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OMB APPROVAL
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OMB Number: 3235-0570
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Expires: August 31, 2011
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Estimated
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number
811-06567
Invesco Van Kampen Municipal Opportunity Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code: (
713) 626-1919
Date of fiscal year end:
10/31
Date of reporting period:
4/30/10
Item 1. Report to Shareholders.
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MUTUAL FUNDS
Van Kampen
Municipal Opportunity Trust (VMO)
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Privacy Notice information on the
back.
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On June 1, 2010, Invesco
completed its acquisition of Van Kampen Investments and Morgan
Stanleys retail asset management business. This Trust was
included in that acquisition and as of that date, became Invesco
Van Kampen Municipal Opportunity Trust. Please visit
www.invesco.com/transition for more information or call
Invescos Client Services team at
800-959-4246.
Invesco Distributors, Inc.
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Welcome,
Shareholder
In this report, youll 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
trusts financial statements and a list of trust
investments as of April 30, 2010.
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 the 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).
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NOT FDIC INSURED
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OFFER NO BANK GUARANTEE
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MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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NOT A DEPOSIT
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Performance
Summary
as
of 4/30/10 (Unaudited)
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Municipal
Opportunity Trust
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Symbol:
VMO
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Average Annual
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Based on
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Based on
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Total
Returns
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NAV
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Market
Price
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Since Inception (4/24/92)
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6.45
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%
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6.59
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%
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10-year
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5.91
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7.93
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5-year
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2.16
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5.68
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1-year
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25.22
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25.61
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6-month
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6.87
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8.32
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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 advisor. 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 trusts 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 trusts dividend reinvestment plan, and
sale of all shares at the end of the period. The trusts
advisor has waived or reimbursed fees and expenses from time to
time. Absent such waivers/reimbursements the trusts
returns would have been lower. Periods of less than one year are
not annualized.
The Barclays Capital
Municipal Bond Index is generally representative of
investment-grade, tax exempt bonds. The Index is unmanaged and
its returns do not include any sales charges or fees. Such costs
would lower performance. It is not possible to invest directly
in an index.
1
Trust Report
For the six-month
period ended April 30, 2010
Market
Conditions
Economic data released during the six-month reporting period
indicated that the economy was expanding, although some
investors continued to question whether the recession was really
behind us. The housing market continued to lag and unemployment
remained high, but hints of improvement began to appear late in
the period when the April labor report showed that employment in
the U.S. rose by its largest monthly increase in four
years. The Federal Reserve maintained their accommodative
monetary policy, leaving the federal funds target rate unchanged
at near zero percent, but hiked the discount rate by 25 basis
points to 0.75 percent in mid-Februaryperhaps an
indication of monetary tightening ahead.
Municipal bond market performance slowed substantially during
the reporting period from the historically large returns seen in
previous months. The lower rated segment of the market continued
to outperform as investor demand for lower quality, higher
yielding bonds grew over the course of the period. For the six
months ended April 30, 2010, the Barclays Capital High
Yield Municipal Bond Index (the benchmark for the non-investment
grade segment of the market) gained 6.70 percent while the
Barclays Capital Municipal Bond Index (the benchmark for the
investment grade segment) gained 3.68 percent. Overall,
longer maturity issues outperformed those with shorter
maturities. For the six months ended April 30, 2010, long
bonds (those with maturities of 22 years or more) returned
5.09 percent while five-year bonds returned
3.22 percent, as measured by the respective Barclays
Capital municipal bond indexes.
With regard to sectors, hospital bonds and tobacco bonds were
among the top performers, outpacing the broad municipal market
as rising demand for these lower quality issues helped boost
returns. Revenue bonds outperformed general obligation bonds
amid media reports of municipalities general financial
weakness and ongoing weakness in tax collections.
Demand for municipal bonds overall remained steady, with
approximately $24 billion flowing into municipal bond funds
during the period. New issue supply remained relatively stable
as well, totaling roughly $205 billion. However,
25 percent of that total issuance was in taxable Build
America Bonds, thereby limiting the supply of traditional
tax-exempt bonds. This has helped buoy tax-exempt bond prices
and the relative value of municipal bonds overall versus other
fixed income sectors.
2
Performance
Analysis
The Trusts 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 Trusts
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 and a
market price basis, the Trust outperformed the Barclays Capital
Municipal Bond Index (the Index).
Total return for
the six-month period ended April 30, 2010
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Based on
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Based on
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Barclays
Capital
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NAV
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Market
Price
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Municipal
Bond Index
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6.87
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%
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8.32
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%
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3.68
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%
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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.
The primary contributors to the Trusts performance for the
reporting period included the following:
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Exposure to
BBB rated and non-rated bonds
was additive to
performance. Spreads on these issues tightened during the
period, helping them to outperform higher quality issues.
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Holdings in the
health care, industrial development
revenue/pollution control revenue (IDR/PCR), and tobacco
sectors
boosted returns as these sectors outperformed the
broad municipal bond market for the period.
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The portfolios exposure on the
long end of the
municipal yield curve
was also advantageous as longer
maturities issues outperformed shorter maturity issues.
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Other positions, however, were less advantageous:
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Exposure to
pre-refunded bonds
detracted from
performance. Pre-refunded bonds are short-maturity securities
and therefore underperformed for the period.
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The portfolios holdings in
lease-backed bonds
also
hindered performance as these issues underperformed essential
service bonds.
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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 Trusts shares.
3
Market
Outlook
Looking ahead, we expect municipal bonds may outperform other
sectors of the fixed income market due to the prospect of higher
income tax rates in the future as well as the reduction in
supply of tax-exempt paper as municipalities continue to issue
taxable Build America Bonds. There is some pressure, however,
for municipal yields to rise, particularly on the front end of
the yield curve, as the Federal Reserve continues to maintain
their inflation-fighting status. We expect lower quality bonds
will continue to outperform higher grade bonds as the economic
recovery continues.
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.
4
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Ratings
Allocation as of 4/30/2010 (Unaudited)
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AAA/Aaa
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23.0
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%
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AA/Aa
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25.9
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A/A
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23.1
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BBB/Baa
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14.0
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BB/Ba
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1.4
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Non-Rated
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12.6
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Top
Five Sectors as of 4/30/2010 (Unaudited)
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Hospital
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19.4
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%
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Airports
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12.3
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General Purpose
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8.2
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Wholesale Electric
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7.2
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Bridge, Tunnel & Toll Road
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5.0
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Summary
of Investments by State/Country Classification as of 4/30/2010
(Unaudited)
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Texas
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14.1
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%
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Illinois
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10.0
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California
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8.8
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New Jersey
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7.3
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Florida
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7.2
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New York
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5.9
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Washington
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4.0
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Ohio
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3.9
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Georgia
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3.4
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North Carolina
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3.2
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Arizona
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3.1
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South Carolina
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2.9
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District of Columbia
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2.8
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Colorado
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1.7
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Missouri
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1.5
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Wisconsin
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1.5
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Massachusetts
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1.5
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Kentucky
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1.4
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Indiana
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1.3
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Pennsylvania
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1.3
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Nevada
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1.2
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Puerto Rico
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1.1
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Connecticut
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1.1
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Louisiana
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1.0
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Alabama
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1.0
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Tennessee
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1.0
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Kansas
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0.8
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West Virginia
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0.7
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Maryland
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0.7
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Michigan
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0.6
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Iowa
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0.6
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Minnesota
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0.5
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Oklahoma
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0.5
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New Hampshire
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0.4
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Utah
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0.4
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Idaho
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0.3
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(continued on next
page)
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Summary
of Investments by State/Country Classification as of 4/30/2010
(Unaudited)
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(continued from previous page)
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New Mexico
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0.3
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Virginia
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0.3
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Alaska
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0.3
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Hawaii
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0.2
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Wyoming
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0.2
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Total Investments
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100.0
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%
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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
allocation and summary of investments by state/country
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
Poors and Moodys, respectively.
Portfolio
Management
On June 1, 2010, Invesco completed its acquisition of Van
Kampen Investments, and the Trust was part of that acquisition.
Therefore, as of that date, the Trusts investment adviser
is Invesco Advisers, Inc. The following individuals associated
with Invesco Advisers, Inc. are jointly and primarily
responsible for the day-to-day management of the Trusts
portfolio:
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Thomas Byron, Senior Portfolio Manager, has been responsible for
the Trust since 2009. Prior to June 1, 2010, Mr. Byron
was associated with Van Kampen Asset Management in an investment
management capacity since 1981.
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Robert J. Stryker, Senior Portfolio Manager, has been
responsible for the Trust since 2009. Prior to June 1,
2010, Mr. Stryker was associated with Van Kampen Asset
Management in an investment management capacity since 1994.
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Robert W. Wimmel, Senior Portfolio Manager, has been responsible
for the Trust since 2001. Prior to June 1, 2010,
Mr. Wimmel was associated with Van Kampen Asset Management
in an investment management capacity since 1996.
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6
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 trusts 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 trusts
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 SECs Web site,
http://www.sec.gov.
You may also review and copy them at the SECs Public
Reference Room in Washington, D.C. Information on the operation
of the SECs Public Reference Room may be obtained by
calling the SEC at
(800) SEC-0330.
You can also request copies of these materials, upon payment of
a duplicating fee, by electronic request at the SECs
e-mail
address (publicinfo@sec.gov) or by writing the Public Reference
section of the SEC, Washington, DC
20549-1520.
You may obtain copies of a trusts fiscal quarter filings
by contacting Van Kampen Client Relations at
(800) 341-2929.
Proxy Voting
Policy and Procedures and Proxy Voting Record
You may obtain a copy of the Trusts 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 Commissions 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 Commissions
Web site at
http://www.sec.gov.
7
Investment
Advisory Agreement Approval
On June 1, 2010, Invesco Ltd., an independent global
investment management company, completed its purchase of
substantially all of the retail asset management business of
Morgan Stanley, including the investment adviser and certain
other affiliated service providers to most of the
Van Kampen funds (including the Fund) (the
Transaction). As described in more detail below, in
connection with the Transaction, the Funds Board of
Trustees approved a new investment advisory agreement with
Invesco Advisers, Inc. (Invesco), a subsidiary of
Invesco Ltd., and a new master investment
sub-advisory
agreement with several of Invesco Ltd.s wholly-owned
affiliates (collectively, the New Advisory
Agreements). Shareholders approved the New Advisory
Agreements at a special meeting of shareholders held on
April 16, 2010 to become effective upon closing of the
Transaction. Thus, effective June 1, 2010, the Funds
investment adviser, investment
sub-advisers
and certain other service providers are affiliates of Invesco
Ltd. The Transaction did not result in any change to the
Funds investment objective, principal investment
strategies or the Funds portfolio management team.
Prior to the Transaction, the investment adviser for the Fund
was Van Kampen Asset Management, a wholly owned subsidiary
of Van Kampen Investments Inc. (Van Kampen
Investments), which was an indirect wholly owned
subsidiary of Morgan Stanley. As a result of the Transaction,
the asset management business of Van Kampen Investments was
combined with that of Invesco.
At several in-person and telephonic meetings held in August,
September, October, November and December 2009, the Board
discussed and ultimately approved the New Advisory Agreements.
At these meetings, the Board considered information provided by
Morgan Stanley, Van Kampen Investments and Invesco
regarding, among other things: Invescos organization and
personnel; business strategy; ownership structure; financial
strength; affiliations (including other asset management
affiliations); asset management practices and capabilities;
legal and regulatory matters; and compliance matters. Emphasis
during these meetings focused on Invesco being a global
investment management leader with momentum in the
U.S. retail market, and that the combination of Invesco and
Morgan Stanleys retail asset management business,
including Van Kampen Investments, can bring additional
value to the Funds shareholders. The parties discussed
Invescos independence as a publicly traded entity, its
strategic focus solely on the investment management business
(including Invescos investment reputation, broad product
line, service quality, industry relationships and objective of
putting investors interests first) and its significant
depth in resources, diversification, performance and experience.
The parties discussed how the current Invesco and
Van Kampen Investments businesses compare and complement
each other and the synergies of the combined organization which
management believes will benefit the Funds shareholders.
The parties discussed aligning the Fund and other funds then
advised by Van Kampen Asset Management together with other
funds and products currently advised by Invesco and its
affiliates towards using a single, common operating platform
(which includes, among other things, common investment operating
platforms, common global
8
performance measurement and risk analysis, and common compliance
policies and procedures). At these meetings the Board also
discussed, in addition to the New Advisory Agreements, the
expectation that Invesco and its affiliates would provide the
Fund with administrative and client servicing services that were
currently provided by Van Kampen Investments and its
affiliates. The parties discussed these other services, and
efforts to capitalize on synergy opportunities from combined
scale for the benefit of shareholders, leveraging operating best
practices across the organization and commitment to quality
services. The members of the Board who are not interested
persons of the Fund, as that term is defined in the
Investment Company Act of 1940, as amended, conferred separately
with their counsel and a consultant (each engaged specifically
in connection with their review of the Transaction) about the
Transaction on several occasions during the meetings conducted
from August through December 2009.
In connection with the Boards consideration of the New
Advisory Agreements, the Trustees considered, among other
things, the factors discussed above as well as the following:
Nature, Extent and Quality of the Services to be
Provided.
The Board considered the roles and
responsibilities of the investment adviser (and its affiliates)
as a whole and those specific to portfolio management, support
and trading functions anticipated to be servicing the Fund. The
Board noted that the current portfolio management team for the
Fund is expected to remain the same under the New Advisory
Agreements. The Trustees discussed with Invesco the resources
available in managing the Fund. The Trustees also discussed
certain other services that are to be provided by Invesco or its
affiliates to the Fund including subadvisory services, certain
global performance measurement and risk analysis, compliance,
accounting, and administrative services. The Board has
determined that the nature, extent and quality of the services
to be provided by Invesco (and its affiliates) support its
decision to approve the New Advisory Agreements.
Projected Fees and Expenses of the Fund.
The Board
considered that the advisory fee rate for the Fund would remain
the same under the New Advisory Agreements as they are under the
current advisory agreement. The Board had previously determined
that such fees were acceptable under the current advisory
agreement. The Board has determined that the projected fees and
expenses of the Fund support its decision to approve the New
Advisory Agreements.
Investment Advisers Expenses in Providing the Service
and Profitability.
At least annually, the Trustees
expect to review Invescos expenses in providing services
to the Fund and other funds advised by Invesco and the
profitability of Invesco. In connection with the Fund, the
Trustees discussed with Invesco its projected revenues and
expenses, including among other things, revenues for advisory
services, portfolio management-related expenses, and other
costs. The Board has determined that the analysis of
Invescos projected expenses and profitability support its
decision to approve the New Advisory Agreements.
Economies of Scale.
The Board noted that economies
of scale were already reflected in the advisory fees. In future
determinations of whether to approve the continuation
9
of the advisory agreement, the Board will consider whether
economies of scale exist and should be passed along to
shareholders.
Other Benefits of the Relationship.
The Board
considered other benefits to Invesco and its affiliates derived
from its relationship with the Fund and other funds advised by
Invesco. These benefits include, among other things, fees for
administrative services (which is reimbursement of
Invescos cost or such reasonable compensation as may be
approved by the Board), transfer agency services provided to
other funds in the fund family, in certain cases research to be
received by Invesco or its affiliates generated from commission
dollars spent on funds portfolio trading, and in certain
cases distribution or service related fees related to sales of
other funds in the fund family. The Trustees reviewed with
Invesco each of these arrangements and the reasonableness of its
costs relative to the services performed. The Board has
determined that the other benefits received by Invesco or its
affiliates support its decision to approve the New Advisory
Agreements.
10
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Municipal Bonds 169.7%
Alabama 1.6%
|
$
|
1,000
|
|
|
Alabama Bldg Renovation Fin Auth Rev Rfdg (AMBAC Insd)
|
|
|
5.625
|
%
|
|
09/01/24
|
|
$
|
1,023,070
|
|
|
1,975
|
|
|
Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg,
Ser A (AGL Insd) (a)
|
|
|
5.000
|
|
|
06/01/39
|
|
|
2,021,037
|
|
|
1,250
|
|
|
Healthcare Auth for Baptist Hlth AL, Ser A (b)
|
|
|
6.125
|
|
|
11/15/36
|
|
|
1,317,225
|
|
|
1,600
|
|
|
Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg
Proj
|
|
|
5.500
|
|
|
01/01/43
|
|
|
1,214,752
|
|
|
5
|
|
|
Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc
Co Proj Rfdg (c)
|
|
|
6.950
|
|
|
01/01/20
|
|
|
0
|
|
|
1,825
|
|
|
Selma, AL Indl Dev Brd Rev Gulf Opportunity Zone Intl Paper Co
Proj, Ser A
|
|
|
6.250
|
|
|
11/01/33
|
|
|
1,882,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,459,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska 0.4%
|
|
3,000
|
|
|
Northern Tob Sec Corp AK Tob Settlement Rev Asset Bkd, Ser A
|
|
|
5.000
|
|
|
06/01/46
|
|
|
2,016,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona 5.2%
|
|
1,425
|
|
|
Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj
|
|
|
6.250
|
|
|
09/01/32
|
|
|
1,362,200
|
|
|
1,575
|
|
|
Arizona St Trans Brd Hwy Rev, Ser B (a)
|
|
|
5.000
|
|
|
07/01/25
|
|
|
1,738,579
|
|
|
2,365
|
|
|
Arizona St Trans Brd Hwy Rev, Ser B (a)
|
|
|
5.000
|
|
|
07/01/26
|
|
|
2,593,057
|
|
|
3,000
|
|
|
Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC
Insd)
|
|
|
5.250
|
|
|
01/01/32
|
|
|
3,003,120
|
|
|
2,050
|
|
|
Maricopa Cnty, AZ Indl Dev Auth Hlth Fac Rev Catholic Hlthcare
West, Ser C (b)
|
|
|
5.000
|
|
|
07/01/38
|
|
|
2,228,760
|
|
|
1,125
|
|
|
Maricopa Cnty, AZ Pollutn Ctl Corp Pollutn Ctl Rev Rfdg AZ Pub
Svc Co, Ser B (b)
|
|
|
5.500
|
|
|
05/01/29
|
|
|
1,171,193
|
|
|
1,500
|
|
|
Maricopa Cnty, AZ Stad Dist Rfdg (AMBAC Insd)
|
|
|
5.375
|
|
|
06/01/19
|
|
|
1,587,975
|
|
|
575
|
|
|
Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser C (b)
|
|
|
5.500
|
|
|
06/01/34
|
|
|
619,252
|
|
|
675
|
|
|
Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser E (b)
|
|
|
5.750
|
|
|
06/01/34
|
|
|
721,973
|
|
|
595
|
|
|
Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj
|
|
|
7.000
|
|
|
01/01/39
|
|
|
604,942
|
|
|
570
|
|
|
Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj
|
|
|
7.125
|
|
|
01/01/45
|
|
|
581,805
|
|
|
2,100
|
|
|
Pima Cnty, AZ Indl Dev Auth Global Wtr Resh LLC Proj (AMT)
|
|
|
6.550
|
|
|
12/01/37
|
|
|
2,065,371
|
|
|
1,930
|
|
|
Salt Riv Proj AZ Agric Impt & Pwr Dist Elec Sys
Rev,
Ser A (a)
|
|
|
5.000
|
|
|
01/01/28
|
|
|
2,089,978
|
|
|
3,440
|
|
|
University of AZ Med Ctr Corp
|
|
|
5.000
|
|
|
07/01/35
|
|
|
3,220,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,588,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California 15.1%
|
|
2,630
|
|
|
Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj,
Ser C (AGM Insd)
|
|
|
*
|
|
|
09/01/20
|
|
|
1,574,923
|
|
|
2,400
|
|
|
Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A
(Syncora Gtd)
|
|
|
5.250
|
|
|
09/01/29
|
|
|
2,255,520
|
|
11
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
California (Continued)
|
$
|
4,000
|
|
|
Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area,
Ser F-1 (a)
|
|
|
5.000
|
%
|
|
04/01/39
|
|
$
|
4,115,760
|
|
|
750
|
|
|
Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election
|
|
|
*
|
|
|
08/01/28
|
|
|
299,122
|
|
|
1,000
|
|
|
California Hlth Fac Fin Auth Rev Catholic Hlthcare West,
Ser A
|
|
|
6.000
|
|
|
07/01/34
|
|
|
1,079,620
|
|
|
4,200
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)
|
|
|
4.950
|
|
|
08/01/23
|
|
|
3,913,098
|
|
|
2,800
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)
|
|
|
5.050
|
|
|
02/01/29
|
|
|
2,591,764
|
|
|
2,900
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)
|
|
|
5.300
|
|
|
08/01/23
|
|
|
2,869,840
|
|
|
3,400
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)
|
|
|
5.450
|
|
|
08/01/28
|
|
|
3,300,278
|
|
|
2,000
|
|
|
California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt
Inc Proj, Ser B (AMT)
|
|
|
5.000
|
|
|
07/01/27
|
|
|
1,981,680
|
|
|
420
|
|
|
California St (AMBAC Insd)
|
|
|
5.125
|
|
|
10/01/27
|
|
|
420,092
|
|
|
725
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/24
|
|
|
799,225
|
|
|
900
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/25
|
|
|
989,343
|
|
|
900
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/26
|
|
|
982,089
|
|
|
525
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/27
|
|
|
569,441
|
|
|
900
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE (a)
|
|
|
5.000
|
|
|
12/01/28
|
|
|
970,983
|
|
|
1,800
|
|
|
California St Econ Recovery Rfdg, Ser A
|
|
|
5.250
|
|
|
07/01/21
|
|
|
2,018,898
|
|
|
2,000
|
|
|
California St Pub Wk Brd Lease Rev Dept Mental Hlth Coalinga,
Ser A
|
|
|
5.000
|
|
|
06/01/25
|
|
|
1,974,900
|
|
|
1,150
|
|
|
California St Var Purp
|
|
|
5.750
|
|
|
04/01/31
|
|
|
1,237,975
|
|
|
5,000
|
|
|
California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth,
Ser A
|
|
|
5.000
|
|
|
03/01/30
|
|
|
4,901,050
|
|
|
1,250
|
|
|
California Statewide Cmnty Dev Auth Rev Kaiser Permanente,
Ser A
|
|
|
5.000
|
|
|
04/01/19
|
|
|
1,352,512
|
|
|
410
|
|
|
Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Rfdg Third
Tier Franciscan, Ser C
|
|
|
6.500
|
|
|
12/15/47
|
|
|
355,540
|
|
|
5,000
|
|
|
Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg
|
|
|
*
|
|
|
01/15/25
|
|
|
1,812,350
|
|
|
775
|
|
|
Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr,
Ser A-1
|
|
|
4.500
|
|
|
06/01/27
|
|
|
712,388
|
|
|
4,160
|
|
|
Golden St Tob Sec Corp CA Tob Settlement,
Ser A-1
|
|
|
5.750
|
|
|
06/01/47
|
|
|
3,206,653
|
|
|
145
|
|
|
Morongo Band of Mission Indians CA Enterprise Rev Indians
Enterprise Casino, Ser B (d)
|
|
|
5.500
|
|
|
03/01/18
|
|
|
137,298
|
|
|
1,050
|
|
|
Palomar Pomerado Hlthcare Dist CA Ctf Partn
|
|
|
6.750
|
|
|
11/01/39
|
|
|
1,100,368
|
|
12
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
California (Continued)
|
$
|
1,460
|
|
|
Quechan Indian Tribe Ft Yuma Indian Reservation CA &
Govt Proj
|
|
|
7.000
|
%
|
|
12/01/27
|
|
$
|
1,197,536
|
|
|
1,150
|
|
|
San Francisco, CA City & Cnty Arpt Commn Intl Arpt
Rfdg,
Ser A-4
(AMT) (b)
|
|
|
6.500
|
|
|
05/01/19
|
|
|
1,230,845
|
|
|
2,400
|
|
|
Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd,
Ser A-1
|
|
|
5.375
|
|
|
06/01/38
|
|
|
1,986,720
|
|
|
1,600
|
|
|
Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd,
Ser A-1
|
|
|
5.500
|
|
|
06/01/45
|
|
|
1,188,544
|
|
|
6,000
|
|
|
Tobacco Sec Auth Southn CA Tob Settlement,
Ser A-1
|
|
|
5.000
|
|
|
06/01/37
|
|
|
4,701,720
|
|
|
10,000
|
|
|
Tobacco Sec Auth Southn CA Tob Settlement,
Ser A-1
|
|
|
5.125
|
|
|
06/01/46
|
|
|
6,954,400
|
|
|
1,600
|
|
|
Turlock, CA Hlth Fac Rev Ctf Partn Emanuel Med Ctr Inc
|
|
|
5.375
|
|
|
10/15/34
|
|
|
1,396,816
|
|
|
2,000
|
|
|
Vernon, CA Elec Sys Rev, Ser A
|
|
|
5.125
|
|
|
08/01/21
|
|
|
2,117,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,296,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado 3.0%
|
|
500
|
|
|
Colorado Hlth Fac Auth Hlth & Residential Care Fac
Volunteers of Amer Care, Ser A
|
|
|
5.250
|
|
|
07/01/27
|
|
|
447,280
|
|
|
375
|
|
|
Colorado Hlth Fac Auth Hlth & Residential Care Fac
Volunteers of Amer Care, Ser A
|
|
|
5.300
|
|
|
07/01/37
|
|
|
295,669
|
|
|
4,475
|
|
|
Colorado Hlth Fac Auth Rev Catholic Hlth,
Ser C-5
(AGM Insd) (a)
|
|
|
5.000
|
|
|
09/01/36
|
|
|
4,510,263
|
|
|
3,700
|
|
|
Colorado Hlth Fac Auth Rev Evangelical Lutheran
|
|
|
5.000
|
|
|
06/01/35
|
|
|
3,388,608
|
|
|
1,000
|
|
|
Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth
(Prerefunded @ 11/15/11)
|
|
|
6.500
|
|
|
11/15/31
|
|
|
1,098,100
|
|
|
645
|
|
|
Colorado Hsg Fin Auth Multi-Family Hsg Ins Mtg,
Ser B-2
(FHA Gtd) (AMT)
|
|
|
5.800
|
|
|
10/01/28
|
|
|
645,413
|
|
|
5
|
|
|
Colorado Hsg Fin Auth Single Family Pgm Sr,
Ser A-2
(AMT)
|
|
|
7.250
|
|
|
05/01/27
|
|
|
5,093
|
|
|
530
|
|
|
Highlands Ranch Metro Dist No 2 CO (AGM Insd) (e)
|
|
|
6.500
|
|
|
06/15/11
|
|
|
566,082
|
|
|
470
|
|
|
Highlands Ranch Metro Dist No 2 CO (AGM Insd)
|
|
|
6.500
|
|
|
06/15/11
|
|
|
501,448
|
|
|
925
|
|
|
Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp
Rfdg (c)
|
|
|
5.900
|
|
|
10/01/37
|
|
|
788,738
|
|
|
1,500
|
|
|
Salida, CO Hosp Dist Rev
|
|
|
5.250
|
|
|
10/01/36
|
|
|
1,187,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,434,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut 1.9%
|
|
6,500
|
|
|
Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A
(ACA Insd) (AMT)
|
|
|
6.600
|
|
|
07/01/24
|
|
|
6,184,490
|
|
|
1,350
|
|
|
Hamden, CT Fac Rev EFPRBS Whitney Ctr Proj, Ser B
|
|
|
6.125
|
|
|
01/01/14
|
|
|
1,339,619
|
|
|
1,000
|
|
|
Hartford, CT Pkg Sys Rev, Ser A (Prerefunded @ 7/01/10)
|
|
|
6.400
|
|
|
07/01/20
|
|
|
1,010,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,534,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia 4.8%
|
|
2,215
|
|
|
District Columbia Hosp Rev Sibley Mem Hosp
|
|
|
6.375
|
|
|
10/01/34
|
|
|
2,374,391
|
|
|
700
|
|
|
District Columbia Hosp Rev Sibley Mem Hosp
|
|
|
6.500
|
|
|
10/01/29
|
|
|
766,514
|
|
|
2,500
|
|
|
District Columbia Rev Gonzaga College (AGM Insd)
|
|
|
5.250
|
|
|
07/01/32
|
|
|
2,477,175
|
|
13
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
District of Columbia (Continued)
|
$
|
700
|
|
|
District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub
Lien, Ser A (AGL Insd) (a)
|
|
|
5.000
|
%
|
|
10/01/29
|
|
$
|
725,774
|
|
|
1,425
|
|
|
District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub
Lien, Ser A (AGL Insd) (a)
|
|
|
5.000
|
|
|
10/01/34
|
|
|
1,456,378
|
|
|
8,000
|
|
|
District Columbia Wtr & Swr Auth Pub Util Rev Sub
Lien, Ser A (AGM Insd)
|
|
|
5.500
|
|
|
10/01/41
|
|
|
8,396,640
|
|
|
5,350
|
|
|
Metropolitan Washington DC Arpt Auth Sys, Ser A (NATL Insd)
(AMT)
|
|
|
5.250
|
|
|
10/01/32
|
|
|
5,377,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,574,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida 12.3%
|
|
1,000
|
|
|
Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg
|
|
|
5.875
|
|
|
11/15/36
|
|
|
840,490
|
|
|
500
|
|
|
Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg
|
|
|
5.875
|
|
|
11/15/42
|
|
|
408,960
|
|
|
335
|
|
|
Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A
|
|
|
6.000
|
|
|
05/01/38
|
|
|
294,482
|
|
|
250
|
|
|
Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub Ser B
|
|
|
6.200
|
|
|
05/01/38
|
|
|
211,670
|
|
|
1,230
|
|
|
Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena
Vida Estates Inc
|
|
|
6.750
|
|
|
01/01/37
|
|
|
1,105,303
|
|
|
2,090
|
|
|
Citizens Ppty Ins Corp FL High Risk Sr Sec,
Ser A-1
|
|
|
5.250
|
|
|
06/01/17
|
|
|
2,195,629
|
|
|
365
|
|
|
Escambia Cnty, FL Hlth Auth Rev FL Hlthcare Fac Ln VHA Pgm
(AMBAC Insd)
|
|
|
5.950
|
|
|
07/01/20
|
|
|
372,501
|
|
|
2,540
|
|
|
Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)
|
|
|
5.000
|
|
|
07/01/26
|
|
|
2,708,097
|
|
|
2,580
|
|
|
Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)
|
|
|
5.000
|
|
|
07/01/27
|
|
|
2,736,013
|
|
|
2,805
|
|
|
Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)
|
|
|
5.000
|
|
|
07/01/28
|
|
|
2,960,649
|
|
|
2,500
|
|
|
Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)
|
|
|
5.000
|
|
|
07/01/32
|
|
|
2,597,525
|
|
|
780
|
|
|
Highlands, FL Cmnty Dev Dist Spl Assmt
|
|
|
5.550
|
|
|
05/01/36
|
|
|
399,196
|
|
|
900
|
|
|
Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd)
(AMT) (a)
|
|
|
5.375
|
|
|
10/01/33
|
|
|
908,757
|
|
|
2,000
|
|
|
Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd)
(AMT) (a)
|
|
|
5.500
|
|
|
10/01/38
|
|
|
2,030,880
|
|
|
700
|
|
|
Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough
Cnty Ida Rfdg (AMBAC Insd) (b)
|
|
|
5.000
|
|
|
12/01/34
|
|
|
735,077
|
|
|
775
|
|
|
Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec,
Ser B (b)
|
|
|
5.150
|
|
|
09/01/25
|
|
|
839,023
|
|
|
665
|
|
|
Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A (Acquired
2/19/08, Cost $650,642) (f)
|
|
|
6.800
|
|
|
05/01/38
|
|
|
566,606
|
|
|
400
|
|
|
Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B (Acquired
2/19/08, Cost $400,383) (f)
|
|
|
6.900
|
|
|
05/01/17
|
|
|
376,548
|
|
|
2,100
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGL Insd) (AMT)
|
|
|
5.375
|
|
|
10/01/27
|
|
|
2,108,148
|
|
|
2,500
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGL Insd) (AMT)
|
|
|
5.375
|
|
|
10/01/32
|
|
|
2,508,025
|
|
|
545
|
|
|
Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev,
Ser A
|
|
|
6.000
|
|
|
05/01/24
|
|
|
525,522
|
|
|
2,375
|
|
|
North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)
|
|
|
6.000
|
|
|
01/15/31
|
|
|
2,492,372
|
|
14
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Florida (Continued)
|
$
|
1,525
|
|
|
Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran
Tower
|
|
|
5.500
|
%
|
|
07/01/32
|
|
$
|
1,254,358
|
|
|
545
|
|
|
Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser A (g)
|
|
|
6.125
|
|
|
05/01/35
|
|
|
257,714
|
|
|
1,000
|
|
|
Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj
|
|
|
5.875
|
|
|
11/15/37
|
|
|
888,890
|
|
|
2,400
|
|
|
Palm Beach Cnty, FL Solid Waste Auth Rev Impt (BHAC
Insd) (a)
|
|
|
5.500
|
|
|
10/01/23
|
|
|
2,725,968
|
|
|
5,500
|
|
|
Port St Lucie, FL Spl Assmt Rev Southwest Annexation Dist 1-B
(NATL Insd)
|
|
|
5.000
|
|
|
07/01/40
|
|
|
4,911,885
|
|
|
2,900
|
|
|
Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj,
Ser A (AMBAC Insd) (b)
|
|
|
5.350
|
|
|
03/15/42
|
|
|
3,115,296
|
|
|
485
|
|
|
Reunion East Cmnty Dev Dist FL Spl Assmt
|
|
|
5.800
|
|
|
05/01/36
|
|
|
275,291
|
|
|
750
|
|
|
Seminole Tribe FL Spl Oblig Rev, Ser A (d)
|
|
|
5.750
|
|
|
10/01/22
|
|
|
731,782
|
|
|
855
|
|
|
Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A
|
|
|
5.875
|
|
|
05/01/35
|
|
|
531,998
|
|
|
7,510
|
|
|
South Miami, FL Hlth Fac Auth Hosp Rev Baptist Hlth South FL
Group (a)
|
|
|
5.000
|
|
|
08/15/32
|
|
|
7,559,641
|
|
|
1,690
|
|
|
South Vlg Cmnty Dev Dist FL Cap Impt Rev, Ser A
|
|
|
5.700
|
|
|
05/01/35
|
|
|
1,168,855
|
|
|
750
|
|
|
Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A
|
|
|
6.200
|
|
|
05/01/35
|
|
|
695,407
|
|
|
2,100
|
|
|
Tolomato Cmnty, FL Dev Dist Spl Assmt
|
|
|
6.650
|
|
|
05/01/40
|
|
|
1,682,436
|
|
|
475
|
|
|
World Commerce Cmnty Dev Dist FL Spl Assmt (g)
|
|
|
5.500
|
|
|
05/01/38
|
|
|
184,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,905,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia 5.7%
|
|
5,000
|
|
|
Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien,
Ser C (AGM Insd) (a)
|
|
|
5.000
|
|
|
01/01/33
|
|
|
5,055,900
|
|
|
1,000
|
|
|
Atlanta, GA Arpt Rev, Ser B (NATL Insd) (AMT)
|
|
|
5.625
|
|
|
01/01/30
|
|
|
1,008,050
|
|
|
965
|
|
|
Atlanta, GA Tax Alloc Beltline Proj, Ser B
|
|
|
6.750
|
|
|
01/01/20
|
|
|
983,885
|
|
|
190
|
|
|
Atlanta, GA Tax Alloc Beltline Proj, Ser B
|
|
|
7.375
|
|
|
01/01/31
|
|
|
192,333
|
|
|
1,150
|
|
|
Atlanta, GA Wtr & Waste Wtr Rev, Ser A
|
|
|
6.000
|
|
|
11/01/27
|
|
|
1,246,094
|
|
|
1,250
|
|
|
Atlanta, GA Wtr & Waste Wtr Rev, Ser A
|
|
|
6.000
|
|
|
11/01/28
|
|
|
1,348,537
|
|
|
1,150
|
|
|
Atlanta, GA Wtr & Waste Wtr Rev, Ser A
|
|
|
6.000
|
|
|
11/01/29
|
|
|
1,235,250
|
|
|
271
|
|
|
Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost
$271,405) (f)
|
|
|
7.250
|
|
|
06/15/10
|
|
|
273,537
|
|
|
7,000
|
|
|
Georgia Muni Elec Auth Pwr Rev, Ser A (NATL Insd)
|
|
|
6.500
|
|
|
01/01/20
|
|
|
8,299,970
|
|
|
3,770
|
|
|
Monroe Cnty, GA Dev Auth Pollutn Ctl Rev Oglethorpe Pwr Corp
Scherer, Ser A
|
|
|
6.800
|
|
|
01/01/12
|
|
|
4,058,254
|
|
|
1,000
|
|
|
Oconee Cnty, GA Indl Dev Auth Rev Oiit Proj (Syncora Gtd)
|
|
|
5.250
|
|
|
07/01/25
|
|
|
1,037,980
|
|
|
1,200
|
|
|
Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1
|
|
|
5.100
|
|
|
06/01/23
|
|
|
1,228,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,968,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii 0.4%
|
|
1,875
|
|
|
Hawaii St Arpt Sys Rev, Ser A
|
|
|
5.000
|
|
|
07/01/39
|
|
|
1,875,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Idaho 0.6%
|
$
|
750
|
|
|
Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj,
Ser A
|
|
|
6.500
|
%
|
|
11/01/23
|
|
$
|
845,970
|
|
|
1,000
|
|
|
Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj,
Ser A
|
|
|
6.750
|
|
|
11/01/37
|
|
|
1,105,430
|
|
|
800
|
|
|
Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg (c)
|
|
|
6.125
|
|
|
11/15/27
|
|
|
700,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,652,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois 16.6%
|
|
1,250
|
|
|
Bartlett, IL Tax Increment Rev Rfdg Sr Lien Quarry Redev Proj
|
|
|
5.600
|
|
|
01/01/23
|
|
|
1,055,962
|
|
|
1,365
|
|
|
Bolingbrook, IL Cap Apprec, Ser B (NATL Insd)
|
|
|
*
|
|
|
01/01/30
|
|
|
462,762
|
|
|
2,600
|
|
|
Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd) (a)
|
|
|
5.000
|
|
|
12/01/27
|
|
|
2,704,806
|
|
|
4,000
|
|
|
Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd)
|
|
|
5.000
|
|
|
12/01/27
|
|
|
4,161,200
|
|
|
3,150
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien Rfdg,
Ser A (NATL Insd) (AMT)
|
|
|
5.375
|
|
|
01/01/32
|
|
|
3,119,918
|
|
|
10,900
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien,
Ser A (AGL Insd) (a)
|
|
|
5.250
|
|
|
01/01/24
|
|
|
11,505,277
|
|
|
10,000
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien,
Ser A (AGL Insd) (a)
|
|
|
5.250
|
|
|
01/01/25
|
|
|
10,508,800
|
|
|
3,855
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien,
Ser A (AGL Insd) (a)
|
|
|
5.250
|
|
|
01/01/26
|
|
|
4,035,298
|
|
|
1,450
|
|
|
Chicago, IL, Ser A (AGL Insd) (a)
|
|
|
5.250
|
|
|
01/01/25
|
|
|
1,578,615
|
|
|
2,360
|
|
|
Cook Cnty, IL Cap Impt, Ser A (NATL Insd)
|
|
|
5.000
|
|
|
11/15/23
|
|
|
2,375,033
|
|
|
800
|
|
|
Granite City, Madison Cnty IL Disp Rev Waste Mgmt Inc Proj
(AMT) (b)
|
|
|
3.500
|
|
|
05/01/27
|
|
|
800,304
|
|
|
1,100
|
|
|
Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group
|
|
|
5.500
|
|
|
10/01/22
|
|
|
1,122,968
|
|
|
2,300
|
|
|
Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A
|
|
|
5.750
|
|
|
05/15/26
|
|
|
1,838,574
|
|
|
1,000
|
|
|
Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ
|
|
|
5.500
|
|
|
04/01/37
|
|
|
952,790
|
|
|
2,200
|
|
|
Illinois Fin Auth Rev Northwestn Mem Hosp, Ser A (a)
|
|
|
5.375
|
|
|
08/15/24
|
|
|
2,365,484
|
|
|
1,400
|
|
|
Illinois Fin Auth Rev Northwestn Mem Hosp, Ser A (a)
|
|
|
5.750
|
|
|
08/15/30
|
|
|
1,518,314
|
|
|
2,500
|
|
|
Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A
|
|
|
5.750
|
|
|
11/15/37
|
|
|
2,509,025
|
|
|
1,150
|
|
|
Illinois Fin Auth Rev Riverside Hlth Sys
|
|
|
6.250
|
|
|
11/15/35
|
|
|
1,209,846
|
|
|
1,800
|
|
|
Illinois Fin Auth Rev Rush Univ Med Ctr Oblig Grp,
Ser A
|
|
|
7.250
|
|
|
11/01/38
|
|
|
2,029,896
|
|
|
5,500
|
|
|
Illinois Fin Auth Rev Sherman Hlth Sys,
Ser 2007-A
|
|
|
5.500
|
|
|
08/01/37
|
|
|
4,996,035
|
|
|
1,250
|
|
|
Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev
McCormick Pl Expn Proj, Ser A (NATL Insd)
|
|
|
5.375
|
|
|
12/15/18
|
|
|
1,266,500
|
|
|
6,000
|
|
|
Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev
McCormick Pl Expn, Ser A (NATL Insd)
|
|
|
5.250
|
|
|
06/15/42
|
|
|
6,082,380
|
|
|
5,000
|
|
|
Regional Tran Auth IL, Ser B (AMBAC Insd)
|
|
|
8.000
|
|
|
06/01/17
|
|
|
6,457,000
|
|
|
475
|
|
|
Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates
Supportive Living (AMT)
|
|
|
7.000
|
|
|
12/01/42
|
|
|
422,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,078,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Indiana 2.2%
|
$
|
1,000
|
|
|
Allen Cnty, IN Juvenile Just Ctr First Mtg (AMBAC Insd)
|
|
|
5.500
|
%
|
|
01/01/18
|
|
$
|
1,071,460
|
|
|
650
|
|
|
Crown Point, IN Econ Dev Rev Temp Wittenberg Vlg Proj,
Ser C-1
|
|
|
7.250
|
|
|
11/15/14
|
|
|
651,384
|
|
|
1,360
|
|
|
Indiana Fin Auth Hosp Rev Deaconess Hosp Oblig,
Ser A
|
|
|
6.750
|
|
|
03/01/39
|
|
|
1,469,684
|
|
|
1,770
|
|
|
Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (AGM
Insd)
|
|
|
7.000
|
|
|
08/15/15
|
|
|
2,008,932
|
|
|
2,500
|
|
|
Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT)
|
|
|
5.950
|
|
|
08/01/30
|
|
|
2,518,800
|
|
|
1,525
|
|
|
Indiana St Fin Auth Environmental Fac Rev IN Pwr & LT
Co Proj Rfdg, Ser A
|
|
|
4.900
|
|
|
01/01/16
|
|
|
1,638,735
|
|
|
500
|
|
|
Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (d)
|
|
|
5.750
|
|
|
09/01/42
|
|
|
431,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,790,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iowa 1.0%
|
|
1,890
|
|
|
Des Moines, IA Pub Pkg Sys Rev, Ser A (NATL Insd)
|
|
|
5.750
|
|
|
06/01/17
|
|
|
1,897,050
|
|
|
500
|
|
|
Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C
|
|
|
5.950
|
|
|
08/01/37
|
|
|
414,475
|
|
|
1,500
|
|
|
Tobacco Settlement Auth IA Rev Asset Bkd, Ser C
|
|
|
5.500
|
|
|
06/01/42
|
|
|
1,107,885
|
|
|
1,350
|
|
|
Tobacco Settlement Auth IA Rev Asset Bkd, Ser C
|
|
|
5.625
|
|
|
06/01/46
|
|
|
1,009,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,429,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas 1.3%
|
|
2,400
|
|
|
Kansas St Dev Fin Auth Hosp Rev Adventist Hlth
|
|
|
5.750
|
|
|
11/15/38
|
|
|
2,574,744
|
|
|
1,600
|
|
|
Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement,
Ser A
|
|
|
5.000
|
|
|
05/15/24
|
|
|
1,431,344
|
|
|
1,600
|
|
|
Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement,
Ser A
|
|
|
5.000
|
|
|
05/15/36
|
|
|
1,245,824
|
|
|
675
|
|
|
Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A
|
|
|
6.000
|
|
|
11/15/38
|
|
|
599,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,851,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky 2.3%
|
|
1,500
|
|
|
Kentucky Econ Dev Fin Auth Hosp Fac Rev Owensboro Med Hlth Sys,
Ser A
|
|
|
6.500
|
|
|
03/01/45
|
|
|
1,554,885
|
|
|
1,400
|
|
|
Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville
Arena Sub,
Ser A-1
(AGL Insd)
|
|
|
5.750
|
|
|
12/01/28
|
|
|
1,521,422
|
|
|
55
|
|
|
Kentucky Hsg Corp Hsg Rev, Ser F (FNMA Collateralized) (AMT)
|
|
|
5.450
|
|
|
01/01/32
|
|
|
55,249
|
|
|
1,510
|
|
|
Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93
(AGL Insd)
|
|
|
5.250
|
|
|
02/01/24
|
|
|
1,663,144
|
|
|
1,710
|
|
|
Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93
(AGL Insd)
|
|
|
5.250
|
|
|
02/01/25
|
|
|
1,879,683
|
|
|
4,000
|
|
|
Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys
Rev Norton Hlthcare Inc
|
|
|
5.250
|
|
|
10/01/36
|
|
|
3,954,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,629,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Louisiana 1.8%
|
$
|
989
|
|
|
Lakeshore Vlgs Master Cmnty Dev Dist LA Spl Assmt
|
|
|
5.250
|
%
|
|
07/01/17
|
|
$
|
597,623
|
|
|
1,900
|
|
|
Louisiana St Ctzn Ppty Ins Corp Assmt Rev,
Ser C-2
(AGL Insd)
|
|
|
6.750
|
|
|
06/01/26
|
|
|
2,182,549
|
|
|
3,000
|
|
|
Louisiana St Energy & Pwr Auth Pwr Proj Rev Rfdg (AGM
Insd)
|
|
|
5.750
|
|
|
01/01/12
|
|
|
3,237,390
|
|
|
1,850
|
|
|
Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT) (b)
|
|
|
5.250
|
|
|
11/01/37
|
|
|
1,956,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,973,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland 1.1%
|
|
775
|
|
|
Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group A
|
|
|
5.125
|
|
|
01/01/36
|
|
|
666,818
|
|
|
940
|
|
|
Maryland St Econ Dev Corp Econ Dev Rev Term Proj,
Ser B
|
|
|
5.750
|
|
|
06/01/35
|
|
|
963,810
|
|
|
665
|
|
|
Maryland St Econ Dev Corp Econ Dev Rev Trans Fac Proj, Ser A
|
|
|
5.375
|
|
|
06/01/25
|
|
|
676,099
|
|
|
2,250
|
|
|
Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med
Ctr, Ser A
|
|
|
5.500
|
|
|
07/01/42
|
|
|
2,170,957
|
|
|
750
|
|
|
Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj
|
|
|
5.200
|
|
|
07/01/34
|
|
|
647,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,124,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts 2.5%
|
|
1,895
|
|
|
Massachusetts Bay Trans Auth Gen Trans Sys Rfdg,
Ser A
|
|
|
5.500
|
|
|
03/01/12
|
|
|
1,974,855
|
|
|
2,125
|
|
|
Massachusetts Dev Fin Agy Sr Living Fac Rev,
Ser B-2
|
|
|
6.250
|
|
|
06/01/14
|
|
|
2,127,699
|
|
|
400
|
|
|
Massachusetts St Dev Fin Agy Linden Ponds Inc Fac,
Ser A
|
|
|
5.750
|
|
|
11/15/35
|
|
|
295,480
|
|
|
475
|
|
|
Massachusetts St Dev Fin Agy Linden Ponds Inc Fac,
Ser A
|
|
|
5.750
|
|
|
11/15/42
|
|
|
341,003
|
|
|
3,000
|
|
|
Massachusetts St Dev Fin Agy Semass Sys, Ser A (NATL Insd)
|
|
|
5.625
|
|
|
01/01/16
|
|
|
3,082,320
|
|
|
1,650
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Berklee
College Music, Ser A
|
|
|
5.000
|
|
|
10/01/32
|
|
|
1,674,453
|
|
|
965
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare
Sys, Ser C (Prerefunded @ 7/01/11)
|
|
|
5.750
|
|
|
07/01/32
|
|
|
1,033,525
|
|
|
890
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med
Ctr, Ser A
|
|
|
6.000
|
|
|
10/01/23
|
|
|
775,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,305,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan 1.1%
|
|
2,100
|
|
|
Detroit, MI Sew Disp Rev Sr Lien Rfdg,
Ser C-1
(AGM Insd)
|
|
|
7.000
|
|
|
07/01/27
|
|
|
2,454,564
|
|
|
1,000
|
|
|
Detroit, MI Wtr Supply Sys Rfdg Second Lien, Ser C (AGM
Insd)
|
|
|
5.000
|
|
|
07/01/26
|
|
|
1,012,640
|
|
|
800
|
|
|
Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b)
|
|
|
5.250
|
|
|
01/15/47
|
|
|
877,480
|
|
|
400
|
|
|
Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b)
|
|
|
5.500
|
|
|
01/15/47
|
|
|
446,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,790,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota 0.8%
|
|
10
|
|
|
Chaska, MN Elec Rev, Ser A
|
|
|
6.100
|
|
|
10/01/30
|
|
|
10,061
|
|
|
425
|
|
|
Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj
|
|
|
6.000
|
|
|
08/01/42
|
|
|
412,003
|
|
18
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Minnesota (Continued)
|
$
|
1,700
|
|
|
Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc,
Ser A
|
|
|
6.375
|
%
|
|
11/15/23
|
|
$
|
1,931,693
|
|
|
1,150
|
|
|
Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc,
Ser A
|
|
|
6.625
|
|
|
11/15/28
|
|
|
1,289,633
|
|
|
175
|
|
|
North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks
|
|
|
6.000
|
|
|
10/01/27
|
|
|
175,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,818,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri 2.6%
|
|
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
|
|
|
1,966,320
|
|
|
350
|
|
|
Cape Girardeau Cnty, MO Indl Southeast MO Hosp Dev Auth Hlthcare
Fac Rev Assoc
|
|
|
5.500
|
|
|
06/01/22
|
|
|
350,595
|
|
|
1,500
|
|
|
Kirkwood, MO Indl Dev Auth Retirement Cmnty Rev Temp Aberdeen
Hts,
Ser C-1
|
|
|
7.500
|
|
|
11/15/16
|
|
|
1,505,745
|
|
|
770
|
|
|
Maryland Heights, MO Tax Increment Rev South Heights Redev Proj
Rfdg, Ser A
|
|
|
5.500
|
|
|
09/01/18
|
|
|
732,370
|
|
|
1,375
|
|
|
Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac
Lutheran, Ser A
|
|
|
5.375
|
|
|
02/01/35
|
|
|
1,279,836
|
|
|
615
|
|
|
Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint
Andrews Res for Srs, Ser A
|
|
|
6.375
|
|
|
12/01/30
|
|
|
537,166
|
|
|
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
|
|
|
1,239,373
|
|
|
575
|
|
|
Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty
Impt Dist Loughborough Com Redev Rfdg
|
|
|
5.750
|
|
|
11/01/27
|
|
|
531,720
|
|
|
3,855
|
|
|
Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson
Arpt, Ser B (AMBAC Insd) (AMT)
|
|
|
4.550
|
|
|
07/01/29
|
|
|
3,703,113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,846,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada 2.1%
|
|
6,000
|
|
|
Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A
(AMBAC Insd) (AMT)
|
|
|
5.250
|
|
|
07/01/34
|
|
|
5,500,620
|
|
|
40
|
|
|
Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A
(BHAC Insd) (AMT)
|
|
|
4.750
|
|
|
09/01/36
|
|
|
35,646
|
|
|
4,250
|
|
|
Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A
|
|
|
5.250
|
|
|
06/01/37
|
|
|
3,965,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,501,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire 0.7%
|
|
1,155
|
|
|
New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch
(Prerefunded @ 7/01/10)
|
|
|
7.000
|
|
|
07/01/30
|
|
|
1,189,950
|
|
|
480
|
|
|
New Hampshire St Business Fin Auth Pollutn Ctl Rev Rfdg Utd
Illum, Ser A (AMT) (b)
|
|
|
6.875
|
|
|
12/01/29
|
|
|
512,069
|
|
|
675
|
|
|
New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co
Proj (AMT) (b)
|
|
|
7.125
|
|
|
07/01/27
|
|
|
714,150
|
|
|
850
|
|
|
New Hampshire St Business Fin Auth Wtr Fac Rev Pennichuck Wtrwks
Inc (AMBAC Insd) (AMT)
|
|
|
6.300
|
|
|
05/01/22
|
|
|
850,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,267,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
New Jersey 12.5%
|
$
|
375
|
|
|
Burlington Cnty, NJ Brdg Commn Econ Dev Rev Evergreens Proj
|
|
|
5.625
|
%
|
|
01/01/38
|
|
$
|
324,506
|
|
|
30,000
|
|
|
New Jersey Econ Dev Auth St Contract Econ Recovery (NATL Insd)
|
|
|
5.900
|
|
|
03/15/21
|
|
|
35,167,500
|
|
|
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
|
|
|
8,005,760
|
|
|
2,400
|
|
|
New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp
|
|
|
5.000
|
|
|
07/01/36
|
|
|
2,090,640
|
|
|
1,350
|
|
|
New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ
Hosp Oblig
|
|
|
5.750
|
|
|
07/01/37
|
|
|
1,346,193
|
|
|
13,800
|
|
|
Tobacco Settlement Fin Corp NJ,
Ser 1-A
|
|
|
5.000
|
|
|
06/01/41
|
|
|
9,591,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56,526,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico 0.6%
|
|
1,250
|
|
|
New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian
Hlthcare Svc, Ser A (a)
|
|
|
6.375
|
|
|
08/01/32
|
|
|
1,391,750
|
|
|
1,125
|
|
|
University NM Univ Rev Sub Lien Rfdg, Ser A
|
|
|
5.250
|
|
|
06/01/21
|
|
|
1,210,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,602,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York 10.0%
|
|
1,270
|
|
|
Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj
|
|
|
6.250
|
|
|
07/15/40
|
|
|
1,308,036
|
|
|
530
|
|
|
Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj
|
|
|
6.375
|
|
|
07/15/43
|
|
|
545,190
|
|
|
2,000
|
|
|
New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj,
Ser B
|
|
|
6.750
|
|
|
03/01/15
|
|
|
2,036,080
|
|
|
1,140
|
|
|
New York City Indl Dev Civic YMCA Gtr NY Proj
|
|
|
5.800
|
|
|
08/01/16
|
|
|
1,142,029
|
|
|
5,500
|
|
|
New York City,
Ser I-1 (a)
|
|
|
5.000
|
|
|
02/01/26
|
|
|
5,870,755
|
|
|
1,800
|
|
|
New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009,
Ser S-3
|
|
|
5.250
|
|
|
01/15/39
|
|
|
1,914,930
|
|
|
2,525
|
|
|
New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm,
Ser A (AGM Insd)
|
|
|
5.500
|
|
|
05/15/25
|
|
|
2,528,434
|
|
|
3,100
|
|
|
New York St Dorm Auth Rev City Univ Sys Cons, Ser A
|
|
|
5.625
|
|
|
07/01/16
|
|
|
3,490,166
|
|
|
2,600
|
|
|
New York St Dorm Auth Rev Cons City Univ Sys Second Gen,
Ser A
|
|
|
5.750
|
|
|
07/01/13
|
|
|
2,769,494
|
|
|
590
|
|
|
New York St Dorm Auth Rev, Ser B
|
|
|
7.500
|
|
|
05/15/11
|
|
|
630,580
|
|
|
360
|
|
|
New York St Dorm Auth Rev, Ser B (Prerefunded @ 5/15/10)
|
|
|
7.500
|
|
|
05/15/11
|
|
|
361,109
|
|
|
1,500
|
|
|
New York St Dorm Auth Rev Upstate Cmnty Colleges,
Ser B
|
|
|
5.250
|
|
|
07/01/20
|
|
|
1,608,765
|
|
|
1,700
|
|
|
New York St Twy Auth St Pers Income Tax Rev Trans,
Ser A (a)
|
|
|
5.000
|
|
|
03/15/26
|
|
|
1,869,881
|
|
|
1,900
|
|
|
New York St Twy Auth St Pers Income Tax Rev Trans,
Ser A (a)
|
|
|
5.000
|
|
|
03/15/27
|
|
|
2,077,821
|
|
|
1,000
|
|
|
New York St Twy Auth St Pers Income Tax Rev Trans,
Ser A (a)
|
|
|
5.000
|
|
|
03/15/28
|
|
|
1,087,290
|
|
20
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
New York (Continued)
|
$
|
15,000
|
|
|
Port Auth NY & NJ Cons 144th (a)
|
|
|
5.000
|
%
|
|
10/01/35
|
|
$
|
15,625,800
|
|
|
575
|
|
|
Seneca Nation Indians Cap Impt Auth NY Spl Oblig,
Ser A (d)
|
|
|
5.000
|
|
|
12/01/23
|
|
|
479,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,345,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina 5.4%
|
|
905
|
|
|
North Carolina Med Care Commn Retirement Fac Rev First Mtg
Southminster Proj, Ser A
|
|
|
5.750
|
|
|
10/01/37
|
|
|
800,771
|
|
|
22,000
|
|
|
North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (NATL
Insd)
|
|
|
6.000
|
|
|
01/01/12
|
|
|
23,720,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,521,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio 6.7%
|
|
2,540
|
|
|
Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo,
Ser A-2
|
|
|
5.750
|
|
|
06/01/34
|
|
|
1,998,497
|
|
|
1,400
|
|
|
Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo,
Ser A-2
|
|
|
5.875
|
|
|
06/01/30
|
|
|
1,185,506
|
|
|
400
|
|
|
Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev
Eliza Jennings Sr Care, Ser A
|
|
|
5.750
|
|
|
05/15/27
|
|
|
342,336
|
|
|
2,450
|
|
|
Lorain Cnty, OH Hosp Rev Catholic Hlthcare Impt &
Rfdg, Ser A
|
|
|
5.250
|
|
|
10/01/33
|
|
|
2,480,429
|
|
|
500
|
|
|
Lorain Cnty, OH Hosp Rev Catholic Hlthcare, Ser S
|
|
|
5.375
|
|
|
10/01/30
|
|
|
507,385
|
|
|
3,000
|
|
|
Lorain Cnty, OH Hosp Rev Fac Catholic Rfdg,
Ser C-1
(AGM Insd) (a)
|
|
|
5.000
|
|
|
04/01/24
|
|
|
3,124,650
|
|
|
2,750
|
|
|
Lorain Cnty, OH Hosp Rev Fac Catholic, Ser A (AGM
Insd) (a)
|
|
|
5.000
|
|
|
02/01/24
|
|
|
2,864,235
|
|
|
2,775
|
|
|
Lorain Cnty, OH Hosp Rev Fac Catholic, Ser B (AGM
Insd) (a)
|
|
|
5.000
|
|
|
02/01/24
|
|
|
2,890,301
|
|
|
1,625
|
|
|
Montgomery Cnty, OH Rev Catholic Hlth,
Ser C-1
(AGM Insd) (a)
|
|
|
5.000
|
|
|
10/01/41
|
|
|
1,629,225
|
|
|
1,475
|
|
|
Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A
|
|
|
6.000
|
|
|
11/15/28
|
|
|
1,559,355
|
|
|
925
|
|
|
Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A
|
|
|
6.250
|
|
|
11/15/39
|
|
|
974,506
|
|
|
2,600
|
|
|
Ohio St Air Quality Dev Auth Rev Pollutn Ctl First Energy Rfdg,
Ser C (AGL Insd)
|
|
|
5.625
|
|
|
06/01/18
|
|
|
2,767,310
|
|
|
1,100
|
|
|
Ohio St Higher Ed Fac Commn Rev Summa Hlth Sys 2010 Proj (h)
|
|
|
5.750
|
|
|
11/15/35
|
|
|
1,089,000
|
|
|
1,900
|
|
|
Ohio St Higher Ed Fac Commn Rev Univ Hosp Hlth Sys 2009,
Ser A
|
|
|
6.750
|
|
|
01/15/39
|
|
|
2,031,214
|
|
|
1,030
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm,
Ser D (GNMA Collateralized) (AMT) (a)
|
|
|
5.300
|
|
|
09/01/28
|
|
|
1,062,558
|
|
|
791
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm,
Ser D (GNMA Collateralized) (AMT) (a)
|
|
|
5.400
|
|
|
03/01/33
|
|
|
813,211
|
|
|
1,954
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm,
Ser F (GNMA Collateralized) (a)
|
|
|
5.500
|
|
|
09/01/39
|
|
|
2,038,432
|
|
|
950
|
|
|
Ohio St Wtr Dev Auth Pollutn Ctl Fac Rev First Energy Rfdg,
Ser A (b)
|
|
|
5.875
|
|
|
06/01/33
|
|
|
1,038,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,396,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Oklahoma 0.8%
|
$
|
1,375
|
|
|
Chickasaw Nation, OK Hlth Sys (d)
|
|
|
6.250
|
%
|
|
12/01/32
|
|
$
|
1,384,886
|
|
|
3,970
|
|
|
McAlester, OK Pub Wk Auth Util Cap Apprec (AGM Insd)
|
|
|
*
|
|
|
02/01/34
|
|
|
1,260,158
|
|
|
1,000
|
|
|
Tulsa Cnty, OK Indl Auth Sr Living Cmnty Rev Montereau Inc Proj,
Ser A
|
|
|
7.125
|
|
|
11/01/30
|
|
|
1,001,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,647,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania 2.0%
|
|
875
|
|
|
Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Cont Care
|
|
|
6.250
|
|
|
02/01/35
|
|
|
652,776
|
|
|
3,000
|
|
|
Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A
(AMBAC Insd) (AMT)
|
|
|
5.375
|
|
|
01/01/21
|
|
|
3,006,030
|
|
|
5,415
|
|
|
Susquehanna Area Regl Arpt Auth PA, Ser A (AMBAC Insd) (AMT)
|
|
|
5.375
|
|
|
01/01/22
|
|
|
5,398,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,057,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina 5.0%
|
|
2,500
|
|
|
Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch
Dist (a)
|
|
|
5.250
|
|
|
12/01/25
|
|
|
2,626,850
|
|
|
7,500
|
|
|
Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch
Dist (a)
|
|
|
5.250
|
|
|
12/01/26
|
|
|
7,850,175
|
|
|
1,840
|
|
|
South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth
Alliance Rfdg, Ser A
|
|
|
6.250
|
|
|
08/01/31
|
|
|
1,885,890
|
|
|
5,000
|
|
|
South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas
Co Proj, Ser A (AMBAC Insd)
|
|
|
5.200
|
|
|
11/01/27
|
|
|
5,209,650
|
|
|
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
|
|
|
577,390
|
|
|
835
|
|
|
Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg
|
|
|
5.000
|
|
|
06/01/18
|
|
|
835,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,735,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee 1.6%
|
|
1,750
|
|
|
Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI
Phase I LLC Proj Rfdg, Ser A
|
|
|
5.125
|
|
|
10/01/35
|
|
|
1,561,927
|
|
|
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
|
|
|
2,259,840
|
|
|
1,000
|
|
|
Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg
Mtn St Hlth Rfdg, Ser A (NATL Insd) (Prerefunded @ 7/01/12)
|
|
|
7.500
|
|
|
07/01/25
|
|
|
1,119,970
|
|
|
2,400
|
|
|
Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist,
Ser B (AGM Insd) (a)
|
|
|
5.250
|
|
|
09/01/27
|
|
|
2,508,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,450,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas 23.9%
|
|
1,450
|
|
|
Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)
|
|
|
4.850
|
|
|
04/01/21
|
|
|
1,439,023
|
|
|
615
|
|
|
Dallas Cnty, TX Flood Ctl Dist Rfdg
|
|
|
6.750
|
|
|
04/01/16
|
|
|
654,680
|
|
|
1,150
|
|
|
Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)
|
|
|
5.000
|
|
|
08/15/18
|
|
|
1,261,274
|
|
22
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Texas (Continued)
|
$
|
1,350
|
|
|
Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)
|
|
|
5.000
|
%
|
|
08/15/19
|
|
$
|
1,476,076
|
|
|
5,500
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt &
Rfdg, Ser A (BHAC Insd) (AMT)
|
|
|
5.500
|
|
|
11/01/31
|
|
|
5,531,405
|
|
|
8,000
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser A (AGM
Insd) (AMT)
|
|
|
5.500
|
|
|
11/01/21
|
|
|
8,294,640
|
|
|
650
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL
Insd) (AMT)
|
|
|
5.750
|
|
|
11/01/18
|
|
|
652,015
|
|
|
1,225
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL
Insd) (AMT)
|
|
|
6.000
|
|
|
11/01/23
|
|
|
1,229,202
|
|
|
4,000
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev, Ser A (NATL Insd)
(AMT)
|
|
|
5.750
|
|
|
11/01/30
|
|
|
4,003,400
|
|
|
4,850
|
|
|
El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a)
|
|
|
5.000
|
|
|
08/15/37
|
|
|
5,005,782
|
|
|
1,000
|
|
|
Gulf Coast Waste Disp Auth TX Waste Mgmt, Ser D (AMT)
|
|
|
4.550
|
|
|
04/01/12
|
|
|
1,030,000
|
|
|
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
|
|
|
2,146,940
|
|
|
750
|
|
|
Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann
Hlthcare Sys, Ser B
|
|
|
7.250
|
|
|
12/01/35
|
|
|
848,137
|
|
|
950
|
|
|
Harris Cnty, TX Indl Dev Corp Solid Waste Disp Rev Deer Pk Refng
Proj
|
|
|
5.000
|
|
|
02/01/23
|
|
|
965,732
|
|
|
1,930
|
|
|
Harris Cnty, TX Sr Lien Toll Rd, Ser A (a)
|
|
|
5.000
|
|
|
08/15/32
|
|
|
2,017,410
|
|
|
2,000
|
|
|
Houston, TX Arpt Sys Rev Sub Lien (AGM Insd)
|
|
|
5.500
|
|
|
07/01/20
|
|
|
2,162,720
|
|
|
10,000
|
|
|
Houston, TX Arpt Sys Rev Sub Lien, Ser A (AGM Insd) (AMT)
|
|
|
5.125
|
|
|
07/01/32
|
|
|
9,966,400
|
|
|
3,000
|
|
|
Houston, TX Arpt Sys Rev Sub Lien, Ser A (AGM Insd) (AMT)
|
|
|
5.625
|
|
|
07/01/30
|
|
|
3,001,500
|
|
|
7,825
|
|
|
Houston, TX Util Sys Rev Comb First Lien Rfdg, Ser A (AGM
Insd) (a)
|
|
|
5.000
|
|
|
11/15/36
|
|
|
8,151,459
|
|
|
3,030
|
|
|
Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a)
|
|
|
5.000
|
|
|
02/01/37
|
|
|
3,108,295
|
|
|
1,250
|
|
|
Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX
|
|
|
5.500
|
|
|
02/15/37
|
|
|
1,160,812
|
|
|
1,000
|
|
|
Matagorda Cnty, TX Nav Dist No 1 Rev Coll Centerpoint Energy
Proj Rfdg (b)
|
|
|
5.600
|
|
|
03/01/27
|
|
|
994,530
|
|
|
1,125
|
|
|
McLennan Cnty, TX Pub Fac Corp Proj Rev
|
|
|
6.625
|
|
|
06/01/35
|
|
|
1,230,998
|
|
|
3,000
|
|
|
Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj
(Prerefunded @ 1/01/2011)
|
|
|
7.250
|
|
|
01/01/31
|
|
|
3,124,410
|
|
|
5,900
|
|
|
North Centre, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas
(AMBAC Insd)
|
|
|
5.250
|
|
|
08/15/32
|
|
|
6,017,292
|
|
|
1,000
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
5.625
|
|
|
01/01/28
|
|
|
1,060,240
|
|
|
1,000
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
6.000
|
|
|
01/01/26
|
|
|
1,084,170
|
|
|
1,000
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
6.000
|
|
|
01/01/27
|
|
|
1,084,170
|
|
|
1,350
|
|
|
North TX Twy Auth Rev Sys First Tier Rfdg,
Ser L-2 (b)
|
|
|
6.000
|
|
|
01/01/38
|
|
|
1,488,902
|
|
|
2,650
|
|
|
North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F
|
|
|
5.750
|
|
|
01/01/33
|
|
|
2,801,050
|
|
|
1,000
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac
Buckingham Sr Living Cmnty Inc
|
|
|
5.625
|
|
|
11/15/27
|
|
|
920,950
|
|
23
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Texas (Continued)
|
$
|
2,600
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac
Buckingham Sr Living Cmnty Inc
|
|
|
5.750
|
%
|
|
11/15/37
|
|
$
|
2,320,760
|
|
|
4,000
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner
Retirement Svc Inc Proj
|
|
|
5.250
|
|
|
11/15/37
|
|
|
3,826,120
|
|
|
400
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC
Young Mem Home Proj
|
|
|
5.750
|
|
|
02/15/25
|
|
|
334,884
|
|
|
1,150
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC
Young Mem Home,
Ser B-2
|
|
|
6.500
|
|
|
02/15/14
|
|
|
1,153,289
|
|
|
3,000
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth
Rfdg, Ser A (AGL Insd)
|
|
|
6.250
|
|
|
07/01/28
|
|
|
3,323,250
|
|
|
3,000
|
|
|
Texas A&M Univ Rev Fin Sys, Ser A
|
|
|
5.000
|
|
|
05/15/29
|
|
|
3,243,420
|
|
|
1,430
|
|
|
Texas Private Activity Surface Trans Corp Sr Lien Nt Mobility
|
|
|
6.875
|
|
|
12/31/39
|
|
|
1,500,299
|
|
|
5,400
|
|
|
Texas St Trans Commn Mobility Fd (a)
|
|
|
5.000
|
|
|
04/01/28
|
|
|
5,822,172
|
|
|
2,750
|
|
|
Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX
Med Ctr Rfdg, Ser A
|
|
|
5.375
|
|
|
11/01/37
|
|
|
2,537,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107,975,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah 0.7%
|
|
2,380
|
|
|
Mountain Regl Wtr Spl Svc Dist Rfdg (NATL Insd)
|
|
|
5.000
|
|
|
12/15/33
|
|
|
2,328,211
|
|
|
730
|
|
|
Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy,
Ser A
|
|
|
5.800
|
|
|
06/15/38
|
|
|
660,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,989,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia 0.5%
|
|
750
|
|
|
Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig
|
|
|
6.350
|
|
|
09/01/28
|
|
|
741,128
|
|
|
1,401
|
|
|
White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev
|
|
|
5.300
|
|
|
03/01/17
|
|
|
1,398,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,139,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington 6.8%
|
|
9,850
|
|
|
Bellevue, WA Convention Ctr Auth Spl Oblig Rev Comp Int Rfdg
(NATL Insd)
|
|
|
*
|
|
|
02/01/25
|
|
|
5,072,060
|
|
|
7,500
|
|
|
Chelan Cnty, WA Pub Util Dist No 001 Cons Rev Chelan Hydro,
Ser A (BHAC Insd) (AMT) (b)
|
|
|
5.600
|
|
|
01/01/36
|
|
|
7,566,375
|
|
|
5,000
|
|
|
Energy Northwest WA Elec Rev Columbia Generating Rfdg,
Ser A (AGM Insd)
|
|
|
5.500
|
|
|
07/01/16
|
|
|
5,307,250
|
|
|
1,250
|
|
|
Kalispel Tribe Indians Priority Dist WA Rev
|
|
|
6.625
|
|
|
01/01/28
|
|
|
1,079,200
|
|
|
2,000
|
|
|
Port Seattle, WA Rev, Ser B (NATL Insd) (AMT)
|
|
|
5.625
|
|
|
02/01/24
|
|
|
2,018,200
|
|
|
3,000
|
|
|
Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax
(NATL Insd)
|
|
|
5.250
|
|
|
09/01/33
|
|
|
3,044,850
|
|
|
1,440
|
|
|
Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley
Homes,
Ser 2007-A2027
(Acquired 5/7/08, Cost $1,440,000) (f)
|
|
|
6.000
|
|
|
01/01/27
|
|
|
1,312,632
|
|
|
1,000
|
|
|
Washington St Hsg Fin Commn Nonprofit Rev Skyline at First Hill
Proj, Ser A
|
|
|
5.625
|
|
|
01/01/27
|
|
|
757,130
|
|
24
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Washington (Continued)
|
$
|
5,125
|
|
|
Washington St Pub Pwr Supply Sys Nuclear Proj No 3 Rev
Rfdg, Ser C (NATL Insd)
|
|
|
*
|
|
|
07/01/14
|
|
$
|
4,718,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,876,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia 1.2%
|
|
500
|
|
|
Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry
Centre Fin Dist, Ser A
|
|
|
5.850
|
%
|
|
06/01/34
|
|
|
452,815
|
|
|
855
|
|
|
Pleasants Cnty, WV Pollutn Ctl Cnty Comm Allegheny Rfdg,
Ser F
|
|
|
5.250
|
|
|
10/15/37
|
|
|
833,146
|
|
|
1,000
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt
Utd Hlth Sys, Ser C
|
|
|
5.500
|
|
|
06/01/34
|
|
|
1,002,070
|
|
|
955
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt
Utd Hlth Sys, Ser C
|
|
|
5.500
|
|
|
06/01/39
|
|
|
961,733
|
|
|
1,000
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys
|
|
|
6.000
|
|
|
10/01/20
|
|
|
993,680
|
|
|
1,025
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys
|
|
|
6.250
|
|
|
10/01/23
|
|
|
1,022,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,265,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin 2.6%
|
|
1,500
|
|
|
Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg,
Ser A (NATL Insd)
|
|
|
5.500
|
|
|
12/15/20
|
|
|
1,756,815
|
|
|
425
|
|
|
Superior, WI Util Rev Superior Wtr Lt & Pwr Proj Rfdg,
Ser A (AMT)
|
|
|
5.375
|
|
|
11/01/21
|
|
|
432,476
|
|
|
385
|
|
|
Superior, WI Util Rev Superior Wtr Lt & Pwr Proj,
Ser B (AMT)
|
|
|
5.750
|
|
|
11/01/37
|
|
|
387,325
|
|
|
2,400
|
|
|
Wisconsin Hsg & Econ Dev Auth Home Ownership Rev,
Ser A (AMT) (a)
|
|
|
5.300
|
|
|
09/01/23
|
|
|
2,501,928
|
|
|
3,000
|
|
|
Wisconsin Hsg & Econ Dev Auth Home Ownership Rev,
Ser A (AMT) (a)
|
|
|
5.500
|
|
|
09/01/28
|
|
|
3,107,730
|
|
|
950
|
|
|
Wisconsin St Gen Rev Appropriation Rev, Ser A
|
|
|
5.375
|
|
|
05/01/25
|
|
|
1,047,185
|
|
|
1,000
|
|
|
Wisconsin St Hlth & Ed Fac Auth Rev Aurora Hlth Care
Inc, Ser B (b)
|
|
|
4.750
|
|
|
08/15/25
|
|
|
1,060,210
|
|
|
1,270
|
|
|
Wisconsin St Hlth & Ed Fac Auth Rev Prohlth Care Inc
Oblig Grp
|
|
|
6.625
|
|
|
02/15/39
|
|
|
1,379,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,673,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyoming 0.3%
|
|
1,100
|
|
|
Sweetwater Cnty, WY Pollutn Ctl Rev Rfdg ID Pwr Co Proj
|
|
|
5.250
|
|
|
07/15/26
|
|
|
1,167,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico 2.0%
|
|
1,900
|
|
|
Puerto Rico Elec Pwr Auth Pwr Rev, Ser XX
|
|
|
5.250
|
|
|
07/01/40
|
|
|
1,928,291
|
|
|
2,675
|
|
|
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub,
Ser A (b)
|
|
|
5.000
|
|
|
08/01/39
|
|
|
2,793,449
|
|
|
1,900
|
|
|
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub,
Ser A
|
|
|
5.375
|
|
|
08/01/39
|
|
|
1,966,177
|
|
25
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Puerto Rico (Continued)
|
$
|
2,100
|
|
|
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub,
Ser A
|
|
|
5.500
|
%
|
|
08/01/42
|
|
$
|
2,193,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,881,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments 169.7%
(Cost $758,500,284)
|
|
|
767,962,907
|
|
|
|
|
|
|
Total Short-Term Investments 1.1%
(Cost $4,700,000)
|
|
|
4,700,000
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 170.8%
(Cost $763,200,284)
|
|
|
772,662,907
|
|
|
|
|
|
|
Liability for Floating Rate Note Obligations Related to
Securities Held (24.1%)
(Cost ($108,965,000))
|
|
|
|
|
|
(108,965
|
)
|
|
Notes with interest rates ranging from 0.30% to 0.75% at April
30, 2010 and contractual maturities of collateral ranging from
2023 to 2041 (See Note 1(G) in the Notes to Financial
Statements) (i)
|
|
|
(108,965,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Investments 146.7%
(Cost $654,235,284)
|
|
|
663,697,907
|
|
|
|
|
|
|
Other Assets In Excess of Liabilities 2.2%
|
|
|
9,760,351
|
|
|
|
|
|
|
Preferred Shares (including accrued
distributions) (48.9%)
|
|
|
(221,016,684
|
)
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0%
|
|
$
|
452,441,574
|
|
|
|
|
|
|
Percentages are
calculated as a percentage of net assets.
|
|
|
*
|
|
Zero
coupon bond
|
|
(a)
|
|
Underlying
security related to Inverse Floaters entered into by the Trust.
See Note 1(G) in the Notes to Financial Statements for
further information.
|
|
(b)
|
|
Variable
Rate Coupon
|
|
(c)
|
|
Security
has been deemed illiquid.
|
|
(d)
|
|
144A-Private
Placement security which is exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. This
security may only be resold in transactions exempt from
registration which are normally those transactions with
qualified institutional buyers.
|
|
(e)
|
|
Escrowed
to Maturity
|
|
(f)
|
|
Security
is restricted and may be resold only in transactions exempt from
registration which are normally those transactions with
qualified institutional buyers. Restricted securities comprise
0.6% of net assets.
|
|
(g)
|
|
Non-income
producing security.
|
26
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Portfolio
of
Investments
n
April 30,
2010 (Unaudited)
continued
|
|
|
(h)
|
|
Security
purchased on a when-issued or delayed delivery basis.
|
|
(i)
|
|
Floating
rate notes. The interest rates shown reflect the rates in effect
at April 30, 2010.
|
ACAAmerican
Capital Access
AGLAssured
Guaranty Ltd.
AGMAssured
Guaranty Municipal Corp.
AMBACAMBAC
Indemnity Corp.
AMTAlternative
Minimum Tax
BHACBerkshire
Hathaway Assurance Corp.
FGICFinancial
Guaranty Insurance Co.
FHAFederal
Housing Administration
FNMAFederal
National Mortgage Association
GNMAGovernment
National Mortgage Association
NATLNational
Public Finance Guarantee Corp.
Syncora
GtdSyncora Guaranteed Limited
Fair Value
Measurements
Various inputs are
used in determining the value of the Trusts investments.
These inputs are summarized in the three broad levels listed
below. (See Note 1(B) in the Notes to Financial Statements
for further information regarding fair value measurements.)
The following is a
summary of the inputs used as of April 30, 2010 in valuing
the Trusts investments carried at value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
|
|
|
|
|
|
Significant
|
|
|
|
|
|
|
Other
Significant
|
|
Unobservable
|
|
|
Investments
|
|
Quoted
Prices
|
|
Observable
Inputs
|
|
Inputs
|
|
Total
|
|
|
Investments in an Asset Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
Issued by States of the United States and Political Subdivisions
of the United States
|
|
$
|
-0-
|
|
|
$
|
772,662,907
|
|
|
$
|
-0-
|
|
|
$
|
772,662,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Financial
Statements
Statement
of Assets and Liabilities
April 30, 2010
(Unaudited)
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Total Investments (Cost $763,200,284)
|
|
$
|
772,662,907
|
|
|
|
Cash
|
|
|
77,396
|
|
|
|
Receivables:
|
|
|
|
|
|
|
Interest
|
|
|
12,746,646
|
|
|
|
Investments Sold
|
|
|
140,000
|
|
|
|
Other
|
|
|
2,255
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
785,629,204
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Payables:
|
|
|
|
|
|
|
Floating Rate Note Obligations
|
|
|
108,965,000
|
|
|
|
Investments Purchased
|
|
|
1,889,000
|
|
|
|
Investment Advisory Fee
|
|
|
287,222
|
|
|
|
Other Affiliates
|
|
|
79,981
|
|
|
|
Fund Shares Repurchased
|
|
|
4,000
|
|
|
|
Trustees Deferred Compensation and Retirement Plans
|
|
|
843,934
|
|
|
|
Accrued Expenses
|
|
|
101,809
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
112,170,946
|
|
|
|
Preferred Shares (including accrued distributions)
|
|
|
221,016,684
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares
|
|
$
|
452,441,574
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Per Common Share
($452,441,574 divided by
33,731,240 shares outstanding)
|
|
$
|
13.41
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
Common Shares ($0.01 par value with an unlimited number of
shares authorized, 33,731,240 shares issued and outstanding)
|
|
$
|
337,312
|
|
|
|
Paid in Surplus
|
|
|
501,990,306
|
|
|
|
Accumulated Undistributed Net Investment Income
|
|
|
14,065,579
|
|
|
|
Net Unrealized Appreciation
|
|
|
9,462,623
|
|
|
|
Accumulated Net Realized Loss
|
|
|
(73,414,246
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares
|
|
$
|
452,441,574
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares
($0.01 par value, authorized
100,000,000 shares, 8,840 issued with liquidation
preference of $25,000 per share)
|
|
$
|
221,000,000
|
|
|
|
|
|
|
|
|
|
|
Net Assets Including Preferred Shares
|
|
$
|
673,441,574
|
|
|
|
|
|
|
|
|
|
|
28
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Financial
Statements
continued
Statement
of Operations
For the Six Months Ended
April 30, 2010 (Unaudited)
|
|
|
|
|
|
|
Investment Income:
|
|
|
|
|
|
|
Interest
|
|
$
|
20,915,902
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Investment Advisory Fee
|
|
|
2,132,023
|
|
|
|
Interest and Residual Trust Expense
|
|
|
438,127
|
|
|
|
Preferred Share Maintenance
|
|
|
200,101
|
|
|
|
Trustees Fees and Related Expenses
|
|
|
105,652
|
|
|
|
Professional Fees
|
|
|
87,800
|
|
|
|
Accounting and Administrative Expenses
|
|
|
85,140
|
|
|
|
Transfer Agent Fees
|
|
|
34,002
|
|
|
|
Reports to Shareholders
|
|
|
32,031
|
|
|
|
Custody
|
|
|
20,506
|
|
|
|
Registration Fees
|
|
|
14,128
|
|
|
|
Credit Line
|
|
|
7,698
|
|
|
|
Other
|
|
|
16,450
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
3,173,658
|
|
|
|
Investment Advisory Fee Reduction
|
|
|
387,641
|
|
|
|
|
|
|
|
|
|
|
Net Expenses
|
|
|
2,786,017
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
18,129,885
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain/Loss:
|
|
|
|
|
|
|
Net Realized Gain
|
|
$
|
12,848
|
|
|
|
|
|
|
|
|
|
|
Unrealized Appreciation/Depreciation:
|
|
|
|
|
|
|
Beginning of the Period
|
|
|
(2,266,980
|
)
|
|
|
End of the Period
|
|
|
9,462,623
|
|
|
|
|
|
|
|
|
|
|
Net Unrealized Appreciation During the Period
|
|
|
11,729,603
|
|
|
|
|
|
|
|
|
|
|
Net Realized and Unrealized Gain
|
|
$
|
11,742,451
|
|
|
|
|
|
|
|
|
|
|
Distributions to Preferred Shareholders
|
|
$
|
(202,723
|
)
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets Applicable to Common Shares from
Operations
|
|
$
|
29,669,613
|
|
|
|
|
|
|
|
|
|
|
29
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,
2010
|
|
October 31,
2009
|
|
|
|
|
From Investment Activities:
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
18,129,885
|
|
|
$
|
38,545,491
|
|
Net Realized Gain/Loss
|
|
|
12,848
|
|
|
|
(28,879,319
|
)
|
Net Unrealized Appreciation During the Period
|
|
|
11,729,603
|
|
|
|
106,472,582
|
|
Distributions to Preferred Shareholders:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(202,723
|
)
|
|
|
(1,540,687
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Net Assets Applicable to Common Shares from Operations
|
|
|
29,669,613
|
|
|
|
114,598,067
|
|
Distributions to Common Shareholders:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(17,224,314
|
)
|
|
|
(29,673,283
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets Applicable to Common Shares from
Investment Activities
|
|
|
12,445,299
|
|
|
|
84,924,784
|
|
|
|
|
|
|
|
|
|
|
From Capital Transactions:
|
|
|
|
|
|
|
|
|
Value of Common Shares Issued Through Dividend Reinvestment
|
|
|
626,242
|
|
|
|
771,627
|
|
|
|
|
|
|
|
|
|
|
Total Increase in Net Assets Applicable to Common Shares
|
|
|
13,071,541
|
|
|
|
85,696,411
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares:
|
|
|
|
|
|
|
|
|
Beginning of the Period
|
|
|
439,370,033
|
|
|
|
353,673,622
|
|
|
|
|
|
|
|
|
|
|
End of the Period (Including accumulated undistributed net
investment income of $14,065,579 and $13,362,731,
respectively)
|
|
$
|
452,441,574
|
|
|
$
|
439,370,033
|
|
|
|
|
|
|
|
|
|
|
30
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Financial
Statements
continued
Statement
of Cash Flows
For the Six Months Ended
April 30, 2010 (Unaudited)
|
|
|
|
|
|
|
Change in Net Assets from Operations (including Preferred
Share Distributions)
|
|
$
|
29,669,613
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Reconcile the Change in Net Assets from
Operations to
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities:
|
|
|
|
|
|
|
Purchases of Investments
|
|
|
(36,422,503
|
)
|
|
|
Proceeds from Sales of Investments
|
|
|
66,966,195
|
|
|
|
Net Sales of Short-Term Investments
|
|
|
2,000,000
|
|
|
|
Amortization of Premium
|
|
|
653,070
|
|
|
|
Accretion of Discount
|
|
|
(571,975
|
)
|
|
|
Net Realized Gain on Investments
|
|
|
(12,848
|
)
|
|
|
Net Change in Unrealized Appreciation on Investments
|
|
|
(11,729,603
|
)
|
|
|
Decrease in Interest Receivable
|
|
|
451,336
|
|
|
|
Decrease in Other Assets
|
|
|
11,331
|
|
|
|
Decrease in Investment Advisory Fee Payable
|
|
|
(15,761
|
)
|
|
|
Decrease in Accrued Expenses
|
|
|
(67,196
|
)
|
|
|
Increase in Other Affiliates Payable
|
|
|
1,334
|
|
|
|
Increase in Trustees Deferred Compensation and Retirement
Plans
|
|
|
103,400
|
|
|
|
|
|
|
|
|
|
|
Total Adjustments
|
|
|
21,366,780
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
|
|
|
51,036,393
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
Dividends Paid (net of reinvested dividends $626,242)
|
|
|
(16,602,662
|
)
|
|
|
Proceeds from and Repayments of Floating Rate
Note Obligations
|
|
|
(475,000
|
)
|
|
|
Retirement of Preferred Shares
|
|
|
(34,000,000
|
)
|
|
|
|
|
|
|
|
|
|
Net Cash Used for Financing Activities
|
|
|
(51,077,662
|
)
|
|
|
|
|
|
|
|
|
|
Net Decrease in Cash
|
|
|
(41,269
|
)
|
|
|
Cash at the Beginning of the Period
|
|
|
118,665
|
|
|
|
|
|
|
|
|
|
|
Cash at the End of the Period
|
|
$
|
77,396
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
|
|
Cash Paid During the Period for Interest
|
|
$
|
438,127
|
|
|
|
|
|
|
|
|
|
|
31
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
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
|
|
Year Ended
October 31,
|
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
|
|
|
Net Asset Value, Beginning of the Period
|
|
$
|
13.04
|
|
|
$
|
10.52
|
|
|
$
|
15.46
|
|
|
$
|
16.61
|
|
|
$
|
16.52
|
|
|
$
|
16.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
0.54
|
(a)
|
|
|
1.15
|
(a)
|
|
|
1.26
|
(a)
|
|
|
1.17
|
(a)
|
|
|
1.11
|
(a)
|
|
|
1.12
|
|
Net Realized and Unrealized Gain/Loss
|
|
|
0.35
|
|
|
|
2.30
|
|
|
|
(5.07
|
)
|
|
|
(1.17
|
)
|
|
|
0.49
|
|
|
|
(0.33
|
)
|
Common Share Equivalent of Distributions Paid to Preferred
Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(0.01
|
)
|
|
|
(0.05
|
)
|
|
|
(0.30
|
)
|
|
|
(0.37
|
)
|
|
|
(0.31
|
)
|
|
|
(0.22
|
)
|
Net Realized Gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.04
|
)
|
|
|
-0-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from Investment Operations
|
|
|
0.88
|
|
|
|
3.40
|
|
|
|
(4.11
|
)
|
|
|
(0.37
|
)
|
|
|
1.25
|
|
|
|
0.57
|
|
Distributions Paid to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(0.51
|
)
|
|
|
(0.88
|
)
|
|
|
(0.83
|
)
|
|
|
(0.78
|
)
|
|
|
(0.81
|
)
|
|
|
(0.94
|
)
|
Net Realized Gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.35
|
)
|
|
|
-0-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of the Period
|
|
$
|
13.41
|
|
|
$
|
13.04
|
|
|
$
|
10.52
|
|
|
$
|
15.46
|
|
|
$
|
16.61
|
|
|
$
|
16.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Market Price at End of the Period
|
|
$
|
13.79
|
|
|
$
|
13.23
|
|
|
$
|
10.10
|
|
|
$
|
14.30
|
|
|
$
|
14.70
|
|
|
$
|
14.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return* (b)
|
|
|
8.32%
|
**
|
|
|
41.33%
|
|
|
|
24.86%
|
|
|
|
2.40%
|
|
|
|
10.76%
|
|
|
|
0.55%
|
|
Net Assets Applicable to Common Shares at End of the Period (In
millions)
|
|
$
|
452.4
|
|
|
$
|
439.4
|
|
|
$
|
353.7
|
|
|
$
|
524.9
|
|
|
$
|
567.5
|
|
|
$
|
253.7
|
|
Ratio of Expenses to Average Net Assets Applicable to Common
Shares* (c)
|
|
|
1.26%
|
|
|
|
1.54%
|
|
|
|
2.11%
|
|
|
|
2.03%
|
|
|
|
1.36%
|
|
|
|
1.18%
|
|
Ratio of Net Investment Income to Average Net Assets Applicable
to Common Shares* (c)
|
|
|
8.22%
|
|
|
|
9.92%
|
|
|
|
8.92%
|
|
|
|
7.30%
|
|
|
|
6.86%
|
|
|
|
6.67%
|
|
Portfolio Turnover
|
|
|
5%
|
**
|
|
|
14%
|
|
|
|
57%
|
|
|
|
23%
|
|
|
|
20%
|
|
|
|
32%
|
|
* 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 (c)
|
|
|
1.44%
|
|
|
|
1.73%
|
|
|
|
2.28%
|
|
|
|
2.18%
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Ratio of Net Investment Income to Average Net Assets Applicable
to
Common Shares (c)
|
|
|
8.04%
|
|
|
|
9.73%
|
|
|
|
8.75%
|
|
|
|
7.15%
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses (Excluding Interest and Residual
Trust Expenses) to Average Net Assets Applicable to Common
Shares (c)
|
|
|
1.06%
|
|
|
|
1.17%
|
|
|
|
1.03%
|
|
|
|
1.03%
|
|
|
|
1.25%
|
|
|
|
1.18%
|
|
Ratio of Net Investment Income to Average Net Assets Applicable
to Common Shares (d)
|
|
|
8.13%
|
|
|
|
9.53%
|
|
|
|
6.78%
|
|
|
|
4.99%
|
|
|
|
4.92%
|
|
|
|
5.37%
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Shares Outstanding
|
|
|
8,840
|
|
|
|
10,200
|
|
|
|
10,880
|
|
|
|
13,600
|
|
|
|
13,600
|
|
|
|
6,000
|
|
Asset Coverage Per Preferred Share (e)
|
|
$
|
76,183
|
|
|
$
|
68,078
|
|
|
$
|
57,538
|
|
|
$
|
63,629
|
|
|
$
|
66,761
|
|
|
$
|
67,307
|
|
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 Trusts
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 Trusts total liabilities (not including
the preferred shares) from the Trusts total assets and
dividing this by the number of preferred shares outstanding.
|
N/A=Not
Applicable
32
See Notes to Financial
Statements
Van Kampen
Municipal Opportunity Trust
Notes
to Financial
Statements
n
April 30,
2010 (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, as amended (the 1940 Act). The Trusts
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 U.S. generally accepted accounting
principles (GAAP) 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.
In June 2009, the Financial Accounting Standards Board (FASB)
established the FASB Accounting Standards
Codification
tm
(ASC) as the single source of authoritative accounting
principles recognized by the FASB in the preparation of
financial statements in conformity with GAAP. The ASC supersedes
existing non-grandfathered, non-SEC accounting and reporting
standards. The ASC did not change GAAP but rather organized it
into a hierarchy where all guidance within the ASC carries an
equal level of authority. The ASC became effective for financial
statements issued for interim and annual periods ending after
September 15, 2009. The Trust appropriately updated
relevant GAAP references to reflect the new ASC.
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. Factors considered in making this determination may
include, but are not limited to, information obtained by
contacting the issuer, analysts, or the appropriate stock
exchange (for exchange-traded securities), analysis of the
issuers financial statements or other available documents
and, if necessary, available information concerning other
securities in similar circumstances. Short-term securities with
remaining maturities of 60 days or less are valued at
amortized cost, which approximates fair value.
B. Fair Value Measurements
FASB 820,
Fair Value Measurements and Disclosures
(ASC 820)
(formerly known as FAS 157), defines fair value as the
price that the Trust would receive to sell an investment or pay
to transfer a liability in an orderly transaction with an
independent buyer in the principal market, or in the absence of
a principal market the most advantageous market for the
investment or liability. ACS 820 establishes a three-tier
hierarchy to distinguish between (1) inputs that reflect
the assumptions market participants would use in pricing an
asset or liability developed based on market data obtained from
sources independent of the reporting entity (observable inputs)
and (2) inputs that reflect the reporting entitys own
assumptions about the assumptions market participants would use
in pricing an asset or liability developed based on the best
information available in the circumstances (unobservable inputs)
and to establish classification of fair value measurements for
disclosure purposes.
33
Van Kampen
Municipal Opportunity Trust
Notes
to Financial
Statements
n
April 30,
2010 (Unaudited)
continued
Various inputs are used in
determining the value of the Trusts investments. The
inputs are summarized in the three broad levels listed below.
|
|
Level 1
|
quoted prices in active markets for identical investments
|
Level 2
|
other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit
risk, etc.)
|
Level 3
|
significant unobservable inputs (including the Trusts own
assumptions in determining the fair value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
C. 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,
2010, the Trust had $1,089,000 of when-issued or delayed
delivery purchase commitments.
D. 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.
E. Federal Income Taxes
It is the
Trusts 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. Management has
concluded that there are no significant uncertain tax positions
that would require recognition in the financial statements. If
applicable, the Trust recognizes interest accrued related to
unrecognized tax benefits in Interest Expense and
penalties in Other 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, 2009, 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, 2009, the Trust had an accumulated capital loss
carryforward for tax purposes of $73,954,469 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
|
|
|
41,319,327
|
|
|
|
|
|
October 31, 2016
|
|
|
27,670,283
|
|
|
|
|
|
October 31, 2017
|
|
34
Van Kampen
Municipal Opportunity Trust
Notes
to Financial
Statements
n
April 30,
2010 (Unaudited)
continued
Part of the capital loss carryforward above was acquired due to
a merger with another regulated investment company and is
subject to annual limitations.
At April 30, 2010, the cost and related gross unrealized
appreciation and depreciation are as follows:
|
|
|
|
|
|
|
Cost of investments for tax purposes
|
|
$
|
643,669,671
|
|
|
|
|
|
|
|
|
|
|
Gross tax unrealized appreciation
|
|
$
|
39,193,454
|
|
|
|
Gross tax unrealized depreciation
|
|
|
(19,147,854
|
)
|
|
|
|
|
|
|
|
|
|
Net tax unrealized appreciation on investments
|
|
$
|
20,045,600
|
|
|
|
|
|
|
|
|
|
|
F. 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 which are included
as ordinary income for tax purposes.
The tax character of distributions paid during the year ended
October 31, 2009 was as follows:
|
|
|
|
|
Distributions paid from:
|
|
|
|
|
Ordinary income
|
|
$
|
370,030
|
|
Tax-exempt income
|
|
|
31,267,312
|
|
|
|
|
|
|
|
|
$
|
31,637,342
|
|
|
|
|
|
|
As of October 31, 2009, the components of distributable
earnings on a tax basis were as follows:
|
|
|
|
|
Undistributed ordinary income
|
|
$
|
26,698
|
|
Undistributed tax-exempt income
|
|
|
13,157,921
|
|
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
purposes and the deferral of losses relating to wash sale
transactions.
G.
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
35
Van Kampen
Municipal Opportunity Trust
Notes
to Financial
Statements
n
April 30,
2010 (Unaudited)
continued
dealer trusts as secured
borrowings, with the securities transferred remaining in the
Trusts 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 Trusts 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, 2010,
Trust investments with a value of $192,349,431 are held by the
dealer trusts and serve as collateral for the $108,965,000 in
floating rate notes outstanding at that date. Contractual
maturities of the floating rate notes and interest rates in
effect at April 30, 2010 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, 2010 were
$109,274,198 and 0.81%, respectively.
H. Reporting Subsequent
Events
Management has evaluated the impact of any
subsequent events through the date the financial statements were
effectively issued. Management has determined that other than
events described in Note 9, there are no material events or
transactions that would affect the Trusts financial
statements or require disclosure in the Trusts financial
statements through this date.
2. Investment
Advisory Agreement and Other Transactions with
Affiliates
Under the terms of the Trusts 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
0.55% of the average daily net assets including current
preferred shares and leverage of $108,981,918 entered into to
retire previously issued preferred shares of the Trust. The
Adviser has agreed to waive investment advisory fees equal to
0.10% of the average daily net assets including current
preferred shares and leverage of $108,981,918 entered into to
retire previously issued preferred shares of the Trust. For the
six months ended April 30, 2010, the Adviser waived
approximately $387,600 of its advisory fees. This waiver is
voluntary and can be discounted at any time.
For the six months ended April 30, 2010, the Trust
recognized expenses of approximately $22,300 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, 2010
,
the Trust recognized expenses
of approximately $74,900 representing Van Kampen
Investments Inc.s or its affiliates (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.
36
Van Kampen
Municipal Opportunity Trust
Notes
to Financial
Statements
n
April 30,
2010 (Unaudited)
continued
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 trustees years of
service to the Trust. The maximum annual benefit per trustee
under the plan is $2,500. Pursuant to the closing of the
transaction as described in Note 9, the deferred
compensation and retirement plans were terminated and amounts
owed to the trustees were distributed on May 27, 2010.
3. Capital
Transactions
For the six months ended April 30, 2010 and the year ended
October 31, 2009, transactions in common shares were as
follows:
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Year Ended
|
|
|
April 30,
2010
|
|
October 31,
2009
|
|
Beginning Shares
|
|
|
33,684,098
|
|
|
|
33,620,065
|
|
Shares Issued Through Dividend Reinvestment
|
|
|
47,142
|
|
|
|
64,033
|
|
|
|
|
|
|
|
|
|
|
Ending Shares
|
|
|
33,731,240
|
|
|
|
33,684,098
|
|
|
|
|
|
|
|
|
|
|
4. Investment
Transactions
During the period, the cost of purchases and proceeds from sales
of investments, excluding short-term investments, were
$36,434,067 and $66,870,663, respectively.
5. Inverse
Floating Rate Securities
The Trust may invest a portion of its assets in inverse floating
rate municipal securities, which are variable debt instruments
that pay interest at rates that move in the opposite direction
of prevailing interest rates. These investments are typically
used by the Trust in seeking to enhance the yield of the
portfolio or used as an alternative form of leverage in order to
redeem a portion of the Trusts preferred shares. Inverse
floating rate investments tend to underperform the market for
fixed rate bonds in a rising interest rate environment, but tend
to outperform the market for fixed rate bonds when interest
rates decline or remain relatively stable. Inverse floating rate
investments have varying degrees of liquidity. Inverse floating
rate securities in which the Trust may invest include derivative
instruments such as residual interest bonds (RIBs)
or tender option bonds (TOBs). Such instruments are
typically created by a special purpose trust that holds
long-term fixed rate bonds (which may be tendered by the Trust
in certain instances) and sells two classes of beneficial
interests: short-term floating rate interests, which are sold to
third party investors, and inverse floating residual interests,
which are purchased by the Trust. The short-term floating rate
interests have first priority on the cash flow from the bonds
held by the special purpose trust and the Trust is paid the
residual cash flow from the bonds held by the special purpose
trust.
The Trust generally invests in inverse floating rate investments
that include embedded leverage, thus exposing the Trust to
greater risks and increased costs. The market value of a
leveraged inverse floating rate investment generally
will fluctuate in response to changes in market rates of
interest to a greater extent than the value of an unleveraged
investment. The extent of increases and decreases in the value
of inverse floating rate investments generally will
37
Van Kampen
Municipal Opportunity Trust
Notes
to Financial
Statements
n
April 30,
2010 (Unaudited)
continued
be larger than changes in an equal
principal amount of a fixed rate security having similar credit
quality, redemption provisions and maturity, which may cause the
Trusts net asset value to be more volatile than if it had
not invested in inverse floating rate investments.
In certain instances, the short-term floating rate interests
created by the special purpose trust may not be able to be sold
to third parties or, in the case of holders tendering (or
putting) such interests for repayment of principal, may not be
able to be remarketed to third parties. In such cases, the
special purpose trust holding the long-term fixed rate bonds may
be collapsed. In the case of RIBs or TOBs created by the
contribution of long-term fixed income bonds by the Trust, the
Trust will then be required to repay the principal amount of the
tendered securities. During times of market volatility,
illiquidity or uncertainty, the Trust could be required to sell
other portfolio holdings at a disadvantageous time to raise cash
to meet that obligation.
6. Preferred
Shares
The Trust has outstanding 8,840 Auction Preferred Securities
(APS). Series A and B contain 1,950 shares,
Series C, D and E contain 1,300 shares, and
Series F contains 1,040 shares. Dividends are
cumulative and the dividend rate on each series is generally
reset every 28 days through an auction process. Beginning
on February 14, 2008 and continuing through April 30,
2010, 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, 2010 was
0.232%. During the six months ended April 30, 2010, the
rates ranged from 0.110% to 0.287%.
Historically, the Trust paid annual fees equivalent to 0.25% of
the preferred share liquidation value for the remarketing
efforts associated with the preferred auction. Effective
March 16, 2009, the Trust decreased this amount to 0.15%
due to auction failures. In the future, if auctions no longer
fail, the Trust may return to an annual fee payment of 0.25% of
the preferred share liquidation value. 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.
The Trust entered into additional floating rate note obligations
as an alternative form of leverage in order to redeem and retire
a portion of its preferred shares. For the six months ended
April 30, 2010, transactions in preferred shares were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
A
|
|
Series
B
|
|
Series
C
|
|
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
|
|
Outstanding at 10/31/09
|
|
|
2,250
|
|
|
$
|
56,250,000
|
|
|
|
2,250
|
|
|
$
|
56,250,000
|
|
|
|
1,500
|
|
|
$
|
37,500,000
|
|
|
|
Shares Retired
|
|
|
(300
|
)
|
|
|
(7,500,000
|
)
|
|
|
(300
|
)
|
|
|
(7,500,000
|
)
|
|
|
(200
|
)
|
|
|
(5,000,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at 4/30/10
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
D
|
|
Series
E
|
|
Series
F
|
|
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
|
|
Outstanding at 10/31/09
|
|
|
1,500
|
|
|
$
|
37,500,000
|
|
|
|
1,500
|
|
|
$
|
37,500,000
|
|
|
|
1,200
|
|
|
$
|
30,000,000
|
|
|
|
Shares Retired
|
|
|
(200
|
)
|
|
|
(5,000,000
|
)
|
|
|
(200
|
)
|
|
|
(5,000,000
|
)
|
|
|
(160
|
)
|
|
|
(4,000,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at 4/30/10
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
1,040
|
|
|
$
|
26,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38
Van Kampen
Municipal Opportunity Trust
Notes
to Financial
Statements
n
April 30,
2010 (Unaudited)
continued
7. Line of
Credit
Several Van Kampen municipal funds, including the Trust,
entered into a $150,000,000 joint revolving bank credit
facility. The purpose of the facility is to provide availability
of funds for short-term liquidity purposes. The Trust had no
borrowings under the facility during the six months ended
April 30, 2010.
8. Indemnifications
The Trust enters into contracts that contain a variety of
indemnifications. The Trusts 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.
9. Subsequent
Event
On June 1, 2010, Invesco Ltd., a leading independent global
investment management company, completed its purchase of
substantially all of the retail asset management business of
Morgan Stanley, including the investment adviser and certain
other affiliated service providers to most of the Van Kampen
funds (including the Trust) (the Transaction). In
contemplation of the Transaction, at a special meeting of
shareholders held on April 16, 2010, shareholders of the
Trust approved a new investment advisory agreement with Invesco
Advisers, Inc., a subsidiary of Invesco Ltd., and a new master
investment sub-advisory agreement with several of Invesco
Ltd.s wholly-owned affiliates. Thus, effective
June 1, 2010, the Trusts investment adviser,
investment sub-advisers and certain other service providers are
affiliates of Invesco Ltd. As of the same date, the Audit
Committee of the Board of Trustees appointed, and the Board of
Trustees ratified thereafter and approved,
PricewaterhouseCoopers LLP as the independent registered public
accounting firm of the Trust. In addition, effective
June 1, 2010, the Trust has changed its name to
Invesco Van Kampen Municipal Opportunity Trust. The
Transaction does not result in any change to the Trusts
investment objective, principal investment strategies or the
Trusts portfolio management team.
10. Accounting
Pronouncements
During June 2009, FASB issued ASC 860,
Transfers and
Servicing (ASC 860).
The objective of ASC 860 is
to improve the relevance, representational faithfulness, and
comparability of the information that a reporting entity
provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial
position, financial performance, and cash flows; and a
transferors continuing involvement, if any, in transferred
financial assets.
ASC 860 is effective as of the beginning of each reporting
entitys first annual reporting period that begins after
November 15, 2009, for interim periods within that first
annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The
recognition and measurement provisions of ASC 860 must be
applied to transfers occurring on or after the effective date.
Additionally, the disclosure provisions of ASC 860 should
be applied to transfers that occurred both before and after the
effective date of ASC 860. At this time, management is
evaluating the implications of ASC 860 and the impact it
will have on the financial statement amounts and disclosures, if
any.
On January 21, 2010, the FASB issued an Accounting
Standards Update,
Fair Value Measurements and Disclosures
(Topic 820): Improving Disclosures about Fair Value
Measurements,
which provides guidance on how investment
assets and liabilities are to be valued and disclosed.
Specifically, the amendment requires reporting entities to
disclose i) the input and valuation techniques used to
measure fair value for both recurring and nonrecurring fair
value
39
Van Kampen
Municipal Opportunity Trust
Notes
to Financial
Statements
n
April 30,
2010 (Unaudited)
continued
measurements, for Level 2 or
Level 3 positions ii) transfers between all levels
(including Level 1 and Level 2) will be required
to be disclosed on a gross basis (i.e. transfers out must be
disclosed separately from transfers in) as well as the reason(s)
for the transfer and iii) purchases, sales, issuances and
settlements must be shown on a gross basis in the Level 3
rollforward rather than as one net number. The effective date of
the amendment is for interim and annual periods beginning after
December 15, 2009. However, the requirement to provide the
Level 3 activity for purchases, sales, issuances and
settlements on a gross basis will be effective for interim and
annual periods beginning after December 15, 2010. At this
time, management is evaluating the implications of the amendment
to ASC 820 and the impact it will have on financial
statement disclosures.
40
Van Kampen
Municipal Opportunity Trust
Board
of Trustees, Officers and Important Addresses
Information
below is as of June 15, 2010
|
|
|
Trustees
David C. Arch
Jerry D. Choate
Rod Dammeyer
Linda Hutton Heagy
R. Craig Kennedy
Howard J Kerr
Colin Meadows
Jack E. Nelson
Hugo F. Sonnenschein
Wayne W. Whalen, Chairman
Suzanne H. Woolsey
Officers
Colin Meadows
President and Principal Executive Officer
John M. Zerr
Senior Vice President, Chief Legal Officer and Secretary
Lisa O. Brinkley
Vice President
Kevin M. Carome
Vice President
Karen Dunn Kelly
Vice President
Sheri Morris
Vice President, Principal Financial Officer and Treasurer
Lance A. Rejsek
Anti-Money Laundering Compliance Officer
Todd L. Spillane
Chief Compliance Officer
|
|
Transfer
Agent
Computershare Trust Company, N.A.
c/o Computershare Investor Services
P.O. Box 43078
Providence, RI 02940-3078
Independent
Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
1201 Louisiana Street, Suite 2900
Houston, TX 77002-5678
Legal
Counsel
Skadden, Arps, Slate,
Meagher & Flom LLP
155 West Wacker Drive
Chicago, Illinois 60606
Investment
Adviser
Invesco Advisers, Inc.
1555 Peachtree Street, N.E.
Atlanta, GA 30309
|
41
Van
Kampen Municipal Opportunity Trust
Results
of Shareholder Votes
A Special Meeting of Shareholders of the Trust was held on
April 16, 2010 and the results of the voting were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes
|
|
Withheld/
|
Matter
|
|
Votes
For
|
|
Against
|
|
Abstentions
|
|
|
(1) Approve a new advisory agreement between the
Trust and Invesco Advisors, Inc.
|
|
|
16,594,618
|
|
|
|
724,832
|
|
|
|
1,003,429
|
|
(2) Approve a new sub-advisory agreement between
Invesco Advisors, Inc. and each of Invesco TriMark Ltd.; Invesco
Asset Management Deutschland, GmbH; Invesco Asset Management
Limited; Invesco Asset Management (Japan) Limited; Invesco
Australia Limited; Invesco Hong Kong Limited; Invesco
Institutional (N.A.), Inc.; and Invesco Senior Secured
Management, Inc.
|
|
|
16,481,764
|
|
|
|
824,182
|
|
|
|
1,016,935
|
|
42
Van
Kampen Municipal Opportunity Trust
An Important Notice Concerning Our
Privacy Policy
You share personal
and financial information with us that is necessary for your
transactions and your account records. We take very seriously
the obligation to keep that information confidential and
private.
Invesco collects
nonpublic personal information about you from account
applications or other forms you complete and from your
transactions with us or our affiliates. We do not disclose
information about you or our former customers to service
providers or other third parties except to the extent necessary
to service your account and in other limited circumstances as
permitted by law. For example, we use this information to
facilitate the delivery of transaction confirmations, financial
reports, prospectuses and tax forms.
Even within Invesco,
only people involved in the servicing of your accounts and
compliance monitoring have access to your information. To ensure
the highest level of confidentiality and security, Invesco
maintains physical, electronic and procedural safeguards that
meet or exceed federal standards. Special measures, such as data
encryption and authentication, apply to your communications with
us on our website. More detail is available to you at
invesco.com/privacy.
Copyright
©
2010
Van Kampen Funds Inc.
All
rights reserved. Member FINRA/SIPC
VMOSAN
06/10
IU10-02521P-Y04/10
ITEM 2. CODE OF ETHICS.
There were no amendments to the Code of Ethics (the Code) that applies to the
Registrants Principal Executive Officer (PEO) and Principal Financial Officer
(PFO) during the period covered by the report. The Registrant did not grant any
waivers, including implicit waivers, from any provisions of the Code to the PEO or
PFO during the period covered by this report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Investments in securities of unaffiliated issuers is included as part of the
reports to stockholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
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.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a)
|
|
As of June 25, 2010, an evaluation was performed under the supervision and with the
participation of the officers of the Registrant, including the Principal Executive Officer
(PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the
Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the Act), as amended. Based on that evaluation,
the Registrants officers, including the PEO and PFO, concluded that, as of June 25,
2010, the Registrants disclosure controls and procedures were reasonably designed
to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is
recorded,
|
|
|
processed, summarized and reported within the time periods specified by the rules
and forms of the Securities and Exchange Commission; and (2) that material
information relating to the Registrant is made known to the PEO and PFO as
appropriate to allow timely decisions regarding required disclosure.
|
|
(b)
|
|
There have been no changes in the Registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the
period covered by the report that has materially affected, or is reasonably likely to
materially affect, the Registrants internal control over financial reporting.
|
ITEM 12. EXHIBITS.
|
|
|
12(a) (1)
|
|
Not applicable.
|
|
|
|
12(a) (2)
|
|
Certifications of principal executive officer and principal financial officer as
required by Rule 30a-2(a) under the Investment Company Act of 1940.
|
|
|
|
12(a) (3)
|
|
Not applicable
|
|
|
|
12(b)
|
|
Certifications of principal executive officer and principal financial officer as required by
Rule 30a-2(b) under the Investment Company Act of 1940.
|
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: Invesco Van Kampen Municipal Opportunity Trust
|
|
|
|
|
By:
|
|
/s/ Colin Meadows
Colin Meadows
|
|
|
|
|
Principal Executive Officer
|
|
|
Date: July 8, 2010
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
|
|
|
|
|
By:
|
|
/s/ Colin Meadows
Colin Meadows
|
|
|
|
|
Principal Executive Officer
|
|
|
|
|
|
|
|
Date: July 8, 2010
|
|
|
|
|
|
|
|
By:
|
|
/s/ Sheri Morris
Sheri Morris
|
|
|
|
|
Principal Financial Officer
|
|
|
Date: July 8, 2010
EXHIBIT INDEX
|
|
|
12(a) (1)
|
|
Not applicable.
|
|
|
|
12(a) (2)
|
|
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the
Investment Company Act of 1940.
|
|
|
|
12(a) (3)
|
|
Not applicable
|
|
|
|
12(b)
|
|
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the
Investment Company Act of 1940.
|
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