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 811-6362
Van Kampen Municipal Trust
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(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
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(Address of principal executive offices) (Zip code)
Ronald Robison
522 Fifth Avenue, New York, New York 10036
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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: 7/31/07
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 TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 2007 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS 189.1%
ALABAMA 5.0%
$1,000 Birmingham Baptist Med Ctr AL
Baptist Hlth Sys Ser A ........................... 5.875% 11/15/24 $ 1,046,990
3,695 Gadsden, AL Wts Ser B (AMBAC
Insd) (a) ........................................ 5.250 08/01/21 3,936,985
2,000 Jefferson Cnty, AL Ltd Oblig Sch
Wt Ser A ......................................... 5.250 01/01/23 2,102,620
4,000 Jefferson Cnty, AL Swr Rev Cap
Impt Wts (FGIC Insd)
(Prerefunded @ 8/01/12) .......................... 5.125 02/01/42 4,234,640
2,295 Marshall Cnty, AL Hlthcare Ser C .................... 6.000 01/01/32 2,425,700
6,720 University of AL at Birmingham Hosp
Rev Ser A (AMBAC Insd) (b) ....................... 5.000 09/01/36 6,945,221
9,840 University of AL at Birmingham Hosp
Rev Ser A (MBIA Insd) (b) ........................ 5.000 09/01/41 10,125,508
---------------
30,817,664
---------------
ALASKA 1.4%
2,000 Alaska St Intl Arpt Rev Ser B
(AMBAC Insd) (Prerefunded @
10/01/12) ........................................ 5.750 10/01/17 2,178,840
1,000 Matanuska-Susitna Boro, AK Ctf
Partn Pub Safety Bldg Lease
(FSA Insd) ....................................... 5.750 03/01/16 1,046,210
5,870 Northern Tob Sec Corp AK Tob
Settlement Rev Asset Bkd Ser
A ................................................ 5.000 06/01/46 5,370,287
---------------
8,595,337
---------------
ARIZONA 2.5%
1,425 Arizona Cap Fac Fin Corp Student
Hsg Rev AZ St Univ Proj .......................... 6.250 09/01/32 1,490,507
1,000 Arizona Hlth Fac Auth Hosp Sys
Rev John C Lincoln Hlth
Network (Prerefunded @
12/01/12) ........................................ 6.375 12/01/37 1,126,470
1,135 Cottonwood, AZ Wtr Rev Sys Sr
Lien (XLCA Insd) ................................. 5.000 07/01/35 1,175,837
1,650 Glendale, AZ Indl Dev Auth Rfdg ..................... 5.000 12/01/35 1,619,228
9,750 University of AZ Med Ctr Corp ....................... 5.000 07/01/35 9,641,093
---------------
15,053,135
---------------
ARKANSAS 0.4%
2,310 Arkansas St Dev Fin Auth Rev St
Agy Fac Donaghey Plaza Proj
(FSA Insd) ....................................... 5.000 06/01/34 2,377,845
---------------
CALIFORNIA 34.8%
4,000 Anaheim, CA Pub Fin Auth Lease
Rev Cap Apprec Sub Pub Impt
Proj Ser C (FSA Insd) ............................ * 09/01/20 2,203,400
7,500 Anaheim, CA Pub Fin Auth Rev
Elec Sys Dist Fac Ser A (FSA
Insd) ............................................ 5.000 10/01/31 7,761,525
2,100 Bay Area Govt Assn CA Rev Tax
Alloc CA Redev Pool Ser A
(XLCA Insd) ...................................... 5.250 09/01/35 2,199,078
1,875 California Cnty, CA Tob Sec Agy
Tob Asset Bkd Merced Cnty
Rfdg Ser A ....................................... 5.250 06/01/45 1,790,550
7,125 California Ed Fac Auth Rev
Pepperdine Univ Rfdg Ser A
(FGIC Insd) ...................................... 5.000 09/01/33 7,319,227
350 California Hlth Fac Fin Auth Rev
Casa De Las Ser A (MBIA
Insd) ............................................ 5.250 08/01/17 355,649
1,000 California Hlth Fac Fin Auth Rev
Cedars Sinai Med Ctr Rfdg ........................ 5.000 11/15/27 1,012,110
1,000 California Hlth Fac Fin Auth Rev
Kaiser Permanente Ser A .......................... 5.000 04/01/37 1,001,330
3,000 California Hsg Fin Agy Rev Home
Mtg Ser G (AMT) (b) (j) .......................... 4.950 08/01/23 3,019,335
2,000 California Hsg Fin Agy Rev Home
Mtg Ser G (AMT) (b) (j) .......................... 5.050 02/01/29 2,012,890
6,000 California Hsg Fin Agy Rev Home
Mtg Ser I (AMT) (b) .............................. 4.800 08/01/36 5,789,790
3,660 California Hsg Fin Agy Rev Home
Mtg Ser M (AMT) (b) .............................. 4.700 08/01/36 3,465,718
1,000 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser B (AMT) ........................ 5.000 07/01/27 971,100
770 California St (AMBAC Insd) .......................... 5.125 10/01/27 778,994
4,615 California St (AMBAC Insd)
(Prerefunded @ 10/01/07) ......................... 5.125 10/01/27 4,671,534
5,000 California St (MBIA Insd)
(Prerefunded @ 2/01/12) .......................... 5.000 02/01/32 5,265,700
2,650 California Statewide Cmnty Dev
Auth Ctf Partn (Prerefunded @
11/01/09) (Acquired 11/23/99,
Cost $2,650,000) (c) ............................. 7.250 11/01/29 2,887,095
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ....................................... 5.250 07/01/30 1,013,850
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ....................................... 5.250 07/01/35 1,009,950
2,000 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A ....................................... 5.000 03/01/30 2,007,420
2,500 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A ....................................... 5.000 03/01/35 2,501,450
5,100 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser A (b) ........................................ 5.000 04/01/31 5,138,556
2,300 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ............................................ 5.000 03/01/41 2,296,182
3,200 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ............................................ 5.250 03/01/45 3,250,656
3,805 California Statewide Cmnty Dev
Auth Rev Sutter Hlth Ser A ....................... 5.000 11/15/43 3,805,228
5,000 California St Dept Wtr Res Pwr
Ser A (AMBAC Insd)
(Prerefunded @ 5/01/12) (d) ...................... 5.375 05/01/18 5,400,750
3,705 California St Dept Wtr Res Pwr
Ser A (MBIA Insd) (Prerefunded
@ 5/01/12) ....................................... 5.375 05/01/21 4,001,956
2,000 California St Dept Wtr Res Pwr
Ser A (MBIA Insd) (Prerefunded
@ 5/01/12) ....................................... 5.375 05/01/22 2,160,300
2,000 California St Dept Wtr Res Pwr
Ser A (Prerefunded @
5/01/12) ......................................... 6.000 05/01/15 2,214,260
5,295 California St Econ Rec Ser A ........................ 5.000 07/01/17 5,511,354
1,995 California St Pub Wks Brd UCLA
Replacement Hosp Ser A (FSA
Insd) ............................................ 5.375 10/01/20 2,110,810
5,000 California St Rfdg .................................. 5.000 08/01/28 5,154,550
5,000 California St Univ Rev Syswide
Ser A (AMBAC Insd) ............................... 5.000 11/01/23 5,191,150
6,840 California St Veterans Ser CD
(AMT) (b) ........................................ 4.600 12/01/32 6,990,736
3,500 Capistrano, CA Uni Sch Dist
(FGIC Insd) ...................................... 5.000 09/01/29 3,632,965
1,000 Davis, CA Pub Fac Fin Auth Mace
Ranch Area Ser A (Prerefunded
@ 9/01/07) ....................................... 6.600 09/01/25 1,022,120
27,810 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg ...................... * 01/15/33 6,288,675
18,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
(MBIA Insd) (a) .................................. * 01/15/25 6,764,580
6,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Sr Lien
Ser A (e) ........................................ * 01/01/18 3,832,380
225 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Sr Lien
Ser A (Prerefunded @
1/01/10) ......................................... 7.150 01/01/13 247,189
5,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced Ser A I .................. 5.000 06/01/45 5,030,250
5,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced Ser A
(FGIC Insd) ...................................... 5.000 06/01/35 5,121,750
18,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced Ser A
(FGIC Insd) (b) I ................................ 5.000 06/01/38 18,402,660
1,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A-1 (b) ....................... 5.000 06/01/33 1,002,103
1,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A-1 ........................... 5.125 06/01/47 934,270
3,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A-1 (b) ....................... 5.750 06/01/47 3,006,307
2,240 Huntington Park, CA Redev Agy
Rev Tax Alloc Santa Fe Redev
Rfdg ............................................. 6.200 10/01/27 2,288,026
2,635 Imperial Irr Dist CA Ctf Partn Elec
Sys Proj (FSA Insd) .............................. 5.250 11/01/23 2,772,942
13,800 Los Angeles, CA Uni Sch Dist Rfdg
Ser A-1 (MBIA Insd) (b) .......................... 4.500 01/01/28 13,627,086
1,600 Rancho Mirage, CA Jt Pwr Fin Auth
Rev Eisenhower Med Ctr Ser A (j) ................. 5.000 07/01/47 1,585,984
1,375 San Bernadino, CA Jt Pwr Fin
Auth Alloc Rev Cent City
Merged Proj Rfdg Ser A
(AMBAC Insd) (a) ................................. 5.750 07/01/20 1,571,708
1,000 San Joaquin Hills, CA Transn
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ............................................ * 01/15/27 398,900
1,000 San Joaquin Hills, CA Transn
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ............................................ * 01/15/28 377,470
4,290 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd Ser
A-1 .............................................. 5.3750 6/01/38 4,219,859
3,050 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd Ser
A-1 .............................................. 5.500 06/01/45 3,032,890
3,200 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A-1 ........................ 5.000 06/01/37 2,973,120
8,350 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A-1 ........................ 5.125 06/01/46 7,805,079
5,000 University CA Rev Gen Ser B
(AMBAC Insd) ..................................... 5.000 05/15/20 5,215,100
---------------
213,417,596
---------------
COLORADO 5.9%
1,600 Arkansas River Pwr Auth CO Impt
(XLCA Insd) ...................................... 5.250 10/01/40 1,682,464
4,500 Colorado Hlth Fac Auth Rev
Adventist Hlth Sunbelt Ser D
Rfdg (b) ......................................... 5.250 11/15/27 4,632,998
1,000 Colorado Hlth Fac Auth Rev
Catholic Hlth Initiatives Ser
A (e) ............................................ 5.500 03/01/32 1,060,920
2,250 Colorado Hlth Fac Auth Rev
Covenant Retirement Cmnty
Inc .............................................. 5.000 12/01/35 2,204,415
1,000 Colorado Hlth Fac Auth Rev
Evangelical Lutheran Ser A ....................... 5.250 06/01/34 1,015,410
3,700 Colorado Hlth Fac Auth Rev Hlth
Fac Evangelical Lutheran ......................... 5.000 06/01/35 3,699,741
1,125 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth
(Prerefunded @ 11/15/11) ......................... 6.500 11/15/31 1,250,122
2,500 Colorado Hsg Fin Auth Single
Family Mtg Rev Class II Ser C-3
(AMT) (b) ........................................ 4.625 11/01/36 2,329,350
4,000 Colorado Springs, CO Util Rev
Sys Sub Lien Impt Rfdg Ser A ..................... 5.000 11/15/29 4,084,000
100 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) .................................. 9.000 09/01/12 122,350
265 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) .................................. 11.500 09/01/08 285,908
300 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) .................................. 11.500 09/01/09 344,376
340 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) .................................. 11.500 09/01/10 412,342
220 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) .................................. 11.500 09/01/11 280,689
1,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ............................ 5.500 12/01/30 1,045,160
2,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ............................ 5.500 12/01/37 2,081,420
3,085 Platte Riv Pwr Auth CO Pwr Rev
Ser EE ........................................... 5.375 06/01/16 3,271,797
3,280 Platte Riv Pwr Auth CO Pwr Rev
Ser EE (Prerefunded @
6/01/12) ......................................... 5.375 06/01/16 3,502,220
1,000 Salida, CO Hosp Dist Rev ............................ 5.250 10/01/36 978,730
1,600 Southlands Metro Dist No 1 CO
Rfdg & Impt (Radian Insd) ........................ 5.250 12/01/34 1,642,912
---------------
35,927,324
---------------
CONNECTICUT 2.7%
2,840 Connecticut St Spl Oblig Pkg Rev
Bradley Intl Arpt Ser A (ACA
Insd) (AMT) ...................................... 6.600 07/01/24 3,017,330
3,460 Mashantucket Western Pequot
Tribe CT Spl Rev Ser A
(Prerefunded @ 09/01/07)
(g) .............................................. 6.400 09/01/11 3,502,039
6,500 Mashantucket Western Pequot
Tribe CT Spl Rev Ser B
(g) .............................................. 5.750 09/01/18 6,591,780
3,500 Mashantucket Western Pequot
Tribe CT Spl Rev Ser B
(g) .............................................. 5.750 09/01/27 3,539,095
---------------
16,650,244
---------------
DISTRICT OF COLUMBIA 1.0%
1,000 District of Columbia Hosp Rev
Medlantic Hlthcare Group A
Rfdg (MBIA Insd) (e) ............................. 5.875 08/15/19 1,011,700
5,000 Metropolitan Washington DC Arpt
Auth Sys Ser A (FGIC Insd)
(AMT) ............................................ 5.125 10/01/26 5,114,350
---------------
6,126,050
---------------
FLORIDA 11.9%
3,800 Brevard Cnty, FL Hlth Fac Auth
Hlthcare Fac Rev Hlth First Inc
Proj ............................................. 5.000 04/01/34 3,796,960
3,380 Brevard Cnty, FL Hlth Fac Hlth
First Inc Proj (MBIA Insd) ....................... 5.125 04/01/31 3,457,098
400 Capital Tr Agy FL Rev Ft
Lauderdale Proj (AMT) ............................ 5.750 01/01/32 411,740
460 Escambia Cnty, FL Hlth Fac Auth
Rev (AMBAC Insd) ................................. 5.950 07/01/20 476,523
3,000 Florida St Dept Environmental
Prot Preservtn Rev Ser A (FGIC
Insd) ............................................ 5.750 07/01/10 3,162,090
5,000 Florida St Dept Trans Tpk Rev
Ser A ............................................ 5.000 07/01/29 5,169,800
1,895 Gulf Breeze, FL Rev Loc Govt
(FGIC Insd) (a) .................................. 5.625 12/01/20 1,981,734
1,250 Highlands Cnty, FL Hlth Fac Auth
Rev Hosp Adventist Hlth Rfdg
Ser C ............................................ 5.000 11/15/31 1,252,763
9,500 Highlands Cnty, FL Hlth Fac Auth
Rev Hosp Adventist Hlth Ser D (b) ................ 5.000 11/15/35 9,407,090
1,000 Highlands Cnty, FL Hlth Fac Auth
Rev Hosp Adventist Hlth Ser D
(Prerefunded @ 11/15/13) ......................... 5.375 11/15/35 1,078,320
2,310 Hillsborough Cnty, FL Indl Dev
Auth Indl Dev Rev Hlth Fac Proj
Univ Cmnty Hosp Ser A ............................ 5.500 08/15/14 2,375,211
3,000 Hillsborough Cnty, FL Solid Waste
& Res Recovery Rev Ser A
(AMT) (b) ........................................ 4.500 09/01/34 2,813,745
1,000 Jacksonville, FL Sales Tax Rev
Better Jacksonville (MBIA Insd) .................. 5.250 10/01/21 1,060,090
2,500 Jea, FL Elec Sys Rev Ser Three A
(FSA Insd) ....................................... 5.000 10/01/41 2,562,050
265 Lakeland, FL Hosp Sys Rev Lakeland
Regl Hlth Sys (Prerefunded @
11/15/12) ........................................ 5.500 11/15/32 287,297
5,000 Lakeland, FL Hosp Sys Rev Lakeland
Regl Hlth Sys Rfdg (b) ........................... 5.000 11/15/26 5,034,725
5,000 Lakeland, FL Hosp Sys Rev Lakeland
Regl Hlth Sys Rfdg (b) ........................... 5.000 11/15/32 4,987,250
1,515 Miami Beach, FL Stormwtr Rev
(FGIC Insd) ...................................... 5.250 09/01/25 1,573,828
2,000 Miami-Dade Cnty, FL Aviation Rev
Miami Intl Arpt (FGIC Insd)
(AMT) ............................................ 5.375 10/01/25 2,078,620
2,700 Miami-Dade Cnty, FL Aviation Rev
Miami Intl Arpt (FGIC Insd)
(AMT) ............................................ 5.375 10/01/32 2,796,201
5,000 Miami-Dade Cnty, FL Aviation Ser
A (FSA Insd) (AMT) ............................... 5.125 10/01/35 5,089,050
2,000 Miami-Dade Cnty, FL Pub Fac
Rev Jackson Hlth Sys Ser A
(MBIA Insd) ...................................... 5.000 06/01/31 2,055,300
4,300 Orange Cnty, FL Tourist Dev Tax
Rev (AMBAC Insd)
(Prerefunded @ 10/01/09) ......................... 5.500 10/01/31 4,455,402
4,320 Orange Cnty, FL Tourist Dev Tax
Rev (AMBAC Insd)
(Prerefunded @ 10/01/09) ......................... 5.625 10/01/14 4,487,270
1,060 Tallahassee, FL Lease Rev FL St
Univ Proj Ser A (MBIA Insd) (a) .................. 5.500 08/01/18 1,116,254
---------------
72,966,411
---------------
GEORGIA 1.9%
2,000 Atlanta, GA Arpt Passenger Fac
Charge Rev Gen Sub Lien Ser
C (FSA Insd) ..................................... 5.000 01/01/33 2,055,800
1,000 Augusta, GA Gen Arpt Rev
Passenger Ser B (AMT) ............................ 5.350 01/01/28 1,027,660
5,000 Municipal Elec Auth GA
Combustion Turbine Ser A
(MBIA Insd) ...................................... 5.250 11/01/18 5,267,600
1,000 Oconee Cnty, GA Indl Dev Auth
Oiit Proj (XLCA Insd) ............................ 5.250 07/01/23 1,046,730
2,000 Royston, GA Hosp Auth Hosp
Rev Ctf Hlthcare Sys Inc Rfdg .................... 6.500 07/01/27 2,067,000
---------------
11,464,790
---------------
ILLINOIS 14.5%
2,000 Bolingbrook, IL Sales Tax Rev (h).................... 0.000/6.250 01/01/24 2,005,540
3,400 Carol Stream, IL First Mtg Rev
Windsor Pk Mnr Proj
(Prerefunded @ 12/01/07) ......................... 7.000 12/01/13 3,498,906
750 Chicago, IL Increment Alloc Rev
Diversey/Narragansett Proj
(Acquired 8/01/06, Cost
$800,490) (c) .................................... 7.460 02/15/26 792,427
4,000 Chicago, IL Neighborhoods Alive
21 Pgm Ser A (FGIC Insd)
(Prerefunded @ 7/01/10) .......................... 5.750 01/01/40 4,250,840
5,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Rfdg Ser A
(MBIA Insd) (AMT) ................................ 5.375 01/01/32 5,158,100
3,500 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Rfdg Ser
C-2 (FSA Insd) (AMT) ............................. 5.250 01/01/30 3,621,100
3,450 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (b) .................................. 5.250 01/01/24 3,661,718
11,550 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (b) .................................. 5.250 01/01/25 12,258,795
1,015 Chicago, IL O'Hare Intl Arpt Rev
Second Lien Passenger Fac Ser
B (AMBAC Insd) ................................... 5.500 01/01/16 1,072,002
485 Chicago, IL Pk Dist Ser C (FGIC
Insd) ............................................ 5.500 01/01/19 510,487
1,495 Chicago, IL Pk Dist Ser C (FGIC
Insd) (Prerefunded @ 7/01/11) .................... 5.500 01/01/19 1,586,913
465 Chicago, IL Proj Rfdg Ser C
(FGIC Insd) ...................................... 5.500 01/01/40 486,576
2,565 Chicago, IL Proj Rfdg Ser C
(FGIC Insd) (a) .................................. 5.750 01/01/12 2,720,003
80 Cook Cnty, IL Sch Dist No 107 (e) ................... 7.000 12/01/10 88,030
545 Cook Cnty, IL Sch Dist No 107 ....................... 7.000 12/01/10 598,993
200 Cook Cnty, IL Sch Dist No
107 (a) (e) ...................................... 7.150 12/01/08 208,872
310 Cook Cnty, IL Sch Dist No 107 (a) ................... 7.150 12/01/08 323,451
120 Cook Cnty, IL Sch Dist No
107 (a) (e) ...................................... 7.200 12/01/09 129,206
455 Cook Cnty, IL Sch Dist No 107 (a) ................... 7.200 12/01/09 489,284
1,000 Cook Cnty, IL Ser A (FGIC Insd)
(Prerefunded @ 5/15/11) .......................... 5.500 11/15/31 1,059,580
990 Cortland, IL Spl Tax Rev Sheaffer
Sys Proj (Acquired 5/02/06, Cost
$980,096) (c) .................................... 5.500 03/01/17 989,287
1,000 Deerfield, IL Ed Fac Chicagoland
Jewish High Sch Proj ............................. 6.000 05/01/41 1,023,450
1,000 Gilberts, IL Spl Svc Area No 19
Spl Tax The Conservancy Proj
Ser 1 ............................................ 5.375 03/01/16 978,190
2,725 Illinois Dev Fin Auth Rev Cmnty
Rehab Providers Fac Ser A I ...................... 7.375 07/01/25 2,914,033
1,565 Illinois Ed Fac Auth Rev DePaul
Univ (AMBAC Insd)
(Prerefunded @ 10/01/10) ......................... 5.625 10/01/15 1,663,501
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A ................................. 5.000 04/01/31 1,497,825
3,000 Illinois Fin Auth Rev Kewanee
Hosp Proj ........................................ 5.100 08/15/31 2,957,010
1,000 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A ........................... 6.000 05/15/25 1,047,510
1,350 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A ........................... 6.000 05/15/37 1,416,258
2,500 Illinois Fin Auth Rev Northwestrn
Mem Hosp Ser A ................................... 5.500 08/15/43 2,677,200
1,645 Illinois Hlth Fac Auth Rev
Evangelical Hosp Rfdg Ser C
(FSA Insd) (a) ................................... 6.750 04/15/12 1,769,576
4,750 Illinois Hsg Dev Auth Rev
Homeowner Mtg Sub Ser C-2
(AMT) ............................................ 5.150 08/01/37 4,787,383
3,000 Illinois St Ser 1 (FSA Insd) ........................ 5.250 12/01/21 3,159,930
3,440 Kendall, Kane & Will Cntys, IL
Cmnty Sch Dist No 308 Ser B
(FGIC Insd) (a) .................................. 5.250 10/01/19 3,618,226
250 Lake Cnty, IL Cmnty Unit Sch Dist
No 116 Round Lake (Radian
Insd) (e) ........................................ 7.600 02/01/14 301,560
2,675 Metropolitan Pier & Expo Auth IL
Dedicated St Tax Rev
McCormick Pl Expn Ser A
(MBIA Insd) ...................................... 5.250 06/15/42 2,802,678
206 Pingree Grove Vlg, IL Spl Svc
Area No 1 Spl Tax Cambridge
Lakes Proj Ser 05 ................................ 5.250 03/01/15 209,795
2,500 Schaumburg, IL Ser B (FGIC
Insd) ............................................ 5.000 12/01/41 2,562,275
3,250 University IL Univ Rev Auxiliary
Fac Sys (MBIA Insd) .............................. 4.500 04/01/36 3,125,265
850 Volo Vlg, IL Spl Svc Area No 3 Spl
Tax Symphony Meadows Proj
Ser 1 ............................................ 6.000 03/01/36 860,906
675 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (a) (e) .............................. * 01/01/16 473,783
1,335 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (a) .................................. * 01/01/16 931,656
425 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (a) (e) .............................. * 01/01/19 256,853
990 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (a) .................................. * 01/01/19 594,980
994 Yorkville, IL Utd City Spl Svc Area
Spl Tax No 2004-107 Raintree
Vlg IL Proj ...................................... 6.250 03/01/35 1,039,485
1,000 Yorkville, IL Utd City Spl Svc Area
Tax No 2005-108 Autumn Creek
IL Proj .......................................... 6.000 03/01/36 1,023,140
---------------
89,202,578
---------------
INDIANA 3.7%
1,000 Allen Cnty, IN Juvenile Justice Ctr
First Mtg (AMBAC Insd) ........................... 5.500 01/01/18 1,062,480
1,000 Indiana Hlth & Ed Fac Fin Auth Hosp
Rev Cmnty Fndtn Northwest IN ..................... 5.500 03/01/37 1,006,980
3,000 Indiana Hlth Fac Fin Auth Hosp
Rev Cmnty Proj Ser A (AMBAC
Insd) ............................................ 5.000 05/01/35 3,090,090
5,481 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Ser D-1
(AMT) (GNMA Collateralized) (b) .................. 4.625 07/01/38 5,073,963
7,420 Indianapolis, IN Loc Pub Impt Bd
Bk Arpt Auth Proj Ser B (MBIA
Insd) (AMT) (b) .................................. 5.250 01/01/25 7,776,550
1,500 Petersburg, IN Pollutn Ctl Rev IN
Pwr & Lt (AMT) ................................... 5.950 12/01/29 1,579,905
470 Saint Joseph Cnty, IN Econ Dev
Rev Ser A ........................................ 6.000 05/15/38 489,881
2,500 Vigo Cnty, IN Sch Bldg Corp First
Mtg Impt & Rfdg (FSA Insd)
(Prerefunded @ 1/10/13) .......................... 5.250 07/10/24 2,669,675
---------------
22,749,524
---------------
IOWA 1.2%
1,300 Pottawattamie Cnty, IA Rev
Christian Homes Inc Rfdg Ser E ................... 5.750 05/15/26 1,313,923
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser
C ................................................ 5.375 06/01/38 2,213,212
1,800 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser
C ................................................ 5.500 06/01/42 1,790,172
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser
C ................................................ 5.625 06/01/46 2,262,533
---------------
7,579,840
---------------
KANSAS 0.7%
70 Cowley Cnty, KS Uni Sch Dist No
465 Winfield Impt & Rfdg (MBIA
Insd) (a) ........................................ 5.250 10/01/22 73,991
1,755 Cowley Cnty, KS Uni Sch Dist No
465 Winfield Impt & Rfdg (MBIA
Insd) (Prerefunded @ 10/01/13)(a) ................ 5.250 10/01/22 1,887,134
2,000 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement Ser
A ................................................ 5.000 05/15/24 1,939,080
400 Overland Pk, KS Dev Corp Rev
First Tier Overland Pk Ser A ..................... 7.375 01/01/32 430,312
---------------
4,330,517
---------------
KENTUCKY 2.5%
4,840 Kentucky Hsg Corp Hsg Rev
Ser A (AMT) (b) .................................. 4.650 07/01/37 4,546,817
10,995 Louisville & Jefferson Cnty, KY
Metro Govt Hlth Sys Rev Norton
Hlthcare Inc (b) ................................. 5.000 10/01/30 11,052,797
---------------
15,599,614
---------------
LOUISIANA 3.2%
5,000 Ernest N Morial New Orleans, LA
Exhib Hall Auth Spl Tax Sub Ser
A (AMBAC Insd) ................................... 5.250 07/15/21 5,243,100
1,470 Louisiana Hsg Fin Agy Rev Azalea
Estates Rfdg Ser A (GNMA
Collateralized) (AMT) ............................ 5.375 10/20/39 1,507,176
1,675 Louisiana Loc Govt Environmental
Fac Pkg Fac Corp Garage Proj
Ser A (AMBAC Insd) (a) ........................... 5.200 10/01/19 1,737,611
4,400 Louisiana St Gas & Fuels Tax Rev
Ser A (FGIC Insd) (b) ............................ 5.000 05/01/41 4,526,896
6,865 Louisiana St Univ & Agric &
Mechanical College Univ Rev
Master Agreement (Acquired,
11/30/98, Cost $6,864,967) (c) ................... 5.750 10/30/18 6,868,263
---------------
19,883,046
---------------
MARYLAND 2.4%
2,240 Baltimore, MD Convention Ctr
Hotel Rev Ser A
(b) .............................................. 5.250 09/01/25 2,403,850
1,300 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev (AMT) (j) ................... 5.100 09/01/37 1,307,293
1,255 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ........................................ 4.450 09/01/21 1,198,468
1,000 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ........................................ 4.550 09/01/26 954,955
1,350 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ........................................ 4.625 09/01/31 1,289,189
675 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ........................................ 4.700 03/01/37 644,595
1,000 Maryland St Econ Dev Corp Rev
Sr Lien Chesapeake Bay Rfdg
Ser A ............................................ 5.000 12/01/31 953,920
500 Maryland St Econ Dev Corp
Student Hsg Rev Univ MD
College Pk Proj (Prerefunded @
6/01/13) ......................................... 5.625 06/01/35 546,955
500 Maryland St Hlth & Higher Ed Fac
Auth Rev King Farm
Presbyterian Cmnty Ser A ......................... 5.250 01/01/27 499,675
1,700 Maryland St Trans Auth Arpt
Baltimore/WA Intl Arpt Ser B
(AMBAC Insd) (AMT) ............................... 5.125 03/01/24 1,760,214
2,365 Northeast, MD Waste Disp Auth
Rfdg (AMBAC Insd) (AMT) .......................... 5.500 04/01/16 2,510,873
750 Prince Georges Cnty, MD Spl
Oblig Natl Harbor Proj ........................... 5.200 07/01/34 744,060
---------------
14,814,047
---------------
MASSACHUSETTS 4.3%
2,240 Massachusetts St Ser A (FGIC Insd)
(b) (i) ............................................ 4.149 05/01/37 2,226,560
2,765 Massachusetts St Dev Fin Agy
Proj Ser R-2 (MBIA Insd) ......................... 5.125 02/01/34 2,857,434
710 Massachusetts St Dev Fin Agy
Rev Boston Architectural Ctr
(ACA Insd) ....................................... 6.100 09/01/18 733,515
1,000 Massachusetts St Dev Fin Agy
Rev Boston Architectural Ctr
(ACA Insd) ....................................... 6.250 09/01/28 1,029,370
965 Massachusetts St Hlth & Ed Fac
Auth Rev Partn Hlthcare Sys
Ser C (Prerefunded @ 7/01/11) .................... 5.750 07/01/32 1,040,260
35 Massachusetts St Hlth & Ed Fac
Auth Rev Partn Hlthcare Sys Ser C ................ 5.750 07/01/32 37,597
3,700 Massachusetts St Hlth & Ed Fac
Auth Rev Ser G (MBIA Insd) ....................... 5.000 07/01/13 3,703,145
4,850 Massachusetts St Hlth & Ed Fac
Auth Rev Univ MA Mem Issue
Ser D ............................................ 5.000 07/01/33 4,756,541
1,000 Massachusetts St Hsg Fin Agy
Hsg Ser A (AMT) .................................. 5.100 12/01/27 1,012,660
3,680 Massachusetts St Hsg Fin Agy
Hsg Rev Single Family Hsg
Ser 126 (AMT) (b) ................................ 4.700 06/01/38 3,711,013
5,160 Massachusetts St Sch Bldg Auth
Dedicated Sales Tax Rev
Ser A (b) ........................................ 4.500 08/15/35 5,334,589
---------------
26,442,684
---------------
MICHIGAN 2.3%
3,145 Detroit, MI Loc Dev Fin Auth Tax
Increment Sr Ser B (Acquired
9/08/97, Cost $3,145,000) (c) .................... 6.700 05/01/21 3,211,548
775 Detroit, MI Loc Dev Fin Auth Tax
Increment Sub Ser C (Acquired
9/08/97, Cost $775,000) (c) ...................... 6.850 05/01/21 791,321
3,860 Detroit, MI Ser A (XLCA Insd) (a) ................... 5.250 04/01/21 4,053,347
1,000 Kent Hosp Fin Auth MI Rev Metro
Hosp Proj Ser A .................................. 5.250 07/01/30 1,009,950
1,000 Kent Hosp Fin Auth MI Rev Metro
Hosp Proj Ser A .................................. 6.000 07/01/35 1,069,720
1,450 Michigan St Hosp Fin Auth Rev
Chelsea Cmnty Hosp Oblig ......................... 5.000 05/15/37 1,409,415
500 Michigan St Hosp Fin Auth Rev
Hosp Genesys Regl Med Rfdg
Ser A (e) ........................................ 5.375 10/01/13 513,775
775 Michigan St Hsg Dev Rental Hsg
Rev Ser A (MBIA Insd) (AMT) ...................... 5.300 10/01/37 781,743
1,500 Michigan St Strategic Fd Detroit
Edison Co Proj Rfdg Ser C
(XLCA Insd) (AMT) ................................ 5.450 12/15/32 1,569,945
---------------
14,410,764
---------------
MINNESOTA 0.7 %
1,260 Glencoe, MN Hlthcare Fac Rev
Glencoe Regl Hlth Svc Proj ....................... 5.000 04/01/31 1,241,856
1,000 Inver Grove Heights, MN
Presbyterian Homes Care Rfdg ..................... 5.500 10/01/41 989,720
1,750 Saint Paul, MN Hsg & Redev Auth
Hosp Rev Hlth East Proj .......................... 6.000 11/15/35 1,865,588
---------------
4,097,164
---------------
MISSOURI 6.1%
160 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc .......................... 5.625 06/01/27 165,101
840 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc
(Prerefunded @ 6/01/12) .......................... 5.625 06/01/27 902,647
1,000 Carthage, MO Hosp Rev ............................... 5.875 04/01/30 1,011,070
2,250 Carthage, MO Hosp Rev ............................... 6.000 04/01/38 2,282,085
1,400 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt &
Rfdg ............................................. 6.100 06/01/20 1,413,678
1,000 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt &
Rfdg ............................................. 6.200 06/01/29 1,009,580
385 Fenton, MO Tax Increment Rev &
Impt Gravois Bluffs Proj Rfdg
(Prerefunded @ 10/01/11) ......................... 7.000 10/01/21 434,453
1,000 Joplin, MO Indl Dev Auth Indl Rev
Christian Homes Inc Rfdg
Ser F ............................................ 5.750 05/15/31 1,005,480
1,000 Kearney, MO (AMBAC Insd) ............................ 5.500 03/01/16 1,050,430
3,500 Missouri Jt Muni Elec Util Plum
Pwr Point Proj Rev (MBIA
Insd) ............................................ 5.000 01/01/24 3,642,520
1,200 Missouri St Hlth & Ed Fac Auth
Rev Sr Living Fac Lutheran
Rfdg Ser B ....................................... 5.125 02/01/27 1,217,340
1,415 Missouri St Hlth & Ed Fac Rev
Univ MO Columbia Arena Proj ...................... 5.000 11/01/18 1,463,846
1,000 Missouri St Hwys & Trans
Commn Rd Rev Ser A
(Prerefunded @ 2/01/12) .......................... 5.125 02/01/17 1,054,120
2,810 Perry Cnty, MO Nursing Home
Rev Rfdg ......................................... 5.900 03/01/28 2,820,566
1,000 Saint Charles, MO Ctf Partn Ser B ................... 5.500 05/01/18 1,054,240
2,505 Saint Louis, MO Arpt Rev Cap
Impt Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/12) (a) ...................... 5.375 07/01/20 2,677,444
1,460 Saint Louis, MO Brd Ed Direct
Dep Pgm Rfdg Ser A (FSA
Insd) ............................................ 5.000 04/01/21 1,520,897
2,475 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B
(AMBAC Insd) (AMT) (b) ........................... 4.550 07/01/29 2,339,024
3,025 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B
(AMBAC Insd) (AMT) (b) ........................... 4.600 07/01/36 2,858,806
8,000 Springfield, MO Pub Util Rev
(FGIC Insd) ...................................... 4.500 08/01/36 7,765,360
---------------
37,688,687
---------------
NEBRASKA 1.1%
2,620 Omaha Pub Pwr Dist NE Elec
Rev Sys Ser A .................................... 5.000 02/01/34 2,696,845
3,940 Omaha Pub Pwr Dist NE Elec Rev
Sys Ser AA (FGIC Insd) (b) ....................... 4.500 02/01/34 3,986,334
---------------
6,683,179
---------------
NEVADA 3.9%
3,000 Clark Cnty, NV Arpt Rev Sub Lien
Ser A-2 (FGIC Insd) .............................. 5.000 07/01/36 3,076,530
3,500 Clark Cnty, NV Bd Bk (MBIA Insd) .................... 5.000 06/01/32 3,609,235
4,000 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj Ser A
(AMBAC Insd) (AMT) ............................... 5.250 07/01/34 4,151,200
5,500 Clark Cnty, NV Indl Dev Rev Southwest
Gas Corp Proj Ser A (FGIC Insd)
(AMT) (b) ........................................ 4.750 09/01/36 5,391,870
80 Nevada Hsg Div Single Family
Mtg Mezz Ser D2 (AMT) ............................ 6.300 04/01/21 80,738
930 Reno, NV Cap Impt Rev (FGIC
Insd) ............................................ 5.125 06/01/26 963,926
1,570 Reno, NV Cap Impt Rev (FGIC
Insd) (Prerefunded @ 6/01/12) .................... 5.125 06/01/26 1,659,207
3,100 Reno, NV Hosp Rev Renown
Regl Med Ctr Proj Ser A (b) ...................... 5.250 06/01/37 3,129,419
1,500 Reno, NV Sr Lien Retrac Reno
Trans Proj (AMBAC Insd)
(Prerefunded @ 6/01/12) .......................... 5.125 06/01/37 1,582,515
---------------
23,644,640
---------------
NEW HAMPSHIRE 1.1%
4,800 New Hampshire Higher Ed & Hlth
Fac Auth Rev Daniel Webster
College Issue .................................... 6.300 07/01/29 4,893,648
1,525 New Hampshire Hlth & Ed Fac
Auth Rev Derryfield Sch .......................... 6.750 07/01/20 1,631,735
250 New Hampshire Hlth & Ed Fac
Hlthcare Sys Covenant Hlth ....................... 5.500 07/01/34 258,700
---------------
6,784,083
---------------
NEW JERSEY 10.1%
1,555 Eastern Camden Cnty, NJ Regl
Sch Dist Rfdg (FGIC Insd) (a) .................... * 03/01/08 1,521,101
1,000 New Jersey Econ Dev Auth Econ
Dev Rev Kapkowski Rd Landfill
Proj Rfdg ........................................ 5.750 04/01/31 1,090,700
1,500 New Jersey Econ Dev Auth Rev
Cig Tax .......................................... 5.750 06/15/29 1,598,565
500 New Jersey Econ Dev Auth Rev
Cig Tax .......................................... 5.750 06/15/34 530,440
25,000 New Jersey Econ Dev Auth St
Contract Econ Recovery (MBIA
Insd) ............................................ 5.900 03/15/21 29,076,000
1,500 New Jersey Econ Dev Auth Wtr
Fac Rev NJ Amern Wtr Co Inc
Ser B (FGIC Insd) (AMT) .......................... 5.375 05/01/32 1,540,575
1,000 New Jersey St Ed Fac Auth
Higher Ed Cap Impt Ser A
(AMBAC Insd) (Prerefunded @
9/01/12) ......................................... 5.250 09/01/21 1,065,710
5,000 New Jersey St Tpk Auth Tpk Rev
Ser C-1 (AMBAC Insd) ............................. 5.000 01/01/35 5,088,550
3,500 New Jersey St Tpk Auth Tpk Rev
Ser C (FSA Insd) ................................. 6.500 01/01/16 3,982,370
1,000 New Jersey St Trans Tr Fd Auth
Trans Sys Ser A .................................. 5.750 06/15/18 1,123,430
3,000 Newark, NJ Hsg Auth Port Auth
Newark Marine Term (MBIA Insd)
(Prerefunded @ 1/01/14) .......................... 5.000 01/01/37 3,188,280
2,000 Tobacco Settlement Fin Corp NJ
Ser 1-A .......................................... 5.000 06/01/41 1,845,600
11,000 Tobacco Settlement Fin Corp NJ
Ser 1A (b) ....................................... 5.000 06/01/41 10,150,800
---------------
61,802,121
---------------
NEW MEXICO 0.3%
1,500 Jicarilla, NM Apache Nation Rev
Adj Ser A (Acquired 10/23/03,
Cost $1,514,910) (c) ............................. 5.000 09/01/18 1,553,100
---------------
NEW YORK 16.2%
1,750 Liberty, NY Dev Corp Rev
Goldman Sachs Headquarters ....................... 5.250 10/01/35 1,860,967
2,300 Long Island Pwr Auth NY Elec
Gen Ser B ........................................ 5.000 12/01/35 2,375,302
3,000 Metropolitan Trans Auth NY Rev
Rfdg Ser A (FGIC Insd) ........................... 5.250 11/15/31 3,146,370
10,740 Metropolitan Trans Auth NY Rev
Ser B (FSA Insd) (b) ............................. 4.500 11/15/36 10,927,037
1,000 Nassau Cnty, NY Tob Settlement
Corp Asset Bkd Ser A-3 ........................... 5.000 06/01/35 973,410
2,000 Nassau Cnty, NY Tob Settlement
Corp Asset Bkd Ser A-3 ........................... 5.125 06/01/46 1,962,500
3,000 New York City Indl Dev Agy
Amern Airl JFK Intl Arpt
(AMT) ............................................ 7.625 08/01/25 3,507,030
1,000 New York City Indl Dev Agy
Amern Airl JFK Intl Arpt
(AMT) ............................................ 7.750 08/01/31 1,177,850
400 New York City Indl Dev Agy Rev
Liberty 7 World Trade Ctr Ser
A ................................................ 6.250 03/01/15 419,660
1,000 New York City Liberty Dev Corp
Rev National Sports Museum
Proj Ser A (Acquired 8/07/06,
Cost $1,000,000) (c) ............................. 6.125 02/15/19 1,033,580
8,800 New York City Muni Wtr Fin Auth
Wtr & Swr Sys Rev Ser D .......................... 5.000 06/15/38 9,079,664
2,500 New York City Muni Wtr Fin Auth
Wtr & Swr Sys Rev Ser D .......................... 5.000 06/15/39 2,577,275
5,000 New York City Ser A ................................. 6.250 08/01/08 5,047,150
85 New York City Ser A-1 ............................... 5.750 08/01/12 85,132
3,000 New York City Ser G ................................. 5.000 12/01/27 3,110,640
685 New York City Ser H (Prerefunded
@ 3/15/11) ....................................... 5.750 03/15/13 738,430
1,000 New York City Trans Future Tax
Second Ser C (AMBAC Insd) ........................ 5.250 08/01/22 1,053,830
6,800 New York St Dorm Auth Rev City
Univ Sys Cons Ser A .............................. 5.625 07/01/16 7,449,060
350 New York St Dorm Auth Rev Mt
Sinai NYU Hlth ................................... 5.500 07/01/26 353,048
4,200 New York St Dorm Auth Rev Secd
Hosp N General Hosp Rfdg ......................... 5.750 02/15/19 4,547,760
3,249 Plainedge, NY Uni Free Sch Dist
No. 2063 (Acquired 7/25/97,
Cost $3,249,280) (c) ............................. 6.000 06/01/12 3,295,777
9,920 Port Auth NY & NJ Cons Ser 144
(b) .............................................. 5.000 10/01/35 10,269,780
3,000 Triborough Brdg & Tunl Auth Gen
Purp Ser A ....................................... 5.000 01/01/27 3,073,230
5,000 Triborough Brdg & Tunl Auth NY
Gen Rfdg Ser B ................................... 5.000 11/15/21 5,175,150
3,900 Triborough Brdg & Tunl Auth NY
Rev Rfdg Ser E (MBIA Insd) ....................... 5.000 11/15/32 4,028,622
10,500 Tsasc Inc NY Ser 1 .................................. 5.000 06/01/34 10,243,275
1,000 Westchester Tob Asset Sec Corp
NY ............................................... 5.000 06/01/26 985,770
500 Yonkers, NY Indl Dev Agy Civic
Fac Rev Cmnty Dev Ppty
Yonkers Inc Ser A (Prerefunded
@ 2/01/11) ....................................... 6.625 02/01/26 547,345
---------------
99,044,644
---------------
NORTH CAROLINA 3.9%
8,300 North Carolina Muni Pwr Agy No 1
Catawba Elec Rev Rfdg (MBIA
Insd) ............................................ 6.000 01/01/12 9,012,887
7,605 North Carolina Muni Pwr Agy Ser
A (MBIA Insd) .................................... 5.250 01/01/20 7,997,418
6,820 North Carolina Med Care Cmnty
Hlth Sys Rev Mission Hlth
Combined Group (b) ............................... 5.000 10/01/36 6,876,367
---------------
23,886,672
---------------
NORTH DAKOTA 0.2%
1,500 Grand Forks, ND Sr Hsg Rev
4000 Vly Square Proj Rfdg ........................ 5.300 12/01/34 1,483,860
---------------
OHIO 4.3%
300 Adams Cnty Hosp Fac Impt Rev
Adams Cnty Hosp Proj ............................. 6.250 09/01/20 304,443
2,335 Cleveland-Cuyahoga Cnty, OH
Dev Port Auth Rev Cleveland
Bond Fd Ser B (a) ................................ 5.375 05/15/18 2,354,030
1,000 Columbus, OH City Sch Dist Sch
Fac Constr & Impt (FSA Insd)
(Prerefunded @ 12/01/14) ......................... 5.250 12/01/21 1,085,790
1,000 Cuyahoga Cnty, OH Hosp Fac
Rev Canton Inc Proj .............................. 7.500 01/01/30 1,088,300
1,000 Lorain Cnty, OH Hosp Rev
Catholic Hlthcare Ser S .......................... 5.375 10/01/30 1,028,960
2,000 Lorain, OH City Sch Dist
Classroom Fac Impt
(MBIA Insd) (Prerefunded @
12/01/12) ........................................ 5.250 12/01/20 2,135,553
2,270 Montgomery Cnty, OH Hosp Rev
Kettering Med Ctr Impt & Rfdg
(MBIA Insd) ...................................... 6.250 04/01/20 2,680,620
10,520 Ohio St Air Quality Dev Auth Rev
Dayton Pwr & Lt Co Proj (FGIC
Insd) (AMT) (b) .................................. 4.800 09/01/36 10,425,820
1,250 Ohio St Bldg Auth St Fac Admin
Bldg Fd Proj Ser A (FSA Insd) .................... 5.000 04/01/22 1,291,375
2,500 Ohio St Bldg Auth St Fac Adult
Correction Rfdg Ser A (FSA
Insd) ............................................ 5.500 10/01/12 2,653,600
1,000 Ohio St Higher Ed Fac Cmnty
Rev Hosp Univ Hosp Hlth Sys
Inc Ser A ........................................ 5.250 01/15/46 1,016,370
---------------
26,064,861
---------------
OKLAHOMA 1.6%
1,240 Kay Cnty, OK Home Fin Auth Rev
Single Family Mtg Rfdg Ser A
(AMBAC Insd) (e) ................................. 7.000 11/01/11 1,385,254
1,250 Oklahoma City, OK Pub Ppty Auth
Hotel Tax Rev (FGIC Insd) ........................ 5.250 10/01/29 1,334,975
855 Oklahoma Hsg Fin Agy Single
Family Rev Mtg Class B
(GNMA Collateralized) (AMT) ...................... 7.997 08/01/18 912,961
6,220 Tulsa Cnty, OK Indl Auth Hlthcare
Rev Saint Francis Hlth Sys (b) ................... 5.000 12/15/36 6,258,999
---------------
9,892,189
---------------
OREGON 0.9%
4,000 Oregon Hlth Sciences Univ Insd
Ser A (MBIA Insd) ................................ 5.250 07/01/22 4,203,440
1,500 Oregon St Dept Admin Rfdg Ser
C (MBIA Insd) .................................... 5.250 11/01/17 1,577,445
---------------
5,780,885
---------------
PENNSYLVANIA 4.4%
1,750 Allegheny Cnty, PA Hosp Dev Auth
Rev Hlth Sys West PA Ser A ....................... 5.000 11/15/28 1,646,102
385 Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd) .................................. 5.500 12/01/30 405,590
315 Crawford Cnty, PA Hosp Auth Sr
Living Fac Rev Wesbury Utd
Methodist Cmnty (a) .............................. 5.875 08/15/10 324,932
295 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A (a) .............................. 5.250 12/15/07 295,142
210 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A .................................. 5.300 12/15/08 210,565
320 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A (a) .............................. 5.300 12/15/09 320,227
240 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A .................................. 5.400 12/15/10 240,137
1,000 Lehigh Cnty, PA Gen Purp Auth
Rev St Lukes Hosp Bethlehem
PA (i) ........................................... 4.611 08/15/42 970,000
400 Montgomery Cnty, PA Indl Dev
Auth Rev Mtg Whitemarsh
Continuing Care Proj ............................. 6.125 02/01/28 417,316
1,550 Pennsylvania Hsg Fin Agy Ser
94-A (AMT) ....................................... 5.100 10/01/31 1,557,595
8,000 Pennsylvania St Pub Sch Bldg Auth
Lease Rev Sch Dist Philadelphia
Proj Ser B (FSA Insd) (b) ........................ 4.500 06/01/32 7,760,800
1,000 Philadelphia, PA Auth Indl Dev PA
Arpt Sys Proj Ser A (FGIC Insd)
(AMT) ............................................ 5.125 07/01/19 1,029,920
2,600 Philadelphia, PA Auth Indl Rev
Ser B (FSA Insd) ................................. 5.500 10/01/16 2,781,896
3,200 Philadelphia, PA Gas Wks Rev
1998 Gen Ordinance Ser 4
(FSA Insd) (Prerefunded @
8/01/13) ......................................... 5.250 08/01/19 3,438,880
2,675 Pittsburgh, PA Ser A (AMBAC
Insd) ............................................ 5.500 09/01/17 2,833,146
2,530 Pittsburgh, PA Ser A (AMBAC
Insd) (Prerefunded @ 3/01/12) .................... 5.500 09/01/17 2,706,518
---------------
26,938,766
---------------
SOUTH CAROLINA 5.9%
1,000 Charleston Ed Excellence Fin Corp
SC Rev Charleston Cnty Sch Dist
(b) .............................................. 5.250 12/01/25 1,054,780
3,000 Charleston Ed Excellence Fin Corp
SC Rev Charleston Cnty Sch Dist
(b) .............................................. 5.250 12/01/26 3,164,340
4,305 Charleston Ed Excellence Fin Corp
SC Rev Charleston Cnty Sch Dist
(AGC Insd) (b) ................................... 5.250 12/01/28 4,551,332
6,955 Charleston Ed Excellence Fin Corp
SC Rev Charleston Cnty Sch Dist
(AGC Insd) (b) ................................... 5.250 12/01/29 7,352,965
5,000 Kershaw Cnty, SC Pub Kershaw
Cnty Sch Dist Proj (CIFG Insd) ................... 5.000 12/01/26 5,178,850
475 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) ............................ 5.125 01/01/13 493,055
1,235 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) (a) ........................ 5.250 01/01/15 1,285,462
900 South Carolina Jobs Econ Dev
Auth Hlth Fac Rev First Mtg
Wesley Commons Rfdg .............................. 5.125 10/01/26 881,649
2,500 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser A (AMBAC Insd) .......................... 5.200 11/01/27 2,609,100
9,250 South Carolina Trans
Infrastructure Bk Rev Ser A
(AMBAC Insd) ..................................... 5.000 10/01/33 9,533,235
---------------
36,104,768
---------------
SOUTH DAKOTA 0.5%
3,620 South Dakota Hsg Dev Auth
Homeownership Mtg Ser E
(AMT) (b) ........................................ 4.625 05/01/36 3,364,446
---------------
TENNESSEE 1.7%
400 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp First Mtg Impt &
Rfdg Ser B ....................................... 8.000 07/01/33 460,460
400 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp Impt & Rfdg Ser
B (MBIA Insd) .................................... 7.750 07/01/29 470,484
4,000 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Rfdg Ser A (MBIA Insd) ...................... 7.500 07/01/25 4,700,080
1,000 Metropolitan Nashville Arpt Auth
TN Impt & Rfdg Ser A (FGIC
Insd) ............................................ 6.600 07/01/14 1,096,280
1,500 Shelby Cnty, TN Hlth Ed & Hsg
Fac Brd Rev Trezevant Manor
Proj Ser A ....................................... 5.625 09/01/26 1,516,170
1,490 Tennessee Hsg Dev Agy Home
Ownership Pgm 2006 (AMT) ......................... 5.150 01/01/37 1,499,536
445 Tennessee Hsg Dev Agy Home
Ownership Pgm 2-A (AMT) .......................... 5.700 07/01/31 450,856
---------------
10,193,866
---------------
TEXAS 9.9%
1,130 Alliance Arpt Auth Inc TX Spl Fac
Rev FedEx Corp Proj Rfdg
(AMT) ............................................ 4.850 04/01/21 1,108,349
1,250 Austin, TX Convention
Enterprises Inc Convention Ctr
Second Tier Rfdg Ser B ........................... 5.750 01/01/24 1,291,025
1,000 Brazos Cnty, TX Hlth Fac Dev
Oblig Grp ........................................ 5.375 01/01/32 1,023,900
2,500 Coastal Bend Hlth Fac Dev TX
Ser C (AMBAC Insd) (f) ........................... 7.828 11/15/13 3,038,750
2,420 Dallas Cnty, TX Cmnty College
Dist Rev Fin Sys (AMBAC Insd)
(Prerefunded @ 2/15/10) (a) ...................... 5.375 02/15/16 2,512,565
1,000 Dallas-Fort Worth, TX Intl Arpt
Rev Jt Impt & Rfdg Ser A (FGIC
Insd) (AMT) ...................................... 5.500 11/01/31 1,041,160
730 Fort Worth, TX Wtr & Swr Rev
Impt & Rfdg ...................................... 5.750 02/15/16 767,778
770 Fort Worth, TX Wtr & Swr Rev
Impt & Rfdg (Prerefunded @
8/15/10) ......................................... 5.750 02/15/16 812,696
6,000 Harris Cnty-Houston, TX Sports
Auth Spl Rev Jr Lien Rfdg Ser B
(MBIA Insd) ...................................... 5.250 11/15/40 6,223,080
2,000 Harris Cnty, TX Toll Rd Sub Lien
Rfdg (Prerefunded @ 8/01/08) ..................... 5.000 08/01/33 2,025,260
1,000 Houston, TX Arpt Sys Rev Sub
Lien Ser A (FSA Insd) (AMT) ...................... 5.625 07/01/30 1,034,120
3,345 Houston, TX Hotel Occupancy
Tax Convention & Entmt Ser B
(AMBAC Insd) ..................................... 5.750 09/01/14 3,575,471
130 Houston, TX Pub Impt & Rfdg
(FSA Insd) ....................................... 5.750 03/01/15 137,007
4,000 Houston, TX Util Sys Rev First
Lien Rfdg Ser A (FGIC Insd) ...................... 5.250 05/15/23 4,243,160
10,000 Houston, TX Util Sys Rev First
Lien Rfdg Ser A (FSA Insd) ....................... 5.250 05/15/21 10,607,900
1,250 Matagorda Cnty, TX Navig Dist No
1 Rev Coll Centerpoint Energy
Proj Rfdg ........................................ 5.600 03/01/27 1,304,163
1,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care
Ctr Ser A (Prerefunded @
2/15/10) ......................................... 7.625 02/15/28 1,096,470
1,800 Metropolitan Hlth Fac Dev Corp
TX Wilson N Jones Mem Hosp
Proj ............................................. 7.250 01/01/31 1,851,300
1,000 North Central, TX Hlth Fac Dev
Corp Rev Hosp Baylor Hlthcare
Sys Proj Ser A ................................... 5.125 05/15/29 1,009,170
4,000 North Central, TX Hlth Fac Dev
Hosp Childrens Med Ctr Dallas
(AMBAC Insd) ..................................... 5.250 08/15/32 4,164,520
33 Pecos Cnty, TX Ctf Partn
(Acquired 6/23/97, Cost $32,732)
(c) .............................................. 6.000 01/12/08 32,842
3,381 Region One Ed Svc Ctr Sub Tech
Fac Proj (Acquired 12/30/97,
Cost $3,572,845) (c) ............................. 6.590 12/15/17 3,607,643
1,000 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckingham
Sr Living Cmnty Inc (j) .......................... 5.625 11/15/27 1,019,470
1,000 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckingham
Sr Living Cmnty Inc (j) ) ........................ 5.750 11/15/37 1,020,530
5,500 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckner
Retirement Svc Inc Proj .......................... 5.250 11/15/37 5,600,265
80 Texas Muni Pwr Agy Rev (MBIA
Insd) (e) ........................................ * 09/01/15 57,139
395 Texas St Pub Ppty Fin Corp Rev
Mental Hlth & Retardation Rfdg
(FSA Insd) ....................................... 5.500 09/01/13 395,474
---------------
60,601,207
---------------
VERMONT 1.0%
1,000 Vermont Econ Dev Auth Mtg Rev
Wake Robin Corp Proj Ser A ....................... 5.375 05/01/36 1,000,810
4,900 Vermont Hsg Fin Agy Multiple Purp
Ser A (FSA Insd) (AMT) (b) ....................... 5.150 05/01/38 4,933,247
---------------
5,934,057
---------------
VIRGINIA 3.0%
1,320 Fairfax Cnty, VA Ctf Partn .......................... 5.300 04/15/23 1,390,211
1,340 Richmond, VA (FSA Insd) ............................. 5.500 01/15/10 1,395,878
2,590 Tobacco Settlement Fin Corp VA ...................... 5.500 06/01/26 2,807,223
2,750 Tobacco Settlement Fin Corp VA
(Prerefunded @ 6/01/15) .......................... 5.625 06/01/37 3,039,437
5,840 Virginia St Hsg Auth Dev Auth
Rental Hsg Ser D (AMT) (b) ....................... 4.650 01/01/39 5,474,679
4,480 Virginia St Hsg Dev Auth Comwlth Mtg
Ser B (AMT) (b) .................................. 4.850 01/01/36 4,340,829
---------------
18,448,257
---------------
WASHINGTON 3.9%
5,000 Bellevue, WA Convention Ctr Auth
Spl Oblig Rev Rfdg (MBIA
Insd) ............................................ * 02/01/24 2,326,850
3,000 Clark Cnty, WA Pub Util Dist No
001 Gen Sys Rev Rfdg (FSA
Insd) ............................................ 5.625 01/01/12 3,120,960
5,000 Cowlitz Cnty, WA Spl Swr Rev
CSOB Wastewtr Treatment
Rfdg (FGIC Insd) ................................. 5.500 11/01/19 5,591,700
3,000 Energy Northwest WA Elec Rev
Proj No 3 Rfdg Ser A (FSA
Insd) ............................................ 5.500 07/01/18 3,187,800
5,000 King Cnty, WA Rfdg Ser B (MBIA
Insd) ............................................ 5.250 01/01/34 5,072,750
2,000 Port Seattle, WA Rev Ser B
(MBIA Insd) (AMT) ................................ 5.625 02/01/24 2,075,840
1,345 Tacoma, WA Elec Sys Rev Rfdg
Ser A (FSA Insd) ................................. 5.750 01/01/15 1,436,057
1,000 Washington St Hsg Fin Cmnty
Single Family Prog Ser 2A
(GNMA Collateralized) (AMT) ...................... 4.700 12/01/38 939,620
---------------
23,751,577
---------------
WEST VIRGINIA 1.1%
6,550 Harrison Cnty, WV Cnty Cmnty
Solid Waste Disp Rev Potomac
Edison Co Ser A (MBIA Insd)
(AMT) (a) ........................................ 6.875 04/15/22 6,564,934
---------------
WISCONSIN 2.9%
1,500 Waukesha, WI Redev Auth Hsg
Revr Sr Kirkland Crossings Proj
Rfdg ............................................. 5.500 07/01/41 1,498,320
5,240 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev Ser A
(AMT) (b) ........................................ 4.750 09/01/33 5,016,959
5,940 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev Ser A
(AMT) (b) ........................................ 4.800 03/01/38 5,691,025
5,000 Wisconsin St Hlth & Ed Fac Auth
Mercy Hlth Sys Corp (AMBAC
Insd) ............................................ 5.500 08/15/25 5,172,100
400 Wisconsin St Hlth & Ed Fac Auth
Rev Beaver Dam Cmnty Hosp
Inc Ser A ........................................ 6.000 08/15/19 421,372
---------------
17,799,776
---------------
GUAM 1.0%
6,000 Guam Pwr Auth Rev Ser A
(AMBAC Insd) ..................................... 5.250 10/01/34 6,192,600
---------------
PUERTO RICO 1.1%
2,000 Puerto Rico Muni Fin Agy Ser A
(FSA Insd) ....................................... 5.250 08/01/20 2,109,960
4,500 Puerto Rico Pub Bldg Auth Rev
Gtd Govt Fac Ser I (Comwth
Gtd) ............................................. 5.250 07/01/33 4,697,145
---------------
6,807,105
---------------
TOTAL LONG-TERM INVESTMENTS 189.1% 1,159,516,454
(Cost $1,129,868,208)
SHORT-TERM INVESTMENT 0.1% 800,000
(Cost $800,000) ---------------
TOTAL INVESTMENTS 189.2% 1,160,316,454
(Cost $1,130,668,208)
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (36.6%)
(Cost ($224,179,000))
$(224,179) Notes with interest rates ranging from 3.62%
to 3.75% at July 31, 2007 and contractual
maturities of collateral ranging from 2021 to
2047 (k) (224,179,000)
---------------
TOTAL NET INVESTMENTS 152.6% 936,137,454
(Cost $906,489,208)
OTHER ASSETS IN EXCESS OF LIABILITIES 0.4% 2,478,590
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS (53.0%) (325,488,378)
---------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%................................................ $ 613,127,666
===============
Percentages are calculated as a percentage of net assets applicable to common shares.
* Zero coupon bond
(a) The Trust owns 100% of the outstanding bond issuance.
(b) Underlying security related to Inverse Floaters entered into by the Trust.
(c) 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 4.3% of net assets
applicable to common shares.
(d) All or a portion of this security has been physically segregated in connection with open futures contracts.
(e) Escrowed to Maturity
(f) Inverse Floating Rate
(g) 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.
(h) Security is a "step-up" bond where the coupon increases or steps up at a predetermined date.
(i) Floating Rate Coupon
(j) Security purchased on a when-issued or delayed delivery basis
(k) Floating rate notes. The interest rates shown reflect the rates in effect at July 31, 2007.
ACA - American Capital Access
AGC - AGC Insured Custody Certificates
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
CIFG - CDC IXIS Financial Guaranty
Comwth - Commonwealth of Puerto Rico
FGIC - Financial Guaranty Insurance Co.
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
MBIA - Municipal Bond Investors Assurance Corp.
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF JULY 31, 2007:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Bond Futures, September 2007 (Current
Notional Value of $110,063 per contract) ........................ 1,186 $ (1,324,266)
----------- ---------------
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 Trust
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 20, 2007
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: September 20, 2007
By: /s/ Stuart N. Schuldt
---------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: September 20, 2007