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
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
(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: 1/31/07
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 - January 31, 2007 (Unaudited)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------- ------------------------------------------ ------ -------- --------------
MUNICIPAL BONDS 179.0%
ALABAMA 4.9%
$ 1,000 Birmingham Baptist Med Ctr AL
Baptist Hlth Sys Ser A ................ 5.875% 11/15/24 $ 1,068,210
3,695 Gadsden, AL Wts Ser B
(AMBAC Insd) (a) ...................... 5.250 08/01/21 3,974,638
2,000 Jefferson Cnty, AL Ltd Oblig
Sch Wt Ser A .......................... 5.250 01/01/23 2,125,460
4,000 Jefferson Cnty, AL Swr Rev
Cap Impt Wts (FGIC Insd)
(Prerefunded @ 8/01/12) ............... 5.125 02/01/42 4,257,760
2,295 Marshall Cnty, AL Hlthcare Ser C ......... 6.000 01/01/32 2,460,515
6,720 University AL at Birmingham
Hosp Rev Ser A (b) .................... 5.000 09/01/36 6,939,318
9,840 University AL at Birmingham Hosp
Rev Ser A (b) ......................... 5.000 09/01/41 10,107,353
--------------
30,933,254
--------------
ALASKA 1.4%
2,000 Alaska St Intl Arpt Rev Ser B
(AMBAC Insd) (Prerefunded
@ 10/01/12) ........................... 5.750 10/01/17 2,199,700
1,000 Matanuska-Susitna Boro, AK Ctf
Partn Pub Safety Bldg Lease
(FSA Insd) ............................ 5.750 03/01/16 1,054,410
5,870 Northern Tob Sec Corp AK Tob
Settlement Rev Asset Bkd Ser
A ..................................... 5.000 06/01/46 5,899,996
--------------
9,154,106
--------------
ARIZONA 2.4%
1,425 Arizona Cap Fac Fin Corp
Student Hsg Rev AZ St Univ
Proj .................................. 6.250 09/01/32 1,514,732
1,000 Arizona Hlth Fac Auth Hosp Sys
Rev John C Lincoln Hlth
Network (Prerefunded @
12/01/12) ............................. 6.375 12/01/37 1,139,020
1,135 Cottonwood, AZ Wtr Rev Sys
Sr Lien (XLCA Insd) ................... 5.000 07/01/35 1,194,599
1,650 Glendale, AZ Indl Dev Auth Rfdg .......... 5.000 12/01/35 1,676,994
9,750 University of AZ Med Ctr Corp ............ 5.000 07/01/35 9,930,668
--------------
15,456,013
--------------
ARKANSAS 0.4%
2,310 Arkansas St Dev Fin Auth Rev
St Agy Fac Donaghey Plaza
Proj (FSA Insd) ....................... 5.000 06/01/34 2,409,907
--------------
CALIFORNIA 33.9%
4,000 Anaheim, CA Pub Fin Auth
Lease Rev Cap Apprec Sub
Pub Impt Proj Ser C (FSA
Insd) ................................. * 09/01/20 2,220,560
7,500 Anaheim, CA Pub Fin Auth Rev
Elec Sys Dist Fac Ser A (FSA
Insd) ................................. 5.000 10/01/31 7,826,250
2,100 Bay Area Govt Assn CA Rev
Tax Alloc CA Redev Pool Ser
A (XLCA Insd) ......................... 5.250 09/01/35 2,242,569
1,560 California Cnty, CA Tob Sec Agy
Tob Asset Bkd Merced Cnty
Rfdg Ser A ............................ 5.125 06/01/38 1,586,348
1,875 California Cnty, CA Tob Sec Agy
Tob Asst Bkd Merced Cnty
Rfdg Ser A ............................ 5.250 06/01/45 1,922,550
7,125 California Ed Fac Auth Rev
Pepperdine Univ Rfdg Ser A
(FGIC Insd) ........................... 5.000 09/01/33 7,411,211
350 California Hlth Fac Fin Auth Rev
Casa De Las Ser A (MBIA
Insd) ................................. 5.250 08/01/17 357,126
1,000 California Hlth Fac Fin Auth Rev
Cedars Sinai Med Ctr Rfdg ............. 5.000 11/15/27 1,037,740
9,450 California Hlth Fac Fin Auth Rev
Cedars Sinai Med Ctr Rfdg (b) ......... 5.000 11/15/34 9,758,070
1,000 California Hlth Fac Fin Auth Rev
Kaiser Permanente Ser A ............... 5.000 04/01/37 1,033,740
2,870 California Hsg Fin Agy Rev Home
Mtg Ser M (AMT) (b) ................... 4.625 08/01/26 2,858,104
5,260 California Hsg Fin Agy Rev Home
Mtg Ser M (AMT) (b) ................... 4.650 08/01/31 5,233,384
3,650 California Hsg Fin Agy Rev Home
Mtg Ser M (AMT) (b) ................... 4.700 08/01/36 3,634,871
6,000 California Hsg Fin Agy Rev Home
Mtg Ser M (AMT) (b) ................... 4.750 08/01/42 5,975,130
1,000 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser B (AMT) ............. 5.000 07/01/27 1,032,350
5,000 California St (MBIA Insd) ................ 5.000 02/01/32 5,170,750
5,385 California St (AMBAC Insd) ............... 5.125 10/01/27 5,492,700
5,000 California St Rfdg ....................... 5.000 08/01/28 5,245,200
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 2,947,595
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ............................ 5.250 07/01/30 1,047,030
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ............................ 5.250 07/01/35 1,045,610
2,000 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A ............................ 5.000 03/01/30 2,059,540
2,500 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A ............................ 5.000 03/01/35 2,567,625
2,300 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ................................. 5.000 03/01/41 2,371,898
3,200 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ................................. 5.250 03/01/45 3,371,104
3,805 California Statewide Cmnty Dev
Auth Rev Sutter Hlth Ser A ............ 5.000 11/15/43 3,953,091
5,000 California St Dept Wtr Res Pwr
Ser A (AMBAC Insd)
(Prerefunded @ 5/01/12) (d) ........... 5.375 05/01/18 5,443,500
3,705 California St Dept Wtr Res Pwr
Ser A (MBIA Insd)
(Prerefunded @ 5/01/12) ............... 5.375 05/01/21 4,033,634
2,000 California St Dept Wtr Res Pwr
Ser A (MBIA Insd)
(Prerefunded @ 5/01/12) ............... 5.375 05/01/22 2,177,400
2,000 California St Dept Wtr Res Pwr
Ser A (Prerefunded @
5/01/12) .............................. 6.000 05/01/15 2,236,580
5,295 California St Econ Rec Ser A ............. 5.000 07/01/17 5,579,553
1,995 California St Pub Wks Brd UCLA
Replacement Hosp Ser A
(FSA Insd) ............................ 5.375 10/01/20 2,142,690
5,000 California St Univ Rev Syswide
Ser A (AMBAC Insd) .................... 5.000 11/01/23 5,235,950
3,500 Capistrano, CA Uni Sch Dist
(FGIC Insd) ........................... 5.000 09/01/29 3,693,445
1,000 Davis, CA Pub Fac Fin Auth
Mace Ranch Area Ser A ................. 6.600 09/01/25 1,032,220
18,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
(MBIA Insd) ........................... * 01/15/25 6,618,240
27,810 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg ........... * 01/15/33 6,199,683
6,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Sr
Lien Ser A (e) ........................ * 01/01/18 3,807,360
225 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Sr
Lien Ser A (Prerefunded @
1/01/10) .............................. 7.150 01/01/13 250,742
5,000 Golden St Tob Sec Corp CA
Tob Settlement Rev Enhanced
Ser A (FGIC Insd) ..................... 5.000 06/01/35 5,237,300
18,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced Ser
A (FGIC Insd) (b) ..................... 5.000 06/01/38 18,828,720
5,000 Golden St Tob Sec Corp CA
Tob Settlement Rev Enhanced
Ser A ................................. 5.000 06/01/45 5,166,550
2,240 Huntington Park, CA Redev Agy
Rev Tax Alloc Santa Fe Redev
Rfdg .................................. 6.200 10/01/27 2,301,891
2,635 Imperial Irr Dist CA Ctf Partn Elec
Sys Proj (FSA Insd) ................... 5.250 11/01/23 2,807,935
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 1,604,955
1,000 San Joaquin Hills, CA Transn
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ................................. * 01/15/27 413,070
1,000 San Joaquin Hills, CA Transn
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ................................. * 01/15/28 393,550
4,290 Tobacco Sec Auth Northn CA
Tob Settlement Rev Asset Bkd
Ser A-1 ............................... 5.375 06/01/38 4,458,983
3,050 Tobacco Sec Auth Northn CA
Tob Settlement Rev Asset Bkd
Ser A-1 ............................... 5.500 06/01/45 3,193,930
3,200 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A-1 ............. 5.000 06/01/37 3,228,128
8,350 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A-1 ............. 5.125 06/01/46 8,476,837
5,000 University CA Rev Gen Ser B
(AMBAC Insd) .......................... 5.000 05/15/20 5,313,850
5,500 University CA Rev Gen Ser J
(FSA Insd) (b) ........................ 4.500 05/15/31 5,474,132
11,000 University CA Rev Gen Ser J
(FSA Insd) (b) ........................ 4.500 05/15/35 10,948,265
--------------
215,701,239
--------------
COLORADO 5.5%
1,600 Arkansas River Pwr Auth CO
Impt (XLCA Insd) ...................... 5.250 10/01/40 1,714,512
4,500 Colorado Hlth Fac Auth Rev
Adventist Hlth/Sunbelt Ser
D Rfdg (b) ............................ 5.250 11/15/27 4,773,690
1,000 Colorado Hlth Fac Auth Rev
Catholic Hlth Initiatives Ser
A (e) ................................. 5.500 03/01/32 1,071,670
2,250 Colorado Hlth Fac Auth Rev
Covenant Retirement Cmnty
Inc ................................... 5.000 12/01/35 2,277,900
1,000 Colorado Hlth Fac Auth Rev
Evangelical Lutheran Ser A ............ 5.250 06/01/34 1,036,230
3,700 Colorado Hlth Fac Auth Rev Hlth
Fac Evangelical Lutheran .............. 5.000 06/01/35 3,768,857
1,125 Colorado Hlth Fac Auth Rev
Hosp Portercare Adventist
Hlth (Prerefunded @
11/15/11) ............................. 6.500 11/15/31 1,263,274
2,500 Colorado Hsg Fin Auth Single
Family Mtg Rev Class II Ser
C-3 (AMT) (b) ......................... 4.625 11/01/36 2,444,500
4,000 Colorado Springs, CO Util Rev
Sys Sub Lien Impt Rfdg Ser A .......... 5.000 11/15/29 4,127,640
100 Jefferson Cnty, CO Residential
Mtg Rev (a)(e) ........................ 9.000 09/01/12 124,594
265 Jefferson Cnty, CO Residential
Mtg Rev (a)(e) ........................ 11.500 09/01/08 295,459
300 Jefferson Cnty, CO Residential
Mtg Rev (a)(e) ........................ 11.500 09/01/09 354,714
340 Jefferson Cnty, CO Residential
Mtg Rev (a)(e) ........................ 11.500 09/01/10 423,725
220 Jefferson Cnty, CO Residential
Mtg Rev (e) ........................... 11.500 09/01/11 287,747
1,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ................. 5.500 12/01/30 1,062,740
2,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ................. 5.500 12/01/37 2,116,540
6,365 Platte Riv Pwr Auth CO Pwr Rev
Ser EE ................................ 5.375 06/01/16 6,814,687
1,000 Salida, CO Hosp Dist Rev ................. 5.250 10/01/36 1,011,640
--------------
34,970,119
--------------
CONNECTICUT 2.7%
2,840 Connecticut St Spl Oblig Pkg Rev
Bradley Intl Arpt Ser A (ACA
Insd) (AMT) ........................... 6.600 07/01/24 3,092,135
3,460 Mashantucket Western Pequot
Tribe CT Spl Rev Ser A
(Prerefunded @ 09/01/07) (f) .......... 6.400 09/01/11 3,549,891
6,500 Mashantucket Western Pequot
Tribe CT Spl Rev Ser B (f) ............ 5.750 09/01/18 6,668,285
3,500 Mashantucket Western Pequot
Tribe CT Spl Rev Ser B (f) ............ 5.750 09/01/27 3,578,435
--------------
16,888,746
--------------
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 1,021,660
5,000 Metropolitan Washington DC
Arpt Auth Sys Ser A (FGIC
Insd) (AMT) ........................... 5.125 10/01/26 5,174,450
--------------
6,196,110
--------------
FLORIDA 12.5%
3,800 Brevard Cnty, FL Hlth Fac Auth
Hlthcare Fac Rev First Inc
Proj .................................. 5.000 04/01/34 3,914,418
3,380 Brevard Cnty, FL Hlth Fac Hlth
First Inc Proj (MBIA Insd) ............ 5.125 04/01/31 3,503,809
400 Capital Tr Agy FL Rev Ft
Lauderdale Proj (AMT) ................. 5.750 01/01/32 418,304
460 Escambia Cnty, FL Hlth Fac Auth
Rev (AMBAC Insd) ...................... 5.950 07/01/20 476,647
3,000 Florida St Dept Environmental
Prot Preservtn Rev Ser A
(FGIC Insd) ........................... 5.750 07/01/10 3,187,170
5,000 Florida St Dept Trans Tpk Rev
Ser A ................................. 5.000 07/01/29 5,268,250
1,895 Gulf Breeze, FL Rev Loc Govt
(FGIC Insd) (a) ....................... 5.625 12/01/20 2,001,935
1,250 Highlands Cnty, FL Hlth Fac
Auth Rev Hosp Adventist Hlth
Rfdg Ser C ............................ 5.000 11/15/31 1,283,450
5,000 Highlands Cnty, FL Hlth Fac
Auth Rev Hosp Adventist Hlth
Ser D ................................. 5.000 11/15/35 5,130,200
1,000 Highlands Cnty, FL Hlth Fac
Auth Rev Hosp Adventist Hlth
Ser D (Prerefunded @
11/15/13) ............................. 5.375 11/15/35 1,090,600
8,295 Hillsborough Cnty, FL Indl Dev
Auth Hosp Rev Tampa Gen Hosp
Proj (b) .............................. 5.000 10/01/36 8,508,735
2,310 Hillsborough Cnty, FL Indl Dev
Auth Indl Dev Rev Hlth Fac
Proj Univ Cmnty Hosp Ser A ............ 5.500 08/15/14 2,396,579
3,000 Hillsborough Cnty, FL Solid Waste
& Res Recovery Rev Ser A
(AMT) (AMBAC Insd) (b) ................ 4.500 09/01/34 2,901,840
1,000 Jacksonville, FL Sales Tax Rev
Better Jacksonville (MBIA
Insd) ................................. 5.250 10/01/21 1,075,790
2,500 Jea, FL Elec Sys Rev Ser Three
A (FSA Insd) .......................... 5.000 10/01/41 2,606,350
265 Lakeland, FL Hosp Sys Rev
Lakeland Regl Hlth Sys
(Prerefunded @ 11/15/12) .............. 5.500 11/15/32 289,823
5,000 Lakeland, FL Hosp Sys Rev
Lakeland Regl Hlth Sys Rfdg (b) ....... 5.000 11/15/26 5,181,800
5,000 Lakeland, FL Hosp Sys Rev
Lakeland Regl Hlth Sys Rfdg (b) ....... 5.000 11/15/32 5,141,950
1,515 Miami Beach, FL Stormwtr Rev
(FGIC Insd) ........................... 5.250 09/01/25 1,589,174
5,000 Miami-Dade Cnty, FL Aviation
Ser A (FSA Insd) (AMT) ................ 5.125 10/01/35 5,182,050
2,000 Miami-Dade Cnty, FL Aviation
Rev Miami Intl Arpt (FGIC Insd)
(AMT) ................................. 5.375 10/01/25 2,108,940
2,700 Miami-Dade Cnty, FL Aviation
Rev Miami Intl Arpt (FGIC Insd)
(AMT) ................................. 5.375 10/01/32 2,844,288
2,000 Miami-Dade Cnty, FL Pub Fac
Rev Jackson Hlth Sys Ser A
(MBIA Insd) ........................... 5.000 06/01/31 2,093,500
4,300 Orange Cnty, FL Tourist Dev
Tax Rev (AMBAC Insd)
(Prerefunded @ 10/01/09) .............. 5.500 10/01/31 4,494,016
4,320 Orange Cnty, FL Tourist Dev
Tax Rev (AMBAC Insd)
(Prerefunded @ 10/01/09) .............. 5.625 10/01/14 4,528,526
1,060 Tallahassee, FL Lease Rev FL
St Univ Proj Ser A (MBIA
Insd) (a) ............................. 5.500 08/01/18 1,125,858
1,000 Tampa-Hillsborough Cnty, FL
Expwy Auth Rev (AMBAC
Insd) ................................. 5.000 07/01/25 1,062,060
--------------
79,406,062
--------------
GEORGIA 2.3%
2,000 Atlanta, GA Arpt Passenger Fac
Charge Rev Gen Sub Lien Ser
C (FSA Insd) .......................... 5.000 01/01/33 2,083,520
1,000 Augusta, GA Gen Arpt Rev
Passenger Ser B (AMT) ................. 5.350 01/01/28 1,048,780
8,025 Municipal Elec Auth GA
Combustion Turbine Ser A
(MBIA Insd) ........................... 5.250 11/01/18 8,567,089
1,000 Oconee Cnty, GA Indl Dev Auth
Oiit Proj (XLCA Insd) ................. 5.250 07/01/23 1,057,620
2,000 Royston, GA Hosp Auth Hosp
Rev Ctf Hlthcare Sys Inc
Rfdg .................................. 6.500 07/01/27 2,072,620
--------------
14,829,629
--------------
ILLINOIS 14.3%
2,000 Bolingbrook, IL Sales Tax Rev (g) ........ 0.000/6.250 01/01/24 1,966,220
3,400 Carol Stream, IL First Mtg Rev
Windsor Pk Mnr Proj
(Prerefunded @ 12/01/07) .............. 7.000 12/01/13 3,547,696
750 Chicago, IL Increment Alloc Rev
Diversey/Narragansett Proj
(Acquired 08/01/06, Cost
$800,490) (c) ......................... 7.460 02/15/26 800,707
4,000 Chicago, IL Neighborhoods Alive
21 Pgm Ser A (FGIC Insd)
(Prerefunded @ 7/01/10) ............... 5.750 01/01/40 4,287,400
5,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Rfdg Ser
A (MBIA Insd) (AMT) ................... 5.375 01/01/32 5,239,100
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 3,669,225
11,500 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (b) ....................... 5.250 01/01/24 12,394,355
3,500 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (b) ....................... 5.250 01/01/25 3,772,195
1,015 Chicago, IL O'Hare Intl Arpt Rev
Second Lien Passenger Fac
Ser B (AMBAC Insd) .................... 5.500 01/01/16 1,081,767
1,495 Chicago, IL Pk Dist Ser C (FGIC
Insd) (Prerefunded @
7/01/11) .............................. 5.500 01/01/19 1,598,962
485 Chicago, IL Pk Dist Ser C (FGIC
Insd) ................................. 5.500 01/01/19 515,482
465 Chicago, IL Proj Rfdg Ser C
(FGIC Insd) ........................... 5.500 01/01/40 491,570
2,565 Chicago, IL Proj Rfdg Ser C
(FGIC Insd) (a) ....................... 5.750 01/01/12 2,745,473
80 Cook Cnty, IL Sch Dist No 107 (e) ........ 7.000 12/01/10 89,182
545 Cook Cnty, IL Sch Dist No 107 ............ 7.000 12/01/10 605,909
200 Cook Cnty, IL Sch Dist No
107 (a)(e) ............................ 7.150 12/01/08 212,346
310 Cook Cnty, IL Sch Dist No 107 (a) ........ 7.150 12/01/08 328,330
120 Cook Cnty, IL Sch Dist No
107 (a)(e) ............................ 7.200 12/01/09 131,208
455 Cook Cnty, IL Sch Dist No 107 (a) ........ 7.200 12/01/09 495,832
1,000 Cook Cnty, IL Ser A (FGIC Insd)
(Prerefunded @ 5/15/11) ............... 5.500 11/15/31 1,067,660
993 Cortland, IL Spl Tax Rev
Sheaffer Sys Proj (Acquired
05/02/06, Cost $983,070) (c) .......... 5.500 03/01/17 1,002,205
1,000 Deerfield, IL Ed Fac Chicagoland
Jewish High Sch Proj .................. 6.000 05/01/41 1,020,150
1,000 Gilberts, IL Spl Svc Area No 19
Spl Tax The Conservancy Proj
Ser 1 ................................. 5.375 03/01/16 986,260
2,725 Illinois Dev Fin Auth Rev Cmnty
Rehab Providers Fac Ser A ............. 7.375 07/01/25 2,948,368
1,565 Illinois Ed Fac Auth Rev DePaul
Univ (AMBAC Insd)
(Prerefunded @ 10/01/10) .............. 5.625 10/01/15 1,677,383
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A ...................... 5.000 04/01/31 1,559,730
3,000 Illinois Fin Auth Rev Kewanee
Hosp Proj ............................. 5.100 08/15/31 3,044,070
1,000 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A ................ 6.000 05/15/25 1,062,800
1,350 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A ................ 6.000 05/15/37 1,435,496
2,500 Illinois Fin Auth Rev
Northwestn Mem Hosp Ser
A ..................................... 5.500 08/15/43 2,711,475
1,645 Illinois Hlth Fac Auth Rev
Evangelical Hosp Rfdg Ser C
(FSA Insd) ............................ 6.750 04/15/12 1,794,382
4,750 Illinois Hsg Dev Auth Rev
Homeowner Mtg Sub Ser C-2
(AMT) ................................. 5.150 08/01/37 4,916,678
3,000 Illinois St Ser 1 (FSA Insd) ............. 5.250 12/01/21 3,202,050
3,440 Kendall, Kane & Will Cntys, IL
Cmnty Sch Dist No 308 Ser B
(FGIC Insd) (a) ....................... 5.250 10/01/19 3,665,767
250 Lake Cnty, IL Cmnty Unit Sch
Dist No 116 Round Lake
(Radian Insd) (e) ..................... 7.600 02/01/14 305,933
2,675 Metropolitan Pier & Expo Auth IL
Dedicated St Tax Rev
McCormick Pl Expn Ser A
(MBIA Insd) ........................... 5.250 06/15/42 2,839,245
245 Pingree Grove Vlg, IL Spl Svc
Area No 1 Spl Tax Cambridge
Lakes Proj Ser 05 ..................... 5.250 03/01/15 252,056
2,500 Schaumburg, IL Ser B (FGIC
Insd) ................................. 5.000 12/01/41 2,602,550
3,500 University IL Univ Rev Auxiliary
Fac Sys (MBIA Insd) ................... 4.500 04/01/36 3,463,320
850 Volo Vlg, IL Spl Svc Area No 3
Spl Tax Symphony Meadows
Proj Ser 1 ............................ 6.000 03/01/36 884,519
675 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (e) ....................... * 01/01/16 469,631
1,335 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) ........................... * 01/01/16 921,551
425 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (e) ....................... * 01/01/19 256,879
990 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) ........................... * 01/01/19 594,198
1,000 Yorkville, IL Utd City Spl Svc
Area Spl Tax No 2004-107
Raintree Vlg IL Proj .................. 6.250 03/01/35 1,066,570
1,000 Yorkville, IL Utd City Spl Svc Area
Tax No 2005-108 Autumn Creek
IL Proj ............................... 6.000 03/01/36 1,040,610
--------------
90,764,495
--------------
INDIANA 3.5%
1,000 Allen Cnty, IN Juvenile Justice
Ctr First Mtg (AMBAC Insd) ............ 5.500 01/01/18 1,073,850
3,000 Indiana Hlth Fac Fin Auth Hosp
Rev Cmnty Proj Ser A
(AMBAC Insd) .......................... 5.000 05/01/35 3,128,490
1,120 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Mtg Ser
D-1 (GNMA Collateralized)
(AMT) (b) ............................. 4.600 07/01/31 1,101,408
4,560 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Mtg Ser
D-1 (GNMA Collateralized)
(AMT) (b) ............................. 4.625 07/01/38 4,441,919
7,420 Indianapolis, IN Loc Pub Impt Bd
Bk Arpt Auth Proj Ser B (MBIA
Insd) (AMT) (b) ....................... 5.250 01/01/25 7,911,389
1,500 Petersburg, IN Pollutn Ctl Rev IN
Pwr & Lt (AMT) ........................ 5.950 12/01/29 1,598,655
470 Saint Joseph Cnty, IN Econ Dev
Rev Ser A ............................. 6.000 05/15/38 497,025
2,500 Vigo Cnty, IN Sch Bldg Corp
First Mtg Impt & Rfdg (FSA
Insd) ................................. 5.250 07/10/24 2,638,725
--------------
22,391,461
--------------
IOWA 1.0%
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser C ........ 5.375 06/01/38 2,343,330
1,800 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser C ........ 5.500 06/01/42 1,884,942
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser C ........ 5.625 06/01/46 2,372,153
--------------
6,600,425
--------------
KANSAS 0.7%
1,825 Cowley Cnty, KS Uni Sch Dist
No 465 Winfield Impt & Rfdg
(MBIA Insd) (a) ....................... 5.250 10/01/22 1,976,438
2,000 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement
Ser A ................................. 5.000 05/15/24 2,007,040
400 Overland Pk, KS Dev Corp Rev
First Tier Overland Pk Ser A .......... 7.375 01/01/32 436,688
--------------
4,420,166
--------------
KENTUCKY 2.6%
4,840 Kentucky Hsg Corp Hsg Rev Ser
A (AMT) (b) ........................... 4.650 07/01/37 4,791,806
10,995 Louisville & Jefferson Cnty, KY
Metro Govt Hlth Sys Rev
Norton Hlthcare Inc (b) ............... 5.000 10/01/30 11,474,785
--------------
16,266,591
--------------
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 5,333,350
1,480 Louisiana Hsg Fin Agy Rev
Azalea Estates Rfdg Ser A
(GNMA Collateralized) (AMT) ........... 5.375 10/20/39 1,551,810
1,675 Louisiana Loc Govt
Environmental Fac Pkg Fac
Corp Garage Proj Ser A
(AMBAC Insd) (a) ...................... 5.200 10/01/19 1,755,115
4,400 Louisiana St Gas & Fuels Tax
Rev Ser A (FGIC Insd) (b) ............. 5.000 05/01/41 4,607,064
7,074 Louisiana St Univ & Agric &
Mechanical College Univ Rev
Master Agreement (Acquired
11/30/98, Cost
$7,073,677) (c) ....................... 5.750 10/30/18 7,079,053
--------------
20,326,392
--------------
MARYLAND 2.2%
2,240 Baltimore, MD Convention Ctr
Hotel Rev Ser A (XLCA Insd)
(b) ................................... 5.250 09/01/25 2,434,880
1,255 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ............................. 4.450 09/01/21 1,250,620
1,000 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ............................. 4.550 09/01/26 996,510
1,350 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ............................. 4.625 09/01/31 1,345,289
675 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ............................. 4.700 03/01/37 672,644
1,000 Maryland St Econ Dev Corp Rev
Sr Lien Chesapeake Bay Rfdg
Ser A ................................. 5.000 12/01/31 1,003,400
500 Maryland St Econ Dev Corp
Student Hsg Rev Univ MD
College Pk Proj (Prerefunded
@ 06/01/13) ........................... 5.625 06/01/35 551,945
500 Maryland St Hlth & Higher Ed
Fac Auth Rev King Farm
Presbyterian Cmnty Ser A .............. 5.250 01/01/27 507,705
1,700 Maryland St Trans Auth Arpt
Baltimore/WA Intl Arpt Ser B
(AMBAC Insd) (AMT) .................... 5.125 03/01/24 1,777,775
2,365 Northeast, MD Waste Disp Auth
Rfdg (AMBAC Insd) (AMT) ............... 5.500 04/01/16 2,528,776
750 Prince Georges Cnty, MD Spl
Oblig Natl Harbor Proj ................ 5.200 07/01/34 763,523
--------------
13,833,067
--------------
MASSACHUSETTS 2.3%
2,765 Massachusetts St Dev Fin Agy
Proj Ser R-2 (MBIA Insd) .............. 5.125 02/01/34 2,881,794
710 Massachusetts St Dev Fin Agy
Rev Boston Architectural Ctr
(ACA Insd) ............................ 6.100 09/01/18 741,062
1,000 Massachusetts St Dev Fin Agy
Rev Boston Architectural Ctr
(ACA Insd) ............................ 6.250 09/01/28 1,042,800
3,700 Massachusetts St Hlth & Ed Fac
Auth Rev Ser G (MBIA Insd) ............ 5.000 07/01/13
3,703,145
1,000 Massachusetts St Hlth & Ed Fac
Auth Rev Partn Hlthcare Sys
Ser C ................................. 5.750 07/01/32 1,075,830
4,850 Massachusetts St Hlth & Ed Fac
Auth Rev Univ MA Mem Issue
Ser D ................................. 5.000 07/01/33 4,911,304
--------------
14,355,935
--------------
MICHIGAN 2.5%
3,860 Detroit, MI Ser A (XLCA Insd) (a) ........ 5.250 04/01/21 4,098,432
3,275 Detroit, MI Loc Dev Fin Auth Tax
Increment Sr Ser B (Acquired
09/08/97, Cost
$3,275,000) (c) ....................... 6.700 05/01/21 3,353,403
790 Detroit, MI Loc Dev Fin Auth Tax
Increment Sub Ser C
(Acquired 09/08/97, Cost
$790,000) (c) ......................... 6.850 05/01/21 808,683
1,180 Hillsdale, MI Hosp Fin Auth Hosp
Rev Hillsdale Cmnty Hlth Ctr .......... 5.750 05/15/18 1,248,747
1,000 Kent Hosp Fin Auth MI Rev
Metro Hosp Proj Ser A ................. 5.250 07/01/30 1,033,960
1,000 Kent Hosp Fin Auth MI Rev
Metro Hosp Proj Ser A ................. 6.000 07/01/35 1,095,290
1,450 Michigan St Hosp Fin Auth Rev
Chelsea Cmnty Hosp Oblig .............. 5.000 05/15/37 1,471,518
500 Michigan St Hosp Fin Auth Rev
Hosp Genesys Regl Med Rfdg
Ser A (e) ............................. 5.375 10/01/13 517,600
775 Michigan St Hsg Dev Rental Hsg
Rev Ser A (MBIA Insd) (AMT) ........... 5.300 10/01/37 789,865
1,500 Michigan St Strategic Fd Detroit
Edison Co Proj Rfdg Ser C
(XLCA Insd) (AMT) ..................... 5.450 12/15/32 1,590,285
--------------
16,007,783
--------------
MINNESOTA 0.7%
1,260 Glencoe, MN Hlthcare Fac Rev
Glencoe Regl Hlth Svc Proj ............ 5.000 04/01/31 1,286,170
1,000 Inver Grove Heights, MN
Presbyterian Homes Care
Rfdg .................................. 5.500 10/01/41 1,007,690
1,750 Saint Paul, MN Hsg & Redev
Auth Hosp Rev Hlth East Proj .......... 6.000 11/15/35 1,914,098
--------------
4,207,958
--------------
MISSISSIPPI 0.0%
250 Mississippi Home Corp Single
Family Rev Mtg Ser F (GNMA
Collateralized) (AMT) ................. 7.550 12/01/27 256,363
--------------
MISSOURI 5.8%
1,000 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc ............... 5.625 06/01/27 1,040,970
1,000 Carthage, MO Hosp Rev .................... 5.875 04/01/30 1,020,140
2,250 Carthage, MO Hosp Rev .................... 6.000 04/01/38 2,293,448
1,400 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt &
Rfdg .................................. 6.100 06/01/20 1,421,644
1,000 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt &
Rfdg .................................. 6.200 06/01/29 1,015,430
385 Fenton, MO Tax Increment Rev
& Impt Gravois Bluffs Proj
Rfdg (Prerefunded @
10/01/11) ............................. 7.000 10/01/21 439,458
1,000 Kearney, MO (AMBAC Insd) ................. 5.500 03/01/16 1,059,630
3,500 Missouri Jt Muni Elec Util Plum
Pwr Point Proj Rev (MBIA
Insd) ................................. 5.000 01/01/24 3,723,755
1,200 Missouri St Hlth & Ed Fac Auth
Rev Sr Living Fac Lutheran
Rfdg Ser B ............................ 5.125 02/01/27 1,239,300
1,415 Missouri St Hlth & Ed Fac Rev
Univ MO Columbia Arena Proj ........... 5.000 11/01/18 1,479,000
1,000 Missouri St Hwys & Trans
Commn Rd Rev Ser A
(Prerefunded @ 2/01/12) ............... 5.125 02/01/17 1,061,930
2,810 Perry Cnty, MO Nursing Home
Rev Rfdg .............................. 5.900 03/01/28 2,836,245
1,000 Saint Charles, MO Ctf Partn Ser
B ..................................... 5.500 05/01/18 1,067,630
2,505 Saint Louis, MO Arpt Rev Cap
Impt Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/12) (a) ........... 5.375 07/01/20 2,699,614
1,460 Saint Louis, MO Brd Ed Direct
Dep Pgm Rfdg Ser A (FSA
Insd) ................................. 5.000 04/01/21 1,542,694
2,475 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B
(AMBAC Insd) (b) ...................... 4.550 07/01/29 2,399,191
3,025 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B
(AMBAC Insd) (b) ...................... 4.600 07/01/36 2,932,344
8,000 Springfield, MO Pub Util Rev
(FGIC Insd) ........................... 4.500 08/01/36 7,941,840
--------------
37,214,263
--------------
NEBRASKA 0.4%
2,620 Omaha Pub Pwr Dist NE Elec
Rev Sys Ser A ......................... 5.000 02/01/34 2,727,446
--------------
NEVADA 3.3%
3,000 Clark Cnty, NV Arpt Rev Sub
Lien Ser A-2 (FGIC Insd) .............. 5.000 07/01/36 3,121,410
3,500 Clark Cnty, NV Bd Bk (MBIA
Insd) ................................. 5.000 06/01/32 3,645,180
5,500 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj Ser A
(FGIC Insd) (AMT) (b) ................. 4.750 09/01/36 5,501,732
4,000 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj Ser
A (AMBAC Insd) (AMT) .................. 5.250 07/01/34 4,214,320
110 Nevada Hsg Div Single Family
Mtg Mezz Ser D2 (AMT) ................. 6.300 04/01/21 111,128
1,570 Reno, NV Cap Impt Rev (FGIC
Insd) (Prerefunded @
6/01/12) .............................. 5.125 06/01/26 1,671,438
930 Reno, NV Cap Impt Rev (FGIC
Insd) ................................. 5.125 06/01/26 972,482
1,500 Reno, NV Sr Lien Retrac Reno
Trans Proj (AMBAC Insd)
(Prerefunded @ 6/01/12) ............... 5.125 06/01/37 1,593,945
--------------
20,831,635
--------------
NEW HAMPSHIRE 1.4%
4,800 New Hampshire Higher Ed & Hlth
Fac Auth Rev Daniel Webster
College Issue ......................... 6.300 07/01/29 4,926,768
2,000 New Hampshire Higher Ed & Hlth
Fac Auth Rev Riverwoods at
Exeter Ser A .......................... 6.500 03/01/23 2,034,020
1,525 New Hampshire Hlth & Ed Fac
Auth Rev Derryfield Sch ............... 6.750 07/01/20 1,650,324
250 New Hampshire Hlth & Ed Fac
Hlthcare Sys Covenant Hlth ............ 5.500 07/01/34 265,203
--------------
8,876,315
--------------
NEW JERSEY 10.3%
1,555 Eastern Camden Cnty, NJ Regl
Sch Dist Rfdg (FGIC Insd) (a) ......... * 03/01/08 1,492,458
3,000 Newark, NJ Hsg Auth Port Auth
Newark Marine Term (MBIA
Insd) ................................. 5.000 01/01/37 3,128,940
1,000 New Jersey Econ Dev Auth
Econ Dev Rev Kapkowski Rd
Landfill Proj Rfdg .................... 5.750 04/01/31 1,120,920
3,880 New Jersey Econ Dev Auth Mtr
Veh Rev Ser A (MBIA Insd) ............. 5.000 07/01/22 4,126,768
1,500 New Jersey Econ Dev Auth Rev
Cig Tax ............................... 5.750 06/15/29 1,613,325
500 New Jersey Econ Dev Auth Rev
Cig Tax ............................... 5.750 06/15/34 534,545
25,000 New Jersey Econ Dev Auth St
Contract Econ Recovery
(MBIA Insd) ........................... 5.900 03/15/21 29,683,000
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 1,550,085
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 1,074,640
5,000 New Jersey St Tpk Auth Tpk
Rev Ser C-1 (AMBAC Insd) .............. 5.000 01/01/35 5,120,950
3,500 New Jersey St Tpk Auth Tpk
Rev Ser C (FSA Insd) .................. 6.500 01/01/16 4,043,830
1,000 New Jersey St Trans Tr Fd Auth
Trans Sys Ser A ....................... 5.750 06/15/18 1,145,290
11,000 Tobacco Settlement Fin Corp
NJ Ser 1A (b) (h) ..................... 5.000 06/01/41 10,862,280
--------------
65,497,031
--------------
NEW MEXICO 0.2%
1,500 Jicarilla, NM Apache Nation Rev
Adj Ser A (Acquired 10/23/03,
Cost $1,514,910) (c) .................. 5.000 09/01/18 1,567,080
--------------
NEW YORK 16.5%
3,600 Erie Cnty, NY Tob Asset Sec
Corp Asset Bkd Ser A .................. 5.000 06/01/38 3,647,520
2,300 Long Island Pwr Auth NY Elec
Gen Ser B ............................. 5.000 12/01/35 2,414,448
3,000 Metropolitan Trans Auth NY Rev
Rfdg Ser A (FGIC Insd) ................ 5.250 11/15/31 3,185,520
10,880 Metropolitan Trans Auth NY Rev
Trans Ser B (b) ...................... 4.500 11/15/36 10,781,128
1,000 Nassau Cnty, NY Tob Settlement
Corp Ser A-3 .......................... 5.000 06/01/35 1,016,720
2,000 Nassau Cnty, NY Tob Settlement
Corp Ser A-3 .......................... 5.125 06/01/46 2,041,520
3,000 New York City Indl Dev Agy
Amern Airl JFK Intl Arpt
(AMT) ................................. 7.625 08/01/25 3,668,640
1,000 New York City Indl Dev Agy
Amern Airl JFK Intl Arpt
(AMT) ................................. 7.750 08/01/31 1,229,060
400 New York City Indl Dev Agy Rev
Liberty 7 World Trade Ctr Ser
A ..................................... 6.250 03/01/15 425,188
1,000 New York City Liberty Dev Corp
Rev National Sports Museum
Proj Ser A (Acquired 08/07/06,
Cost $1,000,000) (c) .................. 6.125 02/15/19 1,049,540
8,800 New York City Muni Wtr Fin
Auth Wtr & Swr Sys Rev Ser
D ..................................... 5.000 06/15/38 9,213,072
2,500 New York City Muni Wtr Fin
Auth Wtr & Swr Sys Rev Ser
D ..................................... 5.000 06/15/39 2,614,125
5,000 New York City Ser A ...................... 6.250 08/01/08 5,084,200
85 New York City Ser A-1 .................... 5.750 08/01/12 85,126
3,000 New York City Ser G ...................... 5.000 12/01/27 3,137,220
685 New York City Ser H ...................... 5.750 03/15/13 743,951
1,000 New York City Trans Future Tax
Second Ser C (AMBAC Insd) ............. 5.250 08/01/22 1,063,710
6,800 New York St Dorm Auth Rev
City Univ Sys Cons Ser A .............. 5.625 07/01/16 7,539,160
1,250 New York St Dorm Auth Rev
Cons City Univ Sys Ser A
(FSA Insd) ............................ 5.750 07/01/13 1,360,000
350 New York St Dorm Auth Rev Mt
Sinai NYU Hlth ........................ 5.500 07/01/26 356,062
4,200 New York St Dorm Auth Rev
Secd Hosp N General Hosp
Rfdg .................................. 5.750 02/15/19 4,596,690
3,504 Plainedge, NY Uni Free Sch Dist
No. 2063 (Acquired 07/25/97,
Cost $3,503,810) (c) .................. 6.000 06/01/12 3,555,841
9,920 Port Auth NY & NJ Cons Ser
144 (b) ............................... 5.000 10/01/35 10,467,931
3,000 Triborough Brdg & Tunl Auth
Gen Purp Ser A ........................ 5.000 01/01/27 3,103,500
5,000 Triborough Brdg & Tunl Auth NY
Gen Rfdg Ser B ........................ 5.000 11/15/21 5,234,750
3,900 Triborough Brdg & Tunl Auth NY
Rev Rfdg Ser E (MBIA Insd) ............ 5.000 11/15/32 4,074,915
10,500 Tsasc Inc NY Ser 1 ....................... 5.000 06/01/34 10,675,560
1,000 Tsasc Inc NY Ser 1 ....................... 5.125 06/01/42 1,020,760
1,000 Westchester Tob Asset Sec
Corp NY ............................... 5.000 06/01/26 1,019,390
500 Yonkers, NY Indl Dev Agy Civic
Fac Rev Cmnty Dev Ppty
Yonkers Inc Ser A
(Prerefunded @ 2/01/11) ............... 6.625 02/01/26 553,330
--------------
104,958,577
--------------
NORTH CAROLINA 2.7%
8,300 North Carolina Muni Pwr Agy No
1 Catawba Elec Rev Rfdg
(MBIA Insd) ........................... 6.000 01/01/12 9,097,962
7,605 North Carolina Muni Pwr Agy
Ser A (MBIA Insd) ..................... 5.250 01/01/20 8,115,600
--------------
17,213,562
--------------
NORTH DAKOTA 0.2%
1,500 Grand Forks, ND Sr Hsg Rev
4000 Vly Square Proj Rfdg ............. 5.300 12/01/34 1,509,555
--------------
OHIO 4.0%
300 Adams Cnty Hosp Fac Impt Rev
Adams Cnty Hosp Proj .................. 6.250 09/01/20 307,581
2,410 Cleveland-Cuyahoga Cnty, OH
Dev Port Auth Rev Cleveland
Bond Fd Ser B (a) ..................... 5.375 05/15/18 2,465,334
1,000 Columbus, OH City Sch Dist Sch
Fac Constr & Impt (FSA Insd)
(Prerefunded @ 12/01/14) .............. 5.250 12/01/21 1,095,050
1,000 Cuyahoga Cnty, OH Hosp Fac
Rev Canton Inc Proj ................... 7.500 01/01/30 1,098,070
1,000 Lorain Cnty, OH Hosp Rev
Catholic Hlthcare Ser S ............... 5.375 10/01/30 1,053,750
2,000 Lorain, OH City Sch Dist
Classroom Fac Impt (MBIA Insd) ........ 5.250 12/01/20 2,159,320
2,270 Montgomery Cnty, OH Hosp Rev
Kettering Med Ctr Impt & Rfdg
(MBIA Insd) ........................... 6.250 04/01/20 2,738,097
10,520 Ohio St Air Quality Dev Auth Rev
Dayton Pwr & Lt Co Proj
(FGIC Insd) (AMT) (b) ................. 4.800 09/01/36 10,594,560
1,250 Ohio St Bldg Auth St Fac Admin
Bldg Fd Proj Ser A (FSA Insd) ......... 5.000 04/01/22 1,304,200
2,500 Ohio St Bldg Auth St Fac Adult
Correction Rfdg Ser A (FSA
Insd) ................................. 5.500 10/01/12 2,679,475
--------------
25,495,437
--------------
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 1,400,803
1,250 Oklahoma City, OK Pub Ppty
Auth Hotel Tax Rev (FGIC
Insd) ................................. 5.250 10/01/29 1,349,638
920 Oklahoma Hsg Fin Agy Single
Family Rev Mtg Class B
(GNMA Collateralized) (AMT) ........... 7.997 08/01/18 983,452
6,220 Tulsa Cnty, OK Indl Auth
Hlthcare Rev Saint Francis Hlth
Sys (b) ............................... 5.000 12/15/36 6,422,803
--------------
10,156,696
--------------
OREGON 0.9%
4,000 Oregon Hlth Sciences Univ Insd
Ser A (MBIA Insd) ..................... 5.250 07/01/22 4,254,480
1,500 Oregon St Dept Admin Rfdg Ser
C (MBIA Insd) ......................... 5.250 11/01/17 1,592,055
--------------
5,846,535
--------------
PENNSYLVANIA 4.5%
385 Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd) ................... 5.500 12/01/30 409,043
315 Crawford Cnty, PA Hosp Auth
Sr Living Fac Rev Wesbury
Utd Methodist Cmnty (a) ............... 5.875 08/15/10 327,597
295 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A (a) ................... 5.250 12/15/07 295,879
210 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A ....................... 5.300 12/15/08 211,269
320 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A (a) ................... 5.300 12/15/09 321,507
240 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A ....................... 5.400 12/15/10 240,907
400 Montgomery Cnty, PA Indl Dev
Auth Rev Mtg Whitemarsh
Continuing Care Proj .................. 6.125 02/01/28 421,824
1,550 Pennsylvania Hsg Fin Agy Ser
94-A (AMT) ............................ 5.100 10/01/31 1,599,740
12,000 Pennsylvania St Pub Sch Bldg
Auth Lease Rev Sch Dist
Philadelphia Proj Ser B (FSA
Insd) (b) ............................. 4.500 06/01/32 11,900,760
1,000 Philadelphia, PA Auth Indl Dev
PA Arpt Sys Proj Ser A (FGIC
Insd) (AMT) ........................... 5.125 07/01/19 1,041,900
2,600 Philadelphia, PA Auth Indl Rev
Ser B (FSA Insd) ...................... 5.500 10/01/16 2,802,098
3,200 Philadelphia, PA Gas Wks Rev
1998 Gen Ordinance Ser 4
(FSA Insd) ............................ 5.250 08/01/19 3,406,048
2,530 Pittsburgh, PA Ser A (AMBAC
Insd) (Prerefunded @
3/01/12) .............................. 5.500 09/01/17 2,731,287
2,675 Pittsburgh, PA Ser A (AMBAC
Insd) ................................. 5.500 09/01/17 2,861,367
--------------
28,571,226
--------------
SOUTH CAROLINA 5.7%
1,000 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (b) .......................... 5.250 12/01/25 1,066,688
3,000 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (b) .......................... 5.250 12/01/26 3,200,062
4,305 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (AGC Insd) (b) ............... 5.250 12/01/28 4,633,691
6,925 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (AGC Insd) (b) ............... 5.250 12/01/29 7,453,730
5,000 Kershaw Cnty, SC Pub
Kershaw Cnty Sch Dist Proj
(CIFG Insd) ........................... 5.000 12/01/26 5,263,600
475 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) ................. 5.125 01/01/13 496,061
1,235 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) (a) ............. 5.250 01/01/15 1,293,971
900 South Carolina Jobs Econ Dev
Auth Hlth Fac Rev First Mtg
Wesley Commons Rfdg ................... 5.125 10/01/26 907,794
2,500 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser A (AMBAC Insd) ............... 5.200 11/01/27 2,635,500
9,250 South Carolina Trans
Infrastructure Bk Rev Ser A
(AMBAC Insd) .......................... 5.000 10/01/33 9,656,723
--------------
36,607,820
--------------
SOUTH DAKOTA 0.8%
1,800 South Dakota Hsg Dev Auth
Homeownership Mtg Ser E
(AMT) (b) ............................. 4.500 11/01/26 1,773,261
3,620 South Dakota Hsg Dev Auth
Homeownership Mtg Ser E
(AMT) (b) ............................. 4.625 05/01/36 3,545,862
--------------
5,319,123
--------------
TENNESSEE 1.6%
400 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp First Mtg Impt &
Rfdg Ser B ............................ 8.000 07/01/33 468,100
400 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp Impt & Rfdg
(MBIA Insd) ........................... 7.750 07/01/29 478,152
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 4,781,080
1,000 Metropolitan Nashville Arpt Auth
TN Impt & Rfdg Ser A (FGIC
Insd) ................................. 6.600 07/01/14 1,108,760
1,500 Shelby Cnty, TN Hlth Ed & Hsg
Fac Brd Rev Trezevant Manor
Proj Ser A ............................ 5.625 09/01/26 1,536,525
1,500 Tennessee Hsg Dev Agy Home
Ownership Pgm 2006 (AMT) .............. 5.150 01/01/37 1,553,295
455 Tennessee Hsg Dev Agy Home
Ownership Pgm 2-A (AMT) ............... 5.700 07/01/31 461,420
--------------
10,387,332
--------------
TEXAS 8.9%
1,130 Alliance Arpt Auth Inc TX Spl
Fac Rev FedEx Corp Proj Rfdg
(AMT) ................................. 4.850 04/01/21 1,144,283
1,250 Austin, TX Convention
Enterprises Inc Convention Ctr
Second Tier Rfdg Ser B ................ 5.750 01/01/24 1,338,387
1,000 Brazos Cnty, TX Hlth Fac Dev
Oblig Grp ............................. 5.375 01/01/32 1,049,050
2,500 Coastal Bend Hlth Fac Dev TX
Ser C (AMBAC Insd) (e) (i) ............ 8.078 11/15/13 3,107,450
2,420 Dallas Cnty, TX Cmnty College
Dist Rev Fin Sys (AMBAC
Insd) (Prerefunded @
2/15/10) (a) .......................... 5.375 02/15/16 2,531,562
1,000 Dallas-Fort Worth, TX Intl Arpt
Rev Jt Impt & Rfdg Ser A
(FGIC Insd) (AMT) ..................... 5.500 11/01/31 1,055,160
1,500 Fort Worth, TX Wtr & Swr Rev
Impt & Rfdg ........................... 5.750 02/15/16 1,592,400
6,000 Harris Cnty-Houston, TX Sports
Auth Spl Rev Jr Lien Rfdg Ser
B (MBIA Insd) ......................... 5.250 11/15/40 6,296,880
2,000 Harris Cnty, TX Toll Rd Sub Lien
Rfdg .................................. 5.000 08/01/33 2,022,740
1,000 Houston, TX Arpt Sys Rev Sub
Lien Ser A (FSA Insd) (AMT) ........... 5.625 07/01/30 1,047,630
3,345 Houston, TX Hotel Occupancy
Tax Convention & Entmt Ser B
(AMBAC Insd) .......................... 5.750 09/01/14 3,609,590
130 Houston, TX Pub Impt & Rfdg
(FSA Insd) ............................ 5.750 03/01/15 138,234
10,000 Houston, TX Util Sys Rev First
Lien Rfdg Ser A (FSA Insd) ............ 5.250 05/15/21 10,750,200
4,000 Houston, TX Util Sys Rev First
Lien Rfdg Ser A (FGIC Insd) ........... 5.250 05/15/23 4,297,480
1,250 Matagorda Cnty, TX Navig Dist
No 1 Rev Coll Centerpoint
Energy Proj Rfdg ...................... 5.600 03/01/27 1,325,050
1,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care
Ctr Ser A (Prerefunded @
02/15/10) ............................. 7.625 02/15/28 1,113,280
1,800 Metropolitan Hlth Fac Dev Corp
TX Wilson N Jones Mem Hosp
Proj .................................. 7.250 01/01/31 1,865,214
1,000 North Central, TX Hlth Fac Dev
Corp Rev Hosp Baylor
Hlthcare Sys Proj Ser A ............... 5.125 05/15/29 1,022,300
4,000 North Central, TX Hlth Fac Dev
Hosp Childrens Med Ctr Dallas
(AMBAC Insd) .......................... 5.250 08/15/32 4,211,040
64 Pecos Cnty, TX Ctf Partn
(Acquired 06/23/97, Cost
$64,498) (c) .......................... 6.000 01/12/08 64,733
3,492 Region One Ed Svc Ctr Sub
Tech Fac Proj (Acquired
12/30/97, Cost
$3,641,832) (c) ....................... 6.590 12/15/17 3,728,553
80 Texas Muni Pwr Agy Rev (MBIA
Insd) (e) ............................. * 09/01/15 56,691
490 Texas St Pub Ppty Fin Corp Rev
Mental Hlth & Retardation Rfdg
(FSA Insd) ............................ 5.500 09/01/13 490,603
2,800 Texas St Trans Commn Mobility
Fd Ser A (FGIC Insd) .................. 4.500 04/01/35 2,771,160
--------------
56,629,670
--------------
VERMONT 0.2%
1,000 Vermont Econ Dev Auth Mtg
Rev Wake Robin Corp Proj Ser
A ..................................... 5.375 05/01/36 1,020,000
--------------
VIRGINIA 2.2%
1,320 Fairfax Cnty, VA Ctf Partn ............... 5.300 04/15/23 1,405,562
1,340 Richmond, VA (FSA Insd) .................. 5.500 01/15/10 1,406,263
2,590 Tobacco Settlement Fin Corp VA ........... 5.500 06/01/26 2,756,123
2,750 Tobacco Settlement Fin Corp VA ........... 5.625 06/01/37 2,941,345
5,840 Virginia St Hsg Auth Dev Auth
Rental Hsg Ser D (AMT) (b) ............ 4.650 01/01/39 5,768,022
--------------
14,277,315
--------------
WASHINGTON 3.6%
5,000 Bellevue, WA Convention Ctr
Auth Spl Oblig Rev Rfdg (MBIA
Insd) ................................. * 02/01/24 2,377,900
3,000 Clark Cnty, WA Pub Util Dist No
001 Gen Sys Rev Rfdg (FSA
Insd) ................................. 5.625 01/01/12 3,148,860
5,000 Cowlitz Cnty, WA Spl Swr Rev
CSOB Wastewtr Treatment
Rfdg (FGIC Insd) ...................... 5.500 11/01/19 5,677,100
3,000 Energy Northwest WA Elec Rev
Proj No 3 Rfdg Ser A (FSA
Insd) ................................. 5.500 07/01/18 3,218,850
5,000 King Cnty, WA Rfdg Ser B
(MBIA Insd) ........................... 5.250 01/01/34 5,102,850
2,000 Port Seattle, WA Rev Ser B
(MBIA Insd) (AMT) ..................... 5.625 02/01/24 2,097,520
1,345 Tacoma, WA Elec Sys Rev Rfdg
Ser A (FSA Insd) ...................... 5.750 01/01/15 1,449,130
--------------
23,072,210
--------------
WEST VIRGINIA 1.0%
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 6,565,786
--------------
WISCONSIN 1.1%
1,500 Waukesha, WI Redev Auth Hsg
Revr Sr Kirkland Crossings
Proj Rfdg ............................. 5.500 07/01/41 1,526,220
5,000 Wisconsin St Hlth & Ed Fac Auth
Mercy Hlth Sys Corp (AMBAC
Insd) ................................. 5.500 08/15/25 5,218,950
400 Wisconsin St Hlth & Ed Fac Auth
Rev Beaver Dam Cmnty Hosp
Inc Ser A ............................. 6.000 08/15/19 426,436
--------------
7,171,606
--------------
GUAM 1.0%
6,000 Guam Pwr Auth Rev Ser A
(AMBAC Insd) .......................... 5.250 10/01/34 6,240,000
--------------
PUERTO RICO 1.1%
2,000 Puerto Rico Muni Fin Agy Ser A
(FSA Insd) ............................ 5.250 08/01/20 2,138,120
4,500 Puerto Rico Pub Bldg Auth Rev
Gtd Govt Fac Ser I (Comwlth
Gtd) .................................. 5.250 07/01/33 4,773,240
--------------
6,911,360
--------------
TOTAL LONG-TERM INVESTMENTS 179.0%
(Cost $1,093,231,533) ................................................................ 1,140,043,401
SHORT-TERM INVESTMENTS 1.0%
(Cost $6,300,000)..................................................................... 6,300,000
--------------
TOTAL INVESTMENTS 180.0%
(Cost $1,099,531,533)................................................................. 1,146,343,401
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS
RELATED TO SECURITIES HELD (30.0%)
(Cost ($190,815,000))
$(190,815) Notes with interest rates ranging from 3.64% to 3.70% at
December 31, 2006 and contractual maturities of collateral
ranging from 2021 to 2042 (j)................................................. (190,815,000)
--------------
TOTAL NET INVESTMENTS 150.0%
(Cost $908,716,533)................................................................... 955,528,401
OTHER ASSETS IN EXCESS OF LIABILITIES 1.1%.............................................. 6,701,540
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (51.1%).............................. (325,257,467)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%........................................... $ 636,972,474
==============
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 4.1% 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) 144A-Private Placement security which is exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. This security may only
be resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(g) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(h) Security purchased on a when-issued or delayed delivery basis.
(i) Inverse Floating Rate
(j) Floating rate notes. The interest rates shown reflect the rates in effect
at January 31, 2007.
ACA - American Capital Access
AGC - AGC Insured Custody Certificates
AMBAC - AMBAC Indemnity Corp. AMT - Alternative Minimum Tax
CIFG - CDC IXIS Financial Guaranty
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 JANUARY 31, 2007:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures, March 2007
(Current Notional Value of $106,750 per contract)................... 761 $ 1,603,476
U.S. Treasury Bonds Futures, March 2007 (Current
Notional Value of $110,125 per contract) ........................... 901 1,957,657
--------- --------------
1,662 $ 3,561,133
--------- --------------
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: March 22, 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: March 22, 2007
By: /s/ James W. Garrett
---------------------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: March 22, 2007