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: 4/30/05
Item 1. Report to Shareholders
The semiannual 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,
2005.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
<Table>
<Caption>
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NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
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</Table>
Performance Summary as of 4/30/05
<Table>
<Caption>
MUNICIPAL TRUST
SYMBOL: VKQ
- ------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET
Since Inception (9/27/91) 7.71% 6.51%
10-year 7.52 6.55
5-year 9.48 8.40
1-year 10.53 8.71
6-month 2.55 -1.96
- ------------------------------------------------------------
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities, by the total number of
common shares outstanding. The common share market price is the price the market
is willing to pay for shares of the trust at a given time. Common share market
price is influenced by a range of factors, including supply and demand and
market conditions. Total return assumes an investment at the beginning of the
period, reinvestment of all distributions for the period in accordance with the
trust's dividend reinvestment plan, and sale of all shares at the end of the
period.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The index does not include any expenses, fees or sales
charges, which would lower performance. The index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005
Van Kampen Municipal Trust is managed by the Adviser's Municipal Fixed Income
team.(1) Current members include Thomas Byron and Robert Wimmel, Vice Presidents
of the Adviser; and John Reynoldson, Executive Director of the Adviser.
MARKET CONDITIONS
The six-month period ended April 30, 2005, was characterized by continued
short-term interest rate increases. As crude oil prices reached record highs,
the prospect of rising inflation also cast a shadow. The Federal Open Market
Committee (the "Fed") raised the federal funds target rate 100 basis points
during the period through a series of four "measured" 0.25 percent tightenings
to 2.75 percent by the end of April. Although rates in the short and
intermediate areas of the yield curve shifted upward as the Fed tightened, long-
term interest rates fell as buyers did not seem deterred by the prospect of
rising inflation. As a result, the yield curve (the difference between short and
longer-term yields) flattened and the long end of the municipal market handily
outperformed the shorter end.
The municipal market in total posted positive returns during the period, though
it was not uniformly strong. In contrast to the strong showing by longer-term
bonds, shorter-term municipals were hampered by the Fed's tightening and turned
in a flat to slightly negative showing. Within the investment-grade segment of
the market, yield differentials between BBB-rated and AAA-rated municipal
securities were slightly wider, though BBB-rated securities still outperformed
high grades due to their higher coupons, while securities rated below investment
grade strongly outperformed as investors sought out their higher yields.
The Fed's interest rate hikes did not appear to dampen investors' appetites for
municipal bonds, as net inflows into municipal bond funds topped $290 million
during the period. The supply of new issues was modest during the closing months
of 2004 (the first two months of the period) before soaring in the opening
months of 2005 as long-term issuers rushed to bring securities to market in
anticipation of additional interest rate increases in the near term.
(1)Team members may change without notice at any time.
2
PERFORMANCE ANALYSIS
The trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the trust's portfolio securities, cash and other assets, less all
liabilities, by the total number of common shares outstanding, while market
price reflects the supply and demand for the shares. As a result, the two
returns can differ, as they did during the reporting period. On an NAV basis,
the trust outperformed its benchmark index, the Lehman Brothers Municipal Bond
Index. On a market price basis, the trust underperformed its benchmark.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005
<Table>
<Caption>
- ----------------------------------------------------------
BASED ON BASED ON LEHMAN BROTHERS
NAV MARKET PRICE MUNICIPAL BOND INDEX
2.55% -1.96% 1.93%
- ----------------------------------------------------------
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. INVESTMENT RETURN, NET ASSET VALUE AND COMMON SHARE MARKET PRICE WILL
FLUCTUATE AND TRUST SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. SEE PERFORMANCE SUMMARY FOR ADDITIONAL PERFORMANCE INFORMATION
AND INDEX DEFINITION.
The trust uses leverage to enhance its dividend to common shareholders. The
trust borrows money at short-term rates through the issuance of preferred
shares. The proceeds are reinvested in longer-term securities, taking advantage
of the difference between short- and longer-term rates. The Fed's policy of
raising interest rates throughout the period made the trust's borrowing activity
more expensive. These expenses, however, were more than offset by the positive
performance of the bonds held by the trust.
One of our key strategies in managing the trust during the period was to
position it for rising interest rates. This approach was largely the result of
our analysis of interest rates, which remained relatively low by historical
standards even after rising from their multi-decade lows earlier. First, we kept
the trust's duration (a measure of interest-rate sensitivity) below that of its
benchmark. Second, to limit the trust's exposure to areas of the market that
would be most likely susceptible to rising rates, we trimmed exposure to bonds
with maturities in the 5- to 15-year range. We also reduced positions in
pre-refunded bonds. We reinvested the proceeds from those sales into bonds with
maturities of 25 years and longer. In addition to offering relatively attractive
income streams, these longer-maturity securities positioned the trust to benefit
from any future flattening of the yield curve. When they were available, we
favored bonds with premium coupons and priced to shorter call dates.
We continued to focus on relative-value trading between liquid, high-quality
securities to capture relative value opportunities identified by our analysts.
The trust's overall credit exposure remained tilted toward higher-quality
securities,
3
with approximately 84 percent of its exposure at the end of the period in bonds
rated AA or better. We took advantage of some compelling opportunities to
include BBB rated securities in the portfolio when our analysts identified
securities with attractive structures and yield characteristics. By the end of
the period, bonds rated BBB represented approximately 5 percent of the
portfolio. The trust also holds unrated securities in cases where our rigorous
internal analysis indicated credit strength comparable to BBB rated securities.
This unrated portion totaled approximately 5 percent at the close of the
reporting period. These lower rated and unrated allocations proved beneficial as
the market favored higher-yielding securities.
The trust's portfolio remained well diversified across the major sectors of the
municipal bond market, with its top three sectors at the end of the period being
general purpose, public education and public building.
There is no guarantee the security sectors mentioned will continue to perform
well or be held by the trust in the future.
4
<Table>
<Caption>
TOP 5 SECTORS AS OF 4/30/05
General Purpose 19.4%
Public Education 11.6
Public Building 10.6
Transportation 10.5
Higher Education 8.8
<Caption>
RATINGS ALLOCATION AS OF 4/30/05
AAA/Aaa 74.2%
AA/Aa 9.4
A/A 4.1
BBB/Baa 5.3
BB/Ba 1.7
B/B 0.2
Non-Rated 5.1
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/05
California 13.7%
New York 10.1
Illinois 8.7
Texas 7.1
New Jersey 6.8
Florida 6.7
Pennsylvania 4.0
Washington 3.3
Ohio 2.9
Connecticut 2.9
Louisiana 2.7
North Carolina 2.3
Massachusetts 2.2
Georgia 2.0
Michigan 2.0
Colorado 1.9
Nevada 1.8
Alabama 1.7
Virginia 1.5
Missouri 1.5
Oregon 1.4
Indiana 1.1
Tennessee 1.1
South Carolina 1.1
Maryland 0.9
New Hampshire 0.9
West Virginia 0.7
District of Columbia 0.7
Puerto Rico 0.7
Wisconsin 0.6
Guam 0.6
New Mexico 0.6
Oklahoma 0.5
Nebraska 0.5
Arkansas 0.5
</Table>
<Table>
(continued on next page)
</Table>
5
<Table>
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/05
(continued from previous page)
Kansas 0.3
Mississippi 0.3
Rhode Island 0.3
Kentucky 0.3
Arizona 0.3
South Dakota 0.2
Hawaii 0.2
Iowa 0.2
Alaska 0.1
Maine 0.1
-----
Total Investments 100.0%
</Table>
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 long-term investments. Securities are classified by sectors that
represent broad groupings of related industries. Van Kampen is a wholly owned
subsidiary of a global securities firm which is engaged in a wide range of
financial services including, for example, securities trading and brokerage
activities, investment banking, research and analysis, financing and financial
advisory services. Rating allocations based upon ratings as issued by Standard
and Poor's and Moody's, respectively.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters by filing the schedule
electronically with the Securities and Exchange Commission (SEC). The
semiannual reports are filed on Form N-CSRS and the annual reports are
filed on Form N-CSR. Van Kampen also delivers the semiannual and annual
reports to trust shareholders, and makes these reports available on its
public Web site, www.vankampen.com. In addition to the semiannual and
annual reports that Van Kampen delivers to shareholders and makes
available through the Van Kampen public Web site, each trust files a
complete schedule of portfolio holdings with the SEC for the trust's
first and third fiscal quarters on Form N-Q. Van Kampen does not deliver
the reports for the first and third fiscal quarters to shareholders, nor
are the reports posted to the Van Kampen public Web site. You may,
however, obtain the Form N-Q filings (as well as the Form N-CSR and
N-CSRS filings) by accessing the SEC's Web site, http://www.sec.gov. You
may also review and copy them at the SEC's Public Reference Room in
Washington, DC. Information on the operation of the SEC's Public
Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. You
can also request copies of these materials, upon payment of a duplicating
fee, by electronic request at the SEC's e-mail address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at 1-800-847-2424.
PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD
The trust's policies and procedures with respect to the voting of proxies
relating to the trust's portfolio securities and information on how the
trust voted proxies relating to portfolio securities during the most
recent twelve-month period ended June 30 is available without charge,
upon request, by visiting our Web site at www.vankampen.com. This
information is also available on the Securities and Exchange Commission's
Web site at http://www.sec.gov.
7
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
MUNICIPAL BONDS 147.9%
ALABAMA 2.5%
$ 1,000 Birmingham Baptist Med Ctr AL Baptist Hlth Sys
Ser A........................................... 5.875% 11/15/24 $ 1,061,820
2,695 Gadsden, AL Wts Ser B (AMBAC Insd).............. 5.250 08/01/21 2,976,169
2,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A....... 5.250 01/01/23 2,137,700
4,000 Jefferson Cnty, AL Swr Rev Cap Impt Wts
(Prerefunded @ 08/01/12) (FGIC Insd)............ 5.125 02/01/42 4,432,560
1,735 Jefferson Cnty, AL Swr Rev Cap Impt Wts Ser A
(Prerefunded @ 02/01/11) (FGIC Insd)............ 5.000 02/01/41 1,910,912
2,370 Marshall Cnty, AL Hlthcare Ser C................ 6.000 01/01/32 2,533,127
-------------
15,052,288
-------------
ALASKA 0.2%
1,000 Alaska St Intl Arpt Rev Ser B (AMBAC Insd)...... 5.750 10/01/17 1,132,310
-------------
ARIZONA 0.4%
1,425 Arizona Cap Fac Fin Corp Student Hsg Rev AZ St
Univ Proj....................................... 6.250 09/01/32 1,522,114
1,000 Arizona Hlth Fac Auth Hosp John C Lincoln Hlth
Network......................................... 6.375 12/01/37 1,089,800
-------------
2,611,914
-------------
ARKANSAS 0.7%
2,310 Arkansas St Dev Fin Auth Rev St Agy Fac Donaghey
Plaza Proj (FSA Insd)........................... 5.000 06/01/34 2,413,696
1,565 Fort Smith, AR Wtr &Swr Rev Ser C (FSA Insd)
(a)............................................. 5.000 10/01/21 1,671,858
-------------
4,085,554
-------------
CALIFORNIA 20.6%
4,000 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec
Sub Pub Impt Proj C (FSA Insd).................. * 09/01/20 1,973,880
7,500 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist Fac
Ser A (FSA Insd)................................ 5.000 10/01/31 7,823,100
2,100 Bay Area Govt Assn CA Rev Tax Alloc CA Redev
Pool Ser A (XLCA Insd).......................... 5.250 09/01/35 2,234,547
7,125 California Ed Fac Auth Rev Pepperdine Univ Ser A
Rfdg (FGIC Insd)................................ 5.000 09/01/33 7,447,050
350 California Hlth Fac Fin Auth Rev Casa De Las Ser
A (MBIA Insd)................................... 5.250 08/01/17 371,686
2,500 California St (AMBAC Insd)...................... 5.000 04/01/21 2,641,275
5,500 California St (AMBAC Insd)...................... 5.125 10/01/27 5,759,270
5,000 California St (MBIA Insd)....................... 5.000 02/01/32 5,186,350
1,250 California St Dept Wtr Res Pwr Ser A............ 6.000 05/01/15 1,440,262
4,000 California St Dept Wtr Res Pwr Ser A (AMBAC
Insd) (b)....................................... 5.375 05/01/18 4,445,000
3,705 California St Dept Wtr Res Pwr Ser A (MBIA
Insd)........................................... 5.375 05/01/21 4,111,142
2,000 California St Dept Wtr Res Pwr Ser A (MBIA
Insd)........................................... 5.375 05/01/22 2,219,100
5,295 California St Econ Rec Ser A.................... 5.000 07/01/17 5,691,119
</Table>
8 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 2,500 California St Pub Wks Brd Lease Rev Dept
Corrections Ser E Rfdg (XLCA Insd).............. 5.000% 06/01/18 $ 2,678,025
1,000 California St Pub Wks Brd UCLA Replacement Hosp
Ser A (FSA Insd)................................ 5.375 10/01/20 1,089,860
5,000 California St Univ Rev Systemwide Ser A (AMBAC
Insd)........................................... 5.000 11/01/23 5,311,750
2,650 California Statewide Cmnty Dev Auth Ctf Part
(Acquired 11/23/99, Cost $2,650,000) (c)........ 7.250 11/01/29 2,788,436
3,500 Capistrano, CA Uni Sch Dist (FGIC Insd)......... 5.000 09/01/29 3,710,070
5,000 Contra Costa, CA Home Mtg Fin Auth Home Mtg Rev
(Escrowed to Maturity) (MBIA Insd).............. * 09/01/17 2,391,900
1,000 Davis, CA Pub Fac Fin Auth Mace Ranch Area Ser
A............................................... 6.600 09/01/25 1,049,940
850 Del Mar, CA Race Track Auth Rev Rfdg............ 6.000 08/15/06 860,803
18,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap
Apprec Rfdg (MBIA Insd)......................... * 01/15/25 5,930,820
27,810 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap
Apprec Rfdg..................................... * 01/15/33 5,429,346
6,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap
Apprec Sr Lien Ser A (Escrowed to Maturity)..... * 01/01/18 3,516,960
2,240 Huntington Park, CA Redev Agy Rev Tax Alloc
Santa Fe Redev Rfdg............................. 6.200 10/01/27 2,338,627
2,635 Imperial Irr Dist CA Ctf Part Elec Sys Proj (FSA
Insd)........................................... 5.250 11/01/23 2,849,752
1,500 Long Beach, CA Bd Fin Auth Rev Redev Hsg & Gas
Util Fin Ser A-1 (AMBAC Insd)................... 5.000 08/01/35 1,565,355
2,000 Los Angeles, CA Uni Sch Dist Ser A (MBIA
Insd)........................................... 5.375 07/01/18 2,234,300
4,400 Los Angeles, CA Uni Sch Dist Ser A (MBIA
Insd)........................................... 5.250 07/01/19 4,870,404
3,160 Orange Cnty, CA Wtr Dist Rev Ser B (MBIA
Insd)........................................... 5.000 08/15/21 3,388,658
5,585 Sacramento, CA City Fin Auth Rev Comb Proj B
(MBIA Insd)..................................... * 11/01/14 3,782,832
1,375 San Bernadino, CA Jt Pwrs Fin Auth Alloc Rev
Cent City Merged Proj A Rfdg (AMBAC Insd) (a)... 5.750 07/01/20 1,644,019
3,545 San Diego, CA Uni Sch Dist Election 1998 Ser E-1
Rfdg (MBIA Insd)................................ 5.000 07/01/23 3,840,050
2,500 San Francisco, CA City & Cnty Pub Util Com Wtr
Rev Ser A (MBIA Insd)........................... 5.000 11/01/32 2,607,500
3,000 San Jose, CA Fin Auth Lease Rev Civic Ctr Proj
Ser B (AMBAC Insd).............................. 5.000 06/01/32 3,112,380
5,000 University CA Rev Gen Ser B (AMBAC Insd)........ 5.000 05/15/20 5,405,600
-------------
123,741,168
-------------
COLORADO 2.7%
1,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Initiatives Ser A (Escrowed to Maturity)........ 5.500 03/01/32 1,116,660
1,125 Colorado Hlth Fac Auth Rev Hosp Portercare
Adventist Hlth.................................. 6.500 11/15/31 1,241,944
</Table>
See Notes to Financial Statements 9
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
COLORADO (CONTINUED)
$ 4,000 Colorado Springs, CO Util Rev Sys Sub Lien Impt
Ser A Rfdg...................................... 5.000% 11/15/29 $ 4,139,920
2,200 La Plata Cnty, CO Sch Dist 9-R Durango (MBIA
Insd) (a)....................................... 5.250 11/01/21 2,396,130
6,365 Platte Riv Pwr Auth CO Pwr Rev Ser EE........... 5.375 06/01/16 7,030,524
-------------
15,925,178
-------------
CONNECTICUT 4.3%
1,935 Bridgeport, CT Ser A (MBIA Insd) (a)............ 5.250 08/15/20 2,118,902
2,265 Bridgeport, CT Ser A (MBIA Insd) (a)............ 5.250 08/15/23 2,459,020
2,840 Connecticut St Spl Oblig Pkg Rev Bradley Intl
Arpt Ser A (AMT) (ACA Insd)..................... 6.600 07/01/24 3,083,360
3,540 Mashantucket Western Pequot Tribe CT Spl Rev Ser
A, 144A--Private Placement (d).................. 6.400 09/01/11 3,733,567
3,460 Mashantucket Western Pequot Tribe CT Spl Rev Ser
A, 144A--Private Placement (Prerefunded @
09/01/07) (d)................................... 6.400 09/01/11 3,729,326
6,500 Mashantucket Western Pequot Tribe CT Spl Rev Ser
B, 144A--Private Placement (d).................. 5.750 09/01/18 6,819,670
3,500 Mashantucket Western Pequot Tribe CT Spl Rev Ser
B, 144A--Private Placement (d).................. 5.750 09/01/27 3,616,830
-------------
25,560,675
-------------
DISTRICT OF COLUMBIA 1.0%
1,000 District of Columbia Hosp Rev Medlantic Hlthcare
Group A Rfdg (Escrowed to Maturity) (MBIA
Insd)........................................... 5.875 08/15/19 1,055,580
5,000 Metropolitan Washington DC Arpt Auth Sys Ser A
(AMT) (FGIC Insd)............................... 5.125 10/01/26 5,196,100
-------------
6,251,680
-------------
FLORIDA 9.9%
3,380 Brevard Cnty, FL Hlth Fac Hlth First Inc Proj
(MBIA Insd)..................................... 5.125 04/01/31 3,525,779
2,550 Broward Cnty, FL Wtr & Swr Util Rfdg (MBIA
Insd)........................................... 5.000 10/01/20 2,752,878
3,040 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC
Insd)........................................... 5.950 07/01/20 3,087,150
1,500 Florida Muni Ln Council Rev Ser A (MBIA Insd)... 5.000 02/01/35 1,574,910
3,000 Florida St Dept Environmental Protection
Preservation Rev Ser A (FGIC Insd).............. 5.750 07/01/10 3,370,230
3,880 Florida St Dept Trans Right of Way Ser A........ 5.250 07/01/21 4,280,804
5,000 Florida St Dept Trans Tpk Rev Ser A............. 5.000 07/01/29 5,283,500
1,895 Gulf Breeze, FL Rev Loc Govt (Variable Rate
Coupon) (FGIC Insd) (a)......................... 5.625 12/01/20 2,037,333
2,310 Hillsborough Cnty, FL Indl Dev Auth Andl Dev Rev
Hlth Fac Proj Univ Cmnty Hosp Ser A............. 5.500 08/15/14 2,404,340
265 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth
Sys............................................. 5.500 11/15/32 277,397
</Table>
10 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 1,515 Miami Beach, FL Stormwtr Rev (FGIC Insd)........ 5.250% 09/01/25 $ 1,624,201
2,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt
(AMT) (FGIC Insd)............................... 5.375 10/01/25 2,126,700
2,700 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt
(AMT) (FGIC Insd)............................... 5.375 10/01/32 2,845,314
5,000 Miami-Dade Cnty, FL Aviation Ser A (AMT) (FSA
Insd)........................................... 5.125 10/01/35 5,170,600
1,855 Miami-Dade Cnty, FL Hlth Fac Miami Childrens
Hosp Ser A Rfdg (AMBAC Insd).................... 5.000 08/15/20 1,949,086
3,750 Orange Cnty, FL Sch Brd Ctf Ser A (AMBAC
Insd)........................................... 5.250 08/01/14 4,163,625
4,320 Orange Cnty, FL Tourist Dev Tax Rev (Prerefunded
@ 10/01/09) (AMBAC Insd)........................ 5.625 10/01/14 4,779,648
4,300 Orange Cnty, FL Tourist Dev Tax Rev (Prerefunded
@ 10/01/09) (AMBAC Insd)........................ 5.500 10/01/31 4,735,461
2,140 Reedy Creek, FL Impt Dist FL Ser A Rfdg (AMBAC
Insd)........................................... 5.500 06/01/12 2,394,211
1,060 Tallahassee, FL Lease Rev FL St Univ Proj Ser A
(MBIA Insd) (a)................................. 5.500 08/01/18 1,174,151
-------------
59,557,318
-------------
GEORGIA 3.0%
2,000 Atlanta, GA Arpt Passenger Fac Gen Sub Lien Ser
C (FSA Insd).................................... 5.000 01/01/33 2,082,740
1,000 Augusta, GA Gen Arpt Rev Passenger Ser B
(AMT)........................................... 5.350 01/01/28 1,015,010
1,500 Clayton Cnty & Clayton Cnty, GA Wtr Auth Wtr &
Swr Rev......................................... 5.000 05/01/21 1,619,475
1,400 Municipal Elec Auth GA Combustion Turbine Ser A
(MBIA Insd)..................................... 5.250 11/01/14 1,553,370
8,025 Municipal Elec Auth GA Combustion Turbine Ser A
(MBIA Insd)..................................... 5.250 11/01/18 8,819,876
1,000 Oconee Cnty, GA Indl Dev Auth Oiit Proj (XLCA
Insd)........................................... 5.250 07/01/23 1,070,150
2,000 Royston, GA Hosp Auth Hosp Ctf Rev Ty Cobb
Hlthcare Sys Inc Rfdg........................... 6.500 07/01/27 1,996,280
-------------
18,156,901
-------------
HAWAII 0.3%
1,465 Honolulu, HI City & Cnty Ser D (AMT) (FGIC
Insd)........................................... 4.700 02/01/08 1,527,101
645 Honolulu, HI City & Cnty Wastewtr Sys Rev Cap
Apprec (FGIC Insd).............................. * 07/01/12 488,588
-------------
2,015,689
-------------
ILLINOIS 12.9%
3,400 Carol Stream, IL First Mtg Rev Windsor Pk Mnr
Proj (Prerefunded @ 12/01/07)................... 7.000 12/01/13 3,770,974
1,500 Champaign Cnty, IL Cmnty Unit Sch Dist No 116
Urbana Ser C (Prerefunded @ 01/01/10) (FGIC
Insd)........................................... * 01/01/16 906,360
</Table>
See Notes to Financial Statements 11
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 1,300 Champaign Cnty, IL Cmnty Unit Sch Dist No 116
Urbana Ser C (Prerefunded @ 01/01/10) (FGIC
Insd)........................................... * 01/01/18 $ 695,201
1,400 Chicago, IL Brd Ed Ser A (MBIA Insd)............ 5.500% 12/01/28 1,533,252
4,000 Chicago, IL Neighborhoods Alive 21 Pgm Ser A
(FGIC Insd)..................................... 5.750 01/01/40 4,413,680
2,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third
Lien C 2 Rfdg (AMT) (FSA Insd).................. 5.250 01/01/30 2,621,350
5,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third
Lien Ser A Rfdg (AMT) (MBIA Insd)............... 5.375 01/01/32 5,235,950
1,015 Chicago, IL O'Hare Intl Arpt Rev Second Lien
Passenger Fac Ser B (AMBAC Insd)................ 5.500 01/01/16 1,115,901
1,980 Chicago, IL Pk Dist Ser C (FGIC Insd)........... 5.500 01/01/19 2,185,861
2,565 Chicago, IL Proj Ser C Rfdg (FGIC Insd) (a)..... 5.750 01/01/12 2,877,237
1,000 Cook Cnty, IL Cmnty Cons Sch Dist No 64 Park
Ridge (FSA Insd)................................ 5.500 12/01/14 1,141,380
1,000 Cook Cnty, IL Ser A (FGIC Insd)................. 5.500 11/15/31 1,087,080
7,765 Du Page Cnty, IL Forest Preserve Dist........... * 11/01/17 4,461,847
5,000 Du Page Cnty, IL Trans Rev (Prerefunded @
07/01/11) (FSA Insd)............................ 5.750 01/01/15 5,686,250
4,000 Hodgkins, IL Tax Increment Ser A Rfdg........... 7.625 12/01/13 4,194,080
2,725 Illinois Dev Fin Auth Rev Cmnty Rehab Providers
Fac Ser A....................................... 7.375 07/01/25 2,958,396
2,455 Illinois Dev Fin Auth Rev Loc Govt Pgm Aurora
East Sch (MBIA Insd)............................ * 12/01/15 1,561,355
1,565 Illinois Ed Fac Auth Rev DePaul Univ
(Prerefunded @ 10/01/10) (AMBAC Insd)........... 5.625 10/01/15 1,768,591
1,740 Illinois Ed Fac Auth Rev Lewis Univ............. 5.900 10/01/14 1,750,840
2,500 Illinois Fin Auth Rev Northwestern Mem Hosp Ser
A............................................... 5.500 08/15/43 2,680,750
1,645 Illinois Hlth Fac Auth Rev Evangelical Hosp Ser
C Rfdg (FSA Insd)............................... 6.750 04/15/12 1,908,480
1,500 Illinois St First Ser (FGIC Insd)............... 5.375 11/01/14 1,666,785
3,000 Illinois St First Ser (FSA Insd)................ 5.250 12/01/21 3,269,910
3,440 Kendall Kane & Will Cntys, IL Cmnty Sch Dist No
308 Ser B (FGIC Insd) (a)....................... 5.250 10/01/19 3,763,360
3,460 Metropolitan Pier & Expo Auth IL Dedicated St
Tax Rev Cap Apprec (FGIC Insd).................. * 06/15/14 2,376,916
870 Metropolitan Pier & Expo Auth IL Dedicated St
Tax Rev Cap Apprec (Escrowed to Maturity) (FGIC
Insd)........................................... * 06/15/14 601,953
2,675 Metropolitan Pier & Expo Auth IL Dedicated St
Tax Rev McCormick Pl Expn Ser A (MBIA Insd)..... 5.250 06/15/42 2,873,244
1,510 Roselle, IL Multi-Family Hsg Rev Waterbury Apts
Ser A Rfdg (GNMA Collateralized)................ 7.000 01/01/25 1,542,405
2,500 Schaumburg, IL Ser B (FGIC Insd)................ 5.000 12/01/41 2,568,925
</Table>
12 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 3,505 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill
Cap Apprec (FGIC Insd).......................... * 01/01/14 $ 2,444,212
2,010 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill
Cap Apprec (FGIC Insd).......................... * 01/01/16 1,256,632
1,415 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill
Cap Apprec (FGIC Insd).......................... * 01/01/19 753,756
-------------
77,672,913
-------------
INDIANA 1.7%
1,000 Allen Cnty, IN Juvenile Justice Ctr First Mtg
(AMBAC Insd).................................... 5.500% 01/01/18 1,108,640
1,000 Clark Pleasant, IN Cmnty Sch First Mtg (AMBAC
Insd)........................................... 5.500 07/15/13 1,117,510
2,000 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty Proj
Ser A (AMBAC Insd) (e).......................... 5.000 05/01/35 2,073,320
1,580 Indiana Trans Fin Auth Toll Rd Lease Rev Rfdg
(AMBAC Insd).................................... 5.375 07/01/09 1,655,334
1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)
(f)............................................. 5.950 12/01/29 1,559,385
2,500 Vigo Cnty, IN Sch Bldg Corp First Mtg Impt &
Rfdg (FSA Insd)................................. 5.250 07/10/24 2,671,125
-------------
10,185,314
-------------
KANSAS 0.5%
1,395 Wichita, KS Pub Bldg Comm Rev Wichita St Univ
Proj Ser L Rfdg (AMBAC Insd) (a)................ 5.000 02/01/15 1,501,146
1,465 Wichita, KS Pub Bldg Comm Rev Wichita St Univ
Proj Ser L Rfdg (AMBAC Insd) (a)................ 5.000 02/01/16 1,571,960
-------------
3,073,106
-------------
KENTUCKY 0.4%
2,350 Louisville & Jefferson, KY Swr Ser A (MBIA Insd)
(a)............................................. 5.500 05/15/15 2,638,533
-------------
LOUISIANA 4.1%
5,000 Ernest N Morial New Orleans LA Sr Sub Ser A
(AMBAC Insd).................................... 5.250 07/15/21 5,499,600
2,000 Ernest N Morial New Orleans, LA Exhib Hall Auth
Spl Tax Sub Ser A (AMBAC Insd).................. 5.000 07/15/33 2,074,840
1,495 Louisiana Hsg Fin Agy Rev Azalea Estates Ser A
Rfdg (AMT) (GNMA Collateralized)................ 5.375 10/20/39 1,557,835
1,675 Louisiana Loc Govt Environmental Fac Pkg Fac
Corp Garage Proj Ser A (AMBAC Insd) (a)......... 5.200 10/01/19 1,824,896
2,580 Louisiana Loc Govt Environmental Rev Southeastn
LA Student Hsg A (MBIA Insd).................... 5.250 08/01/21 2,811,426
</Table>
See Notes to Financial Statements 13
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
LOUISIANA (CONTINUED)
$ 3,000 Louisiana St Ser A (FGIC Insd).................. 5.500% 11/15/07 $ 3,192,600
7,852 Louisiana St Univ & Agric & Mechanical College
Univ Rev Master Agreement (Acquired 11/30/98,
Cost $7,665,459) (c)............................ 5.750 10/30/18 7,500,665
-------------
24,461,862
-------------
MAINE 0.2%
1,000 Maine Vets Homes, ME Rev (Prerefunded @
10/01/05)....................................... 7.750 10/01/20 1,039,720
-------------
MARYLAND 1.4%
2,300 Baltimore, MD Cap Apprec Cons Pub Ser A Impt &
Rfdg (FGIC Insd)................................ * 10/15/06 2,143,600
1,845 Baltimore, MD Cap Apprec Ser A (FGIC Insd)...... * 10/15/07 1,617,235
1,700 Maryland St Trans Auth Arpt Baltimore/WA Intl
Arpt B (AMT) (AMBAC Insd)....................... 5.125 03/01/24 1,793,194
2,365 Northeast, MD Waste Disp Auth Rfdg (AMT) (AMBAC
Insd)........................................... 5.500 04/01/16 2,581,114
-------------
8,135,143
-------------
MASSACHUSETTS 3.2%
1,495 Massachusetts Bay Tran Auth MA Sales Tax Rev Ser
A............................................... 5.000 07/01/35 1,541,225
1,775 Massachusetts Muni Whsl Elec Co Nuclear Proj 5
(MBIA Insd)..................................... 5.250 07/01/13 1,964,588
1,000 Massachusetts St Cons Ln Ser B (Prerefunded @
08/01/14) (AMBAC Insd).......................... 5.000 08/01/22 1,100,060
2,165 Massachusetts St Dev Fin Agy Proj Ser R-2 (MBIA
Insd)........................................... 5.125 02/01/34 2,267,058
785 Massachusetts St Dev Fin Agy Rev Boston
Architectural Ctr (ACA Insd).................... 6.100 09/01/18 833,890
1,000 Massachusetts St Dev Fin Agy Rev Boston
Architectural Ctr (ACA Insd).................... 6.250 09/01/28 1,053,590
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Part
Hlthcare Sys Ser C.............................. 5.750 07/01/32 1,094,600
3,700 Massachusetts St Hlth & Ed Fac Auth Rev Ser G
(MBIA Insd)..................................... 5.000 07/01/13 3,780,105
2,500 Massachusetts St Spl Oblig Dedicated Tax Rev
(FGIC Insd)..................................... 5.000 01/01/34 2,620,800
3,000 Massachusetts St Wtr Res Auth Gen Ser J (FSA
Insd)........................................... 5.000 08/01/32 3,123,990
-------------
19,379,906
-------------
MICHIGAN 2.9%
3,365 Detroit, MI Loc Dev Fin Auth Tax Increment Sr
Ser B (Acquired 09/08/97, Cost $3,365,000)
(c)............................................. 6.700 05/01/21 3,448,351
850 Detroit, MI Loc Dev Fin Auth Tax Increment Sub
Ser C (Acquired 09/08/97, Cost $850,000) (c).... 6.850 05/01/21 872,500
</Table>
14 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
MICHIGAN (CONTINUED)
$ 3,860 Detroit, MI Ser A (XLCA Insd) (a)............... 5.250% 04/01/21 $ 4,137,881
2,930 Detroit, MI Wtr Supply Sys Rev Sr Lien Ser C
Rfdg (MBIA Insd) (a)............................ 5.250 07/01/18 3,225,901
1,180 Hillsdale, MI Hosp Fin Auth Hosp Rev Hillsdale
Cmnty Hlth Ctr.................................. 5.750 05/15/18 1,238,717
1,000 Kent Hosp Fin Auth MI Rev Met Hosp Proj Ser A... 6.000 07/01/35 1,070,740
500 Michigan St Hosp Fin Auth Rev Hosp Genesys Regl
Med Ser A Rfdg (Escrowed to Maturity)........... 5.375 10/01/13 541,855
1,550 Michigan St Hsg Dev Rental Hsg Rev Ser A (AMT)
(MBIA Insd)..................................... 5.300 10/01/37 1,587,789
1,500 Michigan St Strategic Fd Detroit Edison Co Proj
C Rfdg (AMT) (XLCA Insd)........................ 5.450 12/15/32 1,589,670
-------------
17,713,404
-------------
MISSISSIPPI 0.5%
2,500 Mississippi Bus Fin Corp MS Pollutn Ctl Rev Sys
Energy Res Inc Proj............................. 5.875 04/01/22 2,531,375
380 Mississippi Home Corp Single Family Rev Mtg Ser
F (AMT) (GNMA Collateralized)................... 7.550 12/01/27 392,483
-------------
2,923,858
-------------
MISSOURI 2.2%
1,400 Ellisville, MO Indl Dev Auth Rev Gambrill
Gardens Proj Rfdg & Impt........................ 6.100 06/01/20 1,376,368
1,000 Ellisville, MO Indl Dev Auth Rev Gambrill
Gardens Proj Rfdg & Impt........................ 6.200 06/01/29 948,550
1,740 Good Shepherd Nursing Home Dist MO Nursing Home
Fac Rev (Prerefunded @ 08/15/05)................ 7.625 08/15/15 1,797,942
1,000 Kearney, MO (AMBAC Insd)........................ 5.500 03/01/16 1,105,240
1,415 Missouri St Hlth & Ed Fac Rev Univ MO Columbia
Arena Proj...................................... 5.000 11/01/18 1,521,507
1,000 Missouri St Hwys & Trans Commn Rd Rev Ser A..... 5.125 02/01/17 1,081,020
2,810 Perry Cnty, MO Nursing Home Rev Rfdg............ 5.900 03/01/28 2,521,525
2,505 Saint Louis, MO Arpt Rev Cap Impt Prog Ser A
(MBIA Insd) (a)................................. 5.375 07/01/20 2,722,659
-------------
13,074,811
-------------
NEBRASKA 0.7%
4,000 Nebraska Pub Pwr Dist Rev Gen Ser A (AMBAC
Insd)........................................... 5.000 01/01/35 4,186,760
-------------
NEVADA 2.6%
3,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC
Insd)........................................... 5.000 07/01/36 3,117,240
5,000 Clark Cnty, NV Bd Bk (MBIA Insd)................ 5.000 06/01/32 5,188,000
3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp
Proj Ser A (AMT) (AMBAC Insd)................... 5.250 07/01/34 3,147,360
</Table>
See Notes to Financial Statements 15
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
NEVADA (CONTINUED)
$ 2,500 Reno, NV Cap Impt Rev (FGIC Insd)............... 5.125% 06/01/26 $ 2,620,425
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj (AMBAC
Insd)........................................... 5.125 06/01/37 1,564,905
-------------
15,637,930
-------------
NEW HAMPSHIRE 1.3%
4,800 New Hampshire Higher Ed & Hlth Fac Auth Rev
Daniel Webster College Issue.................... 6.300 07/01/29 4,761,216
2,000 New Hampshire Higher Ed & Hlth Fac Auth Rev
Riverwoods at Exeter Ser A...................... 6.500 03/01/23 2,028,160
1,000 New Hampshire Hlth & Ed Fac Auth Rev Derryfield
Sch............................................. 6.750 07/01/20 1,060,700
-------------
7,850,076
-------------
NEW JERSEY 10.1%
1,465 Eastern Camden Cnty, NJ Regl Sch Dist Rfdg (FGIC
Insd) (a)....................................... * 03/01/06 1,429,635
1,615 Eastern Camden Cnty, NJ Regl Sch Dist Rfdg (FGIC
Insd) (a)....................................... * 03/01/07 1,524,657
1,555 Eastern Camden Cnty, NJ Regl Sch Dist Rfdg (FGIC
Insd) (a)....................................... * 03/01/08 1,418,798
2,895 Essex Cnty, NJ Impt Auth Rev Cnty Gtd Proj
Consldtn Rfdg (MBIA Insd)....................... 5.125 10/01/20 3,144,954
3,880 New Jersey Econ Dev Auth Mtr Veh Sur Rev Ser A
(MBIA Insd)..................................... 5.000 07/01/22 4,152,182
1,500 New Jersey Econ Dev Auth Rev Cigarette Tax...... 5.750 06/15/29 1,609,380
25,000 New Jersey Econ Dev Auth St Contract Econ
Recovery (MBIA Insd)............................ 5.900 03/15/21 30,261,500
2,825 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser
A (AMBAC Insd).................................. 5.250 09/01/19 3,099,279
3,500 New Jersey St Tpk Auth Tpk Rev Ser C (FSA
Insd)........................................... 6.500 01/01/16 4,243,260
5,000 New Jersey St Tpk Auth Tpk Rev Ser C-1 (AMBAC
Insd)........................................... 5.000 01/01/35 5,185,650
1,000 New Jersey St Trans Tr Fd Auth Trans Sys Ser
A............................................... 5.750 06/15/18 1,168,940
3,000 Newark, NJ Hsg Auth Port Auth Newark Marine
Terminal (MBIA Insd)............................ 5.000 01/01/37 3,120,750
-------------
60,358,985
-------------
NEW MEXICO 0.3%
1,500 Jicarilla, NM Apache Nation Adj Ser A (Acquired
10/23/03, Cost $1,514,910) (c).................. 5.000 09/01/18 1,568,820
-------------
NEW YORK 15.2%
1,670 Long Island Pwr Auth, NY Elec Cap Apprec (FSA
Insd)........................................... * 06/01/18 971,138
11,000 Metropolitan Trans Auth NY Rev Ser A Rfdg (FSA
Insd)........................................... 5.000 11/15/30 11,487,850
</Table>
16 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
$ 3,000 Metropolitan Trans Auth NY Ser A Rfdg (FGIC
Insd)........................................... 5.250% 11/15/31 $ 3,224,280
85 New York City Adj Sub Ser A-1................... 5.750 08/01/12 85,587
2,625 New York City Hlth & Hosp Corp Rev Hlth Sys Ser
A (AMBAC Insd).................................. 5.000 02/15/11 2,858,494
5,000 New York City Mun Wtr Fin Ser A (MBIA Insd)..... 5.000 06/15/35 5,222,000
3,000 New York City Mun Wtr Fin Ser B................. 5.000 06/15/19 3,221,460
2,500 New York City Muni Wtr Fin Auth Wtr & Swr Sys
Rev Ser D....................................... 5.000 06/15/39 2,606,650
7,000 New York City Ser A............................. 6.250 08/01/08 7,371,420
3,000 New York City Ser G............................. 5.000 12/01/27 3,119,220
2,000 New York City Ser H (FGIC Insd)................. 6.000 08/01/12 2,318,780
1,000 New York City Ser H............................. 5.750 03/15/13 1,117,160
2,500 New York City Ser I (MBIA Insd)................. 5.000 08/01/17 2,710,775
4,000 New York City Trans Fin Auth Future Tax Sec Ser
E............................................... 5.000 02/01/33 4,168,000
1,000 New York City Transitional Future Tax Secd Ser C
(AMBAC Insd).................................... 5.250 08/01/22 1,086,510
1,545 New York St Dorm Auth Lease Teachers College
(FSA Insd)...................................... 5.250 08/15/15 1,695,560
6,800 New York St Dorm Auth Rev City Univ Sys Cons Ser
A............................................... 5.625 07/01/16 7,778,112
1,250 New York St Dorm Auth Rev Cons City Univ Sys A
(FSA Insd)...................................... 5.750 07/01/13 1,448,813
3,000 New York St Dorm Auth Rev Sch Dist Fin Pgm Ser D
(MBIA Insd)..................................... 5.500 10/01/17 3,367,230
4,200 New York St Dorm Auth Rev Secd Hosp N General
Hosp Rfdg....................................... 5.750 02/15/19 4,668,426
2,190 New York St Hsg Fin Agy Econ Dev & Hsg Ser A
(a)............................................. 5.250 09/15/20 2,379,983
1,330 New York St Hsg Fin Agy Econ Dev & Hsg Ser A.... 5.000 09/15/22 1,406,595
4,423 Plainedge, NY Un Free Sch Dist No. 2063
(Acquired 7/25/97, Cost $4,423,263) (c)......... 6.000 06/01/12 4,642,569
3,000 Triborough Brdg & Tunl Auth Gen Purp Ser A...... 5.000 01/01/27 3,112,590
5,000 Triborough Brdg & Tunl Auth NY Gen Ser B Rfdg... 5.000 11/15/21 5,284,400
3,900 Triborough Brdg & Tunl Auth NY Rev Rfdg (MBIA
Insd)........................................... 5.000 11/15/32 4,067,856
-------------
91,421,458
-------------
NORTH CAROLINA 3.4%
2,000 Johnston Cnty, NC (Prerefunded @ 03/01/10) (FGIC
Insd)........................................... 5.900 03/01/19 2,287,920
8,300 North Carolina Muni Pwr Agy No 1 Catawba Elec
Rev Rfdg (MBIA Insd)............................ 6.000 01/01/12 9,548,735
</Table>
See Notes to Financial Statements 17
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
NORTH CAROLINA (CONTINUED)
$ 6,605 North Carolina Muni Pwr Agy Ser A (MBIA Insd)... 5.250% 01/01/20 $ 7,200,111
1,215 University NC Wilmington Rev (AMBAC Insd)....... 5.250 01/01/19 1,329,538
-------------
20,366,304
-------------
OHIO 4.3%
3,950 Cincinnati, OH City Sch Dist Sch Impt (FSA
Insd)........................................... 5.250 06/01/18 4,344,882
2,630 Cleveland-Cuyahoga Cnty, OH Dev Port Auth Rev
Cleveland Bond Fd Ser B......................... 5.375 05/15/18 2,680,812
1,000 Columbus, OH City Sch Dist Sch Fac Constr & Impt
(FSA Insd)...................................... 5.250 12/01/21 1,101,640
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj............................................ 7.500 01/01/30 1,124,720
2,350 Franklin Cnty, OH Convention Fac Auth Tax &
Lease Rev Antic Bds Rfdg (AMBAC Insd)........... 5.250 12/01/17 2,581,687
2,000 Lebanon, OH City Sch Dist (FSA Insd)............ 5.500 12/01/16 2,230,760
1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare...... 5.375 10/01/30 1,046,630
2,000 Lorain, OH City Sch Dist Classroom Fac Impt
(MBIA Insd)..................................... 5.250 12/01/20 2,200,420
1,000 Mahoning Cnty, OH Hosp Fac Forum Hlth Oblig
Group Ser A..................................... 6.000 11/15/32 1,074,610
1,520 Miami Univ OH Gen Rcpts Rfdg (AMBAC Insd)....... 5.000 12/01/21 1,638,104
2,270 Montgomery Cnty, OH Hosp Rev Kettering Med Ctr
Impt & Rfdg (MBIA Insd)......................... 6.250 04/01/20 2,806,333
2,500 Ohio St Bldg Auth St Fac Adult Correction Ser A
Rfdg (FSA Insd)................................. 5.500 10/01/12 2,800,550
-------------
25,631,148
-------------
OKLAHOMA 0.7%
1,240 Kay Cnty, OK Home Fin Auth Rev Single Family Mtg
Ser A Rfdg (Escrowed to Maturity) (AMBAC
Insd)........................................... 7.000 11/01/11 1,482,742
1,250 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev
(FGIC Insd)..................................... 5.250 10/01/29 1,356,300
1,320 Oklahoma Hsg Fin Agy Single Family Rev Mtg Class
B (AMT) (GNMA Collateralized)................... 7.997 08/01/18 1,353,172
-------------
4,192,214
-------------
OREGON 2.1%
4,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA
Insd)........................................... 5.250 07/01/22 4,377,080
1,500 Oregon St Dept Admin Ser C Rfdg (MBIA Insd)..... 5.250 11/01/17 1,637,970
1,250 Portland, OR Cmnty College Dist Ser B........... 5.250 06/01/12 1,381,388
1,500 Washington Multnomah & Yamhill Cntys, OR Sch
Dist No 11 (MBIA Insd).......................... 5.000 06/01/13 1,634,565
3,195 Yamhill Cnty, OR Sch Dist No 029 (Prerefunded @
06/15/12) (MBIA Insd) (a)....................... 5.250 06/15/18 3,583,416
-------------
12,614,419
-------------
PENNSYLVANIA 6.0%
2,500 Allegheny Cnty, PA San Auth Swr (MBIA Insd)..... 5.500 12/01/30 2,805,075
3,850 Greater Latrobe, PA Sch Auth (Prerefunded @
04/01/12) (FGIC Insd) (a)....................... 5.250 04/01/16 4,302,260
</Table>
18 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
PENNSYLVANIA (CONTINUED)
$ 210 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg.................... 5.000% 12/15/05 $ 209,950
275 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg (a)................ 5.100 12/15/06 275,737
295 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg (a)................ 5.250 12/15/07 297,369
210 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg.................... 5.300 12/15/08 211,880
320 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg (a)................ 5.300 12/15/09 319,357
240 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg.................... 5.400 12/15/10 238,447
2,700 Pennsylvania Econ Dev Fin Auth Res Recovery Rev
Colver Proj Ser D (AMT)......................... 7.150 12/01/18 2,764,530
1,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A... 6.250 01/15/18 1,126,950
1,000 Philadelphia, PA Auth Indl Dev Philadelphia Arpt
Sys Proj Ser A (AMT) (FGIC Insd)................ 5.125 07/01/19 1,055,070
2,600 Philadelphia, PA Auth Indl Ser B (FSA Insd)..... 5.500 10/01/16 2,908,750
3,200 Philadelphia, PA Gas Wks Rev 1998 Gen Ordinance
4th Ser (FSA Insd).............................. 5.250 08/01/19 3,474,944
4,305 Philadelphia, PA Redev Auth Rev Neighborhood
Transformation Ser A (FGIC Insd)................ 5.250 04/15/11 4,735,801
1,500 Philadelphia, PA Sch Dist Ser A (Prerefunded @
02/01/11) (FSA Insd)............................ 5.750 02/01/12 1,698,270
5,205 Pittsburgh, PA Ser A (AMBAC Insd)............... 5.500 09/01/17 5,733,203
3,500 State Pub Sch Bldg Auth PA Sch Rev Lease
Philadelphia Sch Dist Proj (FSA Insd)........... 5.000 06/01/33 3,641,260
-------------
35,798,853
-------------
RHODE ISLAND 0.5%
2,495 Rhode Island St Hlth & Ed Higher Ed Johnson &
Wales Rfdg (XLCA Insd).......................... 5.375 04/01/18 2,721,820
-------------
SOUTH CAROLINA 1.6%
2,000 Rock Hill, SC Util Sys Rev Comb Ser A Impt &
Rfdg (FSA Insd)................................. 5.375 01/01/18 2,207,820
475 Rock Hill, SC Util Sys Rev Comb Ser C Rfdg (FSA
Insd)........................................... 5.125 01/01/13 516,197
1,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec
& Gas Co Proj Ser A (AMBAC Insd)................ 5.200 11/01/27 1,608,075
5,000 South Carolina Trans Infrastructure Bk Rev Ser A
(AMBAC Insd).................................... 5.000 10/01/33 5,227,700
-------------
9,559,792
-------------
SOUTH DAKOTA 0.3%
1,905 Minnehaha Cnty, SD Ctf Ltd Tax (FSA Insd) (a)... 5.000 12/01/19 2,057,648
-------------
</Table>
See Notes to Financial Statements 19
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
TENNESSEE 1.6%
$ 4,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev
First Mtg Mtn St Hlth Ser A Rfdg (MBIA Insd).... 7.500% 07/01/25 $ 5,033,080
2,500 Memphis, TN (Prerefunded @10/01/06)............. 5.250 10/01/14 2,610,400
1,000 Metropolitan Nashville Arpt Auth TN Impt Ser A
Rfdg (FGIC Insd)................................ 6.600 07/01/14 1,170,770
815 Tennessee Hsg Dev Agy Home Ownership Pgm 2-A
(AMT)........................................... 5.700 07/01/31 846,255
-------------
9,660,505
-------------
TEXAS 10.6%
1,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp.......... 5.375 01/01/32 1,024,640
1,350 Cameron Cnty, TX Ctf Oblig (AMBAC Insd) (a)..... 5.750 02/15/14 1,489,496
2,500 Coastal Bend Hlth Fac Dev, TX Ser C (Inverse
Fltg) (Escrowed to Maturity) (AMBAC Insd)....... 8.138 11/15/13 3,305,975
2,420 Dallas Cnty, TX Cmnty College Dist Rev Fin Sys
(AMBAC Insd) (a)................................ 5.375 02/15/16 2,626,329
2,000 Harris Cnty, TX Toll Rd Sub Lien Rfdg........... 5.000 08/01/33 2,031,960
5,000 Harris Cnty-Houston, TX Sports Auth Spl Rev Jr
Lien Ser B Rfdg (MBIA Insd)..................... 5.250 11/15/40 5,203,250
3,345 Houston, TX Hotel Occupancy Tax Convtn &
Entertnmnt Ser B (AMBAC Insd)................... 5.750 09/01/14 3,777,876
6,790 Houston, TX Indpt Sch Dist Pub Fac Corp Lease
Rev Cap Apprec West Side Ser B (AMBAC Insd)
(a)............................................. * 09/15/14 4,578,361
130 Houston, TX Pub Impt & Rfdg (FSA Insd).......... 5.750 03/01/15 144,781
10,000 Houston, TX Util Sys Rev First Lien Ser A Rfdg
(FSA Insd)...................................... 5.250 05/15/21 10,840,300
4,000 Houston, TX Util Sys Rev First Lien Ser A Rfdg
(FGIC Insd)..................................... 5.250 05/15/23 4,319,520
3,860 Mabank, TX Indpt Sch Dist (PSF Gtd) (e)......... 5.125 08/15/35 4,024,899
1,250 Matagorda Cnty, TX Navig Dist No 1 Rev Coll
Centerpoint Energy Proj Rfdg (Variable Rate
Coupon)......................................... 5.600 03/01/27 1,304,375
1,000 Mesquite, TX Hlth Fac Dev Christian Care
Retirement Fac Ser A............................ 7.625 02/15/28 1,048,840
1,400 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones
Mem Hosp Proj................................... 7.250 01/01/31 1,427,608
4,000 North Central, TX Hlth Fac Dev Hosp Childrens
Med Ctr Dallas (AMBAC Insd)..................... 5.250 08/15/32 4,244,720
3,900 Region One Ed Svc Ctr Sub Tech Fac Proj
(Acquired 12/30/97, Cost $3,889,679) (c)........ 6.590 12/15/17 3,981,456
4,000 San Antonio, TX Elec & Gas Rev Sys Rfdg
(Prerefunded @ 02/01/12)........................ 5.375 02/01/18 4,449,560
1,057 Texas Gen Svc Comm Part Int..................... 7.250 08/01/11 1,069,618
</Table>
20 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 3,920 Texas Muni Pwr Agy Rev (MBIA Insd).............. * 09/01/15 $ 2,524,990
80 Texas Muni Pwr Agy Rev (Escrowed to Maturity)
(MBIA Insd)..................................... * 09/01/15 52,213
-------------
63,470,767
-------------
VIRGINIA 2.2%
1,320 Fairfax Cnty, VA Ctf Part....................... 5.300% 04/15/23 1,427,936
1,500 Henrico Cnty, VA Indl Dev Auth Pub Fac Lease Rev
Henrico Cnty Regl Jail Proj (Prerefunded @
08/01/05)....................................... 6.500 08/01/10 1,544,970
1,500 Henrico Cnty, VA Indl Dev Auth Pub Fac Lease Rev
Henrico Cnty Regl Jail Proj (Prerefunded @
08/01/05)....................................... 7.125 08/01/21 1,547,325
1,630 Richmond, VA (FSA Insd)......................... 5.125 01/15/08 1,729,169
1,340 Richmond, VA (FSA Insd)......................... 5.500 01/15/10 1,484,908
5,000 Virginia St Pub Sch Auth Sch Fin 1997 Resolution
Ser C........................................... 5.000 08/01/20 5,399,050
-------------
13,133,358
-------------
WASHINGTON 4.9%
5,000 Bellevue, WA Convention Ctr Auth Spl Oblig Rev
Rfdg (MBIA Insd)................................ * 02/01/24 2,024,150
3,000 Clark Cnty, WA Pub Util Dist No. 001 Gen Sys Rev
Rfdg (FSA Insd)................................. 5.625 01/01/12 3,300,240
5,000 Cowlitz Cnty, WA Spl Swr Rev CSOB Wastewtr
Treatment Rfdg (FGIC Insd)...................... 5.500 11/01/19 5,792,400
3,000 Energy Northwest WA Elec Rev Proj No 3 Ser A
Rfdg (FSA Insd)................................. 5.500 07/01/18 3,317,730
5,000 King Cnty, WA Ser B Rfdg (MBIA Insd)............ 5.250 01/01/34 5,256,200
1,000 Port Seattle, WA Rev Ser B (AMT) (MBIA Insd).... 5.625 02/01/24 1,077,500
4,915 Seattle, WA Wtr Sys Rev (MBIA Insd)............. 5.000 09/01/34 5,125,165
1,345 Tacoma, WA Elec Sys Rev Ser A Rfdg (FSA Insd)... 5.750 01/01/15 1,508,444
1,750 Washington St Pub Pwr Supply Sys Nuclear Proj No
1 Rev (MBIA Insd)............................... 5.750 07/01/12 1,841,770
-------------
29,243,599
-------------
WEST VIRGINIA 1.1%
6,550 Harrison Cnty, WV Cnty Cmnty Solid Waste Disp
Rev Potomac Edison Co Ser A (AMT) (MBIA Insd)
(a)............................................. 6.875 04/15/22 6,571,222
-------------
WISCONSIN 0.9%
5,000 Wisconsin St Hlth & Ed Fac Auth Mercy Hlth Sys
Corp (AMBAC Insd)............................... 5.500 08/15/25 5,383,550
-------------
GUAM 0.9%
5,000 Guam Pwr Auth Rev Ser A (AMBAC Insd)............ 5.250 10/01/34 5,351,200
-------------
</Table>
See Notes to Financial Statements 21
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
PUERTO RICO 1.0%
$ 2,000 Puerto Rico Muni Fin Agy Ser A (FSA Insd)....... 5.250% 08/01/20 $ 2,186,260
3,500 Puerto Rico Pub Bldg Auth Rev Govt Fac Ser I
(Comwth Gtd).................................... 5.250 07/01/33 3,725,050
-------------
5,911,310
-------------
TOTAL LONG-TERM INVESTMENTS 147.9%
(Cost $833,225,051)........................................................ 887,080,983
SHORT-TERM INVESTMENTS 1.1%
(Cost $6,400,000).......................................................... 6,400,000
-------------
TOTAL INVESTMENTS 149.0%
(Cost $839,625,051)........................................................ 893,480,983
OTHER ASSETS IN EXCESS OF LIABILITIES 1.1%.................................. 6,414,772
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (50.1%).................. (300,185,189)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................... $ 599,710,566
=============
</Table>
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the bond issuance.
(b) All or a portion of these securities have been physically segregated in
connection with open futures contracts.
(c) These 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) 144A securities are those which are exempt from registration under Rule 144A
of the Securities Act of 1933, as amended. These securities may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(e) Security purchased on a when-issued or delayed delivery basis.
(f) Security converts to a fixed coupon rate at a predetermined date.
ACA--American Capital Access
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
Comwth Gtd--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.
PSF--Public School Fund
XLCA--XL Capital Assurance Inc.
22 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2005 (Unaudited)
<Table>
ASSETS:
Total Investments (Cost $839,625,051)....................... $893,480,983
Cash........................................................ 120,874
Receivables:
Investments Sold.......................................... 12,939,718
Interest.................................................. 12,031,232
Variation Margin on Futures............................... 176,000
Other....................................................... 2,531
------------
Total Assets............................................ 918,751,338
------------
LIABILITIES:
Payables:
Investments Purchased..................................... 17,753,220
Investment Advisory Fee................................... 403,537
Income Distributions--Common Shares....................... 121,580
Other Affiliates.......................................... 33,902
Trustees' Deferred Compensation and Retirement Plans........ 398,575
Accrued Expenses............................................ 144,769
------------
Total Liabilities....................................... 18,855,583
Preferred Shares (including accrued distributions).......... 300,185,189
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $599,710,566
============
NET ASSET VALUE PER COMMON SHARE ($599,710,566 divided by
36,365,393 shares outstanding)............................ $ 16.49
============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
shares authorized, 36,365,393 shares issued and
outstanding).............................................. $ 363,654
Paid in Surplus............................................. 538,413,497
Net Unrealized Appreciation................................. 53,045,038
Accumulated Net Realized Gain............................... 5,131,012
Accumulated Undistributed Net Investment Income............. 2,757,365
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $599,710,566
============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
shares, 12,000 issued with liquidation preference of
$25,000 per share)........................................ $300,000,000
============
NET ASSETS INCLUDING PREFERRED SHARES....................... $899,710,566
============
</Table>
See Notes to Financial Statements 23
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2005 (Unaudited)
<Table>
INVESTMENT INCOME:
Interest.................................................... $21,741,013
-----------
EXPENSES:
Investment Advisory Fee..................................... 2,449,210
Preferred Share Maintenance................................. 396,833
Trustees' Fees and Related Expenses......................... 48,777
Legal....................................................... 41,012
Custody..................................................... 24,668
Other....................................................... 179,529
-----------
Total Expenses........................................ 3,140,029
-----------
NET INVESTMENT INCOME....................................... $18,600,984
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 5,934,988
Futures................................................... 110,207
-----------
Net Realized Gain........................................... 6,045,195
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 61,956,652
-----------
End of the Period:
Investments............................................. 53,855,932
Futures................................................. (810,894)
-----------
53,045,038
-----------
Net Unrealized Depreciation During the Period............... (8,911,614)
-----------
NET REALIZED AND UNREALIZED LOSS............................ $(2,866,419)
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(2,821,118)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $12,913,447
===========
</Table>
24 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL TRUST
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
------------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................... $ 18,600,984 $ 37,094,940
Net Realized Gain/Loss.................................. 6,045,195 (1,189,030)
Net Unrealized Appreciation/Depreciation During the
Period................................................ (8,911,614) 15,009,021
Distributions to Preferred Shareholders:
Net Investment Income................................. (2,821,118) (3,180,653)
Net Realized Gain..................................... -0- (77,363)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................ 12,913,447 47,656,915
Distributions to Common Shareholders:
Net Investment Income................................. (16,836,215) (34,036,953)
Net Realized Gain..................................... -0- (868,390)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM INVESTMENT ACTIVITIES............................ (3,922,768) 12,751,572
NET ASSETS APPLICABLE TO COMMON SHARES:.................
Beginning of the Period................................. 603,633,334 590,881,762
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $2,757,365 and $3,813,714,
respectively)......................................... $599,710,566 $603,633,334
============ ============
</Table>
See Notes to Financial Statements 25
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.
<Table>
<Caption>
SIX MONTHS
ENDED
APRIL 30, -----------------------------
2005 2004 2003 2002 (a)
------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD............ $ 16.60 $ 16.25 $ 16.12 $ 16.07
------- ------- ------- -------
Net Investment Income............................. .51 1.03 1.02 1.06
Net Realized and Unrealized Gain/Loss............. (.08) .37 .13 .01
Common Share Equivalent of Distributions Paid to
Preferred Shareholders:
Net Investment Income........................... (.08) (.09) (.08) (.11)
Net Realized Gain............................... -0- -0-(f) -0- -0-
------- ------- ------- -------
Total from Investment Operations.................... .35 1.31 1.07 .96
Distributions Paid to Common Shareholders:
Net Investment Income........................... (.46) (.94) (.94) (.91)
Net Realized Gain............................... -0- (.02) -0- -0-
------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD.................. $ 16.49 $ 16.60 $ 16.25 $ 16.12
======= ======= ======= =======
Common Share Market Price at End of the Period...... $ 14.15 $ 14.90 $ 14.57 $ 14.30
Total Return (b).................................... -1.96%* 9.15% 8.60% 10.49%
Net Assets Applicable to Common Shares at End of the
Period (In millions).............................. $ 599.7 $ 603.6 $ 590.9 $ 586.2
Ratio of Expenses to Average Net Assets Applicable
to Common Shares (c).............................. 1.06% 1.19% 1.23% 1.35%
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares (c)................... 6.27% 6.24% 6.28% 6.70%
Portfolio Turnover.................................. 16%* 19% 24% 38%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including
Preferred Shares (c).............................. .71% .79% .81% .89%
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares (d)................... 5.32% 5.70% 5.77% 5.98%
SENIOR SECURITIES:
Total Preferred Shares Outstanding.................. 12,000 12,000 12,000 12,000
Asset Coverage Per Preferred Share (e).............. $74,991 $75,312 $74,245 $73,861
Involuntary Liquidating Preference Per Preferred
Share............................................. $25,000 $25,000 $25,000 $25,000
Average Market Value Per Preferred Share............ $25,000 $25,000 $25,000 $25,000
</Table>
* Non-Annualized
(a)As required, effective November 1, 2001, the Trust has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
accreting market discount on fixed income securities. The effect of this
change for the year ended October 31, 2002 was to increase net investment
income per share by $.01, decrease net realized and unrealized gains and
losses per share by $.01 and increase the ratio of net investment income to
average net assets applicable to common shares from 6.69% to 6.70%. Per
share, ratios and supplemental data for periods prior to October 31, 2002
have not been restated to reflect this change in presentation.
(b)Total return assumes an investment at the common share market price at the
beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing common share market price at the end of the period
indicated.
(c)Ratios do not reflect the effect of dividend payments to preferred
shareholders.
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
(e)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares) from the Trust's total assets and dividing this by the
number of preferred shares outstanding.
(f)Amount is less than $0.01 per share.
26
<Table>
<Caption>
TWO MONTHS
YEAR ENDED OCTOBER 31, ENDED YEAR ENDED AUGUST 31,
- --------------------------------- OCTOBER 31, -----------------------------------------
2001 2000 1999 1998 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------
$ 14.91 $ 14.60 $ 17.39 $ 17.32 $ 16.60 $ 15.84 $ 15.73 $ 15.56
------- ------- -------- -------- -------- -------- -------- --------
1.13 1.17 1.20 .21 1.26 1.28 1.30 1.31
1.12 .42 (2.30) .08 .72 .73 .10 .26
(.27) (.34) (.24) (.02) (.30) (.29) (.30) (.32)
-0- -0- (.06) (.04) -0- -0- -0- -0-
------- ------- -------- -------- -------- -------- -------- --------
1.98 1.25 (1.40) .23 1.68 1.72 1.10 1.25
(.82) (.94) (.96) (.16) (.96) (.96) (.99) (1.08)
-0- -0- (.43) -0- -0- -0- -0- -0-
------- ------- -------- -------- -------- -------- -------- --------
$ 16.07 $ 14.91 $ 14.60 $ 17.39 $ 17.32 $ 16.60 $ 15.84 $ 15.73
======= ======= ======== ======== ======== ======== ======== ========
$ 13.79 $12.625 $13.1875 $16.8125 $16.1875 $ 15.75 $ 14.50 $ 14.25
15.97% 2.80% -14.47% 4.84%* 9.06% 15.87% 8.98% 2.39%
$ 584.4 $ 542.1 $ 530.9 $ 630.6 $ 628.2 $ 601.9 $ 574.6 $ 570.7
1.55% 1.67% 1.60% 1.57% 1.57% 1.61% 1.61% 1.65%
7.26% 8.07% 7.43% 7.20% 7.42% 7.86% 8.08% 8.58%
28% 39% 80% 6%* 94% 54% 36% 49%
1.01% 1.07% 1.06% 1.07% 1.06% 1.07% 1.06% 1.07%
5.51% 5.71% 5.95% 6.48% 5.66% 6.04% 6.20% 6.48%
12,000 12,000 12,000 6,000 6,000 6,000 6,000 6,000
$73,700 $70,177 $ 69,241 $155,104 $154,696 $150,322 $145,764 $145,113
$25,000 $25,000 $ 25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
$25,000 $25,000 $ 25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
</Table>
See Notes to Financial Statements 27
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (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, 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 below-investment grade and
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 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.
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.
Legal expenditures that are expected to result in the restructuring of a plan of
reorganization of an investment are recorded as realized losses. 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, 2005, the Trust had $6,098,219 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 such losses against any future realized capital
gains. At October 31, 2004, the Trust had an
28
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
accumulated capital loss carry forward for tax purposes of $930,080, which will
expire on October 31, 2012.
At April 30, 2005, the cost and related gross unrealized appreciation and
depreciation are as follows:
<Table>
Cost of investments for tax purposes........................ $839,173,587
============
Gross tax unrealized appreciation........................... $ 55,186,133
Gross tax unrealized depreciation........................... (878,737)
------------
Net tax unrealized appreciation on investments.............. $ 54,307,396
============
</Table>
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed annually on a pro rata basis to common and preferred
shareholders. Distributions from net realized gains for book purposes may
include short-term capital gains, which are included as ordinary income for tax
purposes.
The tax character of distributions paid during the year ended October 31,
2004 was as follows:
<Table>
Distribution paid from:
Ordinary Income........................................... $ 71,612
Long-term capital gain.................................... 945,753
----------
$1,017,365
==========
</Table>
As of October 31, 2004, the components of distributable earnings on a tax
basis were as follows:
<Table>
Undistributed ordinary income............................... $198,860
</Table>
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") provides investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
of the Trust. Effective November 1, 2004, the investment advisory fee was
reduced from .60% to .55%.
For the six months ended April 30, 2005, the Trust recognized expenses of
approximately $27,100 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
Under separate Accounting Services and Legal Services agreements, the
Adviser provides accounting and legal services to the Trust. The Adviser
allocates the cost of such services to each trust. For the six months ended
April 30, 2005, the Trust recognized expenses of approximately $31,900
representing Van Kampen Investments Inc.'s or its affiliates' (collectively "Van
Kampen") cost of providing accounting and legal services to the Trust, which are
reported as part of "Other" and "Legal" expenses, respectively, in the Statement
of Operations.
29
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
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. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $145,364,599 and $150,690,377,
respectively.
4. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
The Trust may invest up to 15% of its net assets in "inverse floating rate
obligations." The inverse floating rate obligations in which the Trust may
invest are typically created through a division of a fixed-rate municipal
obligation into two separate instruments, a short-term obligation and a
long-term obligation. The interest rate on the short-term obligation is set at
periodic auctions. The interest rate on the long-term obligation which the Trust
may purchase is the rate the issuer would have paid on the fixed-income
obligation, (i) plus the difference between such fixed rate and the rate on the
short-term obligation, if the short-term rate is lower than the fixed rate; or
(ii) minus such difference if the interest rate on the short-term obligation is
higher than the fixed rate. These securities have varying degrees of liquidity
and the market value of such securities generally will fluctuate in response to
changes in market rates of interest to a greater extent than the value of an
equal principal amount of a fixed rate security having similar credit quality,
redemption provisions and maturity. These securities tend to underperform the
market for fixed rate bonds in a rising interest rate environment, but tend to
outperform the market for fixed rate bonds when interest rates decline or remain
relatively stable. Although volatile, inverse floating rate obligations
typically offer the potential for yields exceeding the yields available on fixed
rate bonds with comparable credit quality, coupon, call provisions and maturity.
These securities usually permit the investor to convert the floating rate
security counterpart to a fixed rate (normally adjusted downward), and this
optional conversion feature may provide a partial hedge against rising rates if
exercised at an opportune time.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage in transactions involving interest
rate swaps, caps, floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management or for risk management
purposes, but may also enter into these transactions to generate additional
income. All of the Trust's portfolio holdings, including derivative instruments,
are marked to market each day with the change in value reflected in 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 this instance, the recognition of gain or loss is
postponed
30
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
until the disposal of the security underlying the futures contract. Risks may
arise as a result of the potential inability of the counterparties to meet the
terms of their contracts.
During the period, the Trust invested in futures contracts, a type of
derivative. 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 Bonds
and Notes and typically closes the contract prior to the delivery date. Futures
contracts are valued at the settlement price established each day on the
exchange on which they are traded.
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 future commission merchant pursuant to 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, 2005,
were as follows:
<Table>
<Caption>
CONTRACTS
Outstanding at October 31, 2004............................. 22
Futures Opened.............................................. 986
Futures Closed.............................................. (304)
----
Outstanding at April 30, 2005............................... 704
====
</Table>
The futures contracts outstanding as of April 30, 2005, and the descriptions
and unrealized appreciation/depreciation are as follows:
<Table>
<Caption>
UNREALIZED
SHORT CONTRACTS CONTRACTS DEPRECIATION
U.S. Treasury Notes 5-Year Futures June 2005 (Current
Notional Value of $108,453 per contract).................. 704 $(810,894)
</Table>
5. PREFERRED SHARES
The Trust has outstanding 12,000 Auction Preferred Shares ("APS") in four series
of 3,000 shares each. Dividends are cumulative and the dividend rate is
periodically reset through an auction process. The dividend periods for Series A
and C are generally 7 days. The dividend periods for Series B and D are 28 days.
The average rate in effect on April 30, 2005 was 2.603%. During the six months
ended April 30, 2005, the rates ranged from 1.350% to 2.850%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense in 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
31
VAN KAMPEN MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
certain asset coverage tests, and the APS are subject to mandatory redemption if
the tests are not met.
6. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
7. TRUST MERGER
On March 18, 2005, the Trustees of Investment Grade Municipal Trust ("Target
Trust") announced its intention to merge the Target Trust into Municipal Trust
("Acquiring Trust"). The Trustees of each of the trusts have approved in
principal an agreement and plan of reorganization between the trusts providing
for a transfer of assets and liabilities of the Target Trust to the Acquiring
Trust in exchange for shares of beneficial interest of the Acquiring Trust (the
"Reorganization"). The Reorganization is subject to the approval by the
shareholders of the Target Trust.
32
VAN KAMPEN MUNICIPAL TRUST
DIVIDEND REINVESTMENT PLAN
The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which
Common Shareholders may elect to have dividends and capital gains distributions
reinvested in Common Shares of the Trust. The Trust declares dividends out of
net investment income, and will distribute annually net realized capital gains,
if any. Common Shareholders may join or withdraw from the Plan at any time.
If you decide to participate in the Plan, State Street Bank and Trust
Company, as your Plan Agent, will automatically invest your dividends and
capital gains distributions in Common Shares of the Trust for your account.
HOW TO PARTICIPATE
If you wish to participate and your shares are held in your own name, call
1-800-341-2929 for more information and a Plan brochure. If your shares are held
in the name of a brokerage firm, bank, or other nominee, you should contact your
nominee to see if it would participate in the Plan on your behalf. If you wish
to participate in the Plan, but your brokerage firm, bank or nominee is unable
to participate on your behalf, you should request that your shares be
re-registered in your own name which will enable your participation in the Plan.
HOW THE PLAN WORKS
Participants in the Plan will receive the equivalent in Common Shares valued
on the valuation date, generally at the lower of market price or net asset
value, except as specified below. The valuation date will be the dividend or
distribution payment date or, if that date is not a trading day on the national
securities exchange or market system on which the Common Shares are listed for
trading, the next preceding trading day. If the market price per Common Share on
the valuation date equals or exceeds net asset value per Common Share on that
date, the Trust will issue new Common Shares to participants valued at the
higher of net asset value or 95% of the market price on the valuation date. In
the foregoing situation, the Trust will not issue Common Shares under the Plan
below net asset value. If net asset value per Common Share on the valuation date
exceeds the market price per Common Share on that date, or if the Board of
Trustees should declare a dividend or capital gains distribution payable to the
Common Shareholders only in cash, participants in the Plan will be deemed to
have elected to receive Common Shares from the Trust valued at the market price
on that date. Accordingly, in this circumstance, the Plan Agent will, as agent
for the participants, buy the Trust's Common Shares in the open market for the
participants' accounts on or shortly after the payment date. If, before the Plan
Agent has completed its purchases, the market price exceeds the net asset value
per share of the Common Shares, the average per share purchase price paid by the
Plan Agent may exceed the net asset value
33
VAN KAMPEN MUNICIPAL TRUST
DIVIDEND REINVESTMENT PLAN continued
of the Trust's Common Shares, resulting in the acquisition of fewer Common
Shares than if the dividend or distribution had been paid in Common Shares
issued by the Trust. All reinvestments are in full and fractional Common Shares
and are carried to three decimal places.
Experience under the Plan may indicate that changes are desirable.
Accordingly, the Trust reserves the right to amend or terminate the Plan as
applied to any dividend or distribution paid subsequent to written notice of the
changes sent to all Common Shareholders of the Trust at least 90 days before the
record date for the dividend or distribution. The Plan also may be amended or
terminated by the Plan Agent by at least 90 days written notice to all Common
Shareholders of the Trust.
COSTS OF THE PLAN
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. However, each participant will pay a
prorata share of brokerage commissions incurred with respect to the Plan Agent's
open market purchases in connection with the reinvestment of dividends and
distributions. No other charges will be made to participants for reinvesting
dividends or capital gains distributions, except for certain brokerage
commissions, as described above.
TAX IMPLICATIONS
You will receive tax information annually for your personal records and to
help you prepare your federal income tax return. The automatic reinvestment of
dividends and capital gains distributions does not relieve you of any income tax
which may be payable on dividends or distributions.
RIGHT TO WITHDRAW
Plan participants may withdraw at any time by calling 1-800-341-2929 or by
writing State Street Bank and Trust Company, P.O. Box 8200, Boston, MA
02266-8200. If you withdraw, you will receive, without charge, a share
certificate issued in your name for all full Common Shares credited to your
account under the Plan and a cash payment will be made for any fractional Common
Share credited to your account under the Plan. You may again elect to
participate in the Plan at any time by calling 1-800-341-2929 or writing to the
Trust at:
Van Kampen Funds Inc.
Attn: Closed-End Funds
2800 Post Oak Blvd.
Houston, TX 77056
34
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
MITCHELL M. MERIN*
JACK E. NELSON
RICHARD F. POWERS, III*
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
MITCHELL M. MERIN
President and Chief Executive Officer
RONALD E. ROBISON
Executive Vice President and
Principal Executive Officer
JOSEPH J. MCALINDEN
Executive Vice President and
Chief Investment Officer
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
JAMES W. GARRETT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
225 Franklin Street
P.O. Box 1713
Boston, Massachusetts 02110
TRANSFER AGENT
EQUISERVE TRUST COMPANY, N.A.
P.O. Box 43011
Providence, Rhode Island 02940-3011
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
180 North Stetson Avenue
Chicago, Illinois 60601
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
35
VAN KAMPEN
AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc.,
Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange
Corp., as well as current and former individual investors in Van Kampen mutual
funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised by
us. This Policy is, however, applicable to individuals who select us to be a
custodian of securities or assets in individual retirement accounts, 401(k)
accounts, 529 Educational Savings Accounts, accounts subject to the Uniform
Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we help
you achieve your financial objectives. This Policy describes what non-public
personal information we collect about you, why we collect it, and when we may
share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies you or
your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect and
maintain accurate information about you. We may obtain this information from
applications and other forms you submit to us, from your dealings with us, from
consumer reporting agencies, from our Web sites and from third parties and other
sources.
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser,
(continued on back)
VAN KAMPEN
AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY continued
your use of our Web sites and your product and service preferences,
through the use of "cookies." "Cookies" recognize your computer each
time you return to one of our sites, and help to improve our sites'
content and personalize your experience on our sites by, for example,
suggesting offerings that may interest you. Please consult the Terms of
Use of these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you better
and to manage our business, we may disclose personal information we collect
about you to our affiliated companies and to non-affiliated third parties as
required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise required
or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except to
enable them to provide services on our behalf, to perform joint marketing
agreements with other financial institutions, or as otherwise required or
permitted by law. For example, some instances where we may disclose information
about you to non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against fraud,
for institutional risk control, to respond to judicial process or to perform
services on our behalf. When we share personal information with these companies,
they are required to limit their use of personal information to the particular
purpose for which it was shared and they are not allowed to share personal
information with others except to fulfill that limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE
COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties that
provide support or marketing services on our behalf may also receive personal
information, and we require them to adhere to confidentiality standards with
respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza, P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2005 Van Kampen Funds Inc. All rights reserved.
Member NASD/SIPC.
VKQ SAR 6/05 RN05-01304P-Y04/05
(VAN KAMPEN INVESTMENTS LOGO)
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(a) Code of Ethics -- Not applicable for semi-annual reports.
(b)(1) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(b)(2) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Municipal Trust
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 16, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 16, 2005
By: /s/ James W. Garrett
--------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: June 16, 2005