-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IAKYZXi/CtkflXV7cXcOLBFAocYW0A0xIBI58eGtjavwBALLBEeLrAKCVX07+Qj7 RcCTLiX7Icg9m46BfoXWTg== 0000950137-05-008026.txt : 20050628 0000950137-05-008026.hdr.sgml : 20050628 20050628133630 ACCESSION NUMBER: 0000950137-05-008026 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050430 FILED AS OF DATE: 20050628 DATE AS OF CHANGE: 20050628 EFFECTIVENESS DATE: 20050628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VAN KAMPEN TRUST FOR INSURED MUNICIPALS CENTRAL INDEX KEY: 0000880893 IRS NUMBER: 363797563 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06472 FILM NUMBER: 05919773 BUSINESS ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2127625441 MAIL ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN AMERICAN CAPITAL TRUST FOR INSURED MUNICIPALS DATE OF NAME CHANGE: 19960102 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN MERRITT TRUST FOR INSURED MUNICIPALS DATE OF NAME CHANGE: 19920929 N-CSRS 1 c95587nvcsrs.txt SEMIANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-6472 Van Kampen Trust For Insured Municipals - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 1221 Avenue of the Americas, New York, New York 10020 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Ronald Robison 1221 Avenue of the Americas, New York, New York 10020 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 Date of fiscal year end: 10/31 Date of reporting period: 4/30/05 Item 1. Reports to Shareholders. The Trust's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: Welcome, Shareholder In this report, you'll learn about how your investment in Van Kampen Trust for Insured Municipals performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the trust's financial statements and a list of trust investments as of April 30, 2005. MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST. INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT).
--------------------------------------------------------------------------------------- NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE --------------------------------------------------------------------------------------- NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT ---------------------------------------------------------------------------------------
Performance Summary as of 4/30/05
TRUST FOR INSURED MUNICIPALS SYMBOL: VIM - ------------------------------------------------------------ AVERAGE ANNUAL BASED ON BASED ON TOTAL RETURNS NAV MARKET PRICE Since Inception 1/24/92 7.19% 7.92% 10-year 7.13 7.64 5-year 9.23 8.64 1-year 9.89 10.71 6-month 2.66 1.18 - ------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. NAV per share is determined by dividing the value of the trust's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. Total return assumes an investment at the beginning of the period, reinvestment of all distributions for the period in accordance with the trust's dividend reinvestment plan, and sale of all shares at the end of the period. The Lehman Brothers Municipal Bond Index is a broad-based statistical composite of municipal bonds. The index does not include any expenses, fees or sales charges, which would lower performance. The index is unmanaged and should not be considered an investment. It is not possible to invest directly in an index. 1 Trust Report FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005 Van Kampen Trust for Insured Municipals is managed by the Adviser's Municipal Fixed Income team.(1) Current members include Joseph Piraro and Robert Wimmel, Vice Presidents of the Adviser; and John Reynoldson, Executive Director of the Adviser. MARKET CONDITIONS The six-month period ended April 30, 2005, was characterized by continued short-term interest rate increases. As crude oil prices reached record highs, the prospect of rising inflation also cast a shadow. The Federal Open Market Committee (the "Fed") raised the federal funds target rate 100 basis points during the period through a series of four "measured" 0.25 percent tightenings to 2.75 percent by the end of April. Although rates in the short and intermediate areas of the yield curve shifted upward as the Fed tightened, long- term interest rates fell as buyers did not seem deterred by the prospect of rising inflation. As a result, the yield curve (the difference between short and longer-term yields) flattened and the long end of the municipal market handily outperformed the shorter end. The municipal market in total posted positive returns during the period, though it was not uniformly strong. In contrast to the strong showing by longer-term bonds, shorter-term municipals were hampered by the Fed's tightening and turned in a flat to slightly negative showing. Within the investment-grade segment of the market, yield differentials between BBB-rated and AAA-rated municipal securities were slightly wider, though BBB-rated securities still outperformed high grades due to their higher coupons, while securities rated below investment grade strongly outperformed as investors sought out their higher yields. The Fed's interest rate hikes did not appear to dampen investors' appetites for municipal bonds, as net inflows into municipal bond funds topped $290 million during the period. The supply of new issues was modest during the closing months of 2004 (the first two months of the period) before soaring in the opening months of 2005 as long-term issuers rushed to bring securities to market in anticipation of additional interest rate increases in the near term. (1)Team members may change at any time without notice. 2 PERFORMANCE ANALYSIS The trust's return can be calculated based upon either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the value of the trust's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding, while market price reflects the supply and demand for the shares. As a result, the two returns can differ, as they did during the reporting period. On an NAV basis, the trust outperformed its benchmark index, the Lehman Brothers Municipal Bond Index. On a market price basis, the trust underperformed its benchmark. TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005
- ---------------------------------------------------------- BASED ON BASED ON LEHMAN BROTHERS NAV MARKET PRICE MUNICIPAL BOND INDEX 2.66% 1.18% 1.93% - ----------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. INVESTMENT RETURN, NET ASSET VALUE AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. SEE PERFORMANCE SUMMARY FOR ADDITIONAL PERFORMANCE INFORMATION AND INDEX DEFINITION. The trust uses leverage to enhance its dividend to common shareholders. The trust borrows money at short-term rates through the issuance of preferred shares. The proceeds are reinvested in longer-term securities, taking advantage of the difference between short- and longer-term rates. The Fed's policy of raising interest rates throughout the period made the trust's borrowing activity more expensive. These expenses, however, were more than offset by the positive performance of the bonds held by the trust. One of our primary strategies in managing the trust during the period was to take advantage of compelling opportunities in the 25- to 30-year segment of the market. We focused here on purchasing securities with premium (that is, above- market) coupons and moderate interest rate sensitivity. Our purchases of these securities were funded by the proceeds of sales of several shorter-maturity positions, many of which had been refunded during the period. This was part of our ongoing strategy of positioning the trust for an environment of rising short-term interest rates by limiting the trust's exposure to that segment of the market. At the end of the period, airport bonds represented the largest sector exposure of the portfolio, totaling approximately 18 percent of assets. Although airport bonds have received negative publicity, our analysis is that the airports will persevere, regardless of which airlines survive. We continued to favor the essential services segments of the market. Public builders and general purpose rounded out the top three sectors. 3 In turn, we avoided the housing sector out of concerns about those bonds' structural characteristics. We also avoided zero coupon bonds. The trust remained well diversified geographically, with no one state or region dominating the portfolio. Many of our purchases were either from states with high taxes (such as California or New York), and therefore, strong demand for their bonds; or from states (such as Illinois) that lack dual tax-exempt status. Because they do not carry dual tax-exemption, bonds in this latter group typically offered higher yields than other higher-tax states. Because the trust invests exclusively in bonds that offer the credit enhancement of insurance, the entire portfolio of long-term investments was rated AAA at the close of the period. There is no guarantee the security sectors mentioned will continue to perform well or be held by the trust in the future. 4
TOP 5 SECTORS AS OF 4/30/05 Airport 17.6% Public Building 15.3 General Purpose 15.3 Public Education 11.2 Higher Education 8.0 RATINGS ALLOCATION AS OF 4/30/05 A/A 0.2% AAA/Aaa 99.8 SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/05 Illinois 13.0% Texas 11.2 Washington 5.4 Indiana 5.1 Georgia 5.1 Pennsylvania 4.5 Ohio 3.7 New York 3.7 Florida 3.4 Michigan 3.1 Missouri 2.9 Kansas 2.8 Louisiana 2.4 Puerto Rico 2.4 Alabama 2.4 North Carolina 2.4 Oregon 2.4 Arizona 2.3 Rhode Island 2.2 Tennessee 1.9 Colorado 1.8 Nevada 1.6 California 1.6 New Jersey 1.5 South Carolina 1.5 Hawaii 1.4 District of Columbia 1.3 Mississippi 1.0 South Dakota 1.0 Alaska 0.9 Massachusetts 0.8 Wisconsin 0.7 West Virginia 0.6 Virginia 0.6 Oklahoma 0.6 Nebraska 0.4 New Mexico 0.1 ----- Total Investments 100.0%
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 5 and summary of investments by state classification are as a percentage of total investments. Sectors are as a percentage of long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor's and Moody's, respectively. 6 FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS Each Van Kampen trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the trust's second and fourth fiscal quarters by filing the schedule electronically with the Securities and Exchange Commission (SEC). The semiannual reports are filed on Form N-CSRS and the annual reports are filed on Form N-CSR. Van Kampen also delivers the semiannual and annual reports to trust shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each trust files a complete schedule of portfolio holdings with the SEC for the trust's first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site, http://www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102. You may obtain copies of a trust's fiscal quarter filings by contacting Van Kampen Client Relations at 1-800-847-2424. 7 PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD The trust's policies and procedures with respect to the voting of proxies relating to the trust's portfolio securities and information on how the trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by visiting our Web site at www.vankampen.com. This information is also available on the Securities and Exchange Commission's Web site at http://www.sec.gov. 8 VAN KAMPEN TRUST FOR INSURED MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------- MUNICIPAL BONDS 160.5% ALABAMA 3.9% $ 915 Alabama Drinking Wtr Fin Auth Revolving Fd Ln Ser A (AMBAC Insd).............................. 5.125% 08/15/16 $ 990,652 1,380 Alabama Drinking Wtr Fin Auth Revolving Fd Ln Ser A (AMBAC Insd).............................. 5.250 08/15/18 1,505,221 1,480 Alabama St Brd Ed Rev Jefferson St Cmnty College (AMBAC Insd) (a)................................ 5.000 10/01/21 1,591,089 1,480 Dothan-Houston Cnty, AL Arpt Auth Arpt Rev (AMT) (MBIA Insd)..................................... 5.600 12/01/20 1,614,192 515 Enterprise, AL Wt (AMBAC Insd).................. 5.000 10/01/23 549,871 ------------ 6,251,025 ------------ ALASKA 1.5% 2,110 Alaska St Intl Arpt Rev Ser B (AMBAC Insd)...... 5.750 10/01/18 2,386,241 ------------ ARIZONA 3.7% 1,395 Greater AZ Dev Auth Infrastructure Rev Ser A (MBIA Insd)..................................... 5.000 08/01/22 1,497,240 2,000 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien (AMT) (FGIC Insd)............................... 5.375 07/01/29 2,036,700 1,140 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Ser A Rfdg (FSA Insd)..... 7.250 07/15/10 1,193,352 1,150 Tucson, AZ Wtr Rev Rfdg (FGIC Insd)............. 5.500 07/01/17 1,296,740 ------------ 6,024,032 ------------ CALIFORNIA 2.6% 2,000 California Stwide Cmnty Pooled Fin Pgm Ser S (FSA Insd)...................................... 5.250 10/01/19 2,201,340 1,750 Huntington Pk, CA Pub Fin Ser A Rfdg (FSA Insd)........................................... 5.250 09/01/18 1,955,555 ------------ 4,156,895 ------------ COLORADO 2.9% 1,255 Colorado Ed & Cultural Fac Auth Rev Charter Sch Aurora Academy Proj (XLCA Insd) (a)............. 5.250 02/15/24 1,349,163 560 Weld & Adams Cntys, CO Sch Dist Ser J (FSA Insd)................................ 5.000 12/15/22 602,274 2,425 Weld Cnty, CO Sch Dist No 006 (FSA Insd) (b).... 5.500 12/01/19 2,698,758 ------------ 4,650,195 ------------ DISTRICT OF COLUMBIA 2.1% 2,035 District of Columbia Tax Increment Rev Gallery Place Proj (FSA Insd) (a)....................... 5.500 07/01/14 2,257,710 1,000 District of Columbia Tax Increment Rev Gallery Place Proj (FSA Insd)........................... 5.500 07/01/15 1,108,770 ------------ 3,366,480 ------------ FLORIDA 5.1% 2,000 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd).................................... 5.950 07/01/20 2,031,020
See Notes to Financial Statements 9 VAN KAMPEN TRUST FOR INSURED MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $1,330 Hillsborough Cnty, FL Aviation Tampa Intl Arpt Ser A (AMT) (MBIA Insd)......................... 5.375% 10/01/16 $ 1,454,062 2,000 Miami-Dade Cnty, FL Aviation Miami Intl Arpt (AMT) (FGIC Insd)............................... 5.375 10/01/27 2,118,880 405 Orange Cnty, FL Hsg Fin Auth Single Family Mtg Rev Ser A (AMT) (GNMA Collateralized)........... 6.200 10/01/16 416,984 2,000 Pasco Cnty, FL Solid Waste Disp & Res Recovery Sys Rev (AMT) (AMBAC Insd)...................... 6.000 04/01/11 2,234,120 ------------ 8,255,066 ------------ GEORGIA 8.2% 3,145 Atlanta, GA Dev Auth Rev Yamacraw Design Ctr Proj Ser A (MBIA Insd).......................... 5.375 01/01/17 3,452,801 3,620 Atlanta, GA Dev Auth Rev Yamacraw Design Ctr Proj Ser A (MBIA Insd) (a)...................... 5.375 01/01/18 3,969,801 1,860 George L Smith ll GA Wrld Congress Ctr Auth Rev Domed Stad Proj Rfdg (AMT) (MBIA Insd).......... 6.000 07/01/10 2,086,102 2,145 Upper Oconee Basin Wtr Auth GA Rev Rfdg (MBIA Insd)........................................... 5.000 07/01/24 2,291,246 1,300 Upper Oconee Basin Wtr Auth GA Rev Rfdg (MBIA Insd)........................................... 5.000 07/01/25 1,384,188 ------------ 13,184,138 ------------ HAWAII 2.2% 2,000 Hawaii St Dept Budget & Fin Spl Purp Rev Hawaiian Elec Co Proj Ser C (AMT) (AMBAC Insd)........................................... 6.200 11/01/29 2,235,600 1,250 Hawaii St Dept Budget & Fin Spl Purp Rev Hawaiian Elec Co Ser D Rfdg (AMT) (AMBAC Insd)........................................... 6.150 01/01/20 1,371,750 ------------ 3,607,350 ------------ ILLINOIS 20.9% 2,000 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd).... * 01/01/32 473,340 1,795 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Second Lien Ser A (AMT) (AMBAC Insd)................... 5.500 01/01/16 1,881,339 2,705 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser E Rfdg (CIFG Insd) (a)................. 5.250 01/01/20 2,920,724 5,000 Chicago, IL O'Hare Intl Arpt Rev RR II (Inverse Fltg) (AMT) (Acquired 08/18/03, Cost $5,289,007) (FSA Insd) (a) (c).............................. 8.360 01/01/22 6,104,750 1,000 Chicago, IL Pk Dist Ltd Tax Ser A (FGIC Insd)... 5.500 01/01/18 1,097,450 5,000 Chicago, IL Proj & Rfdg (FGIC Insd) (b)......... 5.250 01/01/28 5,311,450 3,000 Chicago, IL Proj Ser C Rfdg (FGIC Insd)......... 5.500 01/01/40 3,269,040 1,770 Glenwood, IL (FSA Insd) (a)..................... 5.375 12/01/30 1,918,397 1,000 Illinois Ed Fac Auth Rev Robert Morris College (MBIA Insd)..................................... 5.800 06/01/30 1,058,710 3,000 Illinois St First Ser (FGIC Insd)............... 5.500 02/01/16 3,320,940 1,500 Illinois St First Ser (FGIC Insd)............... 5.500 02/01/17 1,658,580 2,000 Illinois St First Ser (FGIC Insd)............... 5.500 02/01/18 2,208,920
10 See Notes to Financial Statements VAN KAMPEN TRUST FOR INSURED MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------- ILLINOIS (CONTINUED) $1,260 Kendall, Kane & Will Cntys, IL (FGIC Insd)...... 5.500% 10/01/12 $ 1,408,000 1,050 Kendall, Kane & Will Cntys, IL Ser B (FGIC Insd)........................................... 5.000 10/01/22 1,118,901 ------------ 33,750,541 ------------ INDIANA 8.2% 2,025 Aurora, IN Sch Bldg Ind Corp First Mtg (FGIC Insd)..................................... 5.000 07/15/23 2,153,972 1,000 Ball St Univ, IN Univ Rev Student Fee Ser M (AMBAC Insd).................................... 5.000 07/01/22 1,066,600 1,000 Baugo, IN Sch Bldg Corp First Mtg Ser B (AMBAC Insd)........................................... 5.125 01/15/25 1,066,010 1,085 Indiana St Recreational Dev Cmnty Rev (AMBAC Insd) (a)....................................... 5.000 07/01/18 1,166,700 1,235 Indianapolis, IN Loc Pub Impt Ser D (AMBAC Insd).................................... 5.500 02/01/21 1,348,200 2,000 New Albany Floyd Cnty, IN Sch Bldg Corp First Mtg Rfdg (FSA Insd) (d)......................... 5.000 07/15/22 2,115,620 1,000 New Albany Floyd Cnty, IN Sch Bldg Corp First Mtg Rfdg (FSA Insd) (d)......................... 5.000 07/15/23 1,054,440 2,000 New Albany Floyd Cnty, IN Sch Bldg Corp First Mtg Rfdg (FSA Insd) (d)......................... 5.000 07/15/25 2,093,840 1,195 Saint Joseph Cnty, IN Econ Dev Saint Mary's College Proj (MBIA Insd)........................ 5.125 04/01/28 1,250,962 ------------ 13,316,344 ------------ KANSAS 4.5% 1,455 Butler Cnty, KS Uni Sch Dist Impt Ser B (FSA Insd) (a) (d)................................... 5.000 09/01/28 1,536,102 1,560 Butler Cnty, KS Uni Sch Dist Impt Ser B (FSA Insd) (a) (d)................................... 5.000 09/01/29 1,642,961 1,675 Butler Cnty, KS Uni Sch Dist Impt Ser B (FSA Insd) (a) (d)................................... 5.000 09/01/30 1,764,495 2,095 Kansas St Dev Fin Auth Lease Juvenile Justice Auth Ser D (MBIA Insd).......................... 5.250 05/01/15 2,288,704 ------------ 7,232,262 ------------ LOUISIANA 3.9% 3,145 Calcasieu Parish, LA Mem Hosp Svc Dist Hosp Rev Lake Charles Mem Hosp Proj Ser A (Connie Lee Insd)........................................... 6.650 12/01/21 3,186,105 1,000 Louisiana Hsg Fin Agy Mtg Rev Coll Mtg Malta Square Proj (AMT) (GNMA Collateralized)......... 6.450 09/01/27 1,058,250 995 Louisiana Hsg Fin Agy Rev Azalea Estates Ser A Rfdg (AMT) (GNMA Collateralized)................ 5.375 10/20/39 1,036,820 1,000 Louisiana Loc Govt Envir Fac Cmnty Dev Auth Rev Ascension Parish Lib Proj (AMBAC Insd).......... 5.250 04/01/35 1,073,120 ------------ 6,354,295 ------------
See Notes to Financial Statements 11 VAN KAMPEN TRUST FOR INSURED MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------- MASSACHUSETTS 1.4% $2,000 Massachusetts St Dev Fin Agy Semass Sys Ser A (MBIA Insd)..................................... 5.625% 01/01/15 $ 2,205,760 ------------ MICHIGAN 5.0% 1,000 Detroit, MI Ser A (XLCA Insd)................... 5.250 04/01/23 1,068,370 4,250 Michigan St Ctf Part (AMBAC Insd)............... 5.500 06/01/27 4,589,447 1,000 Monroe Cnty, MI Econ Dev Corp Ltd Oblig Rev Coll Detroit Edison Co Ser AA Rfdg (FGIC Insd)....... 6.950 09/01/22 1,330,140 1,000 Plymouth Canton, MI Cmnty Sch Dist (FGIC Insd)........................................... 5.000 05/01/28 1,052,950 ------------ 8,040,907 ------------ MISSISSIPPI 1.7% 173 Mississippi Home Corp Single Family Rev Mtg Access Pgm Ser D (AMT) (GNMA Collateralized).... 8.100 12/01/24 173,784 2,500 Mississippi Hosp Equip & Fac Auth Rev Rush Med Fndtn Proj (Connie Lee Insd).................... 6.700 01/01/18 2,507,850 ------------ 2,681,634 ------------ MISSOURI 4.7% 1,000 Chesterfield, MO Ctf Part (FGIC Insd)........... 5.000 12/01/21 1,076,730 1,000 Chesterfield, MO Ctf Part (FGIC Insd)........... 5.000 12/01/22 1,073,180 1,095 Chesterfield, MO Ctf Part (FGIC Insd)........... 5.000 12/01/23 1,172,318 1,050 Grandview, MO Ctf Part (FGIC Insd).............. 5.250 01/01/18 1,147,524 1,000 Missouri St Hsg Dev Commn Multi-Family Hsg Brookstone Ser A (AMT) (FSA Insd)............... 6.000 12/01/16 1,035,480 900 Missouri St Hsg Dev Commn Multi-Family Hsg Truman Farm Ser A (Variable Rate Coupon) (AMT) (FSA Insd)...................................... 5.750 10/01/11 929,718 1,175 Nixa, MO Elec Sys Rev (XLCA Insd)............... 5.000 04/01/25 1,223,845 ------------ 7,658,795 ------------ NEBRASKA 0.6% 985 Nebraska Invt Fin Auth Multi-Family Rev Hsg Summit Club Apt Proj (AMT) (FSA Insd)........... 5.700 10/01/12 1,009,743 ------------ NEVADA 2.6% 4,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMT) (AMBAC Insd)................... 5.250 07/01/34 4,196,480 ------------ NEW JERSEY 2.5% 1,250 Casino Reinvestment Dev Auth NJ Hotel Room Fee Rev (AMBAC Insd)................................ 5.250 01/01/24 1,374,825 2,510 Essex Cnty, NJ Impt Auth Arpt Rev Cnty Gtd Rfdg (AMT) (MBIA Insd)............................... 5.125 10/01/21 2,637,759 ------------ 4,012,584 ------------ NEW MEXICO 0.2% 290 New Mexico Mtg Fin Auth Single Family Mtg Pgm A2 (AMT) (GNMA Collateralized)..................... 6.050 07/01/16 291,282 ------------
12 See Notes to Financial Statements VAN KAMPEN TRUST FOR INSURED MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------- NEW YORK 5.9% $1,000 Buffalo, NY Sch Ser B (MBIA Insd)............... 5.375% 11/15/18 $ 1,111,110 1,800 New York City Transitional Future Tax Secd Ser D (MBIA Insd)..................................... 5.250 02/01/18 1,976,328 3,000 New York St Twy Auth Hwy & Brdg Tr Fd Ser A (FSA Insd)........................................... 5.250 04/01/18 3,286,380 3,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (AMT) (MBIA Insd).......... 5.750 12/01/25 3,178,170 ------------ 9,551,988 ------------ NORTH CAROLINA 3.9% 1,585 Brunswick Cnty, NC Enterprise Ser A (FSA Insd)........................................... 5.250 04/01/24 1,726,810 2,175 Buncombe Cnty, NC Ctf Part Ser 2005 (AMBAC Insd) (a)............................................. 5.000 04/01/18 2,354,764 1,000 Buncombe Cnty, NC Ctf Part Ser 2005 (AMBAC Insd).................................... 5.000 04/01/22 1,067,430 1,000 Iredell Cnty, NC Ctf Part Pub Fac Proj (AMBAC Insd)........................................... 5.250 10/01/20 1,087,330 ------------ 6,236,334 ------------ OHIO 5.9% 2,500 Cuyahoga Falls, OH Ser 1 (FGIC Insd)............ 5.250 12/01/17 2,678,825 1,820 Garfield Heights, OH City Sch Dist Sch Impt (MBIA Insd) (a)................................. 5.500 12/15/19 2,026,406 1,000 New Albany, OH Cmnty Auth Cmnty Fac Rev Ser B (AMBAC Insd).................................... 5.500 10/01/17 1,111,910 985 Ohio Hsg Fin Agy Mtg Rev Residential Mtg Bkd Sec Ser C (AMT) (GNMA Collateralized)............... 4.900 03/01/11 1,017,219 1,715 Ohio St Bldg Auth St Fac Admin Bldg Fd Proj Ser A (FSA Insd).................................... 5.500 04/01/18 1,902,501 775 University Cincinnati, OH Gen Rcpt Ser E (AMBAC Insd)........................................... 5.000 06/01/21 832,102 ------------ 9,568,963 ------------ OKLAHOMA 0.9% 1,250 Tulsa, OK Arpt Impt Tr Gen Rev Ser A (AMT) (FGIC Insd)........................................... 6.000 06/01/20 1,477,000 ------------ OREGON 3.8% 1,740 Linn Cnty, OR Sch Dist No 055 Sweet Home (Prerefunded @ 06/15/11) (FSA Insd)............. 5.500 06/15/20 1,959,170 2,150 Oregon St Bd Bk Rev OR Econ Cmnty Dev Dept Ser A (MBIA Insd) (a)................................. 5.500 01/01/16 2,321,140 1,715 Oregon St Dept Admin Ser C Rfdg (MBIA Insd)..... 5.250 11/01/18 1,870,550 ------------ 6,150,860 ------------ PENNSYLVANIA 7.2% 2,000 Allegheny Cnty, PA Hosp Dev Auth Rev Pittsburgh Mercy Hlth Sys Inc (Escrowed to Maturity) (AMBAC Insd)........................................... 5.625 08/15/26 2,089,180
See Notes to Financial Statements 13 VAN KAMPEN TRUST FOR INSURED MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------- PENNSYLVANIA (CONTINUED) $5,000 Philadelphia, PA Auth Indl Dev Lease Rev Ser B (FSA Insd)...................................... 5.500% 10/01/15 $ 5,593,750 1,300 Philadelphia, PA Gas Wks Rev Eighteenth Ser (AGC Insd)........................................... 5.250 08/01/16 1,416,194 2,300 Philadelphia, PA Redev Auth Rev Neighborhood Transformation Ser A (FGIC Insd)................ 5.500 04/15/22 2,528,298 ------------ 11,627,422 ------------ RHODE ISLAND 3.6% 1,000 Providence, RI Redev Agy Rev Pub Safety Bldg Proj Ser A Rfdg (AMBAC Insd).................... 5.000 04/01/27 1,053,540 1,300 Providence, RI Redev Agy Rev Pub Safety Bldg Proj Ser A Rfdg (AMBAC Insd).................... 5.000 04/01/28 1,367,678 1,500 Rhode Island Port Auth & Econ Dev Corp Arpt Rev Ser A (AMT) (FSA Insd).......................... 7.000 07/01/14 1,779,030 1,545 Rhode Island St Econ Dev Ser A Rfdg (AMT) (FSA Insd)........................................... 5.000 07/01/21 1,608,917 ------------ 5,809,165 ------------ SOUTH CAROLINA 2.5% 3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser B (AMT) (AMBAC Insd).......... 5.450 11/01/32 3,989,025 ------------ SOUTH DAKOTA 1.6% 1,475 Minnehaha Cnty, SD Ctf Ltd Tax (FSA Insd) (a)... 5.000 12/01/17 1,597,661 990 South Dakota St Hlth & Ed Fac Auth Vocational Ed Pgm Ser A (AMBAC Insd).......................... 5.400 08/01/13 1,057,666 ------------ 2,655,327 ------------ TENNESSEE 3.1% 4,315 Metropolitan Nashville Arpt Auth TN Arpt Rev Impt Ser A Rfdg (FGIC Insd)..................... 6.600 07/01/15 4,971,570 ------------ TEXAS 17.9% 1,085 Brazos River Auth, TX Johnson Cnty Surface Rfdg (AMT) (AMBAC Insd).............................. 5.800 09/01/11 1,119,167 2,675 Dallas Cnty, TX Cmnty College Fin Sys (AMBA Insd) (a)....................................... 5.375 02/15/18 2,898,149 2,000 Dallas-Fort Worth, TX Intl Arpt Rev Impt Jt Ser A Rfdg (AMT) (FGIC Insd)........................ 5.875 11/01/17 2,222,000 1,500 Dallas-Fort Worth, TX Intl Arpt Rev Impt Jt Ser A Rfdg (AMT) (FGIC Insd)........................ 5.875 11/01/18 1,666,500 2,000 Dallas-Fort Worth, TX Intl Arpt Rev Impt Jt Ser A Rfdg (AMT) (MBIA Insd)........................ 5.500 11/01/33 2,137,860 5,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A Impt & Rfdg (AMT) (FGIC Insd)................... 5.500 11/01/31 5,289,400 1,820 Galveston Cnty, TX Ctf Oblig Ser C (AMBAC Insd) (a)............................................. 5.250 02/01/20 1,986,785
14 See Notes to Financial Statements VAN KAMPEN TRUST FOR INSURED MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------- TEXAS (CONTINUED) $1,380 Houston, TX Cmnty College Sys Rev Sr Lien Student Fee Rfdg (FSA Insd)..................... 5.250% 04/15/19 $ 1,514,495 500 Laredo, TX ISD Pub Fac Corp Lease Rev Ser A (AMBAC Insd).................................... 5.000 08/01/29 514,345 1,000 Laredo, TX ISD Pub Fac Corp Lease Rev Ser C (AMBAC Insd).................................... 5.000 08/01/29 1,028,690 1,800 Midland, TX Ctf Oblig Arpt Sub Lien (AMT) (FSA Insd)........................................... 5.850 03/01/13 1,838,376 5,000 Texas St Tpk Auth Cent TX Tpk First Tier Ser A (AMBAC Insd).................................... 5.500 08/15/39 5,506,650 1,150 Wichita Falls, TX Wtr & Swr Rev Priority Lien (AMBAC Insd).................................... 5.375 08/01/17 1,264,172 ------------ 28,986,589 ------------ VIRGINIA 1.0% 1,495 Harrisonburg, VA Redev & Hsg Auth Multi-Family Hsg Rev (AMT) (FSA Insd)........................ 6.200 04/01/17 1,552,857 ------------ WASHINGTON 8.8% 2,000 Chelan Cnty, WA Pub Util Dist No. 001 Cons Rev Chelan Hydro Ser A (AMT) (MBIA Insd)............ 5.600 01/01/36 2,144,540 1,855 Grant Cnty, WA Pub Util Dist No 2 Priest Rapids Hydro Elec Rev Second Ser D (AMT) (AMBAC Insd) (a)................................ 6.000 01/01/13 1,946,303 1,460 Grant Cnty, WA Pub Util Dist No 2 Priest Rapids Hydro Elec Rev Second Ser D (AMT) (AMBAC Insd) (a)................................ 6.250 01/01/17 1,545,585 2,235 Grant Cnty, WA Pub Util Dist No 2 Wanapum Hydro Elec Rev Second Ser D (AMT) (AMBAC Insd) (a).... 6.000 01/01/13 2,345,007 1,770 Grant Cnty, WA Pub Util Dist No 2 Wanapum Hydro Elec Rev Second Ser D (AMT) (AMBAC Insd) (a).... 6.250 01/01/17 1,873,757 1,155 Pierce Cnty, WA (AMBAC Insd).................... 5.750 08/01/13 1,287,386 2,760 Spokane Cnty, WA Sch Dist No 363 (FGIC Insd).... 5.250 12/01/21 3,001,114 ------------ 14,143,692 ------------ WEST VIRGINIA 1.0% 1,600 West Virginia St Wtr Dev Auth Wtr Dev Rev Ln Pgm IV Ser A (FSA Insd) (d)......................... 5.000 11/01/35 1,687,648 ------------ WISCONSIN 1.1% 1,610 Wisconsin St Ser 3 Rfdg (FGIC Insd)............. 5.250 05/01/22 1,749,635 ------------
See Notes to Financial Statements 15 VAN KAMPEN TRUST FOR INSURED MUNICIPALS PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------- PUERTO RICO 3.9% $5,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y Rfdg (FSA Insd)............................... 6.250% 07/01/21 $ 6,347,150 ------------ TOTAL LONG-TERM INVESTMENTS 160.5% (Cost $243,625,178)....................................................... 259,137,274 SHORT-TERM INVESTMENT 0.4% (Cost $600,000)........................................................... 600,000 ------------ TOTAL INVESTMENTS 160.9% (Cost $244,225,178)....................................................... 259,737,274 LIABILITIES IN EXCESS OF OTHER ASSETS (5.1%)............................... (8,236,133) PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (55.8%)................. (90,064,987) ------------ NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.............................. $161,436,154 ============
Percentages are calculated as a percentage of net assets applicable to common shares. * Zero coupon bond (a) The Trust owns 100% of the bond issuance. (b) All or a portion of these securities have been physically segregated in connection with open futures contracts. (c) This security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 3.8% of net assets applicable to common shares. (d) Securities purchased on a when-issued or delayed delivery basis. AGC--AGC Insured Custody Certificates AMBAC--AMBAC Indemnity Corp. AMT--Alternative Minimum Tax CIFG--CDC IXIS Financial Guaranty Connie Lee--Connie Lee Insurance Co. FGIC--Financial Guaranty Insurance Co. FSA--Financial Security Assurance Inc. GNMA--Government National Mortgage Association MBIA--Municipal Bond Investors Assurance Corp. XLCA--XL Capital Assurance Inc. 16 See Notes to Financial Statements VAN KAMPEN TRUST FOR INSURED MUNICIPALS FINANCIAL STATEMENTS Statement of Assets and Liabilities April 30, 2005 (Unaudited) ASSETS: Total Investments (Cost $244,225,178)....................... $259,737,274 Cash........................................................ 57,013 Receivables: Interest.................................................. 3,679,253 Investments Sold.......................................... 218,661 Variation Margin on Futures............................... 73,250 Other....................................................... 693 ------------ Total Assets............................................ 263,766,144 ------------ LIABILITIES: Payables: Investments Purchased..................................... 11,796,988 Investment Advisory Fee................................... 112,913 Income Distributions--Common Shares....................... 35,129 Other Affiliates.......................................... 10,253 Trustees' Deferred Compensation and Retirement Plans........ 250,096 Accrued Expenses............................................ 59,624 ------------ Total Liabilities....................................... 12,265,003 Preferred Shares (including accrued distributions).......... 90,064,987 ------------ NET ASSETS APPLICABLE TO COMMON SHARES...................... $161,436,154 ------------ NET ASSET VALUE PER COMMON SHARE ($161,436,154 divided by 9,808,246 shares outstanding)............................. $ 16.46 ------------ NET ASSETS CONSIST OF: Common Shares ($.01 par value with an unlimited number of shares authorized, 9,808,246 shares issued and outstanding).............................................. $ 98,082 Paid in Surplus............................................. 144,784,532 Net Unrealized Appreciation................................. 15,268,283 Accumulated Net Realized Gain............................... 826,872 Accumulated Undistributed Net Investment Income............. 458,385 ------------ NET ASSETS APPLICABLE TO COMMON SHARES...................... $161,436,154 ------------ PREFERRED SHARES ($.01 par value, authorized 100,000,000 shares, 3,600 issued with liquidation preference of $25,000 per share)........................................ $ 90,000,000 ------------ NET ASSETS INCLUDING PREFERRED SHARES....................... $251,436,154 ============
See Notes to Financial Statements 17 VAN KAMPEN TRUST FOR INSURED MUNICIPALS FINANCIAL STATEMENTS continued Statement of Operations For the Six Months Ended April 30, 2005 (Unaudited) INVESTMENT INCOME: Interest.................................................... $ 6,080,388 ----------- EXPENSES: Investment Advisory Fee..................................... 685,498 Preferred Share Maintenance................................. 123,582 Trustees' Fees and Related Expenses......................... 22,797 Legal....................................................... 17,788 Custody..................................................... 9,380 Other....................................................... 86,867 ----------- Total Expenses........................................ 945,912 ----------- NET INVESTMENT INCOME....................................... $ 5,134,476 =========== REALIZED AND UNREALIZED GAIN/LOSS: Realized Gain/Loss: Investments............................................... $ 759,835 Futures................................................... 31,181 ----------- Net Realized Gain........................................... 791,016 ----------- Unrealized Appreciation/Depreciation: Beginning of the Period................................... 16,744,311 ----------- End of the Period: Investments............................................. 15,512,096 Futures................................................. (243,813) ----------- 15,268,283 ----------- Net Unrealized Depreciation During the Period............... (1,476,028) ----------- NET REALIZED AND UNREALIZED LOSS............................ $ (685,012) =========== DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (832,362) =========== NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS................................................ $ 3,617,102 ===========
18 See Notes to Financial Statements VAN KAMPEN TRUST FOR INSURED MUNICIPALS FINANCIAL STATEMENTS continued Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE SIX MONTHS ENDED YEAR ENDED APRIL 30, 2005 OCTOBER 30, 2004 ------------------------------------ FROM INVESTMENT ACTIVITIES: Operations: Net Investment Income................................... $ 5,134,476 $ 10,090,183 Net Realized Gain/Loss.................................. 791,016 (1,436,188) Net Unrealized Appreciation/Depreciation During the Period................................................ (1,476,028) 4,933,547 Distributions to Preferred Shareholders: Net Investment Income................................. (832,362) (906,621) Net Realized Gain..................................... -0- (128,782) ------------ ------------ Change in Net Assets Applicable to Common Shares from Operations............................................ 3,617,102 12,552,139 Distributions to Common Shareholders: Net Investment Income................................. (4,491,807) (9,334,506) Net Realized Gain..................................... -0- (1,517,433) ------------ ------------ NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM INVESTMENT ACTIVITIES............................ (874,705) 1,700,200 FROM CAPITAL TRANSACTIONS: Value of Common Shares Issued Through Dividend Reinvestment.......................................... -0- 262,343 ------------ ------------ TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES......................................... (874,705) 1,962,543 NET ASSETS APPLICABLE TO COMMON SHARES: Beginning of the Period................................. 162,310,859 160,348,316 ------------ ------------ End of the Period (Including accumulated undistributed net investment income of $458,385 and $648,078, respectively)......................................... $161,436,154 $162,310,859 ============ ============
See Notes to Financial Statements 19 VAN KAMPEN TRUST FOR INSURED MUNICIPALS FINANCIAL HIGHLIGHTS (UNAUDITED) THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS ENDED APRIL 30, ------------------ 2005 2004 2003 -------------------------------- NET ASSET VALUE, BEGINNING OF THE PERIOD................... $ 16.55 $ 16.37 $ 16.87 ------- ------- ------- Net Investment Income.................................... .52 1.02 1.07 Net Realized and Unrealized Gain/Loss.................... (.07) .36 -0-(f) Common Share Equivalent of Distributions Paid to Preferred Shareholders: Net Investment Income.................................. (.08) (.09) (.08) Net Realized Gain...................................... -0- (.01) (.02) ------- ------- ------- Total from Investment Operations........................... .37 1.28 .97 Distributions Paid to Common Shareholders: Net Investment Income.................................. (.46) (.95) (1.08) Net Realized Gain...................................... -0- (.15) (.39) ------- ------- ------- NET ASSET VALUE, END OF THE PERIOD......................... $ 16.46 $ 16.55 $ 16.37 ======= ======= ======= Common Share Market Price at End of the Period............. $ 14.92 $ 15.22 $ 16.70 Total Return (b)........................................... 1.18%* -2.23% 13.12% Net Assets Applicable to Common Shares at End of the Period (In millions)............................................ $ 161.4 $ 162.3 $ 160.3 Ratio of Expenses to Average Net Assets Applicable to Common Shares (c)........................................ 1.18% 1.26% 1.25% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c).......................... 6.41% 6.29% 6.44% Portfolio Turnover......................................... 16%* 25% 39% SUPPLEMENTAL RATIOS: Ratio of Expenses to Average Net Assets Including Preferred Shares (c)............................................... .76% .81% .81% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d).......................... 5.37% 5.73% 5.94% SENIOR SECURITIES: Total Preferred Shares Outstanding......................... 3,600 3,600 3,600 Asset Coverage Per Preferred Share (e)..................... $69,861 $70,110 $69,554 Involuntary Liquidating Preference Per Preferred Share..... $25,000 $25,000 $25,000 Average Market Value Per Preferred Share................... $25,000 $25,000 $25,000
* Non-Annualized (a) As required, effective November 1, 2001, the Trust has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting market discount on fixed income securities. The effect of this change for the year ended October 31, 2002 was to increase net investment income per share by less than $.01, decrease net realized and unrealized gains and losses per share by less than $.01, and increase the ratio of net investment income to average net assets applicable to common shares by .01%. Per share, ratios and supplemental data for periods prior to October 31, 2002 have not been restated to reflect this change in presentation. (b) Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust's dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. (c) Ratios do not reflect the effect of dividend payments to preferred shareholders. (d) Ratios reflect the effect of dividend payments to preferred shareholders. (e) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets and dividing this by the number of preferred shares outstanding. (f) Amount is less than $.01 20
YEAR ENDED OCTOBER 31, - ---------------------------------------------------------------------------------------- 2002 (a) 2001 2000 1999 1998 1997 1996 1995 - ---------------------------------------------------------------------------------------- $ 17.00 $ 15.88 $ 15.35 $ 17.43 $ 17.01 $ 16.69 $ 16.69 $ 14.88 ------- ------- -------- ------- -------- -------- -------- -------- 1.11 1.21 1.26 1.27 1.28 1.30 1.32 1.34 .33 1.11 .61 (1.87) .59 .58 .06 1.88 (.05) (.29) (.38) (.28) (.31) (.29) (.33) (.36) (.12) (.02) -0- (.05) (.03) (.06) -0- -0- ------- ------- -------- ------- -------- -------- -------- -------- 1.27 2.01 1.49 (.93) 1.53 1.53 1.05 2.86 (1.01) (.83) (.96) (.99) (1.00) (1.05) (1.05) (1.05) (.39) (.06) -0- (.16) (.11) (.16) -0- -0- ------- ------- -------- ------- -------- -------- -------- -------- $ 16.87 $ 17.00 $ 15.88 $ 15.35 $ 17.43 $ 17.01 $ 16.69 $ 16.69 ======= ======= ======== ======= ======== ======== ======== ======== $ 16.12 $ 14.98 $14.3125 $ 14.50 $ 17.75 $ 17.25 $ 16.125 $ 15.75 17.34% 11.18% 5.45% -12.42% 9.77% 15.04% 9.19% 24.96% $ 164.5 $ 165.6 $ 154.7 $ 149.6 $ 169.1 $ 164.5 $ 161.0 $ 160.6 1.40% 1.49% 1.61% 1.56% 1.56% 1.57% 1.60% 1.63% 6.73% 7.34% 8.16% 7.62% 7.44% 7.81% 8.00% 8.45% 50% 53% 41% 53% 66% 36% 35% 28% .90% .95% 1.01% 1.00% 1.01% 1.01% 1.02% 1.03% 6.46% 5.58% 5.72% 5.97% 5.65% 6.05% 5.99% 6.16% 3,600 3,600 3,600 3,600 1,800 1,800 1,800 1,800 $70,721 $70,990 $ 67,981 $66,543 $143,952 $141,362 $139,456 $139,209 $25,000 $25,000 $ 25,000 $25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $25,000 $25,000 $ 25,000 $25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
See Notes to Financial Statements 21 VAN KAMPEN TRUST FOR INSURED MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) 1. SIGNIFICANT ACCOUNTING POLICIES Van Kampen Trust for Insured Municipals (the "Trust") is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. The Trust's investment objective is to provide a high level of current income exempt from federal income tax, consistent with preservation of capital. In normal market conditions, the Trust intends to invest substantially all of its assets in municipal securities which are covered by insurance with respect to the timely payment of principal and interest. The Trust commenced investment operations on January 24, 1992. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A. SECURITY VALUATION Municipal bonds are valued by independent pricing services or dealers using the mean of the bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Future contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value. B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The Trust may purchase and sell securities on a "when-issued" or "delayed delivery" basis with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. The Trust will segregate assets with its custodian having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until payment is made. At April 30, 2005, there were $11,796,988 of when-issued and delayed delivery purchase commitments. C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Trust intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset such losses against any future realized capital gains. At October 31, 2004, the Trust had an accumulated capital loss carryforward for tax purposes of $303,797, which will expire on October 31, 2012. 22 VAN KAMPEN TRUST FOR INSURED MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued At April 30, 2005, the cost and related gross unrealized appreciation and depreciation are as follows: Cost of investments for tax purposes........................ $244,190,344 ============ Gross tax unrealized appreciation........................... $ 15,595,434 Gross tax unrealized depreciation........................... (48,504) ------------ Net tax unrealized appreciation on investments.............. $ 15,546,930 ============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly dividends from net investment income to common shareholders. Net realized gains, if any, are distributed annually on a pro rata basis to common and preferred shareholders. Distributions from net realized gains for book purposes may include short-term capital gains and a portion of futures gains, which are included as ordinary income for tax purposes. The tax character of distributions paid during the year ended October 31, 2004 was as follows: Distributions paid from: Ordinary income........................................... $ 6,491 Long-term capital gain.................................... 1,646,215 ---------- $1,652,706 ==========
F. INSURANCE EXPENSE The Trust typically invests in insured bonds. Any portfolio securities not specifically covered by a primary insurance policy are insured either through secondary market insurance or portfolio insurance. The insurance policies guarantee the timely payment of principal and interest on the securities in the Trust's portfolio. 2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset Management (the "Adviser") provides investment advice and facilities to the Trust for an annual fee payable monthly of .55% of the average daily net assets of the Trust For the six months ended April 30, 2005, the Trust recognized expenses of approximately $5,100 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such firm and he and his law firm provide legal services as legal counsel to the Trust. Under separate Accounting Services and Legal Services agreements, the Adviser provides accounting and legal services to the Trust. The Adviser allocates the cost of such services to each trust. For the six months ended April 30, 2005, the Trust recognized expenses of approximately $21,500 representing Van Kampen's cost of providing accounting and legal services to the Trust, which are reported as part of "Other" and "Legal" expenses, respectively, on the Statement of Operations. Certain officers and trustees of the Trust are also officers and directors of Van Kampen. The Trust does not compensate its officers or trustees who are also officers of Van Kampen. The Trust provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation to a later date. Benefits under the retirement 23 VAN KAMPEN TRUST FOR INSURED MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued plan are payable upon retirement for a ten-year period and are based upon each trustee's years of service to the Trust. The maximum annual benefit per trustee under the plan is $2,500. 3. INVESTMENT TRANSACTIONS During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $53,163,215 and $40,937,069, respectively. 4. DERIVATIVE FINANCIAL INSTRUMENTS A derivative financial instrument in very general terms refers to a security whose value is "derived" from the value of an underlying asset, reference rate, or index. The Trust may invest up to 15% of its net assets in "inverse floating rate obligations." The inverse floating rate obligations in which the Trust may invest are typically created through a division of a fixed-rate municipal obligation into two separate instruments, a short-term obligation and a long-term obligation. The interest rate on the short-term obligation is set at periodic auctions. The interest rate on the long-term obligation which the Trust may purchase is the rate the issuer would have paid on the fixed-income obligation, (i) plus the difference between such fixed rate and the rate on the short-term obligation, if the short-term rate is lower than the fixed rate; or (ii) minus such difference if the interest rate on the short-term obligation is higher than the fixed rate. These securities have varying degrees of liquidity and the market value of such securities generally will fluctuate in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity. These securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Although volatile, inverse floating rate obligations typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality, coupon, call provisions and maturity. These securities usually permit the investor to convert the floating rate security counterpart to a fixed rate (normally adjusted downward), and this optional conversion feature may provide a partial hedge against rising rates if exercised at an opportune time. In order to seek to manage the interest rate exposure of the Trust's portfolio in a changing interest rate environment, the Trust may purchase or sell financial futures contracts or engage in transactions involving interest rate swaps, caps, floors or collars. The Trust expects to enter into these transactions primarily as a hedge against anticipated interest rate or fixed income market changes, for duration management or for risk management purposes, but may also enter into these transactions to generate additional income. All of the Trust's portfolio holdings, including derivative instruments, are marked to market each day with the change in value reflected in unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is recognized accordingly, except when taking delivery of a security underlying a futures contract. In this instance, the recognition of gain or loss is postponed until the disposal of the security underlying the future contract. During the period, the Trust invested in futures contracts, a type of derivative. A futures contract is an arrangement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Trust generally invests in exchange traded futures on U.S. Treasury Bonds and Notes and typically closes the contract prior to the delivery date. 24 VAN KAMPEN TRUST FOR INSURED MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued Upon entering into futures contracts, the Trust maintains an amount of cash or liquid securities with a value equal to a percentage of the contract amount with either a futures commission merchant pursuant to the rules and regulations promulgated under the Investment Company Act of 1940, as amended, or with its custodian in an account in the broker's name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities. Transaction in futures contracts for the six months ended April 30, 2005, were as follows:
CONTRACTS Outstanding at October 31, 2004............................. 455 Futures Opened.............................................. 791 Futures Closed.............................................. (953) ---- Outstanding at April 30, 2005............................... 293 ====
The futures contracts outstanding as of April 30, 2005, and the description and unrealized appreciation/depreciation are as follows:
UNREALIZED APPRECIATION/ CONTRACTS DEPRECIATION SHORT CONTRACTS: U.S. Treasury Notes 5-Year Futures June 2005 (Current Notional Value of $108,453 per contract).................................... 293 $(243,813)
5. PREFERRED SHARES The Trust has outstanding 3,600 Auction Preferred Shares ("APS") in two series of 1,800 shares each. Dividends are cumulative and the dividend rate is generally reset every 28 days for both series through an auction process. The average rate in effect on April 30, 2005 was 2.770%. During the six months ended April 30, 2005, the rates ranged from 1.400% to 2.850%. The Trust pays annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auctions. These fees are included as a component of "Preferred Share Maintenance" expense on the Statement of Operations. The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of $25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption if the tests are not met. 25 VAN KAMPEN TRUST FOR INSURED MUNICIPALS NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued 6. INDEMNIFICATIONS The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. 26 VAN KAMPEN TRUST FOR INSURED MUNICIPALS BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES BOARD OF TRUSTEES DAVID C. ARCH JERRY D. CHOATE ROD DAMMEYER LINDA HUTTON HEAGY R. CRAIG KENNEDY HOWARD J KERR MITCHELL M. MERIN* JACK E. NELSON RICHARD F. POWERS, III* HUGO F. SONNENSCHEIN WAYNE W. WHALEN* - Chairman SUZANNE H. WOOLSEY OFFICERS MITCHELL M. MERIN President and Chief Executive Officer RONALD E. ROBISON Executive Vice President and Principal Executive Officer JOSEPH J. MCALINDEN Executive Vice President and Chief Investment Officer AMY R. DOBERMAN Vice President STEFANIE V. CHANG Vice President and Secretary JOHN L. SULLIVAN Chief Compliance Officer JAMES W. GARRETT Chief Financial Officer and Treasurer INVESTMENT ADVISER VAN KAMPEN ASSET MANAGEMENT 1221 Avenue of the Americas New York, New York 10020 CUSTODIAN STATE STREET BANK AND TRUST COMPANY 225 Franklin Street P.O. Box 1713 Boston, Massachusetts 02110 TRANSFER AGENT EQUISERVE TRUST COMPANY, N. A. P.O. Box 43011 Providence, Rhode Island 02940-3011 LEGAL COUNSEL SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 333 West Wacker Drive Chicago, Illinois 60606 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DELOITTE & TOUCHE LLP 180 North Stetson Avenue Chicago, Illinois 60601 * "Interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended. 27 VAN KAMPEN 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. 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, (continued on back) VAN KAMPEN AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY continued 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 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)2005 Van Kampen Funds Inc. All rights reserved. Member NASD/SIPC. VIM SAR 6/05 RN05-01322P-Y04/05 (VAN KAMPEN INVESTMENTS LOGO) 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-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. (b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12. Exhibits. (a) Code of Ethics -- Not applicable for semi-annual reports. (b)(1) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.CERT. (b)(2) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Van Kampen Trust For Insured Municipals By: /s/ Ronald E. Robison ---------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: June 16, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Ronald E. Robison ---------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: June 16, 2005 By: /s/ James W. Garrett ---------------------- Name: James W. Garrett Title: Principal Financial Officer Date: June 16, 2005 EX-99.CERT 2 c95587exv99wcert.txt CERTIFICATION I, Ronald E. Robison, certify that: 1. I have reviewed this report on Form N-CSR of Van Kampen Trust For Insured Municipals; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: June 16, 2005 /s/ Ronald E. Robison --------------------- Principal Executive Officer I, James W. Garrett, certify that: 1. I have reviewed this report on Form N-CSR of Van Kampen Trust For Insured Municipals; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: June 16, 2005 /s/ James W. Garrett -------------------- Principal Financial Officer EX-99.906CERT 3 c95587exv99w906cert.txt 906 CERTIFICATION Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Name of Issuer: Van Kampen Trust For Insured Municipals In connection with the Report on Form N-CSR (the "Report") of the above-named issuer for the period ended April 30, 2005 that is accompanied by this certification, the undersigned hereby certifies that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: June 16, 2005 /s/ Ronald E. Robison --------------------- Ronald E. Robison Principal Executive Officer A signed original of this written statement required by Section 906 has been provided to Van Kampen Trust For Insured Municipals and will be retained by Van Kampen Trust For Insured Municipals and furnished to the Securities and Exchange Commission or its staff upon request. This written statement required by Section 906 is being furnished with this report, but not being filed as part of this Report. Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Name of Issuer: Van Kampen Trust For Insured Municipals In connection with the Report on Form N-CSR (the "Report") of the above-named issuer for the period ended April 30, 2005 that is accompanied by this certification, the undersigned hereby certifies that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: June 16, 2005 /s/ James W. Garrett -------------------- James W. Garrett Principal Financial Officer A signed original of this written statement required by Section 906 has been provided to Van Kampen Trust For Insured Municipals and will be retained by Van Kampen Trust For Insured Municipals and furnished to the Securities and Exchange Commission or its staff upon request. This written statement required by Section 906 is being furnished with this report, but not being filed as part of this Report. -----END PRIVACY-ENHANCED MESSAGE-----