Ed Fac Auth
Rev Centralized Comp Human Svcs Ser A..... 7.250 01/01/21 4,210,240
2,495 Philadelphia, PA Hosp & Higher Ed Temple
Univ Hosp................................. 5.500 11/15/15 2,523,992
2,000 Philadelphia, PA Hosp & Higher Ed Temple
Univ Hosp Ser A........................... 6.625 11/15/23 2,025,520
2,000 Scranton-Lackawanna, PA Hlth & Welfare
Auth Rev Marian Cmnty Hosp Proj Rfdg
(Prerefunded @ 01/15/07).................. 7.125 01/15/13 2,077,580
1,465 Scranton-Lackawanna, PA Hlth & Welfare
Auth Rev Marian Cmnty Hosp Proj Rfdg
(Prerefunded @ 01/15/07).................. 7.250 01/15/17 1,522,941
3,100 Scranton-Lackawanna, PA Hlth & Welfare
Auth Rev Marian Cmnty Hosp Proj Rfdg
(Prerefunded @ 01/15/07).................. 7.350 01/15/22 3,224,496
</Table>
See Notes to Financial Statements 59
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
PENNSYLVANIA (CONTINUED)
$ 2,500 Westmoreland Cnty, PA Indl Dev Hlthcare
Fac Redstone Ser B (Prerefunded @
11/15/10)................................. 8.000% 11/15/23 $ 2,908,625
2,950 Wilkinsburg, PA Muni Auth Hlth Fac Rev
Monroeville Christian Ser A (Prerefunded @
03/01/07)................................. 8.250 03/01/27 3,135,231
--------------
231,164,970
--------------
RHODE ISLAND 0.3%
2,000 Rhode Island St Econ Dev Corp Rev Oblig
Providence Place.......................... 7.250 07/01/20 2,045,060
7,310 Rhode Island St Hlth & Ed Bldg Hosp Fin
Lifespan Oblig Grp (Prerefunded @
08/15/12)................................. 6.500 08/15/32 8,339,467
1,500 Tiverton, RI Spl Oblig Tax Mount Hope Bay
Vlg Ser A................................. 6.875 05/01/22 1,618,080
--------------
12,002,607
--------------
SOUTH CAROLINA 1.8%
2,500 Lancaster Cnty, SC Assmt Rev Edenmoor Impt
Dist Ser A (Acquired 05/19/06, Cost
2,500,000) (b) (g)........................ 5.750 12/01/37 2,509,075
2,000 Lexington Cnty, SC Hlth Svcs.............. 5.500 05/01/32 2,075,880
2,000 Lexington Cnty, SC Hlth Svcs.............. 5.500 05/01/37 2,077,200
1,450 Loris, SC Cmnty Hosp Dist Hosp Rev Ser
B......................................... 5.625 01/01/29 1,451,653
1,915 Medical Univ SC Hosp Auth Ser A Rfdg
(Prerefunded @ 08/15/12).................. 6.250 08/15/22 2,166,420
1,700 Medical Univ SC Hosp Auth Ser A Rfdg
(Prerefunded @ 08/15/12).................. 6.375 08/15/27 1,934,821
7,000 Richland Cnty, SC Environmental Impt Rev
Intl Paper (AMT).......................... 6.100 04/01/23 7,545,650
5,050 South Carolina Jobs Econ Dev Auth Econ Dev
Rev Bon Secours Hlth Sys Inc Ser A........ 5.625 11/15/30 5,283,058
468 South Carolina Jobs Econ Dev Auth Econ Dev
Rev Westminster Presbyterian Ctr (Escrowed
to Maturity).............................. 6.750 11/15/10 499,627
500 South Carolina Jobs Econ Dev Auth Econ Dev
Rev Westminster Presbyterian Ctr
(Prerefunded @ 11/15/10).................. 7.500 11/15/20 583,615
1,200 South Carolina Jobs Econ Dev Auth Hlth Fac
Rev First Mtg Lutheran Homes Rfdg......... 5.650 05/01/18 1,180,752
2,500 South Carolina Jobs Econ Dev Auth Hlth Fac
Rev First Mtg Westley Commons Proj........ 8.000 10/01/31 2,731,700
5,000 South Carolina Jobs Econ Dev Auth Hosp Fac
Rev Impt Palmetto Hlth Alliance Ser A
Rfdg...................................... 6.125 08/01/23 5,460,350
9,900 South Carolina Jobs Econ Dev Auth Hosp Fac
Rev Impt Palmetto Hlth Alliance Ser A
Rfdg...................................... 6.250 08/01/31 10,864,755
4,005 South Carolina Jobs Econ Dev Auth Hosp Fac
Rev Palmetto Hlth Ser C (Prerefunded @
08/01/13)................................. 6.375 08/01/34 4,590,211
</Table>
60 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
SOUTH CAROLINA (CONTINUED)
$ 495 South Carolina Jobs Econ Dev Auth Hosp Fac
Rev Palmetto Hlth Ser C................... 6.375% 08/01/34 $ 550,480
5,500 South Carolina Jobs Econ Dev First Mtg
Lutheran Homes............................ 6.625 05/01/20 5,671,215
2,540 South Carolina Jobs Econ Dev First Mtg
Lutheran Homes Rfdg....................... 5.700 05/01/26 2,466,340
3,000 South Carolina Jobs Econ Dev First Mtg
Westley Commons Proj...................... 7.750 10/01/24 3,261,780
4,000 South Carolina Jobs Econ Dev First Mtg
Westley Commons Proj (a).................. 7.750 10/01/33 4,333,040
1,650 South Carolina Jobs Econ Episcopal Home
Still Proj Ser A.......................... 6.250 05/15/25 1,690,145
3,350 South Carolina Jobs Econ Episcopal Home
Still Proj Ser A.......................... 6.375 05/15/32 3,452,979
5,015 Tobacco Settlement Rev Mgmt Auth SC Tob
Settlement Rev Ser B...................... 6.375 05/15/28 5,350,102
--------------
77,730,848
--------------
SOUTH DAKOTA 0.5%
3,750 Minnehaha Cnty, SD Hlth Fac Bethany
Lutheran Home Proj Ser A.................. 7.000 12/01/35 3,904,463
3,600 Mobridge, SD Hlthcare Fac Rev Mobridge
Regl Hosp Proj............................ 6.500 12/01/22 3,685,716
1,750 Sioux Falls, SD Hlth Fac Rev Dow Rummel
Vlg Proj Ser A............................ 6.625 11/15/23 1,813,910
3,250 Sioux Falls, SD Hlth Fac Rev Dow Rummel
Vlg Proj Ser A............................ 6.750 11/15/33 3,348,995
6,215 Sioux Falls, SD Multi-Family Hsg Inn
Westport Proj Ser A (Acquired 01/26/04,
Cost $6,272,986) (b)...................... 7.500 12/01/34 6,377,522
2,000 South Dakota St Hlth & Ed Fac Auth Rev
Sioux Vly Hosp & Hlth Sys Ser A........... 5.250 11/01/34 2,054,380
1,600 Winner, SD Econ Dev Rev Winner Regl
Hlthcare Ctr Rfdg (a)..................... 6.000 04/01/28 1,600,016
--------------
22,785,002
--------------
TENNESSEE 1.5%
1,000 Elizabethton, TN Hlth & Ed Fac Brd Rev
Hosp First Mtg Ser B Impt & Rfdg.......... 8.000 07/01/33 1,172,350
1,200 Johnson City, TN Hlth & Ed Appalachian
Christian Vlg Proj Ser A.................. 6.000 02/15/19 1,214,652
1,000 Johnson City, TN Hlth & Ed Appalachian
Christian Vlg Proj Ser A.................. 6.000 02/15/24 1,010,310
5,000 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn States Hlth Ser A
Rfdg...................................... 7.500 07/01/25 5,806,950
7,000 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn States Hlth Ser A
Rfdg...................................... 7.500 07/01/33 8,101,450
</Table>
See Notes to Financial Statements 61
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
TENNESSEE (CONTINUED)
$ 1,200 Johnson City, TN Hlth & Ed Fac Brd
Retirement Fac Rev Appalachian Christian
Vlg Proj Ser A............................ 6.250% 02/15/32 $ 1,238,304
7,000 Knox Cnty, TN Hlth Ed & Hsg Fac Brd Hosp
Fac Rev Baptist Hlth Sys East TN.......... 6.500 04/15/31 7,417,410
2,700 Knox Cnty, TN Hlth Ed Hosp Fac Impt East
TN Hosp Ser B Rfdg........................ 5.750 07/01/33 2,820,231
4,850 Metropolitan Govt Nashville & Davidson
Blakeford at Green Hills Rfdg............. 5.650 07/01/24 4,897,191
1,650 Shelby Cnty, TN Hlth & Ed Germantown Vlg
Ser A..................................... 7.000 12/01/23 1,735,289
6,500 Shelby Cnty, TN Hlth & Ed Germantown Vlg
Ser A..................................... 7.250 12/01/34 6,891,690
5,000 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Hosp
Rev Drivers Ser 254 (Inverse Floating
Rate) (Acquired 04/24/02, Cost $4,922,800)
(a) (b)................................... 9.080 09/01/21 6,457,700
375 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev
Hlthcare Fac Kirby Pines Ser A............ 6.250 11/15/16 384,975
7,000 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev
Hlthcare Fac Kirby Pines Ser A............ 6.375 11/15/25 7,166,950
4,500 Sullivan Cnty, TN Hlth Ed & Hsg Fac Brd
Rev Hosp Wellmont Hlth Sys Proj
(Prerefunded @ 09/01/12).................. 6.250 09/01/32 5,062,725
1,665 Sweetwater, TN Indl Dev Brd Mtg Rev Wood
Presbyterian Home Proj (a)................ 7.500 01/01/18 1,700,798
4,070 Sweetwater, TN Indl Dev Brd Mtg Rev Wood
Presbyterian Home Proj (a)................ 7.750 01/01/29 4,157,464
--------------
67,236,439
--------------
TEXAS 8.7%
1,805 Abia Dev Corp TX Arpt Fac Rev Aero Austin
LP Proj (AMT)............................. 7.250 01/01/25 1,860,612
315 Abia Dev Corp TX Arpt Fac Rev Austin Belly
Port Dev LLC Proj Ser A (AMT)............. 6.250 10/01/08 315,778
3,775 Abia Dev Corp TX Arpt Fac Rev Austin Belly
Port Dev LLC Proj Ser A (AMT)............. 6.500 10/01/23 3,743,592
2,000 Abilene, TX Hlth Fac Dev Corp Retirement
Fac Rev Sears Methodist Retirement Ser
A......................................... 6.750 11/15/28 2,049,260
5,000 Abilene, TX Hlth Fac Dev Corp Retirement
Fac Rev Sears Methodist Retirement Ser
A......................................... 7.000 11/15/33 5,407,250
20,800 Alliance Arpt Auth Inc TX Spl Amern Airl
Inc Proj (AMT)............................ 7.500 12/01/29 20,659,184
1,700 Atlanta, TX Hosp Auth Fac Rev............. 6.750 08/01/29 1,739,848
1,000 Austin, TX Conv Enterprises Inc First Tier
Ser A..................................... 6.700 01/01/28 1,064,140
2,000 Austin-Bergstorm Landhost Enterprises Inc
TX Arpt Hotel Sr Ser A (d)................ 6.750 04/01/27 1,436,640
</Table>
62 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
TEXAS (CONTINUED)
$ 750 Bexar Cnty, TX Hlth Fac Dev Corp Army
Retirement Residence Proj................. 6.125% 07/01/22 $ 794,955
1,000 Bexar Cnty, TX Hlth Fac Dev Corp Army
Retirement Residence Proj................. 6.300 07/01/32 1,060,720
3,355 Bexar Cnty, TX Hsg Fin Corp Multi-Family
Hsg Rev Woodland Ridge Apt Proj Ser A
(AMT)..................................... 7.000 01/01/39 3,501,815
1,585 Brazos Riv Auth TX Pollutn Ctl Rev TXU
Energy Co Proj Ser C Rfdg (AMT)........... 5.750 05/01/36 1,678,610
5,000 Brazos Riv Auth TX Pollutn Ctl Rev TXU
Energy Co Proj Ser A Rfdg (AMT)........... 6.750 04/01/38 5,558,200
9,500 Brazos Riv Auth TX Pollutn Ctl Rev TXU
Energy Co Proj Ser B Rfdg (AMT)........... 6.300 07/01/32 10,342,935
10,000 Brazos Riv Auth TX Pollutn TX Util Co Ser
A (AMT)................................... 7.700 04/01/33 11,686,600
1,000 Brazos Riv Auth TX Rev Reliant Energy Inc
Proj Ser A Rfdg........................... 5.375 04/01/19 1,026,140
2,000 Comal Cnty, TX Hlth Fac Dev Hlthcare Sys
McKenna Mem Proj Ser A.................... 6.125 02/01/22 2,121,760
3,000 Comal Cnty, TX Hlth Fac Dev Hlthcare Sys
McKenna Mem Proj Ser A.................... 6.250 02/01/32 3,177,900
6,000 Dallas Cnty, TX Flood Ctl Dist No 1
Rfdg...................................... 7.250 04/01/32 6,242,700
3,000 Dallas-Fort Worth, TX Intl Arpt Fac Impt
Corp Rev Amern Airl Inc (AMT)............. 8.250 11/01/36 3,095,460
15,925 Dallas-Fort Worth, TX Intl Arpt Fac Impt
Corp Rev Amern Airl Inc (GTY AGMT:
American Airlines) (AMT).................. 6.375 05/01/35 14,424,069
15,000 Dallas-Fort Worth, TX Intl Arpt Fac Impt
Corp Rev A-SubSer 1 Rfdg (AMT)............ 8.500 05/01/29 15,235,050
12,900 Dallas-Fort Worth, TX Intl Arpt Fac Impt
Corp Rev A-SubSer 2 Rfdg (AMT)............ 9.000 05/01/29 13,966,056
14,500 Dallas-Fort Worth, TX Intl Arpt Fac Impt
Corp Rev A-SubSer 2 Rfdg (AMT)............ 9.125 05/01/29 15,887,505
1,000 Dallas-Fort Worth, TX Intl Arpt Impt Jt
Ser A (AMT) (FGIC Insd)................... 6.000 11/01/28 1,057,840
3,000 Dallas-Fort Worth, TX Intl Arpt Impt Jt
Ser A (AMT) (FGIC Insd)................... 6.000 11/01/32 3,173,520
8,000 Decatur, TX Hosp Auth Hosp Wise Regl Hlth
Sys Ser A................................. 7.000 09/01/25 8,665,040
5,000 Decatur, TX Hosp Auth Hosp Wise Regl Hlth
Sys Ser A................................. 7.125 09/01/34 5,409,850
5,390 Grand Prairie, TX Hsg Fin Corp............ 7.750 01/01/34 5,590,616
1,990 Grapevine, TX Indl Dev Corp Rev Sr Air
Cargo (AMT)............................... 6.500 01/01/24 2,137,797
3,000 Gregg Cnty, TX Hlth Fac Dev Corp Hosp Rev
Good Shepherd Med Ctr Proj Ser A.......... 6.375 10/01/21 3,216,270
</Table>
See Notes to Financial Statements 63
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
TEXAS (CONTINUED)
$ 5,320 Gregg Cnty, TX Hlth Fac Dev Corp Hosp Rev
Good Shepherd Med Ctr Proj Ser A.......... 6.500% 10/01/26 $ 5,696,656
2,000 Gregg Cnty, TX Hlth Fac Dev Corp Hosp Rev
Good Shepherd Med Ctr Proj Ser A.......... 6.500 10/01/29 2,135,820
1,050 Gulf Coast Waste Disp Auth Valero Energy
Corp Proj (AMT)........................... 5.700 04/01/32 1,076,145
5,510 Harris Cnty, TX Hlth Fac Dev Corp Rev
Drivers Ser 223 (Inverse Floating Rate)
(Acquired 07/31/01, Cost $5,544,649)
(b)....................................... 7.310 02/15/17 6,389,286
2,000 Harris Cnty, TX Hlth Fac Dev Mem Hermann
Hlthcare Ser A (Prerefunded @ 06/01/11)... 6.375 06/01/29 2,242,100
1,000 Harris Cnty, TX Indl Dev Corp Continental
Airl Proj Rfdg (AMT) (Acquired 01/26/01,
Cost $826,889) (b)........................ 5.375 07/01/19 834,990
10,095 Hidalgo Cnty, TX Hlth Svcs Mission Hosp
Inc Proj.................................. 6.875 08/15/26 10,550,083
4,075 Houston, TX Arpt Sys Rev Spl Fac Contl
Airl Ser B (AMT).......................... 6.125 07/15/17 3,967,502
4,625 Houston, TX Arpt Sys Rev Spl Fac Contl
Airl Ser B (AMT).......................... 6.125 07/15/27 4,457,668
6,375 Houston, TX Arpt Sys Rev Spl Fac Contl
Airl Ser C (AMT).......................... 6.125 07/15/27 6,141,484
1,275 Houston, TX Arpt Sys Rev Spl Fac Contl
Airl Ser C (AMT).......................... 5.700 07/15/29 1,101,970
7,000 Houston, TX Arpt Sys Rev Spl Fac Contl
Airl Ser E (AMT).......................... 6.750 07/01/21 7,170,800
9,000 Houston, TX Arpt Sys Rev Spl Fac Contl
Airl Ser E (AMT).......................... 7.000 07/01/29 9,309,060
500 Houston, TX Hlth Fac Dev Corp Buckingham
Sr Living Cmnty Ser A..................... 7.000 02/15/23 553,815
4,000 Houston, TX Arpt Sys Rev Spl Fac Contl
Airl Ser E (AMT).......................... 7.375 07/01/22 4,211,680
885 Houston, TX Arpt Sys Rev Spl Fac Contl
Airl Ser E (AMT).......................... 6.750 07/01/29 904,355
4,000 Houston, TX Hlth Fac Dev Corp Buckingham
Sr Living Cmnty Ser A..................... 7.125 02/15/34 4,428,080
3,995 Houston, TX Indl Dev Corp Rev Sr Air Cargo
(AMT)..................................... 6.375 01/01/23 4,264,103
10,000 Houston, TX Util Sys Rev Drivers Ser 506
(Inverse Floating Rate) (Acquired
08/24/04, Cost $10,901,842) (MBIA Insd)
(a) (b)................................... 6.700 05/15/12 11,153,600
5,280 Houston, TX Util Sys Rev Rites PA 1372 Ser
R (Inverse Floating Rate) (Acquired
05/08/06, Cost $5,852,194) (MBIA Insd) (a)
(b)....................................... 7.645 05/15/28 5,673,413
2,500 Lubbock, TX Hlth Fac Dev Corp Rev First
Mtg Carillon Proj Ser A................... 6.500 07/01/26 2,523,400
</Table>
64 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
TEXAS (CONTINUED)
$ 5,000 Lubbock, TX Hlth Fac Dev Corp Rev First
Mtg Carillon Proj Ser A................... 6.625% 07/01/36 $ 5,065,800
2,935 Lubbock, TX Hlth Fac Dev Corp Rev First
Mtg Carillon Proj Ser A (Prerefunded @
07/01/09)................................. 6.500 07/01/19 3,150,458
1,500 Lubbock, TX Hlth Fac Dev Corp Rev First
Mtg Carillon Proj Ser A (Prerefunded @
07/01/09)................................. 6.500 07/01/29 1,641,825
8,720 Meadow Parc Dev Inc TX Multi-Family Rev
Hsg Meadow Parc Apt Proj.................. 6.500 12/01/30 8,885,506
1,000 Mesquite, TX Hlth Fac Dev Corp Retirement
Fac Christian Care Ctr Ser A (Prerefunded
@ 02/15/10)............................... 7.625 02/15/28 1,134,650
1,000 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj....................... 6.625 01/01/11 1,021,850
2,500 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj....................... 7.250 01/01/31 2,576,875
2,755 Midlothian, TX Dev Auth Tax............... 6.700 11/15/23 2,868,974
2,000 Midlothian, TX Dev Auth Tax............... 7.875 11/15/26 2,200,220
2,000 Midlothian, TX Dev Auth Tax (Acquired
12/02/04, Cost $2,000,000) (b)............ 6.200 11/15/29 2,028,600
5,000 North Central, TX Hlth Fac Dev Corp Hosp
Rev Utd Regl Hlthcare Sys Inc Proj........ 5.500 09/01/28 5,145,450
1,530 North Central, TX Hlth Fac Dev Corp Rev
Hlth Fac C C Young Mem Proj............... 6.300 02/15/15 1,546,692
2,250 North Central, TX Hlth Fac Dev Corp Rev
Hlth Fac C C Young Mem Proj............... 6.375 02/15/20 2,280,848
3,720 Orange, TX Hsg Dev Corp Multi-Family Rev
Hsg Vlg at Pine Hallow.................... 8.000 03/01/28 3,765,198
3,000 Richardson, TX Hosp Auth Rev Richardson
Regl Impt & Rfdg.......................... 6.000 12/01/34 3,196,530
2,575 Rusk Cnty, TX Hlth Fac Corp Hosp Rev
Henderson Mem Hosp Proj Rfdg.............. 7.750 04/01/13 2,577,961
2,000 Sabine Riv Auth TX Pollutn Ctl Rev TX Elec
Proj Ser A Rfdg (AMT)..................... 6.450 06/01/21 2,131,600
500 San Antonio, TX Hlth Fac Dev Corp Rev
Encore Nursing Ctr Partn.................. 8.250 12/01/19 502,055
2,000 San Antonio, TX Hsg Fin Corp Multi-Family
Hsg Rev Beverly Oaks Apt Proj Ser A....... 7.750 02/01/27 2,065,360
1,815 San Antonio, TX Hsg Fin Corp Multi-Family
Hsg Rev Marbach Manor Apt Proj Ser A
(AMT)..................................... 8.125 06/01/27 1,702,706
1,250 Tarrant Cnty, TX Cultural Ed Fac Fin Corp
Retirement Fac Northwest Sr Hsg Edgemere
Proj Ser A................................ 6.000 11/15/26 1,319,513
960 Texas St Dept Hsg & Cmnty Affairs Single
Family Rev Mtg Ser A (AMT) (MBIA Insd).... 5.500 03/01/26 989,213
</Table>
See Notes to Financial Statements 65
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
TEXAS (CONTINUED)
$ 975 Texas St Dept Hsg & Cmnty Affairs Single
Family Rev Mtg Ser A (AMT) (MBIA Insd).... 5.550% 03/01/34 $ 1,000,984
2,000 Texas St Pub Fin Auth Sch Excellence Ed
Proj Ser A (Acquired 12/02/04, Cost
$1,986,049) (b)........................... 7.000 12/01/34 2,058,620
1,000 Texas St Student Hsg Corp MSU Proj
Midwestern St Univ........................ 6.500 09/01/22 1,083,860
4,375 Texas St Student Hsg Corp MSU Proj
Midwestern St Univ........................ 6.500 09/01/34 4,715,069
6,200 Tomball, TX Hosp Auth Rev Hosp Tomball
Regl Hosp................................. 6.000 07/01/29 6,394,928
1,000 Tyler, TX Hlth Fac Dev Corp Mother Frances
Hosp...................................... 5.750 07/01/33 1,037,890
15,550 University, TX Univ Rev Drivers Ser 517
(Inverse Floating Rate) (Acquired
09/22/04, Cost $17,999,044) (a) (b)....... 6.330 07/01/23 16,581,432
12,500 University, TX Univ Rev Drivers Ser 584
(Inverse Floating Rate) (Acquired
11/09/04, Cost $13,131,415) (a) (b)....... 6.200 08/15/12 13,166,750
7,945 Wichita Cnty, TX Hlth Fac Rolling Meadows
Fac Ser A Rfdg............................ 6.250 01/01/28 8,064,334
4,500 Woodhill Pub Fac Corp TX Hsg-Woodhill Apt
Proj...................................... 7.500 12/01/29 4,477,860
--------------
388,493,333
--------------
UTAH 0.4%
2,395 Eagle Mountain, UT Spl Assmt Spl Impt Dist
No 2000-1................................. 8.250 02/01/21 2,372,415
500 Hildale, UT Elec Rev Gas Turbine Elec Fac
Proj (e).................................. 7.600 09/01/06 192,500
1,000 Hildale, UT Elec Rev Gas Turbine Elec Fac
Proj (e).................................. 7.800 09/01/15 385,000
9,510 Mountain Regl Wtr Spl Svc Dist Utah Spl
Impt Dist No 2002-1....................... 7.000 12/01/18 9,737,669
4,285 South Jordan, UT Spl Assmt Spl Impt Dist
No 99-1................................... 6.875 11/01/17 4,285,171
2,390 Utah St Hsg Fin Agy Rev RHA Cmnty Svc Proj
Ser A..................................... 6.875 07/01/27 2,413,135
--------------
19,385,890
--------------
VERMONT 0.5%
1,155 Vermont Econ Dev Auth Rev Mtg Wake Robin
Corp Proj Ser B........................... 6.750 03/01/24 1,211,156
3,720 Vermont Econ Dev Auth Rev Mtg Wake Robin
Corp Proj Ser B........................... 6.750 03/01/29 3,893,836
1,290 Vermont Ed & Hlth Bldg Fin Agy Rev
Developmental & Mental Hlth Ser A......... 6.375 06/15/22 1,353,610
</Table>
66 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
VERMONT (CONTINUED)
$ 2,170 Vermont Ed & Hlth Bldg Fin Agy Rev
Developmental & Mental Hlth Ser A......... 6.500% 06/15/32 $ 2,261,205
2,275 Vermont Ed & Hlth Bldg Fin Agy Rev
Hlthcare Fac Copley Manor Proj............ 6.250 04/01/33 1,715,691
475 Vermont Ed & Hlth Bldg Fin Agy Rev VT
Council Dev Mental Hlth Ser A............. 6.000 12/15/09 496,575
1,930 Vermont Ed & Hlth Bldg Fin Agy Rev VT
Council Dev Mental Hlth Ser A............. 6.125 12/15/14 2,023,373
1,325 Vermont Ed & Hlth Bldg Fin Agy Rev VT
Council Dev Mental Hlth Ser A............. 6.250 12/15/19 1,390,190
1,670 Vermont Ed & Hlth Bldg Fin Bennington
College Proj (a).......................... 6.500 10/01/14 1,720,334
4,130 Vermont Ed & Hlth Bldg Fin Bennington
College Proj.............................. 6.625 10/01/29 4,251,009
--------------
20,316,979
--------------
VIRGINIA 2.4%
2,500 Albemarle Cnty, VA Indl Dev Auto
Residential Care Fac Ser A................ 6.200 01/01/31 2,583,375
2,955 Alexandria, VA Indl Dev Auth Rev Saint
Coletta Sch Proj (a)...................... 7.750 10/15/26 3,055,145
210 Alexandria, VA Indl Dev Auth Rev Saint
Coletta Sch Proj (a)...................... 7.750 10/15/26 217,117
2,000 Bedford Cnty, VA Indl Dev Auth Nekoosa
Packaging Proj Rfdg (AMT)................. 6.300 12/01/25 2,046,140
1,900 Bedford Cnty, VA Indl Dev Auth Nekoosa
Packaging Proj Ser A Rfdg (AMT)........... 6.550 12/01/25 1,955,442
1,794 Bell Creek Cmnty Dev Auth VA Spl Assmt Ser
A......................................... 6.750 03/01/22 1,889,818
3,845 Bell Creek Cmnty Dev Auth VA Spl Assmt Ser
B (a)..................................... 7.000 03/01/32 4,071,509
10,000 Broad Str Cmnty Dev Auth VA............... 7.500 06/01/33 11,036,900
1,463 Celebrate, VA North Cmnty Dev Auth Spl
Assmt Rev Celebrate VA North Proj Ser B... 6.600 03/01/25 1,556,339
8,000 Celebrate, VA North Cmnty Dev Auth Spl
Assmt Rev Celebrate VA North Proj Ser B... 6.750 03/01/34 8,476,480
4,000 Chesterfield Cnty, VA Indl Dev Elec & Pwr
Ser A..................................... 5.875 06/01/17 4,305,440
2,475 Dulles Town Ctr Cmnty Dev Auth Dulles Town
Ctr Proj.................................. 6.250 03/01/26 2,590,756
2,540 Fairfax Cnty, VA Redev & Hsg Auth Multi-
Family Hsg Rev............................ 7.600 10/01/36 2,645,283
2,445 Hampton, VA Redev & Hsg Auth Rev First Mtg
Olde Hampton Ser A Rfdg................... 6.500 07/01/16 2,359,816
3,000 Henrico Cnty, VA Econ Dev Auth Residential
Care Fac Rev Utd Methodist Ser A.......... 6.700 06/01/27 3,189,420
</Table>
See Notes to Financial Statements 67
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
VIRGINIA (CONTINUED)
$ 4,000 Henrico Cnty, VA Econ Dev Auth Residential
Care Fac Rev Utd Methodist Ser A Rfdg..... 6.500% 06/01/22 $ 4,262,960
5,200 Isle Wight Cnty, VA Indl Dev Auth
Environment Impt Rev Ser A (AMT).......... 5.700 11/01/27 5,387,512
1,200 James City Cnty, VA Indl Dev Auth
Residential Care Fac Rev First Mtg
Williamsburg Ser A Rfdg................... 6.000 03/01/23 1,265,820
3,000 James City Cnty, VA Indl Dev Auth
Residential Care Fac Rev First Mtg
Williamsburg Ser A Rfdg................... 6.125 03/01/32 3,140,340
500 Norfolk, VA Redev & Hsg Auth First Mtg
Retirement Cmnty Ser A.................... 6.000 01/01/25 516,240
1,950 Norfolk, VA Redev & Hsg Auth First Mtg
Retirement Cmnty Ser A.................... 6.125 01/01/35 2,008,188
10,500 Peninsula Port Auth VA Residential Care
Fac Rev VA Baptist Homes Ser A
(Prerefunded @ 12/01/13).................. 7.375 12/01/32 12,752,460
5,525 Richmond, VA Redev & Hsg Auth Multi-Family
Rev Ser A Rfdg (a)........................ 8.750 12/15/21 5,547,487
7,000 Roanoke Cnty, VA Indl Dev Auth Glebe Inc
Ser A..................................... 6.300 07/01/35 7,191,100
3,500 Tobacco Settlement Fin Corp Rites PA Ser
1341 (Inverse Floating Rate) (Acquired
12/07/05, Cost $3,513,860) (b)............ 6.307 06/01/37 3,673,740
4,000 Virginia Gateway Cmnty Dev Prince William
Cnty...................................... 6.375 03/01/30 4,335,160
470 Virginia Small Business Fin Indl Dev SIL
Clean Wtr Proj (AMT)...................... 7.250 11/01/09 487,653
1,700 Virginia Small Business Fin Indl Dev SIL
Clean Wtr Proj (AMT)...................... 7.250 11/01/24 1,759,891
--------------
104,307,531
--------------
WASHINGTON 0.9%
2,000 Kennewick, WA Pub Hosp Dist Impt & Rfdg... 6.300 01/01/25 2,054,660
600 King Cnty, WA Pub Hosp Dist No 004
Snoqualmie Vly Hosp....................... 7.000 12/01/11 633,108
400 King Cnty, WA Pub Hosp Dist No 004
Snoqualmie Vly Hosp....................... 7.250 12/01/15 423,820
2,000 Skagit Cnty, WA Pub Hosp Dist Rfdg........ 6.000 12/01/18 2,129,860
1,000 Skagit Cnty, WA Pub Hosp Dist Rfdg........ 6.000 12/01/23 1,062,290
2,400 Tobacco Settlement Auth WA Tob Settlement
Rev....................................... 6.500 06/01/26 2,612,640
8,315 Tobacco Settlement Auth WA Tob Settlement
Rev....................................... 6.625 06/01/32 9,073,079
</Table>
68 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
WASHINGTON (CONTINUED)
$ 10,975 Washington St Drivers Ser 509 (Inverse
Floating Rate) (Acquired 09/08/04, Cost
$11,324,672) (MBIA Insd) (a) (b).......... 6.200% 07/01/12 $ 11,692,436
8,670 Washington St Drivers Ser 593 (Inverse
Floating Rate) (Acquired 11/10/04, Cost
$9,025,272) (FSA Insd) (a) (b)............ 6.200 07/01/12 9,186,299
--------------
38,868,192
--------------
WEST VIRGINIA 0.0%
1,250 Randolph Cnty, WV Bldg Commn Rev Crossover
Elkins Regl Proj Rfdg..................... 6.125 07/01/23 1,172,613
--------------
WISCONSIN 2.3%
6,405 Badger Tob Asset Securitization Corp WI... 6.375 06/01/32 6,858,410
4,180 Baldwin, WI Hosp Rev Mtg Ser A............ 6.375 12/01/28 4,200,398
3,750 Hudson, WI Fac Hlthcare Rev Christian
Cmnty Home Inc Proj....................... 6.500 04/01/33 3,775,500
2,500 Milwaukee, WI Rev Sub Air Cargo (AMT)..... 7.500 01/01/25 2,735,725
3,420 Wisconsin St Hlth & Ed Fac Auth Rev
Froedert & Cmnty (Prerefunded @
10/01/11)................................. 5.375 10/01/30 3,689,291
330 Wisconsin St Hlth & Ed Fac Auth Rev
Froedert & Cmnty.......................... 5.375 10/01/30 348,823
6,000 Wisconsin St Hlth & Ed Fac Auth Rev Aurora
Hlthcare.................................. 6.400 04/15/33 6,569,520
8,725 Wisconsin St Hlth & Ed Fac Auth Rev Aurora
Hlthcare Inc Ser A........................ 5.600 02/15/29 9,037,268
4,750 Wisconsin St Hlth & Ed Fac Auth Rev
Clement Manor Rfdg........................ 5.750 08/15/24 4,770,615
2,000 Wisconsin St Hlth & Ed Fac Auth Rev Hess
Mem Hosp Assn (ACA Insd) (a).............. 7.875 11/01/22 2,044,820
5,000 Wisconsin St Hlth & Ed Fac Auth Rev
Milwaukee Catholic Home Inc Proj.......... 7.500 07/01/26 5,104,350
2,750 Wisconsin St Hlth & Ed Fac Auth Rev New
Castle Pl Proj Ser A...................... 7.000 12/01/31 2,841,053
2,000 Wisconsin St Hlth & Ed Fac Auth Rev
Oakwood Vlg Proj Ser A.................... 7.000 08/15/19 2,140,240
1,250 Wisconsin St Hlth & Ed Fac Auth Rev
Oakwood Vlg Proj Ser A.................... 7.625 08/15/30 1,361,225
1,115 Wisconsin St Hlth & Ed Fac Auth Rev Spl
Term Middleton Glen Inc Proj (a).......... 5.750 10/01/18 1,119,984
2,485 Wisconsin St Hlth & Ed Fac Auth Rev Spl
Term Middleton Glen Inc Proj.............. 5.750 10/01/28 2,469,320
360 Wisconsin St Hlth & Ed Fac Auth Rev Spl
Term Middleton Glen Inc Proj.............. 5.900 10/01/28 361,328
1,200 Wisconsin St Hlth & Ed Fac Auth Rev Tomah
Mem Hosp Inc Proj......................... 6.500 07/01/23 1,255,944
</Table>
See Notes to Financial Statements 69
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
WISCONSIN (CONTINUED)
$ 1,000 Wisconsin St Hlth & Ed Fac Auth Rev Tomah
Mem Hosp Inc Proj......................... 6.625% 07/01/28 $ 1,045,830
2,800 Wisconsin St Hlth & Ed Fac Auth Rev
Wheaton Franciscan Svcs Ser A............. 5.125 08/15/33 2,830,016
2,000 Wisconsin St Hlth & Ed Fac Beaver Dam
Cmnty Hosp Inc Ser A...................... 6.500 08/15/24 2,156,440
2,000 Wisconsin St Hlth & Ed Fac Beaver Dam
Cmnty Hosp Inc Ser A...................... 6.500 08/15/26 2,139,980
1,000 Wisconsin St Hlth & Ed Fac Beaver Dam
Cmnty Hosp Inc Ser A...................... 6.750 08/15/34 1,080,180
250 Wisconsin St Hlth & Ed Fac Blood Ctr
Southeastern Proj......................... 5.500 06/01/24 260,685
750 Wisconsin St Hlth & Ed Fac Blood Ctr
Southeastern Proj......................... 5.750 06/01/34 795,900
1,175 Wisconsin St Hlth & Ed Fac Cmnty Mem Hosp
Inc Proj.................................. 7.125 01/15/22 1,248,461
2,355 Wisconsin St Hlth & Ed Fac Cmnty Mem Hosp
Inc Proj.................................. 7.250 01/15/33 2,498,467
2,380 Wisconsin St Hlth & Ed Fac Divine Savior
Hlthcare Ser C (Prerefunded @ 05/01/12)... 7.500 05/01/32 2,781,054
3,500 Wisconsin St Hlth & Ed Fac Drivers Ser 399
(Inverse Floating Rate) (Acquired
03/02/04, Cost $4,071,565) (MBIA Insd) (a)
(b)....................................... 7.960 02/15/11 3,873,835
1,800 Wisconsin St Hlth & Ed Fac East Castle Pl
Inc Proj.................................. 6.125 12/01/34 1,832,724
3,000 Wisconsin St Hlth & Ed Fac Hlthcare Dev
Inc Proj (Prerefunded @ 11/15/09)......... 6.250 11/15/28 3,259,650
2,250 Wisconsin St Hlth & Ed Fac Southwest Hlth
Ctr A..................................... 6.250 04/01/34 2,287,328
4,000 Wisconsin St Hlth & Ed Fac Synergy Hlth
Inc....................................... 6.000 11/15/23 4,312,000
5,800 Wisconsin St Hlth & Ed Fac Synergy Hlth
Inc....................................... 6.000 11/15/32 6,222,878
2,750 Wisconsin St Hlth & Ed Fac Utd Lutheran
Pgm for the Aging......................... 5.700 03/01/28 2,749,395
--------------
102,058,637
--------------
WYOMING 0.1%
2,100 Teton Cnty, WY Hosp Dist Hosp Rst Johns
Med Ctr................................... 6.750 12/01/22 2,233,413
--------------
</Table>
70 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
yPuerto Rico 0.2%
$ 5,000 Puerto Rico Elec Pwr Auth Drivers Ser 500
(Inverse Floating Rate) (Acquired
08/24/04, Cost $5,499,429) (FGIC Insd) (a)
(b)....................................... 6.200% 07/01/12 $ 5,437,300
5,000 Puerto Rico Indl Tourist Ed & Trans Mem
Mennonite Gen Hosp Proj Ser A............. 6.500 07/01/26 4,960,900
--------------
10,398,200
--------------
TOTAL MUNICIPAL BONDS 98.7%.................................................. 4,383,321,962
</Table>
<Table>
<Caption>
NUMBER OF
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------
<S> <C> <C>
EQUITY 0.0%
GMT Holdings, LLC, Class B (i)..................................... 5,990 0
--------------
TOTAL INVESTMENTS 98.7%
(Cost $4,147,905,646)....................................................... 4,383,321,962
OTHER ASSETS IN EXCESS OF LIABILITIES 1.3%................................... 59,089,070
--------------
NET ASSETS 100.0%............................................................ $4,442,411,032
==============
</Table>
Percentages are calculated as a percentage of net assets.
* Zero coupon bond
(a) The Fund owns 100% of the outstanding bond issuance.
(b) These securities are restricted and may be resold only in transactions
exempt from registration which are normally those transactions with
qualified institutional buyers. Restricted securities comprise 12.6% of net
assets.
(c) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(d) Interest is accruing at less than the stated coupon.
(e) Non-income producing security.
(f) Payment-in-kind security.
(g) Securities purchased on a when-issued or delayed delivery basis.
(h) This borrower has filed for protection in federal bankruptcy court.
(i) Market value is determined in accordance with procedures established in good
faith by the Board of Trustees.
ACA--American Capital Access
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CA MTG--California Mortgage Insurance
See Notes to Financial Statements 71
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
PORTFOLIO OF INVESTMENTS -- MAY 31, 2006 (UNAUDITED) continued
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
GTY AGMT--Guarantee Agreement
LOC--Letter of Credit
MBIA--Municipal Bond Investors Assurance Corp.
XLCA--XL Capital Assurance Inc.
72 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
May 31, 2006 (Unaudited)
<Table>
<S> <C>
ASSETS:
Total Investments (Cost $4,147,905,646)..................... $4,383,321,962
Receivables:
Investments Sold.......................................... 94,583,086
Interest.................................................. 81,769,270
Fund Shares Sold.......................................... 3,395,474
Other....................................................... 230,857
--------------
Total Assets............................................ 4,563,300,649
--------------
LIABILITIES:
Payables:
Investments Purchased..................................... 82,601,714
Custodian Bank............................................ 18,966,768
Fund Shares Repurchased................................... 8,021,944
Income Distributions...................................... 6,482,008
Distributor and Affiliates................................ 2,116,061
Investment Advisory Fee................................... 1,922,784
Accrued Expenses............................................ 500,140
Trustees' Deferred Compensation and Retirement Plans........ 278,198
--------------
Total Liabilities....................................... 120,889,617
--------------
NET ASSETS.................................................. $4,442,411,032
==============
NET ASSETS CONSIST OF:
Capital (Par value of $.01 per share with an unlimited
number of shares authorized).............................. $4,352,239,096
Net Unrealized Appreciation................................. 235,416,316
Accumulated Undistributed Net Investment Income............. (984,197)
Accumulated Net Realized Loss............................... (144,260,183)
--------------
NET ASSETS.................................................. $4,442,411,032
==============
MAXIMUM OFFERING PRICE PER SHARE:
Class A Shares:
Net asset value and redemption price per share (Based on
net assets of $3,143,905,237 and 287,337,481 shares of
beneficial interest issued and outstanding)............. $ 10.94
Maximum sales charge (4.75%* of offering price)......... .55
--------------
Maximum offering price to public........................ $ 11.49
==============
Class B Shares:
Net asset value and offering price per share (Based on
net assets of $648,484,374 and 59,267,852 shares of
beneficial interest issued and outstanding)............. $ 10.94
==============
Class C Shares:
Net asset value and offering price per share (Based on
net assets of $649,886,029 and 59,475,188 shares of
beneficial interest issued and outstanding)............. $ 10.93
==============
Class I Shares:
Net asset value and offering price per share (Based on
net assets of $135,392 and 12,361 shares of beneficial
interest issued and outstanding)........................ $ 10.95
==============
</Table>
* On sales of $100,000 or more, the sales charge will be reduced.
See Notes to Financial Statements 73
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended May 31, 2006 (Unaudited)
<Table>
<S> <C>
INVESTMENT INCOME:
Interest.................................................... $141,222,988
------------
EXPENSES:
Investment Advisory Fee..................................... 11,343,003
Distribution (12b-1) and Service Fees (Attributed to Classes
A, B and C of $3,905,953, $3,324,153 and $3,260,235,
respectively)............................................. 10,490,341
Shareholder Services........................................ 956,140
Custody..................................................... 163,659
Legal....................................................... 123,510
Trustees' Fees and Related Expenses......................... 34,627
Other....................................................... 771,809
------------
Total Expenses.......................................... 23,883,089
Less Credits Earned on Cash Balances.................... 43,723
------------
Net Expenses............................................ 23,839,366
------------
NET INVESTMENT INCOME....................................... $117,383,622
============
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain........................................... $ 4,868,545
------------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 193,442,098
End of the Period......................................... 235,416,316
------------
Net Unrealized Appreciation During the Period............... 41,974,218
------------
NET REALIZED AND UNREALIZED GAIN............................ $ 46,842,763
============
NET INCREASE IN NET ASSETS FROM OPERATIONS.................. $164,226,385
============
</Table>
74 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
MAY 31, 2006 NOVEMBER 30, 2005
-------------------------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................. $ 117,383,622 $ 241,174,332
Net Realized Gain/Loss................................ 4,868,545 (38,373,759)
Net Unrealized Appreciation During the Period......... 41,974,218 134,015,612
-------------- --------------
Change in Net Assets from Operations.................. 164,226,385 336,816,185
-------------- --------------
Distributions from Net Investment Income:
Class A Shares...................................... (85,179,703) (174,337,174)
Class B Shares...................................... (15,646,439) (35,383,516)
Class C Shares...................................... (15,501,517) (32,999,673)
Class I Shares...................................... (1,135) -0-
-------------- --------------
Total Distributions................................... (116,328,794) (242,720,363)
-------------- --------------
NET CHANGE IN NET ASSETS FROM INVESTMENT ACTIVITIES... 47,897,591 94,095,822
-------------- --------------
FROM CAPITAL TRANSACTIONS:
Proceeds from Shares Sold............................. 237,330,917 644,198,134
Net Asset Value of Shares Issued Through Dividend
Reinvestment........................................ 77,214,305 162,359,547
Cost of Shares Repurchased............................ (395,279,345) (759,931,075)
-------------- --------------
NET CHANGE IN NET ASSETS FROM CAPITAL TRANSACTIONS.... (80,734,123) 46,626,606
-------------- --------------
TOTAL INCREASE/DECREASE IN NET ASSETS................. (32,836,532) 140,722,428
NET ASSETS:
Beginning of the Period............................... 4,475,247,564 4,334,525,136
-------------- --------------
End of the Period (Including accumulated undistributed
net investment income of ($984,197) and
($2,039,025), respectively)......................... $4,442,411,032 $4,475,247,564
============== ==============
</Table>
See Notes to Financial Statements 75
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30,
CLASS A SHARES MAY 31, ----------------------------------------------------
2006 2005 2004 2003 2002 (c) 2001
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
THE PERIOD................... $ 10.82 $ 10.59 $ 10.55 $ 10.35 $ 10.58 $ 10.56
-------- -------- -------- -------- -------- --------
Net Investment Income........ .30(a) .60 .62 .64 .65 .65
Net Realized and Unrealized
Gain/Loss.................. .12 .24 .04 .20 (.24) .03
-------- -------- -------- -------- -------- --------
Total from Investment
Operations................... .42 .84 .66 .84 .41 .68
Less Distributions from Net
Investment Income............ .30 .61 .62 .64 .64 .66
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF THE
PERIOD....................... $ 10.94 $ 10.82 $ 10.59 $ 10.55 $ 10.35 $ 10.58
======== ======== ======== ======== ======== ========
Total Return (b)............... 3.89%* 8.05% 6.42% 8.34% 3.95% 6.62%
Net Assets at End of the Period
(In millions)................ $3,143.9 $3,133.6 $2,923.0 $2,437.8 $1,525.2 $1,283.9
Ratio of Expenses to Average
Net Assets................... .85% .85% .85% .90% .89% .90%
Ratio of Net Investment Income
to Average Net Assets........ 5.50% 5.58% 5.87% 6.08% 6.15% 6.07%
Portfolio Turnover............. 14%* 25% 29% 15% 15% 15%
</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 4.75% or contingent deferred
sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be
imposed on certain redemptions made within eighteen months of purchase. If
the sales charges were included, total returns would be lower. These returns
include combined Rule 12b-1 fees and service fees of up to .25% and do not
reflect the deductions of taxes that a shareholder would pay on Fund
distributions or the redemptions of Fund shares.
(c) As required, effective December 1, 2001, the Fund has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
accreting market discount on fixed income securities. The effect of this
change for the year ended November 30, 2002 was to increase net investment
income per share by less than $.01, decrease net realized and unrealized
gains and losses per share by less than $.01 and increase the ratio of net
investment income to average net assets by .04%. Per share, ratios, and
supplemental data for periods prior to November 30, 2002 have not been
restated to reflect this change in presentation.
76 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30,
CLASS B SHARES MAY 31, ------------------------------------------------
2006 2005 2004 2003 2002 (c) 2001
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF THE
PERIOD.......................... $10.82 $10.59 $10.55 $10.35 $10.58 $10.55
------ ------ ------ ------ ------ ------
Net Investment Income........... .26(a) .52 .54 .56 .57 .57
Net Realized and Unrealized
Gain/Loss..................... .12 .24 .04 .20 (.24) .04
------ ------ ------ ------ ------ ------
Total from Investment
Operations...................... .38 .76 .58 .76 .33 .61
Less Distributions from Net
Investment Income............... .26 .53 .54 .56 .56 .58
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF THE
PERIOD.......................... $10.94 $10.82 $10.59 $10.55 $10.35 $10.58
====== ====== ====== ====== ====== ======
Total Return (b).................. 3.50%* 7.26% 5.62% 7.52% 3.16% 5.89%
Net Assets at End of the Period
(In millions)................... $648.5 $679.9 $740.9 $748.4 $527.2 $443.5
Ratio of Expenses to Average Net
Assets.......................... 1.60% 1.60% 1.60% 1.65% 1.64% 1.65%
Ratio of Net Investment Income to
Average Net Assets.............. 4.75% 4.83% 5.12% 5.34% 5.40% 5.32%
Portfolio Turnover................ 14%* 25% 29% 15% 15% 15%
</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 CDSC of 4%, charged on certain redemptions
made within the first and second year of purchase and declining to 0% after
the fifth year. If the sales charge was included, total returns would be
lower. These returns include combined Rule 12b-1 fees and service fees of up
to 1% and do not reflect the deductions of taxes that a shareholder would
pay on Fund distributions or the redemptions of Fund shares.
(c) As required, effective December 1, 2001, the Fund has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
accreting market discount on fixed income securities. The effect of this
change for the year ended November 30, 2002 was to increase net investment
income per share by less than $.01, decrease net realized and unrealized
gains and losses per share by less than $.01 and increase the ratio of net
investment income to average net assets by .04%. Per share, ratios, and
supplemental data for periods prior to November 30, 2002 have not been
restated to reflect this change in presentation.
See Notes to Financial Statements 77
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30,
CLASS C SHARES MAY 31, ------------------------------------------------
2006 2005 2004 2003 2002 (e) 2001
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF THE
PERIOD.......................... $10.81 $10.58 $10.54 $10.34 $10.57 $10.54
------ ------ ------ ------ ------ ------
Net Investment Income........... .26(a) .52 .54 .56 .57 .57
Net Realized and Unrealized
Gain/Loss..................... .12 .24 .04 .20 (.24) .04
------ ------ ------ ------ ------ ------
Total from Investment
Operations...................... .38 .76 .58 .76 .33 .61
Less Distributions from Net
Investment Income............... .26 .53 .54 .56 .56 .58
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF THE
PERIOD.......................... $10.93 $10.81 $10.58 $10.54 $10.34 $10.57
====== ====== ====== ====== ====== ======
Total Return (b).................. 3.51%*(d) 7.27% 5.63% 7.52%(c) 3.26% 5.80%
Net Assets at End of the Period
(In millions)................... $649.9 $661.7 $670.6 $605.5 $283.5 $185.1
Ratio of Expenses to Average Net
Assets.......................... 1.59%(d) 1.60% 1.60% 1.65% 1.64% 1.65%
Ratio of Net Investment Income to
Average Net Assets.............. 4.76%(d) 4.83% 5.12% 5.34%(c) 5.34% 5.32%
Portfolio Turnover................ 14%* 25% 29% 15% 15% 15%
</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 CDSC of 1%, charged on certain redemptions
made within one year of purchase. If the sales charge was included, total
returns would be lower. These returns would include combined Rule 12b-1 fees
and service fees of up to 1% and do not reflect the deductions of taxes that
a shareholder would pay on Fund distributions or the redemptions of Fund
shares.
(c) Certain non-recurring payments were made to Class C Shares, resulting in an
increase to the Total Return and Ratio of Net Investment Income to Average
Net Assets of .03%.
(d) The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net
Investment Income to Average Net Assets reflect actual 12b-1 fees of less
then 1% (See footnote 6).
(e) As required, effective December 1, 2001, the Fund has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
accreting market discount on fixed income securities. The effect of this
change for the year ended November 30, 2002 was to increase net investment
income per share by less than $.01, decrease net realized and unrealized
gains and losses per share by less than $.01 and increase the ratio of net
investment income to average net assets by .04%. Per share, ratios, and
supplemental data for periods prior to November 30, 2002 have not been
restated to reflect this change in presentation.
78 See Notes to Financial Statements
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIOD INDICATED.
<Table>
<Caption>
MARCH 1, 2006
CLASS I SHARES (COMMENCEMENT OF
OPERATIONS) TO
MAY 31, 2006
----------------
<S> <C>
NET ASSET VALUE, BEGINNING OF THE PERIOD.................... $10.98
------
Net Investment Income (a)................................. .13
Net Realized and Unrealized Loss.......................... (.01)
------
Total from Investment Operations............................ .12
Less Distributions from Net Investment Income............... .15
------
NET ASSET VALUE, END OF THE PERIOD.......................... $10.95
======
Total Return (b)............................................ 1.13%*
Net Assets at End of the Period (In millions)............... $ .1
Ratio of Expenses to Average Net Assets..................... .61%
Ratio of Net Investment Income to Average Net Assets........ 5.85%
Portfolio Turnover.......................................... 14%*
</Table>
* Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period. This return does
not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemptions of Fund shares.
See Notes to Financial Statements 79
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS -- MAY 31, 2006 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen High Yield Municipal Fund (the "Fund") is organized as a series of
the Van Kampen Tax-Exempt Trust, a Delaware statutory trust, and is registered
as a diversified, open-end management investment company under the Investment
Company Act of 1940 (the "1940 Act"), as amended. The Fund's investment
objective is to seek to provide investors with as high a level of interest
income exempt from federal income tax as is consistent with the investing
policies of the Fund. The Fund's investment advisor generally seeks to achieve
the Fund's investment objective by investing primarily in a portfolio of
medium-and lower-grade municipal securities. The Fund commenced investment
operations on January 2, 1986. The Fund offers Class A Shares, Class B Shares,
Class C Shares and Class I Shares. Each class of shares differs by its initial
sales load, contingent deferred sales charges, the allocation of class-specific
expenses and voting rights on matters affecting a single class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal Bonds are valued by independent pricing services
or dealers using the mean of the bid and asked prices or, in the absence of
market quotations, at fair value based upon yield data relating to municipal
bonds with similar characteristics and general market conditions. Securities
which are not valued by independent pricing services or dealers are valued at
fair value using procedures established in good faith by the Board of Trustees.
Futures contracts are valued at the settlement price established each day on the
exchange on which they are traded. Short-term securities with remaining
maturities of 60 days or less are valued at amortized cost, which approximates
market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis.
Legal expenditures that are expected to result in the restructuring of or a plan
of reorganization for an investment are recorded as realized losses. The Fund
may purchase and sell securities on a "when-issued" or "delayed delivery" basis,
with settlement to occur at a later date. The value of the security so purchased
is subject to market fluctuations during this period. The Fund will segregate
assets with the custodian having an aggregate value at least equal to the amount
of the when-issued or delayed delivery purchase commitments until payment is
made. At May 31, 2006, the Fund had $59,608,768 of 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.
The Fund may invest independently in repurchase agreements, or transfer
uninvested cash balances into a pooled cash account along with other investment
companies advised by Van Kampen Asset Management (the "Adviser") or its
affiliates the daily aggregate of which is invested in repurchase agreements.
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
80
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS -- MAY 31, 2006 (UNAUDITED) continued
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. INCOME AND EXPENSES Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the life of each applicable
security. Income and expenses of the Fund are allocated on a pro rata basis to
each class of shares, except for distribution and service fees and incremental
transfer agency costs which are unique to each class of shares.
D. FEDERAL INCOME TAXES It is the Fund's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
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 November 30, 2005, the Fund had an accumulated capital loss
carryforward for tax purposes of $148,867,215, which will expire according to
the following schedule:
<Table>
<Caption>
AMOUNT EXPIRATION
<S> <C>
$19,058,901................................................. November 30, 2009
26,540,455................................................. November 30, 2010
25,224,929................................................. November 30, 2011
38,535,389................................................. November 30, 2012
39,507,541................................................. November 30, 2013
</Table>
At May 31, 2006 the cost and related gross unrealized appreciation and
depreciation are as follows:
<Table>
<S> <C>
Cost of investments for tax purposes........................ $4,143,112,441
==============
Gross tax unrealized appreciation........................... $ 275,239,241
Gross tax unrealized depreciation........................... (35,029,720)
--------------
Net tax unrealized appreciation on investments.............. $ 240,209,521
==============
</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 annually. Distributions from net realized gains for book purposes
may include short-term capital gains and gains on futures transactions. All
short-term capital gains and a portion of futures gains are included in ordinary
income for tax purposes.
The tax character of distributions paid during the year ended November 30,
2005 was as follows:
<Table>
<S> <C>
Distributions paid from:
Ordinary Income........................................... $ 123,848
Tax-exempt Income......................................... 242,640,334
------------
$242,764,182
============
</Table>
81
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS -- MAY 31, 2006 (UNAUDITED) continued
As of November 30, 2005, the components of distributable earnings on a tax
basis were as follows:
<Table>
<S> <C>
Undistributed ordinary income............................... $ 641,044
Undistributed tax-exempt income............................. 4,268,522
</Table>
Net realized gains or losses may differ for financial reporting and tax
purposes primarily as a result of the deferral of losses relating to wash sale
transactions.
F. EXPENSE REDUCTIONS During the six months ended May 31, 2006, the Fund's
custody fee was reduced by $43,723 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 will
provide investment advice and facilities to the Fund for an annual fee payable
monthly as follows:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS % PER ANNUM
<S> <C>
First $300 million.......................................... .60%
Next $300 million........................................... .55%
Over $600 million........................................... .50%
</Table>
For the six months ended May 31, 2006, the Fund recognized expenses of
approximately $73,000 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the Fund is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Fund.
Under separate Accounting Services and Chief Compliance Officer (CCO)
Employment agreements, the Adviser provides accounting 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 May 31, 2006, the Fund
recognized expenses of approximately $85,500 representing Van Kampen Investments
Inc.'s or its affiliates' (collectively "Van Kampen") cost of providing
accounting 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 Accounting Services and CCO Employment agreement are reported as
part of "Other" 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
May 31, 2006, the Fund recognized expenses of approximately $792,300
representing transfer agent 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.
Amounts deferred are retained by the Fund and to the extent permitted by the
1940 Act, as amended, may be invested in the common shares of those funds
selected by the trustees. Investments in such funds of $162,074 are included in
"Other" assets on the Statement of Assets and Liabilities at May 31, 2006.
Appreciation/ depreciation and distributions received from these investments are
recorded with an offsetting
82
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS -- MAY 31, 2006 (UNAUDITED) continued
increase/decrease in the deferred compensation obligation and do not affect the
net asset value of the Fund. Benefits under the retirement plan are payable upon
retirement for a ten-year period and are based upon each trustee's years of
service to the Fund. The maximum annual benefit per trustee under the plan is
$2,500.
For the six months ended May 31, 2006, Van Kampen, as distributor for the
Fund, received net commissions on sales of the Fund's Class A Shares of
approximately $339,300 and contingent deferred sales charge (CDSC) on redeemed
shares of approximately $466,900. Sales charges do not represent expenses of the
Fund.
At May 31, 2006, Morgan Stanley Investment Management Inc., an affiliate of
the Adviser, owned 925 shares of Class I.
3. CAPITAL TRANSACTIONS
For the six months ended May 31, 2006 and the year ended November 30, 2005,
transactions were as follows:
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
MAY 31, 2006 NOVEMBER 30, 2005
---------------------------- ----------------------------
SHARES VALUE SHARES VALUE
<S> <C> <C> <C> <C>
Sales:
Class A....................... 18,609,856 $ 203,133,231 50,923,601 $ 551,903,742
Class B....................... 665,755 7,273,517 2,394,782 25,948,215
Class C....................... 2,456,224 26,789,669 6,129,062 66,346,177
Class I....................... 12,285 134,500 -0- -0-
----------- ------------- ----------- -------------
Total Sales..................... 21,744,120 $ 237,330,917 59,447,445 $ 644,198,134
=========== ============= =========== =============
Dividend Reinvestment:
Class A....................... 5,357,993 $ 58,589,388 11,199,141 $ 121,562,983
Class B....................... 922,568 10,088,202 2,092,672 22,709,402
Class C....................... 781,558 8,535,879 1,668,260 18,087,162
Class I....................... 76 836 -0- -0-
----------- ------------- ----------- -------------
Total Dividend Reinvestment..... 7,062,195 $ 77,214,305 14,960,073 $ 162,359,547
=========== ============= =========== =============
Repurchases:
Class A....................... (26,124,367) $(284,923,967) (48,603,680) $(526,172,560)
Class B....................... (5,133,746) (56,085,363) (11,619,145) (126,003,413)
Class C....................... (4,975,453) (54,270,015) (9,961,573) (107,755,102)
----------- ------------- ----------- -------------
Total Repurchases............... (36,233,566) $(395,279,345) (70,184,398) $(759,931,075)
=========== ============= =========== =============
</Table>
4. REDEMPTION FEE
The Fund will assess a 2% redemption fee on the proceeds of Fund shares that are
redeemed (either by sale or exchange) within 30 days of purchase. The redemption
fee is paid directly to the Fund. For the six months ended May 31, 2006, the
Fund received redemption fees of approximately $20,800, which are reported as
part of "Cost of Shares Repurchased" on the Statement of Changes in Net Assets.
83
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS -- MAY 31, 2006 (UNAUDITED) continued
5. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $610,536,220 and $668,741,537,
respectively.
6. DISTRIBUTION AND SERVICE PLANS
Shares of the Fund are distributed by Van Kampen Funds Inc. (the "Distributor"),
an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant
to Rule 12b-1 under the 1940 Act, as amended, and a service plan (collectively,
the "Plans") for Class A Shares, Class B Shares and Class C Shares to compensate
the Distributor for the sale, distribution, shareholder servicing and
maintenance of shareholder accounts for these shares. Under the Plans, the Fund
will incur annual fees of up to .25% of Class A average daily net assets and up
to 1.00% each of Class B and Class C average daily net assets. These fees are
accrued daily and paid to the Distributor monthly.
The amount of distribution expenses incurred by the Distributor and not yet
reimbursed ("unreimbursed receivable") was approximately $11,060,700 and $10,800
for Class B Shares and Class C Shares, respectively. These amounts may be
recovered from future payments under the distribution plan or CDSC. To the
extent the unreimbursed receivable has been fully recovered, the distribution
fee is reduced.
7. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate,
or index.
The Fund may use derivative instruments for a variety of reasons, such as to
attempt to protect the Fund against possible changes in the market value of its
portfolio, to manage the portfolio's effective yield, maturity and duration, or
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. Upon disposition, a realized
gain or loss is recognized accordingly, except when taking delivery of a
security underlying a futures contract. In this instance, the recognition of
gain or loss is postponed until the disposal of the security underlying the
futures contract. Risks may arise as a result of the potential inability of the
counterparties to meet the terms of their contracts.
Summarized below are the different types of derivative financial instruments
used by the Fund.
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Fund generally invests in exchange traded futures on U.S. Treasury Bonds and
Notes and typically closes the contract prior to delivery date. These contracts
are generally used to manage the Fund's effective maturity and duration. Upon
entering into futures contracts, the Fund maintains an amount of cash or liquid
securities with a value equal to a percentage of the contract amount with either
a futures commission merchant pursuant to rules and regulations promulgated
under the 1940 Act, as amended, or with its custodian in an account in the
broker's name. This amount is known as initial margin. During the period the
futures contract is open, payments are received from or made to the broker based
upon changes in the value of the contract (the variation margin).
There were no transactions in futures contracts for the six months ended May
31, 2006.
84
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS -- MAY 31, 2006 (UNAUDITED) continued
B. INDEXED SECURITY An inverse floating rate security is one where the coupon is
inversely indexed to a short-term floating interest rate multiplied by a
specific factor. As the floating rate rises, the coupon is reduced. Conversely,
as the floating rate declines, the coupon is increased. The price of these
securities may be more volatile than the price of a comparable fixed rate
security. These instruments are typically used by the Fund to enhance the yield
of the portfolio. These instruments are identified in the portfolio of
investments.
8. LEGAL MATTERS
The Adviser and certain affiliates of the Adviser are named as defendants in a
derivative suit which additionally names as defendants certain individual
trustees of certain Van Kampen funds. The named investment companies, including
the Fund, are listed as nominal defendants. The complaint alleges that
defendants caused the Van Kampen funds to pay economic incentives to a
proprietary sales force to promote the sale of Van Kampen funds. The complaint
also alleges that the Van Kampen funds paid excessive commissions to Morgan
Stanley and its affiliates in connection with the sales of the funds. The
complaint seeks, among other things, the removal of the current trustees of the
funds, rescission of the management contracts for the funds, disgorgement of
profits by Morgan Stanley and its affiliates and monetary damages. This
derivative action was coordinated with a direct action alleging related
violations of defendants' statutory disclosure obligations and fiduciary duties
with respect to the payments described above. In addition, this derivative
action was stayed by agreement of the parties pending rulings on the motion to
dismiss the direct action and the motion to dismiss the action described in the
next paragraph. In April 2006, the court granted defendants' motion to dismiss
the direct action. In June 2006, the court granted defendants' motion to dismiss
the action described in the next paragraph. Accordingly, the stay on this action
was lifted. Plaintiff and defendants have agreed that this action should be
dismissed in light of the rulings dismissing the two cases discussed above.
The derivative plaintiff in the action described in the preceding paragraph
filed a separate derivative action against the Adviser, certain affiliates of
the Adviser, the individual trustees of certain Van Kampen funds, and certain
unaffiliated entities. The named investment companies, including the Fund, were
listed as nominal defendants. The compliant alleged that certain unaffiliated
entities engaged in or facilitated market timing and late trading in the Van
Kampen funds, and that the Adviser, current affiliates of the Adviser, and the
trustees failed to prevent and/or detect such market timing and late trading.
The complaint sought, among other things, the removal of the current trustees of
the funds, rescission of the management contracts and distribution plans for the
funds, disgorgement of fees and profits from the Adviser and its affiliates, and
monetary damages. The court initially granted in part and denied in part
defendants' motion to dismiss this complaint. The defendants moved the court to
reconsider those claims it denied. The plaintiff thereafter voluntarily
dismissed the independent trustees from the action without prejudice. On June
14, 2006, the court entered an order granting defendants' motion for
reconsideration and dismissing all claims in the action.
9. 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.
85
<PAGE>
VAN KAMPEN HIGH YIELD MUNICIPAL 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
DENNIS SHEA
Vice President
J. DAVID GERMANY
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
PHILLIP G. GOFF
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
DISTRIBUTOR
VAN KAMPEN FUNDS INC.
1221 Avenue of the Americas
New York, New York 10020
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
ERNST & YOUNG LLP
233 South Wacker Drive
Chicago, Illinois 60606
* "Interested persons" of the Fund, as defined in the Investment Company Act
of 1940, as amended.
86
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Van Kampen High Yield Municipal 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.
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Van Kampen High Yield Municipal 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
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Van Kampen High Yield Municipal 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
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2006 Van Kampen Funds Inc. All rights reserved.
Member NASD/SIPC.
50, 150, 250
HYM SAR 7/06
(VAN KAMPEN INVESTMENTS SHINE LOGO) RN06-01828P-Y05/06
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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.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form
N-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.
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(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.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Tax-Exempt Trust
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: July 20, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: July 20, 2006
By: /s/ Phillip G. Goff
---------------------
Name: Phillip G. Goff
Title: Principal Financial Officer
Date: July 20, 2006
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