Edgar Filing: VAN KAMPEN MUNICIPAL TRUST

NOT FDIC INSURED

OFFER NO BANK GUARANTEE

MAY LOSE VALUE

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

NOT A DEPOSIT

FORM N-CSR

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)

Registrant’s telephone number, including area code: 212-762-4000

Date of fiscal year end: 10/31

Date of reporting period: 10/31/08

Item 1. Reports to Shareholders.

The Trust’s annual report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:

Welcome, Shareholder

In this report, you’ll learn about how your investment in Van Kampen Municipal Trust performed during the 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 trust’s financial statements and a list of trust investments as of October 31, 2008.

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

Income may subject certain individuals to the federal Alternative Minimum Tax (AMT).

Performance Summary as of 10/31/08

Municipal Trust

Symbol: VKQ

Average Annual

Based on

Total Returns

NAV

Market Price

Since Inception (9/27/91)

4.67

4.41

10-year

1.60

1.51

5-year

–2.33

–1.04

1-year

–26.65

–22.15

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit vankampen.com or speak with your financial advisor. Investment returns, net asset value (NAV) and common share market price will fluctuate and trust shares, when sold, may be worth more or less than their original cost.

NAV per share is determined by dividing the value of the trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. Total return assumes an investment at the beginning of the period, reinvestment of all distributions for the period in accordance with the trust’s dividend reinvestment plan, and sale of all shares at the end of the period. The trust’s adviser has waived or reimbursed fees and expenses from time to time, absent such waivers/reimbursements the trust’s returns would have been lower.

The Lehman Brothers Municipal Bond Index is 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.

Trust Report

For the 12-month period ended October 31, 2008

Market Conditions

The broad financial markets were highly volatile throughout the reporting period as the credit crisis intensified, the housing market continued to decline, and the economy appeared headed into recession. In early September 2008, investor confidence plummeted and the markets began a downward spiral following the government’s takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers. In the weeks that followed, several other financial institutions were forced into mergers, rescued by government loans, or failed altogether as the value of their assets severely eroded. The credit markets became paralyzed as banks refused to lend while investors fled risky assets in favor of Treasury securities. In an effort to unlock the credit markets, the federal government interceded with various supportive measures including a $700 billion bailout plan.

The municipal bond market had already been under pressure for several months prior to September, due in part to the credit rating downgrades of various monoline bond insurers and the deterioration of the auction rate and variable rate markets. The failure of Lehman Brothers, however, prompted a wave of forced selling in the municipal market as leveraged buyers, mutual funds and brokerage firms began deleveraging, putting significant pressure on prices and severely eroding liquidity. As a result, municipal yields rose, particularly on the long end of the yield curve, far exceeding those of comparable Treasuries by the end of the period. For the three-month period ended October 31, 2008, the short end of the curve outperformed the long end by roughly 1,000 basis points. The disparity in performance was even greater over the one-year reporting period as the short end outperformed by more than 1,800 basis points. As would be expected in the risk-averse and volatile environment, higher-quality municipal bonds outperformed lower-quality issues. For the overall period, high yield municipal spreads widened from approximately 170 basis points to 410 basis points.

Performance Analysis

The Trust’s return can be calculated based upon either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the value of the Trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding, while market price reflects the supply and demand for the shares. As a result, the two returns can differ, as they did during the reporting period. On an NAV and a market price basis, the Trust underperformed the Lehman Brothers Municipal Bond Index (“the Index”).

Total return for the 12-month period ended October 31, 2008

Based on

Lehman Brothers

NAV

Market Price

Municipal Bond Index

–26.65

–22.15

–3.30

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment return, net asset value and common share market price will fluctuate and Trust shares, when sold, may be worth more or less than their original cost. See Performance Summary for additional performance information and index definition.

The Trust held an overweight to lower- and non-rated bonds relative to the Index, which is comprised entirely of investment-grade issues. This allocation to the lower-quality segment of the market hindered performance as the flight to quality that persisted throughout most of the reporting period led higher-quality issues to outperform. Overweights to triple-B rated hospital and tobacco bonds relative to the Index also held back relative returns as these sectors struggled during the period. The hospital sector was particularly hard hit, with spreads widening from 100 basis points to 300 basis points by the end of October. The Trust’s yield-curve positioning was also disadvantageous. We maintained an overweight exposure to the longer end of the municipal yield curve, which underperformed the short end of the curve as the curve steepened.

Other positions, however, were additive to performance. An overweight to pre-refunded bonds enhanced returns as these shorter-maturity securities benefited from the outperformance of the short end of the municipal yield curve. Additionally, holdings in municipal auction rate securities with zero durations (a measure of interest-rate sensitivity) were additive to performance for the period as the yield on these securities remained well above those of long-maturity municipal bonds.

The Trust’s 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 Trust’s shares.

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


Ratings Allocation as of 10/31/08 (Unaudited)
AAA/Aaa	32.3	%
AA/Aa	27.6
A/A	8.0
BBB/Baa	16.9
BB/Ba	2.1
B/B	0.5
Non-Rated	12.6


Top 5 Sectors as of 10/31/08 (Unaudited)

Hospital	23.4	%
General Purpose	7.7
Airports	6.7
Master Tobacco Settlement	6.3
Single-Family	5.3


Summary of Investments by State/Country Classification as of 10/31/08 (Unaudited)

California	12.8	%
Texas	10.6
Illinois	10.3
Florida	9.2
New York	7.3
New Jersey	5.8
Ohio	4.1
Massachusetts	2.7
Alabama	2.4
Colorado	2.3
Arizona	2.0
Missouri	2.0
Connecticut	1.9
Tennessee	1.7
North Carolina	1.7
South Carolina	1.7
Michigan	1.7
Wisconsin	1.7
Nevada	1.6
District of Columbia	1.5
Washington	1.5
Louisiana	1.4
Indiana	1.4
Virginia	1.1
Pennsylvania	1.1
Georgia	1.1
Maryland	0.9
Iowa	0.7
New Hampshire	0.7
Guam	0.6
Kentucky	0.6
Kansas	0.6
Minnesota	0.6
West Virginia	0.6
Oklahoma	0.4
Alaska	0.4

(continued on next page)


Summary of Investments by State/Country Classification as of 10/31/08 (Unaudited)
(continued from previous page)

Nebraska	0.3
North Dakota	0.3
New Mexico	0.2
Rhode Island	0.1
Wyoming	0.1
Idaho	0.1
Vermont	0.1
Utah	0.1
Puerto Rico	0.0	*

Total Investments	100.0	%


*		Amount is less than 0.1%

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the sectors shown above. Ratings and summary of investments by state classification are as a percentage of total investments. Sectors are as a percentage of total long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor’s and Moody’s, respectively.

For More Information About Portfolio Holdings

Each Van Kampen trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the trust’s second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to fund shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each fund files a complete schedule of portfolio holdings with the SEC for the trust’s first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s Web site, http://www.sec.gov. You may also review and copy them at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102.

You may obtain copies of a trust’s fiscal quarter filings by contacting Van Kampen Client Relations at (800) 341-2929.

Proxy Voting Policy and Procedures and Proxy Voting Record

You may obtain a copy of the Trust’s Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 341-2929 or by visiting our Web site at www.vankampen.com. It is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.

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

Investment Advisory Agreement Approval

Both the Investment Company Act of 1940 and the terms of the Fund’s 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 help on April 15, 2008 and May 8, 2008, 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 adviser’s 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 Fund’s shareholders, and the propriety of breakpoints in the Fund’s 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 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 for those specific 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 Fund’s portfolio management team and the Fund’s 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 fund’s 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 fund’s weighted performance is under the fund’s benchmark, 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 Fund’s 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 Adviser’s Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser’s 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 adviser’s expenses and profitability support its decision to approve the investment advisory agreement.

Economies of Scale. On a regular basis, the Board of Trustees considers the size of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s 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 its 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.

Van Kampen Municipal Trust

Portfolio of Investments n October 31, 2008


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Municipal Bonds 189.6% Alabama 4.6%
$	2,150	Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a)		5.000	%	06/01/39	$	1,898,622
	1,000	Birmingham Baptist Med Ctr AL Baptist Hlth Sys, Ser A		5.875		11/15/24		876,840
	3,695	Gadsden, AL Wts, Ser B (AMBAC Insd)		5.250		08/01/21		3,740,374
	5,000	Hlthcare Auth For Baptist Hlth AL ARS, Ser B (AGL Insd) (c) (d)		8.000		11/15/37		5,000,000
	1,725	Huntsville-Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj		5.500		01/01/43		1,069,017
	4,000	Jefferson Cnty, AL Swr Rev Cap Impt Wts (FGIC Insd) (Prerefunded @ 8/01/12)		5.125		02/01/42		4,252,120
	2,255	Marshall Cnty, AL Hlthcare, Ser C		6.000		01/01/32		2,045,804

								18,882,777

		Alaska 0.7%
	1,000	Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (FSA Insd)		5.750		03/01/16		1,028,630
	3,870	Northern Tob Sec Corp AK Tob Settlement Rev Asset Bkd, Ser A		5.000		06/01/46		2,058,840

								3,087,470

		Arizona 3.8%
	1,425	Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj		6.250		09/01/32		1,145,857
	1,000	Arizona Hlth Fac Auth Hosp Sys Rev John C Lincoln Hlth Network (Prerefunded @ 12/01/12)		6.375		12/01/37		1,116,020
	1,700	Arizona St Trans Brd Hwy Rev, Ser B		5.000		07/01/25		1,696,073
	2,545	Arizona St Trans Brd Hwy Rev, Ser B		5.000		07/01/26		2,530,061
	1,650	Glendale, AZ Indl Dev Auth Rfdg		5.000		12/01/35		1,146,073
	2,000	Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd)		5.250		01/01/32		1,804,140
	2,300	Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Resh LLC Proj (AMT)		6.550		12/01/37		1,687,487
	6,500	University of AZ Med Ctr Corp		5.000		07/01/35		4,654,130

								15,779,841

		California 24.4%
	650	Aliso Viejo, CA Cmnty Fac Dist Spl Tax No 2005-01 Glenwood at Aliso		6.000		09/01/38		494,838
	4,000	Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (FSA Insd)		*		09/01/20		2,011,800
	2,100	Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A (Syncora Gtd)		5.250		09/01/35		1,543,815
	1,875	California Cnty, CA Tob Sec Agy Tob Asset Bkd Merced Cnty Rfdg, Ser A		5.250		06/01/45		1,130,569

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		California (Continued)
$	3,000	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)		4.950	%	08/01/23	$	2,449,155
	2,000	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)		5.050		02/01/29		1,596,560
	6,000	California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (a)		4.800		08/01/36		4,189,019
	3,150	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)		5.300		08/01/23		2,759,243
	3,700	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)		5.450		08/01/28		3,146,924
	1,000	California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser B (AMT)		5.000		07/01/27		672,380
	510	California St (AMBAC Insd)		5.125		10/01/27		486,509
	775	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000		12/01/24		764,867
	975	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000		12/01/25		957,401
	975	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000		12/01/26		951,176
	575	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000		12/01/27		556,442
	975	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000		12/01/28		936,756
	1,995	California St Pub Wks Brd UCLA Replacement Hosp, Ser A (FSA Insd)		5.375		10/01/20		1,962,202
	5,000	California St Univ Rev Sys Wide, Ser A (AMBAC Insd)		5.000		11/01/23		4,821,050
	7,565	California St Vet, Ser CD (AMT) (a)		4.600		12/01/32		5,335,519
	2,650	California Statewide Cmnty Dev Auth Ctf Partn (Prerefunded @ 11/01/09) (Acquired 11/23/99, Cost $2,650,000) (e)		7.250		11/01/29		2,842,920
	1,000	California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth, Ser A		5.250		07/01/30		727,040
	1,000	California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (f)		5.125		04/01/37		697,680
	1,800	California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A		5.000		03/01/30		1,462,086
	2,500	California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A		5.000		03/01/35		1,958,100
	3,805	California Statewide Cmnty Dev Auth Rev Sutter Hlth, Ser A		5.000		11/15/43		3,092,780
	3,500	Capistrano, CA Uni Sch Dist (MBIA Insd)		5.000		09/01/29		3,012,135
	450	Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg, Ser C		6.500		12/15/47		321,088

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		California (Continued)
$	27,810	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg		*		01/15/33	$	3,911,198
	18,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (MBIA-IBC Insd)		*		01/15/25		4,955,400
	6,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Sr Lien, Ser A (g)		*		01/01/18		3,863,520
	225	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Sr Lien, Ser A (Prerefunded @ 1/01/10)		7.150	%	01/01/13		242,528
	10,800	Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1		5.750		06/01/47		7,109,424
	5,000	Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced, Ser A		5.000		06/01/45		3,611,250
	5,000	Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced, Ser A (FGIC Insd)		5.000		06/01/35		3,805,400
	1,000	Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (Syncora Gtd)		5.000		09/01/37		787,290
	2,635	Imperial Irr Dist CA Ctf Partn Elec Sys Proj (FSA Insd)		5.250		11/01/23		2,639,585
	400	Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (f)		5.500		03/01/18		352,528
	550	Palomar Pomerado Hlthcare Dist CA Ctf Partn, Ser C (FSA Insd) (c) (d)		7.000		11/01/36		550,000
	2,350	Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj		7.000		12/01/27		1,885,758
	1,600	Rancho Mirage, CA Jt Pwr Fin Auth Rev Eisenhower Med Ctr, Ser A		5.000		07/01/47		1,189,744
	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		1,391,198
	1,200	San Francisco, CA City & Cnty Arpt Commn Intl Arpt Rfdg 2nd, Ser A-4 (AMT) (h)		6.500		05/01/19		1,201,788
	1,000	San Joaquin Hills, CA Trans Corridor Agy Toll Rd Rev Cap Apprec Rfdg, Ser A (MBIA Insd)		*		01/15/27		298,620
	1,000	San Joaquin Hills, CA Trans Corridor Agy Toll Rd Rev Cap Apprec Rfdg, Ser A (MBIA Insd)		*		01/15/28		278,400
	4,290	Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd, Ser A-1		5.375		06/01/38		2,735,132
	3,050	Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd, Ser A-1		5.500		06/01/45		1,920,738
	3,200	Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1		5.000		06/01/37		1,924,800

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		California (Continued)
$	8,350	Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1		5.125	%	06/01/46	$	4,910,802


								100,445,157

		Colorado 4.3%
	425	Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A		5.300		07/01/37		237,367
	1,000	Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives, Ser A (g)		5.500		03/01/32		1,005,660
	4,875	Colorado Hlth Fac Auth Rev Catholic Hlth, Ser C-5 (FSA Insd) (a)		5.000		09/01/36		4,345,453
	2,250	Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc		5.000		12/01/35		1,521,517
	1,000	Colorado Hlth Fac Auth Rev Evangelical Lutheran, Ser A		5.250		06/01/34		752,830
	3,700	Colorado Hlth Fac Auth Rev Hlth Fac Evangelical Lutheran		5.000		06/01/35		2,647,165
	1,125	Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)		6.500		11/15/31		1,248,986
	1,000	Colorado Hlth Fac Auth Rev Poudre Vly CO Hlth Fac Auth Hosp, Ser A (FSA Insd)		5.200		03/01/31		939,600
	100	Jefferson Cnty, CO Residential Mtg Rev (g)		9.000		09/01/12		120,167
	300	Jefferson Cnty, CO Residential Mtg Rev (g)		11.500		09/01/09		323,718
	340	Jefferson Cnty, CO Residential Mtg Rev (g)		11.500		09/01/10		393,604
	220	Jefferson Cnty, CO Residential Mtg Rev (g)		11.500		09/01/11		269,738
	985	Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg		5.900		10/01/37		668,579
	3,085	Platte Riv Pwr Auth CO Pwr Rev, Ser EE		5.375		06/01/16		3,231,291


								17,705,675

		Connecticut 3.5%
	800	Connecticut St Dev Auth Solid Waste Disp Fac Rev Pwr LLC Proj, Ser A (AMT)		5.750		11/01/37		627,648
	4,225	Connecticut St Hsg Fin Auth Hsg Mtg Fin Pg Sub, Ser B-2 (AMT)		5.100		05/15/38		3,173,820
	2,840	Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A (ACA Insd) (AMT)		6.600		07/01/24		2,307,983
	600	Mashantucket Western Pequot Tribe CT 2006 Sub Spl Rev Bd, Ser A (f)		5.500		09/01/36		404,862
	6,500	Mashantucket Western Pequot Tribe CT Spl Rev, Ser B (f)		5.750		09/01/18		5,449,925
	3,500	Mashantucket Western Pequot Tribe CT Spl Rev, Ser B (f)		5.750		09/01/27		2,603,300

								14,567,538

		District of Columbia 2.9%
	2,000	District Columbia Rev Univ George Washington Univ, Ser B (MBIA Insd) (c) (d)		8.830		09/15/29		2,000,000

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		District of Columbia (Continued)
$	775	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Rfdg, Ser A (AGL Insd) (a)		5.000	%	10/01/29	$	718,096
	1,575	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Rfdg, Ser A (AGL Insd) (a)		5.000		10/01/34		1,405,144
	4,000	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien, Ser A (FSA Insd)		5.500		10/01/41		3,774,120
	5,000	Metropolitan Washington DC Arpt Auth Sys, Ser A (MBIA Insd) (AMT)		5.125		10/01/26		4,112,800

								12,010,160

		Florida 17.5%
	1,000	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.250		11/15/17		794,280
	1,000	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875		11/15/36		683,260
	340	Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A		6.000		05/01/38		237,704
	250	Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B		6.200		05/01/38		178,017
	3,800	Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj		5.000		04/01/34		2,541,668
	1,350	Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc		6.750		01/01/37		1,039,446
	3,380	Brevard Cnty, FL Hlth Fac Hlth First Inc Proj (MBIA Insd)		5.125		04/01/31		2,942,865
	400	Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT)		5.750		01/01/32		296,060
	460	Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)		5.950		07/01/20		466,178
	5,000	Florida St Dept Trans Tpk Rev, Ser A (a)		5.000		07/01/29		4,669,875
	1,895	Gulf Breeze, FL Rev Loc Govt (FGIC Insd)		5.625		12/01/20		1,928,750
	10,000	Highlands Cnty, FL Hlth Fac Auth Rev ARS Hosp Adventist Hlth, Ser F (FSA Insd) (c) (d)		10.000		11/15/35		10,000,000
	865	Highlands, FL Cmnty Dev Dist Spl Assmt		5.550		05/01/36		569,109
	975	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)		5.375		10/01/33		784,046
	2,175	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)		5.500		10/01/38		1,738,826
	2,310	Hillsborough Cnty, FL Indl Dev Auth Indl Dev Rev Hlth Fac Proj Univ Cmnty Hosp, Ser A (Prerefunded @ 8/15/09)		5.500		08/15/14		2,400,668
	800	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty IDA Rfdg (AMBAC Insd)		5.000		12/01/34		805,824
	800	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B		5.150		09/01/25		793,536

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Florida (Continued)
$	3,000	Hillsborough Cnty, FL Solid Waste & Res Recovery Rev, Ser A (BHAC Insd) (AMT)		4.500	%	09/01/34	$	2,171,670
	5,000	Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg (a)		5.000		11/15/26		3,865,150
	5,000	Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg (a)		5.000		11/15/32		3,552,750
	675	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A		6.800		05/01/38		548,532
	425	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B		6.900		05/01/17		386,818
	1,515	Miami Beach, FL Stormwtr Rev (MBIA Insd)		5.250		09/01/25		1,397,012
	2,000	Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (MBIA Insd) (AMT)		5.375		10/01/25		1,681,440
	2,700	Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)		5.375		10/01/32		2,181,978
	5,000	Miami-Dade Cnty, FL Aviation, Ser A (FSA Insd) (AMT)		5.125		10/01/35		3,811,800
	645	Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A		6.000		05/01/24		521,747
	700	Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower		5.500		07/01/32		463,057
	930	Orange Cnty, FL Hlth Fac Auth Rev Hlthcare Orlando Lutheran Rfdg		5.375		07/01/20		699,946
	4,300	Orange Cnty, FL Tourist Dev Tax Rev (AMBAC Insd) (Prerefunded @ 10/01/09)		5.500		10/01/31		4,450,543
	570	Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A		6.125		05/01/35		409,961
	1,100	Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj		5.875		11/15/37		869,352
	1,400	Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist, Ser 1-B (MBIA Insd)		5.000		07/01/33		1,176,616
	3,250	Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd)		5.350		03/15/42		3,071,738
	595	Reunion East Cmnty Dev Dist FL Spl Assmt		5.800		05/01/36		415,732
	400	Seminole Tribe, FL Spl Oblig Rev, Ser A (f)		5.250		10/01/27		305,532
	500	Seminole Tribe, FL Spl Oblig Rev, Ser A (f)		5.750		10/01/22		424,825
	935	Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A		5.875		05/01/35		648,825
	1,900	South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A		5.700		05/01/35		1,358,291
	800	Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A		6.200		05/01/35		646,208
	1,060	Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (MBIA Insd)		5.500		08/01/18		1,079,122

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Florida (Continued)
$	200	Tolomato Cmnty, FL Dev Dist Spl Assmt		6.550	%	05/01/27	$	167,198
	2,075	Tolomato Cmnty, FL Dev Dist Spl Assmt		6.650		05/01/40		1,675,085
	1,000	Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A		5.750		10/15/29		828,380
	500	World Comm Cmnty Dev Dist FL Spl Assmt		5.500		05/01/38		332,895


								72,012,315

		Georgia 2.1%
	2,000	Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd)		5.000		01/01/33		1,822,260
	3,500	Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd) (a)		5.000		01/01/33		3,189,025
	1,000	Augusta, GA Gen Arpt Rev Passenger, Ser B (AMT)		5.350		01/01/28		732,560
	1,500	Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1		5.100		06/01/23		1,407,644
	2,000	Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc Rfdg		6.500		07/01/27		1,586,300


								8,737,789

		Idaho 0.2%
	870	Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg		6.125		11/15/27		642,156


		Illinois 19.5%
	1,000	Bartlett, IL Tax Increment Rev Quarry Redev Proj Rfdg		5.600		01/01/23		785,770
	2,000	Bolingbrook, IL Sales Tax Rev Bolingbrook		6.250		01/01/24		1,691,800
	7,775	Chicago, IL Brd Ed Rfdg, Ser C (FSA Insd) (a)		5.000		12/01/27		7,514,965
	750	Chicago, IL Increment Alloc Rev Diversey Narragansett Proj		7.460		02/15/26		684,532
	4,000	Chicago, IL Neighborhoods Alive 21 Pgm, Ser A (FGIC Insd) (Prerefunded @ 7/01/10)		5.750		01/01/40		4,250,840
	5,000	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser A (MBIA Insd) (AMT)		5.375		01/01/32		4,023,600
	3,500	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250		01/01/24		3,452,995
	3,500	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser C-2 (FSA Insd) (AMT)		5.250		01/01/30		2,828,595
	11,500	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250		01/01/25		11,314,793
	4,000	Chicago, IL O’Hare Intl Arpt Rev, Ser A (FSA Insd) (a)		5.000		01/01/33		3,567,560
	485	Chicago, IL Pk Dist, Ser C (FGIC Insd)		5.500		01/01/19		493,260
	465	Chicago, IL Proj Rfdg, Ser C (FGIC Insd)		5.500		01/01/40		443,670
	3,100	Chicago, IL, Ser A (AGL Insd)		5.250		01/01/25		3,063,203

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Illinois (Continued)
$	80	Cook Cnty, IL Sch Dist No 107 (g)		7.000	%	12/01/10	$	87,468
	545	Cook Cnty, IL Sch Dist No 107		7.000		12/01/10		595,085
	200	Cook Cnty, IL Sch Dist No 107 (g)		7.150		12/01/08		200,826
	310	Cook Cnty, IL Sch Dist No 107		7.150		12/01/08		311,376
	120	Cook Cnty, IL Sch Dist No 107 (g)		7.200		12/01/09		127,106
	455	Cook Cnty, IL Sch Dist No 107		7.200		12/01/09		480,676
	982	Cortland, IL Spl Tax Rev Sheaffer Sys Proj (Acquired 5/02/06, Cost $972,180) (e)		5.500		03/01/17		786,808
	1,000	Deerfield, IL Ed Fac Chicagoland Jewish High Sch Proj		6.000		05/01/41		754,070
	1,000	Gilberts, IL Spl Svc Area No 19 Spl Tax The Conservancy Proj, Ser 1		5.375		03/01/16		608,050
	2,725	Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac, Ser A		7.375		07/01/25		2,811,464
	1,565	Illinois Ed Fac Auth Rev DePaul Univ (AMBAC Insd) (Prerefunded @ 10/01/10)		5.625		10/01/15		1,674,065
	1,500	Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group		5.500		10/01/22		1,351,170
	350	Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A		5.750		05/15/31		239,222
	1,000	Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ		5.500		04/01/37		800,510
	1,500	Illinois Fin Auth Rev IL Inst of Technology, Ser A		5.000		04/01/31		1,149,105
	2,915	Illinois Fin Auth Rev Kewanee Hosp Proj		5.100		08/15/31		1,826,422
	1,000	Illinois Fin Auth Rev Landing at Plymouth Pl Proj, Ser A		6.000		05/15/25		752,700
	1,350	Illinois Fin Auth Rev Landing at Plymouth Pl Proj, Ser A		6.000		05/15/37		928,327
	2,500	Illinois Fin Auth Rev Northwestern Mem Hosp, Ser A (Prerefunded @ 8/15/14)		5.500		08/15/43		2,733,775
	3,500	Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A		5.750		11/15/37		2,796,675
	3,500	Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A		5.500		08/01/37		2,421,440
	1,360	Illinois Hlth Fac Auth Rev Evangelical Hosp Rfdg, Ser C (FSA Insd)		6.750		04/15/12		1,466,080
	3,000	Illinois St, Ser 1 (FSA Insd)		5.250		12/01/21		3,027,270
	250	Lake Cnty, IL Cmnty Unit Sch Dist No 116 Round Lake (Radian Insd) (g)		7.600		02/01/14		297,930
	2,675	Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn, Ser A (MBIA Insd)		5.250		06/15/42		2,538,388
	161	Pingree Grove Vlg, IL Spl Svc Area No 1 Spl Tax Cambridge Lakes Proj, Ser 05		5.250		03/01/15		144,256

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Illinois (Continued)
$	1,000	University IL Univ Rev Auxiliary Fac Sys (MBIA Insd)		4.500	%	04/01/36	$	794,760
	848	Volo Vlg, IL Spl Svc Area No 3 Spl Tax Symphony Meadows Proj, Ser 1		6.000		03/01/36		622,008
	675	Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd) (g)		*		01/01/16		491,711
	1,335	Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd)		*		01/01/16		902,393
	425	Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd) (g)		*		01/01/19		254,703
	990	Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd)		*		01/01/19		537,966
	525	Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)		7.000		12/01/42		420,011
	991	Yorkville, IL Utd City Spl Svc Area Spl Tax No 2004-107 Raintree Vlg IL Proj		6.250		03/01/35		747,095
	969	Yorkville, IL Utd City Spl Svc Area Tax No 2005-108 Autumn Creek IL Proj		6.000		03/01/36		676,440


								80,472,934

		Indiana 2.7%
	1,000	Allen Cnty, IN Juvenile Just Ctr First Mtg (AMBAC Insd)		5.500		01/01/18		1,027,980
	1,000	Indiana Hlth & Ed Fac Fin Auth Hosp Rev Cmnty Fndtn Northwest IN		5.500		03/01/37		736,080
	5,600	Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Cr B-6 (a)		5.000		11/15/36		4,622,072
	4,565	Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Mtg, Ser D-1 (GNMA Collateralized) (AMT) (a)		4.625		07/01/38		3,047,069
	1,500	Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)		5.950		12/01/29		1,213,680
	470	Saint Joseph Cnty, IN Econ Dev Rev, Ser A		6.000		05/15/38		321,772
	500	Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (f)		5.750		09/01/42		328,560

								11,297,213

		Iowa 1.3%
	600	Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C		5.950		08/01/37		424,746
	1,300	Pottawattamie Cnty, IA Rev Christian Homes Inc Rfdg, Ser E		5.750		05/15/26		913,354
	325	Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj		6.000		12/01/37		226,739
	2,250	Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C		5.375		06/01/38		1,331,280
	1,800	Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C		5.500		06/01/42		1,058,418

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Iowa (Continued)
$	2,250	Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C		5.625	%	06/01/46	$	1,338,503

								5,293,040

		Kansas 1.1%
	1,400	Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (Syncora Gtd)		5.000		12/01/23		1,412,292
	70	Cowley Cnty, KS Uni Sch Dist No 465 Winfield Impt & Rfdg (MBIA Insd)		5.250		10/01/22		70,539
	2,000	Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A		5.000		05/15/24		1,350,020
	1,200	Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A		5.000		05/15/36		713,040
	375	Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser B		5.125		05/15/37		226,541
	700	Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A		6.000		11/15/38		491,813
	400	Overland Pk, KS Dev Corp Rev First Tier Overland Pk, Ser A (Prerefunded @ 1/01/11)		7.375		01/01/32		440,136


								4,704,381

		Kentucky 1.2%
	1,500	Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville Arena Sub, Ser A-1 (AGL Insd)		5.750		12/01/28		1,458,180
	400	Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc		5.250		10/01/36		276,536
	4,370	Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc (a)		5.250		10/01/36		3,021,287

								4,756,003

		Louisiana 2.7%
	550	Colonial Pinnacle Cmnty Dev Dist Dev		6.750		05/01/23		487,448
	993	Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt		5.250		07/01/17		828,937
	1,355	Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg, Ser A (GNMA Collateralized) (AMT)		5.375		10/20/39		1,059,529
	1,675	Louisiana Loc Govt Environmental Fac Pkg Fac Corp Garage Proj, Ser A (AMBAC Insd)		5.200		10/01/19		1,678,517
	6,202	Louisiana St Univ & Agric & Mechanical College Univ Rev Master Agreement (Acquired 11/30/98, Cost $6,202,000) (e)		5.750		10/30/18		5,388,853
	2,000	Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)		5.250		11/01/37		1,898,040

								11,341,324

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Maryland 1.6%
$	750	Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A		5.125	%	01/01/36	$	525,518
	1,300	Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev, Ser H (AMT)		5.100		09/01/37		990,366
	1,000	Maryland St Econ Dev Corp Rev Sr Lien Chesapeake Bay Rfdg, Ser A		5.000		12/01/31		599,360
	500	Maryland St Hlth & Higher Ed Fac Auth Rev King Farm Presbyterian Cmnty, Ser A		5.250		01/01/27		334,025
	2,000	Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A		5.500		07/01/42		1,533,720
	1,000	Maryland St Hlth & Higher Ed Fac Auth Rev Washington Cnty Hosp		6.000		01/01/43		727,920
	1,700	Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC Insd) (AMT)		5.125		03/01/24		1,412,836
	950	Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj		5.200		07/01/34		637,602

								6,761,347

		Massachusetts 5.2%
	2,765	Massachusetts St Dev Fin Agy Proj, Ser R-2 (MBIA Insd)		5.125		02/01/34		2,478,546
	625	Massachusetts St Dev Fin Agy Rev Boston Architectural Ctr (ACA Insd)		6.100		09/01/18		560,806
	1,000	Massachusetts St Dev Fin Agy Rev Boston Architectural Ctr (ACA Insd)		6.250		09/01/28		805,390
	500	Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A		5.750		11/15/35		324,765
	500	Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A		5.750		11/15/42		312,655
	500	Massachusetts St Hlth & Ed Fac Auth Rev Bal structured Ylg (MBIA Insd)		5.000		07/01/13		500,765
	4,500	Massachusetts St Hlth & Ed Fac Auth Rev Harvard Univ, Ser B (a)		5.000		10/01/38		4,357,485
	35	Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C		5.750		07/01/32		32,726
	965	Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C (Prerefunded @ 7/01/11)		5.750		07/01/32		1,047,749
	4,850	Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D		5.000		07/01/33		3,187,905
	1,000	Massachusetts St Hsg Fin Agy Hsg, Ser A (AMT)		5.100		12/01/27		820,650
	5,500	Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (a)		4.500		08/15/35		4,507,690

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Massachusetts (Continued)
$	2,650	Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (FSA Insd) (a)		5.000	%	08/15/30	$	2,524,801

								21,461,933

		Michigan 3.2%
	3,860	Detroit, MI, Ser A (Syncora Gtd)		5.250		04/01/21		3,628,169
	1,000	Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A		5.250		07/01/30		692,460
	1,000	Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A		6.000		07/01/35		789,830
	875	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A		5.250		01/15/47		874,379
	400	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A		5.500		01/15/47		401,132
	155	Michigan St Hsg Dev Rental Hsg Rev, Ser A (MBIA Insd) (AMT)		5.300		10/01/37		120,145
	1,500	Michigan St Strategic Fd Detroit Edison Co Proj Rfdg, Ser C (Syncora Gtd) (AMT)		5.450		12/15/32		1,204,950
	8,230	Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A		6.000		06/01/48		5,359,705


								13,070,770

		Minnesota 1.1%
	475	Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj		6.000		08/01/42		332,799
	1,260	Glencoe, MN Hlthcare Fac Rev Glencoe Regl Hlth Svc Proj		5.000		04/01/31		910,905
	1,000	Inver Grove Heights, MN Presbyterian Homes Care Rfdg		5.500		10/01/41		663,540
	200	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.000		10/01/27		152,268
	575	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.000		10/01/33		412,505
	175	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.125		10/01/39		124,115
	1,850	Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj		5.250		05/15/36		1,281,199
	950	Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj		6.000		11/15/35		721,620


								4,598,951

		Missouri 3.8%
	160	Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc		5.625		06/01/27		133,816
	1,000	Carthage, MO Hosp Rev		5.875		04/01/30		697,850
	2,250	Carthage, MO Hosp Rev		6.000		04/01/38		1,524,330
	1,300	Cass Cnty, MO Hosp Rev		5.625		05/01/38		978,991
	1,400	Ellisville, MO Indl Dev Auth Rev Gambrill Gardens Proj Impt & Rfdg		6.100		06/01/20		1,124,046

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Missouri (Continued)
$	1,000	Ellisville, MO Indl Dev Auth Rev Gambrill Gardens Proj Impt & Rfdg		6.200	%	06/01/29	$	751,750
	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		674,270
	1,000	Kearney, MO (AMBAC Insd)		5.500		03/01/16		1,054,570
	860	Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A		5.500		09/01/18		741,750
	1,200	Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran Rfdg, Ser B		5.125		02/01/27		948,120
	1,000	Saint Charles, MO Ctf Partn, Ser B		5.500		05/01/18		995,620
	675	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A		6.375		12/01/30		506,702
	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		1,082,445
	625	Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Rfdg		5.750		11/01/27		497,556
	2,350	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.550		07/01/29		1,692,517
	2,625	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.600		07/01/36		1,764,998

								15,600,608

		Nebraska 0.6%
	2,620	Omaha Pub Pwr Dist NE Elec Rev Sub Sys, Ser A (a)		5.000		02/01/34		2,372,672


		Nevada 3.0%
	4,000	Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT)		5.250		07/01/34		2,574,240
	3,905	Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (BHAC Insd) (AMT)		4.750		09/01/36		2,715,498
	25	Nevada Hsg Div Single Family Mtg Mezz, Ser D2 (AMT)		6.300		04/01/21		25,207
	2,645	Nevada Hsg Div Single Family Mtg Rev, Ser A (GNMA Collateralized) (AMT)		5.875		04/01/38		2,238,543
	930	Reno, NV Cap Impt Rev (FGIC Insd)		5.125		06/01/26		838,544
	1,570	Reno, NV Cap Impt Rev (FGIC Insd) (Prerefunded @ 6/01/12)		5.125		06/01/26		1,676,179
	3,100	Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A (a)		5.250		06/01/37		2,405,213


								12,473,424

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		New Hampshire 1.3%
$	4,800	New Hampshire Higher Ed & Hlth Fac Auth Rev Daniel Webster College Issue		6.300	%	07/01/29	$	3,623,808
	1,525	New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10)		6.750		07/01/20		1,398,654
	250	New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth		5.500		07/01/34		198,842

								5,221,304

		New Jersey 11.0%
	375	Burlington Cnty, NJ Brdg Cmnty Econ Dev Rev The Evergreens Proj		5.625		01/01/38		253,894
	1,000	New Jersey Econ Dev Auth Econ Dev Rev Kapkowski Rd Landfill Proj Rfdg		5.750		04/01/31		726,060
	1,500	New Jersey Econ Dev Auth Rev Cig Tax		5.750		06/15/29		1,170,435
	1,600	New Jersey Econ Dev Auth Rev Cig Tax		5.750		06/15/34		1,200,864
	25,000	New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd)		5.900		03/15/21		27,046,000
	1,500	New Jersey Econ Dev Auth Wtr Fac Rev NJ Amern Wtr Co Inc, Ser B (MBIA Insd) (AMT)		5.375		05/01/32		1,198,350
	2,600	New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp		5.000		07/01/36		1,746,550
	1,450	New Jersey Hlthcare Fac Fin Auth Rev Saint Peter’s Univ Hosp Oblig		5.750		07/01/37		1,127,447
	2,920	New Jersey St Tpk Auth Tpk Rev, Ser C (FSA Insd) (g)		6.500		01/01/16		3,251,654
	580	New Jersey St Tpk Auth Tpk Rev, Ser C (FSA Insd)		6.500		01/01/16		658,323
	1,000	New Jersey St Trans Tr Fd Auth Trans Sys, Ser A		5.750		06/15/18		1,073,100
	11,000	Tobacco Settlement Fin Corp NJ, Ser 1A (a)		5.000		06/01/41		5,944,620

								45,397,297

		New Mexico 0.4%
	1,500	Jicarilla, NM Apache Nation Rev Adj, Ser A (Acquired 1/23/03, Cost $1,514,910) (e)		5.000		09/01/18		1,479,630


		New York 13.9%
	3,000	Metropolitan Trans Auth NY Rev Rfdg, Ser A (FGIC Insd)		5.250		11/15/31		2,714,040
	11,250	Metropolitan Trans Auth NY Rev, Ser B (BHAC Insd)		4.500		11/15/36		9,142,537
	1,600	New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser E1 (AMT)		5.350		11/01/37		1,252,928
	400	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser A		6.250		03/01/15		334,920

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		New York (Continued)
$	2,500	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B		6.750	%	03/01/15	$	2,151,250
	1,000	New York City Liberty Dev Corp Rev National Sports Museum Proj, Ser A (Acquired 8/07/06, Cost $1,000,000) (b) (e)		6.125/0.000		02/15/19		119,610
	8,800	New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev, Ser D (a)		5.000		06/15/38		7,981,600
	2,500	New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev, Ser D (a)		5.000		06/15/39		2,262,150
	85	New York City, Ser A-1		5.750		08/01/12		85,189
	3,000	New York City, Ser G		5.000		12/01/27		2,797,110
	4,775	New York City, Ser I-1 (a)		5.000		02/01/26		4,465,294
	6,800	New York St Dorm Auth Rev City Univ Sys Cons, Ser A		5.625		07/01/16		7,096,412
	350	New York St Dorm Auth Rev Mt Sinai NYU Hlth		5.500		07/01/26		304,234
	1,000	New York St Mtg Agy Homeowner Mtg Rev 145 (AMT)		5.125		10/01/37		755,820
	2,702	Plainedge, NY Uni Free Sch Dist No. 2063 (Acquired 7/25/97 to 12/01/00, Cost $2,702,000) (e)		6.000		06/01/12		2,716,994
	9,900	Port Auth NY & NJ Cons 144th (a)		5.000		10/01/35		9,130,474
	600	Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (f)		5.000		12/01/23		449,886
	3,000	Triborough Brdg & Tunl Auth Gen Purp, Ser A		5.000		01/01/27		2,936,700
	1,000	Westchester Tob Asset Sec Corp NY		5.000		06/01/26		760,740


								57,457,888

		North Carolina 3.3%
	4,000	North Carolina Med Care Commn Hlthcare Fac Rev ARS Univ Eastern Carolina, Ser D-1 (AMBAC Insd) (c) (d)		12.250		12/01/36		4,000,000
	1,000	North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A		5.750		10/01/37		694,410
	8,300	North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd)		6.000		01/01/12		8,725,541


								13,419,951

		North Dakota 0.6%
	1,500	Grand Forks, ND Sr Hsg Rev 4000 Vly Square Proj Rfdg		5.300		12/01/34		929,715
	2,000	Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg		5.125		07/01/29		1,368,280


								2,297,995

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Ohio 7.9%
$	300	Adams Cnty Hosp Fac Impt Rev Adams Cnty Hosp Proj		6.250	%	09/01/20	$	227,325
	7,800	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.750		06/01/34		5,194,800
	2,500	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.875		06/01/30		1,752,525
	2,090	Cleveland-Cuyahoga Cnty, OH Dev Port Auth Rev Cleveland Bond Fd, Ser B		5.375		05/15/18		1,800,096
	400	Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A		5.750		05/15/27		284,476
	1,000	Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj		7.500		01/01/30		1,017,770
	1,000	Lorain Cnty, OH Hosp Rev Catholic Hlthcare, Ser S		5.375		10/01/30		898,480
	3,225	Lorain Cnty, OH Hosp Rev Catholic Rfdg, Ser C-1 (FSA Insd)		5.000		04/01/24		3,104,095
	2,270	Montgomery Cnty, OH Hosp Rev Kettering Med Ctr Impt & Rfdg (MBIA Insd)		6.250		04/01/20		2,451,010
	1,625	Montgomery Cnty, OH Rev Catholic Hlth, Ser C-1 (FSA Insd) (a)		5.000		10/01/41		1,422,127
	8,000	Ohio St Air Quality Dev Auth Rev Dayton Pwr (BHAC Insd) (AMT) (a)		4.800		09/01/36		6,125,120
	1,250	Ohio St Bldg Auth St Fac Admin Bldg Fd Proj, Ser A (FSA Insd)		5.000		04/01/22		1,243,912
	1,000	Ohio St Higher Ed Fac Commn Rev Hosp Univ Hosp Hlth Sys Inc, Ser A (BHAC Insd)		5.250		01/15/46		898,270
	4,590	Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Secs Pgm, Ser D (GNMA Collateralized) (AMT) (a)		5.400		03/01/33		3,723,431
	2,520	Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Sec Pgm, Ser F (GNMA Collateralized) (a)		5.500		09/01/39		2,237,760


								32,381,197

		Oklahoma 0.8%
	1,470	Chickasaw Nation, OK Hlth Sys (f)		6.250		12/01/32		1,139,294
	1,240	Kay Cnty, OK Home Fin Auth Rev Single Family Mtg Rfdg, Ser A (AMBAC Insd) (g)		7.000		11/01/11		1,381,211
	640	Oklahoma Hsg Fin Agy Single Family Rev Mtg, Class B (GNMA Collateralized) (AMT)		7.997		08/01/18		661,005


								3,181,510

		Pennsylvania 2.1%
	1,750	Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A		5.000		11/15/28		1,006,687
	385	Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)		5.500		12/01/30		381,096
	315	Crawford Cnty, PA Hosp Auth Sr Living Fac Rev Wesbury Utd Methodist Cmnty		5.875		08/15/10		305,027

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Pennsylvania (Continued)
$	210	Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Rfdg, Ser A		5.300	%	12/15/08	$	209,263
	320	Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Rfdg, Ser A		5.300		12/15/09		310,685
	240	Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Rfdg, Ser A		5.400		12/15/10		227,978
	400	Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj		6.125		02/01/28		291,316
	875	Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj		6.250		02/01/35		625,328
	1,000	Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT)		6.750		12/01/36		666,080
	1,550	Pennsylvania Hsg Fin Agy, Ser 94-A (AMT)		5.100		10/01/31		1,225,012
	1,000	Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (MBIA Insd) (AMT)		5.125		07/01/19		886,470
	2,675	Pittsburgh, PA, Ser A (AMBAC Insd)		5.500		09/01/17		2,711,888


								8,846,830

		Rhode Island 0.2%
	1,375	Tobacco Settlement Fin Corp, Ser A		6.250		06/01/42		1,004,149


		South Carolina 3.2%
	1,000	Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a)		5.250		12/01/25		956,505
	3,000	Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a)		5.250		12/01/26		2,861,790
	475	Rock Hill, SC Util Sys Rev Comb Rfdg, Ser C (FSA Insd)		5.125		01/01/13		488,571
	1,235	Rock Hill, SC Util Sys Rev Comb Rfdg, Ser C (FSA Insd)		5.250		01/01/15		1,274,483
	900	South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg		5.125		10/01/26		607,455
	1,000	South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg		5.300		10/01/36		631,570
	550	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg		5.500		05/01/28		380,275
	400	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg		5.625		05/01/42		255,712
	1,960	South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A		6.250		08/01/31		1,701,888
	2,500	South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd)		5.200		11/01/27		2,378,350
	725	South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A		6.000		11/15/27		531,121

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		South Carolina (Continued)
$	1,230	Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg		5.000	%	06/01/18	$	1,177,454

								13,245,174

		Tennessee 3.3%
	400	Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg Impt & Rfdg, Ser B (Prerefunded @ 7/01/12)		8.000		07/01/33		444,288
	400	Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp Impt & Rfdg, Ser B (MBIA-IBC Insd) (Prerefunded @ 7/01/12)		7.750		07/01/29		441,324
	4,000	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg, Ser A (MBIA-IBC Insd) (Prerefunded @ 7/01/12)		7.500		07/01/25		4,378,840
	3,000	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth, Ser A		5.500		07/01/36		2,113,800
	2,000	Knox Cnty, TN Hlth Ed & Hsg Fac Brd Hosp Rev ARS Covenant Hlth Sub, Ser B1 (AGL Insd) (c) (d)		8.000		01/01/46		2,000,000
	2,650	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (FSA Insd) (a)		5.250		09/01/27		2,597,093
	1,500	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Trezevant Manor Proj, Ser A		5.625		09/01/26		1,109,955
	365	Tennessee Hsg Dev Agy Home Ownership Pgm 2-A (AMT)		5.700		07/01/31		362,810

								13,448,110

		Texas 20.2%
	1,575	Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)		4.850		04/01/21		1,125,889
	1,250	Austin, TX Convention Enterprises Inc Convention Ctr Second Tier Rfdg, Ser B (f)		5.750		01/01/24		948,500
	1,000	Brazos Cnty, TX Hlth Fac Dev Oblig Grp		5.375		01/01/32		770,720
	1,100	Coastal Bend Hlth Fac Dev TX, Ser C (AMBAC Insd) (g) (i)		9.772		11/15/13		1,358,962
	790	Dallas Cnty, TX Flood Ctl Dist Rfdg		6.750		04/01/16		782,700
	1,000	Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg, Ser A (BHAC Insd) (AMT)		5.500		11/01/31		891,300
	700	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		5.750		11/01/18		659,533
	1,325	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		6.000		11/01/23		1,210,030
	5,250	El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a)		5.000		08/15/37		4,658,535
	730	Fort Worth, TX Wtr & Swr Rev Impt & Rfdg		5.750		02/15/16		759,550
	770	Fort Worth, TX Wtr & Swr Rev Impt & Rfdg (Prerefunded @ 8/15/10)		5.750		02/15/16		815,931

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Texas (Continued)
$	5,000	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev ARS Baylor College Med, Ser A-1 (AMBAC Insd) (c) (d)		13.000	%	11/15/47	$	5,000,000
	3,000	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev ARS Baylor College Med, Ser A-5 (AMBAC Insd) (c) (d)		13.000		11/15/47		3,000,000
	7,000	Harris Cnty, TX Hlth Fac Dev Corp Rev ARS Christus Hlth, Ser A-3 (FSA Insd) (c) (d)		12.000		07/01/31		7,000,000
	3,450	Harris Cnty, TX Hlth Fac Dev Corp Rev ARS Christus Hlth, Ser A-4 (FSA Insd) (c) (d)		11.500		07/01/31		3,450,000
	1,000	Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT)		5.625		07/01/30		850,660
	130	Houston, TX Pub Impt & Rfdg (FSA Insd)		5.750		03/01/15		135,756
	8,475	Houston, TX Util Sys Rev Comb First Lien Rfdg, Ser A (FSA Insd)		5.000		11/15/36		7,627,415
	3,320	Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a)		5.000		02/01/37		2,969,790
	1,100	Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX		5.500		02/15/32		860,332
	1,250	Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX		5.500		02/15/37		955,675
	1,250	Matagorda Cnty, TX Navig Dist No 1 Rev Coll Centerpoint Energy Proj Rfdg		5.600		03/01/27		911,488
	1,000	Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian Care Ctr, Ser A (Prerefunded @ 2/15/10)		7.625		02/15/28		1,075,170
	1,800	Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj		7.250		01/01/31		1,552,950
	1,500	Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT)		6.000		08/01/20		1,353,195
	1,000	North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj, Ser A		5.125		05/15/29		865,630
	4,000	North Central, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd)		5.250		08/15/32		3,534,640
	1,550	North TX Twy Auth Rev Rfdg Sys First Tier Put, Ser L-2 (h)		6.000		01/01/38		1,552,666
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		5.625		01/01/28		932,760
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		6.000		01/01/26		984,130
	1,250	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		6.000		01/01/27		1,225,513
	2,850	North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F		5.750		01/01/33		2,469,867
	3,149	Region One Ed Svc Ctr Sub Tech Fac Proj (Acquired 12/30/97, Cost $3,284,510) (e)		6.590		12/15/17		3,294,939

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Texas (Continued)
$	1,000	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc		5.625	%	11/15/27	$	710,100
	2,700	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc		5.750		11/15/37		1,814,454
	5,500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj		5.250		11/15/37		4,074,950
	450	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home Proj		5.750		02/15/25		329,067
	2,480	Tarrant Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Cook Childrens Med Ctr, Ser B (FSA Insd)		5.000		12/01/30		2,266,248
	80	Texas Muni Pwr Agy Rev (MBIA Insd) (g)		*		09/01/15		59,965
	165	Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (FSA Insd)		5.500		09/01/13		166,353
	5,750	Texas St Trans Commn Mobility Fd (a)		5.000		04/01/28		5,651,675
	3,500	Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg, Ser A		5.375		11/01/37		2,530,150


								83,187,188

		Utah 0.1%
	800	Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A		5.800		06/15/38		591,576


		Vermont 0.2%
	1,000	Vermont Econ Dev Auth Mtg Rev Wake Robin Corp Proj, Ser A		5.375		05/01/36		640,910


		Virginia 1.6%
	750	Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig		6.350		09/01/28		579,037
	1,340	Richmond, VA (FSA Insd)		5.500		01/15/10		1,392,836
	2,590	Tobacco Settlement Fin Corp VA		5.500		06/01/26		2,728,954
	2,000	White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev		5.300		03/01/17		1,728,520


								6,429,347

		Washington 2.9%
	5,000	Bellevue, WA Convention Ctr Auth Spl Oblig Rev Rfdg (MBIA Insd)		*		02/01/24		2,008,800
	3,000	Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (FSA Insd)		5.500		07/01/18		3,068,220
	1,350	Kalispel Tribe Indians Priority Dist WA Rev		6.625		01/01/28		1,105,839
	2,000	Port Seattle, WA Rev, Ser B (MBIA Insd) (AMT)		5.625		02/01/24		1,778,820

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


Par
Amount
(000)		Description	Coupon			Maturity	Value


		Washington (Continued)
$	1,500	Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp		5.750	%	12/01/28	$	1,132,590
	1,345	Tacoma, WA Elec Sys Rev Rfdg, Ser A (FSA Insd)		5.750		01/01/15		1,418,867
	1,545	Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 5/7/08, Cost $1,545,000) (e)		6.000		01/01/27		1,319,631

								11,832,767

		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		2,677,220
	1,000	West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.000		10/01/20		825,970
	1,300	West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.250		10/01/23		1,056,120


								4,559,310

		Wisconsin 3.1%
	2,545	Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)		5.300		09/01/23		2,228,262
	3,200	Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)		5.500		09/01/28		2,737,952
	5,000	Wisconsin St Hlth & Ed Fac Auth Mercy Hlth Sys Corp (AMBAC Insd)		5.500		08/15/25		4,213,250
	400	Wisconsin St Hlth & Ed Fac Auth Rev Beaver Dam Cmnty Hosp Inc, Ser A		6.000		08/15/19		330,216
	3,975	Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd) (a)		5.000		08/01/34		3,470,891


								12,980,571

		Wyoming 0.2%
	1,000	Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)		5.600		12/01/35		653,380


		Guam 1.2%
	6,000	Guam Pwr Auth Rev, Ser A (AMBAC Insd)		5.250		10/01/34		5,026,380


		Puerto Rico 0.0%
	65	Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd) (Prerefunded @ 7/01/14)		5.250		07/01/33		69,300


Total Long-Term Investments 189.6% (Cost $912,858,889)								781,427,242

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued


				Value


Short Term Investments 0.6% (Cost $2,600,000)				$	2,600,000


Total Investments 190.2% (Cost $915,458,889)					784,027,242

Liability for Floating Rate Note Obligations Related to Securities Held (29.3%) (Cost ($120,925,000))
	(120,925	)	Notes with interest rates ranging from 1.77% to 3.32% at October 31, 2008 and contractual maturities of collateral ranging from 2023 to 2041. (See Note 1). (j)		(120,925,000	)


Total Net Investments 160.9% (Cost $794,533,889)					663,102,242

Other Assets in Excess of Liabilities 2.2%					9,122,663

Preferred Shares (including accrued distributions) (63.1%)					(260,103,412	)


Net Assets Applicable to Common Shares 100.0%				$	412,121,493

Percentages are calculated as a percentage of net assets applicable to common shares.


*		Zero coupon bond

(a)		Underlying security related to Inverse Floaters entered into by the Trust. See Note 1.

(b)		Interest is accruing at less than stated coupon. Coupon is shown as stated coupon/actual coupon.

(c)		Security includes a feature allowing the Trust an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.

(d)		Variable Rate Coupon

(e)		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 4.4% of net assets applicable to common shares.

(f)		144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.

(g)		Escrowed to Maturity

(h)		Security purchased on a when-issued or delayed delivery basis.

(i)		Inverse Floating Rate

(j)		Floating rate notes. The interest rates shown reflect the rate in effect at October 31, 2008.

See Notes to Financial Statements

Van Kampen Municipal Trust
Portfolio of Investments n October 31, 2008 continued

ACA—American Capital Access

AGC—AGC Insured Custody Certificates

AGL—Assured Guaranty Ltd.

AMBAC—AMBAC Indemnity Corp.

AMT—Alternative Minimum Tax

BHAC—Berkshire Hathaway Assurance Corp.

Comwth—Commonwealth of Puerto Rico

FGIC—Financial Guaranty Insurance Co.

FSA—Financial Security Assurance Inc.

GNMA—Government National Mortgage Association

MBIA—Municipal Bond Investors Assurance Corp.

MBIA-IBC—MBIA Insured Bond Certificates

Radian—Radian Asset Assurance

Syncora—Synocra Guarantee Inc.

See Notes to Financial Statements

Van Kampen Municipal Trust

Financial Statements

Statement of Assets and Liabilities

October 31, 2008


Assets:
Total Investments (Cost $915,458,889)	$	784,027,242
Cash		470,954
Receivables:
Interest		12,948,513
Investments Sold		857,977
Other		9,965

Total Assets		798,314,651

Liabilities:
Payables:
Floating Rate Note Obligations		120,925,000
Investments Purchased		3,672,387
Investment Advisory Fee		285,976
Income Distributions—Common Shares		120,469
Other Affiliates		35,678
Trustees’ Deferred Compensation and Retirement Plans		713,897
Accrued Expenses		336,339

Total Liabilities		126,089,746
Preferred Shares (including accrued distributions)		260,103,412

Net Assets Applicable to Common Shares	$	412,121,493

Net Asset Value Per Common Share ($412,121,493 divided by 38,856,411 shares outstanding)	$	10.61

Net Assets Consist of:
Common Shares ($0.01 par value with an unlimited number of shares authorized, 38,856,411 shares issued and outstanding)	$	388,564
Paid in Surplus		581,380,877
Accumulated Undistributed Net Investment Income		5,643,797
Accumulated Net Realized Loss		(43,860,098	)
Net Unrealized Depreciation		(131,431,647	)

Net Assets Applicable to Common Shares	$	412,121,493

Preferred Shares ($0.01 par value, authorized 100,000,000 shares, 10,400 issued with liquidation preference of $25,000 per share)	$	260,000,000

Net Assets Including Preferred Shares	$	672,121,493

See Notes to Financial Statements

Van Kampen Municipal Trust
Financial Statements continued

Statement of Operations

For the Year Ended October 31, 2008


Investment Income:
Interest	$	56,474,107
Expenses:
Interest and Residual Trust Expenses		5,950,345
Investment Advisory Fee		4,781,292
Preferred Share Maintenance		831,223
Accounting and Administrative Expenses		181,475
Professional Fees		156,075
Transfer Agent Fees		97,233
Reports to Shareholders		66,448
Custody		62,017
Registration Fees		30,605
Trustees’ Fees and Related Expenses		19,007
Depreciation in Trustees’ Deferred Compensation Accounts		(170,159	)
Other		25,161

Total Expenses		12,030,722
Investment Advisory Fee Reduction		869,327
Less Credits Earned on Cash Balances		307

Net Expenses		11,161,088

Net Investment Income	$	45,313,019

Realized and Unrealized Gain/Loss:
Realized Gain/Loss:
Investments	$	(28,892,342	)
Futures		(5,111,408	)

Net Realized Loss		(34,003,750	)

Unrealized Appreciation/Depreciation:
Beginning of the Period		23,500,900
End of the Period		(131,431,647	)

Net Unrealized Depreciation During the Period		(154,932,547	)

Net Realized and Unrealized Loss	$	(188,936,297	)

Distributions to Preferred Shareholders	$	(9,628,094	)

Net Decrease in Net Assets Applicable to Common Shares from Operations	$	(153,251,372	)

See Notes to Financial Statements

Van Kampen Municipal Trust
Financial Statements continued

Statement of Changes in Net Assets


	For The			For The
	Year Ended			Year Ended
	October 31, 2008			October 31, 2007


From Investment Activities:
Operations:
Net Investment Income	$	45,313,019		$	42,794,629
Net Realized Loss		(34,003,750	)		(6,930,440	)
Net Unrealized Depreciation During the Period		(154,932,547	)		(31,557,316	)
Distributions to Preferred Shareholders:
Net Investment Income		(9,628,094	)		(12,038,524	)

Change in Net Assets Applicable to Common Shares from Operations		(153,251,372	)		(7,731,651	)

Distributions to Common Shareholders:
Net Investment Income		(31,701,941	)		(31,044,926	)


Net Change in Net Assets Applicable to Common Shares from Investment Activities		(184,953,313	)		(38,776,577	)

From Capital Transactions:
Value of Common Shares Issued Through Dividend Reinvestment		1,035,490			110,015
Repurchase of Shares		(3,679,518	)		(4,676,346	)

Net Change in Net Assets Applicable to Common Shares from Capital Transactions		(2,644,028	)		(4,566,331	)
Total Decrease in Net Assets Applicable to Common Shares		(187,597,341	)		(43,342,908	)
Net Assets Applicable to Common Shares:
Beginning of the Period		599,718,834			643,061,742

End of the Period (Including accumulated undistributed net investment income of $5,643,797 and $1,699,268, respectively)	$	412,121,493		$	599,718,834

See Notes to Financial Statements

Van Kampen Municipal Trust
Financial Statements continued

Statement of Cash Flows

For the Year Ended October 31, 2008


Change in Net Assets from Operations	$	(153,251,372	)

Adjustments to Reconcile the Change in Net Assets from Operations to
Net Cash Provided by Operating Activities:
Purchases of Investments		(676,615,090	)
Proceeds from Sales of Investments		844,234,544
Net Sales of Short-Term Investments		7,230,000
Amortization of Premium		1,196,847
Accretion of Discount		(1,706,881	)
Net Realized Loss on Investments		28,892,342
Net Change in Unrealized Depreciation on Investments		155,239,067
Decrease in Variation Margin on Futures		832,000
Decrease in Interest Receivables		930,828
Decrease in Other Assets		1,478
Increase in Receivable for Investments Sold		(777,977	)
Decrease in Investment Advisory Fee Payable		(69,086	)
Increase in Accrued Expenses		101,445
Decrease in Other Affiliates Payable		(6,597	)
Decrease in Trustees’ Deferred Compensation and Retirement Plans		(164,288	)
Decrease in Investments Purchased Payable		(9,076,384	)

Total Adjustments		350,242,248

Net Cash Provided by Operating Activities		196,990,876

Cash Flows From Financing Activities
Repurchased Shares		(4,109,177	)
Dividends Paid (net of reinvested dividends $1,035,490)		(30,692,919	)
Proceeds from and Repayments of Floating Rate Note Obligations		(97,133,000	)
Retirement of Preferred Shares		(65,000,000	)

Net Cash Provided by Financing Activities		(196,935,096	)

Net Increase in Cash		55,780
Cash at the Beginning of the Period		415,174

Cash at the End of the Period	$	470,954

Supplemental Disclosures of Cash Flow Information Cash Paid During the Year for Interest	$	5,950,345

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,
	2008			2007			2006			2005			2004


Net Asset Value, Beginning of the Period	$	15.35		$	16.33		$	16.15		$	16.60		$	16.25

Net Investment Income		1.17	(a)		1.09	(a)		1.02	(a)		1.02			1.03
Net Realized and Unrealized Gain/Loss		(4.84	)		(0.97	)		0.48			(0.41	)		0.37
Common Share Equivalent of Distributions Paid to Preferred Shareholders:
Net Investment Income		(0.25	)		(0.31	)		(0.24	)		(0.18	)		(0.09	)
Net Realized Gain		-0-			-0-			(0.05	)		-0-			-0-	(f)

Total from Investment Operations		(3.92	)		(0.19	)		1.21			0.43			1.31
Distributions Paid to Common Shareholders:
Net Investment Income		(0.82	)		(0.79	)		(0.79	)		(0.88	)		(0.94	)
Net Realized Gain		-0-			-0-			(0.24	)		-0-			(0.02	)

Net Asset Value, End of the Period	$	10.61		$	15.35		$	16.33		$	16.15		$	16.60


Common Share Market Price at End of the Period	$	10.15		$	13.85		$	14.86		$	14.02		$	14.90
Total Return* (b)		–22.15%			–1.88%			13.84%			0.01%			9.15%
Net Assets Applicable to Common Shares at End of the Period (In millions)	$	412.1		$	599.7		$	643.1		$	635.9		$	603.6
Ratio of Expenses to Average Net Assets Applicable to Common Shares* (c)		2.05%			2.14%			1.23%			1.06%			1.19%
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares* (c)		8.31%			6.84%			6.40%			6.21%			6.24%
Portfolio Turnover		67%			25%			28%			33%			19%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets Applicable to Common Shares (c)		2.21%			2.28%			N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c)		8.15%			6.70%			N/A			N/A			N/A

Supplemental Ratios:
Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable to Common Shares (c)		0.96%			0.95%			1.11%			1.06%			1.19%
Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Including Preferred Shares (c)		0.61%			0.63%			0.73%			0.71%			0.79%
Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d)		6.55%			4.92%			4.91%			5.12%			5.70%

Senior Securities:
Total Preferred Shares Outstanding		10,400			13,000			13,000			13,000			12,000
Asset Coverage Per Preferred Share (e)	$	64,637		$	71,143		$	74,490		$	73,933		$	75,312
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)		Base on average shares outstanding.
(b)		Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated.
(c)		Ratios do not reflect the effect of dividend payments to preferred shareholders.
(d)		Ratios reflect the effect of dividend payments to preferred shareholders.
(e)		Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets and dividing this by the number of preferred shares outstanding.
(f)		Amount is less than $0.01 per share.

N/A=Not Applicable

See Notes to Financial Statements

Van Kampen Municipal Trust

Notes to Financial Statements n October 31, 2008

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 Trust’s investment objective is to seek to provide a high level of current income exempt from federal income tax, consistent with preservation of capital. The Trust will invest in a portfolio consisting substantially of municipal obligations rated investment grade at the time of investment, but may invest up to 20% of its assets in unrated securities which are believed to be of comparable quality to those rated investment grade. The Trust commenced investment operations on September 27, 1991.

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A. Security Valuation Municipal bonds are valued by independent pricing services or dealers using the mean of the last reported bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

B. Security Transactions Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The Trust may purchase and sell securities on a “when-issued” or “delayed delivery” basis, with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. The Trust will segregate assets with the custodian having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until payment is made. At October 31, 2008, the Trust had $2,751,788 of when-issued or delayed delivery purchase commitments.

C. Investment Income Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security.

D. Federal Income Taxes It is the Trust’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Trust adopted the provisions of the Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty in Income Taxes on April 30, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits

Van Kampen Municipal Trust
Notes to Financial Statements n October 31, 2008 continued

in the accompanying financial statements. If applicable, the Trust recognizes interest accrued related to unrecognized tax benefits in “Interest Expense” and penalties in “Other” expenses on the Statement of Operations. The Trust files tax returns with the U.S. Internal Revenue Service and various states. Generally, each of the tax years in the four year period ended October 31, 2008, 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, 2008, the Trust had an accumulated capital loss carry forward for tax purposes of $44,972,845, which will expire according to the following schedule:


Amount		Expiration

$	468,317		October 31, 2009
	929,222		October 31, 2010
	2,903,782		October 31, 2012
	593,665		October 31, 2014
	6,620,583		October 31, 2015
	33,457,276		October 31, 2016

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, 2008, the cost and related gross unrealized appreciation and depreciation were as follows:


Cost of investments for tax purposes	$	792,844,275

Gross tax unrealized appreciation	$	9,173,796
Gross tax unrealized depreciation		(138,915,829	)

Net tax unrealized depreciation on investments	$	(129,742,033	)

E. Distribution of Income and Gains The Trust declares and pays monthly dividends from net investment income to common shareholders. Net realized gains, if any, are distributed at least annually on a pro rata basis to common and preferred shareholders. Distributions from net realized gains for book purposes may include short-term capital gains and a portion of futures gains, which are included as ordinary income for tax purposes.

The tax character of distributions paid during the years ended October 31, 2008 and 2007 was as follows:


	2008		2007

Distributions paid from:
Ordinary income	$	15,123	$	14,942
Tax exempt income		41,341,380		43,237,394
Long-term capital gain		-0-		-0-

	$	41,356,503	$	43,252,336

Van Kampen Municipal Trust
Notes to Financial Statements n October 31, 2008 continued

Permanent differences, primarily due to book to tax accretion differences, resulted in the following reclassifications among the Trust’s components of net assets at October 31, 2008:


Accumulated Undistributed			Accumulated
Net Investment Income			Net Realized Loss		Paid in Surplus

$	(38,455	)	$	38,455	$	-0-

As of October 31, 2008, the components of distributable earnings on a tax basis were as follows:

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 and the deferral of losses relating to wash sale transactions.

F. Floating Rate Note Obligations Related to Securities Held The Trust enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interests in the dealer trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The Trust enters into shortfall agreements with the dealer trusts, which commit the Trust to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption “Floating Rate Note Obligations” on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption “Interest and Residual Trust Expenses” on the Trust’s Statement of Operations. The notes issued by the dealer trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At October 31, 2008, Trust investments with a value of $173,943,721 are held by the dealer trusts and serve as collateral for the $120,925,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at October 31, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the fiscal year ended October 31, 2008 were $192,681,731 and 3.09%, respectively.

Van Kampen Municipal Trust
Notes to Financial Statements n October 31, 2008 continued

G. Credits Earned on Cash Balances During the year ended October 31, 2008, the Trust’s custody fee was reduced by $307 as a result of credits earned on cash balances.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Van Kampen Asset Management (the ”Adviser”) provides investment advice and facilities to the Trust for an annual fee payable monthly of .55% of the average daily net assets including current preferred shares and leverage of $65,000,000 entered into to retire previously issued preferred shares of the Trust. The Adviser has agreed to waive investment advisory fees equal to .10% of the average daily net assets including current preferred shares and leverage of $65,000,000 entered into to retire previously issued preferred shares of the Trust. During the year ended October 31, 2008, the Adviser waived approximately $869,300 of its advisory fees. The waiver is voluntary and can be discontinued at any time.

For the year ended October 31, 2008, the Trust recognized expenses of approximately $69,200 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such firm and he and his law firm provide legal services as legal counsel to the Trust.

Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Trust. The costs of these services are allocated to each trust. For the year ended October 31, 2008, the Trust recognized expenses of approximately $99,100 representing Van Kampen Investments Inc.’s or its affiliates’ (collectively “Van Kampen”) cost of providing accounting and legal services to the Trust, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of “Professional Fees” on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of ”Accounting and Administrative Expenses” on the Statement of Operations.

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

The Trust provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation to a later date. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee’s years of service to the Trust. The maximum annual benefit per trustee under the plan is $2,500.

3. Capital Transactions

For the years ended October 31, 2008 and 2007, transactions in common shares were as follows:


	Year Ended			Year Ended
	October 31, 2008			October 31, 2007

Beginning Shares		39,063,367			39,379,538
Shares Issued Through Dividend Reinvestment		73,379			7,320
Shares Repurchased*		(280,335	)		(323,491	)

Ending Shares		38,856,411			39,063,367

Van Kampen Municipal Trust
Notes to Financial Statements n October 31, 2008 continued


*		On February 28, 2007, the Trust commenced a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Trust’s shares trade from their net asset value. For the years ended October 31, 2008 and 2007, the Trust repurchased 280,335 and 323,491, respectively of its shares at an average discount of 8.12% and 6.32% respectively from net asset value per share. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes such activity will further the accomplishment of the foregoing objectives, subject to review of the Trustees.

4. Investment Transactions

During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $676,615,090 and $844,234,544, respectively.

5. Derivative Financial Instruments

A derivative financial instrument in very general terms refers to a security whose value is “derived” from the value of an underlying asset, reference rate or index.

In order to seek to manage the interest rate exposure of the Trust’s portfolio in a changing interest rate environment, the Trust may purchase or sell financial futures contracts or engage in transactions involving caps, floors or collars. The Trust expects to enter into these transactions primarily as a hedge against anticipated interest rate or fixed-income market changes, for duration management or for risk management purposes, but may also enter into these transactions to generate additional income. All of the Trust’s portfolio holdings, including derivative instruments, are marked to market each day with the change in value reflected in the unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is generally recognized.

Summarized below are the specific types of derivative financial instruments used by the Trust.

A. Futures Contracts A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Trust generally invests in exchange traded futures contracts on U.S. Treasury securities and typically closes the contract prior to the delivery date. These contracts are generally used to manage the Trust’s effective maturity and duration. Upon entering into futures contracts, the Trust maintains an amount of cash or liquid securities with a value equal to a percentage of the contract amount with either a futures commission merchant pursuant to the rules and regulations promulgated under the 1940 Act, or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.

Transactions in futures contracts for the year ended October 31, 2008 were as follows:


	Contracts

Outstanding at October 31, 2007		832
Futures Opened		1,370
Futures Closed		(2,202	)

Outstanding at October 31, 2008		-0-

Van Kampen Municipal Trust
Notes to Financial Statements n October 31, 2008 continued

B. Inverse Floating Rate Investments The Trust may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Trust in seeking to enhance the yield of the portfolio or used as an alternative form of leverage in order to redeem a portion of the Trust’s preferred shares. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that may expose the Trust to greater risk and increased costs. Leverage may cause the Trust’s net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the value of the Trust’s portfolio securities. The use of leverage may also cause the Trust to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments.

6. Preferred Shares

The Trust has outstanding 10,400 Auction Preferred Shares (APS). Series A, Series B, Series C and Series D each contain 2,400 shares and Series E contains 800 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, 2008, all series of preferred shares of the Trust were not successfully remarketed. As a result, the dividend rates of these preferred shares were reset to the maximum applicable rate on APS. The average rate in effect on October 31, 2008 was 3.126%. During the year ended October 31, 2008, the rates ranged from 2.358% to 4.800%.

The Trust pays annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auctions. These fees are included as a component of “Preferred Share Maintenance” expense on the Statement of Operations.

The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of $25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption if the tests are not met.

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, 2008, transactions in preferred shares were as follows:


	Series A						Series B						Series C
	Shares			Value			Shares			Value			Shares			Value

Outstanding at 10/31/07		3,000		$	75,000,000			3,000		$	75,000,000			3,000		$	75,000,000
Amount Retired		(600	)		(15,000,000	)		(600	)		(15,000,000	)		(600	)		(15,000,000	)

Outstanding at 10/31/08		2,400		$	60,000,000			2,400		$	60,000,000			2,400		$	60,000,000

Van Kampen Municipal Trust
Notes to Financial Statements n October 31, 2008 continued


	Series D						Series E
	Shares			Value			Shares			Value

Outstanding at 10/31/07		3,000		$	75,000,000			1,000		$	25,000,000
Amount Retired		(600	)		(15,000,000	)		(200	)		(5,000,000	)

Outstanding at 10/31/08		2,400		$	60,000,000			800		$	20,000,000

7. Indemnifications

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

8. Accounting Pronouncements

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of October 31, 2008, the Adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.

On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.

Van Kampan 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, 2008, 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 Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. 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 Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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, 2008, 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, 2008, the results of its operations and 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 18, 2008

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 into additional shares of the Trust. Under the Plan, the money you earn from dividends and capital gains 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., which administers the Plan, whenever shares are reinvested for you. The statement shows your total distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account via the Internet. To do this, please go to vankampen.com.

• Safekeeping

Computershare Trust Company, N.A. 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 name”—in the name of your brokerage firm, bank, or other financial institution—you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

If you choose to participate in the Plan, your dividends and capital gains 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

Van Kampen Municipal Trust
Dividend Reinvestment Plan continued

(NAV), you’ll 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 premium—a market price that is higher than its NAV—you’ll pay either the NAV or 95 percent of the market price, whichever is greater. When the Trust trades at a premium, you’ll pay less for your reinvested shares than an ordinary investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.
	2.	Discount If the Trust is trading at a discount—a market price that is lower than its NAV—you’ll pay the market price for your reinvested shares.

How to 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 dividend or capital gains distribution payable after Computershare Trust Company, N.A. receives your authorization, as long as they receive it before the “record date,” which is generally ten business days before the dividend is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following dividend or distribution.

Costs of the plan

There is no direct charge to you for reinvesting dividends and capital gains distributions because the Plan’s fees are paid by 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 dividends and capital gains distributions does not relieve you of any income tax that may be due on dividends or distributions.

Van Kampen Municipal Trust
Dividend Reinvestment Plan continued

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.

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 shares, they will be held by Computershare Trust Company N.A.
	2.	If you opt to sell your shares through Van Kampen, 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.

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 Dennis Shea Vice President Kevin Klingert Vice President Amy R. Doberman 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 333 West Wacker Drive Chicago, Illinois 60606 Independent Registered Public Accounting Firm Deloitte & Touche LLP 111 South Wacker Drive Chicago, Illinois 60606-4301

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, 2008. The Trust designated 100.0% 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.

Van Kampan Municipal Trust

Results of Shareholder Votes

The Annual Meeting of Shareholders of the Trust was held on June 18, 2008, 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


David C. Arch		35,170,285		966,251
Jerry D. Choate		35,151,885		984,651
Howard J Kerr		35,148,290		988,246
Suzanne H. Woolsey		35,130,629		1,005,907

The other trustees of the Trust whose terms did not expire in 2008 are Rod Dammeyer, Linda Hutton Heagy, R. Craig Kennedy, Jacke E. Nelson, Hugo F. Sonnenschein and Wayne W. Whalen.

Van Kampen Municipal Trust

Trustee and Officer Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees and the Fund’s officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Fund and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term “Fund Complex” includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees 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 (63)
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.

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

Van Kampen Municipal Trust

Trustee and Officer Information continued

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Jerry D. Choate (70)
33971 Selva Road
Suite 130
Dana Point, CA 92629

Trustee

Trustee
since 2003

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

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

Rod Dammeyer (68)
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.

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

Van Kampen Municipal Trust

Trustee and Officer Information continued

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Linda Hutton Heagy† (60)
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.

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

R. Craig Kennedy (56)
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.

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

Howard J Kerr (73)
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.

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

Van Kampen Municipal Trust

Trustee and Officer Information continued

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Jack E. Nelson (72)
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.

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

Hugo F. Sonnenschein (68)
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.

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

Van Kampen Municipal Trust

Trustee and Officer Information continued

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Suzanne H. Woolsey, Ph.D. (67)
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.

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

Van Kampen Municipal Trust

Trustee and Officer Information continued

Interested Trustee*

Number of

Term of

Funds in

Office and

Fund

Position(s)

Length of

Complex

Name, Age and Address

Held with

Time

Principal Occupation(s)

Overseen

Other Directorships

of Independent Trustee

Fund

Served

During Past 5 Years

By Trustee

Held by Trustee

Wayne W. Whalen* (69)
333 West 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.

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


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

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

Van Kampen Municipal Trust

Trustee and Officer Information continued


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

Edward C. Wood III (52) 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 Van Kampen Investments Inc., 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 the Distributor and Van Kampen Investor Services Inc. since June 2008. Previously, Director of the Adviser and the Distributor from March 2004 to January 2005.

Dennis Shea (55) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2006	Managing Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., the Adviser and Van Kampen Advisors Inc. Chief Investment Officer—Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006.

Kevin Klingert (45) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2008	Vice President of funds in the Fund Complex since May 2008. Chief Operating Officer of the Fixed Income portion of Morgan Stanley Investment Management Inc. since May 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. Assistant Vice President municipal portfolio manager at Merrill Lynch from March 1985 to October 1991.


Van Kampen Municipal Trust
Trustee and Officer Information 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

Amy R. Doberman (46) 522 Fifth Avenue New York, NY 10036	Vice President	Officer since 2004	Managing Director and General Counsel—U.S. Investment Management; Managing Director of Morgan Stanley Investment Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000.

Stefanie V. Chang Yu (42) 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 (53) 1 Parkview Plaza - Suite 100 Oakbrook Terrace, IL 60181	Chief Compliance Officer	Officer since 1998	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.

Stuart N. Schuldt (46) 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.

Van Kampen Municipal Trust

An Important Notice Concerning Our

U.S. Privacy Policy

We are required by federal law to provide you with a copy of our Privacy Policy annually.

This Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies.

This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, 529 Educational Savings Accounts, accounts subject to the Uniform Gifts to Minors Act, or similar accounts. Please note that we may amend this Policy at any time, and will inform you of any changes to this Policy as required by law.

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information 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 and from third parties and other sources. For example:


	•	We collect information such as your name, address, e-mail address, phone number and account title.

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Van Kampen Municipal Trust
An Important Notice Concerning Our
U.S. Privacy Policy continued


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

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

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

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

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

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

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

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

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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 to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information, and we require them to adhere to confidentiality standards with respect to such information.

4. How Can You Limit the Sharing of Certain Types of Personal Information With Affiliated Companies?

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

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

You may limit affiliated companies from marketing their products or services to you based on your personal information that they receive from affiliated companies. This information includes your income, assets and account history. Your choice to limit marketing offers from affiliated companies will apply until you tell us to change your choice.

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Van Kampen Municipal Trust
An Important Notice Concerning Our
U.S. Privacy Policy continued

If you wish to opt-out of sharing and to limit marketing offers, you may do so by:


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

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

If you choose to write to us, your written request should include your name, address, telephone number and account number(s) to which the opt-out applies and should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party.

If you have previously notified us about your privacy preferences, it is not necessary to do so again unless you decide to change your preferences. Your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise in writing. If you have a joint account, your direction for us not to share this information with other affiliated companies and for those affiliated companies not to use your personal information for marketing will be applied to all account holders on that account.

Please understand that if you opt-out, you and any joint account holders may not receive information about affiliated company products and services that could help you manage your financial resources and achieve your investment objectives.

If you hold more than one account with Van Kampen, 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.

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”).

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Van Kampen Municipal Trust
An Important Notice Concerning Our
U.S. Privacy Policy continued

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


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

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

Van Kampen Funds Inc.

522 Fifth Avenue

New York, New York 10036

www.vankampen.com

VKQANN 12/08

IU08-06089P-Y10/08

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 list of covered officers set forth in Exhibit B was amended in June 2008 and November 2008 and the general counsel’s designee set forth in Exhibit C was amended in January 2008. All three editions of Exhibit B and both editions of Exhibit C are attached.

(d)		Not applicable.

(e)		Not applicable.

(f)

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

	(2)		Not applicable.

	(3)		Not applicable.

Item 3. Audit Committee Financial Expert.

The Trust’s Board of Trustees has determined that it has three “audit committee financial experts” serving on its audit committee, each of whom are “independent” Trustees : Rod Dammeyer, Jerry 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:

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

2007


	Registrant			Covered Entities⁽¹⁾
Audit Fees	$	34,475			N/A

Non-Audit Fees
Audit-Related Fees	$	400	⁽³⁾	$	244,200	⁽²⁾
Tax Fees	$	1,600	⁽⁴⁾	$	0
All Other Fees	$	0		$	0
Total Non-Audit Fees	$	2,000		$	244,200

Total	$	36,475		$	244,200


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 Registrant’s tax.

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

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

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

1. STATEMENT OF PRINCIPLES

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

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

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

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

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


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 Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.

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

2. Delegation

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

3. Audit Services

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

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

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

4. Audit-related Services

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

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

5. Tax Services

The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services. Hence, the Audit Committee believes it may grant general pre-approval to those Tax services that have historically been provided by the Independent Auditors, that the Audit Committee has reviewed and believes would not impair the independence of the Independent Auditors, and that are consistent with the SEC’s rules on auditor independence. The Audit Committee will not permit the retention of the Independent Auditors in connection with a transaction initially recommended by the Independent Auditors, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with Director of Tax or outside counsel to determine that the tax planning and reporting positions are consistent with this policy.

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

6. All Other Services

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

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

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

7. Pre-Approval Fee Levels or Budgeted Amounts

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

8. Procedures

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

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

9. Additional Requirements

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

10. Covered Entities

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

	–		Van Kampen Investments Inc.

	–		Van Kampen Asset Management

	–		Van Kampen Advisors Inc.

	–		Van Kampen Funds Inc.

	–		Van Kampen Investor Services Inc.

	–		Morgan Stanley Investment Management Inc.

	–		Morgan Stanley Trust Company

	–		Morgan Stanley Investment Management Ltd.

	–		Morgan Stanley Investment Management Company

	–		Morgan Stanley Asset & Investment Trust Management Company Ltd.

(e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services

are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (included herein).

(f) Not applicable.

(g) See table above.

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

Item 5. Audit Committee of Listed Registrants.

(a) The 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 Municipals 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 Fund’s portfolio and the overall execution of the strategy of the Fund are Thomas Byron, a Vice President of the Adviser, Mark Paris, 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 September 1981 and began managing the Fund in September 2000. Mr. Paris has been associated with the Adviser as a Municipal Trader since August 2002 and began managing the Fund in December 2007. 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 October 31, 2008:

Mr. Byron managed 4 registered investment companies with a total of approximately $2.0 billion in assets; no pooled investment vehicles other than registered investment companies; and two other accounts with a total of approximately $561 million in assets.

Mr. Wimmel managed 16 registered investment companies with a total of approximately $7.0 billion in assets; no pooled investment vehicles other than registered investment companies; and no other accounts.

Mr. Paris managed 17 registered investment companies with a total of approximately $10.8 billion in assets; no pooled investment vehicles other than registered investment companies; and one other account with a total of approximately $13.6 million in assets.

Because the portfolio managers manage 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 managers may have an incentive to favor the higher and/or performance-based fee accounts over the Fund. The portfolio managers of the Fund do not currently manage accounts for other investment companies, pooled investment vehicles or other accounts that charge a performance-based fee. 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 Adviser’s 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 MANAGER 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 Stanley’s 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 or other investments 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 the IMAP deferral into a combination of the designated open-end funds they manage that are included in the IMAP Fund menu;

– Voluntary Deferred Compensation Plans — voluntary programs that permit certain employees to elect to defer a portion of their discretionary year-end compensation and directly or notionally invest the deferred amount: (1) across a range of designated investment funds, including funds advised by the Adviser or its affiliates; and/or (2) in Morgan Stanley stock units.

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 manager’s 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. The assets managed by the portfolio managers in funds, pooled investment vehicles and other accounts are described in “Other Accounts Managed by the Portfolio Managers” 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 is a member.

SECURITIES OWNERSHIP OF PORTFOLIO MANAGERS

As of October 31, 2008, 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		Maximum Number
					Shares Purchased as		of Shares that may
					Part of Publicly		yet be Purchased
	Total Number of		Average Price		Announced Plans		Under the Plans or
Period	Shares Purchased		Paid per Share		or Programs		Programs
November		209,935		13.86		209,935		3,404,528
December		—		—		—		3,404,528
January		—		—		—		3,404,528
February		—		—		—		3,404,528
March		—		—		—		3,404,528
April		—		—		—		3,404,528
May		—		—		—		3,404,528
June		—		—		—		3,404,528
July		—		—		—		3,404,528
August		—		—		—		3,404,528
September		41,400		11.35		41,400		3,363,128
October		29,000		10.39		29,000		3,334,128

The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Board of Trustees.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures

(a) The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

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

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

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

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, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Edward C. Wood III
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: December 17, 2008

By: /s/ Stuart N. Schuldt
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: December 17, 2008