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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Invesco Municipal Opportunity Trust | NYSE:VMO | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.06 | -0.59% | 10.16 | 10.23 | 10.16 | 10.20 | 43,724 | 17:22:16 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6567
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/08
Item 1. Report to Shareholders
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1
under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen Municipal Opportunity Trust performed during the semiannual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the trust's financial statements and a list of trust investments as of April 30, 2008.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
--------------------------------------------------------------------------------------- NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE --------------------------------------------------------------------------------------- NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT --------------------------------------------------------------------------------------- |
Performance Summary as of 4/30/08
MUNICIPAL OPPORTUNITY TRUST SYMBOL: VMO ------------------------------------------------------------ AVERAGE ANNUAL BASED ON BASED ON TOTAL RETURNS NAV MARKET PRICE Since Inception (4/24/92) 6.72% 6.62% 10-year 5.38 6.18 5-year 2.99 3.43 1-year -7.90 -5.69 6-month -4.95 1.76 ------------------------------------------------------------ |
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISER. INVESTMENT RETURNS, NET ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. Total return assumes an investment at the beginning of the period, reinvestment of all distributions for the period in accordance with the trust's dividend reinvestment plan, and sale of all shares at the end of the period. The Trust's adviser has waived or reimbursed fees and expenses from time to time. Absent such waivers/reimbursements the trust's returns would have been lower.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite of municipal bonds. The Index does not include any expenses, fees or sales charges, which would lower performance. The Index is unmanaged and should not be considered an investment. It is not possible to invest directly in an index.
Trust Report
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
MARKET CONDITIONS
The financial markets experienced significant volatility throughout the six-month reporting period as many large banks and financial firms began writing down mortgage-related losses, and liquidity and credit availability became even more restricted. At the same time, the pace of economic growth began to slow, with gross domestic product (GDP) growth measuring an anemic 0.6 percent for the fourth quarter of 2007. As weaker economic data was released in the first quarter of 2008, fears of recession grew and consumer confidence waned, prompting investors to continue to seek out the relative safety of high-quality Treasury securities over other sectors of the fixed income market.
The municipal bond market faced additional headwinds as various monoline bond insurers experienced credit rating downgrades, which caused spreads to widen, and the auction rate and variable rate markets deteriorated. As a result, the municipal market underperformed Treasuries for the overall period, with municipal bond prices reaching historically attractive levels relative to Treasury bonds in the first quarter of 2008. While yields on short-dated municipal securities declined, yields on intermediate- and long-dated securities rose, leading to the steepest yield curve in the past four years as the spread between one-year and 30-year maturities reached 343 basis points. After a record year for new municipal bond issuance in 2007, the amount of new issues coming to market in the first four months of 2008 declined by roughly nine percent versus the same period one year earlier due in part to a drop in refunding issuance.
The Federal Reserve (the "Fed") took various steps to ease the liquidity crisis and boost the economy during the period. Not only did the Federal Open Market Committee reduce the target federal funds rate from 4.50 percent to 2.00 percent by the end of the period, but in an unprecedented move, the Fed granted primary Treasury dealers (mostly brokerage firms) access to its discount window and loosened its collateral requirements, extending loans of Treasury securities in exchange for lower quality, less liquid securities. Finally, in the biggest headline event, the Fed arranged and supported JPMorgan Chase's purchase of Bear Stearns, which was viewed by many as necessary to avoid serious market repercussions had the firm failed.
PERFORMANCE ANALYSIS
The Trust's return can be calculated based upon either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the value of the Trust's portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding, while market price reflects the supply and demand for the shares. As a result, the two returns can differ, as they did during the reporting period. On an NAV basis, the Trust underperformed its benchmark index, the Lehman Brothers Municipal Bond Index. On a market price basis, the Trust outperformed its benchmark.
TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
------------------------------------------------------------ LEHMAN BROTHERS BASED ON MARKET MUNICIPAL BASED ON NAV PRICE BOND INDEX -4.95% 1.76% 1.47% ------------------------------------------------------------ |
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment return, net asset value and common share market price will fluctuate and Trust shares, when sold, may be worth more or less than their original cost. See Performance Summary for additional performance information and index definition.
Although the municipal market rebounded in the last two months of the reporting period and outperformed Treasuries, it was an extremely difficult period overall, particularly for higher-yielding, lower-rated bonds as the flight to quality put considerable pressure on prices. The Trust maintained an allocation to non-rated bonds throughout the reporting period whereas the Lehman Brothers Municipal Bond Index contains only investment-grade issues. As such, the Trust's overweight to non-rated, higher-yielding securities was a contributor to its relative underperformance. Holdings in BBB rated bonds, particularly within the health care and tobacco sectors, also tempered returns.
The Trust's yield curve positioning also hindered performance, as it was overweighted on the long end of the municipal yield curve, which underperformed the shorter end of the curve. The negative impact was amplified by holdings in longer-maturity inverse floating-rate securities,* which are highly sensitive to interest rate changes. However, these securities did serve to enhance the Trust's income and diversification during the period. Additionally, the emphasis on the long end of the curve led to a longer duration (a measure of interest-rate sensitivity) for the Trust, which we reduced somewhat through the use of a Treasury futures hedge. However, the Trust still maintained a slightly longer duration than that of the Lehman Brothers Municipal Bond Index, which detracted from performance as rates on the
*An inverse floating-rate security, or "inverse floater", is a variable rate security whose coupon rate changes in the opposite direction from the change in the reference rate used to calculate the coupon rate.
intermediate and long end of the curve rose. At the same time, the Treasury market rally hurt the performance of the hedge.
Conversely, an overweight to pre-refunded bonds was additive to performance. These are high-quality, shorter-maturity issues which benefited as short-term rates declined during the period. The Trust's overweight to higher-yielding municipal auction rate securities (ARS) with low durations was also beneficial to performance.
The Trustees have approved a procedure whereby the trust may, when appropriate, repurchase its shares in the open market or in privately negotiated transactions at a price not above market value or NAV, whichever is lower at the time of purchase. This may help support the market value of the trust's shares.
There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Trust in the future.
RATINGS ALLOCATION AS OF 4/30/08 AAA/Aaa 48.9% AA/Aa 16.5 A/A 9.7 BBB/Baa 16.6 BB/Ba 1.2 Non-Rated 7.1 TOP 5 SECTORS AS OF 4/30/08 Hospital 22.9% Airports 9.6 General Purpose 7.3 Master Tobacco Settlement 7.2 Wholesale Electric 6.3 SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08 Texas 9.9% California 9.9 Illinois 8.4 New Jersey 8.3 Florida 7.1 New York 6.1 Washington 4.4 North Carolina 3.6 South Carolina 3.2 Pennsylvania 2.6 Ohio 2.2 Colorado 2.2 Arizona 2.2 District of Columbia 2.2 Louisiana 2.1 Georgia 2.1 Missouri 2.1 Massachusetts 2.0 Alabama 1.7 Indiana 1.5 Iowa 1.5 Nevada 1.4 Oklahoma 1.4 Kentucky 1.2 Puerto Rico 1.2 Tennessee 1.2 Wisconsin 1.1 South Dakota 1.1 Minnesota 1.0 Connecticut 0.9 Maryland 0.9 Michigan 0.8 Kansas 0.6 Oregon 0.4 Utah 0.4 Alaska 0.2 |
(continued on next page) |
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08 (continued from previous page) New Hampshire 0.2 Virginia 0.2 West Virginia 0.1 New Mexico 0.1 Wyoming 0.1 North Dakota 0.1 Idaho 0.1 ----- Total Investments 100.0% |
Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the sectors shown above. Ratings and summary of investments by state classification are as a percentage of total investments. Sectors are as a percentage of total long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor's and Moody's, respectively.
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the trust's second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to fund shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each fund files a complete schedule of portfolio holdings with the SEC for the trust's first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site, http://www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC at 1-800 SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting Van Kampen Client Relations at 1-800 341-2929.
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the Trust's Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 341-2929 or by visiting our Web site at www.vankampen.com. It is also available on the Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 without charge by visiting our Web site at www.vankampen.com. This information is also available on the Securities and Exchange Commission's Web site at http://www.sec.gov.
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED)
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- MUNICIPAL BONDS 211.4% ALABAMA 3.5% $ 1,000 Alabama Bldg Renovation Fin Auth Rev Rfdg (AMBAC Insd).................................. 5.625% 09/01/24 $ 1,044,260 1,975 Bessemer, AL Governmental Util Svcs Corp Wtr Supply Rev Rfdg Ser A (AGL Insd) (a).......... 5.000 06/01/39 1,972,432 4,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Inc Ser A........... 5.000 11/15/30 3,482,360 4,800 Healthcare Auth for Baptist Hlth AL Ser B (AGL Insd) (b) (c)................................. 5.330 11/15/37 4,800,000 1,600 Huntsville-Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj........................ 5.500 01/01/43 1,335,968 2,255 Marshall Cnty, AL Hlthcare Ser C.............. 6.000 01/01/32 2,311,849 5 Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg................ 6.950 01/01/20 461 2,000 Montgomery Cnty, AL Pub Bldg Auth Rev Wt Fac Proj (MBIA Insd).............................. 5.000 03/01/31 2,046,720 ------------- 16,994,050 ------------- ALASKA 0.5% 3,000 Northern Tob Sec Corp AK Tob Settlement Rev Asset Bkd Ser A............................... 5.000 06/01/46 2,344,050 ------------- ARIZONA 4.7% 1,425 Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj..................................... 6.250 09/01/32 1,433,992 3,000 Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd)........................ 5.250 01/01/32 3,056,250 1,500 Maricopa Cnty, AZ Stad Dist Rfdg (AMBAC Insd)......................................... 5.375 06/01/19 1,586,550 2,100 Pima Cnty, AZ Indl Dev Auth Global Wtr Resh LLC Proj (AMT)................................ 6.550 12/01/37 1,956,087 370 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Rfdg Ser A (FSA Insd)......................................... 7.250 07/15/10 381,673 1,000 Salt Verde Fin Corp Gas Rev AZ Sr............. 5.250 12/01/20 1,003,980 14,840 University of AZ Med Ctr Corp................. 5.000 07/01/35 13,262,063 ------------- 22,680,595 ------------- CALIFORNIA 20.9% 625 Aliso Viejo, CA Cmnty Fac Dist Spl Tax No 2005-01 Glenwood at Aliso..................... 6.000 09/01/38 615,331 2,630 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj Ser C (FSA Insd)............ * 09/01/20 1,440,504 7,925 Anaheim, CA Redev Agy Tax Alloc Rfdg Merged Redev Proj Area Ser A (FSA Insd) (d).......... 5.000 02/01/31 8,134,100 2,400 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool Ser A (XLCA Insd)........................ 5.250 09/01/29 2,401,104 |
8 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 1,050 California Cnty, CA Tob Sec Agy Asset Bkd Merced Cnty Rfdg Ser A........................ 5.125% 06/01/38 $ 877,044 1,750 California Cnty, CA Tob Sec Agy Asset Bkd Sonoma Cnty Corp Rfdg......................... 5.250 06/01/45 1,451,030 4,200 California Hsg Fin Agy Rev Home Mtg Ser G (AMT) (d)..................................... 4.950 08/01/23 4,065,138 2,800 California Hsg Fin Agy Rev Home Mtg Ser G (AMT) (d)..................................... 5.050 02/01/29 2,710,092 2,900 California Infrastructure & Econ Dev Bk Rev San Francisco Ballet Assn (FGIC Insd) (b) (c)........................................... 8.000 07/01/36 2,900,000 2,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj Ser B (AMT)...... 5.000 07/01/27 1,693,100 15 California Rural Home Mtg Fin Auth Single Family Mtg Rev Ser C (GNMA Collateralized) (AMT)......................................... 7.800 02/01/28 15,337 420 California St (AMBAC Insd).................... 5.125 10/01/27 422,201 725 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (a)............................... 5.000 12/01/24 767,978 900 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (a)............................... 5.000 12/01/25 949,572 900 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (a)............................... 5.000 12/01/26 945,819 525 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (a)............................... 5.000 12/01/27 549,544 900 California St Dept Wtr Res Wtr Rev Cent Vy Proj Ser AE (a)............................... 5.000 12/01/28 938,349 3,500 California St Pub Wk Brd Lease Rev Dept Corrections Ser C............................. 5.250 06/01/28 3,560,795 2,000 California St Pub Wk Brd Lease Rev Dept Mental Hlth Coalinga Ser A........................... 5.000 06/01/25 2,018,700 7,000 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A............... 5.000 07/01/39 6,026,300 7,750 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A............... 5.250 07/01/30 7,175,880 5,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A...................... 5.000 03/01/30 4,800,700 3,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A...................... 5.000 03/01/35 2,826,690 3,000 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B.............................. 5.000 03/01/41 2,882,970 3,100 California Statewide Cmnty Dev Auth Rev Museum of Art Proj Ser C (FGIC Insd) (b) (c)......... 10.000 12/01/34 3,100,000 1,000 California Statewide Cmnty Front Porch Cmnty & Svc Ser A (e)................................. 5.125 04/01/37 895,580 410 Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Rfdg Third Tier Franciscan Ser C.......... 6.500 12/15/47 368,852 |
See Notes to Financial Statements 9
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 5,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg............................... * 01/15/25 $ 1,836,550 4,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Conv Cap Apprec Sr Lien Ser A (f)............. 7.050% 01/01/10 4,307,280 5,000 Golden St Tob Sec Corp CA Tob Settlement Ser A-1........................................... 5.750 06/01/47 4,489,450 400 Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino Ser B (e)....... 5.500 03/01/18 402,472 2,200 Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj.................... 7.000 12/01/27 2,171,686 3,500 Rancho Mirage, CA Jt Pwrs Eisenhower Med Ctr Ser A......................................... 5.000 07/01/47 3,246,460 2,400 Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Ser A-1............................. 5.375 06/01/38 2,081,808 1,600 Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Ser A-1............................. 5.500 06/01/45 1,382,640 6,000 Tobacco Sec Auth Southn CA Tob Settlement Ser A-1........................................... 5.000 06/01/37 4,986,120 12,000 Tobacco Sec Auth Southn CA Tob Settlement Ser A-1........................................... 5.125 06/01/46 9,725,400 1,600 Turlock, CA Hlth Fac Rev Ctf Partn Emanuel Med Ctr Inc....................................... 5.375 10/15/34 1,397,584 ------------- 100,560,160 ------------- COLORADO 4.7% 500 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care Ser A............. 5.250 07/01/27 434,230 375 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care Ser A............. 5.300 07/01/37 308,681 3,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A (f)......................... 5.500 03/01/32 3,177,000 2,400 Colorado Hlth Fac Auth Rev Catholic Hlth Ser C-3 (FSA Insd) (a)............................ 5.100 10/01/41 2,411,208 4,475 Colorado Hlth Fac Auth Rev Catholic Hlth Ser C-5 (FSA Insd) (a)............................ 5.000 09/01/36 4,495,988 2,500 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc..................................... 5.000 12/01/35 2,085,700 3,700 Colorado Hlth Fac Auth Rev Evangelical Lutheran.......................... 5.000 06/01/35 3,382,614 1,000 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)....... 6.500 11/15/31 1,132,980 645 Colorado Hsg Fin Auth Multi-Family Hsg Ins Mtg Ser B-2 (FHA Gtd) (AMT)....................... 5.800 10/01/28 647,135 30 Colorado Hsg Fin Auth Single Family Pgm Sr Ser A-2 (AMT)..................................... 7.250 05/01/27 31,115 |
10 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- COLORADO (CONTINUED) $ 10 Colorado Hsg Fin Auth Single Family Pgm Sr Ser C-1 (AMT)..................................... 7.550% 11/01/27 $ 10,199 530 Highlands Ranch Metro Dist No 2 CO (FSA Insd) (f)........................................... 6.500 06/15/11 590,266 470 Highlands Ranch Metro Dist No 2 CO (FSA Insd).................................... 6.500 06/15/11 522,476 955 Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg.......................... 5.900 10/01/37 850,733 1,500 Salida, CO Hosp Dist Rev...................... 5.250 10/01/36 1,229,235 1,500 University of CO Hosp Auth Rev Ser A.......... 5.250 11/15/39 1,399,575 ------------- 22,709,135 ------------- CONNECTICUT 2.0% 750 Connecticut St Dev Auth Solid Waste Disp Fac Rev PSEG Pwr LLC Proj Ser A (AMT)............. 5.750 11/01/37 734,873 6,500 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt Ser A (ACA Insd) (AMT)................... 6.600 07/01/24 6,397,235 1,000 Hartford, CT Pkg Sys Rev Ser A (Prerefunded @ 7/01/10)...................................... 6.400 07/01/20 1,081,920 1,575 Mashantucket West Pequot Tribe CT Spl Rev Ser A (e)......................................... 5.500 09/01/36 1,397,072 ------------- 9,611,100 ------------- DISTRICT OF COLUMBIA 4.5% 2,500 District Columbia Rev Gonzaga College (FSA Insd)......................................... 5.250 07/01/32 2,577,700 700 District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien Ser A (AGL Insd)................ 5.000 10/01/29 717,696 1,425 District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien Ser A (AGL Insd)................ 5.000 10/01/34 1,452,788 8,000 District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Ser A (FGIC Insd) (d)................ 5.500 10/01/41 8,526,160 8,850 Metropolitan Washington DC Arpt Auth Sys Ser A (FGIC Insd) (AMT)............................. 5.250 10/01/32 8,658,928 ------------- 21,933,272 ------------- FLORIDA 14.9% 1,000 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg................................ 5.875 11/15/36 896,530 500 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg................................ 5.875 11/15/42 444,005 375 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Ser A............................................. 6.000 05/01/38 320,591 250 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub Ser B......................................... 6.200 05/01/38 214,172 1,250 Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc........... 6.750 01/01/37 1,230,388 460 Escambia Cnty, FL Hlth Auth Rev FL Hlthcare Fac Ln VHA Pgm (AMBAC Insd)................... 5.950 07/01/20 485,259 |
See Notes to Financial Statements 11
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 2,540 Florida St Tpk Auth Tpk Rev Rfdg Dept Tran Ser A (d)......................................... 5.000% 07/01/26 $ 2,615,491 2,580 Florida St Tpk Auth Tpk Rev Rfdg Dept Tran Ser A (d)......................................... 5.000 07/01/27 2,656,679 2,805 Florida St Tpk Auth Tpk Rev Rfdg Dept Tran Ser A (d)......................................... 5.000 07/01/28 2,888,367 2,500 Florida St Tpk Auth Tpk Rev Rfdg Dept Tran Ser A (d)......................................... 5.000 07/01/32 2,574,302 3,525 Fort Lauderdale, FL Wtr & Swr Rev............. 5.000 09/01/32 3,611,186 790 Highlands, FL Cmnty Dev Dist Spl Assmt........ 5.550 05/01/36 622,544 900 Hillsborough Cnty, FL Aviation Auth Rev Ser A (AGL Insd) (AMT) (a).......................... 5.375 10/01/33 900,315 2,000 Hillsborough Cnty, FL Aviation Auth Rev Ser A (AGL Insd) (AMT) (a).......................... 5.500 10/01/38 2,018,860 700 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty Rfdg (AMBAC Insd)... 5.000 12/01/34 709,674 775 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec Ser B...................... 5.150 09/01/25 787,036 8,000 Jea, FL Elec Sys Rev Ser 3B (CIFG Insd) (b) (c)........................................... 8.000 10/01/37 8,000,000 1,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys (Prerefunded @ 11/15/12).................. 5.500 11/15/32 1,104,920 680 Main Str Cmnty Dev Dist FL Cap Impt Rev Ser A..................................... 6.800 05/01/38 629,184 400 Main Str Cmnty Dev Dist FL Cap Impt Rev Ser B..................................... 6.900 05/01/17 386,388 2,100 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt AGC-ICC (FGIC Insd) (AMT)................ 5.375 10/01/27 2,109,324 2,500 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt AGC-ICC (FGIC Insd) (AMT)................ 5.375 10/01/32 2,500,375 2,700 Miami-Dade Cnty, FL Hlth Fac Auth Hosp Rev Miami Childrens Hosp Proj B3 (MBIA Insd) (b) (c)........................... 6.000 08/01/34 2,700,000 595 Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev Ser A......................................... 6.000 05/01/24 552,559 2,160 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)....................... 6.000 01/15/31 2,364,163 215 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)....................... 6.000 01/15/31 235,500 3,100 North Broward, FL Hosp Dist Rev Rfdg Ser B (CIFG Insd) (b) (c)........................... 7.750 01/15/31 3,100,000 1,525 Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower........................ 5.500 07/01/32 1,314,565 545 Overoaks, FL Cmnty Dev Dist Cap Impt Rev Ser A............................................. 6.125 05/01/35 475,442 1,000 Palm Beach Cnty, FL Hlth Fac Auth Rev Waterford Proj................................ 5.875 11/15/37 942,660 |
12 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 5,500 Port St Lucie, FL Spl Assmt Rev Southwest Annexation Dist 1-B (MBIA Insd)............... 5.000% 07/01/40 $ 5,547,575 2,900 Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj Ser A (AMBAC Insd) (a).......... 5.350 03/15/42 2,911,571 495 Reunion East Cmnty Dev Dist FL Spl Assmt...... 5.800 05/01/36 410,236 750 Seminole Tribe, FL Spl Oblig Rev Ser A (e).... 5.750 10/01/22 738,780 885 Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev Ser A......................................... 5.875 05/01/35 739,417 7,510 South Miami, FL Health Fac Auth Hosp Rev Baptist Health So FL Grp (d).................. 5.000 08/15/32 7,432,318 1,750 South Vlg Cmnty Dev Dist FL Cap Impt Rev Ser A............................................. 5.700 05/01/35 1,478,470 750 Sterling Hill Cmnty Dev Dist FL Cap Impt Rev Ser A......................................... 6.200 05/01/35 754,282 2,100 Tolomato Cmnty, FL Dev Dist Spl Assmt......... 6.650 05/01/40 2,055,102 475 World Commerce Cmnty Dev Dist FL Spl Assmt.... 5.500 05/01/38 380,513 ------------- 71,838,743 ------------- GEORGIA 4.3% 5,000 Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien Ser C (FSA Insd) (d)................. 5.000 01/01/33 5,079,225 1,000 Atlanta, GA Arpt Rev Ser B (FGIC Insd) (AMT)......................................... 5.625 01/01/30 1,004,680 1,053 Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $1,052,972) (g).......................... 7.250 06/15/10 1,069,505 7,000 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA Insd)......................................... 6.500 01/01/20 8,640,800 3,770 Monroe Cnty, GA Dev Auth Pollutn Ctl Rev Oglethorpe Pwr Corp Scherer Ser A............. 6.800 01/01/12 4,161,590 1,000 Oconee Cnty, GA Indl Dev Auth Rev Oiit Proj (XLCA Insd)................................... 5.250 07/01/25 1,013,010 ------------- 20,968,810 ------------- IDAHO 0.2% 845 Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg.......................................... 6.125 11/15/27 793,328 ------------- ILLINOIS 17.9% 1,250 Bartlett, IL Tax Increment Rev Rfdg Sr Lien Quarry Redev Proj............................. 5.600 01/01/23 1,203,325 1,365 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd)......................................... * 01/01/30 406,401 2,385 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd) (Prerefunded @ 1/01/09)....................... * 01/01/30 754,423 7,200 Chicago, IL Brd of Ed Rfdg Ser C (FSA Insd)... 5.000 12/01/27 7,475,040 3,150 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg Ser A (MBIA Insd) (AMT)....... 5.375 01/01/32 3,118,532 10,900 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (d).............. 5.250 01/01/24 11,141,985 10,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (d).............. 5.250 01/01/25 10,222,005 |
See Notes to Financial Statements 13
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- ILLINOIS (CONTINUED) $ 3,855 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (d).............. 5.250% 01/01/26 $ 3,940,583 615 Chicago, IL Pk Dist Ser C (FGIC Insd)......... 5.500 01/01/19 644,126 4,500 Cook Cnty, IL Cap Impt Ser A (FGIC Insd)...... 5.000 11/15/23 4,565,250 4,500 Hoffman Estates, IL (d)....................... 5.000 12/01/38 4,592,588 2,300 Illinois Fin Auth Rev Christian Homes Inc Rfdg Ser A......................................... 5.750 05/15/26 2,067,562 1,000 Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ.......................................... 5.500 04/01/37 956,770 6,000 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A (Prerefunded @ 8/15/14)................. 5.500 08/15/43 6,768,840 3,500 Illinois Fin Auth Rev Osf Hlthcare Sys Ser A............................................. 5.750 11/15/37 3,470,390 5,500 Illinois Fin Auth Rev Sherman Hlth Sys Ser 2007 A........................................ 5.500 08/01/37 5,158,340 1,250 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj Ser A (FGIC Insd)......................................... 5.375 12/15/18 1,295,750 2,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj Ser A (FGIC Insd)......................................... 5.500 12/15/24 2,073,420 6,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Ser A (MBIA Insd)................................... 5.250 06/15/42 6,137,700 3,000 Pekin, IL Mtg Rev United Auto Workers Inc Proj Ser A (GNMA Collateralized)................... 5.250 05/20/34 2,962,140 5,000 Regional Tran Auth IL Ser B (AMBAC Insd)...... 8.000 06/01/17 6,486,850 475 Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT).... 7.000 12/01/42 464,384 ------------- 85,906,404 ------------- INDIANA 3.2% 1,000 Allen Cnty, IN Juvenile Just Ctr First Mtg (AMBAC Insd).................................. 5.500 01/01/18 1,064,420 1,000 Indiana Hlth & Ed Fac Fin Cmnty Fndtn Northwest IN.................................. 5.500 03/01/37 878,590 2,000 Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (FSA Insd)..................... 7.000 08/15/15 2,289,660 2,500 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT).................................... 5.950 08/01/30 2,458,875 10,000 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Ser D-1 (GNMA Collateralized) (AMT) (d)..................................... 4.625 07/01/38 8,333,008 500 Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (e)........................................... 5.750 09/01/42 437,870 ------------- 15,462,423 ------------- |
14 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- IOWA 3.1% $ 1,890 Des Moines, IA Pub Pkg Sys Rev Ser A (FGIC Insd) (h)..................................... 5.750% 06/01/17 $ 1,984,141 2,600 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys Ser A-1 (FGIC Insd) (b) (c)....................... 10.000 02/15/35 2,600,000 2,600 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys Ser A-2 (FGIC Insd) (b) (c)....................... 10.000 02/15/35 2,600,000 2,600 Iowa Fin Auth Hlthcare Fac Rev IA Hlth Sys Ser A-3 (FGIC Insd) (b) (c)....................... 10.000 02/15/35 2,600,000 500 Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj Ser C............................... 5.950 08/01/37 475,285 325 Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj.......................................... 6.000 12/01/37 297,992 2,500 Tobacco Settlement Auth IA Rev Asset Bkd Ser C..................................... 5.500 06/01/42 2,137,650 2,500 Tobacco Settlement Auth IA Rev Asset Bkd Ser C..................................... 5.625 06/01/46 2,170,900 ------------- 14,865,968 ------------- KANSAS 1.3% 1,300 Burlington, KS Environmental Impt Rev Rfdg KC Pwr LT Ser B (XLCA Insd)...................... 5.000 12/01/23 1,299,428 1,250 Labette Cnty, KS Hosp Rev Impt Rfdg Ser A..... 5.750 09/01/29 1,185,225 1,600 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser A........................ 5.000 05/15/24 1,392,592 1,600 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser A........................ 5.000 05/15/36 1,300,032 375 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser B........................ 5.125 05/15/37 309,510 675 Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc Ser A.............................. 6.000 11/15/38 609,451 ------------- 6,096,238 ------------- KENTUCKY 2.5% 300 Kentucky Hsg Corp Hsg Rev Ser F (FNMA Collateralized) (AMT)......................... 5.450 01/01/32 299,580 7,785 Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc (d).......... 5.250 10/01/36 7,557,728 4,500 Louisville & Jefferson Cntys, KY Metro Govt Indl Bldg Rev Sisters of Mercy Cincinnati..... 5.000 10/01/35 4,219,380 ------------- 12,076,688 ------------- LOUISIANA 4.4% 525 Colonial Pinnacle Cmnty Dev Dist Dev.......... 6.750 05/01/23 519,062 5,000 Lafayette, LA Util Rev (MBIA Insd)............ 5.250 11/01/23 5,247,000 997 Lakeshore Vlgs Master Cmnty Dev Dist LA Spl Assmt......................................... 5.250 07/01/17 887,480 |
See Notes to Financial Statements 15
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- LOUISIANA (CONTINUED) $ 40 Louisiana Hsg Fin Agy Mtg Rev Single Family Access Pgm Ser B (GNMA Collateralized) (AMT)................... 8.000% 03/01/25 $ 40,917 1,930 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg Ser A (GNMA Collateralized) (AMT)............. 5.375 10/20/39 1,882,773 3,000 Louisiana St Energy & Pwr Auth Pwr Proj Rev Rfdg (FSA Insd)............................... 5.750 01/01/12 3,284,490 8,000 Louisiana St Gas & Fuels Tax Rev Ser A (FSA Insd) (d)..................................... 5.000 05/01/36 8,153,200 1,100 Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)......................................... 5.250 11/01/37 1,097,503 ------------- 21,112,425 ------------- MARYLAND 2.0% 775 Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A....................................... 5.125 01/01/36 683,930 2,900 Maryland St Cmnty Dev Admin Dev Ser H (AMT)... 5.100 09/01/37 2,727,798 2,000 Maryland St Hlth & Higher Ed Fac Auth Rev Medstar Hlth Rfdg............................. 5.375 08/15/24 2,014,680 2,750 Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr Ser A........................... 5.500 07/01/42 2,582,360 1,000 Maryland St Hlth & Higher Ed Fac Auth Rev Washington Cnty Hosp.......................... 5.750 01/01/38 958,780 600 Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj.......................................... 5.200 07/01/34 505,416 ------------- 9,472,964 ------------- MASSACHUSETTS 4.2% 3,955 Massachusetts Bay Trans Auth Gen Trans Sys Rfdg Ser A.................................... 5.500 03/01/12 4,197,758 400 Massachusetts St Dev Fin Agy Linden Ponds Inc Fac Ser A..................................... 5.750 11/15/35 349,352 475 Massachusetts St Dev Fin Agy Linden Ponds Inc Fac Ser A..................................... 5.750 11/15/42 411,716 4,800 Massachusetts St Dev Fin Agy Rev College Pharmacy & Allied Hlth Ser D (AGL Insd)....... 5.000 07/01/35 4,857,360 3,000 Massachusetts St Dev Fin Agy Semass Sys Ser A (MBIA Insd)................................... 5.625 01/01/16 3,232,170 35 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C............................ 5.750 07/01/32 36,454 965 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C (Prerefunded @ 7/01/11).... 5.750 07/01/32 1,062,494 965 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr Ser A............................. 6.000 10/01/23 964,990 6,050 Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue Ser D............................ 5.000 07/01/33 5,290,120 ------------- 20,402,414 ------------- |
16 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- MICHIGAN 1.6% $ 3,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A............................................. 6.250% 07/01/40 $ 3,037,650 800 Kent Hosp Fin Auth MI Rev Spectrum Hlth Ser A.................................... 5.250 01/15/47 828,224 400 Kent Hosp Fin Auth MI Rev Spectrum Hlth Ser A.................................... 5.500 01/15/47 420,052 3,750 Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr Ser A..................... 6.000 06/01/48 3,424,350 ------------- 7,710,276 ------------- MINNESOTA 2.1% 10 Chaska, MN Elec Rev Ser A..................... 6.100 10/01/30 10,515 990 Chaska, MN Elec Rev Ser A (Prerefunded @ 10/01/10)..................................... 6.100 10/01/30 1,069,873 425 Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj.......................................... 6.000 08/01/42 406,270 1,000 Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj.......................................... 5.750 11/01/27 977,660 175 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks.................................... 6.000 10/01/27 170,396 550 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks.................................... 6.000 10/01/33 525,503 175 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks.................................... 6.125 10/01/39 168,508 1,800 Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj.............. 5.250 05/15/36 1,622,322 900 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj..................................... 6.000 11/15/35 895,761 3,875 Saint Paul, MN Port Auth Lease Rev Office Bldg at Cedar Str (h).............................. 5.250 12/01/19 4,156,286 ------------- 10,003,094 ------------- MISSOURI 4.3% 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 1,971,576 350 Cape Girardeau Cnty, MO Indl Southeast MO Hosp Assoc......................................... 5.500 06/01/22 347,613 1,300 Cass Cnty, MO Hosp Rev........................ 5.625 05/01/38 1,207,050 850 Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg Ser A................. 5.500 09/01/18 831,920 1,375 Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran Ser A............................ 5.375 02/01/35 1,324,854 615 Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs Ser A....... 6.375 12/01/30 585,345 1,450 Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs Ser A....... 6.375 12/01/41 1,360,709 |
See Notes to Financial Statements 17
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- MISSOURI (CONTINUED) $ 575 Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg.................................... 5.750% 11/01/27 $ 546,261 2,060 Sikeston, MO Elec Rev Rfdg (MBIA Insd)........ 6.200 06/01/10 2,133,048 5,500 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMBAC Insd) (AMT) (d)..................................... 4.550 07/01/29 4,810,740 6,650 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMBAC Insd) (AMT) (d)..................................... 4.600 07/01/36 5,816,622 ------------- 20,935,738 ------------- NEVADA 3.1% 6,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMBAC Insd) (AMT)................. 5.250 07/01/34 5,482,800 2,800 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (FGIC Insd) (AMT).................. 4.750 09/01/36 2,245,264 2,500 Nevada Hsg Div Single Family Mtg Rev Ser A (GNMA Collateralized) (AMT)................... 5.875 04/01/38 2,544,975 4,750 Reno, NV Hosp Rev Renown Regl Med Ctr Proj Ser A (d)......................................... 5.250 06/01/37 4,473,063 ------------- 14,746,102 ------------- NEW HAMPSHIRE 0.5% 1,155 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10)........ 7.000 07/01/30 1,193,277 950 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)...... 6.300 05/01/22 959,965 ------------- 2,153,242 ------------- NEW JERSEY 17.5% 375 Burlington Cnty, NJ Bridge Commn Econ Dev Rev The Evergreens Proj........................... 5.625 01/01/38 343,129 2,700 New Jersey Econ Dev Auth Rev Cig Tax.......... 5.750 06/15/29 2,648,052 3,025 New Jersey Econ Dev Auth Rev Cig Tax.......... 5.750 06/15/34 2,906,359 30,000 New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd).......................... 5.900 03/15/21 34,796,700 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 8,091,360 2,400 New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp.......................................... 5.000 07/01/36 2,090,088 1,350 New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ Hosp Oblig........................ 5.750 07/01/37 1,316,345 40,000 Tobacco Settlement Fin Corp NJ Ser 1-A (d).... 5.000 06/01/41 32,015,400 ------------- 84,207,433 ------------- NEW MEXICO 0.2% 1,125 University NM Univ Rev Sub Lien Rfdg Ser A.... 5.250 06/01/21 1,184,209 ------------- |
18 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- NEW YORK 12.9% $ 5,200 Metropolitan Trans Auth NY Dedicated Tax Fd Rfdg Ser A 1 (XLCA Insd) (b) (c).............. 10.000% 11/01/31 $ 5,200,000 2,325 New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj Ser B.......................... 6.750 03/01/15 2,396,447 1,255 New York City Indl Dev Civic YMCA Gtr NY Proj.......................................... 5.800 08/01/16 1,298,398 5,500 New York City Ser I-1 (d)..................... 5.000 02/01/26 5,684,057 2,525 New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm Ser A (FSA Insd)..................... 5.500 05/15/25 2,553,962 3,100 New York St Dorm Auth Rev City Univ Sys Cons Ser A......................................... 5.625 07/01/16 3,436,753 2,600 New York St Dorm Auth Rev Cons City Univ Sys Second Gen Ser A.............................. 5.750 07/01/13 2,821,676 2,040 New York St Dorm Auth Rev Secd Hosp Gen Hosp Rfdg.......................................... 5.750 02/15/18 2,209,381 590 New York St Dorm Auth Rev Ser B............... 7.500 05/15/11 649,407 650 New York St Dorm Auth Rev Ser B (Prerefunded @ 5/15/10)...................................... 7.500 05/15/11 697,411 5,000 New York St Dorm Auth Rev St Univ Ed Fac Ser A............................................. 5.500 05/15/08 5,007,600 1,500 New York St Dorm Auth Rev Upstate Cmnty Colleges Ser B................................ 5.250 07/01/20 1,590,165 1,000 New York St Dorm Auth Rev Upstate Cmnty Colleges Ser B................................ 5.250 07/01/21 1,055,100 935 New York St Mtg Agy Rev Homeowner Mtg Ser 82 (AMT)......................................... 5.650 04/01/30 974,223 3,395 New York St Mtg Agy Rev Ser 101 (AMT)......... 5.400 04/01/32 3,390,315 3,400 New York St Urban Dev Corp Rev St Fac & Equip Sub Ser A-3B (CIFG Insd) (b) (c).............. 7.750 03/15/33 3,400,000 15,000 Port Auth NY & NJ Cons Ser 144 (d)............ 5.000 10/01/35 15,330,375 4,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT)........ 5.750 12/01/22 4,013,560 575 Seneca Nation Indians Cap Impt Auth NY Spl Oblig Ser A (e)............................... 5.000 12/01/23 511,658 ------------- 62,220,488 ------------- NORTH CAROLINA 7.5% 3,575 North Carolina Cap Fac Fin Agy Rev Duke Univ Proj Ser A.................................... 5.000 10/01/41 3,650,361 1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev Ser D......................................... 6.700 01/01/19 1,572,000 6,000 North Carolina Med Care Commn Hlthcare Fac Rev Univ Eastn Carolina Ser A (AMBAC Insd) (b) (c)........................................... 4.500 12/01/28 6,000,000 |
See Notes to Financial Statements 19
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- NORTH CAROLINA (CONTINUED) $ 1,000 North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj Ser A......... 5.750% 10/01/37 $ 990,140 22,000 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd).......................... 6.000 01/01/12 23,964,380 ------------- 36,176,881 ------------- 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 07/01/29 577,029 240 North Dakota St Hsg Fin Agy Ser C (AMT)....... 5.550 07/01/29 242,541 ------------- 819,570 ------------- OHIO 4.7% 6,600 Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo Ser A-2.............................. 5.750 06/01/34 5,966,334 400 Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care Ser A.............. 5.750 05/15/27 363,232 1,500 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj.......................................... 7.500 01/01/30 1,610,985 2,450 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Impt & Rfdg Ser A............................. 5.250 10/01/33 2,473,789 2,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Ser S............................................. 5.375 10/01/30 2,028,540 3,000 Lorain Cnty, OH Hosp Rev Catholic Rfdg Ser C-1 (FSA Insd) (a)................................ 5.000 04/01/24 3,073,650 2,750 Lorain Cnty, OH Hosp Rev Fac Catholic Ser A (FSA Insd) (a)................................ 5.000 02/01/24 2,817,513 2,775 Lorain Cnty, OH Hosp Rev Fac Catholic Ser B (FSA Insd) (a)................................ 5.000 02/01/24 2,843,126 1,625 Montgomery Cnty, OH Rev Var Catholic Hlth Ser C-1 (FSA Insd) (a)............................ 5.000 10/01/41 1,644,126 ------------- 22,821,295 ------------- OKLAHOMA 3.1% 1,375 Chickasaw Nation, OK Hlth Sys (e)............. 6.250 12/01/32 1,372,333 3,410 Jenks, OK Aquarium Auth Rev Rfdg (MBIA Insd) (h)........................................... 5.250 07/01/24 3,555,266 1,475 Jenks, OK Aquarium Auth Rev Rfdg (MBIA Insd)......................................... 5.250 07/01/33 1,516,315 3,970 McAlester, OK Pub Wk Auth Util Cap Apprec (FSA Insd)......................................... * 02/01/34 1,026,999 2,250 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev (FGIC Insd)................................... 5.250 10/01/29 2,309,670 1,120 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (h)................... 5.500 06/01/18 1,190,302 1,185 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (h)................... 5.500 06/01/19 1,259,382 2,250 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) (Prerefunded @ 11/01/09)......... 6.250 11/01/22 2,425,703 ------------- 14,655,970 ------------- |
20 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- OREGON 0.9% $ 4,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd)......................................... 5.250% 07/01/22 $ 4,177,880 ------------- PENNSYLVANIA 5.5% 875 Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Care Proj.......................... 6.250 02/01/35 803,399 950 Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy Ser B (AMT).................... 6.750 12/01/36 960,051 16,755 Pennsylvania St Pub Sch Bldg Auth Lease Rev Sch Dist Ser B (d)............................ 4.500 06/01/32 16,328,310 3,000 Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev Ser A (AMBAC Insd) (AMT).................. 5.375 01/01/21 3,031,200 5,415 Susquehanna Area Regl Arpt Auth PA Ser A (AMBAC Insd) (AMT) (h)........................ 5.375 01/01/22 5,460,107 ------------- 26,583,067 ------------- SOUTH CAROLINA 6.7% 2,500 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (d).................. 5.250 12/01/25 2,559,544 7,500 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (d).................. 5.250 12/01/26 7,678,631 1,000 South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Wesley Com Rfdg......................... 5.300 10/01/36 818,230 1,840 South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg Ser A............. 6.250 08/01/31 1,869,348 8,200 South Carolina Jobs Econ Dev Auth Hosp Fac Rev Rfdg Palmetto Hlth Ser A (FSA Insd) (b) (c)... 4.990 08/01/35 8,200,000 5,000 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser A (AMBAC Insd)......... 5.200 11/01/27 5,102,400 3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser B (AMBAC Insd) (AMT)... 5.450 11/01/32 3,750,000 725 South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj Ser A................ 6.000 11/15/27 677,969 1,650 South Carolina Jobs Economic Rfdg First Mtg Lutheran Homes................................ 5.375 05/01/21 1,471,421 ------------- 32,127,543 ------------- SOUTH DAKOTA 2.3% 1,375 Deadwood, SD Ctf Partn (ACA Insd)............. 6.375 11/01/20 1,444,355 8,060 South Dakota Hsg Dev Auth Homeownership Mtg Ser E (d)..................................... 4.625 05/01/36 7,024,881 2,500 South Dakota St Hlth & Ed Fac Auth Rev Sioux Vly Hosp & Hlth Sys A......................... 5.250 11/01/34 2,501,350 ------------- 10,970,586 ------------- |
See Notes to Financial Statements 21
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- TENNESSEE 2.5% $ 1,750 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg Ser A................... 5.125% 10/01/35 $ 1,516,760 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 2,430,100 1,500 Elizabethton, TN Hlth & Ed Fac Brd Rev Impt Hosp Rfdg Ser B (MBIA Insd) (Prerefunded @ 7/01/12)...................................... 7.750 07/01/29 1,739,445 1,000 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 1,162,340 5,000 Tennessee Energy Acquisition Corp Gas Rev Ser A............................................. 5.250 09/01/21 4,927,550 ------------- 11,776,195 ------------- TEXAS 20.9% 725 Dallas Cnty, TX Flood Ctl Dist Rfdg........... 6.750 04/01/16 744,104 5,500 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg Ser A (FGIC Insd) (AMT).................. 5.500 11/01/31 5,421,515 8,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A (FSA Insd) (AMT).............................. 5.500 11/01/21 8,225,200 4,000 Dallas-Fort Worth, TX Intl Arpt Rev Ser A (FGIC Insd) (AMT)............................. 5.750 11/01/30 4,015,360 650 Dallas-Fort Worth, TX Intl Arpt Rev Ser C (MBIA Insd) (AMT)............................. 5.750 11/01/18 656,656 1,225 Dallas-Fort Worth, TX Intl Arpt Rev Ser C (MBIA Insd) (AMT)............................. 6.000 11/01/23 1,238,279 4,850 El Paso Cnty, TX Hosp Dist Ser A (AGL Insd) (a)................................ 5.000 08/15/37 4,872,892 2,200 Fort Bend, TX Indpt Sch Dist Rfdg & Sch Bldg (PSF GTD) (a)................................. 5.000 08/15/27 2,285,998 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 2,225,880 2,000 Houston, TX Arpt Sys Rev Sub Lien (FSA Insd)......................................... 5.500 07/01/20 2,135,820 10,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA Insd) (AMT)................................... 5.125 07/01/32 9,669,800 3,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA Insd) (AMT)................................... 5.625 07/01/30 3,024,390 5,000 Houston, TX Util Sys Rev First Lien Rfdg Ser A (FSA Insd).................................... 5.250 05/15/21 5,334,350 7,825 Houston, TX Util Sys Rev Rfdg Comb First Lien Ser A (FSA Insd).............................. 5.000 11/15/36 8,015,773 3,030 Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd)......................................... 5.000 02/01/37 3,079,177 680 Lower CO Riv Auth TX Transmission Contract Rev LCRA Svc Corp Proj Rfdg (FGIC Insd)........... 5.000 05/15/33 678,055 1,250 Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX.............................. 5.500 02/15/37 1,140,850 |
22 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- TEXAS (CONTINUED) $ 1,000 Matagorda Cnty, TX Nav Dist No 1 Rev Coll Centerpoint Energy Proj Rfdg.................. 5.600% 03/01/27 $ 940,220 3,000 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj........................... 7.250 01/01/31 3,035,910 10,000 North Cent, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd)....................... 5.250 08/15/32 10,128,100 1,000 North TX Twy Auth Rev Rfdg Sys First Tier Ser A.............................. 5.625 01/01/33 1,020,470 1,000 North TX Twy Auth Rev Rfdg Sys First Tier Ser B.............................. 5.625 01/01/28 1,034,200 1,000 North TX Twy Auth Rev Rfdg Sys First Tier Ser B.............................. 6.000 01/01/26 1,074,270 1,000 North TX Twy Auth Rev Rfdg Sys First Tier Ser B.............................. 6.000 01/01/27 1,067,950 400 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement CC Young Mem Hom Proj...................................... 5.750 02/15/25 362,552 1,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc..................................... 5.625 11/15/27 877,860 2,600 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc..................................... 5.750 11/15/37 2,260,024 4,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj...................................... 5.250 11/15/37 3,582,000 2,450 Tarrant Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Cook Childrens Med Ctr Ser B (FSA Insd).................................... 5.000 12/01/30 2,477,808 2,000 Texas St Dept Hsg & Cmnty Affairs Mtg Ser B (GNMA Collaterized) (AMT)..................... 5.300 09/01/39 1,928,840 5,400 Texas St Trans Cmnty Mobility Fd (d).......... 5.000 04/01/28 5,627,124 2,750 Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg Ser A.................... 5.375 11/01/37 2,417,635 ------------- 100,599,062 ------------- UTAH 0.8% 2,380 Mountain Regl Wtr Spl Svc Dist Rfdg (MBIA Insd)................................... 5.000 12/15/33 2,384,498 700 Utah St Charter Sch Fin Auth Channing Hal Ser A (e)......................................... 6.000 07/15/37 639,114 730 Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy Ser A.......................... 5.800 06/15/38 676,973 ------------- 3,700,585 ------------- |
See Notes to Financial Statements 23
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- VIRGINIA 0.5% $ 750 Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig..................................... 6.350% 09/01/28 $ 701,685 1,500 White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev Special Assmt....................... 5.300 03/01/17 1,450,095 ------------- 2,151,780 ------------- WASHINGTON 9.4% 9,850 Bellevue, WA Convention Ctr Auth Spl Oblig Rev Comp Int Rfdg (MBIA Insd)..................... * 02/01/25 4,250,570 7,500 Chelan Cnty, WA Pub Util Dist No 001 Cons Rev Chelan Hydro Ser A (MBIA Insd) (AMT).......... 5.600 01/01/36 7,529,775 5,000 Energy Northwest WA Elec Rev Columbia Generating Rfdg Ser A (FSA Insd).............. 5.500 07/01/16 5,392,900 2,500 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser A (FSA Insd).............................. 5.500 07/01/18 2,659,775 5,000 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser B (FSA Insd).............................. 6.000 07/01/16 5,537,000 1,250 Kalispel Tribe Indians Priority Dist WA Rev... 6.625 01/01/28 1,196,325 2,000 Port Seattle, WA Rev Ser B (MBIA Insd) (AMT)......................................... 5.625 02/01/24 2,015,980 2,120 Seattle, WA Muni Lt & Pwr Rev................. 5.625 12/01/17 2,255,574 1,250 Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp............................... 5.750 12/01/28 1,240,988 3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd)........................... 5.250 09/01/33 3,060,930 4,750 Tacoma, WA Elec Sys Rev Rfdg Ser A (FSA Insd).................................... 5.750 01/01/14 5,126,342 1,000 Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj Ser A.............. 5.625 01/01/27 890,230 5,125 Washington St Pub Pwr Supply Sys Nuclear Proj No 3 Rev Rfdg Ser C (MBIA Insd)............... * 07/01/14 4,055,515 ------------- 45,211,904 ------------- WEST VIRGINIA 0.3% 500 Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry Centre Fin Dist Ser A.............. 5.850 06/01/34 501,540 1,000 Pleasants Cnty, WV Pollutn Ctl Rev Cnty Comm Allegheny Rfdg Ser F.......................... 5.250 10/15/37 951,140 ------------- 1,452,680 ------------- |
24 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE -------------------------------------------------------------------------------------------- WISCONSIN 2.4% $ 1,500 Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg Ser A (MBIA Insd).......... 5.500% 12/15/20 $ 1,700,520 4,000 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev Ser A (d)................................. 4.800 03/01/38 3,575,440 2,800 Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd)............................... 5.000 08/01/34 2,775,528 3,000 Wisconsin St Hlth & Ed Fac Wheaton Franciscan Svc Rfdg (Prerefunded @ 2/15/12).............. 5.750 08/15/30 3,324,000 ------------- 11,375,488 ------------- WYOMING 0.2% 1,000 University WY Univ Rev Fac Impt (FSA Insd).... 5.500 06/01/18 1,055,740 ------------- PUERTO RICO 2.5% 10,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev Ser Y (FSA Insd) (d).......................... 6.250 07/01/21 11,811,550 ------------- TOTAL INVESTMENTS 211.4% (Cost $1,026,695,592)..................................................... 1,016,457,125 LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (33.4%) (Cost ($160,513,000)) (160,513) Notes with interest rates ranging from 2.42% to 5.00% at April 30, 2008 and collateral with contractual maturities ranging from 2021 to 2041 (See note 1) (i)................................................ (160,513,000) ------------- TOTAL NET INVESTMENTS 178.0% (Cost $866,182,592)....................................................... 855,944,125 LIABILITIES IN EXCESS OF OTHER ASSETS (7.2%)............................... (34,753,402) PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (70.8%)................. (340,300,455) ------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.............................. $ 480,890,268 ============= |
Percentages are calculated as a percentage of net assets applicable to common shares.
* Zero coupon bond
(a) Security purchased on a when-issued or delayed delivery basis.
(b) Security includes a feature allowing the Trust an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.
(c) Variable Rate Coupon
(d) Underlying security related to Inverse Floaters entered into by the Trust.
See Note 1.
See Notes to Financial Statements 25
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
(e) 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.
(f) Escrowed to Maturity
(g) 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 0.2% of net assets applicable to common shares.
(h) The Trust owns 100% of the outstanding bond issuance.
(i) Floating rate notes. The interest rates shown reflect the rates in effect at April 30, 2008.
ACA--American Capital Access
AGC--AGC Insured Custody Certificates
AGL--Assured Guaranty Ltd.
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CIFG--CDC IXIS Financial Guaranty
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.
PSF--Public School Fund
XLCA--XL Capital Assurance Inc.
26 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL STATEMENTS
Statements of Assets and Liabilities
April 30, 2008 (Unaudited)
ASSETS: Total Investments (Cost $1,026,695,592)..................... $1,016,457,125 Receivables: Interest.................................................. 15,280,683 Investments Sold.......................................... 7,329,534 Other....................................................... 1,731 -------------- Total Assets............................................ 1,039,069,073 -------------- LIABILITIES: Payables: Floating Rate Note Obligations............................ 160,513,000 Investments Purchased..................................... 49,651,839 Custodian Bank............................................ 6,347,826 Investment Advisory Fee................................... 302,059 Income Distributions--Common Shares....................... 93,171 Trust Shares Repurchased.................................. 4,000 Other Affiliates.......................................... 30,989 Trustees' Deferred Compensation and Retirement Plans........ 785,649 Accrued Expenses............................................ 149,817 -------------- Total Liabilities....................................... 217,878,350 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS).......... 340,300,455 -------------- NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 480,890,268 ============== NET ASSET VALUE PER COMMON SHARE ($480,890,268 divided by 33,682,579 shares outstanding)............................ $ 14.28 ============== NET ASSETS CONSIST OF: Common Shares ($0.01 par value with an unlimited number of shares authorized, 33,682,579 shares issued and outstanding).............................................. $ 336,826 Paid in Surplus............................................. 501,189,937 Accumulated Undistributed Net Investment Income............. 3,449,006 Net Unrealized Depreciation................................. (10,238,467) Accumulated Net Realized Loss............................... (13,847,034) -------------- NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 480,890,268 ============== PREFERRED SHARES ($0.01 par value, authorized 100,000,000 shares, 13,600 issued with liquidation preference of $25,000 per share)........................................ $ 340,000,000 ============== NET ASSETS INCLUDING PREFERRED SHARES....................... $ 820,890,268 ============== |
See Notes to Financial Statements 27
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2008 (Unaudited)
INVESTMENT INCOME: Interest.................................................... $ 25,932,121 ------------ EXPENSES: Investment Advisory Fee..................................... 2,292,667 Interest and Residual Trust Expenses........................ 1,984,781 Preferred Share Maintenance................................. 453,279 Accounting and Administrative Expenses...................... 76,112 Professional Fees........................................... 63,476 Reports to Shareholders..................................... 32,499 Custody..................................................... 29,292 Transfer Agent Fees......................................... 20,328 Registration Fees........................................... 13,432 Trustees' Fees and Related Expenses......................... 9,525 Depreciation in Trustees' Deferred Compensation Accounts.... (80,912) Other....................................................... 16,963 ------------ Total Expenses.......................................... 4,911,442 Investment Advisory Fee Reduction....................... 416,848 ------------ Net Expenses............................................ 4,494,594 ------------ NET INVESTMENT INCOME....................................... $ 21,437,527 ============ REALIZED AND UNREALIZED GAIN/LOSS: Realized Gain/Loss: Investments............................................... $ (5,043,225) Futures................................................... (6,036,205) ------------ Net Realized Loss........................................... (11,079,430) ------------ Unrealized Appreciation/Depreciation: Beginning of the Period................................... 20,391,188 End of the Period......................................... (10,238,467) ------------ NET UNREALIZED DEPRECIATION DURING THE PERIOD............... (30,629,655) ------------ NET REALIZED AND UNREALIZED LOSS............................ (41,709,085) ------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (6,146,185) ============ NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS................................................ $(26,417,743) ============ |
28 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE SIX MONTHS ENDED YEAR ENDED APRIL 30, 2008 OCTOBER 31, 2007 ------------------------------------ FROM INVESTMENT ACTIVITIES: Operations: Net Investment Income................................... $ 21,437,527 $ 40,069,070 Net Realized Loss....................................... (11,079,430) (2,657,204) Net Unrealized Depreciation During the Period........... (30,629,655) (37,544,159) Distributions to Preferred Shareholders: Net Investment Income................................. (6,146,185) (12,656,912) ------------ ------------ Change in Net Assets Applicable to Common Shares from Operations............................................ (26,417,743) (12,789,205) Distributions to Common Shareholders: Net Investment Income................................. (13,686,303) (26,719,347) ------------ ------------ NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM INVESTMENT ACTIVITIES............................ (40,104,046) (39,508,552) ------------ ------------ FROM CAPITAL TRANSACTIONS: Value of Common Shares Issued Through Dividend Reinvestment.......................................... 93,670 -0- Repurchase of Shares.................................... (3,961,678) (3,167,636) ------------ ------------ NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM CAPITAL TRANSACTIONS............................. (3,868,008) (3,167,636) ------------ ------------ TOTAL DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES................................................ (43,972,054) (42,676,188) NET ASSETS APPLICABLE TO COMMON SHARES: Beginning of the Period................................. 524,862,322 567,538,510 ------------ ------------ End of the Period (Including accumulated undistributed net investment income of $3,449,006 and $1,843,967, respectively)......................................... $480,890,268 $524,862,322 ============ ============ |
See Notes to Financial Statements 29
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL STATEMENTS continued
Statement of Cash Flows
For the Six Months Ended April 30, 2008 (Unaudited)
CHANGE IN NET ASSETS FROM OPERATIONS (INCLUDING PREFERRED SHARE DISTRIBUTIONS)...................................... $ (26,417,743) -------------- Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided by Operating Activities: Purchases of Investments.................................. (355,756,306) Proceeds from Sales of Investments........................ 310,158,417 Amortization of Premium................................... 650,018 Accretion of Discount..................................... (521,270) Net Realized Loss on Investments.......................... 5,043,225 Net Change in Unrealized Depreciation on Investments...... 30,957,540 Decrease in Variation Margin on Futures................... 890,000 Increase in Interest Receivables and Other Assets......... (1,002,270) Increase in Receivable for Investments Sold............... (4,921,887) Decrease in Accrued Expenses and Other Payables........... (140,483) Increase in Investments Purchased Payable................. 41,505,087 Increase in Custodian Bank Payable........................ 2,480,893 -------------- Total Adjustments....................................... 29,342,964 -------------- NET CASH PROVIDED BY OPERATING ACTIVITIES................... 2,925,221 -------------- CASH FLOWS FROM FINANCING ACTIVITIES Repurchased Shares........................................ (4,238,562) Dividends Paid (Net of reinvested dividends of $93,670)... (13,776,659) Proceeds from and Repayments of Floating Rate Note Obligations............................................. 15,090,000 -------------- NET CASH USED FOR FINANCING ACTIVITIES...................... (2,925,221) -------------- NET DECREASE IN CASH........................................ -- Cash at the Beginning of the Period......................... -- -------------- CASH AT THE END OF THE PERIOD............................... $ -- ============== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash Paid During the Period for Interest.................. $ 1,984,781 ============== |
30 See Notes to Financial Statements
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS ENDED YEAR ENDED OCTOBER 31, APRIL 30, --------------------------------------------------- 2008 2007 2006 2005 2004 2003 ---------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF THE PERIOD.......... $ 15.46 $ 16.61 $ 16.52 $ 16.89 $ 17.02 $ 17.48 ------- ------- ------- ------- ------- ------- Net Investment Income............................ 0.64(a) 1.17(a) 1.11(a) 1.12 1.13 1.19 Net Realized and Unrealized Gain/Loss............ (1.23) (1.17) 0.49 (0.33) 0.23 0.09 Common Share Equivalent of Distributions Paid to Preferred Shareholders: Net Investment Income.......................... (0.18) (0.37) (0.31) (0.22) (0.10) (0.08) Net Realized Gain.............................. -0- -0- (0.04) -0- (0.02) (0.04) ------- ------- ------- ------- ------- ------- Total from Investment Operations.................. (0.77) (0.37) 1.25 0.57 1.24 1.16 Distributions Paid to Common Shareholders: Net Investment Income.......................... (0.41) (0.78) (0.81) (0.94) (1.08) (1.16) Net Realized Gain.............................. -0- -0- (0.35) -0- (0.29) (0.46) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF THE PERIOD................ $ 14.28 $ 15.46 $ 16.61 $ 16.52 $ 16.89 $ 17.02 ======= ======= ======= ======= ======= ======= Common Share Market Price at End of the Period.... $ 14.14 $ 14.30 $ 14.70 $ 14.35 $ 15.20 $ 16.65 Total Return (b).................................. 1.76%** 2.40% 10.76% 0.55% -0.60% 14.53% Net Assets Applicable to Common Shares at End of the Period (In millions)......................... $ 480.9 $ 524.9 $ 567.5 $ 253.7 $ 259.4 $ 261.3 Ratio of Expenses to Average Net Assets Applicable to Common Shares (c)............................. 1.81% 2.03% 1.36% 1.18% 1.30% 1.28% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c)........... 8.65% 7.30% 6.86% 6.67% 6.74% 6.90% Portfolio Turnover................................ 31%** 23% 20% 32% 28% 36% * If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows: Ratio of Expenses to Average Net Assets Applicable to Common Shares................... 1.98% 2.18% N/A N/A N/A N/A Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares............ 8.48% 7.15% N/A N/A N/A N/A SUPPLEMENTAL RATIOS: Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable to Common Shares (c)............................. 1.01% 1.03% 1.25% 1.18% 1.30% 1.28% Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable including Preferred Shares (c)................... 0.60% 0.63% 0.78% 0.75% 0.82% 0.81% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d)........... 6.17% 4.99% 4.92% 5.37% 6.15% 6.43% SENIOR SECURITIES: Total Preferred Shares Outstanding................ 13,600 13,600 13,600 6,000 6,000 6,000 Asset Coverage Per Preferred Share (e)............ $60,382 $63,629 $66,761 $67,307 $68,253 $68,560 Involuntary Liquidating Preference Per Preferred Share............................................ $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 Average Market Value Per Preferred Share.......... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 |
** Non-Annualized
(a) Based on average shares outstanding.
(b) Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust's dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated.
(c) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(d) Ratios reflect the effect of dividend payments to preferred shareholders.
(e) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets and dividing this by the number of preferred shares outstanding.
See Notes to Financial Statements 31
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Municipal Opportunity Trust (the "Trust") is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment objective is to provide a high level of current income exempt from federal income tax, consistent with preservation of capital. The Trust commenced investment operations on April 24, 1992.
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services or dealers using the mean of the last reported bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Swaps are valued using market quotations obtained from brokers. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The Trust may purchase and sell securities on a "when-issued" or "delayed delivery" basis, with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. The Trust will segregate assets with the custodian having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until payment is made. At April 30, 2008, the Trust had $36,213,486 of when-issued or delayed delivery purchase commitments.
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Trust adopted the provisions of the Financial Accounting Standards Board ("FASB") Interpretation No. 48 ("FIN 48") Accounting for Uncertainty in Income Taxes on April 30, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. If applicable, the Trust recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other"
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
expenses on the Statement of Operations. The Trust files tax returns with the U.S. Internal Revenue Service and various states. Generally, each of the tax years in the four year period ended October 31, 2007, remains subject to examination by taxing authorities. The Trust intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset these losses against any future realized capital gains.
At October 31, 2007, the Trust had an accumulated capital loss carryforward for tax purposes of $4,964,859 which will expire according to the following schedule:
AMOUNT EXPIRATION $577,984.................................................... October 31, 2013 1,179,918................................................... October 31, 2014 3,206,957................................................... October 31, 2015 |
Part of the capital loss carryforward above was acquired due to a merger with another regulated investment company.
At April 30, 2008, the cost and related gross unrealized appreciation and depreciation are as follows:
Cost of investments for tax purposes........................ $855,976,780 ============ Gross tax unrealized appreciation........................... $ 27,367,154 Gross tax unrealized depreciation........................... (27,399,809) ------------ Net tax unrealized depreciation on investments.............. $ (32,655) ============ |
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly dividends from net investment income to common shareholders. Net realized gains, if any, are distributed annually on a pro rata basis to common and preferred shareholders. Distributions from net realized gains for book purposes may include short-term capital gains and a portion of futures, which are included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31, 2007 was as follows:
Distributions paid from: Ordinary income........................................... $ 1,380 Tax exempt income......................................... 39,305,813 ----------- $39,307,193 =========== |
As of October 31, 2007, the components of distributable earnings on a tax basis were as follows:
Undistributed ordinary income............................... $ 1,325 Undistributed tax-exempt income............................. 2,233,162 |
Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of gains or losses recognized on securities for tax purposes but not for book.
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
F. FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interest in the dealer trusts' assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The Trust enters into shortfall agreements with the dealer trusts, which commit the Trust to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Trust's investments assets, and the related floating rate notes reflected as Trust liabilities under the caption "Floating Rate Note Obligations" on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption "Interest" and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption "Interest and Residual Trust Expenses" on the Trust's Statement of Operations. The notes issued by the dealer trust have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At April 30, 2008, Trust investments with a value of $223,358,706 are held by the dealer trusts and serve as collateral for the $160,513,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at April 30, 2008 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the six months ended April 30, 2008 were $157,107,286 and 2.54%, respectively.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset Management (the "Adviser") will provide investment advice and facilities to the Trust for an annual fee payable monthly of .55% of the average daily net assets including preferred shares of the Trust. The Adviser has agreed to waive investment advisory fees equal to .10% of the average daily net assets including preferred shares of the Trust. For the six months ended April 30, 2008, the Adviser waived $416,848 of its advisory fees. This waiver is voluntary and can be discounted at any time.
For the six months ended April 30, 2008, the Trust recognized expenses of approximately $22,900 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a Trustee of the Trust is a partner of such firm and he and his law firm provide legal services as legal counsel to the Trust.
Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Trust. The costs of these services are allocated to each trust. For the six months ended April 30, 2008, the Trust recognized expenses of approximately $44,900 representing Van Kampen Investments Inc.'s or its affiliates'
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
(collectively "Van Kampen") cost of providing accounting and legal services to the Trust, as well as, the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of "Professional Fees" on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of "Accounting and Administrative Expenses" on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and directors of Van Kampen. The Trust does not compensate its officers or trustees who are also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation to a later date. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee's years of service to the Trust. The maximum annual benefit per trustee under the plan is $2,500.
3. CAPITAL TRANSACTIONS
For the six months ended April 30, 2008 and the year ended October 31, 2007, transactions in common shares were as follows:
SIX MONTHS ENDED YEAR ENDED APRIL 30, 2008 OCTOBER 31, 2007 Beginning Shares....................................... 33,957,237 34,172,537 Shares Issued Through Dividend Reinvestment............ 7,107 -0- Shares Repurchased *................................... (281,765) (215,300) ---------- ---------- Ending Shares.......................................... 33,682,579 33,957,237 ========== ========== |
* On February 28, 2007, the Trust commenced a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Trust's shares trade from their net asset value. For the six months ended April 30, 2008 and the year ended October 31, 2007, the Trust repurchased 281,765 and 215,300 of its shares, respectively, at an average discount of 6.91% and 6.59%, respectively, from net asset value per share. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes such activity will further the accomplishment of the foregoing objectives, subject to review of the Trustees.
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $355,756,306 and $310,158,417, respectively.
5. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security whose value is "derived" from the value of an underlying asset, reference rate or index.
In order to seek to manage the interest rate exposure of the Trust's portfolio in a changing interest rate environment, the Trust may purchase or sell financial futures contracts or engage in transactions involving interest rate swaps, caps, floors or collars. The Trust expects to enter into these transactions primarily as a hedge against anticipated interest rate or fixed income market changes, for duration management or for risk management purposes, but may also enter into these transactions to generate additional income. All of the Trust's
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
portfolio holdings, including derivative instruments, are marked to market each day with the change in value reflected in the unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is recognized accordingly, except when taking delivery of a security underlying a futures contract. In these instances, the recognition of gain or loss is postponed until the disposal of the security underlying the futures contract. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts.
Summarized below are the specific types of derivative financial instruments used by the Trust.
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Trust generally invests in exchange traded futures contracts on U.S. Treasury securities and typically closes the contract prior to the delivery date. These contracts are generally used to manage the Trust's effective maturity and duration. Upon entering into futures contracts, the Trust maintains an amount of cash or liquid securities with a value equal to a percentage of the contract amount with either a futures commission merchant pursuant to the rules and regulations promulgated under the 1940 Act, as amended, or with its custodian in an account in the broker's name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.
Transactions in futures contracts for the six months ended April 30, 2008 were as follows:
CONTRACTS Outstanding at October 31, 2007............................. 890 Futures Opened.............................................. 927 Futures Closed.............................................. (1,817) ------ Outstanding at April 30, 2008............................... -0- ====== |
B. INVERSE FLOATING RATE SECURITIES The Trust may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Trust in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that may expose the Trust to greater risk and increased costs. Leverage may cause the Trust's net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the value of the Trust's portfolio securities. The use of leverage may also cause the Trust to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments.
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
C. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap transactions intended to help the Trust manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Trust's interest rate sensitivity with that of the broader municipal market. Forward interest rate swap transactions involve the Trust's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Trust a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the forward swap contract and the termination date of the swap (which is akin to a bond's maturity). The value of the Trust's swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap's termination date increases or decreases. The Trust may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. The Trust intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Trust upon termination. To reduce such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of the Trust with a value approximately equal to the amount of any unrealized gain. Reciprocally, when the Trust has an unrealized loss on a swap contract, the Trust has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. Restricted cash for segregating purposes is shown on the Statement of Assets and Liabilities. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. If there is a default by the counterparty, the Trust will have contractual remedies pursuant to the agreements related to the transaction.
6. PREFERRED SHARES
The Trust has outstanding 13,600 Auction Preferred Shares (APS). Series A and B contain 3,000 shares, Series C, D and E contain 2,000 shares, and Series F contains 1,600 shares. Dividends are cumulative and the dividend rate on each series is currently reset every 28 days through an auction process. Beginning on February 14, 2008 and continuing through April 30, 2008, all series of preferred shares of the Trust were not successfully remarketed. As a result, the dividend rates of these preferred shares were reset to the maximum applicable rate on APS. The average rate in effect on April 30, 2008 was 2.920%. During the six months ended April 30, 2008, the rates ranged from 2.602% to 4.800%.
The Trust pays annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auctions. These fees are included as a component of "Preferred Share Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of $25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption if the tests are not met.
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
7. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
8. ACCOUNTING PRONOUNCEMENTS
In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As of April 30, 2008, the Adviser does not believe the adoption of SFAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported on the Statement of Operations for a fiscal period.
On March 19, 2008, Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161). SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of SFAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS 161 and its impact on the financial statements has not yet been determined.
9. SUBSEQUENT EVENT
On June 13, 2008, the Trust announced plans for the partial redemption of its preferred shares. The Trust intends to redeem 20% of each of its Series per the table below. The Board of Trustees previously approved the use of tender option bonds as a replacement source of funding. The Depository Trust Company, the securities' holder of record, will determine how the partial series redemptions will be allocated among each participant broker-dealer account.
SERIES DATE A........................................................... July 21, 2008 B........................................................... July 16, 2008 C........................................................... July 30, 2008 D........................................................... July 16, 2008 E........................................................... July 25, 2008 F........................................................... July 30, 2008 |
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
JERRY W. MILLER
President and Principal Executive Officer
DENNIS SHEA
Vice President
KEVIN KLINGERT
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
STUART N. SCHULDT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
522 Fifth Avenue
New York, New York 10036
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
C/O COMPUTERSHARE INVESTOR SERVICES
P.O. Box 43078
Providence, Rhode Island 02940-3078
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
* "Interested persons" of the Trust, as defined in the investment Company Act of 1940, as amended.
Van Kampen Municipal Opportunity Trust
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy Policy annually.
The following Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, 529 Educational Savings Accounts, accounts subject to the Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what non-public personal information we collect about you, why we collect it, and when we may share it with others.
We hope this Policy will help you understand how we collect and share non-public personal information that we gather about you. Throughout this Policy, we refer to the non-public information that personally identifies you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect and maintain accurate information about you. We may obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our Web sites and from third parties and other sources.
(continued on next page)
Van Kampen Municipal Opportunity Trust
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.
-- We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.
-- We may obtain information about your creditworthiness and credit history from consumer reporting agencies.
-- We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.
-- If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer's operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of "cookies." "Cookies" recognize your computer each time you return to one of our sites, and help to improve our sites' content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you better and to manage our business, we may disclose personal information we collect about you to our affiliated companies and to non-affiliated third parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose personal information that we collect about you to our affiliated companies except to enable them to provide services on our behalf or as otherwise required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal information that we collect about you to non-affiliated third parties except to enable them to provide services on our behalf, to perform joint marketing agreements with
(continued on back)
Van Kampen Municipal Opportunity Trust
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law. For example, some instances where we may disclose information about you to non-affiliated third parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with these companies, they are required to limit their use of personal information to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information, and we require them to adhere to confidentiality standards with respect to such information.
Van Kampen Funds Inc. 522 Fifth Avenue New York, New York 10036 www.vankampen.com
Copyright (C)2008 Van Kampen Funds Inc. All rights reserved. Member FINRA/SIPC.
VMOSAN 6/08
(VAN KAMPEN INVESTMENTS LOGO) IU08-03230P-Y04/08
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. 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-CSRS 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 registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics -- Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(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 Opportunity Trust
By: /s/ Jerry W. Miller -------------------- Name: Jerry W. Miller Title: Principal Executive Officer Date: June 19, 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/ Jerry W. Miller -------------------- Name: Jerry W. Miller Title: Principal Executive Officer Date: June 19, 2008 By: /s/ Stuart N. Schuldt --------------------- Name: Stuart N. Schuldt Title: Principal Financial Officer Date: June 19, 2008 |
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