UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6364
Van Kampen Ohio Quality Municipal Trust
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
(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: 4/30/07
Item 1. Reports to Shareholders.
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen Ohio
Quality Municipal Trust performed during the semiannual period. The
portfolio management team will provide an overview of the market
conditions and discuss some of the factors that affected investment
performance during the reporting period. In addition, this report
includes the trust's financial statements and a list of trust investments
as of April 30, 2007.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF THE TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU
PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
<Table>
<Caption>
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
---------------------------------------------------------------------------------------
</Table>
Performance Summary as of 4/30/07
<Table>
<Caption>
OHIO QUALITY MUNICIPAL TRUST
SYMBOL: VOQ
- ------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET PRICE
Since Inception (9/27/91) 7.16% 6.74%
10-year 6.25 5.64
5-year 6.62 5.15
1-year 6.86 7.08
6-month 1.66 7.37
- ------------------------------------------------------------
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities and preferred shares, by
the total number of common shares outstanding. The common share market price is
the price the market is willing to pay for shares of the trust at a given time.
Common share market price is influenced by a range of factors, including supply
and demand and market conditions. Total return assumes an investment at the
beginning of the period, reinvestment of all distributions for the period in
accordance with the trust's dividend reinvestment plan, and sale of all shares
at the end of the period. The trust's advisor has waived or reimbursed fees and
expenses from time to time; absent such waivers/reimbursements the trust's
returns would have been lower.
The Lehman Brothers Ohio Municipal Bond Index is a broad-based statistical
composite of Ohio municipal bonds. The index does not include any expenses, fees
or sales charges, which would lower performance. The index is unmanaged and
should not be considered an investment. It is not possible to invest directly in
an index.
1
Trust Report
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007
MARKET CONDITIONS
The overall environment for municipal bonds was favorable during the reporting
period, but mixed economic indicators and concerns about the residential housing
sector led to increased market uncertainty and volatility. At the beginning of
the period, the pace of economic growth appeared to be slowing, but in December,
the outlook for the economy turned positive following a slate of
stronger-than-expected economic releases. The improved economic picture pushed
bond yields higher and effectively reversed the run-up in prices that had begun
in July on concern over the weak housing market's potential drag on the economy.
Bonds continued to decline until February, when the sub-prime mortgage market
showed signs of deterioration, causing a sell-off in equities and a
flight-to-quality bond market rally. In March, the rally ended as strong
employment reports and upward movement in inflationary pressures sparked selling
in an overbought Treasury market. At month end, however, the short end of the
bond market rebounded strongly following news that the Federal Open Market
Committee (the "Fed") had dropped its bias toward higher rates. This came as
somewhat of a surprise, given the fact that core inflation readings remained
elevated.
Municipal bond yields followed the general movement of the Treasury market.
However, the 30-year AAA municipal yield reached lows not seen in decades,
declining to 4.00 percent in the first half of the reporting period before
reversing course and ending the period higher at 4.10 percent. Yields on the
short end of the municipal curve rose more than long-term yields during the
period. As a result, the short end of the curve posted the lowest returns while
the long end outperformed other portions of the curve by as much as 70 basis
points. The slope of the municipal curve (which is defined by the traditional
yield advantage of bonds with longer maturities) still remained relatively flat
and as such, the yield differential between long maturity and short maturity
issues was quite small.
New issue supply rose dramatically during the period, increasing by 34 percent
versus the same six-month period a year ago, as relatively low interest rates
spurred municipalities to refinance their debt. Demand for municipal bonds was
robust as well, particularly for high-yield securities as investors proved
increasingly willing to take on more risk in return for relatively higher
yields. The strong demand caused most credit spreads, which were already near
historically tight levels, to further narrow. As a result, the lower-quality,
higher yielding segment of the market considerably outperformed, returning 182
basis points more than the investment-grade segment for the overall period.
The State of Ohio's economic outlook remained stable during the reporting
period, due to strong revenue performance, ongoing disciplined financial
management, a broad and diverse economic base, and moderate debt levels. In
2
addition, the state's structurally-balanced budget implements tax-reform
measures that are geared toward making the state more business friendly and
increasing economic activity. The state's pronounced exposure to the
manufacturing sector, however, continued to be a drag on employment and job
creation.
PERFORMANCE ANALYSIS
The Trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the Trust's portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common shares
outstanding, while market price reflects the supply and demand for the shares.
As a result, the two returns can differ, as they did during the reporting
period. On an NAV basis, the Trust outperformed its benchmark index, the Lehman
Brothers Ohio Municipal Bond Index. On a market price basis, the Trust
outperformed its benchmark.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2007
<Table>
<Caption>
- -------------------------------------------------
BASED ON LEHMAN BROTHERS
BASED ON MARKET OHIO MUNICIPAL
NAV PRICE BOND INDEX
1.66% 7.37% 1.44%
- -------------------------------------------------
</Table>
Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. Investment return, net asset value and common share market price will
fluctuate and Trust shares, when sold, may be worth more or less than their
original cost. See Performance Summary for additional performance information
and index definition.
A variety of strategies drove the Trust's performance during the course of the
period. One of the key drivers was our focus on the long end of the yield curve.
Given the relatively flat shape of the curve throughout the period, we invested
in bonds with maturities of 25 years or more in order to capture more attractive
yields. The emphasis on longer-maturity issues proved beneficial to performance
as this segment of the curve outperformed for the overall period.
We also focused on the higher-yielding sector of the investment-grade market,
adding to positions in BBB credits in particular. Additionally, in an effort to
further enhance the portfolio's yield, we added to holdings of inverse floating-
rate securities.* Overall, these strategies were additive to the Trust's
performance during the first four months of the period. In the last two months,
however, spread widening led the performance of lower-rated bonds to wane and
rising interest rates hurt the performance of inverse floating-rate securities.
As a result, the Trust's holdings in these credits detracted from performance
late in the period. Security selection in the education sector also dampened
overall returns.
*An inverse floating-rate security, or "inverse floater", is a variable rate
security whose coupon rate changes in the opposite direction from the change in
the reference rate used to calculate the coupon rate.
3
Because the Trust's inverse floating-rate securities effectively added to the
portfolio's duration (a measure of interest-rate risk), we hedged that risk by
selling U.S. Treasury futures. This strategy was additive to performance for the
overall period and served to keep the Trust's duration neutral relative to that
of the Lehman Brothers Ohio Municipal Bond Index. In addition, strong security
selection within the tax-supported and pre-refunded sectors helped the
portfolio's holdings here outperform those of the Lehman Brothers Ohio Municipal
Bond Index. We added to the Trust's holdings in housing bonds during the period,
which served to enhance the Trust's yield, as did additional purchases of
discount coupon bonds. The Trust remained well represented across a broad
spectrum of municipal market sectors. As of the end of the period, public
education, hospital and single-family bonds represented the portfolio's largest
sector weightings.
The Trustees have approved a procedure whereby the trust may, when appropriate,
repurchase its shares in the open market or in privately negotiated transactions
at a price not above market value or NAV, whichever is lower at the time of
purchase. This may help support the market value of the trust's shares.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the Trust in
the future.
4
<Table>
TOP FIVE SECTORS AS OF 4/30/07 RATINGS ALLOCATION AS OF 4/30/07
Public Education 25.3% AAA/Aaa 67.4%
Hospital 16.3 AA/Aa 8.5
Single-Family 11.0 A/A 13.7
Higher Education 7.8 BBB/Baa 4.5
General Purpose 6.5 Non-Rated 5.9
</Table>
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings are as a percentage of total
investments. Sectors are as a percentage of long-term investments. Securities
are classified by sectors that represent broad groupings of related industries.
Van Kampen is a wholly owned subsidiary of a global securities firm which is
engaged in a wide range of financial services including, for example, securities
trading and brokerage activities, investment banking, research and analysis,
financing and financial advisory services. Rating allocations based upon ratings
as issued by Standard and Poor's and Moody's respectively.
5
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
Trust's second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen
also delivers the semiannual and annual reports to trust shareholders,
and makes these reports available on its public Web site,
www.vankampen.com. In addition to the semiannual and annual reports that
Van Kampen delivers to shareholders and makes available through the Van
Kampen public Web site, each trust files a complete schedule of portfolio
holdings with the SEC for the trust's first and third fiscal quarters on
Form N-Q. Van Kampen does not deliver the reports for the first and third
fiscal quarters to shareholders, nor are the reports posted to the Van
Kampen public Web site. You may, however, obtain the Form N-Q filings (as
well as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web
site, http://www.sec.gov. You may also review and copy them at the SEC's
Public Reference Room in Washington, DC. Information on the operation of
the SEC's Public Reference Room may be obtained by calling the SEC at
(800) SEC-0330. You can also request copies of these materials, upon
payment of a duplicating fee, by electronic request at the SEC's e-mail
address (publicinfo@sec.gov) or by writing the Public Reference section
of the SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 341-2929.
6
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the Trust's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 341-2929 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the Trust voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
7
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED)
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------
MUNICIPAL BONDS 180.9%
OHIO 168.0%
$ 400 Akron Bath Copley, OH Jt Twp Hosp Dist Rev Hosp
Fac Summa Hosp Ser A........................... 5.375% 11/15/18 $ 410,740
1,720 Akron, OH Rev & Impt Var Purp (MBIA Insd)
(a)............................................ 5.250 12/01/18 1,845,749
1,000 Akron, OH Rev & Impt Var Purp (MBIA Insd)...... 5.250 12/01/19 1,073,110
1,000 Athens Cnty, OH Hosp Fac Rev Impt O'Bleness Mem
Rfdg Ser A..................................... 7.125 11/15/33 1,095,010
1,000 Avon Lake, OH City Sch Dist Cap Apprec
(FGIC Insd).................................... * 12/01/11 838,040
1,000 Brookville, OH Loc Sch Dist (FSA Insd)
(Prerefunded @ 12/01/13)....................... 5.250 12/01/22 1,088,920
725 Cleveland-Cuyahoga Cnty, OH Port Auth Rev Dev
Port Cleveland Bd Fd Ser A (LOC: Fifth
Third Bank).................................... 6.250 05/15/16 775,018
845 Cleveland-Cuyahoga Cnty, OH Port Auth Rev Dev
Port Cleveland Bd Fd Ser B (AMT) (a)........... 6.500 11/15/14 891,610
1,000 Cleveland-Cuyahoga Cnty, OH Port Auth Rev
Student Hsg Euclid Ave Fenn Proj (AMBAC
Insd).......................................... 5.000 08/01/28 1,052,040
1,510 Cleveland, OH Arpt Sys Rev Ser A (FSA Insd).... 5.000 01/01/31 1,548,792
175 Cleveland, OH Arpt Sys Rev Ser A (FSA Insd)
(Prerefunded @ 1/01/10)........................ 5.000 01/01/31 182,423
3,145 Columbus, OH Tax Increment Fin Rev Easton Proj
(AMBAC Insd) (Prerefunded @ 6/01/09)........... 4.875 12/01/24 3,250,452
1,000 Cuyahoga Cnty, OH Hlthcare Fac Rev Mtg Menorah
Pk Ctr Wiggins Proj............................ 6.800 02/15/35 1,063,150
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc
Proj........................................... 7.500 01/01/30 1,096,130
2,000 Dayton, OH Arpt Rev Rfdg Ser C (Radian
Insd) (AMT).................................... 5.350 12/01/32 2,093,920
1,000 Dublin, OH City Sch Dist Constr & Impt
(Prerefunded @ 12/01/11)....................... 5.000 12/01/16 1,057,150
1,500 Erie Cnty, OH Hosp Fac Rev Firelands Regl Med
Ctr Proj A..................................... 5.000 08/15/36 1,536,870
2,500 Erie Cnty, OH Hosp Fac Rev Firelands Regl Med
Ctr Ser A...................................... 5.625 08/15/32 2,657,975
1,650 Field, OH Loc Sch Dist Sch Facs Constr & Impt
(AMBAC Insd)................................... 5.000 12/01/32 1,744,875
500 Finneytown, OH Loc Sch Dist (FGIC Insd)........ 6.200 12/01/17 595,110
1,000 Franklin Cnty, OH Hlthcare Fac Rev OH
Presbyterian Ser A (Prerefunded @ 7/01/11)..... 7.125 07/01/29 1,134,330
1,000 Franklin Cnty, OH Hosp Rev Impt The Childrens
Hosp Proj Ser C (FGIC Insd).................... 5.000 05/01/35 1,049,390
1,000 Franklin Cnty, OH Rev Mtg Seton Square North
Proj (FHA Gtd)................................. 6.150 10/01/18 1,001,360
1,455 Gallia Cnty, OH Loc Sch Dist Sch Impt (FSA
Insd).......................................... 5.000 12/01/30 1,549,473
2,555 Greene Cnty, OH Swr Sys Rev Govt Enterprise
(AMBAC Insd) (Prerefunded @ 12/01/10).......... 5.625 12/01/25 2,745,092
</Table>
8 See Notes to Financial Statements
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------
OHIO (CONTINUED)
$ 2,145 Groveport, OH Inc Tax Rcpt (MBIA Insd) (a)..... 5.000% 12/01/20 $ 2,271,727
5,000 Hamilton Cnty, OH Sales Tax Sub Cap Apprec Ser
B (AMBAC Insd)................................. * 12/01/23 2,452,950
1,000 Hamilton Cnty, OH Swr Sys Rev Impt Metro Swr
Dist Ser B (MBIA Insd)......................... 5.000 12/01/30 1,061,210
1,000 Harrison, OH Wastewtr Sys & Impt Rfdg (FSA
Insd) (a)...................................... 5.250 11/01/20 1,081,350
1,200 Heath, OH City Sch Dist Sch Impt Ser A (FGIC
Insd) (Prerefunded @ 12/01/10)................. 5.500 12/01/27 1,273,740
2,000 Hilliard, OH Sch Dist Cap Apprec Sch Impt (FGIC
Insd).......................................... * 12/01/18 1,238,560
6,370 Jackson, OH Loc Sch Dist Star Constr & Impt
(FGIC Insd) (Prerefunded @ 6/01/14)............ 5.000 12/01/30 6,863,293
1,000 Lakota, OH Loc Sch Dist (AMBAC Insd)........... 7.000 12/01/09 1,079,730
610 Licking Heights, OH Loc Sch Dist Cap Apprec Ser
A (FGIC Insd) (a).............................. * 12/01/15 432,734
745 Licking Heights, OH Loc Sch Dist Cap Apprec Ser
A (FGIC Insd) (a).............................. * 12/01/17 483,349
2,485 Little Miami, OH Loc Sch Dist Sch Impt (FSA
Insd) (Prerefunded @ 12/01/16) (a)............. 5.000 12/01/24 2,721,572
1,250 London, OH City Sch Dist Sch Fac Constr & Impt
(FGIC Insd) (Prerefunded @ 12/01/11)........... 5.500 12/01/16 1,347,625
1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Part
Ser B (MBIA Insd).............................. 5.625 09/01/15 1,025,280
2,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Ser
S.............................................. 5.375 10/01/30 2,107,320
1,255 Lorain, OH Hosp Impt Rev Lakeland Cmnty Hosp
Inc Proj (c)................................... 6.500 11/15/12 1,269,809
1,000 Lucas Cnty, OH Hlthcare Fac Rev Sunset
Retirement Rfdg Ser A.......................... 6.375 08/15/15 1,062,010
695 Marysville, OH Exmp Vlg Sch Dist Cap Apprec Sch
Impt (AMBAC Insd).............................. * 12/01/16 471,488
2,665 Medina Cnty, OH Lib Dist (FGIC Insd) (a)....... 5.250 12/01/20 2,884,170
1,000 Miami Cnty, OH Hosp Fac Upper Vly Med Ctr Impt
& Rfdg......................................... 5.250 05/15/26 1,051,020
1,000 Miami Univ, OH Gen Rcpt Rfdg (AMBAC Insd)...... 5.000 12/01/22 1,054,400
1,000 Middleburg Heights, OH Southwest Genl Hlth Ctr
(FSA Insd)..................................... 5.625 08/15/15 1,040,490
2,000 Montgomery Cnty, OH Hosp Rev Grandview Hosp &
Med Ctr Rfdg (Prerefunded @ 12/01/09).......... 5.600 12/01/11 2,088,060
2,000 Montgomery Cnty, OH Rev Catholic Hlth
Initiatives Ser A (c).......................... 6.000 12/01/26 2,149,560
245 Ohio Hsg Fin Agy Mtg Rev Residential Ser A
(GNMA Collateralized) (AMT).................... 5.250 09/01/30 249,231
5,550 Ohio Hsg Fin Agy Single Family Mtg Rev (FGIC
Insd) (c)...................................... * 01/15/15 4,111,551
</Table>
See Notes to Financial Statements 9
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------
OHIO (CONTINUED)
$ 1,000 Ohio Hsg Fin Agy Single Family Mtg Rev (FGIC
Insd) (Prerefunded @ 1/15/14).................. * 01/15/15 $ 697,870
5,850 Ohio Hsg Fin Agy Single Family Mtg Rev (FGIC
Insd) (Prerefunded @ 7/15/14).................. * 01/15/15 4,209,485
1,000 Ohio Muni Elec Generation Agy Jt Venture 5 Ctf
Ben Int (MBIA Insd)............................ * 02/15/30 368,380
11,000 Ohio St Air Quality Dev Auth Rev Coll Dayton
Pwr & Lt Co Proj (b)........................... 4.800% 09/01/36 11,126,142
780 Ohio St Dept of Tran Ctf Part Panhandle Rail
Line Proj (FSA Insd)........................... 6.500 04/15/12 781,732
1,300 Ohio St Higher Ed Fac Commn Higher Ed Fac Univ
Dayton Proj (AMBAC Insd) (Prerefunded @
12/01/10)...................................... 5.500 12/01/30 1,391,299
1,400 Ohio St Higher Ed Fac Commn Higher Ed Fac
Xavier Univ Proj (CIFG Insd)................... 5.000 05/01/24 1,483,776
2,000 Ohio St Higher Ed Fac Rev Kenyon College
Proj........................................... 5.000 07/01/41 2,078,140
2,000 Ohio St Higher Ed Fac Rev Otterbein College
Proj (CIFG Insd)............................... 5.000 12/01/35 2,115,000
10,000 Ohio St Hsg Ed Fac Commn Rev Rev Hosp Univ Hosp
Hlth Sys Inc Ser A (b)......................... 4.750 01/15/46 9,976,800
10,040 Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd
Sec Ler L (AMT) (b)............................ 4.750 03/01/37 10,034,428
2,000 Ohio St Univ Gen Rcpt Ser A.................... 5.000 12/01/26 2,088,980
1,000 Ohio St Univ Gen Rcpt Ser A.................... 5.125 12/01/31 1,052,720
1,300 Ohio St Wtr Dev Auth Rev Wtr Dev Fresh Wtr Impt
(Prerefunded @ 6/01/12)........................ 5.375 12/01/21 1,402,440
10,000 Olentangy Loc Sch Dist OH Rfdg Ser A (FSA Insd)
(b)............................................ 4.500 12/01/32 10,026,700
1,415 Ottawa & Glandorf, OH Loc Sch Fac Constr & Impt
(MBIA Insd) (Prerefunded @ 12/01/12) (a)....... 5.375 12/01/18 1,535,586
1,000 Painesville, OH Loc Sch Dist Sch Constr (MBIA
Insd).......................................... 5.000 12/01/28 1,059,720
1,000 Port Gtr Cincinnati, OH Dev Auth Sisters of
Mercy Cincinnati............................... 5.000 10/01/25 1,029,100
1,895 Sugarcreek, OH Loc Sch Dist Sch Impt & Rfdg
(MBIA Insd) (Prerefunded @ 12/01/13)........... 5.250 12/01/27 2,063,503
1,820 Summit Cnty, OH (a)............................ 5.250 12/01/22 1,952,696
1,395 Summit Cnty, OH................................ 5.250 12/01/23 1,496,709
1,000 Summit Cnty, OH Port Auth Bd Fd Pgm Dev Rev
Work Force Policy Brd Ser F.................... 4.875 11/15/25 1,034,720
1,850 Tipp City, OH Exmp Vlg Sch Dist Sch Fac Constr
& Impt (FGIC Insd) (Prerefunded @ 6/01/11)
(a)............................................ 5.500 12/01/15 1,979,130
1,500 Toledo-Lucas Cnty, OH Port Auth Crocker Pk Pub
Impt Proj...................................... 5.375 12/01/35 1,611,345
1,000 Toledo-Lucas Cnty, OH Port Auth Fac Cargill Inc
Proj Rfdg Ser A................................ 4.800 03/01/22 1,025,950
</Table>
10 See Notes to Financial Statements
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------
OHIO (CONTINUED)
$ 490 Toledo-Lucas Cnty, OH Port Auth Northwest OH Bd
Fd Ser C (AMT)................................. 5.125% 11/15/25 $ 498,462
1,150 Toledo-Lucas Cnty, OH Port Auth Northwest OH Bd
Fd Ser D (AMT)................................. 6.900 11/15/20 1,250,752
3,475 Toledo, OH City Sch Dist Sch Facs Impt Ser B
(FGIC Insd).................................... 5.000 12/01/27 3,645,623
1,040 Toledo, OH Sew Sys Rev (AMBAC Insd) (a)........ 5.000 11/15/24 1,096,264
1,805 Toledo, OH Sew Sys Rev (AMBAC Insd)............ 5.000 11/15/28 1,893,138
1,000 University Cincinnati OH Gen Ser A (FGIC
Insd).......................................... 5.000 06/01/20 1,053,370
1,300 University Cincinnati OH Gen Ser F (Prerefunded
@ 6/01/12)..................................... 5.375 06/01/16 1,399,944
1,140 West Chester Twp OH Rfdg (AMBAC Insd).......... 5.000 12/01/20 1,205,504
1,180 Worthington, OH City Sch Dist Rfdg (FGIC
Insd).......................................... 6.000 06/01/10 1,258,954
------------
163,173,320
------------
GUAM 4.3%
2,000 Guam Pwr Auth Rev Ser A (AMBAC Insd)........... 5.125 10/01/29 2,072,780
2,000 Guam Pwr Auth Rev Ser A (AMBAC Insd)........... 5.250 10/01/34 2,078,500
------------
4,151,280
------------
PUERTO RICO 4.6%
1,000 Childrens Tr Fd PR Tob Settlement Rev.......... 5.500 05/15/39 1,049,140
1,500 Childrens Tr Fd PR Tob Settlement Rev.......... 5.625 05/15/43 1,580,025
1,500 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev
Rfdg Ser Y (FSA Insd).......................... 6.250 07/01/21 1,855,800
------------
4,484,965
------------
U.S. VIRGIN ISLANDS 4.0%
1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt
Taxes Ln Nt Ser A.............................. 6.375 10/01/19 1,086,740
1,500 Virgin Islands Pub Fin Auth Rev Gross Rcpt
Taxes Ln Nt Ser A (Prerefunded @ 10/01/10)
(d)............................................ 6.500 10/01/24 1,644,630
1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt
Taxes Ln Nt Ser A (ACA Insd) (Prerefunded @
10/01/10)...................................... 6.125 10/01/29 1,085,840
------------
3,817,210
------------
TOTAL LONG-TERM INVESTMENTS 180.9%
(Cost $166,201,276)........................................................ 175,626,775
TOTAL SHORT-TERM INVESTMENTS 0.7%
(Cost $705,000)............................................................ 705,000
------------
TOTAL INVESTMENTS 181.6%
(Cost $166,906,276)........................................................ 176,331,775
</Table>
See Notes to Financial Statements 11
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
<Table>
<Caption>
DESCRIPTION VALUE
- -----------------------------------------------------------------------------------------------
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (31.7%)
(Cost ($30,780,000))
$(30,780) Notes with interest rates ranging from 3.98% to 4.05% at April
30, 2007 and contractual maturities of collateral ranging from
2032 to 2046 (See Note 1) (e).................................... $(30,780,000)
------------
TOTAL NET INVESTMENT 149.9%
(Cost $136,126,276)........................................................... 145,551,775
OTHER ASSETS IN EXCESS OF LIABILITIES 1.6%..................................... 1,580,220
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (51.5%)..................... (50,016,863)
------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.................................. $ 97,115,132
============
</Table>
Percentages are calculated as a percentage of net assets.
* Zero coupon bond
(a) The Trust owns 100% of the outstanding bond issuance.
(b) Underlying security related to Inverse Floaters entered into by the Trust.
See Note 1.
(c) Escrowed to Maturity
(d) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(e) Floating rate notes. The interest rate shown reflects the rates in effect at
April 30, 2007.
ACA--American Capital Access
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CIFG--CDC IXIS Financial Guaranty
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
LOC--Letter of Credit
MBIA--Municipal Bond Investors Assurance Corp.
Radian--Radian Asset Assurance
12 See Notes to Financial Statements
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2007 (UNAUDITED) continued
FUTURES CONTRACTS OUTSTANDING AS OF APRIL 30, 2007:
<Table>
<Caption>
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Bonds Futures, June 2007 (Current Notional
Value of $111,750 per contract)........................... 218 $139,320
=== ========
</Table>
See Notes to Financial Statements 13
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2007 (Unaudited)
<Table>
ASSETS:
Total Investments (Cost $166,906,276)....................... $176,331,775
Cash........................................................ 28,108
Receivables:
Interest.................................................. 2,377,383
Investments Sold.......................................... 70,000
Other....................................................... 3,988
------------
Total Assets............................................ 178,811,254
------------
LIABILITIES:
Floating Rate Note Obligations.............................. 30,780,000
Payables:
Variation Margin on Futures............................... 183,938
Investment Advisory Fee................................... 48,313
Income Distributions--Common Shares....................... 17,827
Other Affiliates.......................................... 8,210
Trustees' Deferred Compensation and Retirement Plans........ 593,138
Accrued Expenses............................................ 47,833
------------
Total Liabilities....................................... 31,679,259
Preferred Shares (including accrued distributions).......... 50,016,863
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 97,115,132
============
NET ASSET VALUE PER COMMON SHARE ($97,115,132 divided by
5,836,001 shares outstanding)............................. $ 16.64
============
NET ASSETS CONSIST OF:
Common Shares ($0.01 par value with unlimited number of
shares authorized, 5,836,001 shares issued and
outstanding).............................................. $ 58,360
Paid in Surplus............................................. 87,885,250
Net Unrealized Appreciation................................. 9,564,819
Accumulated Undistributed Net Investment Income............. (98,401)
Accumulated Net Realized Loss............................... (294,896)
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 97,115,132
============
PREFERRED SHARES ($0.01 par value, authorized 100,000,000
shares, 2,000 issued with liquidation preference of
$25,000 per share)........................................ $ 50,000,000
============
NET ASSETS INCLUDING PREFERRED SHARES....................... $147,115,132
============
</Table>
14 See Notes to Financial Statements
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2007 (Unaudited)
<Table>
INVESTMENT INCOME:
Interest.................................................... $ 4,129,521
-----------
EXPENSES:
Interest and Residual Trust Expenses........................ 415,394
Investment Advisory Fee..................................... 402,751
Preferred Share Maintenance................................. 72,650
Trustees' Fees and Related Expenses......................... 44,230
Professional Fees........................................... 35,968
Accounting and Administrative Expenses...................... 25,144
Reports to Shareholders..................................... 12,777
Transfer Agent Fees......................................... 12,709
Registration Fees........................................... 10,719
Custody..................................................... 9,317
Other....................................................... 7,435
-----------
Total Expenses.......................................... 1,049,094
Investment Advisory Fee Reduction....................... 91,597
-----------
Net Expenses............................................ 957,497
-----------
NET INVESTMENT INCOME....................................... $ 3,172,024
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ 283,561
Futures................................................... (254,487)
Swap Contracts............................................ (191,128)
-----------
Net Realized Loss........................................... (162,054)
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 10,130,977
-----------
End of the Period:
Investments............................................. 9,425,499
Futures................................................. 139,320
-----------
9,564,819
-----------
Net Unrealized Depreciation During the Period............... (566,158)
-----------
NET REALIZED AND UNREALIZED LOSS............................ $ (728,212)
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (907,205)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 1,536,607
===========
</Table>
See Notes to Financial Statements 15
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
FINANCIAL STATEMENTS continued
Statement of Changes in Net Assets (Unaudited)
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, 2006
-----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.................................... $ 3,172,024 $ 5,987,740
Net Realized Gain/Loss................................... (162,054) 598,879
Net Unrealized Appreciation/Depreciation During the
Period................................................. (566,158) 703,596
Distributions to Preferred Shareholders:
Net Investment Income.................................. (907,205) (1,641,029)
Net Realized Gain...................................... -0- (70,732)
----------- -----------
Change in Net Assets Applicable to Common Shares from
Operations............................................. 1,536,607 5,578,454
Distributions to Common Shareholders:
Net Investment Income.................................. (2,221,806) (4,597,232)
Net Realized Gain...................................... -0- (333,634)
----------- -----------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
INVESTMENT ACTIVITIES.................................. (685,199) 647,588
FROM CAPITAL TRANSACTIONS:
Repurchase of Shares..................................... (66,101) -0-
----------- -----------
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO
COMMON SHARES.......................................... (751,300) 647,588
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................. 97,866,432 97,218,844
----------- -----------
End of the Period (Including accumulated undistributed
net investment income of $(98,401) and $(141,414),
respectively).......................................... $97,115,132 $97,866,432
=========== ===========
</Table>
16 See Notes to Financial Statements
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, -----------------------------------------------
2007 2006 2005 2004 2003 2002
------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD......... $ 16.76 $ 16.65 $ 17.16 $ 16.86 $ 16.92 $ 16.91
------- ------- ------- ------- ------- -------
Net Investment Income........................... 0.54(a) 1.03(a) 1.01 1.04 1.01 1.14
Net Realized and Unrealized Gain/Loss........... (0.12) 0.22 (0.41) 0.52 0.22 0.01
Common Share Equivalent of Distributions
Paid to Preferred Shareholders:
Net Investment Income......................... (0.16) (0.28) (0.18) (0.08) (0.07) (0.12)
Net Realized Gain............................. 0.00 (0.01) 0.00(f) (0.02) (0.02) 0.00
------- ------- ------- ------- ------- -------
Total from Investment Operations................. 0.26 0.96 0.42 1.46 1.14 1.03
Distributions Paid to Common Shareholders:
Net Investment Income......................... (0.38) (0.79) (0.88) (0.92) (1.01) (1.02)
Net Realized Gain............................. 0.00 (0.06) (0.05) (0.24) (0.19) 0.00
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD............... $ 16.64 $ 16.76 $ 16.65 $ 17.16 $ 16.86 $ 16.92
======= ======= ======= ======= ======= =======
Common Share Market Price at End of the Period... $ 15.92 $ 15.19 $ 15.75 $ 16.16 $ 16.06 $ 16.95
Total Return (b)................................. 7.37%** 1.78% 3.14% 8.15% 1.71% 10.83%
Net Assets Applicable to Common Shares at End of
the Period (In millions)........................ $ 97.1 $ 97.9 $ 97.3 $ 74.3 $ 73.0 $ 72.9
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c) *............... 1.98% 1.32% 1.33% 1.37% 1.39% 1.47%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (c) *........ 6.55% 6.20% 6.01% 6.15% 6.00% 6.83%
Portfolio Turnover............................... 6%** 35% 10% 5% 28% 26%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and
the ratios would have been as follows:
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c).............. 2.17 N/A N/A N/A N/A N/A
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (c)....... 6.36 N/A N/A N/A N/A N/A
SUPPLEMENTAL RATIOS:
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net Assets
Applicable to Common Shares (c)................. 1.12% 1.31% 1.33% 1.37% 1.39% 1.47%
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net Assets
Including Preferred Shares (c).................. 0.74% 0.86% 0.90% 0.93% 0.94% 0.99%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (d).......... 4.68% 4.50% 4.95% 5.66% 5.58% 6.13%
SENIOR SECURITIES:
Total Preferred Shares Outstanding............... 2,000 2,000 2,000 1,400 1,400 1,400
Asset Coverage Per Preferred Share (e)........... $73,566 $73,967 $73,633 $78,101 $77,138 $77,056
Involuntary Liquidating Preference Per Preferred
Share........................................... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Average Market Value Per Preferred Share......... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
</Table>
** Non-Annualized
(a)Based on average shares outstanding.
(b)Total return assumes an investment at the common share market price at the
beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing common share market price at the end of the period
indicated.
(c)Ratios do not reflect the effect of dividend payments to preferred
shareholders.
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
(e)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares) from the Trust's total assets and dividing this by the
number of preferred shares outstanding.
(f)Amount is less than $.01.
N/A=Not Applicable.
See Notes to Financial Statements 17
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Ohio Quality Municipal Trust (the "Trust") is registered as a
non-diversified, closed-end management investment company under the Investment
Company Act of 1940 (the "1940 Act"), as amended, but operates as a diversified
Management Investment Company. The Trust's investment objective is to seek to
provide a high level of current income exempt from federal and Ohio income
taxes, consistent with preservation of capital. The Trust will invest in a
portfolio consisting substantially of Ohio municipal obligations rated
investment grade at the time of investment, but may invest up to 20% of its
assets in unrated securities which are believed to be of comparable quality to
those rated investment grade. The Trust commenced investment operations on
September 27, 1991.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the last reported bid and asked prices or, in the
absence of market quotations, at fair value based upon yield data relating to
municipal bonds with similar characteristics and general market conditions.
Securities which are not valued by independent pricing services or dealers are
valued at fair value using procedures established in good faith by the Board of
Trustees. Futures contracts are valued at the settlement price established each
day on the exchange on which they are traded. Interest rate swaps are valued
using market quotations obtained from brokers. Short-term securities with
remaining maturities of 60 days or less are valued at amortized cost, which
approximates market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when-issued" or "delayed delivery"
basis with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this period. The Trust will
segregate assets with the custodian having an aggregate value at least equal to
the amount of the when-issued or delayed delivery purchase commitments until
payment is made. At April 30, 2007, there were no when-issued or delayed
delivery purchase commitments.
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the expected life of each
applicable security.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset
18
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
these losses against any future realized capital gains. During the fiscal year
ended October 31, 2006, the Trust utilized capital losses carried forward of
$298,092. At October 31, 2006, the Trust had an accumulated capital loss
carryforward for tax purposes of $435,485, which will expire according to the
following schedule.
<Table>
<Caption>
AMOUNT EXPIRATION
$435,437.................................................... October 31, 2007
48.................................................... October 31, 2008
</Table>
A portion of the capital loss carryforward above was acquired due to a
merger with another regulated investment company and is subject to annual
limitations.
At April 30, 2007 the cost and related gross unrealized appreciation and
depreciation are as follows:
<Table>
Cost of investments for tax purposes........................ $135,742,224
============
Gross tax unrealized appreciation........................... $ 9,809,551
Gross tax unrealized depreciation........................... --
------------
Net tax unrealized appreciation on investments.............. $ 9,809,551
============
</Table>
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed at least annually on a pro rata basis to common and
preferred shareholders. Distributions from net realized gains for book purposes
may include short-term capital gains and a portion of futures gains, which are
included as ordinary income for tax purposes.
The tax character of distributions paid during the year ended October 31,
2006 was as follows:
<Table>
Distributions paid from:
Ordinary income........................................... $ 2,287
Tax exempt income......................................... 6,219,030
Long-term capital gain.................................... 404,367
----------
$6,625,684
==========
</Table>
As of October 31, 2006, the components of distributable earnings on a tax
basis were as follows:
<Table>
Undistributed ordinary income............................... $ 18,348
Undistributed tax-exempt income............................. 344,640
</Table>
F. FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters
into transactions in which it transfers to dealer trusts fixed rate bonds in
exchange for cash and residual interests in the dealer trusts' assets and cash
flows, which are in the form of inverse floating rate investments. The dealer
trusts fund the purchases of the fixed rate bonds by issuing floating rate notes
to third parties and allowing the Trust to retain residual interests in the
bonds. The Trust enters into shortfall agreements with the dealer trusts, which
commit the Trust to pay the dealer trusts, in certain circumstances, the
difference between the
19
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
liquidation value of the fixed rate bonds held by the dealer trusts and the
liquidation value of the floating rate notes held by third parties, as well as
any shortfalls in interest cash flows. The residual interests held by the Trust
(inverse floating rate investments) include the right of the Trust (1) to cause
the holders of the floating rate notes to tender their notes at par at the next
interest rate reset date, and (2) to transfer the municipal bond from the dealer
trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts
for the transfer of bonds to the dealer trusts as secured borrowings, with the
securities transferred remaining in the Trust's investment assets, and the
related floating rate notes reflected as Trust liabilities under the caption
"Floating Rate Note Obligations" on the Statement of Assets and Liabilities. The
Trust records the interest income from the fixed rate bonds under the caption
"Interest" and records the expenses related to floating rate note obligations
and any administrative expenses of the dealer trusts under the caption "Interest
and Residual Trust Expenses" in the Trust's Statement of Operations. The notes
issued by the dealer trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes to the dealer
trusts for redemption at par at each reset date. At April 30, 2007, Trust
investments with a value of $41,164,070 are held by the dealer trusts and serve
as collateral for the $30,780,000 in floating rate notes outstanding at that
date. Contractual maturities of the floating rate notes and interest rates in
effect at April 30, 2007 are presented on the Portfolio of Investments.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") will provide investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
including preferred shares of the Trust. Effective December 1, 2006, the Advisor
has agreed to waive investment advisory fees equal to 0.15% of the average daily
net assets including preferred shares of the Trust. During the period ended
April 30, 2007, the Advisor waived $91,597 of its advisory fees. This waiver is
voluntary and can be discontinued at any time.
For the six months ended April 30, 2007, the Trust recognized expenses of
approximately $7,200 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
Under separate Legal Services, Accounting Services and Chief Compliance
Officer (CCO) Employment agreements, the Adviser provides accounting and legal
services and the CCO provides compliance services to the Trust. The costs of
these services are allocated to each trust. For the six months ended April 30,
2007, the Trust recognized expenses of approximately $22,300 representing Van
Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting and legal services to the Trust, as well as the salary,
benefits and related costs of the CCO and related support staff paid by Van
Kampen. Services provided pursuant to the Legal Services agreement are reported
as part of "Professional Fees" on the Statement of Operations. Services provided
pursuant to the Accounting Services and CCO Employment agreement are reported as
part of "Accounting and Administrative Expenses" on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
also officers of Van Kampen.
20
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation to a
later date. Benefits under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustee's years of service to the Trust.
The maximum annual benefit per trustee under the plan is $2,500.
3. CAPITAL TRANSACTIONS
For the six months ended April 30, 2007 and the year ended October 31, 2006,
transactions in common shares were as follows:
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, 2006
Beginning Shares........................................ 5,840,201 5,840,201
Shares Repurchased*..................................... 4,200 0
--------- ---------
Ending Shares........................................... 5,836,001 5,840,201
========= =========
</Table>
* On February 28, 2007, the Trust commenced a share repurchase program for
purposes of enhancing stockholder value and reducing the discount at which the
Trust's shares trade from their net asset value. For the period ended April 30,
2007, the Trust repurchased 4,200 of its shares at an average discount of 6.26%
from net asset value per share. The Trust expects to continue to repurchase its
outstanding shares at such time and in such amounts as it believes such activity
will further the accomplishment of the foregoing objectives, subject to review
of the Trustees.
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $25,699,047 and $11,082,587,
respectively.
5. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts or engage in transactions involving interest
rate swaps, caps, floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management or for risk management
purposes, but may also enter into these transactions to generate additional
income. All of the Trust's portfolio holdings, including derivative instruments,
are marked to market each day with the change in value reflected in the
unrealized appreciation/depreciation. Upon disposition, a realized gain or loss
is recognized accordingly, except when taking delivery of a security underlying
a futures contract. In this instance, the recognition of gain or loss is
postponed until the disposal of the security underlying the futures contract.
Risks may arise as a result of the potential inability of the counterparties to
meet the terms of their contracts.
Summarized below are the specific types of derivative financial instruments
used by the Trust.
21
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Trust generally invests in exchange traded futures contracts on U.S. Treasury
Bonds and Notes and typically closes the contract prior to the delivery date.
These contracts are generally used to manage the Trust's effective maturity and
duration. Upon entering into futures contracts, the Trust maintains an amount of
cash or liquid securities with a value equal to a percentage of the contract
amount with either a futures commission merchant pursuant to the rules and
regulations promulgated under the 1940 Act, as amended, or with its custodian in
an account in the broker's name. This amount is known as initial margin. During
the period the futures contract is open, payments are received from or made to
the broker based upon changes in the value of the contract (the variation
margin). The risk of loss associated with a futures contract is in excess of the
variation margin reflected on the Statement of Assets and Liabilities.
Transactions in futures contracts for the six months ended April 30, 2007,
were as follow:
<Table>
<Caption>
CONTRACTS
Outstanding at October 31, 2006............................. 209
Futures Opened.............................................. 725
Futures Closed.............................................. (716)
----
Outstanding at April 30, 2007............................... 218
====
</Table>
B. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap
transactions intended to help the Trust manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Trust's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve the Trust's agreement with a
counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Trust a variable or fixed rate payment, the
accruals for which would begin at a specified date in the future (the "effective
date"). The amount of the payment obligation is based on the notional amount of
the forward swap contract and the termination date of the swap (which is akin to
a bond's maturity). The value of the Trust's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
The Trust may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. The Trust
intends, but is not obligated, to terminate its forward swaps before the
effective date. Accordingly, the risk of loss with respect to the swap
counterparty on such transactions is limited to the credit risk associated with
a counterparty failing to honor its commitment to pay any realized gain to the
Trust upon termination. To reduce such credit risk, all counterparties are
required to pledge collateral daily (based on the daily valuation of each swap)
on behalf of the Trust with a value approximately equal to the amount of any
unrealized gain. Reciprocally, when the Trust has an unrealized loss on a swap
contract, the Trust has instructed the custodian to pledge cash or liquid
securities as collateral with a value approximately equal to the amount of the
unrealized loss. Collateral pledges are
22
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
monitored and subsequently adjusted if and when the swap valuations fluctuate.
Restricted cash, if any, for segregating purposes is shown on the Statement of
Assets and Liabilities.
C. INVERSE FLOATING RATE SECURITIES The Trust may invest a portion of its assets
in inverse floating rate instruments, either through outright purchases of
inverse floating rate securities or through the transfer of bonds to a dealer
trust in exchange for cash and residual interests in the dealer trust. These
investments are typically used by the Trust in seeking to enhance the yield of
the portfolio. These instruments typically involve greater risks than a fixed
rate municipal bond. In particular, these instruments are acquired through
leverage or may have leverage embedded in them and therefore involve many of the
risks associated with leverage. Leverage is a speculative technique that may
expose the Trust to greater risk and increased costs. Leverage may cause the
Trust's net asset value to be more volatile than if it had not been leveraged
because leverage tends to magnify the effect of any increases or decreases in
the value of the Trust's portfolio securities. The use of leverage may also
cause the Trust to liquidate portfolio positions when it may not be advantageous
to do so in order to satisfy its obligations with respect to inverse floating
rate instruments.
6. PREFERRED SHARES
The Trust has outstanding 2,000 Auction Preferred Shares (APS). Series A
contains 1,400 shares and Series B contains 600 shares. Dividends are cumulative
and the dividend rates are generally reset every 28 days for Series A, while
Series B are generally reset every 7 days through an auction process. The
average rate in effect on April 30, 2007 was 3.94%. During the six months ended
April 30, 2007, the rates ranged from 3.00% to 4.15%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
7. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
8. ACCOUNTING PRONOUNCEMENTS
In July 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation 48, Accounting for Uncertainty in Income Taxes -- an
interpretation of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting
for income taxes by prescribing the minimum recognition threshold a tax position
must meet before being recognized in the financial statements. FIN 48 is
effective for fiscal years beginning after December 15, 2006 and is to be
applied to all open tax years as of the effective date. Recent SEC guidance
allows implementing FIN in the fund NAV calculations as late as the fund's last
NAV calculation in the first required financial statement period. As a result,
the Trust will incorporate FIN 48 in
23
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2007 (UNAUDITED) continued
its semiannual report on April 30, 2008. The impact to the Trust's financial
statements, if any, is currently being assessed.
In addition, in September 2006, Statement of Financial Accounting Standards
No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for
fiscal years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. Management is currently evaluating the impact the
adoption of SFAS 157 will have on the Trust's financial statement disclosure.
24
VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
BOARD OF TRUSTEES, OFFICERS, AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
RONALD E. ROBISON
President and Principal Executive Officer
DENNIS SHEA
Vice President
J. DAVID GERMANY
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
JAMES W. GARRETT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
c/o Computershare Investor Services
P.O. Box 43011
Providence, Rhode Island 02940-3011
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
25
Van Kampen Ohio Quality Municipal Trust
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Ohio Quality Municipal Trust
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Ohio Quality Municipal Trust
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza, Suite 100
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2007 Van Kampen Funds Inc.
All rights reserved. Member NASD/SIPC.
VOQSAR 6/07
(VAN KAMPEN INVESTMENTS LOGO) IU07-01475P-Y04/07
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
TOTAL NUMBER OF MAXIMUM NUMBER
SHARES PURCHASED AS OF SHARES THAT MAY
PART OF PUBLICLY YET BE PURCHASED
TOTAL NUMBER OF AVERAGE PRICE ANNOUNCED PLANS UNDER THE PLANS OR
PERIOD* SHARES PURCHASED PAID PER SHARE OR PROGRAMS PROGRAMS
- ------- ---------------- -------------- ------------------- ------------------
November -- -- -- --
December -- -- -- --
January -- -- -- --
February -- -- -- 584,020
March 3,700 15.68 3,700 580,320
April 500 15.69 500 579,820
* The Share Repurchase Program commenced on 2/28/2007.
The Trust expects to continue to repurchase its outstanding shares at such time
and in such amounts as it believes will further the accomplishment of the
foregoing objectives, subject to review by the Board of Trustees.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. 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-CSRS 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 registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(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 Ohio Quality
Municipal Trust
By: /s/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 21, 2007
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: June 21, 2007
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 21, 2007