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: 7/31/06
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, 2006 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------- ----------- ------- -------- -------------
MUNICIPAL BONDS 149.9%
ALABAMA 2.2%
$ 1,000 Birmingham Baptist Med Ctr AL Spl Care
Fac Fin Auth Rev Baptist Hlth Sys Ser A 5.875% 11/15/24 $ 1,056,090
3,695 Gadsden, AL Wts Ser B (AMBAC Insd) (a) 5.250 08/01/21 3,955,830
2,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A 5.250 01/01/23 2,092,980
4,000 Jefferson Cnty, AL Swr Rev Cap Impt
Wts (Prerefunded @ 08/01/12) (FGIC Insd) 5.125 02/01/42 4,267,600
2,335 Marshall Cnty, AL Hlthcare Ser C 6.000 01/01/32 2,478,906
-------------
13,851,406
-------------
ALASKA 0.5%
2,000 Alaska St Intl Arpt Rev Ser B
(Prerefunded @ 10/01/12) (AMBAC Insd) 5.750 10/01/17 2,209,600
1,000 Matanuska-Susitna Boro, AK Ctf Partn
Pub Safety Bldg Lease (FSA Insd) 5.750 03/01/16 1,062,580
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3,272,180
-------------
ARIZONA 2.4%
1,425 Arizona Cap Fac Fin Corp Student Hsg Rev AZ St
Univ Proj 6.250 09/01/32 1,502,121
1,000 Arizona Hlth Fac Auth Hosp Sys Rev
John C Lincoln Hlth Network
(Prerefunded @ 12/01/12) 6.375 12/01/37 1,144,560
1,135 Cottonwood, AZ Wtr Rev Sys Sr Lien (XLCA Insd) 5.000 07/01/35 1,168,505
1,650 Glendale, AZ Indl Dev Auth Rfdg 5.000 12/01/35 1,648,630
9,750 University Med Ctr Corp AZ Hosp Rev 5.000 07/01/35 9,769,012
-------------
15,232,828
-------------
ARKANSAS 0.6%
2,310 Arkansas St Dev Fin Auth Rev St Agy
Fac Donaghey Plaza Proj (FSA Insd) 5.000 06/01/34 2,372,347
1,565 Fort Smith, AR Wtr & Swr Rev Ser C (FSA Insd)
(a) 5.000 10/01/21 1,636,207
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4,008,554
-------------
CALIFORNIA 27.6%
4,000 Anaheim, CA Pub Fin Auth Lease Rev Cap
Apprec Sub Pub Impt Proj Ser C (FSA Insd) * 09/01/20 2,087,920
7,500 Anaheim, CA Pub Fin Auth Rev Elec Sys
Dist Fac Ser A (FSA Insd) 5.000 10/01/31 7,725,600
2,100 Bay Area Govt Assn CA Rev Tax Alloc CA
Redev Pool Ser A (XLCA Insd) 5.250 09/01/35 2,203,488
1,560 California Cnty, CA Tob Agy Tob Merced
Cnty Ser A Rfdg 5.125 06/01/38 1,555,024
1,875 California Cnty, CA Tob Agy Tob Merced
Cnty Ser A Rfdg 5.250 06/01/45 1,875,506
7,125 California Ed Fac Auth Rev Pepperdine
Univ Ser A Rfdg (FGIC Insd) 5.000 09/01/33 7,314,382
1,000 California Hlth Fac Fin Auth Rev
Kaiser Permanente Ser A 5.000 04/01/37 1,011,250
350 California Hlth Fac Fin Auth Rev Casa
De Las Ser A (MBIA Insd) 5.250 08/01/17 358,512
1,000 California Hlth Fac Fin Auth Rev
Cedars Sinai Med Ctr Rfdg 5.000 11/15/27 1,015,150
9,440 California Hlth Fac Fin Auth Rev
Cedars Sinai Med Ctr Rfdg 5.000 11/15/34 9,544,878
1,000 California Pollutn Ctl Fin Auth Solid
Waste Disp Rev Waste Mngmt Inc Proj
Ser B (AMT) 5.000 07/01/27 1,006,650
5,000 California St (MBIA Insd) 5.000 02/01/32 5,106,950
2,000 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12) 6.000 05/01/15 2,248,500
5,000 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12) (AMBAC Insd)
(b) 5.375 05/01/18 5,463,600
3,705 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12) (MBIA Insd) 5.375 05/01/21 4,048,528
2,000 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12) (MBIA Insd) 5.375 05/01/22 2,185,440
5,295 California St Econ Rec Ser A 5.000 07/01/17 5,576,112
1,995 California St Pub Wks Brd UCLA
Replacement Hosp Ser A (FSA Insd) 5.375 10/01/20 2,133,932
5,000 California St Rfdg 5.000 08/01/28 5,140,450
5,000 California St Univ Rev Syswide Ser A
(AMBAC Insd) 5.000 11/01/23 5,193,050
5,385 California St (AMBAC Insd) 5.125 10/01/27 5,485,699
2,650 California Statewide Cmnty Dev Auth
Ctf Partn (Prerefunded @ 11/01/09)
(Acquired 11/23/99, Cost $2,650,000)
(c) 7.250 11/01/29 2,983,741
1,000 California Statewide Cmnty Dev Auth
Rev Daughters of Charity Hlth Ser A 5.250 07/01/30 1,028,270
1,000 California Statewide Cmnty Dev Auth
Rev Daughters of Charity Hlth Ser A 5.250 07/01/35 1,026,300
2,000 California Statewide Cmnty Dev Auth
Rev Hlth Fac Adventist Hlth Ser A 5.000 03/01/30 2,024,280
2,500 California Statewide Cmnty Dev Auth
Rev Hlth Fac Adventist Hlth Ser A 5.000 03/01/35 2,525,800
3,805 California Statewide Cmnty Dev Auth
Rev Sutter Hlth Ser A 5.000 11/15/43 3,829,732
2,300 California Statewide Cmnty Dev Auth
Rev Kaiser Permanente Ser B 5.000 03/01/41 2,312,420
3,200 California Statewide Cmnty Dev Auth
Rev Kaiser Permanente Ser B 5.250 03/01/45 3,290,880
3,500 Capistrano, CA Uni Sch Dist (FGIC Insd) 5.000 09/01/29 3,622,570
1,000 Davis, CA Pub Fac Fin Auth Mace Ranch
Area Ser A 6.600 09/01/25 1,042,390
400 Del Mar, CA Race Track Auth Rev Rfdg
(Escrowed to Maturity) 6.000 08/15/06 400,344
18,000 Foothill/Eastern Corridor Agy CA Toll
Rd Rev Cap Apprec Rfdg (MBIA Insd) * 01/15/25 6,419,160
27,810 Foothill/Eastern Corridor Agy CA Toll
Rd Rev Cap Apprec Rfdg * 01/15/33 5,941,328
6,000 Foothill/Eastern Corridor Agy CA Toll
Rd Rev Cap Apprec Sr Lien Ser A
(Escrowed to Maturity) * 01/01/18 3,618,060
225 Foothill/Eastern Corridor Agy CA Toll
Rd Rev Cap Apprec Sr Lien Ser A
(Prerefunded @ 01/01/10) 7.150 01/01/13 253,622
5,000 Golden St, CA Tob Securitization Corp
CA Tob Settlement Rev Enhanced Ser A
(FGIC Insd) 5.000 06/01/35 5,149,000
5,000 Golden St, CA Tob Securitization Corp
CA Tob Settlement Rev Enhanced Ser A 5.000 06/01/45 5,026,250
2,240 Huntington Park, CA Redev Agy Rev Tax
Alloc Santa Fe Redev Rfdg 6.200 10/01/27 2,311,142
2,635 Imperial Irr Dist CA Ctf Partn Elec
Sys Proj (FSA Insd) 5.250 11/01/23 2,783,456
4,400 Los Angeles, CA Uni Sch Dist Ser A
(MBIA Insd) 5.250 07/01/19 4,716,976
3,000 Los Angeles, CA Uni Sch Dist Ser A
(Prerefunded @ 07/01/13) (MBIA Insd) 5.375 07/01/18 3,287,790
3,000 Sacramento, CA Muni Util Dist Elec Rev
Sacramento Mud Ser R (MBIA Insd) 5.000 08/15/33 3,090,480
1,375 San Bernadino, CA Jt Pwrs Fin Auth
Alloc Rev Cent City Merged Proj Ser A
Rfdg (AMBAC Insd) (a) 5.750 07/01/20 1,578,225
2,500 San Francisco, CA City & Cnty Pub Util
Com Wtr Rev Ser A (MBIA Insd) 5.000 11/01/32 2,569,200
1,000 San Joaquin Hills, CA Transn Corridor
Agy Toll Rd Rev Cap Apprec Ser A Rfdg
(MBIA Insd) * 01/15/27 374,470
1,000 San Joaquin Hills, CA Transn Corridor
Agy Toll Rd Rev Cap Apprec Ser A Rfdg
(MBIA Insd) * 01/15/28 356,910
7,000 Tobacco Securitization Auth Asset Bkd
Sr Ser A-1 5.125 06/01/46 6,871,200
4,290 Tobacco Securitization Auth Northn CA
Tob Settlement Rev Bd Ser A-1 5.375 06/01/38 4,355,980
3,050 Tobacco Securitization Auth Northn CA
Tob Settlement Rev Bd Ser A-1 5.500 06/01/45 3,106,333
3,200 Tobacco Securitization Auth Southn CA
Tob Settlement Ser A-1 5.000 06/01/37 3,133,280
5,000 University CA Rev Gen Ser B (AMBAC
Insd) 5.000 05/15/20 5,225,400
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172,535,610
-------------
COLORADO 4.2%
1,600 Arkansas River Pwr Auth CO Impt (XLCA
Insd) 5.250 10/01/40 1,676,304
1,000 Colorado Hlth Fac Auth Rev Catholic
Hlth Initiatives Ser A (Escrowed to
Maturity) 5.500 03/01/32 1,070,640
2,250 Colorado Hlth Fac Auth Rev Covenant
Retirement Cmnty Inc 5.000 12/01/35 2,231,032
1,000 Colorado Hlth Fac Auth Rev Evangelical
Lutheran Ser A 5.250 06/01/34 1,024,760
3,700 Colorado Hlth Fac Auth Rev Hlth Fac
Evangelical Lutheran 5.000 06/01/35 3,709,731
1,125 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth (Prerefunded
@ 11/15/11) 6.500 11/15/31 1,272,656
4,000 Colorado Springs, CO Util Rev Sys Sub
Lien Impt Ser A Rfdg 5.000 11/15/29 4,076,920
265 Jefferson Cnty, CO Residential Mtg Rev
(Escrowed to Maturity) (a) 11.500 09/01/08 304,297
300 Jefferson Cnty, CO Residential Mtg Rev
(Escrowed to Maturity) (a) 11.500 09/01/09 363,996
340 Jefferson Cnty, CO Residential Mtg Rev
(Escrowed to Maturity) (a) 11.500 09/01/10 433,898
220 Jefferson Cnty, CO Residential Mtg Rev
(Escrowed to Maturity) 11.500 09/01/11 293,847
100 Jefferson Cnty, CO Residential Mtg Rev
(Escrowed to Maturity) (a) 9.000 09/01/12 126,109
1,000 Park Creek Metro Dist CO Rev Sr Ltd
Tax Ppty Tax Rfdg 5.500 12/01/30 1,033,160
2,000 Park Creek Metro Dist CO Rev Sr Ltd
Tax Ppty Tax Rfdg 5.500 12/01/37 2,054,360
6,365 Platte Riv Pwr Auth CO Pwr Rev Ser EE 5.375 06/01/16 6,833,782
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26,505,492
-------------
CONNECTICUT 3.7%
2,265 Bridgeport, CT Ser A (Prerefunded @
08/15/14) (MBIA Insd) (a) 5.250 08/15/23 2,474,241
2,840 Connecticut St Spl Oblig Pkg Rev
Bradley Intl Arpt Ser A (AMT) (ACA
Insd) 6.600 07/01/24 3,087,762
3,460 Mashantucket Western Pequot Tribe CT
Spl Rev Ser A, 144A - Private
Placement (Prerefunded @ 09/01/07) (d) 6.400 09/01/11 3,593,764
3,540 Mashantucket Western Pequot Tribe CT
Spl Rev Ser A, 144A - Private
Placement (Prerefunded @ 9/1/06) (d) 6.400 09/01/11 3,615,933
6,500 Mashantucket Western Pequot Tribe CT
Spl Rev Ser B, 144A - Private
Placement (d) 5.750 09/01/18 6,675,695
3,500 Mashantucket Western Pequot Tribe CT
Spl Rev Ser B, 144A - Private
Placement (d) 5.750 09/01/27 3,573,465
-------------
23,020,860
-------------
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 1,021,620
5,000 Metropolitan WA DC Arpt Auth Sys Ser A
(AMT) (FGIC Insd) 5.125 10/01/26 5,118,750
-------------
6,140,370
-------------
FLORIDA 10.5%
3,380 Brevard Cnty, FL Hlth Fac Hlth First
Inc Proj (MBIA Insd) 5.125 04/01/31 3,468,252
3,800 Brevard Cnty, FL Hlth Fac Hlth First
Inc Proj 5.000 04/01/34 3,844,498
400 Capital Tr Agy FL Rev Ft Lauderdale
Proj (AMT) 5.750 01/01/32 415,236
460 Escambia Cnty, FL Hlth Fac Auth Rev
(AMBAC Insd) 5.950 07/01/20 481,109
3,000 Florida St Dept Environmental Prot
Preservtn Rev Ser A (FGIC Insd) 5.750 07/01/10 3,211,500
3,880 Florida St Dept Trans Right of Way Ser
A 5.250 07/01/21 4,160,252
5,000 Florida St Dept Trans Tpk Rev Ser A 5.000 07/01/29 5,172,500
1,895 Gulf Breeze, FL Rev Loc Govt (Variable
Rate Coupon) (FGIC Insd) (a) 5.625 12/01/20 2,004,702
1,250 Highlands Cnty, FL Hlth Fac Auth Rev
Hosp Adventist Hlth Ser C Rfdg 5.000 11/15/31 1,264,262
5,000 Highlands Cnty, FL Hlth Fac Auth Rev
Hosp Adventist Hlth Ser D 5.000 11/15/35 5,053,700
1,000 Highlands Cnty, FL Hlth Fac Auth Rev
Hosp Adventist Hlth Ser D 5.375 11/15/35 1,035,620
2,310 Hillsborough Cnty, FL Indl Dev Auth
Indl Dev Rev Hlth Fac Proj Univ Cmnty
Hosp Ser A 5.500 08/15/14 2,400,136
1,000 Jacksonville, FL Sales Tax Rev Better
Jacksonville (MBIA Insd) 5.250 10/01/21 1,065,620
2,500 Jea, FL Elec Sys Rev Ser Three-A (FSA Insd) 5.000 10/01/41 2,558,275
265 Lakeland, FL Hosp Sys Rev Lakeland
Regl Hlth Sys 5.500 11/15/32 276,689
1,515 Miami Beach, FL Stormwtr Rev (FGIC
Insd) 5.250 09/01/25 1,580,736
2,000 Miami-Dade Cnty, FL Aviation rev Miami
Intl Arpt (AMT) (FGIC Insd) 5.375 10/01/25 2,090,340
2,700 Miami-Dade Cnty, FL Aviation rev Miami
Intl Arpt (AMT) (FGIC Insd) 5.375 10/01/32 2,807,676
5,000 Miami-Dade Cnty, FL Aviation Ser A
(AMT) (FSA Insd) 5.125 10/01/35 5,100,750
2,000 Miami-Dade Cnty, FL Pub Fac Rev
Jackson Hlth Sys Ser A (MBIA Insd) 5.000 06/01/31 2,062,540
3,750 Orange Cnty, FL Sch Brd Ctf Partn Ser
A (AMBAC Insd) 5.250 08/01/14 4,017,487
4,320 Orange Cnty, FL Tourist Dev Tax Rev
(Prerefunded @ 10/01/09) (AMBAC Insd) 5.625 10/01/14 4,557,514
4,300 Orange Cnty, FL Tourist Dev Tax Rev
(Prerefunded @ 10/01/09) (AMBAC Insd) 5.500 10/01/31 4,520,504
1,060 Tallahassee, FL Lease Rev FL St Univ
Proj Ser A (MBIA Insd) (a) 5.500 08/01/18 1,131,052
1,000 Tampa-Hillsborough Cnty, FL Expwy Auth
Rev (AMBAC Insd) 5.000 07/01/25 1,042,450
-------------
65,323,400
-------------
GEORGIA 2.6%
2,000 Atlanta, GA Arpt Passenger Fac Gen Sub
Lien Ser C (FSA Insd) 5.000 01/01/33 2,049,160
1,000 Augusta, GA Gen Arpt Rev Passenger Ser
B (AMT) 5.350 01/01/28 1,025,690
1,400 Municipal Elec Auth GA Combustion
Turbine Ser A (MBIA Insd) 5.250 11/01/14 1,500,086
8,025 Municipal Elec Auth GA Combustion
Turbine Ser A (MBIA Insd) 5.250 11/01/18 8,549,273
1,000 Oconee Cnty, GA Indl Dev Auth Oiit
Proj (XLCA Insd) 5.250 07/01/23 1,048,660
2,000 Royston, GA Hosp Auth Hosp Ctf Rev Ty
Cobb Hlthcare Sys Inc Rfdg 6.500 07/01/27 1,990,800
-------------
16,163,669
-------------
ILLINOIS 12.2%
2,000 Bolingbrook, IL Sales Tax Rev (e) 0/6.250 01/01/24 1,878,640
3,400 Carol Stream, IL First Mtg Rev Windsor
Pk Mnr Proj (Prerefunded @ 12/01/07) 7.000 12/01/13 3,592,440
4,000 Chicago, IL Neighborhoods Alive 21 Pgm
Ser A (Prerefunded @ 07/01/10) (FGIC
Insd) 5.750 01/01/40 4,318,040
5,000 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Ser A Rfdg (AMT) (MBIA
Insd) 5.375 01/01/32 5,193,200
3,500 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Ser C-2 Rfdg (AMT)
(FSA Insd) 5.250 01/01/30 3,604,860
7,500 Chicago, IL O'Hare Intl Arpt Rev Rols
RR II 494-1 (Acquired 12/16/05, Cost
$8,567,573) (Inverse Fltg) (MBIA Insd)
(c) 5.225 01/01/24 8,434,425
1,015 Chicago, IL O'Hare Intl Arpt Rev
Second Lien Passenger Fac Ser B (AMBAC
Insd) 5.500 01/01/16 1,082,020
485 Chicago, IL Pk Dist Ser C (FGIC Insd) 5.500 01/01/19 516,384
1,495 Chicago, IL Pk Dist Ser C (Prerefunded
@ 07/01/11) (FGIC Insd) 5.500 01/01/19 1,608,994
2,565 Chicago, IL Proj Ser C Rfdg (FGIC
Insd) (a) 5.750 01/01/12 2,762,120
465 Chicago, IL Proj Ser C Rfdg (FGIC Insd) 5.500 01/01/40 490,901
5 Chicago, IL Single Family Mtg Rev Ser
B (AMT) (GNMA Collateralized) 7.625 09/01/27 5,014
1,000 Cook Cnty, IL Cmnty Cons Sch Dist No
64 Park Ridge (FSA Insd) 5.500 12/01/14 1,101,480
510 Cook Cnty, IL Sch Dist No 107 (a) 7.150 12/01/08 546,893
575 Cook Cnty, IL Sch Dist No 107 (a) 7.200 12/01/09 633,225
625 Cook Cnty, IL Sch Dist No 107 7.000 12/01/10 699,088
1,000 Cook Cnty, IL Ser A (Prerefunded @
05/15/11) (FGIC Insd) 5.500 11/15/31 1,074,410
1,000 Cortland, IL Spl Tax Rev Sheaffer Sys
Proj (Aquired 05/02/06, Cost $990,000)
(c) 5.500 03/01/17 1,001,140
1,000 Deerfield, IL Edl Fac Chicago Land
Jewish High Sch Proj 6.000 05/01/41 1,007,590
2,725 Illinois Dev Fin Auth Rev Cmnty Rehab
Providers Fac Ser A 7.375 07/01/25 2,949,785
1,565 Illinois Ed Fac Auth Rev DePaul Univ
(Prerefunded @ 10/01/10) (AMBAC Insd) 5.625 10/01/15 1,688,338
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A 5.000 04/01/31 1,516,530
1,000 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A 6.000 05/15/25 1,036,590
1,350 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A 6.000 05/15/37 1,388,907
2,500 Illinois Fin Auth Rev Northwestern Mem
Hosp Ser A 5.500 08/15/43 2,641,475
1,645 Illinois Hlth Fac Auth Rev Evangelical
Hosp Ser C Rfdg (FSA Insd) 6.750 04/15/12 1,813,201
4,750 Illinois Hsg Dev Auth Rev Homeowner
Mtg Subser C-2 (AMT) 5.150 08/01/37 4,805,148
1,500 Illinois St First Ser (FGIC Insd) 5.375 11/01/14 1,602,045
3,000 Illinois St First Ser (FSA Insd) 5.250 12/01/21 3,180,240
3,440 Kendall Kane & Will Cntys, IL Cmnty
Sch Dist No 308 Ser B (FGIC Insd) (a) 5.250 10/01/19 3,658,268
250 Lake Cnty, IL Cmnty Unit Sch Dist No
116 Round Lake (Escrowed to Maturity)
(Radian Insd) 7.600 02/01/14 307,675
2,675 Metropolitan Pier & Expo Auth IL
Dedicated St Tax Rev McCormick Pl Expn
Ser A (MBIA Insd) 5.250 06/15/42 2,798,264
311 Pingree Grove Vlg, IL Spl Svc Area No
1 Spl Tax Ser 05-1 Cambridge Lakes Proj 5.250 03/01/15 314,088
2,500 Schaumburg, IL Ser B (FGIC Insd) 5.000 12/01/41 2,545,025
1,335 Will Cnty, IL Cmnty Sch Dist No 161
Summit Hill Cap Apprec (FGIC Insd) * 01/01/16 885,292
990 Will Cnty, IL Cmnty Sch Dist No 161
Summit Hill Cap Apprec (FGIC Insd) * 01/01/19 560,122
675 Will Cnty, IL Cmnty Sch Dist No 161
Summit Hill Cap Apprec (Escrowed to
Maturity) (FGIC Insd) * 01/01/16 447,620
425 Will Cnty, IL Cmnty Sch Dist No 161
Summit Hill Cap Apprec (Escrowed to
Maturity) (FGIC Insd) * 01/01/19 242,509
1,000 Yorkville, IL Utd City Spl Svc Area
Spl Tax No 2004-107 Raintree Vlg IL
Proj 6.250 03/01/35 1,048,470
1,000 Yorkville, IL Utd City Spl Svc Area
Tax No 2005-108 Autumn Creek IL Proj 6.000 03/01/36 1,002,010
-------------
75,982,466
-------------
INDIANA 2.1%
1,000 Allen Cnty, IN Juvenile Justice Ctr
First Mtg (AMBAC Insd) 5.500 01/01/18 1,074,120
3,000 Indiana Hlth Fac Fin Auth Hosp Rev
Cmnty Proj Ser A (AMBAC Insd) 5.000 05/01/35 3,079,980
3,710 Indianapolis, IN Loc Pub Impt Bd Bk
Drivers Ser 1154 (Acquired 11/14/05,
Cost $3,974,746) (Inverse Fltg) (MBIA
Insd) (AMT) (c) 6.499 07/01/13 4,088,309
1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr
& Lt (AMT) 5.950 12/01/29 1,587,165
470 Saint Joseph Cnty, IN Econ Dev Rev
Holy Cross Vlg IN Notre Dame Pj Ser A 6.000 05/15/38 487,197
2,500 Vigo Cnty, IN Sch Bldg Corp First Mtg
Impt & Rfdg (FSA Insd) 5.250 07/10/24 2,617,300
-------------
12,934,071
-------------
IOWA 1.0%
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C 5.375 06/01/38 2,273,468
1,800 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C 5.500 06/01/42 1,834,524
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C 5.625 06/01/46 2,316,060
-------------
6,424,052
-------------
KANSAS 0.5%
1,825 Cowley Cnty, KS Uni Sch Dist No 465
Winfield Impt & Rfdg (MBIA Insd) (a) 5.250 10/01/22 1,971,730
400 Overland Pk, KS Dev Corp Rev First
Tier Overland Park Ser A 7.375 01/01/32 437,104
750 Wyandotte Cnty, KS Sch Dist 500 Rfdg
(FSA Insd) 5.000 09/01/19 792,863
-------------
3,201,697
-------------
KENTUCKY 0.4%
2,350 Louisville & Jefferson, KY Swr Ser A
(MBIA Insd) (a) 5.500 05/15/15 2,547,494
-------------
LOUISIANA 2.9%
5,000 Ernest N Morial New Orleans, LA Exhib
Hall Auth Spl Tax Sub Ser A (AMBAC
Insd) 5.250 07/15/21 5,232,350
1,485 Louisiana Hsg Fin Agy Rev Azalea
Estates Ser A Rfdg (AMT) (GNMA
Collateralized) 5.375 10/20/39 1,519,957
1,675 Louisiana Loc Govt Environmental Fac
Pkg Fac Corp Garage Proj Ser A (AMBAC
Insd) (a) 5.200 10/01/19 1,753,708
2,580 Louisiana Loc Govt Environmental Rev
Southeastn LA Student Hsg Ser A (MBIA
Insd) 5.250 08/01/21 2,727,447
7,277 Louisiana St Univ & Agric & Mechanical
College Univ Rev Master Agreement
(Acquired 11/30/98, Cost $7,276,555)
(c) 5.750 10/30/18 6,875,325
-------------
18,108,787
-------------
MARYLAND 1.1%
1,120 Baltimore, MD Convention Ctr Hotel Rev
Drivers Ser 1251 (Acquired 02/06/06,
Cost $1,318,341) (Inverse Fltg) (XLCA
Insd) (c) 6.530 03/01/14 1,282,030
500 Maryland St Econ Dev Corp Student Hsg
Rev Univ MD College Pk Proj
(Prerefunded @ 06/01/13) 5.625 06/01/35 548,290
1,700 Maryland St Trans Auth Arpt
Baltimore/WA Intl Arpt Ser B (AMT)
(AMBAC Insd) 5.125 03/01/24 1,764,634
2,365 Northeast, MD Waste Disp Auth Rfdg
(AMT) (AMBAC Insd) 5.500 04/01/16 2,524,023
750 Prince Georges Cnty, MD Spl Oblig Natl
Harbor Proj 5.200 07/01/34 742,658
-------------
6,861,635
-------------
MASSACHUSETTS 2.8%
1,495 Massachusetts Bay Trans Auth MA Sales
Tax Rev Ser A 5.000 07/01/35 1,525,812
1,775 Massachusetts Muni Whsl Elec Co
Nuclear Proj 5 Ser A (MBIA Insd) 5.250 07/01/13 1,904,433
2,765 Massachusetts St Dev Fin Agy Proj Ser
R-2 (MBIA Insd) 5.125 02/01/34 2,852,733
710 Massachusetts St Dev Fin Agy Rev
Boston Architectural Ctr (ACA Insd) 6.100 09/01/18 740,629
1,000 Massachusetts St Dev Fin Agy Rev
Boston Architectural Ctr (ACA Insd) 6.250 09/01/28 1,039,890
1,000 Massachusetts St Hlth & Ed Fac Auth
Rev Partn Hlthcare Sys Ser C 5.750 07/01/32 1,074,520
3,700 Massachusetts St Hlth & Ed Fac Auth
Rev Ser G (MBIA Insd) 5.000 07/01/13 3,702,923
4,850 Massachusetts St Hlth & Ed Fac Auth
Rev Univ of MA Mem Issue Ser D 5.000 07/01/33 4,846,217
-------------
17,687,157
-------------
MICHIGAN 2.7%
3,275 Detroit, MI Loc Dev Fin Auth Tax
Increment Sr Ser B (Acquired 09/08/97,
Cost $3,275,000) (c) 6.700 05/01/21 3,340,631
790 Detroit, MI Loc Dev Fin Auth Tax
Increment Sub Ser C (Acquired
09/08/97, Cost $790,000) (c) 6.850 05/01/21 806,795
3,860 Detroit, MI Ser A (XLCA Insd) (a) 5.250 04/01/21 4,064,657
1,200 Detroit, MI Wtr Supply Sys Rev Sr Lien
Ser C Rfdg (MBIA Insd) 5.250 07/01/18 1,284,204
1,180 Hillsdale, MI Hosp Fin Auth Hosp Rev
Hillsdale Cmnty Hlth Ctr 5.750 05/15/18 1,228,215
1,000 Kent Hosp Fin Auth MI Rev Metro Hosp
Proj Ser A 5.250 07/01/30 1,013,810
1,000 Kent Hosp Fin Auth MI Rev Metro Hosp
Proj Ser A 6.000 07/01/35 1,078,500
1,450 Michigan St Hosp Fin Auth Rev Chelsea
Cmnty Hosp Oblig 5.000 05/15/37 1,425,495
500 Michigan St Hosp Fin Auth Rev Hosp
Genesys Regl Med Ser A Rfdg (Escrowed
to Maturity) 5.375 10/01/13 520,175
775 Michigan St Hsg Dev Rental Hsg Rev Ser
A (AMT) (MBIA Insd) 5.300 10/01/37 781,340
1,500 Michigan St Strategic Fd Detroit
Edison Co Proj Ser C Rfdg (AMT) (XLCA
Insd) 5.450 12/15/32 1,569,315
-------------
17,113,137
-------------
MINNESOTA 0.5%
1,260 Glencoe, MN Hlthcare Fac Rev Glencoe
Regl Hlth Svc Proj 5.000 04/01/31 1,262,986
1,750 Saint Paul, MN Hsg & Redev Auth Hosp
Rev Hlth East Proj 6.000 11/15/35 1,895,653
-------------
3,158,639
-------------
MISSISSIPPI 0.0%
270 Mississippi Home Corp Single Family
Rev Mtg Ser F (AMT) (GNMA
Collateralized) 7.550 12/01/27 280,346
-------------
MISSOURI 3.8%
1,000 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp
Assoc 5.625 06/01/27 1,028,920
1,000 Carthage, MO Hosp Rev 5.875 04/01/30 1,003,930
2,250 Carthage, MO Hosp Rev 6.000 04/01/38 2,248,200
1,400 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt & Rfdg 6.100 06/01/20 1,417,752
1,000 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt & Rfdg 6.200 06/01/29 1,010,530
385 Fenton, MO Tax Increment Rev & IMpt
Gravois Bluffs Proj Rfdg (Prerefunded
@ 10/01/11) 7.000 10/01/21 443,585
1,000 Kearney, MO (AMBAC Insd) 5.500 03/01/16 1,063,720
3,500 Missouri Jt Muni Elec Util Plum Pwr
Point Proj Rev (MBIA Insd) 5.000 01/01/24 3,661,735
1,200 Missouri St Hlth & Ed Fac Auth Rev Sr
Living Fac Lutheran Ser B Rfdg 5.125 02/01/27 1,210,788
1,415 Missouri St Hlth & Ed Fac Rev Univ MO
Columbia Arena Proj 5.000 11/01/18 1,477,104
1,000 Missouri St Hwys & Trans Commn Rd Rev
Ser A 5.125 02/01/17 1,053,290
2,810 Perry Cnty, MO Nursing Home Rev Rfdg 5.900 03/01/28 2,814,327
1,000 Saint Charles, MO Ctf Partn Ser B 5.500 05/01/18 1,042,510
2,505 Saint Louis, MO Arpt Rev Cap Impt Prog
Ser A (Prerefunded @ 07/01/12) (MBIA
Insd) (a) 5.375 07/01/20 2,708,757
1,460 Saint Louis, MO Brd Ed Direct Dep Pgm
Ser A Rfdg (FSA Insd) 5.000 04/01/21 1,518,692
-------------
23,703,840
-------------
NEBRASKA 0.4%
2,620 Omaha Pub Pwr Dist NE Elec Rev Sys Ser
A 5.000 02/01/34 2,690,033
-------------
NEVADA 3.0%
3,000 Clark Cnty, NV Arpt Rev Sub Lien Ser
A-2 (FGIC Insd) 5.000 07/01/36 3,057,810
5,000 Clark Cnty, NV Bd Bk (MBIA Insd) 5.000 06/01/32 5,118,150
4,000 Clark Cnty, NV Indl Dev Rev Southwest
Gas Corp Proj Ser A (AMT) (AMBAC Insd) 5.250 07/01/34 4,139,880
2,100 Henderson, NV Loc Impt Dist No T-18 5.300 09/01/35 2,076,858
125 Nevada Hsg Div Single Family Mtg Mezz
Ser D-2 (AMT) 6.300 04/01/21 125,473
930 Reno, NV Cap Impt Rev (FGIC Insd) 5.125 06/01/26 959,379
1,570 Reno, NV Cap Impt Rev (Prerefunded @
06/01/12) (FGIC Insd) 5.125 06/01/26 1,675,724
1,500 Reno, NV Sr Lien Retrac Reno Trans
Proj (Prerefunded @ 06/01/12) (AMBAC
Insd) 5.125 06/01/37 1,601,010
-------------
18,754,284
-------------
NEW HAMPSHIRE 1.4%
4,800 New Hampshire Higher Ed & Hlth Fac
Auth Rev Daniel Webster College Issue 6.300 07/01/29 4,600,704
2,000 New Hampshire Higher Ed & Hlth Fac
Auth Rev Riverwoods at Exeter Ser A 6.500 03/01/23 2,028,720
1,525 New Hampshire Hlth & Ed Fac Auth Rev
Derryfield Sch 6.750 07/01/20 1,653,283
250 New Hampshire Hlth & Ed Fac Hlthcare
Sys Covenant Hlth 5.500 07/01/34 261,285
-------------
8,543,992
-------------
NEW JERSEY 9.1%
1,555 Eastern Camden Cnty, NJ Regl Sch Dist
Rfdg (FGIC Insd) (a) * 03/01/08 1,460,363
1,000 New Jersey Econ Dev Auth Econ Dev Rev
Kapkowski Rd Landfill Proj Rfdg 5.750 04/01/31 1,091,910
3,880 New Jersey Econ Dev Auth Mtr Veh Rev
Ser A (MBIA Insd) 5.000 07/01/22 4,049,905
1,500 New Jersey Econ Dev Auth Rev Cig Tax 5.750 06/15/29 1,589,985
500 New Jersey Econ Dev Auth Rev Cig Tax 5.750 06/15/34 526,650
25,000 New Jersey Econ Dev Auth St Contract
Econ Recovery (MBIA Insd) 5.900 03/15/21 29,203,000
1,500 New Jersey Econ Dev Auth Wtr Fac Rev
NJ American Wtr Co Inc Ser B (AMT)
(FGIC Insd) 5.375 05/01/32 1,552,305
2,825 New Jersey St Ed Fac Auth Higher Ed
Cap Impt Ser A (AMBAC Insd) 5.250 09/01/19 3,005,292
1,000 New Jersey St Ed Fac Auth Higher Ed
Cap Impt Ser A (AMBAC Insd) 5.250 09/01/21 1,059,670
3,500 New Jersey St Tpk Auth Tpk Rev Ser C
(FSA Insd) 6.500 01/01/16 4,042,220
5,000 New Jersey St Tpk Auth Tpk Rev Ser C-1
(AMBAC Insd) 5.000 01/01/35 5,089,250
1,000 New Jersey St Trans Tr Fd Auth Trans
Sys Ser A 5.750 06/15/18 1,131,170
3,000 Newark, NJ Hsg Auth Port Auth Newark
Marine Terminal (MBIA Insd) 5.000 01/01/37 3,081,210
-------------
56,882,930
-------------
NEW MEXICO 0.3%
1,500 Jicarilla, NM Apache Nation Adj Ser A
(Acquired 10/23/03, Cost $1,514,910) (c) 5.000 09/01/18 1,530,420
-------------
NEW YORK 14.5%
3,600 Erie Cnty, NY Tob Asset Securitization
Corp Asset Bkd Ser A 5.000 06/01/38 3,529,476
2,300 Long Island Pwr Auth NY Elec Gen Ser B 5.000 12/01/35 2,358,236
3,000 Metropolitan Trans Auth NY Rev Ser A
Rfdg (FGIC Insd) 5.250 11/15/31 3,158,940
2,000 Nassau Cnty, NY Tob Setllement Corp
Asset Bkd Ser A-3 5.125 06/01/46 1,978,060
1,000 Nassau Cnty, NY Tob Settlement Corp
Asset Bkd Ser A-3 5.000 06/01/35 985,660
85 New York City Adj Sub Ser A-1 5.750 08/01/12 85,121
2,625 New York City Hlth & Hosp Corp Rev
Hlth Sys Ser A (AMBAC Insd) 5.000 02/15/11 2,751,814
3,000 New York City Indl Dev Agy Amern Airl
JFK Intl Arpt (Variable Rate Coupon)
(AMT) 7.625 08/01/25 3,512,940
1,000 New York City Indl Dev Agy Amern Airl
JFK Intl Arpt (Variable Rate Coupon)
(AMT) 7.750 08/01/31 1,172,050
400 New York City Indl Dev Agy Rev Liberty
7 World Trade Ctr Ser A 6.250 03/01/15 425,644
2,500 New York City Muni Wtr Fin Auth Wtr &
Swr Sys Rev Ser D 5.000 06/15/39 2,563,425
5,000 New York City Ser A 6.250 08/01/08 5,083,800
3,000 New York City Ser G 5.000 12/01/27 3,081,060
2,000 New York City Ser H 5.750 03/15/13 2,158,180
1,000 New York City Trans Future Tax Second
Ser C (AMBAC Insd) 5.250 08/01/22 1,062,260
1,545 New York St Dorm Auth Lease Teachers
College (FSA Insd) 5.250 08/15/15 1,641,593
6,800 New York St Dorm Auth Rev City Univ
Sys Cons Ser A 5.625 07/01/16 7,486,868
1,250 New York St Dorm Auth Rev Cons City
Univ Sys Ser A (FSA Insd) 5.750 07/01/13 1,388,563
350 New York St Dorm Auth Rev Mt Sinai NYU
Hlth 5.500 07/01/26 353,623
3,000 New York St Dorm Auth Rev Sch Dist Fin
Pgm Ser D (MBIA Insd) 5.500 10/01/17 3,249,570
4,200 New York St Dorm Auth Rev Secd Hosp N
General Hosp Rfdg 5.750 02/15/19 4,572,540
8,800 New York, NY City Muni Wtr Fin Auth
Wtr & Swr Sys Rev Ser D 5.000 06/15/38 9,024,576
3,751 Plainedge, NY Uni Free Sch Dist No.
2063 (Acquired 7/25/97, Cost
$3,750,926) (c) 6.000 06/01/12 3,832,771
3,000 Triborough Brdg & Tunl Auth Gen Purp
Ser A 5.000 01/01/27 3,070,560
5,000 Triborough Brdg & Tunl Auth NY Gen Ser
B Rfdg 5.000 11/15/21 5,178,500
3,900 Triborough Brdg & Tunl Auth NY Rev
Rfdg (MBIA Insd) 5.000 11/15/32 3,998,007
1,000 Tsasc Inc NY Rev Ser 1 5.125 06/01/42 990,200
10,500 Tsasc Inc NY Ser 1 5.000 06/01/34 10,387,230
1,000 Westchester Tob Asset Securitization
Corp NY 5.000 06/01/26 996,820
500 Yonkers, NY Indl Dev Agy Civic Fac Rev
Cmnty Dev Ppty Yonkers Inc Ser A
(Prerefunded @ 02/01/11) 6.625 02/01/26 559,785
-------------
90,637,872
-------------
NORTH CAROLINA 2.8%
8,300 North Carolina Muni Pwr Agy No 1
Catawba Elec Rev Rfdg (MBIA Insd) 6.000 01/01/12 9,145,521
7,605 North Carolina Muni Pwr Agy Ser A
(MBIA Insd) 5.250 01/01/20 8,059,475
-------------
17,204,996
-------------
OHIO 3.5%
300 Adams Cnty Hosp Fac Impt Rev Adams
Cnty Hosp Proj 6.250 09/01/20 303,291
3,950 Cincinnati, OH City Sch Dist Sch Impt
(FSA Insd) 5.250 06/01/18 4,211,095
2,485 Cleveland-Cuyahoga Cnty, OH Dev Port
Auth Rev Cleveland Bond Fd Ser B (a) 5.375 05/15/18 2,529,308
1,000 Columbus, OH City Sch Dist Sch Fac
Constr & Impt (FSA Insd) 5.250 12/01/21 1,073,130
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton
Inc Proj 7.500 01/01/30 1,101,170
2,350 Franklin Cnty, OH Convention Fac Auth
Tax & Lease Rev Antic Bds Rfdg (AMBAC
Insd) 5.250 12/01/17 2,499,930
1,000 Lorain Cnty, OH Hosp Rev Catholic
Hlthcare 5.375 10/01/30 1,040,860
2,000 Lorain, OH City Sch Dist Classroom Fac
Impt (MBIA Insd) 5.250 12/01/20 2,154,680
2,270 Montgomery Cnty, OH Hosp Rev Kettering
Med Ctr Impt & Rfdg (MBIA Insd) 6.250 04/01/20 2,694,377
1,250 Ohio St Bldg Auth St Fac Admin Bldg Fd
Proj Ser A (FSA Insd) 5.000 04/01/22 1,298,100
2,500 Ohio St Bldg Auth St Fac Adult
Correction Ser A Rfdg (FSA Insd) 5.500 10/01/12 2,692,075
-------------
21,598,016
-------------
OKLAHOMA 0.6%
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 1,412,100
1,250 Oklahoma City, OK Pub Ppty Auth Hotel
Tax Rev (FGIC Insd) 5.250 10/01/29 1,324,038
1,035 Oklahoma Hsg Fin Agy Single Family Rev
Mtg Class B (AMT) (GNMA Collateralized) 7.997 08/01/18 1,084,131
-------------
3,820,269
-------------
OREGON 0.9%
4,000 Oregon Hlth Sciences Univ Insd Ser A
(MBIA Insd) 5.250 07/01/22 4,238,560
1,500 Oregon St Dept Admin Ser C Rfdg (MBIA
Insd) 5.250 11/01/17 1,587,870
-------------
5,826,430
-------------
PENNSYLVANIA 3.4%
385 Allegheny Cnty, PA San Auth Swr Rev
(MBIA Insd) 5.500 12/01/30 408,462
315 Crawford Cnty, PA Hosp Auth Sr Living
Fac Rev Wesbury Utd Methodist Cmnty (a) 5.875 08/15/10 328,422
275 Lehigh Cnty, PA Gen Purp Auth Rev
First Mtg Bible Fellowship Proj Ser A
Rfdg (a) 5.100 12/15/06 275,173
295 Lehigh Cnty, PA Gen Purp Auth Rev
First Mtg Bible Fellowship Proj Ser A
Rfdg (a) 5.250 12/15/07 296,180
210 Lehigh Cnty, PA Gen Purp Auth Rev
First Mtg Bible Fellowship Proj Ser A
Rfdg 5.300 12/15/08 211,310
320 Lehigh Cnty, PA Gen Purp Auth Rev
First Mtg Bible Fellowship Proj Ser A
Rfdg (a) 5.300 12/15/09 321,165
240 Lehigh Cnty, PA Gen Purp Auth Rev
First Mtg Bible Fellowship Proj Ser A
Rfdg 5.400 12/15/10 240,319
400 Montgomery Cnty, PA Indl Dev Auth Rev
Mtg Whitemarsh Continuing Care Proj 6.125 02/01/28 422,628
1,550 Pennsylvania Hsg Fin Agy Ser 94-A (AMT) 5.100 10/01/31 1,565,159
1,000 Philadelphia, PA Auth Indl Dev
Philadelphia Arpt Sys Proj Ser A (AMT)
(FGIC Insd) 5.125 07/01/19 1,035,530
2,600 Philadelphia, PA Auth Indl Rev Ser B
(FSA Insd) 5.500 10/01/16 2,812,212
3,200 Philadelphia, PA Gas Wks Rev 1998 Gen
Ordinance 4th Ser (FSA Insd) 5.250 08/01/19 3,373,184
4,305 Philadelphia, PA Redev Auth Rev
Neighborhood Transformation Ser A
(FGIC Insd) 5.250 04/15/11 4,564,548
2,675 Pittsburgh, PA Ser A (AMBAC Insd) 5.500 09/01/17 2,856,659
2,530 Pittssburgh, PA Ser A (Prerefunded @
03/01/12) (AMBAC Insd) 5.500 09/01/17 2,741,559
-------------
21,452,510
-------------
SOUTH CAROLINA 4.7%
2,000 Charleston Ed Excellence Fin Corp SC
Rev Rols RR II R 471 (Acquired
12/06/05, Cost $2,188,640) (Inverse
Fltg) (c) 5.225 12/01/26 2,185,200
5,615 Charleston Ed Excellence Fin Corp SC
Rev Rols RR II R 515 (Acquired
02/10/06, Cost $6,415,145) (Inverse
Fltg) (AGC Insd) (c) 5.225 12/01/30 6,176,107
5,000 Kershaw Cnty, SC Pub Kershaw Cnty Sch
Dist Proj (CIFG Insd) 5.000 12/01/26 5,144,050
2,000 Rock Hill, SC Util Sys Rev Comb Ser A
Impt & Rfdg (FSA Insd) 5.375 01/01/18 2,146,600
475 Rock Hill, SC Util Sys Rev Comb Ser C
Rfdg (FSA Insd) 5.125 01/01/13 497,748
1,235 Rock Hill, SC Util Sys Rev Comb Ser C
Rfdg (FSA Insd) (a) 5.250 01/01/15 1,299,035
2,500 South Carolina Jobs Econ Dev Auth Indl
Rev Elec & Gas Co Proj Ser A (AMBAC
Insd) 5.200 11/01/27 2,614,750
9,250 South Carolina Trans Infrastructure Bk
Rev Ser A (AMBAC Insd) 5.000 10/01/33 9,470,335
-------------
29,533,825
-------------
SOUTH DAKOTA 0.3%
1,905 Minnehaha Cnty, SD Ctf Ltd Tax (FSA
Insd) (a) 5.000 12/01/19 1,996,802
-------------
TENNESSEE 1.7%
400 Elizabethton, TN Hlth & Ed Fac Brd Rev
Hosp First Mtg Ser B Impt & Rfdg 8.000 07/01/33 468,728
400 Elizabethton, TN Hlth & Ed Fac Brd Rev
Hosp Ser B Impt & Rfdg (MBIA Insd) 7.750 07/01/29 481,076
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 4,850,800
1,000 Metropolitan Nashville Arpt Auth TN
Impt Ser A Rfdg (FGIC Insd) 6.600 07/01/14 1,118,070
1,500 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd
Rev Trezevant Manor Proj Ser A 5.625 09/01/26 1,494,195
1,500 Tennessee Hsg Dev Agy Home Ownership
Pgm 2006 (AMT) 5.150 01/01/37 1,519,485
585 Tennessee Hsg Dev Agy Home Ownership
Pgm 2-A (AMT) 5.700 07/01/31 593,436
-------------
10,525,790
-------------
TEXAS 8.4%
1,130 Alliance Arpt Auth Inc TX Spl Fac Rev
Fedex Corp Proj Rfdg (AMT) 4.850 04/01/21 1,122,192
1,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp 5.375 01/01/32 1,034,850
2,500 Coastal Bend Hlth Fac Dev, TX Ser C
(Inverse Fltg) (Escrowed to Maturity)
(AMBAC Insd) 7.778 11/15/13 3,097,025
2,420 Dallas Cnty, TX Cmnty College Dist Rev
Fin Sys (AMBAC Insd) (a) 5.375 02/15/16 2,536,813
1,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt
Ser A Impt & Rfdg (AMT) (FGIC Insd) 5.500 11/01/31 1,048,800
1,500 Fort Worth, TX Wtr & Swr Rev Impt &
Rfdg 5.750 02/15/16 1,604,715
2,000 Harris Cnty, TX Toll Rd Sub Lien Rfdg 5.000 08/01/33 2,020,440
6,000 Harris Cnty-Houston, TX Sports Auth
Spl Rev Jr Lien Ser B Rfdg (MBIA Insd) 5.250 11/15/40 6,229,860
1,000 Houston, TX Arpt Sys Rev Sub Lien Ser
A (AMT) (FSA Insd) 5.625 07/01/30 1,050,380
3,345 Houston, TX Hotel Occupancy Tax Convtn
& Entertnmnt Ser B (AMBAC Insd) 5.750 09/01/14 3,628,857
130 Houston, TX Pub Impt & Rfdg (FSA Insd) 5.750 03/01/15 139,261
10,000 Houston, TX Util Sys Rev First Lien
Ser A Rfdg (FSA Insd) 5.250 05/15/21 10,649,700
4,000 Houston, TX Util Sys Rev First Lien
Ser A Rfdg (FGIC Insd) 5.250 05/15/23 4,249,000
1,250 Matagorda Cnty, TX Navig Dist No 1 Rev
Coll Centerpoint Energy Proj Rfdg
(Variable Rate Coupon) 5.600 03/01/27 1,307,263
1,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care Ctr Ser
A (Prerefunded @ 02/15/10) 7.625 02/15/28 1,127,010
1,800 Metropolitan Hlth Fac Dev Corp TX
Wilson N Jones Mem Hosp Proj 7.250 01/01/31 1,853,604
1,000 North Central, TX Hlth Fac Dev Corp
Rev Hosp Baylor Hlthcare Sys Proj Ser A 5.125 05/15/29 1,013,470
4,000 North Central, TX Hlth Fac Dev Hosp
Childrens Med Ctr Dallas (AMBAC Insd) 5.250 08/15/32 4,160,360
95 Pecos Cnty, TX Ctf Partn (Acquired
06/23/97, Cost $90,253) (c) 6.000 01/12/08 95,755
3,599 Region One Ed Svc Ctr Sub Tech Fac
Proj (Acquired 12/30/97, Cost
$3,753,476) (c) 6.590 12/15/17 3,804,639
80 Texas Muni Pwr Agy Rev (Escrowed to
Maturity) (MBIA Insd) * 09/01/15 54,131
490 Texas St Pub Ppty Fin Corp Rev Mental
Hlth & Retardation Rfdg (FSA Insd) 5.500 09/01/13 490,593
-------------
52,318,718
-------------
VERMONT 0.2%
1,000 Vermont Economic Dev Auth Mtg Rev Wake
Robin Corp Proj Ser A 5.375 05/01/36 999,760
-------------
VIRGINIA 1.3%
1,320 Fairfax Cnty, VA Ctf Part 5.300 04/15/23 1,394,976
1,340 Richmond, VA (FSA Insd) 5.500 01/15/10 1,417,318
2,750 Tobacco Settlement Fin Corp VA 5.625 06/01/37 2,855,985
2,590 Tobacco Settlement Fin Corp VA 5.500 06/01/26 2,667,389
-------------
8,335,668
-------------
WASHINGTON 3.7%
5,000 Bellevue, WA Convention Ctr Auth Spl
Oblig Rev Rfdg (MBIA Insd) * 02/01/24 2,172,650
3,000 Clark Cnty, WA Pub Util Dist No 001
Gen Sys Rev Rfdg (FSA Insd) 5.625 01/01/12 3,167,880
5,000 Cowlitz Cnty, WA Spl Swr Rev CSOB
Wastewtr Treatment Rfdg (FGIC Insd) 5.500 11/01/19 5,582,100
3,000 Energy Northwest WA Elec Rev Proj No 3
Ser A Rfdg (FSA Insd) 5.500 07/01/18 3,224,340
5,000 King Cnty, WA Ser B Rfdg (MBIA Insd) 5.250 01/01/34 5,121,900
2,000 Port Seattle, WA Rev Ser B (AMT) (MBIA
Insd) 5.625 02/01/24 2,102,820
1,345 Tacoma, WA Elec Sys Rev Ser A Rfdg
(FSA Insd) 5.750 01/01/15 1,458,061
-------------
22,829,751
-------------
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 6,565,982
-------------
WISCONSIN 1.2%
1,500 Waukesha, WI Redev Auth Hsg Revr Sr
Kirkland Crossings Proj Rfdg 5.500 07/01/41 1,501,635
5,000 Wisconsin St Hlth & Ed Fac Auth Mercy
Hlth Sys Corp (AMBAC Insd) 5.500 08/15/25 5,237,100
400 Wisconsin St Hlth & Ed Fac Auth Rev
Beaver Dam Cmnty Hosp Inc Ser A 6.000 08/15/19 417,620
-------------
7,156,355
-------------
GUAM 1.0%
6,000 Guam Pwr Auth Rev Ser A (AMBAC Insd) 5.250 10/01/34 6,235,440
-------------
PUERTO RICO 1.1%
2,000 Puerto Rico Muni Fin Agy Ser A (FSA
Insd) 5.250 08/01/20 2,131,640
4,500 Puerto Rico Pub Bldg Auth Rev Govt Fac
Ser I (Comwth Gtd) 5.250 07/01/33 4,654,350
-------------
6,785,990
-------------
TOTAL LONG-TERM INVESTMENTS 149.9%
(Cost $900,022,214) 936,283,523
SHORT-TERM INVESTMENTS 0.6%
(Cost $3,800,000) 3,800,000
-------------
TOTAL INVESTMENTS 150.5%
(Cost $903,822,214) 940,083,523
OTHER ASSETS IN EXCESS OF LIABILITIES 1.6% 9,924,994
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (52.1%) (325,481,372)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $ 624,527,145
=============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the outstanding bond issuance.
(b) All or a portion of these securities have been physically segregated in
connection with open futures contracts.
(c) 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 7.4% of net
assets applicable to common shares.
(d) 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.
(e) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
ACA - American Capital Access
AGC - AGC Insured Custody Certificates
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
CIFG - CDC IXIS Financial Guaranty
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.
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF JULY 31, 2006:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIAITON
--------- -------------
SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures September 06
(Current Notional Value of $106,031 per contract) 424 $(435,311)
=== =========
SWAP AGREEMENTS OUTSTANDING AS OF JULY 31, 2006:
INTEREST RATE SWAPS
PAY/
RECEIVE NOTIONAL UNREALIZED
FLOATING FIXED EXPIRATION AMOUNT APPRECIATION/
COUNTERPARTY FLOATING RATE INDEX RATE RATE DATE (000) DEPRECIATION
------------ ---------------------------- -------- ------ ---------- -------- -------------
JP Morgan Chase Bank, N.A. USD-BMA Municipal Swap Index Receive 4.474% 10/30/26 $ 9,250 $(200,388)
JP Morgan Chase Bank, N.A. USD-BMA Municipal Swap Index Receive 4.249 9/28/16 11,200 (187,619)
JP Morgan Chase Bank, N.A. USD-BMA Municipal Swap Index Receive 4.480 9/28/26 4,810 (108,429)
---------
$(496,436)
=========
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 21, 2006
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 21, 2006
By: /s/ James W. Garrett
--------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: September 21, 2006