UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6567
Van Kampen Municipal Opportunity Trust
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 1/31/06
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
PORTFOLIO OF INVESTMENTS JANUARY 31, 2006 (UNAUDITED)
PAR
Amount
(000) Description Coupon Maturity Value
MUNICIPAL BONDS 157.7%
ALABAMA 3.4%
$1,000 Alabama Bldg Renovation Fin Auth Rev Rfdg (AMBAC Insd) 5.625% 09/01/24 $ 1,085,070
4,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth
Sys Inc Ser A 5.000 11/15/30 3,924,440
1,550 Birmingham, AL Arpt Auth Arpt Rev Rfdg (AMT) (AMBAC Insd) (a) 5.500 07/01/14 1,625,640
2,090 Elmore Cnty, AL Ltd Oblig Sch Wts (FSA Insd) (a) 5.000 02/01/22 2,205,410
4,250 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A 5.250 01/01/23 4,497,860
1,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A 5.000 01/01/24 1,032,950
2,335 Marshall Cnty, AL Hlthcare Ser C 6.000 01/01/32 2,489,787
5 Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg 6.950 01/01/20 473
2,000 Montgomery, AL Wt (AMBAC Insd) 5.250 05/01/20 2,175,100
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19,036,730
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ALASKA 0.2%
1,000 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC Insd) 5.250 12/01/41 1,052,250
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ARIZONA 4.4%
1,425 Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj 6.250 09/01/32 1,511,868
2,900 Arizona Tourism & Sports Auth Multi Purp Stad Fac Ser A (MBIA Insd) 5.375 07/01/22 3,143,948
1,500 Maricopa Cnty, AZ Stad Dist Rfdg (AMBAC Insd) 5.375 06/01/19 1,627,845
2,875 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien (AMT) (FGIC Insd) 5.375 07/01/29 2,905,992
610 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson
Ser A Rfdg (FSA Insd) 7.250 07/15/10 618,753
14,840 University Med Ctr Corp AZ Hosp Rev 5.000 07/01/35 14,855,879
------------
24,664,285
------------
CALIFORNIA 17.8%
2,630 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj Ser C
(FSA Insd) * 09/01/20 1,384,616
2,400 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool Ser A (XLCA Insd) 5.250 09/01/29 2,545,320
2,000 California Cnty, CA Tob Securitization Agy Asset Bkd Sonoma Cnty Corp Rfdg 5.125 06/01/38 1,950,520
1,050 California Cnty, CA Tob Securitization Agy Asset Bkd Merced Cnty Ser A Rfdg 5.125 06/01/38 1,024,023
1,750 California Cnty, CA Tob Securitization Agy Asset Bkd Sonoma Cnty Corp Rfdg 5.250 06/01/45 1,719,847
2,000 California Edl Fac Auth Rev Occidental College Ser A (MBIA Insd) 5.000 10/01/30 2,095,940
5,000 California Edl Fac Auth Rev Pomona College Ser A 5.000 07/01/45 5,168,650
15,000 California Hlth Fac Fin Auth Rev Cedars Sinai Med Ctr Rfdg 5.000 11/15/34 15,194,850
2,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mngmt Inc Proj
Ser B (AMT) 5.000 07/01/27 1,997,300
20 California Rural Home Mtg Fin Auth Single Family Mtg Rev Ser C (AMT)
(GNMA Collateralized) 7.800 02/01/28 20,411
4,500 California St (AMBAC Insd) 5.125 10/01/27 4,647,780
5,770 California St 5.000 02/01/33 5,928,848
2,000 California St Dept Wtr Res Pwr Ser A (Prerefunded @ 05/01/12) 5.750 05/01/17 2,262,420
3,500 California St Pub Wks Brd Lease Rev Dept Corrections Ser C 5.250 06/01/28 3,675,000
2,000 California St Pub Wks Brd Lease Rev Dept Mental Hlth Coalinga Ser A 5.000 06/01/25 2,072,240
7,750 California Statewide Cmntys Dev Auth Rev Daughters of Charity Hlth Ser A 5.250 07/01/30 7,955,297
5,000 California Statewide Cmntys Dev Auth Rev Hlth Fac Adventist Hlth Ser A 5.000 03/01/30 5,063,550
3,000 California Statewide Cmntys Dev Auth Rev Hlth Fac Adventist Hlth Ser A 5.000 03/01/35 3,037,230
5,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg * 01/15/25 1,702,450
4,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Conv Cap Apprec Sr Lien Ser A
(Escrowed to Maturity) 7.050 01/01/10 4,534,960
3,200 Long Beach, CA Bd Fin Auth Rev Redev Hsg & Gas Util Fin Ser A1 (AMBAC Insd) 5.000 08/01/40 3,269,184
1,500 Los Angeles Cnty, CA Metro Tran Auth Sales Tax Rev Prop C Second Tier Sr
Ser A Rfdg (AMBAC Insd) 5.000 07/01/23 1,561,905
3,000 Los Angeles, CA Uni Sch Dist Ser A (FSA Insd) 5.250 07/01/19 3,272,490
9,500 San Jose, CA Fin Auth Lease Rev Civic Ctr Proj Ser B (AMBAC Insd) 5.000 06/01/32 9,740,730
1,500 San Marcos, CA Pub Fac Auth Tax Alloc Rev Proj Areas No 2 & 3 Fin Proj
Ser C (AMBAC Insd) 5.000 08/01/38 1,549,740
2,400 Tobacco Securitization Auth Northn CA Tob Settlement Rev Asset Bkd Ser A-1 5.375 06/01/38 2,415,576
1,600 Tobacco Securitization Auth Northn CA Tob Settlement Rev Asset Bkd Ser A-1 5.500 06/01/45 1,607,408
1,600 Turlock, CA Hlth Fac Rev Ctf Partn Emanuel Med Ctr Inc 5.375 10/15/34 1,625,888
------------
99,024,173
------------
COLORADO 3.1%
3,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A
(Escrowed to Maturity) 5.500 03/01/32 3,260,160
2,500 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc 5.000 12/01/35 2,459,825
3,700 Colorado Hlth Fac Auth Rev Evangelical Lutheran 5.000 06/01/35 3,727,972
1,000 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth
(Prerefunded @ 11/15/11) 6.500 11/15/31 1,154,700
1,000 Colorado Hsg Fin Auth Multi-Family Hsg Ins Mtg Ser B2 (AMT) (FHA Gtd) 5.800 10/01/28 1,023,510
101 Colorado Hsg Fin Auth Single Family Pgm Sr Ser A2 (AMT) 7.250 05/01/27 101,851
60 Colorado Hsg Fin Auth Single Family Pgm Sr Ser C1 (AMT) 7.550 11/01/27 60,525
1,000 Denver, CO City & Cnty Arpt Rev Ser B (AMT) (MBIA Insd) 6.250 11/15/07 1,040,410
1,005 Greeley, CO Multi-Family Rev Hsg Mtg Creek Stone (AMT) (FHA Gtd) 5.950 07/01/28 1,032,979
530 Highlands Ranch Metro Dist No 2 CO (FSA Insd) (Escrowed to Maturity) 6.500 06/15/11 606,028
470 Highlands Ranch Metro Dist No 2 CO (FSA Insd) 6.500 06/15/11 536,731
1,500 Park Creek Metro Dist CO Rev Sr Ltd Tax Ppty Rfdg 5.500 12/01/37 1,547,580
590 Weld & Adams Cntys, CO Sch Dist No 003 (FSA Insd) 5.000 12/15/23 624,409
------------
17,176,680
------------
CONNECTICUT 2.1%
2,040 Bridgeport, CT Ser A (MBIA Insd) (a) 5.250 08/15/21 2,214,440
6,500 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt Ser A (AMT) (ACA Insd) 6.600 07/01/24 7,084,220
1,000 Hartford, CT Pkg Sys Rev Ser A (Prerefunded @ 07/01/10) 6.400 07/01/20 1,112,710
1,000 Mashantucket Western Pequot Tribe CT Spl Rev Ser A, 144A -
Private Placement (b) 6.400 09/01/11 1,033,600
------------
11,444,970
------------
DISTRICT OF COLUMBIA 2.1%
2,500 District Columbia Rev Gonzaga College (FSA Insd) 5.250 07/01/32 2,638,650
8,850 Metropolitan Washington DC Arpt Auth Sys Ser A (AMT) (FGIC Insd) 5.250 10/01/32 9,160,015
------------
11,798,665
------------
FLORIDA 1.8%
460 Escambia Cnty, FL Hlth Fac Auth Rev FL Hlthcare Fac Ln VHA Pgm (AMBAC Insd) 5.950 07/01/20 487,701
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Ser D 5.000 11/15/35 1,015,790
1,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys 5.500 11/15/32 1,044,640
2,100 Miami-Dade Cnty, FL Aviation Miami Intl Arpt (AMT) (FGIC Insd) 5.375 10/01/27 2,200,254
2,500 Miami-Dade Cnty, FL Aviation Miami Intl Arpt (AMT) (FGIC Insd) 5.375 10/01/32 2,606,650
215 North Broward, FL Hosp Dist Rev Impt 6.000 01/15/31 228,588
2,160 North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 01/15/11) 6.000 01/15/31 2,411,942
------------
9,995,565
------------
GEORGIA 3.5%
1,000 Atlanta, GA Arpt Rev Ser B (AMT) (FGIC Insd) 5.625 01/01/30 1,048,090
1,677 Fulton Cnty, GA Lease Rev (Acquired 12/23/1994, Cost $1,676,876) (c) 7.250 06/15/10 1,733,370
7,000 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA Insd) 6.500 01/01/20 8,729,770
3,770 Monroe Cnty, GA Dev Auth Pollutn Ctl Rev Oglethorpe Pwr Corp Scherer Ser A 6.800 01/01/12 4,332,899
2,500 Municipal Elec Auth GA Combustion Turbine Proj Ser A (MBIA Insd) 5.250 11/01/21 2,686,625
1,000 Oconee Cnty, GA Indl Dev Auth Rev Oiit Proj (XLCA Insd) 5.250 07/01/25 1,058,770
------------
19,589,524
------------
ILLINOIS 9.5%
3,750 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd) * 01/01/30 1,035,075
3,150 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A Rfdg (AMT)
(MBIA Insd) 5.375 01/01/32 3,291,813
6,000 Chicago, IL O'Hare Intl Arpt Rev Rols RR II R 494-1 (MBIA Insd)
(Inverse Fltg) (Acquired 12/16/2005, Cost $6,734,908) (c) 5.250 01/01/24 6,919,800
2,500 Chicago, IL Pk Dist Ser C (FGIC Insd) 5.500 01/01/19 2,705,575
20 Chicago, IL Single Family Mtg Rev Ser A (AMT) (GNMA Collateralized) 7.000 09/01/27 20,072
10 Chicago, IL Single Family Mtg Rev Ser B (AMT) (GNMA Collateralized) 7.625 09/01/27 10,036
4,500 Cook Cnty, IL Cap Impt Ser A (FGIC Insd) 5.000 11/15/23 4,736,295
6,000 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A 5.500 08/15/43 6,382,020
3,630 Kendall, Kane & Will Cntys, IL Cmnty Unit Sch Dist No 308 Ser B
(FGIC Insd) (a) 5.250 10/01/20 3,916,153
1,925 Kendall, Kane & Will Cntys, IL Cmnty Unit Sch Dist No 308 Ser B (FGIC Insd) 5.250 10/01/21 2,074,399
1,250 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn
Proj (FGIC Insd) 5.375 12/15/18 1,333,250
2,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn
Proj (FGIC Insd) 5.500 12/15/24 2,149,780
6,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn
Ser A (MBIA Insd) 5.250 06/15/42 6,270,960
5,000 Regional Tran Auth IL Ser B (AMBAC Insd) 8.000 06/01/17 6,708,150
5,000 University IL Univ Rev Auxiliary Sys Fac Ser A Rfdg (AMBAC Insd) 5.000 04/01/30 5,119,600
------------
52,672,978
------------
INDIANA 3.3%
1,000 Allen Cnty, IN Juvenile Justice Ctr First Mtg (AMBAC Insd) 5.500 01/01/18 1,090,900
3,270 Allen Cnty, IN War Mem Coliseum Ser A (AMBAC Insd) (a) 5.500 11/01/16 3,592,749
8,240 Indiana Hlth Fac Fin Auth Hosp Rev Cmnty Proj Ser A (AMBAC Insd) 5.000 05/01/35 8,504,257
2,000 Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (FSA Insd) 7.000 08/15/15 2,354,360
2,500 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT) 5.950 08/01/30 2,559,900
------------
18,102,166
------------
IOWA 1.3%
1,890 Des Moines, IA Pub Pkg Sys Rev Ser A (FGIC Insd) (a) 5.750 06/01/17 2,049,459
2,500 Tobacco Settlement Auth IA Rev Asset Bkd Ser C 5.500 06/01/42 2,474,575
2,500 Tobacco Settlement Auth IA Rev Asset Bkd Ser C 5.625 06/01/46 2,495,425
------------
7,019,459
------------
KENTUCKY 0.6%
1,475 Kenton Cnty, KY Arpt Brd Rev Cincinnati/Northn KY Intl Arpt Ser A Rfdg
(AMT) (MBIA Insd) 6.200 03/01/08 1,550,741
1,995 Kentucky Hsg Corp Hsg Rev Ser F (AMT) (FNMA Collateralized) 5.450 01/01/32 2,043,419
------------
3,594,160
------------
LOUISIANA 2.0%
5,000 Lafayette, LA Utils Rev (MBIA Insd) 5.250 11/01/23 5,337,350
285 Louisiana Hsg Fin Agy Mtg Rev Single Family Access Pgm Ser B (AMT)
(GNMA Collateralized) 8.000 03/01/25 286,439
1,980 Louisiana Hsg Fin Agy Rev Azalea Estates Ser A Rfdg (AMT)
(GNMA Collateralized) 5.375 10/20/39 2,034,470
3,000 Louisiana St Energy & Pwr Auth Pwr Proj Rev Rfdg (FSA Insd) 5.750 01/01/12 3,298,110
------------
10,956,369
------------
MARYLAND 2.3%
2,000 Baltimore, MD Convention Ctr Hotel Rev Sr Ser A (XLCA Insd) (d) 5.250 09/01/24 2,173,420
2,050 Maryland St Econ Dev Corp Student Hsg Rev Univ MD College Pk Proj 5.625 06/01/35 2,136,633
2,000 Maryland St Hlth & Higher Ed Fac Auth Rev Medstar Hlth Rfdg 5.375 08/15/24 2,106,960
1,200 Maryland St Hlth & Higher Ed Fac Auth Rev Union Hosp Cecil Cnty Issue 5.000 07/01/40 1,223,340
4,710 Northeast, MD Waste Disp Auth Rfdg (AMT) (AMBAC Insd) 5.500 04/01/16 5,089,814
------------
12,730,167
------------
MASSACHUSETTS 4.3%
3,955 Massachusetts Bay Trans Auth Gen Trans Sys Ser A Rfdg 5.500 03/01/12 4,280,615
4,800 Massachusetts St Dev Fin Agy Rev College Pharmacy & Allied Hlth Ser D 5.000 07/01/35 4,893,744
3,000 Massachusetts St Dev Fin Agy Semass Sys Ser A (MBIA Insd) 5.625 01/01/16 3,280,710
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C 5.750 07/01/32 1,087,660
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr Ser A 6.000 10/01/23 1,000,870
9,750 Massachusetts St Hlth & Ed Fac Auth Rev Univ of MA Mem Issue Ser D 5.000 07/01/33 9,670,440
------------
24,214,039
------------
MICHIGAN 1.3%
3,505 Detroit, MI Wtr Supply Sys Ser B (MBIA Insd) (a) 5.250 07/01/18 3,808,253
3,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A 6.250 07/01/40 3,262,320
------------
7,070,573
------------
MINNESOTA 2.0%
10 Chaska, MN Elec Rev Ser A 6.100 10/01/30 10,905
990 Chaska, MN Elec Rev Ser A (Prerefunded @ 10/01/10) 6.100 10/01/30 1,099,474
1,150 Maple Grove, MN Hlthcare Fac Rev North Mem Hlthcare 5.000 09/01/35 1,175,610
2,200 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj 6.000 11/15/30 2,357,036
2,000 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj 6.000 11/15/35 2,142,760
3,875 Saint Paul, MN Port Auth Lease Rev Office Bldg at Cedar Str (a) 5.250 12/01/19 4,231,810
------------
11,017,595
------------
MISSISSIPPI 0.2%
745 Mississippi Home Corp Single Family Rev Mtg Ser C (AMT)
(GNMA Collateralized) 7.600 06/01/29 771,224
300 Mississippi Home Corp Single Family Rev Mtg Ser F (AMT)
(GNMA Collateralized) 7.550 12/01/27 301,746
------------
1,072,970
------------
MISSOURI 1.7%
2,150 Cape Girardeau Cnty, MO Indl Southeast MO Hosp Assoc 5.500 06/01/22 2,232,990
1,345 Kansas City, MO Metro Cmnty Colleges Bldg Corp Rev Leasehold Jr College
Impt & Rfdg (FGIC Insd) 5.500 07/01/17 1,461,087
1,375 Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran Ser A 5.375 02/01/35 1,414,517
25 Saint Louis Cnty, MO Single Family Mtg Rev (MBIA Insd) 6.900 04/01/16 25,000
1,210 Saint Louis, MO Arpt Rev Cap Impt Pgm Ser A (MBIA Insd) 5.375 07/01/18 1,307,199
3,000 Sikeston, MO Elec Rev Rfdg (MBIA Insd) (e) 6.200 06/01/10 3,251,190
------------
9,691,983
------------
NEVADA 4.2%
15,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC Insd) 5.000 07/01/36 15,430,050
6,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMT)
(AMBAC Insd) 5.250 07/01/34 6,233,340
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj (AMBAC Insd) 5.125 06/01/32 1,551,915
------------
23,215,305
------------
NEW HAMPSHIRE 0.6%
1,155 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch 7.000 07/01/30 1,228,747
845 New Hampshire Hlth & Ed Fac Univ Sys of NH (AMBAC Insd) 5.500 07/01/15 926,813
1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMT)
(AMBAC Insd) 6.300 05/01/22 1,051,270
------------
3,206,830
------------
NEW JERSEY 12.8%
5,000 New Jersey Econ Dev Auth Mtr Veh Rev Ser A (MBIA Insd) 5.000 07/01/22 5,286,400
2,700 New Jersey Econ Dev Auth Rev Cig Tax 5.750 06/15/29 2,851,146
2,000 New Jersey Econ Dev Auth Rev Cig Tax 5.750 06/15/34 2,103,560
3,000 New Jersey Econ Dev Auth Rev Motor Vehicle Sur Rev Ser A (MBIA Insd) 5.000 07/01/23 3,165,300
30,000 New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd) 5.900 03/15/21 35,795,400
8,000 New Jersey Econ Dev Auth Wtr Fac Rev NJ Amer Wtr Co Inc Proj Ser A (AMT)
(FGIC Insd) 6.875 11/01/34 8,102,400
10,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A (AMBAC Insd) 5.250 09/01/21 10,769,000
3,110 Newark, NJ Hsg Auth Port Auth Newark Marine Terminal (MBIA Insd) 5.250 01/01/20 3,352,860
------------
71,426,066
------------
NEW MEXICO 0.6%
2,020 University NM Univ Rev Sub Lien Ser A Rfdg (a) 5.250 06/01/20 2,176,914
1,125 University NM Univ Rev Sub Lien Ser A Rfdg 5.250 06/01/21 1,208,914
------------
3,385,828
------------
NEW YORK 16.4%
2,000 Erie Cnty, NY Tobacco Securitization Corp Asset Bkd Ser A 5.000 06/01/38 1,951,320
11,000 New York City Hsg Dev Corp Multi-Family Rent Hsg Rev Progress of Peoples
Dev Ser B (AMT) (FNMA Collateralized) 4.950 05/15/36 11,022,880
1,255 New York City Indl Dev Civic YMCA Gtr NY Proj 5.800 08/01/16 1,302,590
12,000 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser D 5.000 06/15/39 12,390,120
6,000 New York City Ser A 7.000 08/01/07 6,195,480
2,500 New York City Ser H 5.750 03/15/12 2,734,850
5,000 New York City Sub Ser F-1 5.000 09/01/25 5,210,500
5,000 New York City Trans Fin Auth Rev Future Tax Secd Ser A Rfdg (f) 5.500/14.000 11/01/26 5,454,700
2,525 New York St Dorm Auth Lease Rev Muni Hlth Fac Impt Pgm Ser A (FSA Insd) 5.500 05/15/25 2,639,029
1,625 New York St Dorm Auth Lease Rev St Univ Dorm Fac Ser A
(Prerefunded @ 07/01/10) 6.000 07/01/14 1,810,510
3,100 New York St Dorm Auth Rev City Univ Sys Cons Ser A 5.625 07/01/16 3,487,314
2,600 New York St Dorm Auth Rev Cons City Univ Sys Second Gen Ser A 5.750 07/01/13 2,873,260
3,650 New York St Dorm Auth Rev FHA Montefiore Hosp (FGIC Insd) 5.000 08/01/33 3,779,758
500 New York St Dorm Auth Rev Mental Hlth Ser A 5.750 08/15/12 521,620
2,535 New York St Dorm Auth Rev Mental Hlth Ser B 5.750 08/15/11 2,640,355
5 New York St Dorm Auth Rev Mental Hlth Svcs Fac Ser A
(Prerefunded @ 02/15/07) 5.750 08/15/12 5,223
1,445 New York St Dorm Auth Rev Secd Hosp North Gen Hosp Rfdg (MBIA Insd) 5.750 02/15/17 1,614,267
2,040 New York St Dorm Auth Rev Secd Hosp North Gen Hosp Rfdg 5.750 02/15/18 2,252,486
1,095 New York St Dorm Auth Rev Ser B 7.500 05/15/11 1,229,751
650 New York St Dorm Auth Rev Ser B (Prerefunded @ 05/15/10) 7.500 05/15/11 741,338
5,000 New York St Dorm Auth Rev St Univ Ed Fac Ser A 5.500 05/15/08 5,225,700
1,500 New York St Dorm Auth Rev Upstate Cmnty Colleges Ser B 5.250 07/01/20 1,612,290
1,000 New York St Dorm Auth Rev Upstate Cmnty Colleges Ser B 5.250 07/01/21 1,072,660
1,140 New York St Mtg Agy Rev Homeowner Mtg Ser 82 (AMT) 5.650 04/01/30 1,152,859
3,780 New York St Mtg Agy Rev Ser 101 (AMT) 5.400 04/01/32 3,875,823
2,160 New York St Twy Auth Svc Contract Rev Loc Hwy & Brdg 5.500 04/01/16 2,365,027
4,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt Terminal 6 (AMT)
(MBIA Insd) 5.750 12/01/22 4,216,120
2,150 Westchester, Tob Asset Securitization Corp NY 5.125 06/01/38 2,123,082
------------
91,500,912
------------
NORTH CAROLINA 7.0%
5,000 North Carolina Cap Fac Fin Agy Rev Duke Univ Proj Ser A 5.000 10/01/41 5,180,050
1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev Ser D 6.700 01/01/19 1,649,385
22,000 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd) 6.000 01/01/12 24,647,260
7,000 North Carolina Muni Pwr Agy Ser A (MBIA Insd) 5.250 01/01/19 7,552,440
------------
39,029,135
------------
NORTH DAKOTA 0.2%
865 North Dakota St Hsg Fin Agy Rev Hsg Fin Pgm Home Mtg Fin Ser B (AMT)
(MBIA Insd) 5.500 07/01/29 867,777
415 North Dakota St Hsg Fin Agy Ser C (AMT) 5.550 07/01/29 419,229
------------
1,287,006
------------
OHIO 2.5%
2,335 Cleveland, OH Muni Sch Dist (FSA Insd) 5.250 12/01/18 2,542,582
1,000 Cleveland, OH Muni Sch Dist (FSA Insd) 5.250 12/01/24 1,074,950
1,000 Cleveland-Cuyahoga Cnty, OH Port Auth Rev Student Hsg Euclid Ave Fenn
Proj (AMBAC Insd) 5.000 08/01/28 1,039,880
1,500 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj 7.500 01/01/30 1,669,965
2,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare 5.375 10/01/30 2,093,840
2,450 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Ser A Impt & Rfdg 5.250 10/01/33 2,544,938
3,000 Lucas Cnty, OH Hosp Rev Promedica Hlthcare Oblig Rfdg (MBIA Insd) 6.000 11/15/07 3,120,630
------------
14,086,785
------------
OKLAHOMA 3.5%
3,410 Jenks, OK Aquarium Auth Rev Rfdg (MBIA Insd) (a) 5.250 07/01/24 3,684,300
1,475 Jenks, OK Aquarium Auth Rev Rfdg (MBIA Insd) 5.250 07/01/33 1,583,870
3,970 McAlester, OK Pub Wks Auth Util Cap Apprec (FSA Insd) * 02/01/34 1,063,523
1,100 Oklahoma City, OK Indl & Cultural Fac Tr Rev Dist Heating & Cooling Trigen
(AMT) (LOC: Societe Generale) 6.750 09/15/17 1,100,627
2,250 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev (FGIC Insd) 5.250 10/01/29 2,420,235
1,065 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (a) 5.500 06/01/17 1,165,067
1,120 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (a) 5.500 06/01/18 1,225,235
1,185 Oklahoma Dev Fin Auth Lease Rev OK Council Law Enforcement (MBIA Insd) (a) 5.500 06/01/19 1,296,343
2,250 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (Prerefunded @ 11/01/09)
(AMBAC Insd) 6.250 11/01/22 2,511,383
3,140 Tulsa, OK Indl Auth Hosp Rev Hillcrest Med Cent Proj Rfdg
(Escrowed to Maturity) (Connie Lee Insd) (a) 6.250 06/01/08 3,332,984
------------
19,383,567
------------
OREGON 1.9%
5,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd) 5.250 07/01/22 5,377,350
5,000 Oregon St Dept Admin Ser C Rfdg (MBIA Insd) 5.250 11/01/18 5,372,350
------------
10,749,700
------------
PENNSYLVANIA 5.7%
2,295 Allegheny Vly, PA Sch Dist Ser A (MBIA Insd) 5.000 11/01/24 2,418,678
2,650 Central Dauphin, PA Sch Dist (FSA Insd) 5.000 12/01/19 2,821,588
2,210 Chartiers Valley, PA Sch Dist Ser A (FSA Insd) (a) 5.250 10/15/19 2,421,143
1,400 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA Insd) 5.000 12/01/33 1,494,248
2,750 Hempfield, PA Area Sch Dist Westmoreland Cnty Ser A (FGIC Insd) 5.250 03/15/19 3,011,058
6,515 Hempfield, PA Area Sch Dist Westmoreland Cnty Ser A (FGIC Insd) (a) 5.250 03/15/20 7,124,022
3,090 Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance Seventeenth Ser (FSA Insd) 5.375 07/01/19 3,330,433
3,000 Susquehanna Area Regl Arpt Auth PA Ser A (AMT) 5.375 01/01/21 3,184,260
5,415 Susquehanna Area Regl Arpt Auth PA Ser A (AMT) (a) 5.375 01/01/22 5,734,323
------------
31,539,753
------------
SOUTH CAROLINA 4.0%
5,000 Charleston Ed Excellecnce Fin Corp SC Rev (Inverse Fltg)
(Acquired 12/06/2005, Cost $5,468,423) (c) 5.250 12/01/26 5,590,050
5,000 Easley, SC Util Rev Impt & Comb Rfdg (FSA Insd) 5.000 12/01/34 5,210,700
2,000 Laurens Cnty, SC Sch Dist No 55 Installment Pur Rev 5.250 12/01/30 2,052,560
5,000 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser A
(AMBAC Insd) 5.200 11/01/27 5,326,900
3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser B (AMT)
(AMBAC Insd) 5.450 11/01/32 3,945,750
------------
22,125,960
------------
SOUTH DAKOTA 0.7%
1,375 Deadwood, SD Ctfs Partn (ACA Insd) 6.375 11/01/20 1,505,213
2,500 South Dakota St Hlth & Ed Fac Auth Rev Sioux Vly Hosp & Hlth Sys Ser A 5.250 11/01/34 2,600,250
------------
4,105,463
------------
TENNESSEE 1.3%
1,750 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Ser A Rfdg 5.125 10/01/35 1,736,683
2,000 Elizabethton, TN Hlth & Ed Fac Brd Rev Impt Hosp First Mtg Ser B Rfdg 8.000 07/01/33 2,372,520
1,500 Elizabethton, TN Hlth & Ed Fac Brd Rev Impt Hosp Ser B Rfdg (MBIA Insd) 7.750 07/01/29 1,845,090
1,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Ser
A Rfdg (MBIA Insd) 7.500 07/01/25 1,231,810
------------
7,186,103
------------
TEXAS 14.4%
2,350 Austin, TX Ctf Oblig (MBIA Insd) (a) 5.375 09/01/20 2,551,607
2,545 Dallas Cnty, TX Cmnty College Fin Sys (AMBAC Insd) (a) 5.375 02/15/17 2,699,711
8,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A (AMT) (FSA Insd) 5.500 11/01/21 8,645,680
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A (AMT) (FGIC Insd) 5.750 11/01/30 4,241,960
5,500 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A Impt & Rfdg (AMT)
(FGIC Insd) (e) 5.500 11/01/31 5,754,265
2,000 Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Mem Hermann Hlthcare Ser A
(Prerefunded @ 06/01/11) 6.375 06/01/29 2,276,040
2,000 Houston, TX Arpt Sys Rev Sub Lien (FSA Insd) 5.500 07/01/20 2,180,640
3,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT) (FSA Insd) 5.625 07/01/30 3,177,420
10,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT) (FSA Insd) 5.125 07/01/32 10,182,200
12,000 Houston, TX Util Sys Rev First Lien Ser A Rfdg (FSA Insd) 5.250 05/15/21 12,947,640
2,185 Lower CO Riv Auth TX Transmission Contract Rev LCRA Svc Corp Proj Rfdg
(FGIC Insd) 5.000 05/15/24 2,272,247
2,185 Lower CO Riv Auth TX Transmission Contract Rev LCRA Svc Corp Proj Rfdg
(FGIC Insd) 5.000 05/15/25 2,281,009
4,000 Lower CO Riv Auth TX Transmission Contract Rev LCRA Svc Corp Proj Rfdg
(FGIC Insd) 5.000 05/15/33 4,075,040
1,000 Matagorda Cnty, TX Navig Dist No 1 Rev Coll Centerpoint Energy Proj Rfdg 5.600 03/01/27 1,049,060
3,000 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj 7.250 01/01/31 3,100,530
10,000 North Cent, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd) 5.250 08/15/32 10,443,000
2,360 University of TX Univ Rev Fin Sys Ser B 5.250 08/15/20 2,548,729
------------
80,426,778
------------
UTAH 0.4%
2,380 Mountain Regl Wtr Spl Svc Dist Rfdg (MBIA Insd) 5.000 12/15/33 2,462,015
------------
VERMONT 0.9%
5,000 University VT & ST Agric College (MBIA Insd) 5.000 10/01/40 5,184,000
------------
VIRGINIA 0.7%
2,000 Tobacco Settlement Fin Corp VA Asset Bkd 5.500 06/01/26 2,031,200
1,670 Tobacco Settlement Fin Corp VA Asset Bkd 5.625 06/01/37 1,698,958
------------
3,730,158
------------
WASHINGTON 8.3%
9,850 Bellevue, WA Convention Ctr Auth Spl Oblig Rev Comp Int Rfdg (MBIA Insd) * 02/01/25 4,044,607
7,500 Chelan Cnty, WA Pub Util Dist No 001 Cons Rev Chelan Hydro Ser A (AMT) (MBIA Ins 5.600 01/01/36 8,063,175
5,000 Energy Northwest WA Elec Rev Columbia Generating Ser A Rfdg (FSA Insd) 5.500 07/01/16 5,489,250
2,500 Energy Northwest WA Elec Rev Proj No 3 Ser A Rfdg (FSA Insd) 5.500 07/01/18 2,733,675
5,000 Energy Northwest WA Elec Rev Proj No 3 Ser B Rfdg (FSA Insd) 6.000 07/01/16 5,646,800
2,000 Port Seattle, WA Rev Inter Lien Ser A Rfdg (MBIA Insd) 5.000 03/01/28 2,082,140
2,000 Port Seattle, WA Rev Ser B (AMT) (MBIA Insd) 5.625 02/01/24 2,121,220
2,120 Seattle, WA Muni Lt & Pwr Rev 5.625 12/01/17 2,256,973
3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd) 5.250 09/01/33 3,168,240
4,750 Tacoma, WA Elec Sys Rev Ser A Rfdg (FSA Insd) 5.750 01/01/14 5,251,790
1,500 Tacoma, WA Elec Sys Rev Ser B Rfdg (FSA Insd) 5.500 01/01/12 1,642,665
350 Thurston & Pierce Cntys, WA (FSA Insd) 5.000 12/01/20 370,507
5,125 Washington St Pub Pwr Supply Sys Nuclear Proj No 3 Rev Ser C Rfdg (MBIA Insd) * 07/01/14 3,630,038
------------
46,501,080
------------
WEST VIRGINIA 1.4%
8,000 Harrison Cnty, WV Cmnty Solid Waste Disp Rev West Penn Pwr Co Proj Ser A (AMT) ( 6.875 04/15/22 8,022,400
------------
WISCONSIN 0.9%
1,500 Southeast WI Professional Baseball Pk Dist Sales Tax Rev Ser A Rfdg (MBIA Insd) 5.500 12/15/20 1,727,490
3,000 Wisconsin St Hlth & Ed Fac Wheaton Franciscan Svc Rfdg 5.750 08/15/30 3,188,970
------------
4,916,460
------------
WYOMING 0.2%
1,000 University WY Univ Rev Fac Impt (FSA Insd) 5.500 06/01/18 1,085,090
------------
PUERTO RICO 2.2%
10,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y Rfdg (FSA Insd) (e) 6.250 07/01/21 12,380,000
------------
TOTAL LONG-TERM INVESTMENTS 157.7%
(Cost $831,726,862) 878,861,695
Short-Term Investments 2.3%
(Cost $12,900,000) 12,900,000
------------
TOTAL INVESTMENTS 160.0%
(Cost $844,626,862) 891,761,695
OTHER ASSETS IN EXCESS OF LIABILITIES 1.1% 6,019,668
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (61.1%) (340,548,557)
------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $557,323,806
============
Percentages are calculated as a percentage of net assets
applicable to common shares.
* Zero coupon bond
(a) The Trust owns 100% of the bond issuance.
(b) 144A securities are those which are exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. These
securities may only be resold in transactions exempt from
registration which are normally those transactions with qualified
institutional buyers.
(c) These securities are restricted and may be resold only in
transactions exempt from registration which are normally those
transactions with qualified institutional buyers. Restricted
securities comprise 2.6% of net assets applicable to common
shares.
(d) Securities purchased on a when-issued or delayed delivery basis.
(e) All or a portion of these securities have been physically
segregated in connection with open futures contracts.
(f) Security is a "step-up" bond where the coupon increases or steps
up at a predetermined date.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
Connie Lee - Connie Lee Insurance Co.
FGIC - Financial Guaranty Insurance Co.
FHA - Federal Housing Administration
FNMA - Federal National Mortgage Association
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
LOC - Letter of Credit
MBIA - Municipal Bond Investors Assurance Corp.
XLCA - XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF JANUARY 31, 2006:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 5-Year Futures March 2006 (Current 2,251 $ 817,736
===== =========
Notional Value of $105,734 per contract)
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Municipal Opportunity Trust
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 2006
By: /s/ Phillip G. Goff
-------------------
Name: Phillip G. Goff
Title: Principal Financial Officer
Date: March 22, 2006