UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7868
Van Kampen Advantage Municipal Income Trust II
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 1/31/07
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS - JANUARY 31, 2007 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS 191.6%
ALABAMA 4.7%
$ 3,000 Birmingham Baptist Med Ctr AL
Spl Care Fac Fin Auth Rev
Baptist Hlth Sys Ser A ............... 5.000% 11/15/30 $ 3,054,240
2,000 Birmingham Baptist Med Ctr AL
Spl Care Fac Fin Auth Rev
Baptist Hlth Sys Ser A ............... 5.875 11/15/24 2,136,420
4,000 Jefferson Cnty, AL Ltd Oblig
Sch Wt Ser A ......................... 5.250 01/01/23 4,250,920
4 Mobile, AL Indl Dev Brd Solid
Waste Disp Rev Mobile Energy
Svc Co Proj Rfdg ..................... 6.950 01/01/20 353
19,635 University AL at Birmingham
Hosp Rev Ser A (c) ................... 5.000 09/01/41 20,168,483
1,000 Valley, AL Spl Care Fac Fin
Auth Rev Lanier Mem Hosp
Ser A ................................ 5.600 11/01/16 1,018,700
--------------
30,629,116
--------------
ALASKA 1.1%
1,000 Alaska St Hsg Fin Corp Gen Hsg
Ser A (FGIC Insd) .................... 5.250 12/01/41 1,058,120
6,250 Northern Tob Sec Corp AK Tob
Settlement Ser A ..................... 5.000 06/01/46 6,281,937
--------------
7,340,057
--------------
ARIZONA 7.9%
5,000 Arizona Sch Fac Brd Ctfs Ser B
(FGIC Insd) (Prerefunded @
9/01/13) ............................. 5.250 09/01/18 5,423,150
3,000 Arizona St Transn Brd Hwy Rev
Ser B ................................ 5.250 07/01/19 3,195,180
5,250 Arizona Tourism & Sports Auth
Multipurp Stad Fac Ser A
(MBIA Insd) (Prerefunded @
7/01/13) ............................. 5.375 07/01/23 5,708,955
2,235 Arizona Tourism & Sports Auth
Tax Rev Multipurp Stad Fac
Ser A (MBIA Insd)
(Prerefunded @ 7/01/13) .............. 5.375 07/01/21 2,430,384
5,000 Glendale, AZ Indl Dev Auth John
C Lincoln Hlth Rfdg Ser B ............ 5.000 12/01/37 5,081,800
4,500 Maricopa Cnty, AZ Hosp Rev
Sun Hlth Corp ........................ 5.000 04/01/35 4,581,225
8,020 Mesa, AZ Util Sys Rev Rfdg
Second Ser (FGIC Insd) (c) ........... 4.500 07/01/28 8,042,937
2,000 Phoenix, AZ Civic Impt Corp Arpt
Rev Jr Lien (FGIC Insd)
(AMT) ................................ 5.375 07/01/29 2,010,420
2,085 Pima Cnty, AZ Indl Dev Auth Indl
Rev Lease Oblig Irvington Proj
Tucson Rfdg Ser A (FSA
Insd) ................................ 7.250 07/15/10 2,142,546
2,685 South Campus Group LLC AZ
Std Hsg Rev AZ St Univ South
Campus Proj (MBIA Insd) .............. 5.625 09/01/35 2,915,829
1,300 Tempe, AZ Excise Tax Rev Rfdg
(Prerefunded @ 7/01/13) .............. 5.250 07/01/18 1,407,562
9,000 University Med Ctr Corp AZ
Hosp Rev ............................. 5.000 07/01/35 9,166,770
--------------
52,106,758
--------------
ARKANSAS 0.5%
1,930 Arkansas St Cap Apprec
College Svg .......................... * 06/01/16 1,325,794
2,000 Arkansas St Dev Fin Auth Rev
St Agy Fac Donaghey Plaza
Proj (FSA Insd) ...................... 5.000 06/01/34 2,086,500
--------------
3,412,294
--------------
CALIFORNIA 36.5%
6,000 Anaheim, CA Pub Fin Auth
Lease Rev Cap Apprec Sub
Pub Impt Proj Ser C (FSA
Insd) ................................ * 09/01/19 3,482,640
7,195 Anaheim, CA Pub Fin Auth
Lease Rev Cap Apprec Sub
Pub Impt Proj Ser C (FSA
Insd) ................................ * 09/01/21 3,813,998
1,300 Anaheim, CA Pub Fin Auth
Lease Rev Pub Impt Proj Ser C
(FSA Insd) ........................... 6.000 09/01/16 1,506,128
2,095 Bay Area Govt Assn CA Rev
Tax Alloc CA Redev Pool Ser
A (XLCA Insd) ........................ 5.250 09/01/35 2,237,230
3,000 California Cnty, CA Tob Sec Agy
Tob LA Cnty Sec (d) .................. 0/5.250 06/01/21 2,583,210
2,050 California Cnty, CA Tob Sec Agy
Tob Merced Cnty Rfdg Ser A ........... 5.125 06/01/38 2,084,624
1,000 California Cnty, CA Tob Sec Agy
Tob Merced Cnty Rfdg Ser A ........... 5.250 06/01/45 1,025,360
2,000 California Cnty, CA Tob Sec Agy
Tob Sonoma Cnty Corp Rfdg ............ 5.125 06/01/38 2,033,780
6,750 California Ed Fac Auth Rev
Pepperdine Univ Rfdg Ser A
(FGIC Insd) .......................... 5.000 09/01/33 7,021,147
1,600 California Hlth Fac Fin Auth Rev
Kaiser Permanente Ser A .............. 5.000 04/01/37 1,653,984
5,505 California Hlth Fac Fin Auth Rev
Rfdg Cedars-Sinai Med Ctr (c) ........ 5.000 11/15/34 5,684,463
3,400 California Hsg Fin Agy Rev Home
Mtg Ser M (c) ........................ 4.625 08/01/26 3,385,907
6,200 California Hsg Fin Agy Rev Home
Mtg Ser M (c) ........................ 4.650 08/01/31 6,168,628
4,290 California Hsg Fin Agy Rev Home
Mtg Ser M (c) ........................ 4.700 08/01/36 4,272,218
7,030 California Hsg Fin Agy Rev Home
Mtg Ser M (c) ........................ 7.750 08/01/42 7,000,861
3,000 California Pollutn Ctl Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser C (AMT) ............ 5.125 11/01/23 3,148,950
980 California St (AMBAC Insd) .............. 5.125 10/01/27 999,600
6,500 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ........................... 5.250 07/01/30 6,805,695
1,000 California Statewide Cmnty Dev
Auth Rev Daughters of Charity
Hlth Ser A ........................... 5.250 07/01/35 1,045,610
4,000 California Statewide Cmnty Dev
Auth Rev Hlth Fac Adventist
Hlth Ser A ........................... 5.000 03/01/30 4,119,080
3,400 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ................................ 5.000 03/01/41 3,506,284
5,000 California Statewide Cmnty Dev
Auth Rev Kaiser Permanente
Ser B ................................ 5.250 03/01/45 5,267,350
4,000 California Statewide Cmnty Dev
Auth Rev Var Kaiser Permanente
Ser C ................................ 5.250 08/01/31 4,237,760
2,000 California St Dept Wtr Res Pwr
Ser A (Prerefunded @
5/01/12) ............................. 6.000 05/01/15 2,236,580
2,345 California St Dept Wtr Res Pwr
Ser A (XLCA Insd)
(Prerefunded @ 5/01/12) .............. 5.375 05/01/17 2,553,001
3,000 California St Dept Wtr Res Pwr
Supply Rev Ser A
(Prerefunded @ 5/01/12) .............. 5.875 05/01/16 3,337,110
5,000 California St Pub Wks Brd Dept
Gen Svc Cap East End Ser A
(AMBAC Insd) ......................... 5.125 12/01/21 5,320,550
4,000 California St Pub Wks Brd Lease
Rev Dept of Corrections St
Prisons Rfdg Ser A (AMBAC
Insd) ................................ 5.000 12/01/19 4,321,360
6,000 California St Pub Wks Brd Lease
Rev Dept of Corrections St
Prisons Rfdg Ser A (AMBAC
Insd) ................................ 5.250 12/01/13 6,456,120
5,000 California St Pub Wks Brd Lease
Rev Dept of Mental Hlth
Coalinga Ser A ....................... 5.000 06/01/24 5,222,650
4,600 California St Pub Wks Brd Lease
Rev Var Univ CA Proj Rfdg
Ser A ................................ 5.500 06/01/10 4,795,132
5,905 California St Pub Wks Brd Lease
Rev Var Univ CA Proj Rfdg
Ser A ................................ 5.500 06/01/14 6,411,236
5,000 California St Rfdg ...................... 5.000 02/01/19 5,218,600
2,000 Florin, CA Res Consv Dist Cap
Impt Elk Grove Wtr Svc Ser A
(MBIA Insd) .......................... 5.000 09/01/33 2,098,160
5,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
(MBIA Insd) .......................... * 01/15/18 2,884,500
30,000 Foothill/Eastern Corridor Agy CA
Toll Rd Rev Cap Apprec Rfdg
Ser A ................................ * 01/15/22 13,072,800
10,000 Golden St Tob Securitization Corp
CA Tob Settlement Rev
Ser A (c) ............................ 5.000 06/01/38 10,460,400
3,350 Imperial Irr Dist CA Ctf Part Elec
Sys Proj (FSA Insd) (f) .............. 5.250 11/01/19 3,594,751
3,950 Los Angeles, CA Dept Wtr &
Pwr Ser A (FGIC Insd) ................ 5.125 07/01/40 4,131,068
5,000 Los Angeles, CA Uni Sch Dist
Ser A (FSA Insd)
(Prerefunded @ 07/01/13) ............. 5.250 07/01/20 5,434,450
5,500 Port Oakland, CA Ser L (FGIC
Insd) (AMT) .......................... 5.000 11/01/32 5,668,520
9,000 Riverside Cnty, CA Asset
Leasing Corp Leasehold Rev
Riverside Cnty Hosp Proj
(MBIA Insd) .......................... * 06/01/21 4,796,010
13,880 San Joaquin Hills, CA Transn
Corridor Agy Toll Rd Rev Cap
Apprec Rfdg Ser A (MBIA
Insd) ................................ * 01/15/28 5,462,474
4,200 Tobacco Sec Auth Northn CA
Tob Settlement Rev Ser A1 ............ 5.375 06/01/38 4,365,438
4,300 Tobacco Sec Auth Northn CA
Tob Settlement Rev Ser A1 ............ 5.500 06/01/45 4,502,917
1,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A1 ............. 5.000 06/01/37 1,008,790
14,000 Tobacco Sec Auth Southn CA
Tob Settlement Sr Ser A1 ............. 5.125 06/01/46 14,212,660
7,750 University CA Rev Gen
Ser J (FSA Insd) (c) ................. 4.500 05/15/28 7,710,276
7,750 University CA Rev Gen
Ser J (FSA Insd) (c) ................. 4.500 05/15/31 7,710,277
7,750 University CA Rev Gen
Ser J (FSA Insd) (c) ................. 4.500 05/15/35 7,710,277
2,720 Washington, CA Uni Sch Dist
Yolo Cnty Election 2004 Ser A
(FGIC Insd) (f) ...................... 5.250 08/01/19 2,937,954
3,070 Washington, CA Uni Sch Dist
Yolo Cnty Election 2004 Ser A
(FGIC Insd) (f) ...................... 5.250 08/01/20 3,315,999
--------------
240,034,567
--------------
COLORADO 4.7%
1,945 Colorado Ed & Cultural Fac Auth
Rev Charter Sch Pinnacle Impt
& Rfdg (XLCA Insd) ................... 5.250 06/01/23 2,064,637
3,000 Colorado Hlth Fac Auth Rev
Catholic Hlth Initiatives Ser
A (i) ................................ 5.500 03/01/32 3,215,010
4,250 Colorado Hlth Fac Auth Rev
Covenant Retirement Cmnty Inc ........ 5.000 12/01/35 4,302,700
2,700 Colorado Hlth Fac Auth Rev Hlth
Fac Evangelical Lutheran ............. 5.000 06/01/35 2,750,247
2,250 Colorado Hlth Fac Auth Rev
Hosp Portercare Adventist
Hlth (Prerefunded @
11/15/11) ............................ 6.500 11/15/31 2,526,548
5,460 Colorado Hsg Fin Auth Single
Family Mtg Rev Ser C-3
(AMT) (c) ............................ 4.625 11/01/36 5,338,788
65 Colorado Hsg Fin Auth Single
Family Pgm Sr Ser A2 (AMT) ........... 7.250 05/01/27 65,495
34 Colorado Hsg Fin Auth Single
Family Pgm Sr Ser B1 (AMT) ........... 7.650 11/01/26 34,562
1,500 Denver, CO City & Cnty Arpt
Rev Ser D (AMT) ...................... 7.750 11/15/13 1,666,290
6,160 E-470 Pub Hwy Auth CO Rev Sr
Ser A (MBIA Insd) .................... 5.000 09/01/21 6,260,716
1,000 Park Creek Metro Dist CO Rev Sr
Ltd Tax Ppty Tax Rfdg ................ 5.500 12/01/30 1,062,740
1,500 University CO Hosp Auth Rev
Ser A ................................ 5.000 11/15/37 1,528,920
--------------
30,816,653
--------------
CONNECTICUT 1.0%
5,000 Connecticut St Ser C (FGIC Insd) ........ 5.000 04/01/22 5,294,250
990 Mashantucket Western Pequot
Tribe CT Spl Rev Ser A
(Prerefunded @ 9/01/07) (g) .......... 6.400 09/01/11 1,015,720
--------------
6,309,970
--------------
DISTRICT OF COLUMBIA 0.8%
5,000 Metropolitan Washington DC
Arpt Auth Sys Ser A (FGIC
Insd) (AMT) .......................... 5.250 10/01/32 5,231,200
--------------
FLORIDA 7.9%
2,500 Dade Cnty, FL Wtr & Swr Sys
Rev (FGIC Insd) ...................... 5.250 10/01/21 2,548,300
570 Escambia Cnty, FL Hlth Fac Auth
Rev (AMBAC Insd) ..................... 5.950 07/01/20 590,628
1,800 Florida Hsg Fin Corp Rev
Ser G (AMT) (c) ...................... 4.550 07/01/26 1,790,458
3,500 Florida Hsg Fin Corp Rev
Ser G (AMT) (c) ...................... 4.625 07/01/31 3,481,447
2,500 Florida Hsg Fin Corp Rev
Ser G (AMT) (c) ...................... 4.700 07/01/37 2,486,747
3,000 Halifax Hosp Med Ctr FL Hosp
Rev Impt Rfdg Ser A .................. 5.250 06/01/26 3,147,600
3,800 Highlands Cnty, FL Hlth Fac
Auth Rev Hosp Adventist Hlth
Sys Ser C ............................ 5.250 11/15/36 4,018,766
1,000 Highlands Cnty, FL Hlth Fac
Auth Rev Hosp Adventist Hlth
Sys Ser D ............................ 5.000 11/15/35 1,026,040
3,980 Jacksonville, FL Port Auth (MBIA
Insd) (AMT) .......................... 5.700 11/01/30 4,203,955
2,780 Jacksonville, FL Port Auth (MBIA
Insd) (Prerefunded @
11/01/10) (AMT) ...................... 5.700 11/01/30 2,942,380
5,000 Jea, FL Wtr & Swr Sys Rev Ser C ......... 5.000 10/01/41 5,018,750
3,000 Lake Cnty, FL Sch Brd Ctf Part
(AMBAC Insd) (Prerefunded
@ 7/01/12) ........................... 5.375 07/01/17 3,233,070
11,500 Miami-Dade Cnty, FL Aviation
Rev Miami Intl Arpt (FGIC Insd)
(AMT) ................................ 5.375 10/01/32 12,114,560
5,000 Ocoee, FL Wtr & Swr Sys Rev
Impt & Rfdg (AMBAC Insd) ............. 5.125 10/01/33 5,258,800
--------------
51,861,501
--------------
GEORGIA 2.7%
5,000 Georgia Muni Elec Auth Pwr Rev
Ser B (FGIC Insd) (i) ................ 5.700 01/01/19 5,702,400
2,000 Georgia St Rd & Twy Auth Rev ............ 5.000 10/01/19 2,127,340
1,700 Marietta, GA Dev Auth Rev First
Mtg Life College Ser B (FSA
Insd) (f) ............................ 5.375 09/01/09 1,712,886
6,740 Municipal Elec Auth GA Comb
Turbine Proj Ser A (MBIA
Insd) ................................ 5.250 11/01/20 7,180,998
1,000 Richmond Cnty, GA Dev Auth
ASU Jaguar Student Hsg LLC
Ser A ................................ 5.250 02/01/35 1,044,920
--------------
17,768,544
--------------
HAWAII 1.7%
10,430 Hawaii St Dept Budget & Fin Spl
Purp Rev Hawaiian Elec Co Inc
Ser A (MBIA Insd) (AMT) .............. 5.650 10/01/27 11,272,848
--------------
ILLINOIS 13.1%
1,710 Bolingbrook, IL Cap Apprec Rfdg
Ser C (MBIA Insd) (f) ................ * 01/01/29 639,284
3,750 Bolingbrook, IL Cap Apprec Ser
B (MBIA Insd) ........................ * 01/01/32 986,437
6,000 Chicago, IL Lakefront Millenium
Pkg Fac (MBIA Insd) .................. 5.750 01/01/29 6,626,880
3,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A (c) ........ 5.250 01/01/23 3,240,270
4,200 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (c) ...................... 5.250 01/01/24 4,697,547
11,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A
(MBIA Insd) (c) ...................... 5.250 01/01/25 12,303,100
2,000 Chicago, IL O'Hare Intl Arpt Rev
Gen Arpt Third Lien Ser A (c) ........ 5.250 01/01/26 2,236,927
90 Chicago, IL Single Family Mtg
Rev Ser A (GNMA
Collateralized) (AMT) ................ 7.000 09/01/27 92,254
3,345 Cook Cnty, IL Sch Dist No. 100
Berwyn South Ser D (FSA
Insd) ................................ 5.500 12/01/23 3,674,650
4,500 Cook Cnty, IL Ser A (FGIC Insd)
(Prerefunded @ 5/15/11) .............. 5.500 11/15/31 4,804,470
1,000 Illinois Dev Fin Auth Rev Cmnty
Rehab Providers Fac Ser A ............ 7.375 07/01/25 1,081,970
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A ..................... 5.000 04/01/31 1,559,730
2,500 Illinois Fin Auth Rev
Northwestern Mem Hosp Ser A .......... 5.500 08/15/43 2,711,475
1,335 Illinois Fin Auth Solid Waste Rev
Disp Waste Mgmt Inc Proj Ser
A (AMT) .............................. 5.050 08/01/29 1,363,929
1,325 Illinois Fin Auth Student Hsg Rev
MJH Ed Assistance IV Sr Ser A ........ 5.125 06/01/35 1,359,914
3,180 Illinois Hlth Fac Auth Rev
Children's Mem Hosp (MBIA
Insd) ................................ 6.250 08/15/13 3,473,514
1,485 Illinois Hlth Fac Auth Rev
Evangelical Hosp Rfdg Ser A
(FSA Insd) (f)(i) .................... 6.750 04/15/17 1,744,177
825 Illinois Hlth Fac Auth Rev
Evangelical Hosp Ser C (FSA
Insd) ................................ 6.750 04/15/17 968,987
1,000 Illinois Hlth Fac Auth Rev
Highland Park Hosp Proj Ser A
(MBIA Insd) (Prerefunded @
10/01/07) ............................ 5.750 10/01/17 1,033,270
8,000 Illinois St First Ser (FSA Insd) ........ 5.250 12/01/19 8,538,800
3,400 Illinois St First Ser (FSA Insd) ........ 5.250 04/01/27 3,578,568
2,070 Northern IL Univ Ctf Part
Hoffman Estates Ctr Proj (FSA
Insd) ................................ 5.400 09/01/16 2,235,579
160 Peoria, Moline & Freeport, IL Coll
Mtg Ser A (GNMA
Collateralized) (AMT) ................ 7.600 04/01/27 162,618
5,000 Regional Trans Auth IL Ser A
(AMBAC Insd) ......................... 8.000 06/01/17 6,612,300
10,000 Will Cnty, IL Sch Dist No. 122
Rfdg Ser B (FGIC Insd) ............... 5.250 11/01/20 10,550,700
--------------
86,277,350
--------------
INDIANA 4.1%
3,070 East Chicago, IN Elementary Sch
Bldg Corp First Mtg Ser A ............ 6.250 07/05/08 3,137,141
1,660 Indiana Hlth & Ed Fac Fin Auth
Hosp Rev Clarian Hlth Oblig
Ser A ................................ 5.000 02/15/36 1,703,060
3,000 Indiana Hlth Fac Fin Auth Hosp
Rev Columbus Regl Hosp Rfdg
(FSA Insd) ........................... 7.000 08/15/15 3,436,800
1,500 Indiana St Dev Fin Auth Rev
Exempt Fac Conv Rfdg (AMT) ........... 5.950 08/01/30 1,537,710
2,300 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Mtg
Ser D-1 (GNMA Collateralized)
(AMT) (c) ............................. 4.600 07/01/31 2,261,820
10,000 Indiana St Hsg & Cmnty Dev Auth
Single Family Mtg Rev Mtg
Ser D-1 (GNMA Collateralized)
(AMT) (c) ............................ 4.625 07/01/38 9,741,050
2,000 Petersburg, IN Pollutn Ctl Rev IN
Pwr & Lt (AMT) ....................... 5.950 12/01/29 2,131,540
2,850 Southwest Parke Cmnty Sch
Bldg First Mtg (FGIC Insd) (f) ....... 5.250 07/15/21 3,073,839
--------------
27,022,960
--------------
IOWA 0.6%
1,500 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C ................. 5.375 06/01/38 1,562,220
2,500 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C ................. 5.500 06/01/42 2,617,975
--------------
4,180,195
--------------
KANSAS 1.1%
3,430 Kansas St Dev Fin Auth Rev KS
Proj Ser N (AMBAC Insd) (f) .......... 5.250 10/01/20 3,640,808
3,615 Kansas St Dev Fin Auth Rev KS
Proj Ser N (AMBAC Insd) (f) .......... 5.250 10/01/21 3,824,995
--------------
7,465,803
--------------
KENTUCKY 1.7%
10,005 Louisville & Jefferson Cnty KY
Metro Govt Hlth Sys Rev
Norton Hlthcare Inc (c) .............. 5.000 10/01/30 10,441,585
500 Mount Sterling, KY Lease Rev
KY League Cities Fdg Ser B ........... 6.100 03/01/18 581,400
--------------
11,022,985
--------------
LOUISIANA 6.4%
5,000 Lafayette, LA Util Rev (MBIA
Insd) ................................ 5.250 11/01/21 5,395,350
2,500 Louisiana Loc Govt Environment
Fac Pkg Fac Corp Garage Proj
Ser A (AMBAC Insd) ................... 5.375 10/01/31 2,628,575
5,970 Louisiana Loc Govt Environment
Southeastn LA Student Hsg
Ser A (MBIA Insd) (f) ................ 5.250 08/01/24 6,379,602
1,400 Louisiana Pub Fac Auth Rev Hlth
Fac Glen Retirement Ser A ............ 6.700 12/01/25 1,413,482
7,000 Louisiana St Gas & Fuel Tax
Rev Ser A (c) ........................ 5.000 05/01/41 7,329,420
8,065 Louisiana St Office Fac Corp LA
St Cap Complex Pgm (MBIA
Insd) (f) ............................ 5.000 11/01/20 8,437,845
4,000 New Orleans, LA Rfdg (FGIC
Insd) ................................ 5.500 12/01/21 4,399,560
6,000 New Orleans, LA Rfdg (MBIA
Insd) ................................ 5.125 09/01/21 6,266,460
--------------
42,250,294
--------------
MARYLAND 3.3%
3,000 Baltimore, MD Convention Ctr
Hotel Rev Sr Ser A
(XLCA Insd) (c) ...................... 5.250 09/01/25 3,261,000
1,255 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Ser P (AMT) (c) ...................... 4.450 09/01/21 1,250,620
1,000 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Ser P (AMT) (c) ...................... 4.550 09/01/26 996,510
1,300 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Ser P (AMT) (c) ...................... 4.625 09/01/31 1,295,463
725 Maryland St Cmnty Dev Admin
Dept Hsg & Cmnty Dev
Ser P (AMT) (c) ...................... 4.700 03/01/37 722,470
5,000 Maryland St Econ Dev Corp MD
Aviation Admin Fac (FSA Insd)
(AMT) ................................ 5.375 06/01/20 5,311,750
1,000 Maryland St Econ Dev Corp
Student Hsg Rev Univ MD
College Pk Proj (Prerefunded
@ 6/01/13) ........................... 5.625 06/01/35 1,103,890
2,000 Maryland St Hlth & Higher Ed
Fac Auth Rev MD Inst College
of Art ............................... 5.000 06/01/40 2,044,020
1,200 Maryland St Hlth & Higher Ed
Fac Auth Rev Uni Hosp Cecil
Cnty Issue ........................... 5.000 07/01/40 1,242,036
4,000 Maryland St Trans Auth Arpt
Baltimore/WA Intl Arpt Ser B
(AMBAC Insd) (AMT) ................... 5.125 03/01/24 4,183,000
--------------
21,410,759
--------------
MASSACHUSETTS 2.6%
1,200 Massachusetts Bay Tran Auth
MA Gen Tran Sys Rfdg Ser A ........... 6.250 03/01/12 1,331,892
2,500 Massachusetts Bay Trans Auth
Ser A (Prerefunded @
7/01/12) ............................. 5.000 07/01/32 2,651,200
2,000 Massachusetts Muni Whsl Elec
Co Proj No. 6-A Ser A (MBIA
Insd) ................................ 5.250 07/01/16 2,138,060
1,750 Massachusetts St Hlth & Ed Fac
Auth Rev Hlthcare Sys
Covenant Hlth ........................ 6.000 07/01/31 1,890,263
2,000 Massachusetts St Hlth & Ed Fac
Auth Rev Saint Mem Med Ctr
Ser A ................................ 6.000 10/01/23 2,002,060
5,450 Massachusetts St Hlth & Ed Fac
Auth Rev Univ MA Mem Issue
Ser D ................................ 5.000 07/01/33 5,518,888
925 Massachusetts St Indl Fin Agy
Wtr Treatment Amern Hingham
(AMT) ................................ 6.900 12/01/29 937,848
925 Massachusetts St Indl Fin Agy
Wtr Treatment Amern Hingham
(AMT) ................................ 6.950 12/01/35 938,098
--------------
17,408,309
--------------
MICHIGAN 3.4%
3,000 Detroit, MI City Sch Dist Sch Bldg
& Site Impt Ser A (FGIC Insd)
(Prerefunded @ 5/01/13) .............. 5.375 05/01/24 3,263,100
2,790 Detroit, MI Wtr Supply Sys Rev
Sr Lien Rfdg Ser C (MBIA
Insd) (f) ............................ 5.250 07/01/19 2,994,535
3,185 Detroit, MI Wtr Supply Sys Rev
Sr Lien Ser A (MBIA Insd)
(Prerefunded @ 7/01/13) (f) .......... 5.250 07/01/20 3,448,527
2,000 Grand Rapids, MI Wtr Supply
(FGIC Insd) .......................... 5.750 01/01/15 2,138,360
4,000 Kent Hosp Fin Auth MI Rev
Metro Hosp Proj Ser A ................ 6.000 07/01/35 4,381,160
2,285 Taylor, MI Bldg Auth (AMBAC
Insd) (f) ............................ 6.000 03/01/13 2,547,135
3,090 Troy, MI Downtown Dev Auth
Dev Rfdg (MBIA Insd) ................. 5.500 11/01/15 3,313,376
--------------
22,086,193
--------------
MINNESOTA 0.9%
1,065 Duluth, MN Econ Dev Auth
Hlthcare Fac Rev Benedictine
Hlth Sys Saint Marys ................. 5.250 02/15/33 1,107,174
1,175 Maple Grove, MN Hlthcare Fac
Rev North Mem Hlthcare ............... 5.000 09/01/35 1,218,522
2,200 Saint Paul, MN Hsg & Redev
Auth Hosp Rev Hlth East Proj ......... 6.000 11/15/30 2,414,588
1,000 Saint Paul, MN Hsg & Redev
Auth Hosp Rev Hlth East Proj ......... 6.000 11/15/35 1,093,770
--------------
5,834,054
--------------
MISSISSIPPI 1.0%
1,405 Mississippi Dev Bk Spl Oblig Cap
Proj & Equip Acquisition Ser
A2 (AMBAC Insd) ...................... 5.000 07/01/24 1,423,251
1,550 Mississippi Dev Bk Spl Oblig
Madison Cnty Hosp Proj
(Prerefunded @ 7/01/09) .............. 6.400 07/01/29 1,671,179
2,595 Mississippi Dev Bk Spl Oblig MS
Ltd Oblig Hosp Impt (MBIA
Insd) (f) ............................ 5.250 07/01/32 2,722,233
435 Mississippi Home Corp Single
Family Rev Mtg Ser C (GNMA
Collateralized) (AMT) ................ 7.600 06/01/29 451,769
--------------
6,268,432
--------------
MISSOURI 6.6%
2,000 Cape Girardeau Cnty, MO Indl
Dev Auth Hlthcare Fac Rev
Southeast MO Hosp Assoc .............. 5.625 06/01/27 2,081,940
1,250 Cole Cnty, MO Indl Dev Auth Sr
Living Fac Rev Lutheran Sr
Svc Heisinger Proj ................... 5.500 02/01/35 1,312,862
2,000 Curators Univ MO Sys Fac Rev
Rfdg Ser B (f) ....................... 5.000 11/01/20 2,122,640
1,000 Missouri Jt Muni Elec Util Comnty
Pwr Proj Rev Plum Point Proj
(MBIA Insd) .......................... 5.000 01/01/26 1,060,860
4,625 Missouri Jt Mun Elec Util Comnty
Pwr Proj Rev Plum Point Proj
(MBIA Insd) .......................... 5.000 01/01/27 4,902,963
2,500 Missouri St Dev Fin Brd
Infrastructure Fac Rev
Crackerneck Creek Proj Ser C ......... 5.000 03/01/26 2,581,900
2,195 Missouri St Hlth & Ed Fac Rev
Univ MO Columbia Arena
Proj (f) ............................. 5.000 11/01/16 2,304,465
4,000 Platte Cnty, MO Indl Dev Auth
Trans Rev ............................ 4.500 12/01/24 4,014,960
2,500 Platte Cnty, MO Neighborhood
Impt Parkville Ser B (MBIA
Insd) ................................ 5.000 02/01/25 2,633,850
1,500 Saint Louis Cnty, MO Mtg Rev
Ctf Rcpt Ser H (AMT) (i) ............. 5.400 07/01/18 1,629,915
9,855 Saint Louis, MO Arpt Rev Arpt
Dev Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/11) .............. 5.250 07/01/31 10,440,978
2,380 Saint Louis, MO Arpt Rev Cap
Impt Pgm Ser A (MBIA Insd)
(Prerefunded @ 7/01/12) (f) .......... 5.375 07/01/19 2,564,902
2,745 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B (AMT) (c) ......... 4.550 07/01/29 2,658,741
3,360 Springfield, MO Pub Bldg Corp
Leasehold Rev Springfield
Branson Arpt Ser B (AMT) (c) ......... 4.600 07/01/36 3,254,416
--------------
43,565,392
--------------
MONTANA 0.4%
2,300 Forsyth, MT Pollutn Ctl Rev
Northwestn Corp Colstrip Rfdg
(AMBAC Insd) ......................... 4.650 08/01/23 2,363,135
--------------
NEBRASKA 1.5%
5,235 Omaha Pub Pwr Dist NE Elec
Rev Sys Ser A ........................ 5.000 02/01/34 5,449,688
4,260 University NE Univ Rev Lincoln
Student Fees & Fac Ser B ............. 5.000 07/01/23 4,448,377
--------------
9,898,065
--------------
NEVADA 4.2%
8,000 Clark Cnty, NV Arpt Rev Sub
Lien Ser A-2 (FGIC Insd) ............. 5.000 07/01/36 8,323,760
2,000 Clark Cnty, NV Econ Dev Rev
Alexander Dawson Sch Proj ............ 5.375 05/15/33 2,105,420
7,000 Clark Cnty, NV Indl Dev Rev
Southwest Gas Corp Proj Ser
A (AMBAC Insd) (AMT) ................. 5.250 07/01/34 7,375,060
4,375 Las Vegas Vly, NV Wtr Dist
Rfdg Ser B (MBIA Insd) ............... 5.000 06/01/27 4,558,750
35 Nevada Hsg Div Single Family
Pgm Mezz B (FHA/VA Gtd)
(AMT) ................................ 6.550 10/01/12 35,389
5,000 Reno, NV Lien Trans Proj
(AMBAC Insd) (Prerefunded
@ 6/01/12) ........................... 5.250 06/01/41 5,343,050
--------------
27,741,429
--------------
NEW HAMPSHIRE 0.5%
1,000 New Hampshire Hlth & Ed Fac
Auth Rev Derryfield Sch .............. 7.000 07/01/30 1,084,040
1,400 New Hampshire Hlth & Ed Fac
Hlthcare Sys Covenant Hlth ........... 5.500 07/01/34 1,485,134
1,000 New Hampshire St Bus Fin Auth
Wtr Fac Rev Pennichuck
Wtrwks Inc (AMBAC Insd)
(AMT) ................................ 6.300 05/01/22 1,025,500
--------------
3,594,674
--------------
NEW JERSEY 11.8%
1,000 New Jersey Econ Dev Auth Rev
Cig Tax .............................. 5.500 06/15/31 1,053,630
1,900 New Jersey Econ Dev Auth Rev
Cig Tax .............................. 5.750 06/15/29 2,043,545
5,000 New Jersey Econ Dev Auth Rev
Sch Fac Constr Ser I
(Prerefunded @ 9/01/14) .............. 5.000 09/01/23 5,382,400
2,210 New Jersey Econ Dev Auth Wtr
Fac Rev NJ Amern Wtr Co Inc
Ser B (FGIC Insd) (AMT) .............. 5.375 05/01/32 2,283,792
4,350 New Jersey Econ Dev Wtr NJ
Amern Wtr Co Inc Ser A (FGIC
Insd) (AMT) .......................... 5.250 07/01/38 4,496,812
1,000 New Jersey Hlthcare Fac Fin
Auth Rev Cap Hlth Sys Oblig
Grp Ser A ............................ 5.375 07/01/33 1,041,190
2,500 New Jersey Hlthcare Fac Fin
Auth Rev Gen Hosp Ctr at
Passaic (FSA Insd) (i) ............... 6.750 07/01/19 3,043,075
10,000 New Jersey St Ed Fac Auth
Higher Ed Cap Impt Ser A
(AMBAC Insd) (Prerefunded
@ 9/01/12) ........................... 5.250 09/01/20 10,746,400
2,000 New Jersey St Tpk Auth Tpk
Rev Ser C-1 (AMBAC Insd) ............. 5.000 01/01/35 2,048,380
10,750 Salem Cnty, NJ Indl Pollutn Ctl Fin
Auth Rev Pollutn Ctl Pub Svc
Elec & Gas Ser A (MBIA Insd)
(AMT) ................................ 5.450 02/01/32 10,821,380
5,000 Tobacco Settlement Fin Corp NJ
Ser 1A (h) ........................... 4.750 06/01/34 4,796,500
30,000 Tobacco Settlement Fin Corp NJ
Ser 1A (c) ........................... 5.000 06/01/41 29,624,400
--------------
77,381,504
--------------
NEW MEXICO 0.2%
1,500 Jicarilla, NM Apache Nation Rev
Adj Ser A (Acquired 10/23/03,
Cost $1,514,910) (b) ................. 5.000 09/01/18 1,567,080
--------------
NEW YORK 10.9%
1,000 Erie Cnty, NY Tob Asset Sec
Corp Ser A ........................... 5.000 06/01/38 1,013,200
7,000 Metropolitan Trans Auth NY Rev
Rfdg Ser A (FGIC Insd) ............... 5.250 11/15/31 7,432,880
1,500 Nassau Cnty, NY Tob Settlement
Corp Ser A-3 ......................... 5.000 06/01/35 1,525,080
3,500 Nassau Cnty, NY Tob Settlement
Corp Ser A-3 ......................... 5.125 06/01/46 3,572,660
5,000 New York City Muni Wtr Fin
Auth Wtr & Swr Sys Rev Ser D ......... 5.000 06/15/38 5,234,700
5,000 New York City Ser H (MBIA
Insd) ................................ 5.250 03/15/14 5,312,900
7,575 New York St Dorm Auth Rev
City Univ Sys Cons Ser A ............. 5.625 07/01/16 8,398,402
1,520 New York St Dorm Auth Rev
Insd John T Mather Mem Hosp
(Connie Lee Insd) (f) ................ 6.500 07/01/09 1,612,218
3,845 New York St Dorm Auth Rev
Secd Hosp Gen Hosp Rfdg .............. 5.750 02/15/20 4,210,313
2,310 New York St Med Care Fac Fin
Agy Rev Saint Peter's Hosp
Proj Ser A (AMBAC Insd) .............. 5.375 11/01/13 2,312,726
5,000 New York St Urban Dev Corp
Rev St Fac Rfdg ...................... 5.700 04/01/20 5,720,100
21,920 Port Auth NY & NJ Cons
144th Ser (c) ........................ 5.000 10/01/35 23,130,752
2,150 Westchester, NY Tob Asset
Sec Corp ............................. 5.125 06/01/38 2,196,655
--------------
71,672,586
--------------
NORTH CAROLINA 0.6%
1,950 Forsyth Cnty, NC Ctf Partn (f) .......... 5.000 02/01/24 2,044,946
1,500 North Carolina Eastn Muni Pwr
Agy Pwr Sys Rev Ser D ................ 6.700 01/01/19 1,614,945
--------------
3,659,891
--------------
OHIO 3.6%
3,000 Cincinnati, OH City Sch Dist Sch
Impt (FSA Insd) ...................... 5.250 06/01/18 3,205,290
3,150 Cuyahoga Cnty, OH Hosp Fac
Rev Canton Inc Proj .................. 7.500 01/01/30 3,458,920
1,000 Dayton, OH Arpt Rev James M
Cox Dayton Rfdg Ser C
(Radian Insd) (AMT) .................. 5.250 12/01/27 1,036,490
3,540 Franklin Cnty, OH Hosp Rev
Doctor's Hosp Proj Impt &
Rfdg (i) ............................. 5.875 12/01/23 3,822,067
5,130 Muskingum Cnty, OH Hosp Fac
Rev Bethesda Care Sys Impt &
Rfdg (Connie Lee Insd) (f) ........... 6.250 12/01/10 5,241,578
5,000 Ohio St Air Quality Dev Auth
Rev Coll Dayton Pwr & Lt
Co Proj (c) .......................... 4.800 09/01/36 5,035,438
1,100 Toledo Lucas Cnty, OH Port
Auth Dev Rev Northwest OH
Bd Fd Ser C (AMT) (f) ................ 6.600 11/15/15 1,186,328
625 Toledo Lucas Cnty, OH Port
Auth Northwest Bd Fd Ser A
(AMT) ................................ 6.000 05/15/11 651,006
--------------
23,637,117
--------------
OKLAHOMA 1.5%
1,500 Jenks, OK Aquarium Auth Rev
First Mtg (MBIA Insd)
(Prerefunded @ 7/01/10) .............. 6.100 07/01/30 1,624,755
5,000 Tulsa Cnty, OK Indl Auth Hlthcare
Rev Saint Francis Hlth
Sys (c) .............................. 5.000 12/15/36 5,163,025
2,755 Tulsa Cnty, OK Pub Fac Auth
Cap Impt Rev (AMBAC Insd)
(Prerefunded @ 11/01/09) ............. 6.250 11/01/22 2,984,822
--------------
9,772,602
--------------
OREGON 2.9%
2,010 Emerald Peoples Util Dist OR
Rfdg (FGIC Insd) (f) ................. 7.350 11/01/09 2,193,834
2,060 Multnomah Cnty, OR Sch Dist
No. 007 Reynolds Ser 2005
(MBIA Insd) .......................... 5.000 06/01/30 2,114,508
5,000 Oregon Hlth Sciences Univ Insd
Ser A (MBIA Insd) .................... 5.250 07/01/22 5,318,100
5,000 Oregon St Dept Admin Rfdg Ser
C (MBIA Insd) ........................ 5.250 11/01/18 5,301,500
570 Oregon St Vets Welfare Ser
76A .................................. 6.050 10/01/28 575,170
3,580 Yamhill Cnty, OR Sch Dist No ............
029J Newburg (MBIA Insd)
(Prerefunded @ 6/15/12) .............. 5.250 06/15/21 3,834,431
--------------
19,337,543
--------------
PENNSYLVANIA 3.9%
24,740 Pennsylvania St Pub Sch Bldg
Auth Lease Rev Sch Dist
Philadelphia Proj Ser B (c) .......... 4.500 06/01/32 24,535,400
1,370 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Cmnty
College Rfdg Ser B (MBIA
Insd) (f) ............................ 6.500 05/01/08 1,414,553
--------------
25,949,953
--------------
SOUTH CAROLINA 4.5%
3,125 Charleston Ed Excellence Fin
Corp SC Rev Charleston
Cnty Sch Dist (c) .................... 5.250 12/01/25 3,333,399
9,375 Charleston Ed Excellence Fin
Corp SC Rev Charleston
Cnty Sch Dist (c) .................... 5.250 12/01/26 10,000,195
3,115 Greenville, SC Impt & Rfdg
(MBIA Insd) (f) ...................... 5.250 04/01/21 3,324,857
1,000 Newberry Invtg in Newberry
Cnty Sch Dist Proj ................... 5.000 12/01/30 1,032,000
1,015 Rock Hill, SC Util Sys Rev Comb
Rfdg Ser C (FSA Insd) (f) ............ 5.000 01/01/11 1,058,107
6,500 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser A (AMBAC Insd) .............. 5.200 11/01/27 6,852,300
3,750 South Carolina Jobs Econ Dev
Auth Indl Rev Elec & Gas Co
Proj Ser B (AMBAC Insd)
(AMT) ................................ 5.450 11/01/32 3,973,425
--------------
29,574,283
--------------
SOUTH DAKOTA 0.4%
1,375 Deadwood, SD Ctf Partn (ACA
Insd) ................................ 6.375 11/01/20 1,461,529
1,000 South Dakota St Hlth & Ed Fac
Auth Rev Children's Care Hosp
Rfdg ................................. 6.125 11/01/29 1,046,790
--------------
2,508,319
--------------
TENNESSEE 4.8%
2,130 Chattanooga, TN Hlth Ed & Hsg
Fac Brd Rev CDFI Phase I LLC
Proj Rfdg Ser A ...................... 5.000 10/01/25 2,150,001
2,595 Chattanooga, TN Hlth Ed & Hsg
Fac Brd Rev CDFI Phase I LLC
Proj Rfdg Ser A ...................... 5.125 10/01/35 2,623,779
1,270 Elizabethton, TN Hlth & Ed Fac
Brd Rev Hosp First Mtg Impt &
Rfdg Ser B ........................... 8.000 07/01/33 1,486,217
7,050 Hallsdale Powell Util Dist Knox
Cnty TN Wtr & Swr Rev Impt
Ser B (FGIC Insd) .................... 5.000 04/01/34 7,360,975
12,525 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev Cap Apprec
First Mtg Rfdg Ser A (MBIA
Insd) ................................ * 07/01/26 5,318,867
4,800 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Rfdg Ser A (MBIA Insd) .......... 7.500 07/01/25 5,737,296
6,500 Johnson City, TN Hlth & Ed Fac
Brd Hosp Rev First Mtg Mtn St
Hlth Ser A ........................... 5.500 07/01/36 6,912,100
--------------
31,589,235
--------------
TEXAS 10.8%
2,335 Beaumont, TX Wtrwks & Swr
Sys (FGIC Insd) (Prerefunded
@ 9/01/10) ........................... 6.250 09/01/14 2,527,731
2,000 Brazos Cnty, TX Hlth Fac Dev
Oblig Grp ............................ 5.375 01/01/32 2,098,100
3,565 Brazos Riv Auth TX Pollutn Ctl
Rev Adj TXU Elec Co Proj Rfdg
Ser C (AMT) (a) ...................... 5.750 05/01/36 3,774,943
650 Brownsville, TX Util Sys Rev (i) ........ 7.375 01/01/10 691,886
8,000 Dallas-Fort Worth, TX Intl Arpt
Rev Jt Impt & Rfdg Ser A
(FGIC Insd) (AMT) .................... 5.500 11/01/31 8,441,280
2,345 Denton Cnty, TX Perm Impt
(Prerefunded @ 7/15/10) (f) .......... 5.500 07/15/19 2,476,414
1,000 Harris Cnty, TX Hlth Fac Dev
Corp Hosp Rev Mem Hermann
Hlthcare Ser A (Prerefunded
@ 6/01/11) ........................... 6.375 06/01/29 1,109,150
5,000 Harris Cnty, TX Sr Lien Toll Rd
Rfdg (FSA Insd) ...................... 5.125 08/15/32 5,236,400
2,320 Houston, TX Arpt Sys Rev (i) ............ 9.500 07/01/10 2,562,463
3,000 Houston, TX Arpt Sys Rev Sub
Lien Ser A (FSA Insd) (AMT) .......... 5.625 07/01/30 3,142,890
5,000 Houston, TX Util Sys Rev Comb
First Lien Ser A (FSA Insd) .......... 5.250 05/15/20 5,388,200
3,920 Lower CO Riv Auth TX
Transmission Contract Rev
LCRA Svc Corp Proj (FGIC
Insd) ................................ 5.000 05/15/33 4,022,312
5,000 Matagorda Cnty, TX Navig Dist
No. 1 Rev Houston Lt Rfdg
(AMBAC Insd) (AMT) ................... 5.125 11/01/28 5,477,950
2,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care
Ctr Ser A (Prerefunded @
2/15/10) ............................. 7.625 02/15/28 2,226,560
1,500 Mesquite, TX Hlth Fac Dev
Retirement Fac Christian Care
Ctr .................................. 5.625 02/15/35 1,569,135
3,500 Metropolitan Hlth Fac Dev Corp
TX Wilson N Jones Mem Hosp
Proj ................................. 7.250 01/01/31 3,626,805
3,325 North Central, TX Hlth Fac Dev
Corp Rev Hosp Baylor
Hlthcare Sys Proj Ser A .............. 5.125 05/15/29 3,399,148
3,000 Prosper, TX Indpt Sch Dist (PSF
Gtd) ................................. 5.500 08/15/33 3,209,250
3,960 Stafford, TX Econ Dev Corp
(FGIC Insd) .......................... 5.500 09/01/30 4,362,098
1,990 Stafford, TX Econ Dev Corp
(FGIC Insd) (f) ...................... 6.000 09/01/19 2,279,465
3,510 Texas St Wtr Fin Assistance ............. 5.500 08/01/35 3,635,763
--------------
71,257,943
--------------
UTAH 0.5%
4,950 Intermountain Pwr Agy UT Pwr
Supply Rev Rfdg Ser A (FGIC
Insd) (i) ............................ * 07/01/17 3,123,945
--------------
VIRGINIA 2.4%
2,000 Fairfax Cnty, VA Ctf Partn .............. 5.300 04/15/23 2,129,640
1,030 Richmond, VA Indl Dev Auth
Govt Fac Rev Bd (AMBAC
Insd) ................................ 5.000 07/15/14 1,104,325
675 Richmond, VA Indl Dev Auth
Govt Fac Rev Bd (AMBAC
Insd) ................................ 5.000 07/15/16 730,681
1,465 Richmond, VA Indl Dev Auth
Govt Fac Rev Bd (AMBAC
Insd) ................................ 5.000 07/15/17 1,589,671
1,520 Tobacco Settlement Fin Corp VA .......... 5.500 06/01/26 1,617,493
1,660 Tobacco Settlement Fin Corp VA .......... 5.625 06/01/37 1,775,503
3,140 Virginia St Hsg Auth Dev Auth
Rental Hsg Ser D (AMT) (c) ........... 4.500 07/01/29 3,102,775
3,640 Virginia St Hsg Auth Dev Auth
Rental Hsg Ser D (AMT) (c) ........... 4.600 07/01/33 3,615,121
--------------
15,665,209
--------------
WASHINGTON 4.8%
5,000 Clark Cnty, WA Sch Dist 114
(FSA Insd) ........................... 5.250 06/01/19 5,359,350
1,370 King Cnty, WA Ser B
(Prerefunded @ 12/01/07) ............. 5.900 12/01/14 1,421,786
3,630 King Cnty, WA Ser B ..................... 5.900 12/01/14 3,767,214
2,245 King Cnty, WA Ser B
(Prerefunded @ 12/01/07) ............. 6.625 12/01/15 2,342,905
700 Quinault Indian Nation, WA
Quinault Beach Impt & Rfdg
Ser A (ACA Insd) ..................... 5.800 12/01/15 728,196
3,000 Spokane, WA Pub Fac Dist Hotel
Motel & Sales Use Tax (MBIA
Insd) ................................ 5.250 09/01/33 3,188,010
9,855 Washington St Mtr Veh Fuel Tax
2007 B (FSA Insd) (f) ................ 5.000 07/01/27 10,450,833
4,000 Washington St Pub Pwr Supply
Rfdg Ser A (FGIC Insd) ............... 7.000 07/01/08 4,175,600
--------------
31,433,894
--------------
WEST VIRGINIA 1.6%
6,420 Harrison Cnty, WV Cnty Cmnty
Solid Waste Disp Rev West PA
Pwr Co Ser C (AMBAC Insd)
(AMT) ................................ 6.750 08/01/24 6,476,239
3,750 West Virginia Univ Rev Impt Univ
Proj Ser C (FGIC Insd) ............... 5.000 10/01/34 3,933,413
--------------
10,409,652
--------------
WISCONSIN 0.6%
890 Wisconsin St Hlth & Ed Fac Auth
Rev Bellin Mem Hosp (AMBAC
Insd) ................................ 6.625 02/15/08 902,558
2,675 Wisconsin St Hlth & Ed Fac FH
Hlthcare Dev Inc Proj
(Prerefunded @ 11/15/09) ............. 6.250 11/15/28 2,872,602
--------------
3,775,160
--------------
WYOMING 0.3%
2,000 Sweetwater Cnty, WY Solid
Waste Disp Rev FMC Corp Proj
Rfdg (AMT) ........................... 5.600 12/01/35 2,123,560
--------------
PUERTO RICO 4.6%
21,000 Puerto Rico Comwlth Hwy &
Tran Auth Hwy Rev Rfdg Ser
Y (FSA Insd) (e) ..................... 6.250 07/01/21 25,864,020
4,000 Puerto Rico Pub Bldgs Auth Gtd
Pub Ed & Hlth Fac Rfdg Ser M
(MBIA Insd) .......................... 5.600 07/01/08 4,104,080
--------------
29,968,100
--------------
TOTAL LONG-TERM INVESTMENTS 191.6%
(Cost $1,201,566,117) ............................................................ 1,259,581,113
SHORT-TERM INVESTMENT 0.4%
(Cost $2,800,000) ................................................................ 2,800,000
--------------
TOTAL INVESTMENTS 192.0%
(Cost $1,204,366,117) ............................................................ 1,262,381,113
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (30.0%)
(Cost ($196,890,000))
(196,890) Notes with interest rates ranging from
3.44% to 3.75% at January 31, 2007 and
contractual maturities of collateral
ranging from 2021 to 2042 (j) ......................................... (196,890,000)
--------------
TOTAL NET INVESTMENTS 162.0%
(Cost $1,007,476,117) ............................................................ 1,065,491,113
OTHER ASSETS IN EXCESS OF LIABILITIES 1.9% ....................................... 12,278,520
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (63.9%) ........................ (420,292,963)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% ...................................... $ 657,476,670
==============
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) Variable Rate Coupon
(b) Securities are restricted and may be resold only in transactions exempt
from registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 0.2% of net assets
applicable to common shares.
(c) Underlying security related to Inverse Floaters entered into by the Trust.
(d) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(e) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(f) The Trust owns 100% of the outstanding bond issuance.
(g) 144A-Private Placement security which is exempt from registration under
Rule 144A of the Securities Act of 1933, as amended. This security may only
be resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(h) Security purchased on a when-issued or delayed delivery basis.
(i) Escrowed to Maturity
(j) Floating rate notes. The interest rates shown reflect the rates in effect
at January 31, 2007.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
Connie Lee - Connie Lee Insurance Co.
FGIC - Financial Guaranty Insurance Co.
FHA/VA - Federal Housing Administration/Department of Veterans Affairs
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
MBIA - Municipal Bond Investors Assurance Corp.
PSF - Public School Fund
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
FUTURES CONTRACTS OUTSTANDING AS OF JANUARY 31, 2007:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures, March 2007
(Current Notional Value of $106,750 per contract) ....... 1,437 $3,003,122
U.S. Treasury Bonds Futures, March 2007 (Current
Notional Value of $110,125 per contract) ................ 1,109 2,434,806
---------- ----------
2,546 $5,437,928
========== ==========
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Advantage Municipal Income Trust II
By: /s/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 2007
By: /s/ James W. Garrett
---------------------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: March 22, 2007