Edgar Filing: VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST

N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6567

Van Kampen Municipal Opportunity 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: 1/31/09

Item 1. Schedule of Investments.

The Trust’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited)


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Municipal Bonds 199.2%
		Alabama 1.5%
$	1,000	Alabama Bldg Renovation Fin Auth Rev Rfdg (AMBAC Insd)		5.625	%		09/01/24	$	1,033,210
	1,975	Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a)		5.000			06/01/39		1,803,738
	3,065	Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Inc, Ser A		5.000			11/15/30		1,822,755
	1,600	Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj		5.500			01/01/43		849,456
	5	Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg (h)		6.950			01/01/20		447

									5,509,606

		Alaska 0.4%
	3,000	Northern Tob Sec Corp AK Tob Settlement Rev Asset Bkd, Ser A		5.000			06/01/46		1,564,860


		Arizona 4.8%
	1,425	Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj		6.250			09/01/32		1,046,762
	1,575	Arizona St Trans Brd Hwy Rev, Ser B		5.000			07/01/25		1,647,796
	2,365	Arizona St Trans Brd Hwy Rev, Ser B		5.000			07/01/26		2,452,127
	3,000	Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd)		5.250			01/01/32		2,518,530
	1,500	Maricopa Cnty, AZ Stad Dist Rfdg (AMBAC Insd)		5.375			06/01/19		1,596,510

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Arizona (continued)
$	2,100	Pima Cnty, AZ Indl Dev Auth Global Wtr Resh LLC Proj (AMT)		6.550	%		12/01/37	$	1,427,811
	175	Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Rfdg, Ser A (FSA Insd)		7.250			07/15/10		176,257
	1,930	Salt Riv Proj AZ Agric Impt & Pwr Dist Elec Sys Rev, Ser A		5.000			01/01/28		1,957,059
	6,840	University of AZ Med Ctr Corp		5.000			07/01/35		4,931,161

									17,754,013

		California 18.7%
	2,630	Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (FSA Insd)		*			09/01/20		1,426,565
	2,400	Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A (Syncora Gtd)		5.250			09/01/29		1,923,216
	4,000	Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser F-1		5.000			04/01/39		3,814,240
	750	Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election (c)		*			08/01/28		241,762
	1,050	California Cnty, CA Tob Sec Agy Asset Bkd Merced Cnty Rfdg, Ser A		5.125			06/01/38		583,527
	1,750	California Cnty, CA Tob Sec Agy Asset Bkd Sonoma Cnty Corp Rfdg		5.250			06/01/45		959,350
	4,200	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)		4.950			08/01/23		3,691,548
	2,800	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)		5.050			02/01/29		2,265,956

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		California (continued)
$	2,900	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)		5.300	%		08/01/23	$	2,723,941
	3,400	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)		5.450			08/01/28		3,029,196
	2,000	California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser B (AMT)		5.000			07/01/27		1,413,980
	10	California Rural Home Mtg Fin Auth Single Family Mtg Rev, Ser C (GNMA Collateralized) (AMT)		7.800			02/01/28		10,212
	420	California St (AMBAC Insd)		5.125			10/01/27		419,979
	725	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/24		762,624
	900	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/25		938,129
	900	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/26		930,478
	525	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/27		536,364
	900	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/28		912,685
	2,000	California St Pub Wk Brd Lease Rev Dept Mental Hlth Coalinga, Ser A		5.000			06/01/25		1,824,900
	7,750	California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth, Ser A		5.250			07/01/30		5,039,283
	5,000	California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A		5.000			03/01/30		4,127,950

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		California (continued)
$	3,000	California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A		5.000	%		03/01/35	$	2,370,420
	1,000	California Statewide Cmnty Front Porch Cmnty & Svc, Ser A (e)		5.125			04/01/37		605,040
	410	Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Rfdg Third Tier Franciscan, Ser C		6.500			12/15/47		273,117
	5,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg		*			01/15/25		1,211,150
	4,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Conv Cap Apprec Sr Lien, Ser A (f)		7.050			01/01/10		4,238,520
	6,000	Golden St Tob Sec Corp CA Tob Settlement, Ser A-1		5.750			06/01/47		3,624,300
	400	Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (e)		5.500			03/01/18		331,156
	2,200	Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj		7.000			12/01/27		1,650,264
	3,500	Rancho Mirage, CA Jt Pwrs Eisenhower Med Ctr, Ser A		5.000			07/01/47		2,694,335
	1,150	San Francisco, CA City & Cnty Arpt Commn Intl Arpt Rfdg, Ser A-4 (AMT)		6.500			05/01/19		1,202,452
	2,400	Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd, Ser A-1		5.375			06/01/38		1,391,472
	1,600	Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd, Ser A-1		5.500			06/01/45		916,544

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		California (continued)
$	6,000	Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1		5.000	%		06/01/37	$	3,297,540
	12,000	Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1		5.125			06/01/46		6,414,360
	1,600	Turlock, CA Hlth Fac Rev Ctf Partn Emanuel Med Ctr Inc		5.375			10/15/34		977,680

									68,774,235

		Colorado 3.4%
	500	Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A		5.250			07/01/27		289,935
	375	Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A		5.300			07/01/37		198,892
	4,475	Colorado Hlth Fac Auth Rev Catholic Hlth, Ser C-5 (FSA Insd) (a)		5.000			09/01/36		3,896,741
	3,700	Colorado Hlth Fac Auth Rev Evangelical Lutheran		5.000			06/01/35		2,655,157
	1,000	Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)		6.500			11/15/31		1,150,410
	645	Colorado Hsg Fin Auth Multi-Family Hsg Ins Mtg, Ser B-2 (FHA Gtd) (AMT)		5.800			10/01/28		634,544
	20	Colorado Hsg Fin Auth Single Family Pgm Sr, Ser A-2 (AMT)		7.250			05/01/27		20,364
	5	Colorado Hsg Fin Auth Single Family Pgm Sr, Ser C-1 (AMT)		7.550			11/01/27		5,154
	530	Highlands Ranch Metro Dist No 2 CO (FSA Insd) (f)		6.500			06/15/11		596,971
	470	Highlands Ranch Metro Dist No 2 CO (FSA Insd)		6.500			06/15/11		525,136

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Colorado (continued)
$	940	Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg (h)		5.900	%		10/01/37	$	578,824
	1,500	Salida, CO Hosp Dist Rev		5.250			10/01/36		746,520
	1,500	University of CO Hosp Auth Rev, Ser A		5.250			11/15/39		1,112,670

									12,411,318

		Connecticut 1.9%
	6,500	Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A (ACA Insd) (AMT)		6.600			07/01/24		4,869,410
	1,000	Hartford, CT Pkg Sys Rev, Ser A (Prerefunded @ 7/01/10)		6.400			07/01/20		1,078,650
	1,575	Mashantucket West Pequot Tribe CT Spl Rev, Ser A (e)		5.500			09/01/36		948,733

									6,896,793

		District of Columbia 5.3%
	2,500	District Columbia Rev Gonzaga College (FSA Insd)		5.250			07/01/32		1,940,300
	700	District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a)		5.000			10/01/29		691,964
	1,425	District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a)		5.000			10/01/34		1,373,066
	8,000	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien, Ser A (FSA Insd)		5.500			10/01/41		8,081,760
	8,850	Metropolitan Washington DC Arpt Auth Sys, Ser A (MBIA Insd) (AMT)		5.250			10/01/32		7,418,955

									19,506,045

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Florida 12.1%
$	1,000	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875	%		11/15/36	$	597,150
	500	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875			11/15/42		292,025
	340	Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A		6.000			05/01/38		208,495
	250	Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B		6.200			05/01/38		150,437
	1,240	Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc		6.750			01/01/37		868,000
	425	Escambia Cnty, FL Hlth Auth Rev FL Hlthcare Fac Ln VHA Pgm (AMBAC Insd)		5.950			07/01/20		445,744
	2,540	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/26		2,542,642
	2,580	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/27		2,558,470
	2,805	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/28		2,750,288
	2,500	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/32		2,366,325
	790	Highlands, FL Cmnty Dev Dist Spl Assmt		5.550			05/01/36		419,395
	900	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)		5.375			10/01/33		765,585
	2,000	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)		5.500			10/01/38		1,710,490

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Florida (continued)
$	700	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty Ida Rfdg (AMBAC Insd)		5.000	%		12/01/34	$	708,127
	775	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B		5.150			09/01/25		767,893
	680	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A (Acquired 2/19/08, Cost $680,642) (g)		6.800			05/01/38		424,300
	400	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B (Acquired 2/19/08, Cost $400,383) (g)		6.900			05/01/17		313,616
	2,100	Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGL Insd) (AMT)		5.375			10/01/27		1,881,957
	2,500	Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)		5.375			10/01/32		2,140,825
	595	Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A		6.000			05/01/24		417,250
	2,160	North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)		6.000			01/15/31		2,363,558
	215	North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)		6.000			01/15/31		235,262
	1,525	Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower		5.500			07/01/32		919,926
	545	Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A		6.125			05/01/35		318,324
	1,000	Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj		5.875			11/15/37		717,910

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Florida (continued)
$	5,500	Port St Lucie, FL Spl Assmt Rev Southwest Annexation Dist 1-B (MBIA Insd)		5.000	%		07/01/40	$	4,063,235
	2,900	Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd)		5.350			03/15/42		2,991,553
	495	Reunion East Cmnty Dev Dist FL Spl Assmt		5.800			05/01/36		248,841
	750	Seminole Tribe, FL Spl Oblig Rev, Ser A (e)		5.750			10/01/22		567,848
	885	Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A		5.875			05/01/35		461,731
	7,510	South Miami, FL Hlth Fac Auth Hosp Rev Baptist Hlth South FL Group (a)		5.000			08/15/32		6,142,091
	1,750	South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A		5.700			05/01/35		986,335
	750	Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A		6.200			05/01/35		572,595
	2,100	Tolomato Cmnty, FL Dev Dist Spl Assmt		6.650			05/01/40		1,325,856
	475	World Commerce Cmnty Dev Dist FL Spl Assmt		5.500			05/01/38		196,707

									44,440,786

		Georgia 5.9%
	5,000	Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd) (a)		5.000			01/01/33		4,797,850

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Georgia (continued)
$	1,000	Atlanta, GA Arpt Rev, Ser B (MBIA Insd) (AMT)		5.625	%		01/01/30	$	880,930
	684	Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $684,124) (g)		7.250			06/15/10		702,414
	7,000	Georgia Muni Elec Auth Pwr Rev, Ser A (MBIA Insd)		6.500			01/01/20		9,054,500
	3,770	Monroe Cnty, GA Dev Auth Pollutn Ctl Rev Oglethorpe Pwr Corp Scherer, Ser A		6.800			01/01/12		4,156,689
	1,000	Oconee Cnty, GA Indl Dev Auth Rev Oiit Proj (Syncora Gtd)		5.250			07/01/25		995,600
	1,200	Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1		5.100			06/01/23		1,201,308

									21,789,291

		Idaho 0.6%
	750	Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A		6.500			11/01/23		800,985
	1,000	Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A		6.750			11/01/37		1,021,700
	825	Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg (h)		6.125			11/15/27		568,590

									2,391,275

		Illinois 19.2%
	1,250	Bartlett, IL Tax Increment Rev Rfdg Sr Lien Quarry Redev Proj		5.600			01/01/23		931,213
	1,365	Bolingbrook, IL Cap Apprec, Ser B (MBIA Insd)		*			01/01/30		367,799
	7,200	Chicago, IL Brd of Ed Rfdg, Ser C (FSA Insd) (a)		5.000			12/01/27		7,260,840

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Illinois (continued)
$	3,150	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser A (MBIA Insd) (AMT)		5.375	%		01/01/32	$	2,645,055
	10,900	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/24		11,289,293
	10,000	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/25		10,279,700
	3,855	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/26		3,942,316
	615	Chicago, IL Pk Dist, Ser C (FGIC Insd)		5.500			01/01/19		652,232
	1,450	Chicago, IL, Ser A (AGL Insd)		5.250			01/01/25		1,513,945
	4,500	Cook Cnty, IL Cap Impt, Ser A (MBIA Insd)		5.000			11/15/23		4,548,375
	1,100	Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group		5.500			10/01/22		1,088,978
	2,300	Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A		5.750			05/15/26		1,545,807
	1,000	Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ		5.500			04/01/37		775,810
	2,500	Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A		5.750			11/15/37		2,042,600
	5,500	Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A		5.500			08/01/37		3,816,175
	1,250	Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj, Ser A (MBIA Insd)		5.375			12/15/18		1,293,288

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Illinois (continued)
$	2,000	Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj, Ser A (MBIA Insd)		5.500	%		12/15/24	$	2,059,100
	6,000	Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn, Ser A (MBIA Insd)		5.250			06/15/42		5,906,700
	1,500	Pekin, IL Mtg Rev United Auto Workers Inc Proj, Ser A (GNMA Collateralized)		5.250			05/20/34		1,473,090
	5,000	Regional Tran Auth IL, Ser B (AMBAC Insd)		8.000			06/01/17		6,705,300
	475	Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)		7.000			12/01/42		345,054

									70,482,670

		Indiana 3.8%
	1,000	Allen Cnty, IN Juvenile Just Ctr First Mtg (AMBAC Insd)		5.500			01/01/18		1,078,230
	1,000	Indiana Hlth & Ed Fac Fin Cmnty Fndtn Northwest IN		5.500			03/01/37		657,930
	2,000	Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (FSA Insd)		7.000			08/15/15		2,310,940
	2,500	Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT)		5.950			08/01/30		2,104,575
	10,000	Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Mtg, Ser D-1 (GNMA Collateralized) (AMT) (a)		4.625			07/01/38		7,502,050

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Indiana (continued)
$	500	Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (e)		5.750	%		09/01/42	$	298,980

									13,952,705

		Iowa 1.4%
	1,890	Des Moines, IA Pub Pkg Sys Rev, Ser A (MBIA Insd)		5.750			06/01/17		1,970,665
	500	Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C		5.950			08/01/37		310,830
	325	Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj		6.000			12/01/37		202,439
	2,500	Tobacco Settlement Auth IA Rev Asset Bkd, Ser C		5.500			06/01/42		1,376,900
	2,500	Tobacco Settlement Auth IA Rev Asset Bkd, Ser C		5.625			06/01/46		1,386,050

									5,246,884

		Kansas 1.1%
	1,300	Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (Syncora Gtd)		5.000			12/01/23		1,334,307
	1,600	Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A		5.000			05/15/24		1,158,672
	1,600	Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A		5.000			05/15/36		975,312
	675	Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A		6.000			11/15/38		408,233

									3,876,524

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Kentucky 2.2%
$	1,400	Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville Arena Sub, Ser A-1 (AGL Insd)		5.750	%		12/01/28	$	1,412,964
	200	Kentucky Hsg Corp Hsg Rev, Ser F (FNMA Collateralized) (AMT)		5.450			01/01/32		183,362
	4,000	Louisville & Jefferson Cntys, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc		5.250			10/01/36		2,921,560
	4,500	Louisville & Jefferson Cntys, KY Metro Govt Indl Bldg Rev Sisters of Mercy Cincinnati		5.000			10/01/35		3,461,175

									7,979,061

		Louisiana 2.1%
	525	Colonial Pinnacle Cmnty Dev Dist Dev		6.750			05/01/23		365,699
	991	Lakeshore Vlgs Master Cmnty Dev Dist LA Spl Assmt		5.250			07/01/17		749,801
	1,820	Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg, Ser A (GNMA Collateralized) (AMT)		5.375			10/20/39		1,603,475
	3,000	Louisiana St Energy & Pwr Auth Pwr Proj Rev Rfdg (FSA Insd)		5.750			01/01/12		3,321,930
	1,850	Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)		5.250			11/01/37		1,770,098

									7,811,003

		Maryland 1.3%
	775	Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group, Ser A		5.125			01/01/36		504,889
	2,000	Maryland St Hlth & Higher Ed Fac Auth Rev Medstar Hlth Rfdg		5.375			08/15/24		1,887,260

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Maryland (continued)
$	2,750	Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A		5.500	%		07/01/42	$	2,027,520
	600	Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj		5.200			07/01/34		308,058

									4,727,727

		Massachusetts 2.6%
	3,955	Massachusetts Bay Trans Auth Gen Trans Sys Rfdg, Ser A		5.500			03/01/12		4,194,475
	400	Massachusetts St Dev Fin Agy Linden Ponds Inc Fac, Ser A		5.750			11/15/35		221,832
	475	Massachusetts St Dev Fin Agy Linden Ponds Inc Fac, Ser A		5.750			11/15/42		253,455
	3,000	Massachusetts St Dev Fin Agy Semass Sys, Ser A (MBIA Insd)		5.625			01/01/16		3,035,010
	35	Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C		5.750			07/01/32		34,489
	965	Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C (Prerefunded @ 7/01/11)		5.750			07/01/32		1,077,153
	930	Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr, Ser A		6.000			10/01/23		593,563

									9,409,977

		Michigan 1.5%
	1,000	Detroit, MI Wtr Supply Sys Rfdg Second Lien, Ser C (FSA Insd)		5.000			07/01/26		905,330
	1,900	Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A		6.250			07/01/40		1,304,863

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Michigan (continued)
$	800	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A		5.250	%		01/15/47	$	829,080
	400	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A		5.500			01/15/47		418,036
	3,750	Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A		6.000			06/01/48		2,206,763

									5,664,072

		Minnesota 1.3%
	10	Chaska, MN Elec Rev, Ser A		6.100			10/01/30		9,515
	425	Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj		6.000			08/01/42		278,507
	1,000	Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj		5.750			11/01/27		736,780
	1,700	Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A		6.375			11/15/23		1,784,371
	1,150	Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A		6.625			11/15/28		1,182,361
	175	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.000			10/01/27		134,452
	900	Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj		6.000			11/15/35		627,210

									4,753,196

		Missouri 4.5%
	1,800	Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc (Prerefunded @ 6/01/12)		5.500			06/01/22		2,028,060
	350	Cape Girardeau Cnty, MO Indl Southeast MO Hosp Assoc		5.500			06/01/22		321,552
	1,300	Cass Cnty, MO Hosp Rev		5.625			05/01/38		820,716

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Missouri (continued)
$	810	Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A		5.500	%		09/01/18	$	685,551
	1,375	Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran, Ser A		5.375			02/01/35		966,034
	615	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A		6.375			12/01/30		440,777
	1,450	Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A		6.375			12/01/41		977,416
	575	Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg		5.750			11/01/27		387,188
	2,060	Sikeston, MO Elec Rev Rfdg (MBIA Insd)		6.200			06/01/10		2,132,326
	4,840	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.550			07/01/29		3,687,451
	5,770	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.600			07/01/36		4,136,975

									16,584,046

		Nevada 2.7%
	6,000	Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT)		5.250			07/01/34		4,006,860

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Nevada (continued)
$	40	Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (BHAC Insd) (AMT)		4.750	%		09/01/36	$	28,394
	2,500	Nevada Hsg Div Single Family Mtg Rev, Ser A (GNMA Collateralized) (AMT)		5.875			04/01/38		2,374,650
	4,750	Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A		5.250			06/01/37		3,460,280

									9,870,184

		New Hampshire 0.7%
	1,155	New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10)		7.000			07/01/30		892,988
	950	New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)		6.300			05/01/22		951,064
	675	New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co Proj (AMT)		7.125			07/01/27		676,708

									2,520,760

		New Jersey 17.8%
	375	Burlington Cnty, NJ Brdg Commn Econ Dev Rev Evergreens Proj		5.625			01/01/38		215,152
	2,700	New Jersey Econ Dev Auth Rev Cig Tax		5.750			06/15/29		2,019,870
	3,025	New Jersey Econ Dev Auth Rev Cig Tax		5.750			06/15/34		2,191,068
	30,000	New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd) (h)		5.900			03/15/21		35,892,900

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		New Jersey (continued)
$	8,000	New Jersey Econ Dev Auth Wtr Fac Rev NJ Amer Wtr Co Inc Proj, Ser A (FGIC Insd) (AMT)		6.875	%		11/01/34	$	6,857,840
	2,400	New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp		5.000			07/01/36		1,582,608
	1,350	New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ Hosp Oblig		5.750			07/01/37		997,488
	29,500	Tobacco Settlement Fin Corp NJ, Ser 1-A		5.000			06/01/41		15,471,570

									65,228,496

		New Mexico 0.7%
	1,250	New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian Hlthcare Svc, Ser A		6.375			08/01/32		1,294,100
	1,125	University NM Univ Rev Sub Lien Rfdg, Ser A		5.250			06/01/21		1,204,155

									2,498,255

		New York 11.6%
	2,325	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B		6.750			03/01/15		1,997,245
	1,255	New York City Indl Dev Civic YMCA Gtr NY Proj		5.800			08/01/16		1,257,799
	5,500	New York City, Sub, Ser I-1 (a)		5.000			02/01/26		5,395,142
	1,800	New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009, Ser S-3		5.250			01/15/39		1,726,596
	2,525	New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm, Ser A (FSA Insd)		5.500			05/15/25		2,528,636

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		New York (continued)
$	3,100	New York St Dorm Auth Rev City Univ Sys Cons, Ser A		5.625	%		07/01/16	$	3,519,709
	2,600	New York St Dorm Auth Rev Cons City Univ Sys Second Gen, Ser A		5.750			07/01/13		2,785,380
	2,040	New York St Dorm Auth Rev Secd Hosp Gen Hosp Rfdg		5.750			02/15/18		2,174,803
	590	New York St Dorm Auth Rev, Ser B		7.500			05/15/11		655,278
	650	New York St Dorm Auth Rev, Ser B (Prerefunded @ 5/15/10)		7.500			05/15/11		686,088
	1,500	New York St Dorm Auth Rev Upstate Cmnty Colleges, Ser B		5.250			07/01/20		1,610,130
	1,000	New York St Dorm Auth Rev Upstate Cmnty Colleges, Ser B		5.250			07/01/21		1,060,330
	935	New York St Mtg Agy Rev Homeowner Mtg, Ser 82 (AMT)		5.650			04/01/30		899,872
	1,290	New York St Mtg Agy Rev, Ser 101 (AMT)		5.400			04/01/32		1,181,627
	15,000	Port Auth NY & NJ Cons 144th (a)		5.000			10/01/35		14,781,975
	575	Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (e)		5.000			12/01/23		331,119

									42,591,729

		North Carolina 7.2%
	1,500	North Carolina Eastn Muni Pwr Agy Pwr Sys Rev, Ser D		6.700			01/01/19		1,537,500
	1,000	North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A		5.750			10/01/37		676,200

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		North Carolina (continued)
$	22,000	North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd)		6.000	%		01/01/12	$	24,056,780

									26,270,480

		North Dakota 0.2%
	465	North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm Home Mtg Fin, Ser B (MBIA Insd) (AMT)		5.500			07/01/29		459,192
	205	North Dakota St Hsg Fin Agy, Ser C (AMT)		5.550			07/01/29		203,063

									662,255

		Ohio 6.7%
	6,600	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.750			06/01/34		3,935,514
	400	Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A		5.750			05/15/27		265,600
	1,500	Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj		7.500			01/01/30		1,417,755
	2,450	Lorain Cnty, OH Hosp Rev Catholic Hlthcare Impt & Rfdg, Ser A		5.250			10/01/33		2,218,279
	2,000	Lorain Cnty, OH Hosp Rev Catholic Hlthcare, Ser S		5.375			10/01/30		1,880,480
	3,000	Lorain Cnty, OH Hosp Rev Fac Catholic Rfdg, Ser C-1 (FSA Insd) (a)		5.000			04/01/24		2,961,555
	2,750	Lorain Cnty, OH Hosp Rev Fac Catholic, Ser A (FSA Insd) (a)		5.000			02/01/24		2,715,487
	2,775	Lorain Cnty, OH Hosp Rev Fac Catholic, Ser B (FSA Insd) (a)		5.000			02/01/24		2,740,174

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Ohio (continued)
$	1,625	Montgomery Cnty, OH Rev Catholic Hlth, Ser C-1 (FSA Insd) (a)		5.000	%		10/01/41	$	1,389,253
	2,340	Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Sec Prog, Ser F (GNMA Collateralized) (a)		5.500			09/01/39		2,302,501
	1,050	Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser D (GNMA Collateralized) (AMT) (a)		5.300			09/01/28		972,773
	1,845	Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser D (GNMA Collateralized) (AMT) (a)		5.400			03/01/33		1,672,234

									24,471,605

		Oklahoma 1.9%
	1,375	Chickasaw Nation, OK Hlth Sys (e)		6.250			12/01/32		1,020,497
	3,970	McAlester, OK Pub Wk Auth Util Cap Apprec (FSA Insd)		*			02/01/34		907,621
	1,120	Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd)		5.500			06/01/18		1,207,842
	1,185	Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd)		5.500			06/01/19		1,277,940
	2,250	Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) (Prerefunded @ 11/01/09)		6.250			11/01/22		2,392,628

									6,806,528

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Pennsylvania 2.5%
$	875	Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Cont Care		6.250	%		02/01/35	$	548,467
	950	Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT)		6.750			12/01/36		707,817
	3,000	Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A (AMBAC Insd) (AMT)		5.375			01/01/21		2,822,340
	5,415	Susquehanna Area Regl Arpt Auth PA, Ser A (AMBAC Insd) (AMT)		5.375			01/01/22		5,007,954

									9,086,578

		South Carolina 6.3%
	2,500	Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a)		5.250			12/01/25		2,509,937
	7,500	Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a)		5.250			12/01/26		7,475,813
	1,000	South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Com Rfdg		5.300			10/01/36		536,070
	1,840	South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A		6.250			08/01/31		1,625,290
	5,000	South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd)		5.200			11/01/27		4,993,650
	3,750	South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT)		5.450			11/01/32		3,088,688

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		South Carolina (continued)
$	725	South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A		6.000	%		11/15/27	$	495,668
	1,650	South Carolina Jobs Economic Rfdg First Mtg Lutheran Homes		5.375			05/01/21		1,175,526
	1,150	Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg		5.000			06/01/18		1,096,249

									22,996,891

		South Dakota 1.0%
	1,375	Deadwood, SD Ctf Partn (ACA Insd)		6.375			11/01/20		1,423,221
	2,500	South Dakota St Hlth & Ed Fac Auth Rev Sioux Vly Hosp & Hlth Sys A		5.250			11/01/34		2,256,950

									3,680,171

		Tennessee 1.9%
	1,750	Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A		5.125			10/01/35		1,073,677
	2,000	Elizabethton, TN Hlth & Ed Fac Brd Rev Impt Hosp First Mtg Rfdg, Ser B (Prerefunded @ 7/01/12)		8.000			07/01/33		2,337,320
	1,000	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg, Ser A (MBIA Insd) (Prerefunded @ 7/01/12)		7.500			07/01/25		1,146,760

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Tennessee (continued)
$	2,400	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (FSA Insd) (a)		5.250	%		09/01/27	$	2,317,104

									6,874,861

		Texas 24.0%
	1,450	Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)		4.850			04/01/21		1,089,878
	725	Dallas Cnty, TX Flood Ctl Dist Rfdg		6.750			04/01/16		712,233
	5,500	Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg, Ser A (BHAC Insd) (AMT)		5.500			11/01/31		4,898,410
	8,000	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser A (FSA Insd) (AMT)		5.500			11/01/21		7,939,200
	650	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		5.750			11/01/18		653,945
	1,225	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		6.000			11/01/23		1,225,955
	4,000	Dallas-Fort Worth, TX Intl Arpt Rev, Ser A (MBIA Insd) (AMT)		5.750			11/01/30		3,661,480
	4,850	El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a)		5.000			08/15/37		4,562,540
	2,000	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Mem Hermann Hlthcare, Ser A (Prerefunded @ 6/01/11)		6.375			06/01/29		2,252,900
	750	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann Hlthcare Sys, Ser B		7.250			12/01/35		787,815

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Texas (continued)
$	1,000	Harris Cnty, TX Hlth Fac Dev Corp Rev Christus Hlth, Ser A-4 (FSA Insd) (b)(d)		2.800	%		07/01/31	$	1,000,000
	2,000	Houston, TX Arpt Sys Rev Sub Lien (FSA Insd)		5.500			07/01/20		2,165,360
	10,000	Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT)		5.125			07/01/32		8,273,700
	3,000	Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT)		5.625			07/01/30		2,692,200
	7,825	Houston, TX Util Sys Rev Comb First Lien Rfdg, Ser A (FSA Insd) (a)		5.000			11/15/36		7,607,113
	3,030	Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a)		5.000			02/01/37		2,932,540
	1,250	Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX		5.500			02/15/37		793,175
	1,000	Matagorda Cnty, TX Nav Dist No 1 Rev Coll Centerpoint Energy Proj Rfdg		5.600			03/01/27		851,640
	1,125	McLennan Cnty, TX Pub Fac Corp Proj Rev		6.625			06/01/35		1,176,637
	3,000	Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj		7.250			01/01/31		2,309,460
	10,000	North Centre, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd)		5.250			08/15/32		7,907,800
	1,350	North TX Twy Auth Rev Rfdg Sys First Tier, Ser L-2		6.000			01/01/38		1,382,981
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		5.625			01/01/28		960,050

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Texas (continued)
$	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		6.000	%		01/01/26	$	1,012,330
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		6.000			01/01/27		1,004,740
	2,650	North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F		5.750			01/01/33		2,395,441
	1,000	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc		5.625			11/15/27		661,840
	2,600	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc		5.750			11/15/37		1,512,472
	4,000	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj		5.250			11/15/37		3,005,400
	400	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home Proj		5.750			02/15/25		274,216
	3,000	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth Rfdg, Ser A (AGL Insd)		6.250			07/01/28		3,163,050
	5,400	Texas St Trans Commn Mobility Fd (a)		5.000			04/01/28		5,507,136
	2,750	Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg, Ser A		5.375			11/01/37		1,827,733

									88,201,370

		Utah 0.8%
	2,380	Mountain Regl Wtr Spl Svc Dist Rfdg (MBIA Insd)		5.000			12/15/33		1,905,309

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Utah (continued)
$	700	Utah St Charter Sch Fin Auth Channing Hall, Ser A (e)		6.000	%		07/15/37	$	456,379
	730	Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A		5.800			06/15/38		492,881

									2,854,569

		Virginia 0.5%
	750	Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig		6.350			09/01/28		488,843
	1,500	White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev		5.300			03/01/17		1,235,130

									1,723,973

		Washington 10.2%
	9,850	Bellevue, WA Convention Ctr Auth Spl Oblig Rev Comp Int Rfdg (MBIA Insd)		*			02/01/25		4,120,944
	7,500	Chelan Cnty, WA Pub Util Dist No 001 Cons Rev Chelan Hydro, Ser A (BHAC Insd) (AMT)		5.600			01/01/36		6,698,850
	5,000	Energy Northwest WA Elec Rev Columbia Generating Rfdg, Ser A (FSA Insd)		5.500			07/01/16		5,457,000
	5,000	Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser B (FSA Insd)		6.000			07/01/16		5,548,350
	1,250	Kalispel Tribe Indians Priority Dist WA Rev		6.625			01/01/28		927,525
	2,000	Port Seattle, WA Rev, Ser B (MBIA Insd) (AMT)		5.625			02/01/24		1,916,960
	2,120	Seattle, WA Muni Lt & Pwr Rev		5.625			12/01/17		2,262,337
	2,250	Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp		5.750			12/01/28		1,495,822

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Washington (continued)
$	3,000	Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd)		5.250	%		09/01/33	$	2,864,430
	1,440	Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 5/07/08, Cost $1,440,000) (g) (h)		6.000			01/01/27		1,144,498
	1,000	Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj, Ser A		5.625			01/01/27		655,400
	5,125	Washington St Pub Pwr Supply Sys Nuclear Proj No 3 Rev Rfdg, Ser C (MBIA Insd)		*			07/01/14		4,445,938

									37,538,054

		West Virginia 0.7%
	500	Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry Centre Fin Dist, Ser A		5.850			06/01/34		314,485
	855	Pleasants Cnty, WV Pollutn Ctl Cnty Comm Allegheny Rfdg, Ser F		5.250			10/15/37		621,970
	1,000	West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.000			10/01/20		831,010
	1,215	West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.250			10/01/23		972,899

									2,740,364

		Wisconsin 2.8%
	1,500	Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg, Ser A (MBIA Insd)		5.500			12/15/20		1,759,710

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Par
Amount
(000)			Description	Coupon			Maturity		Value


			Wisconsin (continued)
$	2,400		Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)		5.300	%		09/01/23	$	2,368,752
	3,000		Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)		5.500			09/01/28		2,848,260
	3,700		Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd) (a)		5.000			08/01/34		3,198,391

										10,175,113

			Wyoming 0.3%
	1,000		University WY Univ Rev Fac Impt (FSA Insd)		5.500			06/01/18		1,057,110

			Puerto Rico 3.1%
	10,000		Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev, Ser Y (FSA Insd) (c)		6.250			07/01/21		11,391,700


Total Long-Term Investments 199.2% (Cost $820,063,661)										730,767,133


Total Short-Term Investments 1.9% (Cost $6,800,000)										6,800,000


Total Investments 201.1% (Cost $826,863,661)										737,567,133

Liability for Floating Rate Note Obligations Related to Securities Held (28.0%) (Cost ($102,610,000))
	(102,610	)	Notes with interest rates ranging from 0.41% to 2.28% at January 31,2009 and contractual maturities of collateral ranging from 2023 to 2041 (i)							(102,610,000	)

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued


Description	Value


Total Net Investments 173.1% (Cost $724,253,661)	$	634,957,133

Other Assets in Excess of Liabilities 1.0%		3,807,919

Preferred Shares (including accrued distributions) (74.1%)		(272,057,375	)


Net Assets Applicable to Common Shares 100.0%	$	366,707,677

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.

(b)		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.

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

(d)		Variable Rate Coupon

(e)		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.

(f)		Escrowed to Maturity

(g)		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 0.7% of net assets applicable to common shares.

(h)		Security has been deemed illiquid.

(i)		Floating rate notes. The interest rates shown reflect the rates in effect at January 31, 2009.

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.
FGIC — Financial Guaranty Insurance Co.
FHA — Federal Housing Administration
FNMA — Federal National Mortgage Association
FSA — Financial Security Assurance Inc.

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued

GNMA — Government National Mortgage Association
MBIA — Municipal Bond Investors Assurance Corp.

The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), effective November 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Trust would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust’s investments. The inputs are summarized in the three broad levels listed below.

Level 1	—	quoted prices in active markets for identical investments

Level 2	—	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2009 in valuing the Trust’s investments carried at value:


	Investments in
Valuation Inputs	Securities
Level 1 — Quoted Prices	$	-0-
Level 2 — Other Significant Observable Inputs		737,567,133
Level 3 — Significant Unobservable Inputs		-0-

Total	$	737,567,133

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. Factors considered in making this determination may include, but are not limited to, information obtained by contracting the issuer, analysts, or the appropriate

Van Kampen Municipal Opportunity Trust
Portfolio of Investments • January 31, 2009 (Unaudited) continued

stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

Item 2. 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-Q 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 Trust’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 3. Exhibits.

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

(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 Opportunity Trust


By:		/s/ Edward C. Wood III

Name: Edward C. Wood III
Title: Principal Executive Officer
Date: March 19, 2009

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


By:		/s/ Edward C. Wood III

Name: Edward C. Wood III
Title: Principal Executive Officer
Date: March 19, 2009

By:		/s/ Stuart N. Schuldt

Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: March 19, 2009