UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6362
Van Kampen Municipal Trust
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 7/31/05
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, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 149.0%
ALABAMA 2.5%
$ 1,000 Birmingham Baptist Med
Ctr AL Baptist Hlth Sys Ser A 5.875% 11/15/24 $ 1,069,360
2,695 Gadsden, AL Wts Ser B
(AMBAC Insd) 5.250 08/01/21 2,966,602
2,000 Jefferson Cnty, AL Ltd
Oblig Sch Wt Ser A 5.250 01/01/23 2,135,900
4,000 Jefferson Cnty, AL Swr
Rev Cap Impt Wts
(Prerefunded @
08/01/12) (FGIC Insd) 5.125 02/01/42 4,354,600
1,735 Jefferson Cnty, AL Swr
Rev Cap Impt Wts Ser A
(Prerefunded @
02/01/11) (FGIC Insd) 5.000 02/01/41 1,886,622
2,370 Marshall Cnty, AL
Hlthcare Ser C 6.000 01/01/32 2,550,428
---------------
14,963,512
---------------
ALASKA 0.2%
1,000 Alaska St Intl Arpt Rev
Ser B (AMBAC Insd) 5.750 10/01/17 1,128,380
---------------
ARIZONA 0.4%
1,425 Arizona Cap Fac Fin
Corp Student Hsg Rev AZ
St Univ Proj 6.250 09/01/32 1,522,057
1,000 Arizona Hlth Fac Auth
Hosp John C Lincoln
Hlth Network 6.375 12/01/37 1,104,420
---------------
2,626,477
---------------
ARKANSAS 0.7%
2,310 Arkansas St Dev Fin
Auth Rev St Agy Fac
Donaghey Plaza Proj
(FSA Insd) 5.000 06/01/34 2,419,933
1,565 Fort Smith, AR Wtr & Swr
Rev Ser C (FSA Insd) (a) 5.000 10/01/21 1,672,938
---------------
4,092,871
---------------
CALIFORNIA 20.1%
4,000 Anaheim, CA Pub Fin
Auth Lease Rev Cap
Apprec Sub Pub Impt
Proj C (FSA Insd) * 09/01/20 2,043,800
7,500 Anaheim, CA Pub Fin
Auth Rev Elec Sys Dist
Fac Ser A (FSA Insd) 5.000 10/01/31 7,818,300
2,100 Bay Area Govt Assn CA
Rev Tax Alloc CA Redev
Pool Ser A (XLCA Insd) 5.250 09/01/35 2,242,989
7,125 California Ed Fac Auth
Rev Pepperdine Univ Ser
A Rfdg (FGIC Insd) 5.000 09/01/33 7,464,435
350 California Hlth Fac Fin
Auth Rev Casa De Las
Ser A (MBIA Insd) 5.250 08/01/17 369,428
1,000 California Hlth Fac Fin
Auth Rev Cedars Sinai
Med Ctr Rfdg (b) 5.000 11/15/27 1,034,010
1,000 California Pollutn Ctl
Fin Auth Solid Waste
Disp Rev Waste Mgmt Inc
Proj Ser B (AMT) 5.000 07/01/27 989,450
2,500 California St (AMBAC Insd) 5.000 04/01/21 2,621,850
5,500 California St (AMBAC Insd) 5.125 10/01/27 5,747,885
5,000 California St (MBIA Insd) 5.000 02/01/32 5,195,050
1,250 California St Dept Wtr
Res Pwr Ser A 6.000 05/01/15 1,431,587
4,000 California St Dept Wtr
Res Pwr Ser A (AMBAC
Insd) (c) 5.375 05/01/18 4,404,040
3,705 California St Dept Wtr
Res Pwr Ser A (MBIA Insd) 5.375 05/01/21 4,098,138
2,000 California St Dept Wtr
Res Pwr Ser A (MBIA Insd) 5.375 05/01/22 2,212,220
5,295 California St Econ Rec Ser A 5.000 07/01/17 5,665,491
1,000 California St Pub Wks
Brd Lease Rev Dept
Corrections Ser E Rfdg
(XLCA Insd) 5.000 06/01/18 1,065,730
1,000 California St Pub Wks
Brd UCLA Replacement
Hosp Ser A (FSA Insd) 5.375 10/01/20 1,084,620
5,000 California St Univ Rev
Syswide Ser A (AMBAC Insd) 5.000 11/01/23 5,289,600
2,650 California Stwide Cmnty
Dev Auth Ctf Part
(Acquired 11/23/99,
Cost $2,650,000) (d) 7.250 11/01/29 2,782,314
3,500 Capistrano, CA Uni Sch
Dist (FGIC Insd) 5.000 09/01/29 3,723,755
3,000 Contra Costa, CA Home
Mtg Fin Auth Home Mtg
Rev (Escrowed to
Maturity) (MBIA Insd) * 09/01/17 1,435,710
1,000 Davis, CA Pub Fac Fin
Auth Mace Ranch Area Ser A 6.600 09/01/25 1,046,920
400 Del Mar, CA Race Track
Auth Rev Rfdg 6.000 08/15/06 403,608
18,000 Foothill/Eastern
Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg
(MBIA Insd) * 01/15/25 6,208,380
27,810 Foothill/Eastern
Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg * 01/15/33 5,558,385
6,000 Foothill/Eastern
Corridor Agy CA Toll Rd
Rev Cap Apprec Sr Lien
Ser A (Escrowed to Maturity) * 01/01/18 3,588,960
1,000 Golden St Tob
Securitization Corp CA
Tob Settlement Rev
Enhanced Asset Bkd Ser A (b) 5.000 06/01/45 1,027,640
2,240 Huntington Park, CA
Redev Agy Rev Tax Alloc
Santa Fe Redev Rfdg 6.200 10/01/27 2,333,744
2,635 Imperial Irr Dist CA
Ctf Part Elec Sys Proj
(FSA Insd) 5.250 11/01/23 2,840,451
1,500 Long Beach, CA Bd Fin
Auth Rev Redev Hsg &
Gas Util Fin Ser A-1
(AMBAC Insd) 5.000 08/01/35 1,566,645
2,000 Los Angeles, CA Uni Sch
Dist Ser A (MBIA Insd) 5.375 07/01/18 2,229,620
4,400 Los Angeles, CA Uni Sch
Dist Ser A (MBIA Insd) 5.250 07/01/19 4,864,464
5,585 Sacramento, CA City Fin
Auth Rev Comb Proj B
(MBIA Insd) * 11/01/14 3,845,440
1,375 San Bernadino, CA Jt
Pwrs Fin Auth Alloc Rev
Cent City Merged Proj A
Rfdg (AMBAC Insd) (a) 5.750 07/01/20 1,622,087
3,545 San Diego, CA Uni Sch
Dist Election 1998 Ser
E-1 Rfdg (MBIA Insd) 5.000 07/01/23 3,815,448
2,500 San Francisco, CA City
& Cnty Pub Util Com Wtr
Rev Ser A (MBIA Insd) 5.000 11/01/32 2,616,975
3,000 San Jose, CA Fin Auth
Lease Rev Civic Ctr
Proj Ser B (AMBAC Insd) 5.000 06/01/32 3,114,300
5,000 University CA Rev Gen
Ser B (AMBAC Insd) 5.000 05/15/20 5,352,800
---------------
120,756,269
---------------
COLORADO 2.7%
1,000 Colorado Hlth Fac Auth
Rev Catholic Hlth
Initiatives Ser A
(Escrowed to Maturity) 5.500 03/01/32 1,105,750
1,125 Colorado Hlth Fac Auth
Rev Hosp Portercare
Adventist Hlth 6.500 11/15/31 1,246,162
4,000 Colorado Springs, CO
Util Rev Sys Sub Lien
Impt Ser A Rfdg 5.000 11/15/29 4,147,160
2,200 La Plata Cnty, CO Sch
Dist 9-R Durango
(Prerefunded @
11/01/12) (MBIA Insd) (a) 5.250 11/01/21 2,397,582
6,365 Platte Riv Pwr Auth CO
Pwr Rev Ser EE 5.375 06/01/16 7,009,711
---------------
15,906,365
---------------
CONNECTICUT 4.2%
1,645 Bridgeport, CT Ser A
(MBIA Insd) 5.250 08/15/20 1,799,087
2,265 Bridgeport, CT Ser A
(MBIA Insd) (a) 5.250 08/15/23 2,464,614
2,840 Connecticut St Spl
Oblig Pkg Rev Bradley
Intl Arpt Ser A (AMT)
(ACA Insd) 6.600 07/01/24 3,071,659
3,540 Mashantucket Western
Pequot Tribe CT Spl Rev
Ser A, 144A - Private
Placement (e) 6.400 09/01/11 3,706,061
3,460 Mashantucket Western
Pequot Tribe CT Spl Rev
Ser A, 144A - Private
Placement (Prerefunded
@ 09/01/07) (e) 6.400 09/01/11 3,696,699
6,500 Mashantucket Western
Pequot Tribe CT Spl Rev
Ser B, 144A - Private
Placement (e) 5.750 09/01/18 6,795,035
3,500 Mashantucket Western
Pequot Tribe CT Spl Rev
Ser B, 144A - Private
Placement (e) 5.750 09/01/27 3,613,435
---------------
25,146,590
---------------
DISTRICT OF COLUMBIA 1.0%
1,000 District of Columbia
Hosp Rev Medlantic
Hlthcare Group A Rfdg
(Escrowed to Maturity)
(MBIA Insd) 5.875 08/15/19 1,048,350
5,000 Metropolitan Washington
DC Arpt Auth Sys Ser A
(AMT) (FGIC Insd) 5.125 10/01/26 5,205,900
---------------
6,254,250
---------------
FLORIDA 9.8%
3,380 Brevard Cnty, FL Hlth
Fac Hlth First Inc Proj
(MBIA Insd) 5.125 04/01/31 3,531,086
2,550 Broward Cnty, FL Wtr &
Swr Util Rfdg (MBIA Insd) 5.000 10/01/20 2,730,361
345 Escambia Cnty, FL Hlth
Fac Auth Rev (AMBAC Insd) 5.950 07/01/20 348,108
1,500 Florida Muni Ln Council
Rev Ser A (MBIA Insd) 5.000 02/01/35 1,574,655
3,000 Florida St Dept
Environmental
Protection Preservation
Rev Ser A (FGIC Insd) 5.750 07/01/10 3,332,040
3,880 Florida St Dept Trans
Right of Way Ser A 5.250 07/01/21 4,275,721
5,000 Florida St Dept Trans
Tpk Rev Ser A 5.000 07/01/29 5,302,950
1,895 Gulf Breeze, FL Rev Loc
Govt (Variable Rate
Coupon) (FGIC Insd) (a) 5.625 12/01/20 2,045,084
2,310 Hillsborough Cnty, FL
Indl Dev Auth Andl Dev
Rev Hlth Fac Proj Univ
Cmnty Hosp Ser A 5.500 08/15/14 2,406,812
265 Lakeland, FL Hosp Sys
Rev Lakeland Regl Hlth Sys 5.500 11/15/32 279,310
1,515 Miami Beach, FL
Stormwtr Rev (FGIC Insd) 5.250 09/01/25 1,626,337
2,000 Miami-Dade Cnty, FL
Aviation Rev Miami Intl
Arpt (AMT) (FGIC Insd) 5.375 10/01/25 2,128,060
2,700 Miami-Dade Cnty, FL
Aviation Rev Miami Intl
Arpt (AMT) (FGIC Insd) 5.375 10/01/32 2,856,681
5,000 Miami-Dade Cnty, FL
Aviation Ser A (AMT)
(FSA Insd) 5.125 10/01/35 5,194,400
1,855 Miami-Dade Cnty, FL
Hlth Fac Miami
Childrens Hosp Ser A
Rfdg (AMBAC Insd) 5.000 08/15/20 1,944,077
5,000 Miami-Dade Cnty, FL Spl
Oblig Cap Apprec & Inc
Sub Ser B (MBIA Insd) (f) 0.000/5.000 10/01/35 4,313,300
3,750 Orange Cnty, FL Sch Brd
Ctf Ser A (AMBAC Insd) 5.250 08/01/14 4,135,312
4,320 Orange Cnty, FL Tourist
Dev Tax Rev
(Prerefunded @
10/01/09) (AMBAC Insd) 5.625 10/01/14 4,728,586
4,300 Orange Cnty, FL Tourist
Dev Tax Rev
(Prerefunded @
10/01/09) (AMBAC Insd) 5.500 10/01/31 4,685,839
1,060 Tallahassee, FL Lease
Rev FL St Univ Proj Ser
A (MBIA Insd) (a) 5.500 08/01/18 1,167,272
---------------
58,605,991
---------------
GEORGIA 2.7%
2,000 Atlanta, GA Arpt
Passenger Fac Gen Sub
Lien Ser C (FSA Insd) 5.000 01/01/33 2,100,500
1,000 Augusta, GA Gen Arpt
Rev Passenger Ser B (AMT) 5.350 01/01/28 1,016,230
1,400 Municipal Elec Auth GA
Combustion Turbine Ser
A (MBIA Insd) 5.250 11/01/14 1,537,172
8,025 Municipal Elec Auth GA
Combustion Turbine Ser
A (MBIA Insd) 5.250 11/01/18 8,807,036
1,000 Oconee Cnty, GA Indl
Dev Auth Oiit Proj
(XLCA Insd) 5.250 07/01/23 1,071,150
2,000 Royston, GA Hosp Auth
Hosp Ctf Rev Ty Cobb
Hlthcare Sys Inc Rfdg 6.500 07/01/27 1,869,560
---------------
16,401,648
---------------
HAWAII 0.0%
320 Honolulu, HI City &
Cnty Wastewtr Sys Rev
Cap Apprec (FGIC Insd) * 07/01/12 244,592
---------------
ILLINOIS 11.9%
3,400 Carol Stream, IL First
Mtg Rev Windsor Pk Mnr
Proj (Prerefunded @
12/01/07) 7.000 12/01/13 3,742,244
1,500 Champaign Cnty, IL
Cmnty Unit Sch Dist No
116 Urbana Ser C
(Prerefunded @
01/01/10) (FGIC Insd) * 01/01/16 912,600
1,300 Champaign Cnty, IL
Cmnty Unit Sch Dist No
116 Urbana Ser C
(Prerefunded @
01/01/10) (FGIC Insd) * 01/01/18 699,985
4,000 Chicago, IL
Neighborhoods Alive 21
Pgm Ser A (Prerefunded
@ 07/01/10) (FGIC Insd) 5.750 01/01/40 4,416,280
2,500 Chicago, IL O'Hare Intl
Arpt Rev Gen Arpt Third
Lien C 2 Rfdg (AMT)
(FSA Insd) 5.250 01/01/30 2,636,425
5,000 Chicago, IL O'Hare Intl
Arpt Rev Gen Arpt Third
Lien Ser A Rfdg (AMT)
(MBIA Insd) 5.375 01/01/32 5,256,850
1,015 Chicago, IL O'Hare Intl
Arpt Rev Second Lien
Passenger Fac Ser B
(AMBAC Insd) 5.500 01/01/16 1,111,516
1,980 Chicago, IL Pk Dist Ser
C (FGIC Insd) 5.500 01/01/19 2,174,000
2,565 Chicago, IL Proj Ser C
Rfdg (FGIC Insd) (a) 5.750 01/01/12 2,852,793
1,000 Cook Cnty, IL Cmnty
Cons Sch Dist No 64
Park Ridge (FSA Insd) 5.500 12/01/14 1,134,060
1,000 Cook Cnty, IL Ser A
(FGIC Insd) 5.500 11/15/31 1,089,780
5,000 Du Page Cnty, IL Trans
Rev (Prerefunded @
07/01/11) (FSA Insd) 5.750 01/01/15 5,621,050
4,000 Hodgkins, IL Tax
Increment Ser A Rfdg 7.625 12/01/13 4,145,240
2,725 Illinois Dev Fin Auth
Rev Cmnty Rehab
Providers Fac Ser A 7.375 07/01/25 2,981,749
2,305 Illinois Dev Fin Auth
Rev Loc Govt Pgm Aurora
East Sch (MBIA Insd) * 12/01/15 1,489,237
1,565 Illinois Ed Fac Auth
Rev DePaul Univ
(Prerefunded @
10/01/10) (AMBAC Insd) 5.625 10/01/15 1,751,830
1,740 Illinois Ed Fac Auth
Rev Lewis Univ 5.900 10/01/14 1,749,500
2,500 Illinois Fin Auth Rev
Northwestern Mem Hosp
Ser A 5.500 08/15/43 2,696,150
1,645 Illinois Hlth Fac Auth
Rev Evangelical Hosp
Ser C Rfdg (FSA Insd) 6.750 04/15/12 1,895,237
1,500 Illinois St First Ser
(FGIC Insd) 5.375 11/01/14 1,648,470
3,000 Illinois St First Ser
(FSA Insd) 5.250 12/01/21 3,272,160
3,440 Kendall Kane & Will
Cntys, IL Cmnty Sch
Dist No 308 Ser B (FGIC
Insd) (a) 5.250 10/01/19 3,762,810
3,460 Metropolitan Pier &
Expo Auth IL Dedicated
St Tax Rev Cap Apprec
(FGIC Insd) * 06/15/14 2,405,254
870 Metropolitan Pier &
Expo Auth IL Dedicated
St Tax Rev Cap Apprec
(Escrowed to Maturity)
(FGIC Insd) * 06/15/14 609,539
2,675 Metropolitan Pier &
Expo Auth IL Dedicated
St Tax Rev McCormick Pl
Expn Ser A (MBIA Insd) 5.250 06/15/42 2,841,866
1,510 Roselle, IL
Multi-Family Hsg Rev
Waterbury Apts Ser A
Rfdg (GNMA Collateralized) 7.000 01/01/25 1,542,495
2,500 Schaumburg, IL Ser B
(FGIC Insd) 5.000 12/01/41 2,597,200
3,505 Will Cnty, IL Cmnty Sch
Dist No 161 Summit Hill
Cap Apprec (FGIC Insd) (a) * 01/01/14 2,484,870
2,010 Will Cnty, IL Cmnty Sch
Dist No 161 Summit Hill
Cap Apprec (FGIC Insd) * 01/01/16 1,286,179
1,415 Will Cnty, IL Cmnty Sch
Dist No 161 Summit Hill
Cap Apprec (FGIC Insd) * 01/01/19 780,712
---------------
71,588,081
---------------
INDIANA 1.4%
1,000 Allen Cnty, IN Juvenile
Justice Ctr First Mtg
(AMBAC Insd) 5.500 01/01/18 1,105,400
1,000 Clark Pleasant, IN
Cmnty Sch First Mtg
(Prerefunded @
01/15/12) (AMBAC Insd) 5.500 07/15/13 1,102,770
2,000 Indiana Hlth Fac Fin
Auth Hosp Rev Cmnty
Proj Ser A (AMBAC Insd) 5.000 05/01/35 2,099,080
1,500 Petersburg, IN Pollutn
Ctl Rev IN Pwr & Lt
(AMT) (g) 5.950 12/01/29 1,563,720
2,500 Vigo Cnty, IN Sch Bldg
Corp First Mtg Impt &
Rfdg (FSA Insd) 5.250 07/10/24 2,670,450
---------------
8,541,420
---------------
KANSAS 0.5%
1,395 Wichita, KS Pub Bldg
Comm Rev Wichita St
Univ Proj Ser L Rfdg
(AMBAC Insd) (a) 5.000 02/01/15 1,497,337
1,465 Wichita, KS Pub Bldg
Comm Rev Wichita St
Univ Proj Ser L Rfdg
(AMBAC Insd) (a) 5.000 02/01/16 1,573,776
---------------
3,071,113
---------------
KENTUCKY 0.4%
2,350 Louisville & Jefferson,
KY Swr Ser A (MBIA
Insd) (a) 5.500 05/15/15 2,621,637
---------------
LOUISIANA 4.0%
5,000 Ernest N Morial New
Orleans LA Sr Sub Ser A
(AMBAC Insd) 5.250 07/15/21 5,479,550
2,000 Ernest N Morial-New
Orleans, LA Exhib Hall
Auth Spl Tax Sr Sub Ser
A (AMBAC Insd) 5.000 07/15/33 2,080,500
1,495 Louisiana Hsg Fin Agy
Rev Azalea Estates Ser
A Rfdg (AMT) (GNMA
Collateralized) 5.375 10/20/39 1,565,220
1,675 Louisiana Loc Govt
Environmental Fac Pkg
Fac Corp Garage Proj
Ser A (AMBAC Insd) (a) 5.200 10/01/19 1,817,710
2,580 Louisiana Loc Govt
Environmental Rev
Southeastn LA Student
Hsg A (MBIA Insd) 5.250 08/01/21 2,810,652
3,000 Louisiana St Ser A
(FGIC Insd) 5.500 11/15/07 3,171,120
7,665 Louisiana St Univ &
Agric & Mechanical
College Univ Rev Master
Agreement (Acquired
11/30/98, Cost
$7,665,459) (d) 5.750 10/30/18 7,312,694
---------------
24,237,446
---------------
MAINE 0.2%
1,000 Maine Vets Homes, ME
Rev (Prerefunded @ 10/01/05) 7.750 10/01/20 1,027,930
---------------
MARYLAND 1.4%
2,300 Baltimore, MD Cap
Apprec Cons Pub Ser A
Impt & Rfdg (FGIC Insd) * 10/15/06 2,158,297
1,845 Baltimore, MD Cap
Apprec Ser A (FGIC Insd) * 10/15/07 1,630,002
1,700 Maryland St Trans Auth
Arpt Baltimore/WA Intl
Arpt B (AMT) (AMBAC Insd) 5.125 03/01/24 1,790,916
2,365 Northeast, MD Waste
Disp Auth Rfdg (AMT)
(AMBAC Insd) 5.500 04/01/16 2,573,617
---------------
8,152,832
---------------
MASSACHUSETTS 4.1%
1,495 Massachusetts Bay Tran
Auth MA Sales Tax Rev Ser A 5.000 07/01/35 1,541,928
1,775 Massachusetts Muni Whsl
Elec Co Nuclear Proj 5
(MBIA Insd) 5.250 07/01/13 1,947,104
2,165 Massachusetts St Dev
Fin Agy Proj Ser R-2
(MBIA Insd) 5.125 02/01/34 2,272,687
750 Massachusetts St Dev
Fin Agy Rev Boston
Architectural Ctr (ACA Insd) 6.100 09/01/18 792,263
1,000 Massachusetts St Dev
Fin Agy Rev Boston
Architectural Ctr (ACA Insd) 6.250 09/01/28 1,051,950
3,600 Massachusetts St Dev
Fin Agy Rev Boston Univ
Ser T-1 (AMBAC Insd) 5.000 10/01/35 3,807,180
1,000 Massachusetts St Hlth &
Ed Fac Auth Rev Part
Hlthcare Sys Ser C 5.750 07/01/32 1,107,430
3,700 Massachusetts St Hlth &
Ed Fac Auth Rev Ser G
(MBIA Insd) 5.000 07/01/13 3,743,401
2,500 Massachusetts St Sch
Bldg Auth Dedicated
Sales Tax Rev Ser A
(MBIA Insd) (b) 5.000 08/15/27 2,664,800
2,500 Massachusetts St Spl
Oblig Dedicated Tax Rev
(Prerefunded @
01/01/14) (FGIC Insd) 5.000 01/01/34 2,721,000
3,000 Massachusetts St Wtr
Res Auth Gen Ser J (FSA Insd) 5.000 08/01/32 3,126,780
---------------
24,776,523
---------------
MICHIGAN 3.2%
3,365 Detroit, MI Loc Dev Fin
Auth Tax Increment Sr
Ser B (Acquired
09/08/97, Cost
$3,365,000) (d) 6.700 05/01/21 3,442,193
825 Detroit, MI Loc Dev Fin
Auth Tax Increment Sub
Ser C (Acquired
09/08/97, Cost
$850,000) (d) 6.850 05/01/21 845,246
3,860 Detroit, MI Ser A (XLCA
Insd) (a) 5.250 04/01/21 4,135,025
2,930 Detroit, MI Wtr Supply
Sys Rev Sr Lien Ser C
Rfdg (MBIA Insd) (a) 5.250 07/01/18 3,220,304
1,180 Hillsdale, MI Hosp Fin
Auth Hosp Rev Hillsdale
Cmnty Hlth Ctr 5.750 05/15/18 1,256,016
1,000 Kent Hosp Fin Auth MI
Rev Met Hosp Proj Ser A 6.000 07/01/35 1,076,700
1,450 Michigan St Hosp Fin
Auth Rev Chelsea Cmnty
Hosp Oblig (b) 5.000 05/15/37 1,428,758
500 Michigan St Hosp Fin
Auth Rev Hosp Genesys
Regl Med Ser A Rfdg
(Escrowed to Maturity) 5.375 10/01/13 536,930
1,550 Michigan St Hsg Dev
Rental Hsg Rev Ser A
(AMT) (MBIA Insd) 5.300 10/01/37 1,580,504
1,500 Michigan St Strategic
Fd Detroit Edison Co
Proj C Rfdg (AMT) (XLCA Insd) 5.450 12/15/32 1,596,000
---------------
19,117,676
---------------
MINNESOTA 0.2%
1,260 Glencoe, MN Hlthcare
Fac Regl Hlth Svc Proj (b) 5.000 04/01/31 1,256,837
---------------
MISSISSIPPI 0.5%
2,500 Mississippi Bus Fin
Corp MS Pollutn Ctl Rev
Sys Energy Res Inc Proj 5.875 04/01/22 2,537,525
355 Mississippi Home Corp
Single Family Rev Mtg
Ser F (AMT) (GNMA
Collateralized) 7.550 12/01/27 363,698
---------------
2,901,223
---------------
MISSOURI 2.3%
1,400 Ellisville, MO Indl Dev
Auth Rev Gambrill
Gardens Proj Rfdg & Impt 6.100 06/01/20 1,420,664
1,000 Ellisville, MO Indl Dev
Auth Rev Gambrill
Gardens Proj Rfdg & Impt 6.200 06/01/29 1,012,740
1,740 Good Shepherd Nursing
Home Dist MO Nursing
Home Fac Rev
(Prerefunded @ 08/15/05) 7.625 08/15/15 1,778,350
1,000 Kearney, MO (AMBAC Insd) 5.500 03/01/16 1,096,710
1,415 Missouri St Hlth & Ed
Fac Rev Univ MO
Columbia Arena Proj 5.000 11/01/18 1,517,701
1,000 Missouri St Hwys &
Trans Commn Rd Rev Ser A 5.125 02/01/17 1,081,420
2,810 Perry Cnty, MO Nursing
Home Rev Rfdg 5.900 03/01/28 2,809,831
2,505 Saint Louis, MO Arpt
Rev Cap Impt Prog Ser A
(Prerefunded @
07/01/12) (MBIA Insd) (a) 5.375 07/01/20 2,787,389
---------------
13,504,805
---------------
NEBRASKA 0.7%
4,000 Nebraska Pub Pwr Dist
Gen Ser A (AMBAC Insd) 5.000 01/01/35 4,190,280
---------------
NEVADA 2.6%
3,000 Clark Cnty, NV Arpt Rev
Sub Lien Ser A-2 (FGIC Insd) 5.000 07/01/36 3,125,910
5,000 Clark Cnty, NV Bd Bk
(MBIA Insd) 5.000 06/01/32 5,197,250
3,000 Clark Cnty, NV Indl Dev
Rev Southwest Gas Corp
Proj Ser A (AMT) (AMBAC Insd) 5.250 07/01/34 3,163,950
2,500 Reno, NV Cap Impt Rev
(FGIC Insd) 5.125 06/01/26 2,628,050
1,500 Reno, NV Sr Lien Retrac
Reno Trans Proj (AMBAC Insd) 5.125 06/01/37 1,567,050
---------------
15,682,210
---------------
NEW HAMPSHIRE 1.3%
4,800 New Hampshire Higher Ed
& Hlth Fac Auth Rev
Daniel Webster College Issue 6.300 07/01/29 4,833,792
2,000 New Hampshire Higher Ed
& Hlth Fac Auth Rev
Riverwoods at Exeter Ser A 6.500 03/01/23 2,031,720
1,000 New Hampshire Hlth & Ed
Fac Auth Rev Derryfield Sch 6.750 07/01/20 1,067,400
---------------
7,932,912
---------------
NEW JERSEY 10.3%
1,465 Eastern Camden Cnty, NJ
Regl Sch Dist Rfdg
(FGIC Insd) (a) * 03/01/06 1,440,520
1,615 Eastern Camden Cnty, NJ
Regl Sch Dist Rfdg
(FGIC Insd) (a) * 03/01/07 1,538,724
1,555 Eastern Camden Cnty, NJ
Regl Sch Dist Rfdg
(FGIC Insd) (a) * 03/01/08 1,431,502
2,895 Essex Cnty, NJ Impt
Auth Rev Cnty Gtd Proj
Consldtn Rfdg (MBIA Insd) 5.125 10/01/20 3,134,764
3,880 New Jersey Econ Dev
Auth Mtr Veh Rev Ser A
(MBIA Insd) 5.000 07/01/22 4,140,115
1,500 New Jersey Econ Dev
Auth Rev Cigarette Tax 5.750 06/15/29 1,609,215
25,000 New Jersey Econ Dev
Auth St Contract Econ
Recovery (MBIA Insd) 5.900 03/15/21 30,105,000
2,825 New Jersey St Ed Fac
Auth Higher Ed Cap Impt
Ser A (AMBAC Insd) 5.250 09/01/19 3,094,816
3,500 New Jersey St Tpk Auth
Tpk Rev Ser C (FSA Insd) 6.500 01/01/16 4,205,530
5,000 New Jersey St Tpk Auth
Tpk Rev Ser C-1 (AMBAC Insd) 5.000 01/01/35 5,192,850
1,000 New Jersey St Trans Tr
Fd Auth Trans Sys Ser A 5.750 06/15/18 1,161,040
3,000 Newark, NJ Hsg Auth
Port Auth Newark Marine
Terminal (MBIA Insd) 5.000 01/01/37 3,138,330
1,250 Passaic Cnty, NJ Impt
Auth Rev Preakness
Hlthcare Ctr Proj
(AMBAC Insd) 5.000 05/01/30 1,318,025
---------------
61,510,431
---------------
NEW MEXICO 0.3%
1,500 Jicarilla, NM Apache
Nation Adj Ser A
(Acquired 10/23/03,
Cost $1,514,910) (d) 5.000 09/01/18 1,563,915
---------------
NEW YORK 15.8%
1,670 Long Island Pwr Auth,
NY Elec Cap Apprec (FSA Insd) * 06/01/18 990,544
14,000 Metropolitan Trans Auth
NY Ser A Rfdg (FSA Insd) 5.000 11/15/30 14,647,360
3,000 Metropolitan Trans Auth
NY Ser A Rfdg (FGIC Insd) 5.250 11/15/31 3,237,000
85 New York City Adj Sub
Ser A-1 6.545 08/01/12 85,202
2,625 New York City Hlth &
Hosp Corp Rev Hlth Sys
Ser A (AMBAC Insd) 5.000 02/15/11 2,824,290
5,000 New York City Mun Wtr
Fin Ser A (MBIA Insd) 5.000 06/15/35 5,233,250
3,000 New York City Mun Wtr
Fin Ser B 5.000 06/15/19 3,211,770
2,500 New York City Muni Wtr
Fin Auth Wtr & Swr Sys
Rev Ser D 5.000 06/15/39 2,623,300
7,000 New York City Ser A 6.250 08/01/08 7,325,220
3,000 New York City Ser G 5.000 12/01/27 3,139,980
1,000 New York City Ser H 5.750 03/15/13 1,107,670
4,000 New York City Ser O 5.000 06/01/33 4,177,080
4,000 New York City
Transitional Fin Auth
Future Tax Secd Ser E 5.000 02/01/33 4,174,080
1,000 New York City
Transitional Future Tax
Secd Ser C (AMBAC Insd) 5.250 08/01/22 1,090,380
1,545 New York St Dorm Auth
Lease Teachers College
(FSA Insd) 5.250 08/15/15 1,684,529
6,800 New York St Dorm Auth
Rev City Univ Sys Cons Ser A 5.625 07/01/16 7,750,436
1,250 New York St Dorm Auth
Rev Cons City Univ Sys
A (FSA Insd) 5.750 07/01/13 1,431,450
3,000 New York St Dorm Auth
Rev Sch Dist Fin Pgm
Ser D (MBIA Insd) 5.500 10/01/17 3,356,310
4,200 New York St Dorm Auth
Rev Secd Hosp N General
Hosp Rfdg 5.750 02/15/19 4,673,088
2,190 New York St Hsg Fin Agy
Econ Dev & Hsg Ser A (a) 5.250 09/15/20 2,368,879
1,330 New York St Hsg Fin Agy
Econ Dev & Hsg Ser A 5.000 09/15/22 1,402,831
4,210 Plainedge, NY Un Free
Sch Dist No. 2063
(Acquired 7/25/97, Cost
$4,423,263) (d) 6.000 06/01/12 4,389,009
3,000 Triborough Brdg & Tunl
Auth Gen Purp Ser A 5.000 01/01/27 3,120,930
5,000 Triborough Brdg & Tunl
Auth NY Gen Ser B Rfdg 5.000 11/15/21 5,298,750
3,900 Triborough Brdg & Tunl
Auth NY Rev Rfdg (MBIA Insd) 5.000 11/15/32 4,072,848
1,000 Westchester Tobacco
Asset NY 5.000 06/01/26 1,016,650
---------------
94,432,836
---------------
NORTH CAROLINA 3.8%
2,000 Johnston Cnty, NC
(Prerefunded @
03/01/10) (FGIC Insd) 5.900 03/01/19 2,262,180
8,300 North Carolina Muni Pwr
Agy No 1 Catawba Elec
Rev Rfdg (MBIA Insd) 6.000 01/01/12 9,440,503
6,605 North Carolina Muni Pwr
Agy Ser A (MBIA Insd) 5.250 01/01/20 7,183,532
1,215 University NC
Wilmington Rev (AMBAC Insd) 5.250 01/01/19 1,327,971
2,655 Wilmington, NC Ctf Part
Ser A (AMBAC Insd) 5.000 06/01/32 2,786,369
---------------
23,000,555
---------------
OHIO 4.3%
3,950 Cincinnati, OH City Sch
Dist Sch Impt (FSA Insd) 5.250 06/01/18 4,338,799
2,630 Cleveland-Cuyahoga
Cnty, OH Dev Port Auth
Rev Cleveland Bond Fd
Ser B (a) 5.375 05/15/18 2,691,384
1,000 Columbus, OH City Sch
Dist Sch Fac Constr &
Impt (FSA Insd) 5.250 12/01/21 1,097,790
1,000 Cuyahoga Cnty, OH Hosp
Fac Rev Canton Inc Proj 7.500 01/01/30 1,128,260
2,350 Franklin Cnty, OH
Convention Fac Auth Tax
& Lease Rev Antic Bds
Rfdg (AMBAC Insd) 5.250 12/01/17 2,578,162
2,000 Lebanon, OH City Sch
Dist (Prerefunded @
12/01/11) (FSA Insd) 5.500 12/01/16 2,226,980
1,000 Lorain Cnty, OH Hosp
Rev Catholic Hlthcare 5.375 10/01/30 1,047,130
2,000 Lorain, OH City Sch
Dist Classroom Fac Impt
(MBIA Insd) 5.250 12/01/20 2,201,980
1,000 Mahoning Cnty, OH Hosp
Fac Forum Hlth Oblig
Group Ser A 6.000 11/15/32 1,087,510
1,520 Miami Univ OH Gen Rcpts
Rfdg (AMBAC Insd) 5.000 12/01/21 1,623,907
2,270 Montgomery Cnty, OH
Hosp Rev Kettering Med
Ctr Impt & Rfdg (MBIA Insd) 6.250 04/01/20 2,785,540
2,500 Ohio St Bldg Auth St
Fac Adult Correction
Ser A Rfdg (FSA Insd) 5.500 10/01/12 2,767,950
---------------
25,575,392
---------------
OKLAHOMA 1.1%
1,240 Kay Cnty, OK Home Fin
Auth Rev Single Family
Mtg Ser A Rfdg
(Escrowed to Maturity)
(AMBAC Insd) 7.000 11/01/11 1,464,130
1,250 Oklahoma City, OK Pub
Ppty Auth Hotel Tax Rev
(FGIC Insd) 5.250 10/01/29 1,359,288
1,245 Oklahoma Hsg Fin Agy
Single Family Rev Mtg
Class B (AMT) (GNMA
Collateralized) 7.997 08/01/18 1,264,385
2,390 Sallisaw, OK Muni Auth
Util Sys Rev (XLCA Insd) 5.000 01/01/35 2,505,700
---------------
6,593,503
---------------
OREGON 1.6%
4,000 Oregon Hlth Sciences
Univ Insd Ser A (MBIA Insd) 5.250 07/01/22 4,361,120
1,500 Oregon St Dept Admin
Ser C Rfdg (MBIA Insd) 5.250 11/01/17 1,635,420
3,195 Yamhill Cnty, OR Sch
Dist No 029
(Prerefunded @
06/15/12) (MBIA Insd)(a) 5.250 06/15/18 3,521,082
---------------
9,517,622
---------------
PENNSYLVANIA 5.7%
385 Allegheny Cnty, PA San
Auth Swr (MBIA Insd) 5.500 12/01/30 422,815
2,115 Allegheny Cnty, PA San
Auth Swr (Prerefunded @
12/01/10) (MBIA Insd) 5.500 12/01/30 2,359,261
3,850 Greater Latrobe, PA Sch
Auth (Prerefunded @
04/01/12) (FGIC Insd)(a) 5.250 04/01/16 4,244,009
210 Lehigh Cnty, PA Gen
Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg 5.000 12/15/05 210,130
275 Lehigh Cnty, PA Gen
Purp Auth Rev First Mtg
Bible Fellowship Proj A
Rfdg (a) 5.100 12/15/06 276,499
295 Lehigh Cnty, PA Gen
Purp Auth Rev First Mtg
Bible Fellowship Proj A
Rfdg (a) 5.250 12/15/07 298,198
210 Lehigh Cnty, PA Gen
Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg 5.300 12/15/08 213,129
320 Lehigh Cnty, PA Gen
Purp Auth Rev First Mtg
Bible Fellowship Proj A
Rfdg (a) 5.300 12/15/09 321,866
240 Lehigh Cnty, PA Gen
Purp Auth Rev First Mtg
Bible Fellowship Proj A Rfdg 5.400 12/15/10 240,780
2,700 Pennsylvania Econ Dev
Fin Auth Res Recovery
Rev Colver Proj Ser D (AMT) 7.150 12/01/18 2,758,212
1,000 Pennsylvania St Higher
Ed UPMC Hlth Sys Ser A 6.250 01/15/18 1,122,410
1,000 Philadelphia, PA Auth
Indl Dev Philadelphia
Arpt Sys Proj Ser A
(AMT) (FGIC Insd) 5.125 07/01/19 1,051,660
2,600 Philadelphia, PA Auth
Indl Ser B (FSA Insd) 5.500 10/01/16 2,889,666
3,200 Philadelphia, PA Gas
Wks Rev 1998 Gen
Ordinance 4th Ser (FSA Insd) 5.250 08/01/19 3,466,016
4,305 Philadelphia, PA Redev
Auth Rev Neighborhood
Transformation Ser A
(FGIC Insd) 5.250 04/15/11 4,702,868
5,205 Pittsburgh, PA Ser A
(AMBAC Insd) 5.500 09/01/17 5,741,792
3,500 State Pub Sch Bldg Auth
PA Sch Rev Lease
Philadelphia Sch Dist
Proj (FSA Insd) 5.000 06/01/33 3,657,815
---------------
33,977,126
---------------
RHODE ISLAND 0.5%
2,495 Rhode Island St Hlth &
Ed Higher Ed Johnson &
Wales Rfdg (XLCA Insd) 5.375 04/01/18 2,718,727
---------------
SOUTH CAROLINA 1.7%
2,000 Rock Hill, SC Util Sys
Rev Comb Ser A Impt &
Rfdg (FSA Insd) 5.375 01/01/18 2,203,360
475 Rock Hill, SC Util Sys
Rev Comb Ser C Rfdg
(FSA Insd) 5.125 01/01/13 511,851
1,500 South Carolina Jobs
Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser
A (AMBAC Insd) 5.200 11/01/27 1,612,680
5,000 South Carolina Trans
Infrastructure Bk Rev
Ser A (AMBAC Insd) 5.000 10/01/33 5,240,500
500 Tobacco Settlement Rev
Mgmt Auth SC Tob
Settlement Rev Ser B 6.000 05/15/22 533,140
---------------
10,101,531
---------------
SOUTH DAKOTA 0.3%
1,905 Minnehaha Cnty, SD Ctf
Ltd Tax (FSA Insd) (a) 5.000 12/01/19 2,045,132
---------------
TENNESSEE 1.6%
4,000 Johnson City, TN Hlth &
Ed Fac Brd Hosp Rev
First Mtg Mtn St Hlth
Ser A Rfdg (MBIA Insd) 7.500 07/01/25 5,016,520
2,500 Memphis, TN
(Prerefunded @10/01/06) 5.250 10/01/14 2,596,450
1,000 Metropolitan Nashville
Arpt Auth TN Impt Ser A
Rfdg (FGIC Insd) 6.600 07/01/14 1,159,350
790 Tennessee Hsg Dev Agy
Home Ownership Pgm 2-A (AMT) 5.700 07/01/31 821,126
---------------
9,593,446
---------------
TEXAS 10.7%
1,000 Brazos Cnty, TX Hlth
Fac Dev Oblig Grp 5.375 01/01/32 1,037,310
1,350 Cameron Cnty, TX Ctf
Oblig (Prerefunded @
02/15/10) (AMBAC Insd) (a) 5.750 02/15/14 1,476,927
2,500 Coastal Bend Hlth Fac
Dev, TX Ser C (Inverse
Fltg) (Escrowed to
Maturity) (AMBAC Insd) (h) 8.138 11/15/13 3,262,625
2,420 Dallas Cnty, TX Cmnty
College Dist Rev Fin
Sys (AMBAC Insd) (a) 5.375 02/15/16 2,607,502
2,000 Harris Cnty, TX Toll Rd
Sub Lien Rfdg 5.000 08/01/33 2,034,280
5,000 Harris Cnty-Houston, TX
Sports Auth Spl Rev Jr
Lien Ser B Rfdg (MBIA Insd) 5.250 11/15/40 5,240,900
3,345 Houston, TX Hotel
Occupancy Tax Convtn &
Entertnmnt Ser B (AMBAC Insd) 5.750 09/01/14 3,732,652
6,790 Houston, TX Indpt Sch
Dist Pub Fac Corp Lease
Rev Cap Apprec West
Side Ser B (AMBAC Insd)(a) * 09/15/14 4,638,724
130 Houston, TX Pub Impt &
Rfdg (FSA Insd) 5.750 03/01/15 143,554
10,000 Houston, TX Util Sys
Rev First Lien Ser A
Rfdg (FSA Insd) 5.250 05/15/21 10,852,800
4,000 Houston, TX Util Sys
Rev First Lien Ser A
Rfdg (FGIC Insd) 5.250 05/15/23 4,328,840
4,825 Lake Dallas, TX Indpt
Sch Dist Bldg Rfdg (PSF Gtd) 5.000 08/15/37 5,037,155
3,860 Mabank, TX Indpt Sch
Dist (PSF Gtd) 5.125 08/15/35 4,037,135
1,250 Matagorda Cnty, TX
Navig Dist No 1 Rev
Coll Ctrpoint Energy
Proj Rfdg 5.600 03/01/27 1,314,488
1,000 Mesquite, TX Hlth Fac
Dev Christian Care
Retirement Fac Ser A 7.625 02/15/28 1,088,260
1,400 Metropolitan Hlth Fac
Dev Corp TX Wilson N
Jones Mem Hosp Proj 7.250 01/01/31 1,449,042
4,000 North Central, TX Hlth
Fac Dev Hosp Childrens
Med Ctr Dallas (AMBAC Insd) 5.250 08/15/32 4,248,760
3,803 Region One Ed Svc Ctr
Sub Tech Fac Proj
(Acquired 12/30/97,
Cost $3,889,679) (d) 6.590 12/15/17 3,874,733
1,024 Texas Gen Svc Comm Part Int 7.250 08/01/11 1,027,164
3,920 Texas Muni Pwr Agy Rev
(MBIA Insd) * 09/01/15 2,564,621
80 Texas Muni Pwr Agy Rev
(Escrowed to Maturity)
(MBIA Insd) * 09/01/15 52,806
---------------
64,050,278
---------------
VIRGINIA 2.6%
1,320 Fairfax Cnty, VA Ctf Part 5.300 04/15/23 1,423,712
1,500 Henrico Cnty, VA Indl
Dev Auth Pub Fac Lease
Rev Henrico Cnty Regl
Jail Proj (Prerefunded
@ 08/01/05) 7.125 08/01/21 1,530,390
1,630 Richmond, VA (FSA Insd) 5.125 01/15/08 1,714,027
1,340 Richmond, VA (FSA Insd) 5.500 01/15/10 1,467,340
2,790 Tobacco Settlement Fin
Corp VA Asset Bkd 5.500 06/01/26 2,944,901
1,000 Tobacco Settlement Fin
Corp VA Asset Bkd 5.625 06/01/37 1,055,750
5,000 Virginia St Pub Sch
Auth Sch Fin 1997
Resolution Ser C 5.000 08/01/20 5,350,950
---------------
15,487,070
---------------
WASHINGTON 5.1%
5,000 Bellevue, WA Convention
Ctr Auth Spl Oblig Rev
Rfdg (MBIA Insd) * 02/01/24 2,108,800
3,000 Clark Cnty, WA Pub Util
Dist No. 001 Gen Sys
Rev Rfdg (FSA Insd) 5.625 01/01/12 3,271,200
5,000 Cowlitz Cnty, WA Spl
Swr Rev CSOB Wastewtr
Treatment Rfdg (FGIC Insd) 5.500 11/01/19 5,746,750
3,000 Energy Northwest WA
Elec Rev Proj No 3 Ser
A Rfdg (FSA Insd) 5.500 07/01/18 3,304,680
5,000 King Cnty, WA Ser B
Rfdg (MBIA Insd) 5.250 01/01/34 5,248,550
1,500 Port Seattle, WA Rev
Inter Lien Ser A Rfdg
(MBIA Insd) 5.000 03/01/35 1,578,735
1,000 Port Seattle, WA Rev
Ser B (AMT) (MBIA Insd) 5.625 02/01/24 1,076,580
4,915 Seattle, WA Wtr Sys Rev
(MBIA Insd) 5.000 09/01/34 5,150,674
1,345 Tacoma, WA Elec Sys Rev
Ser A Rfdg (FSA Insd) 5.750 01/01/15 1,496,985
1,750 Washington St Pub Pwr
Supply Sys Nuclear Proj
No 1 Rev (MBIA Insd) 5.750 07/01/12 1,830,010
---------------
30,812,964
---------------
WEST VIRGINIA 1.1%
6,550 Harrison Cnty, WV Cnty
Cmnty Solid Waste Disp
Rev Potomac Edison Co
Ser A (AMT) (MBIA Insd) (a) 6.875 04/15/22 6,571,746
---------------
WISCONSIN 1.6%
4,000 Central Brown Cnty Wtr
Auth Wtr Sys Rev WI
(AMBAC Insd) 5.000 12/01/30 4,226,360
5,000 Wisconsin St Hlth & Ed
Fac Auth Mercy Hlth Sys
Corp (AMBAC Insd) 5.500 08/15/25 5,357,750
---------------
9,584,110
---------------
GUAM 0.9%
5,000 Guam Pwr Auth Rev Ser A
(AMBAC Insd) 5.250 10/01/34 5,358,200
---------------
PUERTO RICO 1.0%
2,000 Puerto Rico Muni Fin
Agy Ser A (FSA Insd) 5.250 08/01/20 2,187,180
3,500 Puerto Rico Pub Bldg
Auth Rev Govt Fac Ser I
(Comwth Gtd) 5.250 07/01/33 3,749,480
---------------
5,936,660
---------------
TOTAL LONG-TERM INVESTMENTS 149.0%
(Cost $841,861,520) 893,161,114
SHORT-TERM INVESTMENTS 0.6%
(Cost $3,900,000) 3,900,000
---------------
TOTAL INVESTMENTS 149.6%
(Cost $845,761,520) 897,061,114
OTHER ASSETS IN EXCESS OF LIABILITIES 0.5% 2,694,623
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (50.1%) (300,242,910)
---------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $ 599,512,827
===============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the bond issuance.
(b) Securities purchased on a when-issued or delayed delivery basis.
(c) All or a portion of these securities have been physically segregated in
connection with open futures contracts.
(d) These 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 4.0% of
net assets applicable to common shares.
(e) 144A securities are those which are exempt from registration under Rule
144A of the Securities Act of 1933, as amended. These securities may
only be resold in transactions exempt from registration which are
normally those transactions with qualified institutional buyers.
(f) Security is a "step-up" bond where the coupon increases or steps up at
a predetermined date.
(g) Security converts to a fixed coupon rate at a predetermined date.
(h) An Inverse Floating Rate security is one where the coupon is inversely
indexed to a short-term floating interest rate multiplied by a specific
factor. As the floating rate rises, the coupon is reduced. Conversely,
as the floating rate declines, the coupon is increased. The price of
these securities may be more volatile than the price of a comparable
fixed rate security. These instruments are typically used by the Trust
to enhance the yield of the portfolio. All of the Trust's portfolio
holdings, including derivative instruments, are marked to market each
day with the change in value reflected in the unrealized
appreciation/depreciation. Upon disposition, a realized gain or loss is
recognized accordingly.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
Comwth Gtd - 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.
PSF - Public School Fund
XLCA - XL Capital Assurance Inc.
Future contracts outstanding as of July 31, 2005:
SHORT CONTRACTS: UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
U.S. Treasury Notes 5-Year Futures September 05
(Current Notional Value of $107,203 per contract) 484 $ 765,659
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Municipal Trust
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 19, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 19, 2005
By: /s/ Phillip G. Goff
-------------------
Name: Phillip G. Goff
Title: Principal Financial Officer
Date: September 19, 2005