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SIGNATURE NICK DALMASO
TITLE ATTORNEY
Independent Auditors' Report
To the Board of Trustees and Shareholders of
Van Kampen Municipal Opportunity Trust:
In planning and performing our audit of the financial statements of Van
Kampen Municipal Opportunity Trust for the year ended October 31, 1998, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of Van Kampen Municipal Opportunity Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and its
operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of October 31, 1998.
This report is intended solely for the information and use of management,
the Board of Trustees of Van Kampen Municipal Opportunity Trust, and the
Securities and Exchange Commission.
December 1, 1998
Municipal Opportunity Trust (VMO)
The Joint Annual Meeting of Shareholders of the Trust was held on July 28, 1998,
where shareholders voted on the election of Trustees and the selection of
independent public accountants. With regard to the election of Theodore A. Myers
as elected trustee by the preferred shareholders of the Trust 2,706 shares voted
in his favor and 1 shares withheld. With regard to the election of Don G. Powell
as elected trustee by the common shareholders of the Trust 14,169,865 shares
voted in his favor and 198,968 shares withheld. With regard to the election of
Hugo F. Sonnenschein as elected trustee by the common shareholders of the Trust
14,157,507 shares voted in his favor and 211,326 shares withheld. The other
trustees of the Fund whose terms did not expire in 1998 are Dennis J. McDonnell,
Rod Dammeyer, David C. Arch, Wayne W. Whalen, Steven Muller and Howard J Kerr.
With regard to the ratification of KPMG Peat Marwick LLP as independent public
accountants for the Trust, 14,146,867 shares voted in favor of the proposal,
54,067 shares voted against and 170,606 shares abstained.
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC Municipal Opportunity Trust
10f-3 Transactions
<S> <C> <C> <C> <C> <C>
Underwriting # Underwriting Purchased From Amount of shares % of Underwriting Date of Purchase
Purchased
1 NY Dorm Authority Bear Stearns 2,500,000 0.330% 02/17/98
2 Emp. St. Dev. Corp. Paine Webber 3,000,000 1.530% 02/26/98
3 Long Island Power Bear Stearns 1,000,000 0.030% 05/13/98
4 Chicago Midway JP Morgan 15,570,000 3.870% 08/20/98
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> MUNICIPAL OPPORTUNITY TRUST
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 385,499,855
<INVESTMENTS-AT-VALUE> 429,347,422
<RECEIVABLES> 8,970,027
<ASSETS-OTHER> 7,085
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 438,324,534
<PAYABLE-FOR-SECURITIES> 17,192,561
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 837,180
<TOTAL-LIABILITIES> 18,029,741
<SENIOR-EQUITY> 150,000,000
<PAID-IN-CAPITAL-COMMON> 226,873,287
<SHARES-COMMON-STOCK> 15,352,891
<SHARES-COMMON-PRIOR> 15,352,891
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 420,294,793
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,287,084
<AVERAGE-NET-ASSETS> 265,980,637
<PER-SHARE-NAV-BEGIN> 16.955
<PER-SHARE-NII> 1.255
<PER-SHARE-GAIN-APPREC> 0.643
<PER-SHARE-DIVIDEND> (1.248)
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 17.605
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
