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) 522 Fifth Avenue, New York, New York 10036 (Address of principal executive offices) (Zip code) Jerry W. Miller 522 Fifth Avenue, New York, New York 10036 (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: 7/31/08 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 - JULY 31, 2008 (UNAUDITED) PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE ------------------------------------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS 209.2% ALABAMA 1.8% $ 2,375 Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a) .............................................. 5.000% 06/01/39 $ 2,394,412 3,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys, Ser A ........................................... 5.000 11/15/30 2,587,410 2,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys, Ser A ........................................... 5.875 11/15/24 1,989,440 1,900 Huntsville-Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj .............................................................. 5.500 01/01/43 1,513,521 4 Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg .................................................. 6.950 01/01/20 346 1,000 Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp, Ser A ........................................ 5.600 11/01/16 1,001,350 --------------- 9,486,479 --------------- ALASKA 0.6% 4,250 Northern Tob Sec Corp AK Tob Settlement, Ser A ................................................. 5.000 06/01/46 3,011,593 --------------- ARIZONA 3.4% 5,000 Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg, Ser B ........................................ 5.000 12/01/37 4,240,700 4,500 Maricopa Cnty, AZ Hosp Rev Sun Hlth Corp ......................................................... 5.000 04/01/35 3,899,295 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 1,564,594 1 ARIZONA (CONTINUED) $ 2,500 Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Resh LLC Proj (AMT) ............................................... 6.550% 12/01/37 $ 2,228,400 2,685 South Campus Group LLC AZ Std Hsg Rev AZ St Univ South Campus Proj (MBIA Insd) ........................................... 5.625 09/01/35 2,660,889 4,000 University Med Ctr Corp AZ Hosp Rev ............................................................... 5.000 07/01/35 3,497,760 --------------- 18,091,638 --------------- ARKANSAS 0.6% 1,930 Arkansas St Cap Apprec College Svg (b) ........................................................... * 06/01/16 1,408,591 2,000 Arkansas St Dev Fin Auth Rev St Agy Fac Donaghey Plaza Proj (FSA Insd) ........................................................ 5.000 06/01/34 1,999,860 --------------- 3,408,451 --------------- CALIFORNIA 30.4% 725 Aliso Viejo, CA Cmnty Fac Dist Spl Tax No 2005-01 Glenwood at Aliso .......................................................... 6.000 09/01/38 711,587 6,000 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (FSA Insd) ............................................ * 09/01/19 3,505,980 7,195 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (FSA Insd) ............................................ * 09/01/21 3,703,914 1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj, Ser C (FSA Insd) ............................................................. 6.000 09/01/16 1,480,908 2,095 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A (XLCA Insd) ....................................................... 5.250 09/01/35 1,968,336 2 CALIFORNIA (CONTINUED) $ 1,160 Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser C (AMBAC Insd) (c)(d) ......................................... 7.000% 04/01/37 $ 1,160,000 3,000 California Cnty, CA Tob Sec Agy Tob LA Cnty Sec (e) ............................................... 0.000/5.250 06/01/21 2,249,580 2,050 California Cnty, CA Tob Sec Agy Tob Merced Cnty Rfdg, Ser A ....................................... 5.125 06/01/38 1,548,652 1,000 California Cnty, CA Tob Sec Agy Tob Merced Cnty Rfdg, Ser A ....................................... 5.250 06/01/45 757,220 6,000 California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a) .............................................. 4.950 08/01/23 5,634,570 4,000 California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a) .............................................. 5.050 02/01/29 3,756,380 7,100 California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (a) .............................................. 4.800 08/01/36 6,573,807 3,550 California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a) .............................................. 5.300 08/01/23 3,433,905 4,100 California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a) .............................................. 5.450 08/01/28 3,965,919 3,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser C (AMT) (d) .................................... 5.125 11/01/23 2,571,840 95 California St (AMBAC Insd) ........................................... 5.125 10/01/27 95,036 850 California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a) ..................................... 5.000 12/01/24 880,355 1,075 California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a) ..................................... 5.000 12/01/25 1,113,391 1,075 California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a) ..................................... 5.000 12/01/26 1,113,391 650 California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a) ..................................... 5.000 12/01/27 673,212 1,075 California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a) ..................................... 5.000 12/01/28 1,113,391 3 CALIFORNIA (CONTINUED) $ 25 California St (Prerefunded @ 2/01/12) .......................................................... 5.000% 02/01/19 $ 26,863 5,000 California St Pub Wks Brd Dept Gen Svc Cap East End, Ser A (AMBAC Insd) ...................................................... 5.125 12/01/21 5,082,500 4,000 California St Pub Wks Brd Lease Rev Dept of Corrections St Prisons Rfdg, Ser A (AMBAC Insd) ............................................................. 5.000 12/01/19 4,125,920 6,000 California St Pub Wks Brd Lease Rev Dept of Corrections St Prisons Rfdg, Ser A (AMBAC Insd) ............................................................. 5.250 12/01/13 6,314,580 3,750 California St Pub Wks Brd Lease Rev Dept of Mental Hlth Coalinga, Ser A ................................................... 5.000 06/01/24 3,764,812 4,600 California St Pub Wks Brd Lease Rev Var Univ CA Proj Rfdg, Ser A .................................. 5.500 06/01/10 4,773,144 5,905 California St Pub Wks Brd Lease Rev Var Univ CA Proj Rfdg, Ser A .................................. 5.500 06/01/14 6,410,055 8,920 California St Vet, Ser CD (AMT) (a) ......................................................... 4.600 12/01/32 8,193,928 6,500 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth, Ser A ....................................................... 5.250 07/01/30 6,021,405 1,000 California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (f) .................................................... 5.125 04/01/37 861,410 450 Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg, Ser C ............................................ 6.500 12/15/47 394,519 4 CALIFORNIA (CONTINUED) $ 2,000 Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser A (MBIA Insd) ....................................................... 5.000% 09/01/33 $ 1,919,860 30,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg, Ser A ............................................................. * 01/15/22 13,012,800 5,000 Foothill/Eastern Tran Corridor Agy CA Toll Rd Rev (MBIA Insd) ........................................ * 01/15/18 2,844,550 4,000 Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1 ........................................................... 5.750 06/01/47 3,285,200 3,850 Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1 (a) ....................................................... 5.750 06/01/47 3,160,257 1,000 Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (XLCA Insd) ............................................................. 5.000 09/01/31 902,400 3,350 Imperial Irr Dist CA Ctf Part Elec Sys Proj (FSA Insd) (g) ........................................... 5.250 11/01/19 3,521,219 3,950 Los Angeles, CA Dept Wtr & Pwr, Ser A (FGIC Insd) ................................................. 5.125 07/01/40 3,950,514 500 Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (f) ...................................... 5.500 03/01/18 487,735 5,500 Port Oakland, CA, Ser L (FGIC Insd) (AMT) ....................................................... 5.000 11/01/32 4,950,275 2,600 Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj .............................................................. 7.000 12/01/27 2,485,366 9,000 Riverside Cnty, CA Asset Leasing Corp Leasehold Rev Riverside Cnty Hosp Proj (MBIA Insd) ........................................ * 06/01/21 4,686,480 5 CALIFORNIA (CONTINUED) $ 13,880 San Joaquin Hills, CA Trans Corridor Agy Toll Rd Rev Cap Apprec Rfdg, Ser A (MBIA Insd) ............................................................. * 01/15/28 $ 4,279,482 4,300 Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Bd, Ser A-1 ........................................................... 5.500% 06/01/45 3,395,538 4,200 Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser A-1 ........................................... 5.375 06/01/38 3,302,166 1,000 Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1 ........................................ 5.000 06/01/37 742,720 14,000 Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1 ........................................ 5.125 06/01/46 10,353,840 --------------- 161,260,912 --------------- COLORADO 5.1% 1,945 Colorado Ed & Cultural Fac Auth Rev Charter Sch Pinnacle Impt & Rfdg (XLCA Insd) ................................................ 5.250 06/01/23 1,942,860 1,200 Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A ............................................... 5.300 07/01/37 975,432 3,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives, Ser A (b) .............................. 5.500 03/01/32 3,157,950 5,425 Colorado Hlth Fac Auth Rev Catholic Hlth, Ser C5 (FSA Insd) (a) ......................................................... 5.000 09/01/36 5,368,334 4,250 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc ..................................... 5.000 12/01/35 3,486,105 2,700 Colorado Hlth Fac Auth Rev Hlth Fac Evangelical Lutheran .......................................... 5.000 06/01/35 2,371,167 6 COLORADO (CONTINUED) $ 2,000 Colorado Hlth Fac Auth Rev Hosp North CO Med Ctr (MBIA Insd) (c)(d) ...................................................... 8.000% 05/15/20 $ 2,000,000 2,250 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11) .......................................... 6.500 11/15/31 2,529,113 1,500 Colorado Hlth Fac Auth Rev Hosp Valley View Assn Proj ............................................. 5.125 05/15/37 1,300,800 30 Colorado Hsg Fin Auth Single Family Pgm Sr, Ser A2 (AMT) ....................................... 7.250 05/01/27 30,499 9 Colorado Hsg Fin Auth Single Family Pgm Sr, Ser B1 (AMT) ....................................... 7.650 11/01/26 9,174 1,330 Denver, CO City & Cnty Arpt Rev, Ser D (AMT) ....................................................... 7.750 11/15/13 1,440,536 1,700 Salida, CO Hosp Dist Rev ............................................. 5.250 10/01/36 1,356,107 1,500 University CO Hosp Auth Rev, Ser A ............................................................. 5.000 11/15/37 1,310,850 --------------- 27,278,927 --------------- CONNECTICUT 0.3% 900 Connecticut St Dev Auth Solid Waste Disp Fac Rev Pseg Pwr LLC Proj, Ser A (AMT) ............................................. 5.750 11/01/37 855,405 675 Mashantucket Western Pequot Tribe CT 2006 Sub Spl Rev Bd, Ser A (f) ......................................................... 5.500 09/01/36 568,964 --------------- 1,424,369 --------------- DISTRICT OF COLUMBIA 2.5% 850 District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a) .................................................. 5.000 10/01/29 848,755 7 DISTRICT OF COLUMBIA (CONTINUED) $ 1,725 District Columbia Wtr & Swr Auth Pub Util Rev Rfdg Sub Lien, Ser A (AGL Insd) (a) .................................................. 5.000% 10/01/34 $ 1,722,472 5,500 District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien, Ser A (FSA Insd) (a) .................................................... 5.500 10/01/41 5,716,260 5,000 Metropolitan Washington DC Arpt Auth Sys, Ser A (FGIC Insd) (AMT) ............................................................. 5.250 10/01/32 4,725,100 --------------- 13,012,587 --------------- FLORIDA 13.4% 1,000 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg ........................................... 5.875 11/15/36 870,910 700 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg ........................................... 5.875 11/15/42 602,847 375 Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A .................................................. 6.000 05/01/38 313,493 250 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B .............................................. 6.200 05/01/38 209,070 1,450 Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc .................................................. 6.750 01/01/37 1,390,797 570 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd) .................................................. 5.950 07/01/20 602,963 3,425 Florida Hsg Fin Corp Rev, Ser 6 (AMT) (a) ......................................................... 4.625 07/01/31 3,200,639 2,455 Florida Hsg Fin Corp Rev, Ser 6 (AMT) (a) ......................................................... 4.700 07/01/37 2,294,180 1,305 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) ............................................. 5.000 07/01/26 1,326,912 1,325 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) ............................................. 5.000 07/01/27 1,347,247 8 FLORIDA (CONTINUED) $ 1,440 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) ............................................. 5.000% 07/01/28 $ 1,464,178 2,500 Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a) ............................................. 5.000 07/01/32 2,541,977 6,450 Fort Lauderdale, FL Wtr & Swr Rev (a) ........................................................... 5.000 09/01/32 6,516,958 3,000 Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A .............................................. 5.250 06/01/26 2,814,720 960 Highlands, FL Cmnty Dev Dist Spl Assmt ............................................................. 5.550 05/01/36 742,176 1,075 Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a) ......................................................... 5.375 10/01/33 1,078,733 2,425 Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a) ......................................................... 5.500 10/01/38 2,433,420 800 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty Ida Rfdg (AMBAC Insd) (d) .................................................. 5.000 12/01/34 808,480 900 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B (d) ................................................... 5.150 09/01/25 913,410 3,980 Jacksonville, FL Port Auth (MBIA Insd) (AMT) ....................................................... 5.700 11/01/30 3,881,654 2,780 Jacksonville, FL Port Auth (MBIA Insd) (Prerefunded @ 11/01/10) (AMT) ............................................................. 5.700 11/01/30 2,968,345 750 Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A ................................................... 6.800 05/01/38 704,175 475 Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B ................................................... 6.900 05/01/17 463,842 9 FLORIDA (CONTINUED) $ 11,500 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGL Insd) (AMT) ............................................................. 5.375% 10/01/32 $ 11,099,570 695 Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A .............................................. 6.000 05/01/24 636,335 5,000 Ocoee, FL Wtr & Swr Sys Rev Impt & Rfdg (AMBAC Insd) .......................................... 5.125 10/01/33 5,018,750 900 Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower ............................................................. 5.500 07/01/32 752,922 925 Orange Cnty, FL Hlth Fac Auth Rev Hlthcare Orlando Lutheran Rfdg .............................................................. 5.375 07/01/20 830,687 1,250 Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj ............................................. 5.875 11/15/37 1,154,250 2,100 Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist, Ser 1-B (MBIA Insd) ............................................... 5.000 07/01/33 2,061,759 3,500 Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd) (d) ................................................ 5.350 03/15/42 3,470,355 495 Reunion East Cmnty Dev Dist FL Spl Assmt ......................................................... 5.800 05/01/36 404,880 500 Seminole Tribe, FL Spl Oblig Rev, Ser A (f) ......................................................... 5.250 10/01/27 446,960 1,050 Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A .............................................. 5.875 05/01/35 860,811 900 Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A ............................................... 6.200 05/01/35 901,827 1,000 Tolomato Cmnty, FL Dev Dist Spl Assmt ............................................................. 6.550 05/01/27 996,130 1,550 Tolomato Cmnty, FL Dev Dist Spl Assmt ............................................................. 6.650 05/01/40 1,542,684 10 FLORIDA (CONTINUED) $ 1,180 Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A ................................... 5.750% 10/15/29 $ 1,159,326 575 World Comm Cmnty Dev Dist FL Spl Assmt ......................................................... 5.500 05/01/38 450,806 --------------- 71,279,178 --------------- GEORGIA 4.1% 4,000 Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd) (a) .................................................. 5.000 01/01/33 4,002,120 5,000 Georgia Muni Elec Auth Pwr Rev, Ser B (FGIC Insd) (b) ............................................. 5.700 01/01/19 5,642,200 2,000 Georgia St Rd & Twy Auth Rev ......................................... 5.000 10/01/19 2,101,840 595 Marietta, GA Dev Auth Rev First Mtg Life College, Ser B (FSA Insd) ............................................................. 5.375 09/01/09 596,517 6,740 Municipal Elec Auth GA Comb Turbine Proj, Ser A (MBIA Insd) ............................................................. 5.250 11/01/20 7,011,824 1,700 Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1 .................................. 5.100 06/01/23 1,677,271 1,000 Richmond Cnty, GA Dev Auth ASU Jaguar Student Hsg LLC, Ser A ............................................................. 5.250 02/01/35 929,840 --------------- 21,961,612 --------------- HAWAII 2.0% 10,430 Hawaii St Dept Budget & Fin Spl Purp Rev Hawaiian Elec Co Inc, Ser A (MBIA Insd) (AMT) ........................................... 5.650 10/01/27 10,404,864 --------------- 11 IDAHO 0.2% $ 995 Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg .................................................... 6.125% 11/15/27 $ 914,504 --------------- ILLINOIS 19.0% 1,450 Bartlett, IL Tax Increment Rev Quarry Redev Proj Rfdg ............................................ 5.600 01/01/23 1,372,396 1,710 Bolingbrook, IL Cap Apprec Rfdg, Ser C (MBIA Insd) (g) ............................................. * 01/01/29 575,005 1,365 Bolingbrook, IL Cap Apprec, Ser B (MBIA Insd) ....................................................... * 01/01/32 351,378 8,675 Chicago, IL Brd Ed Rfdg, Ser C (FSA Insd) (a) .................................................... 5.000 12/01/27 8,885,664 6,000 Chicago, IL Lakefront Millenium Pkg Fac (MBIA Insd) (Prerefunded @ 1/01/12) ........................................... 5.750 01/01/29 6,645,420 7,200 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a) .................................................... 5.250 01/01/24 7,408,944 17,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a) .................................................... 5.250 01/01/25 17,429,335 1,290 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a) .................................................... 5.250 01/01/26 1,321,206 4,400 Chicago, IL O'Hare Intl Arpt Rev, Ser A (FSA Insd) (a) .............................................. 5.000 01/01/33 4,332,790 3,500 Chicago, IL, Ser A (AGL Insd) (a) .................................... 5.250 01/01/25 3,657,185 2,700 Chicago, IL, Ser A (AGL Insd) ........................................ 5.250 01/01/25 2,813,913 3,345 Cook Cnty, IL Sch Dist No. 100 Berwyn South, Ser D (FSA Insd) ............................................................. 5.500 12/01/23 3,568,914 1,000 Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac, Ser A ........................................ 7.375 07/01/25 1,048,750 12 ILLINOIS (CONTINUED) $ 1,200 Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A ............................................. 5.750% 05/15/26 $ 1,055,784 250 Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A ............................................. 5.750 05/15/31 213,753 1,000 Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ .................................................... 5.500 04/01/37 944,920 1,500 Illinois Fin Auth Rev IL Inst of Technology, Ser A ................................................. 5.000 04/01/31 1,388,760 5,000 Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A ........................................................ 5.750 11/15/37 4,992,450 2,000 Illinois Fin Auth Rev Resurrection Hlthcare, Ser A (FSA Insd) ........................................ 5.500 05/15/24 2,019,420 1,000 Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A ................................................... 5.500 08/01/37 925,230 1,335 Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj, Ser A (AMT) ........................................................... 5.050 08/01/29 1,098,905 2,725 Illinois Hlth Fac Auth Rev Children's Mem Hosp (MBIA Insd) ............................................................. 6.250 08/15/13 2,924,361 1,485 Illinois Hlth Fac Auth Rev Evangelical Hosp Rfdg, Ser A (FSA Insd) (b)(g) ................................................. 6.750 04/15/17 1,739,336 825 Illinois Hlth Fac Auth Rev Evangelical Hosp, Ser C (FSA Insd) ............................................................. 6.750 04/15/17 966,298 3,400 Illinois St First Ser (FSA Insd) ..................................... 5.250 04/01/27 3,488,910 2,070 Northern IL Univ Ctf Part Hoffman Estates Ctr Proj (FSA Insd) ....................................... 5.400 09/01/16 2,249,179 130 Peoria, Moline & Freeport, IL Coll Mtg, Ser A (GNMA Collateralized) (AMT) ............................................. 7.600 04/01/27 132,483 13 ILLINOIS (CONTINUED) $ 5,000 Regional Trans Auth IL, Ser A (AMBAC Insd) ...................................................... 8.000% 06/01/17 $ 6,405,900 10,000 Will Cnty, IL Sch Dist No. 122 Rfdg, Ser B (FGIC Insd) ........................................... 5.250 11/01/20 10,363,800 575 Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT) ........................................... 7.000 12/01/42 546,060 --------------- 100,866,449 --------------- INDIANA 6.4% 1,535 Indiana Hlth & Ed Fac Fin Auth Hosp Rev Clarian Hlth Oblig, Ser A ............................................................. 5.000 02/15/36 1,382,621 4,600 Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Cr B-6 (a) ........................................................... 5.000 11/15/36 4,437,781 3,000 Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (FSA Insd) ........................................................ 7.000 08/15/15 3,411,510 1,500 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT) ........................................ 5.950 08/01/30 1,452,675 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 9,414,519 2,000 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) .................................................... 5.950 12/01/29 1,894,740 8,500 Saint Joseph Cnty, IN Hosp Auth Hlth Sys Rev Rfdg Mem Hlth Sys (AMBAC Insd) (c)(d) ........................................... 7.000 08/15/33 8,500,000 2,850 Southwest Parke Cmnty Sch Bldg First Mtg (FGIC Insd) (g) ......................................... 5.250 07/15/21 2,984,007 14 INDIANA (CONTINUED) $ 500 Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (f) ...................................................... 5.750% 09/01/42 $ 428,630 --------------- 33,906,483 --------------- IOWA 0.9% 1,600 Pottawattamie Cnty, IA Rev Christian Homes Inc Rfdg, Ser E ................................... 5.750 05/15/26 1,395,024 375 Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj ........................................... 6.000 12/01/37 334,230 1,500 Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C ................................... 5.375 06/01/38 1,165,725 2,500 Tobacco Settlement Auth IA Tob Settlement Rev, Ser C ............................................. 5.500 06/01/42 1,945,400 --------------- 4,840,379 --------------- KANSAS 1.8% 1,500 Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (XLCA Insd) (d) ................................................... 5.000 12/01/23 1,527,615 3,430 Kansas St Dev Fin Auth Rev KS Proj, Ser N (AMBAC Insd) (g) ...................................... 5.250 10/01/20 3,567,611 3,615 Kansas St Dev Fin Auth Rev KS Proj, Ser N (AMBAC Insd) (g) ...................................... 5.250 10/01/21 3,789,460 800 Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A ................................... 6.000 11/15/38 715,864 --------------- 9,600,550 --------------- KENTUCKY 1.0% 5,430 Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc (a) .................................................. 5.000 10/01/30 4,892,451 15 KENTUCKY (CONTINUED) $ 500 Mount Sterling, KY Lease Rev KY League Cities Fdg, Ser B .......................................... 6.100% 03/01/18 $ 565,570 --------------- 5,458,021 --------------- LOUISIANA 6.2% 5,000 Lafayette, LA Util Rev (MBIA Insd) ................................... 5.250 11/01/21 5,233,850 2,500 Louisiana Loc Govt Environment Fac Pkg Fac Corp Garage Proj, Ser A (AMBAC Insd) ................................................ 5.375 10/01/31 2,528,425 5,970 Louisiana Loc Govt Environment Southeastn LA Student Hsg, Ser A (MBIA Insd) (g) ............................................. 5.250 08/01/24 6,052,744 1,400 Louisiana Pub Fac Auth Rev Hlth Fac Glen Retirement, Ser A ........................................ 6.700 12/01/25 1,400,812 5,600 Louisiana St Gas & Fuels Tax Rev, Ser A (FSA Insd) (a) ......................................... 5.000 05/01/36 5,586,504 4,000 New Orleans, LA Rfdg (FGIC Insd) ..................................... 5.500 12/01/21 3,904,520 6,000 New Orleans, LA Rfdg (MBIA Insd) ..................................... 5.125 09/01/21 5,946,180 2,100 Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT) (d) ................................................ 5.250 11/01/37 2,080,134 --------------- 32,733,169 --------------- MARYLAND 2.6% 5,000 Maryland St Econ Dev Corp MD Aviation Admin Fac (FSA Insd) (AMT) ............................................................. 5.375 06/01/20 4,950,050 2,000 Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art ................................... 5.000 06/01/40 1,750,420 2,350 Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A ..................................... 5.500 07/01/42 2,171,799 16 MARYLAND (CONTINUED) $ 1,000 Maryland St Hlth & Higher Ed Fac Auth Rev Washington Cnty Hosp ..................................... 5.750% 01/01/38 $ 961,590 4,000 Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC Insd) (AMT) ................................................ 5.125 03/01/24 3,814,000 --------------- 13,647,859 --------------- MASSACHUSETTS 4.5% 1,200 Massachusetts Bay Tran Auth MA Gen Tran Sys Rfdg, Ser A .......................................... 6.250 03/01/12 1,332,828 2,000 Massachusetts Muni Whsl Elec Co Pwr Supply Sys Rev Proj No. 6-A, Ser A (MBIA Insd) ........................................ 5.250 07/01/16 2,085,040 450 Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A ................................... 5.750 11/15/35 388,935 370 Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12) .......................................................... 6.000 07/01/31 409,823 1,380 Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12) .......................................................... 6.000 07/01/31 1,410,567 1,930 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr, Ser A ............................................................. 6.000 10/01/23 1,860,096 5,450 Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D ............................................................. 5.000 07/01/33 4,718,065 2,500 Massachusetts St Hsg Fin Agy Hsg Rev Single Family, Ser 130 (AMT) ............................................................. 5.000 12/01/37 2,141,425 17 MASSACHUSETTS (CONTINUED) $ 925 Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham (AMT) ............................................................. 6.900% 12/01/29 $ 926,702 925 Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham (AMT) ............................................................. 6.950 12/01/35 926,739 7,750 Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AMBAC Insd) (a) .................................................. 4.500 08/15/35 7,529,889 --------------- 23,730,109 --------------- MICHIGAN 3.5% 2,790 Detroit, MI Wtr Supply Sys Rev Sr Lien Rfdg, Ser C (MBIA Insd) (g) ......................................................... 5.250 07/01/19 2,865,805 2,000 Grand Rapids, MI Wtr Supply (FGIC Insd) ....................................................... 5.750 01/01/15 2,111,420 4,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A .................................................. 6.000 07/01/35 3,699,440 1,000 Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (d) .......................................... 5.250 01/15/47 1,043,120 500 Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (d) .......................................... 5.500 01/15/47 525,930 3,000 Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A .................................... 6.000 06/01/48 2,506,050 2,285 Taylor, MI Bldg Auth (AMBAC Insd) (g) ......................................................... 6.000 03/01/13 2,520,309 3,090 Troy, MI Downtown Dev Auth Dev Rfdg (MBIA Insd) .................................................. 5.500 11/01/15 3,280,344 --------------- 18,552,418 --------------- MINNESOTA 1.0% 475 Chisago, MN Hlthcare Fac Rev Cdl Homes LLC Proj ................................................ 6.000 08/01/42 439,874 18 MINNESOTA (CONTINUED) $ 1,065 Duluth, MN Econ Dev Auth Hlthcare Fac Rev Benedictine Hlth Sys Saint Marys (Prerefunded @ 2/15/14) ........................................... 5.250% 02/15/33 $ 1,166,399 1,000 Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj ............................................ 5.625 11/01/22 969,620 225 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks .............................................................. 6.000 10/01/27 214,047 650 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks .............................................................. 6.000 10/01/33 603,492 210 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks .............................................................. 6.125 10/01/39 196,127 900 Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj .................................................... 5.250 05/15/36 795,933 1,075 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj ........................................... 6.000 11/15/35 1,061,380 --------------- 5,446,872 --------------- MISSISSIPPI 1.0% 1,405 Mississippi Dev Bk Spl Oblig Cap Proj & Equip Acquisition, Ser A2 (AMBAC Insd) ...................................................... 5.000 07/01/24 1,376,254 1,550 Mississippi Dev Bk Spl Oblig Madison Cnty Hosp Proj (Prerefunded @ 7/01/09) ........................................... 6.400 07/01/29 1,646,999 2,595 Mississippi Dev Bk Spl Oblig MS Ltd Oblig Hosp Impt (MBIA Insd) (g) ......................................................... 5.250 07/01/32 2,519,226 --------------- 5,542,479 --------------- 19 MISSOURI 4.5% $ 325 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc ........................................... 5.625% 06/01/27 $ 311,681 1,700 Cass Cnty, MO Hosp Rev ............................................... 5.625 05/01/38 1,550,672 1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj .................................................... 5.500 02/01/35 1,191,437 975 Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A ............................................ 5.500 09/01/18 943,829 4,625 Missouri Jt Mun Elec Util Comnty Pwr Proj Rev Plum Point Proj (MBIA Insd) ....................................................... 5.000 01/01/27 4,273,408 1,000 Missouri Jt Muni Elec Util Comnty Pwr Proj Rev Plum Point Proj (MBIA Insd) ....................................................... 5.000 01/01/26 933,750 2,500 Missouri St Dev Fin Brd Infrastructure Fac Rev Crackerneck Creek Proj, Ser C ..................................... 5.000 03/01/26 2,434,300 2,195 Missouri St Hlth & Ed Fac Rev Univ MO Columbia Arena Proj (g) .......................................................... 5.000 11/01/16 2,315,440 2,500 Platte Cnty, MO Neighborhood Impt Parkville, Ser B (MBIA Insd) ............................................................. 5.000 02/01/25 2,545,800 1,500 Saint Louis Cnty, MO Mtg Rev Ctf Rcpt, Ser H (AMT) (b) ............................................. 5.400 07/01/18 1,612,575 700 Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Rfdg ........................................ 5.750 11/01/27 653,268 20 MISSOURI (CONTINUED) $ 570 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT) ....................................................... 4.550% 07/01/29 $ 478,561 2,030 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT) (a) ................................................... 4.550 07/01/29 1,687,529 3,360 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT) (a) ................................................... 4.600 07/01/36 2,793,151 --------------- 23,725,401 --------------- NEBRASKA 1.8% 5,235 Omaha Pub Pwr Dist NE Elec Rev Sys, Ser A (a) ................................................ 5.000 02/01/34 5,252,476 4,260 University NE Univ Rev Lincoln Student Fees & Fac, Ser B ......................................... 5.000 07/01/23 4,353,379 --------------- 9,605,855 --------------- NEVADA 3.1% 2,000 Clark Cnty, NV Econ Dev Rev Alexander Dawson Sch Proj ......................................... 5.375 05/15/33 1,974,200 7,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT) ................................................ 5.250 07/01/34 5,726,070 4,375 Las Vegas Vly, NV Wtr Dist Rfdg, Ser B (MBIA Insd) ................................................. 5.000 06/01/27 4,423,912 3,000 Nevada Hsg Div Single Family Mtg Rev, Ser A (GNMA Collateralized) (AMT) ............................................. 5.875 04/01/38 2,943,960 1,750 Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A (a) ........................................... 5.250 06/01/37 1,605,900 --------------- 16,674,042 --------------- 21 NEW HAMPSHIRE 0.6% $ 1,000 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10) ........................................... 7.000% 07/01/30 $ 1,017,490 1,400 New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth ........................................ 5.500 07/01/34 1,303,260 950 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT) ............................................................. 6.300 05/01/22 955,691 --------------- 3,276,441 --------------- NEW JERSEY 10.9% 1,000 New Jersey Econ Dev Auth Rev Cig Tax ........................................................... 5.500 06/15/31 907,030 1,900 New Jersey Econ Dev Auth Rev Cig Tax ........................................................... 5.750 06/15/29 1,785,696 1,225 New Jersey Econ Dev Auth Rev Cig Tax ........................................................... 5.750 06/15/34 1,129,205 6,625 New Jersey Econ Dev Auth Rev Mtr Veh Rev, Ser A (BHAC Insd) (a) ......................................................... 5.250 07/01/26 7,139,235 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 2,040,051 4,350 New Jersey Econ Dev Wtr NJ Amern Wtr Co Inc, Ser A (FGIC Insd) (AMT) ....................................................... 5.250 07/01/38 4,035,060 2,500 New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp Ctr at Passaic (FSA Insd) (b) .................................................... 6.750 07/01/19 2,996,175 1,650 New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ Hosp Oblig ............................................................. 5.750 07/01/37 1,576,195 22 NEW JERSEY (CONTINUED) $ 4,000 New Jersey St Hsg & Mtg Fin Agy Rev Single Family Hsg, Ser X (AMT) ............................................................. 5.100% 10/01/23 $ 3,828,600 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 10,754,408 30,000 Tobacco Settlement Fin Corp NJ, Ser 1A (a) ........................................................ 5.000 06/01/41 21,528,300 --------------- 57,719,955 --------------- NEW MEXICO 0.3% 1,500 Jicarilla, NM Apache Nation Rev Adj, Ser A (Acquired 10/23/03, Cost $1,514,910) (h) .............................................. 5.000 09/01/18 1,541,640 --------------- NEW YORK 12.0% 7,000 Metropolitan Trans Auth NY Rev Rfdg, Ser A (FGIC Insd) ........................................... 5.250 11/15/31 7,026,040 2,775 New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B ............................................................. 6.750 03/01/15 2,822,203 5,000 New York, NY City Muni Wtr Fin Auth Wtr & Swr Sys Rev, Ser D (a) ................................. 5.000 06/15/38 5,028,512 5,440 New York, NY Sub, Ser I-1 (a) ........................................ 5.000 02/01/26 5,555,573 7,575 New York St Dorm Auth Rev City Univ Sys Cons, Ser A .............................................. 5.625 07/01/16 8,351,134 1,520 New York St Dorm Auth Rev Insd John T Mather Mem Hosp (Connie Lee Insd) (g) ............................................. 6.500 07/01/09 1,585,634 3,845 New York St Dorm Auth Rev Secd Hosp Gen Hosp Rfdg ................................................ 5.750 02/15/20 4,100,154 23 NEW YORK (CONTINUED) $ 1,000 New York St Mtg Agy Homeowner Mtg Rev 145 (AMT) ................................................. 5.125% 10/01/37 $ 877,970 5,000 New York St Urban Dev Corp Rev St Fac Rfdg ....................................................... 5.700 04/01/20 5,629,250 21,900 Port Auth NY & NJ Cons 144th Ser (a) ........................................................... 5.000 10/01/35 22,162,382 675 Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (f) ...................................... 5.000 12/01/23 580,824 --------------- 63,719,676 --------------- NORTH CAROLINA 0.5% 1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev, Ser D ............................................ 6.700 01/01/19 1,561,125 1,000 North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A .......................................... 5.750 10/01/37 933,820 --------------- 2,494,945 --------------- OHIO 7.0% 6,000 Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 .................................. 5.750 06/01/34 4,967,160 5,000 Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2 .................................. 6.500 06/01/47 4,461,950 3,150 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj ............................................... 7.500 01/01/30 3,337,299 1,000 Dayton, OH Arpt Rev James M Cox Dayton Rfdg, Ser C (Radian Insd) (AMT) ............................................... 5.250 12/01/27 912,640 3,325 Lorain Cnty, OH Hosp Rev Fac Catholic, Ser A (FSA Insd) (a) .................................... 5.000 02/01/24 3,396,845 3,350 Lorain Cnty, OH Hosp Rev Fac Catholic, Ser B (FSA Insd) (a) .................................... 5.000 02/01/24 3,422,727 24 OHIO (CONTINUED) $ 3,600 Lorain Cnty, OH Hosp Rev Fac Catholic, Ser C-1 (FSA Insd) (a) ......................................................... 5.000% 04/01/24 $ 3,677,922 1,625 Montgomery Cnty, OH Rev Catholic Hlth, Ser C-1 (FSA Insd) (a) ......................................................... 5.000 10/01/41 1,597,148 5,130 Muskingum Cnty, OH Hosp Fac Rev Bethesda Care Sys Impt & Rfdg (Connie Lee Insd) (g) ........................................ 6.250 12/01/10 5,195,766 5,000 Ohio St Air Quality Dev Auth Rev Dayton Pwr (FGIC Insd) (AMT) (a) ......................................................... 4.800 09/01/36 4,865,497 895 Toledo Lucas Cnty, OH Port Auth Dev Rev Northwest OH Bd Fd, Ser C (AMT) (g) ................................................... 6.600 11/15/15 912,739 440 Toledo Lucas Cnty, OH Port Auth Northwest Bd Fd, Ser A (AMT) (b) ......................................................... 6.000 05/15/11 450,534 --------------- 37,198,227 --------------- OKLAHOMA 1.2% 1,650 Chickasaw Nation, OK Hlth Sys (f) .................................... 6.250 12/01/32 1,680,624 1,500 Jenks, OK Aquarium Auth Rev First Mtg (MBIA Insd) (Prerefunded @ 7/01/10) ........................................... 6.100 07/01/30 1,621,935 2,755 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) (Prerefunded @ 11/01/09) .......................................... 6.250 11/01/22 2,958,347 --------------- 6,260,906 --------------- OREGON 2.2% 2,010 Emerald Peoples Util Dist OR Rfdg (FGIC Insd) (g) .............................................. 7.350 11/01/09 2,119,424 25 OREGON (CONTINUED) $ 4,000 Oregon Hlth Sciences Univ Insd, Ser A (MBIA Insd) ................................................. 5.250% 07/01/22 $ 4,104,280 5,000 Oregon St Dept Admin Rfdg, Ser C (MBIA Insd) ..................................................... 5.250 11/01/18 5,228,600 --------------- 11,452,304 --------------- PENNSYLVANIA 3.7% 3,000 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A ............................................................. 5.000 11/15/28 2,394,690 1,125 Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT) (d) ................................................... 6.750 12/01/36 1,130,501 16,755 Pennsylvania St Pub Sch Bldg Auth Lease Rev Sch Dist Philadelphia Proj, Ser B (FSA Insd) (a) ......................................................... 4.500 06/01/32 15,898,761 --------------- 19,423,952 --------------- SOUTH CAROLINA 6.1% 3,125 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a) ...................................................... 5.250 12/01/25 3,169,844 9,375 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a) ...................................................... 5.250 12/01/26 9,509,531 3,115 Greenville, SC Impt & Rfdg (MBIA Insd) (g) ......................................................... 5.250 04/01/21 3,208,201 1,015 Rock Hill, SC Util Sys Rev Comb Rfdg, Ser C (FSA Insd) (g) ........................................ 5.000 01/01/11 1,054,098 1,100 South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Com Rfdg ................................................... 5.300 10/01/36 876,293 26 SOUTH CAROLINA (CONTINUED) $ 550 South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg ............................................... 5.500% 05/01/28 $ 473,126 400 South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg ............................................... 5.625 05/01/42 328,648 2,200 South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A ......................................... 6.250 08/01/31 2,224,398 6,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd) .......................................... 5.200 11/01/27 6,570,980 3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT) ............................................................. 5.450 11/01/32 3,590,250 750 South Carolina Jobs Econ Dev Auth Rev Woodlands At Furman Proj, Ser A ....................................................... 6.000 11/15/42 645,600 1,000 Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg .............................................................. 5.000 06/01/18 969,720 --------------- 32,620,689 --------------- SOUTH DAKOTA 0.5% 1,375 Deadwood, SD Ctf Partn (ACA Insd) ............................................................. 6.375 11/01/20 1,440,849 1,000 South Dakota St Hlth & Ed Fac Auth Rev Children's Care Hosp Rfdg (Prerefunded @ 11/01/09) ......................................................... 6.125 11/01/29 1,061,340 --------------- 2,502,189 --------------- 27 TENNESSEE 5.7% $ 2,130 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A .................................................. 5.000% 10/01/25 $ 1,824,856 2,595 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A .................................................. 5.125 10/01/35 2,135,296 1,270 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg Impt & Rfdg, Ser B (Prerefunded @ 7/01/12) .......................................................... 8.000 07/01/33 1,440,446 6,000 Jackson, TN Hosp Rev Rfdg Jackson Madison Hosp, Ser B (AMBAC Insd) (c)(d) ............................................... 7.000 04/01/41 6,000,000 12,525 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev Cap Apprec First Mtg Rfdg, Ser A (MBIA Insd) ....................................... * 07/01/26 4,855,191 4,800 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg, Ser A (MBIA-IBC Insd) (Prerefunded @ 7/01/12) ..................................... 7.500 07/01/25 5,507,616 5,625 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth, Ser A ....................................................... 5.500 07/01/36 5,118,919 3,100 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (FSA Insd) (a) .................................................... 5.250 09/01/27 3,170,153 --------------- 30,052,477 --------------- TEXAS 20.6% 1,750 Alliance Arpt Auth Inc TX Spl Fac Rev Rfdg FedEx Corp Proj (AMT) ............................................................. 4.850 04/01/21 1,522,080 28 TEXAS (CONTINUED) $ 2,335 Beaumont, TX Wtrwks & Swr Sys (FGIC Insd) (Prerefunded @ 9/01/10) .......................................................... 6.250% 09/01/14 $ 2,522,407 2,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp ......................................................... 5.375 01/01/32 1,918,940 495 Brownsville, TX Util Sys Rev (b) ..................................... 7.375 01/01/10 521,012 890 Dallas Cnty, TX Flood Ctl Dist Rfdg .............................................................. 6.750 04/01/16 938,149 775 Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT) ............................................................. 5.750 11/01/18 778,798 1,500 Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT) ............................................................. 6.000 11/01/23 1,506,450 8,000 Dallas-Fort Worth, TX Intl Arpt Rev Rfdg & Impt, Ser A (BHAC Insd) (AMT) ....................................................... 5.500 11/01/31 8,001,600 5,850 El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a) .................................................. 5.000 08/15/37 5,763,689 2,750 Fort Bend, TX Indpt Sch Dist Rfdg & Sch Bldg (PSF Gtd) (a) ..................................... 5.000 08/15/27 2,801,950 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 1,099,150 3,000 Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT) ...................................... 5.625 07/01/30 3,008,190 5,000 Houston, TX Util Sys Rev Comb First Lien, Ser A (FSA Insd) ...................................... 5.250 05/15/20 5,276,200 9,425 Houston, TX Util Sys Rev Rfdg Comb First Lien, Ser A (FSA Insd) (a) ......................................................... 5.000 11/15/36 9,353,926 29 TEXAS (CONTINUED) $ 3,700 Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a) ............................................... 5.000% 02/01/37 $ 3,639,302 5,000 Matagorda Cnty, TX Navig Dist No. 1 Rev Houston Lt Rfdg (AMBAC Insd) (AMT) ................................................ 5.125 11/01/28 4,531,400 2,000 Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian Care Ctr, Ser A (Prerefunded @ 2/15/10) .......................................................... 7.625 02/15/28 2,176,840 1,500 Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr ................................. 5.625 02/15/35 1,335,000 3,500 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj .............................................................. 7.250 01/01/31 3,544,555 1,000 Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT) (d) ................................................ 6.000 08/01/20 1,003,200 3,325 North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj, Ser A ................................................... 5.125 05/15/29 3,289,123 1,250 North TX Twy Auth Rev Rfdg Sys First Tier, Ser A ................................................. 5.625 01/01/33 1,244,175 1,000 North TX Twy Auth Rev Rfdg Sys First Tier, Ser B ................................................. 5.625 01/01/28 1,012,710 1,000 North TX Twy Auth Rev Rfdg Sys First Tier, Ser B ................................................. 6.000 01/01/26 1,046,040 1,250 North TX Twy Auth Rev Rfdg Sys First Tier, Ser B ................................................. 6.000 01/01/27 1,302,850 3,200 North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F ........................................... 5.750 01/01/33 3,121,984 3,000 Prosper, TX Indpt Sch Dist (PSF Gtd) .............................................................. 5.500 08/15/33 3,098,640 30 TEXAS (CONTINUED) $ 3,960 Stafford, TX Econ Dev Corp (FGIC Insd) ....................................................... 5.500% 09/01/30 $ 4,020,073 1,990 Stafford, TX Econ Dev Corp (FGIC Insd) (g) ................................................... 6.000 09/01/19 2,191,806 1,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc .................................... 5.625 11/15/27 891,080 2,800 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc .................................... 5.750 11/15/37 2,407,888 8,500 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svcs Inc Proj .............................................................. 5.250 11/15/37 7,487,140 500 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Hom Proj ................................................ 5.750 02/15/25 450,615 2,780 Tarrant Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Cook Childrens Med Ctr, Ser B (FSA Insd) (a) ......................................................... 5.000 12/01/30 2,783,100 1,000 Texas St Dept Hsg & Cmnty Affairs Single Family Rev Mtg, Ser B (GNMA Collaterized) (AMT) ................................... 5.300 09/01/39 899,270 6,450 Texas St Trans Commn Mobility Fd (a) ............................................................ 5.000 04/01/28 6,583,276 3,510 Texas St Wtr Fin Assistance .......................................... 5.500 08/01/35 3,574,935 31 TEXAS (CONTINUED) $ 3,100 Tyler, TX Hlth Fac Dev Corp Hosp Rev Rfdg & Impt East TX Med Ctr Rfdg, Ser A ................................................... 5.375% 11/01/37 $ 2,678,183 --------------- 109,325,726 --------------- UTAH 0.8% 4,950 Intermountain Pwr Agy UT Pwr Supply Rev Rfdg, Ser A (FGIC Insd) (b) ......................................................... * 07/01/17 3,389,364 875 Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A .................................................... 5.800 06/15/38 812,499 --------------- 4,201,863 --------------- VIRGINIA 2.4% 2,000 Fairfax Cnty, VA Ctf Partn ........................................... 5.300 04/15/23 2,047,240 550 Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal at Lexington, Ser A ........................................ 5.500 01/01/37 460,240 1,465 Richmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd) ........................................... 5.000 07/15/17 1,541,971 1,520 Tobacco Settlement Fin Corp VA ....................................... 5.500 06/01/26 1,681,181 5,950 Virginia St Hsg Dev Auth Comwlth Mtg, Ser B (AMT) (a) .............................................. 4.850 01/01/36 5,060,035 2,000 White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev Special Assmt ..................................................... 5.300 03/01/17 1,908,960 --------------- 12,699,627 --------------- WASHINGTON 3.0% 1,500 Kalispel Tribe Indians Priority Dist WA Rev ............................................................ 6.625 01/01/28 1,416,690 3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd) ............................................................. 5.250 09/01/33 3,019,170 32 WASHINGTON (CONTINUED) $ 1,720 Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 05/07/08, Cost $1,720,000) (h) .................................... 6.000% 01/01/27 $ 1,673,233 9,855 Washington St Mtr Veh Fuel Tax 2007 B (FSA Insd) (g) ............................................. 5.000 07/01/27 10,041,654 --------------- 16,150,747 --------------- WEST VIRGINIA 0.9% 2,500 Harrison Cnty, WV Cmnty Solid Waste Disp Rev Allegheny Energy Rfdg, Ser D (AMT) .......................................... 5.500 10/15/37 2,307,525 1,100 West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys .......................................... 6.000 10/01/20 1,083,588 1,500 West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys .......................................... 6.250 10/01/23 1,483,935 --------------- 4,875,048 --------------- WISCONSIN 4.1% 10,000 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a) ......................................................... 4.750 09/01/33 8,287,900 3,100 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a) ......................................................... 5.300 09/01/23 3,004,009 3,600 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a) ......................................................... 5.500 09/01/28 3,488,525 4,285 Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd) (a) .................................. 5.000 08/01/34 4,145,358 33 WISCONSIN (CONTINUED) $ 2,675 Wisconsin St Hlth & Ed Fac FH Hlthcare Dev Inc Proj (Prerefunded @ 11/15/09) .......................................... 6.250% 11/15/28 $ 2,846,735 --------------- 21,772,527 --------------- WYOMING 0.5% 2,790 Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT) ........................................................ 5.600 12/01/35 2,480,701 --------------- PUERTO RICO 4.5% 21,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev, Ser Y (FSA Insd) (a) .................................................... 6.250 07/01/21 23,959,635 --------------- TOTAL LONG-TERM INVESTMENTS 209.2% (Cost $1,147,110,931) ....................................................................................... 1,109,594,475 TOTAL SHORT-TERM INVESTMENTS 0.7% (Cost $3,700,000) ........................................................................................... 3,700,000 --------------- TOTAL INVESTMENTS 209.9% (Cost $1,150,810,931) ....................................................................................... 1,113,294,475 LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (50.4%) (Cost ($267,266,000)) (267,266) Notes with interest rates ranging from 2.23% to 2.76% at July 31, 2008 and contractual maturities of collateral ranging from 2021 to 2047(i) ...................................................................... (267,266,000) --------------- TOTAL NET INVESTMENT 159.5% (Cost $883,544,931) ......................................................................................... 846,028,475 OTHER ASSETS IN EXCESS OF LIABILITIES 3.9% .................................................................. 20,697,675 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (63.4%) ................................................... (336,190,911) --------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0% ............................................................... $ 530,535,239 =============== Percentages are calculated as a percentage of net assets applicable to common shares. 34 * Zero coupon bond (a) Underlying security related to Inverse Floaters entered into by the Trust. (b) Escrowed to Maturity (c) Security includes a feature allowing the Fund an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions. (d) Variable Rate Coupon (e) Security is a "step-up" bond where the coupon increases or steps up at a predetermined date. (f) 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. (g) The Trust owns 100% of the outstanding bond issuance. (h) 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 0.6% of net assets applicable to common shares. (i) Floating rate notes. The interest rate shown reflects the rates in effect at July 31, 2008. ACA - American Capital Access AGC - AGC Insured Custody Certificates AGL - Assured Guaranty Ltd. AMBAC - AMBAC Indemnity Corp. AMT - Alternative Minimum Tax BHAC - Berkshire Hathaway Assurance Corp. 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. 35 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/ Jerry W. Miller --------------------------------- Name: Jerry W. Miller Title: Principal Executive Officer Date: September 18, 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/ Jerry W. Miller --------------------------------- Name: Jerry W. Miller Title: Principal Executive Officer Date: September 18, 2008 By: /s/ Stuart N. Schuldt --------------------- Name: Stuart N. Schuldt Title: Principal Financial Officer Date: September 18, 2008