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)
Ronald Robison
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: 1/31/08
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 - JANUARY 31, 2008 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------- ------------------------------------------ ------------ -------- --------------
MUNICIPAL BONDS 189.8%
ALABAMA 5.1%
$ 1,000 Birmingham Baptist Med Ctr AL
Baptist Hlth Sys Ser A ................ 5.875% 11/15/24 $ 1,026,500
3,695 Gadsden, AL Wts Ser B (AMBAC
Insd) (a) ............................. 5.250 08/01/21 4,031,763
1,725 Huntsville-Redstone Vlg, AL Spl
Care Fac Fin Auth Redstone Vlg
Proj .................................. 5.500 01/01/43 1,526,573
4,000 Jefferson Cnty, AL Swr Rev Cap
Impt Wts (FGIC Insd)
(Prerefunded @ 8/01/12) ............... 5.125 02/01/42 4,410,760
2,255 Marshall Cnty, AL Hlthcare Ser C ......... 6.000 01/01/32 2,343,644
6,725 University of AL at Birmingham
Hosp Rev Ser A (AMBAC
Insd) (b) ............................. 5.000 09/01/36 6,768,982
9,850 University of AL at Birmingham
Hosp Rev Ser A (MBIA
Insd) (b) ............................. 5.000 09/01/41 9,907,613
--------------
30,015,835
--------------
ALASKA 1.1%
2,000 Alaska St Intl Arpt Rev Ser B
(AMBAC Insd) (Prerefunded @
10/01/12) ............................. 5.750 10/01/17 2,266,640
1,000 Matanuska-Susitna Boro, AK Ctf
Partn Pub Safety Bldg Lease
(FSA Insd) ............................ 5.750 03/01/16 1,064,400
3,870 Northern Tob Sec Corp AK Tob
Settlement Rev Asset Bkd Ser
A ..................................... 5.000 06/01/46 3,258,927
--------------
6,589,967
--------------
ARIZONA 3.2%
1,425 Arizona Cap Fac Fin Corp Student
Hsg Rev AZ St Univ Proj ............... 6.250 09/01/32 1,453,457
1,000 Arizona Hlth Fac Auth Hosp Sys
Rev John C Lincoln Hlth
Network (Prerefunded @
12/01/12) ............................. 6.375 12/01/37 1,169,600
1,650 Glendale, AZ Indl Dev Auth Rfdg .......... 5.000 12/01/35 1,538,559
2,000 Goodyear, AZ McDowell Rd Coml
Corridor Impt Dist Impt (AMBAC
Insd) ................................. 5.250 01/01/32 2,039,140
2,300 Pima Cnty, AZ Indl Dev Auth Wtr
& Wastewtr Rev Global Wtr
Resh LLC Proj (AMT) ................... 6.550 12/01/37 2,250,504
1,000 Salt Verde Fin Corp Gas Rev A
Sr .................................... 5.250 12/01/22 1,021,370
9,750 University of AZ Med Ctr Corp ............ 5.000 07/01/35 9,336,015
--------------
18,808,645
--------------
ARKANSAS 0.4%
2,310 Arkansas St Dev Fin Auth Rev St
Agy Fac Donaghey Plaza Proj
(FSA Insd) ............................ 5.000 06/01/34 2,383,828
--------------
CALIFORNIA 30.9%
650 Aliso Viejo, CA Cmnty Fac Dist
Spl Tax No 2005-01 Glenwood
at Aliso .............................. 6.000 09/01/38 651,606
4,000 Anaheim, CA Pub Fin Auth Lease
Rev Cap Apprec Sub Pub Impt
Proj Ser C (FSA Insd) ................. * 09/01/20 2,347,640
5,000 Anaheim, CA Pub Fin Auth Rev
Elec Sys Dist Fac Ser A (FSA
Insd) ................................. 5.000 10/01/31 5,202,250
2,100 Bay Area Govt Assn CA Rev Tax
Alloc CA Redev Pool Ser A
(XLCA Insd) ........................... 5.250 09/01/35 2,131,983
1,875 California Cnty, CA Tob Sec Agy
Tob Asset Bkd Merced Cnty
Rfdg Ser A ............................ 5.250 06/01/45 1,662,469
350 California Hlth Fac Fin Auth Rev
Casa De Las Ser A (MBIA Insd)
(Prerefunded @ 8/01/08) (a) ........... 5.250 08/01/17 355,551
1,000 California Hlth Fac Fin Auth Rev
Kaiser Permanente Ser A ............... 5.000 04/01/37 986,330
3,000 California Hsg Fin Agy Rev Home
Mtg Ser G (AMT) (b) ................... 4.950 08/01/23 3,006,945
2,000 California Hsg Fin Agy Rev Home
Mtg Ser G (AMT) (b) ................... 5.050 02/01/29 2,004,630
6,000 California Hsg Fin Agy Rev Home
Mtg Ser I (AMT) (b) ................... 4.800 08/01/36 5,675,160
1,350 California Hsg Fin Agy Rev Home
Mtg Ser M (AMT) (b) ................... 4.700 08/01/36 1,247,288
1,000 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser B (AMT) ............. 5.000 07/01/27 928,360
510 California St (AMBAC Insd) ............... 5.125 10/01/27 514,886
3,705 California St Dept Wtr Res Pwr
Ser A (MBIA Insd) (Prerefunded
@ 5/01/12) (a) ........................ 5.375 05/01/21 4,159,085
2,000 California St Dept Wtr Res Pwr
Ser A (MBIA Insd) (Prerefunded
@ 5/01/12) ............................ 5.375 05/01/22 2,245,120
2,000 California St Dept Wtr Res Pwr
Ser A (Prerefunded @
5/01/12) .............................. 6.000 05/01/15 2,295,160
5,295 California St Econ Rec Ser A ............. 5.000 07/01/17 5,682,647
1,995 California St Pub Wks Brd UCLA
Replacement Hosp Ser A (FSA
Insd) ................................. 5.375 10/01/20 2,170,341
5,000 California St Rfdg ....................... 5.000 08/01/28 5,060,800
5,000 California St Univ Rev Sys wide
Ser A (AMBAC Insd) .................... 5.000 11/01/23 5,214,950
7,565 California St Veterans Ser CD
(AMT) (b).............................. 4.600 12/01/32 7,600,277
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 2,919,902
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ............................ 5.250 07/01/30 973,620
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ............................ 5.250 07/01/35 957,270
1,000 California Statewide Cmnty Dev
Auth Rev Front Porch Cmnty &
Svc Ser A (d) ......................... 5.125 04/01/37 935,440
2,000 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A ............................ 5.000 03/01/30 1,982,760
2,500 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A ............................ 5.000 03/01/35 2,432,975
5,100 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser A (b) ............................. 5.000 04/01/31 5,101,760
2,300 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ................................. 5.000 03/01/41 2,259,704
3,200 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ................................. 5.250 03/01/45 3,216,576
3,805 California Statewide Cmnty Dev
Auth Rev Sutter Hlth Ser A ............ 5.000 11/15/43 3,743,625
3,500 Capistrano, CA Uni Sch Dist
(FGIC Insd) ........................... 5.000 09/01/29 3,497,550
450 Daly City, CA Hsg Dev Fin Agy
Mobile Home Pk Rev Third
Tier Franciscan Rfdg Ser C ............ 6.500 12/15/47 427,649
27,810 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg ........... * 01/15/33
6,414,098
18,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
(MBIA Insd) (a) ....................... * 01/15/25 6,946,560
6,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Sr Lien
Ser A (e) ............................. * 01/01/18 4,142,820
225 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Sr Lien
Ser A (Prerefunded @
1/01/10) .............................. 7.150 01/01/13 249,615
5,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced Ser
A ..................................... 5.000 06/01/45 4,815,700
5,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced Ser A
(FGIC Insd) ........................... 5.000 06/01/35 4,966,500
18,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced
Ser A (b) ............................. 5.000 06/01/38 17,846,100
1,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A-1 ................ 5.125 06/01/47 866,330
1,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A-1 ................ 5.750 06/01/47 958,680
3,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A-1 (b) 5.750 06/01/47 2,884,318
1,000 Hesperia, CA Pub Fin Auth Rev
Redev & Hsg Proj Ser A (XLCA
Insd) ................................. 5.000 09/01/37 987,020
2,635 Imperial Irr Dist CA Ctf Partn Elec
Sys Proj (FSA Insd) ................... 5.250 11/01/23 2,787,962
13,800 Los Angeles, CA Uni Sch Dist
Rfdg Ser A-1 (MBIA Insd) (b) .......... 4.500 01/01/28 13,436,370
2,350 Quechan Indian Tribe Ft Yuma
Indian Reservation CA & Govt
Proj .................................. 7.000 12/01/27 2,351,363
1,600 Rancho Mirage, CA Jt Pwr Fin
Auth Rev Eisenhower Med Ctr
Ser A ................................. 5.000 07/01/47 1,553,312
1,375 San Bernadino, CA Jt Pwr Fin
Auth Alloc Rev Cent City
Merged Proj Rfdg Ser A
(AMBAC Insd) (a) ...................... 5.750 07/01/20 1,593,996
1,000 San Joaquin Hills, CA Transn
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ................................. * 01/15/27 352,310
1,000 San Joaquin Hills, CA Trans
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ................................. * 01/15/28 328,950
1,000 Southern CA Pub Pwr Auth Nat
Gas Proj Rev No 1 Ser A ............... 5.250 11/01/22 1,044,730
4,290 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd Ser
A-1 ................................... 5.375 06/01/38 3,919,902
3,050 Tobacco Sec Auth Northn CA Tob
Settlement Rev Asset Bkd Ser
A-1 ................................... 5.500 06/01/45 2,804,505
3,200 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A-1 ............. 5.000 06/01/37 2,758,592
8,350 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A-1 ............. 5.125 06/01/46 7,241,203
--------------
180,843,245
--------------
COLORADO 5.2%
425 Colorado Hlth Fac Auth Hlth &
Residential Care Fac Volunteers
of Amer Care Ser A .................... 5.300 07/01/37 372,228
4,500 Colorado Hlth Fac Auth Rev
Adventist Hlth Sunbelt Rfdg Ser
D (b) ................................. 5.250 11/15/27 4,641,863
1,000 Colorado Hlth Fac Auth Rev
Catholic Hlth Initiatives Ser
A (e) ................................. 5.500 03/01/32 1,072,310
2,250 Colorado Hlth Fac Auth Rev
Covenant Retirement Cmnty
Inc ................................... 5.000 12/01/35 1,992,802
1,000 Colorado Hlth Fac Auth Rev
Evangelical Lutheran Ser A ............ 5.250 06/01/34 993,570
3,700 Colorado Hlth Fac Auth Rev Hlth
Fac Evangelical Lutheran .............. 5.000 06/01/35 3,537,866
1,125 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth
(Prerefunded @ 11/15/11) .............. 6.500 11/15/31 1,294,909
4,000 Colorado Springs, CO Util Rev
Sys Sub Lien Impt Rfdg Ser A .......... 5.000 11/15/29 4,061,040
100 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) ....................... 9.000 09/01/12 126,107
265 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) ....................... 11.500 09/01/08 278,992
300 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) ....................... 11.500 09/01/09 342,258
340 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) ....................... 11.500 09/01/10 414,932
220 Jefferson Cnty, CO Residential
Mtg Rev (a) (e) ....................... 11.500 09/01/11 285,085
1,000 Montezuma Cnty, CO Hosp Dist
Hlth Fac Enterprise Hosp Rfdg ......... 5.900 10/01/37 940,880
1,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ................. 5.500 12/01/30 983,950
2,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ................. 5.500 12/01/37 1,941,380
3,085 Platte Riv Pwr Auth CO Pwr Rev
Ser EE ................................ 5.375 06/01/16 3,388,163
3,280 Platte Riv Pwr Auth CO Pwr Rev
Ser EE (Prerefunded @
6/01/12) .............................. 5.375 06/01/16 3,646,048
--------------
30,314,383
--------------
CONNECTICUT 3.1%
800 Connecticut St Dev Auth Solid
Waste Disp Fac Rev Pwr
LLC Proj Ser A (AMT) .................. 5.750 11/01/37 808,352
4,225 Connecticut St Hsg Fin Auth Hsg
Mtg Fin Pg Sub Ser B-2 (AMT) .......... 5.100 05/15/38 4,138,472
2,840 Connecticut St Spl Oblig Pkg Rev
Bradley Intl Arpt Ser A (ACA
Insd) (AMT) ........................... 6.600 07/01/24 2,798,990
600 Mashantucket Western Pequot
Tribe CT 2006 Sub Spl Rev
Bd Ser A (d) .......................... 5.500 09/01/36 562,692
6,500 Mashantucket Western Pequot
Tribe CT Spl Rev Ser B (d) ............ 5.750 09/01/18 6,547,970
3,500 Mashantucket Western Pequot
Tribe CT Spl Rev Ser B (d) ............ 5.750 09/01/27 3,501,645
--------------
18,358,121
--------------
DISTRICT OF COLUMBIA 1.0%
1,000 District of Columbia Hosp Rev
Medlantic Hlthcare Group A
Rfdg (MBIA Insd) (e) .................. 5.875 08/15/19 1,012,270
5,000 Metropolitan Washington DC Arpt
Auth Sys Ser A (FGIC Insd)
(AMT) ................................. 5.125 10/01/26 5,060,650
--------------
6,072,920
--------------
FLORIDA 14.4%
1,000 Alachua Cnty, FL Indl Dev Rev
North FL Retirement Vlg ............... 5.250 11/15/17 977,120
1,000 Alachua Cnty, FL Indl Dev Rev
North FL Retirement Vlg ............... 5.875 11/15/36 946,530
375 Beacon Lakes, FL Cmnty Dev FL
Spl Assmt Ser A ....................... 6.000 05/01/38 331,249
250 Beacon Lakes, FL Cmnty Dev FL
Spl Assmt Sub Ser B ................... 6.200 05/01/38 221,975
3,800 Brevard Cnty, FL Hlth Fac Auth
Hlthcare Fac Rev Hlth First Inc
Proj .................................. 5.000 04/01/34 3,726,356
1,350 Brevard Cnty, FL Hlth Fac Auth
Residential Care Fac Rev Buena
Vida Estates Inc ...................... 6.750 01/01/37 1,362,474
3,380 Brevard Cnty, FL Hlth Fac Hlth
First Inc Proj (MBIA Insd) ............ 5.125 04/01/31 3,403,694
400 Capital Tr Agy FL Rev Ft
Lauderdale Proj (AMT) ................. 5.750 01/01/32 388,944
460 Escambia Cnty, FL Hlth Fac Auth
Rev (AMBAC Insd) ...................... 5.950 07/01/20 484,012
3,000 Florida St Dept Environmental
Prot Preservtn Rev Ser A (FGIC
Insd) ................................. 5.750 07/01/10 3,223,170
5,000 Florida St Dept Trans Tpk Rev
Ser A ................................. 5.000 07/01/29 5,167,150
1,895 Gulf Breeze, FL Rev Loc Govt
(FGIC Insd) (a) ....................... 5.625 12/01/20 1,968,469
9,500 Highlands Cnty, FL Hlth Fac
Auth Rev Hosp Adventist Hlth
Ser D (b) ............................. 5.000 11/15/35 9,359,020
1,000 Highlands Cnty, FL Hlth Fac Auth
Rev Hosp Adventist Hlth Ser D
(Prerefunded @ 11/15/13) .............. 5.375 11/15/35 1,132,570
875 Highlands, FL Cmnty Dev Dist Spl
Assmt ................................. 5.550 05/01/36 714,560
2,310 Hillsborough Cnty, FL Indl Dev
Auth Indl Dev Rev Hlth Fac Proj
Univ Cmnty Hosp Ser A ................. 5.500 08/15/14 2,375,743
3,000 Hillsborough Cnty, FL Solid
Waste & Res Recovery Rev Ser
A (AMT) (b) ........................... 4.250 09/01/34 2,738,265
1,000 Jacksonville, FL Sales Tax Rev
Better Jacksonville (MBIA Insd) ....... 5.250 10/01/21 1,086,250
265 Lakeland, FL Hosp Sys Rev
Lakeland Regl Hlth Sys
(Prerefunded @ 11/15/12) .............. 5.500 11/15/32 300,544
5,000 Lakeland, FL Hosp Sys Rev
Lakeland Regl Hlth Sys Rfdg (b) ....... 5.000 11/15/26 5,043,900
5,000 Lakeland, FL Hosp Sys Rev
Lakeland Regl Hlth Sys Rfdg (b) ....... 5.000 11/15/32 4,891,875
1,515 Miami Beach, FL Stormwtr Rev
(FGIC Insd) ........................... 5.250 09/01/25 1,581,887
2,000 Miami-Dade Cnty, FL Aviation Rev
Miami Intl Arpt (FGIC Insd)
(AMT) ................................. 5.375 10/01/25 2,044,740
2,700 Miami-Dade Cnty, FL Aviation Rev
Miami Intl Arpt (FGIC Insd)
(AMT) ................................. 5.375 10/01/32 2,733,318
5,000 Miami-Dade Cnty, FL Aviation Ser
A (FSA Insd) (AMT) .................... 5.125 10/01/35 5,019,200
2,000 Miami-Dade Cnty, FL Pub Fac
Rev Jackson Hlth Sys Ser A
(MBIA Insd) ........................... 5.000 06/01/31 2,007,780
650 Midtown Miami, FL Cmnty Dev FL
Spl Assmt Rev Ser A ................... 6.000 05/01/24 621,055
400 Orange Cnty, FL Hlth Fac Auth
Rev First Mtg Orlando Lutheran
Tower ................................. 5.500 07/01/32 360,812
4,300 Orange Cnty, FL Tourist Dev Tax
Rev (AMBAC Insd)
(Prerefunded @ 10/01/09) .............. 5.500 10/01/31 4,538,435
4,320 Orange Cnty, FL Tourist Dev Tax
Rev (AMBAC Insd)
(Prerefunded @ 10/01/09) .............. 5.625 10/01/14 4,568,357
575 Overoaks, FL Cmnty Dev Dist
Cap Impt Rev Ser A .................... 6.125 05/01/35 520,254
1,100 Palm Beach Cnty, FL Hlth Fac
Auth Rev Wtrford Proj ................. 5.875 11/15/37 1,089,957
1,400 Port Saint Lucie, FL Spl Assmt
Rev Southwest Annexation Dist
Ser 1-B (MBIA Insd) ................... 5.000 07/01/33 1,396,948
600 Reunion East Cmnty Dev Dist FL
Spl Assmt ............................. 5.800 05/01/36 516,042
400 Seminole Tribe, FL Spl Oblig Rev
Ser A (d) ............................. 5.250 10/01/27 380,432
500 Seminole Tribe, FL Spl Oblig Rev
Ser A (d) ............................. 5.750 10/01/22 507,920
950 Seven Oaks, FL Cmnty Dev Dist II
Spl Assmt Rev Ser A ................... 5.875 05/01/35 823,194
1,900 South Vlg Cmnty Dev Dist FL Cap
Impt Rev Ser A ........................ 5.700 05/01/35 1,616,653
1,060 Tallahassee, FL Lease Rev FL St
Univ Proj Ser A (MBIA Insd) (a) ....... 5.500 08/01/18 1,127,003
200 Tolomato Cmnty, FL Dev Dist Spl
Assmt ................................. 6.550 05/01/27 197,926
2,075 Tolomato Cmnty, FL Dev Dist Spl
Assmt ................................. 6.650 05/01/40 2,048,938
1,000 Volusia Cnty, FL Ed Fac Auth Rev
Ed Fac Embry Riddle Aero Ser
A ..................................... 5.750 10/15/29 1,010,240
--------------
84,554,961
--------------
GEORGIA 1.2%
2,000 Atlanta, GA Arpt Passenger Fac
Charge Rev Gen Sub Lien Ser
C (FSA Insd) .......................... 5.000 01/01/33 2,041,160
1,000 Augusta, GA Gen Arpt Rev
Passenger Ser B (AMT) ................. 5.350 01/01/28 944,950
1,000 Georgia St Hsg & Fin Auth Rev
Single Family Mtg Ser D2
(AMT) ................................. 5.250 12/01/37 999,180
1,000 Oconee Cnty, GA Indl Dev Auth
Oiit Proj (XLCA Insd) ................. 5.250 07/01/23 1,026,230
2,000 Royston, GA Hosp Auth Hosp
Rev Ctf Hlthcare Sys Inc Rfdg ......... 6.500 07/01/27 2,026,040
--------------
7,037,560
--------------
IDAHO 0.2%
895 Idaho Hlth Fac Auth Rev Vly Vista
Care Corp Rfdg ........................ 6.125 11/15/27 880,295
--------------
ILLINOIS 15.3%
1,000 Bartlett, IL Tax Increment Rev
Quarry Redev Proj Rfdg................. 5.600 01/01/23 997,440
2,000 Bolingbrook, IL Sales Tax Rev
Bolingbrook (f) ....................... 0.000/6.250 01/01/24 2,059,240
750 Chicago, IL Increment Alloc Rev
Diversey/Narragansett Proj ............ 7.460 02/15/26 774,765
4,000 Chicago, IL Neighborhoods Alive
21 Pgm Ser A (FGIC Insd)
(Prerefunded @ 7/01/10) ............... 5.750 01/01/40 4,359,880
5,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Rfdg Ser A
(MBIA Insd) (AMT) ..................... 5.375 01/01/32 5,061,300
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 3,562,125
3,500 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A (b) ......... 5.250 01/01/24 3,615,701
11,500 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A (b) ......... 5.250 01/01/25 11,880,162
1,015 Chicago, IL O'Hare Intl Arpt Rev
Second Lien Passenger Fac Ser
B (AMBAC Insd) ........................ 5.500 01/01/16 1,096,119
485 Chicago, IL Pk Dist Ser C (FGIC
Insd) ................................. 5.500 01/01/19 519,600
1,495 Chicago, IL Pk Dist Ser C (FGIC
Insd) (Prerefunded @ 7/01/11) ......... 5.500 01/01/19 1,642,766
465 Chicago, IL Proj Rfdg Ser C
(FGIC Insd) ........................... 5.500 01/01/40 488,087
2,565 Chicago, IL Proj Rfdg Ser C
(FGIC Insd) (a) ....................... 5.750 01/01/12 2,766,096
80 Cook Cnty, IL Sch Dist No 107 (e)......... 7.000 12/01/10 90,202
545 Cook Cnty, IL Sch Dist No 107 ............ 7.000 12/01/10 613,697
200 Cook Cnty, IL Sch Dist No
107 (a)(e) ............................ 7.150 12/01/08 208,426
310 Cook Cnty, IL Sch Dist No 107 (a) ........ 7.150 12/01/08 322,967
120 Cook Cnty, IL Sch Dist No
107 (a) (e) ........................... 7.200 12/01/09 130,939
455 Cook Cnty, IL Sch Dist No 107 (a)......... 7.200 12/01/09 495,854
1,000 Cook Cnty, IL Ser A (FGIC Insd)
(Prerefunded @ 5/15/11) ............... 5.500 11/15/31 1,095,610
990 Cortland, IL Spl Tax Rev Sheaffer
Sys Proj (Acquired 5/02/06,
Cost $980,096) (c) .................... 5.500 03/01/17 963,824
1,000 Deerfield, IL Ed Fac Chicagoland
Jewish High Sch Proj .................. 6.000 05/01/41 986,420
1,000 Gilberts, IL Spl Svc Area No 19
Spl Tax The Conservancy Proj
Ser 1 ................................. 5.375 03/01/16 870,920
2,725 Illinois Dev Fin Auth Rev Cmnty
Rehab Providers Fac Ser A ............. 7.375 07/01/25 2,910,355
1,565 Illinois Ed Fac Auth Rev DePaul
Univ (AMBAC Insd)
(Prerefunded @ 10/01/10) .............. 5.625 10/01/15 1,710,748
350 Illinois Fin Auth Rev Christian
Homes Inc Rfdg Ser A .................. 5.750 05/15/31 324,002
1,000 Illinois Fin Auth Rev IL Fin Auth
Roosevelt Univ ........................ 5.500 04/01/37 999,190
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A ...................... 5.000 04/01/31 1,438,320
3,000 Illinois Fin Auth Rev Kewanee
Hosp Proj ............................. 5.100 08/15/31 2,572,980
1,000 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A ................ 6.000 05/15/25 988,250
1,350 Illinois Fin Auth Rev Landing at
Plymouth Pl Proj Ser A ................ 6.000 05/15/37 1,297,755
2,500 Illinois Fin Auth Rev Northwestern
Mem Hosp Ser A (Prerefunded
@ 8/15/14) ............................ 5.500 08/15/43 2,882,675
1,500 Illinois Fin Auth Rev Osf Hlthcare
Sys Ser A ............................. 5.750 11/15/37 1,525,110
2,500 Illinois Fin Auth Rev Sherman Hlth
Sys 2007 Ser A ........................ 5.500 08/01/37 2,462,325
1,645 Illinois Hlth Fac Auth Rev
Evangelical Hosp Rfdg Ser C
(FSA Insd) (a) ........................ 6.750 04/15/12 1,795,238
4,750 Illinois Hsg Dev Auth Rev
Homeowner Mtg Sub Ser C-2
(AMT) ................................. 5.150 08/01/37 4,703,783
3,000 Illinois St Ser 1 (FSA Insd) ............. 5.250 12/01/21 3,271,140
3,440 Kendall, Kane & Will Cntys, IL
Cmnty Sch Dist No 308 Ser B
(FGIC Insd) (Prerefunded @
10/01/12) (a) ......................... 5.250 10/01/19 3,831,644
250 Lake Cnty, IL Cmnty Unit Sch Dist
No 116 Round Lake (Radian
Insd) (e) ............................. 7.600 02/01/14 313,625
2,675 Metropolitan Pier & Expo Auth IL
Dedicated St Tax Rev
McCormick Pl Expn Ser A
(MBIA Insd) ........................... 5.250 06/15/42 2,744,630
175 Pingree Grove Vlg, IL Spl Svc
Area No 1 Spl Tax Cambridge
Lakes Proj Ser 05 ..................... 5.250 03/01/15 174,123
2,500 Schaumburg, IL Ser B (FGIC
Insd) ................................. 5.000 12/01/41 2,549,825
1,000 University IL Univ Rev Auxiliary
Fac Sys (MBIA Insd) ................... 4.500 04/01/36 974,070
848 Volo Vlg, IL Spl Svc Area No 3 Spl
Tax Symphony Meadows Proj
Ser 1 ................................. 6.000 03/01/36 806,626
675 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (a) (e) ................... * 01/01/16
509,294
1,335 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (a) ....................... * 01/01/16
981,772
425 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (a) (e) ................... * 01/01/19
275,817
990 Will Cnty, IL Cmnty Sch Dist No
161 Summit Hill Cap Apprec
(FGIC Insd) (a) ....................... * 01/01/19
616,909
525 Will-Kankakee Regl Dev Auth IL
Multi-Family Hsg Rev Sr Estates
Supportive Living (AMT) ............... 7.000 12/01/42 525,557
994 Yorkville, IL Utd City Spl Svc Area
Spl Tax No 2004-107 Raintree
Vlg IL Proj ........................... 6.250 03/01/35 990,720
1,000 Yorkville, IL Utd City Spl Svc Area
Tax No 2005-108 Autumn Creek
IL Proj ............................... 6.000 03/01/36 951,210
--------------
89,729,833
--------------
INDIANA 5.1%
1,000 Allen Cnty, IN Juvenile Justice Ctr
First Mtg (AMBAC Insd) ................ 5.500 01/01/18 1,085,710
1,000 Indiana Hlth & Ed Fac Fin Auth
Hosp Rev Cmnty Fndtn
Northwest IN .......................... 5.500 03/01/37 942,660
5,600 Indiana Hlth & Ed Fac Fin Auth
Rev Ascension Hlth Sr Cr
B-6 (b) ............................... 5.000 11/15/36 5,653,144
5,000 Indiana Muni Pwr Agy Pwr Supply
Sys Rev Ser A (MBIA Insd) ............. 5.000 01/01/42 5,051,750
4,560 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Mtg Ser
D-1 (GNMA Collateralized)
(AMT) (b) ............................. 4.625 07/01/38 4,092,635
7,420 Indianapolis, IN Loc Pub Impt Bd
Bk Arpt Auth Proj Ser B (MBIA
Insd) (AMT) (b) ....................... 5.250 01/01/25 7,677,233
1,500 Petersburg, IN Pollutn Ctl Rev IN
Pwr & Lt (AMT) ........................ 5.950 12/01/29 1,507,650
470 Saint Joseph Cnty, IN Econ Dev
Rev Ser A ............................. 6.000 05/15/38 445,527
500 Vigo Cnty, IN Hosp Auth Rev
Un Hosp Inc (d) ....................... 5.750 09/01/42 472,475
2,500 Vigo Cnty, IN Sch Bldg Corp First
Mtg Impt & Rfdg (FSA Insd)
(Prerefunded @ 1/10/13) ............... 5.250 07/10/24 2,793,525
--------------
29,722,309
--------------
IOWA 1.4%
600 Jefferson Cnty, IA Hosp Rev
Jefferson Cnty Hosp Proj Ser
C ..................................... 5.950 08/01/37 569,178
1,300 Pottawattamie Cnty, IA Rev
Christian Homes Inc Rfdg Ser
E ..................................... 5.750 05/15/26 1,216,046
325 Sibley, IA Hlthcare Fac Rev
Osceola Cmnty Hosp Proj ............... 6.000 12/01/37 314,893
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser
C ..................................... 5.375 06/01/38 2,047,162
1,800 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser
C ..................................... 5.500 06/01/42 1,658,556
2,250 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser C ........ 5.625 06/01/46 2,109,398
--------------
7,915,233
--------------
KANSAS 0.6%
70 Cowley Cnty, KS Uni Sch Dist No
465 Winfield Impt & Rfdg (MBIA
Insd) (a) ............................. 5.250 10/01/22 75,054
2,000 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement Ser
A ..................................... 5.000 05/15/24 1,816,960
1,200 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement Ser
A ..................................... 5.000 05/15/36 1,031,652
375 Manhattan, KS Hlthcare Fac Rev
Meadowlark Hills Retirement Ser
B ..................................... 5.125 05/15/37 324,881
400 Overland Pk, KS Dev Corp Rev
First Tier Overland Pk Ser A
(Prerefunded @ 1/01/11) ............... 7.375 01/01/32 453,984
--------------
3,702,531
--------------
KENTUCKY 1.8%
4,840 Kentucky Hsg Corp Hsg Rev Ser
A (AMT) (b) ........................... 4.650 07/01/37 4,487,975
5,975 Louisville & Jefferson Cnty, KY
Metro Govt Hlth Sys Rev Norton
Hlthcare Inc (b) ...................... 5.250 10/01/36 5,927,060
--------------
10,415,035
--------------
LOUISIANA 2.6%
1,000 Lakeshore Vlg Master Cmnty Dev
Dist LA Spl Assmt ..................... 5.250 07/01/17 908,730
1,465 Louisiana Hsg Fin Agy Rev Azalea
Estates Rfdg Ser A (GNMA
Collateralized) (AMT) ................. 5.375 10/20/39 1,475,899
1,675 Louisiana Loc Govt Environmental
Fac Pkg Fac Corp Garage Proj
Ser A (AMBAC Insd) (a) ................ 5.200 10/01/19 1,778,331
4,400 Louisiana St Gas & Fuels Tax Rev
Ser A (FGIC Insd) (b) ................. 5.000 05/01/41 4,424,772
6,650 Louisiana St Univ & Agric &
Mechanical College Univ Rev
Master Agreement (Acquired
11/30/98, Cost $6,650,257) (c) ........ 5.750 10/30/18 6,651,321
--------------
15,239,053
--------------
MARYLAND 2.5%
2,240 Baltimore, MD Convention Ctr
Hotel Rev Sr Ser A (XLCA
Insd) ................................. 5.250 09/01/24 2,243,718
750 Gaithersburg, MD Econ Dev Rev
Asbury MD Oblig Group A ............... 5.125 01/01/36 694,493
1,300 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser H
(AMT) ................................. 5.100 09/01/37 1,283,321
1,255 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ............................. 4.450 09/01/21 1,207,279
1,000 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ............................. 4.550 09/01/26 961,975
1,350 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ............................. 4.625 09/01/31 1,298,667
650 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (b) ............................. 4.700 03/01/37 625,284
1,000 Maryland St Econ Dev Corp Rev
Sr Lien Chesapeake Bay Rfdg
Ser A ................................. 5.000 12/01/31 878,580
500 Maryland St Econ Dev Corp
Student Hsg Rev Univ MD
College Pk Proj (Prerefunded @
6/01/13) .............................. 5.625 06/01/35 572,170
500 Maryland St Hlth & Higher Ed Fac
Auth Rev King Farm
Presbyterian Cmnty Ser A .............. 5.250 01/01/27 456,580
2,000 Maryland St Hlth & Higher Ed Fac
Auth Rev Mercy Med Ctr Ser A .......... 5.500 07/01/42 1,974,940
1,700 Maryland St Trans Auth Arpt
Baltimore/WA Intl Arpt Ser B
(AMBAC Insd) (AMT) .................... 5.125 03/01/24 1,725,194
950 Prince Georges Cnty, MD Spl
Oblig Natl Harbor Proj ................ 5.200 07/01/34 833,387
--------------
14,755,588
--------------
MASSACHUSETTS 4.1%
2,765 Massachusetts St Dev Fin Agy
Proj Ser R-2 (MBIA Insd) .............. 5.125 02/01/34 2,815,461
670 Massachusetts St Dev Fin Agy
Rev Boston Architectural Ctr
(ACA Insd) ............................ 6.100 09/01/18 677,785
1,000 Massachusetts St Dev Fin Agy
Rev Boston Architectural Ctr
(ACA Insd) ............................ 6.250 09/01/28 1,004,330
500 Massachusetts St Dev Fin Agy Rev
Linden Ponds Inc Fac Ser A ............ 5.750 11/15/35 462,545
500 Massachusetts St Dev Fin Agy
Rev Linden Ponds Inc Fac Ser
A ..................................... 5.750 11/15/42 453,875
2,250 Massachusetts St Fltg Cons Ln
Ser A (b) (g) ......................... 3.861 05/01/37 1,899,686
965 Massachusetts St Hlth & Ed Fac
Auth Rev Partn Hlthcare Sys Ser C
(Prerefunded @ 7/01/11) ............... 5.750 07/01/32 1,076,438
35 Massachusetts St Hlth & Ed Fac
Auth Rev Partn Hlthcare Sys
Ser C ................................. 5.750 07/01/32 37,202
500 Massachusetts St Hlth & Ed Fac
Auth Rev Ser G (MBIA Insd) ............ 5.000 07/01/13 500,915
4,850 Massachusetts St Hlth & Ed Fac
Auth Rev Univ MA Mem Issue
Ser D ................................. 5.000 07/01/33 4,436,344
4,000 Massachusetts St Hsg Fin Agy
Hsg Rev Single Family Hsg Ser
126 (AMT) (b) ......................... 4.700 06/01/38 3,983,502
1,000 Massachusetts St Hsg Fin Agy
Hsg Ser A (AMT) ....................... 5.100 12/01/27 1,004,720
5,500 Massachusetts St Sch Bldg Auth
Dedicated Sales Tax Rev Ser A
(b) ................................... 4.500 08/15/35 5,692,610
--------------
24,045,413
--------------
MICHIGAN 3.1%
3,860 Detroit, MI Ser A (XLCA Insd) (a)......... 5.250 04/01/21 4,015,365
1,000 Kent Hosp Fin Auth MI Rev Metro
Hosp Proj Ser A ....................... 5.250 07/01/30 968,590
1,000 Kent Hosp Fin Auth MI Rev Metro
Hosp Proj Ser A ....................... 6.000 07/01/35 1,032,210
1,450 Michigan St Hosp Fin Auth Rev
Chelsea Cmnty Hosp Oblig .............. 5.000 05/15/37 1,322,429
500 Michigan St Hosp Fin Auth Rev
Hosp Genesys Regl Med Rfdg
Ser A (e) ............................. 5.375 10/01/13 514,785
775 Michigan St Hsg Dev Rental Hsg
Rev Ser A (MBIA Insd) (AMT) ........... 5.300 10/01/37 774,364
1,500 Michigan St Strategic Fd Detroit
Edison Co Proj Rfdg Ser C
(XLCA Insd) (AMT) ..................... 5.450 12/15/32 1,522,755
8,230 Michigan Tob Settlement Fin Auth
Tob Settlement Asset Sr Ser A ......... 6.000 06/01/48 8,100,131
--------------
18,250,629
--------------
MINNESOTA 1.4%
475 Chisago, MN Hlthcare Fac Rev
CDL Homes LLC Proj .................... 6.000 08/01/42 470,217
1,260 Glencoe, MN Hlthcare Fac Rev
Glencoe Regl Hlth Svc Proj ............ 5.000 04/01/31 1,164,757
1,000 Inver Grove Heights, MN
Presbyterian Homes Care Rfdg .......... 5.500 10/01/41 909,280
200 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks .................................. 6.000 10/01/27 200,270
575 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks .................................. 6.000 10/01/33 566,800
175 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks .................................. 6.125 10/01/39 174,134
1,850 Saint Paul, MN Hsg & Redev Auth
Hlthcare Fac Rev Hlth Partners
Oblig Grp Proj ........................ 5.250 05/15/36 1,777,461
2,700 Saint Paul, MN Hsg & Redev Auth
Hosp Rev Hlth East Proj ............... 6.000 11/15/35 2,713,878
--------------
7,976,797
--------------
MISSOURI 5.0%
160 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc ............... 5.625 06/01/27 160,718
840 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc
(Prerefunded @ 6/01/12) ............... 5.625 06/01/27 939,372
1,000 Carthage, MO Hosp Rev .................... 5.875 04/01/30 952,010
2,250 Carthage, MO Hosp Rev .................... 6.000 04/01/38 2,133,022
1,000 Cass Cnty, MO Hosp Rev ................... 5.625 05/01/38 977,170
1,400 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt &
Rfdg .................................. 6.100 06/01/20 1,400,560
1,000 Ellisville, MO Indl Dev Auth Rev
Gambrill Gardens Proj Impt &
Rfdg .................................. 6.200 06/01/29 1,000,020
385 Fenton, MO Tax Increment Rev &
Impt Gravois Bluffs Proj Rfdg
(Prerefunded @ 10/01/11) .............. 7.000 10/01/21 446,554
1,000 Joplin, MO Indl Dev Auth Indl Rev
Christian Homes Inc Rfdg Ser F ........ 5.750 05/15/31 918,920
1,000 Kearney, MO (AMBAC Insd) ................. 5.500 03/01/16 1,076,810
900 Maryland Heights, MO Tax
Increment Rev South Heights
Redev Proj Rfdg Ser A ................. 5.500 09/01/18 903,177
1,200 Missouri St Hlth & Ed Fac Auth
Rev Sr Living Fac Lutheran
Rfdg Ser B ............................ 5.125 02/01/27 1,200,000
1,415 Missouri St Hlth & Ed Fac Rev
Univ MO Columbia Arena Proj ........... 5.000 11/01/18 1,504,003
2,740 Perry Cnty, MO Nursing Home
Rev Rfdg .............................. 5.900 03/01/28 2,612,919
1,000 Saint Charles, MO Ctf Partn Ser B ........ 5.500 05/01/18 1,070,670
675 Saint Louis Cnty, MO Indl Dev
Auth Sr Living Fac Rev Saint
Andrews Res For Srs Ser A ............. 6.375 12/01/30 676,391
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 1,495,695
2,505 Saint Louis, MO Arpt Rev Cap
Impt Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/12) (a) ........... 5.375 07/01/20 2,780,525
1,460 Saint Louis, MO Brd Ed Direct
Dep Pgm Rfdg Ser A (FSA
Insd) ................................. 5.000 04/01/21 1,571,559
625 Saint Louis, MO Indl Dev Auth
Tax Increment & Cmnty Impt
Dist Loughborough Com
Redev Rfdg............................. 5.750 11/01/27 620,200
2,475 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B (AMBAC
Insd) (AMT) (b) ....................... 4.550 07/01/29 2,242,492
3,025 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B (AMBAC
Insd) (AMT) (b) ....................... 4.600 07/01/36 2,740,824
--------------
29,423,611
--------------
NEBRASKA 1.2%
2,620 Omaha Pub Pwr Dist NE Elec
Rev Sys Ser A ......................... 5.000 02/01/34 2,681,989
4,135 Omaha Pub Pwr Dist NE Elec
Rev Sys Ser AA (FGIC
Insd) (b) ............................. 4.500 02/01/34 4,182,579
--------------
6,864,568
--------------
NEVADA 3.5%
3,500 Clark Cnty, NV Bd Bk (MBIA Insd) ......... 5.000 06/01/32 3,565,905
4,000 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj Ser A
(AMBAC Insd) (AMT) .................... 5.250 07/01/34 4,019,280
5,500 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj Ser A
(FGIC Insd) (AMT) (b) ................. 4.750 09/01/36 5,211,828
35 Nevada Hsg Div Single Family
Mtg Mezz Ser D2 (AMT) ................. 6.300 04/01/21 35,477
930 Reno, NV Cap Impt Rev (FGIC
Insd) ................................. 5.125 06/01/26 954,654
1,570 Reno, NV Cap Impt Rev (FGIC
Insd) (Prerefunded @
6/01/12) (h) .......................... 5.125 06/01/26 1,729,245
3,100 Reno, NV Hosp Rev Renown Regl
Med Ctr Proj Ser A (b) ................ 5.250 06/01/37 3,038,434
1,500 Reno, NV Sr Lien Retrac Reno
Trans Proj (AMBAC Insd)
(Prerefunded @ 6/01/12) ............... 5.125 06/01/37 1,650,855
--------------
20,205,678
--------------
NEW HAMPSHIRE 1.1%
4,800 New Hampshire Higher Ed & Hlth
Fac Auth Rev Daniel Webster
College Issue ......................... 6.300 07/01/29 4,800,384
1,525 New Hampshire Hlth & Ed Fac
Auth Rev Derryfield Sch ............... 6.750 07/01/20 1,605,413
250 New Hampshire Hlth & Ed Fac
Hlthcare Sys Covenant Hlth ............ 5.500 07/01/34 254,785
--------------
6,660,582
--------------
NEW JERSEY 10.1%
375 Burlington Cnty, NJ Bridge Cmnty
Econ Dev Rev The Evergreens
Proj .................................. 5.625 01/01/38 351,349
1,555 Eastern Camden Cnty, NJ Regl
Sch Dist Rfdg (FGIC Insd) (a) ......... * 03/01/08 1,551,999
1,000 New Jersey Econ Dev Auth Econ
Dev Rev Kapkowski Rd Landfill
Proj Rfdg ............................. 5.750 04/01/31 993,580
1,500 New Jersey Econ Dev Auth Rev
Cig Tax ............................... 5.750 06/15/29 1,494,945
1,600 New Jersey Econ Dev Auth Rev
Cig Tax ............................... 5.750 06/15/34 1,594,704
25,000 New Jersey Econ Dev Auth St
Contract Econ Recovery (MBIA
Insd) ................................. 5.900 03/15/21 29,735,500
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 1,523,535
2,600 New Jersey Hlthcare Fac Fin Auth
Rev Holy Name Hosp .................... 5.000 07/01/36 2,374,138
1,450 New Jersey Hlthcare Fac Fin Auth
Rev Saint Peters Univ Hosp
Oblig ................................. 5.750 07/01/37 1,462,919
3,500 New Jersey St Tpk Auth Tpk Rev
Ser C (FSA Insd) ...................... 6.500 01/01/16 4,111,170
1,000 New Jersey St Trans Tr Fd Auth
Trans Sys Ser A ....................... 5.750 06/15/18 1,179,080
3,000 Newark, NJ Hsg Auth Port Auth
Newark Marine Term (MBIA
Insd) (Prerefunded @ 1/01/14) ......... 5.000 01/01/37 3,349,710
11,000 Tobacco Settlement Fin Corp NJ
Ser 1-A (b) ........................... 5.000 06/01/41 9,371,144
--------------
59,093,773
--------------
NEW MEXICO 0.3%
1,500 Jicarilla, NM Apache Nation Rev
Adj Ser A (Acquired 10/23/03,
Cost $1,514,910) (c) .................. 5.000 09/01/18 1,585,575
--------------
NEW YORK 14.0%
3,000 Metropolitan Trans Auth NY Rev
Rfdg Ser A (FGIC Insd) ................ 5.250 11/15/31 3,106,080
11,250 Metropolitan Trans Auth NY Rev
Ser B (FSA Insd) (b) .................. 4.500 11/15/36 11,507,035
1,600 New York City Hsg Dev Corp
Mulit-Family Hsg Rev Ser E1
(AMT) ................................. 5.350 11/01/37 1,612,560
3,000 New York City Indl Dev Agy
Amern Airl JFK Intl Arpt (AMT) ........ 7.625 08/01/25 3,212,880
1,000 New York City Indl Dev Agy
Amern Airl JFK Intl Arpt (AMT) ........ 7.750 08/01/31 1,080,010
400 New York City Indl Dev Agy Rev
Liberty 7 World Trade Ctr Proj
Ser A ................................. 6.250 03/01/15 411,596
2,500 New York City Indl Dev Agy Rev
Liberty 7 World Trade Ctr Proj
Ser B ................................. 6.750 03/01/15 2,609,075
1,000 New York City Liberty Dev Corp
Rev National Sports Museum
Proj Ser A (Acquired 8/07/06,
Cost $1,000,000) (c) .................. 6.125 02/15/19 997,270
8,800 New York City Muni Wtr Fin Auth
Wtr & Swr Sys Rev Ser D ............... 5.000 06/15/38 9,081,336
2,500 New York City Muni Wtr Fin Auth
Wtr & Swr Sys Rev Ser D ............... 5.000 06/15/39 2,578,500
85 New York City Ser A-1 .................... 5.750 08/01/12 85,222
3,000 New York City Ser G ...................... 5.000 12/01/27 3,082,770
1,000 New York City Trans Future Tax
Second Ser C (AMBAC Insd) ............. 5.250 08/01/22 1,061,160
6,800 New York St Dorm Auth Rev City
Univ Sys Cons Ser A ................... 5.625 07/01/16 7,726,432
350 New York St Dorm Auth Rev Mt
Sinai NYU Hlth ........................ 5.500 07/01/26 350,805
4,200 New York St Dorm Auth Rev Secd
Hosp N General Hosp Rfdg .............. 5.750 02/15/19 4,621,008
1,000 New York St Mtg Agy Homeowner
Mtg Rev 145 (AMT) ..................... 5.125 10/01/37 987,160
2,980 Plainedge, NY Uni Free Sch Dist
No. 2063 (Acquired 7/25/97,
Cost $2,979,921) (c) .................. 6.000 06/01/12 3,027,183
9,900 Port Auth NY & NJ Cons 144th (b).......... 5.000 10/01/35 10,226,914
600 Seneca Nation Indians Cap Impt
Auth NY Spl Oblig Ser A (d) ........... 5.000 12/01/23 552,708
3,000 Triborough Brdg & Tunl Auth Gen
Purp Ser A ............................ 5.000 01/01/27 3,079,740
5,000 Triborough Brdg & Tunl Auth NY
Gen Rfdg Ser B ........................ 5.000 11/15/21 5,252,550
3,900 Triborough Brdg & Tunl Auth NY
Rev Rfdg Ser E (MBIA Insd) ............ 5.000 11/15/32 3,966,105
1,000 Westchester Tob Asset Sec Corp
NY .................................... 5.000 06/01/26 974,400
500 Yonkers, NY Indl Dev Agy Civic
Fac Rev Cmnty Dev Ppty
Yonkers Inc Ser A (Prerefunded
@ 2/01/11) ............................ 6.625 02/01/26 561,075
--------------
81,751,574
--------------
NORTH CAROLINA 2.9%
6,830 North Carolina Med Care Cmnty
Hlth Sys Rev Mission Hlth Combined
Group (b) ............................. 5.000 10/01/36 6,837,297
1,000 North Carolina Med Care Cmnty
Retirement Fac Rev First Mtg
Southminster Proj Ser A ............... 5.750 10/01/37 979,700
8,300 North Carolina Muni Pwr Agy No 1
Catawba Elec Rev Rfdg (MBIA
Insd) ................................. 6.000 01/01/12 9,293,261
--------------
17,110,258
--------------
NORTH DAKOTA 0.6%
1,500 Grand Forks, ND Sr Hsg Rev
4000 Vly Square Proj Rfdg ............. 5.300 12/01/34 1,311,210
2,000 Ward Cnty, ND Hlthcare Fac Rev
Trinity Obligated Group Rfdg .......... 5.125 07/01/29 1,961,680
--------------
3,272,890
--------------
OHIO 5.2%
300 Adams Cnty Hosp Fac Impt Rev
Adams Cnty Hosp Proj .................. 6.250 09/01/20 273,525
7,800 Buckeye, OH Tob Settlement Fin
Auth Asset Bkd Sr Turbo Ser
A-2 ................................... 5.750 06/01/34 7,517,796
2,500 Buckeye, OH Tob Settlement Fin
Auth Asset Bkd Sr Turbo Ser
A-2 ................................... 5.875 06/01/30 2,487,450
2,255 Cleveland-Cuyahoga Cnty, OH
Dev Port Auth Rev Cleveland
Bond Fd Ser B (a) ..................... 5.375 05/15/18 2,268,778
400 Cuyahoga Cnty, OH Hlthcare &
Indpt Living Fac Rev Eliza
Jennings Sr Care Ser A ................ 5.750 05/15/27 380,728
1,000 Cuyahoga Cnty, OH Hosp Fac
Rev Canton Inc Proj ................... 7.500 01/01/30 1,081,560
1,000 Lorain Cnty, OH Hosp Rev
Catholic Hlthcare Ser S ............... 5.375 10/01/30 1,019,740
2,270 Montgomery Cnty, OH Hosp Rev
Kettering Med Ctr Impt & Rfdg
(MBIA Insd) ........................... 6.250 04/01/20 2,767,402
10,525 Ohio St Air Quality Dev Auth Rev
Dayton Pwr & Lt Co Proj
(FGIC Insd) (AMT) (b) ................. 4.800 09/01/36 10,154,670
1,250 Ohio St Bldg Auth St Fac Admin
Bldg Fd Proj Ser A (FSA Insd) ......... 5.000 04/01/22 1,314,625
1,000 Ohio St Higher Ed Fac Cmnty Rev
Hosp Univ Hosp Hlth Sys Inc
Ser A ................................. 5.250 01/15/46 973,510
--------------
30,239,784
--------------
OKLAHOMA 0.9%
1,470 Chickasaw Nation, OK Hlth
Sys (d) ............................... 6.250 12/01/32 1,515,350
1,240 Kay Cnty, OK Home Fin Auth Rev
Single Family Mtg Rfdg Ser A
(AMBAC Insd) (e) ...................... 7.000 11/01/11 1,431,034
1,250 Oklahoma City, OK Pub Ppty Auth
Hotel Tax Rev (FGIC Insd) ............. 5.250 10/01/29 1,306,837
775 Oklahoma Hsg Fin Agy Single
Family Rev Mtg Class B
(GNMA Collateralized) (AMT) ........... 7.997 08/01/18 842,774
--------------
5,095,995
--------------
OREGON 1.0%
4,000 Oregon Hlth Sciences Univ Insd
Ser A (MBIA Insd) ..................... 5.250 07/01/22 4,232,000
1,500 Oregon St Dept Admin Rfdg Ser
C (MBIA Insd) ......................... 5.250 11/01/17 1,628,040
--------------
5,860,040
--------------
PENNSYLVANIA 4.7%
1,750 Allegheny Cnty, PA Hosp Dev
Auth Rev Hlth Sys West PA Ser
A ..................................... 5.000 11/15/28 1,520,120
385 Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd) ....................... 5.500 12/01/30 406,287
315 Crawford Cnty, PA Hosp Auth Sr
Living Fac Rev Wesbury Utd
Methodist Cmnty (a) ................... 5.875 08/15/10 318,944
210 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A ....................... 5.300 12/15/08 209,672
320 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A (a) ................... 5.300 12/15/09 318,864
240 Lehigh Cnty, PA Gen Purp Auth
Rev First Mtg Bible Fellowship
Proj Rfdg Ser A ....................... 5.400 12/15/10 239,328
400 Montgomery Cnty, PA Indl Dev
Auth Rev Mtg Whitemarsh
Continuing Care Proj .................. 6.125 02/01/28 398,860
875 Montgomery Cnty, PA Indl Dev
Auth Rev Mtg Whitemarsh
Continuing Care Proj .................. 6.250 02/01/35 872,734
1,000 Pennsylvania Econ Dev Fin Auth
Exempt Fac Rev Reliant Energy
Ser B (AMT) ........................... 6.750 12/01/36 1,024,920
1,550 Pennsylvania Hsg Fin Agy Ser
94-A (AMT) ............................ 5.100 10/01/31 1,544,606
4,000 Pennsylvania Hsg Fin Agy
Single Family Mtg Rev
Ser 99-A (AMT) (b) .................... 5.250 10/01/32 4,017,680
7,250 Pennsylvania St Pub Sch Bldg
Auth Lease Rev Sch Dist
Philadelphia Proj Ser B (FSA
Insd) (b) ............................. 4.500 06/01/32 7,231,960
1,000 Philadelphia, PA Auth Indl Dev PA
Arpt Sys Proj Ser A (FGIC Insd)
(AMT) ................................. 5.125 07/01/19 1,027,560
2,600 Philadelphia, PA Auth Indl Rev
Ser B (FSA Insd) (Prerefunded
@ 10/01/11) ........................... 5.500 10/01/16 2,899,676
2,675 Pittsburgh, PA Ser A (AMBAC
Insd) ................................. 5.500 09/01/17 2,917,783
2,530 Pittsburgh, PA Ser A (AMBAC
Insd) (Prerefunded @ 3/01/12) ......... 5.500 09/01/17 2,815,333
--------------
27,764,327
--------------
SOUTH CAROLINA 5.9%
4,305 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (AGC Insd) (b) ............... 5.250 12/01/28 4,539,634
6,925 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (AGC Insd) (b) ............... 5.250 12/01/29 7,302,431
1,000 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (b) .......................... 5.250 12/01/25 1,038,455
3,000 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (b) .......................... 5.250 12/01/26 3,115,365
5,000 Kershaw Cnty, SC Pub Kershaw
Cnty Sch Dist Proj (CIFG Insd) ........ 5.000 12/01/26 5,072,800
475 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) ................. 5.125 01/01/13 501,519
1,235 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) (a) ............. 5.250 01/01/15 1,307,766
900 South Carolina Jobs Econ Dev
Auth Hlth Fac Rev First Mtg
Wesley Commons Rfdg ................... 5.125 10/01/26 789,723
1,000 South Carolina Jobs Econ Dev
Auth Hlth Fac Rev First Mtg
Wesley Commons Rfdg ................... 5.300 10/01/36 868,590
1,960 South Carolina Jobs Econ Dev
Auth Hosp Fac Rev Palmetto
Hlth Alliance Rfdg Ser A 6.250 08/01/31 2,028,483
2,500 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser A (AMBAC Insd) ............... 5.200 11/01/27 2,612,400
725 South Carolina Jobs Econ Dev
Auth Rev Woodlands at Furman
Proj Ser A ............................ 6.000 11/15/27 710,942
4,250 South Carolina Trans
Infrastructure Bk Rev Ser A
(AMBAC Insd) .......................... 5.000 10/01/33 4,331,558
--------------
34,219,666
--------------
SOUTH DAKOTA 0.6%
3,620 South Dakota Hsg Dev Auth
Homeownership Mtg Ser E
(AMT) (b) ............................. 4.625 05/01/36 3,310,852
--------------
TENNESSEE 2.7%
400 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp First Mtg Impt &
Rfdg Ser B (Prerefunded @
7/01/12) .............................. 8.000 07/01/33 495,592
400 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp Impt & Rfdg Ser
B (MBIA Insd) (Prerefunded @
7/01/12) .............................. 7.750 07/01/29 469,516
4,000 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Rfdg Ser A (MBIA Insd)
(Prerefunded @ 7/01/12) ............... 7.500 07/01/25 4,716,000
4,000 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Ser A ............................ 5.500 07/01/36 3,918,160
1,000 Metropolitan Nashville Arpt Auth
TN Impt & Rfdg Ser A (FGIC
Insd) ................................. 6.600 07/01/14 1,115,590
1,500 Shelby Cnty, TN Hlth Ed & Hsg
Fac Brd Rev Trezevant Manor
Proj Ser A ............................ 5.625 09/01/26 1,444,725
2,000 Tennessee Energy Acquisition
Corp Gas Rev Ser A .................... 5.250 09/01/21 2,067,140
1,460 Tennessee Hsg Dev Agy Home
Ownership Pgm 2006 (AMT) .............. 5.150 01/01/37 1,445,838
365 Tennessee Hsg Dev Agy Home
Ownership Pgm 2-A (AMT) ............... 5.700 07/01/31 373,654
--------------
16,046,215
--------------
TEXAS 11.2%
1,250 Austin, TX Convention
Enterprises Inc Convention Ctr
Second Tier Rfdg Ser B ................ 5.750 01/01/24 1,192,925
1,000 Brazos Cnty, TX Hlth Fac Dev
Oblig Grp ............................. 5.375 01/01/32 1,008,010
1,100 Coastal Bend Hlth Fac Dev TX
Ser C (AMBAC Insd) (e) (i) ............ 8.048 11/15/13 1,462,582
2,420 Dallas Cnty, TX Cmnty College
Dist Rev Fin Sys (AMBAC Insd)
(Prerefunded @ 2/15/10) (a) ........... 5.375 02/15/16 2,566,628
825 Dallas Cnty, TX Flood Ctl Dist
Rfdg .................................. 6.750 04/01/16 857,612
1,000 Dallas-Fort Worth, TX Intl Arpt
Rev Jt Impt & Rfdg Ser A (FGIC
Insd) (AMT) ........................... 5.500 11/01/31 1,016,040
730 Fort Worth, TX Wtr & Swr Rev
Impt & Rfdg ........................... 5.750 02/15/16 785,597
770 Fort Worth, TX Wtr & Swr Rev
Impt & Rfdg (Prerefunded @
8/15/10) .............................. 5.750 02/15/16 834,649
4,000 Harris Cnty-Houston, TX Sports
Auth Spl Rev Jr Lien Rfdg Ser B
(MBIA Insd) ........................... 5.250 11/15/40 4,084,720
1,000 Houston, TX Arpt Sys Rev Sub
Lien Ser A (FSA Insd) (AMT) ........... 5.625 07/01/30 1,028,790
3,345 Houston, TX Hotel Occupancy
Tax Convention & Entmt Ser B
(AMBAC Insd) .......................... 5.750 09/01/14 3,673,479
130 Houston, TX Pub Impt & Rfdg
(FSA Insd) ............................ 5.750 03/01/15 140,198
10,000 Houston, TX Util Sys Rev First
Lien Rfdg Ser A (FSA Insd) ............ 5.250 05/15/21 10,976,100
1,100 Lufkin, TX Hlth Fac Dev Corp Hlth
Sys Rev Mem Hlth Sys East
Texas ................................. 5.500 02/15/32 1,066,472
1,250 Lufkin, TX Hlth Fac Dev Corp Hlth
Sys Rev Mem Hlth Sys East
Texas ................................. 5.500 02/15/37 1,200,138
1,250 Matagorda Cnty, TX Navig Dist No
1 Rev Coll Centerpoint Energy
Proj Rfdg ............................. 5.600 03/01/27 1,254,637
1,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care
Ctr Ser A (Prerefunded @
2/15/10) .............................. 7.625 02/15/28 1,110,640
1,800 Metropolitan Hlth Fac Dev Corp
TX Wilson N Jones Mem Hosp
Proj .................................. 7.250 01/01/31 1,824,408
1,000 North Central, TX Hlth Fac Dev
Corp Rev Hosp Baylor Hlthcare
Sys Proj Ser A ........................ 5.125 05/15/29 1,004,420
4,000 North Central, TX Hlth Fac Dev
Hosp Childrens Med Ctr Dallas
(AMBAC Insd) .......................... 5.250 08/15/32 4,060,320
3,267 Region One Ed Svc Ctr Sub Tech
Fac Proj (Acquired 12/30/97,
Cost $3,458,636) (c) .................. 6.590 12/15/17 3,612,923
1,000 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckingham Sr Living Cmnty
Inc ................................... 5.625 11/15/27 920,440
2,700 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckingham Sr Living Cmnty
Inc ................................... 5.750 11/15/37 2,445,957
5,500 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckner Retirement Svc Inc
Proj .................................. 5.250 11/15/37 5,295,290
450 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac CC
Young Mem Hom Proj .................... 5.750 02/15/25 427,280
80 Texas Muni Pwr Agy Rev (MBIA
Insd) (e) ............................. * 09/01/15 61,966
2,000 Texas St Dept Hsg & Cmnty
Affairs Single Family Rev Mtg
Ser B (GNMA Collateralized)
(AMT) ................................. 5.250 09/01/32 2,006,360
395 Texas St Pub Ppty Fin Corp Rev
Mental Hlth & Retardation Rfdg
(FSA Insd) ............................ 5.500 09/01/13 395,928
5,750 Texas St Trans Commn Mobility
Fd (j) ................................ 5.000 04/01/28 6,051,703
3,500 Tyler, TX Hlth Fac Dev Corp Hosp
Rev & Impt East TX Med
Ctr Rfdg Ser A ........................ 5.375 11/01/37 3,335,185
--------------
65,701,397
--------------
UTAH 0.1%
800 Utah St Charter Sch Fin Auth
Charter Sch Rev Summit
Academy Ser A ......................... 5.800 06/15/38 779,552
--------------
VERMONT 1.0%
1,000 Vermont Econ Dev Auth Mtg Rev
Wake Robin Corp Proj Ser A ............ 5.375 05/01/36 876,150
4,895 Vermont Hsg Fin Agy Multiple
Purp Ser A (FSA Insd)
(AMT) (b) ............................. 5.150 05/01/38 4,839,091
--------------
5,715,241
--------------
VIRGINIA 3.6%
1,320 Fairfax Cnty, VA Ctf Partn ............... 5.300 04/15/23 1,389,894
750 Peninsula Town Ctr Cmnty Dev
Auth VA Spl Oblig ..................... 6.350 09/01/28 750,218
1,340 Richmond, VA (FSA Insd) .................. 5.500 01/15/10 1,424,487
2,590 Tobacco Settlement Fin Corp VA ........... 5.500 06/01/26 2,927,347
2,750 Tobacco Settlement Fin Corp VA
(Prerefunded @ 6/01/15) ............... 5.625 06/01/37 3,209,498
5,840 Virginia St Hsg Auth Dev Auth
Rental Hsg Ser D (AMT) (b) ............ 4.650 01/01/39 5,334,256
4,475 Virginia St Hsg Dev Auth Comwlth
Mtg Ser B (AMT) (b) ................... 4.850 01/01/36 4,229,518
2,000 White Oak Vlg Shops VA Cmnty
Dev Auth Spl Assmt Rev
Special Assmt ......................... 5.300 03/01/17 1,970,900
--------------
21,236,118
--------------
WASHINGTON 4.6%
5,000 Bellevue, WA Convention Ctr Auth
Spl Oblig Rev Rfdg (MBIA
Insd) ................................. * 02/01/24 2,348,150
3,000 Clark Cnty, WA Pub Util Dist No
001 Gen Sys Rev Rfdg (FSA
Insd) ................................. 5.625 01/01/12 3,170,850
5,000 Cowlitz Cnty, WA Spl Swr Rev
CSOB Wastewtr Treatment
Rfdg (FGIC Insd) ...................... 5.500 11/01/19 5,768,450
3,000 Energy Northwest WA Elec Rev
Proj No 3 Rfdg Ser A (FSA
Insd) ................................. 5.500 07/01/18 3,254,070
1,350 Kalispel Tribe Indians Priority Dist
WA Rev ................................ 6.625 01/01/28 1,344,722
5,000 King Cnty, WA Rfdg Ser B (MBIA
Insd) (Prerefunded @ 3/13/08) ......... 5.250 01/01/34 5,068,350
2,000 Port Seattle, WA Rev Ser B
(MBIA Insd) (AMT) ..................... 5.625 02/01/24 2,058,120
1,500 Skagit Cnty, WA Pub Hosp Dist
No 001 Rev Skagit Vy Hosp ............ 5.750 12/01/28 1,527,495
1,345 Tacoma, WA Elec Sys Rev Rfdg
Ser A (FSA Insd) ...................... 5.750 01/01/15 1,474,510
1,000 Washington St Hsg Fin Cmnty
Single Family Prog Ser 2-A
(GNMA Collateralized) (AMT) ........... 4.700 12/01/38 927,430
--------------
26,942,147
--------------
WEST VIRGINIA 0.6%
3,500 Harrison Cnty, WV Cnty Cmnty
Solid Waste Disp Rev Allegheny
Energy Rfdg Ser D (AMT) ............... 5.500 10/15/37 3,466,820
--------------
WISCONSIN 3.0%
1,500 Waukesha, WI Redev Auth Hsg
Revr Sr Kirkland Crossings Proj
Rfdg .................................. 5.500 07/01/41 1,301,805
5,230 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev Ser A
(AMT) (b) ............................. 4.750 09/01/33 4,908,867
5,935 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev Ser A
(AMT) (b) ............................. 4.800 03/01/38 5,605,568
5,000 Wisconsin St Hlth & Ed Fac Auth
Mercy Hlth Sys Corp (AMBAC
Insd) ................................. 5.500 08/15/25 5,123,500
400 Wisconsin St Hlth & Ed Fac Auth
Rev Beaver Dam Cmnty Hosp
Inc Ser A ............................. 6.000 08/15/19 401,916
200 Wisconsin St Hlth & Ed Fac Auth
Rev Newcastle Place Inc Ser A ......... 6.000 12/01/27 195,004
--------------
17,536,660
--------------
WYOMING 0.2%
1,000 Sweetwater Cnty, WY Solid
Waste Disp Rev FMC Corp Proj
Rfdg (AMT) ............................ 5.600 12/01/35 956,120
--------------
GUAM 1.0%
6,000 Guam Pwr Auth Rev Ser A
(AMBAC Insd) .......................... 5.250 10/01/34 6,015,060
--------------
PUERTO RICO 1.1%
2,000 Puerto Rico Muni Fin Agy Ser A
(FSA Insd) ............................ 5.250 08/01/20 2,160,560
4,500 Puerto Rico Pub Bldg Auth Rev
Gtd Govt Fac Ser I (Comwlth
Gtd) .................................. 5.250 07/01/33 4,477,904
--------------
6,638,464
--------------
TOTAL LONG-TERM INVESTMENTS 189.8%
(Cost $1,094,882,467)............................ 1,111,105,148
--------------
SHORT-TERM INVESTMENTS 1.1%
(Cost $6,400,000)................................ 6,400,000
--------------
TOTAL INVESTMENTS 190.9%
(Cost $1,101,282,467)............................ 1,117,505,148
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS
RELATED TO SECURITIES HELD (37.0%)
(Cost ($216,388,000))
$(216,388) Notes with interest rates ranging
from 2.25% to 4.05% at January 31, 2008 and
contractual maturities of collateral ranging
from 2021 to 2047 (k) ....................... $ (216,388,000)
--------------
TOTAL NET INVESTMENTS 153.9%
(Cost $884,894,467).............................. 901,117,148
OTHER ASSETS IN EXCESS OF LIABILITIES 1.6%.......... 9,610,127
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)
(55.5%).......................................... (325,245,574)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%....... $ 585,481,701
==============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) The Trust owns 100% of the outstanding bond issuance.
(b) Underlying security related to Inverse Floaters entered into by the Trust.
(c) 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 3.4% of net assets
applicable to common shares.
(d) 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.
(e) Escrowed to Maturity
(f) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(g) Floating Rate Coupon
(h) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(i) Inverse Floating Rate
(j) Security purchased on a when-issued or delayed delivery basis.
(k) Floating rate notes. The interest rates shown reflect the rates in effect
at January 31, 2008.
ACA - American Capital Access
AGC - AGC Insured Custody Certificates
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
CIFG - CDC IXIS Financial Guaranty
Comwlth - 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 JANUARY 31, 2008:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
--------- -------------
SHORT CONTRACTS:
U.S. Treasury Bonds Futures, March 2008 (Current
Notional Value of $119,313 per contract) ........ 580 $(1,567,419)
=== ===========
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant
is attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant
is attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Municipal Trust
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 20, 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/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 20, 2008
By: /s/ Stuart N. Schuldt
---------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: March 20, 2008