UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7868
Van Kampen Advantage Municipal Income Trust II
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(Exact name of registrant as specified in charter)
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: 7/31/06
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, 2006 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------ ----------- ------------ -------- --------------
MUNICIPAL BONDS 163.4%
ALABAMA 1.6%
2,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev
Baptist Hlth Sys Ser A 5.875% 11/15/24 $ 2,112,180
3,000 Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev
Baptist Hlth Sys Ser A 5.000 11/15/30 2,985,150
4,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A 5.250 01/01/23 4,185,960
4 Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy
Svc Co Proj Rfdg 6.950 01/01/20 353
1,000 Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp Ser A 5.600 11/01/16 1,017,650
--------------
10,301,293
--------------
ALASKA 0.2%
1,000 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC Insd) 5.250 12/01/41 1,037,150
--------------
ARIZONA 6.8%
5,000 Arizona Sch Fac Brd Ctf Ser B (Prerefunded @ 09/01/13)
(FGIC Insd) 5.250 09/01/18 5,422,150
3,000 Arizona St Transn Brd Hwy Rev Ser B 5.250 07/01/19 3,186,810
2,235 Arizona Tourism & Sports Auth Tax Rev Multipurp Stad Fac
Ser A (MBIA Insd) 5.375 07/01/21 2,391,137
5,250 Arizona Tourism & Sports Auth Tax Rev Multipurp Stad Fac
Ser A (MBIA Insd) 5.375 07/01/23 5,616,765
5,000 Glendale, AZ Indl Dev Auth John C Lincoln Hlth Ser B Rfdg 5.000 12/01/37 4,980,800
4,500 Maricopa Cnty, AZ Hosp Rev Sun Hlth Corp 5.000 04/01/35 4,508,775
2,000 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien (AMT)
(FGIC Insd) 5.375 07/01/29 2,021,280
2,575 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington
Proj Tucson Ser A Rfdg (FSA Insd) 7.250 07/15/10 2,584,630
2,685 South Campus Group LLC AZ Std Hsg Rev AZ St Univ South
Campus Proj (MBIA Insd) 5.625 09/01/35 2,898,108
1,300 Tempe, AZ Excise Tax Rev Rfdg 5.250 07/01/18 1,392,833
9,000 University Med Ctr Corp AZ Hosp Rev 5.000 07/01/35 9,017,550
--------------
44,020,838
--------------
ARKANSAS 0.5%
1,930 Arkansas St Cap Apprec College Svg * 06/01/16 1,266,775
2,000 Arkansas St Dev Fin Auth Rev St Agy Fac Donaghey Plaza
Proj (FSA Insd) 5.000 06/01/34 2,053,980
--------------
3,320,755
--------------
CALIFORNIA 28.1%
6,000 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt
Proj Ser C (FSA Insd) * 09/01/19 3,300,840
7,195 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt
Proj Ser C (FSA Insd) * 09/01/21 3,565,122
1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj Ser C
(FSA Insd) 6.000 09/01/16 1,473,992
2,095 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool Ser A
(XLCA Insd) 5.250 09/01/35 2,198,242
3,000 California Cnty, CA Tob Securitization Agy Tob LA Cnty Sec
(a) 0/5.250 06/01/21 2,443,170
2,050 California Cnty, CA Tob Securitization Agy Tob Merced Cnty
Ser A Rfdg 5.125 06/01/38 2,043,460
1,000 California Cnty, CA Tob Securitization Agy Tob Merced Cnty
Ser A Rfdg 5.250 06/01/45 1,000,270
2,000 California Cnty, CA Tob Securitization Agy Tob Sonoma Cnty
Corp Rfdg 5.125 06/01/38 1,993,620
6,750 California Ed Fac Auth Rev Pepperdine Univ Ser A Rfdg
(FGIC Insd) 5.000 09/01/33 6,929,415
5,500 California Hlth Fac Fin Auth Rev Cedars Sinai Med Ctr Rfdg 5.000 11/15/34 5,561,105
1,600 California Hlth Fac Fin Auth Rev Kaiser Permanente Ser A 5.000 04/01/37 1,618,000
3,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser C (AMT) 5.125 11/01/23 3,078,510
980 California St (AMBAC Insd) 5.125 10/01/27 998,326
2,000 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12) 6.000 05/01/15 2,248,500
3,000 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12) 5.875 05/01/16 3,354,330
2,345 California St Dept Wtr Res Pwr Ser A
(Prerefunded @ 05/01/12) (XLCA Insd) 5.375 05/01/17 2,562,428
5,000 California St Pub Wks Brd Dept Gen Svc Cap East End Ser A
(AMBAC Insd) 5.125 12/01/21 5,224,850
6,000 California St Pub Wks Brd Lease Rev Dept of Corrections St
Prisons Ser A Rfdg (AMBAC Insd) 5.250 12/01/13 6,523,140
4,000 California St Pub Wks Brd Lease Rev Dept of Corrections St
Prisons Ser A Rfdg (AMBAC Insd) 5.000 12/01/19 4,231,600
5,000 California St Pub Wks Brd Lease Rev Dept of Mental Hlth
Coalinga Ser A 5.000 06/01/24 5,134,950
4,600 California St Pub Wks Brd Lease Rev Var Univ CA Proj Ser A
Rfdg 5.500 06/01/10 4,838,878
5,905 California St Pub Wks Brd Lease Rev Var Univ CA Proj Ser A
Rfdg 5.500 06/01/14 6,383,069
5,000 California St Rfdg 5.000 02/01/19 5,158,700
6,500 California Statewide Cmnty Dev Auth Rev Daughters of
Charity Hlth Ser A 5.250 07/01/30 6,683,755
1,000 California Statewide Cmnty Dev Auth Rev Daughters of
Charity Hlth Ser A 5.250 07/01/35 1,026,300
4,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist
Hlth Ser A 5.000 03/01/30 4,048,560
3,400 California Statewide Cmnty Dev Auth Rev Kaiser Permanente
Ser B 5.000 03/01/41 3,418,360
5,000 California Statewide Cmnty Dev Auth Rev Kaiser Permanente
Ser B 5.250 03/01/45 5,142,000
4,000 California Statewide Cmnty Dev Auth Rev Kaiser Permanente
Ser C 5.250 08/01/31 4,159,360
2,000 Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc Ser A
(MBIA Insd) 5.000 09/01/33 2,058,280
5,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec
Rfdg (MBIA Insd) * 01/15/18 2,799,550
30,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec
Rfdg * 01/15/22 12,539,400
3,350 Imperial Irr Dist CA Ctf Part Elec Sys Proj (FSA Insd) (b) 5.250 11/01/19 3,562,289
3,950 Los Angeles, CA Dept Wtr & Pwr Ser A (FGIC Insd) 5.125 07/01/40 4,063,404
5,000 Los Angeles, CA Uni Sch Dist Ser A (FSA Insd) 5.250 07/01/20 5,360,200
5,500 Port Oakland, CA Ser L (AMT) (FGIC Insd) 5.000 11/01/32 5,566,385
9,000 Riverside Cnty, CA Asset Leasing Corp Leasehold Rev
Riverside Cnty Hosp Proj (MBIA Insd) * 06/01/21 4,466,160
13,880 San Joaquin Hills, CA Transn Corridor Agy Toll Rd Rev Cap
Apprec Ser A Rfdg (MBIA Insd) * 01/15/28 4,953,911
4,200 Tobacco Securitization Auth, Northn CA Tob Settlement Ser
A1 5.375 06/01/38 4,264,596
4,300 Tobacco Securitization Auth, Northn CA Tob Settlement Ser
A1 5.500 06/01/45 4,379,421
1,000 Tobacco Securitization Auth, Southn CA Tob Settlement Ser
A1 5.000 06/01/37 979,150
14,000 Tobacco Securitization Auth, Southn CA Tob Settlement Ser
A1 5.125 06/01/46 13,742,400
2,720 Washington, CA Uni Sch Dist Yolo Cnty Election 2004 Ser A
(FGIC Insd) (b) 5.250 08/01/19 2,918,070
3,070 Washington, CA Uni Sch Dist Yolo Cnty Election 2004 Ser A
(FGIC Insd) (b) 5.250 08/01/20 3,293,557
--------------
181,289,625
--------------
COLORADO 4.6%
4,340 Adams & Arapahoe Cntys, CO Jt Sch Dist Ser A (FSA Insd) 5.250 12/01/18 4,660,205
1,945 Colorado Ed & Cultural Charter Sch Pinnacle Impt & Rfdg
(XLCA Insd) 5.250 06/01/23 2,049,155
3,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A
(Escrowed to Maturity) 5.500 03/01/32 3,211,920
4,250 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc 5.000 12/01/35 4,214,172
2,700 Colorado Hlth Fac Auth Rev Hlth Fac Evangelical Lutheran 5.000 06/01/35 2,707,101
2,250 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth
(Prerefunded @ 11/15/11) 6.500 11/15/31 2,545,312
80 Colorado Hsg Fin Auth Single Family Pgm Sr Ser A2 (AMT) 7.250 05/01/27 81,582
49 Colorado Hsg Fin Auth Single Family Pgm Sr Ser B1 (AMT) 7.650 11/01/26 49,813
1,500 Denver, CO City & Cnty Arpt Rev Ser D (AMT) 7.750 11/15/13 1,684,260
6,160 E-470 Pub Hwy Auth CO Rev Sr Ser A (MBIA Insd) 5.000 09/01/21 6,272,974
1,000 Park Creek Metro Dist CO Rev Sr Ltd Tax Ppty Tax Rfdg 5.500 12/01/30 1,033,160
1,500 University CO Hosp Auth Rev Ser A 5.000 11/15/37 1,501,725
--------------
30,011,379
--------------
CONNECTICUT 1.1%
5,000 Connecticut St Ser C (FGIC Insd) 5.000 04/01/22 5,231,250
1,010 Mashantucket Western Pequot Tribe CT Spl Rev Ser A
(Prerefunded @ 09/01/06) (c) 6.400 09/01/11 1,031,664
990 Mashantucket Western Pequot Tribe CT Spl Rev Ser A
(Prerefunded @ 09/01/07) (c) 6.400 09/01/11 1,028,273
--------------
7,291,187
--------------
DISTRICT OF COLUMBIA 0.8%
5,000 Metropolitan Washington DC Arpt Auth Sys Ser A (AMT)
(FGIC Insd) 5.250 10/01/32 5,146,750
--------------
FLORIDA 6.8%
2,500 Dade Cnty, FL Wtr & Swr Sys Rev (FGIC Insd) 5.250 10/01/21 2,557,275
570 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd) 5.950 07/01/20 596,157
3,000 Halifax Hosp Med Ctr FL Hosp Rev Impt Ser A Rfdg 5.250 06/01/26 3,084,480
1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth
Ser D 5.000 11/15/35 1,010,740
3,800 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth
Sys Ser C 5.250 11/15/36 3,932,924
3,980 Jacksonville, FL Port Auth (AMT) (MBIA Insd) 5.700 11/01/30 4,209,407
2,780 Jacksonville, FL Port Auth (Prerefunded @ 11/01/10) (AMT)
(MBIA Insd) 5.700 11/01/30 2,958,921
5,000 Jea, FL Wtr & Swr Sys Rev Ser C 5.000 10/01/41 5,014,900
3,000 Lake Cnty, FL Sch Brd Ctf Part (Prerefunded @ 07/01/12)
(AMBAC Insd) 5.375 07/01/17 3,244,020
11,500 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AMT)
(FGIC Insd) 5.375 10/01/32 11,958,620
5,000 Ocoee, FL Wtr & Swr Sys Rev Impt & Rfdg (AMBAC Insd) 5.125 10/01/33 5,184,650
--------------
43,752,094
--------------
GEORGIA 3.1%
2,000 Atlanta, GA Wtr & Wastewtr Rev (FSA Insd) 5.000 11/01/21 2,085,660
5,000 Georgia Muni Elec Auth Pwr Rev Ser B (Escrowed to
Maturity) (FGIC Insd) 5.700 01/01/19 5,636,450
2,000 Georgia St Rd & Twy Auth Rev 5.000 10/01/19 2,107,640
2,210 Marietta, GA Dev Auth Rev First Mtg Life College Ser B
(FSA Insd) (b) 5.375 09/01/09 2,240,410
6,740 Municipal Elec Auth GA Comb Turbine Proj Ser A (MBIA Insd) 5.250 11/01/20 7,165,024
1,000 Richmond Cnty, GA Dev Auth ASU Jaguar Student Hsg LLC
Ser A 5.250 02/01/35 1,015,790
--------------
20,250,974
--------------
HAWAII 1.7%
10,430 Hawaii St Dept Budget & Fin Spl Purp Rev Hawaiian Elec
Co Inc Ser A (AMT) (MBIA Insd) 5.650 10/01/27 11,174,389
--------------
ILLINOIS 13.2%
3,750 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd) * 01/01/32 940,500
1,710 Bolingbrook, IL Cap Apprec Ser C Rfdg (MBIA Insd) (b) * 01/01/29 580,237
6,000 Chicago, IL Lakefront Millenium Pkg Fac (MBIA Insd) 5.750 01/01/29 6,548,100
13,100 Chicago, IL O'Hare Intl Arpt Rev Rols RR II 494-1
(Acquired 12/16/05 to 02/17/06, Cost $15,005,492)
(Inverse Floating Rate) (MBIA Insd) (d) 5.225 01/01/24 14,732,129
1,500 Chicago, IL O'Hare Intl Arpt Rev Rols RR II R 522
(Acquired 02/24/06, Cost $1,772,100) (Inverse Floating
Rate) (FGIC Insd) (d) 5.225 01/01/23 1,693,560
90 Chicago, IL Single Family Mtg Rev Ser A (AMT) (GNMA
Collateralized) 7.000 09/01/27 92,249
5 Chicago, IL Single Family Mtg Rev Ser B (AMT) (GNMA
Collateralized) 7.625 09/01/27 5,014
3,345 Cook Cnty, IL Sch Dist No. 100 Berwyn South Ser D
(FSA Insd) 5.500 12/01/23 3,652,071
4,500 Cook Cnty, IL Ser A (Prerefunded @ 05/15/11) (FGIC Insd) 5.500 11/15/31 4,834,845
1,000 Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac Ser A 7.375 07/01/25 1,082,490
1,500 Illinois Fin Auth Rev IL Inst of Technology Ser A 5.000 04/01/31 1,516,530
2,500 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A 5.500 08/15/43 2,641,475
1,335 Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj
Ser A (AMT) 5.050 08/01/29 1,335,000
1,325 Illinois Fin Auth Student Hsg Rev MJH Ed Assistance IV Sr
Ser A 5.125 06/01/35 1,323,913
3,180 Illinois Hlth Fac Auth Rev Children's Mem Hosp (MBIA Insd) 6.250 08/15/13 3,502,834
1,485 Illinois Hlth Fac Auth Rev Evangelical Hosp Ser A Rfdg
(FSA Insd) 6.750 04/15/17 1,746,197
825 Illinois Hlth Fac Auth Rev Evangelical Hosp Ser C (FSA
Insd) 6.750 04/15/17 970,109
1,000 Illinois Hlth Fac Auth Rev Highland Pk Hosp Proj Ser A
(Prerefunded @ 10/01/07) (MBIA Insd) 5.750 10/01/17 1,042,600
8,000 Illinois St First Ser (FSA Insd) 5.250 12/01/19 8,519,600
3,400 Illinois St First Ser (FSA Insd) 5.250 04/01/27 3,553,408
2,070 Northern IL Univ Ctf Part Hoffman Estates Ctr Proj
(FSA Insd) 5.400 09/01/16 2,225,333
180 Peoria, Moline & Freeport, IL Coll Mtg Ser A (AMT)
(GNMA Collateralized) 7.600 04/01/27 180,976
5,000 Regional Trans Auth IL Ser A (AMBAC Insd) 8.000 06/01/17 6,571,450
5,005 Will Cnty, IL Cmnty Sch Dist (FGIC Insd) 5.000 01/01/23 5,212,357
10,000 Will Cnty, IL Sch Dist No. 122 Ser B Rfdg (FGIC Insd) 5.250 11/01/20 10,541,500
--------------
85,044,477
--------------
INDIANA 2.9%
2,805 Dekalb Eastn High Sch Bldg Corp Ind First Mtg (FSA Insd) 6.000 01/15/18 3,075,318
4,000 East Chicago, IN Elementary Sch Bldg Corp First Mtg Ser A 6.250 07/05/08 4,115,720
1,660 Indiana Hlth & Ed Fac Fin Auth Hosp Rev Clarian Hlth
Oblig Ser A 5.000 02/15/36 1,675,521
3,000 Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp
Rfdg (FSA Insd) 7.000 08/15/15 3,454,860
1,500 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT) 5.950 08/01/30 1,528,755
2,000 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) 5.950 12/01/29 2,116,220
2,850 Southwest Parke Cmnty Sch Bldg First Mtg (FGIC Insd) (b) 5.250 07/15/21 3,027,783
--------------
18,994,177
--------------
IOWA 0.6%
1,500 Tobacco Settlement Auth IA Tob Settlement Rev Ser C 5.375 06/01/38 1,515,645
2,500 Tobacco Settlement Auth IA Tob Settlement Rev Ser C 5.500 06/01/42 2,547,950
--------------
4,063,595
--------------
KANSAS 1.2%
3,430 Kansas St Dev Fin Auth Rev KS Proj Ser N (AMBAC Insd) (b) 5.250 10/01/20 3,632,267
3,615 Kansas St Dev Fin Auth Rev KS Proj Ser N (AMBAC Insd) (b) 5.250 10/01/21 3,816,717
--------------
7,448,984
--------------
KENTUCKY 0.1%
500 Mount Sterling, KY Lease Rev KY League Cities Fdg Ser B 6.100 03/01/18 575,345
--------------
LOUISIANA 5.3%
5,000 Lafayette, LA Util Rev (MBIA Insd) 5.250 11/01/21 5,328,450
2,500 Louisiana Loc Govt Environment Fac Pkg Fac Corp Garage
Proj Ser A (AMBAC Insd) 5.375 10/01/31 2,612,575
5,970 Louisiana Loc Govt Environment Southeastn LA Student Hsg
Ser A (MBIA Insd) (b) 5.250 08/01/24 6,286,470
1,400 Louisiana Pub Fac Auth Rev Hlth Fac Glen Retirement Ser A 6.700 12/01/25 1,414,938
8,065 Louisiana St Office Fac Corp LA St Cap Complex Pgm
(MBIA Insd) (b) 5.000 11/01/20 8,344,372
6,000 New Orleans, LA Rfdg (MBIA Insd) 5.125 09/01/21 6,196,440
4,000 New Orleans, LA Rfdg (FGIC Insd) 5.500 12/01/21 4,312,480
--------------
34,495,725
--------------
MARYLAND 2.4%
1,500 Baltimore, MD Convention Ctr Hotel Rev Drivers Ser 1251
(Acquired 02/06/06, Cost $1,765,635) (Inverse Floating
Rate) (XLCA Insd) (d) 6.530 03/01/14 1,717,005
5,000 Maryland St Econ Dev Corp MD Aviation Admin Fac (AMT) (FSA
Insd) 5.375 06/01/20 5,273,850
1,000 Maryland St Econ Dev Corp Student Hsg Rev Univ MD College
Pk Proj (Prerefunded @ 06/01/13) 5.625 06/01/35 1,096,580
2,000 Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College
of Art 5.000 06/01/40 1,973,500
1,200 Maryland St Hlth & Higher Ed Fac Auth Rev Uni Hosp Cecil
Cnty Issue 5.000 07/01/40 1,212,600
4,000 Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt Ser B
(AMT) (AMBAC Insd) 5.125 03/01/24 4,152,080
--------------
15,425,615
--------------
MASSACHUSETTS 4.1%
1,200 Massachusetts Bay Tran Auth MA Gen Tran Sys Ser A Rfdg 6.250 03/01/12 1,339,068
3,500 Massachusetts Bay Trans Auth MA Sales Tax Rev Ser A 5.000 07/01/35 3,572,135
2,500 Massachusetts Bay Trans Auth Ser A (Prerefunded @ 07/01/12) 5.000 07/01/32 2,654,150
2,000 Massachusetts Muni Whsl Elec Co Proj No 6-A (MBIA Insd) 5.250 07/01/16 2,140,780
2,500 Massachusetts St Dev Fin Agy Rev Western New England Ser A 5.000 09/01/33 2,574,400
1,750 Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys
Covenant Hlth 6.000 07/01/31 1,873,375
2,000 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr
Ser A 6.000 10/01/23 2,001,520
5,450 Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue
Ser D 5.000 07/01/33 5,445,749
925 Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham
(AMT) 6.900 12/01/29 935,674
925 Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham
(AMT) 6.950 12/01/35 935,850
2,995 Massachusetts St Wtr Pollutn Abatement Tr Pool Pgm Bds
Ser 10 5.000 08/01/21 3,136,693
--------------
26,609,394
--------------
MICHIGAN 4.0%
3,000 Detroit, MI City Sch Dist Sch Bldg & Site Impt Ser A
(Prerefunded @ 05/01/13) (FGIC Insd) 5.375 05/01/24 3,262,980
3,185 Detroit, MI Wtr Supply Sys Rev Sr Lien Ser A (MBIA
Insd) (b) 5.250 07/01/20 3,446,361
2,790 Detroit, MI Wtr Supply Sys Rev Sr Lien Ser C Rfdg (MBIA
Insd) (b) 5.250 07/01/19 2,985,774
2,000 Grand Rapids, MI Wtr Supply (FGIC Insd) 5.750 01/01/15 2,152,080
4,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A 6.000 07/01/35 4,314,000
1,480 Michigan St Hsg Dev Auth Multi-Family Rev Ltd Oblig Ser A
Rfdg (GNMA Collateralized) 6.600 04/01/30 1,520,552
2,075 South Lyon, MI Cmnty Sch Bldg & Site (FGIC Insd) 5.250 05/01/18 2,210,560
2,285 Taylor, MI Bldg Auth (AMBAC Insd) (b) 6.000 03/01/13 2,556,664
3,090 Troy, MI Downtown Dev Auth Dev Rfdg (MBIA Insd) 5.500 11/01/15 3,324,438
--------------
25,773,409
--------------
MINNESOTA 1.0%
1,065 Duluth, MN Econ Dev Auth Hlthcare Fac Rev Benedictine Hlth
Sys Saint Marys 5.250 02/15/33 1,091,274
1,175 Maple Grove, MN Hlthcare Fac Rev North Mem Hlthcare 5.000 09/01/35 1,190,792
2,200 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj 6.000 11/15/30 2,386,362
1,000 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj 6.000 11/15/35 1,083,230
1,000 Stillwater, MN Hlthcare Rev Hlth Sys Oblig Group 5.000 06/01/25 1,018,600
--------------
6,770,258
--------------
MISSISSIPPI 1.1%
1,900 Mississippi Dev Bk Spl Oblig Cap Proj & Equip Acquisition
Ser A2 (AMBAC Insd) 5.000 07/01/24 1,901,026
1,550 Mississippi Dev Bk Spl Oblig Madison Cnty Hosp Proj
(Prerefunded @ 07/01/09) 6.400 07/01/29 1,686,586
2,595 Mississippi Dev Bk Spl Oblig MS Ltd Oblig Hosp Impt (MBIA
Insd) (b) 5.250 07/01/32 2,686,863
520 Mississippi Home Corp Single Family Rev Mtg Ser C (AMT)
(GNMA Collateralized) 7.600 06/01/29 529,599
--------------
6,804,074
--------------
MISSOURI 5.8%
2,000 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc 5.625 06/01/27 2,057,840
1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr
Svc Heisinger Proj 5.500 02/01/35 1,294,225
2,000 Curators Univ MO Sys Fac Rev Ser B Rfdg (b) 5.000 11/01/20 2,089,440
1,000 Missouri Jt Muni Elec Util Cmnty Pwr Proj Rev Plum Point
Proj (MBIA Insd) 5.000 01/01/26 1,043,070
4,625 Missouri Jt Muni Elec Util Cmnty Pwr Proj Rev Plum Point
Proj (MBIA Insd) 5.000 01/01/27 4,813,376
2,500 Missouri St Dev Fin Brd Infrastructure Fac Rev Crackerneck
Creek Proj Ser C 5.000 03/01/26 2,524,250
2,195 Missouri St Hlth & Ed Fac Rev Univ MO Columbia Arena
Proj (b) 5.000 11/01/16 2,305,628
4,000 Platte Cnty, MO Indl Dev Auth Trans Rev 4.500 12/01/24 3,962,800
2,500 Platte Cnty, MO Neighborhood Impt Parkville Ser B (MBIA
Insd) 5.000 02/01/25 2,593,750
1,500 Saint Louis Cnty, MO Mtg Rev Ctf Rcpt Ser H (AMT)
(Escrowed to Maturity) 5.400 07/01/18 1,609,800
9,855 Saint Louis, MO Arpt Rev Arpt Dev Pgm Ser A (Prerefunded
@ 07/01/11) (MBIA Insd) 5.250 07/01/31 10,496,856
2,380 Saint Louis, MO Arpt Rev Cap Impt Pgm Ser A (MBIA Insd)
(b) 5.375 07/01/19 2,533,415
--------------
37,324,450
--------------
MONTANA 0.4%
2,300 Forsyth, MT Pollutn Ctl Rev Northwestn Corp Colstrip Rfdg
(AMBAC Insd) 4.650 08/01/23 2,302,001
--------------
NEBRASKA 1.5%
5,235 Omaha Pub Pwr Dist NE Elec Rev Sys Ser A 5.000 02/01/34 5,374,932
4,260 University NE Univ Rev Lincoln Student Fees & Fac Ser B 5.000 07/01/23 4,392,614
--------------
9,767,546
--------------
NEVADA 4.2%
8,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC Insd) 5.000 07/01/36 8,154,160
2,000 Clark Cnty, NV Econ Dev Rev Alexander Dawson Sch Proj 5.375 05/15/33 2,067,560
7,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A
(AMT) (AMBAC Insd) 5.250 07/01/34 7,244,790
4,375 Las Vegas Vly, NV Wtr Dist Ser B Rfdg (MBIA Insd) 5.000 06/01/27 4,485,644
85 Nevada Hsg Div Single Family Pgm Mezz B (AMT) (FHA/VA Gtd) 6.550 10/01/12 85,314
5,000 Reno, NV Lien Trans Proj (Prerefunded @ 06/01/12) (AMBAC
Insd) 5.250 06/01/41 5,369,100
--------------
27,406,568
--------------
NEW HAMPSHIRE 0.6%
1,000 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch 7.000 07/01/30 1,085,470
1,400 New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth 5.500 07/01/34 1,463,196
1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck
Wtrwks Inc (AMT) (AMBAC Insd) 6.300 05/01/22 1,036,860
--------------
3,585,526
--------------
NEW JERSEY 6.6%
1,900 New Jersey Econ Dev Auth Rev Cig Tax 5.750 06/15/29 2,013,981
1,000 New Jersey Econ Dev Auth Rev Cig Tax 5.500 06/15/31 1,037,150
5,000 New Jersey Econ Dev Auth Rev Sch Fac Constr Ser I
(Prerefunded @ 09/01/14) 5.000 09/01/23 5,366,550
2,210 New Jersey Econ Dev Auth Wtr Fac Rev NJ Amern Wtr Co Inc
Ser B (AMT) (FGIC Insd) 5.375 05/01/32 2,287,063
4,350 New Jersey Econ Dev Wtr NJ Amern Wtr Co Inc Ser A (AMT)
(FGIC Insd) 5.250 07/01/38 4,483,893
1,000 New Jersey Hlthcare Fac Fin Auth Rev Cap Hlth Sys Oblig
Grp Ser A 5.375 07/01/33 1,026,360
2,500 New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp Ctr at
Passaic (Escrowed to Maturity) (FSA Insd) 6.750 07/01/19 3,018,700
10,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A
(AMBAC Insd) 5.250 09/01/20 10,638,200
2,000 New Jersey St Tpk Auth Tpk Rev Ser C-1 (AMBAC Insd) 5.000 01/01/35 2,035,700
10,750 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 10,851,265
--------------
42,758,862
--------------
NEW MEXICO 0.2%
1,500 Jicarilla, NM Apache Nation Rev Adj Ser A (Acquired
10/23/03, Cost $1,514,910) (d) 5.000 09/01/18 1,530,420
--------------
NEW YORK 10.3%
1,000 Erie Cnty, NY Tob Asset Securitization Corp Ser A 5.000 06/01/38 980,410
7,000 Metropolitan Trans Auth NY Rev Ser A Rfdg (FGIC Insd) 5.250 11/15/31 7,370,860
1,500 Nassau Cnty, NY Tob Settlement Corp Ser A-3 5.000 06/01/35 1,478,490
3,500 Nassau Cnty, NY Tob Settlement Corp Ser A-3 5.125 06/01/46 3,461,605
3,250 New York City Hlth & Hosp Corp Rev Hlth Sys Ser A (AMBAC
Insd) 5.000 02/15/11 3,407,007
5,000 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser D 5.000 06/15/38 5,127,600
5,000 New York City Ser H (MBIA Insd) 5.250 03/15/14 5,325,900
6,000 New York City Transitional Fin Auth Rev Future Tax Sec Ser
A Rfdg (a) 5.500/14.000 11/01/26 6,437,580
8,240 New York City Transitional Fin Auth Rev Future Tax Sec Ser
C Rfdg (AMBAC Insd) 5.250 08/01/18 8,764,311
7,575 New York St Dorm Auth Rev City Univ Sys Cons Ser A 5.625 07/01/16 8,340,151
1,520 New York St Dorm Auth Rev Insd John T Mather Mem Hosp
(Connie Lee Insd) (b) 6.500 07/01/09 1,629,410
3,845 New York St Dorm Auth Rev Secd Hosp Gen Hosp Rfdg 5.750 02/15/20 4,190,627
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 2,312,633
5,000 New York St Urban Dev Corp Rev St Fac Rfdg 5.700 04/01/20 5,635,050
2,150 Westchester, Tob Asset Securitization Corp NY 5.125 06/01/38 2,143,142
--------------
66,604,776
--------------
NORTH CAROLINA 0.6%
1,950 Forsyth Cnty, NC Ctf Partn (b) 5.000 02/01/24 2,013,375
1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev Ser D 6.700 01/01/19 1,628,400
--------------
3,641,775
--------------
OHIO 2.9%
3,000 Cincinnati, OH City Sch Dist Sch Impt (FSA Insd) 5.250 06/01/18 3,198,300
3,150 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj 7.500 01/01/30 3,468,686
1,000 Dayton, OH Arpt Rev James M Cox Dayton Ser C Rfdg (AMT)
(Radian Insd) 5.250 12/01/27 1,022,820
3,540 Franklin Cnty, OH Hosp Rev Doctor's Hosp Proj Impt & Rfdg
(Escrowed to Maturity) 5.875 12/01/23 3,835,271
5,130 Muskingum Cnty, OH Hosp Fac Rev Bethesda Care Sys Impt &
Rfdg (Connie Lee Insd) (b) 6.250 12/01/10 5,269,895
160 Pickerington, OH Loc Sch Dist Cap Apprec Sch Fac Contract
(FGIC Insd) * 12/01/11 128,994
1,160 Toledo Lucas Cnty, OH Port Auth Dev Rev Northwest OH Bd
Fd Ser C (AMT) (b) 6.600 11/15/15 1,249,274
685 Toledo Lucas Cnty, OH Port Auth Northwest Bd Fd Ser A
(AMT) 6.000 05/15/11 707,173
--------------
18,880,413
--------------
OKLAHOMA 0.7%
1,500 Jenks, OK Aquarium Auth Rev First Mtg (Prerefunded @
07/01/10) (MBIA Insd) 6.100 07/01/30 1,638,195
2,755 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (Prerefunded @
11/01/09) (AMBAC Insd) 6.250 11/01/22 3,011,215
--------------
4,649,410
--------------
OREGON 3.0%
2,010 Emerald Peoples Util Dist OR Rfdg (FGIC Insd) (b) 7.350 11/01/09 2,224,186
2,060 Multnomah Cnty, OR Sch Dist No. 007 Reynolds (MBIA Insd) 5.000 06/01/30 2,100,129
5,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd) 5.250 07/01/22 5,298,200
5,000 Oregon St Dept Admin Ser C Rfdg (MBIA Insd) 5.250 11/01/18 5,292,900
570 Oregon St Vets Welfare Ser 76A 6.050 10/01/28 571,915
3,580 Yamhill Cnty, OR Sch Dist No. 029J Newburg (Prerefunded @
06/15/12) (MBIA Insd) 5.250 06/15/21 3,845,887
--------------
19,333,217
--------------
PENNSYLVANIA 0.2%
1,370 Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Cmnty
College Ser B Rfdg (MBIA Insd) (b) 6.500 05/01/08 1,431,842
--------------
SOUTH CAROLINA 3.5%
6,250 Charleston Ed Excellence Fin Corp SC Rev Rols RR II R 471
(Acquired 12/06/05, Cost $6,834,905) (Inverse Floating
Rate) (d) 5.225 12/01/26 6,828,750
3,115 Greenville, SC Impt & Rfdg (MBIA Insd) (b) 5.250 04/01/21 3,314,049
1,000 Newberry Invtg in Newberry Cnty Sch Dist Proj 5.000 12/01/30 1,003,630
1,015 Rock Hill, SC Util Sys Rev Comb Ser C Rfdg (FSA Insd) (b) 5.000 01/01/11 1,063,070
6,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co
Proj Ser A (AMBAC Insd) 5.200 11/01/27 6,798,350
3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co
Proj Ser B (AMT) (AMBAC Insd) 5.450 11/01/32 3,922,800
--------------
22,930,649
--------------
SOUTH DAKOTA 0.4%
1,375 Deadwood, SD Ctf Partn (ACA Insd) 6.375 11/01/20 1,474,578
1,000 South Dakota St Hlth & Ed Fac Auth Rev Childrens Care Hosp
Rfdg 6.125 11/01/29 1,047,760
--------------
2,522,338
--------------
TENNESSEE 4.8%
2,130 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC
Proj Ser A Rfdg 5.000 10/01/25 2,097,603
2,595 Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC
Proj Ser A Rfdg 5.125 10/01/35 2,550,444
1,270 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg Ser
B Impt & Rfdg 8.000 07/01/33 1,488,211
7,050 Hallsdale Powell Util Dist Knox Cnty TN Wtr & Swr Rev Impt
Ser B (FGIC Insd) 5.000 04/01/34 7,228,224
12,525 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev Cap Apprec
First Mtg Ser A Rfdg (MBIA Insd) * 07/01/26 4,850,682
6,500 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn
St Hlth Ser A 5.500 07/01/36 6,787,560
4,800 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn
St Hlth Ser A Rfdg (MBIA Insd) 7.500 07/01/25 5,820,960
--------------
30,823,684
--------------
TEXAS 12.6%
2,335 Beaumont, TX Wtrwks & Swr Sys (Prerefunded @ 09/01/10)
(FGIC Insd) 6.250 09/01/14 2,548,933
2,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp 5.375 01/01/32 2,069,700
3,565 Brazos Riv Auth TX Pollutn Ctl Rev Adj TXU Elec Co Proj
Ser C Rfdg (AMT) 5.750 05/01/36 3,759,613
795 Brownsville, TX Util Sys Rev (Escrowed to Maturity) 7.375 01/01/10 848,496
8,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A Impt & Rfdg
(AMT) (FGIC Insd) 5.500 11/01/31 8,390,400
2,345 Denton Cnty, TX Perm Impt (Prerefunded @ 07/15/10) (b) 5.500 07/15/19 2,489,640
1,000 Harris Cnty, TX Hlth Fac Dev Mem Hermann Hlthcare Ser A
(Prerefunded @ 06/01/11) 6.375 06/01/29 1,118,180
5,000 Harris Cnty, TX Sr Lien Toll Rd Rfdg (FSA Insd) 5.125 08/15/32 5,147,050
2,320 Houston, TX Arpt Sys Rev (Escrowed to Maturity) 9.500 07/01/10 2,617,401
4,655 Houston, TX Arpt Sys Rev Sub Lien (FSA Insd) 5.500 07/01/15 4,996,677
3,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (AMT) (FSA Insd) 5.625 07/01/30 3,151,140
5,000 Houston, TX Util Sys Rev Comb First Lien Ser A (FSA Insd) 5.250 05/15/20 5,328,250
3,920 Lower Coloarado Riv Auth TX Transmission Contract Rev LCRA
Svc Corp Proj (FGIC Insd) 5.000 05/15/33 3,977,193
5,000 Matagorda Cnty, TX Navig Dist No. 1 Rev Houston Lt Rfdg
(AMT) (AMBAC Insd) 5.125 11/01/28 5,287,350
1,500 Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian
Care Ctr 5.625 02/15/35 1,540,500
2,000 Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian
Care Ctr Ser A (Prerefunded @ 02/15/10) 7.625 02/15/28 2,254,020
3,500 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem
Hosp Proj 7.250 01/01/31 3,604,230
3,325 North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor
Hlthcare Sys Proj Ser A 5.125 05/15/29 3,369,788
3,000 Prosper, TX Indpt Sch Dist (PSF Gtd) 5.500 08/15/33 3,203,430
5,055 San Antonio, TX Elec & Gas Rev Sys Rfdg 5.375 02/01/16 5,404,907
1,990 Stafford, TX Econ Dev Corp (FGIC Insd) (b) 6.000 09/01/19 2,266,968
3,960 Stafford, TX Econ Dev Corp (FGIC Insd) 5.500 09/01/30 4,287,730
3,510 Texas St Wtr Fin Assistance 5.500 08/01/35 3,645,381
--------------
81,306,977
--------------
UTAH 0.5%
4,950 Intermountain Pwr Agy UT Pwr Supply Rev Ser A Rfdg
(Escrowed to Maturity) (FGIC Insd) * 07/01/17 2,963,219
--------------
VIRGINIA 1.4%
2,000 Fairfax Cnty, VA Ctf Partn 5.300 04/15/23 2,113,600
1,130 Richmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd) 5.000 07/15/14 1,206,569
675 Richmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd) 5.000 07/15/16 721,332
1,465 RIchmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd) 5.000 07/15/17 1,566,246
1,520 Tobacco Settlement Fin Corp VA 5.500 06/01/26 1,565,418
1,660 Tobacco Settlement Fin Corp VA 5.625 06/01/37 1,723,976
--------------
8,897,141
--------------
WASHINGTON 4.8%
5,000 Clark Cnty, WA Sch Dist 114 (FSA Insd) 5.250 06/01/19 5,329,550
1,370 King Cnty, WA Ser B (Prerefunded @ 12/01/07) 5.900 12/01/14 1,435,513
3,630 King Cnty, WA Ser B (Prerefunded @ 12/01/07) 5.900 12/01/14 3,803,587
2,245 King Cnty, WA Ser B (Prerefunded @ 12/01/07) 6.625 12/01/15 2,373,347
700 Quinault Indian Nation, WA Quinault Beach Ser A Impt &
Rfdg (ACA Insd) 5.800 12/01/15 726,663
3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax
(MBIA Insd) 5.250 09/01/33 3,134,250
9,855 Washington St Mtr Veh Fuel Tax 2007 B (FSA Insd) (b) (e) 5.000 07/01/27 10,233,333
4,000 Washington St Pub Pwr Supply Ser A Rfdg (FGIC Insd) 7.000 07/01/08 4,232,400
--------------
31,268,643
--------------
WEST VIRGINIA 1.6%
6,420 Harrison Cnty, WV Cnty Cmnty Solid Waste Disp Rev West PA
Pwr Co Ser C (AMT) (AMBAC Insd) 6.750 08/01/24 6,435,280
3,750 West Virginia Univ Rev Impt Univ Proj Ser C (FGIC Insd) 5.000 10/01/34 3,865,088
--------------
10,300,368
--------------
WISCONSIN 0.7%
1,715 Wisconsin St Hlth & Ed Fac Auth Rev Bellin Mem Hosp
(AMBAC Insd) 6.625 02/15/08 1,761,031
2,675 Wisconsin St Hlth & Ed Fac FH Hlthcare Dev Inc Proj
(Prerefunded @ 11/15/09) 6.250 11/15/28 2,892,799
--------------
4,653,830
--------------
WYOMING 0.3%
2,000 Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj
Rfdg (AMT) 5.600 12/01/35 2,091,220
--------------
PUERTO RICO 4.6%
21,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y Rfdg
(FSA Insd) (f) 6.250 07/01/21 25,486,650
4,000 Puerto Rico Pub Bldgs Auth Gtd Pub Ed & Hlth Fac Ser M
Rfdg (MBIA Insd) 5.600 07/01/08 4,132,880
--------------
29,619,530
--------------
TOTAL LONG-TERM INVESTMENTS 163.4%
(Cost $1,009,963,909) 1,056,195,892
SHORT-TERM INVESTMENT 0.7%
(Cost $4,100,000) 4,100,000
--------------
TOTAL INVESTMENTS 164.1%
(Cost $1,014,063,909) 1,060,295,892
OTHER ASSETS IN EXCESS OF LIABILITIES 0.9% 6,416,462
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (65.0%) (420,388,071)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $ 646,324,283
==============
Percentages are calculated as a percentage of net assets applicable to
common shares.
* Zero coupon bond
(a) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(b) The Trust owns 100% of the outstanding bond issuance.
(c) 144A securities are those which are exempt from registration under Rule
144A of the Securities Act of 1933, as amended. These securities may only
be resold in transactions exempt from registration which are normally those
transactions with qualified inst
(d) These 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 4.1% of net
assets applicable to common shares.
(e) Security purchased on a when-issued or delayed delivery basis.
(f) All or a portion of this security has been physically segregated in
connection with open futures contracts.
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.
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF JULY 31, 2006:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
--------- --------------
SHORT CONTRACTS:
U.S Treasury Notes 10-Year Futures September 2006 (Current Notional
Value of $106,031) 1,006 $(1,005,530.00)
----- --------------
SWAP AGREEMENTS OUTSTANDING AS OF JULY 31, 2006:
INTEREST RATE SWAPS
PAY/
RECEIVE NOTIONAL UNREALIZED
FLOATING FIXED EXPIRATION AMOUNT APPRECIATION/
COUNTER PARTY FLOATING RATE INDEX RATE RATE DATE (000) DEPRECIATION
------------- ---------------------------- -------- ----- ---------- -------- -------------
JP Morgan Chase Bank, N.A. USD-BMA Municipal Swap Index Receive 4.474% 10/03/26 14,720 $(318,887)
JP Morgan Chase Bank, N.A. USD-BMA Municipal Swap Index Receive 4.249 09/28/16 39,960 (669,397)
---------
$(988,284)
=========
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: September 21, 2006
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 21, 2006
By: /s/ James W. Garrett
--------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: September 21, 2006