nvcsr

NOT FDIC INSURED

OFFER NO BANK GUARANTEE

MAY LOSE VALUE

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

NOT A DEPOSIT

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Comstock Fund performed during the annual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the fund’s financial statements and a list of fund investments as of December 31 2009.

This material must be preceded or accompanied by a Class A, B, and C, I and R share prospectus for the fund being offered. This prospectus contains information about the fund, including the investment objectives, risks, charges and expenses. To obtain an additional prospectus, contact your financial advisor or download one at vankampen.com. Please read the prospectus carefully before investing.

Market forecasts provided in this report may not necessarily come to pass. There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of the fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this fund.

Performance Summary as of 12/31/09 (Unaudited)

Performance of a $10,000 investment

This chart compares your fund’s performance to that of the Russell 1000^® Value Index and the Standard and Poor’s 500^® Index from 12/31/99 through 12/31/09. Class A shares, adjusted for sales charges.

A Shares

B Shares

C Shares

R Shares

I Shares

since 10/07/68

since 10/19/92

since 10/26/93

since 10/01/02

since 10/29/04

w/max

w/o

5.75%

w/o

5.00%

w/o

1.00%

w/o

Average Annual

sales

Total Returns

charges

charge

charges

charge

charges

charge

charges

Since Inception

10.74

10.58

8.97

8.28

6.82

1.49

10-year

4.68

4.06

4.07

3.89

—

5-year

–0.31

–1.48

–0.74

–0.97

–1.07

–0.57

–0.08

1-year

29.45

22.03

29.45

24.45

28.37

27.37

29.13

29.67

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit vankampen.com or speak with your financial advisor. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost.

The returns shown in this report do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance of share classes will vary due to differences in sales charges and expenses. Average annual total return with sales charges includes payment of the maximum sales charge of 5.75 percent for Class A shares, a contingent deferred sales charge of 5.00 percent for Class B shares (in year one and declining to zero after year five), a contingent deferred sales charge of 1.00 percent for Class C shares in year one and combined Rule 12b-1 fees and service fees of up to 0.25 percent per year of the fund’s average daily net assets for Class A shares and up to 1.00 percent per year of the fund’s average daily net assets for Class B and C shares. The since inception and 10-year returns for Class B shares reflect their conversion into Class A shares eight years after purchase. Class R shares are available for purchase exclusively by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. Class R shares are offered without any upfront or deferred sales charges on purchases or sales. The combined Rule 12b-1 fees and service fees for Class R shares is up to 0.50 percent per year of the fund’s average daily net assets. Class I shares are available for purchase exclusively by (i) eligible institutions (e.g., a financial institution, corporation, trust, estate, or educational, religious or charitable institution) with assets of at least $1,000,000, (ii) tax-exempt retirement plans with assets of at least $1,000,000 (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans), (iii) fee-based investment programs with assets of at least $1,000,000, (iv) qualified state tuition plan (529 plan) accounts, and (v) certain Van Kampen investment companies. Class I shares are offered without any upfront or

deferred sales charge on purchases or sales and without any distribution (12b-1) fee or service fee. Figures shown above assume reinvestment of all dividends and capital gains. Periods of less than one year are not annualized.

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Index is an index of approximately 1,000 of the largest U.S. securities based on a combination of market capitalization and current index membership. The Standard & Poor’s 500^® Index (S&P 500) measures the performance of the large cap segment of the U.S. equities market, covering approximately 75% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. The Indices are unmanaged and their returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

Fund Report

For the 12-month period ended December 31, 2009

Market Conditions

In 2009, the stock market staged a strong comeback from the substantial declines caused by the financial crisis and economic recession, although the market remained below its October 2007 high. In early March, equities began a large rally from depressed valuation levels that continued through the end of the period due to several factors:


•	The risk of an economic depression was substantially reduced as a number of key economic data points appeared to stabilize.

•	The financial system strengthened as some participants reduced leverage, substantially so in some cases. In addition, large capital raisings by some banks further improved the stability of the financial system.

•	Corporate earnings continued to exceed analysts’ expectations in the second and third quarters as aggressive cost-cutting measures helped bolster profit margins.

•	The Federal Reserve kept its interest rate near zero through the end of the year and sounded more optimistic about the economy’s prospects, which bolstered investor confidence that the recession was near an end.

•	However, unemployment rates remained high, serving as a persistent threat to the fragile recovery.

While we have seen some improvements, we continue to believe the economy faces some real risks and challenges, with the greatest headwind coming from a prolonged period of reduced consumer spending. Paradoxically, while higher savings and lower spending rates may be positive for the economy over the long term, the trend is likely to dampen economic growth in the near term.

Performance Analysis

All share classes of Van Kampen Comstock Fund outperformed the Russell 1000^® Value Index (the “Index”) and the S&P 500^® Index for the 12 months ended December 31, 2009, assuming no deduction of applicable sales charges.

Total returns for the 12-month period ended December 31, 2009


															Russell 1000^®			S&P 500^®
Class A			Class B			Class C			Class R			Class I			Value Index			Index

	29.45	%		29.45	%		28.37	%		29.13	%		29.67	%		19.69	%		26.46	%

The performance for the five share classes varies because each has different expenses. The Fund’s total return figures assume the reinvestment of all distributions, but do not reflect the deduction of any applicable sales charges. Such costs would lower performance. Past performance is no guarantee of future results. See Performance Summary for standardized performance information and index definitions.

The Fund’s outperformance relative to the Index was broad-based, with seven out of the ten sectors providing positive results. The key drivers of performance came from these sectors:


•	The Fund’s significant overweight in information technology was the largest positive contributor. On average during the period, the portfolio held a three times larger weight than that of the Index. The Fund benefited from holdings across the sector, including internet retail, hardware, and semiconductors.

•	In the energy sector, both stock selection and an underweight aided relative performance. The sector was among the weakest-performing groups in the Index for the period, and we have only recently begun building a small position in selected stocks that fit our criteria, mostly integrated oil companies.

•	Stock selection and a slight overweight in the basic materials sector also bolstered performance, driven mainly by a paper company that restructured its debt and benefited from synergies following an acquisition.

•	In the consumer discretionary sector, where the Fund holds primarily media stocks, a turnaround in ad spending propelled gains in the Fund’s holdings.

•	Within health care, acquisitions made by Pfizer and Merck lifted the Fund’s holdings in large-cap pharmaceutical stocks.

•	The financials sector was the single largest detractor from performance, hampered by stock selection within insurance and diversified financials companies. Some of the best-performing diversified financials companies during the period were among the worst performers in the previous year. However, we remained cautious about the financial health of many of these companies and began building positions only after the credit markets began stabilizing and we conducted a thorough evaluation of balance sheets.

Market Outlook

During the period, we significantly reduced the Fund’s consumer staples weighting, as well as trimmed holdings in the technology, materials, and consumer discretionary sectors on strong performance. We used the proceeds from consumer staples to add to the portfolio’s energy exposure, mostly in integrated oil companies, although the Fund remains underweight in the energy sector relative to the Index. We added some new positions in industrials, but the sector overall remains a small weighting within the total portfolio. After having no exposure to the utilities sector for some time, we initiated one very small position, as we have not seen many attractive opportunities here. Finally, in financials, we remain cautious and selective, adding at the margins to banks that meet our risk-reward criteria.

We continue to position the Fund from a bottom-up basis, selecting stocks that we believe have reasonable valuations relative to our assessment of fair value. At year end, relative to the Index, the Fund held overweight positions in the consumer discretionary, consumer staples, information technology, materials, and health care sectors. The Fund held underweights in energy, financials, industrials, telecommunication services and utilities.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.


Top 10 Holdings as of 12/31/09 (Unaudited)

Chubb Corp.	4.7	%
Viacom, Inc., Class B	4.0
Comcast Corp., Class A	3.9
International Paper Co.	3.0
JPMorgan Chase & Co.	2.9
eBay, Inc.	2.8
Pfizer, Inc.	2.6
Bristol-Myers Squibb Co.	2.5
Verizon Communications, Inc.	2.4
Travelers Cos., Inc.	2.4


Summary of Investments by Industry Classification as of 12/31/09 (Unaudited)

Pharmaceuticals	10.1	%
Property & Casualty Insurance	8.0
Movies & Entertainment	7.3
Other Diversified Financial Services	5.6
Integrated Oil & Gas	5.4
Packaged Foods & Meats	4.7
Integrated Telecommunication Services	4.1
Broadcasting & Cable TV	3.9
Internet Software & Services	3.6
Paper Products	3.0
Life & Health Insurance	2.5
Broadcasting—Diversified	2.4
Asset Management & Custody Banks	2.2
Hypermarkets & Super Centers	2.2
Computer Hardware	2.2
Oil & Gas Equipment & Services	2.2
Soft Drinks	1.9
Home Improvement Retail	1.9
Tobacco	1.8
Diversified Banks	1.7
Health Care Distributors	1.6
Managed Health Care	1.4
Department Stores	1.4
Semiconductors	1.3
Communications Equipment	1.2
Aluminum	1.2
Industrial Conglomerates	1.2
Regional Banks	1.1
Drug Retail	1.1
Health Care Equipment	0.9
Industrial Machinery	0.8
Investment Banking & Brokerage	0.7
Semiconductor Equipment	0.7
Wireless Telecommunication Services	0.7
Diversified Chemicals	0.6
Electrical Components & Equipment	0.6
IT Consulting & Other Services	0.5
Aerospace & Defense	0.4
General Merchandise Stores	0.4
Systems Software	0.4
Household Products	0.4

(continued on next page)

For More Information About Portfolio Holdings

Each Van Kampen fund provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the fund’s second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to fund shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each fund files a complete schedule of portfolio holdings with the SEC for the fund’s first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s Web site, http://www.sec.gov. You may also review and copy them at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s email address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-1520.

You may obtain copies of a fund’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 847-2424.

Householding Notice

To reduce Fund expenses, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents to investors who share an address, even if the accounts are registered under different names. The Fund’s prospectuses and shareholder reports (including annual privacy notices) will be delivered to you in this manner indefinitely unless you instruct us otherwise. You can request multiple copies of these documents by either calling (800) 341-2911 or writing to Van Kampen Investor Services at P.O. Box 219286, Kansas City, MO 64121-9286. Once Investor Services has received your instructions, we will begin sending individual copies for each account within 30 days.

Proxy Voting Policy and Procedures and Proxy Voting Record

You may obtain a copy of the Fund’s Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 847-2424 or by visiting our Web site at www.vankampen.com. It is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.

You may obtain information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 without charge by visiting our Web site at www.vankampen.com. This information is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments of Class A Shares and contingent deferred sales charges on redemptions of Class B and Class C Shares; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 7/1/09 - 12/31/09.

Actual Expense

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or contingent deferred sales charges. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your cost would have been higher.


	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period *

	7/1/09		12/31/09		7/1/09-12/31/09

Class A
Actual	$	1,000.00	$	1,252.32	$	4.54
Hypothetical		1,000.00		1,021.17		4.08
(5% annual return before expenses)
Class B
Actual		1,000.00		1,252.32		4.60
Hypothetical		1,000.00		1,021.12		4.13
(5% annual return before expenses)
Class C
Actual		1,000.00		1,246.54		8.78
Hypothetical		1,000.00		1,017.39		7.88
(5% annual return before expenses)
Class R
Actual		1,000.00		1,250.75		5.96
Hypothetical		1,000.00		1,019.91		5.35
(5% annual return before expenses)
Class I
Actual		1,000.00		1,252.96		3.12
Hypothetical		1,000.00		1,022.43		2.80
(5% annual return before expenses)


*		Expenses are equal to the Fund’s annualized expense ratio of 0.80%, 0.81%, 1.55%, 1.05% and 0.55% for Class A, B, C, R and I Shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The expense ratio for Class B Shares reflects actual 12b-1 fees of less than 1%.

Assumes all dividends and distributions were reinvested.

Van Kampen Comstock Fund

Portfolio of Investments n December 31, 2009


	Number of
Description	Shares		Value


Common Stocks 96.3%
Aerospace & Defense 0.4%
Honeywell International, Inc.		958,500	$	37,573,200


Aluminum 1.2%
Alcoa, Inc.		6,368,600		102,661,832


Asset Management & Custody Banks 2.2%
Bank of New York Mellon Corp.		5,545,728		155,114,012
State Street Corp.		765,800		33,342,932

				188,456,944

Broadcasting & Cable TV 3.9%
Comcast Corp., Class A		19,334,110		325,973,095


Broadcasting—Diversified 2.4%
DIRECTV, Class A (a)		3,239,590		108,040,326
Time Warner Cable, Inc.		2,184,740		90,426,389

				198,466,715

Communications Equipment 1.2%
Cisco Systems, Inc. (a)		4,384,500		104,964,930


Computer Hardware 2.2%
Dell, Inc. (a)		5,409,618		77,682,114
Hewlett-Packard Co.		2,052,400		105,719,124

				183,401,238

Data Processing & Outsourced Services 0.3%
Western Union Co.		1,410,500		26,587,925


Department Stores 1.4%
J.C. Penney Co., Inc.		2,024,900		53,882,589
Macy’s, Inc.		3,612,956		60,553,143

				114,435,732

Diversified Banks 1.7%
U.S. Bancorp		2,315,400		52,119,654
Wells Fargo & Co.		3,423,500		92,400,265

				144,519,919

Diversified Chemicals 0.6%
Du Pont (E.I.) de Nemours & Co.		1,609,966		54,207,555


Drug Retail 1.1%
CVS Caremark Corp.		2,818,600		90,787,106


Electrical Components & Equipment 0.6%
Emerson Electric Co.		1,105,600		47,098,560


Electronic Equipment Manufacturers 0.3%
Cognex Corp.		1,223,187		21,674,874

See Notes to Financial Statements

Van Kampen Comstock Fund
Portfolio of Investments n December 31, 2009 continued


	Number of
Description	Shares		Value



Electronic Manufacturing Services 0.3%
Flextronics International Ltd. (Singapore) (a)		2,928,717	$	21,408,921


General Merchandise Stores 0.4%
Target Corp.		730,600		35,339,122


Health Care Distributors 1.6%
Cardinal Health, Inc.		4,163,600		134,234,464


Health Care Equipment 0.9%
Boston Scientific Corp. (a)		8,829,500		79,465,500


Home Improvement Retail 1.9%
Home Depot, Inc.		2,836,800		82,068,624
Lowe’s Cos., Inc.		3,227,800		75,498,242

				157,566,866

Household Products 0.4%
Procter & Gamble Co.		537,000		32,558,310


Hypermarkets & Super Centers 2.2%
Wal-Mart Stores, Inc.		3,518,900		188,085,205


Industrial Conglomerates 1.2%
General Electric Co.		6,420,200		97,137,626


Industrial Machinery 0.8%
Ingersoll-Rand PLC (Ireland)		1,815,700		64,893,118


Integrated Oil & Gas 5.4%
BP PLC—ADR (United Kingdom)		1,137,000		65,911,890
Chevron Corp.		1,819,500		140,083,305
ConocoPhillips		2,163,500		110,489,945
Royal Dutch Shell PLC—ADR (United Kingdom)		1,071,000		64,377,810
Total SA—ADR (France)		1,173,900		75,176,556

				456,039,506

Integrated Telecommunication Services 4.1%
AT&T, Inc.		4,969,150		139,285,274
Verizon Communications, Inc.		6,194,300		205,217,159

				344,502,433

Internet Software & Services 3.6%
eBay, Inc. (a)		10,065,300		236,937,162
Yahoo!, Inc. (a)		3,814,800		64,012,344

				300,949,506

Investment Banking & Brokerage 0.7%
Goldman Sachs Group, Inc.		360,200		60,816,168

See Notes to Financial Statements

Van Kampen Comstock Fund
Portfolio of Investments n December 31, 2009 continued


	Number of
Description	Shares		Value



IT Consulting & Other Services 0.5%
Accenture PLC, Class A (Ireland)		1,092,700	$	45,347,050


Life & Health Insurance 2.5%
Aflac, Inc.		797,500		36,884,375
MetLife, Inc.		2,699,200		95,416,720
Torchmark Corp.		1,714,547		75,354,341

				207,655,436

Managed Health Care 1.4%
UnitedHealth Group, Inc.		2,012,900		61,353,192
WellPoint, Inc. (a)		979,400		57,089,226

				118,442,418

Movies & Entertainment 7.3%
News Corp., Class B		8,413,000		133,934,960
Time Warner, Inc.		4,949,000		144,213,860
Viacom, Inc., Class B (a)		11,260,250		334,767,233

				612,916,053

Multi-Utilities 0.3%
Sempra Energy		511,200		28,616,976


Oil & Gas Equipment & Services 2.2%
Halliburton Co.		4,872,100		146,601,489
Smith International, Inc.		1,314,600		35,717,682

				182,319,171

Other Diversified Financial Services 5.4%
Bank of America Corp.		10,388,065		156,444,259
Citigroup, Inc.		16,914,100		55,985,671
JPMorgan Chase & Co.		5,831,300		242,990,271

				455,420,201

Packaged Foods & Meats 4.7%
Cadbury PLC—ADR (United Kingdom)		872,924		44,967,719
Kraft Foods, Inc., Class A		7,032,043		191,130,929
Unilever N.V. (Netherlands)		4,996,600		161,540,078

				397,638,726

Paper Products 3.0%
International Paper Co.		9,261,760		248,029,933


Pharmaceuticals 10.1%
Abbott Laboratories		1,096,400		59,194,636
Bristol-Myers Squibb Co.		8,269,449		208,803,587
Eli Lilly & Co.		2,476,700		88,442,957
GlaxoSmithKline PLC—ADR (United Kingdom)		911,500		38,510,875
Mead Johnson Nutrition Co.		309,242		13,513,875
Merck & Co., Inc.		4,369,482		159,660,872
Pfizer, Inc.		12,126,345		220,578,216
Roche Holdings AG—ADR (Switzerland)		1,461,516		62,136,499

				850,841,517

See Notes to Financial Statements

Van Kampen Comstock Fund
Portfolio of Investments n December 31, 2009 continued


	Number of
Description	Shares		Value


Property & Casualty Insurance 8.0%
Berkshire Hathaway, Inc., Class A (a)		685	$	67,952,000
Berkshire Hathaway, Inc., Class B (a)		1,070		3,516,020
Chubb Corp.		8,112,440		398,969,799
Travelers Cos., Inc.		3,996,600		199,270,476

				669,708,295

Regional Banks 1.1%
PNC Financial Services Group, Inc.		1,770,200		93,448,858


Semiconductor Equipment 0.7%
KLA–Tencor Corp.		1,586,100		57,353,376


Semiconductors 1.3%
Intel Corp.		5,530,092		112,813,877


Soft Drinks 1.9%
Coca-Cola Co.		2,180,100		124,265,700
Dr. Pepper Snapple Group, Inc.		1,185,044		33,536,745

				157,802,445

Systems Software 0.4%
Microsoft Corp.		1,080,100		32,932,249


Tobacco 1.8%
Altria Group, Inc.		3,322,400		65,218,712
Philip Morris International, Inc.		1,716,000		82,694,040

				147,912,752

Wireless Telecommunication Services 0.7%
Vodafone Group PLC—ADR (United Kingdom)		2,437,300		56,277,257


Total Common Stocks 96.3%				8,089,282,960


Convertible Preferred Stocks 0.2%
Other Diversified Financial Services 0.2%
Bank of America Corp., 10.000%		1,333,000		19,888,360


Total Long-Term Investments 96.5% (Cost $8,514,092,178)				8,109,171,320

See Notes to Financial Statements

Van Kampen Comstock Fund
Portfolio of Investments n December 31, 2009 continued


Description	Value


Repurchase Agreements 3.5%
Banc of America Securities ($109,811,606 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 12/31/09, to be sold on 01/04/10 at $109,811,728)	$	109,811,606
JPMorgan Chase & Co. ($177,953,064 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.00%, dated 12/31/09, to be sold on 01/04/10 at $177,953,064)		177,953,064
State Street Bank & Trust Co. ($3,713,330 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.00%, dated 12/31/09, to be sold on 01/04/10 at $3,713,330)		3,713,330


Total Repurchase Agreements 3.5% (Cost $291,478,000)		291,478,000


Total Investments 100.0% (Cost $8,805,570,178)		8,400,649,320

Liabilities in Excess of Other Assets (0.0)%		(536,464	)


Net Assets 100.0%	$	8,400,112,856

Percentages are calculated as a percentage of net assets.


(a)		Non-income producing security.

ADR—American Depositary Receipt

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. (See Note 1(B) in the Notes to Financial Statements for further information regarding fair value measurements.)

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value.


	Level 1		Level 2		Level 3
					Significant
			Other Significant		Unobservable
Investments	Quoted Prices		Observable Inputs		Inputs		Total


Investments in an Asset Position
Common Stocks
Aerospace & Defense	$	37,573,200	$	—	$	—	$	37,573,200
Aluminum		102,661,832		—		—		102,661,832
Asset Management & Custody Banks		188,456,944		—		—		188,456,944
Broadcasting & Cable TV		325,973,095		—		—		325,973,095

See Notes to Financial Statements

Van Kampen Comstock Fund
Portfolio of Investments n December 31, 2009 continued


	Level 1		Level 2		Level 3
					Significant
			Other Significant		Unobservable
Investments	Quoted Prices		Observable Inputs		Inputs		Total


Common Stocks (continued)
Broadcasting — Diversified	$	198,466,715	$	—	$	—	$	198,466,715
Communications Equipment		104,964,930		—		—		104,964,930
Computer Hardware		183,401,238		—		—		183,401,238
Data Processing & Outsourced Services		26,587,925		—		—		26,587,925
Department Stores		114,435,732		—		—		114,435,732
Diversified Banks		144,519,919		—		—		144,519,919
Diversified Chemicals		54,207,555		—		—		54,207,555
Drug Retail		90,787,106		—		—		90,787,106
Electrical Components & Equipment		47,098,560		—		—		47,098,560
Electronic Equipment Manufacturers		21,674,874		—		—		21,674,874
Electronic Manufacturing Services		21,408,921		—		—		21,408,921
General Merchandise Stores		35,339,122		—		—		35,339,122
Health Care Distributors		134,234,464		—		—		134,234,464
Health Care Equipment		79,465,500		—		—		79,465,500
Home Improvement Retail		157,566,866		—		—		157,566,866
Household Products		32,558,310		—		—		32,558,310
Hypermarkets & Super Centers		188,085,205		—		—		188,085,205
Industrial Conglomerates		97,137,626		—		—		97,137,626
Industrial Machinery		64,893,118		—		—		64,893,118
Integrated Oil & Gas		456,039,506		—		—		456,039,506
Integrated Telecommunication Services		344,502,433		—		—		344,502,433
Internet Software & Services		300,949,506		—		—		300,949,506
Investment Banking & Brokerage		60,816,168		—		—		60,816,168
IT Consulting & Other Services		45,347,050		—		—		45,347,050
Life & Health Insurance		207,655,436		—		—		207,655,436
Managed Health Care		118,442,418		—		—		118,442,418
Movies & Entertainment		612,916,053		—		—		612,916,053
Multi-Utilities		28,616,976		—		—		28,616,976
Oil & Gas Equipment & Services		182,319,171		—		—		182,319,171
Other Diversified Financial Services		455,420,201		—		—		455,420,201
Packaged Foods & Meats		352,671,007		44,967,719		—		397,638,726
Paper Products		248,029,933		—		—		248,029,933
Pharmaceuticals		788,705,018		62,136,499		—		850,841,517
Property & Casualty Insurance		669,708,295		—		—		669,708,295
Regional Banks		93,448,858		—		—		93,448,858
Semiconductor Equipment		57,353,376		—		—		57,353,376
Semiconductors		112,813,877		—		—		112,813,877
Soft Drinks		157,802,445		—		—		157,802,445
Systems Software		32,932,249		—		—		32,932,249
Tobacco		147,912,752		—		—		147,912,752

See Notes to Financial Statements

Van Kampen Comstock Fund

Financial Statements

Statement of Assets and Liabilities

December 31, 2009


Assets:
Total Investments (Cost $8,805,570,178)	$	8,400,649,320
Cash		9,003
Receivables:
Dividends		16,388,640
Fund Shares Sold		10,305,763
Interest		31
Other		990,714

Total Assets		8,428,343,471

Liabilities:
Payables:
Fund Shares Repurchased		20,171,129
Investment Advisory Fee		2,756,370
Distributor and Affiliates		614,683
Trustees’ Deferred Compensation and Retirement Plans		1,149,313
Accrued Expenses		3,539,120

Total Liabilities		28,230,615

Net Assets	$	8,400,112,856

Net Assets Consist of:
Capital (Par value of $0.01 per share with an unlimited number of shares authorized)	$	11,025,073,972
Accumulated Undistributed Net Investment Income		8,626,418
Net Unrealized Depreciation		(404,920,858	)
Accumulated Net Realized Loss		(2,228,666,676	)

Net Assets	$	8,400,112,856

Maximum Offering Price Per Share:
Class A Shares:
Net asset value and redemption price per share (Based on net assets of $5,759,425,029 and 417,179,254 shares of beneficial interest issued and outstanding)	$	13.81
Maximum sales charge (5.75%* of offering price)		0.84

Maximum offering price to public	$	14.65

Class B Shares:
Net asset value and offering price per share (Based on net assets of $756,514,684 and 54,795,402 shares of beneficial interest issued and outstanding)	$	13.81

Class C Shares:
Net asset value and offering price per share (Based on net assets of $538,048,330 and 38,950,968 shares of beneficial interest issued and outstanding)	$	13.81

Class R Shares:
Net asset value and offering price per share (Based on net assets of $164,958,534 and 11,946,032 shares of beneficial interest issued and outstanding)	$	13.81

Class I Shares:
Net asset value and offering price per share (Based on net assets of $1,181,166,279 and 85,570,845 shares of beneficial interest issued and outstanding)	$	13.80


*		On sales of $50,000 or more, the sales charge will be reduced.

See Notes to Financial Statements

Van Kampen Comstock Fund
Financial Statements continued

Statement of Operations

For the Year Ended December 31, 2009


Investment Income:
Dividends (Net of foreign withholding taxes of $1,901,931)	$	192,016,665
Interest		328,811

Total Income		192,345,476

Expenses:
Investment Advisory Fee		29,776,869
Distribution (12b-1) and Service Fees
Class A		13,286,386
Class B		1,960,288
Class C		4,994,120
Class R		696,994
Transfer Agent Fees		15,296,116
Reports to Shareholders		1,738,319
Accounting and Administrative Expenses		979,150
Professional Fees		375,252
Custody		301,153
Registration Fees		140,062
Trustees’ Fees and Related Expenses		121,410
Other		250,869

Total Expenses		69,916,988
Less Credits Earned on Cash Balances		26

Net Expenses		69,916,962

Net Investment Income	$	122,428,514

Realized and Unrealized Gain/Loss:
Net Realized Loss	$	(401,194,265	)

Unrealized Appreciation/Depreciation:
Beginning of the Period		(2,589,488,013	)
End of the Period		(404,920,858	)

Net Unrealized Appreciation During the Period		2,184,567,155

Net Realized and Unrealized Gain	$	1,783,372,890

Net Increase in Net Assets from Operations	$	1,905,801,404

See Notes to Financial Statements

Van Kampen Comstock Fund
Financial Statements continued

Statements of Changes in Net Assets


	For The			For The
	Year Ended			Year Ended
	December 31, 2009			December 31, 2008


From Investment Activities:
Operations:
Net Investment Income	$	122,428,514		$	277,152,487
Net Realized Loss		(401,194,265	)		(1,784,093,793	)
Net Unrealized Appreciation/Depreciation During the Period		2,184,567,155			(3,880,904,447	)

Change in Net Assets from Operations		1,905,801,404			(5,387,845,753	)


Distributions from Net Investment Income:
Class A Shares		(83,442,463	)		(191,947,804	)
Class B Shares		(12,344,084	)		(30,503,444	)
Class C Shares		(4,125,698	)		(12,290,886	)
Class R Shares		(1,802,836	)		(4,046,903	)
Class I Shares		(16,042,251	)		(33,487,573	)

		(117,757,332	)		(272,276,610	)


Distributions from Net Realized Gain:
Class A Shares		-0-			(101,142,773	)
Class B Shares		-0-			(16,305,317	)
Class C Shares		-0-			(10,061,524	)
Class R Shares		-0-			(2,461,778	)
Class I Shares		-0-			(15,811,520	)

		-0-			(145,782,912	)

Total Distributions		(117,757,332	)		(418,059,522	)


Net Change in Net Assets from Investment Activities		1,788,044,072			(5,805,905,275	)


From Capital Transactions:
Proceeds from Shares Sold		1,231,582,190			1,691,969,719
Net Asset Value of Shares Issued Through Dividend Reinvestment		107,763,185			376,134,472
Cost of Shares Repurchased		(3,003,903,978	)		(5,465,780,077	)


Net Change in Net Assets from Capital Transactions		(1,664,558,603	)		(3,397,675,886	)

Total Increase/Decrease in Net Assets		123,485,469			(9,203,581,161	)
Net Assets:
Beginning of the Period		8,276,627,387			17,480,208,548

End of the Period (Including accumulated undistributed net investment income of $8,626,418 and $3,908,240, respectively)	$	8,400,112,856		$	8,276,627,387

See Notes to Financial Statements

Van Kampen Comstock Fund

Financial Highlights

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Year Ended December 31,
Class A Shares	2009		2008			2007			2006		2005


Net Asset Value, Beginning of the Period	$	10.85	$	17.48		$	19.26		$	17.81	$	18.51

Net Investment Income (a)		0.19		0.32			0.36			0.35		0.32
Net Realized and Unrealized Gain/Loss		2.95		(6.48	)		(0.69	)		2.43		0.46

Total from Investment Operations		3.14		(6.16	)		(0.33	)		2.78		0.78

Less:
Distributions from Net Investment Income		0.18		0.32			0.37			0.38		0.32
Distributions from Net Realized Gain		-0-		0.15			1.08			0.95		1.16

Total Distributions		0.18		0.47			1.45			1.33		1.48

Net Asset Value, End of the Period	$	13.81	$	10.85		$	17.48		$	19.26	$	17.81


Total Return (b)		29.45%		–35.89%			–1.89%			16.06%		4.19%
Net Assets at End of the Period (In millions)	$	5,759.4	$	5,798.8		$	12,091.9		$	13,686.1	$	12,041.1
Ratio of Expenses to Average Net Assets		0.89%		0.84%			0.78%			0.80%		0.80%
Ratio of Net Investment Income to Average Net Assets		1.63%		2.16%			1.82%			1.92%		1.77%
Portfolio Turnover		14%		19%			22%			26%		30%


(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen Comstock Fund
Financial Highlights continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Year Ended December 31,
Class B Shares	2009			2008			2007			2006		2005


Net Asset Value, Beginning of the Period	$	10.85		$	17.49		$	19.26		$	17.81	$	18.52

Net Investment Income (a)		0.19			0.32			0.23			0.21		0.18
Net Realized and Unrealized Gain/Loss		2.95			(6.49	)		(0.68	)		2.43		0.46

Total from Investment Operations		3.14			(6.17	)		(0.45	)		2.64		0.64

Less:
Distributions from Net Investment Income		0.18			0.32			0.24			0.24		0.19
Distributions from Net Realized Gain		-0-			0.15			1.08			0.95		1.16

Total Distributions		0.18			0.47			1.32			1.19		1.35

Net Asset Value, End of the Period	$	13.81		$	10.85		$	17.49		$	19.26	$	17.81


Total Return (b)		29.45%(c	)		–35.93%	(c)		–2.46%	(c)		15.21%		3.37%
Net Assets at End of the Period (In millions)	$	756.5		$	906.3		$	1,991.6		$	2,518.3	$	2,581.5
Ratio of Expenses to Average Net Assets		0.89%(c	)		0.84%	(c)		1.41%	(c)		1.55%		1.56%
Ratio of Net Investment Income to Average Net Assets		1.64%(c	)		2.16%	(c)		1.19%	(c)		1.17%		1.01%
Portfolio Turnover		14%			19%			22%			26%		30%


(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(c)		The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net Investment Income/Loss to Average Net Assets reflect actual 12b-1 fees of less than 1% (See Note 5 in the Notes to Financial Statements).

See Notes to Financial Statements

Van Kampen Comstock Fund
Financial Highlights continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Year Ended December 31,
Class C Shares	2009		2008			2007			2006		2005


Net Asset Value, Beginning of the Period	$	10.86	$	17.49		$	19.27		$	17.82	$	18.53

Net Investment Income (a)		0.10		0.21			0.21			0.21		0.18
Net Realized and Unrealized Gain/Loss		2.94		(6.48	)		(0.69	)		2.43		0.46

Total from Investment Operations		3.04		(6.27	)		(0.48	)		2.64		0.64

Less:
Distributions from Net Investment Income		0.09		0.21			0.22			0.24		0.19
Distributions from Net Realized Gain		-0-		0.15			1.08			0.95		1.16

Total Distributions		0.09		0.36			1.30			1.19		1.35

Net Asset Value, End of the Period	$	13.81	$	10.86		$	17.49		$	19.27	$	17.82


Total Return (b)		28.37%		–36.35%			–2.63%			15.20%		3.37%
Net Assets at End of the Period (In millions)	$	538.0	$	544.6		$	1,243.1		$	1,495.8	$	1,453.0
Ratio of Expenses to Average Net Assets		1.64%		1.59%			1.53%			1.55%		1.56%
Ratio of Net Investment Income to Average Net Assets		0.87%		1.41%			1.07%			1.17%		1.01%
Portfolio Turnover		14%		19%			22%			26%		30%


(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen Comstock Fund
Financial Highlights continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Year Ended December 31,
Class R Shares	2009		2008			2007			2006		2005


Net Asset Value, Beginning of the Period	$	10.85	$	17.49		$	19.26		$	17.81	$	18.52

Net Investment Income (a)		0.15		0.28			0.31			0.30		0.28
Net Realized and Unrealized Gain/Loss		2.96		(6.49	)		(0.68	)		2.43		0.45

Total from Investment Operations		3.11		(6.21	)		(0.37	)		2.73		0.73

Less:
Distributions from Net Investment Income		0.15		0.28			0.32			0.33		0.28
Distributions from Net Realized Gain		-0-		0.15			1.08			0.95		1.16

Total Distributions		0.15		0.43			1.40			1.28		1.44

Net Asset Value, End of the Period	$	13.81	$	10.85		$	17.49		$	19.26	$	17.81


Total Return (b)		29.13%		–36.09%			–2.09%			15.78%		3.88%
Net Assets at End of the Period (In millions)	$	165.0	$	130.7		$	296.2		$	274.3	$	213.9
Ratio of Expenses to Average Net Assets		1.14%		1.09%			1.03%			1.05%		1.06%
Ratio of Net Investment Income to Average Net Assets		1.35%		1.91%			1.56%			1.67%		1.51%
Portfolio Turnover		14%		19%			22%			26%		30%


(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period. These returns include combined Rule 12b-1 fees and service fees of up to 0.50% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen Comstock Fund
Financial Highlights continued

The following schedule presents financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Year Ended December 31,
Class I Shares	2009		2008			2007			2006		2005


Net Asset Value, Beginning of the Period	$	10.85	$	17.48		$	19.25		$	17.80	$	18.51

Net Investment Income (a)		0.21		0.35			0.40			0.40		0.35
Net Realized and Unrealized Gain/Loss		2.95		(6.48	)		(0.68	)		2.43		0.47

Total from Investment Operations		3.16		(6.13	)		(0.28	)		2.83		0.82

Less:
Distributions from Net Investment Income		0.21		0.35			0.41			0.43		0.37
Distributions from Net Realized Gain		-0-		0.15			1.08			0.95		1.16

Total Distributions		0.21		0.50			1.49			1.38		1.53

Net Asset Value, End of the Period	$	13.80	$	10.85		$	17.48		$	19.25	$	17.80


Total Return (b)		29.67%		–35.73%			–1.59%			16.36%		4.39%
Net Assets at End of the Period (In millions)	$	1,181.2	$	896.2		$	1,857.4		$	1,858.2	$	1,304.1
Ratio of Expenses to Average Net Assets		0.64%		0.59%			0.53%			0.55%		0.56%
Ratio of Net Investment Income to Average Net Assets		1.85%		2.41%			2.07%			2.16%		1.99%
Portfolio Turnover		14%		19%			22%			26%		30%


(a)		Based on average shares outstanding.

(b)		Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See Notes to Financial Statements

Van Kampen Comstock Fund

Notes to Financial Statements n December 31, 2009

1. Significant Accounting Policies

Van Kampen Comstock Fund (the “Fund”) is organized as a Delaware statutory trust and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to seek capital growth and income through investments in equity securities, including common stocks, preferred stocks, and securities convertible into common and preferred stocks. The Fund commenced investment operations on October 7, 1968. The Fund offers Class A Shares, Class B Shares, Class C Shares, Class R Shares and Class I Shares. Each class of shares differs by its initial sales load, contingent deferred sales charges, the allocation of class-specific expenses and voting rights on matters affecting a single class.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) 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.

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification^tm (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Fund appropriately updated relevant GAAP references to reflect the new ASC.

A. Security Valuation Investments in securities listed on a securities exchange are valued at their last sale price as of the close of such securities exchange. Equity securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Listed and unlisted securities for which the last sale price is not available are valued at the mean of the last reported bid and asked prices. For those securities where quotations or prices are not readily available, valuations are determined in accordance with procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.

B. Fair Value Measurements FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820) (formerly known as FAS 157), defines fair value as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources

Van Kampen Comstock Fund
Notes to Financial Statements n December 31, 2009 continued

independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.


Level 1—	quoted prices in active markets for identical investments
Level 2—	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

C. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis.

The Fund may invest in repurchase agreements, which are short-term investments in which the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future time and specified price. The Fund may invest independently in repurchase agreements, or transfer uninvested cash balances into a pooled cash account along with other investment companies advised by Van Kampen Asset Management (the “Adviser”) or its affiliates, the daily aggregate of which is invested in repurchase agreements. Repurchase agreements are fully collateralized by the underlying debt security. The Fund will make payment for such securities only upon physical delivery or evidence of book entry transfer to the account of the custodian bank. The seller is required to maintain the value of the underlying security at not less than the repurchase proceeds due the Fund.

D. Income and Expenses Dividend income net of applicable withholding taxes is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized over the expected life of each applicable security. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service fees and incremental transfer agency costs which are unique to each class of shares.

E. Federal Income Taxes It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in “Interest Expense” and penalties in “Other” expenses on the Statement of Operations. The Fund files tax returns with the

Van Kampen Comstock Fund
Notes to Financial Statements n December 31, 2009 continued

U.S. Internal Revenue Service. Generally, each of the tax years in the four year period ended December 31, 2009, remains subject to examination by taxing authorities.

The Fund intends to utilize provisions of 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 December 31, 2009, the Fund had an accumulated capital loss carryforward for tax purposes of $2,212,430,401 which will expire according to the following schedule:


Amount		Expiration

$	679,152		December 31, 2010
	996,597,789		December 31, 2016
	1,215,153,460		December 31, 2017

At December 31, 2009, the cost and related gross unrealized appreciation and depreciation were as follows:


Cost of investments for tax purposes	$	8,821,806,451

Gross tax unrealized appreciation	$	1,004,346,472
Gross tax unrealized depreciation		(1,425,503,603	)

Net tax unrealized depreciation on investments	$	(421,157,131	)

F. Distribution of Income and Gains The Fund declares and pays dividends quarterly from net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains which are included as ordinary income for tax purposes. Distributions from the Fund are recorded on the ex-distribution date.

The tax character of distributions paid during the years ended December 31, 2009 and 2008 was as follows:


	2009		2008

Distributions paid from:
Ordinary income	$	117,757,332	$	283,185,523
Long-term capital gain		-0-		134,873,999

	$	117,757,332	$	418,059,522

Permanent differences, primarily due to a deferred compensation plan reclass, resulted in the following reclassification among the Fund’s components of net assets at December 31, 2009:


Accumulated Undistributed		Accumulated
Net Investment Income		Net Realized Loss			Capital

$	46,996	$	(45,106	)	$	(1,890	)

Van Kampen Comstock Fund
Notes to Financial Statements n December 31, 2009 continued

As of December 31, 2009, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income		$	9,956,556

Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of the deferral of losses relating to wash sale transactions.

G. Credits Earned on Cash Balances During the year ended December 31, 2009, the Fund’s custody fee was reduced by $26 as a result of credits earned on cash balances.

H. Reporting Subsequent Events Management has evaluated the impact of any subsequent events through February 19, 2010, the date the financial statements were effectively issued. Management has determined that there are no material events or transactions that would affect the Fund’s financial statements or require disclosure in the Fund’s financial statements through this date.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Fund’s Investment Advisory Agreement, the Adviser will provide investment advice and facilities to the Fund for an annual fee payable monthly as follows:


Average Daily Net Assets	% Per Annum

First $1 billion		0.50%
Next $1 billion		0.45%
Next $1 billion		0.40%
Over $3 billion		0.35%

For the year ended December 31, 2009, the Fund recognized expenses of approximately $332,500 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Fund is a partner of such firm and he and his law firm provide legal services as legal counsel to the Fund.

Under separate Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting services and the CCO provides compliance services to the Fund. The costs of these services are allocated to each fund. For the year ended December 31, 2009, the Fund recognized expenses of approximately $498,000 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting services to the Fund, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of “Accounting and Administrative Expenses” on the Statement of Operations.

Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser, serves as the shareholder servicing agent for the Fund. For the year ended December 31, 2009, the Fund recognized expenses of approximately $4,088,100 representing transfer agency fees paid to VKIS and its affiliates. Transfer agency fees are determined through negotiations with the Fund’s Board of Trustees.

Van Kampen Comstock Fund
Notes to Financial Statements n December 31, 2009 continued

Certain officers and trustees of the Fund are also officers and directors of Van Kampen. The Fund does not compensate its officers or trustees who are also officers of Van Kampen.

The Fund provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund, and to the extent permitted by the 1940 Act, may be invested in the common shares of those funds selected by the trustees. Investments in such funds of approximately $893,300 are included in “Other” assets on the Statement of Assets and Liabilities at December 31, 2009. Appreciation/ depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Fund. The maximum annual benefit per trustee under the plan is $2,500.

For the year ended December 31, 2009, the Fund paid brokerage commissions to Morgan Stanley & Co., Inc., an affiliate of the Adviser, totaling $80,030.

For the year ended December 31, 2009, Van Kampen, as Distributor for the Fund, received net commissions on sales of the Fund’s Class A Shares of approximately $796,400 and contingent deferred sales charge (CDSC) on redeemed shares of approximately $956,300. Sales charges do not represent expenses of the Fund.

3. Capital Transactions

For the years ended December 31, 2009 and 2008, transactions were as follows:


	For The Year Ended						For The Year Ended
	December 31, 2009						December 31, 2008
	Shares			Value			Shares			Value

Sales:
Class A		61,510,004		$	684,800,360			85,567,693		$	1,215,791,539
Class B		2,993,009			33,232,056			4,280,067			61,121,961
Class C		1,831,727			20,283,993			3,510,454			50,192,126
Class R		4,531,964			50,485,503			5,755,383			84,295,666
Class I		37,910,001			442,780,278			19,716,282			280,568,427

Total Sales		108,776,705		$	1,231,582,190			118,829,879		$	1,691,969,719

Dividend Reinvestment:
Class A		7,445,626		$	77,540,378			18,335,648		$	266,827,014
Class B		1,139,540			11,741,307			3,040,070			44,265,292
Class C		352,065			3,397,162			1,242,298			18,218,050
Class R		165,122			1,708,243			421,035			6,164,251
Class I		1,243,573			13,376,095			2,798,835			40,659,865

Total Dividend Reinvestment		10,345,926		$	107,763,185			25,837,886		$	376,134,472

Repurchases:
Class A		(186,229,198	)	$	(2,045,085,117	)		(261,072,441	)	$	(3,737,891,416	)
Class B		(32,865,076	)		(373,543,920	)		(37,692,538	)		(545,487,023	)
Class C		(13,397,358	)		(146,716,830	)		(25,643,367	)		(371,339,540	)
Class R		(4,799,001	)		(54,073,338	)		(11,064,542	)		(162,161,230	)
Class I		(36,198,827	)		(384,484,773	)		(46,163,966	)		(648,900,868	)

Total Repurchases		(273,489,460	)	$	(3,003,903,978	)		(381,636,854	)	$	(5,465,780,077	)

Van Kampen Comstock Fund
Notes to Financial Statements n December 31, 2009 continued

4. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $1,025,325,655 and $2,782,899,021, respectively.

5. Distribution and Service Plans

Shares of the Fund are distributed by Van Kampen Funds Inc. (the “Distributor”), an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A Shares, Class B Shares, Class C Shares and Class R Shares to compensate the Distributor for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets. These fees are accrued daily and paid to the Distributor monthly.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (“unreimbursed receivable”) was approximately $0 and $197,100 for Class B and Class C Shares, respectively. These amounts may be recovered from future payments under the distribution plan or CDSC. To the extent the unreimbursed receivable has been fully recovered, the distribution fee is reduced.

6. Indemnifications

The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

7. Significant Event

On October 19, 2009, Morgan Stanley, the parent company of Van Kampen Investments, Inc., announced that it has reached a definitive agreement to sell substantially all of its retail asset management business to Invesco Ltd. (the “Transaction”). The Transaction includes a sale of the part of the asset management business that advises funds, including the Van Kampen family of funds. The Transaction is subject to certain approvals and other conditions, and is currently expected to close in mid-2010.

Under the Investment Company Act of 1940, the closing of the Transaction will cause the Fund’s current investment advisory agreement with Van Kampen Asset Management, a subsidiary of Van Kampen Investments Inc., to terminate. In connection with the Transaction, the Fund’s Board of Trustees (the “Board”) has approved, subject to shareholder approval, that the Fund be transitioned to the Invesco Ltd. mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco Ltd., that has substantially the same investment objective, principal investment strategies and risks as the Fund (the “Reorganization”). The proposed Reorganization will be presented to shareholders of the Fund at a special meeting of shareholders. If shareholders of the Fund approve the Reorganization and certain other conditions to closing of the Transaction are met, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund. Upon completion of the proposed Reorganization, the Fund will dissolve pursuant to a plan of dissolution adopted by the Board.

Van Kampen Comstock Fund
Notes to Financial Statements n December 31, 2009 continued

8. Accounting Pronouncement

On January 21, 2010, the FASB issued an Accounting Standards Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009. However, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment to ASC 820 and the impact it will have on financial statement disclosures.

Van Kampen Comstock Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Van Kampen Comstock Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Van Kampen Comstock Fund (the Fund) as of December 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen Comstock Fund at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

February 19, 2010

Van Kampen Comstock Fund

Board of Trustees, Officers and Important Addresses


Board of Trustees David C. Arch Jerry D. Choate Rod Dammeyer Linda Hutton Heagy R. Craig Kennedy Howard J Kerr Jack E. Nelson Hugo F. Sonnenschein Wayne W. Whalen* – Chairman Suzanne H. Woolsey Officers Edward C. Wood III President and Principal Executive Officer Kevin Klingert Vice President Stefanie V. Chang Yu Vice President and Secretary John L. Sullivan Chief Compliance Officer Stuart N. Schuldt Chief Financial Officer and Treasurer		Investment Adviser Van Kampen Asset Management 522 Fifth Avenue New York, New York 10036 Distributor Van Kampen Funds Inc. 522 Fifth Avenue New York, New York 10036 Shareholder Servicing Agent Van Kampen Investor Services Inc. P.O. Box 219286 Kansas City, Missouri 64121-9286 Custodian State Street Bank and Trust Company One Lincoln Street Boston, Massachusetts 02111 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 155 North Wacker Drive Chicago, Illinois 60606 Independent Registered Public Accounting Firm Ernst & Young LLP 233 South Wacker Drive Chicago, Illinois 60606

(Unaudited)
For federal income tax purposes, the following information is furnished with the respect to the distributions paid by the Fund during its taxable year ended December 31, 2009. For corporate shareholders 100% of the distributions qualify for the dividends received deduction. Certain dividends paid by the Fund may be subject to a maximum tax rate of 15%. The Fund intends to designate up to a maximum of $193,752,172 as taxed at a maximum rate of 15%. In January, the Fund provides tax information to shareholders for the preceding calendar year.


*		“Interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended.

Van Kampen Comstock Fund

Trustees and Officers Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees serve until reaching their retirement age or until their successors are duly elected and qualified. Officers are annually elected by the trustees.

Independent Trustees

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

David C. Arch (64)
Blistex Inc.
1800 Swift Drive
Oak Brook, IL 60523

Trustee

Trustee
since 2003

Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Member of the Heartland Alliance Advisory Board, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan.

Van Kampen Comstock Fund

Trustees and Officers Information continued

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Jerry D. Choate (71)
33971 Selva Road
Suite 130
Dana Point, CA 92629

Trustee

Trustee
since 1999

Prior to January 1999, Chairman and Chief Executive Officer of the Allstate Corporation (“Allstate”) and Allstate Insurance Company. Prior to January 1995, President and Chief Executive Officer of Allstate. Prior to August 1994, various management positions at Allstate.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Amgen Inc., a biotechnological company, and Valero Energy Corporation, an independent refining company.

Rod Dammeyer (69)
CAC, LLC
4370 La Jolla Village Drive
Suite 685
San Diego, CA 92122-1249

Trustee

Trustee
since 2003

President of CAC, LLC, a private company offering capital investment and management advisory services.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of Quidel Corporation and Stericycle, Inc. Prior to May 2008, Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc.

Van Kampen Comstock Fund

Trustees and Officers Information continued

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Linda Hutton Heagy† (61)
4939 South Greenwood
Chicago, IL 60615

Trustee

Trustee
since 1995

Prior to February 2008, Managing Partner of Heidrick & Struggles, an international executive search firm. Prior to 1997, Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company. Prior to 1990, Executive Vice President of The Exchange National Bank.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.

R. Craig Kennedy (58)
1744 R Street, NW
Washington, DC 20009

Trustee

Trustee
since 1995

Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.

Howard J Kerr (74)
14 Huron Trace
Galena, IL 61036

Trustee

Trustee
since 2003

Prior to 1998, President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.

Van Kampen Comstock Fund

Trustees and Officers Information continued

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Jack E. Nelson (74)
423 Country Club Drive
Winter Park, FL 32789

Trustee

Trustee
since 1995

President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.

Trustee/Director/Managing General Partner of funds in the Fund Complex.

Hugo F. Sonnenschein (69)
1126 E. 59th Street
Chicago, IL 60637

Trustee

Trustee
since 2003

President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences.

Van Kampen Comstock Fund

Trustees and Officers Information continued

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Suzanne H. Woolsey, Ph.D. (68)
815 Cumberstone Road
Harwood, MD 20776

Trustee

Trustee
since 1999

Chief Communications Officer of the National Academy of Sciences/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Prior to 1993, Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council. From 1980 through 1989, Partner of Coopers & Lybrand.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Trustee of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Director of Fluor Corp., an engineering, procurement and construction organization, since January 2004. Director of Intelligent Medical Devices, Inc., a symptom based diagnostic tool for physicians and clinical labs. Director of the Institute for Defense Analyses, a federally funded research and development center, Director of the German Marshall Fund of the United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.

Van Kampen Comstock Fund

Trustees and Officers Information continued

Interested Trustee*

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Interested Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Wayne W. Whalen* (70)
155 North Wacker Drive
Chicago, IL 60606

Trustee

Trustee
since 1995

Partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Abraham Lincoln Presidential Library Foundation.


†		As indicated above, prior to February 2008, Ms. Heagy was an employee of Heidrick and Struggles, an international executive search firm (“Heidrick”). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley.

*		Mr. Whalen is an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex.

Van Kampen Comstock Fund

Trustees and Officers Information continued


Officers
		Term of
		Office and
	Position(s)	Length of
Name, Age and	Held with	Time	Principal Occupation(s)
Address of Officer	Fund	Served	During Past 5 Years

Edward C. Wood III (54) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	President and Principal Executive Officer	Officer since 2008	President and Principal Executive Officer of funds in the Fund Complex since November 2008. Managing Director of Van Kampen Investments Inc., the Adviser, the Distributor, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2003. Chief Administrative Officer of the Adviser, Van Kampen Advisors Inc. and Van Kampen Exchange Corp. since December 2002. Chief Operating Officer of the Distributor since December 2002. Director of Van Kampen Advisors Inc., the Distributor and Van Kampen Exchange Corp. since March 2004. Director of the Adviser since August 2008. Director of Van Kampen Investments Inc. and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and Van Kampen Investments Inc. from March 2004 to January 2005 and Chief Administrative Officer of Van Kampen Investments Inc. from 2002 to 2009.


Kevin Klingert (47) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2008	Vice President of funds in the Fund Complex since May 2008. Head, Chief Operating Officer and acting Chief Investment Officer of the Global Fixed Income Group of Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Advisors Inc. since April 2008. Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management since December 2007. Managing Director of Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Advisors Inc. from December 2007 to March 2008. Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock from October 1991 to January 2007.


Stefanie V. Chang Yu (43) 522 Fifth Avenue New York, NY 10036	Vice President and Secretary	Officer since 2003	Managing Director of Morgan Stanley Investment Management Inc. Vice President and Secretary of funds in the Fund Complex.


John L. Sullivan (54) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Compliance Officer	Officer since 1996	Chief Compliance Officer of funds in the Fund Complex since August 2004. Prior to August 2004, Director and Managing Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc.

Van Kampen Comstock Fund

An Important Notice Concerning Our

U.S. Privacy Policy

We are required by federal law to provide you with a copy of our privacy policy (“Policy”) annually.

This Policy applies to current and former individual clients of Van Kampen Funds Inc., and Van Kampen Investor Services Inc., as well as current and former individual investors in Van Kampen mutual funds 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. 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 and understand your concerns about safeguarding such information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what nonpublic personal information we collect about you, how we collect it, when we may share it with others, and how others may use it. It discusses the steps you may take to limit our sharing of information about you with affiliated Van Kampen companies (“affiliated companies”). It also discloses how you may limit our affiliates’ use of shared information for marketing purposes. Throughout this Policy, we refer to the nonpublic information that personally identifies you or your accounts as “personal information.”

1. What Personal Information Do We Collect About You?

To better serve you and manage our business, it is important that we collect and maintain accurate information about you. We obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our websites and from third parties and other sources. For example:


	•	We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through application forms you submit to us.

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Van Kampen Comstock Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued


	•	We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

	•	We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

	•	We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

	•	If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer’s operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of “cookies.” “Cookies” recognize your computer each time you return to one of our sites, and help to improve our sites’ content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2. When Do We Disclose Personal Information We Collect About You?

To provide you with the products and services you request, to better serve you, to manage our business and as otherwise required or permitted by law, we may disclose personal information we collect about you to other affiliated companies and to nonaffiliated third parties.

a. Information We Disclose to Our Affiliated Companies. In order to manage your account(s) effectively, including servicing and processing your transactions, to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law, we may disclose personal information about you to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

b. Information We Disclose to Third Parties. We do not disclose personal information that we collect about you to nonaffiliated third parties except to enable them to provide marketing services on our behalf, to perform joint marketing agreements with other financial institutions, and as otherwise required or permitted by law. For example, some instances where we may disclose information about you to third

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An Important Notice Concerning Our
U.S. Privacy Policy continued

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 a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be required by law.

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 about you, and we require them to adhere to confidentiality standards with respect to such information.

4. How Can You Limit Our Sharing Of Certain Personal Information About You With Our Affiliated Companies For Eligibility Determination?

We respect your privacy and offer you choices as to whether we share with our affiliated companies personal information that was collected to determine your eligibility for products and services such as credit reports and other information that you have provided to us or that we may obtain from third parties (“eligibility information”). Please note that, even if you direct us not to share certain eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with those companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account. We may also share certain other types of personal information with affiliated companies—such as your name, address, telephone number, e-mail address and account number(s), and information about your transactions and experiences with us.

5. How Can You Limit the Use of Certain Personal Information About You by our Affiliated Companies for Marketing?

You may limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products or services to you. This information includes our transactions and other experiences with you such as your

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Van Kampen Comstock Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

assets and account history. Please note that, even if you choose to limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products and services to you, we may still share such personal information about you with them, including our transactions and experiences with you, for other purposes as permitted under applicable law.

6. How Can You Send Us an Opt-Out Instruction?

If you wish to limit our sharing of certain personal information about you with our affiliated companies for “eligibility purposes” and for our affiliated companies’ use in marketing products and services to you as described in this notice, you may do so by:


	•	Calling us at (800) 847-2424 Monday-Friday between 8 a.m. and 8 p.m. (EST)

	•	Writing to us at the following address: Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

If you choose to write to us, your written request should include: your name, address, telephone number and account number(s) to which the opt-out applies and should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply those instructions to the entire account. Please allow approximately 30 days from our receipt of your opt-out for your instructions to become effective.

Please understand that if you opt-out, you and any joint account holders may not receive certain Van Kampen or our affiliated companies’ products and services that could help you manage your financial resources and achieve your investment objectives.

If you have more than one account with us or our affiliates, you may receive multiple privacy policies from us, and would need to follow the directions stated in each particular policy for each account you have with us.

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Van Kampen Comstock Fund
An Important Notice Concerning Our
U.S. Privacy Policy continued

SPECIAL NOTICE TO RESIDENTS OF VERMONT

This section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.

The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information (“opt-in”).

If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:


		Van Kampen Privacy Department Harborside Financial Center, Plaza Two, 3rd Floor Jersey City, NJ 07311

Your authorization should include: your name, address, telephone number and account number(s) to which the opt-in applies and should not be sent with any other correspondence. In order to process your authorization, we require that the authorization be provided by you directly and not through a third-party.

The Statement of Additional Information includes additional information about Fund trustees and is available, without charge, upon request by calling 1-800-847-2424.

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

13, 113, 213, 313, 613

COMANN 02/10

IU10-00534P-Y12/09

Item 2. Code of Ethics.

(a) The Fund has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Fund or a third party.

(b)		No information need be disclosed pursuant to this paragraph.

(c)		Due to personnel changes at the Adviser, the general counsel’s designee set forth in Exhibit C was amended in April 2009. Both editions of Exhibit C are attached.

(d)		Not applicable.

(e)		Not applicable.

(f)

	(1)		The Fund’s Code of Ethics is attached hereto as Exhibit 12(1).

	(2)		Not applicable.

	(3)		Not applicable.

Item 3. Audit Committee Financial Expert.

The Fund’s Board of Trustees has determined that it has three “audit committee financial experts” serving on its audit committee, each of whom are “independent” Trustees : Rod Dammeyer, Jerry D. Choate and R. Craig Kennedy. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:

2009


	Registrant			Covered Entities⁽¹⁾
Audit Fees	$	37,300			N/A

Non-Audit Fees
Audit-Related Fees	$	0		$	0
Tax Fees	$	2,800	⁽³⁾	$	109,924	⁽⁴⁾
All Other Fees	$	0		$	208,088	⁽⁵⁾
Total Non-Audit Fees	$	2,800		$	318,012

Total	$	40,100		$	318,012

2008


	Registrant			Covered Entities⁽¹⁾
Audit Fees	$	37,300			N/A

Non-Audit Fees
Audit-Related Fees	$	0		$	300,200	⁽²⁾
Tax Fees	$	2,800	⁽³⁾	$	99,522	⁽⁴⁾
All Other Fees	$	0		$	688,963	⁽⁵⁾
Total Non-Audit Fees	$	2,800		$	1,088,685

Total	$	40,100		$	1,088,685


N/A-		Not applicable, as not required by Item 4.

⁽¹⁾		Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

⁽²⁾		Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities’ and funds advised by the Adviser or its affiliates, specifically attestation services provided in connection with a SAS 70 Report.

⁽³⁾		Tax Fees represent tax advice and compliance services provided in connection with the review of the Registrant’s tax.

⁽⁴⁾		Tax Fees represent tax advice services provided to Covered Entities, including research and identification of PFIC entities.

⁽⁵⁾		All Other Fees represent attestation services provided in connection with performance presentation standards, and a regulatory compliance project performed.

(e)(1) The audit committee’s pre-approval policies and procedures are as follows:

JOINT AUDIT COMMITTEE
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY AND PROCEDURES
OF THE
VAN KAMPEN FUNDS

AS ADOPTED JULY 23, 2003 AND AMENDED MAY 26, 2004¹

1. STATEMENT OF PRINCIPLES

The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor’s independence from the Fund.²

The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor. The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee (“specific pre-approval”). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

For both types of pre-approval, the Audit Committee will consider whether such services are consistent with the SEC’s rules on auditor independence. The Audit Committee will also consider whether the Independent Auditors are best positioned to provide the most effective and efficient services, for reasons such as its familiarity with the Fund’s business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Fund’s ability to manage or control risk or improve audit quality. All such factors will be considered as a whole, and no one factor should necessarily be determinative.

The Audit Committee is also mindful of the relationship between fees for audit and non-audit services in deciding whether to pre-approve any such services and may determine for each fiscal year, the appropriate ratio between the total amount of fees for Audit, Audit-related and Tax services for the Fund (including any Audit-related or Tax service fees for Covered Entities that were subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as All Other services for the Fund (including any such services for Covered Entities subject to pre-approval).

The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.


¹		This Joint Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the “Policy”), amended as of the date above, supercedes and replaces all prior versions that may have been amended from time to time.

²		Terms used in this Policy and not otherwise defined herein shall have the meanings as defined in the Joint Audit Committee Charter.

The Fund’s Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors’ independence.

2. Delegation

As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

3. Audit Services

The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund’s financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit. The Audit Committee will monitor the Audit services engagement as necessary, but no less than on a quarterly basis, and will also approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.

In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide. Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

The Audit Committee has pre-approved the Audit services in Appendix B.1. All other Audit services not listed in Appendix B.1 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

4. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or, to the extent they are Covered Services, the Covered Entities’ financial statements, or that are traditionally performed by the Independent Auditors. Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-SAR and/or N-CSR.

The Audit Committee has pre-approved the Audit-related services in Appendix B.2. All other Audit-related services not listed in Appendix B.2 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

5. Tax Services

The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services. Hence, the Audit Committee believes it may grant general pre-approval to those Tax services that have historically been provided by the Independent Auditors, that the Audit Committee has reviewed and believes would not impair the independence of the Independent Auditors, and that are consistent with the SEC’s rules on auditor independence. The Audit Committee will not permit the retention of the

Independent Auditors in connection with a transaction initially recommended by the Independent Auditors, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with Director of Tax or outside counsel to determine that the tax planning and reporting positions are consistent with this policy.

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix B.3. All Tax services involving large and complex transactions not listed in Appendix B.3 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated), including tax services proposed to be provided by the Independent Auditors to any executive officer or trustee/director/managing general partner of the Fund, in his or her individual capacity, where such services are paid for by the Fund (generally applicable only to internally managed investment companies).

6. All Other Services

The Audit Committee believes, based on the SEC’s rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the All Other services in Appendix B.4. Permissible All Other services not listed in Appendix B.4 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

A list of the SEC’s prohibited non-audit services is attached to this policy as Appendix B.5. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these services and the applicability of exceptions to certain of the prohibitions.

7. Pre-Approval Fee Levels or Budgeted Amounts

Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriate ratio between the total amount of fees for Audit, Audit-related, and Tax services for the Fund (including any Audit-related or Tax services fees for Covered Entities subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as All Other services for the Fund (including any such services for Covered Entities subject to pre-approval).

8. Procedures

All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund’s Chief Financial Officer and must include a detailed description of the services to be rendered. The Fund’s Chief Financial Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors. Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the Independent Auditors and the Fund’s Chief Financial Officer, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

The Audit Committee has designated the Fund’s Chief Financial Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy. The Fund’s Chief Financial Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. A sample report is included as Appendix B.7. Both the Fund’s Chief Financial Officer and management will immediately report to the chairman of the Audit Committee any breach of this Policy that comes to the attention of the Fund’s Chief Financial Officer or any member of management.

9. Additional Requirements

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with Independence Standards Board No. 1, and discussing with the Independent Auditors its methods and procedures for ensuring independence.

10. Covered Entities

Covered Entities include the Fund’s investment adviser(s) and any entity controlling, controlled by or under common control with the Fund’s investment adviser(s) that provides ongoing services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund’s audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund. This list of Covered Entities would include:

- Van Kampen Investments Inc.

- Van Kampen Asset Management

- Van Kampen Advisors Inc.

- Van Kampen Funds Inc.

- Van Kampen Investor Services Inc.

- Morgan Stanley Investment Management Inc.

- Morgan Stanley Trust Company

- Morgan Stanley Investment Management Ltd.

- Morgan Stanley Investment Management Company

- Morgan Stanley Asset & Investment Trust Management Company Ltd.

(e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (included herein).

(f)		Not applicable.

(g)		See table above.

(h) The audit committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors’ independence in performing audit services.

Item 5. Audit Committee of Listed Registrants.

(a) The Fund has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are: R. Craig Kennedy, Jerry D. Choate, Rod Dammeyer.

(b) Not applicable.

Item 6. Schedule of Investments.

(a) Please refer to Item #1.

(b) Not applicable.

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 Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(1) The Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

(2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.CERT.

(2)(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.CERT.


By: Name:		/s/ Edward C. Wood III Edward C. Wood III
Title:		Principal Executive Officer
Date:		February 18, 2010


By: Name:		/s/ Edward C. Wood III Edward C. Wood III
Title:		Principal Executive Officer
Date:		February 18, 2010


By: Name:		/s/ Stuart N. Schuldt Stuart N. Schuldt
Title:		Principal Financial Officer
Date:		February 18, 2010





		MUTUAL FUNDS Van Kampen Comstock Fund

		Privacy Notice information on the back.


*		Amount is less than 0.1%