UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6362
Van Kampen Municipal Trust
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Jerry W. Miller
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/08
Item 1. Reports to Shareholders.
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1
under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Municipal Trust performed during the semiannual period. The portfolio
management team will provide an overview of the market conditions and
discuss some of the factors that affected investment performance during
the reporting period. In addition, this report includes the trust's
financial statements and a list of trust investments as of April 30,
2008.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
---------------------------------------------------------------------------------------
Performance Summary as of 4/30/08
MUNICIPAL TRUST
SYMBOL: VKQ
------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET PRICE
Since Inception (9/27/91) 6.47% 6.73%
10-year 4.95 6.13
5-year 3.22 5.98
1-year -7.15 -2.57
6-month -4.86 9.75
------------------------------------------------------------
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 ADVISER. INVESTMENT RETURNS, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities and preferred shares, by
the total number of common shares outstanding. The common share market price is
the price the market is willing to pay for shares of the trust at a given time.
Common share market price is influenced by a range of factors, including supply
and demand and market conditions. Total return assumes an investment at the
beginning of the period, reinvestment of all distributions for the period in
accordance with the trust's dividend reinvestment plan, and sale of all shares
at the end of the period. The trust's adviser has waived or reimbursed fees and
expenses from time to time, absent such waivers/reimbursements the trust's
returns would have been lower.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The Index does not include any expenses, fees or sales
charges, which would lower performance. The Index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
MARKET CONDITIONS
The financial markets experienced significant volatility throughout the six-
month reporting period as many large banks and financial firms began writing
down mortgage-related losses, and liquidity and credit availability became even
more restricted. At the same time, the pace of economic growth began to slow,
with gross domestic product (GDP) growth measuring an anemic 0.6 percent for the
fourth quarter of 2007. As weaker economic data was released in the first
quarter of 2008, fears of recession grew and consumer confidence waned,
prompting investors to continue to seek out the relative safety of high-quality
Treasury securities over other sectors of the fixed income market.
The municipal bond market faced additional headwinds as various monoline bond
insurers experienced credit rating downgrades, which caused spreads to widen,
and the auction rate and variable rate markets deteriorated. As a result, the
municipal market underperformed Treasuries for the overall period, with
municipal bond prices reaching historically attractive levels relative to
Treasury bonds in the first quarter of 2008. While yields on short-dated
municipal securities declined, yields on intermediate- and long-dated securities
rose, leading to the steepest yield curve in the past four years as the spread
between one-year and 30-year maturities reached 343 basis points. After a record
year for new municipal bond issuance in 2007, the amount of new issues coming to
market in the first four months of 2008 declined by roughly nine percent versus
the same period one year earlier due in part to a drop in refunding issuance.
The Federal Reserve (the "Fed") took various steps to ease the liquidity crisis
and boost the economy during the period. Not only did the Federal Open Market
Committee reduce the target federal funds rate from 4.50 percent to 2.00 percent
by the end of the period, but in an unprecedented move, the Fed granted primary
Treasury dealers (mostly brokerage firms) access to its discount window and
loosened its collateral requirements, extending loans of Treasury securities in
exchange for lower quality, less liquid securities. Finally, in the biggest
headline event, the Fed arranged and supported JPMorgan Chase's purchase of Bear
Stearns, which was viewed by many as necessary to avoid serious market
repercussions had the firm failed.
2
PERFORMANCE ANALYSIS
The Trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the Trust's portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common shares
outstanding, while market price reflects the supply and demand for the shares.
As a result, the two returns can differ, as they did during the reporting
period. On an NAV basis, the Trust underperformed its benchmark index, the
Lehman Brothers Municipal Bond Index. On a market price basis, the Trust
outperformed its benchmark.
TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
------------------------------------------------------------------------
LEHMAN BROTHERS
BASED ON NAV BASED ON MARKET PRICE MUNICIPAL BOND INDEX
-4.86% 9.75% 1.47%
------------------------------------------------------------------------
Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. Investment return, net asset value and common share market price will
fluctuate and Trust shares, when sold, may be worth more or less than their
original cost. See Performance Summary for additional performance information
and index definition.
Although the municipal market rebounded in the last two months of the reporting
period and outperformed Treasuries, it was an extremely difficult period
overall, particularly for higher-yielding, lower-rated bonds as the flight to
quality put considerable pressure on prices. The Trust maintained an allocation
to non-rated bonds throughout the reporting period whereas the Lehman Brother
Municipal Bond Index contains only investment-grade issues. As such, the Trust's
overweight to non-rated, higher-yielding securities was a contributor to its
relative underperformance. Holdings in BBB- rated bonds, particularly within the
health care and tobacco sectors, also tempered returns.
The Trust's yield curve positioning also hindered performance, as it was
overweighted on the long end of the municipal yield curve, which underperformed
the shorter end of the curve. The negative impact was amplified by holdings in
longer-maturity inverse floating-rate securities*, which are highly sensitive to
interest rate changes. However, these securities did serve to enhance the
Trust's income and diversification during the period. Additionally, the emphasis
on the long end of the curve led to a longer duration (a measure of
interest-rate sensitivity) for the Trust, which we reduced somewhat through the
use of a Treasury futures hedge. However, the Trust still maintained a slightly
longer duration than that of the Lehman Brothers Municipal Bond Index, which
detracted from performance as rates on the intermediate and long end of the
curve rose. At the same time, the Treasury market rally hurt the performance of
the hedge.
*An inverse floating-rate security, or "inverse floater", is a variable rate
security whose coupon rate changes in the opposite direction from the change in
the reference rate used to calculate the coupon rate.
3
Conversely, an overweight to pre-refunded bonds was additive to performance.
These are high-quality, shorter-maturity issues which benefited as short-term
rates declined during the period. The Trust's holdings in higher-yielding
municipal auction rate securities (ARS) with low durations were also beneficial
to performance.
The Trustees have approved a procedure whereby the trust may, when appropriate,
repurchase its shares in the open market or in privately negotiated transactions
at a price not above market value or NAV, whichever is lower at the time of
purchase. This may help support the market value of the trust's shares.
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 Trust in
the future.
4
RATINGS ALLOCATION AS OF 4/30/08
AAA/Aaa 45.0%
AA/Aa 17.1
A/A 9.9
BBB/Baa 16.0
BB/Ba 0.8
B/B 0.4
Non-Rated 10.8
TOP FIVE SECTORS AS OF 4/30/08
Hospital 24.4%
General Purpose 7.7
Single-Family 7.1
Master Tobacco Settlement 6.0
Water & Sewer 5.7
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08
California 12.5%
Florida 10.1
Illinois 9.6
Texas 8.6
New York 7.5
New Jersey 5.0
Ohio 3.8
South Carolina 3.1
Colorado 2.6
Alabama 2.4
North Carolina 2.2
Massachusetts 2.0
Virginia 1.9
Missouri 1.9
Washington 1.8
Wisconsin 1.8
Nevada 1.7
Arizona 1.7
Connecticut 1.7
Michigan 1.7
Pennsylvania 1.7
Louisiana 1.6
Iowa 1.5
Indiana 1.3
Tennessee 1.3
District of Columbia 1.2
Maryland 1.1
Kentucky 0.9
Georgia 0.8
New Hampshire 0.6
Minnesota 0.6
Guam 0.6
Kansas 0.5
Oklahoma 0.5
Alaska 0.4
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08
(continued from previous page)
West Virginia 0.3
South Dakota 0.3
North Dakota 0.3
Nebraska 0.2
Arkansas 0.2
New Mexico 0.1
Wyoming 0.1
Idaho 0.1
Vermont 0.1
Utah 0.1
Puerto Rico 0.0*
-----
Total Investments 100.0%
* Amount is less than 0.1%
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings and summary of investments by
state classification are as a percentage of total investments. Sectors are as a
percentage of total long-term investments. Securities are classified by sectors
that represent broad groupings of related industries. Van Kampen is a wholly
owned subsidiary of a global securities firm which is engaged in a wide range of
financial services including, for example, securities trading and brokerage
activities, investment banking, research and analysis, financing and financial
advisory services. Rating allocations based upon ratings as issued by Standard
and Poor's and Moody's, respectively.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters. 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 trust's first and third fiscal quarters on Form N-Q. Van
Kampen does not deliver the reports for the first and third fiscal
quarters to shareholders, nor are the reports posted to the Van Kampen
public Web site. You may, however, obtain the Form N-Q filings (as well
as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site,
http://www.sec.gov. You may also review and copy them at the SEC's Public
Reference Room in Washington, D.C. Information on the operation of the
SEC's Public Reference Room may be obtained by calling the SEC at (800)
SEC-0330. You can also request copies of these materials, upon payment of
a duplicating fee, by electronic request at the SEC's e-mail address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 341-2929.
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the Trust's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 341-2929 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 Trust 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.
7
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
MUNICIPAL BONDS 188.6%
ALABAMA 4.6%
$ 2,150 Bessemer, AL Governmental Util Svc Corp
Wtr Supply Rev Rfdg Ser A (AGL Insd)
(a)..................................... 5.000% 06/01/39 $ 2,147,205
1,000 Birmingham Baptist Med Ctr AL Baptist
Hlth Sys Ser A.......................... 5.875 11/15/24 1,006,880
3,695 Gadsden, AL Wts Ser B (AMBAC Insd)
(b)..................................... 5.250 08/01/21 3,947,812
4,800 Hlthcare Auth Baptist Hlth AL ARS Ser B
(AGL Insd) (c) (d)...................... 5.330 11/15/37 4,800,000
1,725 Huntsville-Redstone Vlg, AL Spl Care Fac
Fin Auth Redstone Vlg Proj.............. 5.500 01/01/43 1,440,340
4,000 Jefferson Cnty, AL Swr Rev Cap Impt Wts
(FGIC Insd) (Prerefunded @ 8/01/12)..... 5.125 02/01/42 4,341,000
2,255 Marshall Cnty, AL Hlthcare Ser C........ 6.000 01/01/32 2,311,849
5,200 University of AL at Birmingham Hosp Rev
Ser A (MBIA-IBC Insd) (a) (e)........... 5.000 09/01/41 5,195,944
--------------
25,191,030
--------------
ALASKA 0.7%
1,000 Matanuska-Susitna Boro, AK Ctf Partn Pub
Safety Bldg Lease (FSA Insd)............ 5.750 03/01/16 1,052,010
3,870 Northern Tob Sec Corp AK Tob Settlement
Rev Asset Bkd Ser A..................... 5.000 06/01/46 3,023,825
--------------
4,075,835
--------------
ARIZONA 3.2%
1,425 Arizona Cap Fac Fin Corp Student Hsg Rev
AZ St Univ Proj......................... 6.250 09/01/32 1,433,992
1,000 Arizona Hlth Fac Auth Hosp Sys Rev John
C Lincoln Hlth Network (Prerefunded @
12/01/12)............................... 6.375 12/01/37 1,148,810
1,650 Glendale, AZ Indl Dev Auth Rfdg......... 5.000 12/01/35 1,473,483
2,000 Goodyear, AZ McDowell Rd Coml Corridor
Impt Dist Impt (AMBAC Insd)............. 5.250 01/01/32 2,037,500
2,300 Pima Cnty, AZ Indl Dev Auth Wtr &
Wastewtr Rev Global Wtr Resh LLC Proj
(AMT)................................... 6.550 12/01/37 2,142,381
1,000 Salt Verde Fin Corp Gas Rev A Sr........ 5.250 12/01/22 989,910
9,750 University of AZ Med Ctr Corp........... 5.000 07/01/35 8,713,282
--------------
17,939,358
--------------
ARKANSAS 0.4%
2,310 Arkansas St Dev Fin Auth Rev St Agy Fac
Donaghey Plaza Proj (FSA Insd).......... 5.000 06/01/34 2,353,567
--------------
8 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
CALIFORNIA 23.9%
$ 650 Aliso Viejo, CA Cmnty Fac Dist Spl Tax
No 2005-01 Glenwood at Aliso............ 6.000% 09/01/38 $ 639,945
4,000 Anaheim, CA Pub Fin Auth Lease Rev Cap
Apprec Sub Pub Impt Proj Ser C (FSA
Insd)................................... * 09/01/20 2,190,880
5,000 Anaheim, CA Pub Fin Auth Rev Elec Sys
Dist Fac Ser A (FSA Insd)............... 5.000 10/01/31 5,075,000
2,100 Bay Area Govt Assn CA Rev Tax Alloc CA
Redev Pool Ser A (XLCA Insd)............ 5.250 09/01/35 2,093,805
1,875 California Cnty, CA Tob Sec Agy Tob
Asset Bkd Merced Cnty Rfdg Ser A........ 5.250 06/01/45 1,554,675
350 California Hlth Fac Fin Auth Rev Casa De
Las Ser A (MBIA-IBC Insd) (Prerefunded @
8/01/08) (b)............................ 5.250 08/01/17 352,772
3,000 California Hsg Fin Agy Rev Home Mtg Ser
G (AMT) (e)............................. 4.950 08/01/23 2,903,670
2,000 California Hsg Fin Agy Rev Home Mtg Ser
G (AMT) (e)............................. 5.050 02/01/29 1,935,780
6,000 California Hsg Fin Agy Rev Home Mtg Ser
I (AMT) (e)............................. 4.800 08/01/36 5,416,710
1,350 California Hsg Fin Agy Rev Home Mtg Ser
M (AMT)................................. 4.700 08/01/36 1,195,925
3,100 California Infrastructure & Econ Dev Bk
Rev San Francisco Ballet Assn (FGIC
Insd) (c) (d)........................... 8.000 07/01/36 3,100,000
1,000 California Pollutn Ctl Fin Auth Solid
Waste Disp Rev Waste Mgmt Inc Proj Ser B
(AMT)................................... 5.000 07/01/27 846,550
510 California St (AMBAC Insd).............. 5.125 10/01/27 512,672
775 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/24 820,942
975 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/25 1,028,703
975 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/26 1,024,637
575 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/27 601,881
975 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/28 1,016,545
1,995 California St Pub Wks Brd UCLA
Replacement Hosp Ser A (FSA Insd)....... 5.375 10/01/20 2,131,278
5,000 California St Univ Rev Sys wide Ser A
(AMBAC Insd)............................ 5.000 11/01/23 5,109,050
7,565 California St Veterans Ser CD (AMT)
(e)..................................... 4.600 12/01/32 7,355,388
See Notes to Financial Statements 9
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 2,650 California Statewide Cmnty Dev Auth Ctf
Partn (Prerefunded @ 11/01/09) (Acquired
11/23/99, Cost $2,650,000) (f).......... 7.250% 11/01/29 $ 2,886,035
1,000 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A......... 5.250 07/01/30 925,920
1,000 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A......... 5.250 07/01/35 904,940
1,000 California Statewide Cmnty Dev Auth Rev
Front Porch Cmnty & Svc Ser A (g)....... 5.125 04/01/37 895,580
1,800 California Statewide Cmnty Dev Auth Rev
Hlth Fac Adventist Hlth Ser A........... 5.000 03/01/30 1,728,252
2,500 California Statewide Cmnty Dev Auth Rev
Hlth Fac Adventist Hlth Ser A........... 5.000 03/01/35 2,355,575
5,100 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser A (e)............. 5.000 04/01/31 4,977,498
1,930 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser B................. 5.000 03/01/41 1,854,711
3,300 California Statewide Cmnty Dev Auth Rev
Museum of Art Proj Ser C (FGIC Insd) (c)
(d)..................................... 10.000 12/01/34 3,300,000
3,805 California Statewide Cmnty Dev Auth Rev
Sutter Hlth Ser A....................... 5.000 11/15/43 3,706,831
3,500 Capistrano, CA Uni Sch Dist (FGIC
Insd)................................... 5.000 09/01/29 3,454,570
450 Daly City, CA Hsg Dev Fin Agy Mobile
Home Pk Rev Third Tier Franciscan Rfdg
Ser C................................... 6.500 12/15/47 404,838
27,810 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg..................... * 01/15/33 6,173,820
18,000 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg (MBIA-IBC Insd)
(b)..................................... * 01/15/25 6,611,580
6,000 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Sr Lien Ser A (h)........ * 01/01/18 4,021,860
225 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Sr Lien Ser A
(Prerefunded @ 1/01/10)................. 7.150 01/01/13 246,087
3,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Asset Bkd Sr Ser A-1 (e)............ 5.750 06/01/47 2,714,134
1,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Asset Bkd Sr Ser A-1................ 5.750 06/01/47 897,890
5,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Enhanced Ser A...................... 5.000 06/01/45 4,718,850
5,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Enhanced Ser A (FGIC Insd).......... 5.000 06/01/35 4,813,200
1,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Ser A-1............................. 5.125 6/01/47 809,310
10 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 1,000 Hesperia, CA Pub Fin Auth Rev Redev &
Hsg Proj Ser A (XLCA Insd).............. 5.000% 09/01/37 $ 938,580
2,635 Imperial Irr Dist CA Ctf Partn Elec Sys
Proj (FSA Insd)......................... 5.250 11/01/23 2,757,817
400 Morongo Band of Mission Indians CA
Enterprise Rev Indians Enterprise Casino
Ser B (g)............................... 5.500 03/01/18 402,472
2,350 Quechan Indian Tribe Ft Yuma Indian
Reservation CA & Govt Proj.............. 7.000 12/01/27 2,319,756
1,600 Rancho Mirage, CA Jt Pwr Fin Auth Rev
Eisenhower Med Ctr Ser A................ 5.000 07/01/47 1,484,096
1,375 San Bernadino, CA Jt Pwr Fin Auth Alloc
Rev Cent City Merged Proj Rfdg Ser A
(AMBAC Insd) (b)........................ 5.750 07/01/20 1,554,616
1,000 San Joaquin Hills, CA Trans Corridor Agy
Toll Rd Rev Cap Apprec Rfdg Ser A
(MBIA Insd)............................. * 01/15/27 335,730
1,000 San Joaquin Hills, CA Trans Corridor Agy
Toll Rd Rev Cap Apprec Rfdg Ser A
(MBIA Insd)............................. * 01/15/28 314,290
1,000 Southern CA Pub Pwr Auth Nat Gas Proj
Rev No 1 Ser A.......................... 5.250 11/01/22 1,011,150
4,290 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd Ser A-1........ 5.375 06/01/38 3,721,232
3,050 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd Ser A-1........ 5.500 06/01/45 2,635,657
3,200 Tobacco Sec Auth Southn CA Tob
Settlement Sr Ser A-1................... 5.000 06/01/37 2,659,264
8,350 Tobacco Sec Auth Southn CA Tob
Settlement Sr Ser A-1................... 5.125 06/01/46 6,767,258
--------------
132,210,207
--------------
COLORADO 5.0%
425 Colorado Hlth Fac Auth Hlth &
Residential Care Fac Volunteers of Amer
Care Ser A.............................. 5.300 07/01/37 349,839
4,500 Colorado Hlth Fac Auth Rev Adventist
Hlth Sunbelt Rfdg Ser D (e)............. 5.250 11/15/27 4,499,393
1,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Initiatives Ser A (h)................... 5.500 03/01/32 1,059,000
2,650 Colorado Hlth Fac Auth Rev Catholic Hlth
Ser C-3 (FSA Insd) (a).................. 5.100 10/01/41 2,662,375
4,875 Colorado Hlth Fac Auth Rev Catholic Hlth
Ser C-5 (FSA Insd) (a).................. 5.000 09/01/36 4,897,864
2,250 Colorado Hlth Fac Auth Rev Covenant
Retirement Cmnty Inc.................... 5.000 12/01/35 1,877,130
See Notes to Financial Statements 11
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
COLORADO (CONTINUED)
$ 1,000 Colorado Hlth Fac Auth Rev Evangelical
Lutheran Ser A.......................... 5.250% 06/01/34 $ 950,930
3,700 Colorado Hlth Fac Auth Rev Hlth Fac
Evangelical Lutheran.................... 5.000 06/01/35 3,382,614
1,125 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth (Prerefunded @
11/15/11)............................... 6.500 11/15/31 1,274,602
1,000 Colorado Hlth Fac Auth Rev Poudre Vly Co
Hlth Fac Auth Hosp Ser A (FSA Insd)..... 5.200 03/01/31 1,019,290
100 Jefferson Cnty, CO Residential Mtg Rev
(b) (h)................................. 9.000 09/01/12 123,461
265 Jefferson Cnty, CO Residential Mtg Rev
(b) (h)................................. 11.500 09/01/08 273,067
300 Jefferson Cnty, CO Residential Mtg Rev
(b) (h)................................. 11.500 09/01/09 335,523
340 Jefferson Cnty, CO Residential Mtg Rev
(b) (h)................................. 11.500 09/01/10 406,902
220 Jefferson Cnty, CO Residential Mtg Rev
(b) (h)................................. 11.500 09/01/11 278,900
1,000 Montezuma Cnty, CO Hosp Dist Hlth Fac
Enterprise Hosp Rfdg.................... 5.900 10/01/37 890,820
3,085 Platte Riv Pwr Auth CO Pwr Rev Ser EE... 5.375 06/01/16 3,325,044
--------------
27,606,754
--------------
CONNECTICUT 3.2%
800 Connecticut St Dev Auth Solid Waste Disp
Fac Rev Pwr LLC Proj Ser A (AMT)........ 5.750 11/01/37 783,864
4,225 Connecticut St Hsg Fin Auth Hsg Mtg Fin
Pg Sub Ser B-2 (AMT).................... 5.100 05/15/38 3,954,304
2,840 Connecticut St Spl Oblig Pkg Rev Bradley
Intl Arpt Ser A (ACA Insd) (AMT)........ 6.600 07/01/24 2,795,100
600 Mashantucket Western Pequot Tribe CT
2006 Sub Spl Rev Bd Ser A (g)........... 5.500 09/01/36 532,218
6,500 Mashantucket Western Pequot Tribe CT Spl
Rev Ser B (g)........................... 5.750 09/01/18 6,513,910
3,500 Mashantucket Western Pequot Tribe CT Spl
Rev Ser B (g)........................... 5.750 09/01/27 3,344,495
--------------
17,923,891
--------------
DISTRICT OF COLUMBIA 2.3%
4,000 District Columbia Wtr & Swr Auth Pub
Util Rev Sub Lien (FSA Insd) (e)........ 5.500 10/01/41 4,263,080
775 District Columbia Wtr & Swr Auth Pub
Util Rev Sub Lien Rfdg Ser A (AGL
Insd)................................... 5.000 10/01/29 794,592
1,575 District Columbia Wtr & Swr Auth Pub
Util Rev Sub Lien Rfdg Ser A (AGL
Insd)................................... 5.000 10/01/34 1,605,713
12 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA (CONTINUED)
$ 1,000 District of Columbia Hosp Rev Medlantic
Hlthcare Group A Rfdg (MBIA Insd) (h)... 5.875% 08/15/19 $ 1,007,340
5,000 Metropolitan Washington DC Arpt Auth Sys
Ser A (FGIC Insd) (AMT)................. 5.125 10/01/26 4,903,450
--------------
12,574,175
--------------
FLORIDA 19.3%
1,000 Alachua Cnty, FL Indl Dev Rev North FL
Retirement Vlg.......................... 5.250 11/15/17 942,620
1,000 Alachua Cnty, FL Indl Dev Rev North FL
Retirement Vlg.......................... 5.875 11/15/36 896,530
375 Beacon Lakes, FL Cmnty Dev FL Spl Assmt
Ser A................................... 6.000 05/01/38 320,591
250 Beacon Lakes, FL Cmnty Dev FL Spl Assmt
Sub Ser B............................... 6.200 05/01/38 214,172
3,800 Brevard Cnty, FL Hlth Fac Auth Hlthcare
Fac Rev Hlth First Inc Proj............. 5.000 04/01/34 3,573,976
1,350 Brevard Cnty, FL Hlth Fac Auth
Residential Care Fac Rev Buena Vida
Estates Inc............................. 6.750 01/01/37 1,328,819
3,380 Brevard Cnty, FL Hlth Fac Hlth First Inc
Proj (MBIA Insd)........................ 5.125 04/01/31 3,401,294
400 Capital Tr Agy FL Rev Ft Lauderdale Proj
(AMT)................................... 5.750 01/01/32 368,572
460 Escambia Cnty, FL Hlth Fac Auth Rev
(AMBAC Insd)............................ 5.950 07/01/20 485,259
5,000 Florida St Dept Trans Tpk Rev Ser A..... 5.000 07/01/29 5,099,250
3,850 Fort Lauderdale, FL Wtr & Swr Rev....... 5.000 09/01/32 3,944,133
1,895 Gulf Breeze, FL Rev Loc Govt (FGIC Insd)
(b)..................................... 5.625 12/01/20 1,965,854
5,000 Highlands Cnty, FL Health Fac Auth Rev
ARS Hosp Adventist Hlth Ser F (FSA Insd)
(c) (d)................................. 4.250 11/15/35 5,000,000
1,000 Highlands Cnty, FL Hlth Fac Auth Rev
Hosp Adventist Hlth Ser D (Prerefunded @
11/15/13)............................... 5.375 11/15/35 1,109,530
865 Highlands, FL Cmnty Dev Dist Spl
Assmt................................... 5.550 05/01/36 681,646
975 Hillsborough Cnty, FL Aviation Auth Rev
Ser A (AGL Insd) (AMT) (a).............. 5.375 10/01/33 975,341
2,175 Hillsborough Cnty, FL Aviation Auth Rev
Ser A (AGL Insd) (AMT) (a).............. 5.500 10/01/38 2,195,510
2,310 Hillsborough Cnty, FL Indl Dev Auth Indl
Dev Rev Hlth Fac Proj Univ Cmnty Hosp
Ser A................................... 5.500 08/15/14 2,337,512
800 Hillsborough Cnty, FL Indl Dev Auth
Pollutn Ctl Rev Hillsborough Cnty Rfdg
(AMBAC Insd)............................ 5.000 12/01/34 811,056
See Notes to Financial Statements 13
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 800 Hillsborough Cnty, FL Indl Dev Auth
Pollutn Ctl Rev Tampa Elec Ser B........ 5.150% 09/01/25 $ 812,424
3,000 Hillsborough Cnty, FL Solid Waste & Res
Recovery Rev Ser A (AMT)................ 4.500 09/01/34 2,697,660
8,000 Jea, FL Elec Sys Rev Ser 3B (CIFG Insd)
(c) (d)................................. 8.000 10/01/37 8,000,000
265 Lakeland, FL Hosp Sys Rev Lakeland Regl
Hlth Sys (Prerefunded @ 11/15/12)....... 5.500 11/15/32 292,804
5,000 Lakeland, FL Hosp Sys Rev Lakeland Regl
Hlth Sys Rfdg (e)....................... 5.000 11/15/26 4,905,200
5,000 Lakeland, FL Hosp Sys Rev Lakeland Regl
Hlth Sys Rfdg (e)....................... 5.000 11/15/32 4,710,325
675 Main Str Cmnty Dev Dist FL Cap Impt Rev
Ser A................................... 6.800 05/01/38 624,557
425 Main Str Cmnty Dev Dist FL Cap Impt Rev
Ser B................................... 6.900 05/01/17 410,537
1,515 Miami Beach, FL Stormwtr Rev (FGIC
Insd)................................... 5.250 09/01/25 1,545,042
2,000 Miami-Dade Cnty, FL Aviation Rev Miami
Intl Arpt (FGIC Insd) (AMT)............. 5.375 10/01/25 1,994,300
2,700 Miami-Dade Cnty, FL Aviation Rev Miami
Intl Arpt (FGIC Insd) (AMT)............. 5.375 10/01/32 2,700,405
5,000 Miami-Dade Cnty, FL Aviation Ser A (FSA
Insd) (AMT)............................. 5.125 10/01/35 4,818,050
3,600 Miami-Dade Cnty, FL Hlth Fac Auth Hosp
Rev Miami Childrens Hosp Proj B3 (MBIA
Insd) (c) (d)........................... 6.000 08/01/34 3,600,000
4,000 Miami-Dade Cnty, FL Hlth Fac Auth Hosp
Rev Miami Childrens Hosp Proj B4 (MBIA
Insd) (c) (d)........................... 6.620 08/01/42 4,000,000
645 Midtown Miami, FL Cmnty Dev FL Spl Assmt
Rev Ser A............................... 6.000 05/01/24 598,992
3,300 North Broward, FL Hosp Dist Rev Rfdg Ser
B (CIFG Insd) (c) (d)................... 7.750 01/15/31 3,300,000
700 Orange Cnty, FL Hlth Fac Auth Rev First
Mtg Orlando Lutheran Tower.............. 5.500 07/01/32 603,407
930 Orange Cnty, FL Hlth Fac Auth Rev
Hlthcare Orlando Lutheran Rfdg.......... 5.375 07/01/20 851,638
4,300 Orange Cnty, FL Tourist Dev Tax Rev
(AMBAC Insd) (Prerefunded @ 10/01/09)... 5.500 10/01/31 4,495,607
4,320 Orange Cnty, FL Tourist Dev Tax Rev
(AMBAC Insd) (Prerefunded @ 10/01/09)... 5.625 10/01/14 4,524,034
570 Overoaks, FL Cmnty Dev Dist Cap Impt Rev
Ser A................................... 6.125 05/01/35 497,251
1,100 Palm Beach Cnty, FL Hlth Fac Auth Rev
Wtrford Proj............................ 5.875 11/15/37 1,036,926
14 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 1,400 Port Saint Lucie, FL Spl Assmt Rev
Southwest Annexation Dist Ser 1-B (MBIA
Insd)................................... 5.000% 07/01/33 $ 1,417,374
3,250 Putnam Cnty, FL Dev Auth Pollutn Ctl Rev
Rfdg Seminole Proj A (AMBAC Insd) (a)... 5.350 03/15/42 3,262,968
595 Reunion East Cmnty Dev Dist FL Spl
Assmt................................... 5.800 05/01/36 493,112
400 Seminole Tribe, FL Spl Oblig Rev Ser A
(g)..................................... 5.250 10/01/27 365,200
500 Seminole Tribe, FL Spl Oblig Rev Ser A
(g)..................................... 5.750 10/01/22 492,520
935 Seven Oaks, FL Cmnty Dev Dist II Spl
Assmt Rev Ser A......................... 5.875 05/01/35 781,192
1,900 South Vlg Cmnty Dev Dist FL Cap Impt Rev
Ser A................................... 5.700 05/01/35 1,605,196
800 Sterling Hill Cmnty Dev Dist FL Cap Impt
Rev Ser A............................... 6.200 05/01/35 804,568
1,060 Tallahassee, FL Lease Rev FL St Univ
Proj Ser A (MBIA Insd) (b).............. 5.500 08/01/18 1,110,880
200 Tolomato Cmnty, FL Dev Dist Spl Assmt... 6.550 05/01/27 196,486
2,075 Tolomato Cmnty, FL Dev Dist Spl Assmt... 6.650 05/01/40 2,030,637
1,000 Volusia Cnty, FL Ed Fac Auth Rev Ed Fac
Embry Riddle Aero Ser A................. 5.750 10/15/29 999,360
500 World Comm Cmnty Dev Dist FL Spl
Assmt................................... 5.500 05/01/38 400,540
--------------
106,630,857
--------------
GEORGIA 1.5%
3,500 Atlanta, GA Arpt Passenger Fac Charge
Rev Gen Sub Lien Ser C (FSA Insd) (e)... 5.000 01/01/33 3,555,458
2,000 Atlanta, GA Arpt Passenger Fac Charge
Rev Gen Sub Lien Ser C (FSA Insd)....... 5.000 01/01/33 2,031,680
1,000 Augusta, GA Gen Arpt Rev Passenger Ser B
(AMT)................................... 5.350 01/01/28 900,920
2,000 Royston, GA Hosp Auth Hosp Rev Ctf
Hlthcare Sys Inc Rfdg................... 6.500 07/01/27 2,001,180
--------------
8,489,238
--------------
IDAHO 0.2%
895 Idaho Hlth Fac Auth Rev Vly Vista Care
Corp Rfdg............................... 6.125 11/15/27 840,271
--------------
ILLINOIS 16.5%
1,000 Bartlett, IL Tax Increment Rev Quarry
Redev Proj Rfdg......................... 5.600 01/01/23 962,660
2,000 Bolingbrook, IL Sales Tax Rev
Bolingbrook (i)......................... 0.000/6.250 01/01/24 1,970,760
7,775 Chicago, IL Brd Ed Rfdg Ser C (FSA
Insd)................................... 5.000 12/01/27 8,072,005
See Notes to Financial Statements 15
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 750 Chicago, IL Increment Alloc Rev
Diversey/ Narragansett Proj............. 7.460% 02/15/26 $ 763,575
4,000 Chicago, IL Neighborhoods Alive 21 Pgm
Ser A (FGIC Insd) (Prerefunded @
7/01/10)................................ 5.750 01/01/40 4,319,000
5,000 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Rfdg Ser A (MBIA Insd)
(AMT)................................... 5.375 01/01/32 4,950,050
3,500 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Rfdg Ser C-2 (FSA Insd)
(AMT)................................... 5.250 01/01/30 3,446,310
3,500 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Ser A (MBIA Insd) (e)... 5.250 01/01/24 3,571,554
11,500 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Ser A (MBIA Insd) (e)... 5.250 01/01/25 11,735,104
4,000 Chicago, IL O'Hare Intl Arpt Rev Ser A
(FSA Insd) (e).......................... 5.000 01/01/33 4,092,139
485 Chicago, IL Pk Dist Ser C (FGIC Insd)... 5.500 01/01/19 507,970
465 Chicago, IL Proj Rfdg Ser C (FGIC
Insd)................................... 5.500 01/01/40 477,402
80 Cook Cnty, IL Sch Dist No 107 (h)....... 7.000 12/01/10 88,954
545 Cook Cnty, IL Sch Dist No 107........... 7.000 12/01/10 603,010
200 Cook Cnty, IL Sch Dist No 107 (b) (h)... 7.150 12/01/08 205,930
310 Cook Cnty, IL Sch Dist No 107 (b)....... 7.150 12/01/08 318,894
120 Cook Cnty, IL Sch Dist No 107 (b) (h)... 7.200 12/01/09 129,202
455 Cook Cnty, IL Sch Dist No 107 (b)....... 7.200 12/01/09 487,692
984 Cortland, IL Spl Tax Rev Sheaffer Sys
Proj (Acquired 05/02/06, Cost $990,000)
(f)..................................... 5.500 03/01/17 930,608
1,000 Deerfield, IL Ed Fac Chicagoland Jewish
High Sch Proj........................... 6.000 05/01/41 951,220
1,000 Gilberts, IL Spl Svc Area No 19 Spl Tax
The Conservancy Proj Ser 1.............. 5.375 03/01/16 752,020
4,500 Hoffman Estates, IL (e)................. 5.000 12/01/38 4,592,587
2,725 Illinois Dev Fin Auth Rev Cmnty Rehab
Providers Fac Ser A..................... 7.375 07/01/25 2,893,432
1,565 Illinois Ed Fac Auth Rev DePaul Univ
(AMBAC Insd) (Prerefunded @ 10/01/10)... 5.625 10/01/15 1,693,643
350 Illinois Fin Auth Rev Christian Homes
Inc Rfdg Ser A.......................... 5.750 05/15/31 306,604
1,000 Illinois Fin Auth Rev IL Fin Auth
Roosevelt Univ.......................... 5.500 04/01/37 956,770
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A........................ 5.000 04/01/31 1,395,510
3,000 Illinois Fin Auth Rev Kewanee Hosp
Proj.................................... 5.100 08/15/31 2,444,010
1,000 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A.................. 6.000 05/15/25 946,440
1,350 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A.................. 6.000 05/15/37 1,222,560
2,500 Illinois Fin Auth Rev Northwestern Mem
Hosp Ser A (Prerefunded @ 8/15/14)...... 5.500 08/15/43 2,820,350
16 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 3,500 Illinois Fin Auth Rev Osf Hlthcare Sys
Ser A................................... 5.750% 11/15/37 $ 3,470,390
2,500 Illinois Fin Auth Rev Sherman Hlth Sys
2007 Ser A.............................. 5.500 08/01/37 2,344,700
1,360 Illinois Hlth Fac Auth Rev Evangelical
Hosp Rfdg Ser C (FSA Insd) (b).......... 6.750 04/15/12 1,488,234
3,000 Illinois St Ser 1 (FSA Insd)............ 5.250 12/01/21 3,191,130
250 Lake Cnty, IL Cmnty Unit Sch Dist No 116
Round Lake (Radian Insd) (h)............ 7.600 02/01/14 306,595
2,675 Metropolitan Pier & Expo Auth IL
Dedicated St Tax Rev McCormick Pl Expn
Ser A (MBIA Insd)....................... 5.250 06/15/42 2,736,391
170 Pingree Grove Vlg, IL Spl Svc Area No 1
Spl Tax Cambridge Lakes Proj Ser 05..... 5.250 03/01/15 165,004
2,500 Schaumburg, IL Ser B (FGIC Insd)........ 5.000 12/01/41 2,534,900
1,000 University IL Univ Rev Auxiliary Fac Sys
(MBIA Insd)............................. 4.500 04/01/36 964,520
848 Volo Vlg, IL Spl Svc Area No 3 Spl Tax
Symphony Meadows Proj Ser 1............. 6.000 03/01/36 761,233
675 Will Cnty, IL Cmnty Sch Dist No 161
Summit Hill Cap Apprec (FGIC Insd) (b)
(h)..................................... * 01/01/16 499,304
1,335 Will Cnty, IL Cmnty Sch Dist No 161
Summit Hill Cap Apprec (FGIC Insd)
(b)..................................... * 01/01/16 934,860
425 Will Cnty, IL Cmnty Sch Dist No 161
Summit Hill Cap Apprec (FGIC Insd) (b)
(h)..................................... * 01/01/19 268,524
990 Will Cnty, IL Cmnty Sch Dist No 161
Summit Hill Cap Apprec (FGIC Insd)
(b)..................................... * 01/01/19 576,665
525 Will-Kankakee Regl Dev Auth IL
Multi-Family Hsg Rev Sr Estates
Supportive Living (AMT)................. 7.000 12/01/42 513,266
991 Yorkville, IL Utd City Spl Svc Area Spl
Tax No 2004-107 Raintree Vlg IL Proj.... 6.250 03/01/35 932,749
980 Yorkville, IL Utd City Spl Svc Area Tax
No 2005-108 Autumn Creek IL Proj........ 6.000 03/01/36 879,726
--------------
91,176,156
--------------
INDIANA 2.5%
1,000 Allen Cnty, IN Juvenile Justice Ctr
First Mtg (AMBAC Insd).................. 5.500 01/01/18 1,064,420
1,000 Indiana Hlth & Ed Fac Fin Auth Hosp Rev
Cmnty Fndtn Northwest IN................ 5.500 03/01/37 878,590
5,600 Indiana Hlth & Ed Fac Fin Auth Rev
Ascension Hlth Sr Cr B-6 (e)............ 5.000 11/15/36 5,524,512
4,560 Indiana St Hsg & Cmnty Dev Auth Single
Family Mtg Rev Mtg Ser D-1 (GNMA
Collateralized) (AMT) (e)............... 4.625 07/01/38 3,799,931
See Notes to Financial Statements 17
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
INDIANA (CONTINUED)
$ 1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr &
Lt (AMT)................................ 5.950% 12/01/29 $ 1,444,395
470 Saint Joseph Cnty, IN Econ Dev Rev Ser
A....................................... 6.000 05/15/38 421,830
500 Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc
(g)..................................... 5.750 09/01/42 437,870
--------------
13,571,548
--------------
IOWA 2.9%
2,800 Iowa Fin Auth Hlthcare Fac Rev IA Hlth
Sys Ser A-1 (FGIC Insd) (c) (d)......... 10.000 02/15/35 2,800,000
2,800 Iowa Fin Auth Hlthcare Fac Rev IA Hlth
Sys Ser A-2 (FGIC Insd) (c) (d)......... 10.000 02/15/35 2,800,000
2,800 Iowa Fin Auth Hlthcare Fac Rev IA Hlth
Sys Ser A-3 (FGIC Insd) (c) (d)......... 10.000 02/15/35 2,800,000
600 Jefferson Cnty, IA Hosp Rev Jefferson
Cnty Hosp Proj Ser C.................... 5.950 08/01/37 570,342
1,300 Pottawattamie Cnty, IA Rev Christian
Homes Inc Rfdg Ser E.................... 5.750 05/15/26 1,157,923
325 Sibley, IA Hlthcare Fac Rev Osceola
Cmnty Hosp Proj......................... 6.000 12/01/37 297,993
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser C.......... 5.375 06/01/38 1,914,660
1,800 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser C.......... 5.500 06/01/42 1,539,108
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser C.......... 5.625 06/01/46 1,953,810
--------------
15,833,836
--------------
KANSAS 1.0%
1,400 Burlington, KS Environmental Impt Rev
Rfdg KC Pwr LT Ser B (XLCA Insd)........ 5.000 12/01/23 1,399,384
70 Cowley Cnty, KS Uni Sch Dist No 465
Winfield Impt & Rfdg (MBIA Insd) (b).... 5.250 10/01/22 73,979
2,000 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement Ser A....... 5.000 05/15/24 1,740,740
1,200 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement Ser A....... 5.000 05/15/36 975,024
375 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement Ser B....... 5.125 05/15/37 309,510
700 Olathe, KS Sr Living Fac Rev Catholic
Care Campus Inc Ser A................... 6.000 11/15/38 632,023
400 Overland Pk, KS Dev Corp Rev First Tier
Overland Pk Ser A
(Prerefunded @ 1/01/11)................. 7.375 01/01/32 447,704
--------------
5,578,364
--------------
18 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
KENTUCKY 1.8%
$ 4,840 Kentucky Hsg Corp Hsg Rev Ser A (AMT)
(e)..................................... 4.650% 07/01/37 $ 4,231,080
5,975 Louisville & Jefferson Cnty, KY Metro
Govt Hlth Sys Rev Norton Hlthcare Inc
(e)..................................... 5.250 10/01/36 5,799,939
--------------
10,031,019
--------------
LOUISIANA 3.2%
550 Colonial Pinnacle Cmnty Dev Dist Dev.... 6.750 05/01/23 543,779
997 Lakeshore Vlg Master Cmnty Dev Dist LA
Spl Assmt............................... 5.250 07/01/17 887,480
1,460 Louisiana Hsg Fin Agy Rev Azalea Estates
Rfdg Ser A (GNMA Collateralized)
(AMT)................................... 5.375 10/20/39 1,424,274
1,675 Louisiana Loc Govt Environmental Fac Pkg
Fac Corp Garage Proj Ser A (AMBAC Insd)
(b)..................................... 5.200 10/01/19 1,741,799
5,000 Louisiana St Gas & Fuels Tax Rev Ser A
(FSA Insd) (e).......................... 5.000 05/01/36 5,095,750
6,650 Louisiana St Univ & Agric & Mechanical
College Univ Rev Master Agreement
(Acquired 11/30/98, Cost $6,650,257)
(f)..................................... 5.750 10/30/18 6,560,212
1,200 Rapides Fin Auth LA Rev Cleco Pwr Proj
(AMT)................................... 5.250 11/01/37 1,197,276
--------------
17,450,570
--------------
MARYLAND 2.0%
750 Gaithersburg, MD Econ Dev Rev Asbury MD
Oblig Group A........................... 5.125 01/01/36 661,867
1,300 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser H (AMT)................... 5.100 09/01/37 1,222,806
1,255 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT)................... 4.450 09/01/21 1,179,926
1,000 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT)................... 4.550 09/01/26 908,280
1,350 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT)................... 4.625 09/01/31 1,200,555
410 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT)................... 4.700 03/01/37 360,132
1,000 Maryland St Econ Dev Corp Rev Sr Lien
Chesapeake Bay Rfdg Ser A............... 5.000 12/01/31 777,760
500 Maryland St Hlth & Higher Ed Fac Auth
Rev King Farm Presbyterian Cmnty Ser
A....................................... 5.250 01/01/27 430,025
2,000 Maryland St Hlth & Higher Ed Fac Auth
Rev Mercy Med Ctr Ser A................. 5.500 07/01/42 1,878,080
See Notes to Financial Statements 19
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
MARYLAND (CONTINUED)
$ 1,700 Maryland St Trans Auth Arpt Baltimore/
WA Intl Arpt Ser B (AMBAC Insd) (AMT)... 5.125% 03/01/24 $ 1,682,626
950 Prince Georges Cnty, MD Spl Oblig Natl
Harbor Proj............................. 5.200 07/01/34 800,242
--------------
11,102,299
--------------
MASSACHUSETTS 3.9%
2,765 Massachusetts St Dev Fin Agy Proj Ser
R-2 (MBIA Insd)......................... 5.125 02/01/34 2,797,212
670 Massachusetts St Dev Fin Agy Rev Boston
Architectural Ctr (ACA Insd)............ 6.100 09/01/18 674,509
1,000 Massachusetts St Dev Fin Agy Rev Boston
Architectural Ctr (ACA Insd)............ 6.250 09/01/28 1,000,340
500 Massachusetts St Dev Fin Agy Rev Linden
Ponds Inc Fac Ser A..................... 5.750 11/15/35 436,690
500 Massachusetts St Dev Fin Agy Rev Linden
Ponds Inc Fac Ser A..................... 5.750 11/15/42 433,385
35 Massachusetts St Hlth & Ed Fac Auth Rev
Partn Hlthcare Sys Ser C................ 5.750 07/01/32 36,454
965 Massachusetts St Hlth & Ed Fac Auth Rev
Partn Hlthcare Sys Ser C (Prerefunded @
7/01/11)................................ 5.750 07/01/32 1,062,494
4,850 Massachusetts St Hlth & Ed Fac Auth Rev
Univ MA Mem Issue Ser D................. 5.000 07/01/33 4,240,840
500 Massachusetts St Hlth & Ed Fac Auth Rev
Ser G (MBIA Insd)....................... 5.000 07/01/13 500,820
4,000 Massachusetts St Hsg Fin Agy Hsg Rev
Single Family Hsg Ser 126 (AMT) (e)..... 4.700 06/01/38 3,782,255
1,000 Massachusetts St Hsg Fin Agy Hsg Ser A
(AMT)................................... 5.100 12/01/27 971,020
5,500 Massachusetts St Sch Bldg Auth Dedicated
Sales Tax Rev Ser A (e)................. 4.500 08/15/35 5,672,331
--------------
21,608,350
--------------
MICHIGAN 3.2%
3,860 Detroit, MI Ser A (XLCA Insd) (b)....... 5.250 04/01/21 3,930,599
1,000 Kent Hosp Fin Auth MI Rev Metro Hosp
Proj Ser A.............................. 5.250 07/01/30 913,190
1,000 Kent Hosp Fin Auth MI Rev Metro Hosp
Proj Ser A.............................. 6.000 07/01/35 995,920
875 Kent Hosp Fin Auth MI Rev Spectrum Hlth
Ser A................................... 5.250 01/15/47 905,870
400 Kent Hosp Fin Auth MI Rev Spectrum Hlth
Ser A................................... 5.500 01/15/47 420,052
1,450 Michigan St Hosp Fin Auth Rev Chelsea
Cmnty Hosp Oblig........................ 5.000 05/15/37 1,211,881
155 Michigan St Hsg Dev Rental Hsg Rev Ser A
(MBIA Insd) (AMT)....................... 5.300 10/01/37 148,755
20 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
MICHIGAN (CONTINUED)
$ 1,500 Michigan St Strategic Fd Detroit Edison
Co Proj Rfdg Ser C (XLCA Insd) (AMT).... 5.450% 12/15/32 $ 1,487,850
8,230 Michigan Tob Settlement Fin Auth Tob
Settlement Asset Sr Ser A............... 6.000 06/01/48 7,515,307
--------------
17,529,424
--------------
MINNESOTA 1.1%
475 Chisago, MN Hlthcare Fac Rev CDL Homes
LLC Proj................................ 6.000 08/01/42 454,067
1,260 Glencoe, MN Hlthcare Fac Rev Glencoe
Regl Hlth Svc Proj...................... 5.000 04/01/31 1,122,786
1,000 Inver Grove Heights, MN Presbyterian
Homes Care Rfdg......................... 5.500 10/01/41 953,750
200 North Oaks, MN Sr Hsg Rev Presbyterian
Homes North Oaks........................ 6.000 10/01/27 194,738
575 North Oaks, MN Sr Hsg Rev Presbyterian
Homes North Oaks........................ 6.000 10/01/33 549,390
175 North Oaks, MN Sr Hsg Rev Presbyterian
Homes North Oaks........................ 6.125 10/01/39 168,508
1,850 Saint Paul, MN Hsg & Redev Auth Hlthcare
Fac Rev Hlth Partners Oblig Grp Proj.... 5.250 05/15/36 1,667,386
950 Saint Paul, MN Hsg & Redev Auth Hosp Rev
Hlth East Proj.......................... 6.000 11/15/35 945,525
--------------
6,056,150
--------------
MISSOURI 3.7%
160 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp
Assoc................................... 5.625 06/01/27 156,424
840 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc
(Prerefunded @ 6/01/12)................. 5.625 06/01/27 924,076
1,000 Carthage, MO Hosp Rev................... 5.875 04/01/30 885,790
2,250 Carthage, MO Hosp Rev................... 6.000 04/01/38 1,980,855
1,300 Cass Cnty, MO Hosp Rev.................. 5.625 05/01/38 1,207,050
1,400 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt & Rfdg....... 6.100 06/01/20 1,353,408
1,000 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt & Rfdg....... 6.200 06/01/29 955,060
385 Fenton, MO Tax Increment Rev & Impt
Gravois Bluffs Proj Rfdg (Prerefunded @
10/01/11)............................... 7.000 10/01/21 439,578
1,000 Joplin, MO Indl Dev Auth Indl Rev
Christian Homes Inc Rfdg Ser F.......... 5.750 05/15/31 869,760
1,000 Kearney, MO (AMBAC Insd)................ 5.500 03/01/16 1,070,090
900 Maryland Heights, MO Tax Increment Rev
South Heights Redev Proj Rfdg Ser A..... 5.500 09/01/18 880,857
See Notes to Financial Statements 21
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
MISSOURI (CONTINUED)
$ 1,200 Missouri St Hlth & Ed Fac Auth Rev Sr
Living Fac Lutheran Rfdg Ser B.......... 5.125% 02/01/27 $ 1,157,172
1,000 Saint Charles, MO Ctf Partn Ser B....... 5.500 05/01/18 1,047,090
675 Saint Louis Cnty, MO Indl Dev Auth Sr
Living Fac Rev Saint Andrews Res for Srs
Ser A................................... 6.375 12/01/30 642,451
1,500 Saint Louis Cnty, MO Indl Dev Auth Sr
Living Fac Rev Saint Andrews Res for Srs
Ser A................................... 6.375 12/01/41 1,407,630
625 Saint Louis, MO Indl Dev Auth Tax
Increment & Cmnty Impt Dist Loughborough
Com Redev Rfdg.......................... 5.750 11/01/27 593,762
2,475 Springfield, MO Pub Bldg Corp Leasehold
Rev Springfield Branson Arpt Ser B
(AMBAC Insd) (AMT) (e).................. 4.550 07/01/29 2,165,397
3,025 Springfield, MO Pub Bldg Corp Leasehold
Rev Springfield Branson Arpt Ser B
(AMBAC Insd) (AMT) (e).................. 4.600 07/01/36 2,646,596
--------------
20,383,046
--------------
NEBRASKA 0.5%
2,620 Omaha Pub Pwr Dist NE Elec Rev Sys Ser
A....................................... 5.000 02/01/34 2,661,658
--------------
NEVADA 3.3%
4,000 Clark Cnty, NV Indl Dev Rev Southwest
Gas Corp Proj Ser A (AMBAC Insd)
(AMT)................................... 5.250 07/01/34 3,655,200
5,500 Clark Cnty, NV Indl Dev Rev Southwest
Gas Corp Proj Ser A (FGIC Insd) (AMT)... 4.750 09/01/36 4,410,340
30 Nevada Hsg Div Single Family Mtg Mezz
Ser D2 (AMT)............................ 6.300 04/01/21 30,405
2,645 Nevada Hsg Div Single Family Mtg Rev Ser
A (GNMA Collateralized) (AMT)........... 5.875 04/01/38 2,692,584
930 Reno, NV Cap Impt Rev (FGIC Insd)....... 5.125 06/01/26 946,228
1,570 Reno, NV Cap Impt Rev (FGIC Insd)
(Prerefunded @ 6/01/12)................. 5.125 06/01/26 1,699,054
3,100 Reno, NV Hosp Rev Renown Regl Med Ctr
Proj Ser A (e).......................... 5.250 06/01/37 2,919,642
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj
(AMBAC Insd) (Prerefunded @ 6/01/12).... 5.125 06/01/37 1,625,100
--------------
17,978,553
--------------
22 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
NEW HAMPSHIRE 1.1%
$ 4,800 New Hampshire Higher Ed & Hlth Fac Auth
Rev Daniel Webster College Issue........ 6.300% 07/01/29 $ 4,478,784
1,525 New Hampshire Hlth & Ed Fac Auth Rev
Derryfield Sch.......................... 6.750 07/01/20 1,588,379
250 New Hampshire Hlth & Ed Fac Hlthcare Sys
Covenant Hlth........................... 5.500 07/01/34 240,268
--------------
6,307,431
--------------
NEW JERSEY 9.5%
375 Burlington Cnty, NJ Brdg Cmnty Econ Dev
Rev The Evergreens Proj................. 5.625 01/01/38 343,129
1,000 New Jersey Econ Dev Auth Econ Dev Rev
Kapkowski Rd Landfill Proj Rfdg......... 5.750 04/01/31 944,100
1,500 New Jersey Econ Dev Auth Rev Cig Tax.... 5.750 06/15/29 1,471,140
1,600 New Jersey Econ Dev Auth Rev Cig Tax.... 5.750 06/15/34 1,537,248
25,000 New Jersey Econ Dev Auth St Contract
Econ Recovery (MBIA Insd)............... 5.900 03/15/21 28,997,250
1,500 New Jersey Econ Dev Auth Wtr Fac
Rev NJ Amern Wtr Co Inc Ser B (FGIC
Insd) (AMT)............................. 5.375 05/01/32 1,481,085
2,600 New Jersey Hlthcare Fac Fin Auth Rev
Holy Name Hosp.......................... 5.000 07/01/36 2,264,262
1,450 New Jersey Hlthcare Fac Fin Auth Rev
Saint Peters Univ Hosp Oblig............ 5.750 07/01/37 1,413,851
3,500 New Jersey St Tpk Auth Tpk Rev Ser C
(FSA Insd).............................. 6.500 01/01/16 4,048,765
1,000 New Jersey St Trans Tr Fd Auth Trans Sys
Ser A................................... 5.750 06/15/18 1,160,930
11,000 Tobacco Settlement Fin Corp NJ Ser 1A
(e)..................................... 5.000 06/01/41 8,804,235
--------------
52,465,995
--------------
NEW MEXICO 0.3%
1,500 Jicarilla, NM Apache Nation Rev Adj Ser
A (Acquired 01/23/2003, Cost $1,514,910)
(f)..................................... 5.000 09/01/18 1,552,560
--------------
NEW YORK 14.4%
5,500 Metropolitan Trans Auth NY Dedicated Tax
Fd Rfdg Ser A-1 (XLCA Insd) (c) (d)..... 10.000 11/01/31 5,500,000
3,000 Metropolitan Trans Auth NY Rev Rfdg Ser
A (FGIC Insd)........................... 5.250 11/15/31 3,037,350
11,250 Metropolitan Trans Auth NY Rev Ser B
(FSA Insd) (e).......................... 4.500 11/15/36 11,482,602
1,600 New York City Hsg Dev Corp Multi-Family
Hsg Rev Ser E1 (AMT).................... 5.350 11/01/37 1,560,608
400 New York City Indl Dev Agy Rev Liberty 7
World Trade Ctr Proj Ser A.............. 6.250 03/01/15 404,636
See Notes to Financial Statements 23
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
$ 2,500 New York City Indl Dev Agy Rev Liberty 7
World Trade Ctr Proj Ser B.............. 6.750% 03/01/15 $ 2,576,825
1,000 New York City Liberty Dev Corp Rev
National Sports Museum Proj Ser A
(Acquired 08/07/06, Cost $1,000,000)
(f)..................................... 6.125 02/15/19 963,620
8,800 New York City Muni Wtr Fin Auth Wtr &
Swr Sys Rev Ser D....................... 5.000 06/15/38 8,947,136
2,500 New York City Muni Wtr Fin Auth Wtr &
Swr Sys Rev Ser D....................... 5.000 06/15/39 2,541,050
85 New York City Ser A-1................... 5.750 08/01/12 85,218
3,000 New York City Ser G..................... 5.000 12/01/27 3,065,700
6,800 New York St Dorm Auth Rev City Univ Sys
Cons Ser A.............................. 5.625 07/01/16 7,538,684
350 New York St Dorm Auth Rev Mt Sinai NYU
Hlth.................................... 5.500 07/01/26 350,014
1,000 New York St Mtg Agy Homeowner Mtg Rev
145 (AMT)............................... 5.125 10/01/37 951,460
3,600 New York St Urban Dev Corp Rev St Fac &
Equip Sub Ser A-3B (CIFG Insd) (c)
(d)..................................... 7.750 03/15/33 3,600,000
4,775 New York, NY Ser I-1 (e)................ 5.000 02/01/26 4,934,963
2,980 Plainedge, NY Uni Free Sch Dist No. 2063
(Acquired 7/25/97 to 12/01/00, Cost
$2,980,000) (f)......................... 6.000 06/01/12 3,013,684
9,900 Port Auth NY & NJ Cons 144th (e)........ 5.000 10/01/35 10,118,488
600 Seneca Nation Indians Cap Impt Auth NY
Spl Oblig Ser A (g)..................... 5.000 12/01/23 533,904
3,000 Triborough Brdg & Tunl Auth Gen Purp Ser
A....................................... 5.000 01/01/27 3,052,050
3,900 Triborough Brdg & Tunl Auth NY Rev Rfdg
Ser E (MBIA Insd)....................... 5.000 11/15/32 3,937,752
1,000 Westchester Tob Asset Sec Corp NY....... 5.000 06/01/26 934,100
500 Yonkers, NY Indl Dev Agy Civic Fac Rev
Cmnty Dev Ppty Yonkers Inc Ser A
(Prerefunded @ 2/01/11)................. 6.625 02/01/26 552,375
--------------
79,682,219
--------------
NORTH CAROLINA 3.6%
3,900 North Carolina Cap Fac Fin Agy Rev Duke
Univ Proj Ser A......................... 5.000 10/01/41 3,982,212
6,000 North Carolina Med Care Commn Hlthcare
Fac Rev Univ Eastn Carolina Ser A (AMBAC
Insd) (c) (d)........................... 4.500 12/01/28 6,000,000
24 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
NORTH CAROLINA (CONTINUED)
$ 1,000 North Carolina Med Care Commn Retirement
Fac Rev First Mtg Southminster Proj Ser
A....................................... 5.750% 10/01/37 $ 990,140
8,300 North Carolina Muni Pwr Agy No 1 Catawba
Elec Rev Rfdg (MBIA Insd)............... 6.000 01/01/12 9,041,107
--------------
20,013,459
--------------
NORTH DAKOTA 0.6%
1,500 Grand Forks, ND Sr Hsg Rev 4000 Vly
Square Proj Rfdg........................ 5.300 12/01/34 1,244,520
2,000 Ward Cnty, ND Hlthcare Fac Rev Trinity
Obligated Group Rfdg.................... 5.125 07/01/29 1,845,620
--------------
3,090,140
--------------
OHIO 6.9%
300 Adams Cnty Hosp Fac Impt Rev Adams Cnty
Hosp Proj............................... 6.250 09/01/20 270,681
7,800 Buckeye, OH Tob Settlement Fin Auth
Asset Bkd Sr Turbo Ser A-2.............. 5.750 06/01/34 7,051,122
2,500 Buckeye, OH Tob Settlement Fin Auth
Asset Bkd Sr Turbo Ser A-2.............. 5.875 06/01/30 2,326,250
2,175 Cleveland-Cuyahoga Cnty, OH Dev Port
Auth Rev Cleveland Bond Fd Ser B........ 5.375 05/15/18 2,169,932
400 Cuyahoga Cnty, OH Hlthcare & Indpt
Living Fac Rev Eliza Jennings Sr Care
Ser A................................... 5.750 05/15/27 363,232
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton
Inc Proj................................ 7.500 01/01/30 1,073,990
1,000 Lorain Cnty, OH Hosp Rev Catholic
Hlthcare Ser S.......................... 5.375 10/01/30 1,014,270
3,225 Lorain Cnty, OH Hosp Rev Catholic Rfdg
Ser C-1 (FSA Insd) (a).................. 5.000 04/01/24 3,304,174
3,000 Lorain Cnty, OH Hosp Rev Fac Catholic
Ser A (FSA Insd) (a).................... 5.000 02/01/24 3,073,650
3,025 Lorain Cnty, OH Hosp Rev Fac Catholic
Ser B (FSA Insd) (a).................... 5.000 02/01/24 3,099,264
2,270 Montgomery Cnty, OH Hosp Rev Kettering
Med Ctr Impt & Rfdg (MBIA Insd)......... 6.250 04/01/20 2,633,064
1,625 Montgomery Cnty, OH Rev Catholic Hlth
Ser C-1 (FSA Insd) (a).................. 5.000 10/01/41 1,644,126
8,000 Ohio St Air Quality Dev Auth Rev Dayton
Pwr & Lt Co Proj (FGIC Insd) (AMT)
(e)..................................... 4.800 09/01/36 8,066,778
1,250 Ohio St Bldg Auth St Fac Admin Bldg Fd
Proj Ser A (FSA Insd)................... 5.000 04/01/22 1,299,950
1,000 Ohio St Higher Ed Fac Cmnty Rev Hosp
Univ Hosp Hlth Sys Inc Ser A............ 5.250 01/15/46 936,300
--------------
38,326,783
--------------
See Notes to Financial Statements 25
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
OKLAHOMA 0.9%
$ 1,470 Chickasaw Nation, OK Hlth Sys (g)....... 6.250% 12/01/32 $ 1,467,148
1,240 Kay Cnty, OK Home Fin Auth Rev Single
Family Mtg Rfdg Ser A (AMBAC Insd)
(h)..................................... 7.000 11/01/11 1,407,958
1,250 Oklahoma City, OK Pub Ppty Auth Hotel
Tax Rev (FGIC Insd)..................... 5.250 10/01/29 1,283,150
745 Oklahoma Hsg Fin Agy Single Family Rev
Mtg Class B (GNMA Collateralized)
(AMT)................................... 7.997 08/01/18 802,253
--------------
4,960,509
--------------
PENNSYLVANIA 3.2%
1,750 Allegheny Cnty, PA Hosp Dev Auth Rev
Hlth Sys West PA Ser A.................. 5.000 11/15/28 1,457,225
385 Allegheny Cnty, PA San Auth Swr Rev
(MBIA Insd)............................. 5.500 12/01/30 401,559
315 Crawford Cnty, PA Hosp Auth Sr Living
Fac Rev Wesbury Utd Methodist Cmnty
(b)..................................... 5.875 08/15/10 317,246
210 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Proj Rfdg Ser A.... 5.300 12/15/08 209,473
320 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Proj Rfdg Ser A
(b)..................................... 5.300 12/15/09 317,904
240 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Proj Rfdg Ser A.... 5.400 12/15/10 238,255
400 Montgomery Cnty, PA Indl Dev Auth Rev
Mtg Whitemarsh Continuing Care Proj..... 6.125 02/01/28 370,432
875 Montgomery Cnty, PA Indl Dev Auth Rev
Mtg Whitemarsh Continuing Care Proj..... 6.250 02/01/35 803,399
1,000 Pennsylvania Econ Dev Fin Auth Exempt
Fac Rev Reliant Energy Ser B (AMT)...... 6.750 12/01/36 1,010,580
1,550 Pennsylvania Hsg Fin Agy Ser 94-A
(AMT)................................... 5.100 10/01/31 1,480,622
7,250 Pennsylvania St Pub Sch Bldg Auth Lease
Rev Sch Dist Philadelphia Proj Ser B
(FSA Insd) (e).......................... 4.500 06/01/32 7,043,120
1,000 Philadelphia, PA Auth Indl Dev PA Arpt
Sys Proj Ser A (FGIC Insd) (AMT)........ 5.125 07/01/19 991,290
2,675 Pittsburgh, PA Ser A (AMBAC Insd)....... 5.500 09/01/17 2,850,025
--------------
17,491,130
--------------
SOUTH CAROLINA 6.0%
6,925 Chalreston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (AGC Insd)
(e)..................................... 5.250 12/01/29 7,196,647
4,305 Chalreston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (AGC Insd)
(e)..................................... 5.250 12/01/28 4,473,872
1,000 Charleston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (e)............ 5.250 12/01/25 1,023,818
3,000 Charleston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (e)............ 5.250 12/01/26 3,071,453
475 Rock Hill, SC Util Sys Rev Comb Rfdg Ser
C (FSA Insd)............................ 5.125 01/01/13 496,612
26 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
SOUTH CAROLINA (CONTINUED)
$ 1,235 Rock Hill, SC Util Sys Rev Comb Rfdg Ser
C (FSA Insd) (b)........................ 5.250% 01/01/15 $ 1,294,515
900 South Carolina Jobs Econ Dev Auth Hlth
Fac Rev First Mtg Wesley Commons Rfdg... 5.125 10/01/26 751,644
1,000 South Carolina Jobs Econ Dev Auth Hlth
Fac Rev First Mtg Wesley Commons Rfdg... 5.300 10/01/36 818,230
550 South Carolina Jobs Econ Dev Auth
Hlthcare Fac Rev First Mtg Lutheran
Homes Rfdg.............................. 5.500 05/01/28 466,345
400 South Carolina Jobs Econ Dev Auth
Hlthcare Fac Rev First Mtg Lutheran
Homes Rfdg.............................. 5.625 05/01/42 330,412
1,960 South Carolina Jobs Econ Dev Auth Hosp
Fac Rev Palmetto Hlth Alliance Rfdg Ser
A....................................... 6.250 08/01/31 1,991,262
7,925 South Carolina Jobs Econ Dev Auth Hosp
Fac Rev Palmetto Hlth Rfdg Ser A (FSA
Insd) Insd) (c) (d)..................... 4.989 08/01/35 7,925,000
2,500 South Carolina Jobs Econ Dev Auth Indl
Rev Elec & Gas Co Proj Ser A (AMBAC
Insd)................................... 5.200 11/01/27 2,551,200
725 South Carolina Jobs Econ Dev Auth Rev
Woodlands at Furman Proj Ser A.......... 6.000 11/15/27 677,969
--------------
33,068,979
--------------
SOUTH DAKOTA 0.6%
3,620 South Dakota Hsg Dev Auth Homeownership
Mtg Ser E (AMT) (e)..................... 4.625 05/01/36 3,154,396
--------------
TENNESSEE 2.5%
400 Elizabethton, TN Hlth & Ed Fac Brd Rev
Hosp First Mtg Impt & Rfdg Ser B
(Prerefunded @ 7/01/12)................. 8.000 07/01/33 486,020
400 Elizabethton, TN Hlth & Ed Fac Brd Rev
Hosp Impt & Rfdg Ser B (MBIA-IBC Insd)
(Prerefunded @ 7/01/12)................. 7.750 07/01/29 463,852
4,000 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn St Hlth Rfdg Ser A
(MBIA-IBC Insd) (Prerefunded @
7/01/12)................................ 7.500 07/01/25 4,649,360
3,000 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn St Hlth Ser A......... 5.500 07/01/36 2,797,020
1,500 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd
Rev Trezevant Manor Proj Ser A.......... 5.625 09/01/26 1,425,045
2,000 Tennessee Energy Acquisition Corp Gas
Rev Ser A............................... 5.250 09/01/21 1,971,020
See Notes to Financial Statements 27
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
TENNESSEE (CONTINUED)
$ 1,460 Tennessee Hsg Dev Agy Home Ownership Pgm
2006 (AMT).............................. 5.150% 01/01/37 $ 1,380,561
365 Tennessee Hsg Dev Agy Home Ownership Pgm
2-A (AMT)............................... 5.700 07/01/31 373,567
--------------
13,546,445
--------------
TEXAS 16.5%
1,250 Austin, TX Convention Enterprises Inc
Convention Ctr Second Tier Rfdg Ser B... 5.750 01/01/24 1,148,800
1,000 Brazos Cnty, TX Hlth Fac Dev Oblig
Grp..................................... 5.375 01/01/32 978,300
1,100 Coastal Bend Hlth Fac Dev TX Ser C
(AMBAC Insd) (h) (j).................... 7.448 11/15/13 1,408,363
790 Dallas Cnty, TX Flood Ctl Dist Rfdg..... 6.750 04/01/16 810,816
1,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt
Impt & Rfdg Ser A (FGIC Insd) (AMT)..... 5.500 11/01/31 985,730
700 Dallas-Fort Worth, TX Intl Arpt Rev Ser
C (MBIA Insd) (AMT)..................... 5.750 11/01/18 707,168
1,325 Dallas-Fort Worth, TX Intl Arpt Rev Ser
C (MBIA Insd) (AMT)..................... 6.000 11/01/23 1,339,363
5,250 El Paso Cnty, TX Hosp Dist Ser A (AGL
Insd) (a)............................... 5.000 08/15/37 5,274,780
2,450 Fort Bend, TX Indpt Sch Dist Rfdg & Sch
Bldg (a)................................ 5.000 08/15/27 2,545,771
730 Fort Worth, TX Wtr & Swr Rev Impt &
Rfdg.................................... 5.750 02/15/16 775,552
770 Fort Worth, TX Wtr & Swr Rev Impt & Rfdg
(Prerefunded @ 8/15/10)................. 5.750 02/15/16 826,456
5,500 Harris Cnty, TX Hlth Fac Dev Corp Hosp
Rev ARS Baylor College Med Ser A-1
(AMBAC Insd) (c) (d).................... 5.680 11/15/47 5,500,000
4,000 Harris Cnty, TX Hlth Fac Dev Corp Hosp
Rev ARS Baylor College Med Ser A-3
(AMBAC Insd) (c) (d).................... 5.170 11/15/47 4,000,000
2,500 Harris Cnty-Houston, TX Sports Auth Spl
Rev Jr Lien Rfdg Ser B (MBIA Insd)...... 5.250 11/15/40 2,511,800
1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A
(FSA Insd) (AMT)........................ 5.625 07/01/30 1,008,130
130 Houston, TX Pub Impt & Rfdg (FSA
Insd)................................... 5.750 03/01/15 138,404
8,000 Houston, TX Util Sys Rev First Lien Rfdg
Ser A (FSA Insd)........................ 5.250 05/15/21 8,534,960
8,475 Houston, TX Util Sys Rev Comb First Lien
Rfdg Ser A (FSA Insd)................... 5.000 11/15/36 8,681,620
3,320 Judson, TX Indpt Sch Dist Sch Bldg (AGL
Insd)................................... 5.000 02/01/37 3,373,884
1,100 Lufkin, TX Hlth Fac Dev Corp Hlth Sys
Rev Mem Hlth Sys East TX................ 5.500 02/15/32 1,017,599
28 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 1,250 Lufkin, TX Hlth Fac Dev Corp Hlth Sys
Rev Mem Hlth Sys East TX................ 5.500% 02/15/37 $ 1,140,850
1,250 Matagorda Cnty, TX Navig Dist No 1 Rev
Coll Centerpoint Energy Proj Rfdg....... 5.600 03/01/27 1,175,275
1,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care Ctr Ser A
(Prerefunded @ 2/15/10)................. 7.625 02/15/28 1,097,830
1,800 Metropolitan Hlth Fac Dev Corp TX Wilson
N Jones Mem Hosp Proj................... 7.250 01/01/31 1,821,546
1,000 North Central, TX Hlth Fac Dev Corp Rev
Hosp Baylor Hlthcare Sys Proj Ser A..... 5.125 05/15/29 1,002,900
4,000 North Central, TX Hlth Fac Dev Hosp
Childrens Med Ctr Dallas (AMBAC Insd)... 5.250 08/15/32 4,051,240
1,250 North TX Twy Auth Rev Sys First Tier
Rfdg Ser A.............................. 5.625 01/01/33 1,275,588
1,000 North TX Twy Auth Rev Sys First Tier
Rfdg Ser B.............................. 5.625 01/01/28 1,034,200
1,000 North TX Twy Auth Rev Sys First Tier
Rfdg Ser B.............................. 6.000 01/01/26 1,074,270
1,250 North TX Twy Auth Rev Sys First Tier
Rfdg Ser B.............................. 6.000 01/01/27 1,334,938
3,267 Region One Ed Svc Ctr Sub Tech Fac Proj
(Acquired 12/30/97, Cost $3,458,636)
(f)..................................... 6.590 12/15/17 3,552,814
1,000 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckingham Sr Living
Cmnty Inc............................... 5.625 11/15/27 877,860
2,700 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckingham Sr Living
Cmnty Inc............................... 5.750 11/15/37 2,346,948
5,500 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckner Retirement
Svc Inc Proj............................ 5.250 11/15/37 4,925,250
450 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac CC Young Mem Hom
Proj.................................... 5.750 02/15/25 407,871
2,675 Tarrant Cnty, TX Hlth Fac Dev Corp Hosp
Rev Cook Childrens Med Ctr Rfdg Ser B
(FSA Insd).............................. 5.000 12/01/30 2,705,361
80 Texas Muni Pwr Agy Rev (MBIA Insd)
(h)..................................... * 09/01/15 60,709
395 Texas St Pub Ppty Fin Corp Rev Mental
Hlth & Retardation Rfdg (FSA Insd)...... 5.500 09/01/13 398,654
5,750 Texas St Trans Commn Mobility Fd (e).... 5.000 04/01/28 5,992,266
3,500 Tyler, TX Hlth Fac Dev Corp Hosp Rev &
Impt East TX Med Ctr Rfdg Ser A......... 5.375 11/01/37 3,076,990
--------------
90,920,856
--------------
See Notes to Financial Statements 29
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
UTAH 0.1%
$ 800 Utah St Charter Sch Fin Auth Charter Sch
Rev Summit Academy Ser A................ 5.800% 06/15/38 $ 741,888
--------------
VERMONT 0.1%
1,000 Vermont Econ Dev Auth Mtg Rev Wake Robin
Corp Proj Ser A......................... 5.375 05/01/36 829,660
--------------
VIRGINIA 3.7%
1,320 Fairfax Cnty, VA Ctf Partn.............. 5.300 04/15/23 1,364,180
750 Peninsula Town Ctr Cmnty Dev Auth VA Spl
Oblig................................... 6.350 09/01/28 701,685
1,340 Richmond, VA (FSA Insd)................. 5.500 01/15/10 1,411,958
2,590 Tobacco Settlement Fin Corp VA.......... 5.500 06/01/26 2,843,639
2,750 Tobacco Settlement Fin Corp VA
(Prerefunded @ 6/01/15)................. 5.625 06/01/37 3,078,515
4,475 Virginia St Hsg Auth Dev Auth Comwlth
Mtg Ser B (AMT) (e)..................... 4.850 01/01/36 4,120,149
5,840 Virginia St Hsg Auth Dev Auth Rental Hsg
Ser D (AMT) (e)......................... 4.650 01/01/39 5,084,742
2,000 White Oak Vlg Shops VA Cmnty Dev Auth
Spl Assmt Rev........................... 5.300 03/01/17 1,933,460
--------------
20,538,328
--------------
WASHINGTON 3.4%
5,000 Bellevue, WA Convention Ctr Auth Spl
Oblig Rev Rfdg (MBIA Insd).............. * 02/01/24 2,289,650
5,000 Cowlitz Cnty, WA Spl Swr Rev CSOB
Wastewtr Treatment Rfdg (FGIC Insd)..... 5.500 11/01/19 5,438,600
3,000 Energy Northwest WA Elec Rev Proj No 3
Rfdg Ser A (FSA Insd)................... 5.500 07/01/18 3,191,730
1,350 Kalispel Tribe Indians Priority Dist WA
Rev..................................... 6.625 01/01/28 1,292,031
2,000 Port Seattle, WA Rev Ser B (MBIA Insd)
(AMT)................................... 5.625 02/01/24 2,015,980
1,500 Skagit Cnty, WA Pub Hosp Dist No 001 Rev
Skagit Vly Hosp......................... 5.750 12/01/28 1,489,185
1,345 Tacoma, WA Elec Sys Rev Rfdg Ser A (FSA
Insd)................................... 5.750 01/01/15 1,450,125
1,000 Washington St Hlthcare Fac Auth Rev ARS
Multicare Hlth Sys Ser B (FSA Insd) (c)
(d)..................................... 4.750 08/15/41 1,000,000
1,000 Washington St Hsg Fin Cmnty Single
Family Prog Ser 2-A (GNMA
Collateralized) (AMT)................... 4.700 12/01/38 854,680
--------------
19,021,981
--------------
WEST VIRGINIA 0.6%
3,500 Harrison Cnty, WV Cmnty Solid Waste Disp
Rev Allegheny Energy Rfdg Ser D (AMT)... 5.500 10/15/37 3,275,335
--------------
30 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
---------------------------------------------------------------------------------------------
WISCONSIN 3.4%
$ 5,230 Wisconsin Hsg & Econ Dev Auth Home
Ownership Rev Ser A (AMT) (e)........... 4.750% 09/01/33 $ 4,715,720
5,935 Wisconsin Hsg & Econ Dev Auth Home
Ownership Rev Ser A (AMT) (e)........... 4.800 03/01/38 5,306,651
5,000 Wisconsin St Hlth & Ed Fac Auth Mercy
Hlth Sys Corp (AMBAC Insd).............. 5.500 08/15/25 5,047,450
400 Wisconsin St Hlth & Ed Fac Auth Rev
Beaver Dam Cmnty Hosp Inc Ser A......... 6.000 08/15/19 387,384
3,100 Wisconsin St Hlth & Ed Fac Auth Rev
Ministry Hlth (FSA Insd)................ 5.000 08/01/34 3,072,906
200 Wisconsin St Hlth & Ed Fac Auth Rev
Newcastle Place Inc Ser A............... 6.000 12/01/27 185,968
--------------
18,716,079
--------------
WYOMING 0.2%
1,000 Sweetwater Cnty, WY Solid Waste Disp Rev
FMC Corp Proj Rfdg (AMT)................ 5.600 12/01/35 921,740
--------------
GUAM 1.1%
6,000 Guam Pwr Auth Rev Ser A (AMBAC Insd).... 5.250 10/01/34 5,999,700
--------------
PUERTO RICO 0.0%
65 Puerto Rico Pub Bldg Auth Rev Govt Fac
Ser I (Comwlth Gtd) (Prerefunded @
7/01/14)................................ 5.250 07/01/33 71,165
--------------
TOTAL LONG-TERM INVESTMENTS 188.6%
(Cost $1,054,365,507)..................................................... 1,041,492,934
--------------
SHORT-TERM INVESTMENTS 2.8%
(Cost $15,755,000)........................................................ 15,755,000
--------------
TOTAL INVESTMENTS 191.4%
(Cost $1,070,120,507)..................................................... 1,057,247,934
See Notes to Financial Statements 31
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION VALUE
---------------------------------------------------------------------------------------------
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD $(28.7%)
(Cost ($158,638,000))
$(158,638) Notes with interest rates ranging from 2.41% to 5.00% at April
30, 2008 and contractual maturities of collateral ranging from
2023 to 2047. (See Note 1). (k)................................. $ (158,638,000)
--------------
TOTAL NET INVESTMENTS 162.7%
(Cost $911,482,507)....................................................... 898,609,934
LIABILITIES IN EXCESS OF OTHER ASSETS (3.8%)............................... (21,196,255)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (58.9%)................. (325,300,633)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.............................. $ 552,113,046
==============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) Security purchased on a when-issued or delayed delivery basis.
(b) The Trust owns 100% of the outstanding bond issuance.
(c) Security includes a feature allowing the Fund an option on any interest rate
payment date to offer the security for sale at par. The sale is contingent
upon market conditions.
(d) Variable Rate Coupon
(e) Underlying security related to Inverse Floaters entered into by the Trust.
See Note 1.
(f) Security is restricted and may be resold only in transactions exempt from
registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 3.5% of net assets
applicable to common shares.
(g) 144A-Private Placement security which is exempt from registration under Rule
144A of the Securities Act of 1933, as amended. This security may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(h) Escrowed to Maturity
(i) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(j) Inverse Floating Rate
32 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
(k) Floating rate notes. The interest rates shown reflect the rates in effect at
April 30, 2008.
ACA--American Capital Access
AGC--AGC Insured Custody Certificates
AGL--Assured Guaranty Ltd.
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CIFG--CDC IXIS Financial Guaranty
Comwlth--Commonwealth of Puerto Rico
FGIC--Financial Guaranty Insurance Co.
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corp.
MBIA-IBC--MBIA Insured Bond Certificates
Radian--Radian Asset Assurance
XLCA--XL Capital Assurance Inc.
See Notes to Financial Statements 33
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2008 (Unaudited)
ASSETS:
Total Investments (Cost $1,070,120,507)..................... $1,057,247,934
Cash........................................................ 56,832
Receivables:
Investments Sold.......................................... 26,027,898
Interest.................................................. 14,214,142
Other....................................................... 1,848
--------------
Total Assets............................................ 1,097,548,654
--------------
LIABILITIES:
Payables:
Floating Rate Note Obligations.............................. 158,638,000
Investments Purchased..................................... 60,081,701
Investment Advisory Fee................................... 322,755
Other Affiliates.......................................... 34,503
Trustees' Deferred Compensation and Retirement Plans........ 798,759
Accrued Expenses............................................ 259,257
--------------
Total Liabilities....................................... 220,134,975
Preferred Shares (including accrued distributions).......... 325,300,633
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 552,113,046
==============
NET ASSET VALUE PER COMMON SHARE ($552,113,046 divided by
38,893,373 shares outstanding)............................ $ 14.20
==============
NET ASSETS CONSIST OF:
Common Shares ($0.01 par value with an unlimited number of
shares authorized, 38,893,373 shares issued and
outstanding).............................................. $ 388,934
Paid in Surplus............................................. 581,677,781
Net Unrealized Depreciation................................. (12,872,573)
Accumulated Undistributed Net Investment Income............. 3,310,968
Accumulated Net Realized Loss............................... (20,392,064)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 552,113,046
==============
PREFERRED SHARES ($0.01 par value, authorized 100,000,000
shares, 13,000 issued with liquidation preference of
$25,000 per share)........................................ $ 325,000,000
==============
NET ASSETS INCLUDING PREFERRED SHARES....................... $ 877,113,046
==============
34 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2008 (Unaudited)
INVESTMENT INCOME:
Interest.................................................... $ 28,902,837
EXPENSES:
Interest and Residual Trust Expenses........................ 3,260,007
Investment Advisory Fee..................................... 2,449,498
Preferred Share Maintenance................................. 442,455
Accounting and Administrative Expenses...................... 87,935
Professional Fees........................................... 71,628
Reports to Shareholders..................................... 38,695
Custody..................................................... 28,012
Transfer Agent Fees......................................... 27,268
Registration Fees........................................... 15,470
Trustees' Fees and Related Expenses......................... 9,444
Depreciation in Trustees' Deferred Compensation Accounts.... (82,338)
Other....................................................... 15,065
------------
Total Expenses.......................................... 6,363,139
Investment Advisory Fee Reduction....................... 445,364
------------
Net Expenses.............................................. 5,917,775
------------
NET INVESTMENT INCOME....................................... $ 22,985,062
============
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ (5,083,855)
Futures................................................... (5,413,406)
------------
Net Realized Loss........................................... (10,497,261)
------------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 23,500,900
End of the Period......................................... (12,872,573)
------------
Net Unrealized Depreciation During the Period............... (36,373,473)
------------
NET REALIZED AND UNREALIZED LOSS............................ $(46,870,734)
============
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (5,777,575)
============
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $(29,663,247)
============
See Notes to Financial Statements 35
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, 2007
------------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................... $ 22,985,062 $ 42,794,629
Net Realized Loss....................................... (10,497,261) (6,930,440)
Net Unrealized Depreciation During the Period........... (36,373,473) (31,557,316)
Distributions to Preferred Shareholders:
Net Investment Income................................. (5,777,575) (12,038,524)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................ (29,663,247) (7,731,651)
Distributions to Common Shareholders: Net Investment
Income................................................ (15,595,787) (31,044,926)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM INVESTMENT ACTIVITIES............................ (45,259,034) (38,776,577)
FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
Reinvestments......................................... 567,985 110,015
Repurchase of Shares.................................... (2,914,739) (4,676,346)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM CAPITAL TRANSACTIONS............................. (2,346,754) (4,566,331)
TOTAL DECREASE IN NET ASSETS APPLICABLE TO COMMON
SHARES................................................ (47,605,788) (43,342,908)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period................................. 599,718,834 643,061,742
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $3,310,968 and $1,699,268,
respectively)......................................... $552,113,046 $599,718,834
============ ============
36 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS continued
Statement of Cash Flows
For the Six Months Ended April 30, 2008 (Unaudited)
CHANGE IN NET ASSETS FROM OPERATIONS (INCLUDING PREFERRED
SHARE DISTRIBUTIONS)...................................... $ (29,663,247)
-------------
Adjustments to Reconcile the Change in Net Assets from
Operations to Net Cash Provided by Operating Activities:
Purchases of Investments.................................. (400,459,435)
Proceeds from Sales of Investments........................ 450,032,366
Net Purchases of Short-Term Investments................... (5,925,000)
Amortization of Premium................................... 687,061
Accretion of Discount..................................... (848,703)
Net Realized Loss on Investments.......................... 5,083,855
Net Change in Unrealized Depreciation on Investments...... 36,679,993
Decrease in Variation Margin on Futures................... 832,000
Increase in Interest Receivables and Other Assets......... (325,206)
Increase in Receivable for Investments Sold............... (25,947,898)
Decrease in Accrued Expenses and Other Payables........... (95,142)
Increase in Investments Purchased Payable................. 47,332,930
-------------
Total Adjustments....................................... 107,046,821
-------------
NET CASH PROVIDED BY OPERATING ACTIVITIES................... 77,383,574
-------------
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchased Shares........................................ (3,344,398)
Dividends Paid (net of reinvested dividends of
$567,985)............................................... (14,977,518)
Proceeds from and Repayments of Floating Rate Note
Obligations............................................. (59,420,000)
-------------
NET CASH USED FOR FINANCING ACTIVITIES...................... (77,741,916)
-------------
Net Increase in Cash........................................ (358,342)
Cash at the Beginning of the Period......................... 415,174
-------------
CASH AT THE END OF THE PERIOD............................... $ 56,832
=============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash Paid During the Year for Interest.................... $ 3,260,007
=============
See Notes to Financial Statements 37
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, -----------------------------------------------
2008 2007 2006 2005 2004 2003
------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD........ $ 15.35 $ 16.33 $ 16.15 $ 16.60 $ 16.25 $ 16.12
------- ------- ------- ------- ------- -------
Net Investment Income.......................... 0.59(a) 1.09(a) 1.02(a) 1.02 1.03 1.02
Net Realized and Unrealized Gain/Loss.......... (1.19) (0.97) 0.48 (0.41) 0.37 0.13
Common Share Equivalent of Distributions Paid
to Preferred Shareholders:
Net Investment Income........................ (0.15) (0.31) (0.24) (0.18) (0.09) (0.08)
Net Realized Gain............................ -0- -0- (0.05) -0- -0-(f) -0-
------- ------- ------- ------- ------- -------
Total from Investment Operations................ (0.75) (0.19) 1.21 0.43 1.31 1.07
Distributions Paid to Common Shareholders:
Net Investment Income........................ (0.40) (0.79) (0.79) (0.88) (0.94) (0.94)
Net Realized Gain............................ -0- -0- (0.24) -0- (0.02) -0-
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD.............. $ 14.20 $ 15.35 $ 16.33 $ 16.15 $ 16.60 $ 16.25
======= ======= ======= ======= ======= =======
Common Share Market Price at End of the
Period......................................... $ 14.78 $ 13.85 $ 14.86 $ 14.02 $ 14.90 $ 14.57
Total Return* (b)............................... 9.75%** -1.88% 13.84% 0.01% 9.15% 8.60%
Net Assets Applicable to Common Shares at End of
the Period (In millions)....................... $ 552.1 $ 599.7 $ 643.1 $ 635.9 $ 603.6 $ 590.9
Ratio of Expenses to Average Net Assets
Applicable to Common Shares* (c)............... 2.09% 2.14% 1.23% 1.06% 1.19% 1.23%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares* (c)........ 8.10% 6.84% 6.40% 6.21% 6.24% 6.28%
Portfolio Turnover.............................. 37%** 25% 28% 33% 19% 24%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and
the ratios would have been as follows:
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c)............. 2.24% 2.28% N/A N/A N/A N/A
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (c)...... 7.95% 6.70% N/A N/A N/A N/A
SUPPLEMENTAL RATIOS:
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net Assets
Applicable to Common Shares (c)................ 0.93% 0.95% 1.11% 1.06% 1.19% 1.23%
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net Assets
including Preferred Shares (c)................. 0.60% 0.63% 0.73% 0.71% 0.79% 0.81%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (d)......... 6.06% 4.92% 4.91% 5.12% 5.70% 5.77%
SENIOR SECURITIES:
Total Preferred Shares Outstanding.............. 13,000 13,000 13,000 13,000 12,000 12,000
Asset Coverage Per Preferred Share (e).......... $67,493 $71,143 $74,490 $73,933 $75,312 $74,245
Involuntary Liquidating Preference Per Preferred
Share.......................................... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Average Market Value Per Preferred Share........ $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
** Non-Annualized
N/A=Not applicable
(a)Based on average shares outstanding.
(b)Total return assumes an investment at the common share market price at the
beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing common share market price at the end of the period
indicated.
(c)Ratios do not reflect the effect of dividend payments to preferred
shareholders.
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
(e)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares) from the Trust's total assets and dividing this by the
number of preferred shares outstanding.
(f)Amount is less than $0.01 per share.
38 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Municipal Trust (the "Trust") is registered as a diversified,
closed-end management investment company under the Investment Company Act of
1940 (the "1940 Act"), as amended. The Trust's investment objective is to seek
to provide a high level of current income exempt from federal income tax,
consistent with preservation of capital. The Trust will invest in a portfolio
consisting substantially of municipal obligations rated investment grade at the
time of investment, but may invest up to 20% of its assets in unrated securities
which are believed to be of comparable quality to those rated investment grade.
The Trust commenced investment operations on September 27, 1991.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the last reported bid and asked prices or, in the
absence of market quotations, at fair value based upon yield data relating to
municipal bonds with similar characteristics and general market conditions.
Securities which are not valued by independent pricing services or dealers are
valued at fair value using procedures established in good faith by the Board of
Trustees. Futures contracts are valued at the settlement price established each
day on the exchange on which they are traded. Interest rate swaps are valued
using market quotations obtained from brokers. Short-term securities with
remaining maturities of 60 days or less are valued at amortized cost, which
approximates market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when-issued" or "delayed delivery"
basis, with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this period. The Trust will
segregate assets with the custodian having an aggregate value at least equal to
the amount of the when-issued or delayed delivery purchase commitments until
payment is made. At April 30, 2008, the Trust had $46,050,729 of when-issued or
delayed delivery purchase commitments.
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the expected life of each
applicable security.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required. The
Trust adopted the provisions of the Financial Accounting Standards Board
("FASB") Interpretation No. 48 ("FIN 48") Accounting for Uncertainty in Income
Taxes on April 30, 2008. FIN 48 sets forth a minimum threshold for financial
statement recognition of the benefit of a tax position taken or expected to be
39
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
taken in a tax return. The implementation of FIN 48 did not result in any
unrecognized tax benefits in the accompanying financial statements. If
applicable, the Trust recognizes interest accrued related to unrecognized tax
benefits in "Interest Expense" and penalties in "Other" expenses on the
Statement of Operations. The Trust files tax returns with the U.S. Internal
Revenue Service and various states. Generally, each of the tax years in the four
year period ended October 31, 2007, remains subject to examination by taxing
authorities.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset these losses against any future realized capital
gains.
At October 31, 2007, the Trust had an accumulated capital loss carry forward
for tax purposes of $11,515,569, which will expire according to the following
schedule.
AMOUNT EXPIRATION
$ 468,317 ............................................................ October 31, 2008
$ 929,222 ............................................................ October 31, 2009
$2,903,782 ............................................................ October 31, 2011
$ 593,665 ............................................................ October 31, 2014
$6,620,583 ............................................................ October 31, 2015
A portion of the capital loss carry forward above was acquired due to a
merger with another regulated investment company and is subject to annual
limitations.
At April 30, 2008, the cost and related gross unrealized appreciation and
depreciation were as follows:
Cost of investments for tax purposes........................ $905,191,964
============
Gross tax unrealized appreciation........................... $ 23,278,531
Gross tax unrealized depreciation........................... (29,860,561)
------------
Net tax unrealized depreciation on investments.............. $ (6,582,030)
============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed at least annually on a pro rata basis to common and
preferred shareholders. Distributions from net realized gains for book purposes
may include short-term capital gains and a portion of futures gains, which are
included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31,
2007 was as follows:
Distributions paid from:
Ordinary income........................................... $ 14,942
Tax exempt income......................................... 43,237,394
Long-term capital gain.................................... -0-
-----------
$43,252,336
===========
40
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
As of October 31, 2007, the components of distributable earnings on a tax
basis were as follows:
Undistributed ordinary income............................... $ 2,390
Undistributed tax-exempt income............................. 2,339,650
Undistributed long-term capital gain........................ -0-
Net realized gains or losses may differ for financial reporting and tax
purposes primarily as a result of gains or losses recognized on securities for
tax purposes but not for book purposes.
F. FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters
into transactions in which it transfers to dealer trusts fixed rate bonds in
exchange for cash and residual interests in the dealer trusts' assets and cash
flows, which are in the form of inverse floating rate investments. The dealer
trusts fund the purchases of the fixed rate bonds by issuing floating rate notes
to third parties and allowing the Trust to retain residual interests in the
bonds. The Trust enters into shortfall agreements with the dealer trusts, which
commit the Trust to pay the dealer trusts, in certain circumstances, the
difference between the liquidation value of the fixed rate bonds held by the
dealer trusts and the liquidation value of the floating rate notes held by third
parties, as well as any shortfalls in interest cash flows. The residual
interests held by the Trust (inverse floating rate investments) include the
right of the Trust (1) to cause the holders of the floating rate notes to tender
their notes at par at the next interest rate reset date, and (2) to transfer the
municipal bond from the dealer trusts to the Trust, thereby collapsing the
dealer trusts. The Trust accounts for the transfer of bonds to the dealer trusts
as secured borrowings, with the securities transferred remaining in the Trust's
investment assets, and the related floating rate notes reflected as Trust
liabilities under the caption "Floating Rate Note Obligations" on the Statement
of Assets and Liabilities. The Trust records the interest income from the fixed
rate bonds under the caption "Interest" and records the expenses related to
floating rate note obligations and any administrative expenses of the dealer
trusts under the caption "Interest and Residual Trust Expenses" on the Trust's
Statement of Operations. The notes issued by the dealer trusts have interest
rates that reset weekly and the floating rate note holders have the option to
tender their notes to the dealer trusts for redemption at par at each reset
date. At April 30, 2008, Trust investments with a value of $212,651,296 are held
by the dealer trusts and serve as collateral for the $158,638,000 in floating
rate notes outstanding at that date. Contractual maturities of the floating rate
notes and interest rates in effect at April 30, 2008 are presented on the
Portfolio of Investments. The average floating rate notes outstanding and
average annual interest and fee rate related to residual interests during the
fiscal six months ended April 30, 2008 were $200,975,143 and 3.262%,
respectively.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") will provide investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
including preferred shares of the Trust. The Adviser has agreed to waive
investment advisory fees equal to .10% of the average daily net assets including
preferred shares of the Trust. During the six months ended
41
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
April 30, 2008, the Adviser waived $445,364 of its advisory fees. The waiver is
voluntary and can be discontinued at any time.
For the six months ended April 30, 2008, the Trust recognized expenses of
approximately $27,200 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
Under separate Legal Services, Accounting Services and Chief Compliance
Officer (CCO) Employment agreements, the Adviser provides accounting and legal
services and the CCO provides compliance services to the Trust. The costs of
these services are allocated to each trust. For the six months ended April 30,
2008, the Trust recognized expenses of approximately $48,800 representing Van
Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting and legal services to the Trust, 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.
Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation to a
later date. Benefits under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustee's years of service to the Trust.
The maximum annual benefit per trustee under the plan is $2,500.
3. CAPITAL TRANSACTIONS
For the six months ended April 30, 2008 and the year ended October 31, 2007,
transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, 2007
Beginning Shares........................................ 39,063,367 39,379,538
Shares Issued Through Dividend Reinvestment............. 39,941 7,320
Shares Repurchased*..................................... (209,935) (323,491)
---------- ----------
Ending Shares........................................... 38,893,373 39,063,367
========== ==========
* On February 28, 2007, the Trust commenced a share repurchase program for
purposes of enhancing stockholder value and reducing the discount at which
the Trust's shares trade from their net asset value. For the six months
ended April 30, 2008 and the year ended October 31, 2007, the Trust
repurchased 209,935 and 323,491, respectively of its shares at an average
discount of 8.51% and 6.32%, respectively from net asset value per share.
The Trust expects to continue to repurchase its outstanding shares at such
time and in such amounts as it believes such activity will further the
accomplishment of the foregoing objectives, subject to review of the
Trustees.
42
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $400,459,435 and 450,032,366
respectively.
5. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage in transactions involving interest
rate swaps, caps, floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management or for risk management
purposes, but may also enter into these transactions to generate additional
income. All of the Trust's portfolio holdings, including derivative instruments,
are marked to market each day with the change in value reflected in the
unrealized appreciation/depreciation. Upon disposition, a realized gain or loss
is recognized accordingly, except when taking delivery of a security underlying
a futures contract. In these instances, the recognition of gain or loss is
postponed until the disposal of the security underlying the futures contract.
Summarized below are the specific types of derivative financial instruments
used by the Trust.
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Trust generally invests in exchange traded futures contracts on U.S. Treasury
securities and typically closes the contract prior to the delivery date. These
contracts are generally used to manage the Trust's effective maturity and
duration. Upon entering into futures contracts, the Trust maintains an amount of
cash or liquid securities with a value equal to a percentage of the contract
amount with either a futures commission merchant pursuant to the rules and
regulations promulgated under the 1940 Act, as amended, or with its custodian in
an account in the broker's name. This amount is known as initial margin. During
the period the futures contract is open, payments are received from or made to
the broker based upon changes in the value of the contract (the variation
margin). The risk of loss associated with a futures contract is in excess of the
variation margin reflected on the Statement of Assets and Liabilities.
Transactions in futures contracts for the six months ended April 30, 2008
were as follows:
CONTRACTS
Outstanding at October 31, 2007............................. 832
Futures Opened.............................................. 870
Futures Closed.............................................. (1,702)
------
Outstanding at April 30, 2008............................... -0-
======
B. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap
transactions intended to help the Trust manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Trust's interest rate sensitivity with that of the broader
43
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
municipal market. Forward interest rate swap transactions involve the Trust's
agreement with a counterparty to pay, in the future, a fixed or variable rate
payment in exchange for the counterparty paying the Trust a variable or fixed
rate payment, the accruals for which would begin at a specified date in the
future (the "effective date"). The amount of the payment obligation is based on
the notional amount of the forward swap contract and the termination date of the
swap (which is akin to a bond's maturity). The value of the Trust's swap
commitment would increase or decrease based primarily on the extent to which
long-term interest rates for bonds having a maturity of the swap's termination
date increases or decreases. The Trust may terminate a swap contract prior to
the effective date, at which point a realized gain or loss is recognized. When a
forward swap is terminated, it ordinarily does not involve the delivery of
securities or other underlying assets or principal, but rather is settled in
cash on a net basis. The Trust intends, but is not obligated, to terminate its
forward swaps before the effective date. Accordingly, the risk of loss with
respect to the swap counterparty on such transactions is limited to the credit
risk associated with a counterparty failing to honor its commitment to pay any
realized gain to the Trust upon termination. To reduce such credit risk, all
counterparties are required to pledge collateral daily (based on the daily
valuation of each swap) on behalf of the Trust with a value approximately equal
to the amount of any unrealized gain. Reciprocally, when the Trust has an
unrealized loss on a swap contract, the Trust has instructed the custodian to
pledge cash or liquid securities as collateral with a value approximately equal
to the amount of the unrealized loss. Collateral pledges are monitored and
subsequently adjusted if and when the swap valuations fluctuate. Restricted cash
for segregating purposes, if any, is shown on the Statement of Assets and
Liabilities.
C. INVERSE FLOATING RATE INVESTMENTS The Trust may invest a portion of its
assets in inverse floating rate instruments, either through outright purchases
of inverse floating rate securities or through the transfer of bonds to a dealer
trust in exchange for cash and residual interests in the dealer trust. These
investments are typically used by the Trust in seeking to enhance the yield of
the portfolio. These instruments typically involve greater risks than a fixed
rate municipal bond. In particular, these instruments are acquired through
leverage or may have leverage embedded in them and therefore involve many of the
risks associated with leverage. Leverage is a speculative technique that may
expose the Trust to greater risk and increased costs. Leverage may cause the
Trust's net asset value to be more volatile than if it had not been leveraged
because leverage tends to magnify the effect of any increases or decreases in
the value of the Trust's portfolio securities. The use of leverage may also
cause the Trust to liquidate portfolio positions when it may not be advantageous
to do so in order to satisfy its obligations with respect to inverse floating
rate instruments.
6. PREFERRED SHARES
The Trust has outstanding 13,000 APS. Series A, Series B, Series C and Series D
each contain 3,000 shares and Series E contains 1,000 shares. Dividends are
cumulative and the dividend rates are generally reset every 7 days for Series A
and Series C, while Series B, Series D and Series E are generally reset every 28
days through an auction process. Beginning on February 12, 2008 and continuing
through April 30, 2008, all series of preferred shares of the Trust were not
successfully remarketed. As a result, the dividend rates of these preferred
shares were reset to the maximum applicable rate on APS. The average rate in
effect on
44
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
April 30, 2008 was 2.815%. During the six months ended April 30, 2008, the rates
ranged from 2.646% to 4.800%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
7. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
8. ACCOUNTING PRONOUNCEMENTS
In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (SFAS 157), was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. As of April 30, 2008 the Adviser does not believe the adoption of
SFAS 157 will impact the amounts reported in the financial statements, however,
additional disclosures will be required about the inputs used to develop the
measurements of fair value and the effect of certain measurements reported on
the Statement of Operations for a fiscal period.
On March 19, 2008, Financial Accounting Standards Board released Statement
of Financial Accounting Standards No. 161, Disclosures about Derivative
Instruments and Hedging Activities (SFAS 161). SFAS 161 requires qualitative
disclosures about objectives and strategies for using derivatives, quantitative
disclosures about fair value amounts of and gains and losses on derivative
instruments, and disclosures about credit-risk-related contingent features in
derivative agreements. The application of SFAS 161 is required for fiscal years
and interim periods beginning after November 15, 2008. At this time, management
is evaluating the implications of SFAS 161 and its impact on the financial
statements has not yet been determined.
9. SUBSEQUENT EVENT
On June 13, 2008, the Trust announced plans for the partial redemption of its
preferred shares. The Trust intends to redeem 20% of each of its Series per the
table below. The Board of Trustees previously approved the use of tender option
bonds as a replacement source of funding. The Depository Trust Company, the
securities' holder of record, will determine how the partial series redemptions
will be allocated among each participant broker-dealer account.
SERIES DATE
A........................................................... July 3, 2008
B........................................................... July 7, 2008
C........................................................... July 1, 2008
D........................................................... July 1, 2008
E........................................................... June 30, 2008
45
VAN KAMPEN MUNICIPAL TRUST
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
JERRY W. MILLER
President and Principal Executive Officer
DENNIS SHEA
Vice President
KEVIN KLINGERT
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
STUART N. SCHULDT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
522 Fifth Avenue
New York, New York 10036
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
c/o Computershare Investor Services
P.O. Box 43078
Providence, Rhode Island 02940-3078
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
46
Van Kampen Municipal Trust
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Municipal Trust
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Municipal Trust
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
522 Fifth Avenue
New York, New York 10036
www.vankampen.com
Copyright (C)2008 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC.
VKQSAN 6/08
(VAN KAMPEN INVESTMENTS LOGO) IU08-03259P-Y04/08
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form
N-CSRS was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Municipal Trust
By: /s/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: June 19, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: June 19, 2008
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 19, 2008