nvcsr
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment
Company Act file number 811-6362
Van Kampen Municipal Trust
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Edward C. Wood III
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrants telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 10/31/09
Item 1. Report to Shareholders.
The
Trusts annual report transmitted to shareholders pursuant
to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
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MUTUAL FUNDS
Van Kampen
Municipal Trust (VKQ)
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Privacy Notice information on the
back.
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Welcome, Shareholder
In this report, youll learn about how your investment in
Van Kampen Municipal Trust performed during the annual
period. The portfolio management team will provide an overview
of the market conditions and discuss some of the factors that
affected investment performance during the reporting period. In
addition, this report includes the trusts financial
statements and a list of trust investments as of October 31,
2009.
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 the 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).
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NOT FDIC INSURED
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OFFER NO BANK GUARANTEE
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MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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NOT A DEPOSIT
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Performance
Summary as
of 10/31/09 (Unaudited)
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Municipal
Trust
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Symbol:
VKQ
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Average Annual
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Based on
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Based on
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Total
Returns
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NAV
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Market
Price
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Since Inception (9/27/91)
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6.03
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%
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5.89
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%
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10-year
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5.40
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6.23
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5-year
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1.50
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3.24
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1-year
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32.17
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34.85
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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 Trusts portfolio
securities, cash and other assets, less all liabilities and
preferred shares, by the total number of common shares
outstanding. The common share market price is the price the
market is willing to pay for shares of the Trust at a given
time. Common share market price is influenced by a range of
factors, including supply and demand and market conditions.
Total return assumes an investment at the beginning of the
period, reinvestment of all distributions for the period in
accordance with the Trusts dividend reinvestment plan, and
sale of all shares at the end of the period. The Trusts
adviser has waived or reimbursed fees and expenses from time to
time, absent such waivers/ reimbursements the Trusts
returns would have been lower. Periods of less than one year are
not annualized.
The Lehman Brothers
Municipal Bond Index, which has been shown in the Trusts
previous shareholder reports, changed its name to Barclays
Capital Municipal Bond Index as of November 3, 2008. The
Barclays Capital Municipal Bond Index is generally
representative of investment-grade, tax exempt bonds. The Index
is unmanaged and its returns do not include any sales charges or
fees. Such costs would lower performance. It is not possible to
invest directly in an index.
1
Trust Report
For the
12-month
period ended October 31, 2009
Market
Conditions
The municipal bond market made a dramatic turnaround during the
12-month
reporting period. Following the fourth quarter of 2008, one of
the worst quarters on record for the municipal bond market and
broad financial markets alike, the outlook for the economy and
the markets gradually began to improve. Although the economy
overall remained weak, certain economic indicators stabilized in
early 2009, indicating that perhaps the contraction in growth
might be slowing. At the same time, the various policies enacted
by the federal government to provide liquidity and ease the
stress on the financial system appeared to be taking hold as
credit conditions became more favorable. Investors, encouraged
by these improvements, began to take on more risk, sparking a
rebound in market performance. Ongoing positive news on the
corporate, banking and economic fronts in the ensuing months
helped to sustain the rally throughout the remainder of the
reporting period.
Renewed investor risk appetite led the higher-yielding, lower
quality sector of the municipal market to outperform the
investment-grade sector over the past several months, a dramatic
reversal from the latter months of 2008. As a result, the high
yield segment of the market slightly outperformed the investment
grade segment for the overall
12-month
reporting period, with the Barclays Capital High Yield Municipal
Bond Index returning 14.53 percent versus
13.60 percent for the Barclays Capital Municipal Bond
Index. Additionally, long-maturity bonds dramatically
outperformed for the period, with the long end of the municipal
yield curve outperforming the
10-year
segment by approximately 800 basis points.
After experiencing net outflows for much of 2008, municipal bond
funds enjoyed net inflows of approximately $60 billion
year-to-date.
Total new issue supply declined by 3 percent
year-over-year
to $332 billion. Issuance of taxable Build America Bonds
has been displacing that of traditional tax-exempt municipal
bonds. As a result, the supply of tax-exempt issues declined by
11 percent
year-over-year
to $265 billion as of the end of October 2009.
2
Performance
Analysis
The Trusts 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 Trusts
portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common
shares outstanding, while market price reflects the supply and
demand for the shares. As a result, the two returns can differ,
as they did during the reporting period. On both an NAV basis
and a market price basis, the Trust outperformed the Barclays
Capital Municipal Bond Index (the Index).
Total return for
the 12-month
period ended October 31, 2009
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Based on
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Based on
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Barclays
Capital
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NAV
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Market
Price
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Municipal
Bond Index
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32.17
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%
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34.85
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%
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13.60
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%
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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 Trusts performance relative to the Index for the
reporting period was primarily attributable to the following
factors:
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An overweight in lower quality bonds, particularly A and
BBB rated issues, helped performance as these bonds have
performed well, recovering from the extremely risk-averse
environment of late 2008. Many of these holdings are in the
health care and industrial development revenue/pollution control
revenue (IDR/PCR) sectors.
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A position in non-rated bonds, which are not represented
in the Index, was additive to returns as spreads on these issues
have tightened considerably from the historically wide levels
reached last year.
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With regard to the Trusts yield-curve positioning,
an overweight on the longer end of the curve was advantageous as
longer maturity issues significantly outperformed shorter
maturity issues for the reporting period.
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The Trusts housing bonds, which had an average
credit rating of AA, and tobacco bonds also enhanced
relative returns as strong demand drove prices in these sectors
higher.
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However, the Trusts exposure to pre-refunded bonds
held back relative performance as these high quality, short
maturity issues underperformed for the period.
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The Trusts Board of Trustees has approved a procedure
whereby the Trust may, when appropriate, repurchase its shares
in the open market or in privately negotiated transactions at a
price not above market value or NAV, whichever is lower at the
time of purchase. This may help support the market value of the
Trusts shares.
3
Market
Outlook
While certain economic indicators are showing some
stabilization, the outlook for the economy is uncertain
particularly due to continued job market deterioration. In the
near term, we expect somewhat volatile markets as investors
develop a clearer view of economic fundamentals in the
U.S. and abroad. Amid this uncertainty, we do not expect
any move towards tighter monetary policy over the next several
months. Longer term, we expect to see credit quality improve as
the economy rebounds, leading to further credit spread
tightening. However, now that municipal bond prices have
returned to levels more reflective of historical averages, going
forward we do not expect to see the same level of returns the
municipal market has experienced
year-to-date.
There is no guarantee that any sectors mentioned will
continue to perform as discussed herein or that securities in
such sectors will be held by the Trust in the future.
4
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Ratings
Allocation as of 10/31/09 (Unaudited)
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AAA/Aaa
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23.3
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%
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AA/Aa
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25.1
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A/A
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21.0
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BBB/Baa
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15.3
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BB/Ba
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1.3
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B/B
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0.1
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Non-Rated
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13.9
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Top
Five Sectors as of 10/31/09 (Unaudited)
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Hospital
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21.4
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%
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General Purpose
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9.9
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Airports
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6.5
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Bridge, Tunnel & Toll Road
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6.4
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Water & Sewer
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6.0
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Summary
of Investments by State/Country Classification as of 10/31/09
(Unaudited)
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California
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14.6
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%
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Illinois
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9.5
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Texas
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9.2
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New York
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8.0
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Florida
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7.6
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Ohio
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5.6
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New Jersey
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4.8
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Massachusetts
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2.7
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Arizona
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2.7
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Missouri
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2.4
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Nevada
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2.0
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Michigan
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2.0
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Wisconsin
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1.9
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Colorado
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1.8
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District of Columbia
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1.8
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South Carolina
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1.6
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Louisiana
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1.6
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Alabama
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1.6
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Tennessee
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1.5
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Washington
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1.4
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Indiana
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1.4
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Pennsylvania
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1.4
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North Carolina
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1.3
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Georgia
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1.2
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Kentucky
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1.0
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Kansas
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1.0
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Maryland
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0.9
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Minnesota
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0.8
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Virginia
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0.8
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Connecticut
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0.8
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West Virginia
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0.6
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Iowa
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0.6
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Puerto Rico
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0.5
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Alaska
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0.4
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Oklahoma
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0.4
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(continued on next
page)
5
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Summary
of Investments by State/Country Classification as of 10/31/09
(Unaudited)
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(continued from previous page)
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New Hampshire
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0.4
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New Mexico
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0.4
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North Dakota
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0.3
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Idaho
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0.3
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Nebraska
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0.3
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Wyoming
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0.3
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Oregon
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0.2
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Rhode Island
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0.1
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Vermont
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0.1
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Utah
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0.1
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Guam
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0.1
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Total Investments
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100.0
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%
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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
allocation and summary of investments by state/country
classification are as a percentage of total investments. Sectors
are as a percentage of total long-term investments. Securities
are classified by sectors that represent broad groupings of
related industries. Van Kampen is a wholly owned subsidiary
of a global securities firm which is engaged in a wide range of
financial services including, for example, securities trading
and brokerage activities, investment banking, research and
analysis, financing and financial advisory services. Rating
allocations based upon ratings as issued by Standard and
Poors and Moodys, respectively.
6
Portfolio
Management
Van Kampen Municipal Trust is managed by members of the
Advisers Municipal Fixed Income team. The Municipal Fixed
Income team consists of portfolio managers and analysts. The
current members of the team jointly and primarily responsible
for the
day-to-day
management of the Trusts portfolio are Thomas Byron, an
Executive Director of the Adviser, Robert J. Stryker, an
Executive Director of the Adviser, and Robert W. Wimmel, an
Executive Director of the Adviser.
Mr. Byron has been associated with the Adviser in an
investment management capacity since 1981 and began managing the
Trust in September 2000. Mr. Stryker has been associated
with the Adviser in an investment management capacity since 1994
and began managing the Trust in December 2009. Mr. Wimmel
has been associated with the Adviser in an investment management
capacity since 1996 and began managing the Trust in November
2001. All team members are responsible for the execution of the
overall strategy of the Trusts portfolio. The composition
of the team may change from time to time.
Derivatives
Policy
The Trust has amended and restated its policy on derivatives to
permit it to invest in the derivative investments discussed
below.
The Trust may use derivative instruments for a variety of
purposes, including hedging, risk management, portfolio
management or to earn income. Derivatives are financial
instruments whose value is based on the value of another
underlying asset, interest rate, index or financial instrument.
A derivative instrument often has risks similar to its
underlying instrument and may have additional risks, including
imperfect correlation between the value of the derivative and
the underlying instrument, risks of default by the other party
to certain transactions, magnification of losses incurred due to
changes in the market value of the securities, instruments,
indices or interest rates to which they relate, and risks that
the transactions may not be liquid. The use of derivatives
involves risks that are different from, and possibly greater
than, the risks associated with other portfolio investments.
Derivatives may involve the use of highly specialized
instruments that require investment techniques and risk analyses
different from those associated with other portfolio
investments. Certain derivative transactions may give rise to a
form of leverage. Leverage associated with derivative
transactions may cause the Trust to liquidate portfolio
positions when it may not be advantageous to do so to satisfy
its obligations or to meet earmarking or segregation
requirements, pursuant to applicable SEC rules and regulations,
or may cause the Trust to be more volatile than if the Trust had
not been leveraged. Although the Investment Adviser seeks to use
derivatives to further the Trusts investment objective,
there is no assurance that the use of derivatives will achieve
this result.
Following is a description of the derivative instruments and
techniques that the Trust may use and their associated risks:
7
Futures. A futures contract is a standardized
agreement between two parties to buy or sell a specific quantity
of an underlying instrument at a specific price at a specific
future time. The value of a futures contract tends to increase
and decrease in tandem with the value of the underlying
instrument. Futures contracts are bilateral agreements, with
both the purchaser and the seller equally obligated to complete
the transaction. Depending on the terms of the particular
contract, futures contracts are settled through either physical
delivery of the underlying instrument on the settlement date or
by payment of a cash settlement amount on the settlement date. A
decision as to whether, when and how to use futures involves the
exercise of skill and judgment and even a well conceived futures
transaction may be unsuccessful because of market behavior or
unexpected events. In addition to the derivatives risks
discussed above, the prices of futures can be highly volatile,
using futures can lower total return, and the potential loss
from futures can exceed the Trusts initial investment in
such contracts.
Swaps. A swap contract is an agreement
between two parties pursuant to which the parties exchange
payments at specified dates on the basis of a specified notional
amount, with the payments calculated by reference to specified
securities, indexes, reference rates, currencies or other
instruments. Most swap agreements provide that when the period
payment dates for both parties are the same, the payments are
made on a net basis (i.e., the two payment streams are netted
out, with only the net amount paid by one party to the other).
The Trusts obligations or rights under a swap contract
entered into on a net basis will generally be equal only to the
net amount to be paid or received under the agreement, based on
the relative values of the positions held by each counterparty.
Swap agreements are not entered into or traded on exchanges and
there is no central clearing or guaranty function for swaps.
Therefore, swaps are subject to credit risk or the risk of
default or non-performance by the counterparty. Swaps could
result in losses if interest rate or credit quality changes are
not correctly anticipated by the Trust or if the reference
index, security or investments do not perform as expected.
Inverse Floaters. Inverse floating rate
obligations are obligations which pay interest at rates that
vary inversely with changes in market rates of interest. Because
the interest rate paid to holders of such obligations is
generally determined by subtracting a variable or floating rate
from a predetermined amount, the interest rate paid to holders
of such obligations will decrease as such variable or floating
rate increases and increase as such variable or floating rate
decreases. Like most other fixed-income securities, the value of
inverse floaters will decrease as interest rates increase. They
are more volatile, however, than most other fixed-income
securities because the coupon rate on an inverse floater
typically changes at a multiple of the change in the relevant
index rate. Thus, any rise in the index rate (as a consequence
of an increase in interest rates) causes a correspondingly
greater drop in the coupon rate of an inverse floater while a
drop in the index rate causes a correspondingly greater increase
in the coupon of an inverse floater. Some inverse floaters may
also increase or decrease substantially because of changes in
the rate of prepayments.
Inverse Floating Rate Municipal
Obligations. The inverse floating rate municipal
obligations in which the Trust may invest include derivative
instruments such as
8
residual interest bonds (RIBs) or tender option
bonds (TOBs). Such instruments are typically created
by a special purpose trust that holds long-term fixed rate bonds
and sells two classes of beneficial interests: short-term
floating rate interests, which are sold to third party
investors, and inverse floating residual interests, which are
purchased by the Trust. The short-term floating rate interests
have first priority on the cash flow from the bond held by the
special purpose trust and the Trust is paid the residual cash
flow from the bond held by the special purpose trust.
Inverse floating rate investments are variable debt instruments
that pay interest at rates that move in the opposite direction
of prevailing interest rates. Inverse floating rate investments
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. Inverse floating rate investments have
varying degrees of liquidity.
The Trust generally invests in inverse floating rate investments
that include embedded leverage, thus exposing the Trust to
greater risks and increased costs. The market value of a
leveraged inverse floating rate investment generally
will fluctuate in response to changes in market rates of
interest to a greater extent than the value of an unleveraged
investment. The extent of increases and decreases in the value
of inverse floating rate investments generally will be larger
than changes in an equal principal amount of a fixed rate
security having similar credit quality, redemption provisions
and maturity, which may cause the Trusts net asset value
to be more volatile than if it had not invested in inverse
floating rate investments.
In certain instances, the short-term floating rate interests
created by the trust may not be able to be sold to third parties
or, in the case of holders tendering (or putting) such interests
for repayment of principal, may not be able to be remarketed to
third parties. In such cases, the trust holding the long-term
fixed rate bonds may be collapsed. In the case of floaters
created by the Trust, the Trust will then be required to repay
the principal amount of the tendered securities. During times of
market volatility, illiquidity or uncertainty, the Trust could
be required to sell other portfolio holdings at a
disadvantageous time to raise cash to meet that obligation.
9
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 trusts second and fourth
fiscal quarters. The semiannual reports and the annual reports
are filed electronically with the Securities and Exchange
Commission (SEC) on
Form N-CSRS
and
Form N-CSR,
respectively. Van Kampen also delivers the semiannual and
annual reports to fund shareholders, and makes these reports
available on its public Web site, www.vankampen.com. In addition
to the semiannual and annual reports that Van Kampen
delivers to shareholders and makes available through the
Van Kampen public Web site, each fund files a complete
schedule of portfolio holdings with the SEC for the trusts
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 SECs Web site,
http://www.sec.gov.
You may also review and copy them at the SECs Public
Reference Room in Washington, D.C. Information on the operation
of the SECs Public Reference Room may be obtained by
calling the SEC at
(800) SEC-0330.
You can also request copies of these materials, upon payment of
a duplicating fee, by electronic request at the SECs
e-mail
address (publicinfo@sec.gov) or by writing the Public Reference
section of the SEC, Washington, DC
20549-1520.
You may obtain copies of a trusts fiscal quarter filings
by contacting Van Kampen Client Relations at
(800) 341-2929.
Proxy Voting
Policy and Procedures and Proxy Voting Record
You may obtain a copy of the Trusts Proxy Voting Policy
and Procedures without charge, upon request, by calling toll
free
(800) 341-2929
or by visiting our Web site at www.vankampen.com. It is also
available on the Securities and Exchange Commissions Web
site at
http://www.sec.gov.
You may obtain information regarding how the Trust voted proxies
relating to portfolio securities during the most recent
twelve-month period ended June 30 without charge by visiting our
Web site at www.vankampen.com. This information is also
available on the Securities and Exchange Commissions Web
site at
http://www.sec.gov.
10
Investment Advisory Agreement Approval
Both the Investment Company Act of 1940 and the terms of the
Funds investment advisory agreement require that the
investment advisory agreement between the Fund and its
investment adviser be approved annually both by a majority of
the Board of Trustees and by a majority of the independent
trustees voting separately.
At meetings held on April 17, 2009 and May
20-21, 2009,
the Board of Trustees, and the independent trustees voting
separately, considered and ultimately determined that the terms
of the investment advisory agreement are fair and reasonable and
approved the continuance of the investment advisory agreement as
being in the best interests of the Fund and its shareholders. In
making its determination, the Board of Trustees considered
materials that were specifically prepared by the investment
adviser at the request of the Board and Fund counsel, and by an
independent provider of investment company data contracted to
assist the Board, relating to the investment advisory agreement
review process. The Board also considered information received
periodically about the portfolio, performance, the investment
strategy, portfolio management team and fees and expenses of the
Fund. Finally, the Board considered materials it had received in
connection with fee waivers currently in place for the Fund and
materials it had received in connection with the share
repurchase program currently in place for the Fund. The Board of
Trustees considered the investment advisory agreement over a
period of several months and the trustees held sessions both
with the investment adviser and separate from the investment
adviser in reviewing and considering the investment advisory
agreement.
In approving the investment advisory agreement, the Board of
Trustees considered, among other things, the nature, extent and
quality of the services provided by the investment adviser, the
performance, fees and expenses of the Fund compared to other
similar funds and other products, the investment advisers
expenses in providing the services and the profitability of the
investment adviser and its affiliated companies. The Board of
Trustees considered the extent to which any economies of scale
experienced by the investment adviser are shared with the
Funds shareholders, and the propriety of breakpoints in
the Funds investment advisory fee schedule. The Board of
Trustees considered comparative advisory fees of the Fund and
other investment companies
and/or other
products at different asset levels, and considered the trends in
the industry. The Board of Trustees evaluated other benefits the
investment adviser and its affiliates derive from their
relationship with the Fund. The Board of Trustees reviewed
information about the foregoing factors and considered changes,
if any, in such information since its previous approval. The
Board of Trustees discussed the financial strength of the
investment adviser and its affiliated companies and the
capability of the personnel of the investment adviser, and
specifically the strength and background of its portfolio
management personnel. The Board of Trustees reviewed the
statutory and regulatory requirements for approval and
disclosure of investment advisory agreements. The Board of
Trustees, including the independent trustees, evaluated all of
the foregoing and does not believe any single factor or group of
factors control or dominate the review process, and, after
considering all factors together, has determined, in the
exercise of its business
11
judgment, that approval of the investment advisory agreement is
in the best interests of the Fund and its shareholders. The
following summary provides more detail on certain matters
considered but does not detail all matters considered.
Nature, Extent and Quality of the Services Provided. On a
regular basis, the Board of Trustees considers the roles and
responsibilities of the investment adviser as a whole and those
specific to portfolio management, support and trading functions
servicing the Fund. The trustees discuss with the investment
adviser the resources available and used in managing the Fund
and changes made in the Funds portfolio management team
and the Funds portfolio management strategy over time. The
trustees also discuss certain other services which are provided
on a cost-reimbursement basis by the investment adviser or its
affiliates to the Van Kampen funds including certain accounting,
administrative and legal services. The Board has determined that
the nature, extent and quality of the services provided by the
investment adviser support its decision to approve the
investment advisory agreement.
Performance, Fees and Expenses of the Fund. On a regular basis,
the Board of Trustees reviews the performance, fees and expenses
of the Fund compared to its peers and to appropriate benchmarks.
In addition, the Board spends more focused time on the
performance of the Fund and other funds in the Van Kampen
complex, paying specific attention to underperforming funds. The
trustees discuss with the investment adviser the performance
goals and the actual results achieved in managing the Fund. When
considering a funds performance, the trustees and the
investment adviser place emphasis on trends and longer-term
returns (focusing on one-year, three-year and five-year
performance with special attention to three-year performance)
and, when a funds weighted performance is under the
funds benchmark or peers, they discuss the causes and
where necessary seek to make specific changes to investment
strategy or investment personnel. The Fund discloses more
information about its performance elsewhere in this report. The
trustees discuss with the investment adviser the level of
advisory fees for this Fund relative to comparable funds and
other products advised by the adviser and others in the
marketplace. The trustees review not only the advisory fees but
other fees and expenses (whether paid to the adviser, its
affiliates or others) and the Funds overall expense ratio.
The Board has determined that the performance, fees and expenses
of the Fund support its decision to approve the investment
advisory agreement.
Investment Advisers Expenses in Providing the Service and
Profitability. At least annually, the trustees review the
investment advisers expenses in providing services to the
Fund and other funds advised by the investment adviser and the
profitability of the investment adviser. These profitability
reports are put together by the investment adviser with the
oversight of the Board. The trustees discuss with the investment
adviser its revenues and expenses, including, among other
things, revenues for advisory services, portfolio
management-related expenses, revenue sharing arrangement costs
and allocated expenses both on an aggregate basis and per fund.
The Board has determined that the analysis of the investment
advisers expenses and profitability support its decision
to approve the investment advisory agreement.
12
Economies of Scale. On a regular basis, the Board of Trustees
considers the size of the Fund and how that relates to the
Funds expense ratio and particularly the Funds
advisory fee rate. In conjunction with its review of the
investment advisers profitability, the trustees discuss
with the investment adviser how more (or less) assets can affect
the efficiency or effectiveness of managing the Funds
portfolio and whether the advisory fee level is appropriate
relative to current asset levels
and/or
whether the advisory fee structure reflects economies of scale
as asset levels change. The Board has determined that its review
of the actual and potential economies of scale of the Fund
support its decision to approve the investment advisory
agreement.
Other Benefits of the Relationship. On a regular basis, the
Board of Trustees considers other benefits to the investment
adviser and its affiliates derived from the investment
advisers relationship with the Fund and other funds
advised by the investment adviser. These benefits include, among
other things, fees for transfer agency services provided to the
funds, in certain cases research received by the adviser
generated from commission dollars spent on funds portfolio
trading, and in certain cases distribution or service related
fees related to funds sales. The trustees review with the
investment adviser each of these arrangements and the
reasonableness of its costs relative to the services performed.
The Board has determined that the other benefits received by the
investment adviser or its affiliates support its decision to
approve the investment advisory agreement.
13
Van Kampen
Municipal Trust
Portfolio of
Investments n October 31,
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Municipal Bonds 166.5%
Alabama 2.6%
|
$
|
2,150
|
|
|
Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg,
Ser A (AGL Insd) (a)
|
|
|
5.000
|
%
|
|
06/01/39
|
|
$
|
2,173,725
|
|
|
3,695
|
|
|
Gadsden, AL Wts, Ser B (AMBAC Insd)
|
|
|
5.250
|
|
|
08/01/21
|
|
|
4,059,475
|
|
|
1,300
|
|
|
Hlthcare Auth For Baptist Hlth AL, Ser A (b)
|
|
|
6.125
|
|
|
11/15/36
|
|
|
1,369,160
|
|
|
1,725
|
|
|
Huntsville-Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg
Proj
|
|
|
5.500
|
|
|
01/01/43
|
|
|
1,264,201
|
|
|
4,000
|
|
|
Jefferson Cnty, AL Swr Rev Cap Impt Wts (FGIC Insd) (Prerefunded
@ 8/01/12)
|
|
|
5.125
|
|
|
02/01/42
|
|
|
4,314,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,180,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska 0.7%
|
|
1,000
|
|
|
Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (FSA
Insd)
|
|
|
5.750
|
|
|
03/01/16
|
|
|
1,015,580
|
|
|
3,870
|
|
|
Northern Tob Sec Corp AK Tob Settlement Rev Asset Bkd, Ser A
|
|
|
5.000
|
|
|
06/01/46
|
|
|
2,571,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,587,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona 4.5%
|
|
1,425
|
|
|
Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj
|
|
|
6.250
|
|
|
09/01/32
|
|
|
1,333,045
|
|
|
1,700
|
|
|
Arizona St Trans Brd Hwy Rev, Ser B
|
|
|
5.000
|
|
|
07/01/25
|
|
|
1,837,649
|
|
|
2,545
|
|
|
Arizona St Trans Brd Hwy Rev, Ser B (a)
|
|
|
5.000
|
|
|
07/01/26
|
|
|
2,744,274
|
|
|
1,650
|
|
|
Glendale, AZ Indl Dev Auth Rfdg
|
|
|
5.000
|
|
|
12/01/35
|
|
|
1,487,854
|
|
|
2,000
|
|
|
Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC
Insd)
|
|
|
5.250
|
|
|
01/01/32
|
|
|
1,928,800
|
|
|
2,150
|
|
|
Maricopa Cnty, AZ Indl Dev Auth Hlth Fac Rev Catholic Hlthcare
West, Ser C (b)
|
|
|
5.000
|
|
|
07/01/38
|
|
|
2,274,421
|
|
|
1,225
|
|
|
Maricopa Cnty, AZ Pollutn Ctl Corp Pollutn Ctl Rev Rfdg AZ Pub
Svc Co, Ser B (b)
|
|
|
5.500
|
|
|
05/01/29
|
|
|
1,275,458
|
|
|
625
|
|
|
Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser C (b)
|
|
|
5.500
|
|
|
06/01/34
|
|
|
646,506
|
|
|
715
|
|
|
Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser E (b)
|
|
|
5.750
|
|
|
06/01/34
|
|
|
732,174
|
|
|
2,300
|
|
|
Pima Cnty, AZ Indl Dev Auth Wtr & Waste Wtr Rev Global
Wtr Resh LLC Proj (AMT)
|
|
|
6.550
|
|
|
12/01/37
|
|
|
2,155,744
|
|
|
2,050
|
|
|
Salt Riv Proj AZ Agric Impt & Pwr Dist Elec Sys Rev,
Ser A (a)
|
|
|
5.000
|
|
|
01/01/28
|
|
|
2,190,528
|
|
|
4,510
|
|
|
University of AZ Med Ctr Corp
|
|
|
5.000
|
|
|
07/01/35
|
|
|
4,120,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,727,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California 24.5%
|
|
4,000
|
|
|
Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj,
Ser C (FSA Insd)
|
|
|
*
|
|
|
09/01/20
|
|
|
2,275,760
|
|
|
2,100
|
|
|
Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A
(Syncora Gtd)
|
|
|
5.250
|
|
|
09/01/35
|
|
|
1,842,036
|
|
|
4,000
|
|
|
Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area,
Ser F-1
|
|
|
5.000
|
|
|
04/01/39
|
|
|
4,065,800
|
|
|
2,500
|
|
|
Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area,
Ser F-1 (a)
|
|
|
5.000
|
|
|
04/01/34
|
|
|
2,560,288
|
|
14
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
California (Continued)
|
$
|
2,000
|
|
|
Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area,
Ser F-1 (a)
|
|
|
5.000
|
%
|
|
04/01/39
|
|
$
|
2,032,900
|
|
|
4,000
|
|
|
Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area,
Ser F-1 (a)
|
|
|
5.125
|
|
|
04/01/39
|
|
|
4,118,840
|
|
|
800
|
|
|
Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election
|
|
|
*
|
|
|
08/01/28
|
|
|
309,424
|
|
|
1,875
|
|
|
California Cnty, CA Tob Sec Agy Tob Asset Bkd Merced Cnty Rfdg,
Ser A
|
|
|
5.250
|
|
|
06/01/45
|
|
|
1,273,031
|
|
|
1,000
|
|
|
California Hlth Fac Fin Auth Rev Catholic Hlthcare West,
Ser A
|
|
|
6.000
|
|
|
07/01/34
|
|
|
1,054,670
|
|
|
3,000
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)
|
|
|
4.950
|
|
|
08/01/23
|
|
|
2,811,735
|
|
|
2,000
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)
|
|
|
5.050
|
|
|
02/01/29
|
|
|
1,812,160
|
|
|
6,000
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (a)
|
|
|
4.800
|
|
|
08/01/36
|
|
|
4,992,180
|
|
|
3,150
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)
|
|
|
5.300
|
|
|
08/01/23
|
|
|
3,065,816
|
|
|
3,700
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)
|
|
|
5.450
|
|
|
08/01/28
|
|
|
3,536,534
|
|
|
1,000
|
|
|
California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt
Inc Proj, Ser B (AMT)
|
|
|
5.000
|
|
|
07/01/27
|
|
|
946,030
|
|
|
510
|
|
|
California St (AMBAC Insd)
|
|
|
5.125
|
|
|
10/01/27
|
|
|
509,969
|
|
|
775
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/24
|
|
|
848,334
|
|
|
975
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/25
|
|
|
1,061,941
|
|
|
975
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/26
|
|
|
1,059,630
|
|
|
575
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/27
|
|
|
619,235
|
|
|
975
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/28
|
|
|
1,048,539
|
|
|
1,900
|
|
|
California St Econ Recovery Rfdg, Ser A
|
|
|
5.250
|
|
|
07/01/21
|
|
|
1,981,738
|
|
|
1,995
|
|
|
California St Pub Wks Brd UCLA Replacement Hosp, Ser A (FSA
Insd)
|
|
|
5.375
|
|
|
10/01/20
|
|
|
2,065,184
|
|
|
5,000
|
|
|
California St Univ Rev Sys Wide, Ser A (AMBAC Insd)
|
|
|
5.000
|
|
|
11/01/23
|
|
|
5,096,200
|
|
|
1,150
|
|
|
California St Var Purp
|
|
|
5.750
|
|
|
04/01/31
|
|
|
1,183,638
|
|
|
2,615
|
|
|
California St Vet, Ser CD (AMT)
|
|
|
4.600
|
|
|
12/01/32
|
|
|
2,143,620
|
|
|
2,650
|
|
|
California Statewide Cmnty Dev Auth Ctf Partn (Acquired
11/23/99, Cost $2,650,000) (c)
|
|
|
7.250
|
|
|
11/01/29
|
|
|
2,703,371
|
|
|
1,000
|
|
|
California Statewide Cmnty Dev Auth Rev Front Porch
Cmnty & Svc, Ser A (d)
|
|
|
5.125
|
|
|
04/01/37
|
|
|
825,020
|
|
|
1,800
|
|
|
California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth,
Ser A
|
|
|
5.000
|
|
|
03/01/30
|
|
|
1,720,206
|
|
15
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
California (Continued)
|
$
|
1,685
|
|
|
California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth,
Ser A
|
|
|
5.000
|
%
|
|
03/01/35
|
|
$
|
1,555,306
|
|
|
1,300
|
|
|
California Statewide Cmnty Dev Auth Rev Kaiser Permanente,
Ser A
|
|
|
5.000
|
|
|
04/01/19
|
|
|
1,373,437
|
|
|
3,805
|
|
|
California Statewide Cmnty Dev Auth Rev Sutter Hlth, Ser A
|
|
|
5.000
|
|
|
11/15/43
|
|
|
3,509,694
|
|
|
445
|
|
|
Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third
Tier Franciscan Rfdg, Ser C
|
|
|
6.500
|
|
|
12/15/47
|
|
|
372,483
|
|
|
27,810
|
|
|
Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg
|
|
|
*
|
|
|
01/15/33
|
|
|
5,696,322
|
|
|
18,000
|
|
|
Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg
(NATL Insd)
|
|
|
*
|
|
|
01/15/25
|
|
|
6,558,480
|
|
|
225
|
|
|
Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Sr Lien,
Ser A (Prerefunded @ 1/01/10)
|
|
|
7.150
|
|
|
01/01/13
|
|
|
232,099
|
|
|
1,430
|
|
|
Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr,
Ser A-1
|
|
|
4.500
|
|
|
06/01/27
|
|
|
1,239,495
|
|
|
7,655
|
|
|
Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr,
Ser A-1
|
|
|
5.750
|
|
|
06/01/47
|
|
|
5,656,126
|
|
|
4,000
|
|
|
Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced, Ser A
|
|
|
5.000
|
|
|
06/01/45
|
|
|
3,445,640
|
|
|
5,000
|
|
|
Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced,
Ser A (FGIC Insd)
|
|
|
5.000
|
|
|
06/01/35
|
|
|
4,445,450
|
|
|
1,000
|
|
|
Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj,
Ser A (Syncora Gtd)
|
|
|
5.000
|
|
|
09/01/37
|
|
|
803,700
|
|
|
2,635
|
|
|
Imperial Irr Dist CA Ctf Partn Elec Sys Proj (FSA Insd)
|
|
|
5.250
|
|
|
11/01/23
|
|
|
2,723,694
|
|
|
1,000
|
|
|
Los Angeles, CA Hbr Dept Rev Rfdg, Ser C
|
|
|
5.000
|
|
|
08/01/31
|
|
|
1,033,460
|
|
|
1,200
|
|
|
Los Angeles, CA Uni Sch Dist, Ser D
|
|
|
5.000
|
|
|
07/01/22
|
|
|
1,287,912
|
|
|
2,500
|
|
|
Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser A
|
|
|
5.000
|
|
|
01/01/34
|
|
|
2,580,575
|
|
|
155
|
|
|
Morongo Band of Mission Indians CA Enterprise Rev Indians
Enterprise Casino, Ser B (d)
|
|
|
5.500
|
|
|
03/01/18
|
|
|
143,755
|
|
|
1,550
|
|
|
Quechan Indian Tribe Ft Yuma Indian Reservation CA &
Govt Proj
|
|
|
7.000
|
|
|
12/01/27
|
|
|
1,216,936
|
|
|
1,600
|
|
|
Rancho Mirage, CA Jt Pwr Fin Auth Rev Eisenhower Med Ctr,
Ser A
|
|
|
5.000
|
|
|
07/01/47
|
|
|
1,443,632
|
|
|
1,375
|
|
|
San Bernadino, CA Jt Pwr Fin Auth Alloc Rev Cent City Merged
Proj Rfdg, Ser A (AMBAC Insd)
|
|
|
5.750
|
|
|
07/01/20
|
|
|
1,434,496
|
|
|
1,200
|
|
|
San Francisco, CA City & Cnty Arpt Commn Intl Arpt
Rfdg 2nd,
Ser A-4
(AMT) (b)
|
|
|
6.500
|
|
|
05/01/19
|
|
|
1,295,724
|
|
|
1,000
|
|
|
San Joaquin Hills, CA Trans Corridor Agy Toll Rd Rev Cap Apprec
Rfdg, Ser A (NATL Insd)
|
|
|
*
|
|
|
01/15/27
|
|
|
287,810
|
|
|
1,000
|
|
|
San Joaquin Hills, CA Trans Corridor Agy Toll Rd Rev Cap Apprec
Rfdg, Ser A (NATL Insd)
|
|
|
*
|
|
|
01/15/28
|
|
|
268,660
|
|
|
4,290
|
|
|
Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd,
Ser A-1
|
|
|
5.375
|
|
|
06/01/38
|
|
|
3,371,983
|
|
16
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
California (Continued)
|
$
|
3,050
|
|
|
Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd,
Ser A-1
|
|
|
5.500
|
%
|
|
06/01/45
|
|
$
|
2,160,437
|
|
|
3,200
|
|
|
Tobacco Sec Auth Southn CA Tob Settlement Sr,
Ser A-1
|
|
|
5.000
|
|
|
06/01/37
|
|
|
2,410,016
|
|
|
8,350
|
|
|
Tobacco Sec Auth Southn CA Tob Settlement Sr,
Ser A-1
|
|
|
5.125
|
|
|
06/01/46
|
|
|
5,532,627
|
|
|
2,100
|
|
|
Vernon, CA Elec Sys Rev, Ser A
|
|
|
5.125
|
|
|
08/01/21
|
|
|
2,160,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,804,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado 2.9%
|
|
425
|
|
|
Colorado Hlth Fac Auth Hlth & Residential Care Fac
Volunteers of Amer Care, Ser A
|
|
|
5.300
|
|
|
07/01/37
|
|
|
309,239
|
|
|
4,875
|
|
|
Colorado Hlth Fac Auth Rev Catholic Hlth,
Ser C-5
(FSA Insd) (a)
|
|
|
5.000
|
|
|
09/01/36
|
|
|
4,928,869
|
|
|
1,000
|
|
|
Colorado Hlth Fac Auth Rev Evangelical Lutheran, Ser A
|
|
|
5.250
|
|
|
06/01/34
|
|
|
944,610
|
|
|
3,700
|
|
|
Colorado Hlth Fac Auth Rev Hlth Fac Evangelical Lutheran
|
|
|
5.000
|
|
|
06/01/35
|
|
|
3,353,310
|
|
|
1,125
|
|
|
Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth
(Prerefunded @ 11/15/11)
|
|
|
6.500
|
|
|
11/15/31
|
|
|
1,256,850
|
|
|
1,000
|
|
|
Colorado Hlth Fac Auth Rev Poudre Vly CO Hlth Fac Auth Hosp,
Ser A (FSA Insd)
|
|
|
5.200
|
|
|
03/01/31
|
|
|
1,010,670
|
|
|
100
|
|
|
Jefferson Cnty, CO Residential Mtg Rev (e)
|
|
|
9.000
|
|
|
09/01/12
|
|
|
121,363
|
|
|
340
|
|
|
Jefferson Cnty, CO Residential Mtg Rev (e)
|
|
|
11.500
|
|
|
09/01/10
|
|
|
370,848
|
|
|
220
|
|
|
Jefferson Cnty, CO Residential Mtg Rev (e)
|
|
|
11.500
|
|
|
09/01/11
|
|
|
261,840
|
|
|
970
|
|
|
Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp
Rfdg (f)
|
|
|
5.900
|
|
|
10/01/37
|
|
|
770,684
|
|
|
1,000
|
|
|
Platte Riv Pwr Auth CO Pwr Rev, Ser HH
|
|
|
5.000
|
|
|
06/01/26
|
|
|
1,078,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,406,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut 1.3%
|
|
4,225
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Pg Sub,
Ser B-2
(AMT)
|
|
|
5.100
|
|
|
05/15/38
|
|
|
4,095,250
|
|
|
2,840
|
|
|
Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A
(ACA Insd) (AMT)
|
|
|
6.600
|
|
|
07/01/24
|
|
|
2,357,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,452,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia 2.9%
|
|
2,400
|
|
|
District Columbia Hosp Rev Sibley Mem Hosp
|
|
|
6.375
|
|
|
10/01/34
|
|
|
2,547,456
|
|
|
700
|
|
|
District Columbia Hosp Rev Sibley Mem Hosp
|
|
|
6.500
|
|
|
10/01/29
|
|
|
761,866
|
|
|
775
|
|
|
District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien
Rfdg, Ser A (AGL Insd) (a)
|
|
|
5.000
|
|
|
10/01/29
|
|
|
799,161
|
|
|
1,575
|
|
|
District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien
Rfdg, Ser A (AGL Insd) (a)
|
|
|
5.000
|
|
|
10/01/34
|
|
|
1,589,616
|
|
|
4,000
|
|
|
District Columbia Wtr & Swr Auth Pub Util Rev Sub
Lien, Ser A (FSA Insd)
|
|
|
5.500
|
|
|
10/01/41
|
|
|
4,155,800
|
|
17
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
District of Columbia (Continued)
|
$
|
5,000
|
|
|
Metropolitan Washington DC Arpt Auth Sys, Ser A (NATL Insd)
(AMT)
|
|
|
5.125
|
%
|
|
10/01/26
|
|
$
|
5,027,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,881,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida 12.8%
|
|
1,000
|
|
|
Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg
|
|
|
5.250
|
|
|
11/15/17
|
|
|
942,030
|
|
|
1,000
|
|
|
Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg
|
|
|
5.875
|
|
|
11/15/36
|
|
|
810,440
|
|
|
340
|
|
|
Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A
|
|
|
6.000
|
|
|
05/01/38
|
|
|
258,607
|
|
|
250
|
|
|
Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B
|
|
|
6.200
|
|
|
05/01/38
|
|
|
180,102
|
|
|
2,970
|
|
|
Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc
Proj
|
|
|
5.000
|
|
|
04/01/34
|
|
|
2,665,189
|
|
|
1,335
|
|
|
Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena
Vida Estates Inc
|
|
|
6.750
|
|
|
01/01/37
|
|
|
1,162,158
|
|
|
3,380
|
|
|
Brevard Cnty, FL Hlth Fac Hlth First Inc Proj (NATL Insd)
|
|
|
5.125
|
|
|
04/01/31
|
|
|
3,189,030
|
|
|
400
|
|
|
Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT)
|
|
|
5.750
|
|
|
01/01/32
|
|
|
285,448
|
|
|
380
|
|
|
Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)
|
|
|
5.950
|
|
|
07/01/20
|
|
|
387,817
|
|
|
5,000
|
|
|
Florida St Dept Trans Tpk Rev, Ser A (a)
|
|
|
5.000
|
|
|
07/01/29
|
|
|
5,138,675
|
|
|
1,895
|
|
|
Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (b)
|
|
|
5.625
|
|
|
12/01/20
|
|
|
1,935,401
|
|
|
855
|
|
|
Highlands, FL Cmnty Dev Dist Spl Assmt
|
|
|
5.550
|
|
|
05/01/36
|
|
|
446,447
|
|
|
975
|
|
|
Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd)
(AMT) (a)
|
|
|
5.375
|
|
|
10/01/33
|
|
|
980,792
|
|
|
2,175
|
|
|
Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd)
(AMT) (a)
|
|
|
5.500
|
|
|
10/01/38
|
|
|
2,193,205
|
|
|
800
|
|
|
Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough
Cnty IDA Rfdg (AMBAC Insd) (b)
|
|
|
5.000
|
|
|
12/01/34
|
|
|
829,992
|
|
|
800
|
|
|
Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec,
Ser B (b)
|
|
|
5.150
|
|
|
09/01/25
|
|
|
831,512
|
|
|
3,000
|
|
|
Hillsborough Cnty, FL Solid Waste & Res Recovery Rev,
Ser A (BHAC Insd) (AMT)
|
|
|
4.500
|
|
|
09/01/34
|
|
|
2,644,860
|
|
|
5,000
|
|
|
Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg
|
|
|
5.000
|
|
|
11/15/26
|
|
|
4,882,250
|
|
|
5,000
|
|
|
Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg
|
|
|
5.000
|
|
|
11/15/32
|
|
|
4,712,850
|
|
|
665
|
|
|
Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A (Acquired
2/19/08, Cost $665,000) (c)
|
|
|
6.800
|
|
|
05/01/38
|
|
|
497,560
|
|
|
425
|
|
|
Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B (Acquired
2/19/08, Cost $425,000) (c)
|
|
|
6.900
|
|
|
05/01/17
|
|
|
370,668
|
|
|
1,515
|
|
|
Miami Beach, FL Stormwtr Rev (NATL Insd)
|
|
|
5.250
|
|
|
09/01/25
|
|
|
1,532,847
|
|
|
2,700
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)
|
|
|
5.375
|
|
|
10/01/32
|
|
|
2,705,994
|
|
|
2,000
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (NATL Insd)
(AMT)
|
|
|
5.375
|
|
|
10/01/25
|
|
|
2,011,420
|
|
18
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Florida (Continued)
|
$
|
5,000
|
|
|
Miami-Dade Cnty, FL Aviation, Ser A (FSA Insd) (AMT)
|
|
|
5.125
|
%
|
|
10/01/35
|
|
$
|
4,849,800
|
|
|
620
|
|
|
Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A
|
|
|
6.000
|
|
|
05/01/24
|
|
|
521,718
|
|
|
700
|
|
|
Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran
Tower
|
|
|
5.500
|
|
|
07/01/32
|
|
|
542,157
|
|
|
930
|
|
|
Orange Cnty, FL Hlth Fac Auth Rev Hlthcare Orlando Lutheran Rfdg
|
|
|
5.375
|
|
|
07/01/20
|
|
|
798,535
|
|
|
570
|
|
|
Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A (g)
|
|
|
6.125/2.000
|
|
|
05/01/35
|
|
|
307,726
|
|
|
1,100
|
|
|
Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj
|
|
|
5.875
|
|
|
11/15/37
|
|
|
952,446
|
|
|
2,600
|
|
|
Palm Beach Cnty, FL Solid Waste Auth Rev Impt (BHAC
Insd) (a)
|
|
|
5.500
|
|
|
10/01/23
|
|
|
2,896,374
|
|
|
1,400
|
|
|
Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist,
Ser 1-B
(NATL Insd)
|
|
|
5.000
|
|
|
07/01/33
|
|
|
1,245,146
|
|
|
3,250
|
|
|
Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj,
Ser A (AMBAC Insd) (b)
|
|
|
5.350
|
|
|
03/15/42
|
|
|
3,426,962
|
|
|
590
|
|
|
Reunion East Cmnty Dev Dist FL Spl Assmt
|
|
|
5.800
|
|
|
05/01/36
|
|
|
325,886
|
|
|
400
|
|
|
Seminole Tribe FL Spl Oblig Rev, Ser A (d)
|
|
|
5.250
|
|
|
10/01/27
|
|
|
361,616
|
|
|
500
|
|
|
Seminole Tribe FL Spl Oblig Rev, Ser A (d)
|
|
|
5.750
|
|
|
10/01/22
|
|
|
485,785
|
|
|
920
|
|
|
Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A
|
|
|
5.875
|
|
|
05/01/35
|
|
|
520,260
|
|
|
1,870
|
|
|
South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A
|
|
|
5.700
|
|
|
05/01/35
|
|
|
1,140,681
|
|
|
800
|
|
|
Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A
|
|
|
6.200
|
|
|
05/01/35
|
|
|
728,784
|
|
|
1,060
|
|
|
Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd)
|
|
|
5.500
|
|
|
08/01/18
|
|
|
1,098,849
|
|
|
200
|
|
|
Tolomato Cmnty, FL Dev Dist Spl Assmt
|
|
|
6.550
|
|
|
05/01/27
|
|
|
161,250
|
|
|
2,075
|
|
|
Tolomato Cmnty, FL Dev Dist Spl Assmt
|
|
|
6.650
|
|
|
05/01/40
|
|
|
1,590,716
|
|
|
1,000
|
|
|
Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero,
Ser A
|
|
|
5.750
|
|
|
10/15/29
|
|
|
1,000,710
|
|
|
500
|
|
|
World Comm Cmnty Dev Dist FL Spl Assmt (g)
|
|
|
5.500/2.000
|
|
|
05/01/38
|
|
|
196,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,747,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia 1.9%
|
|
3,500
|
|
|
Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien,
Ser C (FSA Insd) (a)
|
|
|
5.000
|
|
|
01/01/33
|
|
|
3,540,408
|
|
|
1,200
|
|
|
Atlanta, GA Wtr & Wastewtr Rev, Ser A
|
|
|
6.000
|
|
|
11/01/27
|
|
|
1,265,520
|
|
|
1,300
|
|
|
Atlanta, GA Wtr & Wastewtr Rev, Ser A
|
|
|
6.000
|
|
|
11/01/28
|
|
|
1,367,886
|
|
|
1,200
|
|
|
Atlanta, GA Wtr & Wastewtr Rev, Ser A
|
|
|
6.000
|
|
|
11/01/29
|
|
|
1,283,796
|
|
|
1,000
|
|
|
Augusta, GA Gen Arpt Rev Passenger, Ser B (AMT)
|
|
|
5.350
|
|
|
01/01/28
|
|
|
835,310
|
|
19
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Georgia (Continued)
|
$
|
1,500
|
|
|
Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1
|
|
|
5.100
|
%
|
|
06/01/23
|
|
$
|
1,527,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,819,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho 0.5%
|
|
750
|
|
|
Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A
|
|
|
6.500
|
|
|
11/01/23
|
|
|
839,993
|
|
|
1,000
|
|
|
Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A
|
|
|
6.750
|
|
|
11/01/37
|
|
|
1,097,500
|
|
|
845
|
|
|
Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg (f)
|
|
|
6.125
|
|
|
11/15/27
|
|
|
720,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,658,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois 15.9%
|
|
1,000
|
|
|
Bartlett, IL Tax Increment Rev Sr Lien Quarry Redev Proj Rfdg
|
|
|
5.600
|
|
|
01/01/23
|
|
|
776,000
|
|
|
2,000
|
|
|
Bolingbrook, IL Sales Tax Rev Bolingbrook
|
|
|
6.250
|
|
|
01/01/24
|
|
|
891,000
|
|
|
3,800
|
|
|
Chicago, IL Brd of Ed Rfdg, Ser C (FSA Insd)
|
|
|
5.000
|
|
|
12/01/27
|
|
|
3,928,820
|
|
|
3,975
|
|
|
Chicago, IL Brd of Ed Rfdg, Ser C (FSA Insd) (a)
|
|
|
5.000
|
|
|
12/01/27
|
|
|
4,109,753
|
|
|
745
|
|
|
Chicago, IL Increment Alloc Rev Diversey Narragansett Proj
|
|
|
7.460
|
|
|
02/15/26
|
|
|
687,859
|
|
|
4,000
|
|
|
Chicago, IL Neighborhoods Alive 21 Pgm, Ser A (FGIC Insd)
(Prerefunded @ 7/01/10)
|
|
|
5.750
|
|
|
01/01/40
|
|
|
4,184,880
|
|
|
5,000
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien Rfdg,
Ser A (NATL Insd) (AMT)
|
|
|
5.375
|
|
|
01/01/32
|
|
|
4,730,400
|
|
|
3,500
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien,
Ser A (AGC Insd) (a)
|
|
|
5.250
|
|
|
01/01/24
|
|
|
3,664,780
|
|
|
11,500
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien,
Ser A (AGC Insd) (a)
|
|
|
5.250
|
|
|
01/01/25
|
|
|
11,990,878
|
|
|
4,000
|
|
|
Chicago, IL OHare Intl Arpt Rev, Ser A (FSA
Insd) (a)
|
|
|
5.000
|
|
|
01/01/33
|
|
|
4,034,460
|
|
|
485
|
|
|
Chicago, IL Pk Dist, Ser C (NATL Insd)
|
|
|
5.500
|
|
|
01/01/19
|
|
|
510,627
|
|
|
465
|
|
|
Chicago, IL Proj Rfdg, Ser C (NATL Insd)
|
|
|
5.500
|
|
|
01/01/40
|
|
|
470,203
|
|
|
3,100
|
|
|
Chicago, IL, Ser A (AGL Insd) (a)
|
|
|
5.250
|
|
|
01/01/25
|
|
|
3,354,138
|
|
|
80
|
|
|
Cook Cnty, IL Sch Dist No 107 (e)
|
|
|
7.000
|
|
|
12/01/10
|
|
|
85,760
|
|
|
545
|
|
|
Cook Cnty, IL Sch Dist No 107
|
|
|
7.000
|
|
|
12/01/10
|
|
|
582,234
|
|
|
120
|
|
|
Cook Cnty, IL Sch Dist No 107 (e)
|
|
|
7.200
|
|
|
12/01/09
|
|
|
120,718
|
|
|
455
|
|
|
Cook Cnty, IL Sch Dist No 107
|
|
|
7.200
|
|
|
12/01/09
|
|
|
457,607
|
|
|
982
|
|
|
Cortland, IL Spl Tax Rev Sheaffer Sys Proj (Acquired 5/02/06,
Cost $972,180) (c)
|
|
|
5.500
|
|
|
03/01/17
|
|
|
586,038
|
|
|
1,000
|
|
|
Deerfield, IL Ed Fac Chicagoland Jewish High Sch Proj (f)
|
|
|
6.000
|
|
|
05/01/41
|
|
|
499,800
|
|
|
1,000
|
|
|
Gilberts, IL Spl Svc Area No 19 Spl Tax The Conservancy Proj,
Ser 1 (f)
|
|
|
5.375
|
|
|
03/01/16
|
|
|
554,200
|
|
|
2,725
|
|
|
Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac, Ser A
|
|
|
7.375
|
|
|
07/01/25
|
|
|
2,797,921
|
|
|
1,565
|
|
|
Illinois Ed Fac Auth Rev DePaul Univ (AMBAC Insd) (Prerefunded
@ 10/01/10)
|
|
|
5.625
|
|
|
10/01/15
|
|
|
1,655,034
|
|
20
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Illinois (Continued)
|
$
|
1,125
|
|
|
Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group
|
|
|
5.500
|
%
|
|
10/01/22
|
|
$
|
1,127,306
|
|
|
350
|
|
|
Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A
|
|
|
5.750
|
|
|
05/15/31
|
|
|
263,928
|
|
|
1,000
|
|
|
Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ
|
|
|
5.500
|
|
|
04/01/37
|
|
|
945,920
|
|
|
2,825
|
|
|
Illinois Fin Auth Rev Kewanee Hosp Proj
|
|
|
5.100
|
|
|
08/15/31
|
|
|
2,172,030
|
|
|
1,000
|
|
|
Illinois Fin Auth Rev Landing at Plymouth Pl Proj, Ser A
|
|
|
6.000
|
|
|
05/15/25
|
|
|
862,820
|
|
|
1,350
|
|
|
Illinois Fin Auth Rev Landing at Plymouth Pl Proj, Ser A
|
|
|
6.000
|
|
|
05/15/37
|
|
|
1,066,190
|
|
|
2,200
|
|
|
Illinois Fin Auth Rev Northwestn Mem Hosp, Ser A (a)
|
|
|
5.375
|
|
|
08/15/24
|
|
|
2,322,397
|
|
|
1,400
|
|
|
Illinois Fin Auth Rev Northwestn Mem Hosp, Ser A (a)
|
|
|
5.750
|
|
|
08/15/30
|
|
|
1,511,930
|
|
|
3,500
|
|
|
Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A
|
|
|
5.750
|
|
|
11/15/37
|
|
|
3,504,340
|
|
|
1,250
|
|
|
Illinois Fin Auth Rev Riverside Hlth Sys
|
|
|
6.250
|
|
|
11/15/35
|
|
|
1,297,138
|
|
|
1,905
|
|
|
Illinois Fin Auth Rev Rush Univ Med Ctr Oblig Grp, Ser A
|
|
|
7.250
|
|
|
11/01/38
|
|
|
2,123,484
|
|
|
3,500
|
|
|
Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A
|
|
|
5.500
|
|
|
08/01/37
|
|
|
3,202,920
|
|
|
1,055
|
|
|
Illinois Hlth Fac Auth Rev Evangelical Hosp Rfdg, Ser C
(FSA Insd)
|
|
|
6.750
|
|
|
04/15/12
|
|
|
1,137,248
|
|
|
250
|
|
|
Lake Cnty, IL Cmnty Unit Sch Dist No 116 Round Lake (Radian
Insd) (e)
|
|
|
7.600
|
|
|
02/01/14
|
|
|
308,335
|
|
|
2,675
|
|
|
Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev
McCormick Pl Expn, Ser A (NATL Insd)
|
|
|
5.250
|
|
|
06/15/42
|
|
|
2,697,631
|
|
|
149
|
|
|
Pingree Grove Vlg, IL Spl Svc Area No 1 Spl Tax Cambridge Lakes
Proj, Ser 05
|
|
|
5.250
|
|
|
03/01/15
|
|
|
130,524
|
|
|
848
|
|
|
Volo Vlg, IL Spl Svc Area No 3 Spl Tax Symphony Meadows Proj,
Ser 1
|
|
|
6.000
|
|
|
03/01/36
|
|
|
611,976
|
|
|
675
|
|
|
Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC
Insd) (e)
|
|
|
*
|
|
|
01/01/16
|
|
|
557,975
|
|
|
425
|
|
|
Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC
Insd) (e)
|
|
|
*
|
|
|
01/01/19
|
|
|
302,847
|
|
|
1,335
|
|
|
Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (NATL
Insd)
|
|
|
*
|
|
|
01/01/16
|
|
|
1,017,550
|
|
|
990
|
|
|
Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (NATL
Insd)
|
|
|
*
|
|
|
01/01/19
|
|
|
619,413
|
|
|
525
|
|
|
Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates
Supportive Living (AMT)
|
|
|
7.000
|
|
|
12/01/42
|
|
|
450,366
|
|
|
991
|
|
|
Yorkville, IL Utd City Spl Svc Area Spl Tax No
2004-107
Raintree Vlg IL Proj
|
|
|
6.250
|
|
|
03/01/35
|
|
|
544,168
|
|
|
961
|
|
|
Yorkville, IL Utd City Spl Svc Area Tax No
2005-108
Autumn Creek IL Proj
|
|
|
6.000
|
|
|
03/01/36
|
|
|
674,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,126,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Indiana 2.3%
|
$
|
1,000
|
|
|
Allen Cnty, IN Juvenile Just Ctr First Mtg (AMBAC Insd)
|
|
|
5.500
|
%
|
|
01/01/18
|
|
$
|
1,074,830
|
|
|
1,440
|
|
|
Indiana Fin Auth Hosp Rev Deaconess Hosp Oblig, Ser A
|
|
|
6.750
|
|
|
03/01/39
|
|
|
1,541,693
|
|
|
5,600
|
|
|
Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr
Cr B6 (a)
|
|
|
5.000
|
|
|
11/15/36
|
|
|
5,587,596
|
|
|
1,600
|
|
|
Indiana St Fin Auth Environmental Fac Rev IN Pwr & LT
Co Proj Rfdg, Ser A
|
|
|
4.900
|
|
|
01/01/16
|
|
|
1,656,704
|
|
|
1,500
|
|
|
Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)
|
|
|
5.950
|
|
|
12/01/29
|
|
|
1,411,290
|
|
|
500
|
|
|
Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (d)
|
|
|
5.750
|
|
|
09/01/42
|
|
|
388,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,660,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iowa 1.0%
|
|
600
|
|
|
Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C
|
|
|
5.950
|
|
|
08/01/37
|
|
|
480,876
|
|
|
1,300
|
|
|
Pottawattamie Cnty, IA Rev Christian Homes Inc Rfdg, Ser E
|
|
|
5.750
|
|
|
05/15/26
|
|
|
1,013,337
|
|
|
325
|
|
|
Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj
|
|
|
6.000
|
|
|
12/01/37
|
|
|
260,881
|
|
|
1,375
|
|
|
Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd,
Ser C
|
|
|
5.375
|
|
|
06/01/38
|
|
|
1,010,212
|
|
|
1,500
|
|
|
Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd,
Ser C
|
|
|
5.500
|
|
|
06/01/42
|
|
|
1,094,130
|
|
|
1,850
|
|
|
Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd,
Ser C
|
|
|
5.625
|
|
|
06/01/46
|
|
|
1,360,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,219,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas 1.7%
|
|
1,400
|
|
|
Burlington, KS Environmental Impt Rev KC Pwr LT Rfdg, Ser B
(Syncora Gtd) (b)
|
|
|
5.000
|
|
|
12/01/23
|
|
|
1,447,096
|
|
|
70
|
|
|
Cowley Cnty, KS Uni Sch Dist No 465 Winfield Impt &
Rfdg (NATL Insd)
|
|
|
5.250
|
|
|
10/01/22
|
|
|
75,536
|
|
|
3,500
|
|
|
Kansas St Dev Fin Auth Hosp Rev Adventist Hlth
|
|
|
5.750
|
|
|
11/15/38
|
|
|
3,610,320
|
|
|
2,000
|
|
|
Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement,
Ser A
|
|
|
5.000
|
|
|
05/15/24
|
|
|
1,611,940
|
|
|
1,200
|
|
|
Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement,
Ser A
|
|
|
5.000
|
|
|
05/15/36
|
|
|
844,044
|
|
|
700
|
|
|
Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A
|
|
|
6.000
|
|
|
11/15/38
|
|
|
575,764
|
|
|
400
|
|
|
Overland Pk, KS Dev Corp Rev First Tier Overland Pk,
Ser A (Prerefunded @ 1/01/11)
|
|
|
7.375
|
|
|
01/01/32
|
|
|
434,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,599,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky 1.7%
|
|
1,500
|
|
|
Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville
Arena Sub,
Ser A-1
(AGL Insd)
|
|
|
5.750
|
|
|
12/01/28
|
|
|
1,610,160
|
|
|
1,610
|
|
|
Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL
Insd)
|
|
|
5.250
|
|
|
02/01/24
|
|
|
1,745,852
|
|
22
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Kentucky (Continued)
|
$
|
1,815
|
|
|
Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL
Insd)
|
|
|
5.250
|
%
|
|
02/01/25
|
|
$
|
1,959,601
|
|
|
3,545
|
|
|
Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys
Rev Norton Hlthcare Inc
|
|
|
5.250
|
|
|
10/01/36
|
|
|
3,416,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,731,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana 2.7%
|
|
989
|
|
|
Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt
|
|
|
5.250
|
|
|
07/01/17
|
|
|
809,180
|
|
|
1,340
|
|
|
Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg, Ser A (GNMA
Collateralized) (AMT)
|
|
|
5.375
|
|
|
10/20/39
|
|
|
1,347,303
|
|
|
1,675
|
|
|
Louisiana Loc Govt Environmental Fac Pkg Fac Corp Garage Proj,
Ser A (AMBAC Insd)
|
|
|
5.200
|
|
|
10/01/19
|
|
|
1,681,348
|
|
|
2,000
|
|
|
Louisiana St Ctzn Ppty Ins Corp Assmt Rev,
Ser C-2
(AGL Insd)
|
|
|
6.750
|
|
|
06/01/26
|
|
|
2,310,980
|
|
|
5,728
|
|
|
Louisiana St Univ & Agric & Mechanical
College Univ Rev Master Agreement (Acquired 11/30/98,
Cost $5,727,885) (c) (f)
|
|
|
5.750
|
|
|
10/30/18
|
|
|
5,244,968
|
|
|
2,000
|
|
|
Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT) (b)
|
|
|
5.250
|
|
|
11/01/37
|
|
|
2,063,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,457,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland 1.5%
|
|
750
|
|
|
Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A
|
|
|
5.125
|
|
|
01/01/36
|
|
|
605,835
|
|
|
1,300
|
|
|
Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev,
Ser H (AMT)
|
|
|
5.100
|
|
|
09/01/37
|
|
|
1,280,890
|
|
|
1,000
|
|
|
Maryland St Econ Dev Corp Rev Sr Lien Chesapeake Bay Rfdg,
Ser A
|
|
|
5.000
|
|
|
12/01/31
|
|
|
605,760
|
|
|
500
|
|
|
Maryland St Hlth & Higher Ed Fac Auth Rev King Farm
Presbyterian Cmnty, Ser A
|
|
|
5.250
|
|
|
01/01/27
|
|
|
401,790
|
|
|
2,000
|
|
|
Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med
Ctr, Ser A
|
|
|
5.500
|
|
|
07/01/42
|
|
|
1,926,520
|
|
|
1,700
|
|
|
Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B
(AMBAC Insd) (AMT)
|
|
|
5.125
|
|
|
03/01/24
|
|
|
1,655,290
|
|
|
1,175
|
|
|
Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj
|
|
|
5.200
|
|
|
07/01/34
|
|
|
956,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,432,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts 4.5%
|
|
2,765
|
|
|
Massachusetts St Dev Fin Agy Proj,
Ser R-2
(NATL Insd)
|
|
|
5.125
|
|
|
02/01/34
|
|
|
2,553,782
|
|
|
580
|
|
|
Massachusetts St Dev Fin Agy Rev Boston Architectural Ctr (ACA
Insd)
|
|
|
6.100
|
|
|
09/01/18
|
|
|
546,691
|
|
|
1,000
|
|
|
Massachusetts St Dev Fin Agy Rev Boston Architectural Ctr (ACA
Insd)
|
|
|
6.250
|
|
|
09/01/28
|
|
|
852,540
|
|
|
500
|
|
|
Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A
|
|
|
5.750
|
|
|
11/15/35
|
|
|
359,935
|
|
23
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Massachusetts (Continued)
|
$
|
500
|
|
|
Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A
|
|
|
5.750
|
%
|
|
11/15/42
|
|
$
|
346,530
|
|
|
500
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Bal Structured
Ylg, Ser G (NATL Insd) (b)
|
|
|
5.000
|
|
|
07/01/13
|
|
|
500,585
|
|
|
4,500
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Harvard Univ,
Ser B (a)
|
|
|
5.000
|
|
|
10/01/38
|
|
|
4,741,808
|
|
|
750
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev MA Inst Tech,
Ser A
|
|
|
5.000
|
|
|
07/01/38
|
|
|
789,202
|
|
|
35
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare
Sys, Ser C
|
|
|
5.750
|
|
|
07/01/32
|
|
|
36,024
|
|
|
465
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare
Sys, Ser C (Prerefunded @ 7/01/11)
|
|
|
5.750
|
|
|
07/01/32
|
|
|
508,947
|
|
|
3,350
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem
Issue, Ser D
|
|
|
5.000
|
|
|
07/01/33
|
|
|
2,948,368
|
|
|
4,670
|
|
|
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev,
Ser A (AMBAC Insd) (a)
|
|
|
4.500
|
|
|
08/15/35
|
|
|
4,568,568
|
|
|
2,650
|
|
|
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev,
Ser A (FSA Insd) (a)
|
|
|
5.000
|
|
|
08/15/30
|
|
|
2,741,306
|
|
|
1,200
|
|
|
Massachusetts St Wtr Res Auth, Ser B
|
|
|
5.000
|
|
|
08/01/22
|
|
|
1,324,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,818,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan 3.4%
|
|
3,860
|
|
|
Detroit, MI, Ser A (Syncora Gtd)
|
|
|
5.250
|
|
|
04/01/21
|
|
|
3,180,563
|
|
|
2,715
|
|
|
Detroit, MI Sew Disp Rev Rfdg Sr Lien,
Ser C-1
(FSA Insd)
|
|
|
7.000
|
|
|
07/01/27
|
|
|
3,318,653
|
|
|
1,430
|
|
|
Detroit, MI Wtr Supply Sys Rfdg Second Lien, Ser C (FSA
Insd)
|
|
|
5.000
|
|
|
07/01/26
|
|
|
1,449,319
|
|
|
875
|
|
|
Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b)
|
|
|
5.250
|
|
|
01/15/47
|
|
|
930,869
|
|
|
400
|
|
|
Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b)
|
|
|
5.500
|
|
|
01/15/47
|
|
|
428,904
|
|
|
155
|
|
|
Michigan St Hsg Dev Rent Hsg Rev, Ser A (NATL Insd) (AMT)
|
|
|
5.300
|
|
|
10/01/37
|
|
|
154,769
|
|
|
1,500
|
|
|
Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj
Rfdg, Ser C (Syncora Gtd) (AMT)
|
|
|
5.450
|
|
|
12/15/32
|
|
|
1,395,660
|
|
|
8,230
|
|
|
Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr,
Ser A
|
|
|
6.000
|
|
|
06/01/48
|
|
|
6,286,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,145,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota 1.4%
|
|
475
|
|
|
Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj
|
|
|
6.000
|
|
|
08/01/42
|
|
|
436,910
|
|
|
1,000
|
|
|
Inver Grove Heights, MN Presbyterian Homes Care Rfdg
|
|
|
5.500
|
|
|
10/01/41
|
|
|
777,360
|
|
|
1,850
|
|
|
Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A
|
|
|
6.375
|
|
|
11/15/23
|
|
|
2,067,412
|
|
|
1,200
|
|
|
Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A
|
|
|
6.625
|
|
|
11/15/28
|
|
|
1,354,392
|
|
24
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Minnesota (Continued)
|
$
|
200
|
|
|
North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks
|
|
|
6.000
|
%
|
|
10/01/27
|
|
$
|
180,496
|
|
|
500
|
|
|
North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks
|
|
|
6.000
|
|
|
10/01/33
|
|
|
432,485
|
|
|
1,850
|
|
|
Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth
Partners Oblig Grp Proj
|
|
|
5.250
|
|
|
05/15/36
|
|
|
1,666,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,915,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri 3.5%
|
|
160
|
|
|
Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast
MO Hosp Assoc
|
|
|
5.625
|
|
|
06/01/27
|
|
|
154,198
|
|
|
1,000
|
|
|
Carthage, MO Hosp Rev
|
|
|
5.875
|
|
|
04/01/30
|
|
|
834,620
|
|
|
2,250
|
|
|
Carthage, MO Hosp Rev
|
|
|
6.000
|
|
|
04/01/38
|
|
|
1,781,122
|
|
|
1,300
|
|
|
Cass Cnty, MO Hosp Rev
|
|
|
5.625
|
|
|
05/01/38
|
|
|
1,135,134
|
|
|
1,400
|
|
|
Ellisville, MO Indl Dev Auth Rev Gambrill Gardens Proj
Impt & Rfdg (f)
|
|
|
6.100
|
|
|
06/01/20
|
|
|
1,262,198
|
|
|
1,000
|
|
|
Ellisville, MO Indl Dev Auth Rev Gambrill Gardens Proj
Impt & Rfdg (f)
|
|
|
6.200
|
|
|
06/01/29
|
|
|
870,240
|
|
|
385
|
|
|
Fenton, MO Tax Increment Rev & Impt Gravois Bluffs
Proj Rfdg (Prerefunded @ 10/01/11)
|
|
|
7.000
|
|
|
10/01/21
|
|
|
431,277
|
|
|
1,000
|
|
|
Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg,
Ser F
|
|
|
5.750
|
|
|
05/15/31
|
|
|
754,080
|
|
|
1,000
|
|
|
Kearney, MO (AMBAC Insd)
|
|
|
5.500
|
|
|
03/01/16
|
|
|
1,055,120
|
|
|
815
|
|
|
Maryland Heights, MO Tax Increment Rev South Heights Redev Proj
Rfdg, Ser A
|
|
|
5.500
|
|
|
09/01/18
|
|
|
772,840
|
|
|
1,200
|
|
|
Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac
Lutheran Rfdg, Ser B
|
|
|
5.125
|
|
|
02/01/27
|
|
|
1,087,992
|
|
|
1,000
|
|
|
Saint Charles, MO Ctf Partn, Ser B
|
|
|
5.500
|
|
|
05/01/18
|
|
|
1,033,380
|
|
|
675
|
|
|
Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint
Andrews Res for Srs, Ser A
|
|
|
6.375
|
|
|
12/01/30
|
|
|
574,958
|
|
|
1,500
|
|
|
Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint
Andrews Res for Srs, Ser A
|
|
|
6.375
|
|
|
12/01/41
|
|
|
1,239,900
|
|
|
625
|
|
|
Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty
Impt Dist Loughborough Com Redev Rfdg
|
|
|
5.750
|
|
|
11/01/27
|
|
|
531,563
|
|
|
2,350
|
|
|
Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson
Arpt, Ser B (AMBAC Insd) (AMT)
|
|
|
4.550
|
|
|
07/01/29
|
|
|
2,129,218
|
|
|
2,625
|
|
|
Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson
Arpt, Ser B (AMBAC Insd) (AMT)
|
|
|
4.600
|
|
|
07/01/36
|
|
|
2,278,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,926,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska 0.5%
|
|
2,620
|
|
|
Omaha Pub Pwr Dist NE Elec Rev Sys, Ser A (a)
|
|
|
5.000
|
|
|
02/01/34
|
|
|
2,655,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada 3.4%
|
|
4,000
|
|
|
Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A
(AMBAC Insd) (AMT)
|
|
|
5.250
|
|
|
07/01/34
|
|
|
3,625,480
|
|
25
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Nevada (Continued)
|
$
|
75
|
|
|
Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A
(BHAC Insd) (AMT)
|
|
|
4.750
|
%
|
|
09/01/36
|
|
$
|
64,344
|
|
|
5
|
|
|
Nevada Hsg Div Single Family Mtg Mezz, Ser D2 (AMT)
|
|
|
6.300
|
|
|
04/01/21
|
|
|
5,072
|
|
|
2,540
|
|
|
Nevada Hsg Div Single Family Mtg Rev, Ser A (GNMA
Collateralized) (AMT)
|
|
|
5.875
|
|
|
04/01/38
|
|
|
2,650,287
|
|
|
2,860
|
|
|
Nevada St Cap Impt & Cultural Affairs,
Ser C (a)
|
|
|
5.000
|
|
|
06/01/22
|
|
|
3,064,948
|
|
|
2,220
|
|
|
Nevada St Cap Impt & Cultural Affairs,
Ser C (a)
|
|
|
5.000
|
|
|
06/01/23
|
|
|
2,364,966
|
|
|
1,570
|
|
|
Reno, NV Cap Impt Rev (NATL Insd) (Prerefunded @ 6/01/12)
|
|
|
5.125
|
|
|
06/01/26
|
|
|
1,731,003
|
|
|
930
|
|
|
Reno, NV Cap Impt Rev (NATL Insd)
|
|
|
5.125
|
|
|
06/01/26
|
|
|
876,878
|
|
|
3,100
|
|
|
Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A
|
|
|
5.250
|
|
|
06/01/37
|
|
|
2,780,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,163,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire 0.6%
|
|
1,525
|
|
|
New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch
(Prerefunded @ 7/01/10)
|
|
|
6.750
|
|
|
07/01/20
|
|
|
1,614,426
|
|
|
250
|
|
|
New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth
|
|
|
5.500
|
|
|
07/01/34
|
|
|
246,328
|
|
|
700
|
|
|
New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co
Proj (AMT) (b)
|
|
|
7.125
|
|
|
07/01/27
|
|
|
749,112
|
|
|
500
|
|
|
New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum,
Ser A (AMT) (b)
|
|
|
6.875
|
|
|
12/01/29
|
|
|
538,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,147,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey 8.0%
|
|
375
|
|
|
Burlington Cnty, NJ Brdg Cmnty Econ Dev Rev The Evergreens Proj
|
|
|
5.625
|
|
|
01/01/38
|
|
|
310,320
|
|
|
1,000
|
|
|
New Jersey Econ Dev Auth Econ Dev Rev Kapkowski Rd Landfill Proj
Rfdg
|
|
|
5.750
|
|
|
04/01/31
|
|
|
753,760
|
|
|
615
|
|
|
New Jersey Econ Dev Auth Rev Cig Tax
|
|
|
5.750
|
|
|
06/15/34
|
|
|
585,443
|
|
|
25,000
|
|
|
New Jersey Econ Dev Auth St Contract Econ Recovery (NATL
Insd) (f)
|
|
|
5.900
|
|
|
03/15/21
|
|
|
30,368,750
|
|
|
2,600
|
|
|
New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp
|
|
|
5.000
|
|
|
07/01/36
|
|
|
2,299,986
|
|
|
1,450
|
|
|
New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ
Hosp Oblig
|
|
|
5.750
|
|
|
07/01/37
|
|
|
1,414,591
|
|
|
580
|
|
|
New Jersey St Tpk Auth Tpk Rev, Ser C (FSA Insd)
|
|
|
6.500
|
|
|
01/01/16
|
|
|
698,239
|
|
|
1,000
|
|
|
New Jersey St Trans Tr Fd Auth Trans Sys, Ser A
|
|
|
5.750
|
|
|
06/15/18
|
|
|
1,153,420
|
|
|
4,570
|
|
|
Tobacco Settlement Fin Corp NJ, Ser 1A
|
|
|
5.000
|
|
|
06/01/41
|
|
|
3,084,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,668,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico 0.6%
|
|
1,500
|
|
|
Jicarilla, NM Apache Nation Rev Adj, Ser A (Acquired
1/23/03, Cost $1,514,910) (c)
|
|
|
5.000
|
|
|
09/01/18
|
|
|
1,553,730
|
|
26
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
New Mexico (Continued)
|
$
|
1,350
|
|
|
New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian
Hlthcare Svc, Ser A (a)
|
|
|
6.375
|
%
|
|
08/01/32
|
|
$
|
1,478,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,032,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York 13.4%
|
|
3,000
|
|
|
Metropolitan Trans Auth NY Rev Rfdg, Ser A (NATL Insd)
|
|
|
5.250
|
|
|
11/15/31
|
|
|
3,038,550
|
|
|
1,000
|
|
|
Metropolitan Transn Auth NY Dedicated Tax Fd, Ser B
|
|
|
5.250
|
|
|
11/15/28
|
|
|
1,065,870
|
|
|
1,500
|
|
|
Metropolitan Transn Auth NY Dedicated Tax Fd, Ser B
|
|
|
5.250
|
|
|
11/15/30
|
|
|
1,583,850
|
|
|
1,600
|
|
|
New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser E1
(AMT)
|
|
|
5.350
|
|
|
11/01/37
|
|
|
1,606,192
|
|
|
400
|
|
|
New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj,
Ser A
|
|
|
6.250
|
|
|
03/01/15
|
|
|
399,276
|
|
|
2,000
|
|
|
New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj,
Ser B
|
|
|
6.750
|
|
|
03/01/15
|
|
|
2,017,320
|
|
|
1,000
|
|
|
New York City Liberty Dev Corp Rev Natl Sports Museum Proj,
Ser A (Acquired 8/07/06,
Cost $1,000,000) (c) (f) (h)
|
|
|
6.125
|
|
|
02/15/19
|
|
|
100
|
|
|
2,500
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Rev,
Ser AA (a)
|
|
|
5.000
|
|
|
06/15/22
|
|
|
2,720,113
|
|
|
8,800
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev,
Ser D (a)
|
|
|
5.000
|
|
|
06/15/38
|
|
|
8,963,548
|
|
|
2,500
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev,
Ser D (a)
|
|
|
5.000
|
|
|
06/15/39
|
|
|
2,546,463
|
|
|
85
|
|
|
New York City,
Ser A-1
|
|
|
5.750
|
|
|
08/01/12
|
|
|
85,340
|
|
|
3,000
|
|
|
New York City, Ser G
|
|
|
5.000
|
|
|
12/01/27
|
|
|
3,083,880
|
|
|
4,775
|
|
|
New York City,
Ser I-1 (a)
|
|
|
5.000
|
|
|
02/01/26
|
|
|
4,998,088
|
|
|
3,400
|
|
|
New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009,
Ser S-3
|
|
|
5.250
|
|
|
01/15/39
|
|
|
3,538,210
|
|
|
6,800
|
|
|
New York St Dorm Auth Rev City Univ Sys Cons, Ser A
|
|
|
5.625
|
|
|
07/01/16
|
|
|
7,479,252
|
|
|
3,000
|
|
|
New York St Dorm Auth Rev Non St Supported Sch Dist Fin Prog,
Ser C (AGL Insd)
|
|
|
5.000
|
|
|
10/01/23
|
|
|
3,230,820
|
|
|
1,000
|
|
|
New York St Mtg Agy Homeowner Mtg Rev 145 (AMT)
|
|
|
5.125
|
|
|
10/01/37
|
|
|
980,310
|
|
|
1,800
|
|
|
New York St Twy Auth St Pers Income Tax Rev Trans,
Ser A (a)
|
|
|
5.000
|
|
|
03/15/26
|
|
|
1,945,350
|
|
|
2,000
|
|
|
New York St Twy Auth St Pers Income Tax Rev Trans,
Ser A (a)
|
|
|
5.000
|
|
|
03/15/27
|
|
|
2,150,130
|
|
|
1,870
|
|
|
Plainedge, NY Uni Free Sch Dist No. 2063 (Acquired 7/25/97,
Cost $1,870,214) (c)
|
|
|
6.000
|
|
|
06/01/12
|
|
|
1,890,450
|
|
|
9,900
|
|
|
Port Auth NY & NJ Cons 144th (a)
|
|
|
5.000
|
|
|
10/01/35
|
|
|
10,114,434
|
|
|
600
|
|
|
Seneca Nation Indians Cap Impt Auth NY Spl Oblig,
Ser A (d)
|
|
|
5.000
|
|
|
12/01/23
|
|
|
496,254
|
|
27
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
New York (Continued)
|
$
|
3,000
|
|
|
Triborough Brdg & Tunl Auth Gen Purp, Ser A
|
|
|
5.000
|
%
|
|
01/01/27
|
|
$
|
3,050,970
|
|
|
1,000
|
|
|
Westchester Tob Asset Sec Corp NY
|
|
|
5.000
|
|
|
06/01/26
|
|
|
905,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,890,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina 1.9%
|
|
900
|
|
|
North Carolina Med Care Commn Retirement Fac Rev First Mtg
Southminster Proj, Ser A
|
|
|
5.750
|
|
|
10/01/37
|
|
|
786,492
|
|
|
8,300
|
|
|
North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (NATL
Insd)
|
|
|
6.000
|
|
|
01/01/12
|
|
|
9,019,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,806,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Dakota 0.6%
|
|
1,500
|
|
|
Grand Forks, ND Sr Hsg Rev 4000 Vly Square Proj Rfdg
|
|
|
5.300
|
|
|
12/01/34
|
|
|
1,081,710
|
|
|
2,000
|
|
|
Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg
|
|
|
5.125
|
|
|
07/01/29
|
|
|
1,867,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,948,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio 9.5%
|
|
300
|
|
|
Adams Cnty Hosp Fac Impt Rev Adams Cnty Hosp Proj (f)
|
|
|
6.250
|
|
|
09/01/20
|
|
|
243,225
|
|
|
3,190
|
|
|
Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo,
Ser A-2
|
|
|
5.750
|
|
|
06/01/34
|
|
|
2,682,630
|
|
|
3,630
|
|
|
Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo,
Ser A-2
|
|
|
5.875
|
|
|
06/01/30
|
|
|
3,159,443
|
|
|
1,825
|
|
|
Cleveland, OH Rfdg (FSA Insd)
|
|
|
5.500
|
|
|
10/01/19
|
|
|
2,121,964
|
|
|
400
|
|
|
Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev
Eliza Jennings Sr Care, Ser A
|
|
|
5.750
|
|
|
05/15/27
|
|
|
333,152
|
|
|
1,000
|
|
|
Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj
|
|
|
7.500
|
|
|
01/01/30
|
|
|
1,017,740
|
|
|
1,000
|
|
|
Lorain Cnty, OH Hosp Rev Catholic Hlthcare, Ser S
|
|
|
5.375
|
|
|
10/01/30
|
|
|
1,001,690
|
|
|
1,475
|
|
|
Lorain Cnty, OH Hosp Rev Fac Catholic Rfdg,
Ser C-1
(FSA Insd)
|
|
|
5.000
|
|
|
04/01/24
|
|
|
1,508,881
|
|
|
2,270
|
|
|
Montgomery Cnty, OH Hosp Rev Kettering Med Ctr Impt &
Rfdg (NATL Insd)
|
|
|
6.250
|
|
|
04/01/20
|
|
|
2,646,820
|
|
|
1,625
|
|
|
Montgomery Cnty, OH Rev Catholic Hlth,
Ser C-1
(FSA Insd) (a)
|
|
|
5.000
|
|
|
10/01/41
|
|
|
1,622,059
|
|
|
1,550
|
|
|
Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A
|
|
|
6.000
|
|
|
11/15/28
|
|
|
1,630,259
|
|
|
1,000
|
|
|
Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A
|
|
|
6.250
|
|
|
11/15/39
|
|
|
1,045,560
|
|
|
8,000
|
|
|
Ohio St Air Quality Dev Auth Rev Dayton Pwr (FGIC Insd)
(AMT) (a)
|
|
|
4.800
|
|
|
09/01/36
|
|
|
7,960,080
|
|
|
1,500
|
|
|
Ohio St Air Quality Dev Auth Rev Pollutn Ctl First Energy Rfdg,
Ser C
|
|
|
5.625
|
|
|
06/01/18
|
|
|
1,588,995
|
|
|
1,250
|
|
|
Ohio St Bldg Auth St Fac Admin Bldg Fd Proj, Ser A (FSA
Insd)
|
|
|
5.000
|
|
|
04/01/22
|
|
|
1,317,175
|
|
28
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Ohio (Continued)
|
$
|
1,000
|
|
|
Ohio St Higher Ed Fac Commn Rev Hosp Univ Hosp Hlth Sys Inc,
Ser A (BHAC Insd)
|
|
|
5.250
|
%
|
|
01/15/46
|
|
$
|
1,025,240
|
|
|
2,000
|
|
|
Ohio St Higher Ed Fac Commn Rev Univ Hosp Hlth Sys,
Ser 2009A
|
|
|
6.750
|
|
|
01/15/39
|
|
|
2,145,300
|
|
|
4,000
|
|
|
Ohio St Hosp Fac Rev Cleveland Clinic Hlth, Ser B (a)
|
|
|
5.125
|
|
|
01/01/28
|
|
|
4,086,340
|
|
|
1,000
|
|
|
Ohio St Hosp Fac Rev Cleveland Clinic Hlth, Ser B (a)
|
|
|
5.500
|
|
|
01/01/34
|
|
|
1,040,080
|
|
|
2,565
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm,
Ser D (GNMA Collateralized) (AMT) (a)
|
|
|
5.300
|
|
|
09/01/28
|
|
|
2,613,260
|
|
|
3,360
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm,
Ser D (GNMA Collateralized) (AMT) (a)
|
|
|
5.400
|
|
|
03/01/33
|
|
|
3,416,112
|
|
|
2,520
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm,
Ser F (GNMA Collateralized) (a)
|
|
|
5.500
|
|
|
09/01/39
|
|
|
2,604,861
|
|
|
1,000
|
|
|
Ohio St Wtr Dev Auth Pollutn Ctl Fac Rev Rfdg First Energy,
Ser A (b)
|
|
|
5.875
|
|
|
06/01/33
|
|
|
1,052,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,863,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma 0.7%
|
|
1,470
|
|
|
Chickasaw Nation, OK Hlth Sys (d)
|
|
|
6.250
|
|
|
12/01/32
|
|
|
1,450,464
|
|
|
1,240
|
|
|
Kay Cnty, OK Home Fin Auth Rev Single Family Mtg Rfdg,
Ser A (AMBAC Insd) (e)
|
|
|
7.000
|
|
|
11/01/11
|
|
|
1,388,688
|
|
|
455
|
|
|
Oklahoma Hsg Fin Agy Single Family Rev Mtg (GNMA Collateralized)
(AMT)
|
|
|
7.997
|
|
|
08/01/18
|
|
|
492,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,331,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oregon 0.3%
|
|
1,500
|
|
|
Multnomah Cnty, OR Hosp Fac Auth Rev Adventist Hlth/West,
Ser A
|
|
|
5.125
|
|
|
09/01/40
|
|
|
1,455,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania 2.3%
|
|
1,750
|
|
|
Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A
|
|
|
5.000
|
|
|
11/15/28
|
|
|
1,394,190
|
|
|
385
|
|
|
Allegheny Cnty, PA San Auth Swr Rev (NATL Insd)
|
|
|
5.500
|
|
|
12/01/30
|
|
|
392,153
|
|
|
315
|
|
|
Crawford Cnty, PA Hosp Auth Sr Living Fac Rev Wesbury Utd
Methodist Cmnty
|
|
|
5.875
|
|
|
08/15/10
|
|
|
315,321
|
|
|
320
|
|
|
Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship
Proj Rfdg, Ser A (f)
|
|
|
5.300
|
|
|
12/15/09
|
|
|
320,237
|
|
|
240
|
|
|
Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship
Proj Rfdg, Ser A (f)
|
|
|
5.400
|
|
|
12/15/10
|
|
|
238,649
|
|
|
400
|
|
|
Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing
Care Proj
|
|
|
6.125
|
|
|
02/01/28
|
|
|
289,632
|
|
|
875
|
|
|
Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing
Care Proj
|
|
|
6.250
|
|
|
02/01/35
|
|
|
618,056
|
|
|
1,000
|
|
|
Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy,
Ser B (AMT)
|
|
|
6.750
|
|
|
12/01/36
|
|
|
1,023,270
|
|
|
1,550
|
|
|
Pennsylvania Hsg Fin Agy,
Ser 94-A
(AMT)
|
|
|
5.100
|
|
|
10/01/31
|
|
|
1,556,215
|
|
29
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Pennsylvania (Continued)
|
$
|
1,825
|
|
|
Pennsylvania St Tpk Com Tpk Rev Sub, Ser A (AGL Insd)
|
|
|
5.000
|
%
|
|
06/01/39
|
|
$
|
1,782,496
|
|
|
1,000
|
|
|
Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A
(NATL Insd) (AMT)
|
|
|
5.125
|
|
|
07/01/19
|
|
|
1,004,130
|
|
|
2,675
|
|
|
Pittsburgh, PA, Ser A (AMBAC Insd)
|
|
|
5.500
|
|
|
09/01/17
|
|
|
2,717,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,651,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island 0.2%
|
|
1,375
|
|
|
Tobacco Settlement Fin Corp, Ser A
|
|
|
6.250
|
|
|
06/01/42
|
|
|
1,249,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina 2.7%
|
|
1,000
|
|
|
Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch
Dist (a)
|
|
|
5.250
|
|
|
12/01/25
|
|
|
1,042,805
|
|
|
3,000
|
|
|
Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch
Dist (a)
|
|
|
5.250
|
|
|
12/01/26
|
|
|
3,124,995
|
|
|
475
|
|
|
Rock Hill, SC Util Sys Rev Comb Rfdg, Ser C (FSA Insd)
|
|
|
5.125
|
|
|
01/01/13
|
|
|
482,932
|
|
|
1,235
|
|
|
Rock Hill, SC Util Sys Rev Comb Rfdg, Ser C (FSA Insd)
|
|
|
5.250
|
|
|
01/01/15
|
|
|
1,255,847
|
|
|
900
|
|
|
South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley
Commons Rfdg
|
|
|
5.125
|
|
|
10/01/26
|
|
|
716,328
|
|
|
1,000
|
|
|
South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley
Commons Rfdg
|
|
|
5.300
|
|
|
10/01/36
|
|
|
733,280
|
|
|
1,960
|
|
|
South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth
Alliance Rfdg, Ser A
|
|
|
6.250
|
|
|
08/01/31
|
|
|
1,991,791
|
|
|
2,500
|
|
|
South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas
Co Proj, Ser A (AMBAC Insd)
|
|
|
5.200
|
|
|
11/01/27
|
|
|
2,567,000
|
|
|
1,000
|
|
|
South Carolina Jobs Econ Dev Auth Rev & Impt Palmetto
Hlth Rfdg
|
|
|
5.750
|
|
|
08/01/39
|
|
|
980,350
|
|
|
725
|
|
|
South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj,
Ser A
|
|
|
6.000
|
|
|
11/15/27
|
|
|
561,984
|
|
|
340
|
|
|
Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg
|
|
|
5.000
|
|
|
06/01/18
|
|
|
340,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,797,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee 2.5%
|
|
400
|
|
|
Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg
Impt & Rfdg, Ser B (Prerefunded @ 7/01/12)
|
|
|
8.000
|
|
|
07/01/33
|
|
|
458,576
|
|
|
4,000
|
|
|
Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg
Mtn St Hlth Rfdg, Ser A (NATL Insd) (Prerefunded
@ 7/01/12)
|
|
|
7.500
|
|
|
07/01/25
|
|
|
4,537,280
|
|
|
3,000
|
|
|
Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg
Mtn St Hlth, Ser A
|
|
|
5.500
|
|
|
07/01/36
|
|
|
2,913,990
|
|
|
2,650
|
|
|
Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist,
Ser B (FSA Insd) (a)
|
|
|
5.250
|
|
|
09/01/27
|
|
|
2,736,483
|
|
30
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Tennessee (Continued)
|
$
|
1,500
|
|
|
Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Trezevant
Manor Proj, Ser A
|
|
|
5.625
|
%
|
|
09/01/26
|
|
$
|
1,410,810
|
|
|
365
|
|
|
Tennessee Hsg Dev Agy Home Ownership Pgm
2-A (AMT)
|
|
|
5.700
|
|
|
07/01/31
|
|
|
366,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,423,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas 15.5%
|
|
1,575
|
|
|
Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)
|
|
|
4.850
|
|
|
04/01/21
|
|
|
1,504,912
|
|
|
1,250
|
|
|
Austin, TX Convention Enterprises Inc Convention Ctr Second
Tier Rfdg, Ser B (d)
|
|
|
5.750
|
|
|
01/01/24
|
|
|
1,033,350
|
|
|
1,000
|
|
|
Brazos Cnty, TX Hlth Fac Dev Oblig Grp
|
|
|
5.375
|
|
|
01/01/32
|
|
|
937,790
|
|
|
1,000
|
|
|
Brazos Riv TX Hbr Nav Dist Brazoria Cnty Rev Rfdg Dow Chemical Co
|
|
|
5.250
|
|
|
10/01/11
|
|
|
1,011,610
|
|
|
740
|
|
|
Dallas Cnty, TX Flood Ctl Dist Rfdg
|
|
|
6.750
|
|
|
04/01/16
|
|
|
786,650
|
|
|
1,225
|
|
|
Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)
|
|
|
5.000
|
|
|
08/15/18
|
|
|
1,320,158
|
|
|
1,440
|
|
|
Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)
|
|
|
5.000
|
|
|
08/15/19
|
|
|
1,547,179
|
|
|
1,000
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Impt & Rfdg,
Ser A (BHAC Insd) (AMT)
|
|
|
5.500
|
|
|
11/01/31
|
|
|
1,005,630
|
|
|
700
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL
Insd) (AMT)
|
|
|
5.750
|
|
|
11/01/18
|
|
|
700,749
|
|
|
1,325
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL
Insd) (AMT)
|
|
|
6.000
|
|
|
11/01/23
|
|
|
1,326,140
|
|
|
5,250
|
|
|
El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a)
|
|
|
5.000
|
|
|
08/15/37
|
|
|
5,335,549
|
|
|
730
|
|
|
Fort Worth, TX Wtr & Swr Rev Impt & Rfdg
|
|
|
5.750
|
|
|
02/15/16
|
|
|
758,382
|
|
|
770
|
|
|
Fort Worth, TX Wtr & Swr Rev Impt &
Rfdg (Prerefunded @ 8/15/10)
|
|
|
5.750
|
|
|
02/15/16
|
|
|
803,156
|
|
|
1,000
|
|
|
Gulf Coast Waste Disp Auth TX Waste Mgmt, Ser D (AMT)
|
|
|
4.550
|
|
|
04/01/12
|
|
|
1,000,190
|
|
|
825
|
|
|
Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann
Hlthcare Sys, Ser B
|
|
|
7.250
|
|
|
12/01/35
|
|
|
925,229
|
|
|
1,000
|
|
|
Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT)
|
|
|
5.625
|
|
|
07/01/30
|
|
|
1,002,160
|
|
|
130
|
|
|
Houston, TX Pub Impt & Rfdg (FSA Insd)
|
|
|
5.750
|
|
|
03/01/15
|
|
|
135,503
|
|
|
8,475
|
|
|
Houston, TX Util Sys Rev Comb First Lien Rfdg, Ser A (FSA
Insd)
|
|
|
5.000
|
|
|
11/15/36
|
|
|
8,649,161
|
|
|
3,320
|
|
|
Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a)
|
|
|
5.000
|
|
|
02/01/37
|
|
|
3,376,291
|
|
|
1,100
|
|
|
Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East
TX
|
|
|
5.500
|
|
|
02/15/32
|
|
|
985,578
|
|
|
1,250
|
|
|
Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East
TX
|
|
|
5.500
|
|
|
02/15/37
|
|
|
1,096,875
|
|
|
1,250
|
|
|
Matagorda Cnty, TX Navig Dist No 1 Rev Coll Centerpoint Energy
Proj Rfdg (b)
|
|
|
5.600
|
|
|
03/01/27
|
|
|
1,254,575
|
|
|
1,200
|
|
|
McLennan Cnty, TX Pub Fac Corp Proj Rev
|
|
|
6.625
|
|
|
06/01/35
|
|
|
1,309,056
|
|
31
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Texas (Continued)
|
$
|
1,000
|
|
|
Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian Care
Ctr, Ser A (Prerefunded @ 2/15/10)
|
|
|
7.625
|
%
|
|
02/15/28
|
|
$
|
1,030,740
|
|
|
1,800
|
|
|
Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj
|
|
|
7.250
|
|
|
01/01/31
|
|
|
1,703,250
|
|
|
1,500
|
|
|
Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc
Proj (AMT) (b)
|
|
|
6.000
|
|
|
08/01/20
|
|
|
1,595,940
|
|
|
4,000
|
|
|
North Central, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas
(AMBAC Insd)
|
|
|
5.250
|
|
|
08/15/32
|
|
|
4,018,760
|
|
|
1,000
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
5.625
|
|
|
01/01/28
|
|
|
1,025,910
|
|
|
1,000
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
6.000
|
|
|
01/01/26
|
|
|
1,058,750
|
|
|
1,250
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
6.000
|
|
|
01/01/27
|
|
|
1,317,463
|
|
|
1,550
|
|
|
North TX Twy Auth Rev Sys First Tier Rfdg,
Ser L-2 (b)
|
|
|
6.000
|
|
|
01/01/38
|
|
|
1,679,255
|
|
|
2,850
|
|
|
North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F
|
|
|
5.750
|
|
|
01/01/33
|
|
|
2,907,399
|
|
|
1,000
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac
Buckingham Sr Living Cmnty Inc
|
|
|
5.625
|
|
|
11/15/27
|
|
|
898,020
|
|
|
2,700
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac
Buckingham Sr Living Cmnty Inc
|
|
|
5.750
|
|
|
11/15/37
|
|
|
2,340,603
|
|
|
5,500
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner
Retirement Svc Inc Proj
|
|
|
5.250
|
|
|
11/15/37
|
|
|
4,929,705
|
|
|
450
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC
Young Mem Home Proj
|
|
|
5.750
|
|
|
02/15/25
|
|
|
379,544
|
|
|
3,300
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth
Rfdg, Ser A (AGL Insd)
|
|
|
6.250
|
|
|
07/01/28
|
|
|
3,612,873
|
|
|
2,500
|
|
|
Texas A & M Univ Rev Fin Sys, Ser A
|
|
|
5.000
|
|
|
05/15/27
|
|
|
2,687,400
|
|
|
80
|
|
|
Texas Muni Pwr Agy Rev (NATL Insd) (e)
|
|
|
*
|
|
|
09/01/15
|
|
|
67,910
|
|
|
140
|
|
|
Texas St Pub Ppty Fin Corp Rev Mental Hlth &
Retardation Rfdg (FSA Insd)
|
|
|
5.500
|
|
|
09/01/13
|
|
|
141,624
|
|
|
5,750
|
|
|
Texas St Trans Commn Mobility Fd (a)
|
|
|
5.000
|
|
|
04/01/28
|
|
|
6,155,289
|
|
|
3,000
|
|
|
Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX
Med Ctr Rfdg, Ser A
|
|
|
5.375
|
|
|
11/01/37
|
|
|
2,762,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78,118,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah 0.1%
|
|
800
|
|
|
Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy,
Ser A
|
|
|
5.800
|
|
|
06/15/38
|
|
|
688,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont 0.2%
|
|
1,000
|
|
|
Vermont Econ Dev Auth Mtg Rev Wake Robin Corp Proj, Ser A
|
|
|
5.375
|
|
|
05/01/36
|
|
|
814,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia 1.4%
|
|
750
|
|
|
Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig
|
|
|
6.350
|
|
|
09/01/28
|
|
|
650,760
|
|
|
1,340
|
|
|
Richmond, VA (FSA Insd)
|
|
|
5.500
|
|
|
01/15/10
|
|
|
1,354,566
|
|
32
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Virginia (Continued)
|
$
|
2,590
|
|
|
Tobacco Settlement Fin Corp VA
|
|
|
5.500
|
%
|
|
06/01/26
|
|
$
|
2,876,065
|
|
|
2,000
|
|
|
White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev
|
|
|
5.300
|
|
|
03/01/17
|
|
|
1,939,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,820,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington 2.3%
|
|
5,000
|
|
|
Bellevue, WA Convention Ctr Auth Spl Oblig Rev Rfdg (NATL Insd)
|
|
|
*
|
|
|
02/01/24
|
|
|
2,528,650
|
|
|
3,000
|
|
|
Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (FSA
Insd)
|
|
|
5.500
|
|
|
07/01/18
|
|
|
3,213,090
|
|
|
1,350
|
|
|
Kalispel Tribe Indians Priority Dist WA Rev
|
|
|
6.625
|
|
|
01/01/28
|
|
|
1,158,637
|
|
|
2,000
|
|
|
Port Seattle, WA Rev, Ser B (NATL Insd) (AMT)
|
|
|
5.625
|
|
|
02/01/24
|
|
|
2,006,160
|
|
|
1,345
|
|
|
Tacoma, WA Elec Sys Rev Rfdg, Ser A (FSA Insd)
|
|
|
5.750
|
|
|
01/01/15
|
|
|
1,428,928
|
|
|
1,545
|
|
|
Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley
Homes,
Ser 2007A-2027
(Acquired 5/7/08, Cost $1,545,000) (c)
|
|
|
6.000
|
|
|
01/01/27
|
|
|
1,370,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,706,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia 1.1%
|
|
3,500
|
|
|
Harrison Cnty, WV Cnty Cmnty Solid Waste Disp Rev Allegheny
Energy Rfdg, Ser D (AMT)
|
|
|
5.500
|
|
|
10/15/37
|
|
|
3,332,245
|
|
|
1,000
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys
|
|
|
6.000
|
|
|
10/01/20
|
|
|
976,350
|
|
|
1,100
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys
|
|
|
6.250
|
|
|
10/01/23
|
|
|
1,054,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,362,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin 3.1%
|
|
450
|
|
|
Superior, WI Collateralized Util Rev Superior Wtr Lt &
Pwr Proj Rfdg, Ser A (AMT)
|
|
|
5.375
|
|
|
11/01/21
|
|
|
451,886
|
|
|
410
|
|
|
Superior, WI Collateralized Util Rev Superior Wtr Lt &
Pwr Proj, Ser B (AMT)
|
|
|
5.750
|
|
|
11/01/37
|
|
|
404,383
|
|
|
2,545
|
|
|
Wisconsin Hsg & Econ Dev Auth Home Ownership Rev,
Ser A (AMT) (a)
|
|
|
5.300
|
|
|
09/01/23
|
|
|
2,630,487
|
|
|
3,200
|
|
|
Wisconsin Hsg & Econ Dev Auth Home Ownership Rev,
Ser A (AMT) (a)
|
|
|
5.500
|
|
|
09/01/28
|
|
|
3,283,680
|
|
|
1,010
|
|
|
Wisconsin St Gen Rev Appropriation Rev, Ser A
|
|
|
5.375
|
|
|
05/01/25
|
|
|
1,101,122
|
|
|
5,000
|
|
|
Wisconsin St Hlth & Ed Fac Auth Mercy Hlth Sys Corp
(AMBAC Insd)
|
|
|
5.500
|
|
|
08/15/25
|
|
|
5,013,050
|
|
|
1,000
|
|
|
Wisconsin St Hlth & Ed Fac Auth Rev Aurora Hlthcare
Inc, Ser B (b)
|
|
|
5.125
|
|
|
08/15/27
|
|
|
1,015,560
|
|
|
400
|
|
|
Wisconsin St Hlth & Ed Fac Auth Rev Beaver Dam Cmnty
Hosp Inc, Ser A
|
|
|
6.000
|
|
|
08/15/19
|
|
|
400,616
|
|
|
1,305
|
|
|
Wisconsin St Hlth & Ed Fac Auth Rev Prohealth Care Inc
Oblig Grp
|
|
|
6.625
|
|
|
02/15/39
|
|
|
1,404,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,705,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Wyoming 0.4%
|
$
|
1,200
|
|
|
Sweetwater Cnty, WY Pollutn Ctl Rev ID Pwr Co Proj Rfdg
|
|
|
5.250
|
%
|
|
07/15/26
|
|
$
|
1,248,840
|
|
|
1,000
|
|
|
Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)
|
|
|
5.600
|
|
|
12/01/35
|
|
|
940,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,188,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam 0.1%
|
|
550
|
|
|
Guam Pwr Auth Rev, Ser A (AMBAC Insd)
|
|
|
5.250
|
|
|
10/01/34
|
|
|
499,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico 0.9%
|
|
1,500
|
|
|
Puerto Rico Elec Pwr Auth Pwr Rev, Ser WW
|
|
|
5.250
|
|
|
07/01/33
|
|
|
1,493,850
|
|
|
65
|
|
|
Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd)
(Prerefunded @ 7/01/14)
|
|
|
5.250
|
|
|
07/01/33
|
|
|
73,642
|
|
|
2,825
|
|
|
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub,
Ser A (b)
|
|
|
5.000
|
|
|
08/01/39
|
|
|
2,936,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,503,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments 166.5%
(Cost $863,078,161)
|
|
|
841,795,451
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments 1.1%
(Cost $5,355,006)
|
|
|
5,355,006
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 167.6%
(Cost $868,433,167)
|
|
|
847,150,457
|
|
|
|
|
|
|
Liability for Floating Rate Note Obligations Related to
Securities Held (23.0%)
(Cost ($116,455,000))
|
|
|
|
|
|
(116,455
|
)
|
|
Notes with interest rates ranging from 0.19% to 0.91% at October
31, 2009 and contractual maturities of collateral ranging from
2022 to 2041 (See Note 1(G) in the Notes to Financial
Statements) (i)
|
|
|
(116,455,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Investments 144.6%
(Cost $751,978,167)
|
|
|
730,695,457
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities 2.2%
|
|
|
11,016,388
|
|
|
|
|
|
|
Preferred Shares (including accrued distributions) (46.8%)
|
|
|
(236,256,804
|
)
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0%
|
|
$
|
505,455,041
|
|
|
|
|
|
|
Percentages are
calculated as a percentage of net assets applicable to common
shares.
34
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Portfolio
of
Investments n October 31,
2009 continued
|
|
|
(a)
|
|
Underlying
security related to Inverse Floaters entered into by the Trust.
See Note 1(G) in the Notes to Financial Statements for
further information.
|
|
(b)
|
|
Variable
Rate Coupon
|
|
(c)
|
|
Security
is restricted and may be resold only in transactions exempt from
registration which are normally those transactions with
qualified institutional buyers. Restricted securities comprise
2.8% of net assets applicable to common shares.
|
|
(d)
|
|
144A-Private
Placement security which is exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. This
security may only be resold in transactions exempt from
registration which are normally those transactions with
qualified institutional buyers.
|
|
(e)
|
|
Escrowed
to Maturity
|
|
(f)
|
|
Security
has been deemed illiquid.
|
|
(g)
|
|
Interest
is accruing at less than the stated coupon. Coupon is shown as
stated coupon/actual coupon.
|
|
(h)
|
|
Non-income
producing security.
|
|
(i)
|
|
Floating
rate notes. The interest rates shown reflect the rate in effect
at October 31, 2009.
|
ACAAmerican
Capital Access
AGCAGC
Insured Custody Certificates
AGLAssured
Guaranty Ltd.
AMBACAMBAC
Indemnity Corp.
AMTAlternative
Minimum Tax
BHACBerkshire
Hathaway Assurance Corp.
ComwthCommonwealth
of Puerto Rico
FGICFinancial
Guaranty Insurance Co.
FSAFinancial
Security Assurance Inc.
GNMAGovernment
National Mortgage Association
NATLNational
Public Finance Guarantee Corp
RadianRadian
Asset Assurance
SyncoraSyncora
Guarantee Limited
Fair Value
Measurements
Various inputs are
used in determining the value of the Trusts investments.
These inputs are summarized in the three broad levels listed
below. (See Note 1(B) in the Notes to Financial Statements
for further information regarding fair value measurements.)
The following is a
summary of the inputs used as of October 31, 2009 in
valuing the Trusts investments carried at value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
|
|
|
|
|
|
Significant
|
|
|
|
|
|
|
Other
Significant
|
|
Unobservable
|
|
|
Investment
|
|
Quoted
Prices
|
|
Observable
Inputs
|
|
Inputs
|
|
Total
|
|
|
Investments in an Asset Position:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Issued by States of the United States and
Political Subdivisions of the United States
|
|
$
|
|
|
|
$
|
847,150,457
|
|
|
$
|
|
|
|
$
|
847,150,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Financial Statements
Statement
of Assets and Liabilities
October 31, 2009
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Total Investments (Cost $868,433,167)
|
|
$
|
847,150,457
|
|
|
|
Cash
|
|
|
747,533
|
|
|
|
Receivables:
|
|
|
|
|
|
|
Interest
|
|
|
13,467,704
|
|
|
|
Investments Sold
|
|
|
240,531
|
|
|
|
Other
|
|
|
13,048
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
861,619,273
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Payables:
|
|
|
|
|
|
|
Floating Rate Note Obligations
|
|
|
116,455,000
|
|
|
|
Investments Purchased
|
|
|
1,981,738
|
|
|
|
Investment Advisory Fee
|
|
|
323,391
|
|
|
|
Income DistributionsCommon Shares
|
|
|
113,272
|
|
|
|
Other Affiliates
|
|
|
46,905
|
|
|
|
Trustees Deferred Compensation and Retirement Plans
|
|
|
753,196
|
|
|
|
Accrued Expenses
|
|
|
233,926
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
119,907,428
|
|
|
|
Preferred Shares (including accrued distributions)
|
|
|
236,256,804
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares
|
|
$
|
505,455,041
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Per Common Share ($505,455,041 divided by
38,902,185 shares outstanding)
|
|
$
|
12.99
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
Common Shares ($0.01 par value with an unlimited number of
shares authorized, 38,902,185 shares issued and outstanding)
|
|
$
|
389,022
|
|
|
|
Paid in Surplus
|
|
|
581,462,551
|
|
|
|
Accumulated Undistributed Net Investment Income
|
|
|
11,991,612
|
|
|
|
Net Unrealized Depreciation
|
|
|
(21,282,710
|
)
|
|
|
Accumulated Net Realized Loss
|
|
|
(67,105,434
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares
|
|
$
|
505,455,041
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares ($0.01 par value, authorized
100,000,000 shares, 9,450 issued with liquidation
preference of $25,000 per share)
|
|
$
|
236,250,000
|
|
|
|
|
|
|
|
|
|
|
Net Assets Including Preferred Shares
|
|
$
|
741,705,041
|
|
|
|
|
|
|
|
|
|
|
36
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Financial
Statements continued
Statement
of Operations
For the Year Ended
October 31, 2009
|
|
|
|
|
|
|
Investment Income:
|
|
|
|
|
|
|
Interest
|
|
$
|
47,399,709
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Investment Advisory Fee
|
|
|
4,236,296
|
|
|
|
Interest and Residual Trust Expenses
|
|
|
1,289,787
|
|
|
|
Preferred Share Maintenance
|
|
|
494,463
|
|
|
|
Professional Fees
|
|
|
215,463
|
|
|
|
Accounting and Administrative Expenses
|
|
|
190,866
|
|
|
|
Transfer Agent Fees
|
|
|
93,476
|
|
|
|
Reports to Shareholders
|
|
|
62,306
|
|
|
|
Trustees Fees and Related Expenses
|
|
|
55,408
|
|
|
|
Custody
|
|
|
47,107
|
|
|
|
Registration Fees
|
|
|
29,096
|
|
|
|
Other
|
|
|
26,492
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
6,740,760
|
|
|
|
Investment Advisory Fee Reduction
|
|
|
770,235
|
|
|
|
|
|
|
|
|
|
|
Net Expenses
|
|
|
5,970,525
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
41,429,184
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain/Loss:
|
|
|
|
|
|
|
Net Realized Loss
|
|
$
|
(23,831,365
|
)
|
|
|
|
|
|
|
|
|
|
Unrealized Appreciation/Depreciation:
|
|
|
|
|
|
|
Beginning of the Period
|
|
|
(131,431,647
|
)
|
|
|
End of the Period:
|
|
|
(21,282,710
|
)
|
|
|
|
|
|
|
|
|
|
Net Unrealized Appreciation During the Period
|
|
|
110,148,937
|
|
|
|
|
|
|
|
|
|
|
Net Realized and Unrealized Gain
|
|
$
|
86,317,572
|
|
|
|
|
|
|
|
|
|
|
Distributions to Preferred Shareholders
|
|
$
|
(1,376,673
|
)
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets Applicable to Common Shares from
Operations
|
|
$
|
126,370,083
|
|
|
|
|
|
|
|
|
|
|
37
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Financial
Statements continued
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
For The
|
|
For The
|
|
|
Year Ended
|
|
Year Ended
|
|
|
October 31,
2009
|
|
October 31,
2008
|
|
|
|
|
From Investment Activities:
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
41,429,184
|
|
|
$
|
45,313,019
|
|
Net Realized Loss
|
|
|
(23,831,365
|
)
|
|
|
(34,003,750
|
)
|
Net Unrealized Appreciation/Depreciation During the Period
|
|
|
110,148,937
|
|
|
|
(154,932,547
|
)
|
Distributions to Preferred Shareholders:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(1,376,673
|
)
|
|
|
(9,628,094
|
)
|
|
|
|
|
|
|
|
|
|
Change in Net Assets Applicable to Common Shares from Operations
|
|
|
126,370,083
|
|
|
|
(153,251,372
|
)
|
Distributions to Common Shareholders:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(33,586,984
|
)
|
|
|
(31,701,941
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets Applicable to Common Shares from
Investment Activities
|
|
|
92,783,099
|
|
|
|
(184,953,313
|
)
|
|
|
|
|
|
|
|
|
|
From Capital Transactions:
|
|
|
|
|
|
|
|
|
Value of Common Shares Issued Through Dividend Reinvestment
|
|
|
631,170
|
|
|
|
1,035,490
|
|
Repurchase of Shares
|
|
|
(80,721
|
)
|
|
|
(3,679,518
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets Applicable to Common Shares from
Capital Transactions
|
|
|
550,449
|
|
|
|
(2,644,028
|
)
|
|
|
|
|
|
|
|
|
|
Total Increase/Decrease in Net Assets Applicable to Common
Shares
|
|
|
93,333,548
|
|
|
|
(187,597,341
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares:
|
|
|
|
|
|
|
|
|
Beginning of the Period
|
|
|
412,121,493
|
|
|
|
599,718,834
|
|
|
|
|
|
|
|
|
|
|
End of the Period (Including accumulated undistributed net
investment income of $11,991,612 and $5,643,797, respectively)
|
|
$
|
505,455,041
|
|
|
$
|
412,121,493
|
|
|
|
|
|
|
|
|
|
|
38
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Financial
Statements continued
Statement
of Cash Flows
For the Year Ended
October 31, 2009
|
|
|
|
|
|
|
Change in Net Assets from Operations (including Preferred
Share Distributions)
|
|
$
|
126,370,083
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Reconcile the Change in Net Assets from
Operations to Net Cash Provided by Operating Activities:
|
|
|
|
|
|
|
Purchases of Investments
|
|
|
(148,798,338
|
)
|
|
|
Proceeds from Sales of Investments
|
|
|
174,356,424
|
|
|
|
Net Purchases of Short-Term Investments
|
|
|
(2,755,006
|
)
|
|
|
Amortization of Premium
|
|
|
878,949
|
|
|
|
Accretion of Discount
|
|
|
(1,560,875
|
)
|
|
|
Net Realized Loss on Investments
|
|
|
23,831,365
|
|
|
|
Net Change in Unrealized Depreciation on Investments
|
|
|
(110,148,937
|
)
|
|
|
Increase in Interest Receivable
|
|
|
(519,191
|
)
|
|
|
Increase in Other Assets
|
|
|
(3,083
|
)
|
|
|
Increase in Investment Advisory Fee Payable
|
|
|
37,415
|
|
|
|
Decrease in Accrued Expenses
|
|
|
(102,413
|
)
|
|
|
Increase in Other Affiliates Payable
|
|
|
11,227
|
|
|
|
Increase in Trustees Deferred Compensation and Retirement
Plans
|
|
|
39,299
|
|
|
|
|
|
|
|
|
|
|
Total Adjustments
|
|
|
(64,733,164
|
)
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
|
|
|
61,636,919
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
Repurchased Shares
|
|
|
(80,721
|
)
|
|
|
Dividends Paid (net of reinvested dividends $631,170)
|
|
|
(33,059,619
|
)
|
|
|
Proceeds from and Repayments of Floating Rate
Note Obligations
|
|
|
(4,470,000
|
)
|
|
|
Retirement of Preferred Shares
|
|
|
(23,750,000
|
)
|
|
|
|
|
|
|
|
|
|
Net Cash Used for Financing Activities
|
|
|
(61,360,340
|
)
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash
|
|
|
276,579
|
|
|
|
Cash at the Beginning of the Period
|
|
|
470,954
|
|
|
|
|
|
|
|
|
|
|
Cash at the End of the Period
|
|
$
|
747,533
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
|
|
Cash Paid During the Year for Interest
|
|
$
|
1,289,787
|
|
|
|
|
|
|
|
|
|
|
39
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Financial
Highlights
The
following schedule presents financial highlights for one common
share of the Trust outstanding throughout the periods
indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
October 31,
|
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
|
|
|
Net Asset Value, Beginning of the Period
|
|
$
|
10.61
|
|
|
$
|
15.35
|
|
|
$
|
16.33
|
|
|
$
|
16.15
|
|
|
$
|
16.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
1.07
|
(a)
|
|
|
1.17
|
(a)
|
|
|
1.09
|
(a)
|
|
|
1.02
|
(a)
|
|
|
1.02
|
|
Net Realized and Unrealized Gain/Loss
|
|
|
2.21
|
|
|
|
(4.84
|
)
|
|
|
(0.97
|
)
|
|
|
0.48
|
|
|
|
(0.41
|
)
|
Common Share Equivalent of Distributions Paid to Preferred
Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(0.04
|
)
|
|
|
(0.25
|
)
|
|
|
(0.31
|
)
|
|
|
(0.24
|
)
|
|
|
(0.18
|
)
|
Net Realized Gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.05
|
)
|
|
|
-0-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from Investment Operations
|
|
|
3.24
|
|
|
|
(3.92
|
)
|
|
|
(0.19
|
)
|
|
|
1.21
|
|
|
|
0.43
|
|
Distributions Paid to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(0.86
|
)
|
|
|
(0.82
|
)
|
|
|
(0.79
|
)
|
|
|
(0.79
|
)
|
|
|
(0.88
|
)
|
Net Realized Gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.24
|
)
|
|
|
-0-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of the Period
|
|
$
|
12.99
|
|
|
$
|
10.61
|
|
|
$
|
15.35
|
|
|
$
|
16.33
|
|
|
$
|
16.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Market Price at End of the Period
|
|
$
|
12.69
|
|
|
$
|
10.15
|
|
|
$
|
13.85
|
|
|
$
|
14.86
|
|
|
$
|
14.02
|
|
Total Return* (b)
|
|
|
34.85%
|
|
|
|
22.15%
|
|
|
|
1.88%
|
|
|
|
13.84%
|
|
|
|
0.01%
|
|
Net Assets Applicable to Common Shares at End of the Period (In
millions)
|
|
$
|
505.5
|
|
|
$
|
412.1
|
|
|
$
|
599.7
|
|
|
$
|
643.1
|
|
|
$
|
635.9
|
|
Ratio of Expenses to Average Net Assets Applicable to Common
Shares* (c)
|
|
|
1.34%
|
|
|
|
2.05%
|
|
|
|
2.14%
|
|
|
|
1.23%
|
|
|
|
1.06%
|
|
Ratio of Net Investment Income to Average Net Assets Applicable
to Common Shares* (c)
|
|
|
9.31%
|
|
|
|
8.31%
|
|
|
|
6.84%
|
|
|
|
6.40%
|
|
|
|
6.21%
|
|
Portfolio Turnover
|
|
|
19%
|
|
|
|
67%
|
|
|
|
25%
|
|
|
|
28%
|
|
|
|
33%
|
|
* If certain expenses had not been voluntarily
assumed by Van Kampen, total return would have been lower
and the ratios would have been as follows:
|
Ratio of Expenses to Average Net Assets Applicable to Common
Shares (c)
|
|
|
1.51%
|
|
|
|
2.21%
|
|
|
|
2.28%
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Ratio of Net Investment Income to Average Net Assets Applicable
to Common Shares (c)
|
|
|
9.13%
|
|
|
|
8.15%
|
|
|
|
6.70%
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses (Excluding Interest and Residual
Trust Expenses) to Average Net Assets Applicable to Common
Shares (c)
|
|
|
1.05%
|
|
|
|
0.96%
|
|
|
|
0.95%
|
|
|
|
1.11%
|
|
|
|
1.06%
|
|
Ratio of Net Investment Income to Average Net Assets Applicable
to Common Shares (d)
|
|
|
9.00%
|
|
|
|
6.55%
|
|
|
|
4.92%
|
|
|
|
4.91%
|
|
|
|
5.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Shares Outstanding
|
|
|
9,450
|
|
|
|
10,400
|
|
|
|
13,000
|
|
|
|
13,000
|
|
|
|
13,000
|
|
Asset Coverage Per Preferred Share (e)
|
|
$
|
78,488
|
|
|
$
|
64,637
|
|
|
$
|
71,143
|
|
|
$
|
74,490
|
|
|
$
|
73,933
|
|
Involuntary Liquidating Preference Per Preferred Share
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
Average Market Value Per Preferred Share
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
(a)
|
|
Based
on average shares outstanding.
|
(b)
|
|
Total
return assumes an investment at the common share market price at
the beginning of the period indicated, reinvestment of all
distributions for the period in accordance with the Trusts
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 Trusts total liabilities (not including
the preferred shares) from the Trusts total assets and
dividing this by the number of preferred shares outstanding.
|
N/A=Not
applicable
40
See Notes to Financial
Statements
Van Kampen
Municipal Trust
Notes to Financial
Statements n October 31,
2009
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 1940 Act). The Trusts investment
objective is to seek to provide a high level of current income
exempt from federal income tax, consistent with preservation of
capital. The Trust will invest in a portfolio consisting
substantially of municipal obligations rated investment grade at
the time of investment, but may invest up to 20% of its assets
in unrated securities which are believed to be of comparable
quality to those rated investment grade. The Trust commenced
investment operations on September 27, 1991.
The following is a summary of significant accounting policies
consistently followed by the Trust in the preparation of its
financial statements. The preparation of financial statements in
conformity with accounting principles generally accepted in the
United States of America (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
In June 2009, the Financial Accounting Standards Board (FASB)
established the FASB Accounting Standards
CodificationTM(ASC)
as the single source of authoritative accounting principles
recognized by the FASB in the preparation of financial
statements in conformity with GAAP. The ASC supersedes existing
non-grandfathered, non-SEC accounting and reporting standards.
The ASC did not change GAAP but rather organized it into a
hierarchy where all guidance within the ASC carries an equal
level of authority. The ASC became effective for financial
statements issued for interim and annual periods ending after
September 15, 2009. The Trust appropriately updated
relevant GAAP references to reflect the new ASC.
A. Security Valuation Municipal bonds
are valued by independent pricing services or dealers using the
mean of the last reported bid and asked prices or, in the
absence of market quotations, at fair value based upon yield
data relating to municipal bonds with similar characteristics
and general market conditions. Securities which are not valued
by independent pricing services or dealers are valued at fair
value using procedures established in good faith by the Board of
Trustees. Factors considered in making this determination may
include, but are not limited to, information obtained by
contacting the issuer, analysts, or the appropriate stock
exchange (for exchange-traded securities), analysis of the
issuers financial statements or other available documents
and, if necessary, available information concerning other
securities in similar circumstances. Futures contracts are
valued at the settlement price established each day on the
exchange on which they are traded. Short-term securities with
remaining maturities of 60 days or less are valued at
amortized cost, which approximates fair value.
B. Fair Value Measurements The Trust
adopted FASB ASC 820, Fair Value Measurements and
Disclosures (ASC 820) (formerly known as FAS 157),
effective November 1, 2008. In accordance with
ASC 820, fair value is defined as the price that the Trust
would receive to sell an investment or pay to transfer a
liability in an orderly transaction with an independent buyer in
the principal market, or in the absence of a principal market
the most advantageous market for the investment or liability.
ASC 820 establishes a three-tier hierarchy to distinguish
between (1) inputs that reflect the assumptions market
participants would use in pricing an asset or liability
developed based on market data obtained from sources independent
of the
41
Van Kampen
Municipal Trust
Notes
to Financial
Statements n October 31,
2009 continued
reporting entity (observable
inputs) and (2) inputs that reflect the reporting
entitys own assumptions about the assumptions market
participants would use in pricing an asset or liability
developed based on the best information available in the
circumstances (unobservable inputs) and to establish
classification of fair value measurements for disclosure
purposes. Various inputs are used in determining the value of
the Trusts investments. The inputs are summarized in the
three broad levels listed below.
|
|
Level 1
|
quoted prices in active markets for identical investments
|
Level 2
|
other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit
risk, etc.)
|
Level 3
|
significant unobservable inputs (including the Trusts own
assumptions in determining the fair value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
C. Security Transactions Security
transactions are recorded on a trade date basis. Realized gains
and losses are determined on an identified cost basis. The 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 October 31,
2009, the Trust had no when-issued or delayed delivery purchase
commitments.
D. 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.
E. Federal Income Taxes It is the
Trusts 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. Management has
concluded there are no significant uncertain tax positions that
would require recognition in the financial statements. If
applicable, the Trust recognizes interest accrued related to
unrecognized tax benefits in Interest Expense and
penalties in Other expenses on the Statement of
Operations. The Trust files tax returns with the
U.S. Internal Revenue Service and in various states.
Generally, each of the tax years in the four year period ended
October 31, 2009, remains subject to examination by taxing
authorities.
The Trust intends to utilize provisions of the federal income
tax laws which allow it to carry a realized capital loss forward
for eight years following the year of the loss and offset these
losses against any future realized capital gains. At
October 31, 2009, the Trust had an accumulated capital loss
carry forward
42
Van Kampen
Municipal Trust
Notes
to Financial
Statements n October 31,
2009 continued
for tax purposes of $67,585,843,
which will expire according to the following schedule:
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
Expiration
|
|
$
|
929,222
|
|
|
|
|
|
October 31, 2010
|
|
|
2,903,782
|
|
|
|
|
|
October 31, 2012
|
|
|
593,665
|
|
|
|
|
|
October 31, 2014
|
|
|
6,620,583
|
|
|
|
|
|
October 31, 2015
|
|
|
34,152,213
|
|
|
|
|
|
October 31, 2016
|
|
|
22,386,378
|
|
|
|
|
|
October 31, 2017
|
|
A portion of the capital loss carry forward above was acquired
due to a merger with another regulated investment company and is
subject to annual limitations.
At October 31, 2009, the cost and related gross unrealized
appreciation and depreciation were as follows:
|
|
|
|
|
|
|
Cost of investments for tax purposes
|
|
$
|
750,974,842
|
|
|
|
|
|
|
|
|
|
|
Gross tax unrealized appreciation
|
|
$
|
38,019,258
|
|
|
|
Gross tax unrealized depreciation
|
|
|
(58,285,971
|
)
|
|
|
|
|
|
|
|
|
|
Net tax unrealized depreciation on investments
|
|
$
|
(20,266,713
|
)
|
|
|
|
|
|
|
|
|
|
F. Distribution of Income and Gains The
Trust declares and pays monthly dividends from net investment
income to common shareholders. Net realized gains, if any, are
distributed at least annually on a pro rata basis to common and
preferred shareholders. Distributions from net realized gains
for book purposes may include short-term capital gains and a
portion of futures gains, which are included as ordinary income
for tax purposes.
The tax character of distributions paid during the years ended
October 31, 2009 and 2008 was as follows:
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
2008
|
|
Distributions paid from:
|
|
|
|
|
|
|
|
|
Ordinary income
|
|
$
|
62,715
|
|
|
$
|
15,123
|
|
Tax exempt income
|
|
|
35,004,747
|
|
|
|
41,341,380
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,067,462
|
|
|
$
|
41,356,503
|
|
|
|
|
|
|
|
|
|
|
Permanent differences, primarily due to a capital loss carry
forward in the amount of $468,317 expiring in the current year,
resulted in the following reclassifications among the
Trusts components of net assets at October 31, 2009:
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Undistributed
|
|
Accumulated
Net
|
|
|
Net Investment
Income
|
|
Realized
Loss
|
|
Paid in
Surplus
|
|
$
|
(117,712
|
)
|
|
$
|
586,029
|
|
|
$
|
(468,317
|
)
|
43
Van Kampen
Municipal Trust
Notes
to Financial
Statements n October 31,
2009 continued
As of October 31, 2009, the components of distributable
earnings on a tax basis were as follows:
|
|
|
|
|
Undistributed ordinary income
|
|
$
|
145,140
|
|
Undistributed tax-exempt income
|
|
|
12,223,144
|
|
Net realized gains or losses may differ for financial reporting
and tax purposes primarily as a result of gains or losses
recognized on securities for tax purposes but not for book
purposes.
G. Floating Rate Note Obligations Related to
Securities Held The Trust enters into transactions
in which it transfers to dealer trusts fixed rate bonds in
exchange for cash and residual interests in the dealer
trusts assets and cash flows, which are in the form of
inverse floating rate investments. The dealer trusts fund the
purchases of the fixed rate bonds by issuing floating rate notes
to third parties and allowing the Trust to retain residual
interests in the bonds. The Trust enters into shortfall
agreements with the dealer trusts, which commit the Trust to pay
the dealer trusts, in certain circumstances, the difference
between the liquidation value of the fixed rate bonds held by
the dealer trusts and the liquidation value of the floating rate
notes held by third parties, as well as any shortfalls in
interest cash flows. The residual interests held by the Trust
(inverse floating rate investments) include the right of the
Trust (1) to cause the holders of the floating rate notes
to tender their notes at par at the next interest rate reset
date, and (2) to transfer the municipal bond from the
dealer trusts to the Trust, thereby collapsing the dealer
trusts. The Trust accounts for the transfer of bonds to the
dealer trusts as secured borrowings, with the securities
transferred remaining in the Trusts investment assets, and
the related floating rate notes reflected as Trust liabilities
under the caption Floating Rate
Note Obligations on the Statement of Assets and
Liabilities. The Trust records the interest income from the
fixed rate bonds under the caption Interest and
records the expenses related to floating rate note obligations
and any administrative expenses of the dealer trusts under the
caption Interest and Residual Trust Expenses on
the Trusts Statement of Operations. The notes issued by
the dealer trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the dealer trusts for redemption at par at each reset date.
At October 31, 2009, Trust investments with a value of
$201,402,389 are held by the dealer trusts and serve as
collateral for the $116,455,000 in floating rate notes
outstanding at that date. Contractual maturities of the floating
rate notes and interest rates in effect at October 31, 2009
are presented on the Portfolio of Investments. The average
floating rate notes outstanding and average annual interest and
fee rate related to residual interests during the year ended
October 31, 2009 were $109,399,732 and 1.18%, respectively.
H. Reporting Subsequent
Events Management has evaluated the impact of any
subsequent events through December 21, 2009, the date the
financial statements were effectively issued. Management has
determined that there are no material events or transactions
that would affect the Trusts financial statements or
require disclosure in the Trusts financial statements
through this date.
44
Van Kampen
Municipal Trust
Notes
to Financial
Statements n October 31,
2009 continued
2. Investment
Advisory Agreement and Other Transactions with
Affiliates
Under the terms of the Trusts Investment Advisory
Agreement, Van Kampen Asset Management (the
Adviser) will provide investment advice and
facilities to the Trust for and annual fee payable monthly of
0.55% of the average daily net assets including current
preferred shares and leverage of $88,750,000 entered into to
retire previously issued preferred shares of the Trust. The
Adviser has agreed to waive investment advisory fees equal to
0.10% of the average daily net assets including current
preferred shares and leverage of $88,750,000 entered into to
retire previously issued preferred shares of the Trust. During
the year ended October 31, 2009, the Adviser waived
approximately $770,200 of its advisory fees. This waiver is
voluntary and can be discontinued at any time.
For the year ended October 31, 2009, the Trust recognized
expenses of approximately $126,900 representing legal services
provided by Skadden, Arps, Slate, Meagher & Flom LLP,
of which a trustee of the Trust is a partner of such firm and he
and his law firm provide legal services as legal counsel to the
Trust.
Under separate Legal Services, Accounting Services and Chief
Compliance Officer (CCO) Employment agreements, the Adviser
provides accounting and legal services and the CCO provides
compliance services to the Trust. The costs of these services
are allocated to each trust. For the year ended October 31,
2009, the Trust recognized expenses of approximately $106,700
representing Van Kampen Investments Inc.s or its
affiliates (collectively Van Kampen) cost
of providing accounting and legal services to the Trust, as well
as the salary, benefits and related costs of the CCO and related
support staff paid by Van Kampen. Services provided
pursuant to the Legal Services agreement are reported as part of
Professional Fees on the Statement of Operations.
Services provided pursuant to the Accounting Services and CCO
Employment agreement are reported as part of Accounting
and Administrative Expenses on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and
directors of Van Kampen. The Trust does not compensate its
officers or trustees who are also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans
for its trustees who are not officers of Van Kampen. Under
the deferred compensation plan, trustees may elect to defer all
or a portion of their compensation to a later date. Benefits
under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustees years of
service to the Trust. The maximum annual benefit per trustee
under the plan is $2,500.
3. Capital
Transactions
For the years ended October 31, 2009 and 2008, transactions
in common shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
Year Ended
|
|
|
October 31,
2009
|
|
October 31,
2008
|
|
Beginning Shares
|
|
|
38,856,411
|
|
|
|
39,063,367
|
|
Shares Issued Through Dividend Reinvestment
|
|
|
54,374
|
|
|
|
73,379
|
|
Shares Repurchased*
|
|
|
(8,600
|
)
|
|
|
(280,335
|
)
|
|
|
|
|
|
|
|
|
|
Ending Shares
|
|
|
38,902,185
|
|
|
|
38,856,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
The
Trust has a share repurchase program for purposes of enhancing
stockholder value and reducing the discount at which the
Trusts shares trade from its net asset value. For the
years ended October 31, 2009 and 2008, the Trust
repurchased 8,600 and 280,335, respectively of its shares at an
average discount of
|
45
Van Kampen
Municipal Trust
Notes
to Financial
Statements n October 31,
2009 continued
|
|
|
|
|
11.28%
and 8.12%, respectively, from net asset value per share. The
Trust expects to continue to repurchase its outstanding shares
at such time and in such amounts as it believes such activity
will further the accomplishment of the foregoing objectives,
subject to review of the Trustees.
|
4. Investment
Transactions
During the period, the cost of purchases and proceeds from sales
of investments, excluding short-term investments, were
$147,107,689 and $173,738,978, respectively.
5. Inverse
Floating Rate Securities
The Trust may invest a portion of its assets in inverse floating
rate municipal securities, which are variable debt instruments
that pay interest at rates that move in the opposite direction
of prevailing interest rates. These investments are typically
used by the Trust in seeking to enhance the yield of the
portfolio or used as an alternative form of leverage in order to
redeem a portion of the Trusts preferred shares. Inverse
floating rate investments 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. Inverse floating rate
investments have varying degrees of liquidity. Inverse floating
rate securities in which the Trust may invest include derivative
instruments such as residual interest bonds (RIBs)
or tender option bonds (TOBs). Such instruments are
typically created by a special purpose trust that holds
long-term fixed rate bonds (which may be tendered by the Trust
in certain instances) and sells two classes of beneficial
interests: short-term floating rate interests, which are sold to
third party investors, and inverse floating residual interests,
which are purchased by the Trust. The short-term floating rate
interests have first priority on the cash flow from the bonds
held by the special purpose trust and the Trust is paid the
residual cash flow from the bonds held by the special purpose
trust.
The Trust generally invests in inverse floating rate investments
that include embedded leverage, thus exposing the Trust to
greater risks and increased costs. The market value of a
leveraged inverse floating rate investment generally
will fluctuate in response to changes in market rates of
interest to a greater extent than the value of an unleveraged
investment. The extent of increases and decreases in the value
of inverse floating rate investments generally will be larger
than changes in an equal principal amount of a fixed rate
security having similar credit quality, redemption provisions
and maturity, which may cause the Trusts net asset value
to be more volatile than if it had not invested in inverse
floating rate investments.
In certain instances, the short-term floating rate interests
created by the special purpose trust may not be able to be sold
to third parties or, in the case of holders tendering (or
putting) such interests for repayment of principal, may not be
able to be remarketed to third parties. In such cases, the
special purpose trust holding the long-term fixed rate bonds may
be collapsed. In the case of RIBs or TOBs created by the
contribution of long-term fixed income bonds by the Trust, the
Trust will then be required to repay the principal amount of the
tendered securities. During times of market volatility,
illiquidity or uncertainty, the Trust could be required to sell
other portfolio holdings at a disadvantageous time to raise cash
to meet that obligation.
6. 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.
46
Van Kampen
Municipal Trust
Notes
to Financial
Statements n October 31,
2009 continued
The Trust may use derivative instruments for a variety of
reasons, such as to attempt to protect the Trust against
possible changes in the market value of its portfolio, to manage
the portfolios effective yield, maturity and duration, or
generate potential gain. All of the Trusts portfolio
holdings, including derivative instruments, are marked to market
each day with the change in value reflected in unrealized
appreciation/depreciation. Upon disposition, a realized gain or
loss is generally recognized.
The Trust adopted FASB ASC 815, Derivatives and Hedging
(ASC 815) (formerly known as FAS 161), effective
May 1, 2009. ASC 815 is intended to improve financial
reporting about derivative instruments by requiring enhanced
disclosures to enable investors to better understand how and why
the Trust uses derivative instruments, how these derivative
instruments are accounted for and their effects on the
Trusts financial position and results of operations.
The Trust is subject to interest rate risk in the normal course
of pursing its investment objectives. The Trust may use futures
contracts to gain exposure to, or hedge against changes in the
value of interest rates. A futures contract is an agreement
involving the delivery of a particular asset on a specified
future date at an agreed upon price. Upon entering into futures
contracts, the Trust maintains an amount of cash or liquid
securities with a value equal to a percentage of the contract
amount with either a futures commission merchant pursuant to the
rules and regulations promulgated under the 1940 Act, or with
its custodian in an account in the brokers 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). When entering into futures contracts, the
Trust bears the risk of interest rates or securities prices
moving unexpectedly, in which case, the Trust may not achieve
the anticipated benefits of the futures contracts and may
realize a loss. With futures, there is minimal counterparty
credit risk to the Trust since futures are exchange traded and
the exchanges clearinghouse, as a counterparty to all
exchange traded futures, guarantees the futures against default.
The risk of loss associated with a futures contract is in excess
of the variation margin reflected on the Statement of Assets and
Liabilities.
There were no transactions in futures contracts for the year
ended October 31, 2009.
7. Preferred
Shares
The Trust has outstanding 9,450 Auction Preferred Shares (APS).
Series A contains 2,100 shares, Series B contains
2,250 shares, Series C contains 2,100 shares,
Series D contains 2,250 shares amd Series E
contains 750 shares. Dividends are cumulative and the
dividend rates are generally reset every 7 days for
Series A and Series C, while Series B,
Series D, and Series E are generally reset every
28 days through an auction process. Beginning on
February 12, 2008, and continuing through October 31,
2009, all series of preferred shares of the Trust were not
successfully remarketed. As a result, the dividend rates of
these preferred shares were reset to the maximum applicable rate
on APS. The average rate in effect on October 31, 2009 was
0.181%. During the year ended October 31, 2009, the rates
ranged from 0.166% to 3.475%.
Historically, the Trust paid annual fees equivalent to 0.25% of
the preferred share liquidation value for the remarketing
efforts associated with the preferred auction. Effective
March 16, 2009, the Trust decreased this amount to 0.15%
due to auction failures. In the future, if auctions no longer
fail, the Trust may return to an annual fee payment of 0.25% of
the preferred share liquidation value. These fees are included
as a component of Preferred Share Maintenance
expense on the Statement of Operations.
47
Van Kampen
Municipal Trust
Notes
to Financial
Statements n October 31,
2009 continued
The APS are redeemable at the option of the Trust in whole or in
part at the liquidation value of $25,000 per share plus
accumulated and unpaid dividends. The Trust is subject to
certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
The Trust entered into additional inverse floating rate
securities as an alternative form of leverage in order to redeem
and retire a portion of its preferred shares. For the year ended
October 31, 2009, transactions in preferred shares were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
A
|
|
Series
B
|
|
Series
C
|
|
Series
D
|
|
Series
E
|
|
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
|
|
Outstanding at October 31, 2008
|
|
|
2,400
|
|
|
$
|
60,000,000
|
|
|
|
2,400
|
|
|
$
|
60,000,000
|
|
|
|
2,400
|
|
|
$
|
60,000,000
|
|
|
|
2,400
|
|
|
$
|
60,000,000
|
|
|
|
800
|
|
|
$
|
20,000,000
|
|
|
|
Amount Retired
|
|
|
(300
|
)
|
|
|
(7,500,000
|
)
|
|
|
(150
|
)
|
|
|
(3,750,000
|
)
|
|
|
(300
|
)
|
|
|
(7,500,000
|
)
|
|
|
(150
|
)
|
|
|
(3,750,000
|
)
|
|
|
(50
|
)
|
|
|
(1,250,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at October 31, 2009
|
|
|
2,100
|
|
|
$
|
52,500,000
|
|
|
|
2,250
|
|
|
$
|
56,250,000
|
|
|
|
2,100
|
|
|
$
|
52,500,000
|
|
|
|
2,250
|
|
|
$
|
56,250,000
|
|
|
|
750
|
|
|
$
|
18,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. Line of
Credit
During the year, several Van Kampen municipal funds, including
the Trust, entered into a $150,000,000 joint revolving bank
credit facility. The purpose of the facility is to provide
availability of funds for short-term liquidity purposes. There
were no borrowings under the facility during the year.
9. Indemnifications
The Trust enters into contracts that contain a variety of
indemnifications. The Trusts 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.
10. Significant
Event
On October 19, 2009, Morgan Stanley & Co., Inc.,
the parent company of Van Kampen Investments, Inc.,
announced that it has reached a definitive agreement to sell its
retail asset management business to Invesco Ltd. The transaction
includes a sale of the part of the asset management business
that advises funds, including the Van Kampen family of
funds. The transaction is subject to certain approvals and other
conditions, and is currently expected to close in mid-2010.
11. Accounting
Pronouncement
During June 2009, the Financial Accounting Standards Board
(FASB) issued Statement of Financial Accounting Standards
No. 166, Accounting for Transfers of Financial
Assetsan amendment of FASB Statement No. 140
(FAS 166). The objective of FAS 166 is to improve the
relevance, representational faithfulness, and comparability of
the information that a reporting entity provides in its
financial statements about a transfer of financial assets; the
effects of a transfer on its financial position, financial
performance, and cash flows; and a transferors continuing
involvement, if any, in transferred financial assets.
48
Van Kampen
Municipal Trust
Notes
to Financial
Statements n October 31,
2009 continued
FAS 166 is effective as of the beginning of each reporting
entitys first annual reporting period that begins after
November 15, 2009, for interim periods within that first
annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The
recognition and measurement provisions of FAS 166 must be
applied to transfers occurring on or after the effective date.
Additionally, the disclosure provisions of FAS 166 should
be applied to transfers that occurred both before and after the
effective date of FAS 166. At this time, management is
evaluating the implications of FAS 166 and the impact it
will have on the financial statement amounts and disclosures, if
any.
49
Van Kampen
Municipal Trust
Report of Independent Registered Public Accounting
Firm
To the Board of Trustees and Shareholders of Van Kampen
Municipal Trust
We have audited the accompanying statement of assets and
liabilities of Van Kampen Municipal Trust (the
Trust), including the portfolio of investments, as
of October 31, 2009, the related statements of operations
and cash flows for the year then ended, the statements of
changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the five
years in the period then ended. These financial statements and
financial highlights are the responsibility of the Trusts
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. The
Trust is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our
audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trusts
internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of
October 31, 2009, by correspondence with the custodian and
brokers; where replies were not received from brokers, we
performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Van Kampen Municipal
Trust as of October 31, 2009, the results of its operations
and its cash flows for the year then ended, the changes in its
net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles
generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 21, 2009
50
Van Kampen
Municipal Trust
Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt
and simple way to reinvest your dividends and capital gains
distributions (Distributions) into additional shares of the
Trust. Under the Plan, the money you earn from Distributions
will be reinvested automatically in more shares of the Trust,
allowing you to potentially increase your investment over time.
Plan
benefits
Add to
your account
You may increase your shares in the Trust easily and
automatically with the Plan.
Low
transaction costs
Shareholders who participate in the Plan are able to buy shares
at below-market prices when the Trust is trading at a premium to
its net asset value. In addition, transaction costs are low
because when new shares are issued by the Trust, there is no
brokerage fee, and when shares are bought in blocks on the open
market, the brokerage commission is shared among all
participants.
Convenience
You will receive a detailed account statement from Computershare
Trust Company , N.A., (the Agent) which administers the Plan.
The statement shows your total Distributions, dates of
investment, shares acquired, and price per share, as well as the
total number of shares in your reinvestment account. You can
also access your account at vankampen.com.
Safekeeping
The Agent will hold the shares it has acquired for you in
safekeeping.
How to
participate in the Plan
If you own shares in your own name, you can participate directly
in the Plan. If your shares are held in street
namein the name of your brokerage firm, bank, or
other financial institutionyou must instruct that entity
to participate on your behalf. If they are unable to participate
on your behalf, you may request that they reregister your shares
in your own name so that you may enroll in the Plan.
If you choose to participate in the Plan, your Distributions
will be promptly reinvested for you, automatically increasing
your shares. If the Trust is trading at a share price that is
equal to its net asset value (NAV), youll pay that amount
for your reinvested shares. However, if the Trust is trading
above or below NAV, the price is determined by one of two ways:
|
|
|
|
1.
|
Premium If the Trust is trading at a premiuma
market price that is higher than its NAVyoull pay
either the NAV or 95 percent of the market price,
|
51
Van Kampen
Municipal Trust
Dividend
Reinvestment
Plan continued
|
|
|
|
|
whichever is greater. When the Trust trades at a premium,
youll pay less for your reinvested shares than an ordinary
investor purchasing shares on the stock exchange. Keep in mind,
a portion of your price reduction may be taxable because you are
receiving shares at less than market price.
|
|
|
|
|
2.
|
Discount If the Trust is trading at a
discounta market price that is lower than its
NAVyoull pay the market price for your reinvested
shares.
|
How to
enroll
To enroll in the Plan, please read the Terms and Conditions in
the Plan brochure. You can obtain a copy of the Plan Brochure
and enroll in the Plan by visiting vankampen.com, calling
toll-free
(800) 341-2929
or notifying us in writing at Van Kampen Closed End Funds,
Computershare Trust Company, N.A., P.O. Box 43078,
Providence, RI
02940-3078.
Please include the Trust name and account number and ensure that
all shareholders listed on the account sign these written
instructions. Your participation in the Plan will begin with the
next Distribution payable after the Agent receives your
authorization, as long as they receive it before the
record date, which is generally ten business days
before the dividend is paid. If your authorization arrives after
such record date, your participation in the Plan will begin with
the following Distribution.
Costs of the
plan
There is no direct charge to you for reinvesting Distributions
because the Plans fees are paid by the Trust. However,
when applicable, you will pay your portion of any brokerage
commissions incurred when the new shares are purchased on the
open market. These brokerage commissions are typically less than
the standard brokerage charges for individual transactions,
because shares are purchased for all participants in blocks,
resulting in lower commissions for each individual participant.
Any brokerage commissions or service fees are averaged into the
purchase price.
Tax
implications
The automatic reinvestment of Distributions does not relieve you
of any income tax that may be due on Distributions.
You will receive tax information annually to help you prepare
your federal and state income tax returns.
Van Kampen does not offer tax advice. The tax
information contained herein is general and is not exhaustive by
nature. It was not intended or written to be used, and it cannot
be used by any taxpayer, for avoiding penalties that may be
imposed on the taxpayer under U.S. federal tax laws.
Federal and state tax laws are complex and constantly changing.
Shareholders should always consult a legal or tax advisor for
information concerning their individual situation.
52
Van Kampen
Municipal Trust
Dividend
Reinvestment
Plan continued
How to withdraw
from the Plan
To withdraw from the Plan please visit vankampen.com or call
(800) 341-2929
or notify us in writing at the address below.
Van Kampen Closed-End Funds
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI
02940-3078
All shareholders listed on the account must sign any written
withdrawal instructions. If you withdraw, you have three options
with regard to the shares held in your account:
|
|
|
|
1.
|
If you opt to continue to hold your non-certificated whole
shares (Investment Plan Book Shares), they will be held by the
Agent electronically as Direct Registration Book-Shares
(Book-Entry) and fractional shares will be sold at the then
current market price. Proceeds will be sent via check to your
address of record after deducting applicable fees and brokerage
commissions.
|
|
2.
|
If you opt to sell your shares through the Agent, we will sell
all full and fractional shares and send the proceeds via check
to your address of record after deducting brokerage commissions
and a $2.50 service fee.
|
|
3.
|
You may sell your shares through your financial advisor through
the Direct Registration Systems (DRS). DRS is a
service within the securities industry that allows Trust shares
to be held in your name in electronic format. You retain full
ownership of your shares, without having to hold a stock
certificate.
|
The Trust and Computershare Trust Company, N.A. may
amend or terminate the Plan. Participants will receive written
notice at least 30 days before the effective date of any
amendment. In the case of termination, Participants will receive
written notice at least 30 days before the record date for
the payment of any dividend or capital gains distribution by the
Trust. In the case of amendment or termination necessary or
appropriate to comply with applicable law or the rules and
policies of the Securities and Exchange Commission or any other
regulatory authority, such written notice will not be
required.
To obtain a
complete copy of the Dividend Reinvestment Plan, please call our
Client Relations department at
800-341-2929
or visit vankampen.com.
53
Van Kampen
Municipal Trust
Board of Trustees, Officers and Important Addresses
|
|
|
Board
of Trustees
David C. Arch
Jerry D. Choate
Rod Dammeyer
Linda Hutton Heagy
R. Craig Kennedy
Howard J Kerr
Jack E. Nelson
Hugo F. Sonnenschein
Wayne W. Whalen* Chairman
Suzanne H. Woolsey
Officers
Edward C. Wood III
President and Principal Executive Officer
Kevin Klingert
Vice President
Stefanie V. Chang Yu
Vice President and Secretary
John L. Sullivan
Chief Compliance Officer
Stuart N. Schuldt
Chief Financial Officer and Treasurer
|
|
Investment
Adviser
Van Kampen Asset Management
522 Fifth Avenue
New York, New York 10036
Custodian
State Street Bank
and Trust Company
One Lincoln Street
Boston, Massachusetts 02111
Transfer
Agent
Computershare Trust Company, N.A.
c/o Computershare Investor Services
P.O. Box 43078
Providence, Rhode Island 02940-3078
Legal
Counsel
Skadden, Arps, Slate,
Meagher & Flom LLP
155 West Wacker Drive
Chicago, Illinois 60606
Independent
Registered
Public Accounting Firm
Deloitte & Touche LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
|
(Unaudited)
For federal income tax purposes, the following information is
furnished with respect to the distributions paid by the Trust
during its taxable year ended October 31, 2009. The Trust
designated 99.82% of the income distributions as a tax-exempt
income distribution. In January, the Trust provides tax
information to shareholders for the preceding calendar year.
|
|
|
*
|
|
Interested
persons of the Trust, as defined in the Investment Company
Act of 1940, as amended.
|
54
Van Kampen
Municipal Trust
Results of Shareholder Votes
The Annual Meeting of the Shareholders of the Trust was held on
June 17, 2009, where shareholders voted on the election of
trustees.
With regard to the election of the following trustees by the
common shareholders of the Trust:
|
|
|
|
|
|
|
|
|
|
|
# of
Shares
|
|
|
In
Favor
|
|
Withheld
|
|
|
Wayne W. Whalen
|
|
|
35,400,370
|
|
|
|
1,197,529
|
|
Rod Dammeyer
|
|
|
35,419,784
|
|
|
|
1,178,116
|
|
With regard to the election of the following trustees by the
preferred shareholders of the Trust:
|
|
|
|
|
|
|
|
|
|
|
# of
Shares
|
|
|
In
Favor
|
|
Withheld
|
|
|
Linda Hutton Heagy
|
|
|
6,285
|
|
|
|
213
|
|
The other trustees of the Trust whose terms did not expire in
2009 are David Arch, Jerry D. Choate, R. Craig Kennedy, Howard J
Kerr, Jack E. Nelson, Hugo F. Sonnenschein and Suzanne H.
Woolsey.
55
Van
Kampen Municipal Trust
Trustees
and Officers
The business and affairs of the Fund are managed under the
direction of the Funds Board of Trustees and the
Funds officers appointed by the Board of Trustees. The
tables below list the trustees and executive officers of the
Fund and their principal occupations during the last five years,
other directorships held by trustees and their affiliations, if
any, with Van Kampen Investments, the Adviser, the
Distributor, Van Kampen Advisors Inc., Van Kampen
Exchange Corp. and Investor Services. The term Fund
Complex includes each of the investment companies advised
by the Adviser as of the date of this Annual Report. Trustees of
the Fund generally serve three year terms or until their
successors are duly elected and qualified. Officers are annually
elected by the trustees.
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent
Trustees:
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
|
|
Term of
|
|
|
|
Funds in
|
|
|
|
|
|
|
Office and
|
|
|
|
Fund
|
|
|
|
|
Position(s)
|
|
Length of
|
|
|
|
Complex
|
|
|
Name, Age and
Address
|
|
Held with
|
|
Time
|
|
Principal
Occupation(s)
|
|
Overseen
|
|
Other
Directorships
|
of Independent
Trustee
|
|
Fund
|
|
Served
|
|
During Past 5
Years
|
|
By
Trustee
|
|
Held by
Trustee
|
|
David C. Arch (64)
Blistex Inc.
1800 Swift Drive
Oak Brook, IL 60523
|
|
Trustee
|
|
Trustee
since 1991
|
|
Chairman and Chief Executive Officer of Blistex Inc., a consumer
health care products manufacturer.
|
|
|
88
|
|
|
Trustee/Director/Managing General Partner of funds in the
Fund Complex. Member of the Heartland Alliance
Advisory Board, a nonprofit organization serving human needs
based in Chicago. Board member of the Illinois
Manufacturers Association. Member of the Board of
Visitors, Institute for the Humanities, University of Michigan.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
Van
Kampen Municipal Trust
|
Trustees and
Officers continued
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
|
|
Term of
|
|
|
|
Funds in
|
|
|
|
|
|
|
Office and
|
|
|
|
Fund
|
|
|
|
|
Position(s)
|
|
Length of
|
|
|
|
Complex
|
|
|
Name, Age and
Address
|
|
Held with
|
|
Time
|
|
Principal
Occupation(s)
|
|
Overseen
|
|
Other
Directorships
|
of Independent
Trustee
|
|
Fund
|
|
Served
|
|
During Past 5
Years
|
|
By
Trustee
|
|
Held by
Trustee
|
|
Jerry D. Choate (71)
33971 Selva Road
Suite 130
Dana Point, CA 92629
|
|
Trustee
|
|
Trustee
since 2003
|
|
Prior to January 2003, Chairman and Chief Executive Officer
of the Allstate Corporation (Allstate) and Allstate
Insurance Company. Prior to January 1995, President and
Chief Executive Officer of Allstate. Prior to August 1994,
various management positions at Allstate.
|
|
|
88
|
|
|
Trustee/Director/Managing General Partner of funds in the Fund
Complex. Director of Amgen Inc., a biotechnological company, and
Valero Energy Corporation, an independent refining company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rod Dammeyer (69)
CAC, LLC
4370 LaJolla Village Drive
Suite 685
San Diego, CA 92122-1249
|
|
Trustee
|
|
Trustee
since 1991
|
|
President of CAC, LLC, a private company offering capital
investment and management advisory services.
|
|
|
88
|
|
|
Trustee/Director/Managing General Partner of funds in the Fund
Complex. Director of Quidel Corporation and Stericycle, Inc.
Prior to May 2008, Trustee of The Scripps Research Institute.
Prior to February 2008, Director of Ventana Medical Systems,
Inc. Prior to April 2007, Director of GATX Corporation. Prior to
April 2004, Director of TheraSense, Inc. Prior to January 2004,
Director of TeleTech Holdings Inc. and Arris Group, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
Van
Kampen Municipal Trust
|
Trustees and
Officers continued
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
|
|
Term of
|
|
|
|
Funds in
|
|
|
|
|
|
|
Office and
|
|
|
|
Fund
|
|
|
|
|
Position(s)
|
|
Length of
|
|
|
|
Complex
|
|
|
Name, Age and
Address
|
|
Held with
|
|
Time
|
|
Principal
Occupation(s)
|
|
Overseen
|
|
Other
Directorships
|
of Independent
Trustee
|
|
Fund
|
|
Served
|
|
During Past 5
Years
|
|
By
Trustee
|
|
Held by
Trustee
|
|
Linda Hutton Heagy (61)
4939 South Greenwood
Chicago, IL 60615
|
|
Trustee
|
|
Trustee
since 2003
|
|
Prior to February 2008, Managing Partner of Heidrick &
Struggles, an international executive search firm. Prior to
1997, Partner of Ray & Berndtson, Inc., an executive
recruiting firm. Prior to 1995, Executive Vice President of ABN
AMRO, N.A., a bank holding company. Prior to 1990, Executive
Vice President of The Exchange National Bank.
|
|
|
88
|
|
|
Trustee/Director/Managing General Partner of funds in the
Fund Complex. Trustee on the University of Chicago Medical
Center Board, Vice Chair of the Board of the YMCA of
Metropolitan Chicago and a member of the Womens Board of
the University of Chicago.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R. Craig Kennedy (57)
1744 R Street, NW
Washington, DC 20009
|
|
Trustee
|
|
Trustee
since 2003
|
|
Director and President of the German Marshall Fund of the United
States, an independent U.S. foundation created to deepen
understanding, promote collaboration and stimulate exchanges of
practical experience between Americans and Europeans. Formerly,
advisor to the Dennis Trading Group Inc., a managed futures and
option company that invests money for individuals and
institutions. Prior to 1992, President and Chief Executive
Officer, Director and member of the Investment Committee of the
Joyce Foundation, a private foundation.
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88
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Trustee/Director/Managing General Partner of funds in the Fund
Complex. Director of First Solar, Inc.
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Howard J Kerr (74)
14 Huron Trace
Galena, IL 61036
|
|
Trustee
|
|
Trustee
since 1992
|
|
Prior to 1998, President and Chief Executive Officer of
Pocklington Corporation, Inc., an investment
holding company.
|
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88
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Trustee/Director/Managing General Partner of funds in the Fund
Complex. Director of the Lake Forest Bank & Trust.
Director of the Marrow Foundation.
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58
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Van
Kampen Municipal Trust
|
Trustees and
Officers continued
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Number of
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Term of
|
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Funds in
|
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Office and
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Fund
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Position(s)
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Length of
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Complex
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Name, Age and
Address
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Held with
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|
Time
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Principal
Occupation(s)
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Overseen
|
|
Other
Directorships
|
of Independent
Trustee
|
|
Fund
|
|
Served
|
|
During Past 5
Years
|
|
By
Trustee
|
|
Held by
Trustee
|
|
Jack E. Nelson (73)
423 Country Club Drive
Winter Park, FL 32789
|
|
Trustee
|
|
Trustee
since 2003
|
|
President of Nelson Investment Planning Services, Inc., a
financial planning company and registered investment adviser in
the State of Florida. President of Nelson Ivest Brokerage
Services Inc., a member of the Financial Industry Regulatory
Authority (FINRA), Securities Investors Protection
Corp. and the Municipal Securities Rulemaking Board. President
of Nelson Sales and Services Corporation, a marketing and
services company to support affiliated companies.
|
|
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88
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Trustee/Director/Managing General Partner of funds in the
Fund Complex.
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Hugo F. Sonnenschein (69)
1126 E. 59th Street
Chicago, IL 60637
|
|
Trustee
|
|
Trustee
since 1994
|
|
President Emeritus and Honorary Trustee of the University of
Chicago and the Adam Smith Distinguished Service Professor in
the Department of Economics at the University of Chicago. Prior
to July 2000, President of the University of Chicago.
|
|
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88
|
|
|
Trustee/Director/Managing General Partner of funds in the Fund
Complex. Trustee of the University of Rochester and a member of
its investment committee. Member of the National Academy of
Sciences, the American Philosophical Society and a fellow of the
American Academy of Arts and Sciences.
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59
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Van
Kampen Municipal Trust
|
Trustees and
Officers continued
|
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Number of
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Term of
|
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Funds in
|
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Office and
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Fund
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Position(s)
|
|
Length of
|
|
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|
Complex
|
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Name, Age and
Address
|
|
Held with
|
|
Time
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Principal
Occupation(s)
|
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Overseen
|
|
Other
Directorships
|
of Independent
Trustee
|
|
Fund
|
|
Served
|
|
During Past 5
Years
|
|
By
Trustee
|
|
Held by
Trustee
|
|
Suzanne H. Woolsey, Ph.D. (68)
815 Cumberstone Road
Harwood, MD 20776
|
|
Trustee
|
|
Trustee
since 2003
|
|
Chief Communications Officer of the National Academy of
Sciences/National Research Council, an independent, federally
chartered policy institution, from 2001 to November 2003 and
Chief Operating Officer from 1993 to 2001. Prior to 1993,
Executive Director of the Commission on Behavioral and Social
Sciences and Education at the National Academy of
Sciences/National Research Council. From 1980 through 1989,
Partner of Coopers & Lybrand.
|
|
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88
|
|
|
Trustee/Director/Managing General Partner of funds in the Fund
Complex. Trustee of Changing World Technologies, Inc., an energy
manufacturing company, since July 2008. Director of Fluor Corp.,
an engineering, procurement and construction organization, since
January 2004. Director of Intelligent Medical Devices, Inc., a
symptom based diagnostic tool for physicians and clinical labs.
Director of the Institute for Defense Analyses, a federally
funded research and development center, Director of the German
Marshall Fund of the United States, Director of the Rocky
Mountain Institute and Trustee of California Institute of
Technology and the Colorado College.
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60
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Van
Kampen Municipal Trust
|
Trustees and
Officers continued
|
Interested
Trustees:*
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Number of
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Term of
|
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Funds in
|
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Office and
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|
Fund
|
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|
Position(s)
|
|
Length of
|
|
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|
Complex
|
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|
Name, Age and
Address
|
|
Held with
|
|
Time
|
|
Principal
Occupation(s)
|
|
Overseen
|
|
Other
Directorships
|
of Interested
Trustee
|
|
Fund
|
|
Served
|
|
During Past 5
Years
|
|
By
Trustee
|
|
Held by
Trustee
|
|
Wayne W. Whalen* (70)
155 North Wacker Drive
Chicago, IL 60606
|
|
Trustee
|
|
Trustee
since 1991
|
|
Partner in the law firm of Skadden, Arps, Slate,
Meagher & Flom LLP, legal counsel to funds in the Fund
Complex.
|
|
|
88
|
|
|
Trustee/Director/Managing General Partner of funds in
the Fund Complex. Director of the Abraham Lincoln
Presidential Library Foundation.
|
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|
As
indicated above, prior to February 2008, Ms. Heagy was an
employee of Heidrick and Struggles, an international executive
search firm (Heidrick). Heidrick has been (and may
continue to be) engaged by Morgan Stanley from time to time to
perform executive searches. Such searches have been done by
professionals at Heidrick without any involvement by
Ms. Heagy. Ethical wall procedures exist to ensure that
Ms. Heagy will not have any involvement with any searches
performed by Heidrick for Morgan Stanley. Ms. Heagy does
not receive any compensation, directly or indirectly, for
searches performed by Heidrick for Morgan Stanley.
|
|
*
|
|
Mr.
Whalen is an interested person (within the meaning
of Section 2(a)(19) of the 1940 Act) of certain funds in
the Fund Complex by reason of he and his firm currently
providing legal services as legal counsel to such funds in the
Fund Complex.
|
61
Van
Kampen Municipal Trust
Trustees
and
Officers continued
|
|
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|
|
Officers:
|
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|
Term of
|
|
|
|
|
|
|
Office and
|
|
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|
|
Position(s)
|
|
Length of
|
|
|
Name, Age and
|
|
Held with
|
|
Time
|
|
Principal
Occupation(s)
|
Address of
Officer
|
|
Fund
|
|
Served
|
|
During Past 5
Years
|
|
Edward C. Wood III (53)
1 Parkview Plaza Suite 100
Oakbrook Terrace, IL 60181
|
|
President and
Principal Executive
Officer
|
|
Officer
since 2008
|
|
President and Principal Executive Officer of funds in the Fund
Complex since November 2008. Managing Director of
Van Kampen Investments Inc., the Adviser, the Distributor,
Van Kampen Advisors Inc. and Van Kampen Exchange Corp.
since December 2003. Chief Administrative Officer of the
Adviser, Van Kampen Advisors Inc. and Van Kampen
Exchange Corp. since December 2002. Chief Operating Officer of
the Distributor since December 2002. Director of Van Kampen
Advisors Inc., the Distributor and Van Kampen Exchange
Corp. since March 2004. Director of the Adviser since August
2008. Director of Van Kampen Investments Inc. and
Van Kampen Investor Services Inc. since June 2008.
Previously, Director of the Adviser and Van Kampen
Investments Inc. from March 2004 to January 2005 and Chief
Administrative Officer of Van Kampen Investments Inc. from 2002
to 2009.
|
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Kevin Klingert (47)
522 Fifth Avenue
New York, NY 10036
|
|
Vice President
|
|
Officer
since 2008
|
|
Vice President of funds in the Fund Complex since May 2008.
Global Head, Chief Operating Officer and acting Chief Investment
Officer of the Fixed Income Group of Morgan Stanley Investment
Management Inc. since April 2008. Head of Global Liquidity
Portfolio Management and co-Head of Liquidity Credit Research of
Morgan Stanley Investment Management since December 2007.
Managing Director of Morgan Stanley Investment Management Inc.
from December 2007 to March 2008. Previously, Managing Director
on the Management Committee and head of Municipal Portfolio
Management and Liquidity at BlackRock from October 1991 to
January 2007.
|
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|
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|
|
|
|
|
Stefanie V. Chang Yu (43)
522 Fifth Avenue
New York, NY 10036
|
|
Vice President
and Secretary
|
|
Officer
since 2003
|
|
Managing Director of Morgan Stanley Investment Management Inc.
Vice President and Secretary of funds in the Fund Complex.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John L. Sullivan (54)
1 Parkview Plaza Suite 100
Oakbrook Terrace, IL 60181
|
|
Chief Compliance Officer
|
|
Officer
since 1996
|
|
Chief Compliance Officer of funds in the Fund Complex since
August 2004. Prior to August 2004, Director and Managing
Director of Van Kampen Investments, the Adviser,
Van Kampen Advisors Inc. and certain other
subsidiaries of Van Kampen Investments, Vice President,
Chief Financial Officer and Treasurer of funds in the Fund
Complex and head of Fund Accounting for Morgan Stanley
Investment Management Inc. Prior to December 2002, Executive
Director of Van Kampen Investments, the Adviser and
Van Kampen Advisors Inc.
|
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62
|
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Van
Kampen Municipal Trust
|
Trustees and
Officers continued
|
|
|
|
|
Term of
|
|
|
|
|
|
|
Office and
|
|
|
|
|
Position(s)
|
|
Length of
|
|
|
Name, Age and
|
|
Held with
|
|
Time
|
|
Principal
Occupation(s)
|
Address of
Officer
|
|
Fund
|
|
Served
|
|
During Past 5
Years
|
|
Stuart N. Schuldt (47)
1 Parkview Plaza Suite 100
Oakbrook Terrace, IL 60181
|
|
Chief Financial Officer and Treasurer
|
|
Officer
since 2007
|
|
Executive Director of Morgan Stanley Investment Management Inc.
since June 2007. Chief Financial Officer and Treasurer of funds
in the Fund Complex since June 2007. Prior to June 2007, Senior
Vice President of Northern Trust Company, Treasurer and
Principal Financial Officer for Northern Trust U.S. mutual
fund complex.
|
In accordance with Section 303A.12(a) of the New York Stock
Exchange Listed Company Manual, the Trusts Chief Executive
Officer has certified to the New York Stock Exchange that, as of
July 1, 2009, he was not aware of any violation by the
Trust of NYSE corporate governance listing standards.
The certifications by the Trusts principal executive
officer and principal financial officer required by
Rule 30a-2 under the 1940 Act were filed with the
Trusts report to the SEC on Form N-CSR and are
available on the Securities and Exchange Commissions web
site at http://www.sec.gov.
63
Van
Kampen Municipal Trust
An Important Notice Concerning Our
U.S.
Privacy Policy
We are required by
federal law to provide you with a copy of our privacy policy
(Policy) annually.
This Policy applies
to current and former individual clients of certain
Van Kampen closed-end funds and related companies.
This Policy is not
applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy
applicable to individuals who are either beneficiaries of a
trust for which we serve as trustee or participants in an
employee benefit plan administered or advised by us. This Policy
is, however, applicable to individuals who select us to be a
custodian of securities or assets in individual retirement
accounts, 401(k) accounts, 529 Educational Savings
Accounts, accounts subject to the Uniform Gifts to Minors Act,
or similar accounts. We may amend this Policy at any time, and
will inform you of any changes to this Policy as required by
law.
We Respect Your
Privacy
We appreciate that
you have provided us with your personal financial information
and understand your concerns about safeguarding such
information. We strive to maintain the privacy of such
information while we help you achieve your financial objectives.
This Policy describes what nonpublic personal information we
collect about you, how we collect it, when we may share it with
others, and how others may use it. It discusses the steps you
may take to limit our sharing of information about you with
affiliated Van Kampen companies (affiliated
companies). It also discloses how you may limit our
affiliates use of shared information for marketing
purposes. Throughout this Policy, we refer to the nonpublic
information that personally identifies you or your accounts as
personal information.
1. What
Personal Information Do We Collect About
You?
To better serve you
and manage our business, it is important that we collect and
maintain accurate information about you. We obtain this
information from applications and other forms you submit to us,
from your dealings with us, from consumer reporting agencies,
from our websites and from third parties and other sources. For
example:
|
|
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We collect
information such as your name, address,
e-mail
address, telephone/fax numbers, assets, income and investment
objectives through application forms you submit to us.
|
|
(continued
on next page)
Van
Kampen Municipal Trust
An Important Notice Concerning Our
U.S. Privacy Policy continued
|
|
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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.
|
|
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|
We may obtain
information about your creditworthiness and credit history from
consumer reporting agencies.
|
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|
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|
We may collect
background information from and through third-party vendors to
verify representations you have made and to comply with various
regulatory requirements.
|
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|
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 computers
operating system and Web browser, your use of our Web sites and
your product and service preferences, through the use of
cookies. Cookies recognize your computer
each time you return to one of our sites, and help to improve
our sites content and personalize your experience on our
sites by, for example, suggesting offerings that may interest
you. Please consult the Terms of Use of these sites for more
details on our use of cookies.
|
|
2. When Do
We Disclose Personal Information We Collect About
You?
To provide you with
the products and services you request, to better serve you, to
manage our business and as otherwise required or permitted by
law, we may disclose personal information we collect about you
to other affiliated companies and to nonaffiliated third
parties.
a. Information
We Disclose to Our Affiliated
Companies. In
order to manage your account(s) effectively, including servicing
and processing your transactions, to let you know about products
and services offered by us and affiliated companies, to manage
our business, and as otherwise required or permitted by law, we
may disclose personal information about you to other affiliated
companies. Offers for products and services from affiliated
companies are developed under conditions designed to safeguard
your personal information.
b. Information
We Disclose to Third
Parties. We
do not disclose personal information that we collect about you
to nonaffiliated third parties except to enable them to provide
marketing services on our behalf, to perform joint marketing
agreements with other financial institutions, and as otherwise
required or permitted by law. For example, some instances where
we may disclose information about you to third
(continued
on next page)
Van
Kampen Municipal Trust
An Important Notice Concerning Our
U.S. Privacy Policy continued
parties include: for
servicing and processing transactions, to offer our own products
and services, to protect against fraud, for institutional risk
control, to respond to judicial process or to perform services
on our behalf. When we share personal information with a
nonaffiliated third party, they are required to limit their use
of personal information about you to the particular purpose for
which it was shared and they are not allowed to share personal
information about you with others except to fulfill that limited
purpose or as may be required by law.
3. How Do We
Protect The Security and Confidentiality Of Personal Information
We Collect About
You?
We maintain
physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have
internal policies governing the proper handling of client
information. Third parties that provide support or marketing
services on our behalf may also receive personal information
about you, and we require them to adhere to confidentiality
standards with respect to such information.
4. How Can
You Limit Our Sharing Of Certain Personal Information About You
With Our Affiliated Companies For Eligibility
Determination?
We respect your
privacy and offer you choices as to whether we share with our
affiliated companies personal information that was collected to
determine your eligibility for products and services such as
credit reports and other information that you have provided to
us or that we may obtain from third parties (eligibility
information). Please note that, even if you direct us not
to share certain eligibility information with our affiliated
companies, we may still share your personal information,
including eligibility information, with those companies under
circumstances that are permitted under applicable law, such as
to process transactions or to service your account. We may also
share certain other types of personal information with
affiliated companiessuch as your name, address, telephone
number,
e-mail
address and account number(s), and information about your
transactions and experiences with us.
5. How Can
You Limit the Use of Certain Personal Information About You by
our Affiliated Companies for
Marketing?
You may limit our
affiliated companies from using certain personal information
about you that we may share with them for marketing their
products or services to you. This information includes our
transactions and other experiences with you such as your
(continued
on next page)
Van
Kampen Municipal Trust
An Important Notice Concerning Our
U.S. Privacy Policy continued
assets and account
history. Please note that, even if you choose to limit our
affiliated companies from using certain personal information
about you that we may share with them for marketing their
products and services to you, we may still share such personal
information about you with them, including our transactions and
experiences with you, for other purposes as permitted under
applicable law.
6. How Can
You Send Us an Opt-Out
Instruction?
If you wish to limit
our sharing of certain personal information about you with our
affiliated companies for eligibility purposes and
for our affiliated companies use in marketing products and
services to you as described in this notice, you may do so by:
|
|
|
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Calling us at
(800) 341-2929
Monday-Friday between 9 a.m. and 6 p.m. (EST)
|
|
|
|
|
Writing to us at the
following address:
Van Kampen Closed-End Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
|
|
If you choose to
write to us, your written request should include: your name,
address, telephone number and account number(s) to which the
opt-out applies and should not be sent with any other
correspondence. In order to process your request, we require
that the request be provided by you directly and not through a
third party. Once you have informed us about your privacy
preferences, your opt-out preference will remain in effect with
respect to this Policy (as it may be amended) until you notify
us otherwise. If you are a joint account owner, we will accept
instructions from any one of you and apply those instructions to
the entire account. Please allow approximately 30 days from
our receipt of your opt-out for your instructions to become
effective.
Please understand
that if you opt-out, you and any joint account holders may not
receive certain Van Kampen or our affiliated
companies products and services that could help you manage
your financial resources and achieve your investment objectives.
If you have more
than one account with us or our affiliates, you may receive
multiple privacy policies from us, and would need to follow the
directions stated in each particular policy for each account you
have with us.
(continued
on back)
Van
Kampen Municipal Trust
An Important Notice Concerning Our
U.S. Privacy Policy continued
SPECIAL NOTICE TO
RESIDENTS OF
VERMONT
This section
supplements our Policy with respect to our individual clients
who have a Vermont address and supersedes anything to the
contrary in the above Policy with respect to those clients
only.
The State of Vermont
requires financial institutions to obtain your consent prior to
sharing personal information that they collect about you with
affiliated companies and nonaffiliated third parties other than
in certain limited circumstances. Except as permitted by law, we
will not share personal information we collect about you with
nonaffiliated third parties or other affiliated companies unless
you provide us with your written consent to share such
information (opt-in).
If you wish to
receive offers for investment products and services offered by
or through other affiliated companies, please notify us in
writing at the following address:
|
|
|
|
|
|
Van Kampen
Closed-End Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
|
|
Your authorization
should include: your name, address, telephone number and account
number(s) to which the opt-in applies and should not be sent
with any other correspondence. In order to process your
authorization, we require that the authorization be provided by
you directly and not through a third-party.
522
Fifth Avenue
New
York, New York 10036
www.vankampen.com
Copyright
©2009
Van Kampen Funds Inc.
All
rights reserved. Member FINRA/SIPC
VKQANN
12/09
IU09-05317P-Y10/09
Item 2. Code of Ethics.
(a) The Trust has adopted a code of ethics (the Code of Ethics) that applies to its principal
executive officer, principal financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these individuals are employed by the
Trust or a third party.
(b) |
|
No information need be disclosed pursuant to this paragraph. |
|
(c) |
|
Due to personnel changes at the Adviser, the general counsels designee set forth in Exhibit
C was amended in April 2009. Both editions of Exhibit C are attached. |
|
(d) |
|
Not applicable. |
|
(e) |
|
Not applicable. |
|
(f) |
|
|
|
(1) |
|
The Trusts Code of Ethics is attached hereto as Exhibit 12(1). |
|
|
(2) |
|
Not applicable. |
|
|
(3) |
|
Not applicable. |
Item 3. Audit Committee Financial Expert.
The Trusts Board of Trustees has determined that it has three audit committee financial experts
serving on its audit committee, each of whom are independent Trustees : Rod Dammeyer, Jerry
Choate and R. Craig Kennedy. Under applicable securities laws, a person who is determined to be an
audit committee financial expert will not be deemed an expert for any purpose, including without
limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being
designated or identified as an audit committee financial expert. The designation or identification
of a person as an audit committee financial expert does not impose on such person any duties,
obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed
on such person as a member of the audit committee and Board of Trustees in the absence of such
designation or identification.
Item 4. Principal Accountant Fees and Services.
(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:
2009
|
|
|
|
|
|
|
|
|
|
|
Registrant |
|
Covered Entities(1) |
Audit Fees |
|
$ |
37,945 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
Non-Audit Fees |
|
|
|
|
|
|
|
|
Audit-Related Fees |
|
$ |
415 |
(3) |
|
$ |
1,110,000 |
(2) |
Tax Fees |
|
$ |
2,750 |
(4) |
|
$ |
0 |
|
All Other Fees |
|
$ |
0 |
|
|
$ |
0 |
|
Total Non-Audit Fees |
|
$ |
3,165 |
|
|
$ |
1,110,000 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
41,110 |
|
|
$ |
1,110,000 |
|
2008
|
|
|
|
|
|
|
|
|
|
|
Registrant |
|
Covered Entities(1) |
Audit Fees |
|
$ |
37,945 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
Non-Audit Fees |
|
|
|
|
|
|
|
|
Audit-Related Fees |
|
$ |
415 |
(3) |
|
$ |
215,000 |
(2) |
Tax Fees |
|
$ |
2,750 |
(4) |
|
$ |
0 |
|
All Other Fees |
|
$ |
0 |
|
|
$ |
0 |
|
Total Non-Audit Fees |
|
$ |
3,165 |
|
|
$ |
215,000 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
41,110 |
|
|
$ |
215,000 |
|
|
|
|
N/A- Not applicable, as not required by Item 4. |
|
(1) |
|
Covered Entities include the Adviser (excluding sub-advisors) and
any entity controlling, controlled by or under common control with the Adviser
that provides ongoing services to the Registrant. |
|
(2) |
|
Audit-Related Fees represent assurance and related services provided
that are reasonably related to the performance of the audit of the financial
statements of the Covered Entities and funds advised by the Adviser or its
affiliates, specifically attestation services provided in connection with a SAS
70 Report. |
|
(3) |
|
Audit-Related Fees represent assurance and related services provided
that are reasonably related to the performance of the audit of the financial
statements of the Registrant, specifically annual agreed upon procedures for
rating agencies. |
|
(4) |
|
Tax Fees represent tax advice and compliance services provided in
connection with the review of the Registrants tax. |
(e)(1) The audit committees pre-approval policies and procedures are as follows:
JOINT AUDIT COMMITTEE
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY AND PROCEDURES
OF THE
VAN KAMPEN FUNDS
AS ADOPTED JULY 23, 2003 AND AMENDED MAY 26, 20041
1. STATEMENT OF PRINCIPLES
The Audit Committee of the Board is required to review and, in its sole discretion,
pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered
Entities in order to assure that services performed by the Independent Auditors do not impair the
auditors independence from the Fund.2
The SEC has issued rules specifying the types of services that an independent auditor may not
provide to its audit client, as well as the audit committees administration of the engagement of
the independent auditor. The SECs rules establish two different approaches to pre-approving
services, which the SEC considers to be equally valid. Proposed services either: may be
pre-approved without consideration of specific case-by-case services by the Audit Committee
(general pre-approval); or require the specific pre-approval of the Audit Committee
(specific pre-approval). The Audit Committee believes that the combination of these two
approaches in this Policy will result in an effective and efficient procedure to pre-approve
services performed by the Independent Auditors. As set forth in this Policy, unless a type of
service has received general pre-approval, it will require specific pre-approval by the Audit
Committee (or by any member of the Audit Committee to which pre-approval authority has been
delegated) if it is to be provided by the Independent Auditors. Any proposed services exceeding
pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit
Committee.
For both types of pre-approval, the Audit Committee will consider whether such services are
consistent with the SECs rules on auditor independence. The Audit Committee will also consider
whether the Independent Auditors are best positioned to provide the most effective and efficient
services, for reasons such as its familiarity with the Funds business, people, culture, accounting
systems, risk profile and other factors, and whether the service might enhance the Funds ability
to manage or control risk or improve audit quality. All such factors will be considered as a whole,
and no one factor should necessarily be determinative.
The Audit Committee is also mindful of the relationship between fees for audit and non-audit
services in deciding whether to pre-approve any such services and may determine for each fiscal
year, the appropriate ratio between the total amount of fees for Audit, Audit-related and Tax
services for the Fund (including any Audit-related or Tax service fees for Covered Entities that
were subject to pre-approval), and the total amount of fees for certain permissible non-audit
services classified as All Other services for the Fund (including any such services for Covered
Entities subject to pre-approval).
The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services
that have the general pre-approval of the Audit Committee. The term of any general pre-approval is
12 months from the date of pre-approval, unless the Audit Committee considers and provides a
different period and states otherwise. The Audit Committee will annually review and pre-approve the
services that may be provided by the Independent Auditors without obtaining specific pre-approval
|
|
|
1 |
|
This Joint Audit Committee Audit and
Non-Audit Services Pre-Approval Policy and Procedures (the
Policy),
amended as of the date above, supercedes and replaces all prior versions that
may have been amended from time to time. |
|
2 |
|
Terms used in this Policy and not otherwise
defined herein shall have the meanings as defined in the Joint Audit
Committee Charter. |
from the Audit Committee. The Audit Committee will add to or subtract from the list of general
pre-approved services from time to time, based on subsequent determinations.
The purpose of this Policy is to set forth the policy and procedures by which the Audit
Committee intends to fulfill its responsibilities. It does not delegate the Audit Committees
responsibilities to pre-approve services performed by the Independent Auditors to management.
The Funds Independent Auditors have reviewed this Policy and believes that implementation of
the Policy will not adversely affect the Independent Auditors independence.
2. Delegation
As provided in the Act and the SECs rules, the Audit Committee may delegate either type of
pre-approval authority to one or more of its members. The member to whom such authority is
delegated must report, for informational purposes only, any pre-approval decisions to the Audit
Committee at its next scheduled meeting.
3. Audit Services
The annual Audit services engagement terms and fees are subject to the specific pre-approval
of the Audit Committee. Audit services include the annual financial statement audit and other
procedures required to be performed by the Independent Auditors to be able to form an opinion on
the Funds financial statements. These other procedures include information systems and procedural
reviews and testing performed in order to understand and place reliance on the systems of internal
control, and consultations relating to the audit. The Audit Committee will monitor the Audit
services engagement as necessary, but no less than on a quarterly basis, and will also approve, if
necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund
structure or other items.
In addition to the annual Audit services engagement approved by the Audit Committee, the Audit
Committee may grant general pre-approval to other Audit services, which are those services that
only the Independent Auditors reasonably can provide. Other Audit services may include statutory
audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4,
etc.), periodic reports and other documents filed with the SEC or other documents issued in
connection with securities offerings.
The Audit Committee has pre-approved the Audit services in Appendix B.1. All other Audit
services not listed in Appendix B.1 must be specifically pre-approved by the Audit Committee (or by
any member of the Audit Committee to which pre-approval has been delegated).
4. Audit-related Services
Audit-related services are assurance and related services that are reasonably related to the
performance of the audit or review of the Funds financial statements or, to the extent they are
Covered Services, the Covered Entities financial statements, or that are traditionally performed
by the Independent Auditors. Because the Audit Committee believes that the provision of
Audit-related services does not impair the independence of the auditor and is consistent with the
SECs rules on auditor independence, the Audit Committee may grant general pre-approval to
Audit-related services. Audit-related services include, among others, accounting consultations
related to accounting, financial reporting or disclosure matters not classified as Audit
services; assistance with understanding and implementing new accounting and financial reporting
guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to
accounting and/or billing records required to respond to or comply with financial, accounting or
regulatory reporting matters; and assistance with internal control reporting requirements under
Forms N-SAR and/or N-CSR.
The Audit Committee has pre-approved the Audit-related services in Appendix B.2. All other
Audit-related services not listed in Appendix B.2 must be specifically pre-approved by the Audit
Committee (or by any member of the Audit Committee to which pre-approval has been delegated).
5. Tax Services
The Audit Committee believes that the Independent Auditors can provide Tax services to the
Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance,
tax planning and tax advice without impairing the auditors independence, and the SEC has stated
that the Independent Auditors may provide such services. Hence, the Audit Committee believes it may
grant general pre-approval to those Tax services that have historically been provided by the
Independent Auditors, that the Audit Committee has reviewed and believes would not impair the
independence of the Independent Auditors, and that are consistent with the SECs rules on auditor
independence. The Audit Committee will not permit the retention of the Independent Auditors in
connection with a transaction initially recommended by the Independent Auditors, the sole business
purpose of which may be tax avoidance and the tax treatment of which may not be supported in the
Internal Revenue Code and related regulations. The Audit Committee will consult with Director of
Tax or outside counsel to determine that the tax planning and reporting positions are consistent
with this policy.
Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in
Appendix B.3. All Tax services involving large and complex transactions not listed in Appendix B.3
must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee
to which pre-approval has been delegated), including tax services proposed to be provided by the
Independent Auditors to any executive officer or trustee/director/managing general partner of the
Fund, in his or her individual capacity, where such services are paid for by the Fund (generally
applicable only to internally managed investment companies).
6. All Other Services
The Audit Committee believes, based on the SECs rules prohibiting the Independent Auditors
from providing specific non-audit services, that other types of non-audit services are permitted.
Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible
non-audit services classified as All Other services that it believes are routine and recurring
services, would not impair the independence of the auditor and are consistent with the SECs rules
on auditor independence.
The Audit Committee has pre-approved the All Other services in Appendix B.4. Permissible All
Other services not listed in Appendix B.4 must be specifically pre-approved by the Audit Committee
(or by any member of the Audit Committee to which pre-approval has been delegated).
A list of the SECs prohibited non-audit services is attached to this policy as Appendix B.5.
The SECs rules and relevant guidance should be consulted to determine the precise definitions of
these services and the applicability of exceptions to certain of the prohibitions.
7. Pre-Approval Fee Levels or Budgeted Amounts
Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent
Auditors will be established annually by the Audit Committee. Any proposed services exceeding
these levels or amounts will require specific pre-approval by the Audit Committee. The Audit
Committee is mindful of the overall relationship of fees for audit and non-audit services in
determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may
determine the appropriate ratio between the total amount of fees for Audit, Audit-related, and Tax
services for the Fund (including any Audit-related or Tax services fees for Covered Entities
subject to pre-approval), and the total amount of fees for certain permissible non-audit services
classified as All Other services for the Fund (including any such services for Covered Entities
subject to pre-approval).
8. Procedures
All requests or applications for services to be provided by the Independent Auditors that do
not require specific approval by the Audit Committee will be submitted to the Funds Chief
Financial Officer and must include a detailed description of the services to be rendered. The
Funds Chief Financial Officer will determine whether such services are included within the list of
services that have received the general pre-approval of the Audit Committee. The Audit Committee
will be informed on a timely basis of any such services rendered by the Independent Auditors.
Requests or applications to provide services that require specific approval by the Audit Committee
will be submitted to the Audit Committee by both the Independent Auditors and the Funds Chief
Financial Officer, and must include a joint statement as to whether, in their view, the request or
application is consistent with the SECs rules on auditor independence.
The Audit Committee has designated the Funds Chief Financial Officer to monitor the
performance of all services provided by the Independent Auditors and to determine whether such
services are in compliance with this Policy. The Funds Chief Financial Officer will report to the
Audit Committee on a periodic basis on the results of its monitoring. A sample report is included
as Appendix B.7. Both the Funds Chief Financial Officer and management will immediately report to
the chairman of the Audit Committee any breach of this Policy that comes to the attention of the
Funds Chief Financial Officer or any member of management.
9. Additional Requirements
The Audit Committee has determined to take additional measures on an annual basis to meet its
responsibility to oversee the work of the Independent Auditors and to assure the auditors
independence from the Fund, such as reviewing a formal written statement from the Independent
Auditors delineating all relationships between the Independent Auditors and the Fund, consistent
with Independence Standards Board No. 1, and discussing with the Independent Auditors its methods
and procedures for ensuring independence.
10. Covered Entities
Covered Entities include the Funds investment adviser(s) and any entity controlling,
controlled by or under common control with the Funds investment adviser(s) that provides ongoing
services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6,
2003, the Funds audit committee must pre-approve non-audit services provided not only to the Fund
but also to the Covered Entities if the engagements relate directly to the operations and financial
reporting of the Fund. This list of Covered Entities would include:
|
- |
|
Van Kampen Investments Inc. |
|
|
- |
|
Van Kampen Asset Management |
|
|
- |
|
Van Kampen Advisors Inc. |
|
|
- |
|
Van Kampen Funds Inc. |
|
|
- |
|
Van Kampen Investor Services Inc. |
|
|
- |
|
Morgan Stanley Investment Management Inc. |
|
|
- |
|
Morgan Stanley Trust Company |
|
|
- |
|
Morgan Stanley Investment Management Ltd. |
|
|
- |
|
Morgan Stanley Investment Management Company |
|
|
- |
|
Morgan Stanley Asset & Investment Trust Management Company Ltd. |
(e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit
committee also is required to pre-approve services to Covered Entities to the extent that the
services
are determined to have a direct impact on the operations or financial reporting of the Registrant.
100% of such services were pre-approved by the audit committee pursuant to the Audit Committees
pre-approval policies and procedures (included herein).
(f) Not applicable. |
|
(g) See table above. |
(h) The audit committee of the Board of Trustees has considered whether the provision of
services other than audit services performed by the auditors to the Registrant and Covered Entities
is compatible with maintaining the auditors independence in performing audit services.
Item 5. Audit Committee of Listed Registrants.
(a) The Trust has a separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Exchange Act whose members are: R. Craig Kennedy, Jerry Choate and Rod
Dammeyer.
(b) Not applicable.
Item 6. Schedule of Investments.
(a) Please refer to Item #1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies.
The Trust invests in exclusively non-voting securities and therefore this item is not applicable to
the Trust.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
PORTFOLIO MANAGEMENT. As of the date of this report, the Fund is managed by members of the
Municipal Fixed Income team. The team consists of portfolio managers and analysts. Current members
of the team jointly and primarily responsible for the day-to-day management of the Funds portfolio
and the overall execution of the strategy of the Fund are Thomas Byron, a Vice President of the
Adviser, Robert J. Stryker, a Vice President of the Adviser and Robert W. Wimmel, an Executive
Director of the Adviser.
Mr. Byron has been associated with the Adviser in an investment management capacity since 1981 and
began managing the Fund in September 2000. Mr. Stryker has been associated with the Adviser in an
investment management capacity since 1994 and began managing the Fund in December 2009. Mr. Wimmel
has been associated with the Adviser in an investment management capacity since August 1996 and
began managing the Fund in November 2001.
The composition of the team may change from time to time.
OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS
As of December 7, 2009:
Mr. Byron managed 27 registered investment companies with a total of approximately $11.0 billion in
assets; no pooled investment vehicles other than registered investment companies; and two other
accounts with a total of approximately $29.0 million in assets.
Mr. Stryker managed 32 registered investment companies with a total of approximately $11.9 billion
in assets; no pooled investment vehicles other than registered investment companies; and two other
accounts with a total of approximately $29.0 million in assets.
Mr. Wimmel managed 28 registered investment companies with a total of approximately $11.7 billion
in assets; no pooled investment vehicles other than registered investment companies; two other
accounts with a total of approximately $29.0 million in assets.
Because the portfolio managers manages assets for other investment companies, pooled investment
vehicles, and/or other accounts (including institutional clients, pension plans and certain high
net worth individuals), there may be an incentive to favor one client over another resulting in
conflicts of interest. For instance, the Adviser may receive fees from certain accounts that are
higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain
accounts. In those instances, the portfolio manager may have an incentive to favor the higher
and/or performance-based fee accounts over the Fund. In addition, a conflict of interest could
exist to the extent the Adviser has proprietary investments in certain accounts, where portfolio
managers have personal investments in certain accounts or when certain accounts are investment
options in the Advisers employee benefits and/or deferred compensation plans. The portfolio
manager may have an incentive to favor these accounts over others. If the Adviser manages accounts
that engage in short sales of securities of the type in which the Fund invests, the Adviser could
be seen as harming the performance of the Fund for the benefit of the accounts engaged in short
sales if the short sales cause the market value of the securities to fall. The Adviser has adopted
trade allocation and other policies and procedures that it believes are reasonably designed to
address these and other conflicts of interest.
PORTFOLIO MANAGERS COMPENSATION STRUCTURE
Portfolio managers receive a combination of base compensation and discretionary compensation,
comprised of a cash bonus and several deferred compensation programs described below. The
methodology used to determine portfolio manager compensation is applied across all accounts managed
by the portfolio manager.
BASE SALARY COMPENSATION. Generally, portfolio managers receive base salary compensation based on
the level of their position with the Adviser.
DISCRETIONARY COMPENSATION. In addition to base compensation, portfolio managers may receive
discretionary compensation.
Discretionary compensation can include:
- Cash Bonus;
- Morgan Stanleys Long-Term Incentive Compensation Program awards a mandatory program that
defers a portion of discretionary year-end compensation into restricted stock units or other awards
based on Morgan Stanley common stock that are subject to vesting and other conditions;
- Investment Management Alignment Plan (IMAP) awards a mandatory program that defers a portion
of discretionary year-end compensation and notionally invests it in designated funds advised by the
Adviser or its affiliates. The award is subject to vesting and other conditions. Portfolio managers
must notionally invest a minimum of 25% to a maximum of 100% of their IMAP deferral account into a
combination of the designated open-end funds they manage that are included in the IMAP Fund menu.
For 2008 awards, a clawback provision was implemented that could be triggered if the individual
engages in conduct detrimental to the Advisor or its affiliates.
- Voluntary Deferred Compensation Plans voluntary programs that permit certain employees to
elect to defer a portion of their discretionary year-end compensation or notionally invest the
deferred amount across a range of designated investment funds, including funds advised by the
Adviser or its affiliates.
Several factors determine discretionary compensation, which can vary by portfolio management team
and circumstances. In order of relative importance, these factors include:
- Investment performance. A portfolio managers compensation is linked to the pre-tax investment
performance of the funds/accounts managed by the portfolio manager. Investment performance is
calculated for one-, three- and five-year periods measured against an appropriate securities market
index (or indices) for the funds/accounts managed by the portfolio manager. Other funds/accounts
managed by the same portfolio manager may be measured against this same index and same rankings or
ratings, if appropriate, or against other indices and other rankings or ratings that are deemed
more appropriate given the size and/or style of such funds/accounts as set forth in such
funds/accounts disclosure materials and guidelines. The assets managed by the portfolio manager
in funds, pooled investment vehicles and other accounts are described in Other Accounts Managed by
the Portfolio Manager above. Generally, the greatest weight is placed on the three- and five-year
periods.
- Revenues generated by the investment companies, pooled investment vehicles and other accounts
managed by the portfolio manager.
- Contribution to the business objectives of the Adviser.
- The dollar amount of assets managed by the portfolio manager.
- Market compensation survey research by independent third parties.
- Other qualitative factors, such as contributions to client objectives.
- Performance of Morgan Stanley and Morgan Stanley Investment Management Inc., and the overall
performance of the investment team(s) of which the portfolio manager is a member.
SECURITIES OWNERSHIP OF PORTFOLIO MANAGERS
As of December 7, 2009, the portfolio managers did not own any shares of the Fund.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Number of |
|
|
|
|
|
|
|
|
|
|
|
|
Shares Purchased |
|
Maximum Number |
|
|
|
|
|
|
|
|
|
|
as |
|
of Shares that may |
|
|
|
|
|
|
|
|
|
|
Part of Publicly |
|
yet be Purchased |
|
|
Total Number of |
|
Average Price |
|
Announced Plans |
|
Under the Plans or |
Period |
|
Shares Purchased |
|
Paid per Share |
|
or Programs |
|
Programs |
November |
|
|
8,600 |
|
|
|
9.36 |
|
|
|
8,600 |
|
|
|
3,325,528 |
|
December |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
January |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
February |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
March |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
April |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
May |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
June |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
July |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
August |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
September |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
October |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,528 |
|
The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts
as it believes will further the accomplishment of the foregoing objectives, subject to review by
the Board of Trustees.
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11. Controls and Procedures
(a) The Trusts principal executive officer and principal financial officer have concluded that the
Trusts 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 Commissions 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 registrants internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrants internal control over
financial reporting.
Item 12. Exhibits.
(1) The Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.
(2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as
part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is attached hereto as
part of EX-99.CERT.
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/ Edward C. Wood III
|
|
|
Name:
|
|
Edward C. Wood III |
|
|
Title:
|
|
Principal Executive Officer |
|
|
Date:
|
|
December 17, 2009 |
|
|
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/ Edward C. Wood III
|
|
|
Name:
|
|
Edward C. Wood III |
|
|
Title:
|
|
Principal Executive Officer |
|
|
Date:
|
|
December 17, 2009 |
|
|
|
|
|
|
|
By:
|
|
/s/ Stuart N. Schuldt
|
|
|
Name:
|
|
Stuart N. Schuldt |
|
|
Title:
|
|
Principal Financial Officer |
|
|
Date:
|
|
December 17, 2009 |
|
|