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: 1/31/06
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 JANUARY 31, 2006 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 149.3%
ALABAMA 3.2%
$ 1,000 Birmingham Baptist Med Ctr AL Baptist Hlth Sys Ser A 5.875% 11/15/24 $ 1,060,510
6,300 Birmingham Baptist Med Ctr AL Baptist Hlth Sys Ser A 5.000 11/15/30 6,180,993
3,695 Gadsden, AL Wts Ser B (AMBAC Insd) (a) 5.250 08/01/21 4,034,755
2,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A 5.250 01/01/23 2,116,640
4,000 Jefferson Cnty, AL Swr Rev Cap Impt Wts (Prerefunded @ 08/01/12) (FGIC Insd) 5.125 02/01/42 4,334,320
2,335 Marshall Cnty, AL Hlthcare Ser C 6.000 01/01/32 2,489,787
------------
20,217,005
------------
ALASKA 0.5%
2,000 Alaska St Intl Arpt Rev Ser B (AMBAC Insd) 5.750 10/01/17 2,222,060
1,000 Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (FSA Insd) 5.750 03/01/16 1,081,130
------------
3,303,190
------------
ARIZONA 2.4%
1,425 Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj 6.250 09/01/32 1,511,868
1,000 Arizona Hlth Fac Auth Hosp John C Lincoln Hlth Network (Prerefunded @ 12/01/12) 6.375 12/01/37 1,166,480
1,135 Cottonwood, AZ Wtr Rev Sys Sr Lien (XLCA Insd) 5.000 07/01/35 1,176,473
1,650 Glendale, AZ Indl Dev Auth Rfdg 5.000 12/01/35 1,635,975
9,750 University Med Ctr Corp AZ Hosp Rev 5.000 07/01/35 9,760,432
------------
15,251,228
------------
ARKANSAS 0.6%
2,310 Arkansas St Dev Fin Auth Rev St Agy Fac Donaghey Plaza Proj (FSA Insd) 5.000 06/01/34 2,388,563
1,565 Fort Smith, AR Wtr & Swr Rev Ser C (FSA Insd) (a) 5.000 10/01/21 1,661,341
------------
4,049,904
------------
CALIFORNIA 26.1%
4,000 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj Ser C (FSA Insd) * 09/01/20 2,105,880
7,500 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist Fac Ser A (FSA Insd) 5.000 10/01/31 7,715,625
2,100 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool Ser A (XLCA Insd) 5.250 09/01/35 2,216,382
1,560 California Cnty, CA Tob Securitization Agy Tob Merced Cnty Ser A Rfdg 5.125 06/01/38 1,521,406
1,875 California Cnty, CA Tob Securitization Agy Tob Merced Cnty Ser A Rfdg 5.250 06/01/45 1,842,694
7,125 California Ed Fac Auth Rev Pepperdine Univ Ser A Rfdg (FGIC Insd) 5.000 09/01/33 7,356,491
350 California Hlth Fac Fin Auth Rev Casa De Las Ser A (MBIA Insd) 5.250 08/01/17 364,497
1,000 California Hlth Fac Fin Auth Rev Cedars Sinai Med Ctr Rfdg 5.000 11/15/27 1,017,360
9,440 California Hlth Fac Fin Auth Rev Cedars Sinai Med Ctr Rfdg 5.000 11/15/34 9,562,626
1,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mngmt Inc
Proj Ser B (AMT) 5.000 07/01/27 998,650
2,500 California St (AMBAC Insd) 5.000 04/01/21 2,633,350
5,500 California St (AMBAC Insd) 5.125 10/01/27 5,680,620
5,000 California St (MBIA Insd) 5.000 02/01/32 5,138,900
8,500 California St (AMBAC Insd) 5.000 03/01/34 8,807,445
2,000 California St Dept Wtr Res Pwr Ser A (Prerefunded @ 05/01/12) 6.000 05/01/15 2,290,240
5,000 California St Dept Wtr Res Pwr Ser A (Prerefunded @ 05/01/12) (AMBAC Insd) (b) 5.375 05/01/18 5,551,750
3,705 California St Dept Wtr Res Pwr Ser A (Prerefunded @ 05/01/12) (MBIA Insd) 5.375 05/01/21 4,113,847
2,000 California St Dept Wtr Res Pwr Ser A (Prerefunded @ 05/01/12) (MBIA Insd) 5.375 05/01/22 2,220,700
5,295 California St Econ Rec Ser A 5.000 07/01/17 5,676,928
1,995 California St Pub Wks Brd UCLA Replacement Hosp Ser A (FSA Insd) 5.375 10/01/20 2,174,111
5,000 California St Univ Rev Syswide Ser A (AMBAC Insd) 5.000 11/01/23 5,271,450
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 3,060,829
1,000 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A 5.250 07/01/30 1,026,490
1,000 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A 5.250 07/01/35 1,025,500
2,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A 5.000 03/01/30 2,025,420
2,500 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A 5.000 03/01/35 2,531,025
3,805 California Statewide Cmnty Dev Auth Rev Sutter Hlth Ser A 5.000 11/15/43 3,825,205
3,500 Capistrano, CA Uni Sch Dist (FGIC Insd) 5.000 09/01/29 3,641,785
1,000 Davis, CA Pub Fac Fin Auth Mace Ranch Area Ser A 6.600 09/01/25 1,037,710
400 Del Mar, CA Race Track Auth Rev Rfdg (Escrowed to Maturity) 6.000 08/15/06 405,640
18,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (MBIA Insd) * 01/15/25 6,319,620
27,810 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg * 01/15/33 5,803,391
6,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Sr Lien Ser A
(Escrowed to Maturity) * 01/01/18 3,622,320
225 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Sr Lien Ser A
(Prerefunded @ 01/01/10) 7.150 01/01/13 259,857
5,300 Golden St CA Tob Securitization Corp CA Tob Settlement Rev Enhanced Ser A 5.000 06/01/45 5,368,688
2,240 Huntington Park, CA Redev Agy Rev Tax Alloc Santa Fe Redev Rfdg 6.200 10/01/27 2,315,152
2,635 Imperial Irr Dist CA Ctf Partn Elec Sys Proj (FSA Insd) 5.250 11/01/23 2,820,741
1,000 Long Beach, CA Bd Fin Auth Rev Redev Hsg & Gas Util Fin Ser A-1 (AMBAC Insd) 5.000 08/01/35 1,029,340
3,000 Los Angeles, CA Uni Sch Dist Ser A (MBIA Insd) 5.375 07/01/18 3,297,720
4,400 Los Angeles, CA Uni Sch Dist Ser A (MBIA Insd) 5.250 07/01/19 4,799,652
3,000 Sacramento, CA Muni Util Dist Elec Rev Sacramento Mud Ser R (MBIA Insd) 5.000 08/15/33 3,105,600
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 1,607,760
3,545 San Diego, CA Uni Sch Dist Election 1998 Ser E-1 Rfdg (MBIA Insd) 5.000 07/01/23 3,780,636
2,500 San Francisco, CA City & Cnty Pub Util Com Wtr Rev Ser A (MBIA Insd) 5.000 11/01/32 2,574,550
1,000 San Joaquin Hills, CA Transn Corridor Agy Toll Rd Rev Cap Apprec Ser A Rfdg
(MBIA Insd) * 01/15/27 376,360
1,000 San Joaquin Hills, CA Transn Corridor Agy Toll Rd Rev Cap Apprec Ser A Rfdg
(MBIA Insd) * 01/15/28 359,370
3,000 San Jose, CA Fin Auth Lease Rev Civic Ctr Proj Ser B (AMBAC Insd) 5.000 06/01/32 3,076,020
4,290 Tobacco Securitization Auth Northn CA Tob Settlement Rev Bd Ser A-1 5.375 06/01/38 4,317,842
1,800 Tobacco Securitization Auth Northn CA Tob Settlement Rev Bd Ser A-1 5.500 06/01/45 1,808,334
5,000 University CA Rev Gen Ser B (AMBAC Insd) 5.000 05/15/20 5,307,300
------------
164,790,809
------------
COLORADO 4.0%
1,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A (Escrowed to Maturity) 5.500 03/01/32 1,086,720
2,250 Colorado Hlth Fac Auth Rev Covenant Retirement Cmntys Inc 5.000 12/01/35 2,213,842
3,700 Colorado Hlth Fac Auth Rev Evangelical Lutheran 5.000 06/01/35 3,727,972
1,000 Colorado Hlth Fac Auth Rev Evangelical Lutheran Ser A 5.250 06/01/34 1,023,300
1,125 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11) 6.500 11/15/31 1,299,037
4,000 Colorado Springs, CO Util Rev Sys Sub Lien Impt Ser A Rfdg 5.000 11/15/29 4,109,880
265 Jefferson Cnty, CO Residential Mtg Rev (Escrowed to Maturity) (a) 11.500 09/01/08 315,058
300 Jefferson Cnty, CO Residential Mtg Rev (Escrowed to Maturity) (a) 11.500 09/01/09 376,962
340 Jefferson Cnty, CO Residential Mtg Rev (Escrowed to Maturity) (a) 11.500 09/01/10 448,259
220 Jefferson Cnty, CO Residential Mtg Rev (Escrowed to Maturity) 11.500 09/01/11 302,762
100 Jefferson Cnty, CO Residential Mtg Rev (Escrowed to Maturity) (a) 9.000 09/01/12 129,072
1,000 Park Creek Metro Dist CO Rev Sr Ltd Tax Ppty Tax Rfdg 5.500 12/01/30 1,037,030
2,000 Park Creek Metro Dist CO Rev Sr Ltd Tax Ppty Tax Rfdg 5.500 12/01/37 2,063,440
6,365 Platte Riv Pwr Auth CO Pwr Rev Ser EE 5.375 06/01/16 6,931,740
------------
25,065,074
------------
CONNECTICUT 4.2%
1,645 Bridgeport, CT Ser A (MBIA Insd) 5.250 08/15/20 1,790,615
2,265 Bridgeport, CT Ser A (MBIA Insd) (a) 5.250 08/15/23 2,450,186
1,360 Bridgeport, CT Ser A (MBIA Insd) 5.250 08/15/24 1,463,074
2,840 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt Ser A (AMT) (ACA Insd) 6.600 07/01/24 3,095,259
3,540 Mashantucket Western Pequot Tribe CT Spl Rev Ser A, 144A - Private Placement (d) 6.400 09/01/11 3,658,944
3,460 Mashantucket Western Pequot Tribe CT Spl Rev Ser A, 144A - Private Placement
(Prerefunded @ 09/01/07) 6.400 09/01/11 3,629,090
6,500 Mashantucket Western Pequot Tribe CT Spl Rev Ser B, 144A - Private Placement (d) 5.750 09/01/18 6,744,205
3,500 Mashantucket Western Pequot Tribe CT Spl Rev Ser B, 144A - Private Placement (d) 5.750 09/01/27 3,598,245
------------
26,429,618
------------
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 1,032,920
5,000 Metropolitan WA DC Arpt Auth Sys Ser A (AMT) (FGIC Insd) 5.125 10/01/26 5,146,900
------------
6,179,820
------------
FLORIDA 10.7%
3,380 Brevard Cnty, FL Hlth Fac Hlth First Inc Proj (MBIA Insd) 5.125 04/01/31 3,493,365
3,800 Brevard Cnty, FL Hlth Fac Hlth First Inc Proj 5.000 04/01/34 3,810,260
400 Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT) 5.750 01/01/32 405,124
460 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd) 5.950 07/01/20 487,701
1,500 Florida Muni Ln Council Rev Ser A (MBIA Insd) 5.000 02/01/35 1,554,435
3,000 Florida St Dept Environmental Prot Preservtn Rev Ser A (FGIC Insd) 5.750 07/01/10 3,278,400
3,880 Florida St Dept Trans Right of Way Ser A 5.250 07/01/21 4,242,935
5,000 Florida St Dept Trans Tpk Rev Ser A 5.000 07/01/29 5,234,950
1,895 Gulf Breeze, FL Rev Loc Govt (Variable Rate Coupon) (FGIC Insd) (a) 5.625 12/01/20 2,015,844
1,250 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Ser C Rfdg 5.000 11/15/31 1,267,787
5,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Ser D 5.000 11/15/35 5,078,950
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Ser D 5.375 11/15/35 1,039,230
2,310 Hillsborough Cnty, FL Indl Dev Auth Indl Dev Rev Hlth Facs Proj
Univ Cmnty Hosp Ser A 5.500 08/15/14 2,393,668
1,000 Jacksonville, FL Sales Tax Rev Better Jacksonville (MBIA Insd) 5.250 10/01/21 1,083,150
2,500 Jea, FL Elec Sys Rev Ser Three-A (FSA Insd) 5.000 10/01/41 2,576,025
265 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys 5.500 11/15/32 276,830
1,515 Miami Beach, FL Stormwtr Rev (FGIC Insd) 5.250 09/01/25 1,612,263
2,000 Miami-Dade Cnty, FL Aviation Miami Intl Arpt (AMT) (FGIC Insd) 5.375 10/01/25 2,104,760
2,700 Miami-Dade Cnty, FL Aviation Miami Intl Arpt (AMT) (FGIC Insd) 5.375 10/01/32 2,815,182
5,000 Miami-Dade Cnty, FL Aviation Miami Intl Arpt Ser A (AMT) (FSA Insd) 5.125 10/01/35 5,122,100
2,000 Miami-Dade Cnty, FL Pub Fac Rev Jackson Hlth Sys Ser A (MBIA Insd) 5.000 06/01/31 2,066,160
3,750 Orange Cnty, FL Sch Brd Ctf Partn Ser A (AMBAC Insd) 5.250 08/01/14 4,074,600
4,320 Orange Cnty, FL Tourist Dev Tax Rev (Prerefunded @ 10/01/09) (AMBAC Insd) 5.625 10/01/14 4,649,270
4,300 Orange Cnty, FL Tourist Dev Tax Rev (Prerefunded @ 10/01/09) (AMBAC Insd) 5.500 10/01/31 4,609,385
1,060 Tallahassee, FL Lease Rev FL St Univ Proj Ser A (MBIA Insd) (a) 5.500 08/01/18 1,150,079
1,140 University Cent FL Ctf Partn UCF Convocation Corp Ser A (FGIC Insd) 5.000 10/01/35 1,181,051
------------
67,623,504
------------
GEORGIA 2.6%
2,000 Atlanta, GA Arpt Passenger Fac Gen Sub Lien Ser C (FSA Insd) 5.000 01/01/33 2,061,560
1,000 Augusta, GA Gen Arpt Rev Passenger Ser B (AMT) 5.350 01/01/28 1,015,400
1,400 Municipal Elec Auth GA Combustion Turbine Ser A (MBIA Insd) 5.250 11/01/14 1,521,954
8,025 Municipal Elec Auth GA Combustion Turbine Ser A (MBIA Insd) 5.250 11/01/18 8,684,254
1,000 Oconee Cnty, GA Indl Dev Auth Oiit Proj (XLCA Insd) 5.250 07/01/23 1,062,030
2,000 Royston, GA Hosp Auth Hosp Ctf Rev Ty Cobb Hlthcare Sys Inc Rfdg 6.500 07/01/27 1,883,400
------------
16,228,598
------------
ILLINOIS 10.5%
2,000 Bolingbrook, IL Sales Tax Rev (e) 0/6.250 01/01/24 1,789,840
3,400 Carol Stream, IL First Mtg Rev Windsor Pk Mnr Proj (Prerefunded @ 12/01/07) 7.000 12/01/13 3,659,080
1,500 Champaign Cnty, IL Cmnty Unit Sch Dist No 116 Urbana Ser C
(Prerefunded @ 01/01/10) (FGIC Insd) * 01/01/16 923,805
1,300 Champaign Cnty, IL Cmnty Unit Sch Dist No 116 Urbana Ser C
(Prerefunded @ 01/01/10) (FGIC Insd) * 01/01/18 708,578
4,000 Chicago, IL Neighborhoods Alive 21 Pgm Ser A (Prerefunded @ 07/01/10) (FGIC Insd) 5.750 01/01/40 4,400,400
5,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A Rfdg (AMT) (MBIA Insd) 5.375 01/01/32 5,225,100
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 3,613,050
3,500 Chicago, IL O'Hare Intl Arpt Rev Rols RR II 494-1 (Inverse Fltg)
(Acquired 12/16/05, Cost $3,929,835) (MBIA INSD)(c) 7.366 01/01/24 4,036,550
1,015 Chicago, IL O'Hare Intl Arpt Rev Second Lien Passenger Fac Ser B (AMBAC Insd) 5.500 01/01/16 1,099,884
400 Chicago, IL O'Hare Intl Arpt Spl Fac Rev United Airl Inc Proj Ser B Rfdg
(Variable Rate Coupon) (AMT) 6.100 11/01/35 79,252
1,980 Chicago, IL Pk Dist Ser C (FGIC Insd) 5.500 01/01/19 2,142,815
2,565 Chicago, IL Proj Ser C Rfdg (FGIC Insd) (a) 5.750 01/01/12 2,811,804
465 Chicago, IL Proj Ser C Rfdg (FGIC Insd) 5.500 01/01/40 499,312
5 Chicago, IL Single Family Mtg Rev Ser B (AMT) (GNMA Collateralized) 7.625 09/01/27 5,018
1,000 Cook Cnty, IL Cmnty Cons Sch Dist No 64 Park Ridge (FSA Insd) 5.500 12/01/14 1,119,960
510 Cook Cnty, IL Sch Dist No 107 (a) 7.150 12/01/08 559,562
575 Cook Cnty, IL Sch Dist No 107 (a) 7.200 12/01/09 648,376
625 Cook Cnty, IL Sch Dist No 107 7.000 12/01/10 716,069
1,000 Cook Cnty, IL Ser A (FGIC Insd) 5.500 11/15/31 1,072,920
2,725 Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac Ser A 7.375 07/01/25 2,987,254
1,565 Illinois Ed Fac Auth Rev DePaul Univ (Prerefunded @ 10/01/10) (AMBAC Insd) 5.625 10/01/15 1,717,791
1,605 Illinois Ed Fac Auth Rev Lewis Univ 5.900 10/01/14 1,611,147
1,000 Illinois Fin Auth Rev Landing at Plymouth Pl Proj Ser A 6.000 05/15/25 1,018,330
1,350 Illinois Fin Auth Rev Landing at Plymouth Pl Proj Ser A 6.000 05/15/37 1,355,818
2,500 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A 5.500 08/15/43 2,659,175
1,645 Illinois Hlth Fac Auth Rev Evangelical Hosp Ser C Rfdg (FSA Insd) 6.750 04/15/12 1,852,895
1,500 Illinois St First Ser (FGIC Insd) 5.375 11/01/14 1,627,920
3,000 Illinois St First Ser (FSA Insd) 5.250 12/01/21 3,237,360
3,440 Kendall Kane & Will Cntys, IL Cmnty Sch Dist No 308 Ser B (FGIC Insd) (a) 5.250 10/01/19 3,711,175
250 Lake Cnty, IL Cmnty Unit Sch Dist No 116 Round Lake (Escrowed to Maturity)
(Radian Insd) 7.600 02/01/14 313,477
2,675 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Ser A
(MBIA Insd) 5.250 06/15/42 2,795,803
369 Pingree Grove Vlg, IL Spl Svc Area No 1 Spl Tax Ser 05-1 Cambridge Lakes Proj 5.250 03/01/15 374,443
2,500 Schaumburg, IL Ser B (FGIC Insd) 5.000 12/01/41 2,569,025
1,335 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd) * 01/01/16 878,897
990 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd) * 01/01/19 562,132
675 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (Escrowed to Maturity)
(FGIC Insd) * 01/01/16 446,121
425 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (Escrowed to Maturity)
(FGIC Insd) * 01/01/19 242,543
1,000 Yorkville, IL Utd City Spl Svc Area Spl Tax No 2004 107 Raintree Vlg IL Proj 6.250 03/01/35 1,004,300
------------
66,076,981
------------
INDIANA 2.0%
1,000 Allen Cnty, IN Juvenile Justice Ctr First Mtg (AMBAC Insd) 5.500 01/01/18 1,090,900
3,000 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty Proj Ser A (AMBAC Insd) 5.000 05/01/35 3,096,210
3,710 Indianapolis, IN Loc Pub Impt Bd Bk Drivers Ser 1154 (Inverse Fltg)
(Acquired 11/14/05, Cost $3,974,746) (AMT) (MBIA Insd) (c) 7.124 07/01/13 4,074,099
1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) 5.950 12/01/29 1,549,995
2,500 Vigo Cnty, IN Sch Bldg Corp First Mtg Impt & Rfdg (FSA Insd) 5.250 07/10/24 2,648,100
------------
12,459,304
------------
IOWA 1.0%
2,250 Tobacco Settlement Auth IA Tob Settlement Rev Ser C 5.375 06/01/38 2,202,548
1,800 Tobacco Settlement Auth IA Tob Settlement Rev Ser C 5.500 06/01/42 1,781,694
2,250 Tobacco Settlement Auth IA Tob Settlement Rev Ser C 5.625 06/01/46 2,245,883
------------
6,230,125
------------
KANSAS 0.6%
1,825 Cowley Cnty, KS Uni Sch Dist No 465 Winfield Impt & Rfdg (MBIA Insd) (a) 5.250 10/01/22 1,974,249
400 Overland Pk, KS Dev Corp Rev First Tier Overland Park Ser A 7.375 01/01/32 433,584
1,000 Wyandotte Cnty, KS Sch Dist 500 Rfdg (FSA Insd) 5.000 09/01/19 1,072,750
------------
3,480,583
------------
KENTUCKY 0.4%
2,350 Louisville & Jefferson, KY Swr Ser A (MBIA Insd) (a) 5.500 05/15/15 2,586,692
------------
LOUISIANA 3.3%
5,000 Ernest N Morial New Orleans, LA Exhib Hall Auth Spl Tax Sub Ser A (AMBAC Insd) 5.250 07/15/21 5,291,950
2,000 Ernest N Morial New Orleans, LA Exhib Hall Auth Spl Tax Sub Ser A (AMBAC Insd) 5.000 07/15/33 2,036,700
1,490 Louisiana Hsg Fin Agy Rev Azalea Estates Ser A Rfdg (AMT) (GNMA Collateralized) 5.375 10/20/39 1,530,990
1,675 Louisiana Loc Govt Environmental Fac Pkg Fac Corp Garage Proj Ser A
(AMBAC Insd) (a) 5.200 10/01/19 1,784,227
2,580 Louisiana Loc Govt Environmental Rev Southeastn LA Student Hsg Ser A (MBIA Insd) 5.250 08/01/21 2,765,296
7,474 Louisiana St Univ & Agric & Mechanical College Univ Rev Master Agreement
(Acquired 11/30/98, Cost $7,473,762) (c) 5.750 10/30/18 7,088,116
------------
20,497,279
------------
MARYLAND 1.6%
2,300 Baltimore, MD Cap Apprec Cons Pub Ser A Impt & Rfdg (FGIC Insd) * 10/15/06 2,212,692
2,240 Baltimore, MD Conv Ctr Hotel Rev Sr Ser A (XLCA Insd) (g) 5.250 09/01/24 2,434,230
500 Maryland St Econ Dev Corp Student Hsg Rev Univ MD College Pk Proj 5.625 06/01/35 521,130
1,700 Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt Ser B (AMT) (AMBAC Insd) 5.125 03/01/24 1,773,882
2,365 Northeast, MD Waste Disp Auth Rfdg (AMT) (AMBAC Insd) 5.500 04/01/16 2,555,714
750 Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj 5.200 07/01/34 756,360
------------
10,254,008
------------
MASSACHUSETTS 3.6%
1,495 Massachusetts Bay Trans Auth MA Sales Tax Rev Ser A 5.000 07/01/35 1,545,441
1,775 Massachusetts Muni Whsl Elec Co Nuclear Proj 5 (MBIA Insd) 5.250 07/01/13 1,927,331
2,765 Massachusetts St Dev Fin Agy Proj Ser R-2 (MBIA Insd) 5.125 02/01/34 2,870,734
750 Massachusetts St Dev Fin Agy Rev Boston Architectural Ctr (ACA Insd) 6.100 09/01/18 790,058
1,000 Massachusetts St Dev Fin Agy Rev Boston Architectural Ctr (ACA Insd) 6.250 09/01/28 1,046,930
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C 5.750 07/01/32 1,087,660
3,700 Massachusetts St Hlth & Ed Fac Auth Rev Ser G (MBIA Insd) 5.000 07/01/13 3,725,419
6,750 Massachusetts St Hlth & Ed Fac Auth Rev Univ of MA Mem Issue Ser D 5.000 07/01/33 6,694,920
3,000 Massachusetts St Wtr Res Auth Gen Ser J (FSA Insd) 5.000 08/01/32 3,087,990
------------
22,776,483
------------
MICHIGAN 2.9%
3,365 Detroit, MI Loc Dev Fin Auth Tax Increment Sr Ser B (Acquired 09/08/97,
Cost $3,365,000) (c) 6.700 05/01/21 3,449,630
825 Detroit, MI Loc Dev Fin Auth Tax Increment Sub Ser C (Acquired 09/08/97,
Cost $825,000) (c) 6.850 05/01/21 846,912
3,860 Detroit, MI Ser A (XLCA Insd) (a) 5.250 04/01/21 4,107,117
1,480 Detroit, MI Wtr Supply Sys Rev Sr Lien Ser C Rfdg (MBIA Insd) 5.250 07/01/18 1,608,050
1,180 Hillsdale, MI Hosp Fin Auth Hosp Rev Hillsdale Cmnty Hlth Ctr 5.750 05/15/18 1,249,077
1,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A 5.250 07/01/30 997,900
1,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A 6.000 07/01/35 1,069,290
1,450 Michigan St Hosp Fin Auth Rev Chelsea Cmnty Hosp Oblig 5.000 05/15/37 1,408,574
500 Michigan St Hosp Fin Auth Rev Hosp Genesys Regl Med Ser A Rfdg
(Escrowed to Maturity) 5.375 10/01/13 529,585
1,550 Michigan St Hsg Dev Rental Hsg Rev Ser A (AMT) (MBIA Insd) 5.300 10/01/37 1,567,531
1,500 Michigan St Strategic Fd Detroit Edison Co Proj Ser C Rfdg (AMT) (XLCA Insd) 5.450 12/15/32 1,573,050
------------
18,406,716
------------
MINNESOTA 0.5%
1,260 Glencoe, MN Hlthcare Fac Rev Glencoe Regl Hlth Svc Proj 5.000 04/01/31 1,244,804
1,750 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj 6.000 11/15/35 1,874,915
------------
3,119,719
------------
MISSISSIPPI 0.1%
300 Mississippi Home Corp Single Family Rev Mtg Ser F (AMT) (GNMA Collateralized) 7.550 12/01/27 301,746
------------
MISSOURI 3.2%
1,000 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc 5.625 06/01/27 1,033,770
1,000 Carthage, MO Hosp Rev 5.875 04/01/30 994,160
2,250 Carthage, MO Hosp Rev 6.000 04/01/38 2,238,660
1,400 Ellisville, MO Indl Dev Auth Rev Gambrill Gardens Proj Impt & Rfdg 6.100 06/01/20 1,421,350
1,000 Ellisville, MO Indl Dev Auth Rev Gambrill Gardens Proj Impt & Rfdg 6.200 06/01/29 1,012,830
400 Fenton, MO Tax Increment Rev & Impt Gravois Bluffs Proj Rfdg 7.000 10/01/21 428,248
1,000 Kearney, MO (AMBAC Insd) 5.500 03/01/16 1,085,770
1,200 Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran Ser B Rfdg 5.125 02/01/27 1,219,716
1,415 Missouri St Hlth & Ed Fac Rev Univ MO Columbia Arena Proj 5.000 11/01/18 1,504,513
1,000 Missouri St Hwys & Trans Commn Rd Rev Ser A 5.125 02/01/17 1,067,450
2,810 Perry Cnty, MO Nursing Home Rev Rfdg 5.900 03/01/28 2,816,885
1,000 Saint Charles, MO Ctf Partn Ser B 5.500 05/01/18 1,057,720
2,505 Saint Louis, MO Arpt Rev Cap Impt Prog Ser A (Prerefunded @ 07/01/12)
(MBIA Insd) (a) 5.375 07/01/20 2,758,406
1,460 Saint Louis, MO Brd Ed Direct Dep Pgm Ser A Rfdg (FSA Insd) 5.000 04/01/21 1,541,366
------------
20,180,844
------------
NEVADA 2.7%
3,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC Insd) 5.000 07/01/36 3,086,010
5,000 Clark Cnty, NV Bd Bk (MBIA Insd) 5.000 06/01/32 5,140,900
4,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMT) (AMBAC Insd) 5.250 07/01/34 4,155,560
145 Nevada Hsg Div Single Family Mtg Mezz Ser D2 (AMT) 6.300 04/01/21 145,605
930 Reno, NV Cap Impt Rev (FGIC Insd) 5.125 06/01/26 967,851
1,570 Reno, NV Cap Impt Rev (Prerefunded @ 06/01/12) (FGIC Insd) 5.125 06/01/26 1,704,894
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj (AMBAC Insd) 5.125 06/01/37 1,548,570
------------
16,749,390
------------
NEW HAMPSHIRE 1.4%
4,800 New Hampshire Higher Ed & Hlth Fac Auth Rev Daniel Webster College Issue 6.300 07/01/29 4,829,136
2,000 New Hampshire Higher Ed & Hlth Fac Auth Rev Riverwoods at Exeter Ser A 6.500 03/01/23 2,027,080
1,525 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch 6.750 07/01/20 1,615,661
250 New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth 5.500 07/01/34 261,373
------------
8,733,250
------------
NEW JERSEY 10.1%
1,465 Eastern Camden Cnty, NJ Regl Sch Dist Rfdg (FGIC Insd) (a) * 03/01/06 1,460,883
1,615 Eastern Camden Cnty, NJ Regl Sch Dist Rfdg (FGIC Insd) (a) * 03/01/07 1,556,117
1,555 Eastern Camden Cnty, NJ Regl Sch Dist Rfdg (FGIC Insd) (a) * 03/01/08 1,445,233
2,895 Essex Cnty, NJ Impt Auth Rev Cnty Gtd Proj Consldtn Rfdg (MBIA Insd) 5.125 10/01/20 3,103,990
1,500 New Jersey Econ Dev Auth Cig Tax 5.750 06/15/29 1,583,970
500 New Jersey Econ Dev Auth Cig Tax 5.750 06/15/34 525,890
1,000 New Jersey Econ Dev Auth Econ Dev Rev Kapkowski Rd Landfill Proj Rfdg 5.750 04/01/31 1,092,090
3,880 New Jersey Econ Dev Auth Mtr Veh Rev Ser A (MBIA Insd) 5.000 07/01/22 4,102,246
25,000 New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd) 5.900 03/15/21 29,829,500
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 1,564,515
2,825 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A (AMBAC Insd) 5.250 09/01/19 3,052,130
1,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A (AMBAC Insd) 5.250 09/01/21 1,076,900
3,500 New Jersey St Tpk Auth Tpk Rev Ser C (FSA Insd) 6.500 01/01/16 4,109,070
5,000 New Jersey St Tpk Auth Tpk Rev Ser C-1 (AMBAC Insd) 5.000 01/01/35 5,182,950
1,000 New Jersey St Trans Tr Fd Auth Trans Sys Ser A 5.750 06/15/18 1,149,890
3,000 Newark, NJ Hsg Auth Port Auth Newark Marine Terminal (MBIA Insd) 5.000 01/01/37 3,101,880
------------
63,937,254
------------
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 1,554,480
------------
NEW YORK 13.4%
3,600 Erie Cnty, NY Tob Asset Securitization Corp Asset Bkd Ser A 5.000 06/01/38 3,512,376
14,000 Metropolitan Trans Auth NY Rev Ser A Rfdg (FSA Insd) 5.000 11/15/30 14,475,020
3,000 Metropolitan Trans Auth NY Rev Ser A Rfdg (FGIC Insd) 5.250 11/15/31 3,201,900
85 New York City Adj Sub Ser A-1 5.750 08/01/12 85,160
2,625 New York City Hlth & Hosp Corp Rev Hlth Sys Ser A (AMBAC Insd) 5.000 02/15/11 2,792,318
400 New York City Indl Dev Agy Rev Liberty - World Trade Ctr Ser A 6.250 03/01/15 417,620
3,000 New York City Indl Dev Agy Spl Fac Rev Amern Airl JFK Intl Arpt
(Variable Rate Coupon) (AMT) (Gty Agreement: AMR Corp) 7.625 08/01/25 3,102,450
1,000 New York City Indl Dev Agy Spl Fac Rev Amern Airl JFK Intl Arpt
(Variable Rate Coupon) (AMT) (Gty Agreement: AMR Corp) 7.750 08/01/31 1,041,650
2,500 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser D 5.000 06/15/39 2,581,275
5,000 New York City Ser A 6.250 08/01/08 5,143,150
3,000 New York City Ser G 5.000 12/01/27 3,104,850
2,000 New York City Ser H 5.750 03/15/13 2,188,660
1,000 New York City Transitional Fin Auth Future Tax Secd Ser C (AMBAC Insd) 5.250 08/01/22 1,079,710
4,000 New York City Transitional Fin Auth Future Tax Secd Ser E 5.000 02/01/33 4,122,600
875 New York Cnty Tobacco Tr IV Settlement Pass Thru Ser A 5.000 06/01/42 848,575
1,545 New York St Dorm Auth Lease Teachers College (FSA Insd) 5.250 08/15/15 1,664,877
6,800 New York St Dorm Auth Rev City Univ Sys Cons Ser A 5.625 07/01/16 7,649,592
1,250 New York St Dorm Auth Rev Cons City Univ Sys Ser A (FSA Insd) 5.750 07/01/13 1,411,813
350 New York St Dorm Auth Rev Mt Sinai NYU Hlth 5.500 07/01/26 354,358
3,000 New York St Dorm Auth Rev Sch Dist Fin Pgm Ser D (MBIA Insd) 5.500 10/01/17 3,306,420
4,200 New York St Dorm Auth Rev Secd Hosp N General Hosp Rfdg 5.750 02/15/19 4,637,472
3,984 Plainedge, NY Un Free Sch Dist No 2063 (Acquired 7/25/97, Cost $3,983,998) (c) 6.000 06/01/12 4,109,016
3,000 Triborough Brdg & Tunl Auth Gen Purp Ser A 5.000 01/01/27 3,090,390
5,000 Triborough Brdg & Tunl Auth NY Gen Ser B Rfdg 5.000 11/15/21 5,257,050
3,900 Triborough Brdg & Tunl Auth NY Rev Rfdg (MBIA Insd) 5.000 11/15/32 4,027,686
1,000 Westchester Tob Asset Securitization Corp NY 5.000 06/01/26 981,780
500 Yonkers, NY Indl Dev Agy Civic Fac Rev Cmnty Dev Ppty Yonkers Inc Ser A
(Prerefunded @ 02/01/11) 6.625 02/01/26 571,720
------------
84,759,488
------------
NORTH CAROLINA 3.1%
1,000 Charlotte-Mecklenberg Hosp Auth NC Hlthcare Sys Ser A 5.000 01/15/45 1,006,430
8,300 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd) 6.000 01/01/12 9,298,739
7,605 North Carolina Muni Pwr Agy Ser A (MBIA Insd) 5.250 01/01/20 8,205,187
715 University NC Wilmington Rev (AMBAC Insd) 5.250 01/01/19 773,222
------------
19,283,578
------------
OHIO 3.5%
300 Adams Cnty Hosp Fac Impt Rev Proj 6.250 09/01/20 303,645
3,950 Cincinnati, OH City Sch Dist Sch Impt (FSA Insd) 5.250 06/01/18 4,278,048
2,560 Cleveland-Cuyahoga Cnty, OH Dev Port Auth Rev Cleveland Bond Fd Ser B (a) 5.375 05/15/18 2,613,555
1,000 Columbus, OH City Sch Dist Sch Fac Constr & Impt (FSA Insd) 5.250 12/01/21 1,093,980
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj 7.500 01/01/30 1,113,310
2,350 Franklin Cnty, OH Convention Fac Auth Tax & Lease Rev Antic Bds Rfdg (AMBAC Insd) 5.250 12/01/17 2,539,293
1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare 5.375 10/01/30 1,046,920
2,000 Lorain, OH City Sch Dist Classroom Fac Impt (MBIA Insd) 5.250 12/01/20 2,187,820
2,270 Montgomery Cnty, OH Hosp Rev Kettering Med Ctr Impt & Rfdg (MBIA Insd) 6.250 04/01/20 2,751,217
1,250 Ohio St Bldg Auth St Fac Admin Bldg Fd Proj Ser A (FSA Insd) 5.000 04/01/22 1,316,675
2,500 Ohio St Bldg Auth St Fac Adult Correction Ser A Rfdg (FSA Insd) 5.500 10/01/12 2,733,350
------------
21,977,813
------------
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 1,440,694
1,250 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev (FGIC Insd) 5.250 10/01/29 1,344,575
1,115 Oklahoma Hsg Fin Agy Single Family Rev Mtg Class B (AMT) (GNMA Collateralized) 7.997 08/01/18 1,190,987
------------
3,976,256
------------
OREGON 0.9%
4,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd) 5.250 07/01/22 4,301,880
1,500 Oregon St Dept Admin Ser C Rfdg (MBIA Insd) 5.250 11/01/17 1,611,705
------------
5,913,585
------------
PENNSYLVANIA 3.9%
385 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) 5.500 12/01/30 415,457
315 Crawford Cnty, PA Hosp Auth Sr Living Fac Rev Wesbury Utd Methodist Cmnty (a) 5.875 08/15/10 331,245
275 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Ser A Rfdg (a) 5.100 12/15/06 275,930
295 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Ser A Rfdg (a) 5.250 12/15/07 297,649
210 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Ser A Rfdg 5.300 12/15/08 212,520
320 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Ser A Rfdg (a) 5.300 12/15/09 322,438
240 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Ser A Rfdg 5.400 12/15/10 241,363
400 Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj 6.125 02/01/28 418,428
1,000 Pennsylvania St Higher Ed UPMC Hlth Sys Ser A 6.250 01/15/18 1,102,980
2,600 Philadelphia, PA Auth Indl Dev Lease Rev Ser B (FSA Insd) 5.500 10/01/16 2,854,332
1,000 Philadelphia, PA Auth Indl Dev Philadelphia Arpt Sys Proj Ser A (AMT) (FGIC Insd) 5.125 07/01/19 1,043,800
3,200 Philadelphia, PA Gas Wks Rev 1998 Gen Ordinance 4th Ser (FSA Insd) 5.250 08/01/19 3,423,808
4,305 Philadelphia, PA Redev Auth Rev Neighborhood Transformation Ser A (FGIC Insd) 5.250 04/15/11 4,639,628
5,205 Pittsburgh, PA Ser A (AMBAC Insd) 5.500 09/01/17 5,653,411
3,500 State Pub Sch Bldg Auth PA Sch Rev Lease Philadelphia Sch Dist Proj (FSA Insd) 5.000 06/01/33 3,611,370
------------
24,844,359
------------
RHODE ISLAND 0.4%
2,495 Rhode Island St Hlth & Ed Higher Ed Johnson & Wales Rfdg (XLCA Insd) 5.375 04/01/18 2,696,297
------------
SOUTH CAROLINA 2.9%
2,000 Charlston Ed Excellence Fin Corp SC Rev Rols RR II R 471 (Inverse Fltg)
(Acquired 12/06/05, Cost $2,188,640) (c) 7.366 12/01/26 2,236,020
2,000 Rock Hill, SC Util Sys Rev Comb Ser A Impt & Rfdg (FSA Insd) 5.375 01/01/18 2,177,900
475 Rock Hill, SC Util Sys Rev Comb Ser C Rfdg (FSA Insd) 5.125 01/01/13 505,984
1,235 Rock Hill, SC Util Sys Rev Comb Ser C Rfdg (FSA Insd) (a) 5.250 01/01/15 1,321,623
2,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser A (AMBAC Insd) 5.200 11/01/27 2,663,450
9,250 South Carolina Trans Infrastructure Bk Rev Ser A (AMBAC Insd) 5.000 10/01/33 9,567,738
------------
18,472,715
------------
SOUTH DAKOTA 0.3%
1,905 Minnehaha Cnty, SD Ctf Ltd Tax (FSA Insd) (a) 5.000 12/01/19 2,028,101
------------
TENNESSEE 1.2%
400 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg Ser B Impt & Rfdg 8.000 07/01/33 474,504
400 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp Ser B Impt & Rfdg (MBIA Insd) 7.750 07/01/29 492,024
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 4,927,240
1,000 Metropolitan Nashville Arpt Auth TN Impt Ser A Rfdg (FGIC Insd) 6.600 07/01/14 1,140,210
630 Tennessee Hsg Dev Agy Home Ownership Pgm 2-A (AMT) 5.700 07/01/31 634,624
------------
7,668,602
------------
TEXAS 9.6%
1,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp 5.375 01/01/32 1,029,490
2,500 Coastal Bend Hlth Fac Dev, TX Ser C (Inverse Fltg) (Escrowed to Maturity)
(AMBAC Insd) 8.328 11/15/13 3,169,975
2,420 Dallas Cnty, TX Cmnty College Dist Rev Fin Sys (AMBAC Insd) (a) 5.375 02/15/16 2,579,914
1,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A Impt & Rfdg (AMT) (FGIC Insd) 5.500 11/01/31 1,046,230
1,500 Fort Worth, TX Wtr & Swr Rev Impt & Rfdg 5.750 02/15/16 1,631,820
2,000 Harris Cnty, TX Toll Rd Sub Lien Rfdg 5.000 08/01/33 2,046,280
6,000 Harris Cnty-Houston, TX Sports Auth Spl Rev Jr Lien Ser B Rfdg (MBIA Insd) 5.250 11/15/40 6,231,660
1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT) (FSA Insd) 5.625 07/01/30 1,059,140
3,345 Houston, TX Hotel Occupancy Tax Convtn & Entertnmnt Ser B (AMBAC Insd) 5.750 09/01/14 3,689,368
130 Houston, TX Pub Impt & Rfdg (FSA Insd) 5.750 03/01/15 141,679
10,000 Houston, TX Util Sys Rev First Lien Ser A Rfdg (FSA Insd) 5.250 05/15/21 10,789,700
4,000 Houston, TX Util Sys Rev First Lien Ser A Rfdg (FGIC Insd) 5.250 05/15/23 4,301,320
4,825 Lake Dallas, TX Indpt Sch Dist Sch Bldg Rfdg (PSF Gtd) 5.000 08/15/37 4,965,070
3,860 Mabank, TX Indpt Sch Dist (PSF Gtd) 5.125 08/15/35 3,986,454
1,250 Matagorda Cnty, TX Navig Dist No 1 Rev Coll Centerpoint Energy Proj Rfdg
(Variable Rate Coupon) 5.600 03/01/27 1,311,325
1,000 Mesquite, TX Hlth Fac Dev Christian Care Ctr Retirement Fac Ser A
(Prerefunded @ 02/15/10) 7.625 02/15/28 1,155,210
1,800 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj 7.250 01/01/31 1,860,318
1,000 North Central, TX Hlth Fac Dev Hosp Baylor Hlthcare Sys Proj Ser A 5.125 05/15/29 1,018,690
4,000 North Central, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd) 5.250 08/15/32 4,177,200
125 Pecos Cnty, TX Ctf Partn (Acquired 06/23/97, Cost $125,248) (c) 6.000 01/12/08 125,986
3,702 Region One Ed Svc Ctr Sub Tech Fac Proj (Acquired 12/30/97, Cost $3,702,242) (c) 6.590 12/15/17 3,940,259
80 Texas Muni Pwr Agy Rev (Escrowed to Maturity) (MBIA Insd) * 09/01/15 53,917
490 Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (FSA Insd) 5.500 09/01/13 490,853
------------
60,801,858
------------
VERMONT 0.4%
2,300 University VT & ST Agric College (MBIA Insd) 5.000 10/01/40 2,384,640
------------
VIRGINIA 1.4%
1,320 Fairfax Cnty, VA Ctf Partn 5.300 04/15/23 1,411,502
1,340 Richmond, VA (FSA Insd) 5.500 01/15/10 1,444,024
3,290 Tobacco Settlement Fin Corp VA 5.500 06/01/26 3,341,324
2,750 Tobacco Settlement Fin Corp VA 5.625 06/01/37 2,797,685
------------
8,994,535
------------
WASHINGTON 4.2%
5,000 Bellevue, WA Convention Ctr Auth Spl Oblig Rev Rfdg (MBIA Insd) * 02/01/24 2,155,350
3,000 Clark Cnty, WA Pub Util Dist No. 001 Gen Sys Rev Rfdg (FSA Insd) 5.625 01/01/12 3,225,090
5,000 Cowlitz Cnty, WA Spl Swr Rev CSOB Wastewtr Treatment Rfdg (FGIC Insd) 5.500 11/01/19 5,704,350
3,000 Energy Northwest WA Elec Rev Proj No 3 Ser A Rfdg (FSA Insd) 5.500 07/01/18 3,280,410
5,000 King Cnty, WA Ser B Rfdg (MBIA Insd) 5.250 01/01/34 5,178,200
1,660 Pierce Cnty, WA (Prerefunded @ 08/01/10) (AMBAC Insd) (a) 5.750 08/01/16 1,815,857
2,000 Port Seattle, WA Rev Ser B (AMT) (MBIA Insd) 5.625 02/01/24 2,121,220
1,345 Tacoma, WA Elec Sys Rev Ser A Rfdg (FSA Insd) 5.750 01/01/15 1,483,239
1,750 Washington St Pub Pwr Supply Sys Nuclear Proj No 1 Rev (MBIA Insd) 5.750 07/01/12 1,802,518
------------
26,766,234
------------
WEST VIRGINIA 1.0%
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 6,568,340
------------
WISCONSIN 0.9%
5,000 Wisconsin St Hlth & Ed Fac Auth Mercy Hlth Sys Corp (AMBAC Insd) 5.500 08/15/25 5,297,900
400 Wisconsin St Hlth & Ed Fac Auth Rev Beaver Dam Cmnty Hosp Inc Ser A 6.000 08/15/19 419,328
------------
5,717,228
------------
GUAM 1.0%
6,000 Guam Pwr Auth Rev Ser A (AMBAC Insd) 5.250 10/01/34 6,325,380
------------
PUERTO RICO 1.1%
2,000 Puerto Rico Muni Fin Agy Ser A (FSA Insd) 5.250 08/01/20 2,167,440
4,500 Puerto Rico Pub Bldg Auth Rev Govt Fac Ser I (Comwth Gtd) 5.250 07/01/33 4,689,270
------------
6,856,710
------------
TOTAL LONG-TERM INVESTMENTS 149.3%
(Cost $899,804,731) 942,519,323
SHORT-TERM INVESTMENTS 0.8%
(Cost $5,300,000) 5,300,000
------------
TOTAL INVESTMENTS 150.1%
(Cost $905,104,731) 947,819,323
OTHER ASSETS IN EXCESS OF LIABILITIES 1.4% 8,916,637
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (51.5%) (325,261,666)
------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $631,474,294
============
Percentages are calculated as a percentage of net assets
applicable to common shares.
* Zero coupon bond
(a) The Trust owns 100% of the bond issuance.
(b) All or a portion of this security has 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 5.5% 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
inst
(e) Security is a "step-up" bond where the coupon increases or steps
up at a predetermined date.
(f) This borrower has filed for protection in federal bankruptcy
court.
(g) Security purchased on a when-issued or delayed delivery basis.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
Comwth Gtd - Commonwealth of Puerto Rico
FGIC - Financial Guaranty Insurance Co.
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
MBIA - Municipal Bond Investors Assurance Corp.
PSF - Public School Fund
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
Futures contracts outstanding as of January 31, 2006:
SHORT CONTRACTS:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
U.S. Treasury Notes 5-Year Futures March 06
(Current Notional Value of $105,734 per contract) 918 $ 333,486
--------- ---------
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Municipal Trust
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 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: March 22, 2006
By: /s/ Phillip G. Goff
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Name: Phillip G. Goff
Title: Principal Financial Officer
Date: March 22, 2006