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)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Jerry W. Miller
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 7/31/08
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, 2008 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-------- ------------------------------------ ------- ----------- -------------
MUNICIPAL BONDS 185.8%
ALABAMA 2.9%
$ 2,150 Bessemer, AL Governmental Util
Svc Corp Wtr Supply Rev Rfdg,
Ser A (AGL Insd) (a) ............ 5.000% 06/01/39 $ 2,167,555
1,000 Birmingham Baptist Med Ctr AL
Baptist Hlth Sys, Ser A ......... 5.875 11/15/24 994,720
3,695 Gadsden, AL Wts, Ser B
(AMBAC Insd) (b) ................ 5.250 08/01/21 3,869,958
1,725 Huntsville-Redstone Vlg, AL Spl
Care Fac Fin Auth Redstone Vlg
Proj ............................ 5.500 01/01/43 1,374,118
4,000 Jefferson Cnty, AL Swr Rev Cap
Impt Wts (FGIC Insd)
(Prerefunded @ 8/01/12) ......... 5.125 02/01/42 4,292,400
2,255 Marshall Cnty, AL Hlthcare, Ser C .. 6.000 01/01/32 2,289,727
-------------
14,988,478
-------------
ALASKA 0.7%
1,000 Matanuska-Susitna Boro, AK Ctf
Partn Pub Safety Bldg Lease
(FSA Insd) ...................... 5.750 03/01/16 1,042,330
3,870 Northern Tob Sec Corp AK Tob
Settlement Rev Asset Bkd, Ser
A ............................... 5.000 06/01/46 2,742,321
-------------
3,784,651
-------------
ARIZONA 2.6%
1,425 Arizona Cap Fac Fin Corp Student
Hsg Rev AZ St Univ Proj ......... 6.250 09/01/32 1,425,499
1,000 Arizona Hlth Fac Auth Hosp Sys
Rev John C Lincoln Hlth
Network (Prerefunded @
12/01/12) ....................... 6.375 12/01/37 1,138,140
1,650 Glendale, AZ Indl Dev Auth Rfdg .... 5.000 12/01/35 1,409,892
ARIZONA (CONTINUED)
$ 2,000 Goodyear, AZ McDowell Rd Coml
Corridor Impt Dist Impt (AMBAC
Insd) ........................... 5.250% 01/01/32 $ 1,999,900
2,300 Pima Cnty, AZ Indl Dev Auth Wtr
& Wastewtr Rev Global Wtr
Resh LLC Proj (AMT) ............. 6.550 12/01/37 2,050,128
6,500 University of AZ Med Ctr Corp ...... 5.000 07/01/35 5,683,860
-------------
13,707,419
-------------
ARKANSAS 0.4%
2,310 Arkansas St Dev Fin Auth Rev St
Agy Fac Donaghey Plaza Proj
(FSA Insd) ...................... 5.000 06/01/34 2,309,838
-------------
CALIFORNIA 25.6%
650 Aliso Viejo, CA Cmnty Fac Dist
Spl Tax No 2005-01 Glenwood
at Aliso ........................ 6.000 09/01/38 637,975
4,000 Anaheim, CA Pub Fin Auth Lease
Rev Cap Apprec Sub Pub Impt
Proj, Ser C (FSA Insd) .......... * 09/01/20 2,192,040
2,100 Bay Area Govt Assn CA Rev Tax
Alloc CA Redev Pool, Ser A
(XLCA Insd) ..................... 5.250 09/01/35 1,973,034
5,000 Bay Area Toll Auth CA Toll Brdg Rev
San Francisco Bay Area, Ser
A-1 (AMBAC Insd) (c)(d) ......... 6.500 04/01/45 5,000,000
3,000 Bay Area Toll Auth CA Toll Brdg Rev
San Francisco Bay Area, Ser
B-1 (AMBAC Insd) (c)(d) ......... 7.000 04/01/47 3,000,000
3,000 Bay Area Toll Auth CA Toll Brdg Rev
San Francisco Bay Area, Ser C
(AMBAC Insd) (c)(d) ............. 7.000 04/01/37 3,000,000
CALIFORNIA (CONTINUED)
$ 1,875 California Cnty, CA Tob Sec Agy
Tob Asset Bkd Merced Cnty
Rfdg, Ser A ..................... 5.250% 06/01/45 $ 1,419,787
350 California Hlth Fac Fin Auth Rev
Casa De Las, Ser A (MBIA-IBC
Insd) (Prerefunded @
8/01/08) (b) .................... 5.250 08/01/17 350,000
3,000 California Hsg Fin Agy Rev Home
Mtg, Ser G (AMT) (a) ............ 4.950 08/01/23 2,816,912
2,000 California Hsg Fin Agy Rev Home
Mtg, Ser G (AMT) (a) ............ 5.050 02/01/29 1,877,941
6,000 California Hsg Fin Agy Rev Home
Mtg, Ser I (AMT) (a) ............ 4.800 08/01/36 5,556,760
3,150 California Hsg Fin Agy Rev Home
Mtg, Ser K (AMT) (a) ............ 5.300 08/01/23 3,047,271
3,700 California Hsg Fin Agy Rev Home
Mtg, Ser K (AMT) (a) ............ 5.450 08/01/28 3,579,335
1,000 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj, Ser B (AMT) ...... 5.000 07/01/27 814,530
510 California St (AMBAC Insd) ......... 5.125 10/01/27 510,194
775 California St Dept Wtr Res Wtr
Rev Cent Vy Proj, Ser AE (a) .... 5.000 12/01/24 802,739
975 California St Dept Wtr Res Wtr
Rev Cent Vy Proj, Ser AE (a) .... 5.000 12/01/25 1,009,897
975 California St Dept Wtr Res Wtr
Rev Cent Vy Proj, Ser AE (a) .... 5.000 12/01/26 1,009,897
575 California St Dept Wtr Res Wtr
Rev Cent Vy Proj, Ser AE (a) .... 5.000 12/01/27 595,580
975 California St Dept Wtr Res Wtr
Rev Cent Vy Proj, Ser AE (a) .... 5.000 12/01/28 1,009,897
CALIFORNIA (CONTINUED)
$ 1,995 California St Pub Wks Brd UCLA
Replacement Hosp, Ser A (FSA
Insd) ........................... 5.375% 10/01/20 $ 2,112,944
5,000 California St Univ Rev Sys Wide,
Ser A (AMBAC Insd) .............. 5.000 11/01/23 5,066,450
7,565 California St Veterans, Ser CD
(AMT) (a) ....................... 4.600 12/01/32 6,947,297
2,650 California Statewide Cmnty Dev
Auth Ctf Partn (Prerefunded @
11/01/09) (Acquired 11/23/99,
Cost $2,650,000) (e) ............ 7.250 11/01/29 2,867,167
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth, Ser A ..................... 5.250 07/01/30 926,370
1,000 California Statewide Cmnty Dev
Auth Rev Front Porch Cmnty &
Svc, Ser A (f) .................. 5.125 04/01/37 861,410
1,800 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth, Ser A ..................... 5.000 03/01/30 1,711,008
2,500 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth, Ser A ..................... 5.000 03/01/35 2,321,400
5,100 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente,
Ser A (a) ....................... 5.000 04/01/31 4,796,754
3,805 California Statewide Cmnty Dev
Auth Rev Sutter Hlth, Ser A ..... 5.000 11/15/43 3,584,652
3,500 Capistrano, CA Uni Sch Dist
(FGIC Insd) ..................... 5.000 09/01/29 3,299,660
450 Daly City, CA Hsg Dev Fin Agy
Mobile Home Pk Rev Third Tier
Franciscan Rfdg, Ser C .......... 6.500 12/15/47 394,520
CALIFORNIA (CONTINUED)
$ 27,810 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg ..... * 01/15/33 $ 5,608,999
18,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
(MBIA-IBC Insd) (b) ............. * 01/15/25 6,227,640
6,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Sr
Lien, Ser A (g) ................. * 01/01/18 4,019,400
225 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Sr
Lien, Ser A (Prerefunded @
1/01/10) ........................ 7.150% 01/01/13 245,518
8,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Asset Bkd Sr,
Ser A-1 ......................... 5.750 06/01/47 6,570,400
3,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Asset Bkd Sr,
Ser A-1 (a) ..................... 5.750 06/01/47 2,499,668
5,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced, Ser
A ............................... 5.000 06/01/45 4,442,100
5,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced, Ser
A (FGIC Insd) ................... 5.000 06/01/35 4,527,850
1,000 Hesperia, CA Pub Fin Auth Rev
Redev & Hsg Proj, Ser A (XLCA
Insd) ........................... 5.000 09/01/37 883,080
2,635 Imperial Irr Dist CA Ctf Partn Elec
Sys Proj (FSA Insd) ............. 5.250 11/01/23 2,720,084
400 Morongo Band of Mission Indians
CA Enterprise Rev Indians
Enterprise Casino, Ser B (f) .... 5.500 03/01/18 390,188
2,350 Quechan Indian Tribe Ft Yuma
Indian Reservation CA & Govt
Proj ............................ 7.000 12/01/27 2,246,389
CALIFORNIA (CONTINUED)
$ 1,600 Rancho Mirage, CA Jt Pwr Fin
Auth Rev Eisenhower Med Ctr,
Ser A ........................... 5.000% 07/01/47 $ 1,453,376
1,375 San Bernadino, CA Jt Pwr Fin
Auth Alloc Rev Cent City
Merged Proj Rfdg, Ser A
(AMBAC Insd) (b) ................ 5.750 07/01/20 1,528,780
1,000 San Joaquin Hills, CA Trans
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg, Ser A (MBIA
Insd) ........................... * 01/15/27 328,130
1,000 San Joaquin Hills, CA Trans
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg, Ser A (MBIA
Insd) ........................... * 01/15/28 308,320
1,000 Southern CA Pub Pwr Auth Nat
Gas Proj Rev No 1, Ser A ........ 5.250 11/01/22 990,030
4,290 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd, Ser
A-1 ............................. 5.375 06/01/38 3,372,927
3,050 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd, Ser
A-1 ............................. 5.500 06/01/45 2,408,463
3,200 Tobacco Sec Auth Southn CA
Tob Settlement Sr, Ser A-1 ...... 5.000 06/01/37 2,376,704
8,350 Tobacco Sec Auth Southn CA
Tob Settlement Sr, Ser A-1 ...... 5.125 06/01/46 6,175,326
-------------
134,416,793
-------------
COLORADO 5.0%
425 Colorado Hlth Fac Auth Hlth &
Residential Care Fac Volunteers
of Amer Care, Ser A ............. 5.300 07/01/37 345,466
COLORADO (CONTINUED)
4,500 Colorado Hlth Fac Auth Rev
Adventist Hlth Sunbelt Rfdg, Ser
D (a) ........................... 5.250% 11/15/27 $ 4,372,155
1,000 Colorado Hlth Fac Auth Rev
Catholic Hlth Initiatives, Ser
A (g) ........................... 5.500 03/01/32 1,052,650
4,875 Colorado Hlth Fac Auth Rev
Catholic Hlth, Ser C-5 (FSA
Insd) (a) ....................... 5.000 09/01/36 4,823,980
2,250 Colorado Hlth Fac Auth Rev
Covenant Retirement Cmnty
Inc ............................. 5.000 12/01/35 1,845,585
1,000 Colorado Hlth Fac Auth Rev
Evangelical Lutheran, Ser A ..... 5.250 06/01/34 914,280
3,700 Colorado Hlth Fac Auth Rev Hlth
Fac Evangelical Lutheran ........ 5.000 06/01/35 3,249,377
2,000 Colorado Hlth Fac Auth Rev
Hosp North CO Med Ctr
(MBIA Insd) (c)(d) .............. 7.850 05/15/20 2,000,000
1,125 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth
(Prerefunded @ 11/15/11) ........ 6.500 11/15/31 1,264,556
1,000 Colorado Hlth Fac Auth Rev
Poudre Vly CO Hlth Fac Auth
Hosp, Ser A (FSA Insd) .......... 5.200 03/01/31 1,010,690
100 Jefferson Cnty, CO Residential
Mtg Rev (b)(g) .................. 9.000 09/01/12 121,967
265 Jefferson Cnty, CO Residential
Mtg Rev (b)(g) .................. 11.500 09/01/08 267,056
300 Jefferson Cnty, CO Residential
Mtg Rev (b)(g) .................. 11.500 09/01/09 330,387
340 Jefferson Cnty, CO Residential
Mtg Rev (b)(g) .................. 11.500 09/01/10 401,169
COLORADO (CONTINUED)
$ 220 Jefferson Cnty, CO Residential
Mtg Rev (b)(g) .................. 11.500% 09/01/11 $ 274,424
1,000 Montezuma Cnty, CO Hosp Dist
Hlth Fac Enterprise Hosp Rfdg ... 5.900 10/01/37 865,520
3,085 Platte Riv Pwr Auth CO Pwr Rev,
Ser EE .......................... 5.375 06/01/16 3,314,493
-------------
26,453,755
-------------
CONNECTICUT 3.2%
800 Connecticut St Dev Auth Solid
Waste Disp Fac Rev Pwr LLC
Proj, Ser A (AMT) ............... 5.750 11/01/37 760,360
4,225 Connecticut St Hsg Fin Auth Hsg
Mtg Fin Pg Sub, Ser B-2
(AMT) ........................... 5.100 05/15/38 3,687,157
2,840 Connecticut St Spl Oblig Pkg Rev
Bradley Intl Arpt, Ser A (ACA
Insd) (AMT) ..................... 6.600 07/01/24 2,670,935
600 Mashantucket Western Pequot
Tribe CT 2006 Sub Spl Rev Bd,
Ser A (f) ....................... 5.500 09/01/36 505,746
6,500 Mashantucket Western Pequot
Tribe CT Spl Rev, Ser B (f) ..... 5.750 09/01/18 6,191,510
3,500 Mashantucket Western Pequot
Tribe CT Spl Rev, Ser B (f) ..... 5.750 09/01/27 3,111,885
-------------
16,927,593
-------------
DISTRICT OF COLUMBIA 2.7%
1,000 District Columbia Hosp Rev
Medlantic Hlthcare Group A
Rfdg (MBIA Insd) (g) ............ 5.875 08/15/19 1,001,500
2,000 District Columbia Rev Univ
George Washington Univ, Ser B
(MBIA Insd) (c)(d) .............. 6.970 09/15/29 2,000,000
4,000 District Columbia Wtr & Swr Auth
Pub Util Rev Sub Lien (FSA
Insd) (a) ....................... 5.500 10/01/41 4,157,280
DISTRICT OF COLUMBIA (CONTINUED)
$ 775 District Columbia Wtr & Swr Auth
Pub Util Rev Sub Lien Rfdg, Ser
A (AGL Insd) (a) ................ 5.000% 10/01/29 $ 773,871
1,575 District Columbia Wtr & Swr Auth
Pub Util Rev Sub Lien Rfdg, Ser
A (AGL Insd) (a) ................ 5.000 10/01/34 1,572,707
5,000 Metropolitan Washington DC Arpt
Auth Sys, Ser A (FGIC Insd)
(AMT) ........................... 5.125 10/01/26 4,750,150
-------------
14,255,508
-------------
FLORIDA 15.9%
1,000 Alachua Cnty, FL Indl Dev Rev
North FL Retirement Vlg ......... 5.250 11/15/17 931,570
1,000 Alachua Cnty, FL Indl Dev Rev
North FL Retirement Vlg ......... 5.875 11/15/36 870,910
375 Beacon Lakes, FL Cmnty Dev FL
Spl Assmt, Ser A ................ 6.000 05/01/38 313,492
250 Beacon Lakes, FL Cmnty Dev FL
Spl Assmt Sub, Ser B ............ 6.200 05/01/38 209,070
3,800 Brevard Cnty, FL Hlth Fac Auth
Hlthcare Fac Rev Hlth First Inc
Proj ............................ 5.000 04/01/34 3,457,582
1,350 Brevard Cnty, FL Hlth Fac Auth
Residential Care Fac Rev Buena
Vida Estates Inc ................ 6.750 01/01/37 1,294,879
3,380 Brevard Cnty, FL Hlth Fac Hlth
First Inc Proj (MBIA Insd) ...... 5.125 04/01/31 3,319,735
400 Capital Tr Agy FL Rev Ft
Lauderdale Proj (AMT) ........... 5.750 01/01/32 342,480
460 Escambia Cnty, FL Hlth Fac Auth
Rev (AMBAC Insd) ................ 5.950 07/01/20 486,602
5,000 Florida St Dept Trans Tpk Rev,
Ser A (a) ....................... 5.000 07/01/29 5,052,200
FLORIDA (CONTINUED)
$ 5,775 Fort Lauderdale, FL Wtr & Swr
Rev (a) ......................... 5.000% 09/01/32 $ 5,834,910
1,895 Gulf Breeze, FL Rev Loc Govt
(FGIC Insd) (b) ................. 5.625 12/01/20 1,955,867
5,000 Highlands Cnty, FL Hlth Fac Auth
Rev ARS Hosp Adventist Hlth,
Ser F (FSA Insd) (c)(d) ......... 3.090 11/15/35 5,000,000
1,000 Highlands Cnty, FL Hlth Fac Auth
Rev Hosp Adventist Hlth, Ser D
(Prerefunded @ 11/15/13) ........ 5.375 11/15/35 1,090,520
865 Highlands, FL Cmnty Dev Dist Spl
Assmt ........................... 5.550 05/01/36 668,731
975 Hillsborough Cnty, FL Aviation
Auth Rev, Ser A (AGL Insd)
(AMT) (a) ....................... 5.375 10/01/33 978,392
2,175 Hillsborough Cnty, FL Aviation
Auth Rev, Ser A (AGL Insd)
(AMT) (a) ....................... 5.500 10/01/38 2,182,567
2,310 Hillsborough Cnty, FL Indl Dev
Auth Indl Dev Rev Hlth Fac Proj
Univ Cmnty Hosp, Ser A
(Prerefunded @ 8/15/09) ......... 5.500 08/15/14 2,419,794
800 Hillsborough Cnty, FL Indl Dev
Auth Pollutn Ctl Rev
Hillsborough Cnty Ida Rfdg
(AMBAC Insd) .................... 5.000 12/01/34 808,480
800 Hillsborough Cnty, FL Indl Dev
Auth Pollutn Ctl Rev Tampa
Elec, Ser B ..................... 5.150 09/01/25 811,920
3,000 Hillsborough Cnty, FL Solid
Waste & Res Recovery Rev,
Ser A (BHAC Insd) (AMT) ......... 4.500 09/01/34 2,542,860
FLORIDA (CONTINUED)
$ 5,000 Lakeland, FL Hosp Sys Rev
Lakeland Regl Hlth Sys
Rfdg (a) ........................ 5.000% 11/15/26 $ 4,752,350
5,000 Lakeland, FL Hosp Sys Rev
Lakeland Regl Hlth Sys
Rfdg (a) ........................ 5.000 11/15/32 4,597,825
675 Main Str Cmnty Dev Dist FL Cap
Impt Rev, Ser A ................ 6.800 05/01/38 633,758
425 Main Str Cmnty Dev Dist FL Cap
Impt Rev, Ser B ................ 6.900 05/01/17 415,017
1,515 Miami Beach, FL Stormwtr Rev
(FGIC Insd) .................... 5.250 09/01/25 1,513,227
2,000 Miami-Dade Cnty, FL Aviation Rev
Miami Intl Arpt (FGIC Insd)
(AMT) .......................... 5.375 10/01/25 1,909,240
2,700 Miami-Dade Cnty, FL Aviation Rev
Miami Intl Arpt (FGIC Insd)
(AMT) .......................... 5.375 10/01/32 2,605,986
5,000 Miami-Dade Cnty, FL Aviation, Ser
A (FSA Insd) (AMT) ............. 5.125 10/01/35 4,630,750
645 Midtown Miami, FL Cmnty Dev FL
Spl Assmt Rev, Ser A ........... 6.000 05/01/24 590,556
700 Orange Cnty, FL Hlth Fac Auth
Rev First Mtg Orlando Lutheran
Tower .......................... 5.500 07/01/32 585,606
930 Orange Cnty, FL Hlth Fac Auth
Rev Hlthcare Orlando Lutheran
Rfdg ........................... 5.375 07/01/20 835,177
4,300 Orange Cnty, FL Tourist Dev Tax
Rev (AMBAC Insd)
(Prerefunded @ 10/01/09) ....... 5.500 10/01/31 4,483,524
570 Overoaks, FL Cmnty Dev Dist
Cap Impt Rev, Ser A ............ 6.125 05/01/35 479,142
FLORIDA (CONTINUED)
$ 1,100 Palm Beach Cnty, FL Hlth Fac
Auth Rev Wtrford Proj .......... 5.875% 11/15/37 $ 1,015,740
1,400 Port Saint Lucie, FL Spl Assmt
Rev Southwest Annexation Dist,
Ser 1-B (MBIA Insd) ............ 5.000 07/01/33 1,374,506
3,250 Putnam Cnty, FL Dev Auth Pollutn
Ctl Rev Rfdg Seminole Proj, Ser
A (AMBAC Insd) ................. 5.350 03/15/42 3,222,473
595 Reunion East Cmnty Dev Dist FL
Spl Assmt ...................... 5.800 05/01/36 486,674
400 Seminole Tribe, FL Spl Oblig Rev,
Ser A (f) ....................... 5.250 10/01/27 357,568
500 Seminole Tribe, FL Spl Oblig Rev,
Ser A (f) ....................... 5.750 10/01/22 483,785
925 Seven Oaks, FL Cmnty Dev Dist II
Spl Assmt Rev, Ser A ........... 5.875 05/01/35 758,333
1,900 South Vlg Cmnty Dev Dist FL Cap
Impt Rev, Ser A ................ 5.700 05/01/35 1,617,052
800 Sterling Hill Cmnty Dev Dist FL
Cap Impt Rev, Ser A ............ 6.200 05/01/35 801,624
1,060 Tallahassee, FL Lease Rev FL St
Univ Proj, Ser A (MBIA
Insd) (b) ....................... 5.500 08/01/18 1,112,703
200 Tolomato Cmnty, FL Dev Dist Spl
Assmt .......................... 6.550 05/01/27 199,226
2,075 Tolomato Cmnty, FL Dev Dist Spl
Assmt .......................... 6.650 05/01/40 2,065,206
1,000 Volusia Cnty, FL Ed Fac Auth Rev
Ed Fac Embry Riddle Aero, Ser
A .............................. 5.750 10/15/29 982,480
500 World Comm Cmnty Dev Dist FL
Spl Assmt ................. .... 5.500 05/01/38 392,005
-------------
83,474,094
-------------
GEORGIA 1.9%
$ 2,000 Atlanta, GA Arpt Passenger Fac
Charge Rev Gen Sub Lien, Ser
C (FSA Insd) .................... 5.000% 01/01/33 $ 2,001,940
3,500 Atlanta, GA Arpt Passenger Fac
Charge Rev Gen Sub Lien, Ser
C (FSA Insd) (a) ................ 5.000 01/01/33 3,501,855
1,000 Augusta, GA Gen Arpt Rev
Passenger, Ser B (AMT) .......... 5.350 01/01/28 841,120
1,500 Putnam Cnty, GA Dev Auth
Pollutn Ctl Rev GA Pwr Co ....... 5.100 06/01/23 1,479,945
2,000 Royston, GA Hosp Auth Hosp
Rev Ctf Hlthcare Sys Inc Rfdg ... 6.500 07/01/27 1,964,660
-------------
9,789,520
-------------
IDAHO 0.2%
895 Idaho Hlth Fac Auth Rev Vly Vista
Care Corp Rfdg .................. 6.125 11/15/27 822,595
-------------
ILLINOIS 17.6%
1,000 Bartlett, IL Tax Increment Rev
Quarry Redev Proj Rfdg .......... 5.600 01/01/23 946,480
2,000 Bolingbrook, IL Sales Tax Rev
Bolingbrook ..................... 6.250 01/01/24 1,942,540
7,775 Chicago, IL Brd Ed Rfdg, Ser C
(FSA Insd) (a) .................. 5.000 12/01/27 7,963,821
750 Chicago, IL Increment Alloc Rev
Diversey Narragansett Proj ...... 7.460 02/15/26 759,885
4,000 Chicago, IL Neighborhoods Alive
21 Pgm, Ser A (FGIC Insd)
(Prerefunded @ 7/01/10) ......... 5.750 01/01/40 4,295,880
5,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Rfdg, Ser A
(MBIA Insd) (AMT) ............... 5.375 01/01/32 4,744,700
ILLINOIS (CONTINUED)
$ 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 $ 3,331,335
3,500 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien, Ser A
(AGC Insd) (a) .................. 5.250 01/01/24 3,601,570
11,500 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien, Ser A
(AGC Insd) (a) .................. 5.250 01/01/25 11,790,433
4,000 Chicago, IL O'Hare Intl Arpt Rev,
Ser A (FSA Insd) (a) ............ 5.000 01/01/33 3,938,900
485 Chicago, IL Pk Dist, Ser C (FGIC
Insd) ........................... 5.500 01/01/19 509,391
465 Chicago, IL Proj Rfdg, Ser C
(FGIC Insd) ..................... 5.500 01/01/40 471,217
1,000 Chicago, IL, Ser A (AGL Insd) (a) .. 5.250 01/01/24 1,044,910
3,100 Chicago, IL, Ser A (AGL Insd) ...... 5.250 01/01/25 3,230,789
1,000 Chicago, IL, Ser A (AGL Insd) (a) .. 5.250 01/01/25 1,044,910
80 Cook Cnty, IL Sch Dist No 107 (g) .. 7.000 12/01/10 88,430
545 Cook Cnty, IL Sch Dist No 107 ...... 7.000 12/01/10 598,726
200 Cook Cnty, IL Sch Dist No
107 (b)(g) ...................... 7.150 12/01/08 203,586
310 Cook Cnty, IL Sch Dist No 107 (b) .. 7.150 12/01/08 315,217
120 Cook Cnty, IL Sch Dist No
107 (b)(g) ...................... 7.200 12/01/09 128,340
455 Cook Cnty, IL Sch Dist No 107 (b) .. 7.200 12/01/09 484,730
983 Cortland, IL Spl Tax Rev Sheaffer
Sys Proj (Acquired 5/02/06,
Cost $973,170) (e) .............. 5.500 03/01/17 921,562
1,000 Deerfield, IL Ed Fac Chicagoland
Jewish High Sch Proj ........... 6.000 05/01/41 936,910
1,000 Gilberts, IL Spl Svc Area No 19
Spl Tax The Conservancy Proj,
Ser 1 ........................... 5.375 03/01/16 750,890
ILLINOIS (CONTINUED)
$ 4,500 Hoffman Estates, IL (a)............. 5.000% 12/01/38 $ 4,489,380
2,725 Illinois Dev Fin Auth Rev Cmnty
Rehab Providers Fac, Ser A ...... 7.375 07/01/25 2,857,844
1,565 Illinois Ed Fac Auth Rev DePaul
Univ (AMBAC Insd)
(Prerefunded @ 10/01/10) ........ 5.625 10/01/15 1,687,993
350 Illinois Fin Auth Rev Christian
Homes Inc Rfdg, Ser A ........... 5.750 05/15/31 299,253
1,000 Illinois Fin Auth Rev IL Fin Auth
Roosevelt Univ .................. 5.500 04/01/37 944,920
1,500 Illinois Fin Auth Rev IL Inst of
Technology, Ser A ............... 5.000 04/01/31 1,388,760
2,915 Illinois Fin Auth Rev Kewanee
Hosp Proj ....................... 5.100 08/15/31 2,301,159
1,000 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj, Ser A ........ 6.000 05/15/25 927,580
1,350 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj, Ser A ......... 6.000 05/15/37 1,181,331
2,500 Illinois Fin Auth Rev Northwestern
Mem Hosp, Ser A (Prerefunded
@ 8/15/14) ...................... 5.500 08/15/43 2,780,800
3,500 Illinois Fin Auth Rev Osf Hlthcare
Sys, Ser A ...................... 5.750 11/15/37 3,494,715
2,500 Illinois Fin Auth Rev Sherman Hlth
Sys 2007, Ser A ................. 5.500 08/01/37 2,313,075
1,360 Illinois Hlth Fac Auth Rev
Evangelical Hosp Rfdg, Ser C
(FSA Insd) (b) .................. 6.750 04/15/12 1,486,194
3,000 Illinois St, Ser 1 (FSA Insd) ...... 5.250 12/01/21 3,161,940
250 Lake Cnty, IL Cmnty Unit Sch Dist
No 116 Round Lake (Radian
Insd) (g) ....................... 7.600 02/01/14 302,910
ILLINOIS (CONTINUED)
$ 2,675 Metropolitan Pier & Expo Auth IL
Dedicated St Tax Rev
McCormick Pl Expn, Ser A
(MBIA Insd) ..................... 5.250% 06/15/42 $ 2,703,221
166 Pingree Grove Vlg, IL Spl Svc
Area No 1 Spl Tax Cambridge
Lakes Proj, Ser 05 .............. 5.250 03/01/15 159,868
1,000 University IL Univ Rev Auxiliary
Fac Sys (MBIA Insd) ............. 4.500 04/01/36 904,500
848 Volo Vlg, IL Spl Svc Area No 3 Spl
Tax Symphony Meadows Proj,
Ser 1 ........................... 6.000 03/01/36 744,493
675 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (b)(g) .............. * 01/01/16 501,370
1,335 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (b) ................. * 01/01/16 934,326
425 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (b)(g) .............. * 01/01/19 267,070
990 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (b) ................. * 01/01/19 575,269
525 Will-Kankakee Regl Dev Auth IL
Multi-Family Hsg Rev Sr Estates
Supportive Living (AMT) ......... 7.000 12/01/42 498,577
991 Yorkville, IL Utd City Spl Svc Area
Spl Tax No 2004-107 Raintree
Vlg IL Proj ..................... 6.250 03/01/35 912,394
ILLINOIS (CONTINUED)
$ 980 Yorkville, IL Utd City Spl Svc Area
Tax No 2005-108 Autumn Creek
IL Proj ......................... 6.000% 03/01/36 $ 826,013
-------------
92,690,107
-------------
INDIANA 4.1%
1,000 Allen Cnty, IN Juvenile Just Ctr
First Mtg (AMBAC Insd) .......... 5.500 01/01/18 1,059,280
1,000 Indiana Hlth & Ed Fac Fin Auth
Hosp Rev Cmnty Fndtn
Northwest IN .................... 5.500 03/01/37 869,650
5,600 Indiana Hlth & Ed Fac Fin Auth
Rev Ascension Hlth Sr Cr
B-6 (a) ......................... 5.000 11/15/36 5,402,516
4,565 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Mtg, Ser
D-1 (GNMA Collateralized)
(AMT) (a) ....................... 4.625 07/01/38 4,296,611
1,500 Petersburg, IN Pollutn Ctl Rev IN
Pwr & Lt (AMT) .................. 5.950 12/01/29 1,421,055
470 Saint Joseph Cnty, IN Econ Dev
Rev, Ser A ...................... 6.000 05/15/38 410,131
7,500 Saint Joseph Cnty, IN Hosp Auth
Hlth Sys Rev Rfdg Mem
Hlth Sys (AMBAC Insd) (c)(d) .... 7.000 08/15/33 7,500,000
500 Vigo Cnty, IN Hosp Auth Rev Un
Hosp Inc (f) .................... 5.750 09/01/42 428,630
-------------
21,387,873
-------------
IOWA 1.3%
600 Jefferson Cnty, IA Hosp Rev
Jefferson Cnty Hosp Proj, Ser
C ............................... 5.950 08/01/37 560,496
IOWA (CONTINUED)
$ 1,300 Pottawattamie Cnty, IA Rev
Christian Homes Inc Rfdg, Ser
E ............................... 5.750% 05/15/26 $ 1,133,457
325 Sibley, IA Hlthcare Fac Rev
Osceola Cmnty Hosp Proj ......... 6.000 12/01/37 289,666
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd, Ser
C ............................... 5.375 06/01/38 1,748,587
1,800 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd, Ser
C ............................... 5.500 06/01/42 1,400,688
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd, Ser
C ............................... 5.625 06/01/46 1,774,800
-------------
6,907,694
-------------
KANSAS 1.0%
1,400 Burlington, KS Environmental Impt
Rev KC Rfdg Pwr LT, Ser B
(XLCA Insd) ..................... 5.000 12/01/23 1,425,774
70 Cowley Cnty, KS Uni Sch Dist No
465 Winfield Impt & Rfdg (MBIA
Insd) (b) ....................... 5.250 10/01/22 72,938
2,000 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement,
Ser A ........................... 5.000 05/15/24 1,686,260
1,200 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement,
Ser A ........................... 5.000 05/15/36 929,928
375 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement,
Ser B ........................... 5.125 05/15/37 294,499
KANSAS (CONTINUED)
$ 700 Olathe, KS Sr Living Fac Rev
Catholic Care Campus Inc, Ser
A ............................... 6.000% 11/15/38 $ 626,381
400 Overland Pk, KS Dev Corp Rev
First Tier Overland Pk, Ser A
(Prerefunded @ 1/01/11) ......... 7.375 01/01/32 446,660
-------------
5,482,440
-------------
KENTUCKY 1.0%
5,975 Louisville & Jefferson Cnty, KY
Metro Govt Hlth Sys Rev Norton
Hlthcare Inc (a) ................ 5.250 10/01/36 5,384,141
-------------
LOUISIANA 4.9%
550 Colonial Pinnacle Cmnty Dev Dist
Dev ............................. 6.750 05/01/23 538,780
997 Lakeshore Vlg Master Cmnty Dev
Dist LA Spl Assmt ............... 5.250 07/01/17 892,165
1,460 Louisiana Hsg Fin Agy Rev Azalea
Estates Rfdg, Ser A (GNMA
Collateralized) (AMT) ........... 5.375 10/20/39 1,327,987
1,675 Louisiana Loc Govt Environmental
Fac Pkg Fac Corp Garage Proj,
Ser A (AMBAC Insd) (b) .......... 5.200 10/01/19 1,745,517
8,000 Louisiana Pub Fac Auth Rev Christus
Hlth Sub, Ser C-2 (AMBAC
Insd) (c)(d) .................... 6.500 07/01/41 8,000,000
5,000 Louisiana St Gas & Fuels Tax
Rev, Ser A (FSA Insd) (a) ....... 5.000 05/01/36 4,987,950
6,429 Louisiana St Univ & Agric &
Mechanical College Univ Rev
Master Agreement (Acquired
11/30/98, Cost $6,429,000) (e) .. 5.750 10/30/18 6,270,954
LOUISIANA (CONTINUED)
$ 2,000 Rapides Fin Auth LA Rev Cleco
Pwr Proj (AMT) .................. 5.250% 11/01/37 $ 1,981,080
-------------
25,744,433
-------------
MARYLAND 1.4%
750 Gaithersburg, MD Econ Dev Rev
Asbury MD Oblig Group A ......... 5.125 01/01/36 655,860
1,300 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev, Ser H
(AMT) ........................... 5.100 09/01/37 1,144,715
1,000 Maryland St Econ Dev Corp Rev
Sr Lien Chesapeake Bay Rfdg,
Ser A ........................... 5.000 12/01/31 746,210
500 Maryland St Hlth & Higher Ed Fac
Auth Rev King Farm
Presbyterian Cmnty, Ser A ....... 5.250 01/01/27 419,260
2,000 Maryland St Hlth & Higher Ed Fac
Auth Rev Mercy Med Ctr, Ser
A ............................... 5.500 07/01/42 1,848,340
1,700 Maryland St Trans Auth Arpt
Baltimore/WA Intl Arpt, Ser B
(AMBAC Insd) (AMT) .............. 5.125 03/01/24 1,620,950
950 Prince Georges Cnty, MD Spl
Oblig Natl Harbor Proj .......... 5.200 07/01/34 807,158
-------------
7,242,493
-------------
MASSACHUSETTS 3.8%
2,765 Massachusetts St Dev Fin Agy
Proj, Ser R-2 (MBIA Insd) ....... 5.125 02/01/34 2,773,323
670 Massachusetts St Dev Fin Agy
Rev Boston Architectural Ctr
(ACA Insd) ...................... 6.100 09/01/18 672,646
1,000 Massachusetts St Dev Fin Agy
Rev Boston Architectural Ctr
(ACA Insd) ...................... 6.250 09/01/28 983,660
MASSACHUSETTS (CONTINUED)
$ 500 Massachusetts St Dev Fin Agy
Rev Linden Ponds Inc Fac, Ser
A ............................... 5.750% 11/15/35 $ 432,150
500 Massachusetts St Dev Fin Agy
Rev Linden Ponds Inc Fac, Ser
A ............................... 5.750 11/15/42 425,605
500 Massachusetts St Hlth & Ed Fac
Auth Rev Bal Structured Ylg
(MBIA Insd) ..................... 5.000 07/01/13 500,885
35 Massachusetts St Hlth & Ed Fac
Auth Rev Partn Hlthcare Sys,
Ser C ........................... 5.750 07/01/32 35,567
965 Massachusetts St Hlth & Ed Fac
Auth Rev Partn Hlthcare Sys,
Ser C (Prerefunded @
7/01/11) ........................ 5.750 07/01/32 1,055,778
4,850 Massachusetts St Hlth & Ed Fac
Auth Rev Univ MA Mem Issue,
Ser D ........................... 5.000 07/01/33 4,198,645
1,000 Massachusetts St Hsg Fin Agy
Hsg, Ser A (AMT) ................ 5.100 12/01/27 921,590
5,500 Massachusetts St Sch Bldg Auth
Dedicated Sales Tax Rev, Ser
A (a) ........................... 4.500 08/15/35 5,343,987
2,650 Massachusetts St Sch Bldg Auth
Sales Tax Rev, Ser A (FSA
Insd) (a) ....................... 5.000 08/15/30 2,675,084
-------------
20,018,920
-------------
MICHIGAN 3.1%
3,860 Detroit, MI, Ser A (XLCA Insd)
(b) ............................. 5.250 04/01/21 3,773,536
1,000 Kent Hosp Fin Auth MI Rev Metro
Hosp Proj, Ser A ................ 5.250 07/01/30 846,720
MICHIGAN (CONTINUED)
$ 1,000 Kent Hosp Fin Auth MI Rev Metro
Hosp Proj, Ser A ................ 6.000% 07/01/35 $ 924,860
875 Kent Hosp Fin Auth MI Rev
Spectrum Hlth, Ser A ............ 5.250 01/15/47 912,730
400 Kent Hosp Fin Auth MI Rev
Spectrum Hlth, Ser A ............ 5.500 01/15/47 420,744
1,450 Michigan St Hosp Fin Auth Rev
Chelsea Cmnty Hosp Oblig ........ 5.000 05/15/37 1,190,928
155 Michigan St Hsg Dev Rental Hsg
Rev, Ser A (MBIA Insd) (AMT) .... 5.300 10/01/37 139,150
1,500 Michigan St Strategic Fd Detroit
Edison Co Proj Rfdg, Ser C
(XLCA Insd) (AMT) ............... 5.450 12/15/32 1,352,805
8,230 Michigan Tob Settlement Fin Auth
Tob Settlement Asset Sr, Ser
A ............................... 6.000 06/01/48 6,874,931
-------------
16,436,404
-------------
MINNESOTA 2.9%
475 Chisago, MN Hlthcare Fac Rev
CDL Homes LLC Proj .............. 6.000 08/01/42 439,874
1,260 Glencoe, MN Hlthcare Fac Rev
Glencoe Regl Hlth Svc Proj ...... 5.000 04/01/31 1,096,452
1,000 Inver Grove Heights, MN
Presbyterian Homes Care Rfdg .... 5.500 10/01/41 918,260
5,000 Minneapolis, MN Hlthcare Sys
Rev Fairview Hlth Svc Rfdg, Ser
A (AMBAC Insd) (c)(d) ........... 7.000 11/15/32 5,000,000
4,250 Minneapolis, MN Hlthcare Sys
Rev Fairview Hlth Svc Rfdg, Ser
C (MBIA Insd) (c)(d) ............ 9.750 11/15/26 4,250,000
200 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks ............................ 6.000 10/01/27 190,264
MINNESOTA (CONTINUED)
$ 575 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks ............................ 6.000% 10/01/33 $ 533,859
175 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks ............................ 6.125 10/01/39 163,439
1,850 Saint Paul, MN Hsg & Redev Auth
Hlthcare Fac Rev Hlth Partners
Oblig Grp Proj .................. 5.250 05/15/36 1,636,085
950 Saint Paul, MN Hsg & Redev Auth
Hosp Rev Hlth East Proj ......... 6.000 11/15/35 937,963
-------------
15,166,196
-------------
MISSOURI 3.6%
160 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc ......... 5.625 06/01/27 153,443
1,000 Carthage, MO Hosp Rev .............. 5.875 04/01/30 863,430
2,250 Carthage, MO Hosp Rev .............. 6.000 04/01/38 1,914,705
1,300 Cass Cnty, MO Hosp Rev ............. 5.625 05/01/38 1,185,808
1,400 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt &
Rfdg ............................ 6.100 06/01/20 1,330,966
1,000 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt &
Rfdg ............................ 6.200 06/01/29 936,410
385 Fenton, MO Tax Increment Rev &
Impt Gravois Bluffs Proj Rfdg
(Prerefunded @ 10/01/11) ........ 7.000 10/01/21 435,612
1,000 Joplin, MO Indl Dev Auth Indl Rev
Christian Homes Inc Rfdg, Ser
F ............................... 5.750 05/15/31 849,010
1,000 Kearney, MO (AMBAC Insd) ........... 5.500 03/01/16 1,064,850
MISSOURI (CONTINUED)
$ 900 Maryland Heights, MO Tax
Increment Rev South Heights
Redev Proj Rfdg, Ser A .......... 5.500% 09/01/18 $ 871,227
1,200 Missouri St Hlth & Ed Fac Auth
Rev Sr Living Fac Lutheran
Rfdg, Ser B ..................... 5.125 02/01/27 1,097,400
1,000 Saint Charles, MO Ctf Partn, Ser
B ............................... 5.500 05/01/18 1,040,530
675 Saint Louis Cnty, MO Indl Dev
Auth Sr Living Fac Rev Saint
Andrews Res For Srs, Ser A ...... 6.375 12/01/30 627,257
1,500 Saint Louis Cnty, MO Indl Dev
Auth Sr Living Fac Rev Saint
Andrews Res for Srs, Ser A ...... 6.375 12/01/41 1,369,575
625 Saint Louis, MO Indl Dev Auth
Tax Increment & Cmnty Impt
Dist Loughborough Com Rfdg ...... 5.750 11/01/27 583,275
515 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt, Ser B (AMBAC
Insd) (AMT) ..................... 4.550 07/01/29 432,384
1,835 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt, Ser B (AMBAC
Insd) (AMT) (a) ................. 4.550 07/01/29 1,525,426
3,025 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt, Ser B (AMBAC
Insd) (AMT) (a) ................. 4.600 07/01/36 2,514,668
-------------
18,795,976
-------------
NEBRASKA 0.5%
2,620 Omaha Pub Pwr Dist NE Elec
Rev Sys, Ser A (a) .............. 5.000 02/01/34 2,628,738
-------------
NEVADA 3.2%
$ 4,000 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj, Ser A
(AMBAC Insd) (AMT) .............. 5.250% 07/01/34 $ 3,272,040
4,715 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj, Ser A
(BHAC Insd) (AMT) ............... 4.750 09/01/36 4,085,170
30 Nevada Hsg Div Single Family
Mtg Mezz, Ser D2 (AMT) .......... 6.300 04/01/21 30,410
2,645 Nevada Hsg Div Single Family
Mtg Rev, Ser A (GNMA
Collateralized) (AMT) ........... 5.875 04/01/38 2,595,591
930 Reno, NV Cap Impt Rev (FGIC
Insd) ........................... 5.125 06/01/26 896,753
1,570 Reno, NV Cap Impt Rev (FGIC
Insd) (Prerefunded @ 6/01/12) ... 5.125 06/01/26 1,691,188
3,100 Reno, NV Hosp Rev Renown Regl
Med Ctr Proj, Ser A (a) ......... 5.250 06/01/37 2,846,188
1,500 Reno, NV Sr Lien Retrac Reno
Trans Proj (AMBAC Insd)
(Prerefunded @ 6/01/12) ......... 5.125 06/01/37 1,618,620
-------------
17,035,960
-------------
NEW HAMPSHIRE 1.2%
4,800 New Hampshire Higher Ed & Hlth
Fac Auth Rev Daniel Webster
College Issue ................... 6.300 07/01/29 4,391,760
1,525 New Hampshire Hlth & Ed Fac
Auth Rev Derryfield Sch
(Prerefunded @ 7/01/10) ......... 6.750 07/01/20 1,567,227
250 New Hampshire Hlth & Ed Fac
Hlthcare Sys Covenant Hlth ...... 5.500 07/01/34 232,725
-------------
6,191,712
-------------
NEW JERSEY 9.6%
$ 375 Burlington Cnty, NJ Brdg Cmnty
Econ Dev Rev The Evergreens
Proj ............................ 5.625% 01/01/38 $ 332,186
1,000 New Jersey Econ Dev Auth Econ
Dev Rev Kapkowski Rd Landfill
Proj Rfdg ....................... 5.750 04/01/31 905,010
1,500 New Jersey Econ Dev Auth Rev
Cig Tax ......................... 5.750 06/15/29 1,409,760
1,600 New Jersey Econ Dev Auth Rev
Cig Tax ......................... 5.750 06/15/34 1,474,880
25,000 New Jersey Econ Dev Auth St
Contract Econ Recovery (MBIA
Insd) ........................... 5.900 03/15/21 28,465,500
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 1,384,650
2,600 New Jersey Hlthcare Fac Fin Auth
Rev Holy Name Hosp .............. 5.000 07/01/36 2,209,402
1,450 New Jersey Hlthcare Fac Fin Auth
Rev Saint Peters Univ Hosp
Oblig ........................... 5.750 07/01/37 1,385,142
3,500 New Jersey St Tpk Auth Tpk Rev,
Ser C (FSA Insd) ................ 6.500 01/01/16 4,078,585
1,000 New Jersey St Trans Tr Fd Auth
Trans Sys, Ser A ................ 5.750 06/15/18 1,146,450
11,000 Tobacco Settlement Fin Corp NJ,
Ser 1A (a) ...................... 5.000 06/01/41 7,893,710
-------------
50,685,275
-------------
NEW MEXICO 0.3%
$ 1,500 Jicarilla, NM Apache Nation Rev
Adj, Ser A (Acquired
1/23/2003, Cost
$1,514,910) (e) ................. 5.000% 09/01/18 $ 1,541,640
-------------
NEW YORK 13.2%
3,000 Metropolitan Trans Auth NY Rev
Rfdg, Ser A (FGIC Insd) ......... 5.250 11/15/31 3,011,160
11,250 Metropolitan Trans Auth NY Rev,
Ser B (FSA Insd) (a) ............ 4.500 11/15/36 11,107,883
1,600 New York City Hsg Dev Corp
Multi-Family Hsg Rev, Ser E1
(AMT) ........................... 5.350 11/01/37 1,465,472
400 New York City Indl Dev Agy Rev
Liberty 7 World Trade Ctr Proj,
Ser A ........................... 6.250 03/01/15 393,280
2,500 New York City Indl Dev Agy Rev
Liberty 7 World Trade Ctr Proj,
Ser B ........................... 6.750 03/01/15 2,542,525
1,000 New York City Liberty Dev Corp
Rev National Sports Museum
Proj, Ser A (Acquired 8/07/06,
Cost $1,000,000) (e) ............ 6.125 02/15/19 893,300
8,800 New York City Muni Wtr Fin Auth
Wtr & Swr Sys Rev, Ser D (a) .... 5.000 06/15/38 8,850,182
2,500 New York City Muni Wtr Fin Auth
Wtr & Swr Sys Rev, Ser D (a) .... 5.000 06/15/39 2,514,256
85 New York City, Ser A-1 ............. 5.750 08/01/12 85,231
3,000 New York City, Ser G ............... 5.000 12/01/27 3,037,140
4,775 New York City, Ser I-1 (a) ......... 5.000 02/01/26 4,876,551
6,800 New York St Dorm Auth Rev City
Univ Sys Cons, Ser A ............ 5.625 07/01/16 7,496,728
NEW YORK (CONTINUED)
$ 350 New York St Dorm Auth Rev Mt
Sinai NYU Hlth .................. 5.500% 07/01/26 $ 344,890
1,000 New York St Mtg Agy Homeowner
Mtg Rev 145 (AMT) ............... 5.125 10/01/37 877,970
2,702 Plainedge, NY Uni Free Sch Dist
No. 2063 (Acquired 7/25/97 to
12/01/00, Cost $,2702,000) (e) .. 6.000 06/01/12 2,741,344
9,900 Port Auth NY & NJ Cons 144th (a) ... 5.000 10/01/35 10,018,742
600 Seneca Nation Indians Cap Impt
Auth NY Spl Oblig, Ser A (f) .... 5.000 12/01/23 516,288
3,000 Triborough Brdg & Tunl Auth Gen
Purp, Ser A ..................... 5.000 01/01/27 3,035,520
3,900 Triborough Brdg & Tunl Auth NY
Rev Rfdg, Ser E (MBIA Insd) ..... 5.000 11/15/32 3,901,209
1,000 Westchester Tob Asset Sec Corp
NY .............................. 5.000 06/01/26 915,900
500 Yonkers, NY Indl Dev Agy Civic
Fac Rev Cmnty Dev Ppty
Yonkers Inc, Ser A
(Prerefunded @ 2/01/11) ......... 6.625 02/01/26 547,950
-------------
69,173,521
-------------
NORTH CAROLINA 1.9%
1,000 North Carolina Med Care Commn
Retirement Fac Rev First Mtg
Southminster Proj, Ser A ........ 5.750 10/01/37 933,820
8,300 North Carolina Muni Pwr Agy No 1
Catawba Elec Rev Rfdg (MBIA
Insd) ........................... 6.000 01/01/12 8,973,545
-------------
9,907,365
-------------
NORTH DAKOTA 0.6%
1,500 Grand Forks, ND Sr Hsg Rev
4000 Vly Square Proj Rfdg ....... 5.300 12/01/34 1,204,950
NORTH DAKOTA (CONTINUED)
$ 2,000 Ward Cnty, ND Hlthcare Fac Rev
Trinity Obligated Group Rfdg .... 5.125% 07/01/29 $ 1,827,360
-------------
3,032,310
-------------
OHIO 7.9%
300 Adams Cnty Hosp Fac Impt Rev
Adams Cnty Hosp Proj ............ 6.250 09/01/20 266,478
7,800 Buckeye, OH Tob Settlement Fin
Auth Asset Bkd Sr Turbo, Ser
A-2 ............................. 5.750 06/01/34 6,457,308
2,500 Buckeye, OH Tob Settlement Fin
Auth Asset Bkd Sr Turbo,
Ser A-2 ......................... 5.875 06/01/30 2,162,400
2,175 Cleveland-Cuyahoga Cnty, OH
Dev Port Auth Rev Cleveland
Bond Fd, Ser B (b) .............. 5.375 05/15/18 2,129,499
400 Cuyahoga Cnty, OH Hlthcare &
Indpt Living Fac Rev Eliza
Jennings Sr Care, Ser A ......... 5.750 05/15/27 354,996
1,000 Cuyahoga Cnty, OH Hosp Fac
Rev Canton Inc Proj ............. 7.500 01/01/30 1,059,460
1,000 Lorain Cnty, OH Hosp Rev
Catholic Hlthcare, Ser S ........ 5.375 10/01/30 1,006,780
3,225 Lorain Cnty, OH Hosp Rev
Catholic Rfdg, Ser C-1 (FSA
Insd) ........................... 5.000 04/01/24 3,294,789
3,000 Lorain Cnty, OH Hosp Rev Fac
Catholic, Ser A (FSA Insd) ...... 5.000 02/01/24 3,064,920
3,025 Lorain Cnty, OH Hosp Rev Fac
Catholic, Ser B (FSA Insd) ...... 5.000 02/01/24 3,090,461
2,270 Montgomery Cnty, OH Hosp Rev
Kettering Med Ctr Impt & Rfdg
(MBIA Insd) ..................... 6.250 04/01/20 2,600,217
OHIO (CONTINUED)
$ 1,625 Montgomery Cnty, OH Rev
Catholic Hlth, Ser C-1 (FSA
Insd) (a) ....................... 5.000% 10/01/41 $ 1,597,148
8,000 Ohio St Air Quality Dev Auth Rev
Dayton Pwr (BHAC Insd)
(AMT) (a) ....................... 4.800 09/01/36 7,785,025
1,250 Ohio St Bldg Auth St Fac Admin
Bldg Fd Proj, Ser A (FSA Insd) .. 5.000 04/01/22 1,282,350
1,000 Ohio St Higher Ed Fac Commn Rev
Hosp Univ Hosp Hlth Sys Inc,
Ser A (BHAC Insd) ............... 5.250 01/15/46 1,006,080
4,590 Ohio St Hsg Fin Agy Residential
Mtg Rev Bkd Secs Pgm, Ser D
(GNMA Collateralized)
(AMT) (a) ....................... 5.400 03/01/33 4,328,861
-------------
41,486,772
-------------
OKLAHOMA 0.7%
1,470 Chickasaw Nation, OK Hlth Sys (f) .. 6.250 12/01/32 1,497,283
1,240 Kay Cnty, OK Home Fin Auth Rev
Single Family Mtg Rfdg, Ser A
(AMBAC Insd) (g) ................ 7.000 11/01/11 1,394,926
700 Oklahoma Hsg Fin Agy Single
Family Rev Mtg, Class B
(GNMA Collateralized) (AMT) ..... 7.997 08/01/18 753,298
-------------
3,645,507
-------------
PENNSYLVANIA 3.2%
1,750 Allegheny Cnty, PA Hosp Dev
Auth Rev Hlth Sys West PA,
Ser A ........................... 5.000 11/15/28 1,396,902
385 Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd) ................. 5.500 12/01/30 395,753
PENNSYLVANIA (CONTINUED)
$ 315 Crawford Cnty, PA Hosp Auth Sr
Living Fac Rev Wesbury Utd
Methodist Cmnty (b) ............. 5.875% 08/15/10 $ 315,482
210 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg, Ser A ................ 5.300 12/15/08 209,441
320 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg, Ser A (b) ............ 5.300 12/15/09 317,021
240 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg, Ser A ................ 5.400 12/15/10 236,930
400 Montgomery Cnty, PA Indl Dev
Auth Rev Mtg Whitemarsh
Continuing Care Proj ............ 6.125 02/01/28 362,756
875 Montgomery Cnty, PA Indl Dev
Auth Rev Mtg Whitemarsh
Continuing Care Proj ............ 6.250 02/01/35 787,693
1,000 Pennsylvania Econ Dev Fin Auth
Exempt Fac Rev Reliant Energy,
Ser B (AMT) ..................... 6.750 12/01/36 1,004,890
1,550 Pennsylvania Hsg Fin Agy, Ser
94-A (AMT) ...................... 5.100 10/01/31 1,385,375
7,250 Pennsylvania St Pub Sch Bldg
Auth Lease Rev Sch Dist
Philadelphia Proj, Ser B (FSA
Insd) (a) ....................... 4.500 06/01/32 6,879,138
1,000 Philadelphia, PA Auth Indl Dev PA
Arpt Sys Proj, Ser A (FGIC
Insd) (AMT) ..................... 5.125 07/01/19 954,860
2,675 Pittsburgh, PA, Ser A (AMBAC
Insd) ........................... 5.500 09/01/17 2,749,766
-------------
16,996,007
-------------
SOUTH CAROLINA 4.9%
$ 4,305 Chalreston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (AGC Insd) (a) ......... 5.250% 12/01/28 $ 4,378,165
6,925 Chalreston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (AGC Insd) (a) ......... 5.250 12/01/29 7,042,692
1,000 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (a) .................... 5.250 12/01/25 1,014,350
3,000 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (a) .................... 5.250 12/01/26 3,043,050
475 Rock Hill, SC Util Sys Rev Comb
Rfdg, Ser C (FSA Insd) .......... 5.125 01/01/13 494,722
1,235 Rock Hill, SC Util Sys Rev Comb
Rfdg, Ser C (FSA Insd) (b) ...... 5.250 01/01/15 1,289,291
900 South Carolina Jobs Econ Dev
Auth Hlth Fac Rev First Mtg
Wesley Commons Rfdg ............. 5.125 10/01/26 769,266
1,000 South Carolina Jobs Econ Dev
Auth Hlth Fac Rev First Mtg
Wesley Commons Rfdg ............. 5.300 10/01/36 796,630
550 South Carolina Jobs Econ Dev
Auth Hlthcare Fac Rev First Mtg
Lutheran Homes Rfdg ............. 5.500 05/01/28 473,127
400 South Carolina Jobs Econ Dev
Auth Hlthcare Fac Rev First Mtg
Lutheran Homes Rfdg ............. 5.625 05/01/42 328,648
1,960 South Carolina Jobs Econ Dev
Auth Hosp Fac Rev Palmetto
Hlth Alliance Rfdg, Ser A ....... 6.250 08/01/31 1,981,736
2,500 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj, Ser A (AMBAC Insd) ........ 5.200 11/01/27 2,527,300
SOUTH CAROLINA (CONTINUED)
$ 725 South Carolina Jobs Econ Dev
Auth Rev Woodlands at Furman
Proj, Ser A ..................... 6.000% 11/15/27 $ 663,462
1,000 Tobacco Settlement Rev Mgmt
Auth SC Tob Settlement Rev
Rfdg ............................ 5.000 06/01/18 969,720
-------------
25,772,159
-------------
SOUTH DAKOTA 0.4%
2,325 South Dakota Hsg Dev Auth
Homeownership Mtg, Ser E
(AMT) (a) ....................... 4.625 05/01/36 1,873,298
-------------
TENNESSEE 3.9%
400 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp First Mtg Impt &
Rfdg, Ser B (Prerefunded @
7/01/12) ........................ 8.000 07/01/33 453,684
400 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp Impt & Rfdg, Ser
B (MBIA-IBC Insd) (Prerefunded
@ 7/01/12) ...................... 7.750 07/01/29 450,312
8,000 Jackson, TN Hosp Rev Rfdg
Jackson Madison Hosp, Ser B
(AMBAC Insd) (c)(d) ............. 7.000 04/01/41 8,000,000
4,000 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Rfdg, Ser A (MBIA-IBC
Insd) (Prerefunded @ 7/01/12) ... 7.500 07/01/25 4,589,680
3,000 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth, Ser A ..................... 5.500 07/01/36 2,730,090
2,650 Shelby Cnty, TN Hlth Ed & Hsg
Fac Brd Rev Methodist, Ser B
(FSA Insd) (a) .................. 5.250 09/01/27 2,710,196
1,500 Shelby Cnty, TN Hlth Ed & Hsg
Fac Brd Rev Trezevant Manor
Proj, Ser A ..................... 5.625 09/01/26 1,391,085
TENNESSEE (CONTINUED)
$ 35 Tennessee Hsg Dev Agy Home
Ownership Pgm 2006 (AMT) ........ 5.150% 01/01/37 $ 30,856
365 Tennessee Hsg Dev Agy Home
Ownership Pgm 2-A (AMT) ......... 5.700 07/01/31 373,932
-------------
20,729,835
-------------
TEXAS 17.4%
1,575 Alliance Arpt Auth Inc TX Spl Fac
Rev FedEx Corp Proj Rfdg
(AMT) ........................... 4.850 04/01/21 1,369,872
1,250 Austin, TX Convention
Enterprises Inc Convention Ctr
Second Tier Rfdg, Ser B ......... 5.750 01/01/24 1,141,887
1,000 Brazos Cnty, TX Hlth Fac Dev
Oblig Grp ....................... 5.375 01/01/32 959,470
1,100 Coastal Bend Hlth Fac Dev TX,
Ser C (AMBAC Insd) (g)(h) ....... 8.934 11/15/13 1,377,761
790 Dallas Cnty, TX Flood Ctl Dist
Rfdg ............................ 6.750 04/01/16 832,739
1,000 Dallas-Fort Worth, TX Intl Arpt
Rev Jt Impt & Rfdg, Ser A
(BHAC Insd) (AMT) ............... 5.500 11/01/31 1,000,200
700 Dallas-Fort Worth, TX Intl Arpt
Rev Jt, Ser C (MBIA Insd)
(AMT) ........................... 5.750 11/01/18 703,430
1,325 Dallas-Fort Worth, TX Intl Arpt
Rev Jt, Ser C (MBIA Insd)
(AMT) ........................... 6.000 11/01/23 1,330,697
5,250 El Paso Cnty, TX Hosp Dist, Ser
A (AGL Insd) (a) ................ 5.000 08/15/37 5,172,587
2,450 Fort Bend, TX Indpt Sch Dist
Rfdg & Sch Bldg (PSF Gtd) (a) ... 5.000 08/15/27 2,496,642
730 Fort Worth, TX Wtr & Swr Rev
Impt & Rfdg ..................... 5.750 02/15/16 773,406
TEXAS (CONTINUED)
$ 770 Fort Worth, TX Wtr & Swr Rev
Impt & Rfdg (Prerefunded @
8/15/10) ........................ 5.750% 02/15/16 $ 823,007
6,500 Harris Cnty, TX Hlth Fac Dev
Corp Hosp Rev ARS Baylor
College Med, Ser A-1 (AMBAC
Insd) (c)(d) .................... 4.570 11/15/47 6,500,000
2,000 Harris Cnty, TX Hlth Fac Dev
Corp Hosp Rev ARS Baylor
College Med, Ser A-4 (AMBAC
Insd) (c)(d) .................... 8.500 11/15/47 2,000,000
1,000 Houston, TX Arpt Sys Rev Sub
Lien, Ser A (FSA Insd) (AMT) .... 5.625 07/01/30 1,002,730
130 Houston, TX Pub Impt & Rfdg
(FSA Insd) ...................... 5.750 03/01/15 137,795
8,475 Houston, TX Util Sys Rev Comb
First Lien Rfdg, Ser A (FSA
Insd) ........................... 5.000 11/15/36 8,410,929
8,000 Houston, TX Util Sys Rev First
Lien Rfdg, Ser A (FSA Insd) ..... 5.250 05/15/21 8,397,840
3,320 Judson, TX Indpt Sch Dist Sch
Bldg (AGL Insd) (a) ............. 5.000 02/01/37 3,265,535
1,100 Lufkin, TX Hlth Fac Dev Corp Hlth
Sys Rev Mem Hlth Sys East
TX .............................. 5.500 02/15/32 1,011,648
1,250 Lufkin, TX Hlth Fac Dev Corp Hlth
Sys Rev Mem Hlth Sys East
TX .............................. 5.500 02/15/37 1,128,925
1,250 Matagorda Cnty, TX Navig Dist No
1 Rev Coll Centerpoint Energy
Proj Rfdg ....................... 5.600 03/01/27 1,132,187
TEXAS (CONTINUED)
$ 1,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care
Ctr, Ser A (Prerefunded @
2/15/10) ........................ 7.625% 02/15/28 $ 1,088,420
1,800 Metropolitan Hlth Fac Dev Corp
TX Wilson N Jones Mem Hosp
Proj ............................ 7.250 01/01/31 1,822,914
1,500 Mission, TX Econ Dev Corp Solid
Waste Disp Rev Waste Mgmt Inc
Proj (AMT) ...................... 6.000 08/01/20 1,504,800
1,000 North Central, TX Hlth Fac Dev
Corp Rev Hosp Baylor Hlthcare
Sys Proj, Ser A ................. 5.125 05/15/29 989,210
4,000 North Central, TX Hlth Fac Dev
Hosp Childrens Med Ctr Dallas
(AMBAC Insd) .................... 5.250 08/15/32 4,005,160
1,250 North TX Twy Auth Rev Rfdg Sys
First Tier, Ser A ............... 5.625 01/01/33 1,244,175
1,000 North TX Twy Auth Rev Rfdg Sys
First Tier, Ser B ............... 5.625 01/01/28 1,012,710
1,000 North TX Twy Auth Rev Rfdg Sys
First Tier, Ser B ............... 6.000 01/01/26 1,046,040
1,250 North TX Twy Auth Rev Rfdg Sys
First Tier, Ser B ............... 6.000 01/01/27 1,302,850
2,850 North TX Twy Auth Rev Toll Second
Tier Rfdg, Ser F ................ 5.750 01/01/33 2,780,517
3,149 Region One Ed Svc Ctr Sub Tech
Fac Proj (Acquired 12/30/97,
Cost $3,284,510) (e) ............ 6.590 12/15/17 3,411,226
1,000 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckingham Sr Living Cmnty
Inc ............................. 5.625 11/15/27 891,080
TEXAS (CONTINUED)
$ 2,700 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckingham Sr Living Cmnty
Inc ............................. 5.750% 11/15/37 $ 2,321,892
5,500 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckner Retirement Svc Inc
Proj ............................ 5.250 11/15/37 4,844,620
450 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac CC
Young Mem Hom Proj .............. 5.750 02/15/25 405,554
2,675 Tarrant Cnty, TX Hlth Fac Dev
Corp Hosp Rev Rfdg Cook
Childrens Med Ctr, Ser B (FSA
Insd) (a) ....................... 5.000 12/01/30 2,677,988
80 Texas Muni Pwr Agy Rev (MBIA
Insd) (g) ....................... * 09/01/15 60,725
395 Texas St Pub Ppty Fin Corp Rev
Mental Hlth & Retardation Rfdg
(FSA Insd) ...................... 5.500 09/01/13 395,932
5,750 Texas St Trans Commn Mobility
Fd (a) .......................... 5.000 04/01/28 5,869,203
3,500 Tyler, TX Hlth Fac Dev Corp Hosp
Rev & Impt East TX Med Ctr
Rfdg, Ser A ..................... 5.375 11/01/37 3,023,755
-------------
91,668,058
-------------
UTAH 0.1%
800 Utah St Charter Sch Fin Auth
Charter Sch Rev Summit
Academy, Ser A .................. 5.800 06/15/38 742,856
-------------
VERMONT 0.2%
$ 1,000 Vermont Econ Dev Auth Mtg Rev
Wake Robin Corp Proj, Ser A ..... 5.375% 05/01/36 $ 824,160
-------------
VIRGINIA 2.3%
1,320 Fairfax Cnty, VA Ctf Partn ......... 5.300 04/15/23 1,351,178
750 Peninsula Town Ctr Cmnty Dev
Auth VA Spl Oblig ............... 6.350 09/01/28 688,357
1,340 Richmond, VA (FSA Insd) ............ 5.500 01/15/10 1,405,124
2,590 Tobacco Settlement Fin Corp VA ..... 5.500 06/01/26 2,864,644
4,475 Virginia St Hsg Dev Comwlth Mtg
Auth, Ser B (AMT) (a) ........... 4.850 01/01/36 3,804,410
2,000 White Oak Vlg Shops VA Cmnty
Dev Auth Spl Assmt Rev .......... 5.300 03/01/17 1,908,960
-------------
12,022,673
-------------
WASHINGTON 2.5%
5,000 Bellevue, WA Convention Ctr Auth
Spl Oblig Rev Rfdg (MBIA
Insd) ........................... * 02/01/24 2,235,950
3,000 Energy Northwest WA Elec Rev
Proj No 3 Rfdg, Ser A (FSA
Insd) ........................... 5.500 07/01/18 3,189,330
1,350 Kalispel Tribe Indians Priority Dist
WA Rev .......................... 6.625 01/01/28 1,275,021
2,000 Port Seattle, WA Rev, Ser B
(MBIA Insd) (AMT) ............... 5.625 02/01/24 2,004,680
1,500 Skagit Cnty, WA Pub Hosp Dist
No 001 Rev Skagit Vly Hosp ...... 5.750 12/01/28 1,442,535
1,345 Tacoma, WA Elec Sys Rev Rfdg,
Ser A (FSA Insd) ................ 5.750 01/01/15 1,441,127
WASHINGTON (CONTINUED)
$ 1,545 Washington St Hsg Fin Commn
Nonprofit Rev Custodial
Rcpts-Wesley Homes, Ser
2007A-2027 (Acquired 5/07/08,
Cost $1,545,000) (e) ............ 6.000% 01/01/27 $ 1,502,992
-------------
13,091,635
-------------
WEST VIRGINIA 1.0%
3,500 Harrison Cnty, WV Cmnty Solid
Waste Disp Rev Allegheny
Energy Rfdg, Ser D (AMT) ........ 5.500 10/15/37 3,230,535
1,000 West Virginia St Hosp Fin Auth
Hosp Rev Thomas Hlth Sys ........ 6.000 10/01/20 985,080
1,300 West Virginia St Hosp Fin Auth
Hosp Rev Thomas Hlth Sys ........ 6.250 10/01/23 1,286,077
-------------
5,501,692
-------------
WISCONSIN 3.7%
5,230 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev, Ser A
(AMT) (a) ....................... 4.750 09/01/33 4,332,860
2,545 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev, Ser A
(AMT) (a) ....................... 5.300 09/01/23 2,465,988
3,200 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev, Ser A
(AMT) (a) ....................... 5.500 09/01/28 3,100,654
5,000 Wisconsin St Hlth & Ed Fac Auth
Mercy Hlth Sys Corp (AMBAC
Insd) ........................... 5.500 08/15/25 5,017,850
400 Wisconsin St Hlth & Ed Fac Auth
Rev Beaver Dam Cmnty Hosp
Inc, Ser A ...................... 6.000 08/15/19 402,096
3,975 Wisconsin St Hlth & Ed Fac Auth
Rev Ministry Hlth (FSA Insd)
(a) ............................. 5.000 08/01/34 3,845,750
WISCONSIN (CONTINUED)
$ 200 Wisconsin St Hlth & Ed Fac Auth
Rev Newcastle Place Inc, Ser
A ............................... 6.000% 12/01/27 $ 182,008
-------------
19,347,206
-------------
WYOMING 0.2%
1,000 Sweetwater Cnty, WY Solid
Waste Disp Rev FMC Corp Proj
Rfdg (AMT) ...................... 5.600 12/01/35 889,140
-------------
GUAM 1.1%
6,000 Guam Pwr Auth Rev, Ser A
(AMBAC Insd) .................... 5.250 10/01/34 5,898,960
-------------
PUERTO RICO 0.0%
65 Puerto Rico Pub Bldg Auth Rev
Govt Fac, Ser I (Comwth Gtd)
(Prerefunded @ 7/01/14) ......... 5.250 07/01/33 70,469
-------------
TOTAL INVESTMENTS 185.8%
(Cost $1,013,224,021) .............................................. 976,943,869
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES
HELD (39.7%)
(Cost ($208,495,000))
$(208,495) Notes with interest rates ranging from 2.23% to 2.76% at
July 31, 2008 and contractual maturities of collateral ranging
from 2023 to 2047. (i) (208,495,000)
-------------
TOTAL NET INVESTMENTS 146.1%
(Cost $804,729,021) ................................................ 768,448,869
OTHER ASSETS IN EXCESS OF LIABILITIES 3.4% ............................ 17,628,248
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (49.5%) ............ (260,251,656)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% ......................... $ 525,825,461
-------------
VAN KAMPEN MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS - JULY 31, 2008 (UNAUDITED) continued
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) Underlying security related to Inverse Floaters entered into by the Trust.
(b) The Trust owns 100% of the outstanding bond issuance.
(c) Security includes a feature allowing the Trust an option on any interest
rate payment date to offer the security for sale at par. The sale is
contingent upon market conditions.
(d) Variable Rate Coupon
(e) Security is restricted and may be resold only in transactions exempt from
registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 3.8% of net assets
applicable to common shares.
(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) Escrowed to Maturity
(h) Inverse Floating Rate
(i) Floating rate notes. The interest rates shown reflect the rates in effect
at July 31, 2008.
ACA - American Capital Access
AGC - AGC Insured Custody Certificates
AGL - Assured Guaranty Ltd.
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
BHAC - Bershire Hathaway Assurance Corp.
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.
MBIA-IBC - MBIA Insured Bond Certificates
PSF - Public School Fund
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
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/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: September 18, 2008
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/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: September 18, 2008
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: September 18, 2008