VAN KAMPEN MERRITT TRUST FOR INSURED MUNICIPALS, N-30D, 1995-06-29

VAN KAMPEN MERRITT TRUST FOR INSURED MUNICIPALS
N-30D, 1995-06-29

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<TABLE>
<CAPTION>
Table of Contents
<S> <C>
Letter to Shareholders ................ 1
Performance Results ................... 3
Portfolio of Investments ............. 4
Statement of Assets and Liabilities ... 9
Statement of Operations ............... 10
Statement of Changes in Net Assets .... 11
Financial Highlights ................. 12
Notes to Financial Statements ......... 13
</TABLE>

Page: 1

Letter to Shareholders

June 16, 1995

Dear Shareholder:

During the six-month period covered by this report, November 1, 1994 through
April 30, 1995, we saw the close of a challenging and difficult year in the
financial markets -- and the beginning of a new year, with renewed optimism and
strength on many fronts.

Market Overview

Most of 1994 was a difficult period for fixed-income investors as the
Federal Reserve Board's crusade against inflation drove interest rates
markedly higher. The yield on 30-year Treasury securities, for example,
climbed from 6.35 percent as the year began to a high of 8.16 percent by
early November. As interest rates rose, fixed-income investments declined
in value.

The fixed-income markets have rebounded considerably since late 1994, however,
with growing confidence that the Fed's inflation fighting initiatives have taken
hold. The yield on 30-year Treasury securities fell to 7.34 percent by the end
of April 1995 and to approximately 6.50 percent at the time of this writing.
This rate reversal has pushed bond prices back to February 1994 levels.
Closed-end municipal bond funds, in particular, have been among the greatest
beneficiaries in this rally, earning back virtually all of last year's losses
and posting attractive returns.

Performance Summary

The Trust achieved a six-month total return of 16.08 percent <F1>, based on
market price, for the period ended April 30, 1995. This robust performance can
be partially attributed to the Trust's leveraged capital structure, which has
helped it to more fully benefit from a fall in long-term interest rates over
the last six months. While leveraging adds certain financing risks and
volatility, it is designed, over time, to provide shareholders with enhanced
returns by taking advantage of the yield differential between long-term and
short-term interest rates.

Clearly, the Trust recovered from the difficult previous six-month period and
made significant price gains. The Trust's closing stock price, for example,
gained more than 12 percent from its $13.500 level on October 31, 1994, to
$15.125 on April 30, 1995. As the graph on the following page shows, we've also
seen the Trust's net asset value rebound during the last six months.

Although intermediate- and long-term interest rates eased during this
reporting period, short-term interest rates have remained persistently high,
placing continued pressure on the Trust's preferred rates and common dividend.
The Trust was able, however, to sustain its annualized dividend level in this
environment at $1.05 per common share, which represents a tax-exempt
distribution rate of 6.94 percent <F3>, based on the closing stock price of
$15.125 per

[PHOTO]

Dennis J. McDonnell and Don G. Powell

(Continued on page two)

Page: 2

share on April 30, 1995. For shareholders in the 36 percent
federal income tax bracket, this distribution rate represents a yield
equivalent to a taxable investment earning 10.84 percent <F4>.

Outlook

The outlook for fixed-income securities appears favorable. To date, inflation
remains under control, and recent economic data continues to suggest a slowdown
in the economy. First-quarter gross domestic product, for example, grew at an
annual rate of 2.8 percent, substantially lower than its fourth-quarter rate of
5.1 percent last year. Many analysts now expect GDP to grow at an annual rate
between 1 and 2 percent in the second half of this year. Should this scenario
play out, we suspect that the Fed is more likely to lower than raise short-term
rates, which would be a positive development for all fixed-income investors.

Regarding the municipal market, we remain optimistic about the current supply-
and-demand dynamics. With much of the refinancing by municipal issuers behind
us, we expect new-issue supply to remain low in 1995 and demand for municipals
to be steady, if not strong. A decline in supply combined with steady demand
should lend price stability and price support to this market. We believe the
Trust will continue to provide shareholders with long-term value as we seek to
maintain a high level of current income over time.

[GRAPH]

Trust Rebounds in 1995

<TABLE>
COMPARISON OF NAV AND MARKET PRICE OF THE TRUST
<CAPTION>
Measurement Market
Period NAV Price
<S> <C> <C>
30-Apr-94 $15.97 15.375
31-May-94 $16.07 15.250
30-Jun-94 $15.87 15.375
31-Jul-94 $16.08 15.125
31-Aug-94 $15.98 15.125
30-Sep-94 $15.44 14.750
31-Oct-94 $14.88 13.500
30-Nov-94 $14.26 13.875
31-Dec-94 $14.83 13.250
31-Jan-95 $15.38 14.875
28-Feb-95 $15.97 15.250
31-Mar-95 $16.06 15.125
30-Apr-95 $15.99 15.125
</TABLE>

Corporate News

As you may have already noticed, we have adopted a new design for our
shareholder reports that reflects our new identity as Van Kampen American
Capital. Going forward, we will continue to look for new ways to improve upon
the presentation of information in your Trust's report. In addition, we have
developed a new corporate advertising campaign introducing Van Kampen American
Capital. Full page ads appeared in The Wall Street Journal in the first quarter
of 1995 -- watch for more advertising throughout the year.

We look forward to communicating with you on a regular basis, providing
information about your Trust's performance, new investment opportunities, and
our newly created company. We appreciate your continued confidence in your
investment with Van Kampen American Capital.

Sincerely,

Don G. Powell
Chief Executive Officer
Van Kampen American Capital
Investment Advisory Corp.

Dennis J. McDonnell
President
Van Kampen American Capital
Investment Advisory Corp.

Page: 3

<TABLE>
Performance Results for the Period Ended April 30, 1995
<CAPTION>
Van Kampen Merritt Trust For Insured Municipals
(NYSE Ticker Symbol-VIM)
<S> <C>
Total Returns
Six-month total return based on market price<F1> .................................. 16.08%
Six-month total return based on NAV<F2> ........................................... 11.18%

Distribution Rates
Distribution rate as a % of initial offer stock price<F3> ......................... 7.00%
Taxable-equivalent distribution rate as a % of initial offer stock price<F4> ...... 10.94%
Distribution rate as a % of 04/30/95 closing stock price<F3> ...................... 6.94%
Taxable-equivalent distribution rate as a % of 04/30/95 closing stock price<F4> ... 10.84%

Share Valuations
Net asset value as of 04/30/95 .................................................... $ 15.99
Preferred share (Series A) rate as of 04/30/95<F5> ................................ 4.025%
Preferred share (Series B) rate as of 04/30/95<F5> ................................ 4.250%
Closing common stock price as of 04/30/95 ........................................ $ 15.125
Six-month high common stock price (03/02/95) ..................................... $ 15.500
Six-month low common stock price (11/15/94) ...................................... $ 12.625

<FN>
<F1> Total return based on market price assumes an investment at the 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 stock price at the
end of the period indicated.

<F2> Total return based on Net Asset Value (NAV) assumes an investment at the
beginning of the period indicated, reinvestment of all distributions for the
period, and sale of all shares at the end of the period, all at net asset value.

<F3> Distribution rate represents the monthly annualized distributions of the
Trust at the end of April 1995, and not the earnings of the Trust.

<F4> The taxable-equivalent distribution rate is calculated assuming a 36%
federal tax bracket.

<F5> See "Notes to Financial Statements" footnote #5, for more information
concerning Preferred Share reset periods.

A portion of the interest income may be taxable for those investors subject to
the federal alternative minimum tax (AMT).

Past performance does not guarantee future results. Investment return, stock
price and net asset value will fluctuate with market conditions. Trust shares,
when sold, may be worth more or less than their original cost.
</TABLE>

Page: 4

<TABLE>
Portfolio of Investments
<CAPTION>
April 30,1995 (Unaudited)
- ----------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Municipal Bonds
Alaska 1.7%
$ 950 Alaska St Hsg Fin Corp Coll Mtg Oblig Ser A
Subser A2 (GNMA Collateralized) ................. 7.050% 06/01/25 $ 974,881
1,000 Alaska Student Ln Corp Student Ln Rev
Ser A (AMBAC Insd) ............................... 6.000 07/01/07 986,330
2,000 North Slope Borough, AK Ser B (Cap Guar Insd) ... 7.500 06/30/01 2,242,240
------------
4,203,451
------------
Arizona 2.7%
1,500 Arizona Hlth Fac Auth Hosp Sys Rev Phoenix
Baptist Hosp & Med Rfdg (MBIA Insd) ............. 6.250 09/01/11 1,540,995
1,605 Peoria, AZ Indl Dev Auth Multi-Family Rev Sr
Hsg Casa Del Rio A Rfdg (GNMA Collateralized) ... 7.300 02/20/15 1,717,655
3,000 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig
Irvington Proj Tucson Ser A Rfdg (FSA Insd) ..... 7.250 07/15/10 3,289,410
------------
6,548,060
------------
California 12.8%
2,500 California Pollutn Ctl Fin Auth Pollutn Ctl Rev
Pacific Gas & Elec Ser B (FSA Insd) ............. 6.350 06/01/09 2,557,450
9,000 Los Angeles Cnty, CA Pension Oblig Ctfs
Ltd Muni Oblig Ser A (MBIA Insd) <F4> ........... 0/6.900 06/30/08 9,133,020
7,500 Mount Diablo, CA Hosp Dist Rev Ser A
(Embedded Cap) (AMBAC Insd) ..................... 5.125 12/01/23 6,589,725
1,305 Paramount, CA Redev Agy Tax Alloc (MBIA Insd) .... 6.250 08/01/10 1,339,713
1,700 Rancho Cucamonga, CA Redev Agy Tax
Alloc Rancho Redev Proj (MBIA Insd) ............. 7.125 09/01/19 1,840,335
1,000 Sacramento, CA Muni Util Dist Elec
Rev Ser C Rfdg (MBIA Insd) ...................... 5.750 11/15/07 994,670
1,000 San Francisco, CA City & Cnty Redev Agy
Hotel Tax Rev (Cap Guar Insd) .................... 6.750 07/01/15 1,059,480
9,000 San Jose, CA Single Family Mtg Rev Ser A ........ * 04/01/16 2,432,970
4,240 University of CA Rev Multi Purp Proj
Ser D (MBIA Insd) ................................ 6.300 09/01/04 4,308,307
1,125 University of CA Rev Ser A (Connie Lee Insd) .... 5.600 09/01/07 1,101,386
------------
31,357,056
------------
Hawaii 1.5%
3,500 Hawaii St Dept Budget & Fin Spl Purp Mtg Rev
Hawaiian Elec Co Proj Ser B (MBIA Insd) ......... 7.600 07/01/20 3,780,840
------------
Illinois 8.7%
9,050 Chicago, IL O'Hare Intl Arpt Spl Fac Rev
Intl Terminal (MBIA Insd) ....................... 6.750 01/01/18 9,354,532
5,000 Chicago, IL Residential Mtg Rev
Ser B Rfdg (MBIA Insd) ........................... * 10/01/09 1,905,650

</TABLE>

See Notes to Finanacial Statements

Page: 5

<TABLE>
Portfolio of Investments (Continued)
<CAPTION>
April 30,1995 (Unaudited)
- ----------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Illinois (Continued)
$ 3,000 Onterie Cent Hsg Fin Corp IL Mtg Rev
Onterie Cent Proj Ser A Rfdg (MBIA Insd) ............. 7.000% 07/01/12 $ 3,102,990
6,150 Onterie Cent Hsg Fin Corp IL Mtg Rev
Onterie Cent Proj Ser A Rfdg (MBIA Insd) ............. 7.050 07/01/27 6,365,557
1,125 Peoria, IL Pub Bldg Comm Sch Bldg & Sch Fac
Rev Sch Dist 150 Proj B (AMBAC Insd) .................. * 12/01/08 466,223
------------
21,194,952
------------
Kansas 2.6%
3,500 Burlington, KS Pollutn Ctl Rev KS Gas & Elec
Co Proj Rfdg (MBIA Insd) .............................. 7.000 06/01/31 3,765,860
2,245 Olathe Labette Cnty, KS Single Family Mtg
Rev Coll Ser A-I Rfdg (GNMA Collateralized) ........... 8.100 08/01/23 2,510,494
------------
6,276,354
------------
Louisiana 9.2%
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 3,231,739
8,500 Louisiana Pub Fac Auth Hosp Rev Southern
Baptist Hosp Proj Rfdg (FSA Insd) ..................... 6.800 05/15/12 9,029,975
65 Louisiana Pub Fac Auth Rev Student Ln LA
Opportunity Ln A (FSA Insd) ........................... 6.600 01/01/04 68,498
1,005 Louisiana Pub Fac Auth Rev Student Ln LA
Opportunity Ln A (FSA Insd) ........................... 6.700 01/01/05 1,056,768
670 Louisiana Pub Fac Auth Rev Student Ln LA
Opportunity Ln A (FSA Insd) ........................... 6.800 01/01/06 707,151
1,420 Louisiana Pub Fac Auth Rev Student Ln LA
Opportunity Ln A (FSA Insd) ........................... 6.850 01/01/09 1,482,977
3,800 Louisiana Pub Fac Auth Rev Tulane Univ A1
(Embedded Cap) (FGIC Insd) ............................ 5.875 02/15/11 3,770,702
2,900 New Orleans, LA Pub Impt (FGIC Insd) ................. 7.000 09/01/19 3,119,704
------------
22,467,514
------------
Maryland 0.7%
1,675 Prince Georges Cnty, MD Hsg Auth Mtg Rev
Riverview Terrace Ser A Rfdg (GNMA Collateralized) ... 6.400 12/20/10 1,707,880
------------
Massachusetts 2.9%
4,855 Massachusetts Edl Ln Auth Edl Ln Rev Muni
Forwards Issue E Ser A (AMBAC Insd) .................. 7.000 01/01/10 5,155,476
2,000 Massachusetts St Hlth & Edl Fac Auth Rev Metro
West Hlth Inc Ser C Rfdg (AMBAC Insd) ................ 6.300 11/15/12 2,032,880
------------
7,188,356
------------
</TABLE>

See Notes to Financial Statements

Page: 6

<TABLE>
Portfolio of Investments (Continued)
<CAPTION>
April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Michigan 4.6%
$ 6,000 Detroit, MI Econ Dev Corp Res Recovery Rev
Ser A (FSA Insd) ............................... 6.875% 05/01/09 $ 6,376,920
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 1,123,850
3,500 Monroe Cnty, MI Pollutn Ctl Rev Coll Detroit
Edison Monroe Ser 1 (MBIA Insd) ................ 6.875 09/01/22 3,665,235
------------
11,166,005
------------
Mississippi 4.8%
2,970 Mississippi Home Corp Single Family Rev
Mtg Access Pgm (GNMA Collateralized) .......... 7.100 05/01/23 3,068,693
2,000 Mississippi Home Corp Single Family Rev
Mtg Access Pgm Ser C (GNMA Collateralized) ..... 8.125 12/01/24 2,227,380
1,600 Mississippi Home Corp Single Family Rev Mtg
Access Pgm Ser E (GNMA Collateralized) ........ 8.100 12/01/24 1,781,920
1,885 Mississippi Home Corp Single Family
Rev Ser D (GNMA Collateralized) ............... 8.100 12/01/24 2,099,325
2,500 Mississippi Hosp Equip & Fac Auth Rev
Rush Med Fndtn Proj (Connie Lee Insd) ......... 6.700 01/01/18 2,565,750
------------
11,743,068
------------
Nebraska 1.0%
2,350 Nebraska Invt Fin Auth Single Family Mtg
Rev (Inverse Fltg) (GNMA Collateralized) ....... 9.293 09/15/24 2,373,500
------------
Nevada 3.8%
9,000 Clark Cnty, NV Indl Dev Rev NV Pwr Co
Proj Ser A (FGIC Insd) ........................ 6.700 06/01/22 9,258,120
------------
New Jersey 7.1%
8,500 Mercer Cnty, NJ Impt Auth Rev Solid Waste
Ser A Rfdg (FGIC Insd) ........................ 6.700 04/01/13 8,752,195
8,250 New Jersey Hlthcare Fac Fin Auth Rev Overlook
Hosp Assn Ser E (FGIC Insd) ................... 6.700 07/01/13 8,617,702
------------
17,369,897
------------
New Mexico 1.9%
1,900 Albuquerque, NM Arpt Rev Ser A (AMBAC Insd) ... 6.600 07/01/16 1,965,189
2,430 New Mexico Edl Assistance Fndtn Student
Ln Rev Ser A (AMBAC Insd) ..................... 6.850 04/01/05 2,577,866
------------
4,543,055
------------
New York 3.2%
8,125 Port Auth NY & NJ Cons Ninety Ninth Ser
(FGIC Insd) <F2> ............................... 5.750 05/01/15 7,709,000
------------
North Carolina 1.5%
3,240 Charlotte, NC Ctfs Partn Convention Fac Proj
(Prerefunded @ 12/01/01) (AMBAC Insd) ......... 6.750 12/01/21 3,601,649
------------
</TABLE>

See Notes to Financial Statements

Page: 7

<TABLE>
Portfolio of Investments (Continued)
<CAPTION>
April 30,1995 (Unaudited)
- ---------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pennsylvania 6.3%
$ 7,500 Allegheny Cnty, PA Arpt Rev Greater Pittsburgh
Intl Arpt Ser A (FSA Insd) .......................... 6.800% 01/01/10 $ 7,983,750
4,000 Allegheny Cnty, PA Arpt Rev Greater Pittsburgh
Intl Arpt Ser B (FSA Insd) .......................... 6.625 01/01/22 4,098,800
1,360 Allegheny Cnty, PA Residential Fin Auth Mtg
Rev Single Family (GNMA Collateralized) ............. 7.100 05/01/24 1,412,306
1,950 Sayre, PA Hlthcare Fac Auth Rev Hosp
VHA PA/VHA East Fin Pgm B (AMBAC Insd) .............. 6.375 07/01/22 1,973,380
------------
15,468,236
------------
Rhode Island 0.7%
1,500 Rhode Island Port Auth & Econ Dev Corp Arpt
Rev Ser A (FSA Insd) ................................ 7.000 07/01/14 1,649,400
------------
South Carolina 3.9%
9,150 South Carolina St Port Auth Port Rev
(AMBAC Insd) <F3> .................................... 6.750 07/01/21 9,432,369
------------
Texas 10.5%
5,000 Brazos River Auth TX Pollutn Ctl Rev Coll TX
Util Elec Co Proj A (AMBAC Insd) ..................... 6.750 04/01/22 5,151,450
5,000 Brazos River Auth TX Pollutn Ctl Rev Coll TX
Util Elec Co Proj B (FGIC Insd) ...................... 6.625 06/01/22 5,096,900
1,000 Brazos River Auth TX Pollutn Ctl Rev Coll TX
Util Elec Co Proj C (FGIC Insd) ...................... 6.700 10/01/22 1,025,890
2,500 Conroe, TX Indpt Sch Dist Cap Apprec
(Prerefunded @ 02/01/02) (PSFG Insd) ................. * 02/01/08 1,193,475
3,000 Conroe, TX Indpt Sch Dist Cap Apprec
(Prerefunded @ 02/01/02) (PSFG Insd) ................. * 02/01/09 1,332,420
755 Conroe, TX Indpt Sch Dist Cap Apprec
(Prerefunded @ 02/01/02) (PSFG Insd) ................. * 02/01/11 289,406
1,000 Conroe, TX Indpt Sch Dist Cap Apprec
(Prerefunded @ 02/01/02) (PSFG Insd) ................. * 02/01/12 355,600
4,000 Houston, TX Arpt Sys Rev Sub Lien Ser A
(FGIC Insd) .......................................... 6.750 07/01/21 4,118,280
4,830 Texas St Veterans Hsg Assistance (MBIA Insd) <F3> ... 6.800 12/01/23 4,985,961
2,000 Tyler, TX Hlth Fac Dev Corp Hosp Rev
Mother Frances Hosp of Tyler (FGIC Insd) ............. 6.500 07/01/22 2,037,080
------------
25,586,462
------------
Virginia 4.6%
5,750 Prince William Cnty, VA Svc Auth Wtr & Swr Sys
Rev (Prerefunded @ 07/01/01) (FGIC Insd) <F3> ....... 6.500 07/01/21 6,281,185
5,000 Virginia St Hsg Dev Auth Comwlth Mtg Ser A
Subser A-4 (MBIA Insd) .............................. 6.300 07/01/14 4,939,200
------------
11,220,385
------------
</TABLE>

See Notes to Financial Statements

Page: 8

<FN>
<F1> At April 30, 1995, cost for federal income tax purposes is $232,993,540;
the aggregate gross unrealized appreciation is $10,660,397 and the aggregate
gross unrealized depreciation is $1,081,760 resulting in net unrealized
appreciation including futures transactions of $9,578,637.

<F2> Securities purchased on a when issued or delayed delivery basis.

<F3> Assets segregated as collateral for when issued or delayed delivery
purchase commitments and open futures transactions.

<F4> Security is a "Step-up" bond where the coupon increases or steps up at a
predetermined date.
</TABLE>

The following table summarizes the portfolio composition at April 30, 1995,
based upon quality ratings issued by Standard & Poor's. For securities not rated
by Standard & Poor's, the Moody's rating is used.

Portfolio Composition by Credit Quality

AAA........... 100.0%
------

See Notes to Financial Statements

Page: 9

Statement of Assets and Liabilities

<TABLE>
<CAPTION>
April 30,1995 (Unaudited)
- -----------------------------------------------------------------------------------------------
<S> <C>
Assets:
Investments, at Market Value (Cost $232,993,540) (Note 1) ..................... $ 242,880,041
Short-Term Investments (Note 1) ............................................... 4,400,000
Cash ......................................................................... 63,810
Receivables:
Interest ...................................................................... 4,681,026
Investments Sold .............................................................. 145,325
Unamortized Organizational Expenses (Note 1) ................................. 13,850
---------------
Total Assets .................................................................. 252,184,052
---------------
Liabilities:
Payables:
Investments Purchased ......................................................... 7,828,954
Income Distributions - Common and Preferred Shares ........................... 246,316
Investment Advisory Fee (Note 2) .............................................. 121,145
Administrative Fee (Note 2) .................................................. 40,382
Accrued Expenses .............................................................. 151,270
---------------
Total Liabilities ............................................................. 8,388,067
---------------
Net Assets .................................................................... $ 243,795,985
---------------
Net Assets Consist of:
Preferred Shares ($.01 par value, authorized 100,000,000 shares, 1,800 issued
with liquidation preference of $50,000 per share) (Note 5) .................... $ 90,000,000
---------------
Common Shares ($.01 par value with an unlimited number of shares authorized,
9,619,286 shares issued and outstanding) ..................................... 96,193
Paid in Surplus .............................................................. 141,666,418
Net Unrealized Appreciation on Investments ................................... 9,578,637
Accumulated Undistributed Net Investment Income .............................. 2,629,267
Accumulated Net Realized Loss on Investments .................................. (174,530)
---------------
Net Assets Applicable to Common Shares ........................................ 153,795,985
---------------
Net Assets .................................................................... $ 243,795,985
---------------
Net Asset Value Per Common Share($153,795,985 divided
by 9,619,286 shares outstanding) .............................................. $ 15.99
---------------

</TABLE>

See Notes to Financial Statements

Page: 10

Statement of Operations

<TABLE>
<CAPTION>
For the Six Months Ended April 30, 1995 (Unaudited)
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment Income:
Interest .......................................................................................... $ 7,688,977
---------------
Expenses:
Investment Advisory Fee (Note 2) ................................................................. 704,842
Administrative Fee (Note 2) ....................................................................... 234,947
Preferred Share Maintenance (Note 5) .............................................................. 121,593
Legal (Note 2) ................................................................................... 10,860
Trustees Fees and Expenses (Note 2) ............................................................... 10,498
Amortization of Organizational Expenses (Note 1) ................................................. 3,968
Other ............................................................................................. 118,984
---------------
Total Expenses .................................................................................... 1,205,692
---------------
Net Investment Income ............................................................................. $ 6,483,285
---------------
Realized and Unrealized Gain/Loss on Investments:
Realized Gain/Loss on Investments:
Proceeds from Sales ............................................................................... $ 33,726,123
Cost of Securities Sold ........................................................................... (33,617,967)
---------------
Net Realized Gain on Investments (Including realized loss on futures transactions of $766,735) ... 108,156
---------------
Unrealized Appreciation/Depreciation on Investments:
Beginning of the Period .......................................................................... (1,232,127)
End of the Period (Including unrealized depreciation on
open futures transactions of $307,864) ............................................................ 9,578,637
---------------
Net Unrealized Appreciation on Investments During the Period ...................................... 10,810,764
---------------
Net Realized and Unrealized Gain on Investments ................................................... $ 10,918,920
---------------
Net Increase in Net Assets from Operations ........................................................ $ 17,402,205
---------------
</TABLE>

See Notes to Financial Statements

Page: 11

Statement of Changes in Net Assets

<TABLE>
For the Six Months Ended April 30,1995 and the Year Ended October 31,1994
(Unaudited)
- -----------------------------------------------------------------------------------------------------
<CAPTION>
Six Months Ended Year Ended
April 30, 1995 October 31, 1994
---------------- ---------------
<S> <C> <C>
From Investment Activities:
Operations:
Net Investment Income ............................................. $ 6,483,285 $ 12,995,827
Net Realized Gain/Loss on Investments ............................. 108,156 (282,692)
Net Unrealized Appreciation/Depreciation on
Investments During the Period ..................................... 10,810,764 (30,021,385)
---------------- ---------------
Change in Net Assets from Operations ............................. 17,402,205 (17,308,250)
---------------- ---------------
Distributions from Net Investment Income:
Common Shares ..................................................... (5,050,030) (10,100,114)
Preferred Shares ................................................. (1,723,275) (2,890,749)
---------------- ---------------

(6,773,305) (12,990,863)
---------------- ---------------
Distributions from Net Realized Gain on Investments:
Common Shares ..................................................... -0- (1,402,492)
Preferred Shares ................................................. -0- (326,312)
---------------- ---------------

-0- (1,728,804)
---------------- ---------------
Total Distributions .............................................. (6,773,305) (14,719,667)
---------------- ---------------
Net Change in Net Assets from Investment Activities ............... 10,628,900 (32,027,917)
Net Assets:
Beginning of the Period .......................................... 233,167,085 265,195,002
---------------- ---------------
End of the Period (Including undistributed net investment income of
$2,629,267 and $2,919,287, respectively) ......................... $ 243,795,985 $ 233,167,085
---------------- ---------------

</TABLE>

See Notes to Financial Statements

Page: 12

Financial Highlights

<TABLE>
The following schedule presents financial highlights for one common share of the
Trust outstanding throughout the periods indicated. (Unaudited)
- --------------------------------------------------------------------------------------------
<CAPTION>
January 24,1992
Six Months Year Year (Commencement
Ended Ended Ended of Investment
April 30, October 31, October 31, Operations) to
1995 1994 1993 October 31, 1992
---------- ------------ ----------- ---------------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period <F1> ............ $ 14.883 $ 18.213 $ 15.278 $ 14.737
---------- ------------ ----------- ---------------
Net Investment Income ............... .674 1.351 1.365 .924
Net Realized and Unrealized
Gain/Loss on Investments ........... 1.135 (3.150) 2.949 .340
---------- ------------ ----------- ---------------
Total from Investment Operations ... 1.809 (1.799) 4.314 1.264
---------- ------------ ----------- ---------------
Less:
Distributions from Net
Investment Income:
Paid to Common Shareholders ......... .525 1.050 .970 .525
Common Share Equivalent of
Distributions Paid to
Preferred Shareholders .............. .179 .301 .293 .198
Distributions from Net Realized
Gain on Investments:
Paid to Common Shareholders ......... -0- .146 .086 -0-
Common Share Equivalent of
Distributions Paid to
Preferred Shareholders .............. -0- .034 .030 -0-
---------- ------------ ----------- ---------------
Total Distributions ................. .704 1.531 1.379 .723
---------- ------------ ----------- ---------------
Net Asset Value, End of Period ..... $ 15.988 $ 14.883 $ 18.213 $ 15.278
---------- ------------ ----------- ---------------
Market Price Per Share
at End of Period .................... $ 15.125 $ 13.500 $ 17.250 $ 14.500
Total Investment Return at Market
Price (Non-Annualized) <F2> ......... 16.08% (15.57%) 26.98% .09%
Total Return at Net Asset Value
(Non-Annualized) <F3> .............. 11.18% (12.20%) 26.75% 5.33%
Net Assets at End of Period
(In millions) ....................... $ 243.8 $ 233.2 $ 265.2 $ 237.0
Ratio of Expenses to Average Net
Assets Applicable to Common
Shares (Annualized) ................. 1.63% 1.57% 1.54% 1.51%
Ratio of Expenses to Average
Net Assets (Annualized) ............ 1.02% 1.01% .99% 1.01%
Ratio of Net Investment Income to
Average Net Assets Applicable to
Common Shares (Annualized) <F4> ..... 6.45% 6.33% 6.29% 6.08%
Portfolio Turnover .................. 14.34% 26.33% 38.49% 90.15%

<FN>
<F1> Net asset value at January 24, 1992 is adjusted for common and preferred
share offering costs of $.263 per common share.

<F2> Total investment return at market price reflects the change in market value
of the common shares for the period indicated with reinvestment of dividends
in accordance with the Trust's dividend reinvestment plan.

<F3> Total return at net asset value (NAV) reflects the change in value of the
Trust's assets with reinvestment of dividends based upon NAV.

<F4> Net investment income is adjusted for the common share equivalent of
distributions paid to preferred shareholders.
</TABLE>

See Notes to Financial Statements

Page: 13

Notes to Financial Statements

April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------

1. Significant Accounting Policies

Van Kampen Merritt 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 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.

A. Security Valuation-Investments are stated at value using market quotations
or, if such valuations are not available, estimates obtained from yield data
relating to instruments or securities with similar characteristics in accordance
with procedures established in good faith by the Board of Trustees. Short-term
securities with remaining maturities of less than 60 days are valued at
amortized cost.

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
maintain, in a segregated account with its custodian, assets having an aggregate
value at least equal to the amount of the when issued or delayed delivery
purchase commitments until payment is made.

C. Investment Income-Interest income is recorded on an accrual basis. Bond
premium and original issue discount are amortized over the expected life of each
applicable security.

D. Organizational Expenses-The Trust has reimbursed Van Kampen American Capital
Distributors, Inc. or its affiliates ("VKAC") for costs incurred in connection
with the Trust's organization and initial registration in the amount of $40,000.
These costs are being amortized on a straight line basis over the 60 month
period ending January 23, 1997. Van Kampen American Capital Investment Advisory
Corp. (the "Adviser") has agreed that in the event any of the initial shares of
the Trust originally purchased by VKAC are redeemed during the amortization
period, the Trust will be reimbursed for any unamortized organizational expenses
in the same proportion as the number of shares redeemed bears to the number of
initial shares held at the time of redemption.

E. Federal Income Taxes-It is the Trust's policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment companies and to
distribute

Page: 14

Notes to Financial Statements (Continued)

April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------

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, 1994, the Trust had an accumulated capital loss
carryforward for tax purposes of $282,686, which will expire on October 31,
2002.

F. Distribution of Income and Gains-The Trust declares and pays dividends from
net investment income to common shareholders monthly. 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, which are included as ordinary income for tax
purposes.

G. 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, the Adviser will
provide investment advice and facilities to the Trust for an annual fee payable
monthly of .60% of the average net assets of the Trust. In addition, the Trust
will pay a monthly administrative fee to VKAC, the Trust's Administrator, at an
annual rate of .20% of the average net assets of the Trust. The administrative
services provided by the Administrator include record keeping and reporting
responsibilities with respect to the Trust's portfolio and preferred shares and
providing certain services to shareholders.

Certain legal expenses are paid to Skadden, Arps, Slate, Meagher & Flom,
counsel to the Trust, of which a trustee of the Trust is an affiliated person.

For the six months ended April 30, 1995, the Trust recognized expenses of
approximately $8,700 representing VKAC's cost of providing accounting and legal
services to the Trust.

Certain officers and trustees of the Trust are also officers and directors of
VKAC. The Trust does not compensate its officers or trustees who are officers of
VKAC.

The Trust has implemented deferred compensation and retirement plans for its
Trustees. Under the deferred compensation plan, Trustees may elect to defer all
or a portion of their

Page: 15

Notes to Financial Statements (Continued)

April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------

compensation to a later date. The retirement plan covers those Trustees who
are not officers of VKAC. The Trust's liability under the deferred compensation
and retirement plans at April 30, 1995, was approximately $13,500.

At April 30, 1995, VKAC owned 6,700 common shares of the Trust.

3. Investment Transactions

Aggregate purchases and cost of sales of investment securities, excluding
short-term notes, for the six months ended April 30, 1995, were $42,451,444 and
$33,617,967, 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 has a variety of reasons to use derivative instruments, such as to
attempt to protect the Trust against possible changes in the market value of its
portfolio and to manage the portfolio's effective yield, maturity and duration.
All of the Trust's portfolio holdings, including derivative instruments, are
marked to market each day with the change in value reflected in the unrealized
appreciation/depreciation on investments. Upon disposition, a realized gain or
loss is recognized accordingly.

Summarized below are the specific types of derivative financial instruments
used by the Trust.

A. Futures Contracts-A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Trust generally invests in futures on U.S. Treasury Bonds and the Municipal Bond
Index and typically closes the contract prior to the delivery date. These
contracts are generally used to manage the portfolio's effective maturity and
duration.

The fluctuation in market value of the contracts is settled daily through a
cash margin account. Realized gains and losses are recognized when the contracts
are closed or expire.

Transactions in futures contracts, each with a par value of $100,000, for the
six months ended April 30, 1995, were as follows:

<TABLE>
<CAPTION>
Contracts
- ---------------------------------------------
<S> <C>
Outstanding at October 31, 1994 ... -0-
Futures Opened .................... 1,410
Futures Closed .................... (1,210)
--------
Outstanding at April 30, 1995 ..... 200
--------
</TABLE>

Page: 16

Notes to Financial Statements (Continued)

April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------

The futures contracts outstanding as of April 30, 1995, and the description
and unrealized depreciation are as follows:

<TABLE>
<CAPTION> Unrealized
Contracts Depreciation
- -----------------------------------------------------
<S> <C> <C>
U.S. Treasury Bond Futures
June 1995-Sells to Open... 200 $ 307,864
--------- ------------
</TABLE>

B. Indexed Securities-These instruments are identified in the portfolio of
investments. The price of these securities may be more volatile than the price
of a comparable fixed rate security.

An Inverse Floating security is one where the coupon is inversely indexed to a
short-term floating interest rate multiplied by a specified factor. As the
floating rate rises, the coupon is reduced. Conversely, as the floating rate
declines, the coupon is increased. These instruments are typically used by the
Trust to enhance the yield of the portfolio.

An Embedded Cap security includes a cap strike level such that the coupon
payment may be supplemented by cap payments if the floating rate index upon
which the cap is based rises above the strike level. The Trust invests in these
instruments as a hedge against a rise in the short-term interest rates which it
pays on its preferred shares.

5. Preferred Shares

The Trust has outstanding 1,800 Auction Preferred Shares ("APS") in two series
of 900 shares each. Dividends are cumulative and the dividend rate is
periodically reset through an auction process. The dividend periods for Series A
and Series B are 28 days. The average rate in effect on April 30, 1995, was
4.138%. During the six months ended April 30, 1995, the rates ranged from 2.998%
to 4.800%.

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.

The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $50,000 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.

Page: 17

Funds Distributed by Van Kampen American Capital

GLOBAL AND
INTERNATIONAL

Govett Emerging Markets Fund
AC Global Equity Fund
Govett Global Government Income Fund
AC Global Government Securities
AC Global Managed Assets Fund
Govett International Equity Fund
Govett Latin America Fund
Govett Pacific Strategy Fund
VKM Short-Term Global Income Fund
VKM Strategic Income Fund

EQUITY

Growth

AC Emerging Growth Fund
AC Enterprise Fund
AC Pace Fund
Govett Smaller Companies Fund

Growth & Income

VKM Balanced Fund
AC Comstock Fund
AC Equity Income Fund
AC Growth and Income Fund
VKM Growth and Income Fund
AC Harbor Fund
AC Real Estate Securities Fund
VKM Utility Fund
AC Utilities Income Fund

FIXED INCOME

VKM Adjustable Rate U.S. Government Fund
AC Corporate Bond Fund
AC Federal Mortgage Trust
AC Government Securities
VKM High Yield Fund
AC High Yield Investments
VKM Money Market Fund
VKM Prime Rate Income Trust
AC Reserve Fund
VKM U.S. Government Fund
AC U.S. Government Trust for Income

TAX-FREE

VKM California Insured Tax Free Fund
VKM Florida Insured Tax Free Income Fund
VKM Insured Tax Free Income Fund
VKM Limited Term Municipal Income Fund
AC Municipal Bond Fund
VKM Municipal Income Fund
VKM New Jersey Tax Free Income Fund
VKM New York Tax Free Income Fund
VKM Pennsylvania Tax Free Income Fund
AC Tax-Exempt Trust
-- High Yield Municipal Portfolio
-- Insured Municipal Portfolio
VKM Tax Free High Income Fund
VKM Tax Free Money Fund
AC Texas Municipal Securities

Ask your investment representative for a prospectus containing more complete
information, including sales charges and expenses. Please read it carefully
before you invest or send money. Or call us direct at 1-800-421-5666 weekdays
from 7:00 a.m. to 7:00 p.m. Central time.

Page: 18

Van Kampen Merritt Trust For Insured Municipals

Officers and Trustees

Don G. Powell*
Chairman and Trustee

Dennis J. McDonnell*
President and Trustee

David C. Arch
Trustee

Rod Dammeyer
Trustee

Howard J Kerr
Trustee

Theodore A. Myers
Trustee

Hugo F. Sonnenschein
Trustee

Wayne W. Whalen*
Trustee

Peter W. Hegel*
Vice President

Ronald A. Nyberg*
Vice President and Secretary

Edward C. Wood, III*
Vice President and Treasurer

Scott E. Martin*
Assistant Secretary

Weston B. Wetherell*
Assistant Secretary

Nicholas Dalmaso*
Assistant Secretary

John L. Sullivan*
Controller

Steven M. Hill*
Assistant Treasurer

Investment Adviser

Van Kampen American Capital Investment Advisory Corp.
One Parkview Plaza
Oakbrook Terrace, Illinois 60181

Custodian and Transfer Agent

State Street Bank
and Trust Company
225 Franklin Street
P.O. Box 1713
Boston, Massachusetts 02105

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom
333 West Wacker Drive Chicago, Illinois 60606

Independent Auditors

KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive Chicago, Illinois 60601

*"Interested" persons of the Trust, as defined in the Investment Company Act of
1940.

SM denotes a service mark of
Van Kampen American Capital Distributors, Inc.

Page: 19

Van Kampen Merritt Trust For Insured Municipals

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Van Kampen Merritt Trust For Insured Municipals

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