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)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/07
Item 1. Report 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,
2007.
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 4/30/07
MUNICIPAL TRUST
SYMBOL: VKQ
------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET PRICE
Since Inception (9/27/91) 7.41% 7.35%
10-year 6.85 7.86
5-year 7.27 9.75
1-year 7.42 17.47
6-month 1.39 10.52
------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities 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 advisor 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, 2007
MARKET CONDITIONS
The overall environment for municipal bonds was favorable during the reporting
period, but mixed economic indicators and concerns about the residential housing
sector led to increased market uncertainty and volatility. At the beginning of
the period, the pace of economic growth appeared to be slowing, but in December,
the outlook for the economy turned positive following a slate of
stronger-than-expected economic releases. The improved economic picture pushed
bond yields higher and effectively reversed the run-up in prices that had begun
in July on concern over the weak housing market's potential drag on the economy.
Bonds continued to decline until February, when the sub-prime mortgage market
showed signs of deterioration, causing a sell-off in equities and a
flight-to-quality bond market rally. In March, the rally ended as strong
employment reports and upward movement in inflationary pressures sparked selling
in an overbought Treasury market. At month end, however, the short end of the
bond market rebounded strongly following news that the Federal Open Market
Committee (the "Fed") had dropped its bias toward higher rates. This came as
somewhat of a surprise, given the fact that core inflation readings remained
elevated.
Municipal bond yields followed the general movement of the Treasury market.
However, the 30-year AAA municipal yield reached lows not seen in decades,
declining to 4.00 percent in the first half of the reporting period before
reversing course and ending the period higher at 4.10 percent. Yields on the
short end of the municipal curve rose more than long-term yields during the
period. As a result, the short end of the curve posted the lowest returns while
the long end outperformed other portions of the curve by as much as 70 basis
points. The slope of the municipal curve (which is defined by the traditional
yield advantage of bonds with longer maturities) still remained relatively flat
and as such, the yield differential between long maturity and short maturity
issues was quite small.
New issue supply rose dramatically during the period, increasing by 34 percent
versus the same six-month period a year ago, as relatively low interest rates
spurred municipalities to refinance their debt. Demand for municipal bonds was
robust as well, particularly for high-yield securities as investors proved
increasingly willing to take on more risk in return for relatively higher
yields. The strong demand caused most credit spreads, which were already near
historically tight levels, to further narrow. As a result, the lower-quality,
higher yielding segment of the market considerably outperformed, returning 182
basis points more than the investment-grade segment for the overall period.
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 RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007
-------------------------------------------------
BASED ON LEHMAN BROTHERS
BASED ON MARKET MUNICIPAL
NAV PRICE BOND INDEX
1.39% 10.52% 1.59%
-------------------------------------------------
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.
A variety of strategies drove the Trust's performance during the course of the
period. One of the key drivers was our focus on the long end of the yield curve.
Given the relatively flat shape of the curve throughout the period, we invested
in bonds with maturities of 25 years or more in order to capture more attractive
yields. The emphasis on longer-maturity issues proved beneficial to performance
as this segment of the curve outperformed for the overall period.
We also focused on the higher-yielding sector of the market, adding to positions
in BBB and lower-rated credits. Additionally, in an effort to further enhance
the portfolio's yield, we added to holdings of inverse floating-rate
securities.* These strategies were additive to the Trust's performance during
the first four months of the period. In the last two months, however, spread
widening led the performance of lower-rated bonds to wane and rising interest
rates hurt the performance of inverse floating-rate securities. As a result, the
Trust's holdings in these credits detracted somewhat from performance late in
the period. The biggest contributor to the Trust's underperformance versus the
Lehman Brothers Municipal Bond Index, however, was its holdings of tobacco
revenue bonds. A large amount of older tobacco bonds were pre-refunded during
the period. Unlike the Lehman Brothers Municipal Bond Index, which contained
these older bonds, the Trust only had positions in newer tobacco bonds which
were not pre-refunded. As such, the portfolio was not able to benefit from the
refundings that took place during the period, which detracted from the
*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
performance of the Trust's holdings in this sector relative to those of the
Lehman Brothers Municipal Bond Index. In addition, spread widening in the sector
in the latter months of period also caused these holdings to hinder performance.
Because the inverse floating-rate securities effectively added to the
portfolio's duration (a measure of interest-rate risk), we hedged that risk by
selling U.S. Treasury futures. This strategy was additive to performance for the
overall period and served to keep the Trust's duration neutral relative to that
of the Lehman Brothers Municipal Bond Index. We also purchased various A and BBB
rated health care bonds during the period, which enhanced the Trust's overall
performance. An abundant supply of housing bonds created some favorable
opportunities to add to the Trust's holdings in this sector as well. Although
these holdings did not add to the portfolio's total return during the period,
they did serve to enhance the Trust's yield, as did additional purchases of
discount coupon bonds. The Trust remained well diversified across a broad
spectrum of municipal market sectors. As of the end of the period, hospital,
general purpose, and master tobacco settlement bonds represented the portfolio's
largest sector weightings.
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 4/30/07
AAA/Aaa 54.7%
AA/Aa 14.2
A/A 10.2
BBB/Baa 12.7
BB/Ba 0.6
B/B 1.0
Non-Rated 6.6
TOP FIVE SECTORS AS OF 4/30/07
Hospital 17.3%
General Purpose 9.5
Master Tobacco Settlement 7.9
Single Family 6.0
Airports 5.8
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/07
California 19.2%
New York 8.7
Illinois 7.9
Florida 6.9
New Jersey 5.7
Texas 4.9
Missouri 3.3
South Carolina 3.2
Colorado 3.1
Alabama 3.0
Pennsylvania 2.6
Ohio 2.2
Washington 2.0
Indiana 2.0
Nevada 1.8
Louisiana 1.8
North Carolina 1.5
Connecticut 1.5
Kentucky 1.4
Michigan 1.4
Arizona 1.3
Georgia 1.3
Virginia 1.3
Massachusetts 1.2
Maryland 1.2
Wisconsin 1.1
Tennessee 0.9
Oklahoma 0.9
Alaska 0.8
Puerto Rico 0.6
New Hampshire 0.6
West Virginia 0.6
Iowa 0.6
Guam 0.5
District of Columbia 0.5
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/07
(continued from previous page)
Oregon 0.5
South Dakota 0.5
Kansas 0.4
Minnesota 0.4
Nebraska 0.2
Arkansas 0.2
New Mexico 0.1
North Dakota 0.1
Vermont 0.1
Mississippi 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 trust shareholders,
and makes these reports available on its public Web site,
www.vankampen.com. In addition to the semiannual and annual reports that
Van Kampen delivers to shareholders and makes available through the Van
Kampen public Web site, each trust files a complete schedule of portfolio
holdings with the SEC for the trust's first and third fiscal quarters on
Form N-Q. Van Kampen does not deliver the reports for the first and third
fiscal quarters to shareholders, nor are the reports posted to the Van
Kampen public Web site. You may, however, obtain the Form N-Q filings (as
well as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web
site, http://www.sec.gov. You may also review and copy them at the SEC's
Public Reference Room in Washington, DC. Information on the operation of
the SEC's Public Reference Room may be obtained by calling the SEC at
(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, 2007 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
MUNICIPAL BONDS 180.5%
ALABAMA 5.5%
$ 4,000 Alabama Hsg Fin Auth Single Family Mtg Rev
Rfdg Ser B (GNMA Collateralized) (AMT)
(a)....................................... 4.700% 04/01/38 $ 3,951,680
1,000 Birmingham Baptist Med Ctr AL Baptist Hlth
Sys Ser A................................. 5.875 11/15/24 1,066,820
3,695 Gadsden, AL Wts Ser B (AMBAC Insd) (b).... 5.250 08/01/21 3,985,427
2,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser
A......................................... 5.250 01/01/23 2,129,900
4,000 Jefferson Cnty, AL Swr Rev Cap Impt Wts
(FGIC Insd) (Prerefunded @ 8/01/12)....... 5.125 02/01/42 4,272,560
2,295 Marshall Cnty, AL Hlthcare Ser C.......... 6.000 01/01/32 2,467,033
6,720 University AL at Birmingham Hosp Rev Ser A
(a)....................................... 5.000 09/01/36 6,870,528
9,840 University AL at Birmingham Hosp Rev Ser A
(a)....................................... 5.000 09/01/41 10,038,047
--------------
34,781,995
--------------
ALASKA 1.4%
2,000 Alaska St Intl Arpt Rev Ser B (AMBAC Insd)
(Prerefunded @ 10/01/12).................. 5.750 10/01/17 2,201,140
1,000 Matanuska-Susitna Boro, AK Ctf Partn Pub
Safety Bldg Lease (FSA Insd).............. 5.750 03/01/16 1,054,380
5,870 Northern Tob Sec Corp AK Tob Settlement
Rev Asset Bkd Ser A....................... 5.000 06/01/46 5,775,610
--------------
9,031,130
--------------
ARIZONA 2.4%
1,425 Arizona Cap Fac Fin Corp Student Hsg Rev
AZ St Univ Proj........................... 6.250 09/01/32 1,512,851
1,000 Arizona Hlth Fac Auth Hosp Sys Rev John C
Lincoln Hlth Network (Prerefunded @
12/01/12)................................. 6.375 12/01/37 1,139,010
1,135 Cottonwood, AZ Wtr Rev Sys Sr Lien (XLCA
Insd)..................................... 5.000 07/01/35 1,199,468
1,650 Glendale, AZ Indl Dev Auth Rfdg........... 5.000 12/01/35 1,675,839
9,750 University of AZ Med Ctr Corp............. 5.000 07/01/35 9,896,348
--------------
15,423,516
--------------
ARKANSAS 0.4%
2,310 Arkansas St Dev Fin Auth Rev St Agy Fac
Donaghey Plaza Proj (FSA Insd)............ 5.000 06/01/34 2,417,115
--------------
CALIFORNIA 34.6%
4,000 Anaheim, CA Pub Fin Auth Lease Rev Cap
Apprec Sub Pub Impt Proj Ser C (FSA
Insd)..................................... * 09/01/20 2,279,920
7,500 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist
Fac Ser A (FSA Insd)...................... 5.000 10/01/31 7,835,925
8 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 2,100 Bay Area Govt Assn CA Rev Tax Alloc CA
Redev Pool Ser A (XLCA Insd).............. 5.250% 09/01/35 $ 2,245,383
1,560 California Cnty, CA Tob Sec Agy Tob Asset
Bkd Merced Cnty Rfdg Ser A................ 5.125 06/01/38 1,565,054
1,875 California Cnty, CA Tob Sec Agy Tob Asset
Bkd Merced Cnty Rfdg Ser A................ 5.250 06/01/45 1,898,569
7,125 California Ed Fac Auth Rev Pepperdine Univ
Rfdg Ser A (FGIC Insd).................... 5.000 09/01/33 7,417,054
350 California Hlth Fac Fin Auth Rev Casa De
Las Ser A (MBIA Insd)..................... 5.250 08/01/17 357,490
1,000 California Hlth Fac Fin Auth Rev Cedars
Sinai Med Ctr Rfdg........................ 5.000 11/15/27 1,032,960
9,450 California Hlth Fac Fin Auth Rev Cedars
Sinai Med Ctr Rfdg (a).................... 5.000 11/15/34 9,707,607
1,000 California Hlth Fac Fin Auth Rev Kaiser
Permanente Ser A.......................... 5.000 04/01/37 1,027,850
2,870 California Hsg Fin Agy Rev Home Mtg Ser M
(AMT) (a)................................. 4.625 08/01/26 2,864,497
5,260 California Hsg Fin Agy Rev Home Mtg Ser M
(AMT) (a)................................. 4.650 08/01/31 5,233,174
3,650 California Hsg Fin Agy Rev Home Mtg Ser M
(AMT) (a)................................. 4.700 08/01/36 3,643,001
6,000 California Hsg Fin Agy Rev Home Mtg Ser M
(AMT) (a)................................. 4.750 08/01/42 5,988,495
1,000 California Pollutn Ctl Fin Auth Solid
Waste Disp Rev Waste Mgmt Inc Proj Ser B
(AMT)..................................... 5.000 07/01/27 1,018,700
770 California St (AMBAC Insd)................ 5.125 10/01/27 781,288
4,615 California St (AMBAC Insd) (Prerefunded @
10/01/07)................................. 5.125 10/01/27 4,688,794
5,000 California St (MBIA Insd) (Prerefunded @
2/01/12).................................. 5.000 02/01/32 5,304,150
5,000 California St Rfdg........................ 5.000 08/01/28 5,253,100
2,650 California Statewide Cmnty Dev Auth Ctf
Partn (Prerefunded @ 11/01/09) (Acquired
11/23/99, Cost $2,650,000) (c)............ 7.250 11/01/29 2,933,735
1,000 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A........... 5.250 07/01/30 1,039,980
1,000 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A........... 5.250 07/01/35 1,035,520
2,000 California Statewide Cmnty Dev Auth Rev
Hlth Fac Adventist Hlth Ser A............. 5.000 03/01/30 2,053,340
2,500 California Statewide Cmnty Dev Auth Rev
Hlth Fac Adventist Hlth Ser A............. 5.000 03/01/35 2,556,750
2,300 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser B................... 5.000 03/01/41 2,358,489
See Notes to Financial Statements 9
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 3,200 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser B................... 5.250% 03/01/45 $ 3,360,096
3,805 California Statewide Cmnty Dev Auth Rev
Sutter Hlth Ser A......................... 5.000 11/15/43 3,921,167
5,000 California St Dept Wtr Res Pwr Ser A
(AMBAC Insd) (Prerefunded @ 5/01/12)
(d)....................................... 5.375 05/01/18 5,446,050
3,705 California St Dept Wtr Res Pwr Ser A (MBIA
Insd) (Prerefunded @ 5/01/12)............. 5.375 05/01/21 4,035,523
2,000 California St Dept Wtr Res Pwr Ser A (MBIA
Insd) (Prerefunded @ 5/01/12)............. 5.375 05/01/22 2,178,420
2,000 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 5/01/12)................... 6.000 05/01/15 2,235,180
5,295 California St Econ Rec Ser A.............. 5.000 07/01/17 5,578,335
1,995 California St Pub Wks Brd UCLA Replacement
Hosp Ser A (FSA Insd)..................... 5.375 10/01/20 2,150,051
5,000 California St Univ Rev Syswide Ser A
(AMBAC Insd).............................. 5.000 11/01/23 5,254,850
3,500 Capistrano, CA Uni Sch Dist (FGIC Insd)... 5.000 09/01/29 3,701,320
1,000 Davis, CA Pub Fac Fin Auth Mace Ranch Area
Ser A..................................... 6.600 09/01/25 1,028,820
27,810 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg....................... * 01/15/33 6,290,344
18,000 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg (MBIA Insd) (b)....... * 01/15/25 6,706,980
6,000 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Sr Lien Ser A (e).......... * 01/01/18 3,879,060
225 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Sr Lien Ser A (Prerefunded
@ 1/01/10)................................ 7.150 01/01/13 249,372
5,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Enhanced Ser A........................ 5.000 06/01/45 5,183,150
5,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Enhanced Ser A (FGIC Insd)............ 5.000 06/01/35 5,252,400
18,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Enhanced Ser A (FGIC Insd) (a)........ 5.000 06/01/38 18,883,620
1,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Ser A-1 (a)........................... 5.000 06/01/33 1,049,680
3,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Ser A-1 (a)........................... 5.750 06/01/47 3,149,040
2,240 Huntington Park, CA Redev Agy Rev Tax
Alloc Santa Fe Redev Rfdg................. 6.200 10/01/27 2,296,000
2,635 Imperial Irr Dist CA Ctf Partn Elec Sys
Proj (FSA Insd)........................... 5.250 11/01/23 2,814,970
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 1,607,843
10 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 1,000 San Joaquin Hills, CA Transn Corridor Agy
Toll Rd Rev Cap Apprec Rfdg Ser A (MBIA
Insd)..................................... * 01/15/27 $ 424,110
1,000 San Joaquin Hills, CA Transn Corridor Agy
Toll Rd Rev Cap Apprec Rfdg Ser A (MBIA
Insd)..................................... * 01/15/28 404,400
4,290 Tobacco Sec Auth Northn CA Tob Settlement
Rev Asset Bkd Ser A-1..................... 5.375% 06/01/38 4,407,503
3,050 Tobacco Sec Auth Northn CA Tob Settlement
Rev Asset Bkd Ser A-1..................... 5.500 06/01/45 3,146,380
3,200 Tobacco Sec Auth Southn CA Tob Settlement
Sr Ser A-1................................ 5.000 06/01/37 3,177,696
8,350 Tobacco Sec Auth Southn CA Tob Settlement
Sr Ser A-1................................ 5.125 06/01/46 8,359,436
5,000 University CA Rev Gen Ser B (AMBAC
Insd)..................................... 5.000 05/15/20 5,330,850
5,452 University CA Rev Gen Ser J (FSA Insd)
(a)....................................... 4.500 05/15/31 5,462,190
11,068 University CA Rev Gen Ser J (FSA Insd)
(a)....................................... 4.500 05/15/35 11,089,900
--------------
220,175,561
--------------
COLORADO 5.5%
1,600 Arkansas River Pwr Auth CO Impt (XLCA
Insd)..................................... 5.250 10/01/40 1,722,432
4,500 Colorado Hlth Fac Auth Rev Adventist Hlth/
Sunbelt Ser D Rfdg (a).................... 5.250 11/15/27 4,771,935
1,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Initiatives Ser A (e)..................... 5.500 03/01/32 1,074,400
2,250 Colorado Hlth Fac Auth Rev Covenant
Retirement Cmnty Inc...................... 5.000 12/01/35 2,285,235
1,000 Colorado Hlth Fac Auth Rev Evangelical
Lutheran Ser A............................ 5.250 06/01/34 1,036,740
3,700 Colorado Hlth Fac Auth Rev Hlth Fac
Evangelical Lutheran...................... 5.000 06/01/35 3,779,809
1,125 Colorado Hlth Fac Auth Rev Hosp Portercare
Adventist Hlth (Prerefunded @ 11/15/11)... 6.500 11/15/31 1,262,317
2,500 Colorado Hsg Fin Auth Single Family Mtg
Rev Class II Ser C-3 (AMT) (a)............ 4.625 11/01/36 2,464,375
4,000 Colorado Springs, CO Util Rev Sys Sub Lien
Impt Rfdg Ser A........................... 5.000 11/15/29 4,133,480
100 Jefferson Cnty, CO Residential
Mtg Rev (b) (e)........................... 9.000 09/01/12 124,227
265 Jefferson Cnty, CO Residential
Mtg Rev (b) (e)........................... 11.500 09/01/08 290,994
300 Jefferson Cnty, CO Residential
Mtg Rev (b) (e)........................... 11.500 09/01/09 350,214
340 Jefferson Cnty, CO Residential
Mtg Rev (b) (e)........................... 11.500 09/01/10 419,149
See Notes to Financial Statements 11
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
COLORADO (CONTINUED)
$ 220 Jefferson Cnty, CO Residential
Mtg Rev (b) (e)........................... 11.500% 09/01/11 $ 285,307
1,000 Park Creek Metro Dist CO Rev Sr Ltd Tax
Ppty Tax Rfdg............................. 5.500 12/01/30 1,067,040
2,000 Park Creek Metro Dist CO Rev Sr Ltd Tax
Ppty Tax Rfdg............................. 5.500 12/01/37 2,125,300
3,085 Platte Riv Pwr Auth CO Pwr Rev Ser EE..... 5.375 06/01/16 3,308,570
3,280 Platte Riv Pwr Auth CO Pwr Rev Ser EE
(Prerefunded @ 6/01/12)................... 5.375 06/01/16 3,537,677
1,000 Salida, CO Hosp Dist Rev.................. 5.250 10/01/36 1,015,180
--------------
35,054,381
--------------
CONNECTICUT 2.6%
2,840 Connecticut St Spl Oblig Pkg Rev Bradley
Intl Arpt Ser A (ACA Insd) (AMT).......... 6.600 07/01/24 3,083,502
3,460 Mashantucket Western Pequot Tribe CT Spl
Rev Ser A (Prerefunded @ 9/01/07) (f)..... 6.400 09/01/11 3,525,394
6,500 Mashantucket Western Pequot Tribe CT Spl
Rev Ser B (f)............................. 5.750 09/01/18 6,653,920
3,500 Mashantucket Western Pequot Tribe CT Spl
Rev Ser B (f)............................. 5.750 09/01/27 3,581,200
--------------
16,844,016
--------------
DISTRICT OF COLUMBIA 1.0%
1,000 District of Columbia Hosp Rev Medlantic
Hlthcare Group A Rfdg (MBIA Insd) (e)..... 5.875 08/15/19 1,021,740
5,000 Metropolitan Washington DC Arpt Auth Sys
Ser A (FGIC Insd) (AMT)................... 5.125 10/01/26 5,192,200
--------------
6,213,940
--------------
FLORIDA 12.5%
3,800 Brevard Cnty, FL Hlth Fac Auth Hlthcare
Fac Rev Hlth First Inc Proj............... 5.000 04/01/34 3,890,478
3,380 Brevard Cnty, FL Hlth Fac Hlth First Inc
Proj (MBIA Insd).......................... 5.125 04/01/31 3,507,663
400 Capital Tr Agy FL Rev Ft Lauderdale Proj
(AMT)..................................... 5.750 01/01/32 420,028
460 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC
Insd)..................................... 5.950 07/01/20 477,600
1,000 Florida Hsg Fin Corp Rev Ser 2 (GNMA
Collateralized) (AMT) (g)................. 4.800 07/01/32 1,004,160
3,000 Florida St Dept Environmental Prot
Preservtn Rev Ser A (FGIC Insd)........... 5.750 07/01/10 3,183,540
5,000 Florida St Dept Trans Tpk Rev Ser A....... 5.000 07/01/29 5,279,250
1,895 Gulf Breeze, FL Rev Loc Govt (FGIC Insd)
(b)....................................... 5.625 12/01/20 2,002,560
1,250 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Rfdg Ser C................. 5.000 11/15/31 1,280,875
12 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 5,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Ser D...................... 5.000% 11/15/35 $ 5,102,650
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp
Adventist Hlth Ser D (Prerefunded @
11/15/13)................................. 5.375 11/15/35 1,090,150
8,295 Hillsborough Cnty, FL Indl Dev Auth Hosp
Rev Tampa Gen Hosp Proj (a)............... 5.000 10/01/36 8,441,241
2,310 Hillsborough Cnty, FL Indl Dev Auth Indl
Dev Rev Hlth Fac Proj Univ Cmnty Hosp Ser
A......................................... 5.500 08/15/14 2,396,071
3,000 Hillsborough Cnty, FL Solid Waste & Res
Recovery Rev Ser A (a).................... 4.500 09/01/34 2,939,730
1,000 Jacksonville, FL Sales Tax Rev Better
Jacksonville (MBIA Insd).................. 5.250 10/01/21 1,080,400
2,500 Jea, FL Elec Sys Rev Ser Three A
(FSA Insd)................................ 5.000 10/01/41 2,617,000
265 Lakeland, FL Hosp Sys Rev Lakeland Regl
Hlth Sys (Prerefunded @ 11/15/12)......... 5.500 11/15/32 290,093
5,000 Lakeland, FL Hosp Sys Rev Lakeland Regl
Hlth Sys Rfdg (a)......................... 5.000 11/15/26 5,172,475
5,000 Lakeland, FL Hosp Sys Rev Lakeland Regl
Hlth Sys Rfdg (a)......................... 5.000 11/15/32 5,129,650
1,515 Miami Beach, FL Stormwtr Rev (FGIC
Insd)..................................... 5.250 09/01/25 1,590,174
2,000 Miami-Dade Cnty, FL Aviation Rev Miami
Intl Arpt (FGIC Insd) (AMT)............... 5.375 10/01/25 2,112,680
2,700 Miami-Dade Cnty, FL Aviation Rev Miami
Intl Arpt (FGIC Insd) (AMT)............... 5.375 10/01/32 2,850,768
5,000 Miami-Dade Cnty, FL Aviation Ser A (FSA
Insd) (AMT)............................... 5.125 10/01/35 5,192,200
2,000 Miami-Dade Cnty, FL Pub Fac Rev Jackson
Hlth Sys Ser A (MBIA Insd)................ 5.000 06/01/31 2,100,960
4,300 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC
Insd) (Prerefunded @ 10/01/09)............ 5.500 10/01/31 4,483,008
4,320 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC
Insd) (Prerefunded @ 10/01/09)............ 5.625 10/01/14 4,516,214
1,060 Tallahassee, FL Lease Rev FL St Univ Proj
Ser A (MBIA Insd) (b)..................... 5.500 08/01/18 1,127,140
--------------
79,278,758
--------------
GEORGIA 2.3%
2,000 Atlanta, GA Arpt Passenger Fac Charge Rev
Gen Sub Lien Ser C (FSA Insd)............. 5.000 01/01/33 2,091,120
1,000 Augusta, GA Gen Arpt Rev Passenger Ser B
(AMT)..................................... 5.350 01/01/28 1,051,770
8,025 Municipal Elec Auth GA Combustion Turbine
Ser A (MBIA Insd)......................... 5.250 11/01/18 8,604,084
See Notes to Financial Statements 13
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
GEORGIA (CONTINUED)
$ 1,000 Oconee Cnty, GA Indl Dev Auth Oiit Proj
(XLCA Insd)............................... 5.250% 07/01/23 $ 1,060,110
2,000 Royston, GA Hosp Auth Hosp Rev Ctf
Hlthcare Sys Inc Rfdg..................... 6.500 07/01/27 2,074,940
--------------
14,882,024
--------------
ILLINOIS 14.3%
2,000 Bolingbrook, IL Sales Tax Rev (h)......... 0.000/6.250 01/01/24 2,005,960
3,400 Carol Stream, IL First Mtg Rev Windsor Pk
Mnr Proj (Prerefunded @ 12/01/07)......... 7.000 12/01/13 3,523,114
750 Chicago, IL Increment Alloc Rev Diversey/
Narragansett Proj (Acquired 8/01/06, Cost
$800,490) (c)............................. 7.460 02/15/26 800,617
4,000 Chicago, IL Neighborhoods Alive 21 Pgm Ser
A (FGIC Insd) (Prerefunded @ 7/01/10)..... 5.750 01/01/40 4,279,120
5,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Rfdg Ser A (MBIA Insd) (AMT)... 5.375 01/01/32 5,249,700
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 3,694,950
3,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Ser A (MBIA Insd) (a).......... 5.250 01/01/24 3,785,049
11,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt
Third Lien Ser A (MBIA Insd) (a).......... 5.250 01/01/25 12,436,589
1,015 Chicago, IL O'Hare Intl Arpt Rev Second
Lien Passenger Fac Ser B (AMBAC Insd)..... 5.500 01/01/16 1,081,645
485 Chicago, IL Pk Dist Ser C (FGIC Insd)..... 5.500 01/01/19 516,583
1,495 Chicago, IL Pk Dist Ser C (FGIC Insd)
(Prerefunded @ 7/01/11)................... 5.500 01/01/19 1,598,903
465 Chicago, IL Proj Rfdg Ser C (FGIC Insd)... 5.500 01/01/40 490,496
2,565 Chicago, IL Proj Rfdg Ser C (FGIC Insd)
(b)....................................... 5.750 01/01/12 2,741,985
80 Cook Cnty, IL Sch Dist No 107 (e)......... 7.000 12/01/10 88,914
545 Cook Cnty, IL Sch Dist No 107............. 7.000 12/01/10 603,991
200 Cook Cnty, IL Sch Dist No 107 (b) (e)..... 7.150 12/01/08 210,902
310 Cook Cnty, IL Sch Dist No 107 (b)......... 7.150 12/01/08 326,083
120 Cook Cnty, IL Sch Dist No 107 (b) (e)..... 7.200 12/01/09 130,500
455 Cook Cnty, IL Sch Dist No 107 (b)......... 7.200 12/01/09 493,384
1,000 Cook Cnty, IL Ser A (FGIC Insd)
(Prerefunded @ 5/15/11)................... 5.500 11/15/31 1,067,560
990 Cortland, IL Spl Tax Rev Sheaffer Sys Proj
(Acquired 5/02/06, Cost $980,096) (c)..... 5.500 03/01/17 1,005,028
1,000 Deerfield, IL Ed Fac Chicagoland Jewish
High Sch Proj............................. 6.000 05/01/41 1,028,340
1,000 Gilberts, IL Spl Svc Area No 19 Spl Tax
The Conservancy Proj Ser 1................ 5.375 03/01/16 992,020
2,725 Illinois Dev Fin Auth Rev Cmnty Rehab
Providers Fac Ser A....................... 7.375 07/01/25 2,945,970
14 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 1,565 Illinois Ed Fac Auth Rev DePaul Univ
(AMBAC Insd) (Prerefunded @ 10/01/10)..... 5.625% 10/01/15 $ 1,674,941
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A.......................... 5.000 04/01/31 1,545,645
3,000 Illinois Fin Auth Rev Kewanee Hosp Proj... 5.100 08/15/31 3,057,360
1,000 Illinois Fin Auth Rev Landing at Plymouth
Pl Proj Ser A............................. 6.000 05/15/25 1,067,500
1,350 Illinois Fin Auth Rev Landing at Plymouth
Pl Proj Ser A............................. 6.000 05/15/37 1,441,841
2,500 Illinois Fin Auth Rev Northwestern Mem
Hosp Ser A................................ 5.500 08/15/43 2,720,150
1,645 Illinois Hlth Fac Auth Rev Evangelical
Hosp Rfdg Ser C (FSA Insd) (b)............ 6.750 04/15/12 1,786,519
4,750 Illinois Hsg Dev Auth Rev Homeowner Mtg
Sub Ser C-2 (AMT)......................... 5.150 08/01/37 4,910,218
3,000 Illinois St Ser 1 (FSA Insd).............. 5.250 12/01/21 3,216,210
3,440 Kendall, Kane & Will Cntys, IL Cmnty Sch
Dist No 308 Ser B (FGIC Insd) (b)......... 5.250 10/01/19 3,681,247
250 Lake Cnty, IL Cmnty Unit Sch Dist No 116
Round Lake (Radian Insd) (e).............. 7.600 02/01/14 305,610
2,675 Metropolitan Pier & Expo Auth IL Dedicated
St Tax Rev McCormick Pl Expn Ser A (MBIA
Insd)..................................... 5.250 06/15/42 2,841,064
225 Pingree Grove Vlg, IL Spl Svc Area No 1
Spl Tax Cambridge Lakes Proj Ser 05....... 5.250 03/01/15 232,497
2,500 Schaumburg, IL Ser B (FGIC Insd).......... 5.000 12/01/41 2,611,350
3,250 University IL Univ Rev Auxiliary Fac Sys
(MBIA Insd)............................... 4.500 04/01/36 3,231,670
850 Volo Vlg, IL Spl Svc Area No 3 Spl Tax
Symphony Meadows Proj Ser 1............... 6.000 03/01/36 889,576
675 Will Cnty, IL Cmnty Sch Dist No 161 Summit
Hill Cap Apprec (FGIC Insd) (b) (e)....... * 01/01/16 478,022
1,335 Will Cnty, IL Cmnty Sch Dist No 161 Summit
Hill Cap Apprec (FGIC Insd) (b)........... * 01/01/16 939,813
425 Will Cnty, IL Cmnty Sch Dist No 161 Summit
Hill Cap Apprec (FGIC Insd) (b) (e)....... * 01/01/19 262,561
990 Will Cnty, IL Cmnty Sch Dist No 161 Summit
Hill Cap Apprec (FGIC Insd) (b)........... * 01/01/19 608,820
997 Yorkville, IL Utd City Spl Svc Area Spl
Tax No 2004-107 Raintree Vlg IL Proj...... 6.250 03/01/35 1,068,395
1,000 Yorkville, IL Utd City Spl Svc Area Tax No
2005-108 Autumn Creek IL Proj............. 6.000 03/01/36 1,046,560
--------------
90,714,972
--------------
See Notes to Financial Statements 15
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
INDIANA 3.5%
$ 1,000 Allen Cnty, IN Juvenile Justice Ctr First
Mtg (AMBAC Insd).......................... 5.500% 01/01/18 $ 1,076,660
3,000 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty
Proj Ser A (AMBAC Insd)................... 5.000 05/01/35 3,137,820
1,120 Indiana St Hsg & Cmnty Dev Auth Single
Family Mtg Rev Ser D-1 (AMT) (GNMA
Collateralized) (a)....................... 4.600 07/01/31 1,101,481
4,560 Indiana St Hsg & Cmnty Dev Auth Single
Family Mtg Rev Ser D-1 (AMT) (GNMA
Collateralized) (a)....................... 4.625 07/01/38 4,449,443
7,420 Indianapolis, IN Loc Pub Impt Bd Bk Arpt
Auth Proj Ser B (MBIA Insd) (AMT) (a)..... 5.250 01/01/25 7,938,714
1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt
(AMT)..................................... 5.950 12/01/29 1,599,915
470 Saint Joseph Cnty, IN Econ Dev Rev Ser
A......................................... 6.000 05/15/38 498,924
2,500 Vigo Cnty, IN Sch Bldg Corp First Mtg Impt
& Rfdg (FSA Insd)......................... 5.250 07/10/24 2,640,000
--------------
22,442,957
--------------
IOWA 1.0%
2,250 Tobacco Settlement Auth IA Tob Settlement
Rev Asset Bkd Ser C....................... 5.375 06/01/38 2,304,090
1,800 Tobacco Settlement Auth IA Tob Settlement
Rev Asset Bkd Ser C....................... 5.500 06/01/42 1,870,218
2,250 Tobacco Settlement Auth IA Tob Settlement
Rev Asset Bkd Ser C....................... 5.625 06/01/46 2,356,357
--------------
6,530,665
--------------
KANSAS 0.7%
70 Cowley Cnty, KS Uni Sch Dist No 465
Winfield Impt & Rfdg (MBIA Insd) (b)...... 5.250 10/01/22 75,072
1,755 Cowley Cnty, KS Uni Sch Dist No 465
Winfield Impt & Rfdg (MBIA Insd)
(Prerefunded @ 10/01/13) (b).............. 5.250 10/01/22 1,907,545
2,000 Manhattan, KS Hlthcare Fac Rev Meadowlark
Hills Retirement Ser A.................... 5.000 05/15/24 1,998,820
400 Overland Pk, KS Dev Corp Rev First Tier
Overland Pk Ser A......................... 7.375 01/01/32 435,912
--------------
4,417,349
--------------
KENTUCKY 2.6%
4,840 Kentucky Hsg Corp Hsg Rev Ser A (AMT)
(a)....................................... 4.650 07/01/37 4,792,011
10,995 Louisville & Jefferson Cnty, KY Metro Govt
Hlth Sys Rev Norton Hlthcare Inc (a)...... 5.000 10/01/30 11,438,465
--------------
16,230,476
--------------
16 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
LOUISIANA 3.2%
$ 5,000 Ernest N Morial New Orleans, LA Exhib Hall
Auth Spl Tax Sub Ser A (AMBAC Insd)....... 5.250% 07/15/21 $ 5,344,550
1,480 Louisiana Hsg Fin Agy Rev Azalea Estates
Rfdg Ser A (GNMA Collateralized) (AMT).... 5.375 10/20/39 1,551,869
1,675 Louisiana Loc Govt Environmental Fac Pkg
Fac Corp Garage Proj Ser A (AMBAC Insd)
(b)....................................... 5.200 10/01/19 1,760,542
4,400 Louisiana St Gas & Fuels Tax Rev Ser A
(FGIC Insd) (a)........................... 5.000 05/01/41 4,632,958
7,074 Louisiana St Univ & Agric & Mechanical
College Univ Rev Master Agreement
(Acquired 11/30/98, Cost $7,073,677)
(c)....................................... 5.750 10/30/18 7,090,725
--------------
20,380,644
--------------
MARYLAND 2.2%
2,240 Baltimore, MD Convention Ctr Hotel Rev Ser
A (XLCA Insd) (a)......................... 5.250 09/01/25 2,440,749
1,255 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT) (a)................. 4.450 09/01/21 1,241,747
1,000 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT) (a)................. 4.550 09/01/26 989,440
1,350 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT) (a)................. 4.625 09/01/31 1,335,744
675 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT) (a)................. 4.700 03/01/37 667,872
1,000 Maryland St Econ Dev Corp Rev Sr Lien
Chesapeake Bay Rfdg Ser A................. 5.000 12/01/31 1,012,500
500 Maryland St Econ Dev Corp Student Hsg Rev
Univ MD College Pk Proj (Prerefunded @
6/01/13).................................. 5.625 06/01/35 553,010
500 Maryland St Hlth & Higher Ed Fac Auth Rev
King Farm Presbyterian Cmnty Ser A........ 5.250 01/01/27 515,645
1,700 Maryland St Trans Auth Arpt Baltimore/WA
Intl Arpt Ser B (AMBAC Insd) (AMT)........ 5.125 03/01/24 1,780,393
2,365 Northeast, MD Waste Disp Auth Rfdg (AMBAC
Insd) (AMT)............................... 5.500 04/01/16 2,538,402
750 Prince Georges Cnty, MD Spl Oblig Natl
Harbor Proj............................... 5.200 07/01/34 769,260
--------------
13,844,762
--------------
MASSACHUSETTS 2.3%
2,765 Massachusetts St Dev Fin Agy Proj Ser R-2
(MBIA Insd)............................... 5.125 02/01/34 2,888,512
710 Massachusetts St Dev Fin Agy Rev Boston
Architectural Ctr (ACA Insd).............. 6.100 09/01/18 739,096
1,000 Massachusetts St Dev Fin Agy Rev Boston
Architectural Ctr (ACA Insd).............. 6.250 09/01/28 1,040,350
1,000 Massachusetts St Hlth & Ed Fac Auth Rev
Partn Hlthcare Sys Ser C.................. 5.750 07/01/32 1,077,610
See Notes to Financial Statements 17
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
MASSACHUSETTS (CONTINUED)
$ 3,700 Massachusetts St Hlth & Ed Fac Auth Rev
Ser G (MBIA Insd)......................... 5.000% 07/01/13 $ 3,703,330
4,850 Massachusetts St Hlth & Ed Fac Auth Rev
Univ MA Mem Issue Ser D................... 5.000 07/01/33 4,926,048
--------------
14,374,946
--------------
MICHIGAN 2.5%
3,145 Detroit, MI Loc Dev Fin Auth Tax Increment
Sr Ser B (Acquired 9/08/97, Cost
$3,145,000) (c)........................... 6.700 05/01/21 3,212,208
755 Detroit, MI Loc Dev Fin Auth Tax Increment
Sub Ser C (Acquired 9/08/97, Cost
$755,000) (c)............................. 6.850 05/01/21 771,059
3,860 Detroit, MI Ser A (XLCA Insd) (b)......... 5.250 04/01/21 4,104,647
1,180 Hillsdale, MI Hosp Fin Auth Hosp Rev
Hillsdale Cmnty Hlth Ctr.................. 5.750 05/15/18 1,252,818
1,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj
Ser A..................................... 5.250 07/01/30 1,037,920
1,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj
Ser A..................................... 6.000 07/01/35 1,102,240
1,450 Michigan St Hosp Fin Auth Rev Chelsea
Cmnty Hosp Oblig.......................... 5.000 05/15/37 1,470,967
500 Michigan St Hosp Fin Auth Rev Hosp Genesys
Regl Med Rfdg Ser A (e)................... 5.375 10/01/13 516,210
775 Michigan St Hsg Dev Rental Hsg Rev Ser A
(MBIA Insd) (AMT)......................... 5.300 10/01/37 789,082
1,500 Michigan St Strategic Fd Detroit Edison Co
Proj Rfdg Ser C (XLCA Insd) (AMT)......... 5.450 12/15/32 1,594,620
--------------
15,851,771
--------------
MINNESOTA 0.7%
1,260 Glencoe, MN Hlthcare Fac Rev Glencoe Regl
Hlth Svc Proj............................. 5.000 04/01/31 1,284,293
1,000 Inver Grove Heights, MN Presbyterian Homes
Care Rfdg................................. 5.500 10/01/41 1,011,780
1,750 Saint Paul, MN Hsg & Redev Auth Hosp Rev
Hlth East Proj............................ 6.000 11/15/35 1,932,332
--------------
4,228,405
--------------
MISSISSIPPI 0.0%
245 Mississippi Home Corp Single Family Rev
Mtg Ser F (GNMA Collateralized) (AMT)..... 7.550 12/01/27 257,554
--------------
18 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
MISSOURI 5.9%
$ 165 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp
Assoc..................................... 5.625% 06/01/27 $ 173,080
835 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc
(Prerefunded @ 6/01/12)................... 5.625 06/01/27 894,669
1,000 Carthage, MO Hosp Rev..................... 5.875 04/01/30 1,024,690
2,250 Carthage, MO Hosp Rev..................... 6.000 04/01/38 2,305,260
1,400 Ellisville, MO Indl Dev Auth Rev Gambrill
Gardens Proj Impt & Rfdg.................. 6.100 06/01/20 1,421,434
1,000 Ellisville, MO Indl Dev Auth Rev Gambrill
Gardens Proj Impt & Rfdg.................. 6.200 06/01/29 1,015,490
385 Fenton, MO Tax Increment Rev & Impt
Gravois Bluffs Proj Rfdg (Prerefunded @
10/01/11)................................. 7.000 10/01/21 439,027
1,000 Kearney, MO (AMBAC Insd).................. 5.500 03/01/16 1,058,450
3,500 Missouri Jt Muni Elec Util Plum Pwr Point
Proj Rev (MBIA Insd)...................... 5.000 01/01/24 3,726,380
1,200 Missouri St Hlth & Ed Fac Auth Rev Sr
Living Fac Lutheran Rfdg Ser B............ 5.125 02/01/27 1,243,572
1,415 Missouri St Hlth & Ed Fac Rev Univ MO
Columbia Arena Proj....................... 5.000 11/01/18 1,484,972
1,000 Missouri St Hwys & Trans Commn Rd Rev Ser
A (Prerefunded @ 2/01/12)................. 5.125 02/01/17 1,063,100
2,810 Perry Cnty, MO Nursing Home Rev Rfdg...... 5.900 03/01/28 2,840,067
1,000 Saint Charles, MO Ctf Partn Ser B......... 5.500 05/01/18 1,068,890
2,505 Saint Louis, MO Arpt Rev Cap Impt Pgm Ser
A (MBIA Insd) (Prerefunded @ 7/01/12)
(b)....................................... 5.375 07/01/20 2,702,469
1,460 Saint Louis, MO Brd Ed Direct Dep Pgm Rfdg
Ser A (FSA Insd).......................... 5.000 04/01/21 1,549,264
2,475 Springfield, MO Pub Bldg Corp Leasehold
Rev Springfield Branson Arpt Ser B (AMBAC
Insd) (AMT) (a)........................... 4.550 07/01/29 2,431,576
3,025 Springfield, MO Pub Bldg Corp Leasehold
Rev Springfield Branson Arpt Ser B (AMBAC
Insd) (AMT) (a)........................... 4.600 07/01/36 2,971,927
8,000 Springfield, MO Pub Util Rev (FGIC
Insd)..................................... 4.500 08/01/36 7,954,400
--------------
37,368,717
--------------
NEBRASKA 0.4%
2,620 Omaha Pub Pwr Dist NE Elec Rev Sys Ser
A......................................... 5.000 02/01/34 2,738,031
--------------
NEVADA 3.3%
3,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2
(FGIC Insd)............................... 5.000 07/01/36 3,131,040
3,500 Clark Cnty, NV Bd Bk (MBIA Insd).......... 5.000 06/01/32 3,655,715
4,000 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser A (AMBAC Insd) (AMT)........ 5.250 07/01/34 4,229,560
See Notes to Financial Statements 19
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
NEVADA (CONTINUED)
$ 5,500 Clark Cnty, NV Indl Dev Rev Southwest Gas
Corp Proj Ser A (FGIC Insd) (AMT) (a)..... 4.750% 09/01/36 $ 5,536,823
80 Nevada Hsg Div Single Family Mtg Mezz Ser
D2 (AMT).................................. 6.300 04/01/21 80,766
930 Reno, NV Cap Impt Rev (FGIC Insd)......... 5.125 06/01/26 975,068
1,570 Reno, NV Cap Impt Rev (FGIC Insd)
(Prerefunded @ 6/01/12)................... 5.125 06/01/26 1,673,934
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj
(AMBAC Insd) (Prerefunded @ 6/01/12)...... 5.125 06/01/37 1,596,435
--------------
20,879,341
--------------
NEW HAMPSHIRE 1.1%
4,800 New Hampshire Higher Ed & Hlth Fac Auth
Rev Daniel Webster College Issue.......... 6.300 07/01/29 4,940,016
1,525 New Hampshire Hlth & Ed Fac Auth Rev
Derryfield Sch............................ 6.750 07/01/20 1,649,074
250 New Hampshire Hlth & Ed Fac Hlthcare Sys
Covenant Hlth............................. 5.500 07/01/34 264,687
--------------
6,853,777
--------------
NEW JERSEY 10.3%
1,555 Eastern Camden Cnty, NJ Regl Sch Dist Rfdg
(FGIC Insd) (b)........................... * 03/01/08 1,506,888
3,000 Newark, NJ Hsg Auth Port Auth Newark
Marine Term (MBIA Insd) (Prerefunded @
1/01/14).................................. 5.000 01/01/37 3,220,230
1,000 New Jersey Econ Dev Auth Econ Dev Rev
Kapkowski Rd Landfill Proj Rfdg........... 5.750 04/01/31 1,132,530
3,880 New Jersey Econ Dev Auth Mtr Veh Rev Ser A
(MBIA Insd)............................... 5.000 07/01/22 4,139,495
1,500 New Jersey Econ Dev Auth Rev Cig Tax...... 5.750 06/15/29 1,624,335
500 New Jersey Econ Dev Auth Rev Cig Tax...... 5.750 06/15/34 538,595
25,000 New Jersey Econ Dev Auth St Contract Econ
Recovery (MBIA Insd)...................... 5.900 03/15/21 29,768,250
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 1,546,875
1,000 New Jersey St Ed Fac Auth Higher Ed Cap
Impt Ser A (AMBAC Insd) (Prerefunded @
9/01/12).................................. 5.250 09/01/21 1,076,640
5,000 New Jersey St Tpk Auth Tpk Rev Ser C-1
(AMBAC Insd).............................. 5.000 01/01/35 5,128,950
3,500 New Jersey St Tpk Auth Tpk Rev Ser C (FSA
Insd)..................................... 6.500 01/01/16 4,039,210
1,000 New Jersey St Trans Tr Fd Auth Trans Sys
Ser A..................................... 5.750 06/15/18 1,150,510
11,000 Tobacco Settlement Fin Corp NJ Ser 1A
(a)....................................... 5.000 06/01/41 10,847,100
--------------
65,719,608
--------------
20 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
NEW MEXICO 0.2%
$ 1,500 Jicarilla, NM Apache Nation Rev Adj Ser A
(Acquired 10/23/03, Cost $1,514,910)
(c)....................................... 5.000% 09/01/18 $ 1,571,925
--------------
NEW YORK 15.7%
2,300 Long Island Pwr Auth NY Elec Gen Ser B.... 5.000 12/01/35 2,424,384
3,000 Metropolitan Trans Auth NY Rev Rfdg Ser A
(FGIC Insd)............................... 5.250 11/15/31 3,187,740
10,880 Metropolitan Trans Auth NY Rev Ser B
(a)....................................... 4.500 11/15/36 10,818,120
1,000 Nassau Cnty, NY Tob Settlement Corp Asst
Bkd Ser A-3............................... 5.000 06/01/35 1,017,130
2,000 Nassau Cnty, NY Tob Settlement Corp Asst
Bkd Ser A-3............................... 5.125 06/01/46 2,046,580
3,000 New York City Indl Dev Agy Amern Airl JFK
Intl Arpt (AMT)........................... 7.625 08/01/25 3,621,690
1,000 New York City Indl Dev Agy Amern Airl JFK
Intl Arpt (AMT)........................... 7.750 08/01/31 1,209,270
400 New York City Indl Dev Agy Rev Liberty 7
World Trade Ctr Ser A..................... 6.250 03/01/15 424,332
1,000 New York City Liberty Dev Corp Rev
National Sports Museum Proj Ser A
(Acquired 8/07/06, Cost $1,000,000) (c)... 6.125 02/15/19 1,054,840
8,800 New York City Muni Wtr Fin Auth Wtr & Swr
Sys Rev Ser D............................. 5.000 06/15/38 9,239,824
2,500 New York City Muni Wtr Fin Auth Wtr & Swr
Sys Rev Ser D............................. 5.000 06/15/39 2,623,025
5,000 New York City Ser A....................... 6.250 08/01/08 5,084,350
85 New York City Ser A-1..................... 5.750 08/01/12 85,126
3,000 New York City Ser G....................... 5.000 12/01/27 3,155,430
685 New York City Ser H (Prerefunded @
3/15/11).................................. 5.750 03/15/13 743,108
1,000 New York City Trans Future Tax Second Ser
C (AMBAC Insd)............................ 5.250 08/01/22 1,067,420
6,800 New York St Dorm Auth Rev City Univ Sys
Cons Ser A................................ 5.625 07/01/16 7,540,520
350 New York St Dorm Auth Rev Mt Sinai NYU
Hlth...................................... 5.500 07/01/26 356,219
4,200 New York St Dorm Auth Rev Secd Hosp N
General Hosp Rfdg......................... 5.750 02/15/19 4,607,064
3,504 Plainedge, NY Uni Free Sch Dist No. 2063
(Acquired 7/25/97, Cost $3,503,810) (c)... 6.000 06/01/12 3,543,228
9,920 Port Auth NY & NJ Cons Ser 144 (a)........ 5.000 10/01/35 10,519,912
3,000 Triborough Brdg & Tunl Auth Gen Purp
Ser A..................................... 5.000 01/01/27 3,110,280
5,000 Triborough Brdg & Tunl Auth NY Gen Rfdg
Ser B..................................... 5.000 11/15/21 5,256,400
3,900 Triborough Brdg & Tunl Auth NY Rev Rfdg
Ser E (MBIA Insd)......................... 5.000 11/15/32 4,078,269
See Notes to Financial Statements 21
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
$ 10,500 Tsasc Inc NY Ser 1........................ 5.000% 06/01/34 $ 10,676,715
1,000 Tsasc Inc NY Ser 1........................ 5.125 06/01/42 1,023,290
1,000 Westchester Tob Asset Sec Corp NY......... 5.000 06/01/26 1,019,410
500 Yonkers, NY Indl Dev Agy Civic Fac Rev
Cmnty Dev Ppty Yonkers Inc Ser A
(Prerefunded @ 2/01/11)................... 6.625 02/01/26 552,210
--------------
100,085,886
--------------
NORTH CAROLINA 2.7%
8,300 North Carolina Muni Pwr Agy No 1 Catawba
Elec Rev Rfdg (MBIA Insd)................. 6.000 01/01/12 9,098,211
7,605 North Carolina Muni Pwr Agy Ser A (MBIA
Insd)..................................... 5.250 01/01/20 8,144,270
--------------
17,242,481
--------------
NORTH DAKOTA 0.2%
1,500 Grand Forks, ND Sr Hsg Rev 4000 Vly Square
Proj Rfdg................................. 5.300 12/01/34 1,517,670
--------------
OHIO 4.0%
300 Adams Cnty Hosp Fac Impt Rev Adams Cnty
Hosp Proj................................. 6.250 09/01/20 308,796
2,335 Cleveland-Cuyahoga Cnty, OH Dev Port Auth
Rev Cleveland Bond Fd Ser B............... 5.375 05/15/18 2,390,970
1,000 Columbus, OH City Sch Dist Sch Fac Constr
& Impt (FSA Insd) (Prerefunded @
12/01/14)................................. 5.250 12/01/21 1,098,000
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj...................................... 7.500 01/01/30 1,096,130
1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare
Ser S..................................... 5.375 10/01/30 1,053,660
2,000 Lorain, OH City Sch Dist Classroom Fac
Impt (MBIA Insd).......................... 5.250 12/01/20 2,168,740
2,270 Montgomery Cnty, OH Hosp Rev Kettering Med
Ctr Impt & Rfdg (MBIA Insd)............... 6.250 04/01/20 2,736,326
10,520 Ohio St Air Quality Dev Auth Rev Dayton
Pwr & Lt Co Proj (FGIC Insd) (AMT) (a).... 4.800 09/01/36 10,640,638
1,250 Ohio St Bldg Auth St Fac Admin Bldg Fd
Proj Ser A (FSA Insd)..................... 5.000 04/01/22 1,306,413
2,500 Ohio St Bldg Auth St Fac Adult Correction
Rfdg Ser A (FSA Insd)..................... 5.500 10/01/12 2,680,050
--------------
25,479,723
--------------
OKLAHOMA 1.6%
1,240 Kay Cnty, OK Home Fin Auth Rev Single
Family Mtg Rfdg Ser A (AMBAC Insd) (e).... 7.000 11/01/11 1,399,799
1,250 Oklahoma City, OK Pub Ppty Auth Hotel Tax
Rev (FGIC Insd)........................... 5.250 10/01/29 1,364,450
22 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
OKLAHOMA (CONTINUED)
$ 880 Oklahoma Hsg Fin Agy Single Family Rev Mtg
Class B (GNMA Collateralized) (AMT)....... 7.997% 08/01/18 $ 941,688
6,220 Tulsa Cnty, OK Indl Auth Hlthcare Rev
Saint Francis Hlth Sys (a)................ 5.000 12/15/36 6,433,439
--------------
10,139,376
--------------
OREGON 0.9%
4,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA
Insd)..................................... 5.250 07/01/22 4,259,520
1,500 Oregon St Dept Admin Rfdg Ser C (MBIA
Insd)..................................... 5.250 11/01/17 1,593,825
--------------
5,853,345
--------------
PENNSYLVANIA 4.7%
385 Allegheny Cnty, PA San Auth Swr Rev (MBIA
Insd)..................................... 5.500 12/01/30 409,166
315 Crawford Cnty, PA Hosp Auth Sr Living Fac
Rev Wesbury Utd Methodist Cmnty (b)....... 5.875 08/15/10 326,998
295 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Proj Rfdg Ser A
(b)....................................... 5.250 12/15/07 295,501
210 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Proj Rfdg Ser A...... 5.300 12/15/08 211,105
320 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Proj Rfdg Ser A
(b)....................................... 5.300 12/15/09 321,533
240 Lehigh Cnty, PA Gen Purp Auth Rev First
Mtg Bible Fellowship Proj Rfdg Ser A...... 5.400 12/15/10 241,229
1,000 Lehigh Cnty, PA Gen Purp Auth Rev St Lukes
Hosp Bethlehem PA (i)..................... 4.609 08/15/42 999,850
400 Montgomery Cnty, PA Indl Dev Auth Rev Mtg
Whitemarsh Continuing Care Proj........... 6.125 02/01/28 423,060
1,550 Pennsylvania Hsg Fin Agy Ser 94-A (AMT)... 5.100 10/01/31 1,595,353
12,000 Pennsylvania St Pub Sch Bldg Auth Lease
Rev Sch Dist Philadelphia Proj Ser B (FSA
Insd) (a)................................. 4.500 06/01/32 11,954,880
1,000 Philadelphia, PA Auth Indl Dev PA Arpt Sys
Proj Ser A (FGIC Insd) (AMT).............. 5.125 07/01/19 1,044,410
2,600 Philadelphia, PA Auth Indl Rev Ser B (FSA
Insd)..................................... 5.500 10/01/16 2,810,444
3,200 Philadelphia, PA Gas Wks Rev 1998 Gen
Ordinance Ser 4 (FSA Insd)................ 5.250 08/01/19 3,417,152
2,675 Pittsburgh, PA Ser A (AMBAC Insd)......... 5.500 09/01/17 2,864,016
2,530 Pittsburgh, PA Ser A (AMBAC Insd)
(Prerefunded @ 3/01/12)................... 5.500 09/01/17 2,731,565
--------------
29,646,262
--------------
See Notes to Financial Statements 23
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
SOUTH CAROLINA 5.8%
$ 1,000 Charleston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (a).............. 5.250% 12/01/25 $ 1,070,715
3,000 Charleston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (a).............. 5.250 12/01/26 3,212,145
4,305 Charleston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (AGC Insd) (a)... 5.250 12/01/28 4,651,036
6,955 Charleston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (AGC Insd) (a)... 5.250 12/01/29 7,514,043
5,000 Kershaw Cnty, SC Pub Kershaw Cnty Sch Dist
Proj (CIFG Insd).......................... 5.000 12/01/26 5,290,550
475 Rock Hill, SC Util Sys Rev Comb Rfdg Ser C
(FSA Insd)................................ 5.125 01/01/13 495,967
1,235 Rock Hill, SC Util Sys Rev Comb Rfdg Ser C
(FSA Insd) (b)............................ 5.250 01/01/15 1,293,724
900 South Carolina Jobs Econ Dev Auth Hlth Fac
Rev First Mtg Wesley Commons Rfdg......... 5.125 10/01/26 913,059
2,500 South Carolina Jobs Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser A (AMBAC Insd)..... 5.200 11/01/27 2,643,075
9,250 South Carolina Trans Infrastructure Bk Rev
Ser A (AMBAC Insd)........................ 5.000 10/01/33 9,675,500
--------------
36,759,814
--------------
SOUTH DAKOTA 0.8%
1,800 South Dakota Hsg Dev Auth Homeownership
Mtg Ser E (AMT) (a)....................... 4.500 11/01/26 1,762,245
3,620 South Dakota Hsg Dev Auth Homeownership
Mtg Ser E (AMT) (a)....................... 4.625 05/01/36 3,546,387
--------------
5,308,632
--------------
TENNESSEE 1.6%
400 Elizabethton, TN Hlth & Ed Fac Brd Rev
Hosp First Mtg Impt & Rfdg Ser B.......... 8.000 07/01/33 467,840
400 Elizabethton, TN Hlth & Ed Fac Brd Rev
Hosp Impt & Rfdg Ser B (MBIA Insd)........ 7.750 07/01/29 477,920
4,000 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn St Hlth Rfdg Ser A (MBIA
Insd)..................................... 7.500 07/01/25 4,774,600
1,000 Metropolitan Nashville Arpt Auth TN Impt &
Rfdg Ser A (FGIC Insd).................... 6.600 07/01/14 1,105,920
1,500 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev
Trezevant Manor Proj Ser A................ 5.625 09/01/26 1,544,655
1,500 Tennessee Hsg Dev Agy Home Ownership Pgm
2006 (AMT)................................ 5.150 01/01/37 1,551,285
455 Tennessee Hsg Dev Agy Home Ownership Pgm
2-A (AMT)................................. 5.700 07/01/31 461,388
--------------
10,383,608
--------------
24 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
TEXAS 8.9%
$ 1,130 Alliance Arpt Auth Inc TX Spl Fac Rev
FedEx Corp Proj Rfdg (AMT)................ 4.850% 04/01/21 $ 1,155,414
1,250 Austin, TX Convention Enterprises Inc
Convention Ctr Second Tier Rfdg Ser B..... 5.750 01/01/24 1,324,037
1,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp.... 5.375 01/01/32 1,045,180
2,500 Coastal Bend Hlth Fac Dev TX Ser C (AMBAC
Insd) (j)................................. 7.878 11/15/13 3,103,650
2,420 Dallas Cnty, TX Cmnty College Dist Rev Fin
Sys (AMBAC Insd) (Prerefunded @ 2/15/10)
(b)....................................... 5.375 02/15/16 2,526,770
1,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt
Impt & Rfdg Ser A (FGIC Insd) (AMT)....... 5.500 11/01/31 1,056,400
730 Fort Worth, TX Wtr & Swr Rev Impt &
Rfdg...................................... 5.750 02/15/16 774,304
770 Fort Worth, TX Wtr & Swr Rev Impt & Rfdg
(Prerefunded @ 8/15/10)................... 5.750 02/15/16 818,572
6,000 Harris Cnty-Houston, TX Sports Auth Spl
Rev Jr Lien Rfdg Ser B (MBIA Insd)........ 5.250 11/15/40 6,311,100
2,000 Harris Cnty, TX Toll Rd Sub Lien Rfdg..... 5.000 08/01/33 2,022,120
1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A
(FSA Insd) (AMT).......................... 5.625 07/01/30 1,047,100
3,345 Houston, TX Hotel Occupancy Tax Convention
& Entmt Ser B (AMBAC Insd)................ 5.750 09/01/14 3,612,065
130 Houston, TX Pub Impt & Rfdg (FSA Insd).... 5.750 03/01/15 138,159
4,000 Houston, TX Util Sys Rev First Lien Rfdg
Ser A (FGIC Insd)......................... 5.250 05/15/23 4,316,880
10,000 Houston, TX Util Sys Rev First Lien Rfdg
Ser A (FSA Insd).......................... 5.250 05/15/21 10,779,400
1,250 Matagorda Cnty, TX Navig Dist No 1 Rev
Coll Centerpoint Energy Proj Rfdg......... 5.600 03/01/27 1,330,700
1,000 Mesquite, TX Hlth Fac Dev Corp Retirement
Fac Christian Care Ctr Ser A (Prerefunded
@ 2/15/10)................................ 7.625 02/15/28 1,106,940
1,800 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj....................... 7.250 01/01/31 1,866,815
1,000 North Central, TX Hlth Fac Dev Corp Rev
Hosp Baylor Hlthcare Sys Proj Ser A....... 5.125 05/15/29 1,024,140
4,000 North Central, TX Hlth Fac Dev Hosp
Childrens Med Ctr Dallas (AMBAC Insd)..... 5.250 08/15/32 4,217,400
49 Pecos Cnty, TX Ctf Partn (Acquired
6/23/97, Cost $49,107) (c)................ 6.000 01/12/08 48,814
3,492 Region One Ed Svc Ctr Sub Tech Fac Proj
(Acquired 12/30/97, Cost $3,641,832)
(c)....................................... 6.590 12/15/17 3,747,617
80 Texas Muni Pwr Agy Rev (MBIA Insd) (e).... * 09/01/15 57,660
See Notes to Financial Statements 25
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 395 Texas St Pub Ppty Fin Corp Rev Mental Hlth
& Retardation Rfdg (FSA Insd)............. 5.500% 09/01/13 $ 397,022
2,800 Texas St Trans Commn Mobility Fd Ser A
(FGIC Insd)............................... 4.500 04/01/35 2,775,696
--------------
56,603,955
--------------
VERMONT 0.2%
1,000 Vermont Econ Dev Auth Mtg Rev Wake Robin
Corp Proj Ser A........................... 5.375 05/01/36 1,024,730
--------------
VIRGINIA 2.3%
1,320 Fairfax Cnty, VA Ctf Partn................ 5.300 04/15/23 1,406,142
1,340 Richmond, VA (FSA Insd)................... 5.500 01/15/10 1,403,824
2,590 Tobacco Settlement Fin Corp VA............ 5.500 06/01/26 2,770,161
2,750 Tobacco Settlement Fin Corp VA
(Prerefunded @ 6/01/15)................... 5.625 06/01/37 3,059,045
5,840 Virginia St Hsg Auth Dev Auth Rental Hsg
Ser D (AMT) (a)........................... 4.650 01/01/39 5,777,629
--------------
14,416,801
--------------
WASHINGTON 3.6%
5,000 Bellevue, WA Convention Ctr Auth Spl Oblig
Rev Rfdg (MBIA Insd)...................... * 02/01/24 2,423,550
3,000 Clark Cnty, WA Pub Util Dist No 001 Gen
Sys Rev Rfdg (FSA Insd)................... 5.625 01/01/12 3,143,790
5,000 Cowlitz Cnty, WA Spl Swr Rev CSOB Wastewtr
Treatment Rfdg (FGIC Insd)................ 5.500 11/01/19 5,705,750
3,000 Energy Northwest WA Elec Rev Proj No 3
Rfdg Ser A (FSA Insd)..................... 5.500 07/01/18 3,225,840
5,000 King Cnty, WA Rfdg Ser B (MBIA Insd)...... 5.250 01/01/34 5,090,950
2,000 Port Seattle, WA Rev Ser B
(MBIA Insd) (AMT)......................... 5.625 02/01/24 2,096,520
1,345 Tacoma, WA Elec Sys Rev Rfdg Ser A (FSA
Insd)..................................... 5.750 01/01/15 1,449,036
--------------
23,135,436
--------------
WEST VIRGINIA 1.0%
6,550 Harrison Cnty, WV Cnty Cmnty Solid Waste
Disp Rev Potomac Edison Co Ser A (MBIA
Insd) (AMT) (b)........................... 6.875 04/15/22 6,565,982
--------------
WISCONSIN 2.0%
1,500 Waukesha, WI Redev Auth Hsg Revr Sr
Kirkland Crossings Proj Rfdg.............. 5.500 07/01/41 1,532,655
5,240 Wisconsin Hsg & Econ Dev Auth Home
Ownership Rev Ser A (AMT) (a)............. 4.750 09/01/33 5,237,747
26 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------------------------------------------
WISCONSIN (CONTINUED)
$ 5,000 Wisconsin St Hlth & Ed Fac Auth Mercy Hlth
Sys Corp (AMBAC Insd)..................... 5.500% 08/15/25 $ 5,211,500
400 Wisconsin St Hlth & Ed Fac Auth Rev Beaver
Dam Cmnty Hosp Inc Ser A.................. 6.000 08/15/19 427,380
--------------
12,409,282
--------------
GUAM 1.0%
6,000 Guam Pwr Auth Rev Ser A (AMBAC Insd)...... 5.250 10/01/34 6,235,500
--------------
PUERTO RICO 1.1%
2,000 Puerto Rico Muni Fin Agy Ser A (FSA
Insd)..................................... 5.250 08/01/20 2,146,140
4,500 Puerto Rico Pub Bldg Auth Rev Gtd Govt Fac
Ser I (Comwth Gtd)........................ 5.250 07/01/33 4,782,465
--------------
6,928,605
--------------
TOTAL LONG-TERM INVESTMENTS 180.5%
(Cost $1,100,049,022)...................................................... 1,148,245,424
SHORT-TERM INVESTMENTS 0.4%
(Cost $2,600,000).......................................................... 2,600,000
--------------
TOTAL INVESTMENTS 180.9%
(Cost $1,102,649,022)...................................................... 1,150,845,424
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES
HELD (31.6%)
(Cost ($200,795,000))
$(200,795) Notes with interest rates ranging from
3.94% to 4.08% at April 30, 2007 and
contractual maturities of collateral
ranging from 2021 to 2047 (See Note 1)
(k)....................................... (200,795,000)
--------------
TOTAL NET INVESTMENTS 149.3%
(Cost $901,854,022)........................................................ 950,050,424
OTHER ASSETS IN EXCESS OF LIABILITIES 1.8%.................................. 11,354,401
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (51.1%).................. (325,381,242)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................... $ 636,023,583
==============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) Underlying security related to Inverse Floaters entered into by the Trust.
See Note 1.
(b) The Trust owns 100% of the outstanding bond issuance.
See Notes to Financial Statements 27
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
(c) Securities are restricted and may be resold only in transactions exempt from
registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 4.1% of net assets
applicable to common shares.
(d) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(e) Escrowed to Maturity
(f) 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.
(g) Security purchased on a when-issued or delayed delivery basis.
(h) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(i) Floating Rate Coupon
(j) Inverse Floating Rate
(k) Floating rate notes. The interest rates shown reflect the rates in effect at
April 30, 2007.
ACA--American Capital Access
AGC--AGC Insured Custody Certificates
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CIFG--CDC IXIS Financial Guaranty
Comwth--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.
Radian--Radian Asset Assurance
XLCA--XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF APRIL 30, 2007:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Bond Futures, June 2007 (Current Notional
Value of $111,750 per contract)........................... 1,102 $594,190
----- --------
28 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2007 (Unaudited)
ASSETS:
Total Investments (Cost $1,102,649,022)..................... $1,150,845,424
Cash........................................................ 79,871
Receivables:
Interest.................................................. 14,484,538
Investments Sold.......................................... 265,000
Other....................................................... 6,050
--------------
Total Assets............................................ 1,165,680,883
--------------
LIABILITIES:
Floating Rate Note Obligations.............................. 200,795,000
Payables:
Investment Purchased...................................... 1,000,000
Variation Margin on Futures............................... 929,813
Investment Advisory Fee................................... 354,814
Income Distributions--Common Shares....................... 108,635
Other Affiliates.......................................... 26,407
Trustees' Deferred Compensation and Retirement Plans........ 866,987
Accrued Expenses............................................ 194,402
--------------
Total Liabilities....................................... 204,276,058
Preferred Shares (including accrued distributions).......... 325,381,242
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 636,023,583
==============
NET ASSET VALUE PER COMMON SHARE ($636,023,583 divided by
39,379,538 shares outstanding)............................ $ 16.15
==============
NET ASSETS CONSIST OF:
Common Shares ($0.01 par value with an unlimited number of
shares authorized, 39,379,538 shares issued and
outstanding).............................................. $ 393,795
Paid in Surplus............................................. 588,586,005
Net Unrealized Appreciation................................. 48,790,592
Accumulated Undistributed Net Investment income............. 1,958,060
Accumulated Net Realized Loss............................... (3,704,869)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 636,023,583
==============
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....................... $ 961,023,583
==============
See Notes to Financial Statements 29
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2007 (Unaudited)
INVESTMENT INCOME:
Interest.................................................... $27,554,976
-----------
EXPENSES:
Interest and Residual Trust Expenses........................ 3,277,079
Investment Advisory Fee..................................... 2,634,852
Preferred Share Maintenance................................. 438,701
Accounting and Administrative Expenses...................... 95,634
Professional Fees........................................... 77,726
Trustees' Fees and Related Expenses......................... 66,153
Reports to Shareholders..................................... 47,278
Custody..................................................... 37,611
Transfer Agent Fees......................................... 30,897
Registration Fees........................................... 10,487
Other....................................................... 18,678
-----------
Total Expenses........................................ 6,735,096
Investment Advisory Fee Reduction..................... 399,440
-----------
Net Expenses.......................................... 6,335,656
-----------
NET INVESTMENT INCOME....................................... $21,219,320
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 580,042
Futures................................................... (1,140,356)
Swap Contracts............................................ (159,273)
-----------
Net Realized Loss........................................... (719,587)
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 55,058,216
-----------
End of the Period:
Investments........................................... 48,196,402
Futures............................................... 594,190
-----------
48,790,592
-----------
Net Unrealized Depreciation During the Period............... (6,267,624)
-----------
NET REALIZED AND UNREALIZED LOSS............................ $(6,987,211)
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(5,794,108)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 8,438,001
===========
30 See Notes to Financial Statements
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, 2007 OCTOBER 31, 2006
-----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................... $ 21,219,320 $ 40,278,439
Net Realized Gain/Loss.................................. (719,587) 3,046,336
Net Unrealized Appreciation/Depreciation During the
Period................................................ (6,267,624) 15,843,964
Distributions to Preferred Shareholders:
Net Investment Income................................. (5,794,108) (9,334,943)
Net Realized Gain..................................... -0- (2,048,467)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................ 8,438,001 47,785,329
Distributions to Common Shareholders:
Net Investment Income................................. (15,476,160) (31,033,510)
Net Realized Gain..................................... -0- (9,570,738)
------------ ------------
TOTAL CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM INVESTMENT ACTIVITIES............................ (7,038,159) 7,181,081
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period................................. 643,061,742 635,880,661
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $1,958,060 and $2,009,008,
respectively)......................................... $636,023,583 $643,061,742
============ ============
See Notes to Financial Statements 31
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, -----------------------------------------------
2007 2006 2005 2004 2003 2002
------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD...... $ 16.33 $ 16.15 $ 16.60 $ 16.25 $ 16.12 $ 16.07
------- ------- ------- ------- ------- -------
Net Investment Income........................ 0.54(a) 1.02(a) 1.02 1.03 1.02 1.06
Net Realized and Unrealized Gain/Loss........ (0.18) 0.48 (0.41) 0.37 0.13 0.01
Common Share Equivalent of Distributions Paid
to Preferred Shareholders:
Net Investment Income...................... (0.15) (0.24) (0.18) (0.09) (0.08) (0.11)
Net Realized Gain.......................... -0- (0.05) -0- -0-(f) -0- -0-
------- ------- ------- ------- ------- -------
Total from Investment Operations.............. 0.21 1.21 0.43 1.31 1.07 0.96
Distributions Paid to Common Shareholders:
Net Investment Income...................... (0.39) (0.79) (0.88) (0.94) (0.94) (0.91)
Net Realized Gain.......................... -0- (0.24) -0- (0.02) -0- -0-
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD............ $ 16.15 $ 16.33 $ 16.15 $ 16.60 $ 16.25 $ 16.12
======= ======= ======= ======= ======= =======
Common Share Market Price at End of the
Period....................................... $ 16.02 $ 14.86 $ 14.02 $ 14.90 $ 14.57 $ 14.30
Total Return* (b)............................. 10.52%** 13.84% 0.01% 9.15% 8.60% 10.49%
Net Assets Applicable to Common Shares at End
of the Period (In millions).................. $ 636.0 $ 643.1 $ 635.9 $ 603.6 $ 590.9 $ 586.2
Ratio of Expenses to Average Net Assets
Applicable to Common Shares* (c)............. 1.99% 1.23% 1.06% 1.19% 1.23% 1.35%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares* (c)...... 6.68% 6.40% 6.21% 6.24% 6.28% 6.70%
Portfolio Turnover............................ 7%** 28% 33% 19% 24% 38%
* 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)........... 2.12% N/A N/A N/A N/A N/A
Ratio of Net Investment Income to Average
Net Assets Applicable to Common Shares
(c)....................................... 6.55% N/A 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)....... 0.96% 1.11% 1.06% 1.19% 1.23% 1.35%
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net
Assets Including Preferred Shares (c)........ 0.64% 0.73% 0.71% 0.79% 0.81% 0.89%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (d)....... 4.85% 4.91% 5.12% 5.70% 5.77% 5.98%
SENIOR SECURITIES:
Total Preferred Shares Outstanding............ 13,000 13,000 13,000 12,000 12,000 12,000
Asset Coverage Per Preferred Share (e)........ $73,954 $74,490 $73,933 $75,312 $74,245 $73,861
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.
32 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (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, 2007, the Trust had $1,000,000 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 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.
33
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
At October 31, 2006, the Trust had an accumulated capital loss carry forward
for tax purposes of $4,894,986, 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
A portion of the capital loss carryforward above was acquired due to a
merger with another regulated investment company and is subject to annual
limitations.
At April 30, 2007, the cost and related gross unrealized appreciation and
depreciation are as follows:
Cost of investments for tax purposes........................ $901,354,848
============
Gross tax unrealized appreciation........................... $ 50,078,239
Gross tax unrealized depreciation........................... (1,382,663)
------------
Net tax unrealized appreciation on investments.............. $ 48,695,576
============
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,
2006 was as follows:
Distributions paid from:
Ordinary income........................................... $ 243,323
Tax-exempt income......................................... 40,079,119
Long-term capital gain.................................... 11,619,205
-----------
$51,941,647
===========
As of October 31, 2006, the components of distributable earnings on a tax
basis were as follows:
Undistributed ordinary income............................... $ 2,654
Undistributed tax-exempt income............................. 2,799,305
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
34
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
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, 2007, Trust
investments with a value of $279,027,489 are held by the dealer trusts and serve
as collateral for the $200,795,000 in floating rate notes outstanding at that
date. Contractual maturities of the floating rate notes and interest rates in
effect at April 30, 2007 are presented on the Portfolio of Investments.
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. Effective December 1, 2006, 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 period ended
April 30, 2007, the Adviser waived $399,440 of its advisory fees. The waiver is
voluntary and can be discontinued at any time.
For the six months ended April 30, 2007, the Trust recognized expenses of
approximately $30,700 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,
2007, the Trust recognized expenses of approximately $50,800 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
35
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
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, 2007 and the year ended October 31, 2006,
transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, 2006
Beginning Shares........................................ 39,379,538 39,379,538
Shares Repurchased*..................................... -0- -0-
---------- ----------
Ending Shares........................................... 39,379,538 39,379,538
========== ==========
* 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 period ended April 30,
2007, the Trust repurchased none of its shares. The Trust may 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.
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $177,518,687 and $81,899,025,
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.
36
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
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, 2007
were as follows:
CONTRACTS
Outstanding at October 31, 2006............................. 727
Futures Opened.............................................. 3,763
Futures Closed.............................................. (3,388)
------
Outstanding at April 30, 2007............................... 1,102
======
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 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
37
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
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. The average rate in effect on April 30, 2007
was 3.765%. During the six months ended April 30, 2007, the rates ranged from
3.240% to 3.950%.
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 July 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation 48, Accounting for Uncertainty in Income Taxes--an interpretation
of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes
by prescribing the minimum recognition threshold a tax position must meet before
being recognized in the financial statements. FIN 48 is effective for the fiscal
years beginning after December 15, 2006 and is to be applied to all open tax
years as of the effective date. Recent SEC guidance allows
38
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
implementing FIN 48 in the trust NAV calculations as late as the trust's last
NAV calculation in the first required financial statement period. As a result,
the Trust will incorporate FIN 48 in its semi annual report on April 30, 2008.
The impact to the Trust's financial statements, if any, is currently being
assessed.
In addition, 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. Management is currently evaluating the impact the
adoption of SFAS 157 will have on the Trust's financial statement disclosures.
39
VAN KAMPEN MUNICIPAL TRUST
DIVIDEND REINVESTMENT PLAN
The dividend reinvestment plan offers you a prompt and simple way to
reinvest your dividends and capital gains distributions into additional shares
of your trust. Under the plan, the money you earn from dividends and capital
gains distributions will be reinvested automatically in more shares of your
trust, allowing you to potentially increase your investment over time.
PLAN BENEFITS
- ADD TO YOUR ACCOUNT
You may increase your shares in your trust easily and automatically with
the dividend reinvestment plan.
- LOW TRANSACTION COSTS
Shareholders who participate in the plan are able to buy shares at below-
market prices when the trust is trading at a premium to its net asset
value. In addition, transaction costs are low because when new shares are
issued by the trust, there is no brokerage fee, and when shares are bought
in blocks on the open market, the brokerage commission is shared among all
participants.
- CONVENIENCE
You will receive a detailed account statement from Computershare Trust
Company, N.A., which administers the plan, whenever shares are reinvested
for you. The statement shows your total distributions, date of investment,
shares acquired, and price per share, as well as the total number of
shares in your reinvestment account.
- SAFEKEEPING
Computershare Trust Company, N.A. will hold the shares it has acquired for
you in safekeeping, which provides added protection against loss, theft,
or inadvertent destruction of certificates. However, you may request that
a certificate representing your reinvested shares be issued to you.
HOW DOES THE PLAN WORK?
If you choose to participate in the plan, your dividends and capital gains
distributions will be promptly reinvested for you, automatically increasing your
shares. If your trust is trading at a share price that is equal to its net asset
value (NAV), you'll pay that amount for your reinvested shares. However, if your
trust is trading above or below its NAV, the price is determined by one of two
ways:
1. PREMIUM If your trust is trading at a premium -- a market price that
is higher than its NAV -- you'll pay either the NAV or 95 percent of the
market price, whichever is greater. When your trust trades at a premium,
you'll pay less for your reinvested shares than an ordinary investor
purchasing shares on the stock exchange. Keep in mind, a portion of your
price reduction may be taxable because you are receiving shares at less
than market price.
40
VAN KAMPEN MUNICIPAL TRUST
DIVIDEND REINVESTMENT PLAN continued
2. DISCOUNT If your trust is trading at a discount -- a market price that
is lower than its NAV -- you'll pay the market price for your reinvested
shares.
HOW TO PARTICIPATE IN THE PLAN
If you own shares in your own name, you can participate directly in the
plan. If your shares are held in "street name" -- in the name of your brokerage
firm, bank, or other financial institution -- you must instruct that entity to
participate on your behalf. If they are unable to participate on your behalf,
you may request that they reregister your shares in your own name so that you
may enroll in the plan.
If you choose to participate in the plan, whenever your trust declares a
dividend or capital gains distribution, it will be invested in additional shares
of your trust that are purchased on the open market.
HOW TO ENROLL
To enroll in the Dividend Reinvestment Plan please visit vankampen.com or
call (800) 341-2929 or notify us in writing at the address below.
Van Kampen Closed-End Funds
Computershare Trust Company, N.A.
P.O. Box 43011
Providence, RI 02940-3011
Please include your trust name and account number and ensure that all
shareholders listed on the account sign these written instructions. Your
participation in the plan will begin with the next dividend or capital gains
distribution payable after Computershare Trust Company, N.A. receives your
authorization, as long as they receive it before the "record date," which is
generally ten business days before the dividend is paid. If your authorization
arrives after such record date, your participation in the plan will begin with
the following dividend or distribution.
COSTS OF THE PLAN
There is no direct charge to you for reinvesting dividends and capital gains
distributions because the plan's fees are paid by your trust. If your trust is
trading at or above its NAV, your new shares are issued directly by the trust
and there are no brokerage charges or commissions. However, if your trust is
trading at a discount, the shares are purchased on the open market, and you will
pay your portion of any brokerage commissions. These brokerage commissions are
typically less than the standard brokerage charges for individual transactions
because shares are purchased for all participants in
41
VAN KAMPEN MUNICIPAL TRUST
DIVIDEND REINVESTMENT PLAN continued
blocks, resulting in lower commissions for each individual participant. Any
brokerage commissions or service fees are averaged into the purchase price.
TAX IMPLICATIONS
The automatic reinvestment of dividends and capital gains distributions does
not relieve you of any income tax that may be due on dividends or distributions.
You will receive tax information annually to help you prepare your federal and
state income tax returns.
HOW TO WITHDRAW FROM THE PLAN
To withdraw from the Dividend Reinvestment Plan please visit vankampen.com
or call (800) 341-2929 or notify us in writing at the address below.
Van Kampen Closed-End Funds
Computershare Trust Company, N.A.
P.O. Box 43011
Providence, RI 02940-3011
All shareholders listed on the account must sign any written withdrawal
instructions. If you withdraw, you have two choices for receiving your shares:
- CERTIFICATE
We will issue a certificate for the full shares and send you a check for any
fractional shares without a charge.
- CHECK
We will sell all full and fractional shares and send the proceeds to your
address of record after deducting brokerage commissions and a $2.50 service fee.
The Trust and Computershare Trust Company, N.A. may amend or terminate the
plan. Participants will receive written notice at least 30 days before the
effective date of any amendment. In the case of termination, participants will
receive written notice at least 30 days before the record date for the payment
of any dividend or capital gains distribution by your trust.
TO OBTAIN A COMPLETE COPY OF THE DIVIDEND REINVESTMENT PLAN, PLEASE CALL OUR
CLIENT RELATIONS DEPARTMENT AT 800-341-2929 OR VISIT VANKAMPEN.COM.
42
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
RONALD E. ROBISON
President and Principal Executive Officer
DENNIS SHEA
Vice President
J. DAVID GERMANY
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
JAMES W. GARRETT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
c/o Computershare Investor Services
P.O. Box 43011
Providence, Rhode Island 02940-3011
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
43
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.
1 Parkview Plaza, Suite 100
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2007 Van Kampen Funds Inc.
All rights reserved. Member NASD/SIPC.
VKQSAR 6/07
(VAN KAMPEN INVESTMENTS LOGO) IU07-01548P-Y04/07
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.
TOTAL NUMBER OF MAXIMUM NUMBER
SHARES PURCHASED AS OF SHARES THAT MAY
PART OF PUBLICLY YET BE PURCHASED
TOTAL NUMBER OF AVERAGE PRICE ANNOUNCED PLANS UNDER THE PLANS OR
PERIOD* SHARES PURCHASED PAID PER SHARE OR PROGRAMS PROGRAMS
-------- ---------------- -------------- ------------------- ------------------
November -- -- -- --
December -- -- -- --
January -- -- -- --
February -- -- -- 3,937,954
March -- -- -- 3,937,954
April -- -- -- 3,937,954
* The Share Repurchase Program commenced on 2/28/2007.
The Trust expects to continue to repurchase its outstanding shares at such time
and in such amounts as it believes will further the accomplishment of the
foregoing objectives, subject to review by the Board of Trustees.
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/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 21, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 21, 2007
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 21, 2007