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: 1/31/05
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, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 155.3%
ALABAMA 1.8%
$ 2,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A 5.250 % 01/01/23 $ 2,150,160
2,375 Marshall Cnty, AL Hlthcare Ser C 6.000 01/01/32 2,544,290
5 Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile
Energy Svc Co Proj Rfdg 6.950 01/01/20 29
--------------
4,694,479
--------------
ARIZONA 0.6%
1,500 Maricopa Cnty, AZ Stadium Dist Rfdg (AMBAC Insd) 5.375 06/01/19 1,678,395
--------------
ARKANSAS 1.3%
3,035 Fort Smith, AR Wtr & Swr Rev Ser A Rfdg (FSA Insd) 5.250 10/01/16 3,373,008
--------------
CALIFORNIA 11.7%
30 California Rural Home Mtg Fin Auth Single Family Mtg
Rev Ser C (AMT) (GNMA Collateralized) 7.800 02/01/28 30,667
4,500 California St (AMBAC Insd) 5.125 10/01/27 4,758,525
5,500 California St Dept Wtr Res Pwr Ser A (AMBAC Insd) 5.500 05/01/16 6,241,455
2,000 California St Dept Wtr Res Pwr Ser A 5.750 05/01/17 2,264,980
3,500 California St Pub Wks Brd Lease Rev Dept Corrections
Ser C 5.250 06/01/28 3,695,895
2,500 California St Pub Wks Brd Lease Rev Dept Corrections
Ser E Rfdg (XLCA Insd) 5.000 06/01/18 2,714,300
2,000 California St Pub Wks Brd Lease Rev Dept Mental Hlth
Coalinga A 5.000 06/01/25 2,082,380
5,000 Contra Costa, CA Home Mtg Fin Auth Home Mtg Rev
(Escrowed to Maturity) (MBIA Insd) * 09/01/17 2,712,000
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 4,784,800
1,500 Los Angeles Cnty, CA Met Tran Auth Sales Tax Rev
Prop C Second Tier Sr Ser A Rfdg (AMBAC Insd) 5.000 07/01/23 1,554,285
--------------
30,839,287
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COLORADO 4.1%
1,505 Arapahoe Cnty, CO Ctfs Partn Rfdg (FSA Insd) (a) 5.250 12/01/15 1,702,381
1,000 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth 6.500 11/15/31 1,111,170
1,000 Colorado Hsg Fin Auth Multi-Family Hsg Ins Mtg Ser B2
(AMT) (FHA Gtd) 5.800 10/01/28 1,031,320
171 Colorado Hsg Fin Auth Single Family Pgm Sr Ser A2 (AMT) 7.250 05/01/27 172,746
135 Colorado Hsg Fin Auth Single Family Pgm Sr Ser C1 (AMT) 7.550 11/01/27 136,430
1,000 Denver, CO City & Cnty Arpt Rev Ser B (AMT) (MBIA Insd) 6.250 11/15/07 1,077,760
1,005 Greeley, CO Multi-Family Rev Hsg Mtg Creek Stone (AMT)
(FHA Gtd) 5.950 07/01/28 1,039,512
1,000 Highlands Ranch Metro Dist No 2 CO Rfdg (FSA Insd) 6.500 06/15/11 1,190,790
3,000 Mesa Cnty, CO Vly Sch Dist No 51 Ser A (MBIA Insd) 5.000 12/01/21 3,271,080
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10,733,189
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CONNECTICUT 2.1%
3,250 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt Ser
A (AMT) (ACA Insd) 6.600 07/01/24 3,538,795
1,000 Mashantucket Western Pequot Tribe CT Spl Rev Ser A,
144A - Private Placement (b) 6.400 09/01/11 1,062,300
840 Mashantucket Western Pequot Tribe CT Spl Rev Ser A,
144A - Private Placement (Escrowed to Maturity) (b) 6.500 09/01/06 894,054
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5,495,149
--------------
DISTRICT OF COLUMBIA 2.0%
5,000 Metropolitan Washington DC Arpt Auth Sys Ser A (AMT)
(FGIC Insd) 5.250 10/01/32 5,220,150
--------------
FLORIDA 3.0%
2,000 Escambia Cnty, FL Hlth Fac Auth Rev FL Hlthcare Fac
Ln VHA Pgm (AMBAC Insd) 5.950 07/01/20 2,035,080
1,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys 5.500 11/15/32 1,048,610
2,100 Miami-Dade Cnty, FL Aviation Miami Intl Arpt (AMT)
(FGIC Insd) 5.375 10/01/27 2,222,640
2,375 North Broward, FL Hosp Dist Rev Impt 6.000 01/15/31 2,542,129
--------------
7,848,459
--------------
GEORGIA 6.8%
1,937 Fulton Cnty, GA Lease Rev (Acquired 12/23/94, Cost
$1,936,856) (c) 7.250 06/15/10 2,019,211
7,000 Georgia Muni Elec Auth Pwr Rev Ser A (MBIA Insd) 6.500 01/01/20 8,983,450
6,245 Municipal Elec Auth GA Combustion Turbine Proj Ser A
(MBIA Insd) 5.250 11/01/16 6,962,925
--------------
17,965,586
--------------
ILLINOIS 5.7%
60 Chicago, IL Single Family Mtg Rev Ser A (AMT) (GNMA
Collateralized) 7.000 09/01/27 60,274
45 Chicago, IL Single Family Mtg Rev Ser B (AMT) (GNMA
Collateralized) 7.625 09/01/27 45,192
2,000 Cook Cnty, IL Cmnty Cap Apprec (FSA Insd) * 12/01/10 1,637,280
2,500 Du Page Cnty, IL Trans Rev (FSA Insd) 5.750 01/01/17 2,856,175
3,000 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A 5.500 08/15/43 3,212,970
3,630 Kendall, Kane & Will Cntys, IL Cmnty Sch Dist 308 Ser
B (FGIC Insd) (a) 5.250 10/01/20 4,016,196
1,000 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev
McCormick Pl Expn Proj Rfdg (FGIC Insd) 5.500 12/15/24 1,114,020
1,865 Sangamon Cnty, IL Cmnty Unit Sch Dist No 5 (FGIC
Insd) (a) 6.500 12/01/05 1,930,331
--------------
14,872,438
--------------
INDIANA 2.1%
3,270 Allen Cnty, IN War Mem Coliseum Ser A (AMBAC Insd) (a) 5.500 11/01/16 3,679,110
1,000 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT) 5.950 08/01/30 1,028,180
1,210 North Adams, IN Cmnty Sch Cap Apprec First Mtg (FSA Insd) (a) * 01/15/16 755,149
--------------
5,462,439
--------------
IOWA 0.8%
1,890 Des Moines, IA Pub Pkg Sys Rev Ser A (FGIC Insd) (a) 5.750 06/01/17 2,124,984
--------------
KENTUCKY 2.4%
1,475 Kenton Cnty, KY Arpt Brd Rev Cincinnati/Northn KY Intl
Arpt Ser A Rfdg (AMT) (MBIA Insd) 6.200 03/01/08 1,614,299
1,995 Kentucky Hsg Corp Hsg Rev Ser F (AMT) (FNMA Collateralized) 5.450 01/01/32 2,058,142
2,345 Kentucky St Tpk Auth Econ Dev Revitalization Proj Rfdg
(Prerefunded @ 01/01/11) (FSA Insd) 5.625 07/01/14 2,666,171
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6,338,612
--------------
LOUISIANA 1.8%
2,500 Lafayette, LA Utils Rev (MBIA Insd) 5.250 11/01/23 2,776,750
2,000 Louisiana Hsg Fin Agy Rev Azalea Estates Ser A Rfdg (AMT)
(GNMA Collateralized) 5.375 10/20/39 2,038,640
--------------
4,815,390
--------------
MARYLAND 1.8%
1,050 Maryland St Econ Dev Corp Univ MD College Pk Proj 5.625 06/01/35 1,090,498
1,000 Maryland St Hlth & Higher Ed Fac Auth Rev Medstar Hlth Rfdg 5.375 08/15/24 1,038,450
2,350 Northeast, MD Waste Disp Auth Rfdg (AMT) (AMBAC Insd) 5.500 04/01/16 2,592,520
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4,721,468
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MASSACHUSETTS 4.3%
2,400 Massachusetts St Dev Fin Agy Rev Clg Pharmacy & Allied Hlth Ser D (d) 5.000 07/01/35 2,486,688
3,000 Massachusetts St Dev Fin Agy Semass Sys Ser A (MBIA Insd) 5.625 01/01/16 3,354,270
1,000 Massachusetts St Fed Hwy Gnt Antic Nt Ser A 5.750 06/15/15 1,127,220
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C 5.750 07/01/32 1,099,050
3,000 Massachusetts St Wtr Res Auth Gen Ser J (FSA Insd) 5.000 08/01/32 3,120,720
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11,187,948
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MICHIGAN 2.8%
3,505 Detroit, MI Wtr Supply Sys Ser B (MBIA Insd) (a) 5.250 07/01/18 3,903,834
2,000 Michigan St Ctf Part (AMBAC Insd) 5.500 06/01/27 2,186,860
1,215 Zeeland, MI Pub Schs Sch Bldg & Site (MBIA Insd) (a) 5.250 05/01/19 1,357,787
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7,448,481
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MINNESOTA 0.4%
1,000 Chaska, MN Elec Rev Ser A 6.100 10/01/30 1,123,740
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MISSISSIPPI 0.6%
1,040 Mississippi Home Corp Single Family Rev Mtg Ser C (AMT)
(GNMA Collateralized) 7.600 06/01/29 1,080,154
430 Mississippi Home Corp Single Family Rev Mtg Ser F (AMT)
(GNMA Collateralized) 7.550 12/01/27 438,321
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1,518,475
--------------
MISSOURI 2.2%
2,150 Cape Girardeau Cnty, MO Indl Southeast MO Hosp Assoc 5.500 06/01/22 2,231,872
70 Saint Louis Cnty, MO Single Family Mtg Rev (MBIA Insd) 6.900 04/01/16 71,261
3,000 Sikeston, MO Elec Rev Rfdg (MBIA Insd) (e) 6.200 06/01/10 3,400,620
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5,703,753
--------------
NEVADA 4.8%
7,500 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC Insd) 5.000 07/01/36 7,776,225
3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A
(AMT) (AMBAC Insd) 5.250 07/01/34 3,147,540
1,500 Reno, NV Sr Lien Retrac Reno Trans Proj (AMBAC Insd) 5.125 06/01/32 1,564,485
--------------
12,488,250
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NEW HAMPSHIRE 1.1%
2,500 New Hampshire Hlth & Ed Fac Univ Sys of NH (AMBAC Insd) 5.500 07/01/15 2,821,975
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NEW JERSEY 18.9%
2,000 Garden St Preservation Tr NJ Ser A (FSA Insd) 5.250 11/01/18 2,227,280
2,000 New Jersey Econ Dev Auth Cigarette Tax 5.750 06/15/34 2,111,780
5,000 New Jersey Econ Dev Auth Mtr Veh Sur Rev Ser A
(MBIA Insd) 5.000 07/01/22 5,395,050
5,000 New Jersey Econ Dev Auth Rev Sch Fac Constr Ser F
(Prerefunded @ 06/15/13) (FGIC Insd) 5.250 06/15/20 5,668,450
3,705 New Jersey Econ Dev Auth Sch Fac Constr Ser I
(Prerefunded @ 09/01/14) (FGIC Insd) 5.000 09/01/20 4,157,899
20,000 New Jersey Econ Dev Auth St Contract Econ Recovery
(MBIA Insd) 5.900 03/15/21 24,442,000
5,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A
(AMBAC Insd) 5.250 09/01/21 5,528,400
--------------
49,530,859
--------------
NEW MEXICO 0.3%
860 New Mexico Mtg Fin Auth Single Family Mtg Pgm Ser G
(AMT) (GNMA Collateralized) 7.250 07/01/26 878,705
--------------
NEW YORK 12.1%
9,600 New York City Ser A 7.000 08/01/07 10,331,808
400 New York City Ser A (Prerefunded @ 08/01/06) 7.000 08/01/07 433,392
2,500 New York St Dorm Auth Lease Mun Hlth Facs Impt Ser 1
(FSA Insd) 5.500 01/15/12 2,799,050
1,495 New York St Dorm Auth Rev Mental Hlth Svcs Fac Ser A 5.750 08/15/12 1,606,168
5 New York St Dorm Auth Rev Mental Hlth Svcs Fac Ser A
(Prerefunded @ 02/15/07) 5.750 08/15/12 5,428
1,445 New York St Dorm Auth Rev Secd Hosp North Gen Hosp Rfdg
(MBIA Insd) 5.750 02/15/17 1,646,635
2,040 New York St Dorm Auth Rev Secd Hosp North Gen Hosp Rfdg 5.750 02/15/18 2,300,508
1,500 New York St Dorm Auth Revs Upstate Cmnty Colleges Ser B 5.250 07/01/20 1,634,190
1,000 New York St Dorm Auth Revs Upstate Cmnty Colleges Ser B 5.250 07/01/21 1,085,390
3,780 New York St Mtg Agy Rev Ser 101 (AMT) 5.400 04/01/32 3,902,812
4,000 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt
Terminal 6 (AMT) (MBIA Insd) 5.750 12/01/22 4,348,840
1,500 Sales Tax Asset Receivable Corp Ser A (MBIA Insd) 5.000 10/15/21 1,637,880
--------------
31,732,101
--------------
NORTH CAROLINA 6.8%
1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev Ser D 6.700 01/01/19 1,691,505
11,000 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg
(MBIA Insd) 6.000 01/01/12 12,826,660
3,000 North Carolina Muni Pwr Agy Ser A (MBIA Insd) 5.250 01/01/19 3,330,420
--------------
17,848,585
--------------
NORTH DAKOTA 0.2%
535 North Dakota St Hsg Fin Agy Ser C (AMT) 5.550 07/01/29 537,402
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OHIO 3.1%
385 Akron, OH Ctf Part Akron Muni Baseball Stad Proj 6.500 12/01/07 415,080
1,190 Bowling Green St Univ OH (FGIC Insd) 5.750 06/01/14 1,352,209
500 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj 7.500 01/01/30 566,285
3,000 Lucas Cnty, OH Hosp Rev Promedica Hlthcare Oblig Rfdg
(MBIA Insd) 6.000 11/15/07 3,231,000
1,500 Mahoning Cnty, OH Hosp Fac Forum Hlth Oblig Group Ser A 6.000 11/15/32 1,611,495
1,000 Ohio St Air Quality Dev Auth Rev JMG Fdg Ltd Part Proj
Rfdg (AMT) (AMBAC Insd) 6.375 04/01/29 1,022,210
--------------
8,198,279
OKLAHOMA 3.9%
470 Central OK Transn & Pkg Auth Pkg Sys (AMBAC Insd) 5.000 07/01/19 507,299
525 Central OK Transn & Pkg Auth Pkg Sys (AMBAC Insd) 5.000 07/01/20 564,716
4,770 McAlester, OK Pub Wks Auth Util Cap Apprec (FSA Insd) * 02/01/34 1,136,453
1,300 Sapulpa, OK Muni Auth Cap Rev Impt & Rfdg (Prerefunded
@ 07/01/10) (FSA Insd) 5.750 07/01/30 1,488,188
1,000 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) 6.250 11/01/22 1,162,950
2,000 Tulsa, OK Indl Auth Hosp Rev Hillcrest Med Cent Proj Rfdg
(Escrowed to Maturity) (Connie Lee Insd) 6.125 06/01/05 2,026,880
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 3,490,267
--------------
10,376,753
--------------
OREGON 3.1%
2,500 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd) 5.250 07/01/22 2,766,650
5,000 Oregon St Dept Admin Ser C Rfdg (MBIA Insd) 5.250 11/01/18 5,522,050
--------------
8,288,700
--------------
PENNSYLVANIA 8.1%
2,295 Allegheny Valley, PA Sch Dist Ser A (MBIA Insd) 5.000 11/01/24 2,469,994
2,000 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA Insd) 5.000 12/01/33 2,191,460
1,000 Harrisburg, PA Cap Apprec Nts Ser F Rfdg (AMBAC Insd) * 03/15/15 656,830
1,865 Harrisburg, PA Cap Apprec Ser D Rfdg (AMBAC Insd) (a) * 09/15/15 1,199,195
1,865 Harrisburg, PA Cap Apprec Ser D Rfdg (AMBAC Insd) * 03/15/16 1,163,685
4,000 Hempfield, PA Area Sch Dist Westmoreland Cnty Ser A (FGIC Insd) 5.250 03/15/20 4,479,000
3,000 Susquehanna Area Regl Arpt Auth PA Ser A (AMT) (AMBAC Insd) 5.375 01/01/21 3,240,030
5,415 Susquehanna Area Regl Arpt Auth PA Ser A (AMT) (AMBAC Insd) (a) 5.375 01/01/22 5,833,146
--------------
21,233,340
--------------
SOUTH CAROLINA 1.5%
1,250 Easley, SC Util Rev Comb (FSA Insd) (a) 5.250 12/01/18 1,392,525
2,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj
Ser A (AMBAC Insd) 5.200 11/01/27 2,681,200
--------------
4,073,725
--------------
SOUTH DAKOTA 0.6%
1,375 Deadwood, SD Ctfs Partn (ACA Insd) 6.375 11/01/20 1,484,038
--------------
TENNESSEE 0.9%
1,000 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg Ser
B Impt & Rfdg 8.000 07/01/33 1,200,920
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 1,271,460
--------------
2,472,380
--------------
TEXAS 20.5%
980 Austin, TX Utility Sys Rev Comb (AMBAC Insd) 6.500 11/15/05 1,012,693
20 Austin, TX Utility Sys Rev Comb Rfdg (Escrowed to Maturity)
(AMBAC Insd) 6.500 11/15/05 20,684
2,545 Dallas Cnty, TX Cmnty College Fin Sys (AMBAC Insd) (a) 5.375 02/15/17 2,785,172
3,000 Dallas Cnty, TX Util & Reclamation Dist Ser B Rfdg (AMBAC Insd) 5.875 02/15/29 3,056,550
2,500 Dallas, TX Wtrwks & Swr Sys Rev & Impt Rfdg (FSA Insd) 5.375 10/01/18 2,815,025
5,500 Dallas-Fort Worth, TX Intl Arpt Rev Impt Jt Ser A Rfdg (AMT)
(FGIC Insd) (e) 5.500 11/01/31 5,815,040
4,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A (AMT) (FSA Insd) 5.500 11/01/21 4,394,120
1,500 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A (AMT) (FGIC Insd) 5.750 11/01/30 1,631,910
2,000 Houston, TX Arpt Sys Rev Sub Lien (FSA Insd) 5.500 07/01/20 2,248,120
3,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT) (FSA Insd) 5.625 07/01/30 3,267,180
5,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT) (FSA Insd) 5.125 07/01/32 5,143,550
6,000 Houston, TX Util Sys Rev First Lien Ser A Rfdg (FSA Insd) 5.250 05/15/21 6,643,020
2,185 Lower Colorado Riv Auth TX LCRA Svcs Corp Proj Rfdg (FGIC Insd) 5.000 05/15/24 2,324,294
2,000 Lower Colorado Riv Auth TX LCRA Svcs Corp Proj Rfdg (FGIC Insd) 5.000 05/15/33 2,057,980
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj 7.250 01/01/31 1,504,005
5,000 North Cent TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd) 5.250 08/15/32 5,304,850
1,090 Texas Gen Svcs Comm Partn Int Lease Purch Ctfs (Acquired 03/16/95,
Cost $1,090,022) (c) 7.250 08/01/11 1,098,622
2,360 University TX Rev Fin Sys Ser B 5.250 08/15/20 2,610,042
--------------
53,732,857
--------------
WASHINGTON 7.3%
9,850 Bellevue, WA Convention Cent Comp Int Rfdg (MBIA Insd) * 02/01/25 3,777,475
3,750 Chelan Cnty, WA Pub Util Dist No. 001 Cons Rev Chelan Hydro
Ser A (AMT) (MBIA Insd) 5.600 01/01/36 4,020,900
5,000 Energy Northwest WA Elec Rev Columbia Generating Ser A Rfdg
(FSA Insd) 5.500 07/01/16 5,602,150
2,000 Port Seattle, WA Rev Ser B (AMT) (MBIA Insd) 5.625 02/01/24 2,186,380
5,125 Washington St Pub Pwr Supply Sys Nuclear Proj No 3 Rev Ser
C Rfdg (MBIA Insd) * 07/01/14 3,487,511
--------------
19,074,416
--------------
WEST VIRGINIA 3.1%
8,000 Harrison Cnty, WV Cmnty Solid Waste Disp Rev West Penn Pwr Co
Proj Ser A (AMT) (MBIA Insd) 6.875 04/15/22 8,026,320
--------------
WISCONSIN 0.7%
1,500 Southeast WI Professional Baseball Pk Dist Sales Tax Rev
Ser A Rfdg (MBIA Insd) 5.500 12/15/20 1,773,135
--------------
TOTAL LONG-TERM INVESTMENTS 155.3%
(Cost $373,876,834) 407,737,250
TOTAL SHORT-TERM INVESTMENTS 1.4%
(Cost $3,600,000) 3,600,000
--------------
TOTAL INVESTMENTS 156.7%
(Cost $377,476,834) 411,337,250
OTHER ASSETS IN EXCESS OF LIABILITIES 0.5% 1,277,534
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (57.2%) (150,151,516)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $262,463,268
==============
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 1.2% 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.
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
MBIA - Municipal Bond Investors Assurance Corp.
XLCA - XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF JANUARY 31, 2005:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures March 2005
(Current Notional Value of $112,266 per contract) 126 $ (147,785)
U.S. Treasury Notes 5-Year Futures March 2005
(Current Notional Value of $109,250 per contract) 592 (177,400)
-------------- ------------
718 $ (325,185)
============== ============
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, 2005
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, 2005
By: /s/ James W. Garrett
--------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: March 22, 2005