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 (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: 1/31/07 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, 2007 (UNAUDITED) PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE ------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS 191.6% ALABAMA 4.7% $ 3,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Ser A ............... 5.000% 11/15/30 $ 3,054,240 2,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys Ser A ............... 5.875 11/15/24 2,136,420 4,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A ......................... 5.250 01/01/23 4,250,920 4 Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg ..................... 6.950 01/01/20 353 19,635 University AL at Birmingham Hosp Rev Ser A (c) ................... 5.000 09/01/41 20,168,483 1,000 Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp Ser A ................................ 5.600 11/01/16 1,018,700 -------------- 30,629,116 -------------- ALASKA 1.1% 1,000 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC Insd) .................... 5.250 12/01/41 1,058,120 6,250 Northern Tob Sec Corp AK Tob Settlement Ser A ..................... 5.000 06/01/46 6,281,937 -------------- 7,340,057 -------------- ARIZONA 7.9% 5,000 Arizona Sch Fac Brd Ctfs Ser B (FGIC Insd) (Prerefunded @ 9/01/13) ............................. 5.250 09/01/18 5,423,150 3,000 Arizona St Transn Brd Hwy Rev Ser B ................................ 5.250 07/01/19 3,195,180 5,250 Arizona Tourism & Sports Auth Multipurp Stad Fac Ser A (MBIA Insd) (Prerefunded @ 7/01/13) ............................. 5.375 07/01/23 5,708,955 2,235 Arizona Tourism & Sports Auth Tax Rev Multipurp Stad Fac Ser A (MBIA Insd) (Prerefunded @ 7/01/13) .............. 5.375 07/01/21 2,430,384 5,000 Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg Ser B ............ 5.000 12/01/37 5,081,800 4,500 Maricopa Cnty, AZ Hosp Rev Sun Hlth Corp ........................ 5.000 04/01/35 4,581,225 8,020 Mesa, AZ Util Sys Rev Rfdg Second Ser (FGIC Insd) (c) ........... 4.500 07/01/28 8,042,937 2,000 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien (FGIC Insd) (AMT) ................................ 5.375 07/01/29 2,010,420 2,085 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Rfdg Ser A (FSA Insd) ................................ 7.250 07/15/10 2,142,546 2,685 South Campus Group LLC AZ Std Hsg Rev AZ St Univ South Campus Proj (MBIA Insd) .............. 5.625 09/01/35 2,915,829 1,300 Tempe, AZ Excise Tax Rev Rfdg (Prerefunded @ 7/01/13) .............. 5.250 07/01/18 1,407,562 9,000 University Med Ctr Corp AZ Hosp Rev ............................. 5.000 07/01/35 9,166,770 -------------- 52,106,758 -------------- ARKANSAS 0.5% 1,930 Arkansas St Cap Apprec College Svg .......................... * 06/01/16 1,325,794 2,000 Arkansas St Dev Fin Auth Rev St Agy Fac Donaghey Plaza Proj (FSA Insd) ...................... 5.000 06/01/34 2,086,500 -------------- 3,412,294 -------------- CALIFORNIA 36.5% 6,000 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj Ser C (FSA Insd) ................................ * 09/01/19 3,482,640 7,195 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj Ser C (FSA Insd) ................................ * 09/01/21 3,813,998 1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj Ser C (FSA Insd) ........................... 6.000 09/01/16 1,506,128 2,095 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool Ser A (XLCA Insd) ........................ 5.250 09/01/35 2,237,230 3,000 California Cnty, CA Tob Sec Agy Tob LA Cnty Sec (d) .................. 0/5.250 06/01/21 2,583,210 2,050 California Cnty, CA Tob Sec Agy Tob Merced Cnty Rfdg Ser A ........... 5.125 06/01/38 2,084,624 1,000 California Cnty, CA Tob Sec Agy Tob Merced Cnty Rfdg Ser A ........... 5.250 06/01/45 1,025,360 2,000 California Cnty, CA Tob Sec Agy Tob Sonoma Cnty Corp Rfdg ............ 5.125 06/01/38 2,033,780 6,750 California Ed Fac Auth Rev Pepperdine Univ Rfdg Ser A (FGIC Insd) .......................... 5.000 09/01/33 7,021,147 1,600 California Hlth Fac Fin Auth Rev Kaiser Permanente Ser A .............. 5.000 04/01/37 1,653,984 5,505 California Hlth Fac Fin Auth Rev Rfdg Cedars-Sinai Med Ctr (c) ........ 5.000 11/15/34 5,684,463 3,400 California Hsg Fin Agy Rev Home Mtg Ser M (c) ........................ 4.625 08/01/26 3,385,907 6,200 California Hsg Fin Agy Rev Home Mtg Ser M (c) ........................ 4.650 08/01/31 6,168,628 4,290 California Hsg Fin Agy Rev Home Mtg Ser M (c) ........................ 4.700 08/01/36 4,272,218 7,030 California Hsg Fin Agy Rev Home Mtg Ser M (c) ........................ 7.750 08/01/42 7,000,861 3,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj Ser C (AMT) ............ 5.125 11/01/23 3,148,950 980 California St (AMBAC Insd) .............. 5.125 10/01/27 999,600 6,500 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A ........................... 5.250 07/01/30 6,805,695 1,000 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A ........................... 5.250 07/01/35 1,045,610 4,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A ........................... 5.000 03/01/30 4,119,080 3,400 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B ................................ 5.000 03/01/41 3,506,284 5,000 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B ................................ 5.250 03/01/45 5,267,350 4,000 California Statewide Cmnty Dev Auth Rev Var Kaiser Permanente Ser C ................................ 5.250 08/01/31 4,237,760 2,000 California St Dept Wtr Res Pwr Ser A (Prerefunded @ 5/01/12) ............................. 6.000 05/01/15 2,236,580 2,345 California St Dept Wtr Res Pwr Ser A (XLCA Insd) (Prerefunded @ 5/01/12) .............. 5.375 05/01/17 2,553,001 3,000 California St Dept Wtr Res Pwr Supply Rev Ser A (Prerefunded @ 5/01/12) .............. 5.875 05/01/16 3,337,110 5,000 California St Pub Wks Brd Dept Gen Svc Cap East End Ser A (AMBAC Insd) ......................... 5.125 12/01/21 5,320,550 4,000 California St Pub Wks Brd Lease Rev Dept of Corrections St Prisons Rfdg Ser A (AMBAC Insd) ................................ 5.000 12/01/19 4,321,360 6,000 California St Pub Wks Brd Lease Rev Dept of Corrections St Prisons Rfdg Ser A (AMBAC Insd) ................................ 5.250 12/01/13 6,456,120 5,000 California St Pub Wks Brd Lease Rev Dept of Mental Hlth Coalinga Ser A ....................... 5.000 06/01/24 5,222,650 4,600 California St Pub Wks Brd Lease Rev Var Univ CA Proj Rfdg Ser A ................................ 5.500 06/01/10 4,795,132 5,905 California St Pub Wks Brd Lease Rev Var Univ CA Proj Rfdg Ser A ................................ 5.500 06/01/14 6,411,236 5,000 California St Rfdg ...................... 5.000 02/01/19 5,218,600 2,000 Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc Ser A (MBIA Insd) .......................... 5.000 09/01/33 2,098,160 5,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (MBIA Insd) .......................... * 01/15/18 2,884,500 30,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg Ser A ................................ * 01/15/22 13,072,800 10,000 Golden St Tob Securitization Corp CA Tob Settlement Rev Ser A (c) ............................ 5.000 06/01/38 10,460,400 3,350 Imperial Irr Dist CA Ctf Part Elec Sys Proj (FSA Insd) (f) .............. 5.250 11/01/19 3,594,751 3,950 Los Angeles, CA Dept Wtr & Pwr Ser A (FGIC Insd) ................ 5.125 07/01/40 4,131,068 5,000 Los Angeles, CA Uni Sch Dist Ser A (FSA Insd) (Prerefunded @ 07/01/13) ............. 5.250 07/01/20 5,434,450 5,500 Port Oakland, CA Ser L (FGIC Insd) (AMT) .......................... 5.000 11/01/32 5,668,520 9,000 Riverside Cnty, CA Asset Leasing Corp Leasehold Rev Riverside Cnty Hosp Proj (MBIA Insd) .......................... * 06/01/21 4,796,010 13,880 San Joaquin Hills, CA Transn Corridor Agy Toll Rd Rev Cap Apprec Rfdg Ser A (MBIA Insd) ................................ * 01/15/28 5,462,474 4,200 Tobacco Sec Auth Northn CA Tob Settlement Rev Ser A1 ............ 5.375 06/01/38 4,365,438 4,300 Tobacco Sec Auth Northn CA Tob Settlement Rev Ser A1 ............ 5.500 06/01/45 4,502,917 1,000 Tobacco Sec Auth Southn CA Tob Settlement Sr Ser A1 ............. 5.000 06/01/37 1,008,790 14,000 Tobacco Sec Auth Southn CA Tob Settlement Sr Ser A1 ............. 5.125 06/01/46 14,212,660 7,750 University CA Rev Gen Ser J (FSA Insd) (c) ................. 4.500 05/15/28 7,710,276 7,750 University CA Rev Gen Ser J (FSA Insd) (c) ................. 4.500 05/15/31 7,710,277 7,750 University CA Rev Gen Ser J (FSA Insd) (c) ................. 4.500 05/15/35 7,710,277 2,720 Washington, CA Uni Sch Dist Yolo Cnty Election 2004 Ser A (FGIC Insd) (f) ...................... 5.250 08/01/19 2,937,954 3,070 Washington, CA Uni Sch Dist Yolo Cnty Election 2004 Ser A (FGIC Insd) (f) ...................... 5.250 08/01/20 3,315,999 -------------- 240,034,567 -------------- COLORADO 4.7% 1,945 Colorado Ed & Cultural Fac Auth Rev Charter Sch Pinnacle Impt & Rfdg (XLCA Insd) ................... 5.250 06/01/23 2,064,637 3,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A (i) ................................ 5.500 03/01/32 3,215,010 4,250 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc ........ 5.000 12/01/35 4,302,700 2,700 Colorado Hlth Fac Auth Rev Hlth Fac Evangelical Lutheran ............. 5.000 06/01/35 2,750,247 2,250 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11) ............................ 6.500 11/15/31 2,526,548 5,460 Colorado Hsg Fin Auth Single Family Mtg Rev Ser C-3 (AMT) (c) ............................ 4.625 11/01/36 5,338,788 65 Colorado Hsg Fin Auth Single Family Pgm Sr Ser A2 (AMT) ........... 7.250 05/01/27 65,495 34 Colorado Hsg Fin Auth Single Family Pgm Sr Ser B1 (AMT) ........... 7.650 11/01/26 34,562 1,500 Denver, CO City & Cnty Arpt Rev Ser D (AMT) ...................... 7.750 11/15/13 1,666,290 6,160 E-470 Pub Hwy Auth CO Rev Sr Ser A (MBIA Insd) .................... 5.000 09/01/21 6,260,716 1,000 Park Creek Metro Dist CO Rev Sr Ltd Tax Ppty Tax Rfdg ................ 5.500 12/01/30 1,062,740 1,500 University CO Hosp Auth Rev Ser A ................................ 5.000 11/15/37 1,528,920 -------------- 30,816,653 -------------- CONNECTICUT 1.0% 5,000 Connecticut St Ser C (FGIC Insd) ........ 5.000 04/01/22 5,294,250 990 Mashantucket Western Pequot Tribe CT Spl Rev Ser A (Prerefunded @ 9/01/07) (g) .......... 6.400 09/01/11 1,015,720 -------------- 6,309,970 -------------- DISTRICT OF COLUMBIA 0.8% 5,000 Metropolitan Washington DC Arpt Auth Sys Ser A (FGIC Insd) (AMT) .......................... 5.250 10/01/32 5,231,200 -------------- FLORIDA 7.9% 2,500 Dade Cnty, FL Wtr & Swr Sys Rev (FGIC Insd) ...................... 5.250 10/01/21 2,548,300 570 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd) ..................... 5.950 07/01/20 590,628 1,800 Florida Hsg Fin Corp Rev Ser G (AMT) (c) ...................... 4.550 07/01/26 1,790,458 3,500 Florida Hsg Fin Corp Rev Ser G (AMT) (c) ...................... 4.625 07/01/31 3,481,447 2,500 Florida Hsg Fin Corp Rev Ser G (AMT) (c) ...................... 4.700 07/01/37 2,486,747 3,000 Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg Ser A .................. 5.250 06/01/26 3,147,600 3,800 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Sys Ser C ............................ 5.250 11/15/36 4,018,766 1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Sys Ser D ............................ 5.000 11/15/35 1,026,040 3,980 Jacksonville, FL Port Auth (MBIA Insd) (AMT) .......................... 5.700 11/01/30 4,203,955 2,780 Jacksonville, FL Port Auth (MBIA Insd) (Prerefunded @ 11/01/10) (AMT) ...................... 5.700 11/01/30 2,942,380 5,000 Jea, FL Wtr & Swr Sys Rev Ser C ......... 5.000 10/01/41 5,018,750 3,000 Lake Cnty, FL Sch Brd Ctf Part (AMBAC Insd) (Prerefunded @ 7/01/12) ........................... 5.375 07/01/17 3,233,070 11,500 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (FGIC Insd) (AMT) ................................ 5.375 10/01/32 12,114,560 5,000 Ocoee, FL Wtr & Swr Sys Rev Impt & Rfdg (AMBAC Insd) ............. 5.125 10/01/33 5,258,800 -------------- 51,861,501 -------------- GEORGIA 2.7% 5,000 Georgia Muni Elec Auth Pwr Rev Ser B (FGIC Insd) (i) ................ 5.700 01/01/19 5,702,400 2,000 Georgia St Rd & Twy Auth Rev ............ 5.000 10/01/19 2,127,340 1,700 Marietta, GA Dev Auth Rev First Mtg Life College Ser B (FSA Insd) (f) ............................ 5.375 09/01/09 1,712,886 6,740 Municipal Elec Auth GA Comb Turbine Proj Ser A (MBIA Insd) ................................ 5.250 11/01/20 7,180,998 1,000 Richmond Cnty, GA Dev Auth ASU Jaguar Student Hsg LLC Ser A ................................ 5.250 02/01/35 1,044,920 -------------- 17,768,544 -------------- HAWAII 1.7% 10,430 Hawaii St Dept Budget & Fin Spl Purp Rev Hawaiian Elec Co Inc Ser A (MBIA Insd) (AMT) .............. 5.650 10/01/27 11,272,848 -------------- ILLINOIS 13.1% 1,710 Bolingbrook, IL Cap Apprec Rfdg Ser C (MBIA Insd) (f) ................ * 01/01/29 639,284 3,750 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd) ........................ * 01/01/32 986,437 6,000 Chicago, IL Lakefront Millenium Pkg Fac (MBIA Insd) .................. 5.750 01/01/29 6,626,880 3,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (c) ........ 5.250 01/01/23 3,240,270 4,200 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (c) ...................... 5.250 01/01/24 4,697,547 11,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (c) ...................... 5.250 01/01/25 12,303,100 2,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (c) ........ 5.250 01/01/26 2,236,927 90 Chicago, IL Single Family Mtg Rev Ser A (GNMA Collateralized) (AMT) ................ 7.000 09/01/27 92,254 3,345 Cook Cnty, IL Sch Dist No. 100 Berwyn South Ser D (FSA Insd) ................................ 5.500 12/01/23 3,674,650 4,500 Cook Cnty, IL Ser A (FGIC Insd) (Prerefunded @ 5/15/11) .............. 5.500 11/15/31 4,804,470 1,000 Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac Ser A ............ 7.375 07/01/25 1,081,970 1,500 Illinois Fin Auth Rev IL Inst of Technology Ser A ..................... 5.000 04/01/31 1,559,730 2,500 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A .......... 5.500 08/15/43 2,711,475 1,335 Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj Ser A (AMT) .............................. 5.050 08/01/29 1,363,929 1,325 Illinois Fin Auth Student Hsg Rev MJH Ed Assistance IV Sr Ser A ........ 5.125 06/01/35 1,359,914 3,180 Illinois Hlth Fac Auth Rev Children's Mem Hosp (MBIA Insd) ................................ 6.250 08/15/13 3,473,514 1,485 Illinois Hlth Fac Auth Rev Evangelical Hosp Rfdg Ser A (FSA Insd) (f)(i) .................... 6.750 04/15/17 1,744,177 825 Illinois Hlth Fac Auth Rev Evangelical Hosp Ser C (FSA Insd) ................................ 6.750 04/15/17 968,987 1,000 Illinois Hlth Fac Auth Rev Highland Park Hosp Proj Ser A (MBIA Insd) (Prerefunded @ 10/01/07) ............................ 5.750 10/01/17 1,033,270 8,000 Illinois St First Ser (FSA Insd) ........ 5.250 12/01/19 8,538,800 3,400 Illinois St First Ser (FSA Insd) ........ 5.250 04/01/27 3,578,568 2,070 Northern IL Univ Ctf Part Hoffman Estates Ctr Proj (FSA Insd) ................................ 5.400 09/01/16 2,235,579 160 Peoria, Moline & Freeport, IL Coll Mtg Ser A (GNMA Collateralized) (AMT) ................ 7.600 04/01/27 162,618 5,000 Regional Trans Auth IL Ser A (AMBAC Insd) ......................... 8.000 06/01/17 6,612,300 10,000 Will Cnty, IL Sch Dist No. 122 Rfdg Ser B (FGIC Insd) ............... 5.250 11/01/20 10,550,700 -------------- 86,277,350 -------------- INDIANA 4.1% 3,070 East Chicago, IN Elementary Sch Bldg Corp First Mtg Ser A ............ 6.250 07/05/08 3,137,141 1,660 Indiana Hlth & Ed Fac Fin Auth Hosp Rev Clarian Hlth Oblig Ser A ................................ 5.000 02/15/36 1,703,060 3,000 Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (FSA Insd) ........................... 7.000 08/15/15 3,436,800 1,500 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT) ........... 5.950 08/01/30 1,537,710 2,300 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Mtg Ser D-1 (GNMA Collateralized) (AMT) (c) ............................. 4.600 07/01/31 2,261,820 10,000 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Mtg Ser D-1 (GNMA Collateralized) (AMT) (c) ............................ 4.625 07/01/38 9,741,050 2,000 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) ....................... 5.950 12/01/29 2,131,540 2,850 Southwest Parke Cmnty Sch Bldg First Mtg (FGIC Insd) (f) ....... 5.250 07/15/21 3,073,839 -------------- 27,022,960 -------------- IOWA 0.6% 1,500 Tobacco Settlement Auth IA Tob Settlement Rev Ser C ................. 5.375 06/01/38 1,562,220 2,500 Tobacco Settlement Auth IA Tob Settlement Rev Ser C ................. 5.500 06/01/42 2,617,975 -------------- 4,180,195 -------------- KANSAS 1.1% 3,430 Kansas St Dev Fin Auth Rev KS Proj Ser N (AMBAC Insd) (f) .......... 5.250 10/01/20 3,640,808 3,615 Kansas St Dev Fin Auth Rev KS Proj Ser N (AMBAC Insd) (f) .......... 5.250 10/01/21 3,824,995 -------------- 7,465,803 -------------- KENTUCKY 1.7% 10,005 Louisville & Jefferson Cnty KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc (c) .............. 5.000 10/01/30 10,441,585 500 Mount Sterling, KY Lease Rev KY League Cities Fdg Ser B ........... 6.100 03/01/18 581,400 -------------- 11,022,985 -------------- LOUISIANA 6.4% 5,000 Lafayette, LA Util Rev (MBIA Insd) ................................ 5.250 11/01/21 5,395,350 2,500 Louisiana Loc Govt Environment Fac Pkg Fac Corp Garage Proj Ser A (AMBAC Insd) ................... 5.375 10/01/31 2,628,575 5,970 Louisiana Loc Govt Environment Southeastn LA Student Hsg Ser A (MBIA Insd) (f) ................ 5.250 08/01/24 6,379,602 1,400 Louisiana Pub Fac Auth Rev Hlth Fac Glen Retirement Ser A ............ 6.700 12/01/25 1,413,482 7,000 Louisiana St Gas & Fuel Tax Rev Ser A (c) ........................ 5.000 05/01/41 7,329,420 8,065 Louisiana St Office Fac Corp LA St Cap Complex Pgm (MBIA Insd) (f) ............................ 5.000 11/01/20 8,437,845 4,000 New Orleans, LA Rfdg (FGIC Insd) ................................ 5.500 12/01/21 4,399,560 6,000 New Orleans, LA Rfdg (MBIA Insd) ................................ 5.125 09/01/21 6,266,460 -------------- 42,250,294 -------------- MARYLAND 3.3% 3,000 Baltimore, MD Convention Ctr Hotel Rev Sr Ser A (XLCA Insd) (c) ...................... 5.250 09/01/25 3,261,000 1,255 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser P (AMT) (c) ...................... 4.450 09/01/21 1,250,620 1,000 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser P (AMT) (c) ...................... 4.550 09/01/26 996,510 1,300 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser P (AMT) (c) ...................... 4.625 09/01/31 1,295,463 725 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser P (AMT) (c) ...................... 4.700 03/01/37 722,470 5,000 Maryland St Econ Dev Corp MD Aviation Admin Fac (FSA Insd) (AMT) ................................ 5.375 06/01/20 5,311,750 1,000 Maryland St Econ Dev Corp Student Hsg Rev Univ MD College Pk Proj (Prerefunded @ 6/01/13) ........................... 5.625 06/01/35 1,103,890 2,000 Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art ............................... 5.000 06/01/40 2,044,020 1,200 Maryland St Hlth & Higher Ed Fac Auth Rev Uni Hosp Cecil Cnty Issue ........................... 5.000 07/01/40 1,242,036 4,000 Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt Ser B (AMBAC Insd) (AMT) ................... 5.125 03/01/24 4,183,000 -------------- 21,410,759 -------------- MASSACHUSETTS 2.6% 1,200 Massachusetts Bay Tran Auth MA Gen Tran Sys Rfdg Ser A ........... 6.250 03/01/12 1,331,892 2,500 Massachusetts Bay Trans Auth Ser A (Prerefunded @ 7/01/12) ............................. 5.000 07/01/32 2,651,200 2,000 Massachusetts Muni Whsl Elec Co Proj No. 6-A Ser A (MBIA Insd) ................................ 5.250 07/01/16 2,138,060 1,750 Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant Hlth ........................ 6.000 07/01/31 1,890,263 2,000 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr Ser A ................................ 6.000 10/01/23 2,002,060 5,450 Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue Ser D ................................ 5.000 07/01/33 5,518,888 925 Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham (AMT) ................................ 6.900 12/01/29 937,848 925 Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham (AMT) ................................ 6.950 12/01/35 938,098 -------------- 17,408,309 -------------- MICHIGAN 3.4% 3,000 Detroit, MI City Sch Dist Sch Bldg & Site Impt Ser A (FGIC Insd) (Prerefunded @ 5/01/13) .............. 5.375 05/01/24 3,263,100 2,790 Detroit, MI Wtr Supply Sys Rev Sr Lien Rfdg Ser C (MBIA Insd) (f) ............................ 5.250 07/01/19 2,994,535 3,185 Detroit, MI Wtr Supply Sys Rev Sr Lien Ser A (MBIA Insd) (Prerefunded @ 7/01/13) (f) .......... 5.250 07/01/20 3,448,527 2,000 Grand Rapids, MI Wtr Supply (FGIC Insd) .......................... 5.750 01/01/15 2,138,360 4,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A ................ 6.000 07/01/35 4,381,160 2,285 Taylor, MI Bldg Auth (AMBAC Insd) (f) ............................ 6.000 03/01/13 2,547,135 3,090 Troy, MI Downtown Dev Auth Dev Rfdg (MBIA Insd) ................. 5.500 11/01/15 3,313,376 -------------- 22,086,193 -------------- MINNESOTA 0.9% 1,065 Duluth, MN Econ Dev Auth Hlthcare Fac Rev Benedictine Hlth Sys Saint Marys ................. 5.250 02/15/33 1,107,174 1,175 Maple Grove, MN Hlthcare Fac Rev North Mem Hlthcare ............... 5.000 09/01/35 1,218,522 2,200 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj ......... 6.000 11/15/30 2,414,588 1,000 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj ......... 6.000 11/15/35 1,093,770 -------------- 5,834,054 -------------- MISSISSIPPI 1.0% 1,405 Mississippi Dev Bk Spl Oblig Cap Proj & Equip Acquisition Ser A2 (AMBAC Insd) ...................... 5.000 07/01/24 1,423,251 1,550 Mississippi Dev Bk Spl Oblig Madison Cnty Hosp Proj (Prerefunded @ 7/01/09) .............. 6.400 07/01/29 1,671,179 2,595 Mississippi Dev Bk Spl Oblig MS Ltd Oblig Hosp Impt (MBIA Insd) (f) ............................ 5.250 07/01/32 2,722,233 435 Mississippi Home Corp Single Family Rev Mtg Ser C (GNMA Collateralized) (AMT) ................ 7.600 06/01/29 451,769 -------------- 6,268,432 -------------- MISSOURI 6.6% 2,000 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc .............. 5.625 06/01/27 2,081,940 1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj ................... 5.500 02/01/35 1,312,862 2,000 Curators Univ MO Sys Fac Rev Rfdg Ser B (f) ....................... 5.000 11/01/20 2,122,640 1,000 Missouri Jt Muni Elec Util Comnty Pwr Proj Rev Plum Point Proj (MBIA Insd) .......................... 5.000 01/01/26 1,060,860 4,625 Missouri Jt Mun Elec Util Comnty Pwr Proj Rev Plum Point Proj (MBIA Insd) .......................... 5.000 01/01/27 4,902,963 2,500 Missouri St Dev Fin Brd Infrastructure Fac Rev Crackerneck Creek Proj Ser C ......... 5.000 03/01/26 2,581,900 2,195 Missouri St Hlth & Ed Fac Rev Univ MO Columbia Arena Proj (f) ............................. 5.000 11/01/16 2,304,465 4,000 Platte Cnty, MO Indl Dev Auth Trans Rev ............................ 4.500 12/01/24 4,014,960 2,500 Platte Cnty, MO Neighborhood Impt Parkville Ser B (MBIA Insd) ................................ 5.000 02/01/25 2,633,850 1,500 Saint Louis Cnty, MO Mtg Rev Ctf Rcpt Ser H (AMT) (i) ............. 5.400 07/01/18 1,629,915 9,855 Saint Louis, MO Arpt Rev Arpt Dev Pgm Ser A (MBIA Insd) (Prerefunded @ 7/01/11) .............. 5.250 07/01/31 10,440,978 2,380 Saint Louis, MO Arpt Rev Cap Impt Pgm Ser A (MBIA Insd) (Prerefunded @ 7/01/12) (f) .......... 5.375 07/01/19 2,564,902 2,745 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMT) (c) ......... 4.550 07/01/29 2,658,741 3,360 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMT) (c) ......... 4.600 07/01/36 3,254,416 -------------- 43,565,392 -------------- MONTANA 0.4% 2,300 Forsyth, MT Pollutn Ctl Rev Northwestn Corp Colstrip Rfdg (AMBAC Insd) ......................... 4.650 08/01/23 2,363,135 -------------- NEBRASKA 1.5% 5,235 Omaha Pub Pwr Dist NE Elec Rev Sys Ser A ........................ 5.000 02/01/34 5,449,688 4,260 University NE Univ Rev Lincoln Student Fees & Fac Ser B ............. 5.000 07/01/23 4,448,377 -------------- 9,898,065 -------------- NEVADA 4.2% 8,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC Insd) ............. 5.000 07/01/36 8,323,760 2,000 Clark Cnty, NV Econ Dev Rev Alexander Dawson Sch Proj ............ 5.375 05/15/33 2,105,420 7,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMBAC Insd) (AMT) ................. 5.250 07/01/34 7,375,060 4,375 Las Vegas Vly, NV Wtr Dist Rfdg Ser B (MBIA Insd) ............... 5.000 06/01/27 4,558,750 35 Nevada Hsg Div Single Family Pgm Mezz B (FHA/VA Gtd) (AMT) ................................ 6.550 10/01/12 35,389 5,000 Reno, NV Lien Trans Proj (AMBAC Insd) (Prerefunded @ 6/01/12) ........................... 5.250 06/01/41 5,343,050 -------------- 27,741,429 -------------- NEW HAMPSHIRE 0.5% 1,000 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch .............. 7.000 07/01/30 1,084,040 1,400 New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth ........... 5.500 07/01/34 1,485,134 1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT) ................................ 6.300 05/01/22 1,025,500 -------------- 3,594,674 -------------- NEW JERSEY 11.8% 1,000 New Jersey Econ Dev Auth Rev Cig Tax .............................. 5.500 06/15/31 1,053,630 1,900 New Jersey Econ Dev Auth Rev Cig Tax .............................. 5.750 06/15/29 2,043,545 5,000 New Jersey Econ Dev Auth Rev Sch Fac Constr Ser I (Prerefunded @ 9/01/14) .............. 5.000 09/01/23 5,382,400 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 2,283,792 4,350 New Jersey Econ Dev Wtr NJ Amern Wtr Co Inc Ser A (FGIC Insd) (AMT) .......................... 5.250 07/01/38 4,496,812 1,000 New Jersey Hlthcare Fac Fin Auth Rev Cap Hlth Sys Oblig Grp Ser A ............................ 5.375 07/01/33 1,041,190 2,500 New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp Ctr at Passaic (FSA Insd) (i) ............... 6.750 07/01/19 3,043,075 10,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A (AMBAC Insd) (Prerefunded @ 9/01/12) ........................... 5.250 09/01/20 10,746,400 2,000 New Jersey St Tpk Auth Tpk Rev Ser C-1 (AMBAC Insd) ............. 5.000 01/01/35 2,048,380 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 10,821,380 5,000 Tobacco Settlement Fin Corp NJ Ser 1A (h) ........................... 4.750 06/01/34 4,796,500 30,000 Tobacco Settlement Fin Corp NJ Ser 1A (c) ........................... 5.000 06/01/41 29,624,400 -------------- 77,381,504 -------------- NEW MEXICO 0.2% 1,500 Jicarilla, NM Apache Nation Rev Adj Ser A (Acquired 10/23/03, Cost $1,514,910) (b) ................. 5.000 09/01/18 1,567,080 -------------- NEW YORK 10.9% 1,000 Erie Cnty, NY Tob Asset Sec Corp Ser A ........................... 5.000 06/01/38 1,013,200 7,000 Metropolitan Trans Auth NY Rev Rfdg Ser A (FGIC Insd) ............... 5.250 11/15/31 7,432,880 1,500 Nassau Cnty, NY Tob Settlement Corp Ser A-3 ......................... 5.000 06/01/35 1,525,080 3,500 Nassau Cnty, NY Tob Settlement Corp Ser A-3 ......................... 5.125 06/01/46 3,572,660 5,000 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser D ......... 5.000 06/15/38 5,234,700 5,000 New York City Ser H (MBIA Insd) ................................ 5.250 03/15/14 5,312,900 7,575 New York St Dorm Auth Rev City Univ Sys Cons Ser A ............. 5.625 07/01/16 8,398,402 1,520 New York St Dorm Auth Rev Insd John T Mather Mem Hosp (Connie Lee Insd) (f) ................ 6.500 07/01/09 1,612,218 3,845 New York St Dorm Auth Rev Secd Hosp Gen Hosp Rfdg .............. 5.750 02/15/20 4,210,313 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 2,312,726 5,000 New York St Urban Dev Corp Rev St Fac Rfdg ...................... 5.700 04/01/20 5,720,100 21,920 Port Auth NY & NJ Cons 144th Ser (c) ........................ 5.000 10/01/35 23,130,752 2,150 Westchester, NY Tob Asset Sec Corp ............................. 5.125 06/01/38 2,196,655 -------------- 71,672,586 -------------- NORTH CAROLINA 0.6% 1,950 Forsyth Cnty, NC Ctf Partn (f) .......... 5.000 02/01/24 2,044,946 1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev Ser D ................ 6.700 01/01/19 1,614,945 -------------- 3,659,891 -------------- OHIO 3.6% 3,000 Cincinnati, OH City Sch Dist Sch Impt (FSA Insd) ...................... 5.250 06/01/18 3,205,290 3,150 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj .................. 7.500 01/01/30 3,458,920 1,000 Dayton, OH Arpt Rev James M Cox Dayton Rfdg Ser C (Radian Insd) (AMT) .................. 5.250 12/01/27 1,036,490 3,540 Franklin Cnty, OH Hosp Rev Doctor's Hosp Proj Impt & Rfdg (i) ............................. 5.875 12/01/23 3,822,067 5,130 Muskingum Cnty, OH Hosp Fac Rev Bethesda Care Sys Impt & Rfdg (Connie Lee Insd) (f) ........... 6.250 12/01/10 5,241,578 5,000 Ohio St Air Quality Dev Auth Rev Coll Dayton Pwr & Lt Co Proj (c) .......................... 4.800 09/01/36 5,035,438 1,100 Toledo Lucas Cnty, OH Port Auth Dev Rev Northwest OH Bd Fd Ser C (AMT) (f) ................ 6.600 11/15/15 1,186,328 625 Toledo Lucas Cnty, OH Port Auth Northwest Bd Fd Ser A (AMT) ................................ 6.000 05/15/11 651,006 -------------- 23,637,117 -------------- OKLAHOMA 1.5% 1,500 Jenks, OK Aquarium Auth Rev First Mtg (MBIA Insd) (Prerefunded @ 7/01/10) .............. 6.100 07/01/30 1,624,755 5,000 Tulsa Cnty, OK Indl Auth Hlthcare Rev Saint Francis Hlth Sys (c) .............................. 5.000 12/15/36 5,163,025 2,755 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) (Prerefunded @ 11/01/09) ............. 6.250 11/01/22 2,984,822 -------------- 9,772,602 -------------- OREGON 2.9% 2,010 Emerald Peoples Util Dist OR Rfdg (FGIC Insd) (f) ................. 7.350 11/01/09 2,193,834 2,060 Multnomah Cnty, OR Sch Dist No. 007 Reynolds Ser 2005 (MBIA Insd) .......................... 5.000 06/01/30 2,114,508 5,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd) .................... 5.250 07/01/22 5,318,100 5,000 Oregon St Dept Admin Rfdg Ser C (MBIA Insd) ........................ 5.250 11/01/18 5,301,500 570 Oregon St Vets Welfare Ser 76A .................................. 6.050 10/01/28 575,170 3,580 Yamhill Cnty, OR Sch Dist No ............ 029J Newburg (MBIA Insd) (Prerefunded @ 6/15/12) .............. 5.250 06/15/21 3,834,431 -------------- 19,337,543 -------------- PENNSYLVANIA 3.9% 24,740 Pennsylvania St Pub Sch Bldg Auth Lease Rev Sch Dist Philadelphia Proj Ser B (c) .......... 4.500 06/01/32 24,535,400 1,370 Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Cmnty College Rfdg Ser B (MBIA Insd) (f) ............................ 6.500 05/01/08 1,414,553 -------------- 25,949,953 -------------- SOUTH CAROLINA 4.5% 3,125 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (c) .................... 5.250 12/01/25 3,333,399 9,375 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (c) .................... 5.250 12/01/26 10,000,195 3,115 Greenville, SC Impt & Rfdg (MBIA Insd) (f) ...................... 5.250 04/01/21 3,324,857 1,000 Newberry Invtg in Newberry Cnty Sch Dist Proj ................... 5.000 12/01/30 1,032,000 1,015 Rock Hill, SC Util Sys Rev Comb Rfdg Ser C (FSA Insd) (f) ............ 5.000 01/01/11 1,058,107 6,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser A (AMBAC Insd) .............. 5.200 11/01/27 6,852,300 3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser B (AMBAC Insd) (AMT) ................................ 5.450 11/01/32 3,973,425 -------------- 29,574,283 -------------- SOUTH DAKOTA 0.4% 1,375 Deadwood, SD Ctf Partn (ACA Insd) ................................ 6.375 11/01/20 1,461,529 1,000 South Dakota St Hlth & Ed Fac Auth Rev Children's Care Hosp Rfdg ................................. 6.125 11/01/29 1,046,790 -------------- 2,508,319 -------------- TENNESSEE 4.8% 2,130 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg Ser A ...................... 5.000 10/01/25 2,150,001 2,595 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg Ser A ...................... 5.125 10/01/35 2,623,779 1,270 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg Impt & Rfdg Ser B ........................... 8.000 07/01/33 1,486,217 7,050 Hallsdale Powell Util Dist Knox Cnty TN Wtr & Swr Rev Impt Ser B (FGIC Insd) .................... 5.000 04/01/34 7,360,975 12,525 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev Cap Apprec First Mtg Rfdg Ser A (MBIA Insd) ................................ * 07/01/26 5,318,867 4,800 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg Ser A (MBIA Insd) .......... 7.500 07/01/25 5,737,296 6,500 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Ser A ........................... 5.500 07/01/36 6,912,100 -------------- 31,589,235 -------------- TEXAS 10.8% 2,335 Beaumont, TX Wtrwks & Swr Sys (FGIC Insd) (Prerefunded @ 9/01/10) ........................... 6.250 09/01/14 2,527,731 2,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp ............................ 5.375 01/01/32 2,098,100 3,565 Brazos Riv Auth TX Pollutn Ctl Rev Adj TXU Elec Co Proj Rfdg Ser C (AMT) (a) ...................... 5.750 05/01/36 3,774,943 650 Brownsville, TX Util Sys Rev (i) ........ 7.375 01/01/10 691,886 8,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg Ser A (FGIC Insd) (AMT) .................... 5.500 11/01/31 8,441,280 2,345 Denton Cnty, TX Perm Impt (Prerefunded @ 7/15/10) (f) .......... 5.500 07/15/19 2,476,414 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 1,109,150 5,000 Harris Cnty, TX Sr Lien Toll Rd Rfdg (FSA Insd) ...................... 5.125 08/15/32 5,236,400 2,320 Houston, TX Arpt Sys Rev (i) ............ 9.500 07/01/10 2,562,463 3,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA Insd) (AMT) .......... 5.625 07/01/30 3,142,890 5,000 Houston, TX Util Sys Rev Comb First Lien Ser A (FSA Insd) .......... 5.250 05/15/20 5,388,200 3,920 Lower CO Riv Auth TX Transmission Contract Rev LCRA Svc Corp Proj (FGIC Insd) ................................ 5.000 05/15/33 4,022,312 5,000 Matagorda Cnty, TX Navig Dist No. 1 Rev Houston Lt Rfdg (AMBAC Insd) (AMT) ................... 5.125 11/01/28 5,477,950 2,000 Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian Care Ctr Ser A (Prerefunded @ 2/15/10) ............................. 7.625 02/15/28 2,226,560 1,500 Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr .................................. 5.625 02/15/35 1,569,135 3,500 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj ................................. 7.250 01/01/31 3,626,805 3,325 North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj Ser A .............. 5.125 05/15/29 3,399,148 3,000 Prosper, TX Indpt Sch Dist (PSF Gtd) ................................. 5.500 08/15/33 3,209,250 3,960 Stafford, TX Econ Dev Corp (FGIC Insd) .......................... 5.500 09/01/30 4,362,098 1,990 Stafford, TX Econ Dev Corp (FGIC Insd) (f) ...................... 6.000 09/01/19 2,279,465 3,510 Texas St Wtr Fin Assistance ............. 5.500 08/01/35 3,635,763 -------------- 71,257,943 -------------- UTAH 0.5% 4,950 Intermountain Pwr Agy UT Pwr Supply Rev Rfdg Ser A (FGIC Insd) (i) ............................ * 07/01/17 3,123,945 -------------- VIRGINIA 2.4% 2,000 Fairfax Cnty, VA Ctf Partn .............. 5.300 04/15/23 2,129,640 1,030 Richmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd) ................................ 5.000 07/15/14 1,104,325 675 Richmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd) ................................ 5.000 07/15/16 730,681 1,465 Richmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd) ................................ 5.000 07/15/17 1,589,671 1,520 Tobacco Settlement Fin Corp VA .......... 5.500 06/01/26 1,617,493 1,660 Tobacco Settlement Fin Corp VA .......... 5.625 06/01/37 1,775,503 3,140 Virginia St Hsg Auth Dev Auth Rental Hsg Ser D (AMT) (c) ........... 4.500 07/01/29 3,102,775 3,640 Virginia St Hsg Auth Dev Auth Rental Hsg Ser D (AMT) (c) ........... 4.600 07/01/33 3,615,121 -------------- 15,665,209 -------------- WASHINGTON 4.8% 5,000 Clark Cnty, WA Sch Dist 114 (FSA Insd) ........................... 5.250 06/01/19 5,359,350 1,370 King Cnty, WA Ser B (Prerefunded @ 12/01/07) ............. 5.900 12/01/14 1,421,786 3,630 King Cnty, WA Ser B ..................... 5.900 12/01/14 3,767,214 2,245 King Cnty, WA Ser B (Prerefunded @ 12/01/07) ............. 6.625 12/01/15 2,342,905 700 Quinault Indian Nation, WA Quinault Beach Impt & Rfdg Ser A (ACA Insd) ..................... 5.800 12/01/15 728,196 3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd) ................................ 5.250 09/01/33 3,188,010 9,855 Washington St Mtr Veh Fuel Tax 2007 B (FSA Insd) (f) ................ 5.000 07/01/27 10,450,833 4,000 Washington St Pub Pwr Supply Rfdg Ser A (FGIC Insd) ............... 7.000 07/01/08 4,175,600 -------------- 31,433,894 -------------- WEST VIRGINIA 1.6% 6,420 Harrison Cnty, WV Cnty Cmnty Solid Waste Disp Rev West PA Pwr Co Ser C (AMBAC Insd) (AMT) ................................ 6.750 08/01/24 6,476,239 3,750 West Virginia Univ Rev Impt Univ Proj Ser C (FGIC Insd) ............... 5.000 10/01/34 3,933,413 -------------- 10,409,652 -------------- WISCONSIN 0.6% 890 Wisconsin St Hlth & Ed Fac Auth Rev Bellin Mem Hosp (AMBAC Insd) ................................ 6.625 02/15/08 902,558 2,675 Wisconsin St Hlth & Ed Fac FH Hlthcare Dev Inc Proj (Prerefunded @ 11/15/09) ............. 6.250 11/15/28 2,872,602 -------------- 3,775,160 -------------- WYOMING 0.3% 2,000 Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT) ........................... 5.600 12/01/35 2,123,560 -------------- PUERTO RICO 4.6% 21,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Rfdg Ser Y (FSA Insd) (e) ..................... 6.250 07/01/21 25,864,020 4,000 Puerto Rico Pub Bldgs Auth Gtd Pub Ed & Hlth Fac Rfdg Ser M (MBIA Insd) .......................... 5.600 07/01/08 4,104,080 -------------- 29,968,100 -------------- TOTAL LONG-TERM INVESTMENTS 191.6% (Cost $1,201,566,117) ............................................................ 1,259,581,113 SHORT-TERM INVESTMENT 0.4% (Cost $2,800,000) ................................................................ 2,800,000 -------------- TOTAL INVESTMENTS 192.0% (Cost $1,204,366,117) ............................................................ 1,262,381,113 LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (30.0%) (Cost ($196,890,000)) (196,890) Notes with interest rates ranging from 3.44% to 3.75% at January 31, 2007 and contractual maturities of collateral ranging from 2021 to 2042 (j) ......................................... (196,890,000) -------------- TOTAL NET INVESTMENTS 162.0% (Cost $1,007,476,117) ............................................................ 1,065,491,113 OTHER ASSETS IN EXCESS OF LIABILITIES 1.9% ....................................... 12,278,520 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (63.9%) ........................ (420,292,963) -------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0% ...................................... $ 657,476,670 ============== Percentages are calculated as a percentage of net assets applicable to common shares. * Zero coupon bond (a) Variable Rate Coupon (b) 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 0.2% of net assets applicable to common shares. (c) Underlying security related to Inverse Floaters entered into by the Trust. (d) Security is a "step-up" bond where the coupon increases or steps up at a predetermined date. (e) All or a portion of this security has been physically segregated in connection with open futures contracts. (f) The Trust owns 100% of the outstanding bond issuance. (g) 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. (h) Security purchased on a when-issued or delayed delivery basis. (i) Escrowed to Maturity (j) Floating rate notes. The interest rates shown reflect the rates in effect at January 31, 2007. ACA - American Capital Access AMBAC - AMBAC Indemnity Corp. AMT - Alternative Minimum Tax Connie Lee - Connie Lee Insurance Co. FGIC - Financial Guaranty Insurance Co. FHA/VA - Federal Housing Administration/Department of Veterans Affairs FSA - Financial Security Assurance Inc. GNMA - Government National Mortgage Association MBIA - Municipal Bond Investors Assurance Corp. PSF - Public School Fund Radian - Radian Asset Assurance XLCA - XL Capital Assurance Inc. FUTURES CONTRACTS OUTSTANDING AS OF JANUARY 31, 2007: UNREALIZED APPRECIATION/ CONTRACTS DEPRECIATION SHORT CONTRACTS: U.S. Treasury Notes 10-Year Futures, March 2007 (Current Notional Value of $106,750 per contract) ....... 1,437 $3,003,122 U.S. Treasury Bonds Futures, March 2007 (Current Notional Value of $110,125 per contract) ................ 1,109 2,434,806 ---------- ---------- 2,546 $5,437,928 ========== ========== 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 22, 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: March 22, 2007 By: /s/ James W. Garrett --------------------------------- Name: James W. Garrett Title: Principal Financial Officer Date: March 22, 2007