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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6567

Van Kampen Municipal Opportunity Trust
(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)

Jerry W. Miller
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)

Registrant's telephone number, including area code: 212-762-4000

Date of fiscal year end: 10/31

Date of reporting period: 7/31/08

---

Item 1. Schedule of Investments.

The Trust's schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:

VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS | JULY 31, 2008 (UNAUDITED)

PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE ------------------------------------------------------------------------------------------------ MUNICIPAL BONDS 206.1% ALABAMA 2.2% $ 1,000 Alabama Bldg Renovation Fin Auth Rev Rfdg (AMBAC Insd)................ 5.625% 09/01/24 $ 1,044,250 1,975 Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a)...................... 5.000 06/01/39 1,991,036 4,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Inc, Ser A............... 5.000 11/15/30 3,449,880 1,600 Huntsville-Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj...................................... 5.500 01/01/43 1,274,544 2,255 Marshall Cnty, AL Hlthcare, Ser C............ 6.000 01/01/32 2,289,727 5 Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg.......................... 6.950 01/01/20 461 ------------- 10,049,898 ------------- ALASKA 0.5% 3,000 Northern Tob Sec Corp AK Tob Settlement Rev Asset Bkd, Ser A......................................... 5.000 06/01/46 2,125,830 ------------- ARIZONA 3.1% 1,425 Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj................... 6.250 09/01/32 1,425,499 3,000 Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC Insd)..................................... 5.250 01/01/32 2,999,850 1,500 Maricopa Cnty, AZ Stad Dist Rfdg (AMBAC Insd).............................. 5.375 06/01/19 1,578,255 2,100 Pima Cnty, AZ Indl Dev Auth Global Wtr Resh LLC Proj (AMT)..................................... 6.550 12/01/37 1,871,856

---

ARIZONA (CONTINUED) $ 370 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Rfdg, Ser A (FSA Insd) 7.250% 07/15/10 $ 372,283 6,840 University of AZ Med Ctr Corp 5.000 07/01/35 5,981,169 ------------- 14,228,912 ------------- CALIFORNIA 18.7% 625 Aliso Viejo, CA Cmnty Fac Dist Spl Tax No 2005-01 Glenwood at Aliso................................... 6.000 09/01/38 613,437 2,630 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (FSA Insd)..................... * 09/01/20 1,441,266 7,925 Anaheim, CA Redev Agy Tax Alloc Rfdg Merged Redev Proj Area, Ser A (FSA Insd) (a)................. 5.000 02/01/31 7,984,749 2,400 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A (XLCA Insd)................................ 5.250 09/01/29 2,279,616 1,050 California Cnty, CA Tob Sec Agy Asset Bkd Merced Cnty Rfdg, Ser A...................................... 5.125 06/01/38 793,212 1,750 California Cnty, CA Tob Sec Agy Asset Bkd Sonoma Cnty Corp Rfdg....................................... 5.250 06/01/45 1,325,135 4,200 California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)....................... 4.950 08/01/23 3,944,423 2,800 California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)....................... 5.050 02/01/29 2,629,616 2,900 California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)....................... 5.300 08/01/23 2,805,286 3,400 California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)....................... 5.450 08/01/28 3,288,956

---

CALIFORNIA (CONTINUED) $ 2,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser B (AMT)................. 5.000% 07/01/27 $ 1,629,060 15 California Rural Home Mtg Fin Auth Single Family Mtg Rev, Ser C (GNMA Collateralized) (AMT)...................................... 0/7.800 02/01/28 15,336 420 California St (AMBAC Insd).................... 5.125 10/01/27 420,160 725 California St Dept Wtr Res Wtr Rev Cent Vy Proj, Ser AE (a)............... 5.000 12/01/24 750,984 900 California St Dept Wtr Res Wtr Rev Cent Vy Proj, Ser AE (a)............... 5.000 12/01/25 932,256 900 California St Dept Wtr Res Wtr Rev Cent Vy Proj, Ser AE (a)............... 5.000 12/01/26 932,257 525 California St Dept Wtr Res Wtr Rev Cent Vy Proj, Ser AE (a)............... 5.000 12/01/27 543,816 900 California St Dept Wtr Res Wtr Rev Cent Vy Proj, Ser AE (a)............... 5.000 12/01/28 932,257 2,000 California St Pub Wk Brd Lease Rev Dept Mental Hlth Coalinga, Ser A...................................... 5.000 06/01/25 2,000,860 7,750 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth, Ser A................................ 5.250 07/01/30 7,179,368 5,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A................................ 5.000 03/01/30 4,752,800 3,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth, Ser A................................ 5.000 03/01/35 2,785,680 1,000 California Statewide Cmnty Front Porch Cmnty & Svc, Ser A (c)............... 5.125 04/01/37 861,410

---

CALIFORNIA (CONTINUED) $ 410 Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Rfdg Third Tier Franciscan, Ser C..................... 6.500% 12/15/47 $ 359,451 5,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg................ * 01/15/25 1,743,750 4,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Conv Cap Apprec Sr Lien, Ser A (d)......................... 7.050 01/01/10 4,281,880 6,000 Golden St Tob Sec Corp CA Tob Settlement, Ser A-1........................ 5.750 06/01/47 4,927,800 400 Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (c)............... 5.500 03/01/18 390,188 2,200 Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj....................................... 7.000 12/01/27 2,103,002 3,500 Rancho Mirage, CA Jt Pwrs Eisenhower Med Ctr, Ser A.................. 5.000 07/01/47 3,179,260 2,400 Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd, Ser A-1........................................ 5.375 06/01/38 1,886,952 1,600 Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd, Ser A-1........................................ 5.500 06/01/45 1,263,456 6,000 Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1.................... 5.000 06/01/37 4,456,320 12,000 Tobacco Sec Auth Southn CA Tob Settlement, Ser A-1.................... 5.125 06/01/46 8,874,720 1,600 Turlock, CA Hlth Fac Rev Ctf Partn Emanuel Med Ctr Inc.................. 5.375 10/15/34 1,426,144 ------------- 85,734,863 -------------

---

COLORADO 4.3% $ 500 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A 5.250% 07/01/27 $ 429,815 375 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A 5.300 07/01/37 304,822 3,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives, Ser A (d) 5.500 03/01/32 3,157,950 4,475 Colorado Hlth Fac Auth Rev Catholic Hlth, Ser C-5 (FSA Insd) (a) 5.000 09/01/36 4,428,162 2,500 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc 5.000 12/01/35 2,050,650 3,700 Colorado Hlth Fac Auth Rev Evangelical Lutheran 5.000 06/01/35 3,249,377 1,000 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11) 6.500 11/15/31 1,124,050 645 Colorado Hsg Fin Auth Multi-Family Hsg Ins Mtg, Ser B-2 (FHA Gtd) (AMT) 5.800 10/01/28 644,981 30 Colorado Hsg Fin Auth Single Family Pgm Sr, Ser A-2 (AMT) 7.250 05/01/27 30,499 10 Colorado Hsg Fin Auth Single Family Pgm Sr, Ser C-1 (AMT) 7.550 11/01/27 10,323 530 Highlands Ranch Metro Dist No 2 CO (FSA Insd) (d) 6.500 06/15/11 585,899 470 Highlands Ranch Metro Dist No 2 CO (FSA Insd) 6.500 06/15/11 518,048 955 Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg 5.900 10/01/37 826,572

---

COLORADO (CONTINUED) $ 1,500 Salida, CO Hosp Dist Rev...................... 5.250% 10/01/36 $ 1,196,565 1,500 University of CO Hosp Auth Rev, Ser A...................................... 5.250 11/15/39 1,357,455 ------------- 19,915,168 ------------- CONNECTICUT 2.0% 750 Connecticut St Dev Auth Solid Waste Disp Fac Rev PSEG Pwr LLC Proj, Ser A (AMT)...................... 5.750 11/01/37 712,838 6,500 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A (ACA Insd) (AMT)................................ 6.600 07/01/24 6,113,055 1,000 Hartford, CT Pkg Sys Rev, Ser A (Prerefunded @ 7/01/10).................... 6.400 07/01/20 1,076,520 1,575 Mashantucket West Pequot Tribe CT Spl Rev, Ser A (c)...................... 5.500 09/01/36 1,327,583 ------------- 9,229,996 ------------- DISTRICT OF COLUMBIA 4.7% 2,500 District Columbia Rev Gonzaga College (FSA Insd)......................... 5.250 07/01/32 2,521,375 2,125 District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a)........................... 5.000 10/01/34 2,121,900 8,000 District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Ser A (FSA Insd) (a)............................. 5.500 10/01/41 8,314,560 8,850 Metropolitan Washington DC Arpt Auth Sys, Ser A (FGIC Insd) (AMT)...................................... 5.250 10/01/32 8,363,427 ------------- 21,321,262 ------------- FLORIDA 12.6% 1,000 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg.................... 5.875 11/15/36 870,910

---

FLORIDA (CONTINUED) $ 500 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg.................... 5.875% 11/15/42 $ 430,605 375 Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A........................... 6.000 05/01/38 313,492 250 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B....................... 6.200 05/01/38 209,070 1,250 Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc........................... 6.750 01/01/37 1,198,962 460 Escambia Cnty, FL Hlth Auth Rev FL Hlthcare Fac Ln VHA Pgm (AMBAC Insd)............................... 5.950 07/01/20 486,602 2,540 Florida St Tpk Auth Tpk Rev Rfdg Dept Tran, Ser A (a).................. 5.000 07/01/26 2,582,563 2,580 Florida St Tpk Auth Tpk Rev Rfdg Dept Tran, Ser A (a).................. 5.000 07/01/27 2,623,233 2,805 Florida St Tpk Auth Tpk Rev Rfdg Dept Tran, Ser A (a).................. 5.000 07/01/28 2,852,003 2,500 Florida St Tpk Auth Tpk Rev Rfdg Dept Tran, Ser A (a).................. 5.000 07/01/32 2,541,892 5,325 Fort Lauderdale, FL Wtr & Swr Rev (a).................................... 5.000 09/01/32 5,380,349 790 Highlands, FL Cmnty Dev Dist Spl Assmt...................................... 5.550 05/01/36 610,749 900 Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a).................................. 5.375 10/01/33 903,118 2,000 Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a).................................. 5.500 10/01/38 2,006,928

---

FLORIDA (CONTINUED) $ 700 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty Rfdg (AMBAC Insd)............................... 5.000% 12/01/34 $ 707,420 775 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B................................ 5.150 09/01/25 786,547 680 Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A............................ 6.800 05/01/38 638,452 400 Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B............................ 6.900 05/01/17 390,604 2,100 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGL Insd) (AMT)...................................... 5.375 10/01/27 2,056,803 2,500 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGL Insd) (AMT)...................................... 5.375 10/01/32 2,412,950 595 Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A....................... 6.000 05/01/24 544,776 2,160 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)............... 6.000 01/15/31 2,341,138 215 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)............... 6.000 01/15/31 233,030 1,525 Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower...................................... 5.500 07/01/32 1,275,784 545 Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A........................ 6.125 05/01/35 458,127 1,000 Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj...................... 5.875 11/15/37 923,400 5,500 Port St Lucie, FL Spl Assmt Rev Southwest Annexation Dist 1-B (MBIA Insd)................................ 5.000 07/01/40 5,346,000

---

FLORIDA (CONTINUED) $ 2,900 Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd)............................. 5.350% 03/15/42 $ 2,875,437 495 Reunion East Cmnty Dev Dist FL Spl Assmt.................................. 5.800 05/01/36 404,880 750 Seminole Tribe, FL Spl Oblig Rev, Ser A (c).................................. 5.750 10/01/22 725,678 875 Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A....................... 5.875 05/01/35 717,343 7,510 South Miami, FL Hlth Fac Auth Hosp Rev Baptist Hlth South FL Group (a).................................. 5.000 08/15/32 7,225,067 1,750 South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A............................ 5.700 05/01/35 1,489,390 750 Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A........................ 6.200 05/01/35 751,523 2,100 Tolomato Cmnty, FL Dev Dist Spl Assmt...................................... 6.650 05/01/40 2,090,088 475 World Commerce Cmnty Dev Dist FL Spl Assmt............................... 5.500 05/01/38 372,405 ------------- 57,777,318 ------------- GEORGIA 6.9% 5,000 Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd) (a)........................... 5.000 01/01/33 5,002,650 1,000 Atlanta, GA Arpt Rev, Ser B (FGIC Insd) (AMT).......................... 5.625 01/01/30 963,220 684 Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost $684,000) (e).............................. 7.250 06/15/10 703,146 7,000 Georgia Muni Elec Auth Pwr Rev, Ser A (MBIA Insd).......................... 6.500 01/01/20 8,483,510 10,000 Gwinnett Cnty, GA Sch Dist (a)................ 5.000 02/01/36 10,281,850

---

GEORGIA (CONTINUED) $ 3,770 Monroe Cnty, GA Dev Auth Pollutn Ctl Rev Oglethorpe Pwr Corp Scherer, Ser A........................ 6.800% 01/01/12 $ 4,158,009 1,000 Oconee Cnty, GA Indl Dev Auth Rev Oiit Proj (XLCA Insd).................. 5.250 07/01/25 1,004,680 1,200 Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1.......................................... 5.100 06/01/23 1,183,956 ------------- 31,781,021 ------------- IDAHO 0.2% 845 Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg............................. 6.125 11/15/27 776,640 ------------- ILLINOIS 19.8% 1,250 Bartlett, IL Tax Increment Rev Rfdg Sr Lien Quarry Redev Proj....................................... 5.600 01/01/23 1,183,100 1,365 Bolingbrook, IL Cap Apprec, Ser B (MBIA Insd) (g)............................ * 01/01/30 395,386 7,200 Chicago, IL Brd of Ed Rfdg, Ser C (FSA Insd) (a)............................. 5.000 12/01/27 7,374,744 3,150 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg, Ser A (MBIA Insd) (AMT).......................... 5.375 01/01/32 2,989,161 10,900 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGL Insd) (a)............................. 5.250 01/01/24 11,216,318 10,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGL Insd) (a)............................. 5.250 01/01/25 10,252,550 3,855 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGL Insd) (a)............................. 5.250 01/01/26 3,947,659

---

ILLINOIS (CONTINUED) $ 615 Chicago, IL Pk Dist, Ser C (FGIC Insd)...................................... 5.500% 01/01/19 $ 645,928 2,250 Chicago, IL, Ser A (AGL Insd) (a)............. 5.250 01/01/24 2,351,048 1,450 Chicago, IL, Ser A (AGL Insd)................. 5.250 01/01/25 1,511,175 2,250 Chicago, IL, Ser A (AGL Insd) (a)............. 5.250 01/01/25 2,351,047 4,500 Cook Cnty, IL Cap Impt, Ser A (FGIC Insd)................................ 5.000 11/15/23 4,536,450 4,500 Hoffman Estates, IL (a)....................... 5.000 12/01/38 4,489,380 2,300 Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A...................... 5.750 05/15/26 2,023,586 1,000 Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ............................. 5.500 04/01/37 944,920 6,000 Illinois Fin Auth Rev Northwestern Mem Hosp, Ser A (Prerefunded @ 8/15/14)................................. 5.500 08/15/43 6,673,920 3,500 Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A................................. 5.750 11/15/37 3,494,715 5,500 Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A............................ 5.500 08/01/37 5,088,765 1,250 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj, Ser A (FGIC Insd)................................ 5.375 12/15/18 1,302,863 2,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Proj, Ser A (FGIC Insd)................................ 5.500 12/15/24 2,077,600 6,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn, Ser A (MBIA Insd)................................ 5.250 06/15/42 6,063,300 3,000 Pekin, IL Mtg Rev United Auto Workers Inc Proj, Ser A (GNMA Collateralized)............................ 5.250 05/20/34 2,970,450

---

ILLINOIS (CONTINUED) $ 5,000 Regional Tran Auth IL, Ser B (AMBAC Insd)............................... 8.000% 06/01/17 $ 6,405,900 475 Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT).................... 7.000 12/01/42 451,093 ------------- 90,741,058 ------------- INDIANA 5.1% 1,000 Allen Cnty, IN Juvenile Just Ctr First Mtg (AMBAC Insd)..................... 5.500 01/01/18 1,059,280 1,000 Indiana Hlth & Ed Fac Fin Cmnty Fndtn Northwest IN......................... 5.500 03/01/37 869,650 2,000 Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (FSA Insd)................................. 7.000 08/15/15 2,274,340 2,500 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT)................. 5.950 08/01/30 2,421,125 10,000 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Mtg, Ser D-1 (GNMA Collateralized) (AMT) (a).................................. 4.625 07/01/38 9,414,519 7,000 Saint Joseph Cnty, IN Hosp Auth Hlth Sys Rev Rfdg Mem Hlth Sys (AMBAC Insd) (b)(f).................... 7.000 08/15/33 7,000,000 500 Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (c)......................... 5.750 09/01/42 428,630 ------------- 23,467,544 ------------- IOWA 1.5% 1,890 Des Moines, IA Pub Pkg Sys Rev, Ser A (FGIC Insd) (g)...................... 5.750 06/01/17 1,975,258 500 Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C.......................................... 5.950 08/01/37 467,080

---

IOWA (CONTINUED) $ 325 Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj.................... 6.000% 12/01/37 $ 289,666 2,500 Tobacco Settlement Auth IA Rev Asset Bkd, Ser C........................... 5.500 06/01/42 1,945,400 2,500 Tobacco Settlement Auth IA Rev Asset Bkd, Ser C........................... 5.625 06/01/46 1,972,000 ------------- 6,649,404 ------------- KANSAS 1.3% 1,300 Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (XLCA Insd)................................ 5.000 12/01/23 1,323,933 1,250 Labette Cnty, KS Hosp Rev Impt Rfdg, Ser A................................ 5.750 09/01/29 1,158,650 1,600 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A...................................... 5.000 05/15/24 1,349,008 1,600 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser A...................................... 5.000 05/15/36 1,239,904 375 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement, Ser B...................................... 5.125 05/15/37 294,499 675 Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A.......................................... 6.000 11/15/38 604,010 ------------- 5,970,004 ------------- KENTUCKY 2.5% 300 Kentucky Hsg Corp Hsg Rev, Ser F (FNMA Collateralized) (AMT).............. 5.450 01/01/32 281,520 7,785 Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc (a)........................... 5.000 10/01/30 7,017,920

---

KENTUCKY (CONTINUED) $ 4,500 Louisville & Jefferson Cntys, KY Metro Govt Indl Bldg Rev Sisters of Mercy Cincinnati................ 5.000% 10/01/35 $ 3,999,060 ------------- 11,298,500 ------------- LOUISIANA 4.7% 525 Colonial Pinnacle Cmnty Dev Dist Dev........................................ 6.750 05/01/23 514,290 5,000 Lafayette, LA Util Rev (MBIA Insd)............ 5.250 11/01/23 5,199,200 997 Lakeshore Vlgs Master Cmnty Dev Dist LA Spl Assmt...................... 5.250 07/01/17 892,166 40 Louisiana Hsg Fin Agy Mtg Rev Single Family Access Pgm, Ser B (GNMA Collateralized) (AMT)...................................... 8.000 03/01/25 40,920 1,930 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg, Ser A (GNMA Collateralized) (AMT)...................... 5.375 10/20/39 1,755,489 3,000 Louisiana St Energy & Pwr Auth Pwr Proj Rev Rfdg (FSA Insd)............... 5.750 01/01/12 3,260,850 8,000 Louisiana St Gas & Fuels Tax Rev, Ser A (FSA Insd) (a).................. 5.000 05/01/36 7,980,720 1,850 Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT)............................. 5.250 11/01/37 1,832,499 ------------- 21,476,134 ------------- MARYLAND 1.8% 775 Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A.................... 5.125 01/01/36 677,722 1,900 Maryland St Cmnty Dev Admin Dev, Ser H (AMT).......................... 5.100 09/01/37 1,673,045 2,000 Maryland St Hlth & Higher Ed Fac Auth Rev Medstar Hlth Rfdg................. 5.375 08/15/24 1,986,160

---

MARYLAND (CONTINUED) $ 2,750 Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A.......................................... 5.500% 07/01/42 $ 2,541,467 1,000 Maryland St Hlth & Higher Ed Fac Auth Rev Washington Cnty Hosp....................................... 5.750 01/01/38 961,590 600 Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj..................... 5.200 07/01/34 509,784 ------------- 8,349,768 ------------- MASSACHUSETTS 3.2% 3,955 Massachusetts Bay Trans Auth Gen Trans Sys Rfdg, Ser A.................. 5.500 03/01/12 4,187,514 400 Massachusetts St Dev Fin Agy Linden Ponds Inc Fac, Ser A................ 5.750 11/15/35 345,720 475 Massachusetts St Dev Fin Agy Linden Ponds Inc Fac, Ser A................ 5.750 11/15/42 404,325 4,800 Massachusetts St Dev Fin Agy Rev College Pharmacy & Allied Hlth, Ser D (AGL Insd)..................... 5.000 07/01/35 4,681,920 3,000 Massachusetts St Dev Fin Agy Semass Sys, Ser A (MBIA Insd)...................................... 5.625 01/01/16 3,216,120 35 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C...................................... 5.750 07/01/32 35,567 965 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys, Ser C (Prerefunded @ 7/01/11)................................... 5.750 07/01/32 1,055,778 965 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr, Ser A...................................... 6.000 10/01/23 930,048 ------------- 14,856,992 -------------

---

MICHIGAN 1.6% $ 3,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A........................... 6.250% 07/01/40 $ 2,895,480 800 Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A....................... 5.250 01/15/47 834,496 400 Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A....................... 5.500 01/15/47 420,744 3,750 Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A.......................................... 6.000 06/01/48 3,132,563 ------------- 7,283,283 ------------- MINNESOTA 1.7% 10 Chaska, MN Elec Rev, Ser A.................... 6.100 10/01/30 10,390 990 Chaska, MN Elec Rev, Ser A (Prerefunded @ 10/01/10)................... 6.100 10/01/30 1,064,567 425 Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj......................... 6.000 08/01/42 393,571 1,000 Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj..................... 5.750 11/01/27 966,050 2,000 Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc Rfdg, Ser A (AMBAC Insd) (b)(f)...................... 7.000 11/15/32 2,000,000 175 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks....................................... 6.000 10/01/27 166,481 550 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks....................................... 6.000 10/01/33 510,647 175 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks....................................... 6.125 10/01/39 163,440 1,800 Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj............................. 5.250 05/15/36 1,591,866

---

MINNESOTA (CONTINUED) $ 900 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj.................... 6.000% 11/15/35 $ 888,597 ------------- 7,755,609 ------------- 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 1,955,070 350 Cape Girardeau Cnty, MO Indl Southeast MO Hosp Assoc.................... 5.500 06/01/22 340,074 1,300 Cass Cnty, MO Hosp Rev........................ 5.625 05/01/38 1,185,808 850 Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A..................... 5.500 09/01/18 822,825 1,375 Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran, Ser A.......................................... 5.375 02/01/35 1,238,187 615 Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res for Srs, Ser A................. 6.375 12/01/30 571,501 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 1,323,923 575 Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg................................. 5.750 11/01/27 536,613 2,060 Sikeston, MO Elec Rev Rfdg (MBIA Insd)................................ 6.200 06/01/10 2,150,166 770 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)................................ 4.550 07/01/29 646,477

---

MISSOURI (CONTINUED) $ 4,070 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT) (a)............................ 4.550% 07/01/29 $ 3,383,370 6,650 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT) (a)............................ 4.600 07/01/36 5,528,112 -------------- 19,682,126 -------------- NEVADA 3.0% 6,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT)......................... 5.250 07/01/34 4,908,060 2,450 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (BHAC Insd) (AMT).......................... 4.750 09/01/36 2,122,729 2,500 Nevada Hsg Div Single Family Mtg Rev, Ser A (GNMA Collateralized) (AMT)...................... 5.875 04/01/38 2,453,300 4,750 Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A (a).................... 5.250 06/01/37 4,360,275 -------------- 13,844,364 -------------- NEW HAMPSHIRE 0.5% 1,155 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10).................... 7.000 07/01/30 1,175,201 950 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)...................................... 6.300 05/01/22 955,690 -------------- 2,130,891 -------------- NEW JERSEY 17.5% 375 Burlington Cnty, NJ Bridge Commn Econ Dev Rev Evergreens Proj............................ 5.625 01/01/38 332,186

---

NEW JERSEY (CONTINUED) $ 2,700 New Jersey Econ Dev Auth Rev Cig Tax.................................... 5.750% 06/15/29 $ 2,537,568 3,025 New Jersey Econ Dev Auth Rev Cig Tax.................................... 5.750 06/15/34 2,788,445 30,000 New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd)...................................... 5.900 03/15/21 34,158,600 8,000 New Jersey Econ Dev Auth Wtr Fac Rev NJ Amer Wtr Co Inc Proj, Ser A (FGIC Insd) (AMT).............. 6.875 11/01/34 8,091,120 2,400 New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp......................... 5.000 07/01/36 2,039,448 1,350 New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ Hosp Oblig...................................... 5.750 07/01/37 1,289,615 40,000 Tobacco Settlement Fin Corp NJ, Ser A-1 (a)................................ 5.000 06/01/41 28,704,400 ------------- 79,941,382 ------------- NEW MEXICO 0.3% 1,125 University NM Univ Rev Sub Lien Rfdg, Ser A................................ 5.250 06/01/21 1,170,765 ------------- NEW YORK 10.5% 2,325 New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B...................................... 6.750 03/01/15 2,364,548 1,255 New York City Indl Dev Civic YMCA Gtr NY Proj........................... 5.800 08/01/16 1,301,761 5,500 New York City, Ser I-1 (a).................... 5.000 02/01/26 5,616,848 2,525 New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm, Ser A (FSA Insd)........................... 5.500 05/15/25 2,553,861

---

NEW YORK (CONTINUED) $ 3,100 New York St Dorm Auth Rev City Univ Sys Cons, Ser A....................... 5.625% 07/01/16 $ 3,417,626 2,600 New York St Dorm Auth Rev Cons City Univ Sys Second Gen, Ser A.......................................... 5.750 07/01/13 2,779,504 2,040 New York St Dorm Auth Rev Secd Hosp Gen Hosp Rfdg......................... 5.750 02/15/18 2,195,122 590 New York St Dorm Auth Rev, Ser B.......................................... 7.500 05/15/11 657,885 650 New York St Dorm Auth Rev, Ser B (Prerefunded @ 5/15/10).................. 7.500 05/15/11 695,182 1,500 New York St Dorm Auth Rev Upstate Cmnty Colleges, Ser B.............. 5.250 07/01/20 1,578,090 1,000 New York St Dorm Auth Rev Upstate Cmnty Colleges, Ser B.............. 5.250 07/01/21 1,046,730 935 New York St Mtg Agy Rev Homeowner Mtg, Ser 82 (AMT)................ 5.650 04/01/30 967,435 3,395 New York St Mtg Agy Rev, Ser 101 (AMT).................................. 5.400 04/01/32 3,171,473 15,000 Port Auth NY & NJ Cons 144th (a).............. 5.000 10/01/35 15,179,550 4,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (MBIA Insd) (AMT).......................... 5.750 12/01/22 3,968,840 575 Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (c)............... 5.000 12/01/23 494,776 ------------- 47,989,231 ------------- NORTH CAROLINA 5.7% 1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev, Ser D..................... 6.700 01/01/19 1,561,125 1,000 North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A................... 5.750 10/01/37 933,820

---

NORTH CAROLINA (CONTINUED) $ 22,000 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd)...................................... 6.000% 01/01/12 $ 23,785,300 ------------- 26,280,245 ------------- NORTH DAKOTA 0.2% 510 North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm Home Mtg Fin, Ser B (MBIA Insd) (AMT).................... 5.500 07/01/29 521,103 220 North Dakota St Hsg Fin Agy, Ser C (AMT).................................... 5.550 07/01/29 222,371 ------------- 743,474 ------------- OHIO 5.5% 6,600 Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2........................................ 5.750 06/01/34 5,463,876 400 Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care, Ser A.................... 5.750 05/15/27 354,996 1,500 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj........................ 7.500 01/01/30 1,589,190 2,450 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Impt & Rfdg, Ser A...................................... 5.250 10/01/33 2,443,017 2,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare, Ser S................... 5.375 10/01/30 2,013,560 3,000 Lorain Cnty, OH Hosp Rev Catholic Rfdg, Ser C-1 (FSA Insd) (a).................................. 5.000 04/01/24 3,064,935 2,750 Lorain Cnty, OH Hosp Rev Fac Catholic, Ser A (FSA Insd) (a)............. 5.000 02/01/24 2,809,726 2,775 Lorain Cnty, OH Hosp Rev Fac Catholic, Ser B (FSA Insd) (a)............. 5.000 02/01/24 2,835,173

---

OHIO (CONTINUED) $ 1,625 Montgomery Cnty, OH Rev Var Catholic Hlth, Ser C-1 (FSA Insd) (a).................................. 5.000% 10/01/41 $ 1,597,148 1,050 Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser D (GNMA Collateralized) (AMT) (a).................................. 5.300 09/01/28 1,012,006 1,845 Ohio St Hsg Fin Agy Residential Mtg Rev Bkd Sec Pgm, Ser D (GNMA Collateralized) (AMT) (a).................................. 5.400 03/01/33 1,778,239 ------------- 24,961,866 ------------- OKLAHOMA 2.7% 1,375 Chickasaw Nation, OK Hlth Sys (c)............. 6.250 12/01/32 1,400,520 3,410 Jenks, OK Aquarium Auth Rev Rfdg (MBIA Insd) (g)....................... 5.250 07/01/24 3,465,003 1,475 Jenks, OK Aquarium Auth Rev Rfdg (MBIA Insd)........................... 5.250 07/01/33 1,475,870 3,970 McAlester, OK Pub Wk Auth Util Cap Apprec (FSA Insd)...................... * 02/01/34 1,008,142 1,120 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (g)................ 5.500 06/01/18 1,184,187 1,185 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (g)................ 5.500 06/01/19 1,252,912 2,250 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) (Prerefunded @ 11/01/09)................... 6.250 11/01/22 2,416,073 ------------- 12,202,707 -------------

---

OREGON 0.9% $ 4,000 Oregon Hlth Sciences Univ Insd, Ser A (MBIA Insd) 5.250% 07/01/22 $ 4,104,280 ------------- PENNSYLVANIA 5.6% 875 Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Care Proj 6.250 02/01/35 787,692 950 Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT) 6.750 12/01/36 954,646 16,755 Pennsylvania St Pub Sch Bldg Philadelphia Proj Auth Lease Rev Sch Dist Ser B (FSA Insd) (a) 4.500 06/01/32 15,898,761 3,000 Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A (AMBAC Insd) (AMT) 5.375 01/01/21 2,928,240 5,415 Susquehanna Area Regl Arpt Auth PA, Ser A (AMBAC Insd) (AMT) (g) 5.375 01/01/22 5,248,760 ------------- 25,818,099 ------------- SOUTH CAROLINA 5.8% 2,500 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a) 5.250 12/01/25 2,535,875 7,500 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a) 5.250 12/01/26 7,607,625 1,000 South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Com Rfdg 5.300 10/01/36 796,630

---

SOUTH CAROLINA (CONTINUED) $ 1,840 South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A.................. 6.250% 08/01/31 $ 1,860,406 5,000 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd)................... 5.200 11/01/27 5,054,600 3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT)...................................... 5.450 11/01/32 3,590,250 725 South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A................................ 6.000 11/15/27 663,462 1,650 South Carolina Jobs Economic Rfdg First Mtg Lutheran Homes...................................... 5.375 05/01/21 1,487,277 3,000 Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg....................................... 5.000 06/01/18 2,909,160 ------------- 26,505,285 ------------- SOUTH DAKOTA 1.7% 1,375 Deadwood, SD Ctf Partn (ACA Insd)...................................... 6.375 11/01/20 1,440,849 5,175 South Dakota Hsg Dev Auth Homeownership Mtg, Ser E (AMT) (a).................................. 4.625 05/01/36 4,175,232 2,500 South Dakota St Hlth & Ed Fac Auth Rev Sioux Vly Hosp & Hlth Sys A...................................... 5.250 11/01/34 2,440,625 ------------- 8,056,706 -------------

---

TENNESSEE 2.6% $ 1,750 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A........................... 5.125% 10/01/35 $ 1,439,987 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 2,268,420 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 1,688,670 3,000 Jackson, TN Hosp Rev Rfdg Jackson Madison Hosp, Ser B (AMBAC Insd) (b)(f)........................ 7.000 04/01/41 3,000,000 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 1,147,420 2,400 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (FSA Insd) (a)............................. 5.250 09/01/27 2,454,312 ------------ 11,998,809 ------------ TEXAS 22.7% 1,450 Alliance Arpt Auth Inc TX Spl Fac Rev Rfdg FedEx Corp Proj (AMT)...................................... 4.850 04/01/21 1,261,152 725 Dallas Cnty, TX Flood Ctl Dist Rfdg....................................... 6.750 04/01/16 764,222

---

TEXAS (CONTINUED) $ 5,500 Dallas-Fort Worth, TX Intl Arpt Rev Rfdg & Impt, Ser A (BHAC Insd) (AMT).......................... 5.500% 11/01/31 $ 5,501,100 8,000 Dallas-Fort Worth, TX Intl Arpt Rev, Ser A (FSA Insd) (AMT)...................................... 5.500 11/01/21 8,020,960 4,000 Dallas-Fort Worth, TX Intl Arpt Rev, Ser A (FGIC Insd) (AMT)............... 5.750 11/01/30 3,911,240 650 Dallas-Fort Worth, TX Intl Arpt Rev, Ser C (MBIA Insd) (AMT)...................................... 5.750 11/01/18 653,185 1,225 Dallas-Fort Worth, TX Intl Arpt Rev, Ser C (MBIA Insd) (AMT)...................................... 6.000 11/01/23 1,230,267 4,850 El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a)........................... 5.000 08/15/37 4,778,519 2,200 Fort Bend, TX Indpt Sch Dist Rfdg & Sch Bldg (PSF GTD) (a)................................... 5.000 08/15/27 2,241,712 1,000 Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Baylor College Med, Ser A-4 (AMBAC Insd) (b)(f)............................... 8.500 11/15/47 1,000,000 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 2,198,300 2,000 Houston, TX Arpt Sys Rev Sub Lien (FSA Insd)............................ 5.500 07/01/20 2,125,940 10,000 Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT)............... 5.125 07/01/32 9,516,700 3,000 Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT)............... 5.625 07/01/30 3,008,190

---

TEXAS (CONTINUED) $ 7,825 Houston, TX Util Sys Rev Comb First Lien Rfdg, Ser A (FSA Insd) (a).................................. 5.000% 11/15/36 $ 7,765,998 5,000 Houston, TX Util Sys Rev First Lien Rfdg, Ser A (FSA Insd)................ 5.250 05/15/21 5,248,650 3,030 Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a)........................ 5.000 02/01/37 2,980,129 1,250 Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX......................................... 5.500 02/15/37 1,128,925 1,000 Matagorda Cnty, TX Nav Dist No 1 Rev Coll Centerpoint Energy Proj Rfdg.................................. 5.600 03/01/27 905,750 3,000 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj....................................... 7.250 01/01/31 3,038,190 1,000 Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT)............................. 6.000 08/01/20 1,003,200 10,000 North Centre, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd)............................... 5.250 08/15/32 10,012,900 1,000 North TX Twy Auth Rev Rfdg Sys First Tier, Ser A.......................... 5.625 01/01/33 995,340 1,000 North TX Twy Auth Rev Rfdg Sys First Tier, Ser B.......................... 5.625 01/01/28 1,012,710 1,000 North TX Twy Auth Rev Rfdg Sys First Tier, Ser B.......................... 6.000 01/01/26 1,046,040 1,000 North TX Twy Auth Rev Rfdg Sys First Tier, Ser B.......................... 6.000 01/01/27 1,042,280 2,650 North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F.................... 5.750 01/01/33 2,585,393

---

TEXAS (CONTINUED) $ 1,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc........................................ 5.625% 11/15/27 $ 891,080 2,600 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc........................................ 5.750 11/15/37 2,235,896 4,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj....................................... 5.250 11/15/37 3,523,360 400 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home Proj........................ 5.750 02/15/25 360,492 2,450 Tarrant Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Cook Childrens Med Ctr, Ser B (FSA Insd) (a).................................. 5.000 12/01/30 2,452,743 2,000 Texas St Dept Hsg & Cmnty Affairs Mtg, Ser B (GNMA Collaterized) (AMT)........................ 5.300 09/01/39 1,798,540 5,400 Texas St Trans Cmnty Mobility Fd (a)..................................... 5.000 04/01/28 5,511,753 2,750 Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX Med Ctr Rfdg, Ser A................................ 5.375 11/01/37 2,375,808 ------------- 104,126,664 ------------- UTAH 0.8% 2,380 Mountain Regl Wtr Spl Svc Dist Rfdg (MBIA Insd)........................... 5.000 12/15/33 2,300,199 700 Utah St Charter Sch Fin Auth Channing Hall, Ser A (c)................... 6.000 07/15/37 623,462

---

UTAH (CONTINUED) $ 730 Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A............................. 5.800% 06/15/38 $ 677,856 ------------- 3,601,517 ------------- VIRGINIA 0.5% 750 Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig.......................... 6.350 09/01/28 688,358 1,500 White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev Special Assmt.............................. 5.300 03/01/17 1,431,720 ------------- 2,120,078 ------------- WASHINGTON 10.3% 9,850 Bellevue, WA Convention Ctr Auth Spl Oblig Rev Comp Int Rfdg (MBIA Insd)................................ * 02/01/25 4,155,222 7,500 Chelan Cnty, WA Pub Util Dist No 001 Cons Rev Chelan Hydro, Ser A (MBIA Insd) (AMT).................... 5.600 01/01/36 7,427,025 5,000 Energy Northwest WA Elec Rev Columbia Generating Rfdg, Ser A (FSA Insd)............................... 5.500 07/01/16 5,361,800 2,500 Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (FSA Insd)...................................... 5.500 07/01/18 2,657,775 5,000 Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser B (FSA Insd)...................................... 6.000 07/01/16 5,501,700 1,250 Kalispel Tribe Indians Priority Dist WA Rev..................................... 6.625 01/01/28 1,180,575 2,000 Port Seattle, WA Rev, Ser B (MBIA Insd) (AMT).......................... 5.625 02/01/24 2,004,680 2,120 Seattle, WA Muni Lt & Pwr Rev................. 5.625 12/01/17 2,249,384

---

WASHINGTON (CONTINUED) $ 2,250 Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vly Hosp................. 5.750% 12/01/28 $ 2,163,803 3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd)...................................... 5.250 09/01/33 3,019,170 4,750 Tacoma, WA Elec Sys Rev Rfdg, Ser A (FSA Insd)........................... 5.750 01/01/14 5,095,230 1,440 Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 05/07/08, Cost $1,440,000) (e)....................... 6.000 01/01/27 1,400,846 1,000 Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Proj, Ser A........................... 5.625 01/01/27 910,460 5,125 Washington St Pub Pwr Supply Sys Nuclear Proj No 3 Rev Rfdg, Ser C (MBIA Insd).................... * 07/01/14 4,045,009 ------------- 47,172,679 ------------- WEST VIRGINIA 0.8% 500 Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry Centre Fin Dist, Ser A..................... 5.850 06/01/34 490,490 1,000 Pleasants Cnty, WV Pollutn Ctl Rev Cnty Comm Allegheny Rfdg, Ser F................................ 5.250 10/15/37 932,230 1,000 West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys................... 6.000 10/01/20 985,080 1,215 West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys................... 6.250 10/01/23 1,201,987 ------------- 3,609,787 -------------

---

WISCONSIN 3.0% $ 1,500 Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg, Ser A (MBIA Insd).................... 5.500% 12/15/20 $ 1,657,559 2,400 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a).................................. 5.300 09/01/23 2,325,684 3,000 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a).................................. 5.500 09/01/28 2,907,105 3,700 Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd) (a)........... 5.000 08/01/34 3,579,843 3,000 Wisconsin St Hlth & Ed Fac Wheaton Franciscan Svc Rfdg (Prerefunded @ 2/15/12).................... 5.750 08/15/30 3,312,120 ------------- 13,782,311 ------------- WYOMING 0.2% 1,000 University WY Univ Rev Fac Impt (FSA Insd)................................. 5.500 06/01/18 1,054,970 ------------- PUERTO RICO 2.5% 10,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev, Ser Y (FSA Insd) (a)........................... 6.250 07/01/21 11,409,350 ------------- TOTAL LONG TERM INVESTMENTS 206.0% (Cost $974,824,360)............................................................ 943,096,790 TOTAL SHORT TERM INVESTMENTS 0.1% (Cost $560,000)................................................................ 560,000 ------------- TOTAL INVESTMENTS 206.1% (Cost $975,384,360)............................................................ 943,656,790

---

LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (49.0%) (Cost ($224,565,000)) (224,565) Notes with interest rates ranging from 2.23% to 2.76% at July 31, 2008 and contractual maturities of collateral ranging from 2021 to 2041 (h)............................................................. (224,565,000) -------------- TOTAL NET INVESTMENTS 157.1% (Cost $750,819,360)............................................................ 719,091,790 OTHER ASSETS IN EXCESS OF LIABILITIES 2.4%...................................... 11,089,933 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (59.5%)...................... (272,298,345) -------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.................................... $ 457,883,378 --------------

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

* Zero coupon bond
(a) Underlying security related to Inverse Floaters entered into by the Trust.
(b) Variable Rate Coupon
(c) 144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
(d) Escrowed to Maturity
(e) 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 0.5% of net assets applicable to common shares.
(f) 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.
(g) The Trust owns 100% of the outstanding bond issuance.
(h) Floating rate notes. The interest rates shown reflect the rates in effect at July 31, 2008.

ACA - American Capital Access
AGL - Assured Guaranty Ltd.
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
BHAC -- Berkshire Hathaway Assurance Corp. 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.

---

Item 2. Controls and Procedures.

(a) The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the Trust's internal control over financial reporting that occurred during the registrant's fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits.

(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.cert.

(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.cert.

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Van Kampen Municipal Opportunity Trust

By: /s/ Jerry W. Miller --------------------------------- Name: Jerry W. Miller Title: Principal Executive Officer Date: September 18, 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: September 18, 2008 By: /s/ Stuart N. Schuldt --------------------------------- Name: Stuart N. Schuldt Title: Principal Financial Officer Date: September 18, 2008