Van Kampen Municipal Opportunity Trust-Quarterly Schedule of Portfolio Holdings of Reg'd Management Investment Company (N-Q)

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 811-6567

Van Kampen Municipal Opportunity Trust

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(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York 10036

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(Address of principal executive offices) (Zip code)

Ronald Robison
522 Fifth Avenue, New York, New York 10036

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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: 1/31/08

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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 OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS - JANUARY 31, 2008 (UNAUDITED)

PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE ------- ----------- ------ -------- ------------- MUNICIPAL BONDS 193.2% ALABAMA 5.2% $ 1,000 Alabama Bldg Renovation Fin Auth Rev Rfdg (AMBAC Insd)............. 5.625% 09/01/24 $ 1,051,350 4,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Inc Ser A............. 5.000 11/15/30 3,647,280 1,600 Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj................................... 5.500 01/01/43 1,415,952 1,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A............................... 5.000 01/01/24 1,039,630 2,255 Marshall Cnty, AL Hlthcare Ser C.......... 6.000 01/01/32 2,343,644 5 Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg....................... 6.950 01/01/20 465 2,000 Montgomery Cnty, AL Pub Bldg Auth Rev Wt Fac Proj (MBIA Insd).................................. 5.000 03/01/31 2,063,640 14,850 University of AL at Birmingham Hosp Rev Ser A (MBIA Insd)............. 5.000 09/01/41 14,936,872 ------------- 26,498,833 ------------- ALASKA 0.5% 3,000 Northern Tob Sec Corp AK Tob Settlement Rev Asset Bkd Ser A...................................... 5.000 06/01/46 2,526,300 ------------- ARIZONA 4.6% 1,425 Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj................ 6.250 09/01/32 1,453,457 3,000 Goodyear, AZ Mcdowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd).................................. 5.250 01/01/32 3,058,710 1,500 Maricopa Cnty, AZ Stad Dist Rfdg (AMBAC Insd)........................... 5.375 06/01/19 1,623,075 2,100 Pima Cnty, AZ Indl Dev Auth Global Wtr Resh LLC Proj (AMT).................................. 6.550 12/01/37 2,054,808

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370 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Rfdg Ser A (FSA Insd)........... 7.250 07/15/10 382,029 1,000 Salt Verde Fin Corp Gas Rev AZ Sr..................................... 5.250 12/01/20 1,041,410 14,840 University of AZ Med Ctr Corp............. 5.000 07/01/35 14,209,894 ------------- 23,823,383 ------------- CALIFORNIA 18.5% 625 Aliso Viejo, CA Cmnty Fac Dist Spl Tax No 2005-01 Glenwood at Aliso............................... 6.000 09/01/38 626,544 2,630 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj Ser C (FSA Insd).................. * 09/01/20 1,543,573 2,400 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool Ser A (XLCA Insd)............................ 5.250 09/01/29 2,441,952 1,050 California Cnty, CA Tob Sec Agy Asset Bkd Merced Cnty Rfdg Ser A.................................. 5.125 06/01/38 924,252 2,000 California Cnty, CA Tob Sec Agy Asset Bkd Sonoma Cnty Corp Rfdg................................... 5.125 06/01/38 1,760,480 1,750 California Cnty, CA Tob Sec Agy Asset Bkd Sonoma Cnty Corp Rfdg................................... 5.250 06/01/45 1,551,637 1,800 California Hlth Fac Fin Auth Rev Kaiser Permanente Ser A................ 5.000 04/01/37 1,775,394 4,200 California Hsg Fin Agy Rev Home Mtg Ser G (AMT) (a)............... 4.950 08/01/23 4,209,723 2,800 California Hsg Fin Agy Rev Home Mtg Ser G (AMT) (a)............... 5.050 02/01/29 2,806,482 2,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj Ser B (AMT).............. 5.000 07/01/27 1,856,720 15 California Rural Home Mtg Fin Auth Single Family Mtg Rev Ser C (GNMA Collateralized) (AMT).................................. 7.800 02/01/28 15,334 3,500 California St Pub Wk Brd Lease Rev Dept Corrections Ser C............. 5.250 06/01/28 3,540,915 2,000 California St Pub Wk Brd Lease

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Rev Dept Mental Hlth Coalinga Ser A.................................. 5.000 06/01/25 2,011,180 420 California State (AMBAC Insd)............. 5.125 10/01/27 424,024 7,000 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A............................. 5.000 07/01/39 6,386,730 7,750 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A............................. 5.250 07/01/30 7,545,555 5,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A............................. 5.000 03/01/30 4,956,900 3,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A............................. 5.000 03/01/35 2,919,570 3,600 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B.................................. 5.000 03/01/41 3,536,928 5,200 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B.................................. 5.250 03/01/45 5,226,936 1,000 California Statewide Cmnty Front Porch Cmnty & Svc Ser A (c)............ 5.125 04/01/37 935,440 410 Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Rfdg Third Tier Franciscan Ser C.................. 6.500 12/15/47 389,635 5,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg............ * 01/15/25 1,893,450 4,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Conv Cap Apprec Sr Lien Ser A (b)...................... 7.050 01/01/10 4,354,240 5,000 Golden St Tob Sec Corp CA Tob Settlement Ser A-1..................... 5.750 06/01/47 4,793,400 2,200 Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj................................... 7.000 12/01/27 2,201,276 3,500 Rancho Mirage, CA Jt Pwrs Eisenhower Med Ctr Ser A.................................. 5.000 07/01/47 3,397,870 2,400 Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Ser A-1.................................... 5.375 06/01/38 2,192,952 1,600 Tobacco Sec Auth Northn CA Tob

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Settlement Rev Asset Bkd Ser A-1.................................... 5.500 06/01/45 1,471,216 6,000 Tobacco Sec Auth Southn CA Tob Settlement Ser A-1................. 5.000 06/01/37 5,172,360 12,000 Tobacco Sec Auth Southn CA Tob Settlement Ser A-1................. 5.125 06/01/46 10,406,520 1,600 Turlock, CA Hlth Fac Rev Ctf Partn Emanuel Med Ctr Inc.............. 5.375 10/15/34 1,468,544 ------------- 94,737,732 ------------- COLORADO 4.2% 500 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care Ser A..................... 5.250 07/01/27 448,070 375 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care Ser A..................... 5.300 07/01/37 328,436 3,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A (b).................................. 5.500 03/01/32 3,216,930 2,500 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc.................................... 5.000 12/01/35 2,214,225 3,700 Colorado Hlth Fac Auth Rev Evangelical Lutheran................... 5.000 06/01/35 3,537,866 1,000 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)............... 6.500 11/15/31 1,151,030 645 Colorado Hsg Fin Auth Multi-Family Hsg Ins Mtg Ser B-2 (FHA Gtd) (AMT).................... 5.800 10/01/28 650,257 41 Colorado Hsg Fin Auth Single Family Pgm Sr Ser A-2 (AMT)............ 7.250 05/01/27 42,539 15 Colorado Hsg Fin Auth Single Family Pgm Sr Ser C-1 (AMT)............ 7.550 11/01/27 15,300 530 Highlands Ranch Metro Dist No 2 CO (FSA Insd) (b)...................... 6.500 06/15/11 598,847 470 Highlands Ranch Metro Dist No 2 CO (FSA Insd).......................... 6.500 06/15/11 531,382 955 Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg.......... 5.900 10/01/37 898,541 1,500 Park Creek Metro Dist CO Rev Sr Ltd Tax Ppty Rfdg...................... 5.500 12/01/37 1,456,035 1,500 Salida, CO Hosp Dist Rev.................. 5.250 10/01/36 1,284,195

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3,500 Southlands Metro Dist No 1 CO Rfdg & Impt (Radian Insd).............. 5.250 12/01/34 3,507,735 1,500 University of CO Hosp Auth Rev Ser A.................................. 5.250 11/15/39 1,438,410 ------------- 21,319,798 ------------- CONNECTICUT 1.9% 750 Connecticut St Dev Auth Solid Waste Disp Fac Rev PSEG Pwr LLC Proj Ser A (AMT)............... 5.750 11/01/37 757,830 6,500 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt Ser A (ACA Insd) (AMT)............................ 6.600 07/01/24 6,406,140 1,000 Hartford, CT Pkg Sys Rev Ser A (Prerefunded @ 7/01/10)................ 6.400 07/01/20 1,093,220 1,575 Mashantucket West Pequot Tribe CT Spl Rev Ser A (c)................... 5.500 09/01/36 1,477,066 ------------- 9,734,256 ------------- DISTRICT OF COLUMBIA 2.3% 2,500 District Columbia Rev Gonzaga College (FSA Insd)..................... 5.250 07/01/32 2,655,250 8,850 Metropolitan Washington DC Arpt Auth Sys Ser A (FGIC Insd) (AMT)............ 5.250 10/01/32 8,936,819 ------------- 11,592,069 ------------- FLORIDA 7.4% 1,000 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg................ 5.875 11/15/36 946,530 500 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg................ 5.875 11/15/42 470,245 375 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 1,250 Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc....................... 6.750 01/01/37 1,261,550 460 Escambia Cnty, FL Hlth Auth Rev FL Hlthcare Fac Ln VHA Pgm (AMBAC Insd)........................... 5.950 07/01/20 484,012 2,500 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Sys Ser C.................................. 5.250 11/15/36 2,527,850 1,000 Highlands Cnty, FL Hlth Fac Auth

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Rev Hosp Adventist Hlth Sys Ser D.................................. 5.000 11/15/35 985,150 800 Highlands, FL Cmnty Dev Dist Spl Assmt.................................. 5.550 05/01/36 653,312 1,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys (Prerefunded @ 11/15/12)............... 5.500 11/15/32 1,134,130 2,100 Miami-Dade Cnty, FL Aviation Miami Intl Arpt (FGIC Insd) (AMT)............................ 5.375 10/01/27 2,136,456 2,500 Miami-Dade Cnty, FL Aviation Miami Intl Arpt (FGIC Insd) (AMT).................................. 5.375 10/01/32 2,530,850 600 Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev Ser A................. 6.000 05/01/24 573,282 2,160 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)........... 6.000 01/15/31 2,392,956 215 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)........... 6.000 01/15/31 238,383 1,400 Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower.................................. 5.500 07/01/32 1,262,842 550 Overoaks, FL Cmnty Dev Dist Cap Impt Rev Ser A..................... 6.125 05/01/35 497,634 1,000 Palm Beach Cnty, FL Hlth Fac Auth Rev Waterford Proj................ 5.875 11/15/37 990,870 5,500 Port St Lucie, FL Spl Assmt Rev Southwest Annexation Dist 1-B (MBIA Insd)............................ 5.000 07/01/40 5,438,785 500 Reunion East Cmnty Dev Dist FL Spl Assmt.............................. 5.800 05/01/36 430,035 750 Seminole Tribe, FL Spl Oblig Rev Ser A (c).............................. 5.750 10/01/22 761,880 900 Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev Ser A.................... 5.875 05/01/35 779,868 7,510 South Miami, FL Health Fac Auth Hosp Rev Baptist Health So FL Grp (a)................................ 5.000 08/15/32 7,494,058 1,750 South Vlg Cmnty Dev Dist FL Cap Impt Rev Ser A......................... 5.700 05/01/35 1,489,023 2,100 Tolomato Cmnty Dev Dist FL Spl Assmt.................................. 6.650 05/01/40 2,073,624 ------------- 38,106,549 -------------

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GEORGIA 3.7% 1,000 Atlanta, GA Arpt Rev Ser B (FGIC Insd) (AMT)............................ 5.625 01/01/30 1,029,860 1,053 Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $1,052,972) (e)................... 7.250 06/15/10 1,081,509 7,000 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA Insd)...................... 6.500 01/01/20 8,940,960 3,770 Monroe Cnty, GA Dev Auth Pollutn Ctl Rev Oglethorpe Pwr Corp Scherer Ser A..................... 6.800 01/01/12 4,237,367 2,500 Municipal Elec Auth GA Combustion Turbine Proj Ser A (MBIA Insd)............................ 5.250 11/01/21 2,653,800 1,000 Oconee Cnty, GA Indl Dev Auth Rev Oiit Proj (XLCA Insd).............. 5.250 07/01/25 1,021,920 ------------- 18,965,416 ------------- IDAHO 0.2% 845 Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg......................... 6.125 11/15/27 831,117 ------------- ILLINOIS 16.0% 1,250 Bartlett, IL Tax Increment Rev Rfdg Sr Lien Quarry Redev Proj................................... 5.600 01/01/23 1,246,800 3,750 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd)............................ * 01/01/30 1,137,600 3,150 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg Ser A (MBIA Insd) (AMT)...................... 5.375 01/01/32 3,188,619 10,900 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (a)........................ 5.250 01/01/24 11,260,326 10,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (a)........................ 5.250 01/01/25 10,330,575 6,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (a)........................ 5.250 01/01/26 6,198,345 615 Chicago, IL Pk Dist Ser C (FGIC Insd).................................. 5.500 01/01/19 658,874 5 Chicago, IL Single Family Mtg Rev Ser A (GNMA Collateralized)

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(AMT).................................. 7.000 09/01/27 5,165 4,500 Cook Cnty, IL Cap Impt Ser A (FGIC Insd)............................ 5.000 11/15/23 4,650,165 1,000 Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ......................... 5.500 04/01/37 999,190 6,000 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A (Prerefunded @ 8/15/14)............................. 5.500 08/15/43 6,918,420 3,000 Illinois Fin Auth Rev Osf Hlthcare Sys Ser A.............................. 5.750 11/15/37 3,050,220 2,300 Illinois Fin Auth Rev Rfdg Christian Homes Inc Ser A.............. 5.750 05/15/26 2,171,867 5,500 Illinois Fin Auth Rev Sherman Hlth Sys Ser 2007-A......................... 5.500 08/01/37 5,417,115 1,250 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj Ser A (FGIC Insd)............................ 5.375 12/15/18 1,309,475 2,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj Ser A (FGIC Insd)............................ 5.500 12/15/24 2,086,820 6,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Ser A (MBIA Insd)............................ 5.250 06/15/42 6,156,180 3,000 Pekin, IL Mtg Rev United Auto Workers Inc Proj Ser A (GNMA Collateralized)........................ 5.250 05/20/34 3,032,940 5,000 Regional Tran Auth IL Ser B (AMBAC Insd)........................... 8.000 06/01/17 6,647,950 5,000 University IL Univ Rev Aux Sys Fac Rfdg Ser A (AMBAC Insd)............ 5.000 04/01/30 5,062,400 475 Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)................ 7.000 12/01/42 475,503 ------------- 82,004,549 ------------- INDIANA 4.2% 1,000 Allen Cnty, IN Juvenile Just Ctr First Mtg (AMBAC Insd)................. 5.500 01/01/18 1,085,710 1,000 Indiana Hlth & Ed Fac Fin Cmnty Fndtn Northwest IN..................... 5.500 03/01/37 942,660 2,000 Indiana Hlth Fac Fin Auth Hosp

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Rev Columbus Regl Hosp Rfdg (FSA Insd)............................. 7.000 08/15/15 2,328,440 5,000 Indiana Muni Pwr Agy Pwr Supply Sys Rev Ser A (MBIA Insd).............. 5.000 01/01/42 5,051,750 2,500 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT)............. 5.950 08/01/30 2,529,750 10,000 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Ser D-1 (GNMA Collateralized) (AMT) (a).............................. 4.625 07/01/38 8,974,969 500 Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (c)..................... 5.750 09/01/42 472,475 ------------- 21,385,754 ------------- IOWA 1.4% 1,890 Des Moines, IA Pub Pkg Sys Rev Ser A (FGIC Insd) (f).................. 5.750 06/01/17 2,016,687 500 Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj Ser C...................................... 5.950 08/01/37 474,315 325 Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj................ 6.000 12/01/37 314,892 2,500 Tobacco Settlement Auth IA Rev Asset Bkd Ser C........................ 5.500 06/01/42 2,303,550 2,500 Tobacco Settlement Auth IA Rev Asset Bkd Ser C........................ 5.625 06/01/46 2,343,775 ------------- 7,453,219 ------------- KANSAS 0.9% 1,250 Labette Cnty, KS Hosp Rev Impt Rfdg Ser A............................. 5.750 09/01/29 1,246,100 1,600 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser A...................................... 5.000 05/15/24 1,453,568 1,600 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser A...................................... 5.000 05/15/36 1,375,536 375 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser B...................................... 5.125 05/15/37 324,881 ------------- 4,400,085 -------------

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KENTUCKY 2.4% 300 Kentucky Hsg Corp Hsg Rev Ser F (FNMA Collateralized) (AMT).......... 5.450 01/01/32 302,652 7,785 Louisville & Jefferson Cntys, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc (a)....................... 5.250 10/01/36 7,722,762 4,500 Louisville & Jefferson Cntys, KY Metro Govt Indl Bldg Rev Sisters of Mercy Cincinnati............ 5.000 10/01/35 4,391,010 ------------- 12,416,424 ------------- LOUISIANA 3.6% 5,000 Lafayette, LA Util Rev (MBIA Insd)........ 5.250 11/01/23 5,296,400 1,000 Lakeshore Vlgs Master Cmnty Dev Dist LA Spl Assmt.................. 5.250 07/01/17 908,730 60 Louisiana Hsg Fin Agy Mtg Rev Single Family Access Pgm Ser B (GNMA Collateralized) (AMT).................................. 8.000 03/01/25 61,378 1,940 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg Ser A (GNMA Collateralized) (AMT).................. 5.375 10/20/39 1,954,434 3,000 Louisiana St Energy & Pwr Auth Pwr Proj Rev Rfdg (FSA Insd)........... 5.750 01/01/12 3,334,890 7,000 Louisiana St Gas & Fuels Tax Rev Ser A (FGIC Insd) (a).................. 5.000 05/01/41 7,039,410 ------------- 18,595,242 ------------- MARYLAND 2.6% 2,000 Baltimore, MD Convention Ctr Hotel Rev Sr Ser A (XLCA Insd)......... 5.250 09/01/24 2,003,320 775 Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A................ 5.125 01/01/36 717,642 2,900 Maryland St Cmnty Dev Admin Dev Ser H (AMT)........................ 5.100 09/01/37 2,862,793 2,050 Maryland St Econ Dev Corp Student Hsg Rev Univ MD College Pk Proj Rfdg (Prerefunded @ 06/01/13)............... 5.625 06/01/35 2,345,897 2,000 Maryland St Hlth & Higher Ed Fac Auth Rev Medstar Hlth Rfdg............. 5.375 08/15/24 2,045,260 2,750 Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr Ser A........... 5.500 07/01/42 2,715,543 600 Prince Georges Cnty, MD Spl

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Oblig Natl Harbor Proj................. 5.200 07/01/34 526,350 ------------- 13,216,805 ------------- MASSACHUSETTS 4.1% 3,955 Massachusetts Bay Trans Auth Gen Trans Sys Rfdg Ser A............... 5.500 03/01/12 4,208,476 400 Massachusetts St Dev Fin Agy Linden Ponds Inc Fac Ser A............. 5.750 11/15/35 370,036 475 Massachusetts St Dev Fin Agy Linden Ponds Inc Fac Ser A...................................... 5.750 11/15/42 431,181 4,800 Massachusetts St Dev Fin Agy Rev College Pharmacy & Allied Hlth Ser D (AGL Insd).................. 5.000 07/01/35 4,905,696 3,000 Massachusetts St Dev Fin Agy Semass Sys Ser A (MBIA Insd).................................. 5.625 01/01/16 3,305,040 965 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 37,202 965 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr Ser A.................................. 6.000 10/01/23 965,376 6,050 Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue Ser D.................................. 5.000 07/01/33 5,533,996 ------------- 20,833,441 ------------- MICHIGAN 1.3% 3,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A........................ 6.250 07/01/40 3,141,870 3,750 Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr Ser A.......... 6.000 06/01/48 3,690,825 ------------- 6,832,695 ------------- MINNESOTA 2.8% 10 Chaska, MN Elec Rev Ser A................. 6.100 10/01/30 10,532 990 Chaska, MN Elec Rev Ser A (Prerefunded @ 10/01/10)............... 6.100 10/01/30 1,081,486 425 Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj..................... 6.000 08/01/42 420,720 1,000 Meeker Cnty, MN Gross Rev

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Hosp Fac Mem Hosp Proj................. 5.750 11/01/27 983,680 175 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks................................... 6.000 10/01/27 175,236 550 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks................................... 6.000 10/01/33 542,157 175 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks................................... 6.125 10/01/39 174,134 1,800 Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlthpartners Oblig Grp Proj......................... 5.250 05/15/36 1,729,422 2,200 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj................ 6.000 11/15/30 2,217,446 2,900 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj................ 6.000 11/15/35 2,914,906 3,875 Saint Paul, MN Port Auth Lease Rev Office Bldg at Cedar Str (f)....... 5.250 12/01/19 4,269,553 ------------- 14,519,272 ------------- MISSOURI 4.4% 1,800 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc (Prerefunded @ 6/01/12)................ 5.500 06/01/22 2,003,796 350 Cape Girardeau Cnty, MO Indl Southeast MO Hosp Assoc................ 5.500 06/01/22 355,015 1,000 Cass Cnty, MO Hosp Rev.................... 5.625 05/01/38 977,170 850 Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg Ser A.................. 5.500 09/01/18 853,001 1,375 Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran Ser A...................................... 5.375 02/01/35 1,379,771 3,000 Sikeston, MO Elec Rev Rfdg (MBIA Insd)............................ 6.200 06/01/10 3,133,380 5,500 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMBAC Insd) (AMT) (a)........................ 4.550 07/01/29 4,982,890 6,650 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMBAC

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Insd) (AMT) (a)........................ 4.600 07/01/36 6,024,768 615 St Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev St Andrews Res For Sr Ser A....................... 6.375 12/01/30 616,267 1,450 St Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev St Andrews Res For Sr Ser A....................... 6.375 12/01/41 1,445,839 575 St Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Rfdg Loughborough Com Redev.................................. 5.750 11/01/27 570,584 ------------- 22,342,481 ------------- NEBRASKA 2.8% 5,000 Omaha, NE Pub Pwr Dist Elec Rev Sys Ser A.......................... 5.000 02/01/39 5,105,150 9,175 Omaha, NE Pub Pwr Dist Elec Rev Sys Ser AA (FGIC Insd) (a).............................. 4.500 02/01/34 9,281,054 ------------- 14,386,204 ------------- NEVADA 2.6% 6,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMBAC Insd) (AMT)..................... 5.250 07/01/34 6,028,920 2,800 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (FGIC Insd) (AMT)...................... 4.750 09/01/36 2,653,280 4,750 Reno, NV Hosp Rev Renown Regl Med Ctr Proj Ser A (a)............ 5.250 06/01/37 4,655,466 ------------- 13,337,666 ------------- NEW HAMPSHIRE 0.4% 1,155 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch................ 7.000 07/01/30 1,209,216 1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT).................................. 6.300 05/01/22 1,021,650 ------------- 2,230,866 ------------- NEW JERSEY 17.6% 375 Burlington Cnty, NJ Bridge Commn Econ Dev Rev The Evergreens Proj................................... 5.625 01/01/38 351,349 2,700 New Jersey Econ Dev Auth Rev

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Cig Tax................................ 5.750 06/15/29 2,690,901 3,025 New Jersey Econ Dev Auth Rev Cig Tax................................ 5.750 06/15/34 3,014,987 30,000 New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd).................................. 5.900 03/15/21 35,682,600 8,000 New Jersey Econ Dev Auth Wtr Fac Rev NJ Amer Wtr Co Inc Proj Ser A (FGIC Insd) (AMT)........... 6.875 11/01/34 8,136,320 2,400 New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp..................... 5.000 07/01/36 2,191,512 1,350 New Jersey Hlthcare Fac Fin Auth Rev St Peters Univ Hosp Oblig.......... 5.750 07/01/37 1,362,028 42,750 Tobacco Settlement Fin Corp NJ Ser 1A (a)............................. 5.000 06/01/41 36,829,308 ------------- 90,259,005 ------------- NEW MEXICO 0.7% 2,020 University NM Univ Rev Sub Lien Rfdg Ser A (f)......................... 5.250 06/01/20 2,181,560 1,125 University NM Univ Rev Sub Lien Rfdg Ser A............................. 5.250 06/01/21 1,214,977 ------------- 3,396,537 ------------- NEW YORK 12.1% 11,000 New York City Hsg Dev Corp Multi-Family Rent Hsg Rev Progress of Peoples Dev Ser B (FNMA Collateralized) (AMT)............ 4.950 05/15/36 10,697,280 1,255 New York City Indl Dev Civic YMCA Gtr NY Proj....................... 5.800 08/01/16 1,310,986 2,325 New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj Ser B............................. 6.750 03/01/15 2,426,440 2,525 New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm Ser A (FSA Insd)....................... 5.500 05/15/25 2,579,515 1,625 New York St Dorm Auth Lease Rev St Univ Dorm Fac Ser A (Prerefunded @ 7/01/10)................ 6.000 07/01/14 1,782,300 3,100 New York St Dorm Auth Rev City Univ Sys Cons Ser A.................... 5.625 07/01/16 3,522,344 2,600 New York St Dorm Auth Rev Cons City Univ Sys Second Gen Ser A...................................... 5.750 07/01/13 2,855,736

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2,040 New York St Dorm Auth Rev Secd Hosp Gen Hosp Rfdg..................... 5.750 02/15/18 2,251,324 775 New York St Dorm Auth Rev Ser B...................................... 7.500 05/15/11 858,607 650 New York St Dorm Auth Rev Ser B (Prerefunded @ 5/15/10).............. 7.500 05/15/11 706,322 320 New York St Dorm Auth Rev St Supported Debt Mental Hlth Ser B (f).................................. 5.750 08/15/11 323,654 5,000 New York St Dorm Auth Rev St Univ Ed Fac Ser A...................... 5.500 05/15/08 5,049,100 1,500 New York St Dorm Auth Rev Upstate Cmnty Colleges Ser B........... 5.250 07/01/20 1,621,890 1,000 New York St Dorm Auth Rev Upstate Cmnty Colleges Ser B........... 5.250 07/01/21 1,074,780 985 New York St Mtg Agy Rev Homeowner Mtg Ser 82 (AMT)............. 5.650 04/01/30 1,041,963 3,535 New York St Mtg Agy Rev Ser 101 (AMT).......................... 5.400 04/01/32 3,566,249 15,000 Port Auth NY & NJ Cons Ser 144 (a)................................ 5.000 10/01/35 15,494,326 4,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)...................... 5.750 12/01/22 4,085,200 575 Seneca Nation Indians Cap Impt Auth NY Spl Oblig Ser A (c)............ 5.000 12/01/23 529,679 ------------- 61,777,695 ------------- NORTH CAROLINA 8.1% 1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev Ser D.................. 6.700 01/01/19 1,582,290 10,880 North Carolina Med Care Commn Hlth Sys Rev Mission Hlth Combined Group (a)..................... 5.000 10/01/36 10,891,642 1,000 North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj Ser A................ 5.750 10/01/37 979,700 22,000 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd).................................. 6.000 01/01/12 24,632,740 3,000 North Carolina Muni Pwr Agy Ser A (MBIA Insd).......................... 5.250 01/01/19 3,217,650 ------------- 41,304,022 -------------

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NORTH DAKOTA 0.2% 565 North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm Home Mtg Fin Ser B (MBIA Insd) (AMT).................... 5.500 07/01/29 577,131 240 North Dakota St Hsg Fin Agy Ser C (AMT)................................ 5.550 07/01/29 242,539 ------------- 819,670 ------------- OHIO 2.7% 6,600 Buckeye OH Tob Settlement Fin Auth Asset Bkd Sr Turbo Ser A-2.................................... 5.750 06/01/34 6,361,212 1,000 Cleveland, OH Muni Sch Dist (FSA Insd)............................. 5.250 12/01/24 1,087,750 400 Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care Ser A................. 5.750 05/15/27 380,728 1,500 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj.................... 7.500 01/01/30 1,622,340 2,450 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Impt & Rfdg Ser A.................................. 5.250 10/01/33 2,487,583 2,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare...................... 5.375 10/01/30 2,039,480 ------------- 13,979,093 ------------- OKLAHOMA 3.2% 1,375 Chickasaw Nation OK Hlth Sys (c)................................ 6.250 12/01/32 1,417,419 3,410 Jenks, OK Aquarium Auth Rev Rfdg (MBIA Insd) (f)................... 5.250 07/01/24 3,642,494 1,475 Jenks, OK Aquarium Auth Rev Rfdg (MBIA Insd)....................... 5.250 07/01/33 1,548,352 3,970 McAlester, OK Pub Wk Auth Util Cap Apprec (FSA Insd).................. * 02/01/34 1,116,245 2,250 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev (FGIC Insd).............. 5.250 10/01/29 2,352,307 1,065 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (f)............ 5.500 06/01/17 1,170,478 1,120 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (f)............ 5.500 06/01/18 1,215,614 1,185 Oklahoma Dev Fin Auth Lease

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Rev OK Council Law Enforcement (MBIA Insd) (f)............ 5.500 06/01/19 1,286,163 2,250 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) (Prerefunded @ 11/01/09)............... 6.250 11/01/22 2,452,703 ------------- 16,201,775 ------------- OREGON 2.1% 5,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd)...................... 5.250 07/01/22 5,290,000 5,000 Oregon St Dept Admin Rfdg Ser C (MBIA Insd).......................... 5.250 11/01/18 5,357,800 ------------- 10,647,800 ------------- PENNSYLVANIA 7.3% 875 Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Cont Care................................... 6.250 02/01/35 872,734 950 Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy Ser B (AMT)............................ 6.750 12/01/36 973,674 16,755 Pennsylvania St Pub Sch Bldg Auth Lease Rev Sch Dist Ser B (a).............................. 4.500 06/01/32 16,717,793 10,165 Philadelphia, PA Hosp & Higher Ed Fac Auth Hosp Rev Childrens Hosp Ser A (a)............... 4.500 07/01/37 9,873,482 3,000 Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev Ser A (AMBAC Insd) (AMT)..................... 5.375 01/01/21 3,106,350 5,415 Susquehanna Area Regl Arpt Auth PA Ser A (AMBAC Insd) (AMT) (f).............................. 5.375 01/01/22 5,587,468 ------------- 37,131,501 ------------- SOUTH CAROLINA 5.2% 2,500 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a)...................... 5.250 12/01/25 2,596,138 7,500 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a)...................... 5.250 12/01/26 7,788,412 2,000 Laurens Cnty, SC Sch Dist No 55 Installment Pur Rev.................... 5.250 12/01/30 1,951,780 1,000 South Carolina Jobs Econ Dev

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Auth Hlth Fac Rev First Mtg Wesley Com Rfdg........................ 5.300 10/01/36 868,590 1,840 South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg Ser A............... 6.250 08/01/31 1,904,290 5,000 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser A (AMBAC Insd)................ 5.200 11/01/27 5,224,800 3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser B (AMBAC Insd) (AMT).................................. 5.450 11/01/32 3,843,675 725 South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj Ser A............................. 6.000 11/15/27 710,942 1,650 South Carolina Jobs Econ First Mtg Lutheran Homes Rfdg................ 5.375 05/01/21 1,562,979 ------------- 26,451,606 ------------- SOUTH DAKOTA 2.2% 1,375 Deadwood, SD Ctf Partn (ACA Insd).................................. 6.375 11/01/20 1,454,241 8,060 South Dakota Hsg Dev Auth Homeownership Mtg Ser E (a).................................... 4.625 05/01/36 7,371,675 2,500 South Dakota St Hlth & Ed Fac Auth Rev Sioux Vly Hosp & Hlth Sys A.................................. 5.250 11/01/34 2,527,375 ------------- 11,353,291 ------------- TENNESSEE 2.6% 1,750 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg Ser A........................ 5.125 10/01/35 1,582,507 2,000 Elizabethton, TN Hlth & Ed Fac Brd Rev Impt Hosp First Mtg Rfdg Ser B (Prerefunded @ 7/01/12)............................... 8.000 07/01/33 2,477,960 1,500 Elizabethton, TN Hlth & Ed Fac Brd Rev Rfdg Impt Hosp Ser B (MBIA Insd) (Prerefunded @ 7/01/12)............................... 7.750 07/01/29 1,760,685 1,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg Ser A (MBIA Insd)

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(Prerefunded @ 7/01/12)................ 7.500 07/01/25 1,179,000 5,000 Tennessee Energy Acquisition Corp Gas Rev Ser A..................... 5.250 09/01/21 5,167,850 1,000 Tennessee Energy Acquisition Corp Gas Rev Ser A..................... 5.250 09/01/24 1,006,020 ------------- 13,174,022 ------------- TEXAS 16.5% 2,350 Austin, TX Ctf Oblig (MBIA Insd) (f).............................. 5.375 09/01/20 2,543,828 755 Dallas Cnty, TX Flood Ctl Dist Rfdg................................... 6.750 04/01/16 784,845 5,500 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg Ser A (FGIC Insd) (AMT)............................ 5.500 11/01/31 5,588,220 4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A (FGIC Insd) (AMT).................................. 5.750 11/01/30 4,096,120 8,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A (FSA Insd) (AMT).......... 5.500 11/01/21 8,473,440 2,000 Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Mem Hermann Hlthcare Ser A (Prerefunded @ 6/01/11)............................... 6.375 06/01/29 2,256,600 2,000 Houston, TX Arpt Sys Rev Sub Lien (FSA Insd)........................ 5.500 07/01/20 2,184,120 10,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA Insd) (AMT)............ 5.125 07/01/32 10,060,400 3,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA Insd) (AMT)............ 5.625 07/01/30 3,086,370 12,000 Houston, TX Util Sys Rev First Lien Rfdg Ser A (FSA Insd)............. 5.250 05/15/21 13,171,320 4,000 Lower CO Riv Auth TX Transmission Contract Rev LCRA Svc Corp Proj Rfdg (FGIC Insd)............................ 5.000 05/15/33 4,035,280 1,250 Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Memorial Hlth Sys East TX..................................... 5.500 02/15/37 1,200,137 1,000 Matagorda Cnty, TX NAV Dist No 1 Rev Coll Centerpoint Energy Proj Rfdg.............................. 5.600 03/01/27 1,003,710 3,000 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp

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Proj................................... 7.250 01/01/31 3,040,680 10,000 North Cent, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd)........................... 5.250 08/15/32 10,150,800 1,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc.................................... 5.625 11/15/27 920,440 2,600 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc.................................... 5.750 11/15/37 2,355,366 400 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Hom Proj..................... 5.750 02/15/25 379,804 2,000 Texas St Dept Hsg & Cmnty Affairs Mtg Ser B (GNMA Collateralized) (AMT).................. 5.300 09/01/39 2,000,620 5,400 Texas St Tran Commn Mobility Fd (d)................................. 5.000 04/01/28 5,683,338 1,650 Tyler, TX Hlth Fac Dev Corp Hosp Rfdg & Impt East TX Med Ctr Ser A.............................. 5.375 11/01/37 1,572,302 ------------- 84,587,740 ------------- UTAH 0.7% 2,380 Mountain Regl Wtr Spl Svc Dist Rfdg (MBIA Insd)....................... 5.000 12/15/33 2,427,148 700 Utah St Charter Sch Fin Auth Channing Hall Ser A (c)................ 6.000 07/15/37 683,907 730 Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy Ser A.......................... 5.800 06/15/38 711,341 ------------- 3,822,396 ------------- VIRGINIA 0.4% 750 Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig...................... 6.350 09/01/28 750,218 1,500 White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev................. 5.300 03/01/17 1,478,175 ------------- 2,228,393 -------------

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WASHINGTON 9.0% 9,850 Bellevue, WA Convention Ctr Auth Spl Oblig Rev Comp Int Rfdg (MBIA Insd)............................ * 02/01/25 4,361,481 7,500 Chelan Cnty, WA Pub Util Dist No 001 Cons Rev Chelan Hydro Ser A (MBIA Insd) (AMT)................ 5.600 01/01/36 7,799,700 5,000 Energy Northwest WA Elec Rev Columbia Generating Rfdg Ser A (FSA Insd)........................... 5.500 07/01/16 5,487,450 2,500 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser A (FSA Insd).................................. 5.500 07/01/18 2,711,725 5,000 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser B (FSA Insd).................................. 6.000 07/01/16 5,639,200 1,250 Kalispel Tribe Indians Priority Dist Wash Rev............................... 6.625 01/01/28 1,245,113 2,000 Port Seattle, WA Rev Ser B (MBIA Insd) (AMT)...................... 5.625 02/01/24 2,058,120 2,120 Seattle, WA Muni Lt & Pwr Rev............. 5.625 12/01/17 2,286,272 1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp............. 5.750 12/01/28 1,272,912 3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd).................................. 5.250 09/01/33 3,124,260 4,750 Tacoma, WA Elec Sys Rev Rfdg Ser A (FSA Insd)....................... 5.750 01/01/14 5,212,982 1,000 Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj Ser A........................ 5.625 01/01/27 940,120 5,125 Washington St Pub Pwr Supply Sys Nuclear Proj No 3 Rev Rfdg Ser C (MBIA Insd)...................... * 07/01/14 4,096,874 ------------- 46,236,209 ------------- WEST VIRGINIA 0.3% 500 Ohio Cnty, WV Cnty Commn Tax Fort Henry Centre Fin Dist Ser A............................. 5.850 06/01/34 483,990 1,000 Pleasants Cnty, WV Pollutn Ctl Cnty Commn Allegheny Rfdg Ser F.................................. 5.250 10/15/37 991,000 ------------- 1,474,990 -------------

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WISCONSIN 1.7% 1,500 Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg Ser A (MBIA Insd)................. 5.500 12/15/20 1,743,495 4,000 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev Ser A (a).............................. 4.800 03/01/38 3,778,160 3,000 Wisconsin St Hlth & Ed Fac Auth Rev Wheaton Franciscan Svc Rfdg (Prerefunded @ 2/15/12)........... 5.750 08/15/30 3,378,480 ------------- 8,900,135 ------------- WYOMING 0.2% 1,000 University WY Univ Rev Fac Impt (FSA Insd)............................. 5.500 06/01/18 1,076,560 ------------- PUERTO RICO 2.4% 10,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev Rfdg Ser Y (FSA Insd) (g)......................... 6.250 07/01/21 12,166,600 ------------- TOTAL INVESTMENTS 193.2% (Cost $973,635,521).................................................. 989,079,196 LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (29.7%) (Cost ($152,303,000)) (152,303) Notes with interest rates ranging from 2.25% to 4.00% at January 31, 2008 and collateral with contractual maturities ranging from 2024 to 2041 (h)............................................. (152,303,000) ------------- TOTAL NET INVESTMENTS 163.5% (Cost $821,332,521).................................................. 836,776,196 OTHER ASSETS IN EXCESS OF LIABILITIES 3.1%.............................. 15,964,168 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (66.6%).............. (340,819,778) ------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0%........................... $ 511,920,586 -------------

Percentages are calculated as a percentage of net assets applicable to common shares.

* Zero coupon bond

(a) Underlying security related to Inverse Floaters entered into by the Trust.

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(b) Escrowed to Maturity

(c) 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.

(d) Security purchased on a when-issued or delayed delivery basis.

(e) 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 0.2% of net assets applicable to common shares.

(f) The Trust owns 100% of the outstanding bond issuance.

(g) All or a portion of this security has been physically segregated in connection with open futures contracts.

(h) Floating rate notes. The interest rates shown reflect the rates in effect at January 31, 2008.

ACA - American Capital Access AGL - Assured Guaranty Ltd. AMBAC - AMBAC Indemnity Corp. AMT - Alternative Minimum Tax FGIC - Financial Guaranty Insurance Co. FHA - Federal Housing Administration FNMA - Federal National Mortgage Association 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/ FUTURES CONTRACTS CONTRACTS DEPRECIATION ----------------- --------- ------------- SHORT CONTRACTS: U.S. Treasury Bond Futures, March 2008 (Current Notional Value of $119,313 per contract).................................... 490 $(1,379,127) --- -----------

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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.

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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 Opportunity 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