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 811-7676
Van Kampen Municipal Opportunity Trust II
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 7/31/04
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 MUNICIPAL OPPORTUNITY TRUST II
PORTFOLIO OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 164.0%
ALABAMA 2.5%
$1,000 Birmingham Baptist Med Ctr AL Baptist Hlth Sys Ser A 5.875% 11/15/24 $ 1,020,940
1,035 Lee Cnty, AL Sch Wts Ltd Oblig (MBIA Insd) 5.000 02/01/16 1,098,632
1,090 Lee Cnty, AL Sch Wts Ltd Oblig (MBIA Insd) 5.000 02/01/17 1,150,615
1,000 Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp Ser A 5.600 11/01/16 966,130
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4,236,317
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ARIZONA 6.2%
5,000 Arizona Sch Fac Brd Ctfs Ser B (FGIC Insd) 5.250 09/01/18 5,387,100
2,235 Arizona Tourism & Sports Auth Tax Rev
Multipurpose Stad Fac Ser A (MBIA Insd) 5.375 07/01/21 2,403,631
2,685 South Campus Group LLC AZ Std Hsg Rev
AZ St Univ South Campus Proj (MBIA Insd) 5.625 09/01/35 2,864,170
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10,654,901
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CALIFORNIA 22.8%
7,195 Anaheim, CA Pub Fin Auth Lease Rev Cap
Apprec Sub Pub Impt Proj Ser C (FSA Insd) * 09/01/21 2,975,564
1,300 Anaheim, CA Pub Fin Auth Lease Rev
Pub Impt Proj Ser C (FSA Insd) 6.000 09/01/16 1,521,845
2,000 California St Dept Wtr Res Pwr Ser A 6.000 05/01/15 2,234,420
2,345 California St Dept Wtr Res Pwr Supply Rev Ser A (XLCA Insd) 5.375 05/01/17 2,551,477
2,500 California St Pub Wks Brd Dept Corrections Ser C 5.000 06/01/24 2,473,475
4,600 California St Pub Wks Brd Lease Rev
Var Univ CA Proj Ser A Rfdg (a) 5.500 06/01/10 5,072,926
5,905 California St Pub Wks Brd Lease Rev
Var Univ CA Proj Ser A Rfdg 5.500 06/01/14 6,527,505
5,000 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg (MBIA Insd) * 01/15/18 2,461,100
2,000 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Sr Lien Ser A (Prerefunded @ 01/01/07) 6.500 01/01/32 2,209,740
5,000 Los Angeles, CA Uni Sch Dist Ser A (FSA Insd) 5.250 07/01/20 5,339,100
2,465 Los Angeles, CA Uni Sch Dist Ser B (FGIC Insd) 5.000 07/01/23 2,516,124
3,070 Washington, CA Uni Sch Dist Yolo Cnty Ser A (FGIC Insd) (b) 5.250 08/01/20 3,279,896
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39,163,172
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COLORADO 10.2%
1,000 Arapahoe Cnty, CO Cap Impt Tr Fd Hwy
Rev E-470 Proj (Prerefunded @ 08/31/05) 7.000 08/31/26 1,087,720
7,500 Arapahoe Cnty, CO Cap Impt Tr Fd Hwy
Rev E-470 Proj Ser C (Prerefunded @ 08/31/05) * 08/31/26 1,535,775
1,945 Colorado Ed & Cultural Impt Charter Sch
Pinnacle Rfdg (XLCA Insd) 5.250 06/01/23 2,022,216
1,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A 5.500 03/01/32 1,023,280
1,250 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth 6.500 11/15/31 1,353,275
1,500 Denver, CO City & Cnty Arpt Rev Ser D (AMT) 7.750 11/15/13 1,808,640
3,515 E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (MBIA Insd) * 09/01/13 2,360,604
6,160 E-470 Pub Hwy Auth CO Rev Sr Ser A (MBIA Insd) 5.000 09/01/21 6,320,283
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17,511,793
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FLORIDA 3.0%
5,000 Osceola Cnty, FL Trans Rev Osceola
Pkwy Proj & Rfdg (MBIA Insd) 5.000 04/01/22 5,188,000
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ILLINOIS 16.7%
Page 1 of 6
3,750 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd) * 01/01/32 811,687
3,365 Chicago, IL Cap Apprec
(Prerefunded @ 07/01/05) (AMBAC Insd) * 01/01/17 1,594,909
460 Chicago, IL Single Family Mtg
Rev Ser A (AMT) (GNMA Collateralized) 7.000 09/01/27 462,121
70 Chicago, IL Single Family Mtg
Rev Ser B (AMT) (GNMA Collateralized) 7.625 09/01/27 70,618
3,345 Cook Cnty, IL Sch Dist No 100 Berwyn South Ser D (FSA Insd) 5.500 12/01/23 3,620,293
2,540 Cook Cnty, IL Sch Dist No 122 Oak
Lawn Cap Apprec (FGIC Insd) * 12/01/15 1,501,750
4,500 Cook Cnty, IL Ser A (FGIC Insd) 5.500 11/15/31 4,700,250
1,000 Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac Ser A 7.375 07/01/25 1,067,190
2,500 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A 5.500 08/15/43 2,523,550
8,000 Illinois St First Ser (FSA Insd) 5.250 12/01/19 8,515,120
3,400 Illinois St First Ser (FSA Insd) 5.250 04/01/27 3,498,294
365 Peoria, Moline & Freeport, IL Coll Mtg Ser A (AMT)
(GNMA Collateralized) 7.600 04/01/27 369,836
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28,735,618
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INDIANA 9.5%
2,805 Dekalb Eastn High Sch Bldg Corp Ind First Mtg (FSA Insd) 6.000 01/15/18 3,202,468
4,000 East Chicago, IN Elementary Sch Bldg Corp First Mtg Ser A 6.250 07/05/08 4,440,400
3,000 Indiana Hlth Fac Fin Auth Hosp
Rev Columbus Regl Hosp Rfdg (FSA Insd) 7.000 08/15/15 3,653,670
2,000 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) 5.950 12/01/29 2,000,480
2,850 Southwest Parke Cmnty Sch Bldg First Mtg (FGIC Insd) 5.250 07/15/21 3,023,508
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16,320,526
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LOUISIANA 8.1%
2,500 Louisiana Loc Govt Envir Fac
Pkg Fac Corp Garage Proj Ser A (AMBAC Insd) 5.375 10/01/31 2,579,275
6,000 New Orleans, LA Rfdg (MBIA Insd) 5.125 09/01/21 6,266,880
2,000 New Orleans, LA Rfdg (FGIC Insd) 5.500 12/01/21 2,253,040
2,800 Saint Charles Parish, LA Solid
Waste Disp Rev LA Pwr & Lt Co Proj (AMT) (FSA Insd) (a) 7.050 04/01/22 2,811,620
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13,910,815
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MASSACHUSETTS 5.0%
2,000 Massachusetts Muni Whsl Elec Co Proj No 6-A (MBIA Insd) 5.250 07/01/16 2,149,300
5,000 Massachusetts St Cons Ln Ser E
(Prerefunded @ 01/01/13) (FSA Insd) 5.250 01/01/20 5,482,200
1,000 Massachusetts St Hlth & Ed Fac Auth
Rev Saint Mem Med Ctr Ser A 6.000 10/01/23 934,240
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8,565,740
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MICHIGAN 3.3%
3,000 Detroit, MI City Sch Dist Sch Bldg &
Site Impt Ser A (FGIC Insd) 5.375 05/01/24 3,164,640
1,495 Michigan St Hsg Dev Auth Multi-Family
Rev Ltd Oblig Ser A Rfdg (GNMA Collateralized) 6.600 04/01/30 1,536,187
1,000 Michigan St Strategic Fd Ltd Oblig
Rev Detroit Edison Poll Ctl Ser B Rfdg (AMT) 5.650 09/01/29 1,009,230
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5,710,057
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MINNESOTA 1.1%
2,000 Duluth, MN Econ Dev Auth Benedictine Hlth Sys Saint Marys 5.250 02/15/33 1,938,160
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Page 2 of 6
MISSISSIPPI 4.9%
2,000 Mississippi Business Fin Corp MS Pollutn
Ctl Rev Sys Energy Res Inc Proj Rfdg 5.900 05/01/22 2,017,140
2,000 Mississippi Dev Bk Spl Oblig Cap Proj &
Equip Acquisition Ser A2 (AMBAC Insd) 5.000 07/01/24 2,054,740
1,550 Mississippi Dev Bk Spl Oblig Madison Cnty Hosp Proj
(Prerefunded @ 07/01/09) 6.400 07/01/29 1,809,485
2,595 Mississippi Dev Bk Spl Oblig MS Ltd Oblig
Hosp Impts (MBIA Insd) 5.250 07/01/32 2,630,863
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8,512,228
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MISSOURI 7.8%
2,000 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc 5.625 06/01/27 1,997,280
1,250 Cole Cnty, MO Indl Dev Auth Living Fac
Rev Lutheran Svcs Heisinger Proj 5.500 02/01/35 1,252,750
1,500 Saint Louis Cnty, MO Mtg Rev Ctf
Rcpt Ser H (AMT) (Escrowed to Maturity) 5.400 07/01/18 1,632,780
5,855 Saint Louis, MO Arpt Rev Arpt Dev Pgm Ser A (MBIA Insd) 5.250 07/01/31 5,948,036
2,380 Saint Louis, MO Arpt Rev Cap Impt Pgm Ser A (MBIA Insd) 5.375 07/01/19 2,554,240
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13,385,086
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NEBRASKA 2.5%
4,260 University NE Univ Rev Lincoln Student Fees & Fac Ser B 5.000 07/01/23 4,343,965
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NEW JERSEY 4.5%
1,000 New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp
Ctr at Passaic (Escrowed to Maturity) (FSA Insd) 6.000 07/01/06 1,053,590
4,000 Salem Cnty, NJ Indl Pollutn Ctl Fin Auth
Rev Pollutn Ctl Pub Svc Elec & Gas Ser A (AMT) (MBIA Insd) 5.450 02/01/32 4,032,720
2,500 Secaucus, NJ Muni Util Auth Swr Rev Ser A Rfdg 6.000 12/01/08 2,587,350
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7,673,660
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NEW YORK 9.6%
3,250 New York City Hlth & Hosp Corp Rev
Hlth Sys Ser A (AMBAC Insd) 5.000 02/15/11 3,527,453
3,000 New York City Muni Wtr Fin Auth Wtr &
Sew Sys Rev Ser A (AMBAC Insd) 5.000 06/15/35 2,997,000
2,500 New York City Ser A 7.000 08/01/04 2,500,375
1,870 New York City Ser A1 6.375 08/01/10 1,978,778
3,130 New York City Ser A1 (Prerefunded @ 08/01/05) 6.375 08/01/10 3,312,072
1,520 New York St Dorm Auth Rev Insd
John T Mather Mem Hosp (Connie Lee Insd) 6.500 07/01/09 1,747,711
500 New York St Energy Res & Dev Auth
St Service Contract Rev Ser B 5.500 04/01/05 512,970
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16,576,359
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OHIO 2.5%
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj 7.500 01/01/30 1,096,730
1,000 Franklin Cnty, OH Hosp Rev Holy Cross
Hlth Sys Ser B Rfdg (MBIA Insd) 5.250 06/01/08 1,022,950
1,040 Lorain Cnty, OH Hosp Rev EMH
Regl Med Ctr Rfdg (AMBAC Insd) 7.750 11/01/13 1,134,661
950 Strongsville, OH (Prerefunded @ 12/01/06) 6.700 12/01/11 1,068,294
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4,322,635
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OKLAHOMA 2.6%
Page 3 of 6
1,000 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) 6.250 11/01/22 1,154,300
2,960 Tulsa, OK Indl Auth Hosp Rev Hillcrest Med Ctr Proj
Rfdg (Escrowed to Maturity) (Connie Lee Insd) 6.250 06/01/07 3,261,802
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4,416,102
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OREGON 2.8%
980 Oregon St Vets Welfare Ser 76A 6.050 10/01/28 1,002,168
3,580 Yamhill Cnty, OR Sch Dist No 029J Newburg (MBIA Insd) 5.250 06/15/21 3,786,602
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4,788,770
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PENNSYLVANIA 4.5%
4,680 Erie, PA Sch Dist Cap Apprec Rfdg (FSA Insd) * 09/01/20 2,108,012
2,500 Harrisburg, PA Res Gtd Sub Ser D-2 (Variable
Rate Coupon) (FSA Insd) 5.000 12/01/33 2,678,350
1,500 Pennsylvania Econ Dev Fin Auth
Res Recovery Rev Colver Proj Ser D (AMT) 7.050 12/01/10 1,543,620
45 Pennsylvania Hsg Fin Agy Single
Family Ser 56A (AMT) (FHA/VA Gtd) 6.150 10/01/27 46,262
1,315 State Pub Sch Bldg Auth PA Sch Rev Burgettstown
Sch Dist Ser D (Prerefunded @ 02/01/05) (MBIA Insd) 6.450 02/01/10 1,348,270
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7,724,514
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RHODE ISLAND 2.4%
3,975 Rhode Island St Econ Dev Corp Arpt
Rev Ser A Rfdg (AMT) (FSA Insd) 5.000 07/01/17 4,089,162
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SOUTH CAROLINA 4.1%
3,115 Greenville, SC Impt & Rfdg (MBIA Insd) 5.250 04/01/21 3,298,193
3,750 South Carolina Jobs Econ Dev Auth Indl Rev
Elec & Gas Co Proj Ser B (AMT) (AMBAC Insd) 5.450 11/01/32 3,840,488
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7,138,681
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SOUTH DAKOTA 0.8%
1,375 Deadwood, SD Ctf Part (ACA Insd) 6.375 11/01/20 1,452,165
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TENNESSEE 0.9%
1,300 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Ser A Rfdg (MBIA Insd) 7.500 07/01/25 1,598,545
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TEXAS 10.5%
2,335 Beaumont, TX Wtrwks & Swr Sys (FGIC Insd) 6.250 09/01/14 2,687,608
2,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp 5.375 01/01/32 1,963,320
1,500 Brazos River Auth TX Pollutn Ctl Rev Adj TXU
Elec Co Proj Ser C Rfdg (Variable Rate Coupon) (AMT) 5.750 05/01/36 1,547,535
2,000 Harris Cnty, TX Hlth Fac Dev Corp Hosp
Rev Hermann Hosp Proj (Prerefunded @ 10/01/04) (AMT) 6.375 10/01/24 2,036,540
5,000 Houston, TX Util Sys Rev Comb First Lien Ser A (FSA Insd) 5.250 05/15/20 5,349,200
1,000 Mesquite, TX Hlth Fac Dev Corp Retirement
Fac Christian Care Ctr Ser A 7.625 02/15/28 1,044,970
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson
N Jones Mem Hosp Proj 7.250 01/01/31 1,422,180
2,000 Texas St Wtr Fin Assistance 5.500 08/01/35 2,087,340
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18,138,693
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UTAH 0.0%
80 Utah St Hsg Fin Agy Single Family Mtg Sr
Issue Ser B-2 (AMT) (FHA/VA Gtd) 6.500 07/01/15 80,281
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Page 4 of 6
VIRGINIA 4.1%
2,000 Fairfax Cnty, VA Ctf Part 5.300 04/15/23 2,075,780
1,500 Henrico Cnty, VA Indl Dev Auth Pub Fac Lease
Rev Henrico Cnty Regl Jail Proj (Prerefunded @ 08/01/05) 6.500 08/01/10 1,603,110
1,380 Richmond, VA Indl Dev Auth Govt
Fac Rev Bonds (AMBAC Insd) 5.000 07/15/14 1,495,961
1,715 Richmond, VA Indl Dev Auth Govt
Fac Rev Bonds (AMBAC Insd) 5.000 07/15/17 1,846,558
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7,021,409
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WASHINGTON 2.2%
700 Quinault Indian Nation, WA Quinault
Beach Ser A Rfdg & Impt (ACA Insd) 5.800 12/01/15 729,218
3,000 Spokane, WA Pub Fac Dist Hotel Motel
& Sales Use Tax (MBIA Insd) 5.250 09/01/33 3,069,810
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3,799,028
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WEST VIRGINIA 1.6%
500 Harrison Cnty, WV Cnty Cmnty Solid Waste Disp
Rev West PA Pwr Co Ser C (AMT) (AMBAC Insd) 6.750 08/01/24 511,935
2,215 West Virginia St Wtr Dev Auth Wtr Dev Rev
Ln Pgm II Ser A (Prerefunded @ 11/01/04) (FSA Insd) 6.750 11/01/33 2,289,468
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2,801,403
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WISCONSIN 1.6%
2,490 Wisconsin St Hlth & Ed Fac Auth
Rev Bellin Mem Hosp (AMBAC Insd) 6.625 02/15/08 2,728,866
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PUERTO RICO 5.7%
8,000 Puerto Rico Comwlth Hwy & Trans Auth
Hwy Rev Ser Y Rfdg (FSA Insd) 6.250 07/01/21 9,758,000
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TOTAL LONG-TERM INVESTMENTS 164.0%
(Cost $269,611,074) 282,284,651
SHORT-TERM INVESTMENTS 3.0%
(Cost $5,200,000) 5,200,000
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TOTAL INVESTMENTS 167.0%
(Cost $274,811,074) 287,484,651
LIABILITIES IN EXCESS OF OTHER ASSETS (0.2%) (320,821)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (66.8%) (115,016,108)
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NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $172,147,722
============
Percentages are calculated as a percentage of net assets
applicable to common shares.
* Zero coupon bond
(a) All or a portion of these securities have been physically
segregated in connection with open futures contracts.
(b) Securities purchased on a when-issued or delayed delivery
basis.
Page 5 of 6
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.
XLCA - XL Capital Assurance Inc.
Future contracts outstanding as of July 31, 2004.
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
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SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures September 2004
(Current Notional Value of $110,719 per contract) 94 ($275,524)
U.S. Treasury Notes 5-Year Futures September 2004
(Current Notional Value of $109,500 per contract) 462 (815,615)
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556 ($1,091,139)
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Page 6 of 6
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 Municipal Opportunity Trust II
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 20, 2004
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: September 20, 2004
By: /s/ James M. Dykas
------------------
Name: James M. Dykas
Title: Principal Financial Officer
Date: September 20, 2004