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<SEC-DOCUMENT>0001136730-03-000130.txt : 20031230
<SEC-HEADER>0001136730-03-000130.hdr.sgml : 20031230
<ACCEPTANCE-DATETIME>20031230103618
ACCESSION NUMBER:		0001136730-03-000130
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20031031
FILED AS OF DATE:		20031230
EFFECTIVENESS DATE:		20031230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
		CENTRAL INDEX KEY:			0000884152
		IRS NUMBER:				363810337
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06567
		FILM NUMBER:		031076720

	BUSINESS ADDRESS:	
		STREET 1:		ONE PARKVIEW PLAZA
		STREET 2:		VAN KAMPEN INVESTMENTS INC
		CITY:			OAKBROOK TERRACE
		STATE:			IL
		ZIP:			60181
		BUSINESS PHONE:		6306846774

	MAIL ADDRESS:	
		STREET 1:		VAN KAMPEN INVESTMENTS INC
		STREET 2:		ONE PARKVIEW PLAZA
		CITY:			OAKBROOK TERRACE
		STATE:			IL
		ZIP:			60181

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL MUNICIPAL OPPORTUNITY TRUST
		DATE OF NAME CHANGE:	19960102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MERRITT MUNICIPAL OPPORTUNITY TRUST
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 10/31/2003
000 C000000 0000884152
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 YAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
001 B000000 811-006567
001 C000000 2127625260
002 A000000 1221 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10020
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 VAN KAMPEN INVESTMENT ADVISORY CORP.
008 B000001 A
008 C000001 801-18161
008 D010001 OAKBROOK TERRACE
008 D020001 IL
008 D030001 60181
010 A000001 VAN KAMPEN INVESTMENTS INC
010 B000001 8-19412
010 C010001 OAKBROOK TERRACE
010 C020001 IL
010 C030001 60181
012 A000001 STATE STREET BANK & TRUST CO C/O EQUISERVE
012 B000001 85-11340
012 C010001 PROVIDENCE
012 C020001 RI
012 C030001 02940
012 C040001 3011
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 CHICAGO
<PAGE>      PAGE  2
013 B020001 IL
013 B030001 60601
014 A000001 ARAB MALAYSIA SECURITIES
014 B000001 8-00000
014 A000002 CHINA INTERNATIONAL CAPITAL CORP. LTD
014 B000002 8-00000
014 A000003 HC SECURITIES
014 B000003 8-00000
014 A000004 JM MORGAN STANLEY FIXED INCOME SEC. PRIV. LTD
014 B000004 8-00000
014 A000005 JM MORGAN STANLEY PRIVATE LTD
014 B000005 8-00000
014 A000006 JM MORGAN STANLEY SECURITIES PRIVATE LTD
014 B000006 8-00000
014 A000007 JM MORGAN STANLEY RETAIL SERVICES PRIV. LTD
014 B000007 8-00000
014 A000008 MORGAN STANLEY & CO. INC.
014 B000008 8-15869
014 A000009 MORGAN STANLEY & CO. LTD
014 B000009 8-00000
014 A000010 MORGAN STANLEY ASIA LTD
014 B000010 8-00000
014 A000011 MORGAN STANLEY CANADA LTD
014 B000011 8-00000
014 A000012 MORGAN STANLEY QUILTER LTD
014 B000012 8-00000
014 A000013 MORGAN STANLEY DW AUSTRALIA SEC. LTD
014 B000013 8-00000
014 A000014 MORGAN STANLEY JAPAN LTD
014 B000014 8-00000
014 A000015 MORGAN STANLEY NIPPON SECURITIES LTD
014 B000015 8-00000
014 A000016 MORGAN STANLEY SV SA
014 B000016 8-00000
014 A000017 MORGAN STANLEY DW INC.
014 B000017 8-14172
014 A000018 MORGAN STANLEY INTERNATIONAL LTD
014 B000018 8-00000
014 A000019 MORGAN STANLEY SECURITIES LTD
014 B000019 8-00000
014 A000020 MORGAN STANLEY BANK AG
014 B000020 8-00000
014 A000021 MORGAN STANLEY DISTRIBUTION INC.
014 B000021 8-44766
014 A000022 MORGAN STANLEY DISTRIBUTORS INC.
014 B000022 8-45262
014 A000023 MORGAN STANLEY MARKET PRODUCTS INC.
014 B000023 8-37795
014 A000024 MS SECURITIES SERVICES INC.
014 B000024 8-26804
014 A000025 PRIME DEALER SERVICES CORP.
<PAGE>      PAGE  3
014 B000025 8-47025
014 A000026 VAN KAMPEN FUNDS INC.
014 B000026 8-19412
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   90
019 C000000 VANKAMPENF
020 A000001 ABN AMRO INC.
020 B000001 13-3227945
020 C000001     14
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       14
022 A000001 MERRIL LYNCH PIERCE FENNER
022 B000001 13-5674085
022 C000001     78557
022 D000001     77983
022 A000002 UBS FINANCIAL SERVICES
022 B000002 13-2932996
022 C000002     49589
022 D000002     33781
022 A000003 GOLDMAN SACHS & CO
022 B000003 13-5108880
022 C000003     23460
022 D000003      1328
022 A000004 BEAR STEARNS & CO INC
022 B000004 13-3299429
022 C000004      8738
022 D000004     13515
022 A000005 CHASE SECURITIES INC
022 B000005 13-2633612
022 C000005     16421
022 D000005      5685
022 A000006 CITIGROUP GLOBAL MARKETS INC
022 B000006 13-3187336
022 C000006     10258
022 D000006     10489
022 A000007 U S BANCORP PIPER JAFFRAY INC
<PAGE>      PAGE  4
022 B000007 41-0953246
022 C000007      8285
022 D000007      9316
022 A000008 CIBC WORLD MARKETS
022 B000008 13-1942440
022 C000008      1628
022 D000008      8741
022 A000009 FIRST ALBANY CORP
022 B000009 14-1391446
022 C000009      1227
022 D000009      8531
022 A000010 LEHMAN BROTHERS
022 B000010 13-2518466
022 C000010      6560
022 D000010      2599
023 C000000     250623
023 D000000     228396
024  000000 N
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
028 A010000         0
028 A020000         0
028 A030000         0
028 A040000         0
028 B010000         0
028 B020000         0
028 B030000         0
028 B040000         0
028 C010000         0
028 C020000         0
028 C030000         0
028 C040000         0
028 D010000         0
028 D020000         0
028 D030000         0
<PAGE>      PAGE  5
028 D040000         0
028 E010000         0
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000         0
028 F020000         0
028 F030000         0
028 F040000         0
028 G010000         0
028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
035  000000      0
036 B000000      0
038  000000      0
042 A000000   0
042 B000000   0
042 C000000   0
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000      0
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.600
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
<PAGE>      PAGE  6
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056  000000 N
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000        0
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   2.1
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
<PAGE>      PAGE  7
062 N000000   0.0
062 O000000 155.6
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
063 A000000   0
063 B000000 16.1
064 A000000 Y
064 B000000 Y
065  000000 N
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
<PAGE>      PAGE  8
071 A000000    144979
071 B000000    150258
071 C000000    407194
071 D000000   36
072 A000000 12
072 B000000    21564
072 C000000        0
072 D000000        0
072 E000000        0
072 F000000     2482
072 G000000      207
072 H000000        0
072 I000000       40
072 J000000       26
072 K000000        0
072 L000000       53
072 M000000       65
072 N000000       20
072 O000000        0
072 P000000        0
072 Q000000       75
072 R000000       35
072 S000000       44
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000      320
072 X000000     3367
072 Y000000        0
072 Z000000    18197
072AA000000     6086
072BB000000        0
072CC010000        0
072CC020000     4641
072DD010000    17777
072DD020000        0
072EE000000     7110
073 A010000   1.1600
073 A020000   0.0000
073 B000000   0.4600
073 C000000   0.0000
074 A000000       55
074 B000000        0
074 C000000     5400
074 D000000   406746
074 E000000        0
074 F000000        0
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000      535
<PAGE>      PAGE  9
074 K000000        0
074 L000000     6340
074 M000000        8
074 N000000   419084
074 O000000     6975
074 P000000      238
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000      514
074 S000000   150046
074 T000000   261311
074 U010000    15353
074 U020000        0
074 V010000    17.02
074 V020000     0.00
074 W000000   0.0000
074 X000000     1089
074 Y000000     8930
075 A000000        0
075 B000000   413604
076  000000    16.65
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078  000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000    85000
081 A000000 Y
081 B000000 101
082 A000000 Y
082 B000000      100
083 A000000 N
083 B000000        0
<PAGE>      PAGE  10
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON
087 A020000 920935103
087 A030000 VMO
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   MICHAEL COYNE
TITLE       ASSISTANT TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>ex77b.txt
<TEXT>
REPORT OF INDEPENDENT AUDITORS

To the Board of Trustees and Shareholders of
Van Kampen Municipal Opportunity Trust

In planning and performing our audit of the financial statements of Van
Kampen Municipal Opportunity Trust (the "Trust") for the year ended
October 31, 2003 (on which we have issued our report dated December 8,
2003), we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not
to provide assurance on the Trust's internal control.

The management of the Trust is responsible for establishing and
maintaining internal control.  In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls.  Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with accounting principles generally accepted
in the United States of America.  Those controls include the
safeguarding of assets against unauthorized acquisition, use, or
disposition.

Because of inherent limitations in any internal control, misstatements
due to error or fraud may occur and not be detected.  Also, projections
of any evaluation of internal control to future periods are subject to
the risk that the internal control may become inadequate because of
changes in conditions or that the degree of compliance with policies or
procedures may deteriorate.

Our consideration of the Trust's internal control would not necessarily
disclose all matters in the internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants.  A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions.  However, we
noted no matters involving the Trust's internal control and its
operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of October 31,
2003.

This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of Van Kampen
Municipal Opportunity Trust, and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than
these specified parties.


DELOITTE & TOUCHE LLP
Chicago, Illinois
December 8, 2003


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>4
<FILENAME>ex77o.txt
<TEXT>
                     Van Kampen Municipal Opportunity Trust
                          Item 77(O) 10F-3 Transactions
                       April 1, 2003 - September 30, 2003



 Security   Purcha   Size    Offeri   Total   Amount   % of    % of
Purchased     se/     of       ng    Amount     of    Offeri   Fund   Brokers
             Trade  Offeri   Price     of     Shares    ng      s
             Date     ng       of   Offering  Purcha  Purcha   Tota
                             Shares             sed     sed     l
                                                By      By     Asse
                                               Fund    Fund     ts

                                                                      Merrill
                                                                      Lynch &
California  04/25/  20,971   $97.75 $2,050,0  5,000,  0.244%   1.18   Co, Bear
   Gas        03     ,867              00,      000             6%   Stearns &
                                       000                           Co Inc, EJ
                                                                     De La Rosa
                                                                     & Co Inc,
                                                                      Goldman
                                                                      Sachs &
                                                                     Co, Morgan
                                                                      Stanley,
                                                                     AG Edwards
                                                                       & Sons
                                                                     Inc, Banc
                                                                     of America
                                                                     Securities
                                                                     LLC, Banc
                                                                        One
                                                                      Capital
                                                                      Markets
                                                                     Inc, CIBC
                                                                       World
                                                                      Markets,
                                                                       First
                                                                       Albany
                                                                     Corporatio
                                                                      n, Great
                                                                      Pacific
                                                                       Fixed
                                                                       Income
                                                                     Securities
                                                                        Inc,
                                                                     Henderson
                                                                      Capital
                                                                      Partners
                                                                      Inc, JP
                                                                       Morgan
                                                                     Securities
                                                                        Inc,
                                                                      Jackson
                                                                     Securities
                                                                      , Lehman
                                                                     Brothers,
                                                                        Loop
                                                                      Capital
                                                                      Markets,
                                                                      O'Connor
                                                                     Southwest
                                                                     Securities
                                                                     , Ramirez
                                                                     & Co Inc,
                                                                      Redwood
                                                                     Securities
                                                                     Group Inc,
                                                                     Roberts &
                                                                        Ryan
                                                                     Investment
                                                                       s Inc,
                                                                     Citigroup
                                                                       Global
                                                                      Markets
                                                                        Inc,
                                                                      Siebert
                                                                     Brandford
                                                                      Shank &
                                                                     Co, Stone
                                                                         &
                                                                     Youngberg
                                                                        LLC,
                                                                       Sutter
                                                                     Securities
                                                                     Incorporat
                                                                      ed, UBS
                                                                     PaineWebbe
                                                                       r Inc,
                                                                       Wells
                                                                       Fargo
                                                                     Brokerage
                                                                      Services
                                                                        and
                                                                      Westhoff
                                                                       Cone &
                                                                     Holmstedt



                                                                     JP Morgan
Dallas/For  05/01/  15,152   $97.03 $1,470,2  4,000,  0.272%   0.94  Securities
 t Worth      03     ,066              05,      000             9%      Inc,
 Airport                               000                             Morgan
                                                                      Stanley,
                                                                      Estrada
                                                                     Hinojosa &
                                                                      Company,
                                                                     MR Beal &
                                                                      Company,
                                                                      RBC Dain
                                                                      Rauscher
                                                                        Inc,
                                                                      Siebert
                                                                     Brandford
                                                                      Shank &
                                                                       Co, AG
                                                                     Edwards &
                                                                     Sons Inc,
                                                                     Apex Pryor
                                                                     Securities
                                                                       , Bear
                                                                     Stearns &
                                                                        Co,
                                                                     Citigroup
                                                                       Global
                                                                      Markets
                                                                        Inc,
                                                                      Goldman
                                                                      Sachs &
                                                                     Co, Lehman
                                                                     Brothers,
                                                                      Merrill
                                                                      Lynch &
                                                                     Co, Morgan
                                                                      Keegan &
                                                                      Company,
                                                                     Ramirez &
                                                                     Co Inc and
                                                                     Southwest
                                                                     Securities
                                                                        Inc


New Jersey
 Turnpike                                                              Morgan
Authority   06/27/  7,225,   $108.0 $780,400  5,000,  0.641%   1.86   Stanley,
 Revenue      03      925      0      ,000      000             0%      Bear
  Bonds                                                              Stearns &
  Series                                                                Co,
  2003 A                                                             Citigroup
                                                                       Global
                                                                      Markets,
                                                                      Commerce
                                                                      Capital
                                                                      Markets,
                                                                      Goldman
                                                                      Sachs &
                                                                     Co, Lehman
                                                                     Brothers,
                                                                      Merrill
                                                                      Lynch &
                                                                      Co, UBS
                                                                     Financial
                                                                     Services,
                                                                      Wachovia
                                                                       Bank,
                                                                       Advest
                                                                        Inc,
                                                                       Bergen
                                                                      Capital
                                                                        Inc,
                                                                     Blaylock &
                                                                      Partners
                                                                        Inc,
                                                                      Eltekon
                                                                     securities
                                                                     Inc, First
                                                                      American
                                                                     Municipals
                                                                       , GMS
                                                                     Group LLC,
                                                                       Janney
                                                                     Montgomery
                                                                     Scott, JB
                                                                     Hanauer &
                                                                      Company,
                                                                     Legg Mason
                                                                        Wood
                                                                       Walker
                                                                     Inc, Loop
                                                                      Capital
                                                                      Markets
                                                                       Powell
                                                                      Capital
                                                                      Markets
                                                                        Inc,
                                                                       Prager
                                                                     Sealy & Co
                                                                     Inc, Quick
                                                                      & Reilly
                                                                        Inc,
                                                                      Raymond
                                                                      James &
                                                                     Associates
                                                                         ,
                                                                     Roosevelt
                                                                      & Cross
                                                                     Inc, Ryan
                                                                     Beck & Co,
                                                                     Ramirez &
                                                                     Co Inc and
                                                                     Sturdivant
                                                                     & Company


 The City                                                               Bear
  of New                                                              Stearns,
  York,     07/03/  5,882,   $105.5 $620,785  2,500,  0.403%   1.86  Citigroup,
 General      03      545      3      ,000      000             0%     Morgan
Obligation                                                            Stanley,
  Bonds,                                                                UBS
  Fiscal                                                             Financial
   2004                                                              Services,
Series A &                                                           MR Beal &
    B                                                                 Company,
                                                                       First
                                                                       Albany
                                                                       Corp,
                                                                      Goldman
                                                                       Sachs,
                                                                       Lehman
                                                                     Brothers,
                                                                      Merrill
                                                                     Lynch, JP
                                                                      Morgan,
                                                                     Ramirez &
                                                                        Co,
                                                                     Roosevelt
                                                                      & cross,
                                                                      Advest,
                                                                        Apex
                                                                       Pryor,
                                                                     CIBC World
                                                                      Markets,
                                                                      Commerce
                                                                      Capital
                                                                      Markets,
                                                                      RBC Dain
                                                                     Rauscher,
                                                                         AG
                                                                      Edwards,
                                                                      Jackson
                                                                     Securities
                                                                      , Janney
                                                                     Montgomery
                                                                     Scott LLC,
                                                                     Legg Mason
                                                                        Wood
                                                                      Walker,
                                                                        Loop
                                                                      Capital
                                                                      Markets,
                                                                      Popular
                                                                     Securities
                                                                      , Prager
                                                                      Sealy &
                                                                      Company,
                                                                     Prudential
                                                                     Securities
                                                                     , Raymond
                                                                      James &
                                                                     Associates


                                                                        UBS
California                                                           Financial
Infrastruc                                                            Services
 ture and                                                               Inc,
 Economic                                                            Citigroup,
Developmen                                                            Merrill
t Bank Bay  08/06/  11,930   $97.27 $1,160,4  4,000,  0.345%   0.55   Lynch &
Area Toll     03     ,040              35,      000             5%      Co,
 Bridges                               000                            Fidelity
 Seismic                                                              Capital
 Retrofit                                                             Markets,
 Revenue                                                               First
  Bonds,                                                               Albany
  Series                                                               Corp,
  2003A                                                               Goldman
First Lien                                                             Sachs,
  Bonds                                                                Great
                                                                      Pacific
                                                                     Securities
                                                                         ,
                                                                     Henderson
                                                                      Capital
                                                                     Partners,
                                                                     JP Morgan,
                                                                        Lam
                                                                     Securities
                                                                     Investment
                                                                     s, Lehman
                                                                     Brothers,
                                                                       Morgan
                                                                      Stanley,
                                                                       Prager
                                                                      Sealy &
                                                                     Co, Quick
                                                                     & Reilly,
                                                                      RBC Dain
                                                                     Rauscher,
                                                                       Rewood
                                                                     Securities
                                                                       Group,
                                                                      Roberts
                                                                      and Ryan
                                                                     Investment
                                                                       s and
                                                                      Stone &
                                                                     Youngberg
                                                                        LLC


   State
  Public                                                                Bear
  School                                                              Stearns,
 Building                                                              Janney
Authority                                                            Montgomery
(Commonwea                                                           , Arthurs
  lth of    08/14/  6,041,   $97.35 $588,140  4,000,  0.680%   0.99  Lestrange
Pennsylvan    03      499             ,000      000             2%   & Company,
ia) School                                                           Banc One,
  Lease                                                               Commerce
 Revenue                                                              Capital,
Bonds (The                                                             Morgan
  School                                                              Stanley,
 District                                                             Raymond
    of                                                                 James,
Philadelph                                                            Siebert
    ia                                                               Brandford
 Project)                                                             Shank &
  Series                                                                Co,
   2003                                                               Wachovia
                                                                     Bank, Iron
                                                                      Capital
                                                                      Markets,
                                                                        Loop
                                                                      Capital
                                                                      Markets,
                                                                      Merrill
                                                                       Lynch,
                                                                       Morgan
                                                                      Keegan,
                                                                      NatCity
                                                                     Investment
                                                                       s, PNC
                                                                      Capital
                                                                      Markets,
                                                                      RBC Dain
                                                                     Rauscher,
                                                                      and UBS


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