UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6567
Van Kampen Municipal Opportunity Trust
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/05
Item 1. Report to Shareholders
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Municipal Opportunity Trust performed during the semiannual period. The
portfolio management team will provide an overview of the market
conditions and discuss some of the factors that affected investment
performance during the reporting period. In addition, this report
includes the trust's financial statements and a list of trust investments
as of April 30, 2005.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
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NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
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Performance Summary as of 4/30/05
MUNICIPAL OPPORTUNITY TRUST
SYMBOL: VMO
------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET PRICE
Since Inception (4/24/92) 8.14% 6.94%
10-year 8.31 8.25
5-year 9.80 10.22
1-year 10.58 6.24
6-month 3.15 -0.48
------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities, by the total number of
common shares outstanding. The common share market price is the price the market
is willing to pay for shares of the trust at a given time. Common share market
price is influenced by a range of factors, including supply and demand and
market conditions. Total return assumes an investment at the beginning of the
period, reinvestment of all distributions for the period in accordance with the
trust's dividend reinvestment plan, and sale of all shares at the end of the
period.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The index does not include any expenses, fees or sales
charges, which would lower performance. The index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE 6-MONTH PERIOD ENDED APRIL 30, 2005
Van Kampen Municipal Opportunity Trust is managed by the Adviser's Municipal
Fixed Income team.(1) Current members include Dennis Pietrzak and John
Reynoldson, Executive Directors of the Adviser; and Robert Wimmel, Vice
President of the Adviser.
MARKET CONDITIONS
The six-month period ended April 30, 2005, was characterized by continued
short-term interest rate increases. As crude oil prices reached record highs,
the prospect of rising inflation also cast a shadow. The Federal Open Market
Committee (the "Fed") raised the federal funds target rate 100 basis points
during the period through a series of four, "measured" 0.25 percent tightenings
to 2.75 percent by the end of April. Although rates in the short and
intermediate areas of the yield curve shifted upward as the Fed tightened, long-
term interest rates fell as buyers did not seem deterred by the prospect of
rising inflation. As a result, the yield curve (the difference between short and
longer-term yields) flattened and the long end of the municipal market handily
outperformed the shorter end.
The municipal market in total posted positive returns during the period, though
it was not uniformly strong. In contrast to the strong showing by longer-term
bonds, shorter-term municipals were hampered by the Fed's tightening and turned
in a flat to slightly negative showing. Within the investment-grade segment of
the market, yield differentials between BBB-rated and AAA-rated municipal
securities were slightly wider, though BBB-rated securities still outperformed
high grades due to their higher coupons, while securities rated below investment
grade strongly outperformed as investors sought out their higher yields.
The Fed's interest rate hikes did not appear to dampen investors' appetites for
municipal bonds, as net inflows into municipal bond funds topped $290 million
during the period. The supply of new issues was modest during the closing months
of 2004 (the first two months of the period) before soaring in the opening
months of 2005 as long-term issuers rushed to bring securities to market in
anticipation of additional interest rate increases in the near term.
(1)Team members may change without notice at any time.
2
PERFORMANCE ANALYSIS
The trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the trust's portfolio securities, cash and other assets, less all
liabilities, by the total number of common shares outstanding, while market
price reflects the supply and demand for the shares. As a result, the two
returns can differ, as they did during the reporting period. On an NAV basis,
the trust outperformed its benchmark index, the Lehman Brothers Municipal Bond
Index. On a market price basis, the trust underperformed its benchmark.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005
----------------------------------------------------------
BASED ON BASED ON LEHMAN BROTHERS
NAV MARKET PRICE MUNICIPAL BOND INDEX
3.15% -0.48% 1.93%
----------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. INVESTMENT RETURN, NET ASSET VALUE AND COMMON SHARE MARKET PRICE WILL
FLUCTUATE AND TRUST SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. SEE PERFORMANCE SUMMARY FOR ADDITIONAL PERFORMANCE INFORMATION
AND INDEX DEFINITION.
The trust uses leverage to enhance its dividend to common shareholders. The
trust borrows money at short-term rates through the issuance of preferred
shares. The proceeds are reinvested in longer-term securities, taking advantage
of the difference between short- and longer-term rates. The Fed's policy of
raising interest rates throughout the period made the trust's borrowing activity
more expensive. These expenses, however, were more than offset by the positive
performance of the bonds held by the trust.
One of our key strategies in managing the trust was to position it for rising
interest rates. This approach was largely the result of our analysis of interest
rates, which remained relatively low by historical standards even after rising
from their multi-decade lows earlier. First, we kept the trust's duration (a
measure of interest-rate sensitivity) below that of its benchmark. Second, to
limit the trust's exposure to areas of the market that would be most likely
susceptible to rising rates, we trimmed the trust's shorter-maturity bonds. We
reinvested the proceeds from those sales into bonds with premium coupons and
maturities between 25 and 30 years. In addition to offering relatively
attractive income streams, these securities positioned the trust to benefit from
any future flattening of the yield curve.
Throughout the reporting period, we remained focused on keeping the portfolio's
credit quality high. At the close of the period, 86 percent of the bonds in the
portfolio were rated AA or higher. However, as high-yield spreads continued to
tighten, lower quality bonds tended to perform better.
3
Additionally, due to our concerns about the long-term merits of tobacco bonds,
we did not include them in the portfolio. This decision prevented the trust from
participating in the short-term rebound experienced by tobacco and other
lower-rated bonds during the period.
Much of our relative-value trading activity was focused on selling issues that
had been pre-refunded. We kept the trust well diversified across the major
sectors of the municipal bond market. The top three sector exposures at the end
of the period were wholesale electric, general purpose and airports.
There is no guarantee the security sectors mentioned will continue to perform
well or be held by the trust in the future.
4
RATINGS ALLOCATION AS OF 4/30/05
AAA/Aaa 80.5%
AA/Aa 5.8
A/A 8.5
BBB/Baa 3.5
B/B 0.4
NR 1.3
TOP 5 SECTORS AS OF 4/30/05
Wholesale Electric 14.2%
General Purpose 13.7
Airport 13.1
Health Care 11.9
Public Building 9.9
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/05
Texas 12.3%
California 10.6
New Jersey 9.6
New York 7.9
Pennsylvania 5.2
Georgia 4.9
North Carolina 4.7
Washington 4.6
Nevada 3.1
Illinois 2.7
Colorado 2.6
Massachusetts 2.5
Indiana 2.4
Michigan 2.2
Oregon 2.0
West Virginia 2.0
Florida 1.9
Ohio 1.7
Oklahoma 1.7
South Carolina 1.6
Missouri 1.4
Connecticut 1.3
District of Columbia 1.3
Louisiana 1.2
Alabama 1.2
Maryland 1.1
Kentucky 0.9
Arkansas 0.8
New Hampshire 0.7
Nebraska 0.6
Tennessee 0.6
Iowa 0.5
Wisconsin 0.4
Arizona 0.4
South Dakota 0.4
Mississippi 0.3
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/05
(continued from previous page)
Minnesota 0.3
New Mexico 0.2
North Dakota 0.2
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Total Investments 100.0%
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings and summary of investments by
state classification are as a percentage of total investments. Sectors are as a
percentage of long-term investments. Securities are classified by sectors that
represent broad groupings of related industries. Van Kampen is a wholly owned
subsidiary of a global securities firm which is engaged in a wide range of
financial services including, for example, securities trading and brokerage
activities, investment banking, research and analysis, financing and financial
advisory services. Rating allocations based upon ratings as issued by Standard
and Poor's and Moody's, respectively.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters by filing the schedule
electronically with the Securities and Exchange Commission (SEC). The
semiannual reports are filed on Form N-CSRS and the annual reports are
filed on Form N-CSR. Van Kampen also delivers the semiannual and annual
reports to trust shareholders, and makes these reports available on its
public Web site, www.vankampen.com. In addition to the semiannual and
annual reports that Van Kampen delivers to shareholders and makes
available through the Van Kampen public Web site, each trust files a
complete schedule of portfolio holdings with the SEC for the trust's
first and third fiscal quarters on Form N-Q. Van Kampen does not deliver
the reports for the first and third fiscal quarters to shareholders, nor
are the reports posted to the Van Kampen public Web site. You may,
however, obtain the Form N-Q filings (as well as the Form N-CSR and
N-CSRS filings) by accessing the SEC's Web site, http://www.sec.gov. You
may also review and copy them at the SEC's Public Reference Room in
Washington, DC. Information on the operation of the SEC's Public
Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. You
can also request copies of these materials, upon payment of a duplicating
fee, by electronic request at the SEC's e-mail address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at 1-800-847-2424.
PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD
The trust's policies and procedures with respect to the voting of proxies
relating to the trust's portfolio securities and information on how the
trust voted proxies relating to portfolio securities during the most
recent twelve-month period ended June 30 is available without charge,
upon request, by visiting our Web site at www.vankampen.com. This
information is also available on the Securities and Exchange Commission's
web site at http://www.sec.gov.
7
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MUNICIPAL BONDS 157.8%
ALABAMA 1.8%
$2,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A....... 5.250% 01/01/23 $ 2,137,700
2,375 Marshall Cnty, AL Hlthcare Ser C................ 6.000 01/01/32 2,538,471
5 Mobile, AL Indl Dev Brd Solid Waste Disp Rev
Mobile Energy Svc Co Proj Rfdg.................. 6.950 01/01/20 94
-------------
4,676,265
-------------
ARIZONA 0.6%
1,500 Maricopa Cnty, AZ Stad Dist Rfdg (AMBAC Insd)... 5.375 06/01/19 1,652,895
-------------
ARKANSAS 1.3%
3,035 Fort Smith, AR Wtr & Swr Rev Ser A Rfdg (FSA
Insd)........................................... 5.250 10/01/16 3,329,790
-------------
CALIFORNIA 16.7%
2,000 California Edl Fac Auth Rev Occidental College
Ser A (MBIA Insd)............................... 5.000 10/01/30 2,119,120
2,500 California Edl Fac Auth Rev Pomona College Ser
A............................................... 5.000 07/01/45 2,616,575
30 California Rural Home Mtg Fin Auth Single Family
Mtg Rev Ser C (AMT) (GNMA Collateralized)....... 7.800 02/01/28 30,366
4,500 California St (AMBAC Insd)...................... 5.125 10/01/27 4,712,130
5,500 California St Dept Wtr Res Pwr Ser A (AMBAC
Insd)........................................... 5.500 05/01/16 6,193,935
2,000 California St Dept Wtr Res Pwr Ser A............ 5.750 05/01/17 2,244,740
3,500 California St Pub Wks Brd Lease Rev Dept
Corrections Ser C............................... 5.250 06/01/28 3,712,030
2,000 California St Pub Wks Brd Lease Rev Dept Mental
Hlth Coalinga Ser A............................. 5.000 06/01/25 2,115,900
1,250 California Statewide Cmntys Dev Auth Rev
Daughters of Charity Hlth Ser A................. 5.250 07/01/30 1,302,950
5,000 Contra Costa, CA Home Mtg Fin Auth Home Mtg Rev
(Escrowed to Maturity) (MBIA Insd).............. * 09/01/17 2,391,900
4,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Conv Cap Apprec Sr Lien Ser A (Escrowed to
Maturity)....................................... 7.050 01/01/10 4,700,160
1,600 Long Beach, CA Bd Fin Auth Rev Redev Hsg & Gas
Util Ser A1 (AMBAC Insd)........................ 5.000 08/01/40 1,665,568
1,500 Los Angeles Cnty, CA Met Tran Auth Sales Tax Rev
Prop C Second Tier Sr Ser A Rfdg (AMBAC Insd)... 5.000 07/01/23 1,579,860
7,500 San Jose, CA Fin Auth Lease Rev Civic Ctr Proj
Ser B (AMBAC Insd).............................. 5.000 06/01/32 7,780,950
-------------
43,166,184
-------------
COLORADO 4.1%
1,505 Arapahoe Cnty, CO Ctfs Partn Rfdg (FSA Insd)
(a)............................................. 5.250 12/01/15 1,683,884
1,000 Colorado Hlth Fac Auth Rev Hosp Portercare
Adventist Hlth.................................. 6.500 11/15/31 1,103,950
8 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
COLORADO (CONTINUED)
$1,000 Colorado Hsg Fin Auth Multi-Family Hsg Ins Mtg
Ser B2 (AMT) (FHA Gtd).......................... 5.800% 10/01/28 $ 1,030,330
126 Colorado Hsg Fin Auth Single Family Pgm Sr Ser
A2 (AMT)........................................ 7.250 05/01/27 128,347
100 Colorado Hsg Fin Auth Single Family Pgm Sr Ser
C1 (AMT)........................................ 7.550 11/01/27 101,963
1,000 Denver, CO City & Cnty Arpt Rev Ser B (AMT)
(MBIA Insd)..................................... 6.250 11/15/07 1,065,260
1,005 Greeley, CO Multi-Family Rev Hsg Mtg Creek Stone
(AMT) (FHA Gtd)................................. 5.950 07/01/28 1,041,582
1,000 Highlands Ranch Metro Dist No 2 CO Rfdg (FSA
Insd)........................................... 6.500 06/15/11 1,172,780
3,000 Mesa Cnty, CO Vly Sch Dist No 51 Ser A (MBIA
Insd)........................................... 5.000 12/01/21 3,235,650
-------------
10,563,746
-------------
CONNECTICUT 2.1%
3,250 Connecticut St Spl Oblig Pkg Rev Bradley Intl
Arpt Ser A (AMT) (ACA Insd)..................... 6.600 07/01/24 3,528,492
1,000 Mashantucket Western Pequot Tribe CT Spl Rev Ser
A, 144A--Private Placement (b).................. 6.400 09/01/11 1,054,680
840 Mashantucket Western Pequot Tribe CT Spl Rev Ser
A, 144A--Private Placement (Escrowed to
Maturity) (b)................................... 6.500 09/01/06 881,714
-------------
5,464,886
-------------
DISTRICT OF COLUMBIA 2.0%
5,000 Metropolitan Washington DC Arpt Auth Sys Ser A
(AMT) (FGIC Insd)............................... 5.250 10/01/32 5,217,550
-------------
FLORIDA 3.0%
2,000 Escambia Cnty, FL Hlth Fac Auth Rev FL Hlthcare
Fac Ln VHA Pgm (AMBAC Insd)..................... 5.950 07/01/20 2,031,020
1,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth
Sys............................................. 5.500 11/15/32 1,046,780
2,100 Miami-Dade Cnty, FL Aviation Miami Intl Arpt
(AMT) (FGIC Insd)............................... 5.375 10/01/27 2,224,824
2,375 North Broward, FL Hosp Dist Rev Impt............ 6.000 01/15/31 2,534,410
-------------
7,837,034
-------------
GEORGIA 7.7%
2,000 Clayton Cnty & Clayton Cnty, GA Wtr Auth Wtr &
Swr Rev......................................... 5.000 05/01/21 2,159,300
1,937 Fulton Cnty, GA Lease Rev (Acquired 12/23/94,
Cost $1,936,856) (c)............................ 7.250 06/15/10 1,995,543
7,000 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA
Insd)........................................... 6.500 01/01/20 8,896,160
See Notes to Financial Statements 9
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
GEORGIA (CONTINUED)
$6,245 Municipal Elec Auth GA Combustion Turbine Proj
Ser A (MBIA Insd)............................... 5.250% 11/01/16 $ 6,880,741
-------------
19,931,744
-------------
ILLINOIS 4.3%
50 Chicago, IL Single Family Mtg Rev Ser A (AMT)
(GNMA Collateralized)........................... 7.000 09/01/27 50,203
40 Chicago, IL Single Family Mtg Rev Ser B (AMT)
(GNMA Collateralized)........................... 7.625 09/01/27 40,551
2,500 Du Page Cnty, IL Trans Rev (Prerefunded @
07/01/11) (FSA Insd)............................ 5.750 01/01/17 2,843,125
3,000 Illinois Fin Auth Rev Northwestern Mem Hosp Ser
A............................................... 5.500 08/15/43 3,216,900
3,630 Kendall, Kane & Will Cntys, IL Cmnty Sch Dist
308 Ser B (FGIC Insd) (a)....................... 5.250 10/01/20 3,950,384
1,000 Metropolitan Pier & Expo Auth IL Dedicated St
Tax Rev McCormick Pl Expn Proj Rfdg (FGIC
Insd)........................................... 5.500 12/15/24 1,093,690
-------------
11,194,853
-------------
INDIANA 3.8%
3,270 Allen Cnty, IN War Mem Coliseum Ser A (AMBAC
Insd) (a)....................................... 5.500 11/01/16 3,644,153
4,120 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty Proj
Ser A (AMBAC Insd) (d).......................... 5.000 05/01/35 4,271,039
1,000 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg
(AMT)........................................... 5.950 08/01/30 1,029,440
1,210 North Adams, IN Cmnty Sch Cap Apprec First Mtg
(FSA Insd) (a).................................. * 01/15/16 754,387
-------------
9,699,019
-------------
IOWA 0.8%
1,890 Des Moines, IA Pub Pkg Sys Rev Ser A (FGIC Insd)
(a)............................................. 5.750 06/01/17 2,099,431
-------------
KENTUCKY 1.4%
1,475 Kenton Cnty, KY Arpt Brd Rev Cincinnati/Northn
KY Intl Arpt Ser A Rfdg (AMT) (MBIA Insd)....... 6.200 03/01/08 1,593,103
1,995 Kentucky Hsg Corp Hsg Rev Ser F (AMT) (FNMA
Collateralized)................................. 5.450 01/01/32 2,058,162
-------------
3,651,265
-------------
LOUISIANA 1.9%
2,500 Lafayette, LA Utils Rev (MBIA Insd)............. 5.250 11/01/23 2,730,200
1,990 Louisiana Hsg Fin Agy Rev Azalea Estates Ser A
Rfdg (AMT) (GNMA Collateralized)................ 5.375 10/20/39 2,073,640
-------------
4,803,840
-------------
10 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
MARYLAND 1.8%
$1,050 Maryland St Econ Dev Corp Univ MD College Pk
Proj............................................ 5.625% 06/01/35 $ 1,088,860
1,000 Maryland St Hlth & Higher Ed Fac Auth Rev
Medstar Hlth Rfdg............................... 5.375 08/15/24 1,034,290
2,350 Northeast, MD Waste Disp Auth Rfdg (AMT) (AMBAC
Insd)........................................... 5.500 04/01/16 2,564,743
-------------
4,687,893
-------------
MASSACHUSETTS 3.9%
2,400 Massachusetts St Dev Fin Agy Rev College
Pharmacy & Allied Hlth Ser D.................... 5.000 07/01/35 2,494,944
3,000 Massachusetts St Dev Fin Agy Semass Sys Ser A
(MBIA Insd)..................................... 5.625 01/01/16 3,293,850
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Part
Hlthcare Sys Ser C.............................. 5.750 07/01/32 1,094,600
3,000 Massachusetts St Wtr Res Auth Gen Ser J (FSA
Insd)........................................... 5.000 08/01/32 3,123,990
-------------
10,007,384
-------------
MICHIGAN 3.5%
3,505 Detroit, MI Wtr Supply Sys Ser B (MBIA Insd)
(a)............................................. 5.250 07/01/18 3,858,970
1,500 Kent Hosp Fin Auth MI Rev Met Hosp Proj Ser A... 6.250 07/01/40 1,641,810
2,000 Michigan St Ctf Part (AMBAC Insd)............... 5.500 06/01/27 2,159,740
1,215 Zeeland, MI Pub Schs Sch Bldg & Site (MBIA Insd)
(a)............................................. 5.250 05/01/19 1,332,855
-------------
8,993,375
-------------
MINNESOTA 0.4%
1,000 Chaska, MN Elec Rev Ser A....................... 6.100 10/01/30 1,117,160
-------------
MISSISSIPPI 0.5%
900 Mississippi Home Corp Single Family Rev Mtg Ser
C (AMT) (GNMA Collateralized)................... 7.600 06/01/29 925,776
380 Mississippi Home Corp Single Family Rev Mtg Ser
F (AMT) (GNMA Collateralized)................... 7.550 12/01/27 392,483
-------------
1,318,259
-------------
MISSOURI 2.2%
2,150 Cape Girardeau Cnty, MO Indl Southeast MO Hosp
Assoc........................................... 5.500 06/01/22 2,220,520
35 Saint Louis Cnty, MO Single Family Mtg Rev (MBIA
Insd)........................................... 6.900 04/01/16 35,623
3,000 Sikeston, MO Elec Rev Rfdg (MBIA Insd) (e)...... 6.200 06/01/10 3,356,070
-------------
5,612,213
-------------
NEBRASKA 1.0%
2,500 Nebraska Pub Pwr Dist Gen Ser A (AMBAC Insd).... 5.000 01/01/35 2,616,725
-------------
See Notes to Financial Statements 11
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
NEVADA 4.8%
$7,500 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC
Insd)........................................... 5.000% 07/01/36 $ 7,793,100
3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp
Proj Ser A (AMT) (AMBAC Insd)................... 5.250 07/01/34 3,147,360
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj (AMBAC
Insd)........................................... 5.125 06/01/32 1,566,765
-------------
12,507,225
-------------
NEW HAMPSHIRE 1.1%
2,500 New Hampshire Hlth & Ed Fac Univ Sys of NH
(AMBAC Insd).................................... 5.500 07/01/15 2,791,450
-------------
NEW JERSEY 15.2%
2,000 Garden St Preservation Tr NJ Ser A (FSA Insd)... 5.250 11/01/18 2,209,080
2,000 New Jersey Econ Dev Auth Cigarette Tax.......... 5.750 06/15/34 2,138,200
5,000 New Jersey Econ Dev Auth Mtr Veh Rev Ser A (MBIA
Insd)........................................... 5.000 07/01/22 5,350,750
20,000 New Jersey Econ Dev Auth St Contract Econ
Recovery (MBIA Insd)............................ 5.900 03/15/21 24,209,200
5,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser
A (AMBAC Insd).................................. 5.250 09/01/21 5,436,900
-------------
39,344,130
-------------
NEW MEXICO 0.3%
860 New Mexico Mtg Fin Auth Single Family Mtg Pgm
Ser G (AMT) (GNMA Collateralized)............... 7.250 07/01/26 878,946
-------------
NEW YORK 12.5%
6,000 New York City Muni Wtr Fin Auth Wtr & Swr Sys
Rev Ser D....................................... 5.000 06/15/39 6,255,960
9,600 New York City Ser A............................. 7.000 08/01/07 10,210,848
400 New York City Ser A (Prerefunded @ 08/01/06).... 7.000 08/01/07 427,052
500 New York St Dorm Auth Rev Mental Hlth Ser A..... 5.750 08/15/12 530,985
5 New York St Dorm Auth Rev Mental Hlth Svcs Fac
Ser A (Prerefunded @ 02/15/07).................. 5.750 08/15/12 5,346
1,445 New York St Dorm Auth Rev Secd Hosp North Gen
Hosp Rfdg (MBIA Insd)........................... 5.750 02/15/17 1,623,616
2,040 New York St Dorm Auth Rev Secd Hosp North Gen
Hosp Rfdg....................................... 5.750 02/15/18 2,268,970
1,500 New York St Dorm Auth Revs Upstate Cmnty
Colleges Ser B.................................. 5.250 07/01/20 1,622,940
1,000 New York St Dorm Auth Revs Upstate Cmnty
Colleges Ser B.................................. 5.250 07/01/21 1,078,790
12 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
$3,780 New York St Mtg Agy Rev Ser 101 (AMT)........... 5.400% 04/01/32 $ 3,903,304
4,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK
Intl Arpt Terminal 6 (AMT) (MBIA Insd).......... 5.750 12/01/22 4,311,000
-------------
32,238,811
-------------
NORTH CAROLINA 7.5%
1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev
Ser D........................................... 6.700 01/01/19 1,679,385
11,000 North Carolina Muni Pwr Agy No 1 Catawba Elec
Rev Rfdg (MBIA Insd)............................ 6.000 01/01/12 12,654,950
3,000 North Carolina Muni Pwr Agy Ser A (MBIA Insd)... 5.250 01/01/19 3,270,300
1,700 Raleigh Durham, NC Arpt Auth Rev Ser A (AMBAC
Insd)........................................... 5.000 05/01/30 1,786,326
-------------
19,390,961
-------------
NORTH DAKOTA 0.2%
505 North Dakota St Hsg Fin Agy Ser C (AMT)......... 5.550 07/01/29 514,075
-------------
OHIO 2.8%
385 Akron, OH Ctf Part Akron Muni Baseball Stad
Proj............................................ 6.500 12/01/07 409,686
1,190 Bowling Green St Univ OH (FGIC Insd)............ 5.750 06/01/14 1,333,324
500 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj............................................ 7.500 01/01/30 562,360
3,000 Lucas Cnty, OH Hosp Rev Promedica Hlthcare Oblig
Rfdg (MBIA Insd)................................ 6.000 11/15/07 3,197,040
1,500 Mahoning Cnty, OH Hosp Fac Forum Hlth Oblig
Group Ser A..................................... 6.000 11/15/32 1,611,915
-------------
7,114,325
-------------
OKLAHOMA 2.7%
135 Central OK Transn & Pkg Auth Pkg Sys (AMBAC
Insd)........................................... 5.000 07/01/20 143,454
4,770 McAlester, OK Pub Wks Auth Util Cap Apprec (FSA
Insd)........................................... * 02/01/34 1,163,260
1,000 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev
(FGIC Insd)..................................... 5.250 10/01/29 1,085,040
1,000 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC
Insd)........................................... 6.250 11/01/22 1,140,730
3,140 Tulsa, OK Indl Auth Hosp Rev Hillcrest Med Cent
Proj Rfdg (Escrowed to Maturity) (Connie Lee
Insd) (a)....................................... 6.250 06/01/08 3,436,102
-------------
6,968,586
-------------
OREGON 3.2%
2,500 Oregon Hlth Sciences Univ Insd Ser A (MBIA
Insd)........................................... 5.250 07/01/22 2,735,675
5,000 Oregon St Dept Admin Ser C Rfdg (MBIA Insd)..... 5.250 11/01/18 5,453,500
-------------
8,189,175
-------------
See Notes to Financial Statements 13
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
PENNSYLVANIA 8.1%
$2,295 Allegheny Vly, PA Sch Dist Ser A (MBIA Insd).... 5.000% 11/01/24 $ 2,444,519
2,000 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA
Insd)........................................... 5.000 12/01/33 2,177,780
1,000 Harrisburg, PA Cap Apprec Nts Ser F Rfdg (AMBAC
Insd)........................................... * 03/15/15 656,250
1,865 Harrisburg, PA Cap Apprec Ser D Rfdg (AMBAC
Insd) (a)....................................... * 09/15/15 1,198,095
1,865 Harrisburg, PA Cap Apprec Ser D Rfdg (AMBAC
Insd)........................................... * 03/15/16 1,160,403
4,000 Hempfield, PA Area Sch Dist Westmoreland Cnty
Ser A (FGIC Insd)............................... 5.250 03/15/20 4,392,520
3,000 Susquehanna Area Regl Arpt Auth PA Ser A (AMT)
(AMBAC Insd).................................... 5.375 01/01/21 3,213,330
5,415 Susquehanna Area Regl Arpt Auth PA Ser A (AMT)
(AMBAC Insd) (a)................................ 5.375 01/01/22 5,789,122
-------------
21,032,019
-------------
SOUTH CAROLINA 2.6%
1,250 Easley, SC Util Rev Comb (Prerefunded @
12/01/12) (FSA Insd) (a)........................ 5.250 12/01/18 1,404,563
2,500 Easley, SC Util Rev Impt Comb Rfdg (FSA Insd)... 5.000 12/01/34 2,637,700
2,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec
& Gas Co Proj Ser A (AMBAC Insd)................ 5.200 11/01/27 2,680,125
-------------
6,722,388
-------------
SOUTH DAKOTA 0.6%
1,375 Deadwood, SD Ctfs Partn (ACA Insd).............. 6.375 11/01/20 1,477,919
-------------
TENNESSEE 0.9%
1,000 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp
First Mtg Ser B Impt & Rfdg..................... 8.000 07/01/33 1,192,170
1,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev
First Mtg Mtn St Hlth Ser A Rfdg (MBIA Insd).... 7.500 07/01/25 1,258,270
-------------
2,450,440
-------------
TEXAS 19.4%
980 Austin, TX Utility Sys Rev Comb (AMBAC Insd).... 6.500 11/15/05 999,786
20 Austin, TX Utility Sys Rev Comb Rfdg (Escrowed
to Maturity) (AMBAC Insd)....................... 6.500 11/15/05 20,424
2,545 Dallas Cnty, TX Cmnty College Fin Sys (AMBAC
Insd) (a)....................................... 5.375 02/15/17 2,759,645
2,500 Dallas, TX Wtrwks & Swr Sys Rev & Impt Rfdg (FSA
Insd)........................................... 5.375 10/01/18 2,758,125
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A
(AMT) (FSA Insd)................................ 5.500 11/01/21 4,343,360
1,500 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A
(AMT) (FGIC Insd)............................... 5.750 11/01/30 1,615,575
14 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$5,500 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A
Impt & Rfdg (AMT) (FGIC Insd) (e)............... 5.500% 11/01/31 $ 5,818,340
2,000 Houston, TX Arpt Sys Rev Sub Lien (FSA Insd).... 5.500 07/01/20 2,197,100
3,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT)
(FSA Insd)...................................... 5.625 07/01/30 3,234,270
5,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT)
(FSA Insd)...................................... 5.125 07/01/32 5,142,200
6,000 Houston, TX Util Sys Rev First Lien Ser A Rfdg
(FSA Insd)...................................... 5.250 05/15/21 6,504,180
2,185 Lower Colorado Riv Auth TX LCRA Svcs Corp Proj
Rfdg (FGIC Insd)................................ 5.000 05/15/24 2,280,375
2,000 Lower Colorado Riv Auth TX LCRA Svcs Corp Proj
Rfdg (FGIC Insd)................................ 5.000 05/15/33 2,056,520
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones
Mem Hosp Proj................................... 7.250 01/01/31 1,529,580
5,000 North Cent TX Hlth Fac Dev Hosp Childrens Med
Ctr Dallas (AMBAC Insd)......................... 5.250 08/15/32 5,305,900
1,057 Texas Gen Svcs Comm Partn Int Lease Purch Ctfs
(Acquired 03/16/95, Cost $1,057,405) (c)........ 7.250 08/01/11 1,069,618
2,360 University TX Rev Fin Sys Ser B................. 5.250 08/15/20 2,589,038
-------------
50,224,036
-------------
WASHINGTON 7.3%
9,850 Bellevue, WA Convention Cent Comp Int Rfdg (MBIA
Insd)........................................... * 02/01/25 3,763,390
3,750 Chelan Cnty, WA Pub Util Dist No. 001 Cons Rev
Chelan Hydro Ser A (AMT) (MBIA Insd)............ 5.600 01/01/36 4,021,013
5,000 Energy Northwest WA Elec Rev Columbia Generating
Ser A Rfdg (FSA Insd)........................... 5.500 07/01/16 5,543,000
2,000 Port Seattle, WA Rev Ser B (AMT) (MBIA Insd).... 5.625 02/01/24 2,155,000
5,125 Washington St Pub Pwr Supply Sys Nuclear Proj No
3 Rev Ser C Rfdg (MBIA Insd).................... * 07/01/14 3,490,996
-------------
18,973,399
-------------
WEST VIRGINIA 3.1%
8,000 Harrison Cnty, WV Cmnty Solid Waste Disp Rev
West Penn Pwr Co Proj Ser A (AMT) (MBIA Insd)... 6.875 04/15/22 8,025,920
-------------
See Notes to Financial Statements 15
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2005 (UNAUDITED) continued
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------
WISCONSIN 0.7%
$1,500 Southeast WI Professional Baseball Pk Dist Sales
Tax Rev Ser A Rfdg (MBIA Insd).................. 5.500% 12/15/20 $ 1,754,730
-------------
TOTAL INVESTMENTS 157.8%
(Cost $379,167,696)....................................................... 408,240,046
OTHER ASSETS IN EXCESS OF LIABILITIES 0.2%................................. 627,813
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (58.0%)................. (150,128,944)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.............................. $ 258,738,915
=============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the bond issuance.
(b) 144A securities are those which are exempt from registration under Rule 144A
of the Securities Act of 1933, as amended. These securities may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(c) These securities are restricted and may be resold only in transactions
exempt from registration which are normally those transactions with
qualified institutional buyers. Restricted securities comprise 1.2% of net
assets applicable to common shares.
(d) Securities purchased on a when-issued or delayed delivery basis.
(e) All or a portion of these securities have been physically segregated in
connection with open futures contracts.
ACA--American Capital Access
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
Connie Lee--Connie Lee Insurance Co.
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corp.
16 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2005 (Unaudited)
ASSETS:
Total Investments (Cost $379,167,696)....................... $408,240,046
Receivables:
Interest.................................................. 6,037,813
Variation Margin on Futures............................... 224,750
Investments Sold.......................................... 167,494
Other....................................................... 1,164
------------
Total Assets............................................ 414,671,267
------------
LIABILITIES:
Payables:
Investments Purchased..................................... 4,191,317
Custodian Bank............................................ 981,560
Investment Advisory Fee................................... 183,477
Income Distributions--Common Shares....................... 56,311
Other Affiliates.......................................... 13,235
Trustees' Deferred Compensation and Retirement Plans........ 288,845
Accrued Expenses............................................ 88,663
------------
Total Liabilities....................................... 5,803,408
Preferred Shares (including accrued distributions).......... 150,128,944
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $258,738,915
============
NET ASSET VALUE PER COMMON SHARE ($258,738,915 divided by
15,357,684 shares outstanding)............................ $ 16.85
============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
shares authorized, 15,357,684 shares issued and
outstanding).............................................. $ 153,577
Paid in Surplus............................................. 226,763,756
Net Unrealized Appreciation................................. 28,224,036
Accumulated Net Realized Gain............................... 2,748,391
Accumulated Undistributed Net Investment Income............. 849,155
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $258,738,915
============
PREFERRED SHARES ($.01 par value, authorized 100,000,000
shares, 6,000 issued with liquidation preference of
$25,000 per share)........................................ $150,000,000
============
NET ASSETS INCLUDING PREFERRED SHARES....................... $408,738,915
============
See Notes to Financial Statements 17
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2005 (Unaudited)
INVESTMENT INCOME:
Interest.................................................... $10,168,638
-----------
EXPENSES:
Investment Advisory Fee..................................... 1,112,952
Preferred Share Maintenance................................. 197,989
Trustees' Fees and Related Expenses......................... 29,015
Legal....................................................... 22,284
Custody..................................................... 19,825
Other....................................................... 105,921
-----------
Total Expenses.......................................... 1,487,986
-----------
NET INVESTMENT INCOME....................................... $ 8,680,652
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 2,334,464
Futures................................................... 675,821
-----------
Net Realized Gain........................................... 3,010,285
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 31,576,864
-----------
End of the Period:
Investments............................................. 29,072,350
Futures................................................. (848,314)
-----------
28,224,036
-----------
Net Unrealized Depreciation During the Period............... (3,352,828)
-----------
NET REALIZED AND UNREALIZED LOSS............................ $ (342,543)
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(1,381,508)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 6,956,601
===========
18 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
-----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.................................... $ 8,680,652 $ 17,351,540
Net Realized Gain/Loss................................... 3,010,285 (2,096,470)
Net Unrealized Appreciation/Depreciation During the
Period................................................. (3,352,828) 5,600,393
Distributions to Preferred Shareholders:
Net Investment Income.................................. (1,381,508) (1,527,703)
Net Realized Gain...................................... -0- (321,388)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations............................................. 6,956,601 19,006,372
Distributions to Common Shareholders:
Net Investment Income.................................. (7,639,962) (16,600,321)
Net Realized Gain...................................... -0- (4,376,481)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
INVESTMENT ACTIVITIES.................................. (683,361) (1,970,430)
FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
Reinvestment........................................... -0- 81,435
------------ ------------
TOTAL DECREASE IN NET ASSETS APPLICABLE TO COMMON
SHARES................................................. (683,361) (1,888,995)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................. 259,422,276 261,311,271
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $849,155 and $1,189,973,
respectively).......................................... $258,738,915 $259,422,276
============ ============
See Notes to Financial Statements 19
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS
ENDED
APRIL 30, ------------------
2005 2004 2003
--------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD................... $ 16.89 $ 17.02 $ 17.48
------- ------- -------
Net Investment Income.................................... .57 1.13 1.19
Net Realized and Unrealized Gain/Loss.................... (.02) .23 .09
Common Share Equivalent of Distributions Paid to
Preferred Shareholders:
Net Investment Income.................................. (.09) (.10) (.08)
Net Realized Gain...................................... -0- (.02) (.04)
------- ------- -------
Total from Investment Operations........................... .46 1.24 1.16
Distributions Paid to Common Shareholders:
Net Investment Income.................................. (.50) (1.08) (1.16)
Net Realized Gain...................................... -0- (.29) (.46)
------- ------- -------
NET ASSET VALUE, END OF THE PERIOD......................... $ 16.85 $ 16.89 $ 17.02
======= ======= =======
Common Share Market Price at End of the Period............. $ 14.63 $ 15.20 $ 16.65
Total Return (b)........................................... -0.48%* -0.60% 14.53%
Net Assets Applicable to Common Shares at End of the Period
(In millions)............................................ $ 258.7 $ 259.4 $ 261.3
Ratio of Expenses to Average Net Assets Applicable to
Common Shares (c)........................................ 1.16% 1.30% 1.28%
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares (c).......................... 6.78% 6.74% 6.90%
Portfolio Turnover......................................... 14%* 28% 36%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
Shares (c)............................................... .74% .82% .81%
Ratio of Net Investment Income to Average Net Assets
Applicable to Common Shares (d).......................... 5.70% 6.15% 6.43%
SENIOR SECURITIES:
Total Preferred Shares Outstanding......................... 6,000 6,000 6,000
Asset Coverage Per Preferred Share (e)..................... $68,145 $68,253 $68,560
Involuntary Liquidating Preference Per Preferred Share..... $25,000 $25,000 $25,000
Average Market Value Per Preferred Share................... $25,000 $25,000 $25,000
* Non-Annualized
(a)As required, effective November 1, 2001, the Trust has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
accreting market discount on fixed income securities. The effect of this
change for the year ended October 31, 2002 was to increase net investment
income by $.01, decrease net realized and unrealized gains and losses per
share by $.01 and increase the ratio of net investment income to average net
assets applicable to common shares by .03%. Per share, ratios and
supplemental data for periods prior to October 31, 2002 have not been
restated to reflect this change in presentation.
(b)Total return assumes an investment at the common share market price at the
beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing common share market price at the end of the period
indicated.
(c)Ratios do not reflect the effect of dividend payments to preferred
shareholders.
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
(e)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares) from the Trust's total assets and dividing this by the
number of preferred shares outstanding.
20
YEAR ENDED OCTOBER 31,
----------------------------------------------------------------------------------------
2002 (a) 2001 2000 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------
$ 17.59 $ 16.29 $ 15.67 $ 17.61 $ 16.96 $ 16.12 $ 15.85 $ 14.39
------- ------- -------- ------- -------- -------- -------- --------
1.23 1.26 1.27 1.25 1.26 1.26 1.27 1.28
.15 1.29 .65 (1.97) .64 .83 .27 1.58
(.09) (.32) (.40) (.32) (.35) (.35) (.36) (.39)
(.08) (.01) -0- -0- -0- -0- -0- -0-
------- ------- -------- ------- -------- -------- -------- --------
1.21 2.22 1.52 (1.04) 1.55 1.74 1.18 2.47
(1.08) (.92) (.90) (.90) (.90) (.90) (.91) (1.01)
(.24) -0- -0- -0- -0- -0- -0- -0-
------- ------- -------- ------- -------- -------- -------- --------
$ 17.48 $ 17.59 $ 16.29 $ 15.67 $ 17.61 $ 16.96 $ 16.12 $ 15.85
======= ======= ======== ======= ======== ======== ======== ========
$ 16.04 $ 15.65 $13.6875 $ 13.50 $ 16.50 $15.0625 $ 13.75 $ 13.625
11.36% 21.42% 8.28% -13.29% 15.91% 16.54% 7.72% 12.70%
$ 268.3 $ 270.0 $ 250.1 $ 240.5 $ 270.3 $ 260.3 $ 247.5 $ 243.3
1.42% 1.58% 1.68% 1.62% 1.61% 1.64% 1.66% 1.75%
7.17% 7.40% 8.04% 7.35% 7.25% 7.64% 7.96% 8.45%
43% 34% 29% 30% 29% 49% 85% 70%
.91% 1.00% 1.03% 1.03% 1.03% 1.03% 1.03% 1.06%
6.61% 5.54% 5.49% 5.48% 5.24% 5.51% 5.73% 5.87%
6,000 6,000 6,000 6,000 3,000 3,000 3,000 3,000
$69,736 $70,006 $ 66,683 $65,086 $140,098 $136,771 $132,502 $131,094
$25,000 $25,000 $ 25,000 $25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
$25,000 $25,000 $ 25,000 $25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
See Notes to Financial Statements 21
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Municipal Opportunity Trust (the "Trust") is registered as a
diversified, closed-end management investment company under the Investment
Company Act of 1940, as amended. The Trust's investment objective is to provide
a high level of current income exempt from federal income tax, consistent with
preservation of capital. The Trust commenced investment operations on April 24,
1992.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the bid and asked prices or, in the absence of
market quotations, at fair value based upon yield data relating to municipal
bonds with similar characteristics and general market conditions. Securities
which are not valued by independent pricing services or dealers are valued at
fair value using procedures established in good faith by the Board of Trustees.
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 April 30, 2005, the Trust had $4,191,317 of when-issued or
delayed delivery purchase commitments.
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the expected life of each
applicable security.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset these losses against any future realized capital
gains. At October 31, 2004, the Trust had an
22
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
accumulated capital loss carryforward for tax purposes of $694,750, which will
expire according to the following schedule.
AMOUNT EXPIRATION
$694,750.................................................... October 31, 2012
At April 30, 2005, the cost and related gross unrealized appreciation and
depreciation are as follows:
Cost of investments for tax purposes........................ $379,002,875
============
Gross tax unrealized appreciation........................... 29,717,367
Gross tax unrealized depreciation........................... (480,196)
------------
Net tax unrealized appreciation on investments.............. $ 29,237,171
============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed annually on a pro rata basis to common and preferred
shareholders. Distributions from net realized gains for book purposes may
include short-term capital gains, which are included as ordinary income for tax
purposes.
The tax character of distributions paid during the year ended October 31,
2004 was as follows:
Distributions paid from:
Ordinary income............................................. $1,281,469
Long-term capital gain...................................... 3,842,711
----------
$5,124,180
==========
Net realized gains or losses may differ for financial reporting and tax
purposes primarily as a result of the deferral of losses relating to wash sale
transactions.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") will provide investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
of the Trust. Effective November 1, 2004, the investment advisory fee was
reduced from .60% to .55%.
For the six months ended April 30, 2005, the Trust recognized expenses of
approximately $9,800 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, counsel to the Trust, of which a trustee of the Trust
is a partner of such firm and he and his law firm provide legal services as
legal counsel to the Trust.
Under separate Accounting Services and Legal Services agreements, the
Adviser provides accounting and legal services to the Trust. The Adviser
allocates the cost of such services to each trust. For the six months ended
April 30, 2005, the Trust recognized expenses of approximately $23,800
representing Van Kampen Investments Inc's or its affiliates' (collectively "Van
Kampen") cost of providing accounting and legal services to the Trust, which are
23
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
reported as part of "Other" and "Legal" expenses, respectively, in 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
At April 30, 2005 and October 31, 2004, paid in surplus related to common shares
aggregated $226,763,756.
Transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
Beginning Shares........................................ 15,357,684 15,352,891
Shares Issued Through Dividend Reinvestment............. -0- 4,793
---------- ----------
Ending Shares........................................... 15,357,684 15,357,684
========== ==========
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $59,077,310 and $55,612,550,
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.
The Trust may invest up to 15% of its net assets in "inverse floating rate
obligations." The inverse floating rate obligations in which the Trust may
invest are typically created through a division of a fixed-rate municipal
obligation into two separate instruments, a short-term obligation and a
long-term obligation. The interest rate on the short-term obligation is set at
periodic auctions. The interest rate on the long-term obligation which the Trust
may purchase is the rate the issuer would have paid on the fixed-income
obligation, (i) plus the difference between such fixed rate and the rate on the
short-term obligation, if the short-term rate is lower than the fixed rate; or
(ii) minus such difference if the interest rate on the short-term obligation is
higher than the fixed rate. These securities have varying degrees of liquidity
and the market value of such securities generally will fluctuate in response to
changes in market rates of interest to a greater extent than the value of an
equal principal amount of a fixed rate security having similar credit quality,
redemption provisions and maturity. These securities tend to underperform the
market for fixed rate bonds in a rising interest rate environment, but tend to
outperform the market for fixed rate bonds when interest rates decline or remain
relatively stable. Although volatile, inverse floating rate obligations
typically offer the potential for yields exceeding the yields available on fixed
rate bonds with comparable credit quality, coupon, call provisions and maturity.
These securities
24
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
usually permit the investor to convert the floating rate security counterpart to
a fixed rate (normally adjusted downward), and this optional conversion feature
may provide a partial hedge against rising rates if exercised at an opportune
time.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage in transactions involving interest
rate swaps, caps, floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management or for risk management
purposes, but may also enter into these transactions to generate additional
income. All of the Trust's portfolio holdings, including derivative instruments,
are marked to market each day with the change in value reflected in unrealized
appreciation/depreciation. Upon disposition, a realized gain or loss is
recognized accordingly, except when taking delivery of a security underlying a
futures contract. In this instance, the recognition of gain or loss is postponed
until the disposal of the security underlying the futures contract. Risks may
arise as a result of the potential inability of the counterparties to meet the
terms of their contracts or agreements.
During the period, the Trust invested in futures contracts, a type of
derivative. A futures contract is an agreement involving the delivery of a
particular asset on a specified future date at an agreed upon price. The Trust
generally invests in futures on U.S. Treasury Notes and typically closes the
contract prior to the delivery date. These contracts are generally used to
manage the portfolio's effective maturity and duration. Upon entering into
futures contracts, the Trust maintains, in a segregated account with its
custodian, 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 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 six months ended April 30, 2005,
were as follows:
CONTRACTS
Outstanding at October 31, 2004............................. 601
Futures Opened.............................................. 1,617
Futures Closed.............................................. (1,319)
------
Outstanding at April 30, 2005............................... 899
======
25
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2005 (UNAUDITED) continued
The futures contracts outstanding as of April 30, 2005, and the description
and unrealized appreciation/depreciation were as follows:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 5-Year Futures June 2005
(Current Notional Value of $108,453 per contract)......... 899 $(848,314)
=== =========
6. PREFERRED SHARES
The Trust has outstanding 6,000 Auction Preferred Shares ("APS") in two series
of 3,000 shares each. Dividends are cumulative and the dividend rate on each
series is currently reset every 28 days through an auction process. The average
rate in effect on April 30, 2005 was 2.520%. During the six months ended April
30, 2005, the rates ranged from 1.550% to 2.750%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense in the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
7. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
26
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
BOARD OF TRUSTEES, OFFICERS, AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
MITCHELL M. MERIN*
JACK E. NELSON
RICHARD F. POWERS, III*
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
MITCHELL M. MERIN
President and Chief Executive Officer
RONALD E. ROBISON
Executive Vice President and
Principal Executive Officer
JOSEPH J. MCALINDEN
Executive Vice President and
Chief Investment Officer
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
JAMES W. GARRETT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
225 Franklin Street
P.O. Box 1713
Boston, Massachusetts 02110
TRANSFER AGENT
EQUISERVE TRUST COMPANY, N.A.
P.O. Box 43011
Providence, Rhode Island 02940-3011
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
180 North Stetson Avenue
Chicago, Illinois 60601
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
27
VAN KAMPEN
AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc.,
Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange
Corp., as well as current and former individual investors in Van Kampen mutual
funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised by
us. This Policy is, however, applicable to individuals who select us to be a
custodian of securities or assets in individual retirement accounts, 401(k)
accounts, 529 Educational Savings Accounts, accounts subject to the Uniform
Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we help
you achieve your financial objectives. This Policy describes what non-public
personal information we collect about you, why we collect it, and when we may
share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies you or
your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect and
maintain accurate information about you. We may obtain this information from
applications and other forms you submit to us, from your dealings with us, from
consumer reporting agencies, from our Web sites and from third parties and other
sources.
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser,
(continued on back)
VAN KAMPEN
AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY continued
your use of our Web sites and your product and service preferences,
through the use of "cookies." "Cookies" recognize your computer each
time you return to one of our sites, and help to improve our sites'
content and personalize your experience on our sites by, for example,
suggesting offerings that may interest you. Please consult the Terms of
Use of these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you better
and to manage our business, we may disclose personal information we collect
about you to our affiliated companies and to non-affiliated third parties as
required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise required
or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except to
enable them to provide services on our behalf, to perform joint marketing
agreements with other financial institutions, or as otherwise required or
permitted by law. For example, some instances where we may disclose information
about you to non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against fraud,
for institutional risk control, to respond to judicial process or to perform
services on our behalf. When we share personal information with these companies,
they are required to limit their use of personal information to the particular
purpose for which it was shared and they are not allowed to share personal
information with others except to fulfill that limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE
COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties that
provide support or marketing services on our behalf may also receive personal
information, and we require them to adhere to confidentiality standards with
respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza, P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2005 Van Kampen Funds Inc. All rights reserved.
Member NASD/SIPC.
VMO SAR 6/05 RN05-01292P-Y04/05
(VAN KAMPEN INVESTMENTS LOGO)
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(a) Code of Ethics - Not applicable for semi-annual reports.
(b)(1) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(b)(2) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Municipal Opportunity Trust
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 16, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 16, 2005
By: /s/ James W. Garrett
---------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: June 16, 2005