UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7868
Van Kampen Advantage Municipal Income Trust II
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(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
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(Address of principal executive offices) (Zip code)
Ronald Robison
522 Fifth Avenue, New York, New York 10036
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 1/31/08
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS - JANUARY 31, 2008 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------ ----------- ----------- ---------- ------------
MUNICIPAL BONDS 202.8%
ALABAMA 4.5%
$ 3,000 Birmingham Baptist Med Ctr AL
Spl Care Fac Fin Auth Rev
Baptist Hlth Sys Ser A .......... 5.000% 11/15/30 $ 2,735,460
2,000 Birmingham Baptist Med Ctr AL
Spl Care Fac Fin Auth Rev
Baptist Hlth Sys Ser A .......... 5.875 11/15/24 2,053,000
1,900 Huntsville Redstone Vlg, AL Spl
Care Fac Fin Auth Redstone
Vlg Proj ........................ 5.500 01/01/43 1,681,443
4 Mobile, AL Indl Dev Brd Solid
Waste Disp Rev Mobile Energy
Svc Co Proj Rfdg ................ 6.950 01/01/20 349
19,600 University AL at Birmingham
Hosp Rev Ser A (MBIA Insd)
(a) ............................. 5.000 09/01/41 19,714,758
1,000 Valley, AL Spl Care Fac Fin
Auth Rev Lanier Mem Hosp
Ser A ........................... 5.600 11/01/16 1,014,450
-------------
27,199,460
-------------
ALASKA 0.6%
4,250 Northern Tob Sec Corp AK Tob
Settlement Ser A ................ 5.000 06/01/46 3,578,925
-------------
ARIZONA 4.8%
3,000 Arizona St Trans Brd Hwy Rev
Ser B ........................... 5.250 07/01/19 3,249,420
5,000 Glendale, AZ Indl Dev Auth John
C Lincoln Hlth Rfdg Ser B ....... 5.000 12/01/37 4,659,350
4,500 Maricopa Cnty, AZ Hosp Rev Sun
Hlth Corp ....................... 5.000 04/01/35 4,199,265
1,555 Pima Cnty, AZ Indl Dev Auth
Indl Rev Lease Oblig
Irvington Proj Tucson Rfdg
Ser A (FSA Insd) ................ 7.250 07/15/10 1,605,553
2,500 Pima Cnty, AZ Indl Dev Auth Wtr
& Wastewtr Rev Global Wtr
Resh LLC Proj (AMT) ............. 6.550 12/01/37 2,446,200
1,000 Salt Verde Fin Corp Gas Rev AZ
Sr .............................. 5.250 12/01/20 1,041,410
2,685 South Campus Group LLC AZ Std
Hsg Rev AZ St Univ South
Campus Proj (MBIA Insd) ......... 5.625 09/01/35 2,898,511
9,000 University Med Ctr Corp AZ Hosp
Rev ............................. 5.000 07/01/35 8,617,860
-------------
28,717,569
-------------
ARKANSAS 0.6%
1,930 Arkansas St Cap Apprec College
Svg (b) ......................... * 06/01/16 1,439,008
2,000 Arkansas St Dev Fin Auth Rev St
Agy Fac Donaghey Plaza Proj
(FSA Insd) ...................... 5.000 06/01/34 2,063,920
-------------
3,502,928
-------------
CALIFORNIA 33.4%
725 Aliso Viejo, CA Cmnty Fac Dist
Spl Tax No 2005-01 Glenwood
at Aliso ........................ 6.000 09/01/38 726,791
6,000 Anaheim, CA Pub Fin Auth Lease
Rev Cap Apprec Sub Pub Impt
Proj Ser C (FSA Insd) ........... * 09/01/19 3,749,580
7,195 Anaheim, CA Pub Fin Auth Lease
Rev Cap Apprec Sub Pub Impt
Proj Ser C (FSA Insd) ........... * 09/01/21 3,983,656
1,300 Anaheim, CA Pub Fin Auth Lease
Rev Pub Impt Proj Ser C (FSA
Insd) ........................... 6.000 09/01/16 1,529,307
2,095 Bay Area Govt Assn CA Rev Tax
Alloc CA Redev Pool Ser A
(XLCA Insd) ..................... 5.250 09/01/35 2,126,907
3,000 California Cnty, CA Tob Sec Agy
Tob LA Cnty Sec (c) ............. 0.000/5.250 06/01/21 2,444,910
2,050 California Cnty, CA Tob Sec Agy
Tob Merced Cnty Rfdg Ser A ...... 5.125 06/01/38 1,804,492
1,000 California Cnty, CA Tob Sec Agy
Tob Merced Cnty Rfdg Ser A ...... 5.250 06/01/45 886,650
1,600 California Hlth Fac Fin Auth Rev
Kaiser Permanente Ser A ......... 5.000 04/01/37 1,578,128
6,000 California Hsg Fin Agy Rev Home
Mtg Ser G (AMT) (a) ............. 4.950 08/01/23 6,013,890
4,000 California Hsg Fin Agy Rev Home
Mtg Ser G (AMT) (a) ............. 5.050 02/01/29 4,009,260
7,100 California Hsg Fin Agy Rev Home
Mtg Ser I (AMT) (a) ............. 4.800 08/01/36 6,715,606
1,490 California Hsg Fin Agy Rev Home
Mtg Ser M (AMT) (a) ............. 4.700 08/01/36 1,377,130
3,000 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser C (AMT)(d) .... 5.125 11/01/23 2,945,730
4,975 California St ...................... 5.000 02/01/19 5,187,681
95 California St (AMBAC Insd) ......... 5.125 10/01/27 95,910
2,000 California St Dept Wtr Res Pwr
Ser A (Prerefunded @
5/01/12) ........................ 6.000 05/01/15 2,295,160
3,000 California St Dept Wtr Res Pwr
Supply Rev Ser A (Prerefunded
@ 5/01/12) ...................... 5.875 05/01/16 3,427,740
25 California St (Prerefunded @
2/01/12) ........................ 5.000 02/01/19 27,337
5,000 California St Pub Wks Brd Dept
Gen Svc Cap East End Ser A
(AMBAC Insd) .................... 5.125 12/01/21 5,382,350
4,000 California St Pub Wks Brd Lease
Rev Dept of Corrections St
Prisons Rfdg Ser A (AMBAC
Insd) ........................... 5.000 12/01/19 4,400,520
6,000 California St Pub Wks Brd Lease
Rev Dept of Corrections St
Prisons Rfdg Ser A (AMBAC
Insd) ........................... 5.250 12/01/13 6,517,380
5,000 California St Pub Wks Brd Lease
Rev Dept of Mental Hlth
Coalinga Ser A .................. 5.000 06/01/24 5,049,650
4,600 California St Pub Wks Brd Lease
Rev Var Univ CA Proj Rfdg Ser
A ............................... 5.500 06/01/10 4,819,972
5,905 California St Pub Wks Brd Lease
Rev Var Univ CA Proj Rfdg Ser
A ............................... 5.500 06/01/14 6,539,256
8,920 California St Vet Ser CD (AMT)
(a) ............................. 4.600 12/01/32 8,961,466
6,500 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ...................... 5.250 07/01/30 6,328,530
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ...................... 5.250 07/01/35 957,270
1,000 California Statewide Cmnty Dev
Auth Rev Front Porch Cmnty &
Svc Ser A (e) ................... 5.125 04/01/37 935,440
4,000 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A ...................... 5.000 03/01/30 3,965,520
3,400 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ........................... 5.000 03/01/41 3,340,432
4,000 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser C ........................... 5.250 08/01/31 4,071,320
450 Daly City, CA Hsg Dev Fin Agy
Mobile Home Pk Rev Rfdg Third
Tier Franciscan Ser C ........... 6.500 12/15/47 427,649
2,000 Florin, CA Res Consv Dist Cap
Impt Elk Grove Wtr Svc Ser A
(MBIA Insd) ..................... 5.000 09/01/33 2,001,680
30,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
Ser A ........................... * 01/15/22 13,704,000
5,000 Foothill/Eastern Tran Corridor Agy
CA Toll Rd Rev (MBIA Insd) ...... * 01/15/18 3,044,250
3,850 Golden St Tob Sec Corp CA Tob
Settlement Rev Asset-Bkd Sr
Ser A1 (a) ...................... 5.750 06/01/47 3,690,524
10,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Enhanced
Asset-Bkd Ser A (FGIC
Insd) (a) ....................... 5.000 06/01/38 9,914,500
1,000 Golden St Tob Sec Corp CA Tob
Settlement Rev Ser A ............ 5.125 06/01/47 866,330
1,000 Hesperia, CA Pub Fin Auth Rev
Redev & Hsg Proj Ser A (XLCA
Insd) ........................... 5.000 09/01/31 995,160
3,350 Imperial Irr Dist CA Ctf Part Elec
Sys Proj (FSA Insd) (f) ......... 5.250 11/01/19 3,619,608
3,950 Los Angeles, CA Dept Wtr & Pwr
Ser A (FGIC Insd) ............... 5.125 07/01/40 4,020,823
7,500 Los Angeles, CA Uni Sch Dist
Rfdg Ser A-1 (MBIA Insd) (a) .... 4.500 01/01/28 7,302,375
5,500 Port Oakland, CA Ser L (FGIC
Insd) (AMT) ..................... 5.000 11/01/32 5,511,110
2,600 Quechan Indian Tribe Ft Yuma
Indian Reservation CA & Govt
Proj ............................ 7.000 12/01/27 2,601,508
9,000 Riverside Cnty, CA Asset Leasing
Corp Leasehold Rev Riverside
Cnty Hosp Proj (MBIA Insd) ...... * 06/01/21 4,907,880
13,880 San Joaquin Hills, CA Trans
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ........................... * 01/15/28 4,565,826
4,200 Tobacco Sec Auth Northn CA Tob
Settlement Rev Ser A-1 .......... 5.375 06/01/38 3,837,666
4,300 Tobacco Sec Auth Northn CA Tob
Settlement Rev Ser A-1 .......... 5.500 06/01/45 3,953,893
1,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A-1 ....... 5.000 06/01/37 862,060
14,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A-1 ....... 5.125 06/01/46 12,140,940
-------------
200,162,753
-------------
COLORADO 3.7%
1,945 Colorado Ed & Cultural Fac Auth
Rev Charter Sch Pinnacle Impt
& Rfdg (XLCA Insd) .............. 5.250 06/01/23 1,994,364
1,200 Colorado Hlth Fac Auth Hlth &
Residential Care Fac Volunteers
of Amer Care Ser A .............. 5.300 07/01/37 1,050,996
3,000 Colorado Hlth Fac Auth Rev
Catholic Hlth Initiatives Ser
A (b) ........................... 5.500 03/01/32 3,216,930
4,250 Colorado Hlth Fac Auth Rev
Covenant Retirement Cmnty
Inc ............................. 5.000 12/01/35 3,764,183
2,700 Colorado Hlth Fac Auth Rev Hlth
Fac Evangelical Lutheran ........ 5.000 06/01/35 2,581,686
2,250 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth
(Prerefunded @ 11/15/11) ........ 6.500 11/15/31 2,589,817
1,500 Colorado Hlth Fac Auth Rev Hosp
Valley View Assn Proj ........... 5.125 05/15/37 1,388,760
40 Colorado Hsg Fin Auth Single
Family Pgm Sr Ser A2 (AMT) ...... 7.250 05/01/27 41,502
14 Colorado Hsg Fin Auth Single
Family Pgm Sr Ser B1 (AMT) ...... 7.650 11/01/26 14,275
1,330 Denver, CO City & Cnty Arpt Rev
Ser D (AMT) ..................... 7.750 11/15/13 1,502,182
1,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ........... 5.500 12/01/30 983,950
1,700 Salida, CO Hosp Dist Rev ........... 5.250 10/01/36 1,455,421
1,500 University CO Hosp Auth Rev Ser
A ............................... 5.000 11/15/37 1,389,570
-------------
21,973,636
-------------
CONNECTICUT 1.2%
900 Connecticut St Dev Auth Solid
Waste Disp Fac Rev Pseg Pwr
LLC Proj Ser A (AMT) ............ 5.750 11/01/37 909,396
5,000 Connecticut St Ser C
(FGIC Insd) ..................... 5.000 04/01/22 5,351,800
675 Mashantucket Western Pequot
Tribe Conn 2006 Sub Spl Rev
Bd Ser A (e) .................... 5.500 09/01/36 633,028
-------------
6,894,224
-------------
DISTRICT OF COLUMBIA 0.8%
5,000 Metropolitan Washington DC Arpt
Auth Sys Ser A (FGIC Insd)
(AMT) ........................... 5.250 10/01/32 5,049,050
-------------
FLORIDA 8.3%
1,000 Alachua Cnty, FL Indl Dev Rev
North FL Retirement Vlg ......... 5.875 11/15/36 946,530
700 Alachua Cnty, FL Indl Dev Rev
North FL Retirement Vlg ......... 5.875 11/15/42 658,343
375 Beacon Lakes, FL Cmnty Dev FL
Spl Assmt Ser A ................. 6.000 05/01/38 331,249
250 Beacon Lakes, FL Cmnty Dev FL
Spl Assmt Sub Ser B ............. 6.200 05/01/38 221,975
1,450 Brevard Cnty, FL Hlth Fac Auth
Residential Care Fac Rev Buena
Vida Estates Inc ................ 6.750 01/01/37 1,463,398
570 Escambia Cnty, FL Hlth Fac Auth
Rev (AMBAC Insd) ................ 5.950 07/01/20 599,754
1,800 Florida Hsg Fin Corp Rev Ser 6
(AMT) (a) ....................... 4.550 07/01/26 1,690,104
3,500 Florida Hsg Fin Corp Rev Ser 6
(AMT) (a) ....................... 4.625 07/01/31 3,286,312
2,500 Florida Hsg Fin Corp Rev Ser 6
(AMT) (a) ....................... 4.700 07/01/37 2,347,366
3,000 Halifax Hosp Med Ctr FL Hosp
Rev Impt Rfdg Ser A ............. 5.250 06/01/26 3,006,810
975 Highlands, FL Cmnty Dev Dist Spl
Assmt ........................... 5.550 05/01/36 796,224
3,980 Jacksonville, FL Port Auth (MBIA
Insd) (AMT) ..................... 5.700 11/01/30 4,127,698
2,780 Jacksonville, FL Port Auth (MBIA
Insd) (Prerefunded @ 11/01/10)
(AMT) ........................... 5.700 11/01/30 3,008,099
11,500 Miami-Dade Cnty, FL Aviation Rev
Miami Intl Arpt (FGIC Insd)
(AMT) ........................... 5.375 10/01/32 11,641,910
700 Midtown Miami, FL Cmnty Dev FL
Spl Assmt Rev Ser A ............. 6.000 05/01/24 668,829
5,000 Ocoee, FL Wtr & Swr Sys Rev
Impt & Rfdg (AMBAC Insd) ........ 5.125 10/01/33 5,118,050
900 Orange Cnty, FL Hlth Fac Auth
Rev First Mtg Orlando Lutheran
Tower ........................... 5.500 07/01/32 811,827
1,250 Palm Beach Cnty, FL Hlth Fac
Auth Rev Waterford Proj ......... 5.875 11/15/37 1,238,587
2,100 Port Saint Lucie, FL Spl Assmt
Rev Southwest Annexation Dist
Ser 1-B (MBIA Insd) ............. 5.000 07/01/33 2,095,422
500 Reunion East Cmnty Dev Dist FL
Spl Assmt ....................... 5.800 05/01/36 430,035
500 Seminole Tribe, FL Spl Oblig Rev
Ser A (e) ....................... 5.250 10/01/27 475,540
1,075 Seven Oaks, FL Cmnty Dev Dist II
Spl Assmt Rev Ser A ............. 5.875 05/01/35 931,509
1,000 Tolomato Cmnty Dev Dist FL Spl
Assmt ........................... 6.550 05/01/27 989,630
1,550 Tolomato Cmnty Dev Dist FL Spl
Assmt ........................... 6.650 05/01/40 1,530,532
1,180 Volusia Cnty, FL Ed Fac Auth Rev
Ed Fac Embry Riddle Aero Ser
A ............................... 5.750 10/15/29 1,192,083
-------------
49,607,816
-------------
GEORGIA 3.1%
5,000 Georgia Muni Elec Auth Pwr Rev
Ser B (FGIC Insd) (b) ........... 5.700 01/01/19 5,850,050
1,000 Georgia St Hsg & Fin Auth Rev
Single Family Mtg Ser D2
(AMT) ........................... 5.250 12/01/37 999,180
2,000 Georgia St Rd & Twy Auth Rev ....... 5.000 10/01/19 2,169,480
1,160 Marietta, GA Dev Auth Rev First
Mtg Life College Ser B (FSA
Insd) (f) ....................... 5.375 09/01/09 1,162,668
6,740 Municipal Elec Auth GA Comb
Turbine Proj Ser A
(MBIA Insd) ..................... 5.250 11/01/20 7,274,617
1,000 Richmond Cnty, GA Dev Auth
ASU Jaguar Student Hsg LLC
Ser A ........................... 5.250 02/01/35 995,710
-------------
18,451,705
-------------
HAWAII 1.8%
10,430 Hawaii St Dept Budget & Fin Spl
Purp Rev Hawaiian Elec Co Inc
Ser A (MBIA Insd) (AMT) ......... 5.650 10/01/27 10,940,966
-------------
IDAHO 0.2%
995 Idaho Hlth Fac Auth Rev Vly Vista
Care Corp Rfdg .................. 6.125 11/15/27 978,652
-------------
ILLINOIS 17.2%
1,450 Bartlett, IL Tax Increment Rev
Rfdg Sr Lien Quarry Redev
Proj ............................ 5.600 01/01/23 1,446,288
1,710 Bolingbrook, IL Cap Apprec Rfdg
Ser C (MBIA Insd) (f) ........... * 01/01/29 606,195
3,750 Bolingbrook, IL Cap Apprec Ser B
(MBIA Insd) ..................... * 01/01/32 1,013,100
6,000 Chicago, IL Lakefront Millenium
Pkg Fac (MBIA Insd)
(Prerefunded @ 1/01/12) ......... 5.750 01/01/29 6,808,980
3,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(FGIC Insd) (a) ................. 5.250 01/01/23 3,131,085
7,200 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (a) ................. 5.250 01/01/24 7,438,014
17,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (a) ................. 5.250 01/01/25 17,561,977
2,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (a) ................. 5.250 01/01/26 2,066,115
30 Chicago, IL Single Family Mtg Rev
Ser A (GNMA Collateralized)
(AMT) ........................... 7.000 09/01/27 30,990
3,345 Cook Cnty, IL Sch Dist No. 100
Berwyn South Ser D (FSA
Insd) ........................... 5.500 12/01/23 3,733,020
4,500 Cook Cnty, IL Ser A (FGIC Insd)
(Prerefunded @ 5/15/11) ......... 5.500 11/15/31 4,930,245
1,000 Illinois Dev Fin Auth Rev Cmnty
Rehab Providers Fac Ser A ....... 7.375 07/01/25 1,068,020
1,200 Illinois Fin Auth Rev Christian
Homes Inc Rfdg Ser A ............ 5.750 05/15/26 1,133,148
250 Illinois Fin Auth Rev Christian
Homes Inc Rfdg Ser A ............ 5.750 05/15/31 231,430
1,000 Illinois Fin Auth Rev IL Fin Auth
Roosevelt Univ .................. 5.500 04/01/37 999,190
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A ................ 5.000 04/01/31 1,438,320
2,500 Illinois Fin Auth Rev Northwestern
Mem Hosp Ser A (Prerefunded
@ 08/15/14) ..................... 5.500 08/15/43 2,882,675
5,000 Illinois Fin Auth Rev Osf Hlthcare
Sys Ser A ....................... 5.750 11/15/37 5,083,700
1,000 Illinois Fin Auth Rev Sherman Hlth
Sys 2007 Ser A .................. 5.500 08/01/37 984,930
1,335 Illinois Fin Auth Solid Waste Rev
Disp Waste Mgmt Inc Proj Ser
A (AMT) ......................... 5.050 08/01/29 1,240,562
3,180 Illinois Hlth Fac Auth Rev
Children's Mem Hosp (MBIA
Insd) ........................... 6.250 08/15/13 3,487,093
1,485 Illinois Hlth Fac Auth Rev
Evangelical Hosp Rfdg Ser A
(FSA Insd) (b)(f) ............... 6.750 04/15/17 1,789,291
825 Illinois Hlth Fac Auth Rev
Evangelical Hosp Ser C (FSA
Insd) ........................... 6.750 04/15/17 994,051
8,000 Illinois St First Ser
(FSA Insd) ...................... 5.250 12/01/19 8,723,040
3,400 Illinois St First Ser
(FSA Insd) ...................... 5.250 04/01/27 3,598,900
2,070 Northern IL Univ Ctf Part Hoffman
Estates Ctr Proj (FSA Insd) ..... 5.400 09/01/16 2,300,329
140 Peoria, Moline & Freeport, IL Coll
Mtg Ser A (GNMA
Collateralized) (AMT) ........... 7.600 04/01/27 142,705
5,000 Regional Trans Auth IL Ser A
(AMBAC Insd) .................... 8.000 06/01/17 6,647,950
10,000 Will Cnty, IL Sch Dist No. 122
Rfdg Ser B (FGIC Insd) .......... 5.250 11/01/20 10,662,000
575 Will Kankakee Regl Dev Auth IL
Multi-Family Hsg Rev Sr Estates
Supportive Living (AMT) ......... 7.000 12/01/42 575,609
-------------
102,748,952
-------------
INDIANA 4.5%
1,070 East Chicago, IN Elementary Sch
Bldg Corp First Mtg Ser A ....... 6.250 07/05/08 1,084,145
1,660 Indiana Hlth & Ed Fac Fin Auth
Hosp Rev Clarian Hlth Oblig Ser
A ............................... 5.000 02/15/36 1,605,303
4,600 Indiana Hlth & Ed Fac Fin Auth
Rev Ascension Hlth Sr Cr
B-6 (a) ......................... 5.000 11/15/36 4,643,654
3,000 Indiana Hlth Fac Fin Auth Hosp
Rev Columbus Regl Hosp Rfdg
(FSA Insd) ...................... 7.000 08/15/15 3,492,660
1,500 Indiana St Dev Fin Auth Rev
Exempt Fac Conv Rfdg (AMT) ...... 5.950 08/01/30 1,517,850
10,000 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Mtg Ser
D-1 (GNMA Collateralized)
(AMT) (a) ....................... 4.625 07/01/38 8,974,969
2,000 Petersburg, IN Pollutn Ctl Rev IN
Pwr & Lt (AMT) .................. 5.950 12/01/29 2,010,200
2,850 Southwest Parke Cmnty Sch Bldg
First Mtg (FGIC Insd) (f) ....... 5.250 07/15/21 3,058,421
500 Vigo Cnty, IN Hosp Auth Rev
Union Hosp Inc (e) .............. 5.750 09/01/42 472,475
-------------
26,859,677
-------------
IOWA 0.9%
1,600 Pottawattamie Cnty, Iowa Rev
Christian Homes Inc Rfdg Ser
E ............................... 5.750 05/15/26 1,496,672
375 Sibley, IA Hlthcare Fac Rev
Osceola Cmnty Hosp Proj ......... 6.000 12/01/37 363,338
1,500 Tobacco Settlement Auth IA Tob
Settlement Rev Asset-Bkd Ser
C ............................... 5.375 06/01/38 1,364,775
2,500 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C ............ 5.500 06/01/42 2,303,550
-------------
5,528,335
-------------
KANSAS 1.3%
3,430 Kansas St Dev Fin Auth Rev KS
Proj Ser N (AMBAC Insd) (f) ..... 5.250 10/01/20 3,697,677
3,615 Kansas St Dev Fin Auth Rev KS
Proj Ser N (AMBAC Insd) (f) ..... 5.250 10/01/21 3,837,034
-------------
7,534,711
-------------
KENTUCKY 1.0%
5,430 Louisville & Jefferson Cnty KY
Metro Govt Hlth Sys Rev Norton
Hlthcare Inc (a) ................ 5.250 10/01/36 5,386,386
500 Mount Sterling, KY Lease Rev KY
League Cities Fdg Ser B ......... 6.100 03/01/18 596,585
-------------
5,982,971
-------------
LOUISIANA 7.0%
5,000 Lafayette, LA Util Rev
(MBIA Insd) ..................... 5.250 11/01/21 5,355,200
2,500 Louisiana Loc Govt Environment
Fac Pkg Fac Corp Garage Proj
Ser A (AMBAC Insd) .............. 5.375 10/01/31 2,625,575
5,970 Louisiana Loc Govt Environment
Southeastn LA Student Hsg Ser
A (MBIA Insd) (f) ............... 5.250 08/01/24 6,353,035
1,400 Louisiana Pub Fac Auth Rev Hlth
Fac Glen Retirement Ser A ....... 6.700 12/01/25 1,401,596
7,000 Louisiana St Gas & Fuels Tax Rev
Ser A (FGIC Insd) (a) ........... 5.000 05/01/41 7,039,410
8,065 Louisiana St Office Fac Corp LA
St Cap Complex Pgm (MBIA
Insd) (f) ....................... 5.000 11/01/20 8,465,427
4,000 New Orleans, LA Rfdg (FGIC
Insd) ........................... 5.500 12/01/21 4,485,640
6,000 New Orleans, LA Rfdg (MBIA
Insd) ........................... 5.125 09/01/21 6,290,160
-------------
42,016,043
-------------
MARYLAND 5.5%
3,000 Baltimore, MD Convention Ctr
Hotel Rev Sr Ser A (XLCA
Insd) ........................... 5.250 09/01/25 2,991,330
11,610 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Residential Ser A (AMT) (a) ..... 4.700 09/01/37 10,814,119
1,255 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (a) ....................... 4.450 09/01/21 1,207,503
1,000 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (a) ....................... 4.550 09/01/26 962,154
1,300 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (a) ....................... 4.625 09/01/31 1,250,800
700 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev Ser P
(AMT) (a) ....................... 4.700 03/01/37 673,508
5,000 Maryland St Econ Dev Corp MD
Aviation Admin Fac (FSA Insd)
(AMT) ........................... 5.375 06/01/20 5,296,200
1,000 Maryland St Econ Dev Corp
Student Hsg Rev Univ MD
College Pk Proj (Prerefunded @
06/01/13) ....................... 5.625 06/01/35 1,144,340
2,000 Maryland St Hlth & Higher Ed Fac
Auth Rev MD Inst College of
Art ............................. 5.000 06/01/40 1,878,160
2,350 Maryland St Hlth & Higher Ed Fac
Auth Rev Mercy Med Ctr Ser A .... 5.500 07/01/42 2,320,555
4,000 Maryland St Trans Auth Arpt
Baltimore/WA Intl Arpt Ser B
(AMBAC Insd) (AMT) .............. 5.125 03/01/24 4,059,280
-------------
32,597,949
-------------
MASSACHUSETTS 4.6%
1,200 Massachusetts Bay Tran Auth MA
Gen Tran Sys Rfdg Ser A ......... 6.250 03/01/12 1,363,032
2,500 Massachusetts Bay Trans Auth
Ser A (Prerefunded @
7/01/12) ........................ 5.000 07/01/32 2,744,950
2,000 Massachusetts Muni Whsl Elec
Co Pwr Supply Sys Rev Proj
No. 6-A Ser A (MBIA Insd) ....... 5.250 07/01/16 2,168,940
450 Massachusetts St Dev Fin Agy
Linden Ponds Inc Fac Ser A ...... 5.750 11/15/35 416,290
1,750 Massachusetts St Hlth & Ed Fac
Auth Rev Hlthcare Sys
Covenant (Prerefunded @
1/01/12) ........................ 6.000 07/01/31 1,860,274
1,930 Massachusetts St Hlth & Ed Fac
Auth Rev Saint Mem Med Ctr
Ser A ........................... 6.000 10/01/23 1,930,753
5,450 Massachusetts St Hlth & Ed Fac
Auth Rev Univ MA Mem Issue
Ser D ........................... 5.000 07/01/33 4,985,169
2,500 Massachusetts St Hsg Fin Agy
Hsg Rev Single Family Ser 130
(AMT) ........................... 5.000 12/01/37 2,433,700
925 Massachusetts St Indl Fin Agy
Wtr Treatment Amern Hingham
(AMT) ........................... 6.900 12/01/29 927,257
925 Massachusetts St Indl Fin Agy
Wtr Treatment Amern Hingham
(AMT) ........................... 6.950 12/01/35 927,294
7,750 Massachusetts St Sch Bldg Auth
Dedicated Sales Tax Rev Ser A
(AMBAC Insd) (a) ................ 4.500 08/15/35 8,021,744
-------------
27,779,403
-------------
MICHIGAN 3.6%
3,000 Detroit, MI City Sch Dist Sch Bldg
& Site Impt Ser A (FGIC Insd)
(Prerefunded @ 5/01/13) ......... 5.375 05/01/24 3,387,870
2,790 Detroit, MI Wtr Supply Sys Rev Sr
Lien Rfdg Ser C (MBIA Insd)
(f) ............................. 5.250 07/01/19 3,031,084
2,000 Grand Rapids, MI Wtr Supply
(FGIC Insd) ..................... 5.750 01/01/15 2,164,080
4,000 Kent Hosp Fin Auth MI Rev Metro
Hosp Proj Ser A ................. 6.000 07/01/35 4,128,840
3,000 Michigan Tob Settlement Fin Auth
Tob Settlement Asset Sr
Ser A ........................... 6.000 06/01/48 2,952,660
2,285 Taylor, MI Bldg Auth (AMBAC
Insd) (f) ....................... 6.000 03/01/13 2,564,890
3,090 Troy, MI Downtown Dev Auth Dev
Rfdg (MBIA Insd) ................ 5.500 11/01/15 3,375,330
-------------
21,604,754
-------------
MINNESOTA 1.5%
475 Chisago, MN Hlthcare Fac Rev
Cdl Homes LLC Proj .............. 6.000 08/01/42 470,217
1,065 Duluth, MN Econ Dev Auth
Hlthcare Fac Rev Benedictine
Hlth Sys Saint Marys ............ 5.250 02/15/33 1,070,165
1,000 Meeker Cnty MN Gross Rev Hosp
Fac Mem Hosp Proj ............... 5.625 11/01/22 990,030
225 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks ............................ 6.000 10/01/27 225,304
650 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks ............................ 6.000 10/01/33 640,731
210 North Oaks, MN Sr Hsg Rev
Presbyterian Homes North
Oaks ............................ 6.125 10/01/39 208,961
900 Saint Paul, MN Hsg & Redev Auth
Hlthcare Fac Rev Hlth Partners
Oblig Grp Proj .................. 5.250 05/15/36 864,711
2,200 Saint Paul, MN Hsg & Redev Auth
Hosp Rev Hlth East Proj ......... 6.000 11/15/30 2,217,446
2,075 Saint Paul, MN Hsg & Redev Auth
Hosp Rev Hlth East Proj ......... 6.000 11/15/35 2,085,665
-------------
8,773,230
-------------
MISSISSIPPI 1.0%
1,405 Mississippi Dev Bk Spl Oblig Cap
Proj & Equip Acquisition Ser A2
(AMBAC Insd) .................... 5.000 07/01/24 1,405,717
1,550 Mississippi Dev Bk Spl Oblig
Madison Cnty Hosp Proj
(Prerefunded @ 7/01/09) ......... 6.400 07/01/29 1,671,582
2,595 Mississippi Dev Bk Spl Oblig MS
Ltd Oblig Hosp Impt (MBIA
Insd) (f) ....................... 5.250 07/01/32 2,641,969
-------------
5,719,268
-------------
MISSOURI 7.1%
325 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc ......... 5.625 06/01/27 326,459
1,675 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc
(Prerefunded @ 06/01/12) ........ 5.625 06/01/27 1,873,153
1,500 Cass Cnty, MO Hosp Rev ............. 5.625 05/01/38 1,465,755
1,250 Cole Cnty, MO Indl Dev Auth Sr
Living Fac Rev Lutheran Sr Svc
Heisinger Proj .................. 5.500 02/01/35 1,262,387
2,000 Curators Univ MO Sys Fac Rev
Rfdg Ser B (f) .................. 5.000 11/01/20 2,166,300
975 Maryland Heights, MO Tax
Increment Rev South Heights
Redev Proj Rfdg Ser A ........... 5.500 09/01/18 978,442
4,625 Missouri Jt Mun Elec Util Comnty
Pwr Proj Rev Plum Point Proj
(MBIA Insd) ..................... 5.000 01/01/27 4,671,481
1,000 Missouri Jt Muni Elec Util Comnty
Pwr Proj Rev Plum Point Proj
(MBIA Insd) ..................... 5.000 01/01/26 1,013,330
2,500 Missouri St Dev Fin Brd
Infrastructure Fac Rev
Crackerneck Creek Proj Ser C .... 5.000 03/01/26 2,533,900
2,195 Missouri St Hlth & Ed Fac Rev
Univ MO Columbia Arena
Proj (f) ........................ 5.000 11/01/16 2,369,503
2,500 Platte Cnty, MO Neighborhood
Impt Parkville Ser B (MBIA
Insd) ........................... 5.000 02/01/25 2,616,350
1,500 Saint Louis Cnty, MO Mtg Rev Ctf
Rcpt Ser H (AMT) (b) ............ 5.400 07/01/18 1,676,745
9,855 Saint Louis, MO Arpt Rev Arpt
Dev Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/11) ......... 5.250 07/01/31 10,718,495
2,380 Saint Louis, MO Arpt Rev Cap
Impt Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/12) (f) ..... 5.375 07/01/19 2,641,776
700 Saint Louis, MO Indl Dev Auth
Tax Increment & Cmnty Impt
Dist Rfdg Loughborough Com
Redev ........................... 5.750 11/01/27 694,624
2,745 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B (AMBAC
Insd) (AMT) (a) ................. 4.550 07/01/29 2,487,339
3,360 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B (AMBAC
Insd) (AMT) (a) ................. 4.600 07/01/36 3,044,612
-------------
42,540,651
-------------
MONTANA 0.4%
2,300 Forsyth, MT Pollutn Ctl Rev
Northwestn Corp Colstrip Rfdg
(AMBAC Insd) .................... 4.650 08/01/23 2,247,583
-------------
NEBRASKA 3.2%
9,175 Omaha Pub Dist NE Elec Rev
Sub Sys Ser AA (FGIC
Insd) (a) ....................... 4.500 02/01/34 9,281,055
5,235 Omaha Pub Pwr Dist NE Elec
Rev Sys Ser A ................... 5.000 02/01/34 5,358,860
4,260 University NE Univ Rev Lincoln
Student Fees & Fac Ser B ........ 5.000 07/01/23 4,462,009
-------------
19,101,924
-------------
NEVADA 3.5%
2,000 Clark Cnty, NV Econ Dev Rev
Alexander Dawson Sch Proj ....... 5.375 05/15/33 2,033,380
7,000 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj Ser A
(AMBAC Insd) (AMT) .............. 5.250 07/01/34 7,033,740
4,375 Las Vegas Vly, NV Wtr Dist Rfdg
Ser B (MBIA Insd) ............... 5.000 06/01/27 4,484,069
1,750 Reno, NV Hosp Rev Renown Regl
Med Ctr Proj Ser A (a) .......... 5.250 06/01/37 1,715,046
5,000 Reno, NV Lien Trans Proj
(AMBAC Insd) (Prerefunded @
6/01/12) ........................ 5.250 06/01/41 5,528,250
-------------
20,794,485
-------------
NEW HAMPSHIRE 0.6%
1,000 New Hampshire Hlth & Ed Fac
Auth Rev Derryfield Sch ......... 7.000 07/01/30 1,046,940
1,400 New Hampshire Hlth & Ed Fac
Hlthcare Sys Covenant Hlth ...... 5.500 07/01/34 1,426,796
1,000 New Hampshire St Bus Fin Auth
Wtr Fac Rev Pennichuck
Wtrwks Inc (AMBAC Insd)
(AMT) ........................... 6.300 05/01/22 1,021,650
-------------
3,495,386
-------------
NEW JERSEY 9.4%
1,000 New Jersey Econ Dev Auth Rev
Cig Tax ......................... 5.500 06/15/31 970,630
1,900 New Jersey Econ Dev Auth Rev
Cig Tax ......................... 5.750 06/15/29 1,893,597
1,225 New Jersey Econ Dev Auth Rev
Cig Tax ......................... 5.750 06/15/34 1,220,945
2,210 New Jersey Econ Dev Auth Wtr
Fac Rev NJ Amern Wtr Co Inc
Ser B (FGIC Insd) (AMT) ......... 5.375 05/01/32 2,244,675
4,350 New Jersey Econ Dev Wtr NJ
Amern Wtr Co Inc Ser A (FGIC
Insd) (AMT) ..................... 5.250 07/01/38 4,385,583
2,500 New Jersey Hlthcare Fac Fin Auth
Rev Gen Hosp Ctr at Passaic
(FSA Insd) (b) .................. 6.750 07/01/19 3,117,250
1,650 New Jersey Hlthcare Fac Fin Auth
Rev Saint Peters Univ Hosp
Oblig ........................... 5.750 07/01/37 1,664,702
10,750 Salem Cnty, NJ Indl Pollutn Ctl
Fin Auth Rev Pollutn Ctl Pub
Svc Elec & Gas Ser A (MBIA
Insd) (AMT) ..................... 5.450 02/01/32 10,859,542
5,000 Tobacco Settlement Fin Corp NJ
Ser 1A .......................... 5.000 06/01/29 4,427,050
30,000 Tobacco Settlement Fin Corp NJ
Ser 1A (a) ...................... 5.000 06/01/41 25,559,481
-----------
56,343,455
-------------
NEW MEXICO 0.3%
1,500 Jicarilla, NM Apache Nation Rev
Adj Ser A (Acquired 10/23/03,
Cost $1,514,910) (g) ............ 5.000 09/01/18 1,585,575
-------------
NEW YORK 10.4%
7,000 Metropolitan Trans Auth NY Rev
Rfdg Ser A (FGIC Insd) .......... 5.250 11/15/31 7,247,520
2,775 New York City Indl Dev Agy Rev
Liberty 7 World Trade Ctr Proj
Ser B ........................... 6.750 03/01/15 2,896,073
5,000 New York City Muni Wtr Fin Auth
Wtr & Swr Sys Rev Ser D ......... 5.000 06/15/38 5,159,850
7,575 New York St Dorm Auth Rev City
Univ Sys Cons Ser A ............. 5.625 07/01/16 8,607,018
1,520 New York St Dorm Auth Rev Insd
John T Mather Mem Hosp
(Connie Lee Insd) (f) ........... 6.500 07/01/09 1,610,744
3,845 New York St Dorm Auth Rev Secd
Hosp Gen Hosp Rfdg .............. 5.750 02/15/20 4,216,119
2,310 New York St Med Care Fac Fin
Agy Rev Saint Peter's Hosp Proj
Ser A (AMBAC Insd) .............. 5.375 11/01/13 2,317,438
1,000 New York St Mtg Agy Homeowner
Amt 145 (AMT) ................... 5.125 10/01/37 987,160
5,000 New York St Urban Dev Corp Rev
St Fac Rfdg ..................... 5.700 04/01/20 5,889,450
21,900 Port Auth NY & NJ Cons 144th
Ser (a) ......................... 5.000 10/01/35 22,622,374
675 Seneca Nation Indians Cap Impt
Auth NY Spl Oblig Ser A (e) ..... 5.000 12/01/23 621,797
-------------
62,175,543
-------------
NORTH CAROLINA 0.7%
1,500 North Carolina Eastn Muni Pwr
Agy Pwr Sys Rev Ser D ........... 6.700 01/01/19 1,582,290
1,700 North Carolina Hsg Fin Agy
Homeownership Rev Ser 30-A
(AMT) ........................... 5.250 07/01/39 1,693,438
1,000 North Carolina Med Care Commn
Retirement Fac Rev First Mtg
Southminster Proj Ser A ......... 5.750 10/01/37 979,700
-------------
4,255,428
-------------
OHIO 4.8%
6,000 Buckeye, OH Tob Settlement Fin
Auth Asset Bkd Sr Turbo Ser
A-2 ............................. 5.750 06/01/34 5,782,920
3,000 Cincinnati, OH City Sch Dist Sch
Impt (FSA Insd) ................. 5.250 06/01/18 3,271,140
3,150 Cuyahoga Cnty, OH Hosp Fac
Rev Canton Inc Proj ............. 7.500 01/01/30 3,406,914
1,000 Dayton, OH Arpt Rev James M
Cox Dayton Rfdg Ser C (Radian
Insd) (AMT) ..................... 5.250 12/01/27 1,010,930
3,540 Franklin Cnty, OH Hosp Rev
Doctor's Hosp Proj Impt &
Rfdg (b) ........................ 5.875 12/01/23 3,876,441
5,130 Muskingum Cnty, OH Hosp Fac
Rev Bethesda Care Sys Impt &
Rfdg (Connie Lee Insd) (f) ...... 6.250 12/01/10 5,196,639
5,000 Ohio St Air Quality Dev Auth Rev
Coll Dayton Pwr & Lt Co Proj
(FGIC Insd) (AMT) (a) ........... 4.800 09/01/36 4,823,987
965 Toledo Lucas Cnty, OH Port Auth
Dev Rev Northwest OH Bd Fd
Ser C (AMT) (f) ................. 6.600 11/15/15 1,011,783
505 Toledo Lucas Cnty, OH Port Auth
Northwest Bd Fd Ser A
(AMT) (b) ....................... 6.000 05/15/11 529,215
-------------
28,909,969
-------------
OKLAHOMA 1.1%
1,650 Chickasaw Nation, OK Hlth
Sys (e) ......................... 6.250 12/01/32 1,700,902
1,500 Jenks, OK Aquarium Auth Rev
First Mtg (MBIA Insd)
(Prerefunded @ 7/01/10) ......... 6.100 07/01/30 1,646,850
2,755 Tulsa Cnty, OK Pub Fac Auth
Cap Impt Rev (AMBAC Insd)
(Prerefunded @ 11/01/09) ........ 6.250 11/01/22 3,003,198
-------------
6,350,950
-------------
OREGON 3.5%
2,010 Emerald Peoples Util Dist OR
Rfdg (FGIC Insd) (f) ............ 7.350 11/01/09 2,180,890
5,000 Oregon Hlth Sciences Univ Insd
Ser A (MBIA Insd) ............... 5.250 07/01/22 5,290,000
5,000 Oregon St Dept Admin Rfdg Ser
C (MBIA Insd) ................... 5.250 11/01/18 5,357,800
2,000 Oregon St Hsg & Cmnty Svc Dept
Mtg Rev Ser B (AMT) (a) ......... 4.750 07/01/27 1,908,145
1,000 Oregon St Hsg & Cmnty Svc Dept
Mtg Rev Ser B (AMT) (a) ......... 4.800 07/01/32 954,072
1,100 Oregon St Hsg & Cmnty Svc Dept
Mtg Rev Ser B (AMT) (a) ......... 4.850 07/01/37 1,049,480
3,580 Yamhill Cnty, OR Sch Dist No.
029J Newburg (MBIA Insd)
(Prerefunded @ 6/15/12) ......... 5.250 06/15/21 3,965,996
-------------
20,706,383
-------------
PENNSYLVANIA 3.7%
3,000 Allegheny Cnty, PA Hosp Dev
Auth Rev Hlth Sys West PA Ser
A ............................... 5.000 11/15/28 2,605,920
1,125 Pennsylvania Econ Dev Fin Auth
Exempt Fac Rev Reliant Energy
Ser B (AMT) (d) ................. 6.750 12/01/36 1,153,035
16,755 Pennsylvania St Pub Sch Bldg
Auth Lease Rev Sch Dist
Philadelphia Proj Ser B (FSA
Insd) (a) ....................... 4.500 06/01/32 16,717,793
1,370 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Cmnty College
Rfdg Ser B (MBIA Insd) (f) ...... 6.500 05/01/08 1,383,604
-------------
21,860,352
-------------
SOUTH CAROLINA 5.2%
3,125 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (a) .................... 5.250 12/01/25 3,245,172
9,375 Charleston Ed Excellence Fin
Corp SC Rev Charleston Cnty
Sch Dist (a) .................... 5.250 12/01/26 9,735,515
3,115 Greenville, SC Impt & Rfdg (MBIA
Insd) (f) ....................... 5.250 04/01/21 3,309,407
1,015 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) (f) ....... 5.000 01/01/11 1,073,921
1,100 South Carolina Jobs Econ Dev
Auth Hlth Fac Rev First Mtg
Wesley Com Rfdg ................. 5.300 10/01/36 955,449
2,200 South Carolina Jobs Econ Dev
Auth Hosp Fac Rev Palmetto
Hlth Alliance Rfdg Ser A ........ 6.250 08/01/31 2,276,868
6,500 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser A (AMBAC Insd) ......... 5.200 11/01/27 6,792,240
3,750 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser B (AMBAC Insd)
(AMT) ........................... 5.450 11/01/32 3,843,675
-------------
31,232,247
-------------
SOUTH DAKOTA 0.4%
1,375 Deadwood, SD Ctf Partn (ACA
Insd) ........................... 6.375 11/01/20 1,454,241
1,000 South Dakota St Hlth & Ed Fac
Auth Rev Children's Care Hosp
Rfdg (Prerefunded @
11/01/09) ....................... 6.125 11/01/29 1,077,050
-------------
2,531,291
-------------
TENNESSEE 5.2%
2,130 Chattanooga, TN Hlth Ed & Hsg
Fac Brd Rev CDFI Phase I LLC
Proj Rfdg Ser A ................. 5.000 10/01/25 2,000,134
2,595 Chattanooga, TN Hlth Ed & Hsg
Fac Brd Rev CDFI Phase I LLC
Proj Rfdg Ser A ................. 5.125 10/01/35 2,346,633
1,270 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp First Mtg Impt &
Rfdg Ser B (Prerefunded @
07/01/12) ....................... 8.000 07/01/33 1,573,505
7,050 Hallsdale Powell Util Dist Knox
Cnty TN Wtr & Swr Rev Impt
Ser B (FGIC Insd) ............... 5.000 04/01/34 7,171,471
12,525 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev Cap Apprec First
Mtg Rfdg Ser A (MBIA Insd) ...... * 07/01/26 5,135,500
4,800 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Rfdg Ser A (MBIA-IBC
Insd) (Prerefunded @
07/01/12) ....................... 7.500 07/01/25 5,659,200
7,500 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg MTN St
Hlth Ser A ...................... 5.500 07/01/36 7,346,550
-------------
31,232,993
-------------
TEXAS 14.4%
2,335 Beaumont, TX Wtrwks & Swr Sys
(FGIC Insd) (Prerefunded @
9/01/10) ........................ 6.250 09/01/14 2,563,270
2,000 Brazos Cnty, TX Hlth Fac Dev
Oblig Grp ....................... 5.375 01/01/32 2,016,020
495 Brownsville, TX Util Sys
Rev (b) ......................... 7.375 01/01/10 528,130
925 Dallas Cnty, TX Flood Ctl Dist
Rfdg ............................ 6.750 04/01/16 961,565
8,000 Dallas-Fort Worth, TX Intl Arpt
Rev Jt Impt & Rfdg Ser A (FGIC
Insd) (AMT) ..................... 5.500 11/01/31 8,128,320
2,345 Denton Cnty, TX Perm Impt
(Prerefunded @ 7/15/10) (f) ..... 5.500 07/15/19 2,522,094
1,000 Harris Cnty, TX Hlth Fac Dev
Corp Hosp Rev Mem Hermann
Hlthcare Ser A (Prerefunded @
6/01/11) ........................ 6.375 06/01/29 1,128,300
5,000 Harris Cnty, TX Sr Lien Toll Rd
Rfdg (FSA Insd) (Prerefunded
@ 8/15/12) ...................... 5.125 08/15/32 5,528,800
3,000 Houston, TX Arpt Sys Rev Sub
Lien Ser A (FSA Insd) (AMT) ..... 5.625 07/01/30 3,086,370
5,000 Houston, TX Util Sys Rev Comb
First Lien Ser A (FSA Insd) ..... 5.250 05/15/20 5,498,700
3,920 Lower CO Riv Auth TX
Transmission Proj Corp (FGIC
Insd) ........................... 5.000 05/15/33 3,954,574
5,000 Matagorda Cnty, TX Navig Dist
No. 1 Rev Houston Lt Rfdg
(AMBAC Insd) (AMT) .............. 5.125 11/01/28 4,784,150
2,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care
Ctr Ser A (Prerefunded @
02/15/10) ....................... 7.625 02/15/28 2,221,280
1,500 Mesquite, TX Hlth Fac Dev
Retirement Fac Christian Care
Ctr ............................. 5.625 02/15/35 1,424,205
3,500 Metropolitan Hlth Fac Dev Corp
TX Wilson N Jones Mem Hosp
Proj ............................ 7.250 01/01/31 3,547,460
3,325 North Central, TX Hlth Fac Dev
Corp Rev Hosp Baylor Hlthcare
Sys Proj Ser A .................. 5.125 05/15/29 3,339,697
3,000 Prosper, TX Indpt Sch Dist (PSF
Gtd) ............................ 5.500 08/15/33 3,213,330
3,960 Stafford, TX Econ Dev Corp
(FGIC Insd) ..................... 5.500 09/01/30 4,105,015
1,990 Stafford, TX Econ Dev Corp
(FGIC Insd) (f) ................. 6.000 09/01/19 2,297,714
1,000 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckingham Sr Living Cmnty
Inc ............................. 5.625 11/15/27 920,440
2,800 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckingham Sr Living Cmnty
Inc ............................. 5.750 11/15/37 2,536,548
8,500 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac
Buckner Retirement Svcs Inc
Proj ............................ 5.250 11/15/37 8,183,630
500 Tarrant Cnty, TX Cultural Ed Fac
Fin Corp Retirement Fac CC
Young Mem Hom Proj .............. 5.750 02/15/25 474,755
1,000 Texas St Dept Hsg & Cmnty
Affairs Single Family Rev Mtg
Ser B (GNMA Collateralized)
(AMT) ........................... 5.250 09/01/32 1,003,180
1,000 Texas St Dept Hsg & Cmnty
Affairs Single Family Rev Mtg
Ser B (GNMA Collateralized)
(AMT) ........................... 5.300 09/01/39 1,000,310
6,450 Texas St Trans Commn Mobility
Fd (h) .......................... 5.000 04/01/28 6,788,432
3,510 Texas St Wtr Fin Assistance ........ 5.500 08/01/35 3,610,175
1,100 Tyler, TX Hlth Fac Dev Corp Hosp
Rev Rfdg & Impt East TX Med
Ctr Ser A ....................... 5.375 11/01/37 1,048,201
-------------
86,414,665
-------------
UTAH 0.7%
4,950 Intermountain Pwr Agy UT Pwr
Supply Rev Rfdg Ser A (FGIC
Insd) (b) ....................... * 07/01/17 3,429,261
875 Utah St Charter Sch Fin Auth
Charter Sch Rev Summit
Academy Ser A ................... 5.800 06/15/38 852,635
-------------
4,281,896
-------------
VERMONT 0.8%
4,895 Vermont Hsg Fin Agy Multipurp
Ser A (FSA Insd) (AMT)
(a)(d) .......................... 5.150 05/01/38 4,839,091
-------------
VIRGINIA 3.6%
2,000 Fairfax Cnty, VA Ctf Partn ......... 5.300 04/15/23 2,105,900
550 Lexington, VA Indl Dev Auth
Residential Care Fac Rev Mtg
Kendal at Lexington Ser A ....... 5.500 01/01/37 498,493
1,465 Richmond, VA Indl Dev Auth Govt
Fac Rev Bd (AMBAC Insd) ......... 5.000 07/15/17 1,629,109
1,520 Tobacco Settlement Fin Corp VA ..... 5.500 06/01/26 1,717,980
1,660 Tobacco Settlement Fin Corp VA
(Prerefunded @ 6/01/15) ......... 5.625 06/01/37 1,937,369
3,155 Virginia St Hsg Auth Dev Auth
Rental Hsg Ser D (AMT) (a) ...... 4.500 07/01/29 2,928,512
5,950 Virginia St Hsg Dev Auth Comwlth
Mtg Ser B (AMT) (a) ............. 4.850 01/01/36 5,624,518
3,645 Virigina St Hsg Auth Dev Auth
Rental Hsg Ser D (AMT) (a) ...... 4.600 07/01/33 3,389,199
2,000 White Oak Vlg Shops VA Cmnty
Dev Auth Spl Assmt Rev
Special Assmt ................... 5.300 03/01/17 1,970,900
-------------
21,801,980
-------------
WASHINGTON 4.2%
5,000 Clark Cnty, WA Sch Dist 114
(FSA Insd) ...................... 5.250 06/01/19 5,469,150
1,500 Kalispel Tribe Indians Priority
Dist WA Rev ..................... 6.625 01/01/28 1,494,135
700 Quinault Indian Nation, WA
Quinault Beach Impt & Rfdg Ser
A (ACA Insd) .................... 5.800 12/01/15 700,476
3,000 Spokane, WA Pub Fac Dist Hotel
Motel & Sales Use Tax (MBIA
Insd) ........................... 5.250 09/01/33 3,124,260
9,855 Washington St Mtr Veh Fuel Tax
2007 B (FSA Insd) (f) ........... 5.000 07/01/27 10,341,049
4,000 Washington St Pub Pwr Supply
Rfdg Ser A (FGIC Insd) (f) ...... 7.000 07/01/08 4,079,840
-------------
25,208,910
-------------
WEST VIRGINIA 1.0%
2,500 Harrison Cnty, WV Cnty Commn
Solid Waste Disp Rev Rfdg
Allegheny Energy Ser D (AMT) .... 5.500 10/15/37 2,476,300
3,750 West Virginia Univ Rev Impt Univ
Proj Ser C (FGIC Insd) .......... 5.000 10/01/34 3,791,063
-------------
6,267,363
-------------
WISCONSIN 2.2%
10,000 Wisconsin Hsg & Econ Dev Auth
Home Ownership Rev Ser A
(AMT) (a) ....................... 4.750 09/01/33 9,387,150
890 Wisconsin St Hlth & Ed Fac Auth
Rev Bellin Mem Hosp (AMBAC
Insd) ........................... 6.625 02/15/08 891,468
2,675 Wisconsin St Hlth & Ed Fac FH
Hlthcare Dev Inc Proj
(Prerefunded @ 11/15/09) ........ 6.250 11/15/28 2,890,632
-------------
13,169,250
-------------
WYOMING 0.4%
2,790 Sweetwater Cnty, WY Solid
Waste Disp Rev FMC Corp Proj
Rfdg (AMT) ...................... 5.600 12/01/35 2,667,575
-------------
PUERTO RICO 4.9%
21,000 Puerto Rico Comwlth Hwy & Tran
Auth Hwy Rev Rfdg Ser Y (FSA
Insd) (i) ....................... 6.250 07/01/21 25,549,860
4,000 Puerto Rico Pub Bldgs Auth Gtd
Pub Ed & Hlth Fac Rfdg Ser M
(MBIA Insd) ..................... 5.600 07/01/08 4,053,720
-------------
29,603,580
-------------
TOTAL LONG-TERM INVESTMENTS 202.8%
(Cost $1,190,726,315) .......................... 1,213,821,502
TOTAL SHORT-TERM INVESTMENTS 0.5%
(Cost $3,200,000) .............................. 3,200,000
-------------
TOTAL INVESTMENTS 203.3%
(Cost $1,193,926,315) .......................... 1,217,021,502
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS
RELATED TO SECURITIES HELD (35.7%)
(Cost ($213,493,000))
(213,493) Notes with interest rates
ranging from 2.25%
to 4.78% at January 31, 2008
and contractual maturities
of collateral ranging from
2021 to 2047 (j) ............... (213,493,000)
-------------
TOTAL NET INVESTMENT 167.6%
(Cost $980,433,315) ........................... 1,003,528,502
OTHER ASSETS IN EXCESS OF LIABILITIES 2.6% ....... 15,449,452
PREFERRED SHARES (INCLUDING ACCRUED
DISTRIBUTIONS)(70.2%) ......................... (420,303,730)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% .... $ 598,674,224
-------------
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) Underlying security related to Inverse Floaters entered into by the Trust.
(b) Escrowed to Maturity
(c) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(d) Variable Rate Coupon
(e) 144A-Private Placement security which is exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. This security may only
be resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(f) The Trust owns 100% of the outstanding bond issuance.
(g) Securities are restricted and may be resold only in transactions exempt
from registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 0.3% of net assets
applicable to common shares.
(h) Security purchased on a when-issued or delayed delivery basis.
(i) All or a portion of this security has been physically segregated in
connection with open futures
contracts.
(j) Floating rate notes. The interest rate shown reflects the rates in effect
at January 31, 2008.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
Connie Lee - Connie Lee Insurance Co.
FGIC - Financial Guaranty Insurance Co.
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
MBIA - Municipal Bond Investors Assurance Corp.
MBIA-IBC - MBIA Insured Bond Certificates
PSF - Public School Fund
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF JANUARY 31, 2008:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
--------- --------------
SHORT CONTRACTS:
U.S. Treasury Bonds Futures, March 2008
(Current Notional Value of $119,313 per
contract) ................................... 810 $(2,127,112)
========= ===========
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Advantage Municipal Income Trust II
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 20, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 20, 2008
By: /s/ Stuart N. Schuldt
---------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: March 20, 2008