UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7868
Van Kampen Advantage Municipal Income Trust II
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Jerry W. Miller
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/08
Item 1. Report to Shareholders.
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Advantage Municipal Income Trust II performed during the semiannual
period. The portfolio management team will provide an overview of the
market conditions and discuss some of the factors that affected
investment performance during the reporting period. In addition, this
report includes the trust's financial statements and a list of trust
investments as of April 30, 2008.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF THE TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU
PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM
TAX (AMT).
<Table>
<Caption>
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
---------------------------------------------------------------------------------------
</Table>
Performance Summary as of 4/30/08
<Table>
<Caption>
ADVANTAGE MUNICIPAL INCOME TRUST II
SYMBOL: VKI
- ------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET PRICE
Since Inception (8/27/93) 5.38% 5.09%
10-year 5.33 6.33
5-year 2.95 2.67
1-year -8.09 -6.72
6-month -5.24 4.13
- ------------------------------------------------------------
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISER. INVESTMENT RETURNS, NET
ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES,
WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities and preferred shares, by
the total number of common shares outstanding. The common share market price is
the price the market is willing to pay for shares of the trust at a given time.
Common share market price is influenced by a range of factors, including supply
and demand and market conditions. Total return assumes an investment at the
beginning of the period, reinvestment of all distributions for the period in
accordance with the trust's dividend reinvestment plan, and sale of all shares
at the end of the period. The trust's adviser has waived or reimbursed fees and
expenses from time to time; absent such waivers/reimbursements the trust's
returns would have been lower.
The Lehman Brothers Municipal Bond Index is a broad-based statistical composite
of municipal bonds. The Index does not include any expenses, fees or sales
charges, which would lower performance. The Index is unmanaged and should not be
considered an investment. It is not possible to invest directly in an index.
1
Trust Report
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
MARKET CONDITIONS
The financial markets experienced significant volatility throughout the six-
month reporting period as many large banks and financial firms began writing
down mortgage-related losses, and liquidity and credit availability became even
more restricted. At the same time, the pace of economic growth began to slow,
with gross domestic product (GDP) growth measuring an anemic 0.6 percent for the
fourth quarter of 2007. As weaker economic data was released in the first
quarter of 2008, fears of recession grew and consumer confidence waned,
prompting investors to continue to seek out the relative safety of high-quality
Treasury securities over other sectors of the fixed income market.
The municipal bond market faced additional headwinds as various monoline bond
insurers experienced credit rating downgrades, which caused spreads to widen,
and the auction rate and variable rate markets deteriorated. As a result, the
municipal market underperformed Treasuries for the overall period, with
municipal bond prices reaching historically attractive levels relative to
Treasury bonds in the first quarter of 2008. While yields on short-dated
municipal securities declined, yields on intermediate- and long-dated securities
rose, leading to the steepest yield curve in the past four years as the spread
between one-year and 30-year maturities reached 343 basis points. After a record
year for new municipal bond issuance in 2007, the amount of new issues coming to
market in the first four months of 2008 declined by roughly nine percent versus
the same period one year earlier due in part to a drop in refunding issuance.
The Federal Reserve (the "Fed") took various steps to ease the liquidity crisis
and boost the economy during the period. Not only did the Federal Open Market
Committee reduce the target federal funds rate from 4.50 percent to 2.00 percent
by the end of the period, but in an unprecedented move, the Fed granted primary
Treasury dealers (mostly brokerage firms) access to its discount window and
loosened its collateral requirements, extending loans of Treasury securities in
exchange for lower quality, less liquid securities. Finally, in the biggest
headline event, the Fed arranged and supported JPMorgan Chase's purchase of Bear
Stearns, which was viewed by many as necessary to avoid serious market
repercussions had the firm failed.
2
PERFORMANCE ANALYSIS
The Trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the Trust's portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common shares
outstanding, while market price reflects the supply and demand for the shares.
As a result, the two returns can differ, as they did during the reporting
period. On an NAV basis, the Trust underperformed its benchmark index, the
Lehman Brothers Municipal Bond Index. On a market price basis, the Trust
outperformed its benchmark.
TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2008
<Table>
<Caption>
- ----------------------------------------------------------
BASED BASED ON LEHMAN BROTHERS
ON NAV MARKET PRICE MUNICIPAL BOND INDEX
-5.24% 4.13% 1.47%
- ----------------------------------------------------------
</Table>
Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. Investment return, net asset value and common share market price will
fluctuate and Trust shares, when sold, may be worth more or less than their
original cost. See Performance Summary for additional performance information
and index definition.
Although the municipal market rebounded in the last two months of the reporting
period and outperformed Treasuries, it was an extremely difficult period
overall, particularly for higher-yielding, lower-rated bonds as the flight to
quality put considerable pressure on prices. The Trust maintained an allocation
to non-rated bonds throughout the reporting period whereas the Lehman Brothers
Municipal Bond Index contains only investment-grade issues. As such, the Trust's
overweight to non-rated, higher-yielding securities was a contributor to its
relative underperformance. Holdings in BBB rated bonds, particularly within the
health care and tobacco sectors, also tempered returns.
The Trust's yield curve positioning also hindered performance, as it was
overweighted on the long end of the municipal yield curve, which underperformed
the shorter end of the curve. The negative impact was amplified by holdings in
longer-maturity inverse floating-rate securities*, which are highly sensitive to
interest rate changes. However, these securities did serve to enhance the
Trust's income and diversification during the period. Additionally, the emphasis
on the long end of the curve led to a longer duration (a measure of
interest-rate sensitivity) for the Trust, which we reduced somewhat through the
use of a Treasury futures hedge. However, the Trust still maintained a slightly
longer duration than that of the Lehman Brothers Municipal Bond Index, which
detracted from performance as rates on the
*An inverse floating-rate security, or "inverse floater", is a variable rate
security whose coupon rate changes in the opposite direction from the change in
the reference rate used to calculate the coupon rate.
3
intermediate and long end of the curve rose. At the same time, the Treasury
market rally hurt the performance of the hedge.
Conversely, an overweight to pre-refunded bonds was additive to performance.
These are high-quality, shorter-maturity issues which benefited as short-term
rates declined during the period. The Trust's overweight to higher-yielding
municipal auction rate securities (ARS) with low durations was also beneficial
to performance.
The Trustees have approved a procedure whereby the trust may, when appropriate,
repurchase its shares in the open market or in privately negotiated transactions
at a price not above market value or NAV, whichever is lower at the time of
purchase. This may help support the market value of the trust's shares.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the Trust in
the future.
4
<Table>
<Caption>
RATINGS ALLOCATION AS OF 4/30/08
AAA/Aaa 48.1%
AA/Aa 19.1
A/A 9.8
BBB/Baa 15.9
BB/Ba 0.8
Non-Rated 6.3
<Caption>
TOP FIVE SECTORS AS OF 4/30/08
Hospital 20.7%
Public Transportation 6.9
Single-Family 6.9
Airports 6.7
Master Tobacco Settlement 6.3
<Caption>
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 4/30/08
California 13.7%
Texas 9.0
Illinois 8.7
Florida 7.3
New York 6.2
New Jersey 4.1
South Carolina 3.5
Louisiana 3.4
Ohio 3.3
Missouri 2.4
Colorado 2.4
Puerto Rico 2.4
Maryland 2.2
Indiana 2.1
Massachusetts 2.0
Arizona 2.0
Tennessee 1.8
Pennsylvania 1.8
Virginia 1.7
Georgia 1.7
Alabama 1.6
Michigan 1.6
Washington 1.5
Nevada 1.4
Wisconsin 1.2
Iowa 1.2
North Carolina 1.1
District of Columbia 1.1
Oregon 1.0
Hawaii 0.9
Nebraska 0.8
Kansas 0.8
Oklahoma 0.5
Kentucky 0.5
Mississippi 0.5
Minnesota 0.5
</Table>
<Table>
(continued on next page)
</Table>
5
<Table>
<Caption>
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION AS OF 4/30/08
(continued from previous page)
Utah 0.3
Arkansas 0.3
New Hampshire 0.3
Alaska 0.3
Wyoming 0.2
South Dakota 0.2
West Virginia 0.2
New Mexico 0.1
Connecticut 0.1
Idaho 0.1
-----
Total Investments 100.0%
</Table>
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Ratings and summary of investments by
state classification are as a percentage of total investments. Sectors are as a
percentage of long-term investments. Securities are classified by sectors that
represent broad groupings of related industries. Van Kampen is a wholly owned
subsidiary of a global securities firm which is engaged in a wide range of
financial services including, for example, securities trading and brokerage
activities, investment banking, research and analysis, financing and financial
advisory services. Rating allocations are based upon ratings as issued by
Standard and Poor's and Moody's, respectively.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen
also delivers the semiannual and annual reports to fund shareholders, and
makes these reports available on its public Web site, www.vankampen.com.
In addition to the semiannual and annual reports that Van Kampen delivers
to shareholders and makes available through the Van Kampen public Web
site, each fund files a complete schedule of portfolio holdings with the
SEC for the trust's first and third fiscal quarters on Form N-Q. Van
Kampen does not deliver the reports for the first and third fiscal
quarters to shareholders, nor are the reports posted to the Van Kampen
public Web site. You may, however, obtain the Form N-Q filings (as well
as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site,
http://www.sec.gov. You may also review and copy them at the SEC's Public
Reference Room in Washington, D.C. Information on the operation of the
SEC's Public Reference Room may be obtained by calling the SEC at
1-800-SEC-0330. You can also request copies of these materials, upon
payment of a duplicating fee, by electronic request at the SEC's e-mail
address (publicinfo@sec.gov) or by writing the Public Reference section
of the SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at 1-800-341-2929.
7
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the Trust's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free 1-800-341-2929 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the Trust voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
8
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED)
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
MUNICIPAL BONDS 216.6%
ALABAMA 3.5%
$ 2,375 Bessemer, AL Governmental Util Svcs Corp
Wtr Supply Rev Rfdg Ser A (AGL Insd)
(a)..................................... 5.000% 06/01/39 $ 2,371,913
3,000 Birmingham Baptist Med Ctr AL Spl Care
Fac Fin Auth Rev Baptist Hlth Sys Ser
A....................................... 5.000 11/15/30 2,611,770
2,000 Birmingham Baptist Med Ctr AL Spl Care
Fac Fin Auth Rev Baptist Hlth Sys Ser
A....................................... 5.875 11/15/24 2,013,760
1,900 Huntsville-Redstone Vlg, AL Spl Care Fac
Fin Auth Redstone Vlg Proj.............. 5.500 01/01/43 1,586,462
4 Mobile, AL Indl Dev Brd Solid Waste Disp
Rev Mobile Energy Svc Co Proj Rfdg...... 6.950 01/01/20 345
10,340 University AL At Birmingham Hosp Rev Ser
A (MBIA-IBC Insd) (b)................... 5.000 09/01/41 10,331,935
1,000 Valley, AL Spl Care Fac Fin Auth Rev
Lanier Mem Hosp Ser A................... 5.600 11/01/16 1,004,490
--------------
19,920,675
--------------
ALASKA 0.6%
4,250 Northern Tob Sec Corp AK Tob Settlement
Ser A................................... 5.000 06/01/46 3,320,738
--------------
ARIZONA 4.3%
5,000 Glendale, AZ Indl Dev Auth John C
Lincoln Hlth Rfdg Ser B................. 5.000 12/01/37 4,443,600
4,500 Maricopa Cnty, AZ Hosp Rev Sun
Hlth Corp............................... 5.000 04/01/35 4,023,495
1,555 Pima Cnty, AZ Indl Dev Auth Indl Rev
Lease Oblig Irvington Proj Tucson Rfdg
Ser A (FSA Insd)........................ 7.250 07/15/10 1,604,060
2,500 Pima Cnty, AZ Indl Dev Auth Wtr &
Wastewtr Rev Global Wtr Resh LLC Proj
(AMT)................................... 6.550 12/01/37 2,328,675
1,000 Salt Verde Fin Corp Gas Rev AZ Sr....... 5.250 12/01/20 1,003,980
2,685 South Campus Group LLC AZ Std Hsg Rev AZ
St Univ South Campus Proj (MBIA Insd)... 5.625 09/01/35 2,751,185
9,000 University Med Ctr Corp AZ Hosp Rev..... 5.000 07/01/35 8,043,030
--------------
24,198,025
--------------
ARKANSAS 0.6%
1,930 Arkansas St Cap Apprec College Svg
(c)..................................... * 06/01/16 1,407,356
2,000 Arkansas St Dev Fin Auth Rev St Agy Fac
Donaghey Plaza Proj (FSA Insd).......... 5.000 06/01/34 2,037,720
--------------
3,445,076
--------------
</Table>
See Notes to Financial Statements 9
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
CALIFORNIA 29.7%
$ 725 Aliso Viejo, CA Cmnty Fac Dist Spl Tax
No 2005-01 Glenwood at Aliso............ 6.000% 09/01/38 $ 713,784
6,000 Anaheim, CA Pub Fin Auth Lease Rev Cap
Apprec Sub Pub Impt Proj Ser C
(FSA Insd).............................. * 09/01/19 3,492,900
7,195 Anaheim, CA Pub Fin Auth Lease Rev Cap
Apprec Sub Pub Impt Proj Ser C
(FSA Insd).............................. * 09/01/21 3,699,813
1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub
Impt Proj Ser C (FSA Insd).............. 6.000 09/01/16 1,489,631
2,095 Bay Area Govt Assn CA Rev Tax Alloc CA
Redev Pool Ser A (XLCA Insd)............ 5.250 09/01/35 2,088,820
3,000 California Cnty, CA Tob Sec Agy Tob LA
Cnty Sec (d)............................ 0.000/5.250 06/01/21 2,388,090
2,050 California Cnty, CA Tob Sec Agy Tob
Merced Cnty Rfdg Ser A.................. 5.125 06/01/38 1,712,324
1,000 California Cnty, CA Tob Sec Agy Tob
Merced Cnty Rfdg Ser A.................. 5.250 06/01/45 829,160
6,000 California Hsg Fin Agy Rev Home Mtg Ser
G (AMT) (b)............................. 4.950 08/01/23 5,807,340
4,000 California Hsg Fin Agy Rev Home Mtg Ser
G (AMT) (b)............................. 5.050 02/01/29 3,871,560
7,100 California Hsg Fin Agy Rev Home Mtg Ser
I (AMT) (b)............................. 4.800 08/01/36 6,409,774
1,490 California Hsg Fin Agy Rev Home Mtg Ser
M (AMT)................................. 4.700 08/01/36 1,319,946
3,400 California Infrastructure & Econ Dev Bk
Rev San Francisco Ballet Assn
(FGIC Insd) (e) (f)..................... 8.000 07/01/36 3,400,000
3,000 California Pollutn Ctl Fin Auth Solid
Waste Disp Rev Waste Mgmt Inc Proj Ser C
(AMT) (f)............................... 5.125 11/01/23 2,653,020
95 California St (AMBAC Insd).............. 5.125 10/01/27 95,498
850 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/24 900,388
1,075 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/25 1,134,211
1,075 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/26 1,129,728
650 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/27 680,388
1,075 California St Dept Wtr Res Wtr Rev Cent
Vy Proj Ser AE (a)...................... 5.000 12/01/28 1,120,806
25 California St (Prerefunded @ 2/01/12)... 5.000 02/01/19 26,902
5,000 California St Pub Wks Brd Dept Gen Svc
Cap East End Ser A (AMBAC Insd)......... 5.125 12/01/21 5,149,900
</Table>
10 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 4,000 California St Pub Wks Brd Lease Rev Dept
of Corrections St Prisons Rfdg Ser A
(AMBAC Insd)............................ 5.000% 12/01/19 $ 4,163,120
6,000 California St Pub Wks Brd Lease Rev Dept
of Corrections St Prisons Rfdg Ser A
(AMBAC Insd)............................ 5.250 12/01/13 6,348,540
3,750 California St Pub Wks Brd Lease Rev Dept
of Mental Hlth Coalinga Ser A........... 5.000 06/01/24 3,790,988
4,600 California St Pub Wks Brd Lease Rev Var
Univ CA Proj Rfdg Ser A................. 5.500 06/01/10 4,794,488
5,905 California St Pub Wks Brd Lease Rev Var
Univ CA Proj Rfdg Ser A................. 5.500 06/01/14 6,439,343
8,920 California St Vet Ser CD (AMT) (b)...... 4.600 12/01/32 8,673,614
6,500 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A......... 5.250 07/01/30 6,018,480
1,000 California Statewide Cmnty Dev Auth Rev
Daughters of Charity Hlth Ser A......... 5.250 07/01/35 904,940
1,000 California Statewide Cmnty Dev Auth Rev
Front Porch Cmnty & Svc Ser A (g)....... 5.125 04/01/37 895,580
2,885 California Statewide Cmnty Dev Auth Rev
Kaiser Permanente Ser B................. 5.000 03/01/41 2,772,456
3,800 California Statewide Cmnty Dev Auth Rev
Museum of Art Proj Ser C
(FGIC Insd) (e) (f)..................... 10.000 12/01/34 3,800,000
450 Daly City, CA Hsg Dev Fin Agy Mobile
Home Pk Rev Third Tier Franciscan Rfdg
Ser C................................... 6.500 12/15/47 404,838
2,000 Florin, CA Res Consv Dist Cap Impt Elk
Grove Wtr Svc Ser A (MBIA Insd)......... 5.000 09/01/33 1,994,160
30,000 Foothill/Eastern Corridor Agy CA Toll Rd
Rev Cap Apprec Rfdg Ser A............... * 01/15/22 12,742,200
5,000 Foothill/Eastern Tran Corridor Agy CA
Toll Rd Rev (MBIA Insd)................. * 01/15/18 2,994,800
3,850 Golden St Tob Sec Corp CA Tob Settlement
Rev Asset Bkd Sr Ser A-1 (b)............ 5.750 06/01/47 3,455,913
1,000 Golden St Tob Sec Corp CA Tob Settlement
Rev Ser A-1............................. 5.125 06/01/47 809,310
1,000 Hesperia, CA Pub Fin Auth Rev Redev &
Hsg Proj Ser A (XLCA Insd).............. 5.000 09/01/31 952,310
3,350 Imperial Irr Dist CA Ctf Part Elec Sys
Proj (FSA Insd) (h)..................... 5.250 11/01/19 3,572,373
3,950 Los Angeles, CA Dept Wtr & Pwr Ser A
(FGIC Insd)............................. 5.125 07/01/40 4,011,146
500 Morongo Band of Mission Indians CA
Enterprise Rev Indians Enterprise Casino
Ser B (g)............................... 5.500 03/01/18 503,090
5,500 Port Oakland, CA Ser L (FGIC Insd)
(AMT)................................... 5.000 11/01/32 5,139,310
</Table>
See Notes to Financial Statements 11
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 2,600 Quechan Indian Tribe Ft Yuma Indian
Reservation CA & Govt Proj.............. 7.000% 12/01/27 $ 2,566,538
9,000 Riverside Cnty, CA Asset Leasing Corp
Leasehold Rev Riverside Cnty Hosp Proj
(MBIA Insd)............................. * 06/01/21 4,728,060
13,880 San Joaquin Hills, CA Trans Corridor Agy
Toll Rd Rev Cap Apprec Rfdg Ser A (MBIA
Insd)................................... * 01/15/28 4,362,345
4,200 Tobacco Sec Auth Northn CA Tob
Settlement Rev Ser A-1.................. 5.375 06/01/38 3,643,164
4,300 Tobacco Sec Auth Northn CA Tob
Settlement Rev Ser A-1.................. 5.500 06/01/45 3,715,845
1,000 Tobacco Sec Auth Southn CA Tob
Settlement Sr Ser A-1................... 5.000 06/01/37 831,020
14,000 Tobacco Sec Auth Southn CA Tob
Settlement Sr Ser A-1................... 5.125 06/01/46 11,346,300
--------------
166,488,254
--------------
COLORADO 5.2%
1,945 Colorado Ed & Cultural Fac Auth Rev
Charter Sch Pinnacle Impt & Rfdg (XLCA
Insd)................................... 5.250 06/01/23 1,987,518
1,200 Colorado Hlth Fac Auth Hlth &
Residential Care Fac Volunteers of Amer
Care Ser A.............................. 5.300 07/01/37 987,780
5,425 Colorado Hlth Fac Auth Rev Catholic Hlth
(FSA Insd) (a).......................... 5.000 09/01/36 5,450,443
3,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Ser A (c)............................... 5.500 03/01/32 3,177,000
3,100 Colorado Hlth Fac Auth Rev Catholic Hlth
Ser C-3 (FSA Insd) (a).................. 5.100 10/01/41 3,114,477
4,250 Colorado Hlth Fac Auth Rev Covenant
Retirement Cmnty Inc.................... 5.000 12/01/35 3,545,690
2,700 Colorado Hlth Fac Auth Rev Hlth Fac
Evangelical Lutheran.................... 5.000 06/01/35 2,468,394
2,250 Colorado Hlth Fac Auth Rev Hosp
Portercare Adventist Hlth (Prerefunded @
11/15/11)............................... 6.500 11/15/31 2,549,205
1,500 Colorado Hlth Fac Auth Rev Hosp Valley
View Assn Proj.......................... 5.125 05/15/37 1,331,745
30 Colorado Hsg Fin Auth Single Family Pgm
Sr Ser A2 (AMT)......................... 7.250 05/01/27 31,115
9 Colorado Hsg Fin Auth Single Family Pgm
Sr Ser B1 (AMT)......................... 7.650 11/01/26 9,174
1,330 Denver, CO City & Cnty Arpt Rev Ser D
(AMT)................................... 7.750 11/15/13 1,482,445
</Table>
12 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
COLORADO (CONTINUED)
$ 1,700 Salida, CO Hosp Dist Rev................ 5.250% 10/01/36 $ 1,393,133
1,500 University CO Hosp Auth Rev Ser A....... 5.000 11/15/37 1,352,730
--------------
28,880,849
--------------
CONNECTICUT 0.3%
900 Connecticut St Dev Auth Solid Waste Disp
Fac Rev Pseg Pwr LLC Proj Ser A (AMT)... 5.750 11/01/37 881,847
675 Mashantucket Western Pequot Tribe CT
2006 Sub Spl Rev Bd Ser A (g)........... 5.500 09/01/36 598,745
--------------
1,480,592
--------------
DISTRICT OF COLUMBIA 2.4%
850 District Columbia Wtr & Swr Auth Pub
Util Rev Sub Lien Rfdg Ser A (AGL
Insd)................................... 5.000 10/01/29 871,488
1,725 District Columbia Wtr & Swr Auth Pub
Util Rev Sub Lien Rfdg Ser A (AGL
Insd)................................... 5.000 10/01/34 1,758,637
5,500 District Columbia Wtr & Swr Auth Pub
Util Rev Sub Lien Ser A (FSA Insd)
(b)..................................... 5.500 10/01/41 5,861,735
5,000 Metropolitan Washington DC Arpt Auth Sys
Ser A (FGIC Insd) (AMT)................. 5.250 10/01/32 4,892,050
--------------
13,383,910
--------------
FLORIDA 15.9%
1,000 Alachua Cnty, FL Indl Dev Rev North FL
Retirement Vlg.......................... 5.875 11/15/36 896,530
700 Alachua Cnty, FL Indl Dev Rev North FL
Retirement Vlg.......................... 5.875 11/15/42 621,607
375 Beacon Lakes, FL Cmnty Dev FL Spl Assmt
Ser A................................... 6.000 05/01/38 320,591
250 Beacon Lakes, FL Cmnty Dev FL Spl Assmt
Sub Ser B............................... 6.200 05/01/38 214,172
1,450 Brevard Cnty, FL Hlth Fac Auth
Residential Care Fac Rev Buena Vida
Estates Inc............................. 6.750 01/01/37 1,427,249
570 Escambia Cnty, FL Hlth Fac Auth Rev
(AMBAC Insd)............................ 5.950 07/01/20 601,299
1,765 Florida Hsg Fin Corp Rev Ser 6 (AMT).... 4.550 07/01/26 1,598,260
3,500 Florida Hsg Fin Corp Rev Ser 6 (AMT)
(b)..................................... 4.625 07/01/31 3,078,423
2,500 Florida Hsg Fin Corp Rev Ser 6 (AMT)
(b)..................................... 4.700 07/01/37 2,198,874
1,305 Florida St Tpk Auth Tpk Rev Dept Trans
Rfdg Ser A (b).......................... 5.000 07/01/26 1,343,863
1,325 Florida St Tpk Auth Tpk Rev Dept Trans
Rfdg Ser A (b).......................... 5.000 07/01/27 1,364,459
1,440 Florida St Tpk Auth Tpk Rev Dept Trans
Rfdg Ser A (b).......................... 5.000 07/01/28 1,482,884
2,500 Florida St Tpk Auth Tpk Rev Dept Trans
Rfdg Ser A (b).......................... 5.000 07/01/32 2,574,450
4,300 Fort Lauderdale, FL Wtr & Swr Rev....... 5.000 09/01/32 4,405,135
</Table>
See Notes to Financial Statements 13
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 3,000 Halifax Hosp Med Ctr FL Hosp Rev Impt
Rfdg Ser A.............................. 5.250% 06/01/26 $ 2,938,140
960 Highlands, FL Cmnty Dev Dist Spl
Assmt................................... 5.550 05/01/36 756,509
1,075 Hillsborough Cnty, FL Aviation Auth Rev
Ser A (AGL Insd) (AMT) (a).............. 5.375 10/01/33 1,075,376
2,425 Hillsborough Cnty, FL Aviation Auth Rev
Ser A (AGL Insd) (AMT) (a).............. 5.500 10/01/38 2,447,868
800 Hillsborough Cnty, FL Indl Dev Auth
Pollutn Ctl Rev Hillsborough Cnty Rfdg
(AMBAC Insd) (f)........................ 5.000 12/01/34 811,056
900 Hillsborough Cnty, FL Indl Dev Auth
Pollutn Ctl Rev Tampa Elec Ser B (f).... 5.150 09/01/25 913,977
3,980 Jacksonville, FL Port Auth (MBIA Insd)
(AMT)................................... 5.700 11/01/30 4,005,751
2,780 Jacksonville, FL Port Auth (MBIA Insd)
(Prerefunded @ 11/01/10) (AMT).......... 5.700 11/01/30 2,977,102
10,000 Jea, FL Elec Sys Rev Ser 3B (CIFG Insd)
(e) (f)................................. 8.000 10/01/37 10,000,000
750 Main Str Cmnty Dev Dist FL Cap Impt Rev
Ser A................................... 6.800 05/01/38 693,952
475 Main Str Cmnty Dev Dist FL Cap Impt Rev
Ser B................................... 6.900 05/01/17 458,836
11,500 Miami-Dade Cnty, FL Aviation Rev Miami
Intl Arpt (FGIC Insd) (AMT)............. 5.375 10/01/32 11,501,725
2,100 Miami-Dade Cnty, FL Hlth Fac Auth Hosp
Rev Miami Childrens Hosp Proj B3 (MBIA
Insd) (e) (f)........................... 6.000 08/01/34 2,100,000
1,500 Miami-Dade Cnty, FL Hlth Fac Auth Hosp
Rev Miami Childrens Hosp Proj B4 (MBIA
Insd) (e) (f)........................... 4.970 08/01/42 1,500,000
695 Midtown Miami, FL Cmnty Dev FL Spl Assmt
Rev Ser A............................... 6.000 05/01/24 645,426
3,800 North Broward, FL Hosp Dist Rev Rfdg Ser
B (CIFG Insd) (e) (f)................... 7.750 01/15/31 3,800,000
5,000 Ocoee, FL Wtr & Swr Sys Rev Impt & Rfdg
(AMBAC Insd)............................ 5.125 10/01/33 5,083,700
900 Orange Cnty, FL Hlth Fac Auth Rev First
Mtg Orlando Lutheran Tower.............. 5.500 07/01/32 775,809
925 Orange Cnty, FL Hlth Fac Auth Rev
Hlthcare Orlando Lutheran Rfdg.......... 5.375 07/01/20 847,060
1,250 Palm Beach Cnty, FL Hlth Fac Auth Rev
Waterford Proj.......................... 5.875 11/15/37 1,178,325
2,100 Port Saint Lucie, FL Spl Assmt Rev
Southwest Annexation Dist Ser 1-B (MBIA
Insd)................................... 5.000 07/01/33 2,126,061
</Table>
14 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 3,500 Putnam Cnty, FL Dev Auth Pollutn Ctl Rev
Rfdg Seminole Proj (AMBAC Insd) (a)
(f)..................................... 5.350% 03/15/42 $ 3,513,965
495 Reunion East Cmnty Dev Dist FL
Spl Assmt............................... 5.800 05/01/36 410,236
500 Seminole Tribe, FL Spl Oblig Rev
Ser A (g)............................... 5.250 10/01/27 456,500
1,060 Seven Oaks, FL Cmnty Dev Dist II Spl
Assmt Rev Ser A......................... 5.875 05/01/35 885,630
900 Sterling Hill Cmnty Dev Dist FL Cap Impt
Rev Ser A............................... 6.200 05/01/35 905,139
1,000 Tolomato Cmnty, FL Dev Dist Spl Assmt... 6.550 05/01/27 982,430
1,550 Tolomato Cmnty, FL Dev Dist Spl Assmt... 6.650 05/01/40 1,516,861
1,180 Volusia Cnty, FL Ed Fac Auth Rev Ed Fac
Embry Riddle Aero Ser A................. 5.750 10/15/29 1,179,245
575 World Comm Cmnty Dev Dist FL
Spl Assmt............................... 5.500 05/01/38 460,621
--------------
89,075,096
--------------
GEORGIA 3.8%
4,000 Atlanta, GA Arpt Passenger Fac Charge
Rev Gen Sub Lien Ser C (FSA Insd) (b)... 5.000 01/01/33 4,063,380
5,000 Georgia Muni Elec Auth Pwr Rev Ser B
(FGIC Insd) (c)......................... 5.700 01/01/19 5,664,600
2,000 Georgia St Rd & Twy Auth Rev............ 5.000 10/01/19 2,115,980
1,160 Marietta, GA Dev Auth Rev First Mtg Life
College Ser B (FSA Insd) (h)............ 5.375 09/01/09 1,162,540
6,740 Municipal Elec Auth GA Comb Turbine Proj
Ser A (MBIA Insd)....................... 5.250 11/01/20 7,105,308
1,000 Richmond Cnty, GA Dev Auth ASU Jaguar
Student Hsg LLC Ser A................... 5.250 02/01/35 941,120
--------------
21,052,928
--------------
HAWAII 1.9%
10,430 Hawaii St Dept Budget & Fin Spl Purp Rev
Hawaiian Elec Co Inc Ser A (MBIA Insd)
(AMT)................................... 5.650 10/01/27 10,604,390
--------------
IDAHO 0.2%
995 Idaho Hlth Fac Auth Rev Vly Vista Care
Corp Rfdg............................... 6.125 11/15/27 934,156
--------------
ILLINOIS 18.8%
1,450 Bartlett, IL Tax Increment Rev Quarry
Redev Proj Rfdg......................... 5.600 01/01/23 1,395,857
1,710 Bolingbrook, IL Cap Apprec Rfdg Ser C
(MBIA Insd) (h)......................... * 01/01/29 589,420
1,365 Bolingbrook, IL Cap Apprec Ser B (MBIA
Insd)................................... * 01/01/32 363,404
</Table>
See Notes to Financial Statements 15
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 2,385 Bolingbrook, IL Cap Apprec Ser B (MBIA
Insd) (Prerefunded @ 1/01/09)........... * 01/01/32 $ 674,144
8,675 Chicago, IL Brd of Ed Rfdg Ser C
(FSA Insd).............................. 5.000% 12/01/27 9,006,385
6,000 Chicago, IL Lakefront Millenium Pkg Fac
(MBIA Insd) (Prerefunded @ 1/01/12)..... 5.750 01/01/29 6,695,520
7,200 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Ser A (MBIA Insd) (b)... 5.250 01/01/24 7,351,220
17,000 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Ser A (MBIA Insd) (b)... 5.250 01/01/25 17,357,046
1,290 Chicago, IL O'Hare Intl Arpt Rev Gen
Arpt Third Lien Ser A (MBIA Insd) (b)... 5.250 01/01/26 1,317,094
4,400 Chicago, IL O'Hare Intl Arpt Rev Ser A
(FSA Insd) (b).......................... 5.000 01/01/33 4,501,354
15 Chicago, IL Single Family Mtg Rev Ser A
(GNMA Collateralized) (AMT)............. 7.000 09/01/27 15,002
3,345 Cook Cnty, IL Sch Dist No. 100 Berwyn
South Ser D (FSA Insd).................. 5.500 12/01/23 3,625,010
1,000 Illinois Dev Fin Auth Rev Cmnty Rehab
Providers Fac Ser A..................... 7.375 07/01/25 1,061,810
1,200 Illinois Fin Auth Rev Christian Homes
Inc Rfdg Ser A.......................... 5.750 05/15/26 1,078,728
250 Illinois Fin Auth Rev Christian Homes
Inc Rfdg Ser A.......................... 5.750 05/15/31 219,003
1,000 Illinois Fin Auth Rev IL Fin Auth
Roosevelt Univ.......................... 5.500 04/01/37 956,770
1,500 Illinois Fin Auth Rev IL Inst of
Technology Ser A........................ 5.000 04/01/31 1,395,510
2,500 Illinois Fin Auth Rev Northwestern Mem
Hosp Ser A (Prerefunded @ 8/15/14)...... 5.500 08/15/43 2,820,350
5,000 Illinois Fin Auth Rev Osf Hlthcare Sys
Ser A................................... 5.750 11/15/37 4,957,700
1,000 Illinois Fin Auth Rev Sherman Hlth Sys
2007 Ser A.............................. 5.500 08/01/37 937,880
1,335 Illinois Fin Auth Solid Waste Rev Disp
Waste Mgmt Inc Proj Ser A (AMT)......... 5.050 08/01/29 1,093,512
3,180 Illinois Hlth Fac Auth Rev Children's
Mem Hosp (MBIA Insd).................... 6.250 08/15/13 3,424,478
1,485 Illinois Hlth Fac Auth Rev Evangelical
Hosp Rfdg Ser A (FSA Insd) (c) (h)...... 6.750 04/15/17 1,731,465
825 Illinois Hlth Fac Auth Rev Evangelical
Hosp Ser C (FSA Insd)................... 6.750 04/15/17 961,925
8,000 Illinois St First Ser (FSA Insd)........ 5.250 12/01/19 8,509,680
3,400 Illinois St First Ser (FSA Insd)........ 5.250 04/01/27 3,540,760
2,070 Northern IL Univ Ctf Part Hoffman
Estates Ctr Proj (FSA Insd)............. 5.400 09/01/16 2,263,462
</Table>
16 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 130 Peoria, Moline & Freeport, IL Coll Mtg
Ser A (GNMA Collateralized) (AMT)....... 7.600% 04/01/27 $ 132,491
5,000 Regional Trans Auth IL Ser A
(AMBAC Insd)............................ 8.000 06/01/17 6,486,850
10,000 Will Cnty, IL Sch Dist No. 122 Rfdg Ser
B (FGIC Insd)........................... 5.250 11/01/20 10,406,400
575 Will-Kankakee Regl Dev Auth IL
Multi-Family Hsg Rev Sr Estates
Supportive Living (AMT)................. 7.000 12/01/42 562,149
--------------
105,432,379
--------------
INDIANA 4.6%
1,070 East Chicago, IN Elementary Sch Bldg
Corp First Mtg Ser A.................... 6.250 07/05/08 1,076,078
1,535 Indiana Hlth & Ed Fac Fin Auth Hosp Rev
Clarian Hlth Oblig Ser A................ 5.000 02/15/36 1,444,926
4,600 Indiana Hlth & Ed Fac Fin Auth Rev
Ascension Hlth Sr Cr B-6 (b)............ 5.000 11/15/36 4,537,992
3,000 Indiana Hlth Fac Fin Auth Hosp Rev
Columbus Regl Hosp Rfdg (FSA Insd)...... 7.000 08/15/15 3,434,490
1,500 Indiana St Dev Fin Auth Rev Exempt Fac
Conv Rfdg (AMT)......................... 5.950 08/01/30 1,475,325
10,000 Indiana St Hsg & Cmnty Dev Auth Single
Family Mtg Rev Mtg Ser D-1 (GNMA
Collateralized) (AMT) (b)............... 4.625 07/01/38 8,333,008
2,000 Petersburg, IN Pollutn Ctl Rev IN Pwr &
Lt (AMT)................................ 5.950 12/01/29 1,925,860
2,850 Southwest Parke Cmnty Sch Bldg First Mtg
(FGIC Insd) (h)......................... 5.250 07/15/21 3,018,264
500 Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc
(g)..................................... 5.750 09/01/42 437,870
--------------
25,683,813
--------------
IOWA 2.6%
3,200 Iowa Fin Auth Hlthcare Fac Rev IA Hlth
Sys Ser A-1 (FGIC Insd) (e) (f)......... 10.000 02/15/35 3,200,000
3,200 Iowa Fin Auth Hlthcare Fac Rev IA Hlth
Sys Ser A-2 (FGIC Insd) (e) (f)......... 10.000 02/15/35 3,200,000
3,200 Iowa Fin Auth Hlthcare Fac Rev IA Hlth
Sys Ser A-3 (FGIC Insd) (e) (f)......... 10.000 02/15/35 3,200,000
1,600 Pottawattamie Cnty, IA Rev Christian
Homes Inc Rfdg Ser E.................... 5.750 05/15/26 1,425,136
375 Sibley, IA Hlthcare Fac Rev Osceola
Cmnty Hosp Proj......................... 6.000 12/01/37 343,838
</Table>
See Notes to Financial Statements 17
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
IOWA (CONTINUED)
$ 1,500 Tobacco Settlement Auth IA Tob
Settlement Rev Asset Bkd Ser C.......... 5.375% 06/01/38 $ 1,276,440
2,500 Tobacco Settlement Auth IA Tob
Settlement Rev Ser C.................... 5.500 06/01/42 2,137,650
--------------
14,783,064
--------------
KANSAS 1.7%
1,500 Burlington, KS Environmental Impt Rev
Rfdg KC Pwr LT Ser B (XLCA Insd) (f).... 5.000 12/01/23 1,499,340
3,430 Kansas St Dev Fin Auth Rev KS Proj Ser N
(AMBAC Insd) (h)........................ 5.250 10/01/20 3,611,207
3,615 Kansas St Dev Fin Auth Rev KS Proj Ser N
(AMBAC Insd) (h)........................ 5.250 10/01/21 3,800,739
800 Olathe, KS Sr Living Fac Rev Catholic
Care Campus Inc Ser A................... 6.000 11/15/38 722,312
--------------
9,633,598
--------------
KENTUCKY 1.0%
5,430 Louisville & Jefferson Cnty, KY Metro
Govt Hlth Sys Rev Norton Hlthcare Inc
(b)..................................... 5.000 10/01/30 5,270,734
500 Mount Sterling, KY Lease Rev KY League
Cities Fdg Ser B........................ 6.100 03/01/18 572,440
--------------
5,843,174
--------------
LOUISIANA 7.3%
5,000 Lafayette, LA Util Rev (MBIA Insd)...... 5.250 11/01/21 5,312,400
2,500 Louisiana Loc Govt Environment Fac Pkg
Fac Corp Garage Proj Ser A
(AMBAC Insd)............................ 5.375 10/01/31 2,547,900
5,970 Louisiana Loc Govt Environment
Southeastn LA Student Hsg Ser A (MBIA
Insd) (h)............................... 5.250 08/01/24 6,135,906
1,400 Louisiana Pub Fac Auth Rev Hlth Fac Glen
Retirement Ser A........................ 6.700 12/01/25 1,401,078
5,600 Louisiana St Gas & Fuels Tax Rev Ser A
(FSA Insd) (b).......................... 5.000 05/01/36 5,707,240
8,065 Louisiana St Office Fac Corp LA St Cap
Complex Pgm (MBIA Insd) (h)............. 5.000 11/01/20 8,334,210
4,000 New Orleans, LA Rfdg (FGIC Insd)........ 5.500 12/01/21 4,172,040
6,000 New Orleans, LA Rfdg (MBIA Insd)........ 5.125 09/01/21 6,044,760
1,200 Rapides Fin Auth LA Rev Cleco Pwr Proj
(AMT) (f)............................... 5.250 11/01/37 1,197,276
--------------
40,852,810
--------------
MARYLAND 4.8%
10,610 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Residential Ser A (AMT)....... 4.700 09/01/37 9,310,381
1,255 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT)................... 4.450 09/01/21 1,179,926
</Table>
18 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
MARYLAND (CONTINUED)
$ 1,000 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT)................... 4.550% 09/01/26 $ 908,280
1,300 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT)................... 4.625 09/01/31 1,156,090
440 Maryland St Cmnty Dev Admin Dept Hsg &
Cmnty Dev Ser P (AMT)................... 4.700 03/01/37 386,483
5,000 Maryland St Econ Dev Corp MD Aviation
Admin Fac (FSA Insd) (AMT).............. 5.375 06/01/20 5,105,550
2,000 Maryland St Hlth & Higher Ed Fac Auth
Rev MD Inst College of Art.............. 5.000 06/01/40 1,768,080
2,350 Maryland St Hlth & Higher Ed Fac Auth
Rev Mercy Med Ctr Ser A................. 5.500 07/01/42 2,206,744
1,000 Maryland St Hlth & Higher Ed Fac Auth
Rev Washington Cnty Hosp................ 5.750 01/01/38 958,780
4,000 Maryland St Trans Auth Arpt Baltimore/WA
Intl Arpt Ser B (AMBAC Insd) (AMT)...... 5.125 03/01/24 3,959,120
--------------
26,939,434
--------------
MASSACHUSETTS 4.4%
1,200 Massachusetts Bay Tran Auth MA Gen Tran
Sys Rfdg Ser A.......................... 6.250 03/01/12 1,338,564
2,000 Massachusetts Muni Whsl Elec Co Pwr
Supply Sys Rev Proj No. 6-A Ser A (MBIA
Insd)................................... 5.250 07/01/16 2,095,360
450 Massachusetts St Dev Fin Agy Rev Linden
Ponds Inc Fac Ser A..................... 5.750 11/15/35 393,021
1,750 Massachusetts St Hlth & Ed Fac Auth Rev
Hlthcare Sys Covenant (Prerefunded @
1/01/12)................................ 6.000 07/01/31 1,832,855
1,930 Massachusetts St Hlth & Ed Fac Auth Rev
Saint Mem Med Ctr Ser A................. 6.000 10/01/23 1,929,981
5,450 Massachusetts St Hlth & Ed Fac Auth Rev
Univ MA Mem Issue Ser D................. 5.000 07/01/33 4,765,480
2,500 Massachusetts St Hsg Fin Agy Hsg Rev
Single Family Ser 130 (AMT)............. 5.000 12/01/37 2,307,975
925 Massachusetts St Indl Fin Agy Wtr
Treatment Amern Hingham (AMT)........... 6.900 12/01/29 927,016
925 Massachusetts St Indl Fin Agy Wtr
Treatment Amern Hingham (AMT)........... 6.950 12/01/35 927,063
7,750 Massachusetts St Sch Bldg Auth Dedicated
Sales Tax Rev Ser A (AMBAC Insd) (b).... 4.500 08/15/35 7,993,134
--------------
24,510,449
--------------
MICHIGAN 3.4%
2,790 Detroit, MI Wtr Supply Sys Rev Sr Lien
Rfdg Ser C (MBIA Insd) (h).............. 5.250 07/01/19 2,938,595
2,000 Grand Rapids, MI Wtr Supply (FGIC
Insd)................................... 5.750 01/01/15 2,116,760
</Table>
See Notes to Financial Statements 19
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
MICHIGAN (CONTINUED)
$ 4,000 Kent Hosp Fin Auth MI Rev Metro Hosp
Proj Ser A.............................. 6.000% 07/01/35 $ 3,983,680
1,000 Kent Hosp Fin Auth MI Rev Spectrum Hlth
Ser A (f)............................... 5.250 01/15/47 1,035,280
500 Kent Hosp Fin Auth MI Rev Spectrum Hlth
Ser A (f)............................... 5.500 01/15/47 525,065
3,000 Michigan Tob Settlement Fin Auth Tob
Settlement Asset Sr Ser A............... 6.000 06/01/48 2,739,480
2,285 Taylor, MI Bldg Auth (AMBAC Insd) (h)... 6.000 03/01/13 2,543,342
3,090 Troy, MI Downtown Dev Auth Dev Rfdg
(MBIA Insd)............................. 5.500 11/01/15 3,305,528
--------------
19,187,730
--------------
MINNESOTA 1.0%
475 Chisago, MN Hlthcare Fac Rev Cdl Homes
LLC Proj................................ 6.000 08/01/42 454,067
1,065 Duluth, MN Econ Dev Auth Hlthcare Fac
Rev Benedictine Hlth Sys Saint Marys
(Prerefunded @ 2/15/14)................. 5.250 02/15/33 1,177,166
1,000 Meeker Cnty, MN Gross Rev Hosp Fac Mem
Hosp Proj............................... 5.625 11/01/22 980,120
225 North Oaks, MN Sr Hsg Rev Presbyterian
Homes North Oaks........................ 6.000 10/01/27 219,080
650 North Oaks, MN Sr Hsg Rev Presbyterian
Homes North Oaks........................ 6.000 10/01/33 621,049
210 North Oaks, MN Sr Hsg Rev Presbyterian
Homes North Oaks........................ 6.125 10/01/39 202,209
900 Saint Paul, MN Hsg & Redev Auth Hlthcare
Fac Rev Hlth Partners Oblig Grp Proj.... 5.250 05/15/36 811,161
1,075 Saint Paul, MN Hsg & Redev Auth Hosp Rev
Hlth East Proj.......................... 6.000 11/15/35 1,069,937
--------------
5,534,789
--------------
MISSISSIPPI 1.0%
1,405 Mississippi Dev Bk Spl Oblig Cap Proj &
Equip Acquisition Ser A2 (AMBAC Insd)... 5.000 07/01/24 1,429,911
1,550 Mississippi Dev Bk Spl Oblig Madison
Cnty Hosp Proj (Prerefunded @
7/01/09)................................ 6.400 07/01/29 1,655,942
2,595 Mississippi Dev Bk Spl Oblig MS Ltd
Oblig Hosp Impt (MBIA Insd) (h)......... 5.250 07/01/32 2,605,276
--------------
5,691,129
--------------
</Table>
20 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
MISSOURI 5.2%
$ 325 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO
Hosp Assoc.............................. 5.625% 06/01/27 $ 317,736
1,675 Cape Girardeau Cnty, MO Indl Dev Auth
Hlthcare Fac Rev Southeast MO Hosp Assoc
(Prerefunded @ 6/01/12)................. 5.625 06/01/27 1,842,651
1,700 Cass Cnty, MO Hosp Rev.................. 5.625 05/01/38 1,578,450
1,250 Cole Cnty, MO Indl Dev Auth Sr Living
Fac Rev Lutheran Sr Svc Heisinger
Proj.................................... 5.500 02/01/35 1,220,800
975 Maryland Heights, MO Tax Increment Rev
South Heights Redev Proj Rfdg Ser A..... 5.500 09/01/18 954,262
4,625 Missouri Jt Mun Elec Util Comnty Pwr
Proj Rev Plum Point Proj (MBIA Insd).... 5.000 01/01/27 4,642,205
1,000 Missouri Jt Muni Elec Util Comnty Pwr
Proj Rev Plum Point Proj (MBIA Insd).... 5.000 01/01/26 1,004,990
2,500 Missouri St Dev Fin Brd Infrastructure
Fac Rev Crackerneck Creek Proj Ser C.... 5.000 03/01/26 2,491,075
2,195 Missouri St Hlth & Ed Fac Rev Univ MO
Columbia Arena Proj (h)................. 5.000 11/01/16 2,323,297
2,500 Platte Cnty, MO Neighborhood Impt
Parkville Ser B (MBIA Insd)............. 5.000 02/01/25 2,586,650
1,500 Saint Louis Cnty, MO Mtg Rev Ctf Rcpt
Ser H (AMT) (c)......................... 5.400 07/01/18 1,634,025
2,380 Saint Louis, MO Arpt Rev Cap Impt Pgm
Ser A (MBIA Insd) (Prerefunded @
7/01/12) (h)............................ 5.375 07/01/19 2,605,267
700 Saint Louis, MO Indl Dev Auth Tax
Increment & Cmnty Impt Dist Loughborough
Com Redev Rfdg.......................... 5.750 11/01/27 665,014
2,745 Springfield, MO Pub Bldg Corp Leasehold
Rev Springfield Branson Arpt Ser B
(AMBAC Insd) (AMT) (b).................. 4.550 07/01/29 2,400,996
3,360 Springfield, MO Pub Bldg Corp Leasehold
Rev Springfield Branson Arpt Ser B
(AMBAC Insd) (AMT) (b).................. 4.600 07/01/36 2,938,925
--------------
29,206,343
--------------
NEBRASKA 1.7%
5,235 Omaha Pub Pwr Dist NE Elec Rev Sub Sys
Ser A................................... 5.000 02/01/34 5,318,237
4,260 University NE Univ Rev Lincoln Student
Fees & Fac Ser B........................ 5.000 07/01/23 4,387,033
--------------
9,705,270
--------------
</Table>
See Notes to Financial Statements 21
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
NEVADA 3.1%
$ 2,000 Clark Cnty, NV Econ Dev Rev Alexander
Dawson Sch Proj......................... 5.375% 05/15/33 $ 2,003,000
7,000 Clark Cnty, NV Indl Dev Rev Southwest
Gas Corp Proj Ser A (AMBAC Insd)
(AMT)................................... 5.250 07/01/34 6,396,600
4,375 Las Vegas Vly, NV Wtr Dist Rfdg Ser B
(MBIA Insd)............................. 5.000 06/01/27 4,466,394
3,000 Nevada Hsg Div Single Family Mtg Rev Ser
A (GNMA Collateralized) (AMT)........... 5.875 04/01/38 3,053,970
1,750 Reno, NV Hosp Rev Renown Regl Med Ctr
Proj Ser A (b).......................... 5.250 06/01/37 1,647,603
--------------
17,567,567
--------------
NEW HAMPSHIRE 0.6%
1,000 New Hampshire Hlth & Ed Fac Auth Rev
Derryfield Sch.......................... 7.000 07/01/30 1,033,140
1,400 New Hampshire Hlth & Ed Fac Hlthcare Sys
Covenant Hlth........................... 5.500 07/01/34 1,345,498
950 New Hampshire St Bus Fin Auth Wtr Fac
Rev Pennichuck Wtrwks Inc (AMBAC Insd)
(AMT)................................... 6.300 05/01/22 959,965
--------------
3,338,603
--------------
NEW JERSEY 8.9%
1,000 New Jersey Econ Dev Auth Rev Cig Tax.... 5.500 06/15/31 943,790
1,900 New Jersey Econ Dev Auth Rev Cig Tax.... 5.750 06/15/29 1,863,444
1,225 New Jersey Econ Dev Auth Rev Cig Tax.... 5.750 06/15/34 1,176,955
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 2,182,132
4,350 New Jersey Econ Dev Wtr NJ Amern Wtr Co
Inc Ser A (FGIC Insd) (AMT)............. 5.250 07/01/38 4,171,867
2,500 New Jersey Hlthcare Fac Fin Auth Rev Gen
Hosp Ctr at Passaic (FSA Insd) (c)...... 6.750 07/01/19 3,002,325
1,650 New Jersey Hlthcare Fac Fin Auth Rev
Saint Peters Univ Hosp Oblig............ 5.750 07/01/37 1,608,866
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 10,749,140
30,000 Tobacco Settlement Fin Corp NJ
Ser 1A (b).............................. 5.000 06/01/41 24,011,550
--------------
49,710,069
--------------
NEW MEXICO 0.3%
1,500 Jicarilla, NM Apache Nation Rev Adj Ser
A (Acquired 10/23/03, Cost $1,514,910)
(i)..................................... 5.000 09/01/18 1,552,560
--------------
</Table>
22 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
NEW YORK 13.3%
$ 6,200 Metropolitan Trans Auth NY Dedicated Tax
Fd Rfdg Ser A-1 (XLCA Insd) (e) (f)..... 10.000% 11/01/31 $ 6,200,000
7,000 Metropolitan Trans Auth NY Rev Rfdg Ser
A (FGIC Insd)........................... 5.250 11/15/31 7,087,150
2,775 New York City Indl Dev Agy Rev Liberty 7
World Trade Ctr Proj Ser B.............. 6.750 03/01/15 2,860,276
5,000 New York City Muni Wtr Fin Auth Wtr &
Swr Sys Rev Ser D....................... 5.000 06/15/38 5,083,600
5,440 New York, NY Sub Ser I-1 (b)............ 5.000 02/01/26 5,622,050
7,575 New York St Dorm Auth Rev City Univ Sys
Cons Ser A.............................. 5.625 07/01/16 8,397,872
1,520 New York St Dorm Auth Rev Insd John T
Mather Mem Hosp (Connie Lee Insd) (h)... 6.500 07/01/09 1,594,815
3,845 New York St Dorm Auth Rev Secd Hosp Gen
Hosp Rfdg............................... 5.750 02/15/20 4,137,066
1,000 New York St Mtg Agy Homeowner Mtg Rev
145 (AMT)............................... 5.125 10/01/37 951,460
4,100 New York St Urban Dev Corp Rev St Fac &
Equip Sub Ser A-3B (CIFG Insd) (e)
(f)..................................... 7.750 03/15/33 4,100,000
5,000 New York St Urban Dev Corp Rev St Fac
Rfdg.................................... 5.700 04/01/20 5,693,950
21,900 Port Auth NY & NJ Cons 144th Ser (b).... 5.000 10/01/35 22,382,788
675 Seneca Nation Indians Cap Impt Auth NY
Spl Oblig Ser A (g)..................... 5.000 12/01/23 600,642
--------------
74,711,669
--------------
NORTH CAROLINA 2.5%
4,300 North Carolina Cap Fac Fin Agy Rev Duke
Univ Proj Ser A......................... 5.000 10/01/41 4,390,644
1,500 North Carolina Eastn Muni Pwr Agy Pwr
Sys Rev Ser D........................... 6.700 01/01/19 1,572,000
7,000 North Carolina Med Care Commn Hlthcare
Fac Rev Univ Eastn Carolina Ser A (AMBAC
Insd) (e) (f)........................... 4.500 12/01/28 7,000,000
1,000 North Carolina Med Care Commn Retirement
Fac Rev First Mtg Southminster Proj Ser
A....................................... 5.750 10/01/37 990,140
--------------
13,952,784
--------------
OHIO 7.2%
6,000 Buckeye, OH Tob Settlement Fin Auth
Asset Bkd Sr Turbo Ser A-2.............. 5.750 06/01/34 5,423,940
5,000 Buckeye, OH Tob Settlement Fin Auth
Asset Bkd Sr Turbo Ser A-2.............. 6.500 06/01/47 4,882,000
1,575 Cincinnati, OH City Sch Dist Sch Impt
(FSA Insd).............................. 5.250 06/01/18 1,675,343
3,150 Cuyahoga Cnty, OH Hosp Fac Rev Canton
Inc Proj................................ 7.500 01/01/30 3,383,069
</Table>
See Notes to Financial Statements 23
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
OHIO (CONTINUED)
$ 1,000 Dayton, OH Arpt Rev James M Cox Dayton
Rfdg Ser C (Radian Insd) (AMT).......... 5.250% 12/01/27 $ 990,300
3,600 Lorain Cnty, OH Hosp Rev Catholic Rfdg
Ser C-1 (FSA Insd) (a).................. 5.000 04/01/24 3,688,380
3,325 Lorain Cnty, OH Hosp Rev Fac Catholic
Ser A (FSA Insd) (a).................... 5.000 02/01/24 3,406,629
3,350 Lorain Cnty, OH Hosp Rev Fac Catholic
Ser B (FSA Insd) (a).................... 5.000 02/01/24 3,432,243
1,625 Montgomery Cnty, OH Rev Var Catholic
Hlth Ser C-1 (FSA Insd) (a)............. 5.000 10/01/41 1,644,126
5,130 Muskingum Cnty, OH Hosp Fac Rev Bethesda
Care Sys Impt & Rfdg (Connie Lee Insd)
(h)..................................... 6.250 12/01/10 5,196,793
5,000 Ohio St Air Quality Dev Auth Rev Dayton
Pwr (FGIC Insd) (AMT) (b)............... 4.800 09/01/36 5,041,781
895 Toledo Lucas Cnty, OH Port Auth Dev Rev
Northwest OH Bd Fd Ser C (AMT).......... 6.600 11/15/15 925,904
440 Toledo Lucas Cnty, OH Port Auth
Northwest Bd Fd Ser A (AMT) (c)......... 6.000 05/15/11 457,098
--------------
40,147,606
--------------
OKLAHOMA 1.1%
1,650 Chickasaw Nation, OK Hlth Sys (g)....... 6.250 12/01/32 1,646,799
1,500 Jenks, OK Aquarium Auth Rev First Mtg
(MBIA Insd) (Prerefunded @ 7/01/10)..... 6.100 07/01/30 1,630,665
2,755 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev
(AMBAC Insd) (Prerefunded @ 11/01/09)... 6.250 11/01/22 2,970,138
--------------
6,247,602
--------------
OREGON 2.1%
2,010 Emerald Peoples Util Dist OR Rfdg (FGIC
Insd) (h)............................... 7.350 11/01/09 2,139,745
4,000 Oregon Hlth Sciences Univ Insd Ser A
(MBIA Insd)............................. 5.250 07/01/22 4,177,880
5,000 Oregon St Dept Admin Rfdg Ser C (MBIA
Insd)................................... 5.250 11/01/18 5,243,200
--------------
11,560,825
--------------
PENNSYLVANIA 3.8%
3,000 Allegheny Cnty, PA Hosp Dev Auth Rev
Hlth Sys West PA Ser A.................. 5.000 11/15/28 2,498,100
1,125 Pennsylvania Econ Dev Fin Auth Exempt
Fac Rev Reliant Energy Ser B (AMT)
(f)..................................... 6.750 12/01/36 1,136,902
</Table>
24 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
PENNSYLVANIA (CONTINUED)
$ 16,755 Pennsylvania St Pub Sch Bldg Auth Lease
Rev Sch Dist Philadelphia Proj Ser B
(b)..................................... 4.500% 06/01/32 $ 16,328,310
1,370 Philadelphia, PA Hosp & Higher Ed Fac
Auth Rev Cmnty College Rfdg Ser B (MBIA
Insd) (h)............................... 6.500 05/01/08 1,370,151
--------------
21,333,463
--------------
SOUTH CAROLINA 7.6%
3,125 Charleston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (b)............ 5.250 12/01/25 3,199,430
9,375 Charleston Ed Excellence Fin Corp SC Rev
Charleston Cnty Sch Dist (b)............ 5.250 12/01/26 9,598,289
3,115 Greenville, SC Impt & Rfdg (MBIA Insd)
(h)..................................... 5.250 04/01/21 3,262,339
1,015 Rock Hill, SC Util Sys Rev Comb Rfdg Ser
C (FSA Ins) (h)......................... 5.000 01/01/11 1,063,213
1,100 South Carolina Jobs Econ Dev Auth Hlth
Fac Rev First Mtg Wesley Com Rfdg....... 5.300 10/01/36 900,053
550 South Carolina Jobs Econ Dev Auth
Hlthcare Fac Rev Rfdg First Mtg Lutheran
Homes................................... 5.500 05/01/28 466,345
400 South Carolina Jobs Econ Dev Auth
Hlthcare Fac Rev Rfdg First Mtg Lutheran
Homes................................... 5.625 05/01/42 330,412
2,200 South Carolina Jobs Econ Dev Auth Hosp
Fac Rev Palmetto Hlth Alliance Rfdg
Ser A................................... 6.250 08/01/31 2,235,090
10,300 South Carolina Jobs Econ Dev Auth Hosp
Fac Rev Rfdg Palmetto Hlth Ser A (FSA
Insd) (e) (f)........................... 4.990 08/01/35 10,300,000
6,500 South Carolina Jobs Econ Dev Auth Indl
Rev Elec & Gas Co Proj Ser A (AMBAC
Insd)................................... 5.200 11/01/27 6,633,120
3,750 South Carolina Jobs Econ Dev Auth Indl
Rev Elec & Gas Co Proj Ser B (AMBAC
Insd) (AMT)............................. 5.450 11/01/32 3,750,000
750 South Carolina Jobs Econ Dev Auth Rev
Woodlands At Furman Proj Ser A.......... 6.000 11/15/42 664,650
--------------
42,402,941
--------------
SOUTH DAKOTA 0.4%
1,375 Deadwood, SD Ctf Partn (ACA Insd)....... 6.375 11/01/20 1,444,355
1,000 South Dakota St Hlth & Ed Fac Auth Rev
Children's Care Hosp Rfdg (Prerefunded @
11/01/09)............................... 6.125 11/01/29 1,066,010
--------------
2,510,365
--------------
</Table>
See Notes to Financial Statements 25
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
TENNESSEE 3.8%
$ 2,130 Chattanooga, TN Hlth Ed & Hsg Fac Brd
Rev CDFI Phase I LLC Proj Rfdg Ser A.... 5.000% 10/01/25 $ 1,926,202
2,595 Chattanooga, TN Hlth Ed & Hsg Fac Brd
Rev CDFI Phase I LLC Proj Rfdg Ser A.... 5.125 10/01/35 2,249,138
1,270 Elizabethton, TN Hlth & Ed Fac Brd Rev
Hosp First Mtg Impt & Rfdg Ser B
(Prerefunded @ 7/01/12)................. 8.000 07/01/33 1,543,113
12,525 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev Cap Apprec First Mtg Rfdg Ser A
(MBIA Insd)............................. * 07/01/26 4,989,709
4,800 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn St Hlth Rfdg Ser A
(MBIA-IBC Insd) (Prerefunded @
7/01/12)................................ 7.500 07/01/25 5,579,232
5,625 Johnson City, TN Hlth & Ed Fac Brd Hosp
Rev First Mtg Mtn St Hlth Ser A......... 5.500 07/01/36 5,244,413
--------------
21,531,807
--------------
TEXAS 19.5%
2,335 Beaumont, TX Wtrwks & Swr Sys (FGIC
Insd) (Prerefunded @ 9/01/10)........... 6.250 09/01/14 2,535,063
2,000 Brazos Cnty, TX Hlth Fac Dev Oblig
Grp..................................... 5.375 01/01/32 1,956,600
495 Brownsville, TX Util Sys Rev (c)........ 7.375 01/01/10 523,477
890 Dallas Cnty, TX Flood Ctl Dist Rfdg..... 6.750 04/01/16 913,451
8,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt
Impt & Rfdg Ser A (FGIC Insd) (AMT)..... 5.500 11/01/31 7,885,840
775 Dallas-Fort Worth, TX Intl Arpt Rev Ser
C (MBIA Insd) (AMT)..................... 5.750 11/01/18 782,936
1,500 Dallas-Fort Worth, TX Intl Arpt Rev Ser
C (MBIA Insd) (AMT)..................... 6.000 11/01/23 1,516,260
2,345 Denton Cnty, TX Perm Impt (Prerefunded @
7/15/10) (h)............................ 5.500 07/15/19 2,499,512
5,850 El Paso Cnty, TX Hosp Dist Ser A (AGL
Insd) (a)............................... 5.000 08/15/37 5,877,612
2,750 Fort Bend, TX Indpt Sch Dist Rfdg & Sch
Bldg (PSF Gtd) (a)...................... 5.000 08/15/27 2,857,498
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 1,112,940
3,000 Houston, TX Arpt Sys Rev Sub Lien Ser A
(FSA Insd) (AMT)........................ 5.625 07/01/30 3,024,390
5,000 Houston, TX Util Sys Rev Comb First Lien
Ser A (FSA Insd)........................ 5.250 05/15/20 5,373,200
9,425 Houston, TX Util Sys Rev Rfdg Comb First
Lien Ser A (FSA Insd)................... 5.000 11/15/36 9,654,781
3,700 Judson, TX Indpt Sch Dist Sch Bldg (AGL
Insd)................................... 5.000 02/01/37 3,760,051
</Table>
26 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 1,365 Lower CO Riv Auth TX Transmission Proj
Corp (FGIC Insd)........................ 5.000% 05/15/33 $ 1,361,096
5,000 Matagorda Cnty, TX Navig Dist No. 1 Rev
Houston Lt Rfdg (AMBAC Insd) (AMT)...... 5.125 11/01/28 4,683,650
2,000 Mesquite, TX Hlth Fac Dev Corp
Retirement Fac Christian Care Ctr Ser A
(Prerefunded @ 2/15/10)................. 7.625 02/15/28 2,195,660
1,500 Mesquite, TX Hlth Fac Dev Retirement Fac
Christian Care Ctr...................... 5.625 02/15/35 1,357,110
3,500 Metropolitan Hlth Fac Dev Corp TX Wilson
N Jones Mem Hosp Proj................... 7.250 01/01/31 3,541,895
3,325 North Central, TX Hlth Fac Dev Corp Rev
Hosp Baylor Hlthcare Sys Proj Ser A..... 5.125 05/15/29 3,334,642
1,250 North TX Twy Auth Rev Rfdg Sys First
Tier Ser A.............................. 5.625 01/01/33 1,275,588
1,000 North TX Twy Auth Rev Rfdg Sys First
Tier Ser B.............................. 5.625 01/01/28 1,034,200
1,000 North TX Twy Auth Rev Rfdg Sys First
Tier Ser B.............................. 6.000 01/01/26 1,074,270
1,250 North TX Twy Auth Rev Rfdg Sys First
Tier Ser B.............................. 6.000 01/01/27 1,334,938
3,000 Prosper, TX Indpt Sch Dist (PSF Gtd).... 5.500 08/15/33 3,150,900
3,960 Stafford, TX Econ Dev Corp (FGIC
Insd)................................... 5.500 09/01/30 4,072,702
1,990 Stafford, TX Econ Dev Corp
(FGIC Insd) (h)......................... 6.000 09/01/19 2,224,800
1,000 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckingham Sr Living
Cmnty Inc............................... 5.625 11/15/27 877,860
2,800 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckingham Sr Living
Cmnty Inc............................... 5.750 11/15/37 2,433,872
8,500 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac Buckner Retirement
Svcs Inc Proj........................... 5.250 11/15/37 7,611,750
500 Tarrant Cnty, TX Cultural Ed Fac Fin
Corp Retirement Fac CC Young Mem Hom
Proj.................................... 5.750 02/15/25 453,190
2,780 Tarrant Cnty, TX Hlth Fac Dev Corp Hosp
Rev Rfdg Cook Childrens Med Ctr Ser B
(FSA Insd).............................. 5.000 12/01/30 2,811,553
1,000 Texas St Dept Hsg & Cmnty Affairs Single
Family Rev Mtg Ser B (GNMA
Collateralized) (AMT)................... 5.300 09/01/39 964,420
6,450 Texas St Trans Commn Mobility Fd (b).... 5.000 04/01/28 6,720,866
</Table>
See Notes to Financial Statements 27
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
$ 3,510 Texas St Wtr Fin Assistance............. 5.500% 08/01/35 $ 3,585,149
3,100 Tyler, TX Hlth Fac Dev Corp Hosp Rev
Rfdg & Impt East TX Med Ctr Rfdg Ser
A....................................... 5.375 11/01/37 2,725,334
--------------
109,099,056
--------------
UTAH 0.7%
4,950 Intermountain Pwr Agy UT Pwr Supply Rev
Rfdg Ser A (FGIC Insd) (c).............. * 07/01/17 3,340,260
875 Utah St Charter Sch Fin Auth Charter Sch
Rev Summit Academy Ser A................ 5.800 06/15/38 811,440
--------------
4,151,700
--------------
VIRGINIA 3.8%
2,000 Fairfax Cnty, VA Ctf Partn.............. 5.300 04/15/23 2,066,940
550 Lexington, VA Indl Dev Auth Residential
Care Fac Rev Mtg Kendal at Lexington Ser
A....................................... 5.500 01/01/37 482,388
1,465 Richmond, VA Indl Dev Auth Govt Fac Rev
Bd (AMBAC Insd)......................... 5.000 07/15/17 1,565,543
1,520 Tobacco Settlement Fin Corp VA.......... 5.500 06/01/26 1,668,854
1,660 Tobacco Settlement Fin Corp VA
(Prerefunded @ 6/01/15)................. 5.625 06/01/37 1,858,304
3,155 Virginia St Hsg Auth Dev Auth Rental Hsg
Ser D (AMT) (b)......................... 4.500 07/01/29 2,804,513
5,950 Virginia St Hsg Dev Auth Comwlth Mtg Ser
B (AMT) (b)............................. 4.850 01/01/36 5,479,063
3,645 Virginia St Hsg Auth Dev Auth Rental Hsg
Ser D (AMT) (b)......................... 4.600 07/01/33 3,223,761
2,000 White Oak Vlg Shops VA Cmnty Dev Auth
Spl Assmt Rev Special Assmt............. 5.300 03/01/17 1,933,460
--------------
21,082,826
--------------
WASHINGTON 3.3%
1,500 Kalispel Tribe Indians Priority Dist WA
Rev..................................... 6.625 01/01/28 1,435,590
3,000 Spokane, WA Pub Fac Dist Hotel Motel &
Sales Use Tax (MBIA Insd)............... 5.250 09/01/33 3,060,930
9,855 Washington St Mtr Veh Fuel Tax 2007 B
(FSA Insd) (h).......................... 5.000 07/01/27 10,201,797
4,000 Washington St Pub Pwr Supply Rfdg Ser A
(FGIC Insd)............................. 7.000 07/01/08 4,033,760
--------------
18,732,077
--------------
WEST VIRGINIA 0.4%
2,500 Harrison Cnty, WV Cmnty Solid Waste Disp
Rev Allegheny Energy Rfdg Ser D (AMT)... 5.500 10/15/37 2,339,525
--------------
</Table>
28 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
WISCONSIN 2.7%
$ 10,000 Wisconsin Hsg & Econ Dev Auth Home
Ownership Rev Ser A (AMT) (b)........... 4.750% 09/01/33 $ 9,018,550
3,360 Wisconsin St Hlth & Ed Fac Auth Rev
Ministry Hlth (FSA Insd)................ 5.000 08/01/34 3,330,634
2,675 Wisconsin St Hlth & Ed Fac FH Hlthcare
Dev Inc Proj (Prerefunded @ 11/15/09)... 6.250 11/15/28 2,859,548
--------------
15,208,732
--------------
WYOMING 0.5%
2,790 Sweetwater Cnty, WY Solid Waste Disp Rev
FMC Corp Proj Rfdg (AMT)................ 5.600 12/01/35 2,571,655
--------------
PUERTO RICO 5.1%
21,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy
Rev Ser Y (FSA Insd) (b)................ 6.250 07/01/21 24,804,255
4,000 Puerto Rico Pub Bldgs Auth Gtd Pub Ed &
Hlth Fac Rfdg Ser M (MBIA Insd)......... 5.600 07/01/08 4,022,400
--------------
28,826,655
--------------
TOTAL INVESTMENTS 216.6%
(Cost $1,225,435,717)...................................................... $1,214,368,758
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (34.5%)
(Cost ($193,463,000))
(193,463) Notes with interest rates ranging from 2.42% to 5.00% at April
30, 2008 and contractual maturities of collateral ranging from
2021 to 2047 (See Note 1) (j).................................... (193,463,000)
--------------
TOTAL NET INVESTMENT 182.1%
(Cost $1,031,972,717)...................................................... $1,020,905,758
LIABILITIES IN EXCESS OF OTHER ASSETS (7.1%)................................ (40,033,330)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (75.0%).................. (420,336,961)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................... $ 560,535,467
==============
</Table>
Percentages are calculated as a percentage of net assets applicable to common
shares.
* Zero coupon bond
(a) Security purchased on a when-issued or delayed delivery basis.
(b) Underlying security related to Inverse Floaters entered into by the Trust.
See Note 1.
(c) Escrowed to Maturity
See Notes to Financial Statements 29
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
PORTFOLIO OF INVESTMENTS -- APRIL 30, 2008 (UNAUDITED) continued
(d) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(e) Security includes a feature allowing the Fund an option on any interest rate
payment date to offer the security for sale at par. The sale is contingent
upon market conditions.
(f) Variable Rate Coupon
(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) The Trust owns 100% of the outstanding bond issuance.
(i) 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 0.3% of net assets
applicable to common shares.
(j) Floating rate notes. The interest rate shown reflects the rates in effect at
April 30, 2008.
ACA--American Capital Access
AGL--Assured Guaranty Ltd.
AMBAC--AMBAC Indemnity Corp.
AMT--Alternative Minimum Tax
CIFG--CDC IXIS Financial Guaranty
Connie Lee--Connie Lee Insurance Co.
FGIC--Financial Guaranty Insurance Co.
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corp.
MBIA-IBC--MBIA Insured Bond Certificates
PSF--Public School Fund
Radian--Radian Asset Assurance
XLCA--XL Capital Assurance Inc.
30 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
For the Six Months Ended April 30, 2008 (Unaudited)
<Table>
ASSETS:
Total Investments (Cost $1,225,435,717)..................... $1,214,368,758
Receivables:
Interest.................................................. 17,612,801
Investments Sold.......................................... 5,086,162
Other....................................................... 2,099
--------------
Total Assets............................................ 1,237,069,820
--------------
LIABILITIES:
Payables:
Floating Rate Note Obligations............................ 193,463,000
Investments Purchased..................................... 59,587,140
Custodian Bank............................................ 1,470,698
Investment Advisory Fee................................... 360,973
Income Distributions--Common Shares....................... 70,264
Other Affiliates.......................................... 37,366
Trustees' Deferred Compensation and Retirement Plans........ 1,079,443
Accrued Expenses............................................ 128,508
--------------
Total Liabilities....................................... 256,197,392
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS).......... 420,336,961
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 560,535,467
==============
NET ASSET VALUE PER COMMON SHARE ($560,535,467 divided by
44,346,476 shares outstanding)............................ $ 12.64
==============
NET ASSETS CONSIST OF:
Common Shares ($0.01 par value with an unlimited number of
shares authorized, 44,346,476 shares issued and
outstanding).............................................. $ 443,465
Paid in Surplus............................................. 587,902,296
Accumulated Undistributed Net Investment Income............. 2,966,081
Net Unrealized Depreciation................................. (11,066,959)
Accumulated Net Realized Loss............................... (19,709,416)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 560,535,467
==============
PREFERRED SHARES ($0.01 par value, authorized 100,000,000
shares, 16,800 issued with liquidation preference of
$25,000 per share)........................................ $ 420,000,000
==============
NET ASSETS INCLUDING PREFERRED SHARES....................... $ 980,535,467
==============
</Table>
See Notes to Financial Statements 31
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended April 30, 2008 (Unaudited)
<Table>
INVESTMENT INCOME:
Interest.................................................... $ 31,868,527
EXPENSES:
Interest and Residual Trust Expenses........................ 3,692,276
Investment Advisory Fee..................................... 2,742,957
Preferred Share Maintenance................................. 581,537
Accounting and Administrative Expenses...................... 88,522
Professional Fees........................................... 66,038
Reports to Shareholders..................................... 51,140
Custody..................................................... 37,011
Transfer Agent Fees......................................... 20,786
Registration Fees........................................... 11,782
Trustees' Fees and Related Expenses......................... 10,042
Depreciation in Trustees' Deferred Compensation Accounts.... (114,125)
Other....................................................... 19,112
------------
Total Expenses.......................................... 7,207,078
Investment Advisory Fee Reduction....................... 498,719
------------
Net Expenses............................................ 6,708,359
------------
NET INVESTMENT INCOME....................................... $ 25,160,168
============
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Investments............................................... $ (2,513,778)
Futures................................................... (8,630,203)
------------
Net Realized Loss........................................... (11,143,981)
------------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 28,520,286
End of the Period......................................... (11,066,959)
------------
Net Unrealized Depreciation During the Period............... (39,587,245)
------------
NET REALIZED AND UNREALIZED LOSS............................ $(50,731,226)
============
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (7,645,757)
============
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $(33,216,815)
============
</Table>
32 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
FINANCIAL STATEMENTS continued
Statement of Changes of Net Assets (Unaudited)
<Table>
<Caption>
FOR THE
SIX MONTHS FOR THE
ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, 2007
----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income..................................... $ 25,160,168 $ 47,129,088
Net Realized Loss......................................... (11,143,981) (7,525,015)
Net Unrealized Depreciation During the Period............. (39,587,245) (39,083,573)
Distributions to Preferred Shareholders:
Net Investment Income................................... (7,645,757) (15,295,818)
------------ ------------
Change in Net Assets Applicable to Common Shares from
Operations.............................................. (33,216,815) (14,775,318)
Distributions to Common Shareholders:
Net Investment Income................................... (15,783,753) (30,955,771)
------------ ------------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
INVESTMENT ACTIVITIES................................... (49,000,568) (45,731,089)
FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
Reinvestment............................................ 69,760 -0-
Repurchase of Shares...................................... (4,142,411) (5,489,187)
------------ ------------
NET CHANGES IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
CAPITAL TRANSACTIONS.................................... (4,072,651) (5,489,187)
------------ ------------
NET CHANGES IN NET ASSETS APPLICABLE TO COMMON SHARES..... (53,073,219) (51,220,276)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period................................... 613,608,686 664,828,962
------------ ------------
End of the Period (Including accumulated undistributed net
investment income of $2,966,081 and $1,235,423,
respectively)........................................... $560,535,467 $613,608,686
============ ============
</Table>
See Notes to Financial Statements 33
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
FINANCIAL STATEMENTS continued
Statement of Cash Flows
For the Six Months Ended April 30, 2008 (Unaudited)
<Table>
CHANGE IN NET ASSETS FROM OPERATIONS (INCLUDING PREFERRED
SHARE DISTRIBUTIONS)...................................... $ (33,216,815)
-------------
Adjustments to Reconcile the Change in Net Assets from
Operations to Net Cash Provided by Operating Activities:
Purchases of Investments.................................. (402,334,099)
Proceeds from Sales of Investments........................ 387,720,603
Net Sales of Short-Term Investments....................... 4,015,000
Amortization of Premium................................... 1,023,739
Accretion of Discount..................................... (1,406,648)
Net Realized Loss on Investments.......................... 2,513,778
Net Change in Unrealized Depreciation on Investments...... 40,062,134
Decrease in Variation Margin on Futures................... 1,289,000
Increase in Interest Receivables and Other Assets......... (680,280)
Increase in Receivable for Investments Sold............... (3,740,769)
Increase in Custodian Bank Payable........................ 1,470,698
Decrease in Accrued Expenses and Other Payables........... (136,424)
Increase in Investments Purchased Payable................. 51,561,744
-------------
Total Adjustments....................................... 81,358,476
-------------
NET CASH PROVIDED BY OPERATING ACTIVITIES................... 48,141,661
-------------
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchased Shares.......................................... (4,363,868)
Dividends Paid (net of reinvested dividends $69,760)........ (15,568,672)
Proceeds from and Repayments of Floating Rate Note
Obligations............................................... (28,290,000)
-------------
NET CASH PROVIDED BY FINANCING ACTIVITIES................... (48,222,540)
-------------
NET DECREASE IN CASH........................................ (80,879)
Cash at the Beginning of the Period......................... 80,879
-------------
CASH AT THE END OF THE PERIOD............................... $ --
=============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash Paid During the Period for Interest.................... $ 3,692,276
=============
</Table>
34 See Notes to Financial Statements
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, --------------------------------------------------
2008 2007 2006 2005 2004 2003
---------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD..... $ 13.73 $ 14.74 $ 14.62 $ 14.86 $ 14.69 $ 14.87
------- ------- ------- ------- ------- -------
Net Investment Income....................... 0.57(a) 1.05(a) 0.98(a) 1.01 1.05 1.08
Net Realized and Unrealized Gain/Loss....... (1.13) (1.03) 0.44 (0.14) 0.18 (0.16)
Common Share Equivalent of Distributions
Paid to Preferred Shareholders:
Net Investment Income..................... (0.17) (0.34) (0.30) (0.21) (0.10) (0.10)
Net Realized Gain......................... -0- -0- (0.01) -0- -0- -0-
------- ------- ------- ------- ------- -------
Total from Investment Operations............. (0.73) (0.32) 1.11 0.66 1.13 0.82
Distributions Paid to Common Shareholders:
Net Investment Income..................... (0.36) (0.69) (0.73) (0.90) (0.96) (1.00)
Net Realized Gain......................... -0- -0- (0.26) -0- -0- -0-
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF THE PERIOD........... $ 12.64 $ 13.73 $ 14.74 $ 14.62 $ 14.86 $ 14.69
======= ======= ======= ======= ======= =======
Common Share Market Price at End of the
Period...................................... $ 12.22 $ 12.08 $ 13.10 $ 13.08 $ 14.70 $ 13.90
Total Return(b).............................. 4.13%** -2.89% 7.86% -5.06% 13.05% 6.57%
Net Assets Applicable to Common Shares at End
of the Period (In millions)................. $ 560.5 $ 613.6 $ 664.8 $ 119.6 $ 121.5 $ 120.0
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c)............. 2.31% 2.25% 1.36% 1.33% 1.46% 1.48%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (c)...... 8.68% 7.33% 6.90% 6.78% 7.14% 7.23%
Portfolio Turnover........................... 32%** 18% 14% 29% 29% 26%
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and
the ratios would have been as follows:
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c).......... 2.49% 2.40% N/A N/A N/A N/A
Ratio of Net Investment Income to Average
Net Assets Applicable to Common Shares
(c)...................................... 8.51% 7.18% N/A N/A N/A N/A
SUPPLEMENTAL RATIOS:
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net
Assets Applicable to Common Shares (c)...... 1.04% 1.06% 1.28% 1.33% 1.46% 1.48%
Ratio of Expenses (Excluding Interest and
Residual Trust Expenses) to Average Net
Assets Applicable including Preferred Shares
(c)......................................... 0.60% 0.64% 0.77% 0.80% 0.88% 0.89%
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares (d)...... 6.04% 4.95% 4.80% 5.40% 6.44% 6.57%
SENIOR SECURITIES:
Total Preferred Shares Outstanding........... 16,800 16,800 16,800 3,200 3,200 3,200
Asset Coverage Per Preferred Share (e)....... $58,385 $61,536 $64,593 $62,369 $62,967 $62,499
Involuntary Liquidating Preference Per
Preferred Share............................. $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Average Market Value Per Preferred Share..... $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
</Table>
** Non-annualized
N/A=Not Applicable
(a)Based on average shares outstanding.
(b)Total return assumes an investment at the common share market price at the
beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing common share market price at the end of the period
indicated.
(c)Ratios do not reflect the effect of dividend payments to preferred
shareholders.
(d)Ratios reflect the effect of dividend payments to preferred shareholders.
(e)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares) from the Trust's total assets and dividing this by the
number of preferred shares outstanding.
See Notes to Financial Statements 35
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Advantage Municipal Income Trust II (the Trust) is registered as a
diversified, closed-end management investment company under the Investment
Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment
objective is to seek to provide a high level of current income exempt from
federal income tax, consistent with preservation of capital. The Trust will
invest substantially all of its assets in municipal securities rated investment
grade at the time of investment. The Trust commenced investment operations on
August 27, 1993.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the last reported bid and asked prices or, in the
absence of market quotations, at fair value based upon yield data relating to
municipal bonds with similar characteristics and general market conditions.
Securities which are not valued by independent pricing services or dealers are
valued at fair value using procedures established in good faith by the Board of
Trustees. Futures contracts are valued at the settlement price established each
day on the exchange on which they are traded. Interest rate swaps are valued
using market quotations obtained from brokers. Short-term securities with
remaining maturities of 60 days or less are valued at amortized cost, which
approximates market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when-issued" or "delayed delivery"
basis with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this period. The Trust will
segregate assets with the custodian having an aggregate value at least equal to
the amount of the when-issued or delayed delivery purchase commitments until
payment is made. At April 30, 2008, the Trust had $43,625,634 of when-issued or
delayed delivery purchase commitments.
C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the expected life of each
applicable security.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required. The
Trust adopted the provisions of the Financial Accounting Standards Board
("FASB") Interpretation No. 48 ("FIN 48") Accounting for Uncertainty in Income
Taxes on April 30, 2008. FIN 48 sets forth a minimum threshold for financial
statement recognition of the benefit of a tax position taken or expected to be
taken in a tax return. The implementation of FIN 48 did not result in any
unrecognized tax
36
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
benefits in the accompanying financial statements. If applicable, the Fund
recognizes interest accrued related to unrecognized tax benefits in "Interest
Expense" and penalties in "Other" expenses on the Statement of Operations. The
Trust files tax returns with the U.S. Internal Revenue Service, New York, and
various states. Generally, each of the tax years in the four year period ended
October 31, 2007, remains subject to examination by taxing authorities.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset these losses against any future realized capital
gains. At October 31, 2007, the Trust had an accumulated capital loss
carryforward for tax purposes of $11,050,171, which will expire according to the
following schedule.
<Table>
<Caption>
AMOUNT EXPIRATION
$2,455,675 ............................................................ October 31, 2014
8,594,496 ............................................................ October 31, 2015
</Table>
At April 30, 2008, the cost and related gross unrealized appreciation and
depreciation are as follows:
<Table>
Cost of investments for tax purposes........................ $1,023,577,078
==============
Gross tax unrealized appreciation........................... $ 28,361,626
Gross tax unrealized depreciation........................... (31,032,946)
--------------
Net tax unrealized depreciation on investments.............. $ (2,671,320)
==============
</Table>
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed at least annually on a pro rata basis to common and
preferred shareholders. Distributions from net realized gains for book purposes
may include short-term capital gains and gains on futures transactions. All
short-term capital gains and a portion of futures gains are included as ordinary
income for tax purposes.
The tax character of distributions paid during the year ended October 31,
2007 was as follows:
<Table>
Distributions paid from:
Ordinary income........................................... $ -0-
Tax exempt income......................................... 46,390,623
Long-term capital gain.................................... -0-
-----------
$46,390,623
===========
</Table>
As of October 31, 2007, the components of distributable earnings on a tax
basis were as follows:
<Table>
Undistributed ordinary income............................... $ -0-
Undistributed tax-exempt income............................. 1,593,762
Undistributed long-term capital gain........................ -0-
</Table>
37
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
Net realized gains or losses may differ for financial reporting and tax
purposes primarily as a result of gains or losses recognized on securities for
tax purposes but not for book purposes.
F. FLOATING RATE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters into
transactions in which it transfers to dealer trusts fixed rate bonds in exchange
for cash and residual interests in the dealer trusts' assets and cash flows,
which are in the form of inverse floating rate investments. The dealer trusts
fund the purchases of the fixed rate bonds by issuing floating rate notes to
third parties and allowing the Trust to retain residual interests in the bonds.
The Trust enters into shortfall agreements with the dealer trusts, which commit
the Trust to pay the dealer trusts, in certain circumstances, the difference
between the liquidation value of the fixed rate bonds held by the dealer trusts
and the liquidation value of the floating rate notes held by third parties, as
well as any shortfalls in interest cash flows. The residual interests held by
the Trust (inverse floating rate investments) include the right of the Trust (1)
to cause the holders of the floating rate notes to tender their notes at par at
the next interest rate reset date, and (2) to transfer the municipal bond from
the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust
accounts for the transfer of bonds to the dealer trusts as secured borrowings,
with the securities transferred remaining in the Trust's investment assets, and
the related floating rate notes reflected as Trust liabilities under the caption
"Floating Rate Note Obligations" on the Statement of Assets and Liabilities. The
Trust records the interest income from the fixed rate bonds under the caption
"Interest" and records the expenses related to floating rate note obligations
and any administrative expenses of the dealer trusts under the caption "Interest
and Residual Trust Expenses" on the Trust's Statement of Operations. The notes
issued by the dealer trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes to the dealer
trusts for redemption at par at each reset date. At April 30, 2008, Trust
investments with a value of $268,109,756 are held by the dealer trusts and serve
as collateral for the $193,463,000 in floating rate notes outstanding at that
date. Contractual maturities of the floating rate notes and interest rates in
effect at April 30, 2008 are presented on the Portfolio of Investments. The
average floating rate notes outstanding and average annual interest and fee rate
related to residual interests during the six months ended April 30, 2008 were
$216,757,143 and 3.43%, respectively.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset
Management (the "Adviser") provides investment advice and facilities to the
Trust for an annual fee payable monthly of .55% of the average daily net assets
including preferred shares of the Trust. The Adviser has agreed to waive
investment advisory fees equal to 0.10% of the average daily net assets
including preferred shares of the Trust. During the period ended April 30, 2008,
the Adviser waived $498,719 of its advisory fees. This waiver is voluntary and
can be discontinued at any time.
For the six months ended April 30, 2008, the Trust recognized expenses of
approximately $31,200, representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a Trustee of the Trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
38
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
Under separate Legal Services, Accounting Services and Chief Compliance
Officer (CCO) Employment agreements, the Adviser provides accounting and legal
services and the CCO provides compliance services to the Trust. The costs of
these services are allocated to each trust. For the six months ended April 30,
2008, the Trust recognized expenses of approximately $50,700 representing Van
Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting and legal services to the Trust, as well as the salary,
benefits and related costs of the CCO and related support staff paid by Van
Kampen. Services provided pursuant to the Legal Services agreement are reported
as part of "Professional Fees" on the Statement of Operations. Services provided
pursuant to the Accounting Services and CCO Employment agreement are reported as
part of "Accounting and Administrative Expenses" on the Statement of Operations.
Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation to a
later date. Benefits under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustee's years of service to the Trust.
The maximum annual benefit per trustee under the plan is $2,500.
3. CAPITAL TRANSACTIONS
For the six months ended April 30, 2008 and for the year ended October 31, 2007,
transactions in common shares were as follows:
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, 2007
Beginning Shares........................................ 44,682,968 45,104,868
Shares Issued Through Dividend Reinvestment............. 5,973 -0-
Shares Repurchased*..................................... (342,465) (421,900)
---------- ----------
Ending Shares........................................... 44,346,476 44,682,968
========== ==========
</Table>
* On February 28, 2007, the Trust commenced a share repurchase program for
purposes of enhancing stockholder value and reducing the discount at which
the Trust's shares trade from their net asset value. For the six-months
ended April 30, 2008 and the year ended October 31, 2007, the Trust
repurchased 342,465 and 421,900, respectively of its shares at an average
discount of 9.37% and 7.05%, respectively from net asset value per share.
The Trust expects to continue to repurchase its outstanding shares at such
time and in such amounts as it believes such activity will further the
accomplishment of the foregoing objectives, subject to review of the
Trustees.
4. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $402,334,099 and $387,720,603,
respectively.
5. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
In order to seek to manage the interest rate exposure of the Trust's
portfolio in a changing interest rate environment, the Trust may purchase or
sell financial futures contracts
39
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
or engage in transactions involving interest rate swaps, caps, floors or
collars. The Trust expects to enter into these transactions primarily as a hedge
against anticipated interest rate or fixed-income market changes, for duration
management or for risk management purposes, but may also enter into these
transactions to generate additional income. All of the Trust's portfolio
holdings, including derivative instruments, are marked to market each day with
the change in value reflected in unrealized appreciation/depreciation. Upon
disposition, a realized gain or loss is recognized accordingly, except when
taking delivery of a security underlying a futures contract. In these instances,
the recognition of gain or loss is postponed until the disposal of the security
underlying the futures contract. Risks may arise as a result of the potential
inability of the counterparties to meet the terms of their contracts.
Summarized below are the specific types of derivative financial instruments
used by the Trust.
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Trust generally invests in exchange traded futures contracts on U.S. Treasury
Bonds and Notes and typically closes the contract prior to the delivery date.
These contracts are generally used to manage the Trust's effective maturity and
duration. Upon entering into futures contracts, the Trust maintains an amount of
cash or liquid securities with a value equal to a percentage of the contract
amount with either a futures commission merchant pursuant to the rules and
regulations promulgated under the 1940 Act, as amended, or with its custodian in
an account in the broker's name. This amount is known as initial margin. During
the period the futures contract is open, payments are received from or made to
the broker based upon changes in the value of the contract (the variation
margin). The risk of loss associated with a futures contract is in excess of the
variation margin reflected on the Statement of Assets and Liabilities.
Transactions in futures contracts for the six months ended April 30, 2008,
were as follow:
<Table>
Outstanding at October 31, 2007............................. 1,289
Futures Opened.............................................. 1,277
Futures Closed.............................................. (2,566)
------
Outstanding at April 30, 2008............................... -0-
======
</Table>
B. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap
transactions intended to help the Trust manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Trust's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve the Trust's agreement with a
counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Trust a variable or fixed rate payment, the
accruals for which would begin at a specified date in the future (the "effective
date"). The amount of the payment obligation is based on the notional amount of
the forward swap contract and the termination date of the swap (which is akin to
a bond's maturity). The value of the Trust's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
The Trust may terminate a swap contract prior to the effective date, at which
point
40
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
a realized gain or loss is recognized. When a forward swap is terminated, it
ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. The Trust
intends, but is not obligated, to terminate its forward swaps before the
effective date. Accordingly, the risk of loss with respect to the swap
counterparty on such transactions is limited to the credit risk associated with
a counterparty failing to honor its commitment to pay any realized gain to the
Trust upon termination. To reduce such credit risk, all counterparties are
required to pledge collateral daily (based on the daily valuation of each swap)
on behalf of the Trust with a value approximately equal to the amount of any
unrealized gain. Reciprocally, when the Trust has an unrealized loss on a swap
contract, the Trust has instructed the custodian to pledge cash or liquid
securities as collateral with a value approximately equal to the amount of the
unrealized loss. Collateral pledges are monitored and subsequently adjusted if
and when the swap valuations fluctuate. Restricted cash, if any, for segregating
purposes is shown on the Statement of Assets and Liabilities.
C. INVERSE FLOATING RATE SECURITIES The Trust may invest a portion of its assets
in inverse floating rate instruments, either through outright purchases of
inverse floating rate securities or through the transfer of bonds to a dealer
trust in exchange for cash and residual interests in the dealer trust. These
investments are typically used by the Trust in seeking to enhance the yield of
the portfolio. These instruments typically involve greater risks than a fixed
rate municipal bond. In particular, these instruments are acquired through
leverage or may have leverage embedded in them and therefore involve many of the
risks associated with leverage. Leverage is a speculative technique that may
expose the Trust to greater risk and increased costs. Leverage may cause the
Trust's net asset value to be more volatile than if it had not been leveraged
because leverage tends to magnify the effect of any increases or decreases in
the value of the Trust's portfolio securities. The use of leverage may also
cause the Trust to liquidate portfolio positions when it may not be advantageous
to do so in order to satisfy its obligations with respect to inverse floating
rate instruments.
6. PREFERRED SHARES
The Trust has outstanding 16,800 Auction Preferred Shares (APS). Series A,
Series B, Series C and Series D each contain 1,600 shares, Series E contains
1,400 shares, Series F, Series G, Series H, and Series I each contain 2,000
shares, and Series J contains 1,000 shares. Dividends are cumulative and the
dividend rates are generally reset every 7 days for Series A, Series B, Series
C, Series D, Series E, Series F, Series J, while Series G, Series H, and Series
I are generally reset every 28 days through an auction process. Beginning on
February 13, 2008, and continuing through April 30, 2008, all series of
preferred shares of the Trust were not successfully remarketed. As a result, the
dividend rates of these preferred shares were reset to the maximum applicable
rate on APS. The average rate in effect on April 30, 2008 was 3.57%. During the
six months ended April 30, 2008, the rates ranged from 2.66% to 5.00%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
41
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2008 (UNAUDITED) continued
7. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
8. ACCOUNTING PRONOUNCEMENTS
In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (SFAS 157), was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. As of April 30, 2008, the Adviser does not believe the adoption of
SFAS 157 will impact the amounts reported in the financial statements, however,
additional disclosures will be required about the inputs used to develop the
measurements of fair value and the effect of certain measurements reported on
the Statement of Operations for a fiscal period.
On March 19, 2008, Financial Accounting Standards Board released Statement
of Financial Accounting Standards No. 161, Disclosures about Derivative
Instruments and Hedging Activities (SFAS 161). SFAS 161 requires qualitative
disclosures about objectives and strategies for using derivatives, quantitative
disclosures about fair value amounts of and gains and losses on derivative
instruments, and disclosures about credit-risk-related contingent features in
derivative agreements. The application of SFAS 161 is required for fiscal years
and interim periods beginning after November 15, 2008. At this time, management
is evaluating the implications of SFAS 161 and its impact on the financial
statements has not yet been determined.
9. SUBSEQUENT EVENT
On June 13, 2008, the Trust announced plans for the partial redemption of its
preferred shares. The Trust intends to redeem 20% of each of its Series per the
table below. The Board of Trustees previously approved the use of tender option
bonds as a replacement source of funding. The Depository Trust Company, the
securities' holder of record, will determine how the partial series redemptions
will be allocated among each participant broker-dealer account.
<Table>
<Caption>
SERIES DATE
A........................................................... July 3, 2008
B........................................................... July 7, 2008
C........................................................... July 3, 2008
D........................................................... July 2, 2008
E........................................................... July 7, 2008
F........................................................... July 1, 2008
G........................................................... June 30, 2008
H........................................................... July 22, 2008
I........................................................... July 7, 2008
J........................................................... July 8, 2008
</Table>
42
VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
BOARD OF TRUSTEES, OFFICERS, AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
JERRY W. MILLER
President and Principal Executive Officer
DENNIS SHEA
Vice President
KEVIN KLINGERT
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
STUART N. SCHULDT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
522 Fifth Avenue
New York, New York 10036
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
c/o Computershare Investor Services
P.O. Box 43078
Providence, Rhode Island 02940-3078
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
* "Interested persons" of the Fund, as defined in the investment Company Act
of 1940, as amended.
43
Van Kampen Advantage Municipal Income Trust II
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisers
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Advantage Municipal Income Trust II
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Advantage Municipal Income Trust II
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
522 Fifth Avenue
New York, New York 10036
www.vankampen.com
Copyright (C)2008 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC.
VKISAN 6/08
(VAN KAMPEN INVESTMENTS LOGO) IU08-03232P-Y04/08
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. 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-CSRS 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 registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Advantage
Municipal Income Trust II
By: /s/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: June 19, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Jerry W. Miller
---------------------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: June 19, 2008
By: /s/ Stuart N. Schuldt
---------------------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: June 19, 2008